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 March 31, 2000

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)


4 World Financial Center, 26th floor

New York, New York                                                         10080
--------------------------------------------------------------------------------
(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 March 31, 2000 (Unaudited) and December 31, 1999

Statements of Operations for the Three Months Ended March 31, 2000 and 1999
(Unaudited)

Statements of Cash Flows for the Three Months Ended March 31, 2000 and 1999
(Unaudited)

Statement of Changes in Partners' Capital for the Three Months Ended March 31,
2000 (Unaudited)

Notes to Financial Statements (Unaudited)

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

Item 3.       Quantitative and Qualitative Disclosures about Market Risk.

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

                                                                                            March 31, 2000        December 31,
                                                                                              (Unaudited)             1999

Assets

Cash and cash equivalents                                                                   $      131,082      $       108,819
Investments:
   Publicly traded securities, at market value (cost of $1,125,000 as of
     March 31, 2000 and December 31, 1999)                                                       1,587,300              103,175
   Subordinated promissory note                                                                    110,000              110,000
Accrued royalty receivable                                                                          30,932               31,386
                                                                                            --------------      ---------------

Total Assets                                                                                $    1,859,314      $       353,380
                                                                                            ==============      ===============


Liabilities and Partners' Capital

Liabilities:
Accounts payable and accrued expenses                                                       $       37,430      $        16,365
Due to Management Company                                                                          100,000               50,000
                                                                                            --------------      ---------------
   Total liabilities                                                                               137,430               66,365
                                                                                            --------------      ---------------

Partners' Capital:
General Partner                                                                                    125,958              130,884
Limited Partners (69,094 Units)                                                                  1,133,626            1,177,956
Accumulated unallocated other comprehensive loss
   - unrealized appreciation (depreciation) of investments                                         462,300           (1,021,825)
                                                                                            --------------      ---------------
Total partners' capital                                                                          1,721,884              287,015
                                                                                            --------------      ---------------

Total Liabilities and Partners' Capital                                                     $    1,859,314      $       353,380
                                                                                            ==============      ===============

</TABLE>

See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended March 31,
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                              2000                    1999
                                                                                         --------------           ------------

Income

   Royalty and licensing income                                                          $        31,232          $     32,630
   Interest income                                                                                   571                 6,880
                                                                                         ---------------          ------------
   Total income                                                                                   31,803                39,510
                                                                                         ---------------          ------------
Expenses

   Management fee                                                                                 50,000                50,000
   Professional fees                                                                              17,407                 9,068
   Mailing and printing                                                                           13,552                11,804
   Miscellaneous                                                                                     100                     -
                                                                                         ---------------          ------------
   Total expenses                                                                                 81,059                70,872
                                                                                         ---------------          ------------

Net Loss                                                                                         (49,256)              (31,362)


Other Comprehensive Income (Loss)

   Change in unrealized appreciation (depreciation) of investments                             1,484,125               (12,401)
                                                                                         ---------------          ------------

Comprehensive Income (Loss)                                                              $     1,434,869          $    (43,763)
                                                                                         ===============          ============

Net loss per unit of limited partnership interest                                              $ (0.64)                 $(0.41)
                                                                                               =======                  ======
</TABLE>



See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (Unaudited)
For the Three Months Ended March 31,
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                                   2000               1999
                                                                                               -------------       ------------
Cash Flows Provided From (Used For) Operating Activities

   Interest and other income received                                                           $     32,420      $      38,604
   Other operating expenses paid                                                                     (10,157)           (60,433)
                                                                                                ------------      -------------
   Cash provided from (used for) operating activities                                                 22,263            (21,829)
                                                                                                ------------      -------------


Cash Flows Provided From Investing Activities

   Net return of U.S. Government Securities                                                                -             99,053
                                                                                                ------------      -------------
   Cash provided from investing activities                                                                 -             99,053
                                                                                                ------------      -------------

Increase in cash and cash equivalents                                                                 22,263             77,224
Cash and cash equivalents at beginning of period                                                     108,819            105,543
                                                                                                ------------      -------------

Cash and Cash Equivalents at End of Period                                                      $    131,082      $     182,767
                                                                                                ============      =============


Reconciliation   of  net  loss  to  cash  provided  from  (used  for)  operating
   activities:

   Net loss                                                                                     $    (49,256)     $     (31,362)
                                                                                                ------------      -------------
   Adjustments to reconcile net loss to cash provided from (used for)
     operating activities:
     Decrease (increase) in accrued royalty receivable                                                   454             (1,288)
     Increase in accounts payable and accrued expenses                                                21,065             10,439
     Increase in due to Management Company                                                            50,000                  -
     Increase in accrued interest on U.S. Government Securities                                            -                382
                                                                                                ------------      -------------
   Total adjustments                                                                                  71,519              9,533
                                                                                                ------------      -------------

Cash provided from (used for) operating activities                                              $     22,263      $     (21,829)
                                                                                                ============      =============


</TABLE>

See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Three Months Ended March 31, 2000
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                                            Accumulated
                                                                                            Unallocated
                                                                                               Other
                                                     General            Limited            Comprehensive
                                                     Partner           Partners            Income (Loss)             Total

Balance as of beginning of period                  $    130,884    $      1,177,956     $     (1,021,825)     $        287,015

Allocation of net loss                                   (4,926)            (44,330)                   -               (49,256)

Change in other comprehensive income
   (loss) - unrealized appreciation of
   investments                                                -                   -            1,484,125             1,484,125
                                                   ------------    ----------------     ----------------      ----------------

Balance as of end of period                        $    125,958    $      1,133,626     $        462,300      $      1,721,884
                                                   ============    ================     ================      ================


</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  ventures for the development of new technology  through  contracts,
joint ventures and participation in other partnerships.

Although the Partnership  Agreement provides that the Partnership will terminate
no later than  January  31,  2005,  the  General  Partner is working  toward the
termination of the Partnership as soon as practical, consistent with the goal of
maximizing returns.

2.       Significant Accounting Policies

Valuation of Investments - In accordance with Statement of Financial  Accounting
Standards  ("SFAS")  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  valuation  date.  The related  unrealized
appreciation   (depreciation)   of  such   securities   is   included  in  other
comprehensive  income (loss) and reflected as a separate  component of partners'
capital.  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.

Comprehensive  Income  (Loss) - In  accordance  with  SFAS No.  130,  "Reporting
Comprehensive  Income", the statements of operations include an amount for other
comprehensive  income  (loss).  Other  comprehensive  income (loss)  consists of
revenues,  expenses,  gains and losses that have affected  partners' capital but
which are excluded from net income (loss).  Other comprehensive income (loss) in
the  accompanying  statements of operations  resulted from a net unrealized gain
(loss) on  investments.  Accumulated  other  comprehensive  income (loss) in the
accompanying balance sheets reflects the cumulative net unrealized  appreciation
(depreciation) of investments in equity securities.

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 as of 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.


<PAGE>


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

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.

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.  Cumulative cash distributions paid to partners through March 31,
2000 total $74,084,899,  representing  approximately 106% of capital contributed
to the Partnership.

4.       Related Party Transactions

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership.  The Management Company
had 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.
Commencing with the management fee due for the quarter ended March 31, 1996, the
General  Partner and the Management  Company agreed to reduce the management fee
payable by the Partnership to $200,000 per annum.  The management fee is payable
quarterly in arrears.

5.       Investments in Equity Securities

As of March 31, 2000 and December 31, 1999, the Partnership  held 396,825 common
shares of Photon Technology  International,  Inc., a public company, with a cost
of $1,125,000.  Such securities had a market value of $1,587,300 and $103,175 as
of March 31, 2000 and December 31, 1999, respectively.

6.       Interim Financial Statements

In the opinion of the General Partner,  the unaudited financial statements as of
March  31,  2000,  and for the  three  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

From  1985 to 1991,  the  Partnership  funded  $59.6  million  of  research  and
development  commitments to 16 individual research and development ventures (the
"R&D Ventures"). This amount represents 95% of the original $62.5 million of net
proceeds  to the  Partnership.  The  Partnership  has no unfunded  research  and
development commitments and will not enter into new R&D Ventures in the future.

As of March 31, 2000, the Partnership  held $131,082 in an interest bearing cash
account.  The Partnership earned $571 of interest from cash balances held during
the quarter ended March 31, 2000.  Interest  earned in future periods is subject
to fluctuations in short-term  interest rates and interest bearing cash balances
on hand.

