<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, 1999

                                    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. 814-82

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

          DELAWARE                             94-3094910
-------------------------------    ----------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification
incorporation or organization)      No.)

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

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

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

Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports)
and (2) has been subject to such filing requirements for the past 90
days.                                                   Yes  X  No
                                                            ---   ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K.               [   ]
No active market for the units of limited partnership interests
("Units") exist, and therefore the market value of such Units cannot
be determined.
Documents incorporated by reference:  Portions of the Prospectus dated
January 22, 1992, forming a part of Registration Statement No. 33-
31237 filed pursuant to Rule 424(c) of the General Rules and
Regulations under the Securities Act of 1933, as modified by Post-
Effective Amendment No. 1 dated April 23, 1990, are incorporated by
reference in Parts I and III hereof.  Portions (pages 23 to 25) of the
Prospectus of Technology Funding Venture Capital Fund VI, LLC as
revised June 4, 1998 (accession number 0000950133-98-002220), forming
a part of the December 5, 1997, Pre-Effective Amendment No. 1 to the
Form N-2 Registration Statement No. 333-23913 dated July 11, 1997, are
incorporated by reference in Part III hereof.


<PAGE>

                                   PART I

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

Technology Funding Venture Partners V, An Aggressive Growth
Fund, L.P. (the "Partnership") is a limited partnership
organized under the laws of the State of Delaware on June 26,
1989 and was inactive until it commenced the sale of Units in
May of 1990.  The purpose of the Partnership is to make
venture capital investments in emerging growth companies as
described in the "Introductory Statement" and "Business of
the Partnership" sections of the Prospectus dated January 22,
1992.  The Partnership has elected to be a business
development company under the Investment Company Act of 1940,
as amended (the "Act"), and operates as a nondiversified
investment company as that term is defined in the Act.
Additional characteristics of the Partnership's business are
discussed in the "Risk Factors" and "Conflicts of Interest"
sections of the Prospectus, which sections are also
incorporated herein by reference.  The Partnership's term was
extended for a two-year period to December 31, 2000 pursuant
to unanimous approval by the Independent General Partners in
1998.  The Partnership's term was extended for an additional
two-year period to December 31, 2002 pursuant to unanimous
approval by the Independent General Partners in 1999.

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

The Registrant has no material physical properties.

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

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


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

No matter was submitted to a vote of the holders of units of
Limited Partnership interests (Units) during 1999.

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, 1999, there were 6,593 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 Registrant's Partnership
            Agreement.

Item 6.  SELECTED FINANCIAL DATA
------   -----------------------
<TABLE>
<CAPTION>
                                           For the Years Ended and As of December 31,
                               -----------------------------------------------------------------
                                 1999         1998           1997           1996          1995
                               --------     --------       --------       --------      --------
<S>                          <C>           <C>            <C>          <C>            <C>
Total interest income        $  290,090       16,681      109,168        177,557        620,711
Total dividend income                --           --      280,010             --             --
Net operating loss             (933,174)  (1,792,028)    (678,851)    (1,796,650)    (1,095,815)
Net realized gain from sales
 of equity investments        9,932,257        5,305    3,781,057      2,174,495        935,950
Realized losses from
  investment write-downs         (2,615)  (3,375,003)  (1,059,212)    (4,049,697)    (3,137,377)
Recoveries from investments
  previously written-off             --           --           --         23,922         45,248
Net realized gain from
 venture capital limited
 partnership investments        501,038      237,354       38,757         22,997             --
Net realized income (loss)    9,497,506   (4,924,372)   2,081,751     (3,624,933)    (3,251,994)
Change in net unrealized
 fair value:
  Equity investments          2,923,379    2,139,142    8,572,830      2,019,333        765,254
  Secured notes receivable           --           --           --        955,000       (395,000)
  Other investments                  --      265,720     (265,720)            --             --
Net income (loss)            12,420,885   (2,519,510)  10,388,861       (650,600)    (2,881,740)
Net income (loss) per
 Unit (1)                         25.20        (6.14)       25.77          (1.61)         (7.13)
Total assets                 48,110,924   37,702,090   39,415,870     29,077,479     29,698,636
Distributions declared        6,657,582           --           --             --             --
Distributions declared
 per Unit (2)                     13.32           --           --             --             --

(1) See Notes 1 and 3 to the Financial Statements for discussion of partners' capital
reclassification and the method of calculation of net income (loss) 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>

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

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

During 1999, net cash used by operating activities totaled
$1,783,280.  The Partnership paid management fees of $247,697
to the Managing General Partners and reimbursed related
parties for operating expenses of $1,253,858.  In addition,
$36,680 was paid to the Individual General Partners as
compensation for their services.  Other operating expenses
and interest expense of $396,778 and $7,031 were paid,
respectively.  The Partnership received $158,764 in interest
income.

In 1999, equity investments of $2,435,312 were funded
primarily to portfolio companies in the biotechnology,
medical and information technology industries and notes
receivable of $2,499,957 were issued primarily to portfolio
companies in the computer systems and software, environmental
and industrial/business automation industries.  Proceeds from
the sale of equity investments were $14,094,806, $72,496 of
which was payable to an affiliated partnership at December
31, 1999.  Cash distributions of $329,551 were received from
venture capital limited partnership investments.  At December
31, 1999, the Partnership had commitments to fund additional
investments totaling $1,158,975.  Repayments of net short-
term borrowings totaled $120,200 in 1999.

The Managing General Partners declared a $5,412,980 tax
distribution ($5,326,066 and $86,914 payable to Limited
Partners and General Partners, respectively) in the fourth
quarter of 1999, which was paid in February, 2000.  In the
second and third quarters of 1999, the Managing General
Partners declared and paid tax distributions to the General
Partners totaling $1,244,602.

Cash and cash equivalents at December 31, 1999, were
$6,356,856.  Cash reserves, interest income on short-term
investments and future proceeds from investment sales are
expected to be adequate to fund Partnership operations
through the next twelve months.  Subsequent to December 31,
1999, the Partnership sold publicly traded shares in six
portfolio companies for proceeds totaling $15,721,330 and
realized a gain of $13,585,781.

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

1999 compared to 1998
---------------------

Net income was $12,420,885 in 1999, compared to net loss of
$2,519,510 in 1998.  The increase in net income was primarily
due to a $9,926,952 increase in net realized gain from sales
of equity investments, a $3,372,388 decrease in realized loss
from investment write-downs, an increase of $518,517 in the
change in net unrealized fair value of investments, a
$549,377 decrease in total operating expenses, a $273,409
increase in total income and a $263,684 increase in net
realized gain from venture capital limited partnerships.

During 1999, the net realized gain from sales of equity
investments of $9,932,257 resulted primarily from the sale of
shares in Pilot Network Services, Inc., partially offset by a
loss on the sale of Avalon Imaging, Inc.  The net realized
gain from sales of equity investments in 1998 was $5,305.

During 1999, realized loss from investment write-downs was
$2,615.  During 1998, realized loss from investment write-
downs of $3,375,003 was primarily attributable to investments
in Conversion Technologies International, Inc., ConjuChem,
Inc., Yes! Entertainment Corporation and Transphase Systems,
Inc.

During 1999, the increase in fair value of investments of
$2,923,379 was primarily due to portfolio companies in the
communications, medical and information technology
industries, partially offset by decreases due to the
investment sales discussed above.  During 1998, the increase
of $2,404,862 was primarily due to portfolio companies in the
environmental, computer systems and software, and biomedical
industries, partially offset by decreases in the medical and
industrial/business automation industries.

