<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, 2005

                                    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.)

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) exist, 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 V, 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
June 26, 1989.  For the period from June 26, 1989, through May
of 1990, the Partnership was inactive.  The Partnership
commenced selling Units of limited partnership interest (Units)
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 original contributed
capital was $40,040,046 consisting of $40,000,000 from Limited
Partners for 400,000 Units and $40,046 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, 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.  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 the extension of the Partnership's term to December 31,
2006.

In December of 2005, the Independent General Partners (IGP's)
and the Managing General Partners adopted a plan of liquidation
and began the implementation thereof.  As part of the plan of
liquidation and in conjunction with the anticipated dissolution
and then liquidation of the Partnership, the Independent General
Partners also approved the retention of an independent third
party to assist in the sale of the Partnership's holdings.  On
February 15, 2006, the Independent General Partners approved a
resolution directing the Managing General Partners to notice a
Special Meeting of the Partnership at which meeting the Limited
Partners would be asked to vote upon a proposal to dissolve the
Partnership prior to its scheduled termination date of December
31, 2006, to place the Partnership's assets and liabilities in a
liquidating trust to be formed for that purpose, and to withdraw
the Partnership's election as a Business Development Company
under the 1940 Act.  Once the Liquidating Trust is formed and
the Partnership's assets and liabilities are transferred to the
Liquidating Trust, the Partnership shall be terminated for
purposes of Delaware law and the terms of the Liquidating Trust
Agreement will govern disposition of assets, proceeds and
expenses.  Further, the Managing General Partners have informed
the IGP's that they are only willing to continue funding the
Partnership's operating expenditures through the completion of a
prompt liquidation (estimated to be three to six months).  Any
proceeds from the liquidation of the assets of the Partnership
will be paid first to creditors of the Partnership including the
Managing General Partners as provided in Section 15.02 of the
Limited Partnership Agreement.  The amount owed to the Managing
General Partners as creditors is expected to continue to
increase until proceeds from the sale of assets allow payments
to all of the creditors.  Based on changing market conditions
and new information, it is possible that the net proceeds from
sale of the Partnership's assets could be greater than or less
than the aggregate estimated liquidation values presented in the
balance sheet.  If the aggregate proceeds are ultimately less
than the values presented, it is possible that the sale proceeds
will not be sufficient to meet the Partnership's obligations to
the creditors.  If that is the case, the limited partners may
receive no proceeds upon completion of the liquidation process.
Absent timely liquidation events and cash proceeds to support
the continuing operation of the Partnership, the Managing
General Partners may accelerate liquidation efforts to minimize
further increases in the obligations to creditors.  As of
January 31, 2006, substantially all of the publicly traded
holdings had been liquidated.  As of December 31, 2005, all of
the Partnership's holdings in privately held companies were
valued at their estimated liquidation value.  Upon dissolution,
the Partnership, whether by vote at the proposed special meeting
or by operation of the Partnership Agreement, will go into
liquidation and pursuant to the Partnership Agreement will
accrue all estimated liquidation costs and any future operating
costs including administrative and investor services, computer
services, record retention costs, professional fees and
estimated legal costs of the Partnership through final
termination, as provided for in the Partnership Agreement.
Based on prior experience, management estimates it will take no
more than three to six months to liquidate all remaining
investments.  In the meantime, an Independent Third Party has
been assisting in the sale of Partnership holdings and will
continue to solicit interest in purchasing those holdings.  If
no third party makes a bid acceptable to the Liquidating Trustee
(who shall be the IGP's, if still constituted, and otherwise
shall be a Person proposed and approved by a Majority in
Interest of the Limited Partners), the Managing General Partners
may offer to acquire the remaining assets from the Liquidating
Trust for the fair value at the time of the transaction.  From
December 31, 2005, through termination, the Partnership will
continue to incur costs similar to those experienced in prior
years under normal operating procedures except that there would
be no charges related to ongoing investment operations.

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

The Registrant has no physical properties.

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

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
------   ---------------------------------------------------

The following matters were voted on by the Limited Partners in
2005:

The election of two Independent General Partners each to serve
for a three-year term or until the earlier termination of the
Partnership;

The election of two Managing General Partners each to serve for
a three-year term or until the earlier termination of the
Partnership;

Ratification of the Independent General Partners' appointment of
Grant Thornton LLP as independent registered public accountants
of the Partnership.  After Grant Thornton subsequently
terminated the client-auditor relationship between the
Partnership and Grant Thornton, the Independent General Partners
voted to ratify their appointment of Heard, McElroy & Vestal,
LLP (the Heard Group) as independent registered public
accountants of the Partnership.

                               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, 2005, there were 6,666 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,
                                              ------------------------------------------
                                       2005         2004         2003         2002         2001
                                      ------       ------       ------       ------       ------
<S>                                     <C>          <C>         <C>           <C>         <C>

Total investment income          $    18,475   $   63,848   $  126,774  $   163,645  $   443,273
Net investment loss               (2,524,960)  (2,917,839)  (2,712,933)  (2,811,813)  (2,033,046)
Realized gain (loss) from
 sales of equity investments         296,248   (1,389,117)   6,212,043    1,432,231     (914,464)
Realized loss from
 investment write-offs              (475,520)  (1,059,653)  (7,394,217)  (5,446,528)  (4,909,913)
Realized gain from recovery
 of investments previously
 written off                         516,219      222,513           --           --      107,816
Net realized gain from
 venture capital limited
 partnership investments              21,947       29,667      115,249       27,832      330,123
(Increase) decrease in
 unrealized depreciation          (2,808,771)   1,603,415    6,147,020   (1,831,784)     743,692
  Other income                             --           --      193,830      774,298           --

Net (decrease) increase in
 partners' capital resulting
 from operations                  (4,974,837)  (3,511,014)   2,560,991   (7,855,764)  (6,675,792)

Net (decrease) increase in
 partners' capital resulting
 from operations per Unit             (12.31)       (8.69)         .10       (19.44)      (16.52)

Total assets                       4,043,845    7,795,633   11,404,267    9,940,904   19,109,600

Distributions declared                    --           --    1,770,540           --           --


</TABLE>


<PAGE>
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.  As described in Note 1
to the financial statements, the Partnership is currently in
liquidation and all remaining investments are being carried at
their estimated liquidation value.

