<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 June 30, 2003

                                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)

1107 Investment Blvd., Suite 180
El Dorado Hills, California                                       95762
---------------------------------------                       --------
(Address of principal executive offices)                     (Zip Code)

                              (916) 941-1400
                      -------------------------------
           (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  Limited
Partnership Units

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
                                                    ---  ---

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12B-2 of the Act).                Yes    No X
                                                     ---   ---

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

Forward-Looking Statements
--------------------------

The Private Securities Litigation Reform Act of 1995 (the Act) provides a
safe harbor for forward-looking statements made by or on behalf of the
Partnership.  The Partnership and its representatives may from time to time
make written or oral statements that are "forward-looking," including
statements contained in this report and other filings with the Securities
and Exchange Commission, and reports to the Partnership's shareholders and
news releases.  All statements that express expectations, estimates,
forecasts and projections are forward-looking statements within the meaning
of the Act.  In addition, other written or oral statements, which
constitute forward-looking statements, may be made by or on behalf of the
Partnership.  Words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts," "may," "should,"
variations of such words and similar expressions are intended to identify
such forward-looking statements.  These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict.  Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in
or suggested by such forward-looking statements.  The Partnership
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.


<PAGE>
I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                             (unaudited)
                                               June 30,        December 31,
                                                 2003              2002
                                             ------------      ------------
<S>                                        <C>               <C>
ASSETS

Equity investments (cost of
 $16,626,186 and $21,605,935 at
 June 30, 2003, and December 31,
  2002, respectively)                        $ 5,678,191      $ 6,827,968
Notes receivable, net (cost of
 $189,453 and $184,293 at June 30,
 2003, and December 31, 2002,
 respectively)                                    37,891           36,858
                                              ----------       ----------
     Total investments                         5,716,082        6,864,826

Cash and cash equivalents                        732,389        1,749,984
Prepaid expenses                                 317,716          357,106
Other receivable                               2,926,549          774,298
Other assets                                         375          194,690
                                              ----------       ----------
     Total assets                            $ 9,693,111      $ 9,940,904
                                              ==========       ==========



BALANCE SHEETS (unaudited) (continued)
-------------------------------------

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses        $    37,551      $    44,870
Due to related parties                           148,002           21,279
                                              ----------       ----------
     Total liabilities                           185,553           66,149

Commitments and contingencies
       (See Note 8)

Partners' capital:
 Limited Partners
  (400,000 Units outstanding)                 12,942,470       13,305,996
 General Partners                             (3,434,912)      (3,431,241)
                                              ----------       ----------
     Total partners' capital                   9,507,558        9,874,755
                                              ----------       ----------
     Total liabilities and partners' capital $ 9,693,111      $ 9,940,904
                                              ==========       ==========
</TABLE>





















See accompanying notes are an integral part of these financial statements.



STATEMENTS OF INVESTMENTS
-------------------------
<TABLE>
<CAPTION>

                                        Principal
                                        Amount or       June 30, 2003         December 31, 2002
Industry                                Shares at     -----------------       -----------------
(1)                       Investment    June 30,     Cost         Fair        Cost        Fair
Company         Position     Date         2003       Basis        Value       Basis       Value
--------------  --------  ----------  -----------    -----        -----       -----       -----
<S>                <C>       <C>      <C>         <C>        <C>          <C>        <C>

Equity Investments
------------------

Biomedical
----------
0.4% and 0.4% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Celera Genomics Group
 (formerly Axys
 Pharmaceuticals, Common
 Inc.)            shares      2000        4,065 $   141,000   $   41,951  $  141,000  $  38,821

                                                 ----------    ---------  ----------  ---------
                                                    141,000       41,951     141,000     38,821
                                                 ----------    ---------  ----------  ---------
Biotechnology
-------------
0.8% and 2.4% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------

CellzDirect, Inc. Preferred
  (a) (b)         shares      2002      970,761     375,001       75,000     375,001     75,000