Total operating expenses were $912,604 and $1,461,981 for
1999 and 1998, respectively.  As disclosed in Note 2 to the
financial statements, the Partnership may not reimburse the
General Partners for expenses that aggregate more than one
percent of total Limited Partner capital contributions.  As a
result, operating expenses of $259,468 and $731,757 were
absorbed by the General Partners in 1999 and 1998,
respectively.  During late 1998, it was determined that
certain operational costs, primarily rent, paid directly by
the Partnership were not subject to the limitation.
Consequently, in 1998, $742,623 of direct Partnership
expenses absorbed by the General Partners in prior years were
recognized as additional expenses.  Also disclosed in Note 2,
the Managing General Partners re-evaluated allocations to the
Partnership in 1998 and determined that they had not fully
recovered allocable operating expenses, primarily salary,
benefits, and professional fees, as permitted by the
Partnership Agreement.  As a result, the Partnership was
charged $218,363 of additional operating expenses in 1998
which related to prior years.  Had the limitation not been in
effect and had the additional expenses been recorded in prior
years, total operating expenses would have been $1,172,072
and $1,232,752 in 1999 and 1998, respectively.

Total income was $290,090 and $16,681 for 1999 and 1998,
respectively.  The increase was primarily due to an increase
in interest income due to higher cash and cash equivalents
balances resulting from equity investment sales and an
increase in secured notes receivable.

Net realized gain from venture capital limited partnerships
totaled $501,038 and $237,354 in 1999 and 1998, respectively.
The 1999 gain primarily resulted from the distributions to
the Partnership of common shares in TUT Systems, Inc.,
Efficient Networks and Pilot Network Services, Inc. and a
cash distribution from El Dorado Ventures III, L.P.

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

1998 compared to 1997
---------------------

Net loss was $2,519,510 in 1998, compared to net income of
$10,388,861 in 1997.  The increase in net loss was primarily
due to a decrease of $5,902,248 in the change in net
unrealized fair value of investments, a $3,775,752 decrease
in net realized gain from sales of equity investments, a
$2,315,791 increase in realized losses from investment write-
downs, a $821,675 increase in total operating expenses, and a
$372,497 decrease in total income.

During 1998, the increase in fair value of investments of
$2,404,862 was primarily due to portfolio companies in the
environmental, computer systems and software, and biomedical
industries, partially offset by decreases in the medical and
industrial/business automation industries.  During 1997, the
increase of $8,307,110 was primarily due to portfolio
companies in the medical, computer system and software, and
microelectronics industries, partially offset by decreases in
the communications and industrial/business automation
industries.

During 1998, the net realized gain from sales of equity
investments was $5,305. Net realized gain from sales of
equity investments of $3,781,057 in 1997 resulted primarily
from the sales of shares in UT Starcom, Inc. and Bolder
Technologies Corporation.

During 1998, realized losses from investment write-downs of
$3,375,003 primarily attributable to investments in
Conversion Technologies International, Inc., ConjuChem, Inc.,
Yes! Entertainment Corporation and Transphase Systems, Inc.
During 1997, realized losses of $1,059,212 primarily related
to a portfolio company in the computer systems and software
industry.

Total operating expenses were $1,461,981 and $640,306 for
1998 and 1997, respectively.  As disclosed in Note 2 to the
financial statements, the Partnership may not reimburse the
General Partners for expenses that aggregate more than one
percent of total Limited Partner capital contributions.  As a
result, operating expenses of $731,757 and $404,486 were
absorbed by the General Partners in 1998 and 1997,
respectively.  During late 1998, it was determined that
certain operational costs, primarily rent, paid directly by
the Partnership were not subject to the limitation.
Consequently, in 1998, $742,623 of direct Partnership
expenses absorbed by the General Partners in prior years were
recognized as additional expenses.  Also disclosed in Note 2,
the Managing General Partners re-evaluated allocations to the
Partnership in 1998 and determined that they had not fully
recovered allocable operating expenses, primarily salary,
benefits, and professional fees, as permitted by the
Partnership Agreement.  As a result, the Partnership was
charged $218,363 of additional operating expenses in 1998, of
which $28,212 and $190,151 related to 1997 and prior years,
respectively.  Had the limitation not been in effect and had
the additional expenses been recorded in prior years, total
operating expenses would have been $1,232,752 and $1,073,004
in 1998 and 1997, respectively.  The increase is primarily
due to a higher level of activity required for portfolio
management in 1998.

Total income was $16,681 and $389,178 for 1998 and 1997,
respectively.  The decrease was primarily due to a decrease
in dividend income and a decrease in interest income due to
lower cash and cash equivalents balances resulting from new
and follow-on investments and a reduction in the secured
notes receivable.


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

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

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

None

                            PART III

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

As a partnership, the Registrant has no directors or
executive officers.  The Management Committee is responsible
for the management and administration of the Partnership.
The members of the Management Committee consist of the three
Individual General Partners and a representative from each of
Technology Funding Ltd., a California limited partnership
("TFL"), and its wholly-owned subsidiary, Technology Funding
Inc., a California corporation ("TFI").  TFL and TFI are the
Managing General Partners.  Information concerning the
ownership of TFL and the business experience of the key
officers of TFI and the partners of TFL is incorporated by
reference from the sections entitled "Management of the
Partnership - The Managing General Partners" and "Management
of the Partnership - Key Personnel of the Managing General
Partners" in the Prospectus, which are incorporated herein by
reference.  Changes in this information that have occurred
since the date of the Prospectus are included on pages 23 to
25 in the Technology Funding Venture Capital Fund VI, LLC
Prospectus, as revised June 4, 1998 (accession number
0000950133-98-002220), forming a part of the December 5, 1997
Pre-Effective Amendment No. 1 to the Form N-2 Registration
Statement No. 333-23913 dated July 11, 1997, which are
incorporated herein by reference.

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

As a partnership, the Registrant has no officers or
directors.  In 1999, the Partnership incurred $273,980 in
management fees.  The fees are designed to compensate the
Managing General Partners for General Partner Overhead
incurred in performing management duties for the Partnership
through December 31, 1999.  General Partner Overhead (as
defined in the Partnership Agreement) includes the General
Partners' share of rent and utilities, and certain salaries
and benefits paid by the Managing General Partners in
performing their obligations to the Partnership.  As
compensation for their services, the Individual General
Partners each receive $6,000 annually, plus $1,000 for each
attended meeting of the Individual General Partners and
related expenses.  For the year ended December 31, 1999,
$36,680 of such fees were incurred.

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

Not applicable.  No Limited Partner beneficially holds more
than 5% of the aggregate number of Units held by all Limited
Partners, and neither the Managing General Partners nor any
of their officers, directors or partners own any Units.  Two
of the three Individual General Partners each own 20 Units
and the third owns 70 Units.  The Individual General Partners
control the affairs of the Partnership pursuant to the
Partnership Agreement.

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

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


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

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

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

                  Independent Auditors' Report
                  Balance Sheets as of December 31, 1999
                   and 1998
                  Statements of Operations for the years
                   ended December 31, 1999, 1998 and 1997
                  Statements of Partners' Capital for the years
                   ended December 31, 1999, 1998 and 1997
                  Statements of Cash Flows for the years
                   ended December 31, 1999, 1998 and 1997
                  Notes to Financial Statements

             (2)  Financial Statement Schedules

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

             (3)  Exhibits

Registrant's Amended and Restated Limited
Partnership Agreement (incorporated by reference to
Exhibit A to Registrant's Prospectus dated January
22, 1992 included in Registration Statement No. 33-
31237 filed pursuant to Rule 424(b) of the General
Rules and Regulations under the Securities Act of
1933).

         (b)  Reports on Form 8-K

              No reports on Form 8-K were filed by the Registrant
during the year ended December 31, 1999.