During the year ended December 31, 2005, net cash used by
operating activities totaled $372,800.  The Partnership paid
management fees of $111,312 to the Managing General Partners and
reimbursed related parties for operating expenses of $776,264.
Net advances of $1,840,317 were made to Dakota Arms, Inc., a
portfolio company, during the period.  In addition, $48,000 was
paid to the Independent General Partners as compensation for their
services.  The Partnership received interest income of $18,475.
Investments of $469,383 were funded to portfolio companies
primarily in the medical and high tech/financial industries.
Proceeds from the sale of equity investments were $2,071,215,
primarily related to the sale of the Partnership's investment in
VenCore Solutions, LLC.  Cash distributions of $13,761 were
received from venture capital limited partnership investments.
The Partnership received $148,751 from repayments of notes
receivable and $516,219 was recovered from RedCell, Inc., an
investment that was previously written off.  Other net receipts
were $104,055.

At December 31, 2005, there were no unfunded commitments.

Cash and cash equivalents at December 31, 2005, were $59,143.


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

2005 compared to 2004
---------------------

The net decrease in partners' capital resulting from operations
was $4,974,837 for the year ended December 31, 2005 compared to a
decrease of $3,511,014 for the year ended December 31, 2004.

Unrealized depreciation on investments was $10,393,317 and
$7,174,967 at December 31, 2005 and 2004, respectively.  During
the year ended December 31, 2005, the net increase in unrealized
depreciation of $2,808,771 was primarily attributable to the sale
of VenCore Solutions, LLC and significant decreases in the
industrial/business automation, information technology and
retail/consumer products investment valuations.  During the year
ended December 31, 2004, the net decrease in unrealized
depreciation of $1,603,415 was due to the write-off of
WorldRes.com, Inc. and the sale of Applied NeuroSolutions, Inc.
and Acusphere, Inc.

During 2005, net realized gain from sales of equity investments
totaled $296,248, primarily the result of the Partnership's sale
of its investments in VenCore Solutions, LLC, Celera Genomics
Group and Physiometrix, Inc. Net realized loss from sales of
equity investments during the year ended December 31, 2004, was
$1,389,117, primarily related to the sales of Valentis, Inc.,
Acusphere, Inc. and Applied NeuroSolutions, Inc.

Investment expenses were $2,543,435 and $2,981,687 for 2005 and
2004, respectively.

During 2005, the Partnership recorded a realized loss from
investment write-offs totaling $475,520, which represents the
Partnership's investments in OW&W Pacrim Investments, Ltd., CVM
Equity Fund IV, Ltd. and Spectrum Equity Investors, L.P. During
2004, the Partnership recorded realized losses from investment
write-offs of $1,059,653, which represents the Partnership's total
investment in WorldRes.com, Inc.

Net realized gain from venture capital limited partnerships
totaled $21,947 and $29,667 in 2005 and 2004, respectively.  The
gains represented stock and cash distributions from profits of
venture capital limited partnerships.

In 2005 and 2004, the Partnership received $516,219 and $222,513
from RedCell, Inc., for notes receivable that were previously
written off.

Interest income was $18,475 and $63,848 for the years ended
December 31, 2005 and 2004, respectively.  The decrease was the
result of decreased notes receivable and short-term investments.

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

2004 compared to 2003
---------------------

The net decrease in partners' capital resulting from operations
was $3,511,014 for the year ended December 31, 2004, compared to
an increase of $2,560,991 for the year ended December 31, 2003.

Unrealized depreciation on investments was $7,174,967 and
$8,717,486 at December 31, 2004 and 2003, respectively.  During
the year ended December 31, 2004, the net decrease in unrealized
depreciation of $1,603,415 was due to the write-off of
WorldRes.com, Inc. and the sale of Applied NeuroSolutions, Inc.
and Acusphere, Inc.  During the year ended December 31, 2003, the
net decrease in unrealized depreciation of $6,147,020 was
attributable to the write-off of investments in Prolinx, Inc.,
Resolution Sciences Corporation and Pharmadigm, Inc.

Net realized loss from sales of equity investments during the year
ended December 31, 2004, was $1,389,117, primarily related to the
sales of Valentis, Inc., Acusphere, Inc. and Applied
NeuroSolutions, Inc.  During 2003, net realized gain from sales of
equity investments totaled $6,212,043, primarily the result of the
Partnership's sale of its shares in Tessera Technologies, Inc.

Other income was $193,830 for the year ended December 31, 2003,
which was from the settlement of disputed legal fees related to an
arbitration settlement.

Investment expenses were $2,981,687 and $2,839,707 for 2004 and
2003, respectively.

During 2004, the Partnership recorded realized losses from
investment write-offs of $1,059,653, which represents the
Partnership's total investment in WorldRes.com, Inc.  During 2003,
the Partnership recorded a realized loss from investment write-
offs totaling $7,394,217, which represents the Partnership's
investments in Resolution Sciences Corporation, Innergy Power
Corporation, Periodontix, Inc., Pherin Pharmaceuticals, Inc.,
Pharmadigm, Inc. and Prolinx, Inc.

Net realized gain from venture capital limited partnerships
totaled $29,667 and $115,249 in 2004 and 2003, respectively.  The
gains represented distributions from profits of venture capital
limited partnerships.

In 2004, the Partnership received a $222,513 payment from RedCell,
Inc., for notes receivable that were previously written off.

Interest income was $63,848 and $126,774 for the years ended
December 31, 2004 and 2003, respectively.  The decrease was
primarily the result of decreased short-term investments.

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

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 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 or losses
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.  As described in Note 1 to the financial statements,
the Partnership is currently in liquidation and all remaining
investments are being carried at their estimated liquidation
value.

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
         ------------------------

On August 18, 2005, Technology Funding Partners III, L.P., (the
"Partnership") filed a Current Report on Form 8-K/A disclosing
that on August 16, 2005, Grant Thornton LLP (Grant Thornton)
terminated the client-auditor relationship between Grant Thornton
and the Partnership.

There were no disagreements with the Partnership's former
accountants, Grant Thornton, on any matter of accounting
principles, financial statement disclosure, or auditing scope or
procedure for the two years ended December 31, 2004, and the
subsequent interim period through the date of termination.

