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 September 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 September 30, 1998 (Unaudited) and December 31, 1997

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

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

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

<S>                                                                                    <C>                      <C>             
Cash and cash equivalents                                                              $        130,936         $        343,250
Investments
   U.S. Treasury bills, at amortized cost                                                       595,360                  498,981
   Publicly traded securities, at market value (cost $1,125,000
     as of September 30, 1998 and December 31, 1997)                                            694,443                  892,856
   Subordinated promissory note                                                                 110,000                  110,000
Accounts receivable                                                                              32,555                   34,507
Other assets                                                                                          -                    4,576
                                                                                       ----------------         ----------------

TOTAL ASSETS                                                                           $      1,563,294         $      1,884,170
                                                                                       ================         ================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable                                                                       $         21,241         $         19,372
Due to Management Company                                                                        50,000                   50,000
                                                                                       ----------------         ----------------
   Total liabilities                                                                             71,241                   69,372
                                                                                       ----------------         ----------------

Partners' Capital:
General Partner                                                                                 192,261                  204,695
Limited Partners (69,094 Units)                                                               1,730,349                1,842,247
Accumulated unallocated other comprehensive loss
   - unrealized depreciation of investments                                                    (430,557)                (232,144)
                                                                                       ----------------         ----------------
   Total partners' capital                                                                    1,492,053                1,814,798
                                                                                       ----------------         ----------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                                $      1,563,294         $      1,884,170
                                                                                       ================         ================
</TABLE>


See notes to financial statements.


<PAGE>


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


<TABLE>
                                                                       Three Months Ended                 Nine Months Ended
                                                                          September 30,                     September 30,

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

<S>                                                           <C>             <C>               <C>             <C>             
   Royalty and licensing income                               $      32,555   $        28,043   $      97,252   $         98,018
   Other interest income                                              8,361            65,923          25,752            115,805
                                                              -------------   ---------------   -------------   ----------------
   Total income                                                      40,916            93,966         123,004            213,823
                                                              -------------   ---------------   -------------   ----------------

EXPENSES

   Management fee                                                    50,000            50,000         150,000            150,000
   Professional fees                                                  1,832            10,542          56,274             80,248
   Mailing and printing                                              12,704             9,168          40,005             25,715
   Miscellaneous                                                        157               332           1,057              1,825
                                                              -------------   ---------------   -------------   ----------------
   Total expenses                                                    64,693            70,042         247,336            257,788
                                                              -------------   ---------------   -------------   ----------------

NET OPERATING (LOSS) INCOME                                         (23,777)           23,924        (124,332)           (43,965)
                                                              -------------   ---------------   -------------   ----------------

Realized gain from investments in equity securities                       -         1,109,431               -         13,184,276
                                                              -------------   ---------------   -------------   ----------------

NET (LOSS) INCOME                                                   (23,777)        1,133,355        (124,332)        13,140,311
                                                              -------------   ---------------   -------------   ----------------

OTHER COMPREHENSIVE (LOSS) INCOME
   Change in unrealized depreciation of
      investments                                                  (446,429)       (1,391,522)       (198,413)           297,618
                                                              -------------   ---------------   -------------   ----------------

COMPREHENSIVE (LOSS) INCOME                                   $    (470,206)  $      (258,167)  $    (322,745)  $     13,437,929
                                                              =============   ===============   =============   ================


Net (loss) income per unit of limited partnership
   interest                                                      $    (.31)       $    14.76       $    (1.62)       $    180.62
                                                                 =========        ==========       ==========        ===========
</TABLE>


See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30,

<TABLE>
                                                                                                  1998               1997      
                                                                                             --------------     ---------------
CASH FLOWS USED FOR OPERATING ACTIVITIES
<S>                                                                                          <C>                <C>           
     Interest and other income received                                                      $      131,566     $      168,263
     Other operating expenses paid                                                                 (245,467)           (312,543)
                                                                                             --------------   -----------------
     Cash used for operating activities                                                            (113,901)           (144,280)
                                                                                             --------------   -----------------