         (c)  Financial Data Schedule for the year ended and as of
December 31, 1999 (Exhibit 27).

<PAGE>

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

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


We have audited the accompanying balance sheets of Technology Funding
Venture Partners V, An Aggressive Growth Fund, L.P. (a Delaware
limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital, and cash flows for each
of the years in the three-year period ended December 31, 1999.  These
financial statements are the responsibility of the Partnership's
management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements.  Our procedures included confirmation of certain
securities and notes owned, by correspondence with the individual
investee and borrowing companies, and a physical examination of those
securities held by a safeguarding agent as of December 31, 1999 and
1998.  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 V, An Aggressive Growth Fund, L.P. as of
December 31, 1999 and 1998, and the results of its operations and its
cash flows for each of the years in the three-year period ended
December 31, 1999, in conformity with generally accepted accounting
principles.




Albuquerque, New Mexico                                   /S/KPMG LLP
March 29, 2000



<PAGE>
BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                                   December 31,
                                              ---------------------
                                               1999           1998
                                              ------         ------
<S>                                       <C>          <C>
ASSETS

Investments:
 Equity investments (cost basis of
  $19,844,552 and $21,268,672 for
  1999 and 1998, respectively)           $39,181,437     37,682,178
 Notes receivable, net
  (cost basis of $2,569,534)               2,569,534             --
                                          ----------     ----------
     Total investments                    41,750,971     37,682,178

Cash and cash equivalents                  6,356,856         15,850
Other assets                                   3,097          4,062
                                          ----------     ----------
     Total assets                        $48,110,924     37,702,090
                                          ==========     ==========
LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses    $    56,565         60,445
Distributions payable to Limited and
 General Partners                          5,412,980             --
Due to related parties                        27,609        670,978
Short-term borrowings                             --        120,200
                                          ----------     ----------
     Total liabilities                     5,497,154        851,623

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

Partners' capital
 (400,000 Limited Partner Units
  outstanding)                            42,613,770     36,850,467
                                          ----------     ----------
     Total liabilities and
      partners' capital                  $48,110,924     37,702,090
                                          ==========     ==========
</TABLE>
See accompanying notes to financial statements.

<PAGE>
STATEMENTS OF OPERATIONS
------------------------
<TABLE>
<CAPTION>
                                  For the Years Ended December 31,
                               ------------------------------------
                                1999            1998          1997
                               ------          ------        ------
<S>                        <C>            <C>          <C>
Income:
 Notes receivable
  interest                $   131,465           2,170        56,636
 Short-term investment
  interest                    158,625          14,511        52,532
 Dividend income                   --              --       280,010
                           ----------       ---------    ----------
     Total income             290,090          16,681       389,178

Costs and expenses:
 Management fees              273,980         310,355       389,995
 Individual General
  Partners' compensation       36,680          36,373        37,728
 Operating expenses:
  Administrative and
   investor services          630,612         747,710       559,356
  Investment operations       286,252         400,301       284,380
  Professional fees           101,392          92,298        73,067
  Computer services           146,785         200,607       127,989
  Interest expense              7,031          10,199            --
  Expenses absorbed by
   General Partners          (259,468)       (731,757)     (404,486)
  Expenses absorbed by
   General Partners
   in prior years                  --         742,623            --
                           ----------       ---------    ----------
     Total operating
      expenses                912,604       1,461,981       640,306
                           ----------       ---------    ----------
     Total costs and
      expenses              1,223,264       1,808,709     1,068,029
                           ----------       ---------    ----------

Net operating loss           (933,174)     (1,792,028)     (678,851)

 Net realized gain from
  sales of equity
  investments               9,932,257           5,305     3,781,057
 Realized losses from
  investment write-downs       (2,615)     (3,375,003)   (1,059,212)
 Net realized gain from
  venture capital limited
  partnership investments     501,038         237,354        38,757
                           ----------       ---------    ----------
Net realized income
  (loss)                    9,497,506      (4,924,372)    2,081,751

Change in net unrealized
 fair value:
  Equity investments        2,923,379       2,139,142     8,572,830
  Other investments                --         265,720      (265,720)
                           ----------       ---------    ----------

Net income (loss)         $12,420,885      (2,519,510)   10,388,861
                           ==========       =========    ==========
Net income (loss) per
 Unit                           25.20           (6.14)        25.77
                           ==========       =========    ==========
</TABLE>
See accompanying notes to financial statements.


<PAGE>
STATEMENTS OF PARTNERS' CAPITAL
-------------------------------
<TABLE>
<CAPTION>
For the years ended December 31, 1999, 1998 and 1997:

                               Reclassified-(see Note 1)
                               ------------------------
                               Limited       General
                               Partners      Partners       Total
                               --------      --------       -----
<S>                        <C>            <C>           <C>
Partners' capital,
  December 31, 1996         $28,991,815      (10,699)    28,981,116

Net income                   10,306,115       82,746     10,388,861
                             ----------    ---------     ----------
Partners' capital,
  December 31, 1997          39,297,930       72,047     39,369,977

Net loss                     (2,455,475)     (64,035)    (2,519,510)
                             ----------    ---------     ----------
Partners' capital,
  December 31, 1998          36,842,455        8,012     36,850,467

Net income                   10,078,623    2,342,262     12,420,885

Distributions                (5,326,066)  (1,331,516)    (6,657,582)
                             ----------    ---------     ----------
Partners' capital,
  December 31, 1999         $41,595,012    1,018,758     42,613,770
                             ==========    =========     ==========

See accompanying notes to financial statements.
</TABLE>


<PAGE>
STATEMENTS OF CASH FLOWS
------------------------
<TABLE>
<CAPTION>
                                     For The Years Ended December 31,
                                   -----------------------------------
                                    1999          1998           1997
                                   ------        ------         ------
<S>                            <C>           <C>           <C>
Cash flows from operating
 activities:
  Interest received            $   158,764        15,523       76,332
  Dividends received                    --            --      280,010
  Cash paid to vendors            (396,778)     (176,951)    (287,846)
  Cash paid to related parties  (1,538,235)     (844,358)    (921,578)
  Interest paid on short-term
   borrowings                       (7,031)      (10,199)          --
                                ----------     ---------   ----------
    Net cash used by
     operating activities       (1,783,280)   (1,015,985)    (853,082)
                                ----------     ---------   ----------
Cash flows from investing
 activities:
  Notes receivable issued       (2,499,957)       (2,766)     (33,902)
  Purchase of equity
   investments                  (2,435,312)   (1,406,319)  (2,595,910)
  Payment of loan guarantee             --            --   (1,055,862)
  Repayment of convertible
   and other notes receivable           --        92,047       94,938
  Proceeds from sales of
   investments                  14,094,806       103,634    4,508,995
  Distributions from venture
   capital limited partnership
   investments                     329,551       285,504      157,273
                                ----------     ---------   ----------
    Net cash provided (used)
     by investing activities     9,489,088      (927,900)   1,075,532
                                ----------     ---------   ----------
Cash flows from financing
 activities:
 (Repayment of) proceeds from
   short-term borrowings, net     (120,200)      120,200           --
  Distributions to General
   Partners                     (1,244,602)           --           --
                                ----------     ---------   ----------
    Net cash (used) provided
     by financing activities    (1,364,802)      120,200           --
                                ----------     ---------   ----------
Net increase (decrease) in
 cash and cash equivalents       6,341,006    (1,823,685)     222,450
Cash and cash equivalents
 at beginning of year               15,850     1,839,535    1,617,085
                                ----------     ---------   ----------
Cash and cash equivalents
 at end of year                $ 6,356,856        15,850    1,839,535
                                ==========     =========   ==========