On October 24, 2005, the chairman of the Partnership's Audit
Committee approved the retention of the Heard Group as the
Partnership's independent registered accounting firm.  The
Partnership has not consulted with the Heard Group regarding the
application of accounting principles to a specific completed or
contemplated transaction, or the type of audit opinion that might
be rendered on the Partnership's financial statements, or any
other matter set forth in Item 304 (a) (2) of Regulation S-K (Reg.
ss. 229.304 (a) (2)) during the last two fiscal years or
thereafter through the date of this report, and no written or oral
advice was provided that was an important factor considered by the
Partnership in reaching a decision as to any accounting, auditing,
or financial reporting issue.

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

The signing officer is responsible for establishing and
maintaining disclosure controls and procedures for Technology
Funding Venture Partners V, 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 V, 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 V, An Aggressive Growth Fund,
L.P. in this report is accumulated and communicated to Technology
Funding Venture Partners V, 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 V, 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 Independent General Partners are responsible for
the management and administration of the Partnership.  The
Independent General Partners consist of the two Independent
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.
Reference is made to the information regarding Independent General
Partners and the Managing General Partners in the Registrant's
Proxy Statement related to the Meeting of Limited Partners held on
May 20, 2005, 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
---------------

As of December 31, 2004, the Independent General Partners had
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
consisted of all of the Independent General Partners for each
Technology Funding partnership with John W. Muncaster acting as
liaison with the Managing General Partners.  On March 11, 2005,
the Independent General Partners restructured the Audit Committee
of the Whole.  An Audit Committee was established whereby Harry E.
Kitch, an Independent General Partner, will serve as Audit
Committee Chairman and the remaining Independent General Partner
will serve as an Audit Committee member.  The Independent General
Partners are  "independent" as defined by the Securities and
Exchange Commission.  The Independent General Partners have
determined that the Audit Committee and the Audit Committee of the
Whole did not 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
-------  ----------------------

The Registrant has no officers, directors or employees.  In 2005,
the Partnership incurred management fees of $123,938.  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 Managing
General Partners in performing their obligations to the
Partnership.  The Partnership is governed by a Management
Committee that consists of the Independent General Partners and
one representative from the Managing General Partners.  As
compensation for their services, each of the Independent General
Partners receive $14,000 annually plus $1,500 for each attended
meeting of the Management Committee and committees thereof.  In
2005, $48,000 in aggregate of such compensation was paid.  The
Independent General Partners are reimbursed for all out-of-pocket
expenses relating to attendance of the meetings, committees or
otherwise of the Management Committee.  As disclosed in Footnote
3, the Managing General Partners are reimbursed for expenses
related to providing services to the Partnership including
compensation to individuals who are officers or partners of the
Managing General Partners; such persons are not officers,
directors, or employees of the Partnership and receive no direct
compensation from the Partnership.


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
Independent General Partners each own 20 Units.  The Independent
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.

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

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

The Partnership paid aggregate fees of approximately $90,421 and
$72,202 to its independent public accountants, the Heard Group and
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, 2005 and 2004, respectively.

Tax Fees
--------

The Partnership paid aggregate fees of approximately $12,411 and
$19,857 to WTAS, Inc. and Grant Thornton LLP for tax-related
services rendered to the Partnership for the years ended December
31, 2005 and 2004, respectively.  These services included
preparation of the Partnership's tax returns.

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

The Partnership did not pay any fees to the Heard Group, WTAS,
Inc., or Grant Thornton LLP for services, other than the services
referred to above, for the years ended December 31, 2005 and 2004,
respectively.

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 2005.

                             PART IV

Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
-------  ---------------------------------------

        (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:

                 Reports of Independent Registered Public Accounting Firms
                  as of December 31, 2005 and 2004, and for the three
                  years ended December 31, 2005
                                Balance Sheets as of December 31, 2005 and 2004
                  Statements of Investments as of
                   December 31, 2005 and 2004
                  Statements of Operations for the years
                   ended December 31, 2005, 2004 and 2003
                  Statements of Partners' Capital for the years
                   ended December 31, 2005, 2004 and 2003
                  Statements of Cash Flows for the years
                   ended December 31, 2005, 2004 and 2003
                  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



<PAGE>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
-------------------------------------------------------
To the Partners of
     Technology Funding Venture Partners V,
      an Aggressive Growth Fund, L.P.:


We have audited the accompanying balance sheet of Technology Funding
Venture Partners V, an Aggressive Growth Fund, L.P. (a Delaware limited
partnership, in process of liquidation) (the Partnership), including the
statement of investments, as of December 31, 2005, and the related
statements of operations, partners' capital and cash flows for the year
then ended. 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 audit.

We conducted our audit in accordance with the standards of the Public
Company Accounting Oversight Board (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. The
Partnership is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Partnership's internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. Our procedures included physical inspection of
securities owned as of December 31, 2005. We believe our audit provides a
reasonable basis for our opinion.

As described in Note 1 to the financial statements, in December 2005, the
Independent General Partners (IGP's) and the Managing General Partners of
the Partnership adopted a plan of liquidation and began the implementation
thereof. As part of the plan of dissolution and then liquidation of the
Partnership, the Independent General Partners also approved the retention
of an independent third party to assist in the sale of the Partnership's
holdings. Further, the Managing General Partners have informed the IGP's
that they are only willing to continue funding the Partnership's operating
expenditures through the completion of a prompt liquidation (estimated to
be three to six months). As a result, as of December 31, 2005, the
Partnership changed its basis of accounting to the liquidation basis.
Accordingly, the carrying values of the remaining assets as of December 31,
2005, are presented at estimated realizable value assuming prompt
liquidation as determined by management. It is possible that these
estimates and the amount of time required to liquidate the remaining
investments will change as the Managing General Partners gain additional
information from their efforts to sell the remaining investments and from
information provided by the third party retained to assist in selling the
assets. We have reviewed the procedures applied by the Managing General
Partners in valuing such assets and have inspected underlying
documentation; while in the circumstances the procedures appear to be
reasonable and the documentation appropriate, determination of liquidation
values involves subjective judgment which is not susceptible to
substantiation by auditing procedures.

In our opinion, subject to the effect on the financial statements of the
valuation of the remaining assets by the Managing General partners as
described in the preceding paragraph, 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, 2005, and the results of its operations, changes in
partners' capital, and its cash flows for the year then ended, in
conformity with accounting principles generally accepted in the United
States of America applied on the basis described in the preceding
paragraph.


