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, 1998

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, 1998 (Unaudited) and December 31, 1997

     Statements of  Operations  for the Three and Six Months Ended June 30, 1998
and 1997 (Unaudited)

     Statements  of Cash Flows for the Six Months  Ended June 30,  1998 and 1997
(Unaudited)

     Statement of Changes in Partners' Capital for the Six Months Ended June 30,
1998 (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>
                                                                                        June 30, 1998             December 31,
                                                                                         (Unaudited)           1997
ASSETS

<S>                                                                                    <C>                      <C>             
Cash and cash equivalents                                                              $        153,413         $        343,250
Investments
   U.S. Treasury bills, at amortized cost                                                       595,177                  498,981
   Publicly traded securities, at market value (cost $1,125,000
     as of June 30, 1998 and December 31, 1997)                                               1,140,872                  892,856
   Subordinated promissory note                                                                 110,000                  110,000
Accounts receivable                                                                              29,783                   34,507
Other assets                                                                                          -                    4,576
                                                                                       ----------------         ----------------

TOTAL ASSETS                                                                           $      2,029,245         $      1,884,170
                                                                                       ================         ================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable                                                                       $         16,986         $         19,372
Due to Management Company                                                                        50,000                   50,000
                                                                                       ----------------         ----------------
   Total liabilities                                                                             66,986                   69,372
                                                                                       ----------------         ----------------

Partners' Capital:
General Partner                                                                                 194,639                  204,695
Limited Partners (69,094 Units)                                                               1,751,748                1,842,247
Accumulated unallocated other comprehensive income (loss)
   - unrealized appreciation (depreciation) of investments                                       15,872                 (232,144)
                                                                                       ----------------         ----------------
   Total partners' capital                                                                    1,962,259                1,814,798
                                                                                       ----------------         ----------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                                $      2,029,245         $      1,884,170
                                                                                       ================         ================
</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,

                                                                    1998             1997             1998             1997
                                                              ---------------     ------------  --------------     --------
INCOME

<S>                                                           <C>             <C>               <C>             <C>             
   Royalty and licensing income                               $      29,783   $        32,788   $      64,697   $         69,975
   Other interest income                                              8,678            48,785          17,391             49,882
                                                              -------------   ---------------   -------------   ----------------
   Total income                                                      38,461            81,573          82,088            119,857
                                                              -------------   ---------------   -------------   ----------------

EXPENSES

   Management fee                                                    50,000            50,000         100,000            100,000
   Professional fees                                                 33,983             4,206          54,442             69,706
   Mailing and printing                                              14,135             4,853          27,301             16,547
   Miscellaneous                                                        800               442             900              1,493
                                                              -------------   ---------------   -------------   ----------------
   Total expenses                                                    98,918            59,501         182,643            187,746
                                                              -------------   ---------------   -------------   ----------------

NET OPERATING (LOSS) INCOME                                         (60,457)           22,072        (100,555)           (67,889)
                                                              -------------   ---------------   -------------   ----------------

Net realized gain from investments                                        -         2,457,339               -         12,074,845
                                                              -------------   ---------------   -------------   ----------------

NET (LOSS) INCOME                                                (60,457)     2,479,411         (100,555)       12,006,956
                                                              ----------   ------------      -----------     -------------

OTHER COMPREHENSIVE INCOME
   Change in net unrealized appreciation
      of investments                                                148,810         1,873,596         248,016          1,689,140
                                                              -------------   ---------------   -------------   ----------------

COMPREHENSIVE  INCOME                                         $      88,353   $     4,353,007   $     147,461   $     13,696,096
                                                              =============   ===============   =============   ================


Net (loss) income per unit of limited partnership
   interest                                                      $    (.79)       $    32.30       $    (1.31)       $    167.74
                                                                 =========        ==========       ==========        ===========

</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>

                                                                                                  1998               1997
                                                                                             --------------     ---------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S>                                                                                          <C>                <C>            
     Interest and other income received                                                      $       89,904     $       117,278
     Other operating expenses paid                                                                 (185,029)           (211,072)
                                                                                             --------------     ---------------
     Cash used for operating activities                                                             (95,125)            (93,794)
                                                                                             --------------     ---------------