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Hemoxymed, Inc.
 (formerly
 Molecular
 Geriatrics       Common
 Corporation)(a)  shares      1993       31,057     250,000        2,795     250,000      1,708
Prolinx, Inc.     Common      1995-
 (a) (b)          shares      2000           --          --           --   2,766,870     64,544
Prolinx, Inc.     Preferred   1995-
(a) (b)           shares      2001           --          --           --     988,170     98,835
Prolinx, Inc.     Common and
 (a) (b)          Preferred share
                  warrants at
                  $.0001-$.90;
                  expiring    1998-
                  2004-2010   2001           --          --           --       6,061          0
                                                 ----------    ---------  ----------  ---------
                                                    625,001       77,795   4,386,102    240,087
                                                 ----------    ---------  ----------  ---------
Communications
--------------
3.6% and 1.6% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
iVillage          Common      1996-
 Inc.             shares      2000       83,111     301,403      123,004     301,403     78,124
WorldRes.com,     Common      1997-
 Inc. (a) (b)     shares      2001      222,063   1,059,652       66,619   1,059,652     66,619
WorldRes.com,     Convertible
 Inc. (a) (b)     note (2)    2002     $136,000     150,867      150,867     144,965     14,497
                                                 ----------    ---------  ----------  ---------
                                                  1,511,922      340,490   1,506,020    159,240
                                                 ----------    ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
------------------------------------

Environmental
-------------
0.0% and 0.0% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Triangle
 Biomedical
 Sciences,        Common
 Inc.(a)          shares      1999        1,806      35,560            0      35,560          0
Triangle          Common
 Biomedical       share warrants
 Sciences,        at $28.00;
 Inc.(a)          expiring
                  2009        1999        1,806       1,806            0       1,806          0
                                                 ----------    ---------  ----------  ---------
                                                     37,366            0      37,366          0
                                                 ----------    ---------  ----------  ---------
High Tech/Financial
-------------------
2.9% and 2.8% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
VenCore Solutions
 LLC  (a) (b)     LLC Units   2002      625,000     625,000      250,000     625,000    250,000
VenCore Solutions LLC Unit
 LLC  (a) (b)     warrants
                  at $0.001;
                  expiring
                  2007        2002       62,500           0       24,975           0      4,975
                                                 ----------    ---------  ----------  ---------
                                                    625,000      274,975     625,000    274,975
                                                 ----------    ---------  ----------  ---------


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Industrial/Business Automation
------------------------------
6.8% and 6.5% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------

Innergy Power
 Corporation      Preferred   1995-
 (a) (b)          shares      2002      880,246   2,707,509      512,816   2,707,509    512,816
Innergy Power
 Corporation      Common      2001-
 (a) (b)          shares      2002       18,818       4,201            0       4,201          0
Innergy Power     Common and
 Corporation      Preferred share
  (a) (b)         warrants at
                  $.60-$12.50;
                  expiring    1997-
                  2003-2006   2001      518,427       3,000            0       3,000          0
Innergy Power
 Corporation      Convertible
  (a) (b)         note (2)    2001     $244,000     260,631      130,316     250,952    125,476
                                                 ----------     --------  ----------   --------
                                                  2,975,341      643,132   2,965,662    638,292
                                                 ----------     --------  ----------   --------
Information Technology
----------------------
2.3% and 2.2% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------

KeyEye
 Communications,  Preferred
 Inc. (a) (b)     shares      2002    3,142,856     550,000      220,000     550,000    220,000


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Virage, Inc.      Common
                  shares      2002        1,428       1,660        1,199       1,660      1,001
                                                 ----------    ---------  ----------  ---------
                                                    551,660      221,199     551,660    221,001
                                                 ----------    ---------  ----------  ---------
Medical
-------
41.9% and 44.0% at June 30, 2003, and December 31, 2002, respectively
---------------------------------------------------------------------
Acusphere, Inc.   Preferred   1995-
 (a)              shares      2002      556,337   1,014,615      392,218   1,014,615     78,444
Acusphere, Inc.   Convertible
 (a)              notes       2003      681,889     693,815      346,908          --         --
Atherotech,       Preferred   2000-
 Inc. (a) (b)     shares      2002    1,055,372   2,724,822    1,882,784   2,724,822  2,824,175
CareCentric.
 Solutions,       Common
 Inc.             shares      1999       25,810     206,718       17,551     206,718     16,777
Endocare, Inc.    Common      1996-
 (b)              shares      1999       49,764     163,874      102,018     163,874     26,376
Impres Medical,   Preferred
 Inc.(a) (b)      shares      2002    1,071,429     742,500      450,000     742,500    450,000
Impres Medical,   Common share
 Inc.(a) (b)      warrants
                  at $1.00;
                  expiring
                  2007        2002      214,285       7,500            0       7,500          0
Periodontix,      Preferred   1993-
 Inc.(a)          shares      1999      339,253     556,001            0     556,001          0
Periodontix,      Common share
 Inc.(a)          warrants
                  at $2.25;
                  expiring    1999-
                  2004-2006   2000       24,667           0            0           0          0
STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Periodontix,      Convertible 1999-
 Inc.(a)          notes (2)   2000     $273,000     374,076        4,427     359,816      4,427
Pharmadigm,       Preferred   1993-
 Inc.(a) (b)      shares      2002      917,596   1,304,396      383,526   1,304,396    383,526
Pherin
 Pharmaceuticals, Preferred
 Inc.(a)          shares      1991           --          --           --     200,000    106,000
Physiometrix,     Common      1996-
 Inc.             shares      2000      139,769     285,023      209,654     285,023     76,873
Resolution
 Sciences
 Corporation      Preferred
 (a) (b)          shares      2000           --          --           --     970,000          0
Resolution
 Sciences
 Corporation      Convertible 2001-
 (a) (b)          note (2)    2002           --          --           --     215,804          0
Sanarus Medical,  Preferred
 Inc.(a) (b)      shares      1999      260,000     390,000       89,960     390,000    224,900
Valentis, Inc.    Common      1994-
                  shares      2002       23,866     908,970       93,247     908,970    157,515
                                                 ----------    ---------  ----------  ---------
                                                  9,372,310    3,972,293  10,050,039  4,349,013
                                                 ----------    ---------  ----------  ---------
Microelectronics
----------------
0.0% and 7.1% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Tessera, Inc.(a)  Preferred
 (3)              shares      1992           --          --           --     500,000    542,368


