<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, 2003

                                 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)

1107 Investment Boulevard, Suite 180
El Dorado Hills, California                                   95762
---------------------------------------                     --------
(Address of principal executive offices)                   (Zip Code)

                             (916) 941-1400
            --------------------------------------------------
           (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 whether the registrant is an accelerated filer (as
defined in Rule 12B-2 of the Act).                         Yes    No X
                                                              ---   ---

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 Registrant's Proxy
Statement relating to the Registrant's Meeting of Limited Partners held
on November 8, 2002 are incorporated by reference into Part III of this
Form 10-K where indicated.



<PAGE>
                                   PART I

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

Technology Funding Venture Partners IV, An Aggressive Growth
Fund, L.P. (the Partnership or the Registrant) is a limited
partnership organized under the laws of the State of Delaware on
December 4, 1986.  For the period from December 5, 1986, through
November 14, 1988, the Partnership was inactive.  The
Partnership filed a registration statement with the Securities
and Exchange Commission on November 14, 1988, and commenced
selling Units of limited partnership interest (Units) in January
1989.  On February 16, 1989, the minimum number of Units
required to commence Partnership operations (15,000) had been
sold.  The offering terminated with 400,000 Units sold on
September 14, 1990.  The Partnership's original contributed
capital was $40,034,891, consisting of $39,994,896 from Limited
Partners for 400,000 Units and $39,995 from the General
Partners, Technology Funding Ltd. (TFL) and Technology Funding
Inc. (TFI).  The General Partners do not own any Units.

The principal investment objectives of the Partnership are long-
term capital appreciation from venture capital investments in
new and developing companies and preservation of Limited Partner
capital through risk management and active involvement with such
companies (portfolio companies).  The Partnership's investments
in portfolio companies primarily consist of equity securities
such as common and preferred shares, but also include debt
convertible into equity securities and warrants and options to
acquire equity securities.  Although venture capital investments
offer the opportunity for significant gains, such investments
involve a high degree of business and financial risk that can
result in substantial losses.  Among these are the risks
associated with investment in companies in an early stage of
development or with little or no operating history, companies
operating at a loss or with substantial variations in operating
results from period to period, and companies with the need for
substantial additional capital to support expansion or to
achieve or maintain a competitive position.  Such companies may
face intense competition, including competition from companies
with greater financial resources, more extensive development,
manufacturing, marketing and service capabilities, and a larger
number of qualified managerial and technical personnel.  There
is no ready market for many of the Partnership's investments.
The Partnership's investments in portfolio companies are
generally subject to restrictions on sale because they were
acquired from the issuer in private placement transactions or
because the Partnership is an affiliate of the issuer.

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 defined
in the Act.  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.  In April 1999,
the Management Committee further extended the term of the
Partnership to December 31, 2001.  At a special meeting on
September 7, 2001, the Limited Partners elected to extend the
term of the Partnership to December 31, 2002 and for up to three
one-year extensions through December 31, 2006.  On March 15,
2002, the Management Committee unanimously approved a one-year
extension of the Partnership to December 31, 2003.  On November
8, 2002, the Limited Partners approved additional one-year
extensions to the term of the Partnership through December 31,
2006.  As of December 31, 2003, the Management Committee
approved an extension of the Partnership's term to December 31,
2004.  At the March 12, 2004, meeting, the Independent General
Partners approved an extension of the Partnership's term to
December 31, 2006.

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

The Registrant has no material physical properties.

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

In October 2000, Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, initiated an arbitration
proceeding against the Partnership, two affiliated partnerships,
and a fourth co-investor.  Kanematsu was seeking to recover
$2,000,000, the purchase price in a contract by which the
Partnership and the other entities were alleged to have agreed
to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships
asserted counterclaims against Kanematsu.  On February 12, 2002,
the Partnership, affiliated partnerships and the co-investor
were awarded $4,000,000 and all of Kanematsu's claims were
denied.  The award is in full settlement of all claims and
counterclaims.  The Partnership recognized revenue and a
receivable of $666,667 as of February 12, 2002, for its
proportionate share of the award.  Kanematsu immediately filed a
petition to vacate the award, and on October 9, 2002, the United
States District Court issued an order confirming the arbitration
award.  Kanematsu appealed the order but in early November 2002
paid a forbearance fee of $200,000 in exchange for an option to
settle all liabilities.  On November 29, 2002, Kanematsu agreed
to settle for $3,999,999.  A decision on the allocation of the
proceeds between the Partnership, affiliates and co-investor was
reached in January 2003; however, a dispute regarding the legal
fees arose.  On February 13, 2003, the Partnership received
$774,298, representing its proportionate share of the
settlement, plus accrued interest, less disputed legal fees.
The Partnership recognized the additional revenue and receivable
of $107,631 at December 31, 2002.  In March 2003, the law firm
remitted an additional amount of $193,830 to the Partnership.

From time to time, the Partnership is subject to routine
litigation incidental to the business of the Partnership.
Although there can be no assurances as to the ultimate
disposition of these matters and the proceeding disclosed above,
it is the opinion of the Managing General Partners, based upon
the information available at this time, that the expected
outcome of these matters, individually or in the aggregate, will
not have a material adverse effect on the results of operations
and financial condition of the Partnership.

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

No matters were voted on by the Limited Partners in 2003.

                                   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, 2003, there were 7,871 record holders of
            Units.

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




Item 6.  SELECTED FINANCIAL DATA
------   -----------------------

<TABLE>
<CAPTION>                                  For the Years Ended and As of December 31,
                                    ---------------------------------------------------------------
                                     2003           2002          2001          2000          1999
                                    ------         ------        ------        ------        ------
<S>                            <C>            <C>           <C>           <C>           <C>

Total investment income        $    11,567    $   29,278    $   78,566    $  803,943    $   46,467
Net investment loss             (1,604,234)   (1,401,764)   (1,488,740)   (1,647,314)   (1,176,106)
Realized gain from
 venture capital limited
 partnership investments            73,406        18,036       295,343       911,025       982,946

Net realized gain (loss) from
 sales of equity investments     1,632,882      (163,956)     (346,759)    6,687,582      (663,218)

Realized gain from recovery of
 investments previously
 written off                            --       356,841        47,540            --            --

Realized loss from
 investment write-offs            (316,239)   (4,848,611)   (1,615,883)   (4,119,073)       (2,615)

Decrease (increase) in
 unrealized depreciation:
  Equity investments             2,203,754    (2,249,130)   (3,171,163)   (1,875,962)      405,078
  Notes receivable                  10,437     4,874,425      (158,807)   (4,726,055)           --

Other income                      193,830       774,298            --            --            --

Income from extinguishment
  of debt                               --       571,478            --            --            --

Net increase (decrease) in
 partners' capital resulting
 from operations                 2,193,835    (2,068,363)   (6,438,469)   (4,769,797)     (453,915)


Net decrease in partners'
 capital resulting from
 operations per Unit (1)              0.00         (4.36)       (13.08)        (8.97)        (0.57)

Total assets                     4,169,347     2,515,657     3,991,947    11,348,815    16,319,765

Distributions declared                  --            --            --     1,314,295            --

Distributions declared
 per Unit (2)                           --            --            --            --            --

(1) See Notes 1 and 3 to the Financial Statements for a description of the method of calculation of
net decrease in partners' capital from operations per Unit.

(2) Calculation is based on distributions declared to Limited Partners divided by the weighted
average number of Units outstanding during the year.
</TABLE>


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

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

The Partnership operates as a business development company under
the Investment Company Act of 1940 and makes venture capital
investments in new and developing companies.  The Partnership's
financial condition is dependent upon the success of the
portfolio companies.  There is no ready market for many of the
Partnership's investments.  It is possible that some of its
venture capital investments may be a complete loss or may be
unprofitable and that others will appear likely to become
successful, but may never realize their potential.  The
valuation of the Partnership's investments in securities for
which there are no available market quotes is subject to the
estimate of the Managing General Partners in accordance with the
valuation guidance described in Note 1 to the financial
statements.  In the absence of readily obtainable market values,
the estimated fair value of the Partnership's investments may
differ significantly from the values that would have been used
had a ready market existed.

For the year ended December 31, 2003, net cash used by operating
activities totaled $1,317,220.  The Partnership paid management
fees of $23,060 to the Managing General Partners and reimbursed
related parties for operating expenses of $1,231,823 in 2003.
In addition, $40,000 was paid to the Individual General Partners
as compensation for their services.  The Partnership paid other
operating expenses of $164,831 and received interest income of
$14,253.

For the year ended December 31, 2003, the Partnership funded
equity investments of $1,182,433 to portfolio companies in the
medical/biotechnology and retail/consumer products industries.
Proceeds from equity sales provided cash of $3,126,521.  The
Partnership received cash distributions from venture capital
limited partnerships totaling $73,405.  At December 31, 2003,
there were no unfunded commitments.

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

2003 compared to 2002
---------------------

Net increase in partners' capital resulting from operations was
$2,193,835 in 2003, compared to a decrease of $2,068,383 in
2002.


Unrealized depreciation on notes receivable investments was $0
and $10,437 at December 31, 2003 and 2002, respectively.  During
the year ended December 31, 2003, the net increase in unrealized
depreciation of notes receivable of $10,437 was primarily
attributable to a decrease in the fair value of notes issued to
Avalon Visions Solutions, Inc.  During the year ended December
31, 2002, the net decrease in unrealized depreciation of notes
receivable of $4,874,425 was mainly attributable to the write-
off of notes issued to Sutmyn Storage Corporation.