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

</TABLE>
<TABLE>
<CAPTION>
                                     For The Years Ended December 31,
                                   -----------------------------------
                                    1999          1998           1997
                                   ------        ------         ------
<S>                            <C>           <C>            <C>
Reconciliation of net
 income (loss) to net cash
 used by operating activities:

Net income (loss)              $12,420,885    (2,519,510)  10,388,861

Adjustments to reconcile net
 income (loss) to net cash
  used by operating
  activities:
  Change in net unrealized
   fair value:
    Equity investments          (2,923,379)   (2,139,142)  (8,572,830)
    Other investments                   --      (265,720)     265,720
  Realized losses from
   investment write-downs            2,615     3,375,003    1,059,212
  Net realized gain from sales
   of equity investments        (9,932,257)       (5,305)  (3,781,057)
  Net realized gain from
   venture capital limited
   partnership investments        (501,038)     (237,354)     (38,757)
  Other, net                            --          (339)          --
Changes in:
  Accrued interest on
   notes receivable               (131,326)         (819)     (32,836)
  Due to/from related parties     (715,865)      757,056     (145,324)
  Other, net                        (2,915)       20,145        3,929
                                ----------    ----------   ----------
Net cash used by
 operating activities          $(1,783,280)   (1,015,985)    (853,082)
                                ==========     =========   ==========

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

                                     For The Years Ended December 31,
                                   -----------------------------------
                                    1999          1998           1997
                                   ------        ------         ------

Supplemental schedule of
 non-cash investing activities:
  Secured notes receivable
   converted to equity
   investments                 $    36,763            --           --
                                 =========     =========   ==========
  Investment sales proceeds
   payable to affiliated
   partnership                 $    72,496            --           --
                                 =========     =========   ==========

Supplemental schedule of
 non-cash financing
 activities:
  Distributions payable to
   Limited and General
   Partners                    $ 5,412,980            --           --
                                 =========     =========  ===========
</TABLE>
See accompanying notes to financial statements.

<PAGE>

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

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

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

Technology Funding Venture Partners V, An Aggressive Growth Fund,
L.P. (the "Partnership") is a limited partnership organized under
the laws of the State of Delaware on June 26, 1989.  The purpose of
the Partnership is to make venture capital investments in emerging
growth companies.  The Partnership elected to be a business
development company under the Investment Company Act of 1940, as
amended (the "Act"), and operates as a nondiversified investment
company as that term is defined in the Act.  The Managing General
Partners are Technology Funding Ltd. ("TFL") and Technology Funding
Inc. ("TFI"), a wholly owned subsidiary of TFL.  There are also
three Individual General Partners.

The Partnership offering commenced in May of 1990.  On January 2,
1991, the minimum number of Units required to commence Partnership
operations (15,000) had been sold.  The offering terminated with
400,000 Units sold on December 31, 1992.  The Partnership's term was
extended for a two-year period to December 31, 2000 pursuant to
unanimous approval by the Independent General Partners in 1998.  The
Partnership's term was extended for an additional two-year period to
December 31, 2002 pursuant to unanimous approval by the Independent
General Partners in 1999.

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

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

Partners' Capital Reclassification
----------------------------------

<TABLE>
<CAPTION>

Commencing in the fourth quarter of 1999, the Partnership is including the change in net
unrealized fair value of investments in the profits and losses allocated to partners' capital
accounts based on a reevaluation of the Partnership Agreement.  Accordingly, prior years have been
reclassified to conform to the current year presentation.  The allocations of the net unrealized
fair value increase (decrease) from cost of investments, and resulting reclassifications, were
determined by applying the provisions of the Partnership Agreement described in Note 3 from the
inception of the Partnership.  The reclassification has no effect on total partners' capital or
the Partnership's net income or loss for any period.  The reclassifications resulting from the
reevaluation of the Partnership Agreement have the effect of accelerating the allocation of
profits or losses (under the provisions described in Note 3) to partners' capital accounts and, as
a result, may permit the acceleration of distributions to Partners to the extent allowable under
the Partnership Agreement.

The allocations of the net unrealized fair value increase reclassified in prior periods are as
follows:
                                                                      Net Unrealized
                                                                        Fair Value
                                                                         Increase
                                            Limited     General        From Cost of
                                            Partners    Partners       Investments       Total
                                            --------    --------     ---------------     -----
<S>                                      <C>          <C>              <C>           <C>
Partners' capital, December 31, 1996,
 before reclassification                 $23,337,188     (57,606)        5,701,534    28,981,116
Allocation of net unrealized fair value
 increase from cost                        5,654,627      46,907        (5,701,534)           --
                                          ----------      ------        ----------    ----------
Partners' capital, December 31, 1996,
 as reclassified                         $28,991,815     (10,699)               --    28,981,116
                                          ==========      ======        ==========    ==========

Partners' capital, December 31, 1997,
 before reclassification                 $25,359,042       2,291        14,008,644    39,369,977
Allocation of net unrealized fair value
 increase from cost                       13,938,888      69,756       (14,008,644)           --
                                          ----------      ------        ----------    ----------
Partners' capital, December 31, 1997,
 as reclassified                         $39,297,930      72,047                --    39,369,977
                                          ==========      ======        ==========    ==========

Partners' capital, December 31, 1998,
 before reclassification                 $20,483,914     (46,953)       16,413,506    36,850,467
Allocation of net unrealized fair value
 increase from cost                       16,358,541      54,965       (16,413,506)           --
                                          ----------      ------        ----------    ----------
Partners' capital, December 31, 1998,
 as reclassified                         $36,842,455       8,012                --    36,850,467
                                          ==========      ======        ==========    ==========

The reclassifications of the change in net unrealized fair value of investments for prior periods
are as follows:

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

For the Year Ended December 31, 1997       $8,284,261         22,849       8,307,110
For the Year Ended December 31, 1998        2,419,653        (14,791)      2,404,862

</TABLE>



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

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

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

The fair value for publicly traded equity investments (marketable
equity securities) is based upon the five-day-average closing sales
price or bid/ask price that is available on a national securities
exchange or over-the-counter market.  Certain publicly traded equity
investments may not be marketable due to selling restrictions and
for those securities, an illiquidity discount of up to 33% is
applied when determining the fair value; the actual discount
percentage is based on the type and length of the restrictions.
Investments valued under this method were $11,037,866 and $3,311,167
at December 31, 1999 and 1998, respectively.

All investments which are not publicly traded are valued at fair
market value as determined by the Managing General Partners in the
absence of readily ascertainable market values. Equity investments
valued under this method were $28,143,571 and $34,371,011 at
December 31, 1999 and 1998, respectively.  Generally, investments in
privately held companies are valued at original cost unless there is
clear evidence of a change in fair value, such as a recent round of
third-party financings or events that, in the opinion of the
Managing General Partners, indicate a change in value.

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

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

At times, the Partnership may receive other assets in satisfaction
of secured notes receivable or equity investments in portfolio
companies.  Such assets are classified as other investments and are
recorded at their fair value upon receipt.

Where, in the opinion of the Managing General Partner, events
indicate that the fair value of equity, venture capital and other
investments and convertible and subordinated notes receivable may
not be recoverable, a write-down to estimated fair value is
recorded.  Temporary changes in fair value result in increases or
decreases to the unrealized fair value of equity investments.
Adjustments to fair value basis are reflected as "Change in net
unrealized fair value of equity investments."  In the case of an
other than temporary decline in value below cost basis, an
appropriate reduction in the cost basis is recognized as a realized
loss with the fair value being adjusted to match the new cost basis.
Cost basis adjustments are reflected as "Realized losses from
investment write-downs" or "Net realized loss from venture capital
limited partnership investments" in 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 secured and unsecured notes receivable portfolio includes
accrued interest less the discount related to warrants and the
allowance for loan losses.  The portfolio approximates fair value
through inclusion of an allowance for loan losses.  Allowance for
loan losses is reviewed quarterly by the Managing General Partners
and is adjusted to a level deemed adequate to cover possible losses
inherent in notes and unfunded commitments.  Notes receivable are
placed on nonaccrual status when, in the opinion of the Managing
General Partners, the future collectibility of interest or principal
is in doubt.

