SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


[X]      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934

For the Quarterly Period Ended June 30, 1997

Or

[ ]      Transition Report Pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934

For the transition period from               to
Commission file number 2-91941


                          ML TECHNOLOGY VENTURES, L.P.
===============================================================================
             (Exact name of registrant as specified in its charter)


Delaware                                                             13-3213176
===============================================================================
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)


World Financial Center, North Tower
New York, New York                                                  10281-1326
==============================================================================
(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code:  (212) 449-1000


Not applicable
==============================================================================
Former name, former address and former fiscal year, if changed since last report


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


<PAGE>


                          ML TECHNOLOGY VENTURES, L.P.

                                      INDEX


PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements.

Balance Sheets as of June 30, 1997 (Unaudited) and December 31, 1996

Statements of Operations for the Three and Six Months Ended June 30, 1997 and 
1996 (Unaudited)

Statements of Cash Flows for the Six Months Ended June 30, 1997 and 1996 
(Unaudited)

Statement of Changes in Partners' Capital for the Six Months Ended June 30, 1997
 (Unaudited)

Notes to Financial Statements (Unaudited)

Item 2.       Management's Discussion and Analysis of Financial Condition and 
               Results of Operations.


PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings.

Item 2.       Changes in Securities.

Item 3.       Defaults upon Senior Securities.

Item 4.       Submission of Matters to a Vote of Security Holders.

Item 5.       Other Information.

Item 6.       Exhibits and Reports on Form 8-K.



<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.       Financial Statements.

ML TECHNOLOGY VENTURES, L.P.
BALANCE SHEETS
<TABLE>
                                                                                        June 30, 1997         December 31,
                                                                                         (Unaudited)                 1996
ASSETS

<S>                                                                                  <C>                       <C>            
Cash and cash equivalents                                                            $       584,290           $       218,215
Publicly traded securities (cost $4,319,708 as of June 30, 1997
      and $1,125,000 as of December 31, 1996)                                              6,272,736                 1,388,888
U.S. Government securities, at amortized cost                                              4,998,104                         -
Other equity investments, at cost                                                                  -                    73,043
Subordinated promissory note                                                                 130,000                   130,000
Receivable from securities sold                                                            3,497,103                         -
Other assets                                                                                  44,350                    32,245
                                                                                     ---------------           ---------------

TOTAL ASSETS                                                                         $    15,526,583           $     1,842,391
                                                                                     ===============           ===============

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable                                                                     $        58,123           $        70,027
Due to Management Company                                                                     50,000                    50,000
                                                                                     ---------------           ---------------
   Total liabilities                                                                         108,123                   120,027
                                                                                     ---------------           ---------------

Partners' Capital:
General Partner                                                                              563,104                    16,042
Limited Partners (69,094 Units)                                                           12,902,328                 1,442,434
Unallocated net unrealized appreciation of investments                                     1,953,028                   263,888
                                                                                     ---------------           ---------------
   Total partners' capital                                                                15,418,460                 1,722,364
                                                                                     ---------------           ---------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                              $    15,526,583           $     1,842,391
                                                                                     ===============           ===============
</TABLE>


See notes to financial statements.



<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (UNAUDITED)

<TABLE>

                                                                       Three Months Ended                 Six Months Ended
                                                                            June 30,                          June 30,

                                                                    1997             1996             1997             1996
                                                              ---------------     ------------  --------------     --------
INCOME

<S>                                                            <C>               <C>           <C>                 <C>          
   Royalty and licensing income                                $       32,788    $    37,567   $        69,975     $      73,571
   Interest on accounts receivable                                          -              -                 -            49,716
   Other interest income                                               48,785         45,182            49,882            67,377
                                                               --------------    -----------   ---------------     -------------
   Total income                                                        81,573         82,749           119,857           190,664
                                                               --------------    -----------   ---------------     -------------

EXPENSES

   Management fee                                                      50,000         50,000           100,000           100,000
   Professional fees                                                    4,206          5,654            69,706           114,003
   Mailing and printing                                                 4,853         12,714            16,547            27,528
   Miscellaneous                                                          442              -             1,493             1,050
                                                               --------------    -----------   ---------------     -------------
   Total expenses                                                      59,501         68,368           187,746           242,581
                                                               --------------    -----------   ---------------     -------------