During 2003, there were realized losses from investment write-
offs of $316,239, which represents the Partnership's total
investment in Periodontix, Inc.  During 2002, the Partnership
recorded realized losses from investment write-offs of
$4,848,611, of which $4,723,611 represents the Partnership's
total investment in Sutmyn Storage Corporation.  The fair value
of these notes was reduced to zero during 2000 and it has been
determined by the Managing General Partners that there would be
no recovery on the notes as the company had ceased operations.
The remaining $125,000 represents notes issued to Thermatrix
Inc. which were determined to be uncollectible.

Unrealized depreciation on equity investments was $1,588,096 and
$3,791,850 at December 31, 2003 and 2002, respectively.  During
2003, the decrease in unrealized depreciation of equity
investments of $2,203,754 was primarily attributable to
decreases in the market prices of publicly traded portfolio
companies in the communications, environmental and
microelectronics industries.  During the year ended December 31,
2002, the increase in net unrealized depreciation on equity
investments of $2,249,130 was primarily a result of decreases in
the market prices of publicly traded portfolio companies in the
medical/biotechnology industry and decreases in the fair value
of investments in venture capital limited partnerships.

Other income was $193,830 for the year ended December 31, 2003.
In October 2000, Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, initiated an arbitration
proceeding against the Partnership, two affiliated partnerships,
and a fourth co-investor.  Kanematsu was seeking to recover
$2,000,000, the purchase price in a contract by which the
Partnership and the other entities were alleged to have agreed
to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships
asserted counterclaims against Kanematsu.  On February 12, 2002,
the Partnership, affiliated partnerships and the co-investor
were awarded $4,000,000 and all of Kanematsu's claims were
denied.  The award is in full settlement of all claims and
counterclaims.  The Partnership recognized revenue and a
receivable of $666,667 as of February 12, 2002, for its
proportionate share of the award.  Kanematsu immediately filed a
petition to vacate the award, and on October 9, 2002, the United
States District Court issued an order confirming the arbitration
award.  Kanematsu appealed the order but in early November 2002
paid a forbearance fee of $200,000 in exchange for an option to
settle all liabilities.  On November 29, 2002, Kanematsu agreed
to settle for $3,999,999.  A decision on the allocation of the
proceeds between the Partnership, affiliates and co-investor was
reached in January 2003; however, a dispute regarding the legal
fees arose.  On February 13, 2003, the Partnership received
$774,298, representing its proportionate share of the
settlement, plus accrued interest, less disputed legal fees.
The Partnership recognized the additional revenue and receivable
of $107,631 at December 31, 2002.  In March 2003, the law firm
remitted an additional amount of $193,830 to the Partnership..

Income from extinguishment of debt was $571,478 for the year
ended December 31, 2002.  In January 2002, the Partnership
borrowed $562,968 and $584,212 from a financial institution and
pledged its shares in Endocare, Inc. and GenStar Therapeutic
Corporation (now Corautus Genetics Inc. after a merger with
another company in February 2003) as collateral, respectively.
Due to the value of Endocare, Inc. dropping below 10 percent of
the face value of the note, the note is currently in default. As
a result, the financial institution that issued the note in
exchange for the Partnership's pledge of Endocare, Inc. shares
is now entitled to own the Endocare, Inc. shares.  With the
release of the shares to the financial institution, the
Partnership's obligation to satisfy the note is fulfilled and
the Partnership recorded income of $571,478, which includes the
value of the note and accrued interest payable of $8,510. There
was no such income in 2003.

In 2003 there was a net realized gain of $1,632,882, which
primarily resulted from the sale of KOR Electronics, Inc.  Net
realized loss from sales of equity investments totaled $163,596
in 2002 and was primarily related to the release of the
Partnership's investment in Endocare, Inc. in satisfaction of a
note payable.

During 2002, the Partnership realized a gain of $356,841 for the
recovery of investments previously written off.  During
2003,there were no such recoveries.

During 2003, the Partnership recorded net realized gains from
venture capital limited partnership investments of $73,406
compared to gains of $18,036 during 2002.  The gains represent
distributions from profits of venture capital limited
partnerships.

Investment expenses were $1,615,801 and $1,431,042 for 2003 and
2002, respectively.  In 2002 the Managing General Partners
billed the Partnership $58,593 and $17,820 for operating
expenses incurred during 2001 and prior years, respectively. Had
these expenses been billed in the prior years the investment
expenses for 2002 and 2001 would have been $1,354,629 and
$1,625,899, respectively.



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

2002 compared to 2001
---------------------

Net decrease in partners' capital resulting from operations was
$2,068,383 in 2002 compared to $6,438,469 in 2001.

Unrealized depreciation on notes receivable investments was
$10,437 and $4,884,862 at December 31, 2002 and 2001,
respectively. During the year ended December 31, 2002, the net
decrease in unrealized depreciation of notes receivable of
$4,874,425 was mainly attributable to the write-off of notes
issued to Sutmyn Storage Corporation.  During the year ended
December 31, 2001, the net increase in unrealized depreciation
of notes receivable of $158,807 was primarily attributable to a
decrease in the fair value of notes issued to Thermatrix Inc.

During 2002, the Partnership recorded realized losses from
investment write-offs of $4,848,611, of which $4,723,611
represents the Partnership's total investment in Sutmyn Storage
Corporation.  The fair value of these notes was reduced to zero
during 2000 and it has been determined by the Managing General
Partners that there will be no recovery on the notes as the
company has ceased operations.  The remaining $125,000
represents notes issued to Thermatrix Inc. which were determined
to be uncollectible.  During 2001, there were realized losses
from investment write-offs of $1,615,883, which represents the
Partnership's total investments in Adesso Healthcare Technology
Services, Inc. and Ascent Logic Corporation.  Both companies
ceased operations in 2001.

Unrealized depreciation on equity investments was $3,791,850 and
$1,542,720 at December 31, 2002 and 2001, respectively.  During
the year ended December 31, 2002, the increase in net unrealized
depreciation on equity investments of $2,249,130 was primarily a
result of decreases in the market prices of publicly traded
portfolio companies in the medical/biotechnology industry and
decreases in the fair value of investments in venture capital
limited partnerships.  During 2001, the increase in unrealized
depreciation of equity investments of $3,171,163 was primarily
attributable to decreases in the market prices of publicly
traded portfolio companies in the medical/biotechnology
industry, partially offset by the write-off of Adesso Healthcare
Technology Services, Inc.

Other income was $774,298 for the year ended December 31, 2002.
In October 2000, Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, initiated an arbitration
proceeding against the Partnership, two affiliated partnerships,
and a fourth co-investor.  Kanematsu was seeking to recover
$2,000,000, the purchase price in a contract by which the
Partnership and the other entities were alleged to have agreed
to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships
asserted counterclaims against Kanematsu.  On February 12, 2002,
the Partnership, affiliated partnerships and the co-investor
were awarded $4,000,000 and all of Kanematsu's claims were
denied.  The award is in full settlement of all claims and
counterclaims.  The Partnership recognized revenue and a
receivable of $666,667 as of February 12, 2002, for its
proportionate share of the award.  Kanematsu immediately filed a
petition to vacate the award, and on October 9, 2002, the United
States District Court issued an order confirming the arbitration
award.  Kanematsu appealed the order but in early November 2002
paid a forbearance fee of $200,000 in exchange for an option to
settle all liabilities.  On November 29, 2002, Kanematsu agreed
to settle for $3,999,999.  A decision on the allocation of the
proceeds between the Partnership, affiliates and co-investor was
reached in January 2003; however, a dispute regarding the legal
fees arose.  On February 13, 2003, the Partnership received
$774,298, representing its proportionate share of the
settlement, plus accrued interest, less disputed legal fees.
The Partnership recognized the additional revenue and receivable
of $107,631 at December 31, 2002.  In March 2003, the law firm
remitted an additional amount of $193,830 to the Partnership.

Income from extinguishment of debt was $571,478 for the year
ended December 31, 2002.  In January 2002, the Partnership
borrowed $562,968 and $584,212 from a financial institution and
pledged its shares in Endocare, Inc. and GenStar Therapeutic
Corporation (now Corautus Genetics Inc. after a merger with
another company in February 2003) as collateral, respectively.
Due to the value of Endocare, Inc. dropping below 10 percent of
the face value of the note, the note is currently in default. As
a result, the financial institution that issued the note in
exchange for the Partnership's pledge of Endocare, Inc. shares
is now entitled to own the Endocare, Inc. shares.  With the
release of the shares to the financial institution, the
Partnership's obligation to satisfy the note is fulfilled and
the Partnership recorded income of $571,478, which includes the
value of the note and accrued interest payable of $8,510. There
was no such income in 2001.

Net realized loss from sales of equity investments totaled
$163,596 in 2002, primarily related to the release of the
Partnership's investment in Endocare, Inc. in satisfaction of a
note payable. In 2001, there was a loss of $346,759 in 2001,
which resulted primarily from the sale of Efficient Networks,
Inc.

During 2002, the Partnership realized a gain of $356,841 for the
recovery of investments previously written off.  This relates
primarily to investments in Thermatrix Inc. and Vois, Inc.
During 2001, the Partnership realized a gain of $47,540.