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

Nonrefundable fees received in connection with loan fundings are
deferred and amortized to interest income over the contractual life
of the loan using the effective interest method or the straight-line
method if it is not materially different.  Direct loan origination
costs mainly consist of third-party costs and generally are
reimbursed by portfolio companies.

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

Cash and cash equivalents are principally comprised of cash invested
in demand accounts, money market instruments, and commercial paper
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.

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

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

Since the accompanying financial statements are prepared using
generally accepted accounting principles which may not equate to tax
accounting, the Partnership's total tax basis in investments was
higher than the reported total cost basis of $22,414,086 by $958,219
as of December 31, 1999.

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

Commencing in the fourth quarter of 1999, the Partnership is
including the change in net unrealized fair value of equity
investments in the profits and losses allocated to partners' capital
accounts.  (See Partners' Capital Reclassification discussion above.
The 1998 and 1997 per Unit amounts have been modified to conform to
this presentation.)  Net income (loss) per Unit is calculated by
dividing the weighted average number of Units outstanding of 400,000
for the years ended December 31, 1999, 1998 and 1997 into the total
net income (loss) allocated to the Limited Partners.  The Managing
General Partners contributed 0.1% of total Limited Partner capital
contributions and did not receive any Partnership units.


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

Related party costs are included in costs and expenses shown on the
Statements of Operations.  For the years ended December 31, 1999,
1998 and 1997, related party costs were as follows:

<TABLE>
<CAPTION>

                              1999           1998          1997
                            --------       --------      --------

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

Management fees            $ 273,980       310,355        389,995
Individual General
 Partners' compensation       36,680        36,373         37,728
Reimbursable operating
 expenses:
  Administrative and
   investor services         351,206       668,292        373,519
  Investment operations      273,187       374,921        260,707
  Computer services          146,785       200,607        118,791
Expenses absorbed by
 General Partners           (259,468)     (731,757)      (404,486)
Expenses absorbed by
 General Partners
 in prior years                   --       742,623             --

</TABLE>

Management fees are 1% per annum of adjusted capital contributions.
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. Amounts due to
related parties for management fees were $26,283 and $0 at December
31, 1999 and 1998, respectively.

The Partnership reimburses the Managing General Partners for certain
operating expenses incurred in connection with the business of the
Partnership.  Reimbursable operating expenses paid by the Managing
General Partners include expenses (other than Organizational and
Offering Expenses and General Partner Overhead) such as
administrative and investor services, investment operations, and
computer services.  Pursuant to the Partnership Agreement, the
Partnership may not reimburse the Managing General Partners for
certain operational costs that aggregate more than 1% of total
Limited Partner capital contributions.  At December 31, 1999,
amounts due from related parties related to such expenses were
$71,170, compared to $670,978 due to related parties at December 31,
1998.

In 1999, 1998, and 1997, the Managing General Partners absorbed
$259,468, $731,757, and $404,486, respectively, in operating
expenses.  In late 1998, it was determined that certain operational
costs, primarily rent, absorbed by the General Partners in prior
years were not subject to this limitation; consequently, $742,623
was reimbursed to the General Partners.

The Managing General Partners allocate operating expenses incurred
in connection with the business of the Partnership based on employee
hours incurred.  In 1998, operating cost allocations to the
Partnership were re-evaluated.  The Managing General Partners
determined that they had not fully recovered allocable operating
expenses, primarily salary, benefits, and professional fees, as
permitted by the Partnership Agreement.  As a result, the
Partnership was charged additional operating expenses of $218,363
consisting of $28,212 and $190,151 for 1997 and prior years,
respectively.  Had the additional expenses been recorded in prior
years and had the operating expense limitation not been in effect,
operating expenses would have been $1,172,072, $1,232,752 and
$1,073,004 for 1999, 1998 and 1997, respectively.

The Partnership, at December 31, 1999, owes an affiliated
partnership $72,496 for proceeds from equity investment sales.  This
amount was paid in February, 2000.  There was no such payable at
December 31, 1998.

As compensation for their services, the Individual General Partners
each receive $6,000 annually, plus $1,000 for each attended meeting
of the Individual General Partners and related expenses.  Two of the
three Individual General Partners each own 20 Units and the third
owns 70 Units.

Effective November 1, 1997, TFL assigned its California office lease
to Technology Funding Property Management LLC (TFPM), an entity that
is affiliated to the Managing General Partner.  Effective December
31, 1998, TFPM was acquired by TFL.  Under the terms of a rent
agreement, TFL charges the Partnership for its share of office rent
and related overhead costs on a cost recovery basis.  These amounts
are included in administrative and investor service costs.

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

Officers of the Managing General Partners occasionally receive stock
options as compensation for serving on the Boards of Directors of
portfolio companies.  It is the Managing General Partners' policy
that all such compensation be transferred to the investing
partnerships.  If the options are non-transferable, they are not
recorded as an asset of the Partnership.  Any profit from the
exercise of such options will be transferred if and when the options
are exercised and the underlying stock is sold by the officers.  Any
such profit is allocated amongst the Partnership and affiliated
partnerships based upon their proportionate investments in the
portfolio company.  At December 31, 1999, the Partnership had an
indirect interest in non-transferable Physiometrix, Inc. options at
an exercise price higher than the current market value.  At December
31, 1999, the Partnership and affiliated partnerships had an
indirect interest in non-transferable Endocare, Inc. and
Physiometrix, Inc. options with a fair market value of $161,778.

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-year partners' capital balances as follows:

(a) Profits:

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

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

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

(b) Losses:

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

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

Losses allocable to Limited Partners in excess of their capital
account balances will be allocated to the Managing General Partners.
Net profit thereafter, otherwise allocable to those Limited
Partners, is allocated to the Managing General Partners to the
extent of such losses.  For allocation purposes, the Units held by
the Individual General Partners will be treated as Units held by
Limited Partners.

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



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

At December 31, 1999, and December 31, 1998, equity investments consisted of:

<TABLE>
<CAPTION>
                                                      December 31, 1999     December 31, 1998
                                          Principal   ------------------    -----------------
Industry(1)/                 Investment   Amount or   Cost         Fair      Cost       Fair
Company           Position      Date       Shares     Basis        Value     Basis      Value
----------------  --------      ----       ------     -----        -----     -----      -----
<S>              <C>            <C>      <C>        <C>          <C>        <C>         <C>

Biomedical--0.4%
----------------
Axys
 Pharmaceuticals,Common
 Inc.            shares         1995        37,855   $500,000    154,751    500,000    215,319
ConjuChem Inc.   Preferred
 (a)             share warrants            aggregate
                 at exercise               purchase
                 price TBD;                price
                 expiring 2001  1996       $29,689          0          0          0          0
                                                   ---------- ---------- ---------- ----------
                                                      500,000    154,751    500,000    215,319
                                                   ---------- ---------- ---------- ----------