CASH FLOWS (USED FOR) PROVIDED FROM INVESTING
   ACTIVITIES
     Net purchase of investments in U.S. Treasury bills                                             (94,712)         (4,996,208)
     Proceeds from the sale of investments in equity securities                                           -           5,456,077
                                                                                             --------------     ---------------
     Cash (used for) provided from investing activities                                             (94,712)            459,869
                                                                                             --------------     ---------------

(Decrease) increase in cash and cash equivalents                                                   (189,837)            366,075
Cash and cash equivalents at beginning of period                                                    343,250             218,215
                                                                                             --------------     ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                   $      153,413     $       584,290
                                                                                             ==============     ===============



Reconciliation of net (loss) income to cash used for operating activities:
   Net (loss) income                                                                         $     (100,555)    $    12,006,956
                                                                                             --------------     ---------------
   Adjustments to reconcile net (loss) income to cash used for
     operating activities:
       Net realized gain                                                                                  -         (12,074,845)
       Decrease (increase) in receivables and other assets                                            9,300             (14,001)
       Decrease in payables                                                                          (2,386)            (11,904)
       Increase in accrued interest on U.S. Treasury bills                                           (1,484)                  -
                                                                                             --------------     ---------------
   Total adjustments                                                                                  5,430         (12,100,750)
                                                                                             --------------     ---------------

Cash used for operating activities                                                           $      (95,125)    $       (93,794)
                                                                                             ==============     ===============
</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, 1998

<TABLE>


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

<S>                                                <C>             <C>                    <C>                 <C>             
Balance at beginning of period                     $    204,695    $      1,842,247       $     (232,144)     $      1,814,798

Allocation of net loss                                  (10,056)            (90,499)                                  (100,555)

Change in other comprehensive income
   -unrealized appreciation (depreciation)
     of investments                                           -                   -              248,016               248,016
                                                   ------------    ----------------       --------------      ----------------

Balance at end of period                           $    194,639    $      1,751,748       $       15,872      $      1,962,259
                                                   ============    ================       ==============      ================

</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;
however,  the  Partnership  is  working  toward  the  final  liquidation  of its
remaining  assets and  subsequent  termination  by the end of the calendar  year
1998, if possible.

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 Statement of Financial  Accounting
Standard 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.  The related  unrealized  appreciation  or
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 - In  accordance  with  Statement of Financial  Accounting
Standard (SFAS) No. 130,  "Reporting  Comprehensive  Income",  the statements of
operations include an amount for other comprehensive income. Other comprehensive
income  consists of  revenues,  expenses,  gains and losses  that have  affected
partners'  capital  but  which  are  excluded  from  net  income  (loss).  Other
comprehensive income in the accompanying  statements of operations resulted from
a net unrealized  gain on investments on equity  securities.  Accumulated  other
comprehensive  income (loss) in the  accompanying  balance  sheets  reflects the
cumulative net unrealized  appreciation  (depreciation) of investments in equity
securities.  The balance  sheet as of December  31, 1997 and the  statements  of
operations  for the three and six months  ended June 30,  1997  include  certain
reclassifications  to reflect  such  adoption  of SFAS No.  130.  ML  TECHNOLOGY
VENTURES, L.P. NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

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.

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.       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 management
fee for the  quarter  ended  March  31,  1996.  The  management  fee is  payable
quarterly in arrears.

5.       Investments in Equity Securities

As of June 30,  1998,  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 $1,140,872 as of June 30, 1998.


<PAGE>


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

6.      Net Realized Gains or Losses from Investments

There were no realized  gains or losses from portfolio  investments  for the six
months  ended June 30,  1998.  During the six months  ended June 30,  1997,  the
Partnership  realized a gain of  $12,074,845  from the receipt of 501,096 common
shares of IDEC Pharmaceuticals Corporation and the subsequent sale of 340,610 of
such shares.

7.       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, 1998, and for the
three and six month periods 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 funded all of its research and
development commitments and will not enter into new R&D Ventures in the future.

As of June 30, 1998,  the  Partnership  had $595,177  invested in U.S.  Treasury
bills with maturities of less than one year, and $153,413 in an interest bearing
cash account.  For the three and six months ended June 30, 1998, the Partnership
earned interest from its U.S.  Treasury bills and interest  bearing cash account
of $8,678  and  $17,391,  respectively.  Interest  earned in future  periods  is
subject to fluctuations in short-term  interest rates and amounts  available for
investment.