During 2002, the Partnership recorded net realized gains from
venture capital limited partnership investments of $18,036
compared to gains of $295,343 during 2001.  The gains represent
distributions from profits of venture capital limited
partnerships.

Investment expenses were $1,431,042 and $1,567,306 for 2002 and
2001, respectively.  In 2002 the Managing General Partners
billed the Partnership $58,593 and $17,820 for operating
expenses incurred during 2001 and prior years, respectively. Had
these expenses been billed in the prior years, the investment
expenses for 2002 and 2001 would have been $1,354,629 and
$1,625,899, respectively.  An increase in administrative and
investor service costs from 2002 to 2001 was offset by decreases
in management fees, investment operations costs, computer
services costs, and professional fees.

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

New Accounting Pronouncements
-----------------------------

In April 2002, the Financial Accounting Standards Board (FASB)
issued SFAS No. 145, "Rescission of FASB Statements No. 4, 44,
and 64, Amendment of FASB Statement No. 13, and Technical
Corrections."  SFAS No. 145 requires that gains and losses from
extinguishment of debt be classified as extraordinary items only
if they meet the criteria in Accounting Principles Board Opinion
No. 30.  Applying the provisions of Opinion No. 30 will
distinguish transactions that are part of an entity's recurring
operations from those that are unusual and infrequent and meet
the criteria for classification as an extraordinary item.  SFAS
No. 145 was effective for the Partnership beginning January 1,
2003.  However, early adoption was encouraged and the
Partnership adopted SFAS No. 145 as of the year ended December
31, 2002.  See Note 9.

In July 2002, the FASB issued SFAS No. 146, "Accounting for
Costs Associated with Exit or Disposal Activities."  SFAS No.
146 addresses financial accounting and reporting for costs
associated with exit or disposal activities, such as
restructurings, involuntarily terminating employees, and
consolidating facilities initiated after December 31, 2002.  The
implementation of SFAS No. 146 will not require the restatement
of previously issued financial statements.  The Partnership
implemented early adoption of SFAS No. 146 to all applicable
costs associated with exit or disposal activities incurred
during 2003 and 2002.  See Note 1 to the financial statements.

In November 2002, the FASB issued FASB Interpretation No. 45
(FIN 45), "Guarantor's Accounting and Disclosure Requirements
for Guarantees, Including Indirect Guarantees of Indebtedness of
Others."  FIN 45 requires a guarantor to recognize a liability
at the inception of the guarantee for the fair value of
obligations it has assumed under that guarantee and also
requires more detailed disclosure in its financial statements
with respect to such guarantees.  FIN 45 is effective for
guarantees issued or modified after December 31, 2002, and
requires additional disclosure for existing guarantees.  The
adoption of FIN 45 did not have a material effect on the
Partnership's results of operation or financial position.

In December 2003, the American Institute of Certified Public
Accountants (AICPA) issued Statement of Position 03-4 (SOP 03-
4), "Reporting Financial Highlights and Schedule of Investments
by Nonregistered Investment Partnerships: An Amendment to the
Audit and Accounting Guide 'Audits of Investment Companies' (the
Guide) and AICPA Statement of Position 95-2 (SOP 95-2),
'Financial Reporting by Nonpublic Investment Partnerships.'"
SOP 03-4 provides guidance on the application of certain
provisions in the Accounting Guide and SOP 95-2 that are
directed to the reporting by nonregistered investment
partnerships of financial highlights and the schedule of
investments.  It amends certain provisions of the Guide and SOP
95-2 by adapting those provisions to nonregistered investment
partnerships based on their differences in organizational
structures from registered investment companies. SOP 03-4 is
effective for annual financial statements issued for fiscal
years ending after December 15, 2003.  The adoption of SOP 03-4
did not have a material effect on the Partnership.


Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
-------  ----------------------------------------------------------

The Partnership is subject to financial market risks, including
changes in interest rates with respect to its investments in
debt securities and interest-bearing cash equivalents as well as
changes in marketable equity security prices.  The Partnership
does not use derivative financial instruments to mitigate any of
these risks.  The return on the Partnership's investments is
generally not affected by foreign currency fluctuations.

The Partnership does not have a significant exposure to modest
public market price fluctuations as the Partnership primarily
invests in private business enterprises.  However, should
significant changes in market equity prices occur, there could
be a longer-term effect on valuations of private companies,
which could affect the carrying value and the amount and timing
of gains realized on these investments.  Since there is
typically no public market for the Partnership's investments in
private companies, the valuation of the investments is subject
to the estimate of the Partnership's Managing General Partners.
In the absence of a readily ascertainable market value, the
estimated value of the Partnership's investments in private
companies may differ significantly from the values that would be
placed on the portfolio if a ready market existed. The
Partnership's portfolio also includes common stocks in publicly
traded companies.  These investments are directly exposed to
equity price risk, in that a hypothetical 10 percent change in
these equity prices would result in a similar percentage change
in the fair value of these securities.  The Partnership's
investments also include some debt securities.  Since the debt
securities are generally priced at a fixed rate, changes in
interest rates do not directly impact interest income.  The
Partnership's debt securities are generally held to maturity or
converted into equity securities of private companies.

Item 8.  FINANCIAL STATEMENTS
------   --------------------

The financial statements of the Registrant are set forth in Item
15.

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

None


Item 9A. CONTROLS AND PROCEDURES
-------  -----------------------

The signing officer is responsible for establishing and
maintaining disclosure controls and procedures for Technology
Funding Venture Partners IV, An Aggressive Growth Fund, L.P.
Such officer has concluded (based upon his evaluation of these
controls and procedures as of a date within 90 days of the
filing of this report) that Technology Funding Venture Partners
IV, An Aggressive Growth Fund, L.P.'s disclosure controls and
procedures are effective to ensure that information required to
be disclosed by Technology Funding Venture Partners IV, An
Aggressive Growth Fund, L.P. in this report is accumulated and
communicated to Technology Funding Venture Partners IV, An
Aggressive Growth Fund, L.P.'s management, including its
principal executive officers as appropriate, to allow timely
decisions regarding required disclosure.

The certifying officer also has indicated that there were no
significant changes in Technology Funding Venture Partners IV,
An Aggressive Growth Fund, L.P.'s internal controls or other
factors that could significantly affect such controls subsequent
to the date of their evaluation, and there were no corrective
actions with regard to significant deficiencies and material
weaknesses.

                               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 two Individual
General Partners and a representative from Technology Funding
Ltd., a California limited partnership (TFL).  TFL and its
wholly owned subsidiary, Technology Funding Inc., a California
corporation (TFI) are the Managing General Partners.  Reference
is made to the information regarding Individual General Partners
and the Managing General Partners in the Registrant's Proxy
Statement related to the Meeting of Limited Partners held on
November 8, 2002, which information is incorporated herein by
reference.

Code of Ethics
--------------

The Partnership's Code of Ethics applies to the Independent
General Partners as well as Technology Funding corporate
officers and employees.  The Independent General Partners review
and approve the Code of Ethics on an annual basis.  The Code of
Ethics is attached as an exhibit (see Item 15 - Exhibits) and is
also available on the Partnership's web site,
www.techfunding.com.  Any amendments to, or waivers from, any
provision of the Code that applies to any of the Independent
General Partners or executive officers will be disclosed on the
web site..

Audit Committee
---------------

The Independent General Partners have established an Audit
Committee of the Whole to oversee the accounting and financial
reporting processes on behalf of the Independent General
Partners. The Audit Committee of the Whole currently consists of
all of the Independent General Partners for each Technology
Funding partnership with John Muncaster acting as liaison with
the Managing General Partners.  The Independent General Partners
are  "independent" as defined by the Securities and Exchange
Commission.  The Independent General Partners have determined
that the Audit Committee of the Whole does not currently have
any member that would be considered an "audit committee
financial expert" as that term is defined in Section 407 of the
Sarbanes-Oxley Act of 2002.  Given the anticipated termination
date for the Partnership, the Independent General Partners have
determined that the expense and the difficulty of recruiting a
financial expert to serve on the Audit Committee outweigh any
benefit to the Fund.

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

As a partnership, the Registrant has no officers or directors.
In 2003, the Partnership incurred $32,924 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.  General Partner Overhead
(as defined in the Partnership Agreement) includes the General
Partners' share of rent, utilities, property taxes and the cost
of capital equipment and the general and administrative expenses
paid by the Managing General Partners in performing their
obligations to the Partnership.  As compensation for their
services, the Individual General Partners each receive $14,000
annually, plus $1,500 for attendance at each meeting of the
Management Committee and committees thereof.  In 2003, $40,000
of such fees were paid.  The Individual General Partners are
reimbursed for all out-of-pocket expenses relating to attendance
of the meetings, committees or otherwise of the Management
Committee.

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

Not applicable.  No Limited Partner beneficially holds more than
5 percent 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 two
Individual General Partners each own 20 Units.  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.


Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
-------  --------------------------------------

Fees Paid to Independent Public Accountants
-------------------------------------------

Audit Fees
----------

The Partnership paid aggregate fees of approximately $68,926 and
$57,850 to its independent public accountants, Grant Thornton
LLP, for professional services rendered to the Partnership with
respect to audits of the annual financial statements and reviews
of the quarterly financial statements for the years ended
December 31, 2003 and 2002, respectively.

