<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 March 31, 1998

                                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)
                                          March 31,       December 31,
                                            1998              1997
                                        ------------      ------------
<S>                                     <C>               <C>

ASSETS

Investments:
 Equity investments (cost basis
  of $22,968,258 and $22,803,180 at
  1998 and 1997, respectively)          $36,415,510       37,077,544
 Notes receivable                             2,427            4,479
 Other investments (cost basis
  $664,299 for both 1998 and 1997)          398,579          398,579
                                         ----------       ----------

     Total investments                   36,816,516       37,480,602

Cash and cash equivalents                 1,074,840        1,839,535

Due from related parties                    116,084           86,078

Other assets                                  8,499            9,655
                                         ----------       ----------

     Total                              $38,015,939       39,415,870
                                         ==========       ==========


LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $    34,994           45,893
                                         ----------       ----------

 Total liabilities                           34,994           45,893

Commitments, contingencies and 
 subsequent event 
 (Notes 3, 4 and 7)

Partners' capital:
 Limited Partners 
  (Units outstanding of 
  400,000 in both 1998 and 1997)         24,802,741       25,359,042
 General Partners                            (3,328)           2,291
 Net unrealized fair value increase
  from cost of:
   Equity investments                    13,447,252       14,274,364
   Other investments                       (265,720)        (265,720)
                                         ----------       ----------

  Total partners' capital                37,980,945       39,369,977
                                         ----------       ----------
  Total liabilities and
   partners' capital                    $38,015,939       39,415,870
                                         ==========       ==========

</TABLE>

See accompanying notes to financial statements.

<PAGE>
STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                      For the Three Months Ended March 31
                                      -----------------------------------
                                              1998          1997
                                           ---------      ---------
<S>                                     <C>              <C>
Income:
 Notes receivable interest              $        --         13,242
 Short-term investment interest               8,191          9,147
 Dividend income                                 --        280,010
                                          ---------      ---------
   Total income                               8,191        302,399

Costs and expenses:
 Management fees                             97,499         97,499
 Individual General Partners' 
  compensation                                5,197          5,483
 Operating expenses:
   Investment operations                    184,593         64,205
   Administrative and investor services     174,150        105,366
   Professional fees                         12,301         14,005
   Computer services                         76,006         29,227
                                          ---------      ---------
   Total operating expenses                 447,050        212,803
                                          ---------      ---------
   Total costs and expenses                 549,746        315,785
                                          ---------      ---------
Net operating loss                         (541,555)       (13,386)

 Net realized (loss) gain from 
  sales of equity investments               (26,379)       238,526
 Realized losses from
  investment write-downs                         --         (2,500)
 Net realized gain from venture capital
  limited partnership investments             6,014             --
                                          ---------      ---------

Net realized (loss) income                 (561,920)       222,640

 Change in net unrealized 
  fair value of equity
  investments                              (827,112)     1,564,909
                                          ---------      ---------
Net (loss) income                       $(1,389,032)     1,787,549
                                          =========      =========
Net realized loss per Unit              $        (1)            --
                                          =========      =========
</TABLE>

See accompanying notes to financial statements


<PAGE>

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

                                       For the Three Months Ended March 31,
                                       ------------------------------------
                                              1998             1997
                                           ---------         ---------
<S>                                      <C>                <C>
Cash flows from operating activities:
 Interest income received                 $   11,016            16,877
 Cash paid to vendors                        (47,931)          (51,917)
 Cash paid to related parties               (541,564)         (328,298)
                                           ---------         --------- 
  Net cash used by
   operating activities                     (578,479)         (363,338)
                                           ---------         --------- 
Cash flows from investing activities:
 Purchase of equity investments             (245,000)         (436,914)
 Notes receivable issued                      (2,766)               --
 Proceeds from sales of 
  equity investments                              --           344,641
 Repayments of convertible notes 
  receivable                                  57,378            47,065
 Repayments of notes receivable                   --             6,635
 Distributions from venture capital
  limited partnership investments              4,172             1,738
                                           ---------         ---------
  Net cash used by 
   investing activities                     (186,216)          (36,835)
                                           ---------         --------- 
Net decrease in cash and 
 cash equivalents                           (764,695)         (400,173)

Cash and cash equivalents at 
 beginning of year                         1,839,535         1,617,085
                                           ---------         ---------
Cash and cash equivalents
 at March 31                              $1,074,840         1,216,912
                                           =========         =========

</TABLE>

See accompanying notes to financial statements.




