<PAGE>
                             UNITED STATES
                  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, 1999

                                OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

            For the transition period from N/A to N/A
                                           ---    ---

                      Commission File No. 814-82

 TECHNOLOGY FUNDING VENTURE PARTNERS V, AN AGGRESSIVE GROWTH FUND, L.P.
 ----------------------------------------------------------------------
          (Exact name of Registrant as specified in its charter)

          Delaware                              94-3094910
-------------------------------     ----------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification No.)
incorporation or organization)

2000 Alameda de las Pulgas, Suite 250
San Mateo, California                                            94403
---------------------------------------                      ----------
(Address of principal executive offices)                     (Zip Code)

                              (650) 345-2200
            ----------------------------------------------------
            (Registrant's telephone number, including area code)

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
                                                               ---  ---

No active market for the units of limited partnership interests
("Units") exists, and therefore the market value of such Units cannot be
determined.

<PAGE>
I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                        (unaudited)
                                        September 30      December 31,
                                            1999              1998
                                        ------------      ------------
<S>                                     <C>               <C>
ASSETS

Equity investments (cost basis of
 $18,821,875 and $21,268,672 at
 1999 and 1998, respectively)           $36,287,406       37,682,178
Notes receivable (cost basis of
 $181,197)                                  181,197               --
                                         ----------       ----------
     Total investments                   36,468,603       37,682,178
Cash and cash equivalents                 5,816,932           15,850
Other assets                                  4,879            4,062
                                         ----------       ----------
     Total assets                       $42,290,414       37,702,090
                                         ==========       ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $   116,612           60,445
Due to related parties                       36,371          670,978
Short-term borrowings                            --          120,200
                                         ----------       ----------
     Total liabilities                      152,983          851,623

Commitments, contingencies and
 subsequent events
 (Notes 2, 3, 6 and 8)

Partners' capital:
 Limited Partners
  (400,000 units outstanding)            25,862,176       20,483,914
 General Partners                        (1,190,276)         (46,953)
 Net unrealized fair value increase
  from cost of equity investments        17,465,531       16,413,506
                                         ----------       ----------
     Total partners' capital             42,137,431       36,850,467
                                         ----------       ----------
     Total liabilities and partners'
      capital                           $42,290,414       37,702,090
                                         ==========       ==========
</TABLE>
See accompanying notes to financial statements.

<PAGE>
STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                                For the Three                  For the Nine
                                                Months Ended                   Months Ended
                                                September 30,                  September 30,
                                           ------------------------       ----------------------
                                             1999           1998            1999         1998
                                             ----           ----            ----         ----
<S>                                     <C>              <C>             <C>          <C>
Income:
 Notes receivable interest               $   13,518          1,048          21,414        1,048
 Short-term investment interest              53,533          1,046         102,883       14,478
                                          ---------      ---------       ---------    ---------
     Total income                            67,051          2,094         124,297       15,526

Costs and expenses:
 Management fees                             68,170         97,499         206,470      292,496
 Individual General Partners'
  compensation                                8,337         13,023          25,874       31,420
 Operating expenses:
   Investment operations                     73,210        118,160         261,082      349,730
   Administrative and investor services     171,071        294,529         507,807      613,977
   Professional fees                         14,314         22,390          83,978       50,314
   Computer services                         40,446         57,434         103,219      170,807
   Interest expense                              --          7,805           7,031        7,805
   Expenses absorbed by General
    Partners                                (88,226)      (421,041)        (88,226)    (545,365)
                                          ---------      ---------       ---------    ---------
     Total operating expenses               210,815         79,277         874,891      647,268
                                          ---------      ---------       ---------    ---------
     Total costs and expenses               287,322        189,799       1,107,235      971,184
                                          ---------      ---------       ---------    ---------
Net operating loss                         (220,271)      (187,705)       (982,938)    (955,658)


Net realized (loss) gain from
 sales of equity investments             (1,665,091)            --       6,176,864        5,305
Realized losses from investment
 write-downs                                     --             --          (2,615)    (664,299)
Net realized gain from venture capital
 limited partnership investments            135,739            520         288,230      237,354
                                          ---------      ---------       ---------    ---------
Net realized (loss) income               (1,749,623)      (187,185)      5,479,541   (1,377,298)