Tax Fees
--------

The Partnership paid aggregate fees of approximately $14,409 and
$6,500 to Grant Thornton LLP for tax-related services rendered
to the Partnership for the years ended December 31, 2003 and
2002, respectively.  These services included preparation of the
Partnership's tax returns.

All Other Fees
--------------

In addition to the services referred to above, for the year
ended December 31, 2003, the Partnership paid aggregate fees of
approximately $32,155 to Grant Thornton LLP for consulting
services related to due diligence on the investment in Dakota
Holdings, LLC.  There were no such consulting fees paid to Grant
Thornton LLP in the year ended December 31, 2002.

Audit Committee Pre-Approval Policies and Procedures
----------------------------------------------------

The Independent General Partners have established procedures for
the pre-approval of auditing services and non-auditing services
to be performed by the Partnership's independent public
accountants.  Such pre-approval can be given as part of the
Independent General Partners' annual approval of the scope of
the engagement of the independent public accountants or on an
individual basis.  Approved non-auditing services must be
disclosed in the Partnership's periodic public reports.  The
Independent General Partners pre-approved all of the non-audit
services provided by the independent public accountants in 2003.




                               PART IV

Item 15. 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:

                  Report of Independent Certified Public Accountants as
                   of and for the years ended December 31, 2003 and 2002
                  Report of Independent Public Accountants as of and
                   for the years ended December 31, 2001 and 2000
                  Balance Sheets as of December 31, 2003 and 2002
                  Statements of Investments as of
                   December 31, 2003 and 2002
                  Statements of Operations for the years
                   ended December 31, 2003, 2002 and 2001
                  Statements of Partners' Capital for the years
                   ended December 31, 2003, 2002 and 2001
                  Statements of Cash Flows for the years
                   ended December 31, 2003, 2002 and 2001
                  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

                   14.1  Code of Ethics for the Registrant
                   31.1  Section 302 Sarbanes-Oxley Certifications
                   32.1  Section 906 Sarbanes-Oxley Certifications

         (b)  Reports on Form 8-K

             (1)  On January 8, 2003, the Partnership filed its
                   Amended and Restated Limited Partnership Agreement
                   on Form 8-K.

..



<PAGE>





REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
--------------------------------------------------

To the Partners of
     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) (the Fund), including the statement of investments, as of
December 31, 2003 and 2002, and the related statements of operations,
partners' capital, and cash flows for the years then ended.  These
financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.  The financial statements of Technology Funding
Venture Partners IV, an Aggressive Growth Fund, L.P. for the year ended
December 31, 2001, were audited by other auditors who have ceased
operations.  Those auditors expressed an unqualified opinion on those
financial statements in their report dated March 15, 2002.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. 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
physical inspection of securities owned as of December 31, 2003 and 2002.
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, 2003 and 2002, and the results of its operations, changes in
partners' capital, and its cash flows for the years then ended in
conformity with accounting principles generally accepted in the United
States of America.

The accompanying financial statements have been prepared assuming that
the Fund will continue as a going concern.  As discussed in Note 1 to the
financial statements, the Fund continues to experience decreases in
partners' capital resulting from overall market declines and from
operations which raises substantial doubt about its ability to continue
as a going concern.  The Independent General Partner's plans in regard to
these matters are also described in Note 1.  The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.

Albuquerque, New Mexico                      /S/GRANT THORNTON LLP
March 12, 2004


<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------


To the Partners of
     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) (the Fund), including the statements of investments, as of
December 31, 2001 and 2000, and the related statements of operations,
partners' capital, and cash flows for the years then ended.  These
financial statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States. 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
physical inspection of securities owned as of December 31, 2001 and 2000.
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, 2001 and 2000, and the results of its operations, changes in
partners' capital, and its cash flows for the years then ended in
conformity with accounting principles generally accepted in the United
States.

Los Angeles, California                    /S/ARTHUR ANDERSEN LLP
March 15, 2002

      THIS IS A COPY OF THE AUDIT REPORT PREVIOUSLY ISSUED BY ARTHUR
ANDERSEN LLP IN CONNECTION WITH TECHNOLOGY FUNDING VENTURE PARTNERS IV,
LP'S FILING ON FORM 10-K FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000.
THIS AUDIT REPORT HAS NOT BEEN REISSUED BY ARTHUR ANDERSEN LLP IN
CONNECTION WITH THIS FILING ON FORM 10-K.


<PAGE>
BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                                   December 31,
                                            ------------------------
                                             2003              2002
                                            ------            ------
<S>                                      <C>              <C>
ASSETS

Investments:
  Equity investments (cost basis of
   $4,624,650 and $5,326,941 for
   2003 and 2002, respectively)         $3,036,554        $1,535,091
  Notes receivable, net (cost basis
   of $0 and $13,044 for
   2003 and 2002, respectively)                 --             2,607
                                         ---------         ---------
       Total investments                 3,036,554         1,537,698

Cash and cash equivalents                  109,664            22,739
Prepaid expenses                           140,203           180,247
Receivables from related party             811,609                --
Other receivable                            68,323           774,298
Other assets                                 2,994               675
                                         ---------         ---------
       Total assets                     $4,169,347        $2,515,657
                                         =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $   40,754        $   44,114
Due to related parties                     428,370           282,288
Short-term borrowings                      584,212           584,212
Other liabilities                           24,595             8,910
                                         ---------         ---------
       Total liabilities                 1,077,931           919,524

Commitments and contingencies
   (See Note 10)

Partners' capital
 (400,000 Limited Partner Units
  outstanding)                           3,091,416         1,596,133
                                         ---------         ---------
       Total liabilities and
        partners' capital               $4,169,347        $2,515,657
                                         =========         =========
</TABLE>


The accompanying notes are an integral part of these financial
statements.


STATEMENTS OF INVESTMENTS
-------------------------
<TABLE>
<CAPTION>
                                         Principal
                                         Amount or   December 31, 2003       December 31, 2002
Industry                                 Shares at   -----------------       -----------------
(1)                         Investment  December 31, Cost       Fair         Cost        Fair
Company           Position  Date          2003       Basis      Value        Basis       Value
-------------     --------  ----------  -----------  -----      -----        -----       -----
<S>                <C>         <C>      <C>         <C>        <C>          <C>        <C>
Equity Investments
------------------

Communication
-------------
4.0% and 7.0% at December 31, 2003 and 2002, respectively
---------------------------------------------------------
iVillage, Inc.     Common       1996-
                   shares       2000      29,366      47,916    105,130     411,165     57,197
WorldRes.com, Inc. Common       1997-
 (a) (b)           shares       1999     155,918     619,687     46,775     619,687     46,775
WorldRes.com, Inc. Convertible
 (a) (b)           note (2)     2002     $79,500           0          0      84,775      8,476
                                                   ---------  ---------  ----------  ---------
                                                     667,603    151,905   1,115,627    112,448
                                                   ---------  ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
------------------------------------

Environmental
-------------
41.4% and 50.8% at December 31, 2003 and 2002, respectively
-----------------------------------------------------------
SunPower
 Corporation       Common       1990-
 (a) (b)           shares       1994   1,165,217   1,179,051  1,514,780   1,179,051    757,391
SunPower           Common share
 Corporation       warrant
 (a) (b)           at $.06;
                   expiring
                   2005         2000     469,455           0          0           0          0
SunPower
 Corporation       Convertible
 (a) (b)           note (2)     2002     $52,000      54,702     54,702      52,960     52,960
Triangle
 Biomedical        Common
 Sciences, Inc.(a) shares       1999         366      10,248          0      10,248          0
Triangle           Common share
 Biomedical        warrant
 Sciences, Inc.(a) at $28.00;
                   expiring
                   2009         1999         366         366          0         366          0
                                                   ---------  ---------  ----------  ---------
                                                   1,244,367  1,569,482   1,242,625    810,351
                                                   ---------  ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
------------------------------------

Medical/Biotechnology
---------------------
19.0% and 16.5% at December 31, 2003 and 2002, respectively
-----------------------------------------------------------
Corautus Genetics,
 Inc. (formerly
 GenStar
 Therapeutic
 Corporation)      Common
 (b)(c)            shares       1999      62,624     320,242    140,903     320,242     70,138
Corautus Genetics
 Inc. (formerly
 GenStar
 Therapeutic       Common
 Corporation)      share
                   warrants at
                   $0.30-$0.74;
                   expiring     1998-
                   2005-2006    1999      41,667           0     28,571           0      1,667
Applied
NeuroSolutions,
 Inc.(formerly
 Hemoxymed,        Common
 Inc.)        (a)  shares       1993      15,528     125,000      4,659     125,000        854
Periodontix,       Preferred
 Inc. (a)          shares       1998     106,122           0          0     259,999          0
Periodontix,       Convertible
 Inc. (a)          note (2)     1999     $37,000           0          0      48,054        947
Physiometrix,      Common
 Inc.              shares       1996     126,791      53,793    278,940      53,793     69,735


STATEMENTS OF INVESTMENTS (continued)
-------------------------------------
Sanarus
 Medical,          Preferred    1999-
 Inc. (a) (b)      shares       2003     774,463     647,434    268,787     215,000    119,766
Sanarus            Preferred
 Medical,          share
 Inc. (a) (b)      warrants
                   at exercise
                   price TBD;
                   expiring
                   2006         2001          55          54         22          54         27
                                                   ---------  ---------  ----------  ---------
                                                   1,146,523    721,882   1,022,142    263,134
                                                   ---------  ---------  ----------  ---------