                                        /S/ HEARD, MCELROY, VESTAL, LLP
Shreveport, Louisiana
March 20, 2006


<PAGE>


<PAGE>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
-------------------------------------------------------
To the Partners of
     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) (the Fund), including the statement of investments, as of
December 31, 2004, and the related statements of operations, partners'
capital, and cash flows for each of the two years in the period ended
December 31, 2004.  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 the standards of the Public
Company Accounting Oversight Board (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.
The Company is not required to have, nor were we engaged to perform an
audit of its internal control over financial reporting.  Our audits
included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion.  An audit also includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  Our procedures
included physical inspection of securities owned as of December 31, 2004.
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, 2004, and the results of its operations, changes in
partners' capital, and its cash flows for the two years in the period
ended December 31, 2004 in conformity with accounting principles
generally accepted in the United States of America.


Albuquerque, New Mexico																						/S/GRANT THORNTON LLP
March 11, 2005


<PAGE>




<PAGE>
BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                                   December 31,
                                              ---------------------
                                               2005           2004
                                              ------         ------
<S>                                          <C>          <C>
ASSETS

Investments:
 Equity and debt investments (cost
  basis of $14,251,134 and $13,772,437
  for 2004 and 2003, respectively)      $  3,857,817    $ 6,597,470
                                           ---------      ---------

Cash and cash equivalents                     59,143        431,943
Prepaid expenses                             120,779        199,547
Other assets                                   6,106          9,337
Due from portfolio company                        --        557,336
                                           ---------      ---------
     Total assets                       $  4,043,845    $ 7,795,633
                                           =========      =========
LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $     46,720    $    21,951
Due to related parties, net                1,805,999        607,719
Other accrued liabilities                     11,771         11,771
                                           ---------      ---------
     Total liabilities                     1,864,490        641,441

Commitments and contingencies
  See Note 10

Partners' capital
 (400,000 Limited Partner Units
  outstanding)                             2,179,355      7,154,192
                                           ---------      ---------
     Total liabilities and
      partners' capital                 $  4,043,845    $ 7,795,633
                                           =========      =========
</TABLE>




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



STATEMENTS OF INVESTMENTS
-------------------------
<TABLE>
<CAPTION>
                                           Principal
                                           Amount or     December 31, 2005     December 31, 2004
Industry                                   Shares at     ------------------    -----------------
(1)                          Investment  December 31,    Cost        Fair       Cost       Fair
Company            Position     Date        2005         Basis       Value      Basis      Value
----------------   --------  ----------  -----------     -----       -----      -----      -----
<S>               <C>           <C>          <C>          <C>         <C>        <C>        <C>

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

Short Term Investments
----------------------

Privately Held Securities Available for Immediate Sale
------------------------------------------------------

Medical
-------
4.8% and 2.5% at December 31, 2005 and 2004, respectively
---------------------------------------------------------

Sanarus Medical,   Preferred    1999-
 Inc. (a) (b)      shares       2004      260,488 $   390,049   $  104,195  $   390,049  $  179,940
                                                   ----------    ---------   ----------   ---------











Public Securities Available for Immediate Sale
----------------------------------------------

Medical
-------
1.6% and 1.8% at December 31, 2005 and 2004, respectively
---------------------------------------------------------

Endocare, Inc.     Common       1996-
 (b)               shares       2004       12,337      40,581       33,805      167,992     127,786
                                                   ----------    ---------   ----------   ---------

Scientific and Technical Instruments
------------------------------------
0.4% and 0.0% at December 31, 2005 and 2004, respectively
---------------------------------------------------------

Qualmark          Common
Corp.             shares        2005        4,705       8,187        8,469           --          --
                                                   ----------    ---------   ----------   ---------

Current Bridge Loan Receivable
------------------------------

Industrial/Business Automation
------------------------------
4.9% and 2.0% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
Innergy Power
 Corporation      Bridge
 (b)              loan (2)      2001      244,000     153,064      107,145      201,816     141,271
                                                   ----------     --------   ----------   ---------








Long Term Investments
---------------------

Biomedical
----------
0.0% and 0.8% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
Celera Genomics   Common
  Group           shares        2000            0          --           --      141,000      55,894
                                                   ----------    ---------   ----------   ---------

Biotechnology
-------------
14.4% and 4.4% at December 31, 2005 and 2004, respectively
----------------------------------------------------------

CellzDirect, Inc. Preferred     2002-
  (a) (b)         shares        2004    2,029,232     783,883      313,553      783,883    313,553
                                                   ----------    ---------   ----------  ---------

Communications
--------------
0.0% and 2.4% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
iVillage          Common
 Inc.             shares        2004            0          --           --     152,401     169,950
                                                   ----------    ---------  ----------   ---------

Environmental
-------------
0.0% and 0.0% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
Triangle          Common
 Biomedical       shares and
 Sciences,        attached
 Inc.(a)          warrants
                  at $28.00;
                  expiring 2009 1999        1,806      37,366           --      37,366          --
                                                   ----------    ---------  ----------   ---------

High Tech/Financial
-------------------
0.0% and 7.0% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
VenCore Solutions,              2002-
 LLC  (a) (b)     LLC Units     2005            0          --           --     625,000     250,000
VenCore Solutions,              2002-
 LLC  (a) (b)     Various       2004            0          --           --     444,347     253,662
                                                   ----------    ---------  ----------   ---------
                                                           --           --   1,069,347     503,662
                                                   ----------    ---------  ----------   ---------
Industrial/Business Automation
------------------------------
3.4% and 8.7% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
Innergy Power
 Corporation      Preferred     1995-
 (a) (b)          shares        2002      890,006   2,729,035       69,917   2,727,035     522,574
Various                         1997-
 investments      Various       2004      various     259,917        3,999     258,270     102,848
                                                   ----------    ---------  ----------   ---------
                                                    2,988,952       73,916   2,985,305     625,422
                                                   ----------    ---------  ----------   ---------

Information Technology
----------------------
13.0% and 5.9% at December 31, 2005 and 2004, respectively
----------------------------------------------------------
KeyEye
 Communications,  Preferred     2002-
 Inc. (a) (b)     shares        2004    5,366,165   1,050,000      210,000   1,050,000     420,000
KeyEye
 Communications,  Bridge
 Inc. (b)         loan (2)      2005      367,383     368,672       73,734   1,050,000     420,000
                                                   ----------    ---------  ----------   ---------
                                                    1,418,672      283,734   1,050,000     420,000
                                                   ----------    ---------  ----------   ---------