 Change in net unrealized
  fair value:
   Equity investments                     1,083,088     (1,227,706)      1,052,025   (3,371,524)
   Other investments                             --             --              --      265,720
                                          ---------      ---------       ---------    ---------
Net (loss) income                        $ (666,535)    (1,414,891)      6,531,566   (4,483,102)
                                          =========      =========       =========    =========
Net realized (loss) income per Unit      $    (4.33)         (0.46)          13.45        (3.41)
                                          =========      =========       =========    =========
</TABLE>

See accompanying notes to financial statements


<PAGE>

STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>

                                               For the Nine Months
                                               Ended September 30,
                                           ---------------------------
                                              1999             1998
                                           ---------         ---------
<S>                                      <C>                <C>
Cash flows from operating activities:
 Interest income received                 $  103,024            15,456
 Cash paid to vendors                       (324,496)         (148,215)
 Cash paid to related parties             (1,354,965)         (705,959)
 Interest paid                                (7,031)           (7,805)
                                           ---------         ---------
  Net cash used by
   operating activities                   (1,583,468)         (846,523)
                                           ---------         ---------
Cash flows from investing activities:
 Proceeds from sales of equity
  investments                              9,194,975           103,634
 Purchase of equity investments             (434,371)       (1,406,319)
 Notes receivable issued                    (211,763)           (2,766)
 Repayments of convertible notes
  receivable                                      --            92,047
 Distributions from venture capital
  limited partnership investments            200,511           285,504
                                           ---------         ---------
  Net cash provided (used) by
   investing activities                    8,749,352          (927,900)
                                           ---------         ---------
Cash flows from financing activities:
 Repayment of (proceeds from) short-term
  borrowings, net                           (120,200)          407,805
 Distribution to partners                 (1,244,602)               --
                                           ---------         ---------
  Net cash (used) provided by financing
   activities                             (1,364,802)          407 805
                                           ---------         ---------
Net increase (decrease) in cash and
 cash equivalents                          5,801,082        (1,366,618)

Cash and cash equivalents at
 beginning of year                            15,850         1,839,535
                                           ---------         ---------
Cash and cash equivalents
 at September 30                          $5,816,932           472,917
                                           =========         =========
</TABLE>

See accompanying notes to financial statements.


<PAGE>
STATEMENTS OF CASH FLOWS (unaudited) (continued)
-----------------------------------------------

<TABLE>
<CAPTION>

                                               For the Nine Months
                                               Ended September 30,
                                           ---------------------------
                                              1999             1998
                                           ---------         ---------
<S>                                        <C>                <C>

Reconciliation of net income
 (loss) to net cash used by
  operating activities:

Net income (loss)                        $ 6,531,566        (4,483,102)

Adjustments to reconcile net income
 (loss) to net cash used by
  operating activities:
   Amortization of discount on
    secured notes receivable                      --              (339)
   Net realized gain from sales of
    equity investments                    (6,176,864)           (5,305)
   Realized losses from investment
    write-downs                                2,615           664,299
   Realized gain from venture
    capital limited partnership
    investments                             (288,230)         (237,354)
   Change in net unrealized fair
    value:
     Equity investments                   (1,052,025)        3,371,524
     Other investments                            --          (265,720)

Changes in:
 Due to/from related parties                (634,607)          118,721
 Other                                        34,077            (9,247)
                                           ---------         ---------
Net cash used by operating activities    $(1,583,468)         (846,523)
                                           =========         =========

</TABLE>
See accompanying notes to financial statements.

<PAGE>

NOTES TO FINANCIAL STATEMENTS (unaudited)
----------------------------------------

1.     General
       -------

In the opinion of the Managing General Partner, the accompanying interim
financial statements reflect all adjustments necessary for a fair
presentation of the financial position, results of operations and cash
flows for the interim periods presented.  These statements should be read
in conjunction with the Annual Report on Form 10-K for the year ended
December 31, 1998.  Allocation of income and loss to Limited and General
Partners is based on cumulative income and loss.  Adjustments, if any, are
reflected in the current quarter balances.

In June 1999, the Individual General Partners extended the term of the
Partnership to December 31, 2002.

2.     Related Party Transactions
       --------------------------

Related party costs are included in costs and expenses shown on the
Statements of Operations.  Related party costs for the nine months ended
September 30, 1999 and 1998, were as follows:
<TABLE>
<CAPTION>

                                              1999           1998
                                            --------       --------
<S>                                         <C>            <C>
Management fees                            $206,470        292,496
Reimbursable operating expenses             576,240      1,046,129
Individual General Partners' compensation    25,874         31,420
Expenses absorbed by General Partners'      (88,226)      (545,365)

</TABLE>

Certain reimbursable expenses have been accrued based upon interim
estimates prepared by the Managing General Partners and are adjusted to
actual cost periodically.  There were $14,300 and $670,978 due to related
parties at September 30, 1999 and December 31, 1998, respectively, for such
reimbursable expenses.