NET OPERATING INCOME (LOSS)                                            22,072         14,381           (67,889)          (51,917)
                                                               --------------    -----------   ---------------     -------------

Net realized gain from research and development
   ventures                                                                 -              -                 -           618,843

Net realized gain (loss) from investments                           2,457,339              -        12,074,845          (323,693)
                                                               --------------    -----------   ---------------     -------------

NET REALIZED GAIN                                                   2,457,339              -        12,074,845           295,150
                                                               --------------    -----------   ---------------     -------------

NET INCOME (allocable to Partners)                             $    2,479,411    $    14,381   $    12,006,956     $     243,233
                                                               ==============    ===========   ===============     =============


Net income per unit of limited partnership interest                $    32.30        $   .21       $    167.74         $    3.48
                                                                   ==========        =======       ===========         =========
</TABLE>



See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Six Months Ended June 30,
<TABLE>

                                                                                                  1997               1996
                                                                                             --------------     ---------
CASH FLOWS PROVIDED FROM (USED FOR) OPERATING
   ACTIVITIES
<S>                                                                                          <C>                <C>            
     Interest and other income received                                                      $      117,278     $       194,777
     Other operating expenses paid                                                                 (211,072)           (321,477)
                                                                                             --------------     ---------------
     Cash provided from (used for) operating activities                                             (93,794)           (126,700)
                                                                                             --------------     ---------------

CASH FLOWS PROVIDED FROM (USED FOR) INVESTING
   ACTIVITIES
     Net return (purchase) of investments in U.S. Treasury Bills                                 (4,996,208)          1,090,252
     Proceeds from the sale or termination of research and
       development ventures                                                                               -           2,350,284
     Proceeds from the repayment of subordinated note                                                     -             120,000
     Proceeds from the sale of investments in equity securities                                   5,456,077             420,908
                                                                                             --------------     ---------------
     Cash provided from (used for) investing activities                                             459,869           3,981,444
                                                                                             --------------     ---------------

CASH FLOWS PROVIDED FROM (USED FOR) FINANCING
   ACTIVITIES
   Cash distributions:
     General Partner                                                                                      -             (42,267)
     Limited Partners                                                                                     -          (3,800,170)
                                                                                             --------------     ---------------
Cash provided from (used for) financing activities                                                        -          (3,842,437)
                                                                                             --------------     ---------------

Increase (decrease) in cash and cash equivalents                                                    366,075              12,307
Cash and cash equivalents at beginning of period                                                    218,215             243,366
                                                                                             --------------     ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                   $      584,290     $       255,673
                                                                                             ==============     ===============

Reconciliation  of net  income  to  cash  provided  from  (used  for)  operating
     activities:
   Net income                                                                                $   12,006,956     $       243,233
                                                                                             --------------     ---------------
   Adjustments to reconcile net income to cash provided from
     (used for) operating activities:
       Net realized (gain) loss                                                                 (12,074,845)           (295,150)
       (Increase) decrease in receivables                                                           (14,001)              4,956
       (Decrease) increase in payables                                                              (11,904)            (79,739)
                                                                                             --------------     ---------------
   Total adjustments                                                                            (12,100,750)           (369,933)
                                                                                             --------------     ---------------

Cash provided from (used for) operating activities                                           $      (93,794)    $      (126,700)
                                                                                             ==============     ===============
</TABLE>

See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)
For the Six Months Ended June 30, 1997


<TABLE>

                                                                                            Unallocated
                                                                                          Net Unrealized
                                                       General          Limited            Appreciation
                                                       Partner         Partners           of Investments            Total

<S>                                                <C>             <C>                    <C>                 <C>             
Balance at beginning of period                     $     16,042    $      1,442,434       $      263,888      $      1,722,364

Allocation of net income                                547,062          11,459,894                    -            12,006,956

Change in net unrealized appreciation
    of investments                                            -                   -            1,689,140             1,689,140
                                                   ------------    ----------------       --------------      ----------------

Balance at end of period                           $    563,104    $     12,902,328       $    1,953,028      $     15,418,460
                                                   ============    ================       ==============      ================
</TABLE>