Medical
-------
101.0% and 37.4% at December 31, 2005 and 2004, respectively
------------------------------------------------------------
Atherotech,       Preferred     2000-
 Inc. (a) (b)     shares        2002    1,055,372   2,724,822    1,882,784   2,724,822   1,882,784
Impres Medical,   Preferred     2002-
 Inc.(a) (b)      shares        2004    2,005,787   1,583,422      318,184   1,583,422     636,369
Various                         1996-
 investments      various       2004      various     214,208            0     499,241     154,284
                                                   ----------    ---------  ----------   ---------
                                                    4,522,452    2,200,968   4,807,485   2,673,437
                                                   ----------    ---------  ----------   ---------

Retail/Consumer Products
------------------------
33.6% and 17.6% at December 31, 2005 and 2004, respectively
----------------------------------------------------------
Dakota Arms,      Preferred
 Inc. (a) (b)     shares        2004      571,430   1,000,001      200,001   1,000,001   1,000,003
Dakota Holdings,  LLC           2004-
 LLC  (a) (b)     units         2005    1,520,000   2,547,500      532,000     150,000     262,500
Dakota Holdings,  Bridge
 LLC  (b)         loan (2)      2005          153         153           31     150,000     262,500
                                                   ----------    ---------  ----------   ---------
                                                    3,547,654      732,032   1,150,001   1,262,503
                                                   ----------    ---------  ----------   ---------

Venture Capital Limited Partnership Investments
-----------------------------------------------
0.0% and 1.7% at December 31, 2005 and 2004, respectively
---------------------------------------------------------
Various           Ltd.
 investments      Partnership
                  interests    various   various      360,274            0     835,792     124,052
                                                   ----------    ---------  ----------   ---------


Total equity investments - 177.0% and 92.2% at
 December 31, 2005 and 2004, respectively         $14,251,134   $3,857,817 $13,772,437  $6,597,470
                                                   ----------    ---------  ----------   ---------
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 12/31/05 and 12/31/04.
(2) The Partnership has no income-producing equity investments except for convertible notes which
include accrued interest.  Interest rates on such notes range from 4.79 percent to 8 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,
                               ------------------------------------
                                2005           2004           2003
                               ------         ------         ------
<S>                             <C>             <C>           <C>
Investment income:
 Notes receivable
  interest                 $   18,135     $   52,985    $   117,580
 Short-term investment
  interest                        340         10,863          9,194
                            ---------      ---------      ---------
  Total investment
   income                      18,475         63,848        126,774

Investment expenses:
 Management fees              123,938         91,361        166,618
 Independent General
  Partners' compensation       48,000         55,625         40,000
 Administrative and
  investor services         1,151,785      1,925,418      1,845,003
 Investment operations        525,885        644,568        483,957
 Professional fees            161,391         92,316        196,649
 Computer services            111,167        172,352        107,480
 Interest and other expenses   11,690             47             --
 Bad debt expense             409,579             --             --
                            ---------      ---------      ---------
  Total investment
   expenses                 2,543,435      2,981,687      2,839,707
                            ---------      ---------      ---------
Net investment loss        (2,524,960)    (2,917,839)    (2,712,933)
                            ---------      ---------      ---------

 Realized gain (loss)
  from sales of equity
  investments                 296,248     (1,389,117)     6,212,043
 Realized loss from
  investment write-offs      (475,520)    (1,059,653)    (7,394,217)
 Realized gain from
  recovery of investments
  previously written off      516,219        222,513             --
 Net realized gain from
  venture capital limited
  partnership investments      21,947         29,667        115,249
                            ---------      ---------      ---------
Net realized gain
  (loss)                      358,894     (2,196,590)    (1,066,925)
                            ---------      ---------      ---------



STATEMENTS OF OPERATIONS (continued)
-----------------------------------

                                  For the Years Ended December 31,
                               ------------------------------------
                                2005           2004           2003
                               ------         ------         ------
      <S>                        <C>             <C>           <C>
Net (increase) decrease in
 unrealized depreciation   (2,808,771)     1,603,415      6,147,020
                            ---------      ---------      ---------

Other income                       --             --        193,830
                            ---------      ---------      ---------

Net (decrease) increase
 in partners' capital
 resulting from
 operations               $(4,974,837)   $(3,511,014)   $ 2,560,991
                            =========      =========      =========
Net (decrease) increase
 in partners' capital
 resulting from
 operations per Unit      $    (12.31)    $    (8.69)   $       .10
                            =========      =========      =========
</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, 2005, 2004 and 2003:

                                 Limited       General
                                 Partners      Partners     Total
                                 --------      --------     -----
<S>                           <C>           <C>         <C>

Partners' capital,
  January 1, 2003             $13,305,996  $(3,431,241)  $9,874,755

Net investment loss                    --   (2,712,934)  (2,712,934)
Net realized income (loss)        114,096   (1,181,021)  (1,066,925)
Net (increase) decrease in
 unrealized depreciation          (70,976)   6,217,996    6,147,020
Distributions                          --   (1,770,540)  (1,770,540)
Other income                           --      193,830      193,830
                               ----------    ---------   ----------
Partners' capital,
  December 31, 2003            13,349,116   (2,683,909)  10,665,206

Net investment loss            (2,888,662)     (29,177)  (2,917,839)
Net realized loss              (2,174,624)     (21,966)  (2,196,590)
Net decrease in unrealized
 depreciation                   1,587,381       16,034    1,603,415
                               ----------    ---------   ----------
Partners' capital,
 December 31, 2004              9,873,211   (2,719,019)   7,154,192

Net investment loss            (2,499,710)     (25,250)  (2,524,960)
Net realized gain                 355,304        3,590      358,894
Net increase in unrealized
 depreciation                  (2,780,683)     (28,088)  (2,808,771)
                               ----------    ---------   ----------
Partners' capital,
  December 31, 2005           $ 4,948,122  $(2,768,767)  $2,179,355
                               ==========    =========   ==========

</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,
                                   -----------------------------------
                                    2005          2004           2003
                                   ------        ------         ------
<S>                            <C>           <C>          <C>
Net (decrease) increase in
 partners' capital resulting
 from operations              $(4,974,837)   $(3,511,014)  $ 2,560,991