Microelectronics
----------------
0.0% and 2.7% at December 31, 2003 and 2002, respectively
---------------------------------------------------------
KOR Electronics,   Preferred    1989-
 Inc. (a) (b)      shares       1995   3,571,024           0          0   1,130,390     42,390
                                                   ---------  ---------  ----------  ---------
                                                           0          0   1,130,390     42,390
                                                   ---------  ---------  ----------  ---------

Retail / Consumer Products
--------------------------
7.9% and 0.0% at December 31, 2003 and 2002, respectively
---------------------------------------------------------
Dakota             Preferred
 Holdings, LLC (a) shares       2003   1,943,314     750,000    300,000          --         --
                                                   ---------  ---------  ----------  ---------
                                                     750,000    300,000          --         --
                                                   ---------  ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
-------------------------------------

Venture Capital Limited Partnership Investments
-----------------------------------------------
7.7% and 19.2% at December 31, 2003 and 2002, respectively
----------------------------------------------------------
El Dorado          Ltd.
 Ventures III, L.P.Partnership
 (a)               interests  various   $250,000     212,460     11,998     212,460     24,739
Medical Science    Ltd.
 Partners, L.P.    Partnership
 (a)               interests  various   $500,000     187,246     93,623     187,246     93,623
Newtek             Ltd.
 Ventures II, L.P. Partnership
 (a)               interests  various   $859,914     330,328    165,164     330,328    165,164
Onset Enterprises  Ltd.
 Associates, L.P.  Partnership
 (a)               interests  various   $500,000      45,000     22,500      45,000     22,500
Utah Ventures      Ltd.
 Limited           Partnership
 Partnership (a)   interests  various   $250,000      41,123          0      41,123        742
                                                   ---------  ---------  ----------  ---------
                                                     816,157    293,285     816,157    306,768
                                                   ---------  ---------  ----------  ---------
Total equity investments - 80.1% and 96.2% at
 December 31, 2003 and 2002, respectively          4,624,650  3,036,554   5,326,941  1,535,091
                                                   ---------  ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
-------------------------------------

Notes Receivable, Net
---------------------
Avalon Vision      Secured
 Solutions, Inc.   note, 16%,
                   due 2004     1999     $11,676           0          0      13,044      2,607

Total notes receivable - 0% and 0.2% at
 December 31, 2003 and 2002, respectively                  0          0      13,044      2,607
                                                   ---------  ---------  ----------  ---------
Total investments - 80.1% and 96.4% at
 December 31, 2003 and 2002, respectively         $4,624,650 $3,036,554 $ 5,339,985 $1,537,698
                                                   =========  =========  ==========  =========

Legends and footnotes:

--  No investment held at end of period.
 0  Investment active with a cost basis or fair value of zero.

(a) Equity security acquired in a private placement transaction; resale may be subject to
certain selling restrictions.
(b) Portfolio company is an affiliate of the Partnership; resale may be subject to certain
selling restrictions.
(c) Security is pledged as collateral for borrowing.  (See Note 8.)

(1) Represents the total fair value of a particular industry segment as a percentage of
partners' capital at 12/31/03 and 12/31/02.

(2) The Partnership has no income-producing equity investments except for convertible notes
which include accrued interest.  Interest rates on such notes are 8.25 percent.
</TABLE>

The accompanying notes are an integral part of these financial statements.



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

                                    For the Years Ended December 31,
                                  -----------------------------------
                                   2003          2002           2001
                                  ------        ------         ------
<S>                          <C>           <C>            <C>

Investment income:
 Notes receivable
  interest                   $    11,008   $    26,972    $   43,310
 Short-term investment
  interest                           559         2,306        35,256
                               ---------     ---------     ---------
    Total investment
     income                       11,567        29,278        78,566

Investment expenses:
 Management fees                  32,924        37,488        72,144
 Individual General
  Partners' compensation          40,000        50,500        72,339
 Investment operations           169,067       148,847       229,887
 Administrative and
  investor services            1,088,162       914,923       695,074
 Computer services               106,107        99,630       140,654
 Professional fees               163,857       151,829       332,366
 Interest expense                 15,684        27,825        24,842
                               ---------      --------     ---------
    Total investment
     expenses                  1,615,801     1,431,042     1,567,306
                               ---------     ---------     ---------
Net investment loss           (1,604,234)   (1,401,764)   (1,488,740)
                               ---------     ---------     ---------
 Realized gain from
  venture capital limited
  partnership investments         73,406        18,036       295,343
 Net realized gain (loss)
  from sales of equity
  investments                  1,632,882      (163,956)     (346,759)
 Realized gain from recovery
  of investments previously
  written off                         --       356,841        47,540
 Realized loss from
  investment write-offs         (316,239)   (4,848,611)   (1,615,883)
                               ---------     ---------     ---------
Net realized income (loss)     1,390,049    (4,637,690)   (1,619,759)
                               ---------     ---------     ---------


STATEMENTS OF OPERATIONS (continued)
-----------------------------------
                                    For the Years Ended December 31,
                                  -----------------------------------
                                   2003          2002           2001
                                  ------        ------         ------
<S>                          <C>             <C>           <C>
 Decrease (increase) in
 unrealized depreciation:
  Equity investments           2,203,754    (2,249,130)   (3,171,163)
  Notes receivable                10,437     4,874,425      (158,807)
                               ---------     ---------     ---------
Net decrease (increase) in
 unrealized depreciation       2,214,191     2,625,295    (3,329,970)
                               ---------     ---------     ---------

Other income:
  Income from extinguishment
   of debt                            --       571,478            --
  Other income                   193,830       774,298            --
                               ---------     ---------     ---------
     Total other income          193,830     1,345,776            --
                               ---------     ---------     ---------

Net increase (decrease) in
 partners' capital resulting
 from operations             $ 2,193,835   $(2,068,383)  $(6,438,469)
                               =========     =========     =========
Net decrease in partners'
 capital resulting from
 operations per Unit         $      0.15   $     (4.36)  $    (13.08)
                               =========     =========     =========

</TABLE>















The accompanying notes are an integral part of these financial statements.



<PAGE>
STATEMENTS OF PARTNERS' CAPITAL
-------------------------------
<TABLE>
<CAPTION>
For the years ended December 31, 2003, 2002 and 2001:

                                   Limited     General
                                   Partners    Partners     Total
                                   --------    --------     -----

<S>                             <C>          <C>        <C>

Partners' capital,
  January 1, 2001               $12,328,505 $(2,225,520) $10,102,985

Net investment loss              (1,190,992)   (297,748)  (1,488,740)
Net realized loss                (1,239,692)   (380,067)  (1,619,759)
Net increase in unrealized
 depreciation                    (2,802,613)   (527,357)  (3,329,970)
                                 ----------   ---------   ----------
Partners' capital,
  December 31, 2001               7,095,208  (3,430,692)   3,664,516

Net investment loss              (1,121,412)   (280,352)  (1,401,764)
Net realized loss                (3,706,726)   (930,964)  (4,637,690)
Net decrease in unrealized
 depreciation                     2,009,440     615,855    2,625,295
Other income                      1,076,621     269,155    1,345,776
                                 ----------   ---------   ----------
Partners' capital,
  December 31, 2002               5,353,131  (3,756,998)   1,596,133

Net investment loss                      --  (1,604,234)  (1,604,234)
Net realized income                  59,323   1,330,724    1,390,047
Net decrease in unrealized
 depreciation                            --   2,214,191    2,214,191
Other income                             --     193,830      193,830
Distributions                            --    (698,551)    (698,551)
                                 ----------   ---------   ----------
Partners' capital,
  December 31, 2003             $ 5,412,454 $(2,321,038) $ 3,091,416
                                 ==========   =========   ==========
</TABLE>


The accompanying notes are an integral part of these financial
statements.