Amounts payable for management fees were $22,071 and $0 at September 30,
1999 and December 31, 1998, respectively.

Pursuant to the Partnership Agreement, the Partnership shall reimburse the
Managing General Partners for operational cost incurred by the Managing
General Partners in conjunction with the business of the Partnership.  The
Partnership may not pay the Managing General Partners for operational costs
that aggregate more than 1% of total Limited Partner capital contributions.
For the nine months ended September 30, 1999 and 1998, operating expenses
absorbed by the Managing General Partners totaled $88,226 and $545,365,
respectively.


Officers of the Managing General Partners occasionally receive stock
options as compensation for serving on the Boards of Directors of portfolio
companies.  At September 30, 1999, the Partnership had an indirect interest
in Conversion Technologies International, Inc., Endocare, Inc. and
Physiometrix, Inc. non-transferable options with a total fair market value
of $93,138.

<PAGE>
3.     Equity Investments
       ------------------

<TABLE>
A full listing of the Partnership's equity investments at December 31, 1998, is in the 1998
Annual Report on Form 10-K.  Activity from January 1 through September 30, 1999, consisted of:

<CAPTION>
                                                                  January 1 through
                                                                  September 30, 1999
                                                                  ------------------
                                                     Principal
                                       Investment    Amount or    Cost          Fair
Industry/Company        Position          Date        Shares      Basis         Value
----------------        --------       ----------    ---------    -----         -----
<S>                    <C>              <C>          <C>      <C>            <C>

Balance at January 1, 1999                                    $21,268,672     37,682,178
                                                               ----------     ----------

Significant changes:

Biomedical
----------
Axys                    Common
 Pharmaceuticals, Inc.  shares            12/95       37,855            0        (69,804)

Biotechnology
-------------
CV Therapeutics, Inc.   Common            03/94-
                        shares            09/95       34,450     (689,000)       223,925

Communications
--------------
Tut Systems,            Common
 Inc.                   shares            07/99        2,302       93,931         60,729
Women.com Networks      Series A
                        Preferred
                        shares            02/96       78,553            0        527,091

Women.com Networks      Series B
                        Preferred
                        shares            02/96       95,980            0        644,026
Women.com Networks      Series C
                        Preferred
                        shares            07/97        2,740            0         18,385
Women.com Networks      Series D
                        Preferred
                        shares            06/98       15,199            0        101,985
Women.com Networks      Series E
                        Preferred
                        shares            05/99       11,912      119,120        119,120

Computer Systems and Software
-----------------------------
Pilot Network           Common            03/95-
 Services, Inc.         shares            05/99      388,814     (495,303)    (3,547,080)

Environmental
--------------
Triangle Biomedical     Series A, B
 Sciences, Inc.         and C
 (formerly Naiad        Preferred         12/95-
  Technologies, Inc.)   shares            11/97      114,332     (215,202)      (371,580)
Triangle Biomedical
 Sciences, Inc.
 (formerly Naiad        Common
  Technologies, Inc.)   shares            09/99        1,437       30,412         41,668

Industrial/Business Automation
------------------------------
Avalon Imaging,         Series A, B
 Inc.                   and C
                        Preferred        12/94-
                        shares           08/98       940,212   (1,028,614)    (1,157,156)
Avalon Imaging,         Common
 Inc.                   shares           04/96       125,000     (250,000)      (250,000)

Information Technology
----------------------
WorldRes, Inc.          Series B and C
                        Preferred         01/97-
                        shares            12/97       59,338            0        139,445
WorldRes, Inc.          Series D
                        Preferred
                        shares            03/99       12,397       75,002         75,002