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Tessera, Inc.(a)  Common
 (3)              shares      1997           --          --           --      56,500    157,632
                                                 ----------    ---------  ----------  ---------

                                                         --           --     556,500    700,000
                                                 ----------    ---------  ----------  ---------
Venture Capital Limited Partnership Investments
-----------------------------------------------
1.1% and 2.1% at June 30, 2003, and December 31, 2002, respectively
-------------------------------------------------------------------
Capital Valley    Preferred
 Ventures (a)     shares        2002     50,794      48,254       19,302      48,254     14,476
Capital Valley
 Ventures (a)     LLC units     2002     50,794       2,540        1,016       2,540        762
CVM Equity        Ltd.
 Fund IV, Ltd     Partnership
 (a)              interests  various   $150,000      76,436       38,218      76,436     38,218
El Dorado         Ltd.
 Ventures III,    Partnership
 L.P. (a)         interests  various   $250,000     212,460       13,984     212,460     24,739
O,W&W Pacrim      Ltd.
 Investments      Partnership
 Limited (a)      interests  various       $400       1,000          500       1,000        500
Spectrum Equity   Ltd.
 Investors,       Partnership
 L.P. (a)         interests  various   $500,000     398,082        9,429     398,082    103,937


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Trinity Ventures  Ltd.
IV, L.P. (a)      Partnership
                  interests  various   $175,006      47,814       23,907      47,814     23,907
                                                 ----------    ---------  ----------  ---------
                                                    786,586      106,356     786,586    206,539
                                                 ----------    ---------  ----------  ---------
Total equity investments 59.7% and 69.1% at
 June 30, 2003, and December 31, 2002,
 respectively                                    16,626,186    5,678,191  21,605,935  6,827,968
                                                 ----------    ---------  ----------  ---------
Notes Receivable, Net
---------------------
Avalon Vision     Secured
 Solutions, Inc.  note, 16%,
                  due 2004    1999     $164,906     189,453       37,891     184,293     36,858
                                                 ----------    ---------  ----------  ---------
Total notes receivable 0.4% and 0.4% at
 June 30, 2003, and December 31, 2002,
 respectively                                       189,453       37,891     184,293     36,858
                                                 ----------    ---------  ----------  ---------
Total investments 60.1% and 69.5% at
 June 30, 2003, and December 31, 2002,
 respectively                                   $16,815,639   $5,716,082 $21,790,228 $6,864,826
                                                 ==========    =========  ==========  =========


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Legend and footnotes:

--  No investment held at end of period.

0   Investment active with a carrying value or fair value of zero.

(a) Equity security acquired in a private placement transaction; resale may be subject
    to certain selling restrictions.
(b) Portfolio company is an affiliate of the Partnership; resale may be subject to
    certain selling restrictions.

(1) Represents the total fair value of a particular industry segment as a percentage
    of partners' capital at 06/30/03 and 12/31/02.
(2) The Partnership has no income-producing equity investments except for convertible
    notes, which include accrued interest. Interest rates on such notes range from 8.0
    percent to 8.25 percent.
(3) The Partnership filed dissenters' rights for Tessera, Inc., in June, 2003. The fair
    value has been classified as a receivable as a result of this action. See Note 4.






</TABLE>




The accompanying notes are an integral part of these financial statements.