Adjustments to reconcile net
 (decrease) increase in
 partners' capital resulting
 from operations to net cash
 used by operating activities:
  Bad debt expense                409,579             --            --
  Increase (decrease) in
   unrealized depreciation on
   investments                  2,808,771     (1,603,415)   (6,147,020)
  Realized (gain) loss from
   sales of equity investments   (296,248)     1,389,117    (6,212,043)
  Realized loss from
   investment write-offs          475,520      1,059,653     7,394,217
  Realized gain from
   recovery of investments
   previously written off        (516,219)      (222,513)           --
  Net realized gain from
   venture capital limited
   partnership investments        (21,947)       (29,667)     (115,249)
Net changes in operating assets
 and liabilities:
  Prepaid expenses                 78,768         78,769        78,790
  Other receivables                    --        117,734       656,564
  Due from portfolio company   (1,840,317)      (557,336)           --
  Accrued interest on notes
   receivable                      (2,713)        10,184        25,070
  Due to related parties, net   1,198,280        (89,832)      676,272
  Accounts payable and accrued
   expenses                        24,769        (19,559)       (3,360)
  Other changes, net                3,231         11,889       185,235
  Notes receivable issued        (467,383)            --       (50,000)
  Repayments of notes receivable  148,751             --            --
  Purchase of equity
   investments                     (2,000)    (3,055,457)   (1,351,753)
  Proceeds from sales of
   equity investments           2,071,215      1,796,870     7,011,933
  Proceeds from recovery of
   investments previously
   written off                     516,219       222,513            --




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

                                     For The Years Ended December 31,
                                   -----------------------------------
                                    2005          2004           2003
                                   ------        ------         ------
<S>                             <C>           <C>           <C>
Distributions from venture
   capital limited partnership
   investments                      13,761        29,667       115,249
                                 ---------     ---------    ----------
Net cash (used) provided by
 operating activities            (372,800)    (4,372,397)    4,824,896
                                 ---------     ---------    ----------
Cash flows from financing
 activities:
  Distributions to General
   Partners                             --            --    (1,770,540)
                                 ---------     ---------    ----------
    Net cash used by
     financing activities               --            --    (1,770,540)
                                 ---------     ---------    ----------

Net (decrease) increase in
 cash and cash equivalents        (372,800)   (4,372,397)    3,054,356
Cash and cash equivalents
 at beginning of year              431,943     4,804,340     1,749,984
                                 ---------     ---------    ----------
Cash and cash equivalents
 at end of year                 $   59,143   $   431,943   $ 4,804,340
                                 =========     =========    ==========

Supplemental disclosure of
 non-cash activity:
  Conversion of due from
   portfolio company, net to
   investments                  $1,988,074    $       --   $        --
                                 =========     =========    ==========

</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 V, 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 June 26, 1989.  The purpose of
the Partnership is to make venture capital investments in emerging growth
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 Independent General Partners are responsible for
the management and administration of the Partnership.  The Managing
General Partners are Technology Funding Ltd. (TFL) and Technology Funding
Inc. (TFI), a wholly owned subsidiary of TFL.  There are two Independent
General Partners.

For the period from June 26, 1989, through May 1990, the Partnership was
inactive.  The Partnership commenced selling Units of limited partnership
interest (Units) in May 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 original contributed capital was $40,040,046,
consisting of $40,000,000 from Limited Partners for 400,000 Units and
$40,046 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, 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.  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 the
extension of the Partnership's term to December 31, 2006.

Liquidation of the Partnership
------------------------------

In December of 2005, the Independent General Partners and the Managing
General Partners adopted a plan of liquidation and began the
implementation thereof.  As part of the plan of liquidation and in
conjunction with the anticipated dissolution and then liquidation of the
Partnership, the Independent General Partners also approved the retention
of an independent third party to assist in the sale of the Partnership's
holdings.  On February 15, 2006, the Independent General Partners
approved a resolution directing the Managing General Partners to notice a
Special Meeting of the Partnership at which meeting the Limited Partners
would be asked to vote upon a proposal to dissolve the Partnership prior
to its scheduled termination date of December 31, 2006, to place the
Partnership's assets and liabilities in a liquidating trust to be formed
for that purpose, and to withdraw the Partnership's election as a
Business Development Company under the 1940 Act.  Once the Liquidating
Trust is formed and the Partnership's assets and liabilities are
transferred to the Liquidating Trust, the Partnership shall be terminated
for purposes of Delaware law and the terms of the Liquidating Trust
Agreement will govern disposition of assets, proceeds and expenses.
Further, the Managing General Partners have informed the Independent
General Partners that they are only willing to continue funding the
Partnership's operating expenditures through the completion of a prompt
liquidation (estimated to be three to six months).  Any proceeds from the
liquidation of the assets of the Partnership will be paid first to
creditors of the Partnership including the Managing General Partners as
provided in Section 15.02 of the Limited Partnership Agreement.  The
amount owed to the Managing General Partners as creditors is expected to
continue to increase until proceeds from the sale of assets allow
payments to all of the creditors.  Based on changing market conditions
and new information, it is possible that the net proceeds from sale of
the Partnership's assets could be greater than or less than the aggregate
estimated liquidation values presented in the balance sheet.  If the
aggregate proceeds are ultimately less than the values presented, it is
possible that the sale proceeds will not be sufficient to meet the
Partnership's obligations to the creditors.  If that is the case, the
limited partners may receive no proceeds upon completion of the
liquidation process.  Absent timely liquidation events and cash proceeds
to support the continuing operation of the Partnership, the Managing
General Partners may accelerate liquidation efforts to minimize further
increases in the obligations to creditors.  As of January 31, 2006,
substantially all of the publicly traded holdings had been liquidated.
As of December 31, 2005, all of the Partnership's holdings in privately
held companies were valued at their estimated liquidation value.  Upon
dissolution, the Partnership, whether by vote at the proposed special
meeting or by operation of the Partnership Agreement, will go into
liquidation and pursuant to the Partnership Agreement will accrue all
estimated liquidation costs and any future operating costs including
administrative and investor services, computer services, record retention
costs, professional fees and estimated legal costs of the Partnership
through final termination, as provided for in the Partnership Agreement.
Based on prior experience, management estimates it will take no more than
three to six months to liquidate all remaining investments.  In the
meantime, an Independent Third Party has been assisting in the sale of
Partnership holdings and will continue to solicit interest in purchasing
those holdings.  If no third party makes a bid acceptable to the
Liquidating Trustee (who shall be the Independent General Partners, if
still constituted, and otherwise shall be a Person proposed and approved
by a Majority in Interest of the Limited Partners), the Managing General
Partners may offer to acquire the remaining assets from the Liquidating
Trust for the fair value at the time of the transaction.  From December
31, 2005, through termination, the Partnership will continue to incur
costs similar to those experienced in prior years under normal operating
procedures except that there would be no charges related to ongoing
investment operations.