Medical
-------
Biex, Inc.              Series A, B,
                        C, D and E
                        Preferred         07/93-
                        shares            08/97      629,793            0        109,942
Endocare, Inc.          Common            08/96-
                        shares            04/98       46,014            0        193,260
Endocare, Inc.          Common
                        shares            07/99        3,750       11,250         23,205
Oxford                  Common
 GlycoSciences Plc      shares            08/93      213,546            0        262,235
Periodontix, Inc.       Convertible       04/99-
                        notes             09/99     $173,000      179,012        179,012
Pherin                  Series B
 Pharmaceuticals, Inc.  Preferred
                        shares            08/91      200,000            0        660,000
R2 Technology, Inc.     Series A-1
                        and B-1
                        Preferred         05/94-
                        shares            03/96      468,541            0        841,372
Simione Central         Series A, B
 Holdings, Inc.         and C
 (formerly CareCentric  Preferred         10/95-
 Solutions, Inc.)       shares            12/97      227,743     (320,655)      (239,130)
Simione Central         Common share
 Holdings, Inc.         warrant at
 (formerly CareCentric  $.15;
 Solutions, Inc.)       expiring 12/02    12/97       23,265      (20,959)       (20,959)
Simione Central
 Holdings, Inc.         Convertible
 (formerly CareCentric  notes and         04/98-
 Solutions, Inc.)       interest          06/98      $41,250      (43,856)       (43,856)

Simione Central
 Holdings, Inc.
 (formerly CareCentric  Common
 Solutions, Inc.)       shares            08/99       68,824      206,718         77,943
Valentis, Inc.          Common
 (formerly Megabios     shares            09/94-
  Corp.)                                  07/95      301,274            0         82,977

Venture Capital Limited Partnership Investments
-----------------------------------------------
Various                 Limited
                        Partnership
                        Interests        various  $1,053,431     (115,962)       (54,023)
                                                               ----------      ---------
Total significant changes during the nine
 months ended September 30, 1999                               (2,464,106)    (1,372,266)

Other changes, net                                                 17,309        (22,506)
                                                               ----------     ----------

Total equity investments at September 30, 1999                $18,821,875     36,287,406
                                                               ==========     ==========

</TABLE>


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

At September 30, 1999, and December 31, 1998, marketable equity securities
had aggregate costs of $4,434,812 and $6,069,452, respectively, and
aggregate market values of $7,543,327 and $3,311,167, respectively.  The
net unrealized gain/loss at September 30, 1999 and December 31, 1998
included gross gains of $3,917,398 and $379,205, respectively.

Avalon Imaging, Inc.
--------------------

In October 1999, the company agreed to sell its assets.  The Partnership
valued its portion of the estimated sales proceeds at $400,747 and realized
a loss of $1,278,614 as of September 30, 1999.  As discussed in Note 8, the
Partnership has guaranteed the company's line of credit at a bank. The
estimated sales proceeds have been reduced by the Partnership's share of
the guarantee which totaled $221,294 at September 30, 1999.

Biex, Inc.
----------

In March 1999, the company completed a round of financing in which the
Partnership did not participate.  The pricing of this round, in which third
parties participated, indicated a $63,452 increase in the fair value of the
Partnership's investment in the company's preferred shares and warrants.
In May 1999, the Partnership received a stock dividend of 18,786 Preferred
shares with a fair value of $48,844.

CV Therapeutics, Inc.
---------------------

In August and September 1999, the Partnership sold a total of 34,450 common
shares for proceeds of $509,813 and realized a loss of $179,187.

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

In July 1999, the Partnership exercised a warrant and purchased 3,750
common shares for $11,250.


Periodontix, Inc.
-----------------

In 1999, the Partnership funded convertible notes receivable totaling
$173,000 to the company.  The notes bear interest at 8% and are due in one
year.

Pherin Pharmaceuticals, Inc.
----------------------------

In the second quarter of 1999, the company completed a round of financing
in which the Partnership did not participate.  The pricing of this round,
in which third parties participated, indicated a $660,000 increase in the
fair value of the Partnership's investment.

Pilot Network Services, Inc.
----------------------------

In February 1999, El Dorado Ventures III, L.P. (El Dorado), a venture
capital limited partnership, distributed 4,376 common shares valued at
$56,689 to the Partnership.  In March 1999, the Partnership sold 175,000
common shares for proceeds of $2,557,503 and realized a gain of $2,237,944.
In April 1999, the Partnership sold an additional 335,000 common shares for
proceeds of $6,120,929 and realized a gain of $5,827,804.  In May 1999, El
Dorado distributed an additional 3,393 common shares valued at $60,692 to
the Partnership.  The Partnership has pledged 50,000 common shares as
collateral for its guarantee of a portfolio company's line of credit (see
Note 8.)