<PAGE>
STATEMENTS OF CASH FLOWS
------------------------
<TABLE>
<CAPTION>
                                     For The Years Ended December 31,
                                    ---------------------------------
                                      2003         2002        2001
                                    --------     --------    --------
<S>                           <C>          <C>           <C>
Net increase (decrease) in
 partners' capital resulting
 from  operations                $ 2,193,835  $(2,068,383) $(6,438,469)

Adjustments to reconcile net
 increase (decrease) in
 partners' capital resulting
 from operations to net cash
 used by operating activities:
  Net realized gain from
   venture capital limited
   partnership investments           (73,405)     (18,036)    (295,343)
  Net realized (gain) loss from
   sales of equity investments    (1,626,911)     163,956      346,759
  Realized loss from
   investment write-offs             310,268    4,848,611    1,615,883
  Realized gain from recovery
   of investments previously
   written off                            --     (356,841)     (47,540)
  Income from extinguishment
   of debt                                --     (571,478)          --
  Net (decrease) increase in
   unrealized depreciation:
    Equity investments            (2,203,754)   2,249,130    3,171,163
    Notes receivable                 (10,437)  (4,874,425)     158,807
  Amortization of prepaid asset       40,044           --           --
  Decrease (increase) in accrued
   interest on notes receivable        2,686       (2,647)     (14,738)
  Decrease (increase) in prepaid
   expenses                               --     (180,247)          --
  Increase in receivables from
   Related party                    (811,609)          --           --
  Decrease in other receivable       705,975     (774,298)          --
  (Decrease) increase in
   accounts payable
   and accrued expenses               (3,360)     (45,487)      10,716
  Increase in due
   to related parties                146,082       44,458      175,933
  Other changes, net                  13,366       21,767       (3,260)
                                   ---------    ---------    ---------
    Net cash used by
     operating activities         (1,317,220)  (1,563,920)  (1,320,089)
                                   ---------    ---------    ---------


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

                                     For The Years Ended December 31,
                                    ---------------------------------
                                      2003         2002        2001
                                    --------     --------    --------
<S>                               <C>          <C>          <C>
Cash flows from investing
 activities:
  Notes receivable issued                  --           --     (250,000)
  Purchase of equity investments   (1,182,433)     (79,500)    (108,000)
  Repayment of notes receivable        85,204      125,000      197,281
  Proceeds from recovery of
   investments previously
   written off                             --      363,976       47,540
  Proceeds from sales of
   equity investments               3,126,521           --      357,713
  Distributions from venture
   capital limited partnership
   investments                         73,405       18,036        4,888
                                    ---------    ---------    ---------
    Net cash provided
     by investing activities        2,102,697      427,512      249,422
                                    ---------    ---------    ---------
Cash flows from financing
 activities:
  Proceeds from (repayments of)
    short-term borrowings                  --    1,147,180   (1,100,000)
  Distributions to General
    Partners                         (698,552)          --           --
                                    ---------    ---------    ---------
    Net cash (used) provided by
     financing activities            (698,552)   1,147,180   (1,100,000)
                                    ---------    ---------    ---------
Net increase (decrease)
 in cash and cash equivalents          86,925       10,772   (2,170,667)

Cash and cash equivalents
 at beginning of year                  22,739       11,967    2,182,634
                                    ---------    ---------    ---------
Cash and cash equivalents
 at end of year                    $  109,664  $    22,739  $    11,967
                                    =========    =========    =========








</TABLE>
The accompanying notes are an integral part of these 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 or the Registrant) 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 treated as a business
development company under the Investment Company Act of 1940, as amended
(the Act), and operates as a nondiversified investment company, as 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 also two Individual General Partners.  The Individual General
Partners and a representative from TFL constitute the Management Committee,
which is responsible for the management and administration of the
Partnership.

For the period from December 5, 1986, through November 14, 1988, the
Partnership was inactive.  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 original contributed capital was
$40,034,891, consisting of $39,994,896 from Limited Partners for 400,000
Units and $39,995 from General Partners.  The General Partners do not own
any Units.  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.  In April 1999, the Management Committee
further extended the term of the Partnership to December 31, 2001.  At a
special meeting on September 7, 2001, the Limited Partners elected to
extend the term of the Partnership to December 31, 2002 and for up to three
one-year extensions through December 31, 2006.  On March 15, 2002, the
Management Committee unanimously approved a one-year extension of the
Partnership to December 31, 2003.  On November 8, 2002, the Limited
Partners approved an extension of the Partnership's term to December 31,
2004, and authorized additional one-year extensions to the term of the
Partnership through December 31, 2006.  At the March 12, 2004, meeting, the
Independent General Partners approved an extension of the Partnership's
term to December 31, 2006.



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

The accompanying financial statements have been prepared on the accrual
basis of accounting.  The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period.  Actual results
could differ from those estimates.  Significant estimates include the
estimate of 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.

The accompanying financial statements have been prepared assuming that the
Fund will continue as a going concern.  As discussed in Note 1 to the
financial statements, the Fund continues to experience decreases in
partners' capital resulting from overall market declines and from
operations which raises substantial doubt about its ability to continue as
a going concern.  The Independent General Partner's plans in regard to
these matters are also described in Note 1.  The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.

Uncertain Future of the Partnership
-----------------------------------

The Partnership continues to experience decreases in partners' capital
resulting from overall market declines and from operations.  The
Partnership's liquid assets, including unrestricted marketable equity
investments, are not adequate to fund on-going operations of the
Partnership for 2004.  These factors, among others, raise substantial doubt
about the Partnership's ability to continue as a going concern.  As a
result, the Independent General Partners have tasked the Managing General
Partners with examining a number of different options, including the sale
of some of the Partnership's private holdings. The accompanying financial
statements do not include any adjustments that might result from the
outcome of these uncertainties.

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

Investments are carried at fair value.

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

The Management Committee has the authority to establish valuation
procedures and periodically apply such procedures to the Partnership's
investment portfolio.  In fulfilling this responsibility, the Managing
General Partners under the direction of the Management Committee
periodically update and revise the valuation procedures used to determine
fair value in order to reflect new events, changing market conditions, more
experience with investee companies or additional information, any of which
may require the revision of previous estimating procedures.

Unrestricted publicly traded securities are valued at the closing sales
price or bid price that is available on a national securities exchange or
over-the-counter market.  Valuation discounts of 5 percent to 50 percent
are applied to publicly traded securities subject to resale restrictions
resulting from Rule 144 or contractual lock-ups, such as those commonly
associated with underwriting agreements or knowledge of material non-public
information.

The fair value of all other investments is determined in good faith by the
Managing General Partners under the direction of the Management Committee
after consideration of available relevant information.  There is no ready
market for the Partnership's investments in private companies or
unregistered securities of public companies.  Fair value is generally
defined as the amount the Partnership could reasonably expect to receive
for an investment in an orderly disposition based on a current sale.
Significant factors considered in the estimation of fair value include the
inherent illiquidity of and lack of marketability associated with venture
capital investments in private companies or unregistered securities, the
investee company's enterprise value established in the last round of
venture financing, changes in market conditions since the last round of
venture financing or since the last reporting period, the value of a
minority interest in the investee company, contractual restrictions on
resale typical of venture financing instruments, the investee company's
financial position and ability to obtain any necessary additional
financing, the investee company's performance as compared to its business
plan, and the investee company's progress towards initial public offering.
The values determined for the Partnership's investments in these securities
are based upon available information at the time the good faith valuations
are made and do not necessarily represent the amount which might ultimately
be realized, which could be higher or lower than the reported fair value.

At December 31, 2003 and 2002, the investment portfolio included private
company investments totaling $2,189,727 and $1,029,586, respectively, whose
fair values were established in good faith by the Managing General Partners
under the direction of the Management Committee in the absence of readily
ascertainable market values.  In addition, investments in publicly traded
securities which have been subjected to a discount for legal or contractual
restrictions as determined by the Management Committee amounted to $169,474
and $71,805 at December 31, 2003 and 2002, respectively.  Because of the
inherent uncertainty in the valuation, the values may differ significantly
from the values that would have been used had a ready market for the
securities existed, and the differences could be material.

Venture capital limited partnership investments 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.

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 new cost basis being adjusted to equal the fair value of the
investment. Cost basis adjustments are reflected as "Realized loss from
investment write-offs" 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.

    Notes Receivable
    ----------------

The fair value of notes receivable is determined in good faith by the
Managing General Partners under the direction of the Management Committee.
Fair value is generally defined as the amount the Partnership could
reasonably expect to receive for the notes and accrued interest on the
valuation date.  The values determined for the Partnership's notes
receivable are based upon available information at the time the good faith
valuations are made and do not necessarily represent the amount which might
ultimately be realized which could be higher or lower than the reported
fair value.  When the Managing General Partners' assessment of fair value
indicates that future collectability of interest or principal is in doubt,
notes are placed on nonaccrual status.

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 Decrease in Partners' Capital Resulting from Operations Per Unit
--------------------------------------------------------------------

Net decrease in partners' capital resulting from operations per Unit is
calculated by dividing the weighted average number of Units outstanding of
400,000 for the years ended December 31, 2003, 2002 and 2001, into the
total net decrease in partners' capital resulting from operations allocated
to the Limited Partners.  The Managing General Partners contributed 0.1
percent 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.

The accompanying financial statements are prepared using accounting
principles generally accepted in the United States which may not equate to
tax accounting.  The cost of investments on a tax basis at December 31,
2003 and 2002, was $4,627,328 and $7,412,871, respectively.  At December
31, 2003 and 2002, gross unrealized appreciation and depreciation on
investments based on cost for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
                                      December 31,   December 31,
                                          2003           2002
                                      ------------   ------------
<S>                                      <C>              <C>
Unrealized appreciation               $   677,195    $    46,940
Unrealized depreciation                (2,267,967)    (5,922,113)
                                        ---------      ---------
Net unrealized depreciation           $(1,590,772)   $(5,875,173)
                                        =========      =========
</TABLE>

New Accounting Pronouncements
-----------------------------

In July 2002, the FASB issued SFAS No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities."  SFAS No. 146 addresses
financial accounting and reporting for costs associated with exit or
disposal activities, such as restructurings, involuntarily terminating
employees, and consolidating facilities initiated after December 31, 2002.
The implementation of SFAS No. 146 will not require the restatement of
previously issued financial statements.  The Partnership implemented early
adoption of SFAS No. 146 to all applicable costs associated with exit or
disposal activities incurred during 2003 and 2002.  See Note 2 to the
financial statements.