<PAGE>

STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                              For the Three Months            For the Six Months
                                                 Ended June 30,                 Ended June 30,
                                            ------------------------        ----------------------
                                              2003            2002            2003          2002
                                            --------        --------        --------      --------
<S>                                      <C>              <C>              <C>           <C>
Investment income:
 Notes receivable interest                 $  33,504     $   24,290      $    57,439  $     48,322
 Short-term interest income                    2,470         15,975            5,017        47,003
                                            --------      ---------         --------     ---------
   Total investment income                    35,974         40,265           62,456        95,325

Investment expenses:
 Management fees                              21,881         47,963           46,729        95,925
 Individual General Partners' compensation    10,003          4,967           20,003        14,000
 Investment operations                        76,677         68,118          293,138       304,743
 Administrative and investor services        392,693        593,845        1,216,343     1,400,138
 Professional fees                            42,289         41,125          131,188        77,038
 Computer services                            31,855         43,215           59,505        88,975
 Interest expense                                 --          1,964               --        13,035
                                           ---------      ---------        ---------     ---------
   Total investment expenses                 575,398        801,197        1,766,906     1,993,854
                                           ---------      ---------        ---------     ---------
Net investment loss                         (539,424)      (760,932)      (1,704,450)
(1,898,529)
                                           ---------      ---------        ---------     ---------


STATEMENTS OF OPERATIONS (unaudited)(continued)
----------------------------------------------

 Realized loss from investment
  write-offs                                      --             --       (5,149,494)           --
 Realized gain from dissenters' rights
  action  (See Note 4)                     2,353,809             --        2,353,809            --
 Net realized (loss) gain from sales
  of equity investments                           --         (1,186)              --       616,293
 Realized gain from venture capital
  limited partnership investments            113,263          4,786          113,263        27,338
                                           ---------      ---------        ---------     ---------
Net realized income (loss)                 2,467,072          3,600       (2,682,422)      643,631
                                           ---------      ---------        ---------     ---------
 (Increase) decrease in unrealized
  depreciation:
   Equity investments                       (993,624)    (1,552,939)       3,829,972
(2,069,761)
   Notes receivable                            1,077          1,268           (4,127)
(2,031)
                                           ---------      ---------        ---------     ---------
Net (increase) decrease in
 unrealized depreciation                    (992,547)    (1,551,671)       3,825,845
(2,071,792)
                                           ---------      ---------        ---------     ---------

Other income                                      --             --          193,830       666,667
                                           ---------      ---------        ---------     ---------
Net increase (decrease) in partners'
 capital resulting from operations       $   935,101    $(2,309,003)     $  (367,197)
$(2,660,023)
                                           =========      =========        =========     =========
Net increase (decrease) in partners'
 capital resulting from operations
 per Unit                                $      2.31    $     (5.71)     $     (0.91)  $
(6.58)
                                           =========      =========        =========     =========
</TABLE>
See accompanying notes are an integral part of these financial statements.



<PAGE>
STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                       For the Six Months Ended June 30,
                                       ---------------------------------
                                              2003              2002
                                           ---------         ---------
<S>                                      <C>                <C>
Net decrease in partners'
 capital resulting from operations       $  (367,197)      $(2,660,023)

Adjustments to reconcile net
 decrease in partners' capital
 resulting from operations
 to net cash used by operating
 activities:
 Net realized gain from sales
  of equity investments                           --          (616,293)
 Realized gain from venture capital
  limited partnership investments           (113,263)          (27,338)
 Realized loss from investment
  write-offs                               5,149,494                --
 Realized gain from dissenters'
  rights action                           (2,353,809)               --
 Net (decrease) increase in unrealized
  depreciation:
  Equity investments                      (3,829,972)        2,069,761
  Notes receivable                             4,127             2,031
 Increase in accrued interest on notes
  receivable                                 (49,515)          (39,178)
 Decrease (increase) in other
  receivables                                758,057          (666,667)
 Decrease in prepaid expenses                 39,390                --
 Decrease in accounts payable
  and accrued expenses                        (7,319)          (38,583)
 Increase (decrease) in due to related
  parties                                    126,723           (11,671)
 Other changes, net                          194,315           (14,451)
                                           ---------         ---------
Net cash used by operating activities       (448,969)       (2,002,412)
                                           ---------         ---------


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

Cash flows from investing activities:
 Proceeds from sales of equity
  investments                                     --         1,370,006
 Purchase of equity investments             (681,889)         (988,116)
 Distributions from venture capital
  limited partnership investments            113,263            23,620
                                           ---------         ---------
  Net cash provided by investing
   activities                               (568,626)          405,510
                                           ---------         ---------
Cash flows from financing activities:
 Repayment of short-term borrowings               --        (1,200,000)
                                           ---------         ---------
  Net cash used by financing activities           --        (1,200,000)
                                           ---------         ---------
Net decrease in cash and
 cash equivalents                         (1,017,595)       (2,796,902)

Cash and cash equivalents at
 beginning of year                         1,749,984         7,222,914
                                           ---------         ---------
Cash and cash equivalents
 at June 30                              $   732,389        $4,426,012
                                           =========         =========


Supplemental Schedule of Non-Cash Activities:

 Conversion of equity investments
  to other receivables resulting
  from dissenters' rights action
        (See Note 4)                     $ 2,910,308                 --
                                           =========         ==========
</TABLE>









See accompanying notes are an integral part of these financial statements.