CASH FLOWS (USED FOR) PROVIDED FROM INVESTING
   ACTIVITIES
     Purchase of equity investments                                                                       -             (46,131)
     Net purchase of investments in U.S. Treasury bills                                             (98,413)         (7,425,625)
     Repayment of subordinated promissory note                                                            -              20,000
     Proceeds from the sale of investments in equity securities                                           -          13,270,047
                                                                                             --------------   -----------------
     Cash (used for) provided from investing activities                                             (98,413)          5,818,291
                                                                                             --------------   -----------------

CASH FLOWS USED FOR FINANCING ACTIVITIES
   Cash distributions:
     General Partner                                                                                      -             (52,344)
     Limited Partners                                                                                     -          (5,182,050)
                                                                                             --------------   -----------------
     Cash used for financing activities                                                                   -          (5,234,394)
                                                                                             --------------   -----------------

(Decrease) increase in cash and cash equivalents                                                   (212,314)            439,617
Cash and cash equivalents at beginning of period                                                    343,250             218,215
                                                                                             --------------   -----------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                   $      130,936     $       657,832
                                                                                             ==============     ===============



Reconciliation of net (loss) income to cash used for operating activities:
   Net (loss) income                                                                         $     (124,332)   $     13,140,311
                                                                                             --------------    ----------------
   Adjustments to reconcile net (loss) income to cash used for
     operating activities:
       Net realized gain from sale of investments in equity securities                                    -         (13,184,276)
       Decrease (increase) in receivables and other assets                                            6,528             (57,632)
       Increase (decrease) in payables                                                                1,869             (42,683)
       Decrease in accrued interest on U.S. Treasury bills                                            2,034                   -
                                                                                             --------------   -----------------
   Total adjustments                                                                                 10,431         (13,284,591)
                                                                                             --------------   -----------------

Cash used for operating activities                                                           $     (113,901)   $      (144,280)
                                                                                             ==============    ==================
</TABLE>


See notes to financial statements.


<PAGE>


ML TECHNOLOGY VENTURES, L.P.
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Nine Months Ended September 30, 1998



<TABLE>
                                                                                            Accumulated
                                                                                            Unallocated
                                                                                               Other
                                                       General          Limited           Comprehensive
                                                       Partner         Partners                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                                  (12,434)           (111,898)                                  (124,332)

Change in other comprehensive loss
   -unrealized depreciation of investments                    -                   -             (198,413)             (198,413)
                                                   ------------    ----------------       --------------      ----------------

Balance at end of period                           $    192,261    $      1,730,349    $        (430,557)     $      1,492,053
                                                   ============    ================    =================      ================
</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  Agreement provides that the Partnership will terminate no later
than  January  31,  2005.  However,  the General  Partner is working  toward the
ultimate  termination of the  Partnership,  with an emphasis on liquidating  the
remaining assets as soon as practical with the goal of maximizing returns.

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 (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 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  (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 in 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


<PAGE>


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

and the statements of operations for the three and nine months ended  September 
30, 1997 include certain  reclassifications to reflect adoption of SFAS No. 130.

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.  Effective  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.


<PAGE>


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

5.       Investments in Equity Securities

As of September 30, 1998, the  Partnership  held 396,825 common shares of Photon
Technology International,  Inc., a public company, with a cost of $1,125,000 and
a market value of $694,443.

6.      Net Realized Gains or Losses from Investments

The  Partnership  had no realized  gains or losses  during the nine months ended
September  30,  1998.  During the nine months  ended  September  30,  1997,  the
Partnership  realized a gain of $13,184,276 from the receipt and subsequent sale
of 501,096 common shares of IDEC Pharmaceuticals Corporation.