See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)


1.       Organization and Purpose

ML  Technology  Ventures,   L.P.  (the  "Partnership")  is  a  Delaware  limited
partnership  formed in April 1984. ML R&D Co., L.P., the general  partner of the
Partnership  (the "General  Partner"),  is also a Delaware  limited  partnership
formed  in April  1984,  the  general  partner  of which is  Merrill  Lynch  R&D
Management Inc. (the "Management  Company"),  an indirect  subsidiary of Merrill
Lynch & Co., Inc. DLJ Capital  Management  Corporation (the  "Sub-Manager"),  an
indirect subsidiary of Donaldson, Lufkin & Jenrette, Inc., is the sub-manager of
the Partnership,  pursuant to a sub-management  agreement among the Partnership,
the Management Company, the General Partner and the Sub-Manager.

The  objective  of the  Partnership  has  been to  achieve  cash  flow  from the
commercialization of a broad range of technologies developed and owned by, or on
behalf of, the  Partnership.  The  Partnership  has been engaged in research and
development  activities for the development of new technology through contracts,
joint ventures and investments in other partnerships.  The Partnership is in the
process of liquidation and will terminate no later than January 31, 2005.

2.       Significant Accounting Policies

Research and  Development  Costs - In prior periods,  the  Partnership  incurred
costs in connection with its research and development ventures, including patent
application  costs,  which were  expensed in the period  incurred.  Research and
development  expenses  were  shown net of value  received  for the  granting  of
options to purchase technology being developed.

Valuation  of  Investments  - In  accordance  with the  Statement  of  Financial
Accounting  Standards  No. 115,  investments  in  available-for-sale  securities
(publicly  traded  securities)  are  accounted  for at market value based on the
closing public market price on the last day of the quarter.  Non-publicly traded
securities  are accounted for at cost. The cost of an investment is written down
to its fair value when the investment is determined to be other than temporarily
impaired.

Use of Estimates - The  preparation of financial  statements in conformity  with
generally accepted  accounting  principles requires management to make estimates
and assumptions  that affect the 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  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Investment  Transactions - Investment  transactions  are recorded on the accrual
method. Realized gains and losses on investments sold are computed on a specific
identification basis.

Income Taxes - No provision  for income taxes has been made since all income and
losses are  allocable  to the Partners for  inclusion  in their  respective  tax
returns.

Statements  of  Cash  Flows  -  The  Partnership  considers  cash  held  in  its
interest-bearing cash account to be cash equivalents.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued

3.       Allocation of Partnership Profits and Losses

The  Partnership  Agreement  provides  that  profits  shall be  allocated to all
Partners in  proportion  to their  capital  contributions  until there have been
distributions  to the Limited  Partners  equal to their  capital  contributions,
after which time 90% will be  allocated  to the Limited  Partners and 10% to the
General  Partner  (90/10 ratio) until there has been  distributed to the Limited
Partners an aggregate amount,  since the inception of the Partnership,  equal to
twice their capital  contributions  and  thereafter 80% will be allocated to the
Limited  Partners and 20% to the General Partner (80/20 ratio).  Losses shall be
allocated to all Partners in proportion to their capital contributions provided,
however,  that to the extent  profits  have been  credited in the 90/10 or 80/20
ratio,  losses shall be charged in such ratios in reverse order in which profits
were credited.

4.       Commitment

The Partnership has a $388,957 commitment to fund MLMS Cancer Research, Inc. The
Partnership  is a  shareholder  of MLMS  Cancer  Research  which is the  general
partner of ML/MS Associates, L.P., a research and development joint venture with
IDEC Pharmaceuticals Corporation. See Note 7 below.

5.       Related Party Transactions

The  Management  Company  performs,  or  arranges  for  others to  perform,  the
management  and  administrative  services  necessary  for the  operation  of the
Partnership.  The Management Company received a management fee at an annual rate
of 2% of the aggregate  capital  contributions  to the Partnership for its first
four  years  of  operations  and  1%  of  the  aggregate  capital  contributions
thereafter,  through  December 31, 1995. On March 27, 1996, the General  Partner
and the  Management  Company  agreed to reduce the management fee payable by the
Partnership  to $200,000 per annum.  The reduction  commenced with the quarterly
management  fee paid for the quarter ended March 31, 1996. The management fee is
payable quarterly in arrears.