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

1.     Interim Financial Statements
       ----------------------------

The accompanying unaudited financial statements included herein have been
prepared in accordance with the requirements of Form 10-Q and, therefore,
do not include all information and footnotes, which would be presented,
were such financial statements prepared in accordance with generally
accepted accounting principles in the United States of America.  These
statements should be read in conjunction with the Annual Report on Form 10-
K for the year ended December 31, 2002.  In the opinion of the Managing
General Partners, the accompanying interim financial statements reflect all
adjustments necessary for the fair presentation of the financial position,
results of operations, and cash flows for the interim periods presented.
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.  The results of operations for such interim
periods are not necessarily indicative of results of operations to be
expected for the full year.

2.     Provision for Income Taxes
       --------------------------

No provision for income taxes has been made by the Partnership, as the
Partnership is not directly subject to taxation.  The partners are to
report their respective shares of Partnership income or loss on their
individual tax returns.

The accompanying financial statements are prepared using accounting
principles generally accepted in the United States of America, which may
not equate to tax accounting.  The cost of investments on a tax basis at
June 30, 2003, and December 31, 2002, was $17,470,749 and $22,445,400,
respectively.  At June 30, 2003, and December 31, 2002, gross unrealized
depreciation on investments based on cost for federal income tax purposes
was as follows:
<TABLE>
<CAPTION>                               June 30,     December 31,
                                          2003          2002
                                      -----------    -----------
<S>                                  <C>            <C>
Unrealized appreciation              $     47,889   $    708,843
Unrealized depreciation               (11,802,556)   (16,289,355)
                                       ----------     ----------
Net unrealized depreciation          $(11,754,667)  $(15,580,512)
                                       ==========     ==========
</TABLE>

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

Related party costs are included in investment expenses shown on the
Statements of Operations.  Related party costs for the six months ended
June 30, 2003 and 2002, were as follows:
<TABLE>
<CAPTION>
                                              2003           2002
                                            --------       --------
<S>                                         <C>            <C>
Management fees                            $   46,729   $   95,925
Operating expenses reimbursed
 to related parties                         1,510,958    1,626,241
Individual General Partners' compensation      20,003       14,000
</TABLE>

The Partnership reimburses the Managing General Partners for certain
operating expenses incurred in connection with the business of the
Partnership.  Reimbursable operating expenses paid by the Managing General
Partners include expenses (other than organizational and offering expenses
and general partner overhead) such as administrative and investor services,
investment operations, and computer services.  Prior to 2000, the
Partnership Agreement stated that the Partnership could not reimburse the
Managing General Partners for certain operational costs that aggregate more
than 1 percent of total Limited Partner capital contributions.  On December
8, 2000, the Limited Partners approved an amendment to the Partnership
Agreement, which removed the limit on reimbursement of operational costs
effective January 1, 2000.  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 $139,565 and $9,866
due to related parties at June 30, 2003, and December 31, 2002,
respectively, for such reimbursable expenses.

Management fees due to the Managing General Partners were $8,437 and
$11,413 at June 30, 2003, and December 31, 2002, respectively, and were
included in due to related parties.

Officers of the Managing General Partners occasionally receive stock
options as compensation for serving on the Boards of Directors of portfolio
companies.  It is the Managing General Partners' policy that all such
compensation be transferred to the investing partnerships.  If the options
are non-transferable, they are not recorded as an asset of the Partnership.
Any profit from the exercise of such options will be transferred if and
when the options are exercised and the underlying stock is sold by the
officers.  Any such profit is allocated amongst the Partnership and
affiliated partnerships based upon their proportionate investments in the
portfolio company.  At June 30, 2003, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Endocare, Inc.,
Sanarus Medical, Inc. and Physiometrix, Inc. options with a fair value of
$21,838.