<PAGE>

STATEMENTS OF CASH FLOWS (unaudited) (continued)
-----------------------------------------------

<TABLE>
<CAPTION>

                                       For the Three Months Ended March 31,
                                       ------------------------------------
                                              1998             1997
                                           ---------         ---------
<S>                                        <C>                <C>

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

Net (loss) income                        $(1,389,032)        1,787,549

Adjustments to reconcile net (loss)
 income to net cash used by operating 
  activities:
   Realized loss (gain) from sales of 
    equity investments, net                   26,379          (238,526)
   Realized losses from investment
    write-downs                                   --             2,500
   Net realized gain from venture capital
    limited partnership investments           (6,014)               --
   Change in net unrealized fair value of
    equity investments                       827,112        (1,564,909)
   Changes in:
    Other assets                               1,156          (286,029)
    Accounts payable and accrued
     expenses                                (10,899)              835
    Due to/from related parties              (30,006)          (59,246)
    Accrued interest on notes receivable       2,825            (5,512)
                                           ---------         ---------
Net cash used by operating activities    $  (578,479)         (363,338)
                                           =========         =========

</TABLE>
See accompanying notes to financial statements.

<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited)
----------------------------------------

1.     General
       -------

In the opinion of the Managing General Partners, the Balance Sheets as of 
March 31, 1998, and December 31, 1997, and the related Statements of 
Operations and Statements of Cash Flows for the three months ended March 
31, 1998 and 1997, reflect all adjustments which are necessary for a fair 
presentation of the financial position, results of operations and cash 
flows for such periods.  These statements should be read in conjunction 
with the Annual Report on Form 10-K for the year ended December 31, 1997.  
The following notes to financial statements for activity through March 31, 
1998, supplement those included in the Annual Report on Form 10-K.  
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.

2.     Financing of Partnership Operations
       -----------------------------------

The Managing General Partners expect cash received from the future 
liquidation of Partnership investments and the collection of notes 
receivable will provide the necessary liquidity to fund Partnership 
operations.  The Partnership may be dependent upon the financial support of 
the Managing General Partners to fund operations if future proceeds are not 
received timely.  The Managing General Partners have committed to support 
the Partnership's working capital requirements through short-term advances 
as necessary.

3.     Related Party Transactions
       --------------------------

Related party costs are included in costs and expenses shown on the 
Statements of Operations.  Related party costs for the three months ended 
March 31, 1998 and 1997, were as follows:
<TABLE>
<CAPTION>
                                              1998           1997
                                            --------       --------
<S>                                         <C>            <C>
Management fees                            $ 97,499         97,499
Reimbursable operating expenses             408,862        166,070
Individual General Partners' compensation     5,197          5,483
</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 $148,584 and $151,077 due from 
related parties at March 31, 1998, and December 31, 1997, respectively, for 
such reimbursable expenses.

Amounts payable for management fees were $32,500 and $64,999 at March 31, 
1998, and December 31, 1997.  


<PAGE>

4.     Equity Investments
       ------------------

<TABLE>
A full listing of the Partnership's equity investments at December 31, 1997, is in the 1997 
Annual Report.  Activity from January 1 through March 31, 1998, consisted of: 

<CAPTION>
                                                                  January 1 through
                                                                    March 31, 1998
                                                                  -------------------
                                                     Principal
                                       Investment    Amount or    Cost          Fair
Industry/Company        Position          Date        Shares      Basis         Value
----------------        --------       ----------    ---------    -----         -----
<S>                    <C>              <C>          <C>      <C>            <C>

Balance at January 1, 1998                                    $22,803,180     37,077,544
                                                               ----------     ----------

Significant changes:

Communications
--------------
NetChannel,             Series B
 Inc.                   Preferred         10/96-
                        shares            05/97      183,458      (26,380)       (59,196)

Industrial/Business Automation
------------------------------
Avalon Imaging, Inc.    Series C
                        Preferred
                        shares            03/98      138,888      149,999        149,999

Medical
-------
Megabios                Common            09/94-
 Corporation            shares            07/95      301,274            0       (670,938)
Periodontix,            Series C
 Inc.                   Preferred
                        shares            02/98       26,531       65,001         65,001
Pharmos                 Common            04/95-
 Corporation            shares            11/95       60,331            0         66,906
Physiometrix,           Common
 Inc.                   shares            04/96      287,021            0       (202,455)
                                                               ----------     ----------

Total significant changes during the three
 months ended March 31, 1998                                      188,620       (650,683)

Other changes, net                                                (23,542)       (11,351)
                                                               ----------     ----------

Total equity investments at March 31, 1998                    $22,968,258     36,415,510
                                                               ==========     ==========

</TABLE>


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

At March 31, 1998, and December 31, 1997, marketable equity securities had 
aggregate costs of $5,126,481 and $3,948,418, respectively, and aggregate 
market values of $4,535,887 and $1,703,410, respectively.  The net 
unrealized losses at March 31, 1998, and December 31, 1997, included gross 
gains of $175,107 and $103,141, respectively.