6.       Investments in Equity Securities

As of January 1, 1994, the Partnership  adopted Financial  Accounting  Standards
Board No. 115 ("FASB"  115)  ("Accounting  for Certain  Investments  in Debt and
Equity Securities").  The effect on partners' capital of initially applying this
FASB  was a  change  in  accounting  principle,  and  the  unrealized  gain  for
securities  available for sale is reflected as a separate component of partners'
capital. In accordance with this statement,  debt and equity securities which do
not have  readily  determinable  market  values are not marked to market and the
market values of these securities are not reflected in the balance sheet.



The cost and market value of the  Partnership's  publicly-held  securities as of
June 30, 1997 are as follows:
<TABLE>

                                                                                          Market
                                                                      Cost                 Value
Photon Technology International, Inc.
<S>                                                              <C>                  <C>          
   396,825 shares of common stock                                $   1,125,000        $   2,380,950
IDEC Pharmaceuticals Corporation
   160,486 shares of common stock                                    3,194,708            3,891,786
                                                                 -------------        -------------
                                                                 $   4,319,708        $   6,272,736
                                                                 =============        =============
</TABLE>


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), continued



7.      Net Realized Gains or Losses from Investments

During the six months  ended June 30, 1997,  the  Partnership  received  501,096
common  shares of IDEC  Pharmaceuticals  Corporation  in two  final  liquidating
distribution payments from ML/MS Associates, L.P. and MLMS Cancer Research, Inc.
As  of  June  30,  1997,  the  Partnership  had  sold  340,610  shares  of  IDEC
Pharmaceuticals for $8,953,180,  of which $3,497,103 was a receivable as of June
30, 1997. These transactions  resulted in a net realized gain of $12,074,845 for
the six months ended June 30, 1997. See Note 9 below.

8.      Subordinated Promissory Note

In December 1995, the R&D venture between the Partnership and Photon  Technology
International,  Inc. was terminated. In connection with the termination,  Photon
agreed to pay the Partnership $770,761 to satisfy its $500,000 subordinated note
obligation and related accrued  interest.  The $770,761 was scheduled to be paid
in installments  through December 1997. Such installment payments were suspended
in June 1996 and had not resumed as of June 30, 1997.  Since the Partnership had
written-off  $250,000 of the  principal  amount of such note in 1994,  the first
$250,000  paid  under  the new  arrangement  is being  recorded  as a return  of
principal on the note.

9.      Subsequent Events

In July 1997, the Partnership sold its remaining 160,486 common shares of IDEC  
Pharmaceuticals for $4,316,841,  realizing a gain of $1.1 million.

On July 8, 1997, the  Partnership  made a cash  distribution to Partners  
totaling  $5,234,394;  $5,182,050,  or $75 per Unit, to Limited Partners of 
record on July 1, 1997 and $52,344 to the General Partner.


10.     Interim Financial Statements

In the  opinion  of ML R&D  Co.,  L.P.,  the  managing  general  partner  of the
Partnership, the unaudited financial statements as of June 30, 1997, and for the
three and six month period then ended, reflect all adjustments necessary for the
fair presentation of the results of the interim period.


<PAGE>


Item 2.       Management's Discussion and Analysis of Financial Condition and 
              Results of Operations.

Liquidity and Capital Resources

The  Partnership is working toward the  liquidation of its remaining  assets and
subsequent  termination  in 1998 or  earlier,  if  possible.  The timing of such
liquidation of the  Partnership's  assets and  termination of the Partnership is
contingent  upon,  among other things,  market  conditions and  contractual  and
securities laws restrictions and no assurances can be given that the Partnership
will be able to  complete  all steps  necessary  to  liquidate  its  assets  and
terminate within such time frame.

As of June 30, 1997,  the  Partnership  had $5.0 million in U.S.  Treasury Bills
with maturities of less than one year, and $584,000 in an interest  bearing cash
account.  For the three and six months  ended  June 30,  1997,  the  Partnership
earned  interest of $49,000 and $50,000 from such cash  balances,  respectively.
Interest  earned in future  periods  is subject to  fluctuations  in  short-term
interest rates and amounts available for investment in such securities.