Biotechnology--8.0%
-------------------
CV Therapeutics, Common
 Inc.            share
                 warrant
                 at $20.00;
                 expiring
                 2000           1995         3,200      1,280     16,522      1,280          0
CV Therapeutics, Common         1994-
 Inc.            Shares         1995        16,204    322,800    407,741  1,376,720    325,553
Molecular
 Geriatrics      Common
 Corporation (a) shares         1993        47,170    250,000     94,340    250,000     94,340
Prolinx, Inc.(a) Preferred      1995-
                 shares         1999     1,801,909  2,254,888  2,666,825  1,749,193  3,168,684

Prolinx, Inc.    Common and
 (a)             Preferred share
                 warrants at
                 $.0001-$.05;   1998-
                 expiring 2004  1999           TBD    247,949    244,305      3,644          0
                                                   ---------- ---------- ----------  ---------
                                                    3,076,917  3,429,733  3,380,837  3,588,577
                                                   ---------- ---------- ---------- ----------

Communications--6.9%
--------------------
Efficient        Common
 Networks, Inc.  shares         1999           951     75,254     64,487         --         --
NetChannel, Inc. Escrowed
                 sales
                 proceeds       1998            --         --         --     12,460     12,460
Positive
 Communications, Preferred      1994-
 Inc.(a)         shares         1999       200,022    252,028    252,028  1,076,011  1,290,296
Positive
 Communications, Common
 Inc.(a)         shares         1999       303,599  1,076,011    382,535         --         --
Positive
 Communications, Convertible
 Inc.(a)         note (2)       1996            --         --         --     74,159     74,159
Positive         Common share
 Communications, warrants at
 Inc.(a)         $.50; expiring
                 2001           1996         9,246         10      7,027         10     34,673
Women.com        Common         1996-
 Networks, Inc.  shares         1999       204,384    499,457  2,215,011    380,337    633,233
 (a)                                               ---------- ---------- ---------- ----------
                                                    1,902,760  2,921,088  1,542,977  2,044,821
                                                   ---------- ---------- ---------- ----------

Computer Systems and Software--10.7%
------------------------------------
Ascent Logic     Preferred
 Corporation(a)  shares         1992       425,532    396,000    148,936    396,000    148,936
Ascent Logic     Common
 Corporation(a)  shares         1997        36,443     23,796     12,755     23,796     12,755

Lynk Systems,    Common
 Inc.(a)         share          1998       105,000     38,500    157,500     38,500    157,500
Pilot Network    Common         1996-
 Services, Inc.  shares         1999       198,814    284,553  4,259,590    946,105  7,087,621
Versant          Common
 Corporation     shares         1997            --         --         --     18,559      4,784
                                                   ---------- ---------- ---------- ----------
                                                      742,849  4,578,781  1,422,960  7,411,596
                                                   ---------- ---------- ---------- ----------

Environmental--0.1%
-------------------
Conversion
 Technologies
 International,  Common
 Inc.            shares         1996            --         --         --          0      2,075
Conversion
 Technologies
 International,  Preferred      1997-
 Inc.            shares         1998            --         --         --          0        789
Naiad
Technologies,    Preferred      1995-
 Inc.            shares         1997            --         --         --    215,202    371,580
Triangle
 Biomedical
 Sciences,       Common
 Inc.(a)         shares         1999         1,806     35,560     50,568         --         --
Triangle         Common
 Biomedical      share warrants
 Sciences,       at $28.00;
 Inc.(a)         expiring 2009  1999         1,806      1,806      1,806         --         --
                                                   ---------- ---------- ---------- ----------
                                                       37,366     52,374    215,202    374,444
                                                   ---------- ---------- ---------- ----------

Industrial/Business Automation--1.8%
------------------------------------
Avalon Imaging,  Common
 Inc.            shares         1996            --         --         --    250,000    250,000
Avalon Imaging,  Preferred      1994-
 Inc.            shares         1998            --         --         --  1,429,361  1,557,903
Portable Energy
 Products, Inc.  Preferred      1995-
 (a) (b)         shares         1998     3,738,522  1,972,520    747,704  1,972,520    747,704
Portable Energy  Common and
 Products, Inc.  Preferred share
  (a) (b)        warrants at
                 $.06-$1.00;
                 expiring       1996-
                 2001-2004      1999     1,039,118      4,186     18,682      4,186     18,682
PRI Automation,  Common
 Inc.            shares         1999            10        451        635      2,362      2,533
                                                   ---------- ---------- ---------- ----------
                                                    1,977,157    767,021  3,658,429  2,576,822
                                                   ---------- ---------- ---------- ----------

Information Technology--3.3%
----------------------------
WorldRes, Inc.   Preferred      1997-
 (a) (b)         shares         1999       117,127    819,652  1,361,029    217,184    219,551
WorldRes, Inc.   Preferred
 (a) (b)         share warrants
                 at $3.70-$4.63;
                 expiring       1997-
                 2002-2003      1998         6,479         62     45,524          0          0
                                                   ---------- ---------- ---------- ----------
                                                      819,714  1,406,553    217,184    219,551
                                                   ---------- ---------- ---------- ----------

Medical--49.8%
--------------
Acusphere, Inc.  Preferred      1995-
 (a)             shares         1997       377,531    762,499  1,245,852    762,499  1,245,852
ADESSO Specialty
 Services
 Organization    Preferred      1995-
 Inc.(a) (b)     shares         1997       797,326  1,835,999  6,697,538  1,835,999  6,697,538

ADESSO Specialty Preferred
 Services        share warrant
 Organization    at $1.00;
 Inc.(a)(b)      expiring 2001  1996        68,704          0    508,410          0    508,410
Biex, Inc.       Preferred      1993-
 (a) (b)         shares         1999       644,279    678,409    678,409    663,917  1,527,520
Biex, Inc.       Preferred
 (a) (b)         share warrant
                 at $1.00;
                 exercised
                 1999           1994            --         --         --          8     35,310
CareCentric.     Preferred      1995-
 Solutions, Inc  shares         1997            --         --         --    320,655    239,130
CareCentric      Common share
 Solutions, Inc. warrant at $.15;
                 expiring 2002  1997            --         --         --     20,959     20,959
CareCentric      Convertible
 Solutions, Inc. notes (2)      1998            --         --         --     43,856     43,856
Endocare, Inc.   Common         1996-
 (b)             shares         1999        49,764    163,874    414,286    152,624     91,474
Intella
 Interventional  Common
 Systems, Inc.   shares         1993           584          0          0        436     13,944
Intella
 Interventional  Preferred
 Systems, Inc.   shares         1993           304          0          0      2,179      6,973
Oxford
 GlycoSciences   Common
 Plc             shares         1993       213,546    999,927  1,772,432    999,927    894,117
Periodontix,     Preferred      1993-
 Inc.(a)         shares         1999       339,253    556,001    763,320    416,001    678,726
Periodontix,     Common share
 Inc.(a)         warrant
                 at $2.75;
                 expiring
                 2006           1999        13,454          0          0         --         --
Periodontix,     Convertible
 Inc.(a)         notes (2)      1999      $173,000    182,501    182,501         --         --
Pharmadigm,      Preferred      1993-
 Inc.(a)         shares         1998       733,815  1,079,396  1,775,833  1,079,396  1,771,673