In November 2002, the FASB issued FASB Interpretation No. 45 (FIN 45),
"Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others."  FIN 45 requires
a guarantor to recognize a liability at the inception of the guarantee for
the fair value of obligations it has assumed under that guarantee and also
requires more detailed disclosure in its financial statements with respect
to such guarantees.  FIN 45 is effective for guarantees issued or modified
after December 31, 2002, and requires additional disclosure for existing
guarantees.  The adoption of FIN 45 did not have a material effect on the
Partnership's results of operation or financial position.

In December 2003, the American Institute of Certified Public Accountants
(AICPA) issued Statement of Position 03-4 (SOP 03-4), "Reporting Financial
Highlights and Schedule of Investments by Nonregistered Investment
Partnerships: An Amendment to the Audit and Accounting Guide 'Audits of
Investment Companies' (the Guide) and AICPA Statement of Position 95-2 (SOP
95-2), 'Financial Reporting by Nonpublic Investment Partnerships.'"  SOP
03-4 provides guidance on the application of certain provisions in the
Accounting Guide and SOP 95-2 that are directed to the reporting by
nonregistered investment partnerships of financial highlights and the
schedule of investments.  It amends certain provisions of the Guide and SOP
95-2 by adapting those provisions to nonregistered investment partnerships
based on their differences in organizational structures from registered
investment companies. SOP 03-4 is effective for annual financial statements
issued for fiscal years ending after December 15, 2003.  The adoption of
SOP 03-4 did not have a material effect on the Partnership.

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

Related party costs are included in costs and expenses shown on the
Statements of Operations.  Related party costs in 2003, 2002 and 2001 were
as follows:
<TABLE>
<CAPTION>
                                 For the Years Ended December 31,
                              -------------------------------------
                               2003            2002           2001
                              ------          ------         ------

<S>                        <C>               <C>            <C>
Management fees            $   32,924        $ 37,488       $ 72,144
Individual General
 Partners' compensation        40,000          50,500         72,339
Reimbursable operating
 expenses:
  Investment operations       164,166         133,611        122,825
  Administrative, investor
   services and
   professional fees        1,097,768         818,372        498,326
  Computer services           106,107          99,630        140,654

</TABLE>

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 $13,202 and
$3,338 and were included in due to related parties at December 31, 2003 and
2002, respectively.

As compensation for their services, the Individual General Partners each
receive $14,000 annually, plus $1,500 for attendance at each meeting of the
Management Committee and committees thereof.  The Individual General
Partners are reimbursed for all out-of-pocket expenses relating to
attendance of the meetings, committees or otherwise of the Management
Committee.  The two Individual General Partners each own twenty Units.

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.
There were $428,370 and $282,288 of such reimbursable expenses due to
related parties at December 31, 2003 and 2002, respectively.

The Managing General Partners allocate operating expenses incurred in
connection with the business of the Partnership based on employee hours
incurred.  In 2002, the Managing General Partners billed the Partnership
$58,593, $10,183 and $7,637 for operating expenses incurred during 2001,
2000 and prior years, respectively.

Retention bonuses were offered to and accepted by key employees of the
Managing General Partners in late 2002. The expense for these bonuses,
which were approved by the Individual General Partners during the September
2002 Management Committee meeting, was prepaid by the Partnership in
October and December 2002. The amount of prepaid operating expenses was
$186,180, and is being amortized over the remaining expected employment
period.  During 2003 and 2002, the partnership recognized $40,044 and
$5,933 as operating expense related to the amortization of retention
bonuses.  The bonuses, incremented by annual salary increases, will be paid
to those individuals who are still full-time employees of the Managing
General Partners in April 2007.  Upon the resignation of personnel no
adjustment to the retention bonus amount previously paid by the Partnership
to the Managing General Partners shall occur until a replacement person is
hired.

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.  Any such profit is allocated amongst the Partnership and
affiliated partnerships based upon their proportionate investment in the
portfolio company.  At December 31, 2003, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Physiometrix,
Inc., Sanarus Medical, Inc. and Corautus Genetics Inc. (formerly GenStar
Therapeutics Corporation) options with a fair value of $22,149.  At
December 31, 2002, the Partnership and affiliated partnerships had an
indirect interest in non-transferable Physiometrix, Inc., Endocare, Inc.
and GenStar Therapeutics Corporation options with a fair value of $50.





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

In accordance with the Partnership Agreement (see Note 1), net profits and
losses of the Partnership are allocated based on the beginning-of-the-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 decrease in partners' capital resulting from
          operations and sales commissions previously allocated
          under (b)(ii) below; then

    (iii) 75 percent to the Limited Partners as a group in proportion
          to the number of Units held, 5 percent to the Limited Partners
          in proportion to the Unit Months of each Limited Partner,
          and 20 percent 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 percent to the Limited Partners and 1 percent 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 99
percent to the Limited Partners and 1 percent to the Managing General
Partners.

In no event are the Managing General Partners allocated less than 1 percent
of the net realized profit or loss of the Partnership.



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

All investments are valued at fair value as determined in good faith by the
Managing General Partners.  See Note 1 - Investments.

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

At December 31, 2003 and 2002, marketable equity securities had aggregate
costs of $101,709 and $464,958 and aggregate fair market values of $384,070
and $126,932, respectively.  The net unrealized gain at December 31, 2003,
and the net unrealized loss at December 31, 2002, included gross gains of
$283,562 and $15,942, respectively.

Restricted Securities
---------------------

At December 31, 2003 and 2002, restricted securities had aggregate costs of
$4,522,941 and $4,861,983 and aggregate fair values of $2,652,484 and
$1,408,159, respectively, representing 63.6 percent and 88.2 percent,
respectively, of the net assets of the Partnership.

Significant purchases, sales and write-offs of equity investments during
2003 are as follows:

Avalon Vision Solutions, Inc.
-----------------------------

In December 2003, the Partnership received $8,401 from Avalon Vision
Solutions, Inc. to retire its notes receivable, including accrued interest.
The Partnership recorded a realized loss of $5,972.

Dakota Holdings, LLC
--------------------

In August 2003, the Partnership purchased 1,943,314 Preferred shares of
Dakota Holdings, LLC for $750,000.

iVillage, Inc.
--------------

In December 2003, the Partnership sold part of its holdings for proceeds of
$109,671, realizing a loss of $253,577.

KOR Electronics, Inc.
---------------------

During 2003, KOR Electronics, Inc. repurchased all of the Partnership's
Preferred and common shares for total proceeds of $3,016,849.  The
Partnership recorded a realized gain of $1,886,459 on the liquidation of
its KOR Electronics holdings.


Periodontix, Inc.
-----------------

In September 2003, the Partnership wrote off its entire investment of
$310,267 in Periodontix, Inc.  In 2001, Periodontix, Inc.'s assets were
acquired by Demegen, Inc., a publicly traded company in the pharmaceuticals
industry.  In 2003, Demegen was unsuccessful in efforts to raise additional
capital and in April 2003 terminated its registration under Section 42(g)
of the Securities Exchange Act of 1934 by filing a Form 15 with the SEC.
The Partnership expects no return on its initial investment.

Sanarus Medical, Inc.
---------------------

The Partnership funded a convertible secured loan of $9,395 to Sanarus
Medical, Inc. in April 2003.  In October 2003, the Partnership's note plus
accrued interest was converted into 621,714 Series C Preferred shares.  The
Partnership acquired an additional  14,218 Series C Preferred shares for
$9,668.

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

During the third quarter of 2003, WorldRes.com, Inc. repaid a convertible
note issued by the Partnership.  The Partnership received $88,076,
including accrued interest on the note.

Venture Capital Limited Partnership Investments
-----------------------------------------------
In the year ended December 31, 2003, the Partnership received cash
distributions of $73,405. The Partnership recorded a $13,483 decrease in
fair value primarily as a result of a net decrease in the fair value of the
underlying investments of the partnerships.

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

Other significant changes reflected above relate to market value
fluctuations for publicly traded portfolio companies or changes in the fair
value of private companies as determined in accordance with the policy
described in Note 1 to the financial statements.

5.  Subsequent Event
    ----------------

Subsequent to the year ended December 31, 2003, RedCell, Inc. notified the
Partnership that it would repay $98,111 in notes receivable previously
written off.  That amount includes accrued interest through February 2004.
In 1994, the Partnership purchased Series B Preferred shares in RedCell and
two years later funded convertible notes receivable.  RedCell was
subsequently acquired by another company, and the new entity changed its
name to ConjuChem, Inc.  However, the notes receivable remained in
RedCell's name.  In 1998, the Partnership determined that any recovery on
its investment, including the notes, was unlikely and wrote off its entire
investment.  In 2001, the remaining RedCell entity made a partial repayment
of the notes receivable and issued new notes for the remainder.  In
February 2004, RedCell sold ConjuChem shares it had acquired in the
acquisition in order to repay its remaining notes in full.  The repayment
to the Partnership will be reported in the first quarter 2004 financial
statements as income from investments previously written off.  The
Partnership expects no further recovery on this investment.