During the three months ended June 30, 1997, the Partnership sold 133,172 shares
of IDEC Pharmaceuticals  Corporation for $3.5 million, which was a receivable at
June 30, 1997.  Such  proceeds were  received by the  Partnership  in July 1997.
Additionally,  subsequent to the end of the quarter,  the  Partnership  sold its
remaining 160,486 common shares of IDEC Pharmaceuticals for $4.3 million.

In July 1997, the  Partnership  made a cash  distribution  to Partners  totaling
$5,234,394.  Limited Partners of record of July 1, 1997 received $5,182,050,  or
$75 per Unit, and the General Partner received $52,344.

As was provided in the Partnership's prospectus delivered to Limited Partners in
connection  with their  investment,  and as disclosed in subsequent  filings and
reports,  the  Partnership  is obligated to pay,  and has paid  accordingly,  an
annual management fee equal to 2% of aggregate capital  contributions during the
four years subsequent to its closing ($1,397,250  annually) and, thereafter,  1%
of aggregate capital contributions ($698,624 annually).  The original objectives
of the Partnership anticipated that the bulk of the Partnership's revenues would
be  earned  between  1988  and  1996.   Therefore,   in   consideration  of  the
Partnership's originally contemplated objectives,  the reduction of assets under
management  and the  anticipated  termination  of the  Partnership,  the General
Partner and the  Management  Company,  while not required to do so, have reduced
the annual  management fee payable by the Partnership from $698,624 to $200,000,
commencing  with the management fee payment paid for the quarter ended March 31,
1996.

It is anticipated that funds needed to cover future  operating  expenses will be
obtained from the  Partnership's  existing cash reserves,  royalty and licensing
income, interest income and proceeds received from the sale of the Partnership's
remaining assets.

Results of Operations

For the three and six months ended June 30, 1997, the Partnership had net income
of $2.5  million  and $12.0  million,  respectively,  as compared to $14,000 and
$243,000,  respectively,  for the six months ended June 30, 1996.  Net income or
loss is comprised of 1) net operating income or loss and 2) net realized gain or
loss.

Net  Operating  Income or Loss - For the three  months  ended June 30,  1997 and
1996,  the  Partnership  had  net  operating  income  of  $22,000  and  $14,000,
respectively.  The increase in net operating income for the 1997 period compared
to the 1996 period  primarily was the result of an $8,000  decrease in operating
expenses.  Investment  income  remained  relatively  flat in 1997  from the same
period in 1996 with a slight  decrease in royalty and  licensing  income  mostly
offset by an increase in other interest income.

For the six  months  ended June 30,  1997 and 1996,  the  Partnership  had a net
operating  loss of  $68,000  and  $52,000,  respectively.  The  increase  in net
operating  loss for the  1997  period  compared  to the  1996  period  primarily
resulted from a $71,000  decrease in  investment  income  partially  offset by a
$55,000  decrease in  operating  expenses.  The  decrease in  investment  income
included a $50,000  reduction in interest  earned on the receivable  balance due
from United AgriSeeds,  Inc., which was paid in full in March 1996. Other income
decreased  by  $17,000,  primarily  due to a decrease  in  interest  earned from
short-term  investments,  due to a reduction of cash available for investment in
such  securities  during the 1997  period  compared  to the same period in 1996.
Additionally,  royalty and  licensing  income  decreased  by $4,000 for the 1997
period compared to the 1996 period.  The decrease in operating  expenses for the
1997 period compared to the 1996 period resulted mainly from a $44,000  decrease
in professional  fees,  resulting from a decline in legal fees incurred,  and an
$11,000 decrease in mailing and printing expenses.

Realized  Gains  and  Losses - In March  1997 and in May 1997,  the  Partnership
received 365,217 and 135,879 common shares of IDEC Pharmaceuticals  Corporation,
respectively, from ML/MS Associates, L.P. and MLMS Cancer Research, Inc. (MLMS),
representing the final liquidating  distribution from MLMS. The Partnership sold
207,438  shares of IDEC in March 1997 and sold an additional  133,172  shares in
June 1997.  These  transactions  resulted in a net realized gain of $2.5 million
and  $12.1   million  for  the  three  and  six  months  ended  June  30,  1997,
respectively.  Subsequent  to  the  end  of  the  quarter,  in  July  1997,  the
Partnership sold its remaining 160,486 shares of IDEC  Pharmaceuticals  for $4.3
million and will record an additional  gain of $1.1 million in the third quarter
of 1997.