Based on the publicly-traded market price, the fair value of the
Partnership's investment increased from $3,540,540 at September 30, 1999 to
$6,439,732 on November 11, 1999.

R2 Technology, Inc.
-------------------

In May 1999, the company completed a round of financing in which the
Partnership did not participate.  The pricing of this round, in which third
parties participated, indicated a $856,019 increase in the fair value of
the Partnership's Preferred shares and warrants.

Simione Central Holdings, Inc. (formerly CareCentric Solutions, Inc.)
--------------------------------------------------------------------

In August 1999, CareCentric Solutions, Inc. was acquired by Simione Central
Holdings, Inc.  The Partnership received 68,824 Simione common shares and
realized a loss of $224,611 on the sale.  The Simione shares are publicly
traded, but may not be sold prior to December 2000.

Triangle Biomedical Sciences, Inc. (formerly Naiad Technologies, Inc.)
---------------------------------------------------------------------

In August 1999, Naiad Technologies, Inc. was acquired by Triangle
Biomedical Sciences, Inc., a privately held company.  The Partnership
received 273 Triangle common shares and a warrant for 273 Triangle common
shares and realized a loss of $207,290 on the sale.  In conjunction with
the sale, the Partnership agreed to advance $25,000 to Naiad to settle
outstanding liabilities; through September 30, 1999, $22,500 of this amount
had been advanced for which the Partnership received 1,164 Triangle shares.

Women.com Networks
------------------

In May 1999, the Partnership purchased 11,912 Series E Preferred shares for
$119,120.  The pricing of this round, in which third parties participated,
indicated a $1,291,487 increase in the fair value of the Partnership's
existing investment.

In October 1999, the Company completed an initial public offering priced at
$10 per common share and the Partnership's Preferred shares were converted
into 148,696 common shares.  Based on the publicly-traded market price, the
fair value of the Partnership's investment increased from $2,043,840 at
September 30, 1999 to $3,959,940 on November 11, 1999.

WorldRes, Inc.
--------------

In March 1999, the Partnership made an additional investment in the company
by purchasing 12,397 Series D Preferred shares for $75,002.  The pricing of
this round, in which third parties participated, indicated a $148,819
increase in the fair value of the Partnership's Preferred shares and
warrants.

In November 1999, the Partnership made an additional investment in the
company by purchasing 35,377 Series E Preferred shares for $527,466.  The
pricing of this round, in which third parties participated, indicated an
increase in the fair value of the Partnership's existing investment at
September 30, 1999 from $443,433 to $1,136,410.

Venture Capital Limited Partnerships
------------------------------------

The Partnership made additional investments totaling $33,438 in venture
capital limited partnerships during the nine months ended September 30,
1999.  The Partnership received stock distributions of Pilot Network
Services, Inc., Tut Systems, Inc., Horizon Organic Holding Corporation,
Rogue Wave Software, Inc. and Informix Software, Inc. with fair values
totaling $237,119.  The Partnership received cash distributions of $200,511
from CVM Equity Fund IV, Ltd., OW & W Pacrim Investments Limited and
Spectrum Equity Investors, L.P.  Distributions totaling $288,230 were
recorded as realized gains and distributions of $149,400 were recorded as
returns of capital.

The Partnership recorded a $54,023 net decrease in fair value as a result
of distributions from the partnerships which were partially offset by an
increase in the fair value of the underlying investments of the
partnerships.

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

Other significant changes reflected above relate to market value
fluctuations or the elimination of a discount relating to selling
restrictions for publicly-traded portfolio companies.  Portions of the
Partnership's Conversion Technologies International, Inc., Physiometrix,
Inc. and Simione Central Holdings, Inc. investments are restricted.

4.     Notes Receivable
       ----------------

Activity from January 1 through September 30, 1999 consisted of:

Balance at January 1, 1999                                 $     --

Notes issued                                                211,763
Notes converted to equity investments                       (36,763)
Change in accrued interest                                    6,197
                                                            -------
Balance at September 30, 1999                              $181,197
                                                            =======

The interest rate on notes issued in 1999 ranges from 5% to 8.5%.