Pharmadigm,      Preferred
 Inc.(a)         share warrants
                 at $2.00-$2.50;
                 expiring 2000- 1995-
                 2001           1997        22,286        378      4,815        378      5,055
Pharmos          Common
 Corporation     shares         1995        60,331     45,248    122,170     45,248     95,444
Pherin
 Pharmaceuticals,Preferred
 Inc.(a)         shares         1991       200,000    200,000  1,060,000    200,000    400,000
Physiometrix,    Common
 Inc.(b)         share warrant
                 at $6.60;
                 expiring 2001  1996        13,525        179          0        179          0
Physiometrix,    Common
 Inc.(b)         shares         1996       287,021    668,557    947,169    668,557    152,827
R2 Technology,   Preferred      1994-
 Inc.(a)         shares         1996       468,541    537,080  1,714,452    537,080    873,080
R2 Technology,   Preferred
 Inc.(a)         share warrant
                 at $2.00;
                 expiring 2000  1995         9,667          0     14,647          0          0
Sanarus Medical, Preferred
 Inc.(a)(b)      shares         1999       260,000    390,000    390,000         --         --
Simione Central
 Holdings, Inc.  Preferred
 (a)             shares         1999        68,576    206,718     73,291         --         --
Valentis, Inc.   Common         1994-
                 shares         1995       301,274  1,170,001  2,866,020  1,170,001  1,498,839
                                                   ---------- ---------- ---------- ----------
                                                    9,476,767 21,231,145  8,919,899 16,800,727
                                                   ---------- ---------- ---------- ----------

Microelectronics--8.0%
----------------------
Tessera, Inc.(a) Preferred
                 shares         1992       666,666    500,000  3,333,330    500,000  3,333,330
Tessera, Inc.(a) Common
                 shares         1997        72,754     56,500     72,754     56,500     72,754
                                                   ---------- ---------- ---------- ----------
                                                      556,500  3,406,084    556,500  3,406,084
                                                   ---------- ---------- ---------- ----------

Retail/Consumer Products--0.0%
------------------------------
Horizon Organic
 Holding         Common
 Corporation     shares         1999         1,003     15,797      7,698         --         --
YES!
 Entertainment   Common
 Corporation     shares         1995        55,555          0      5,000          0      2,556
                                                    --------- ---------- ---------- ----------
                                                       15,797     12,698          0      2,556
                                                    --------- ---------- ---------- ----------

Venture Capital Limited Partnership Investments--2.9%
-----------------------------------------------------
CVM Equity       Ltd.
 Fund IV, Ltd(a) Partnership
                 interests     various    $150,000     76,436    144,768     76,436    146,116
El Dorado        Ltd.
 Ventures III,   Partnership
 L.P. (a)        interests     various    $250,000    212,460    568,922    212,460    329,520
O,W&W Pacrim     Ltd.
 Investments     Partnership
 Limited (a)     interests     various         400     25,900     21,691    175,300     74,198
Spectrum Equity  Ltd.
 Investors,      Partnership
 L.P.(a)         interests     various    $478,025    376,107    410,364    353,604    423,870
Trinity Ventures Ltd.
  IV, L.P.(a)    Partnership
                 interests     various    $175,006     47,822     75,464     36,884     67,977
                                                   ---------- ---------- ---------- ----------
                                                      738,725  1,221,209    854,684  1,041,681
                                                   ---------- ---------- ---------- ----------
Total equity investments--91.9%                   $19,844,552 39,181,437 21,268,672 37,682,178
                                                   ========== ========== ========== ==========

Legend and footnotes:

--  No investment held at end of period.
0  Investment active with a carrying value 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.

(1) Represents the total fair value of a particular industry segment as a percentage of partners'
capital at 12/31/99.
(2) The Partnership has no income-producing equity investments except for convertible notes which
include accrued interest.  Interest rates on such notes are 8%.

</TABLE>

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

At December 31, 1999 and 1998, marketable equity securities had aggregate
costs of $3,856,351 and $6,069,452, respectively, and aggregate market
values of $11,037,866 and $3,311,167, respectively.  The net unrealized
gain/loss at December 31, 1999 and 1998, included gross gains of
$7,545,809 and $379,205, respectively.

Avalon Imaging, Inc.
--------------------

In October 1999, the company agreed to sell its assets.  The Partnership
received no proceeds from this sale and realized a loss of $1,679,361.
In addition, the Partnership paid $288,194 on its guarantee of the
company's line of credit.

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

In May 1999, the Partnership received a stock dividend of 18,786
Preferred shares with a fair value of $20,253.  In October 1999, the
Partnership exercised a warrant and purchased 14,486 Series B Preferred
shares for $14,492.  The company's failure to meet certain revenue
targets established in the Series F Preferred shares round had a dilutive
impact on the Partnership's expected return and, as a result, the
Partnership recorded a $898,905 decrease in fair value at December 31,
1999.

CV Therapeutics, Inc.
---------------------

In 1999, the Partnership sold a total of 52,696 common shares for
proceeds of $923,695 and realized a loss of $130,225.

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

In 1999, the Partnership funded convertible notes receivable totaling
$173,000 to the company.  The notes bear interest at 8% and are due in
one year.  In December 1999, the Partnership purchased 62,222 Series D
Preferred shares for $140,000.  The pricing of this round indicated a
$55,406 decrease in the fair value of the Partnership's investment.

Pherin Pharmaceuticals, Inc.
----------------------------

In the second quarter of 1999, the company completed a round of financing
in which the Partnership did not participate.  The pricing of this round,
in which third parties participated, indicated a $660,000 increase in the
fair value of the Partnership's investment.


Pilot Network Services, Inc.
----------------------------

In 1999, El Dorado Ventures III, L.P., a venture capital limited
partnership, distributed 7,760 common shares valued at $117,381 to the
Partnership.  In 1999, the Partnership sold 700,000 common shares for
proceeds of $12,944,681 and realized a gain of $12,165,748.

Positive Communications, Inc.
-----------------------------

In November 1999, the company completed a recapitalization and a new
round of financing.  The Partnership's Series E and G Preferred shares
were converted to common shares at a ratio of 1:1.  The Partnership's
convertible note together with interest was converted into 63,925 New
Series A Preferred shares.  The Partnership also purchased 136,097 New
Series A Preferred shares for $171,482.  The pricing of this round
indicated a $935,407 decrease in the fair value of the Partnership's
investment.

Prolinx, Inc.
-------------

In December 1999, the Partnership purchased 341,686 Series D Preferred
shares for $505,695 and a warrant for 170,843 Series D Preferred shares
for $244,305.  The pricing of this round indicated a $1,007,554 decrease
in the fair value of the Partnership's Preferred shares.

R2 Technology, Inc.
-------------------

In May 1999, the company completed a round of financing in which the
Partnership did not participate.  The pricing of this round, in which
third parties participated, indicated a $856,019 increase in the fair
value of the Partnership's Preferred shares and warrants.

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

In November 1999, the Partnership purchased 260,000 Series A Preferred
shares for $390,000.

Simione Central Holdings, Inc. (formerly CareCentric Solutions, Inc.)
--------------------------------------------------------------------

In August 1999, CareCentric Solutions, Inc. was acquired by Simione
Central Holdings, Inc.  The Partnership received 68,576 Simione Series A
Preferred shares and realized a loss of $224,611 on the sale.

Triangle Biomedical Sciences, Inc. (formerly Naiad Technologies, Inc.)
---------------------------------------------------------------------

In August 1999, Naiad Technologies, Inc. was acquired by Triangle
Biomedical Sciences, Inc., a privately held company.  The Partnership
received 254 Triangle common shares and a warrant for 254 Triangle common
shares and realized a loss of $207,836 on the sale.  In conjunction with
the sale, the Partnership agreed to advance $30,000 to Naiad to settle
outstanding liabilities for which the Partnership received 1,552 Triangle
common shares and a warrant for 1,552 common shares.

Women.com Networks, Inc.
------------------------

In May 1999, the Partnership purchased 11,912 Series E Preferred shares
for $119,120.  In October 1999, the Company completed an initial public
offering priced at $10 per common share and the Partnership's Preferred
shares were converted into 204,384 common shares.