The  Partnership had no realized gains or losses for the three months ended June
30, 1996. However,  the Partnership had a $295,000 net realized gain for the six
months ended June 30,  1996.  During March 1996,  the  Partnership  received the
final $2.4 million installment  payment from United AgriSeeds,  resulting in the
recognition of a $619,000 realized gain.  Additionally,  during the three months
ended March 31, 1996, the Partnership sold its remaining common shares of Ecogen
for $322,000, realizing a loss of $324,000.


<PAGE>


                           PART II - OTHER INFORMATION


Item 1.       Legal Proceedings.

The Partnership is not a party to any legal proceedings.

Item 2.       Changes in Securities.

Not applicable.

Item 3.       Defaults Upon Senior Securities.

Not applicable.

Item 4.       Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 5.       Other Information.

None.



<PAGE>


Item 6.       Exhibits and Reports on Form 8-K.

              (a)   Exhibits

                    (4)             (A) Amended  and  Restated  Certificate  and
                                    Agreement  of  Limited  Partnership  of  the
                                    Partnership  dated as of April 23, 1984,  as
                                    amended through February 22, 1985,  included
                                    as  Exhibit  A  to  the  Prospectus  of  the
                                    Partnership dated March 11, 1985.(a)

                          (B)       (i)  Amendment  dated August 20, 1985 to the
                                    Amended   and   Restated   Certificate   and
                                    Agreement  of  Limited  Partnership  of  the
                                    Partnership.(b)

                          (B)       (ii) Amendment  dated August 28, 1985 to the
                                    Amended   and   Restated   Certificate   and
                                    Agreement  of  Limited  Partnership  of  the
                                    Partnership.(c)

                    (10)  (a)       Management  Agreement dated as of May 23, 
                                   1991 among the Partnership,  Management 
                                   Company and the Managing General Partner.(d)

                    (10)  (b)       Sub-Management Agreement dated as of May 23,
                                    1991 among the Partnership,  Management 
                                    Company, the Managing General Partner and 
                                    the Sub-Manager.(d)

                    (10)  (c)       Amendment dated March 27, 1996 to the 
                                   Management Agreement among the Partnership,
                                   Management Company and the Managing General
                                   Partner.(e)

                    (10)  (d)       Amendment  dated  March 27,  1996 to the  
                                   Sub-Management  Agreement  among  the  
                                   Partnership, Management Company, the 
                              Managing General Partner and the Sub-Manager.(e)

                    (27)            Financial Data Schedule.

              (b) No reports on Form 8-K have been filed since the  beginning of
the period covered by this report.
------------------------------

(a)      Incorporated  by reference to the  Partnership's  Annual Report on Form
         10-K for the  fiscal  year  ended  December  31,  1984  filed  with the
         Securities and Exchange Commission on August 12, 1985.

(b)      Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended September 30, 1985 filed with the Securities
         and Exchange Commission on November 12, 1985.

(c)      Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended March 31, 1986 filed with the Securities and
         Exchange Commission on May 14, 1986.

(d)      Incorporated  by reference to the  Partnership's  Annual Report on Form
         10-K for the  fiscal  year  ended  December  31,  1991  filed  with the
         Securities and Exchange Commission on March 30, 1992.

(e)      Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended March 31, 1996 filed with the Securities and
         Exchange Commission on May 14, 1996.


<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.



              ML TECHNOLOGY VENTURES, L.P.


By:           ML R&D Co., L.P.
              its General Partner

By:           Merrill Lynch R&D Management Inc.
              its General Partner


By:           /s/     Kevin K. Albert
              Kevin K. Albert
              President
              (Principal Executive Officer)


By:           /s/     Diane T. Herte
              Diane T. Herte
              Vice President and Treasurer
              (Principal Financial and Accounting Officer)



Date:         August 19, 1997



<PAGE>