5.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at September 30, 1999, and December 31, 1998
consisted of:

<TABLE>
<CAPTION>
                                                   1999           1998
                                                  ------         ------
<S>                                          <C>               <C>
Demand accounts                               $    5,095         14,093
Money-market accounts                          5,811,837          1,757
                                               ---------         ------
 Total                                        $5,816,932         15,850
                                               =========         ======
</TABLE>

6.     Short-Term Borrowings
       ---------------------

The Partnership has a borrowing account with a financial institution.  At
September 30, 1999, the borrowing capacity of this account, which
fluctuates based on collateral value, was $2,678,217 and there were no
outstanding borrowings.  Interest is charged at the prime rate plus one-
half percent.  The weighted-average interest rate for the nine months ended
September 30, 1999 was 8.25% and interest expense was $7,031.  The
Partnership's investments in Valentis, Inc. (formerly Megabios Corp.), CV
Therapeutics, Inc., Axys Pharmaceuticals, Inc., and Pilot Network Services,
Inc. are pledged as collateral.

7.     Distributions
       -------------

During the nine months ended September 30, 1999, the Partnership declared
and paid tax distributions to the General Partners totaling $1,244,602.

8.     Commitments and Contingencies
       -----------------------------

The Partnership is a party to financial instruments with off-balance-sheet
risk in the normal course of its business.  Generally, these instruments
are commitments for future equity fundings, venture capital limited
partnership investments, equipment financing commitments, or accounts
receivable lines of credit that are outstanding but not currently fully
utilized.  As they do not represent current outstanding balances, these
unfunded commitments are properly not recognized in the financial
statements.  At September 30, 1999 the Partnership had the following
unfunded commitments:
<TABLE>
<CAPTION>

TYPE
----
<S>                                                  <C>
Notes receivable                                      $  250,000
Equity investments                                     1,881,966
Equipment lease guarantees                               237,000
Line of credit guarantees                                221,294
Venture capital limited partnership investments           52,975
                                                       ---------
     Total                                            $2,643,235
                                                       =========
</TABLE>

The Partnership has pledged 50,000 common shares of Pilot Network Services,
Inc. as collateral for its guarantee of a portfolio company's line of
credit.

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

Liquidity and Capital Resources
-------------------------------

During the nine months ended September 30, 1999, net cash used by operating
activities totaled $1,583,468.  The Partnership paid management fees of
$184,399 to the Managing General Partners and reimbursed related parties
for operating expenses of $1,144,692.  In addition, $25,874 was paid to the
Individual General Partners as compensation for their services.  Other
operating expenses of $324,496 and interest expense of $7,031 were paid.
Interest income of $103,024 was received.

During the nine months ended September 30, 1999, the Partnership funded
equity investments of $434,371 primarily to portfolio companies in the
communications, information technology and medical industries.  The
Partnership issued notes totaling $211,763 to portfolio companies in the
environmental and medical industries.  Proceeds from sales of equity
investments, primarily Pilot Network Services, Inc. ("Pilot") common
shares, provided cash of $9,194,975.  Net short-term borrowings of $120,200
were repaid and tax distributions of $1,244,602 were paid during the nine
months ended September 30, 1999.  As of September 30, 1999, the
Partnership's unfunded commitments totaled $2,643,235 as discussed in Note
8 to the financial statements.

The Partnership has a borrowing account with a financial institution.  The
borrowing capacity of this account, which fluctuates based on collateral
value, was $2,678,217 at September 30, 1999 and there were no outstanding
borrowings.  The Partnership's investments in CV Therapeutics, Inc.,
Valentis, Inc. (formerly Megabios Corp.), Axys Pharmaceuticals, Inc., and
Pilot are pledged as collateral.

Cash and cash equivalents at September 30, 1999, were $5,816,932.  Cash
reserves, future interest income on short-term investments and proceeds
from investment sales are expected to be adequate to fund Partnership
operations through the next twelve months.

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

    Current quarter compared to corresponding quarter in the preceding year
    -----------------------------------------------------------------------

Net losses were $666,535 and $1,414,891 for the quarters ended September
30, 1999 and 1998, respectively.  The improvement is primarily due to a
$2,310,794 increase in the net unrealized fair value of equity investments,
a $135,219 increase in net realized gain from venture capital limited
partnerships and a $64,957 increase in interest income.  These increases
were partially offset by a $1,665,091 increase in net realized loss from
sales of equity investments and a $131,538 increase in operating expenses.

During the quarter ended September 30, 1999, the increase in fair value of
equity investments of $1,083,088 was primarily due to increases in
portfolio companies in the biotechnology and medical industries.  During
the same period in 1998, the decrease in fair value of equity investments
of $1,227,706 was primarily due to decreases in portfolio companies in the
medical industry.