Retention bonuses were offered to and accepted by key employees of the
Managing General Partners in late 2002.  The expense for these bonuses,
which were approved by the Independent General Partners during the
September 2002 Individual General Partner meeting, was prepaid by the
Partnership in October and December 2002.  The amount of prepaid operating
expenses was $371,570.  The bonuses, incremented by annual salary
increases, will be paid to those individuals who are still full-time
employees of the Managing General Partners in April 2007.  The expense for
the bonus is recognized ratably over the beneficial period, October 2002 to
April 2007.  As of June 30, 2003, the Partnership has recognized expense of
$39,390. Upon the resignation of personnel, no adjustment to the retention
bonus amount previously paid by the Partnership to the Managing General
Partners shall occur until a replacement person is hired.

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

All investments are valued at fair value as determined in good faith by the
Managing General Partners.

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

At June 30, 2003, and December 31, 2002, marketable equity securities had
aggregate costs of $1,844,774 and aggregate market values of $486,606 and
$369,111, respectively.  The net unrealized losses at June 30, 2003, and
December 31, 2002, included gross gains of $6,050 and $22,809,
respectively.

Restricted Securities
---------------------

At June 30, 2003, and December 31, 2002, restricted securities had
aggregate costs of $14,781,412 and $19,761,161, respectively, and aggregate
fair values of $5,191,585 and $6,458,857, respectively, representing 54.6
percent and 66.3 percent, respectively, of the net assets of the
Partnership.

Significant purchases, sales and write-offs of equity investments during
the six months ended June 30, 2003, are as follows:



Acusphere, Inc.
--------------

The Partnership funded convertible secured notes of $537,267 and $144,622
to Acusphere, Inc. in April and June, 2003.  Both notes carry a rate of 10
percent and will mature in April and June, 2004, respectively.

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

The Partnership wrote off its entire investment of $200,000 as of March 31,
2003, after Pherin Pharmaceuticals, Inc. ceased domestic operations. The
Partnership is not expecting any return on its investment.

Prolinx, Inc.
-------------

In March 2003, the Partnership wrote off its entire investment of
$3,761,101 in Prolinx, Inc.  The company filed for Chapter 7 bankruptcy on
March 27, 2003. There is no anticipated recovery for the shareholders.

Resolution Sciences Corporation
-------------------------------

During the quarter ended March 31, 2003, Resolution Sciences Corporation
filed for Chapter 7 bankruptcy and the investors will not realize any
recovery. Consequently, the Partnership wrote off its entire investment of
$1,185,804 as of March 31, 2003.

Tessera, Inc.
------------

In January 2003, Tessera, Inc., closed a corporate reorganization under
which Tessera, Inc., became a wholly owned subsidiary of Tessera
Technologies.  The reorganization was intended to position the company for
an initial public offering when favorable market conditions return.  The
dissenters' rights provision of the California General Corporation Law
allows any shareholder who does not wish to accept the consideration
offered through a merger to have the "fair market value" of the investment
determined by a state court. The Partnership filed a Summons and Complaint
claiming dissenters' rights against Tessera in May 2003.  As a result, the
Partnership has recorded a receivable of $2,910,308, representing the fair
value of the dissenters' rights.



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

Other significant changes reflected in the Statements of Investments relate
to market value fluctuations for publicly traded portfolio companies or
changes in the fair value of private companies as determined in accordance
with the policy described in Note 1 to the financial statements included in
the Partnership's December 31, 2002, Form 10-K.

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

Activity from January 1 through June 30 consisted of:
<TABLE>
<CAPTION>
                                                 2003          2002
                                               --------      --------
<S>                                            <C>         <C>
Balance at January 1                            $36,858       $86,920
Change in interest receivable                     5,160         4,061
Net increase in unrealized depreciation
 of notes receivable                             (4,127)       (2,031)
                                                 ------        ------
Balance at June 30                              $37,891       $88,950
                                                 ======        ======
</TABLE>

The interest rate on the note receivable at June 30, 2003, was 16 percent.
The note is due in 2004.

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

Cash and cash equivalents at June 30, 2003, and December 31, 2002,
consisted of:
<TABLE>
<CAPTION>
                                                  2003           2002
                                                --------       --------
<S>                                          <C>             <C>
Demand accounts                                 $ 99,598     $  814,726
Money market accounts                            632,791        935,258
                                                 -------      ---------
 Total                                          $732,389     $1,749,984
                                                 =======      =========
</TABLE>



7.     Other Receivables
       -----------------

As of June 30, 2003, other receivables consists of the following:

<TABLE>
<CAPTION>
                                                  2003
                                                --------
<S>                                          <C>
Advance to Dakota Heritage, LLC                $   16,241
Dissenters' rights receivable                   2,910,308
                                                ---------
 Total other receivables                       $2,926,549
                                                =========
</TABLE>

Dakota Heritage, LLC
-------------------------------

At June 30, 2003, on behalf of Dakota Heritage, LLC (DHL), the Partnership
had advanced $16,241 to Dakota Arms, Inc. (DAI), a  wholly-owned subsidiary
of DHL. An agreement is in place for the Partnership, an affiliated
partnership and an outside party, to invest $50,000, $700,000 and $500,000,
respectively, in DHL, providing the Partnership and the affiliated
partnership a 51% majority ownership in DHL which is expected to own 81% of
DAI upon completion of the transaction.  When the investment closes, the
advance will be repaid.