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

Although the Partnership  Agreement provides that the Partnership will terminate
no later than  January  31,  2005,  the  General  Partner is working  toward the
termination of the Partnership as soon as practical, consistent with the goal of
maximizing  returns. In addition to the liquid assets held as of March 31, 2000,
the  Partnership   also  holds  396,825  common  shares  of  Photon   Technology
International  Inc. and a promissory note due from Photon Technology with a face
value of $110,000. The Partnership is also party to active royalty agreements in
connection  with its R&D  Ventures  with Gen Probe,  Inc.  and Bolt  Beranek and
Newman,  Inc.  The  timing  of the  liquidation  of these  remaining  assets  is
contingent  upon,  among other things,  market  conditions and  securities  laws
restrictions.  Therefore,  although it is anticipated  that the Partnership will
terminate  during  calendar  year  2000,  no  assurances  can be given  that the
Partnership  will be able to  complete  all steps  necessary  to  liquidate  the
remaining assets in such time frame.

As provided in the  Partnership's  prospectus  delivered to limited  partners in
connection with their initial investment in the Partnership, 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,  reduced  the  annual  management  fee  from  $698,624  to  $200,000,
commencing  with the  management fee for the first quarter of 1996. As a result,
the Partnership incurred a management fee of $50,000 for each of the three-month
periods ended March 31, 2000 and 1999.

Results of Operations

For the three months ended March 31, 2000 and 1999,  the  Partnership  had a net
loss of $49,256 and $31,362, respectively.


<PAGE>


Net  Operating  Income or Loss - For the three  months  ended March 31, 2000 and
1999,  the  Partnership  had  a net  operating  loss  of  $49,256  and  $31,362,
respectively.  The $17,894  increase in net  operating  loss for the 2000 period
compared  to the 1999 period was the result of a $10,187  increase in  operating
expenses and a $7,707 decrease in royalty,  licensing and interest  income.  The
increase  in  operating  expenses  for the three  months  ended  March 31,  2000
compared to the same period in 1999,  primarily resulted from an $8,339 increase
in professional  fees for the period.  The decline in operating income primarily
was attributable to a decrease in interest income, which reflected a decrease in
funds available for investment in short-term  securities  during the 2000 period
compared to the same period in 1999.

Other  Comprehensive  Income (Loss) - The Partnership  has adopted  Statement of
Financial  Accounting  Standards  ("SFAS")  No.  130,  "Reporting  Comprehensive
Income." SFAS No. 130  establishes  standards for reporting  compressive  income
(loss),  which  consists  of  revenues,  expenses,  gains and  losses  that have
affected  partners'  capital  but are  excluded  from  net  income  (loss).  The
Partnership's  other   comprehensive   income  (loss)  consists  of  changes  to
unrealized appreciation  (depreciation) of its investments in equity securities.
For the three months ended March 31, 2000 and 1999,  the  Partnership  had other
comprehensive  income (loss) of $1,484,125  and  ($12,401),  respectively.  Such
amounts  represent the change in unrealized  depreciation  of the  Partnership's
investment in Photon Technology International, Inc. for the respective periods.

Item 3.       Quantitative and Qualitative Disclosures about Market Risk.
              -----------------------------------------------------------

The  Partnership  is subject to market risk arising from changes in the value of
its equity  investments,  interest-bearing  cash  equivalents and investments in
U.S.  Government  securities,  if any,  which may result  from  fluctuations  in
interest rates and equity prices. The Partnership has calculated its market risk
related to its holdings of these  investments based on changes in interest rates
and equity prices  utilizing a sensitivity  analysis.  The sensitivity  analysis
estimates the hypothetical  change in fair values, cash flows and earnings based
on an assumed 10% change  (increase or  decrease)  in interest  rates and equity
prices. To perform the sensitivity  analysis,  the assumed 10% change is applied
to market rates and prices on investments  held by the Partnership as of the end
of the accounting period.

The 396,825 common shares of Photon Technology International,  Inc. was the only
equity  investment  held by the  Partnership as of March 31, 2000. The per share
market price of this  security was $4.00 as of March 31, 2000 and the fair value
of the  Partnership's  holdings was $1,587,300.  An assumed 10% decline from the
March 31, 2000 market price of this security  would result in a reduction to the
fair  value  of  the   Partnership's   holdings  in  Photon   Technology  and  a
corresponding unrealized loss of $158,730.

Market risk associated with the  Partnership's  interest-bearing  cash
equivalents  and investments in U.S.  Government  securities, if any, is
considered to be immaterial.


<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/   James V. Bruno

              James V. Bruno
              Vice President & Treasurer

              (Principal Financial and Accounting Officer)

By:           /s/   Michael Giobbe

              Michael Giobbe
              Vice President

Date:         May 15, 2000