Net realized gain from venture capital limited partnerships totaled
$135,739 and $520 in the quarters ended September 30, 1999 and 1998,
respectively.  The 1999 gain primarily resulted from the distribution to
the Partnership of Tut Systems, Inc. common shares.

Interest income of $67,051 for the quarter ended September 30, 1999
increased significantly over interest income of $2,094 for the comparative
quarter of 1998 due to the interest earned on the Partnership's increased
cash balance.

For the quarter ended September 30, 1999, net realized loss from equity
investment sales of $1,665,091 primarily related to the sales of the
Partnership's investments in Avalon, Inc., CV Therapeutics, Inc. and Naiad
Technology, Inc.  There were no sales of investments in the quarter ended
September 30, 1998.

Total operating expenses were $210,815 and $79,277 for the quarters ended
September 30, 1999 and 1998, respectively. As explained in Note 2 to the
financial statements, the Managing General Partners absorbed $88,226 and
$421,041 for the quarters ended September 30, 1999 and 1998, respectively.
The decrease in operating expenses absorbed by the General Partners is
attributable to the re-evaluation of expense limitation provisions of the
Partnership agreement which occurred in the fourth quarter of 1998.  This
re-evaluation effectively lowered the total amount of operating expenses
subject to the expense limitation.  Had the limitation not been in effect,
operating expenses would have been $299,041 and $500,318 during the
quarters ended September 30, 1999 and 1998, respectively.  The decrease is
primarily attributable to decreased investment monitoring, administrative
overhead and computer costs.

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

    Current nine months compared to corresponding nine months in the
    ---------------------------------------------------------------
    preceding year
    --------------

Net income was $6,531,566 for the nine months ended September 30, 1999, as
compared to net loss of $4,483,102 for the nine months ended September 30,
1998.  The increase was primarily due to a $6,171,559 increase in net
realized gain from sales of equity investments, a $4,423,549 increase in
the net unrealized fair value of equity investments and a $661,684 decrease
in realized losses from investment write-downs, partially offset by a
$227,623 increase in operating expenses.

For the nine months ended September 30, 1999, realized gains from sales of
equity investments of $6,176,864 are primarily due to the gain on the sale
of 510,000 common shares of Pilot.  This gain was partially offset by
losses on the sale of the Partnership's investments in Avalon, Inc., CV
Therapeutics, Inc., CareCentric Solutions, Inc. and Naiad Technologies,
Inc.  During the same period in 1998, realized gains were $5,305.

During the nine months ended September 30, 1999, the increase in fair value
of equity investments of $1,052,025 was primarily due to increases in
portfolio companies in the biotechnology, communications and medical
industries, partially offset by a decrease due to the sale of Pilot shares.
During the same period in 1998, the decrease of $3,371,524 was primarily
due to decreases in portfolio companies in the medical and
industrial/business automation industries.

Realized losses from investment write-downs totaled $2,615 and $664,299 in
the nine months ended September 30, 1999 and 1998, respectively.  The
write-down in 1998 related to a portfolio company in the environmental
industry.

Total operating expenses were $874,891 and $647,268 for the nine months
ended September 30, 1999 and 1998, respectively. As explained in Note 2 to
the financial statements, the Managing General Partners absorbed $88,226
and $545,365 in operating expenses for the nine months ended September 30,
1999 and 1998, respectively.  The decrease in operating expenses absorbed
by the General Partners is attributable to the re-evaluation of expense
limitation provisions of the Partnership agreement which occurred in the
fourth quarter of 1998.  This re-evaluation effectively lowered the total
amount of operating expenses subject to the expense limitation.  Had the
limitation not been in effect, operating expenses would have been $963,117
and $1,192,633 during the nine months ended September 30, 1999 and 1998,
respectively.  The decrease is primarily attributable to decreased
investment monitoring, administrative overhead and computer costs.

YEAR 2000
---------

Widespread use of computer programs that use two digits rather than four to
store, calculate, and display year values in dates may cause computer
systems to malfunction in the year 2000, resulting in significant business
delays and disruptions.