Tessera, Inc.
------------

The Partnership filed a Summons and Complaint claiming dissenters' rights
against Tessera, Inc. in May 2003.  As a result, the Partnership has
recorded a receivable of $2,910,308, representing the fair value of the
dissenters' rights. (See Note 5.)

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

From time to time, 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 not recognized in the financial
statements.  At June 30, 2003, the Partnership had unfunded equity
commitments of $33,760.

In October 2000, Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, initiated an arbitration proceeding
against the Partnership, two affiliated partnerships and a fourth co-
investor.  Kanematsu was seeking to recover $2,000,000, the purchase price
in a contract by which the Partnership and the other entities were alleged
to have agreed to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships asserted
counterclaims against Kanematsu.  On February 12, 2002, the Partnership,
affiliated partnerships and the co-investor were awarded $4,000,000 and all
of Kanematsu's claims were denied.  The award is in full settlement of all
claims and counterclaims.  The Partnership recognized revenue and a
receivable of $666,667 as of February 12, 2002, for its proportionate share
of the award.  Kanematsu immediately filed a petition to vacate the award,
and on October 9, 2002, the United States District Court issued an order
confirming the arbitration award.  Kanematsu appealed the order but in
early November 2002 paid a forbearance fee of $200,000 in exchange for an
option to settle all liabilities.  On November 29, 2002, Kanematsu agreed
to settle for $3,999,999.  A decision on the allocation of the proceeds
between the Partnership, affiliates and co-investor was reached in January
2003; however, a dispute regarding the legal fees arose.  The Partnership
received $774,298 on February 13, 2003, which represented its proportionate
share of the settlement, less disputed legal fees, plus accrued interest.
The Partnership recognized the additional revenue and receivable of
$107,631 at December 31, 2002.  In March 2003, the law firm remitted
$193,830, the remaining amount of the award, to the Partnership. The fee
dispute has not been resolved.

From time to time, the Partnership is subject to routine litigation
incidental to the business of the Partnership.  Although there can be no
assurances as to the ultimate disposition of these matters and the
proceeding disclosed above, it is the opinion of the Managing General
Partners, based upon the information available at this time, that the
expected outcome of these matters, individually or in the aggregate, will
not have a material adverse effect on the results of operations and
financial condition of the Partnership.



9.    Financial Highlights
       --------------------
<TABLE>
<CAPTION>
                                    For The Six Months Ended June 30,
                                    --------------------------------
                                             2003          2002
                                            ------        ------
<S>                                          <C>         <C>
(all amounts on a per Unit basis)
Net asset value,
 beginning of period                        $16.09       $35.81

(Loss) income from investment
 operations:
  Net investment loss                        (4.22)       (4.70)
  Net realized and unrealized
   (loss) gain on investments                 3.31        (1.88)
                                             -----        -----
  Total from investment
   operations                                (0.91)       (6.58)
                                             -----        -----
Net asset value, end of period              $15.18       $29.23
                                             =====        =====
Total return                                 (5.65)%     (18.38)%

Ratios to average net assets:
 Net investment loss                        (26.98)%     (14.45)%

 Expenses                                    28.25%       15.33%

</TABLE>

Pursuant to the Partnership Agreement, net profit shall be allocated first
to those Partners with deficit capital account balances until such deficits
have been eliminated. The net asset values shown above assume the
Partnership is in liquidation.  Upon liquidation, the General Partners
would contribute capital equal to the amount of the Limited Partners'
deficit. As of June 30, 2003 and 2002, the General Partners had a negative
capital balance of $3,434,912 and $3,379,281, respectively. Upon
liquidation, the General Partners would not be required to contribute cash
to the Partnership, as the net asset value is greater than the General
Partners' negative capital balance. Net asset value has been calculated in
accordance with this provision of the Partnership Agreement.