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

In March 1998, the Partnership purchased 138,888 Series C Preferred shares 
for $149,999.

NetChannel, Inc.
----------------

In May 1998, the company was acquired by America Online, Inc.  The 
Partnership has realized a loss of $26,380 based on expected sales proceeds 
of $72,159 from the sale of this investment.

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

In February 1998, the Partnership made an additional investment in the 
company by purchasing 26,531 Series C Preferred shares for $65,001.

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. and Physiometrix, 
Inc. investments are restricted.

5.     Notes Receivable
       ----------------

Activity from January 1, 1998 through March 31, 1998, consisted of:

<TABLE>
<S>                                                        <C>
Balance at January 1, 1998                                     $4,479

1998 activity:
 Notes receivable issued                                        2,766
 Change in interest receivable                                 (4,818)
                                                                -----
Total notes receivable
 at March 31, 1998                                             $2,427
                                                                ===== 
</TABLE>
There was no allowance for loan losses at March 31, 1998 and December 31, 
1997.

The Partnership had accrued interest of $4,818 at December 31, 1997.  There 
was no accrued interest at March 31, 1998.

6.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at March 31, 1998, and December 31, 1997 
consisted of:

<TABLE>
<CAPTION>
                                                  1998          1997
                                                ---------     ---------
<S>                                             <C>          <C>
Demand accounts                               $    5,000          4,221
Money-market accounts                          1,069,840      1,835,314
                                               ---------      ---------
 Total                                        $1,074,840      1,839,535
                                               =========      =========
</TABLE>

7.     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 March 31, 1998 the Partnership had unfunded commitments for 
venture capital limited partnership investments of $111,345.

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

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

During the three months ended March 31, 1998, net cash used by operating 
activities totaled $578,479.  The Partnership paid management fees of 
$129,998 to the Managing General Partners and reimbursed related parties 
for operating expenses of $406,369.  In addition, $5,197 was paid to the 
Individual General Partners as compensation for their services.  Other 
operating expenses of $47,931 were paid and $11,016 in interest income was 
received.

During the three months ended March 31, 1998, the Partnership funded equity 
investments of $245,000 primarily to portfolio companies in the medical and 
industrial/business automation industries.  Repayments of convertible notes 
receivable provided cash of $57,378.  As of March 31, 1998, the Partnership 
was committed to fund additional investments totaling $111,345 as discussed 
in Note 7 to the financial statements.

Cash and cash equivalents at March 31, 1998, were $1,074,840.  Future 
interest income on short-term investments, proceeds from investment sales, 
and Managing General Partners' support 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 loss was $1,389,032 for the three months ended March 31, 1998, as 
compared to net income of $1,787,549 for the three months ended March 31, 
1997.  The change was primarily due to a $2,392,021 decrease in the change 
in net unrealized fair value of equity investments, a $280,010 decrease in 
dividend income, a $264,905 decrease in net realized gain from equity 
investment sales, and a $234,247 increase in operating expenses.

During the three months ended March 31, 1998, the decrease in fair value of 
equity investments of $827,112 was primarily due to decreases in portfolio 
companies in the medical industry.  During the same period in 1997, the 
increase in fair value of equity investments of $1,564,909 was primarily 
due to an increase in a portfolio company in the medical industry partially 
offset by a decrease in a portfolio company in the biomedical industry.

During the three months ended March 31, 1997, the Partnership earned a 
$280,010 dividend from Tessera, Inc.  There was no dividend income in the 
same period in 1998.

For the quarter ended March 31, 1998, realized losses of $26,379 mainly 
related to the sale of NetChannnel, Inc.  During the same period in 1997, 
realized gains of $238,526, related mainly to the common stock sale of 
Bolder Technologies Corporation.

Total operating expenses were $447,050 and $212,803 for the quarters ended 
March 31, 1998 and 1997, respectively.  The increase is attributable to 
increased investment monitoring activities, administrative costs and 
development costs associated with enabling investors to access on-line 
account information.

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

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 March 31, 1998.

(b)  Financial Data Schedule for the three months ended and as of March 31,
     1998 (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:  May 14, 1998       By:     /s/Michael R. Brenner
                             ------------------------------------
                                     Michael R. Brenner
                                     Controller