    The Partnership's State of Readiness
    ------------------------------------

Computer services are provided to the Partnership by its Managing General
Partner, Technology Funding Inc. ("TFI").  For several years, TFI has
sought to use Year 2000 compliant storage formats and algorithms in its
internally-developed and maintained systems.  TFI has also completed
initial evaluations of computer systems, software, and embedded
technologies.  Those evaluations confirmed that certain components of its
network server hardware and operating systems, voice mail system, e-mail
system, and accounting software may have Year 2000 compliance issues.
These resources and several less-critical components of the systems
environment were all scheduled as part of normal maintenance and
replacement cycles to be replaced or upgraded as Year 2000 compatible
components became available from vendors during 1998 and 1999.  That
program remains on schedule to provide Year 2000 capable systems timely
without significant expenditures or disruption of Partnership operations.
TFI has implemented and tested Year 2000 capable versions of all its
mission-critical systems.  However, the risk remains that TFI may not be
able to verify whether Year 2000 compatibility claims by vendors are
accurate, or whether changes undertaken to achieve Year 2000 compatibility
will create other undetected problems in associated systems.  Therefore,
TFI anticipates that Year 2000 compliance testing and maintenance of these
systems will continue as needed into the first quarter of 2000.

As part of Year 2000 evaluation, TFI has also assembled a database listing
its significant suppliers to assess the extent to which it needs to prepare
for any of those parties' potential failure to remediate their Year 2000
compliance issues.  TFI reviewed public Year 2000 statements of those
suppliers and sent questionnaires to vendors whose public statements were
not adequate for assessment.  All mission-critical vendors have responded
that they expect to be Year 2000 compliant barring any unforeseen
circumstances.  TFI will continue to monitor its significant suppliers as
part of its Year 2000 evaluation.  However, there can be no guarantee that
the systems of other companies on which TFI relies will be timely
converted, or that failure to convert will not have a material adverse
effect on the Partnership and its operations.  TFI is also working with the
Partnership's portfolio companies to determine the extent to which their
operations are vulnerable to Year 2000 issues, and maintaining their
responses in the vendor database.  There can be no guarantee that the
systems of portfolio companies in which the Partnership has invested will
be timely converted, or that their failure to convert will not have a
material adverse effect on the Partnership.

    The Cost to Address Year 2000 Issues
    ------------------------------------

Expenditures in 1999 to date related to Year 2000 issues were not material
to the Partnership's financial statements.  TFI expects that additional
expenditures for Year 2000 compliance will not be material to the
Partnership.

    The Risks Associated with Year 2000 Issues
    ------------------------------------------

Any failure by the portfolio companies in which the Partnership has
invested, or by those portfolio companies' key suppliers or customers, to
anticipate and avoid Year 2000 related problems at reasonable cost could
have a material adverse effect on the value of and/or the timing of
realization of value from the Partnership's investments.  If TFI's Year
2000 compliance issues have not been resolved correctly, internal system
failures or miscalculations could cause a temporary inability to process
transactions, loss of ability to send or receive e-mail and voice mail
messages, or disruptions in other normal business activities.
Additionally, failure of third parties on whom TFI relies to remediate
their Year 2000 issues timely could result in disruptions in the
Partnership's relationship with its financial institutions, temporary
disruptions in processing transactions, unanticipated costs, and problems
related to the Partnership's daily operations.  While TFI continues to
address its internal Year 2000 issues, the overall risks associated with
the Year 2000 issue remain difficult to describe and quantify.  There can
be no guarantee that the Year 2000 issue will not have a material adverse
effect on the Partnership and its operations.

    TFI's Contingency Plan
    ----------------------

As part of its normal efforts to assure business continuation in the event
of natural disasters, systems failures, or other disruptions, TFI has
prepared contingency plans including an extensive Year 2000 contingency
plan.  Taken together with TFI's Year 2000 remediation plan, it identifies
potential points of failure, approaches to correcting known Year 2000
problems, dates by which the preferred corrections are anticipated to be
made and tested, and alternative approaches if the corrections are not
completed timely or are later found to be inadequate.  Although backup
systems and contingency approaches have been identified for most systems
and vendor dependencies, there remain some systems for which no good
alternative exists, and there may be some problems that prove more
intractable than currently anticipated.

II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(a)  No reports on Form 8-K were filed by the Partnership during the
     quarter ended September 30, 1999.

(b)  Financial Data Schedule for the nine months ended and as of
     September 30, 1999 (Exhibit 27).


<PAGE>



                              SIGNATURES
                              ----------

Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                         TECHNOLOGY FUNDING VENTURE PARTNERS V,
                         AN AGGRESSIVE GROWTH FUND, L.P.

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




Date:  November 12, 1999  By:     /s/Michael R. Brenner
                             ------------------------------------
                                     Michael R. Brenner
                                     Controller