6.  Net Decrease (Increase) in Unrealized Depreciation of Equity
    ------------------------------------------------------------
    Investments
    -----------
In accordance with the accounting policy as stated in Note 1, the
Statements of Operations include a line item entitled "Net decrease
(increase) in unrealized depreciation of equity investments."  The table
below discloses details of the changes:
<TABLE>
<CAPTION>
                                         For the Years Ended December 31,
                                        ----------------------------------
                                         2003          2002          2001
                                        ------        ------        ------
<S>                                <C>           <C>            <C>
Unrealized appreciation
 (depreciation) from cost of
 marketable equity securities       $  282,361   $  (338,026)  $   (72,943)

Unrealized depreciation
 from cost of non-marketable
 equity securities                  (1,870,457)   (3,453,824)   (1,469,777)
                                     ---------     ---------     ---------
Unrealized depreciation
 from cost at end of year           (1,588,096)   (3,791,850)   (1,542,720)

Unrealized (depreciation)
 appreciation from cost at
 beginning of year                  (3,791,850)   (1,542,720)    1,628,443
                                     ---------     ---------     ---------
Net decrease (increase) in
 unrealized depreciation of
 equity investments                 $2,203,754   $(2,249,130)  $(3,171,163)
                                     =========     =========     =========
</TABLE>


7.  Notes Receivable
    ----------------

Activity from January 1 through December 31 consisted of:
<TABLE>
<CAPTION>
                                                   2003           2002
                                                  ------         ------
<S>                                            <C>            <C>
Balance, beginning of year                       $ 2,607     $  109,551

Notes receivable written off                     (14,374)    (4,848,611)
Repayments of notes receivable                    (8,401)      (125,000)
Change in accrued interest                         9,731         (7,758)
Net decrease in unrealized
 depreciation of notes receivable                 10,437      4,874,425
                                                  ------      ---------
Balance, end of year                             $     0     $    2,607
                                                  ======      =========
</TABLE>

The interest rate on notes receivable at was 16 percent.

In April 2002, the Partnership received a $125,000 payment on a $250,000
note receivable from Thermatrix Inc., which included realized gain from
recovery of investments previously written-off.  Accrued interest of
$23,178 was paid in full. The remaining portion of the note, $125,000, was
written off. During the third quarter of 2002, the Partnership recovered
$125,000 from Thermatrix Inc. for the portion of the note previously
written off.

In September 2002, notes receivable and accrued interest due from Sutmyn
Storage Corporation in the amount of $4,723,611 were written off.  The fair
value of these notes was reduced to zero during 2000 and it has been
determined by the Managing General Partners that there will be no recovery
on the notes as the company has ceased operations.

The Partnership has a due from related party receivable of $811,609 related
to its investment in Dakota Holdings, LLC.  The Partnership has advanced
funds to the company for operations.  It is the Managing General Partners'
expectation that this receivable will be converted into additional equity
investments in Dakota Holdings.


8.  Cash and Cash Equivalents
    -------------------------

Cash and cash equivalents at December 31, 2003 and 2002, consisted of:

<TABLE>
<CAPTION>
                                             2003           2002
                                            ------         ------
<S>                                      <C>             <C>

Demand accounts                           $108,397        $21,398
Money market accounts                        1,267          1,341
                                           -------         ------
  Total                                   $109,664        $22,739
                                           =======         ======
</TABLE>

9.  Borrowings
    ----------

In January 2002, the Partnership borrowed $1,147,180 from a financial
institution and pledged its shares in Endocare, Inc. and GenStar
Therapeutic Corporation (now Corautus Genetics Inc. after a merger with
another company in February 2003) as collateral, respectively.  Due to the
value of Endocare, Inc. dropping below 10 percent of the face value of the
note, the note was in default. As a result, the financial institution that
issued the note in exchange for the Partnership's pledge of Endocare, Inc.
shares was entitled to own the Endocare, Inc. shares.  With the release of
the shares to the financial institution, the Partnership's obligation to
satisfy the note was fulfilled and the Partnership recorded income of
$571,478, which included the value of the note and accrued interest payable
of $8,510.  The Partnership also recorded a loss on the sale of equity
investments of $163,874 due to the release of the Endocare, Inc. shares.
The remaining note bears interest at the London Interbank Offered Rate plus
1.5 percent, which is payable quarterly.  The outstanding principal and any
remaining accrued interest are due December 30, 2004.

In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements
No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical
Corrections."  SFAS No. 145 requires that gains and losses from
extinguishment of debt be classified as extraordinary items only if they
meet the criteria in Accounting Principles Board Opinion No. 30.  Applying
the provisions of Opinion No. 30 will distinguish transactions that are
part of an entity's recurring operations from those that are unusual and
infrequent and meet the criteria for classification as an extraordinary
item.  SFAS No. 145 was effective for the Partnership beginning January 1,
2003.  However, early adoption was encouraged and the Partnership adopted
SFAS No. 145 as of the year ended December 31, 2002.



10. Distributions
    -------------

In the fourth quarter of 2003, a tax distribution of $698,552 was declared
and paid to the General Partners.  There were no such distributions in
2002.

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

From time to time the Partnership becomes 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 investment
fundings, 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, 2003,
there were no such unfunded commitments.

In October 2000, Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, initiated an arbitration proceeding
against the Partnership, two affiliated partnerships, and a fourth co-
investor.  Kanematsu was seeking to recover $2,000,000, the purchase price
in a contract by which the Partnership and the other entities were alleged
to have agreed to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships asserted
counterclaims against Kanematsu.  On February 12, 2002, the Partnership,
affiliated partnerships and the co-investor were awarded $4,000,000 and all
of Kanematsu's claims were denied.  The award is in full settlement of all
claims and counterclaims.  The Partnership recognized revenue and a
receivable of $666,667 as of February 12, 2002, for its proportionate share
of the award.  Kanematsu immediately filed a petition to vacate the award,
and on October 9, 2002 the United States District Court issued an order
confirming the arbitration award.  Kanematsu appealed the order but in
early November 2002 paid a forbearance fee of $200,000 in exchange for an
option to settle all liabilities.  On November 29, 2002, Kanematsu agreed
to settle for $3,999,999.  A decision on the allocation of the proceeds
between the Partnership, affiliates and co-investor was reached in January
2003; however, a dispute regarding the legal fees arose.  On February 13,
2003, the Partnership received $774,298, representing its proportionate
share of the settlement, plus accrued interest, less disputed legal fees.
The Partnership recognized the additional revenue and receivable of
$107,631 at December 31, 2002.  In March 2003, the law firm remitted an
additional amount of $193,830 to the Partnership.

From time to time, the Partnership is subject to routine litigation
incidental to the business of the Partnership.  Although there can be no
assurances as to the ultimate disposition of these matters and the
proceeding disclosed above, it is the opinion of the Managing General
Partners, based upon the information available at this time, that the
expected outcome of these matters, individually or in the aggregate, will
not have a material adverse effect on the results of operations and
financial condition of the Partnership.

12. Financial Highlights
    --------------------
<TABLE>
<CAPTION>
                                    For The Years Ended December 31,
                                  -----------------------------------
                                   2003           2002          2001
                                  ------         ------        ------
<S>                               <C>            <C>          <C>
(all amounts on a per Unit basis)
Net asset value,
 beginning of period               $1.78         $9.76        $13.67

Loss from investment
 operations:
  Net investment loss                 --         (0.11)        (2.98)
  Net realized and unrealized
   loss on investments               .15         (4.24)       (10.11)
                                    ----          ----         -----
  Total from investment
   operations                        .15         (4.36)       (13.08)
                                    ----          ----         -----
Net asset value, end of period     $1.93         $5.40        $ 0.59
                                    ====          ====         =====


Total return                        8.33%       (44.63)%      (95.72)%

Ratios to average net assets:

 Net investment loss                  --         (1.48)%      (41.78)%

 Expenses                         218.00%        47.20%        54.98%
</TABLE>

Pursuant to the Partnership Agreement, net profit shall be allocated first
to those Partners with deficit capital account balances until such deficits
have been eliminated.  The net asset values shown above assume the
Partnership is in liquidation.  Upon liquidation, the General Partners
would contribute capital equal to the amount of the Limited Partners
deficit. As of December 31, 2003, the General Partners have a negative
capital balance of $1,563,163. Upon liquidation, the General Partners would
be required to contribute cash in the amount of $2,226,805, which equals
the net asset value less the General Partners' negative capital balance.
Net asset value has been calculated in accordance with this provision of
the Partnership Agreement.


<PAGE>


                              SIGNATURES
                              ----------

Pursuant to the requirements 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.
                              TECHNOLOGY FUNDING LTD.
                              Managing General Partners

Date:  March 15, 2004    By:  /s/Charles R. Kokesh
                               --------------------------------
                                 Charles R. Kokesh
                                 President, Chief Executive Officer,
                                 Chief Financial Officer and
                                 Chairman of Technology Funding Inc.
                                 and Managing General Partner of
                                 Technology Funding Ltd.

Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report on Form 10-K has been signed 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 15, 2004
------------------------      Executive Officer,
    Charles R. Kokesh         Chief Financial Officer,
                              and Chairman of
                              Technology Funding Inc.
                              and Managing General
                              Partner of Technology
                              Funding Ltd.

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

Technology Funding Partners IV, L.P.     4:41 PM     03/16/04
(a Delaware limited partnership)

Page 1 of 6
Technology Funding Partners IV, L.P.
(a Delaware limited partnership)

Technology Funding Partners IV, L.P.
(a Delaware limited partnership)

Technology Funding Partners IV, L.P.
(a Delaware limited partnership)