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

In March 1999, the Partnership made an additional investment in the
company by purchasing 12,397 Series D Preferred shares for $75,002.  In
November 1999, the Partnership made an additional investment in the
company by purchasing 45,392 Series E Preferred shares for $527,466.  The
pricing of these rounds, in which third parties participated, indicated a
$584,472 increase in the fair value of the Partnership's existing
investment in the company's Preferred shares and warrants at December 31,
1999.

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

The Partnership made additional investments totaling $33,438 in venture
capital limited partnerships during the year ended December 31, 1999.
The Partnership received cash distributions totaling $329,551 from
Spectrum Equity Investors L.P., CVM Equity Fund IV, Ltd., Trinity
Ventures IV, L.P., El Dorado Ventures III, L.P. and O, W & W Pacrim
Investments Limited.  The Partnership received stock distributions of
Pilot Network Services, Inc., TUT Systems, Inc., Horizon Organic Holding
Corporation, Rogue Wave Software, Inc., Informix Corporation, PRI
Automation, Inc. and Efficient Networks, Inc. with a fair value of
$320,884.  Distributions totaling $501,038 were recorded as realized
gains and distributions totaling $149,397 were recorded as returns of
capital.

The Partnership recorded a $295,487 increase in fair value as a result of
a net increase in the fair value of the underlying investments of the
partnerships, partially offset by distributions received from such
partnerships.

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

Other significant changes reflected above primarily relate to market
value fluctuations or the elimination of a discount relating to selling
restrictions for publicly traded portfolio companies.  Portions of the
Partnership's Simione Central Holdings, Inc. and Women.com Networks, Inc.
shares are restricted.

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

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

<TABLE>
<CAPTION>

                                      For the Years Ended December 31,
                                  ---------------------------------------
                                   1999            1998             1997
                                  ------          ------           ------
<S>                           <C>             <C>             <C>

Increase (decrease) in fair
 value from cost of
 marketable equity
 securities                  $ 7,181,515      (2,758,285)     (2,245,008)

Increase in fair value from
 cost of non-marketable
 equity securities            12,155,370      19,171,791      16,519,372
                              ----------      ----------      ----------

  Net unrealized fair
   value increase from
   cost at end of year        19,336,885      16,413,506      14,274,364

  Net unrealized fair
   value increase from
   cost at beginning of year  16,413,506      14,274,364       5,701,534
                              ----------      ----------      ----------

Change in net unrealized
 fair value of equity
 investments                 $ 2,923,379       2,139,142       8,572,830
                              ==========      ==========      ==========
</TABLE>


6.  Notes Receivable
    ----------------

Activity from January 1 through December 31 consisted of:

<TABLE>
<CAPTION>
                                               1999             1998
                                              ------           ------
<S>                                     <C>
Balance, beginning of year                $       --            4,479

Secured notes receivable issued            2,324,957            2,766
Unsecured notes receivable issued            175,000               --
Repayments of notes receivable                    --           (2,766)
Secured notes converted to equity
 investments                                 (36,763)              --
Increase (decrease) in accrued interest      106,340           (4,479)
                                           ---------            -----
Balance, end of year                      $2,569,534               --
                                           =========            =====
</TABLE>
The secured notes are collateralized by specific assets of the borrowing
companies.  The interest rate on notes receivable at December 31, 1999
ranged from 8.5% to 50%.  All notes are due on demand.

7.     Cash and Cash Equivalents
       -------------------------
Cash and cash equivalents at December 31, 1999 and 1998, consisted of:
<TABLE>
<CAPTION>
                                                1999                1998
                                             --------            --------
<S>                                       <C>                 <C>
Demand accounts                            $3,419,708              14,093
Money-market accounts                       2,937,148               1,757
                                            ---------              ------
  Total                                    $6,356,856              15,850
                                            =========              ======
</TABLE>

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

The Partnership has a borrowing account with a financial institution.  At
December 31, 1999, the borrowing capacity of this account, which
fluctuates based on collateral value, was $1,510,386 and there were no
outstanding borrowings.  Interest is charged at the prime rate plus one-
half percent.  The weighted-average interest rate for the year ended
December 31, 1999 was 8.25% and interest expense was $7,031.  The
Partnership's investments in Valentis, Inc. (formerly Megabios Corp.) and
Axys Pharmaceuticals, Inc. are pledged as collateral.

9.     Distributions
       -------------

In the second and third quarters of 1999, the Managing General Partners
declared and paid a tax distribution to the General Partners totaling
$1,244,602.  In December 1999, the Managing General Partners declared a
tax distribution for Unit holders as of December 31, 1999 totaling
$5,412,980 (payable to each partner based on their proportionate share of
partner capital), of which $86,914 and $5,326,066 ($13.32 per unit) was
paid to the General Partners and Limited Partners, respectively, in
February, 2000.

10.    Commitments and Contingencies
       -----------------------------

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

As of December 31, 1999, the Partnership had unfunded commitments as
follows:
<TABLE>
<CAPTION>

Type
----
<S>                                                     <C>
Notes receivable                                       $  200,000
Equity investments                                        200,000
Equipment lease guarantees                                737,000
Venture capital limited partnership investments            21,975
                                                        ---------
     Total                                             $1,158,975
                                                        =========
</TABLE>

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

11. Subsequent Events
    -----------------

Subsequent to December 31, 1999, the Partnership sold publicly traded
shares in six portfolio companies for proceeds totaling $15,721,330 and a
realized gain of $13,585,781.  The following table discloses details of
the transactions:

<TABLE>
                                                     Additional
                              12/31/99      Sale       Value     Realized
  Company                    Fair Value   Proceeds    Realized     Gain
-----------                  ----------   --------   ----------  --------
<S>                        <C>          <C>         <C>       <C>
CV Therapeutics, Inc.       $  407,741     437,508      29,767    114,708
Efficient Networks, Inc.        64,487     109,365      44,878     34,111
Oxford GlycoSciences Plc     1,772,432   7,651,640   5,879,208  6,651,713
Pharmos Corporation            122,170     191,382      69,212    146,134
Pilot Network Services,
 Inc.                        4,259,590   5,324,390   1,064,800  5,039,837
Valentis, Inc.                 998,865   2,007,045   1,008,180  1,599,278
                             ---------  ----------   --------- ----------
    Total                   $7,625,285  15,721,330   8,096,045 13,585,781
                             =========  ==========   ========= ==========

Significant changes in the fair value of the Partnership's investments
subsequent to December 31, 1999 are:

                                                            Increase
                                                           (Decrease)
                               12/31/99      03/20/00          in
  Company                     Fair Value    Fair Value     Fair Value
-----------                   ----------    ----------     ----------
<S>                          <C>          <C>         <C>
Endocare, Inc.                $  414,286       957,957        543,671
Physiometrix, Inc.               947,169     5,808,950      4,861,781
Valentis, Inc.                 1,867,155     2,551,562        684,407
Women.com Networks, Inc.       2,215,011     1,552,041       (662,970)
                               ---------    ----------      ---------
    Total                     $5,443,621    10,870,510      5,426,889
                               =========    ==========      =========

The March 20, 2000 fair value is based on the closing price of the
portfolio company's publicly traded common shares on that date, with an
illiquidity discount for selling restrictions where applicable.
<TABLE/>



<PAGE>

                              SIGNATURES
                              ----------

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

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

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




Date:  March 29, 2000    By:       /s/Michael Brenner
                              ----------------------------------
                                      Michael Brenner
                                      Vice President


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

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

 /s/Charles R. Kokesh         President, Chief       March 29, 2000
------------------------      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 the Board of Directors of Technology Funding Inc.
and the General Partners of Technology Funding Ltd.



</TABLE>