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

The accompanying financial statements have been prepared on the accrual
basis of accounting of a partnership in liquidation.  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.

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

Investments are carried at estimated liquidation amounts, which
management believes approximate estimated fair value as determined below:

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

The Independent General Partners 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 Independent General Partners
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 Independent
General Partners 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.  It is possible that these estimates of
value and the estimated amount of time required to liquidate the assets
will change as the Managing General Partners gain additional information
from their efforts to sell the remaining investments and from information
provided by the third party retained to assist in selling the assets.

At December 31, 2005 and 2004, the investment portfolio included private
company investments and venture capital limited partnership investments
totaling $3,815,543 and $6,089,557, respectively, whose fair values were
established in good faith by the Managing General Partners in the absence
of readily ascertainable market values.  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.  Based on recent market
analysis and attempts to liquidate the Partnerships interests in its
venture capital limited partnership investments, management has valued
all remaining interests at $0.  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 fair 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 authority of the Independent General
Partners.  Fair value is generally defined as the amount the Partnership
could reasonably expect to receive from another party wishing to acquire
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.

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, 2005 and 2004, was $15,783,258 and $15,894,365, respectively.  At
December 31, 2005 and 2004, gross unrealized appreciation and
depreciation on investments based on cost for federal income tax purposes
were as follows:




<TABLE>
<CAPTION>
                                      December 31,   December 31,
                                          2005           2004
                                      ------------   ------------
<S>                                      <C>              <C>
Unrealized appreciation                       428    $   216,293
Unrealized depreciation               (11,925,869)    (9,513,188)
                                       ----------     ----------
Net unrealized depreciation           (11,925,441)   $(9,296,895)
                                       ==========     ==========
</TABLE>

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, 2005, 2004 and 2003, 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.

Reclassifications
-----------------

Certain balances in prior periods have been reclassified in accordance
with current year balances for comparability.

2.  Basis of Accounting and Presentation of the Statements
    ------------------------------------------------------

As of December 31, 2005, the Partnership is in liquidation and will not
continue as a going concern.  The accompanying financial statements are
shown on the liquidation basis, and all amounts have been presented at
their estimated liquidation value, which management believes approximates
its historical basis of accounting and as a result, no specific
adjustments have been made to the amounts presented or to the labeling of
the statements to reflect liquidation accounting.

3.  Related Party Transactions
    --------------------------

Related party costs are included in costs and expenses shown on the
Statements of Operations.  For the years ended December 31, 2005, 2004
and 2003, related party costs were as follows:






<TABLE>

<CAPTION>


                                           2005        2004       2003
                                         --------    --------   --------
<S>                                    <C>         <C>        <C>
Management fees                           123,938 $   91,361  $  166,618
Independent General Partners'
 compensation                              48,000     55,625      40,000
Reimbursable operating expenses:
  Administrative, investor
   services, professional fees,
   interest and other expenses          1,324,866  2,017,781   2,041,652
  Investment operations                   525,885    644,568     483,957
  Computer services                       111,167    172,352     107,480

</TABLE>

Management fees are 1 percent 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. Management fees due (to)
from the Managing General Partners were $(9,029) and $3,597 and were
included in due to related parties, net at December 31, 2005 and 2004,
respectively.

As compensation for their services, the Independent General Partners each
receive $14,000 annually, plus $1,500 for each attended meeting of the
Independent General Partners or committee thereof.  The Independent
General Partners are reimbursed for all out-of-pocket expenses relating
to attendance of the meetings, committees or otherwise of the Independent
General Partners.  The Independent General Partners each own 20 Units.

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.  The
Managing General Partners of this Partnership serve in a similar capacity
for other partnerships, and all reimbursed expenses are allocated to the
various partnerships based on a number of factors including the size of
each partnership, the number of active portfolio companies, and the
amount of time spent by various employees of the Managing General
Partners on the specific affairs of any one partnership.  Amounts due to
related parties for such expenses were $1,796,970 and $611,317, and were
included in due to related parties, net at December 31, 2005 and 2004,
respectively.

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.

As of December 31, 2005 and 2004, the Partnership has a due from related
party receivable of $0 and $557,336, respectively, related to its
investment in Dakota Holdings, LLC and Dakota Arms, Inc.  The Partnership
has advanced funds to the company for operations.  At December 31, 2005,
$2,397,500 of this receivable was converted into additional equity
investments in Dakota Holdings and the remaining $153 was converted into
a bridge loan with an interest rate of 4.79 percent.

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 Independent General Partners during the
September 2002 Independent General Partner meeting, was prepaid by the
Partnership in October and December 2002. At December 31, 2005, the
amount of prepaid operating expenses was $371,570 and is being amortized
over the remaining expected employment period.  During 2005, 2004 and
2003, the Partnership recognized $78,768, $78,780 and $78,790 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
investments in the portfolio company.  One of the Managing General
Partners serves as interim CEO and Chairman of the Board for Dakota Arms,
Inc., a portfolio company.  The Managing General Partner does not receive
any compensation for these services.

4.  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 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, 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
profits 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. 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 Independent 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
percent to the Limited Partners and 1 percent to the Managing General
Partners.

5.  Equity Investments
    ------------------

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

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

At December 31, 2005 and 2004, marketable equity securities had aggregate
costs of $255,486 and $953,141, respectively, and aggregate fair market
values of $42,274 and $507,913, respectively.  The net unrealized losses
at December 31, 2005 and 2004, included gross gains of $282 and $17,549,
respectively.

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

At December 31, 2005 and 2004, restricted securities had aggregate costs
of $13,995,648 and $12,819,296, respectively, and aggregate fair market
values of $3,815,543 and $6,089,557, respectively, representing 175.1
percent and 85.1 percent, respectively, of the total partners' capital of
the Partnership.

Significant purchases, sales and write-offs of equity investments during
2005 are as follows:

Celera Genomics Group
---------------------

In March 2005, the Partnership sold its entire holdings in the company
for proceeds of $41,551 and recorded a realized loss of $99,449.