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

The  Partnership is working toward a final  liquidation of its remaining  assets
and  termination  of the  Partnership  by the  end of  calendar  year  1998,  if
possible.  The  Partnership's  Photon  Technology  International,   Inc.  equity
holdings  and  promissory  note  and the  Gen-Probe  II  royalties  are its only
remaining assets. The timing of the liquidation of the Partnership's  assets and
its termination is contingent  upon, among other things,  market  conditions 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 in such time frame.

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,  reduced the
annual  management  fee payable by the  Partnership  from  $698,624 to $200,000,
commencing with the management fee payment due for the first quarter of 1996. As
a result,  the  Partnership  incurred a  management  fee of $100,000 for the six
months ended June 30, 1998.

Results of Operations

For the three and six months ended June 30, 1998, the Partnership had a net loss
of $60,457 and $100,555,  respectively,  as compared to net income of $2,479,411
and $12,006,956 for the three and six months ended June 30, 1997,  respectively.
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,  1998 and
1997,  the  Partnership  had a net  operating  loss of $60,457 and net operating
income of $22,072, respectively. Operating income declined $43,112 and operating
expenses  increased $39,417 for the three months ended June 30, 1998 compared to
the same  period  in  1997.  The  decline  in  operating  income  primarily  was
attributable  to a decrease  in other  interest  income  which  resulted  from a
decrease in funds available for investment in short-term  securities  during the
1998  period  compared  to the same period in 1997.  The  increase in  operating
expenses for the three months ended June 30, 1998 compared to the same period in
1997, primarily was attributable to an increase in professional fees and mailing
and printing  expenses.  The $29,777  increase in  professional  fees  primarily
resulted  from  adjustments  to current and prior  period  accruals.  The $9,282
increase in mailing and printing  expenses  primarily  resulted  from  increased
mailings to Limited  Partners  and a general  increase  in mailing and  printing
charges during the three months ended June 30,1998.

For the six  months  ended June 30,  1998 and 1997,  the  Partnership  had a net
operating  loss of  $100,555  and  $67,889,  respectively.  The  increase in net
operating  loss for the  1998  period  compared  to the  1997  period  primarily
resulted from a $37,769 decrease in operating  income.  The decline in operating
income  primarily was  attributable to a decrease in other interest income which
resulted  primarily  from a  decrease  in  funds  available  for  investment  in
short-term  securities  during the 1998  period  compared  to the same period in
1997.

Realized Gains and Losses - The  Partnership  realizes gains and losses from the
sale of its joint venture  interests or  proprietary  technology in R&D Ventures
and from the sale of its equity securities.

For the six months ended June 30, 1998, the Partnership had no realized gains or
losses from investments.

For the three and six months  ended June 30,  1997,  the  Partnership  had a net
realized gain of $2,457,339 and $12,074,845,  respectively. These gains resulted
from the receipt of 365,217  common shares of IDEC  Pharmaceuticals  Corporation
and the subsequent  sale of 207,438 of such shares during the three months ended
March  31,  1997 and the  receipt  of an  additional  135,879  IDEC  shares  and
subsequent sale of an additional  133,172 of such shares during the three months
ended June 30, 1997.

Other Comprehensive  Income - The Partnership has adopted Statement of Financial
Accounting Standard (SFAS) No. 130, "Reporting  Comprehensive  Income." SFAS No.
130 establishes standards for reporting  comprehensive income, 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 of its investments
in equity  securities.  For the three and six months  ended June 30,  1998,  the
Partnership's   other   comprehensive   income  was   $148,810   and   $248,016,
respectively.  Such amounts represent the increase in unrealized appreciation of
the Partnership's  investment in Photon Technology  International,  Inc. for the
respective  periods.  For the three and six  months  ended  June 30,  1997,  the
Partnership's  other   comprehensive   income  was  $1,873,596  and  $1,689,140,
respectively. Such amounts represent the net increase in unrealized appreciation
of the Partnership's investments in IDEC Pharmaceuticals  Corporation and Photon
Technology for the respective periods.

Item 3.       Quantitative and Qualitative Disclosures about Market Risk.

None


<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/     Robert Aufenanger
              Robert Aufenanger
              Executive Vice President and Director


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



Date:         August 14, 1998



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