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 September 30, 1998, and
for the three  and nine  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 September 30, 1998, the Partnership had $595,360 invested in U.S. Treasury
bills with maturities of less than one year, and $130,140 in an interest bearing
cash  account.  For the three and nine months  ended  September  30,  1998,  the
Partnership  earned interest from its U.S.  Treasury bills and interest  bearing
cash  account of $8,361 and  $25,752,  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 will be
obtained from the Partnership's  existing cash reserves,  future royalty income,
and proceeds from the sale of its remaining assets.

The  General  Partner  is  working  toward  the  ultimate   termination  of  the
Partnership,  with an emphasis on  liquidating  the remaining  assets as soon as
practical  with  the  goal  of  maximizing  returns.  The  Partnership's  Photon
Technology  International,  Inc.  equity  holdings and  promissory  note and the
Gen-Probe II royalties are its only remaining non-cash assets.

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 1996 management fee. As a result, the Partnership incurred a
management fee of $150,000 for the nine months ended September 30, 1998.

Results of Operations

For the three and nine months ended  September 30, 1998, the  Partnership  had a
net loss of $23,777  and  $124,332,  respectively,  as compared to net income of
$1,133,355  and  $13,140,311  for the three and nine months ended  September 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  September 30, 1998,
the  Partnership  had a net operating loss of $23,777  compared to net operating
income of $23,924 for the three  months  ended  September  30,  1997.  Operating
income  declined  $53,050 and operating  expenses  declined $5,349 for the three
months ended September 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 decrease in funds available for  investments in short-term  securities
was  attributable to the cash  distributions to Partners of $5.2 million in July
1997 and $7.3 million in October  1997.  The decrease in operating  expenses for
the three months ended  September  30, 1998 compared to the same period in 1997,
primarily  was  attributable  to a  decrease  in  professional  fees  which  was
partially  offset by an increase in mailing and  printing  expenses.  The $8,710
decrease in professional  fees reflects the  Partnership's  declining  operating
activity  during its  liquidation  period.  The $3,536  increase  in mailing and
printing expenses primarily resulted from increased mailings to Limited Partners
and a general  increase in mailing  and  printing  fees during the three  months
ended September 30, 1998.

For the nine months ended September 30, 1998 and 1997, the Partnership had a net
operating  loss of  $124,332  and  $43,965,  respectively.  The  increase in net
operating  loss for the  1998  period  compared  to the  1997  period  primarily
resulted from a $90,819 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, as discussed above.  Operating  expenses  declined by $10,452 for the nine
month period ended  September 30, 1998,  compared to the same period in 1997. As
discussed  above,  such  reduced  expenses   primarily   resulted  from  reduced
professional  fees which were partially offset by increased mailing and printing
expenses.

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 nine months ended  September 30, 1998, the  Partnership  had no realized
gains or losses.

For the three and nine months ended  September 30, 1997, the  Partnership  had a
net realized  gain of  $1,109,431  and  $13,184,276,  respectively.  These gains
resulted  from the  receipt of  501,096  common  shares of IDEC  Pharmaceuticals
Corporation and the subsequent sale of all such shares during the three and nine
months ended September 30, 1997.

Other  Comprehensive  Income (Loss) - The Partnership  has adopted  Statement of
Financial Accounting Standard (SFAS) No. 130, "Reporting  Comprehensive Income."
SFAS No. 130 establishes  standards for reporting  comprehensive  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 and nine
months ended September 30, 1998, the Partnership's  other comprehensive loss was
$446,429  and  $198,413,  respectively.  Such  amounts  represent  the change in
unrealized  depreciation of the  Partnership's  investment in Photon  Technology
International, Inc. for the respective periods.

For the three  months  ended  September  30,  1997,  the  Partnership  had other
comprehensive  loss of  $1,391,522  and for the nine months ended  September 30,
1997, had other  comprehensive  income of $297,618.  Such amounts  represent the
change in the  unrealized  appreciation  or  depreciation  of the  Partnership's
equity securities for the respective periods.


<PAGE>



Item 3.       Quantitative and Qualitative Disclosures about Market Risk.

None
                           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:         November 13, 1998



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