CVM Equity Fund IV, Ltd.
------------------------

During 2005, the Partnership received a final liquidating stock
distribution, NAVSYS, and wrote off its entire investment in the venture
capital limited partnership, recording a realized loss of $76,436.  No
gain was recorded for NAVSYS, as it is a privately held stock with no
current market value.

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

In December 2005, the Partnership converted its due from portfolio
company of $2,397,653 to $2,397,500 of LLC units and the remaining $153
into a bridge loan with an interest rate of 4.79 percent.

Endocare, Inc.
--------------

During 2005, the Partnership sold 38,777 shares of its interest in
Endocare for proceeds of $138,225 and recorded realized gains of $10,807.

Innergy Power Corporation
-------------------------
During 2005, the Partnership received $48,751 in bridge loan repayments.
In December 2005, the Partnership purchased 15,245 additional Series C
preferred shares at a cost of $2000.

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

In March 2005, the Partnership sold its entire holdings in the company
for proceeds of $151,732 and recorded a realized loss of $669.

KeyEye Communications, Inc.
---------------------------

In December 2005, the Partnership issued a bridge loan to the company in
the amount of $367,383 with an interest rate of 8 percent.


OW&W Pacrim Investments Limited
-------------------------------

In March 2005, the Partnership received notice that the venture capital
limited partnership was terminating.  During 2005, the Partnership
received final distributions of $13,111 and wrote off its entire
investment in the venture capital limited partnership recording a
realized loss of $1,005.

Physiometrix, Inc.
-----------------

In March 2005, the Partnership sold its entire holdings in the company
for proceeds of $93,049 and recorded a loss of $191,975.

Qualmark Corp.
--------------

In June 2005, the Partnership received a stock distribution in the amount
of 4,705 shares for a gain of $8,187.

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

In September 2005, the Partnership recovered and recorded a gain of
$516,219 from RedCell, an investment that was previously written off.

Spectrum Equity Investors, L.P.
-------------------------------

In March 2005, the Partnership wrote off its investment in the venture
capital limited partnership for a realized a loss of $398,079.  The
venture capital limited partnership terminated at December 31, 2004.  The
Partnership expects no return on its investment.

Trinity Ventures IV, L.P.
-------------------------

In December 2005, the Partnership received a cash distribution and
recorded a realized gain of $649.


VenCore Solutions, LLC
----------------------

In January 2005, the company converted the Partnership's three notes
receivable, including accrued interest, for 444,124 Series A Units at a
cost of $444,124.  In June 2005, the Partnership invested in the company
with a convertible bridge loan in the amount of $100,000 with a fixed
interest rate of 10 percent.  The note and accrued interest was repaid
October 2005 when the Partnership sold its entire holdings in the company
for proceeds of $1,646,658 and recorded gains of $577,534.

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

Other significant changes reflected in the Statements of Investments
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.


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,
                                    -----------------------------------
                                     2005          2004           2003
                                    ------        ------         ------
S>                              <C>           <C>           <C>
Unrealized depreciation
 from cost of marketable
 equity securities              $   (213,212)  $  (445,228)  $(1,115,141)

Unrealized depreciation
 from cost of non-marketable
 equity securities               (10,180,105)   (6,729,739)   (7,663,241)
                                  ----------    ----------    ----------
Unrealized depreciation
 from cost at end of year        (10,393,317)			(7,174,967)   (8,778,382)

Unrealized depreciation
 from cost at beginning
 of year                          (7,174,967)			(8,778,382)  (14,925,402)

Bad debt allowance                   409,579            --            --
                                  ----------    ----------    ----------
Net (increase) decrease in
 unrealized depreciation
 of equity investments          $ (2,808,771)		$ 1,603,415   $ 6,147,020
                                  ==========    ==========    ==========
</TABLE>

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

Cash and cash equivalents at December 31, 2005 and 2004, consisted of:
<TABLE>
<CAPTION>
                                               2005                2004
                                             --------            --------
<S>                                        <C>                 <C>
Demand accounts                               $58,673            $431,355
Money market accounts                             470                 588
                                              -------           ---------
  Total                                       $59,143            $431,943
                                             ========           =========
</TABLE>


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

There were no short-term borrowings in 2005 and 2004.


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

There were no tax distributions to the General Partners during 2005 and
2004.


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,
2005 the Partnership had no of unfunded commitments.

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, 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.


11. Financial Highlights
    --------------------

<TABLE>
<CAPTION>
                                   For The Years Ended December 31,
                                 -----------------------------------
                                   2005          2004          2003
                                  ------        ------        ------
<S>                            <C>             <C>            <C>
(all amounts on a per Unit basis)
Net asset value,
 beginning of period              $24.68        $33.37        $33.27

Loss from investment
 operations:
  Net investment loss              (6.25)        (7.22)        (0.48)
  Net realized and unrealized
   (loss) gain on investments      (6.06)        (1.47)          .58
                                   -----        ------        ------
  Total from investment
   operations                     (12.31)        (8.69)          .10
                                   -----        ------        ------
Net asset value, end of period    $12.37        $24.68        $33.37
                                   =====        ======        ======

Total return                      (49.88)%      (26.04)%        0.30%

Ratios to average net assets:

 Net investment loss              (33.73)%      (24.88)%       (1.44)%

 Expenses                         (34.32)%      (25.68)%      (21.30)%

</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.  Per the terms of the limited
partnership agreement, subsequent to final liquidation of all partnership
assets, the General Partners would be required to contribute capital
equal to the amount of the General Partners' deficit capital account, if
applicable.

12. Subsequent Event
    ----------------

Subsequent to the year ending December 31, 2005, the Partnership
guaranteed an existing line of credit for CheckTech Financial
Corporation, a portfolio company, in the amount of $50,000.


<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 V,
                         AN AGGRESSIVE GROWTH FUND, L.P.

                         By:  TECHNOLOGY FUNDING INC.
                              TECHNOLOGY FUNDING LTD.
                              Managing General Partners


Date:  March --, 2006    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 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 --, 2006
------------------------      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 Venture Partners V, L.P.     11:10 AM     03/28/06
(a Delaware limited partnership, in process of liquidation)

Page 26 of 46
Technology Funding Venture Partners V, L.P.
(a Delaware limited partnership, in process of liquidation)