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

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

The Partnership operates as a business development company under the
Investment Company Act of 1940 and makes venture capital investments in new
and developing companies.  The Partnership's financial condition is
dependent upon the success of the portfolio companies.  There is no ready
market for many of the Partnership's investments.  It is possible that some
of its venture capital investments may be a complete loss or may be
unprofitable and that others will appear likely to become successful, but
may never realize their potential.  The valuation of the Partnership's
investments in securities for which there are no available market quotes is
subject to the estimate of the Managing General Partners in accordance with
the valuation guidance described in Note 1 to the financial statements
included in the Partnership's December 31, 2002, Form 10-K.  In the absence
of readily obtainable market values, the estimated fair value of the
Partnership's investments may differ significantly from the values that
would have been used had a ready market existed.
During the six months ended June 30, 2003, net cash used by operating
activities totaled $448,969.  The Partnership paid management fees of
$39,042 to the Managing General Partners and reimbursed related parties for
other investment expenses of $1,158,217. In addition, $20,003 was paid to
the Individual General Partners as compensation for their services.  The
Partnership paid other investment expenses of $196,535. The Partnership
received interest income of $12,941 and other income of $951,887.
During the six months ended June 30, 2003, there were no equity investments
funded.  At June 30, 2003, the Partnership had no commitments to fund
additional investments.

Cash and cash equivalents at June 30, 2003, were $732,389.  Cash reserves,
interest income on short-term investments and future 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 decrease in partners' capital resulting from operations was $935,101
for the three months ended June 30, 2003, compared to a net decrease in
partners' capital resulting from operations of $2,309,003 for the same
period in 2002.

During the three months ending June 30, 2003, the Partnership recorded a
gain of $2,353,809 as a result of filing dissenters' rights. In January
2003, Tessera, Inc., closed a corporate reorganization under which Tessera,
Inc., became a wholly owned subsidiary of Tessera Technologies.  The
reorganization was intended to position the company for an initial public
offering when favorable market conditions return.  The dissenters' rights
provision of the California General Corporation Law allows any shareholder
who does not wish to accept the consideration offered through a merger to
have the "fair market value" of the investment determined by a state court.
The Partnership filed a Summons and Complaint claiming dissenters' rights
against Tessera in May 2003.  As a result, the Partnership recorded a
receivable of $2,910,308, representing the $556,499 cost of the investment
and the gain of $2,353,809. There were no similar gains recorded during the
three months ending June 30, 2002.

Net unrealized depreciation on equity investments was $10,947,955 and
$14,777,967 at June 30, 2003, and December 31, 2002, respectively.  During
the quarters ended June 30, 2003, and 2002, the Partnership recorded a
decrease in net unrealized depreciation on equity investments of $993,624
and $1,552,939, respectively.  The increase in 2003 was primarily
attributable to decreases in the fair value of privately held companies in
the medical industry. The change in 2002 was primarily attributable to a
decrease in the publicly traded price of Valentis, Inc. and decreases in
the fair value of portfolio companies in the medical industry and
biotechnology industries.

Total investment expenses were $575,398 for the quarter ended June 30,
2003, compared to $801,197 for the same period in 2002. The decrease was
related to reduced management fees, administrative and investor services,
and computer service costs.

During the quarter ended June 30, 2003, the Partnership recorded net
realized gains from venture capital limited partnership investments of
$113,263.  During the same period in 2002, there were gains of $4,786.

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 six months compared to corresponding six months in the preceding
------------------------------------------------------------------------
year
----

Net decrease in partners' capital resulting from operations was $367,197
for the six months ended June 30, 2003, compared to a net decrease in
partners' capital resulting from operations of $2,660,023 for the same
period in 2002.

During the six months ended June 30, 2003, the Partnership wrote off its
investments in Pherin Pharmaceuticals, Inc., Prolinx, Inc. and Resolution
Sciences Corporation. These totaled $200,000, $3,761,101 and $1,188,393,
respectively. During the same period in 2002, there were no write-offs.

During the six months ending June 30, 2003, the Partnership recorded a gain
of $2,353,809 as a result of filing dissenters' rights. In January 2003,
Tessera, Inc., closed a corporate reorganization under which Tessera, Inc.,
became a wholly owned subsidiary of Tessera Technologies.  The
reorganization was intended to position the company for an initial public
offering when favorable market conditions return.  The dissenters' rights
provision of the California General Corporation Law allows any shareholder
who does not wish to accept the consideration offered through a merger to
have the "fair market value" of the investment determined by a state court.
The Partnership filed a Summons and Complaint claiming dissenters' rights
against Tessera in May 2003.  As a result, the Partnership recorded a
receivable of $2,910,308, representing the $556,499 cost of the investment
and the gain of $2,353,809. There were no similar gains recorded during the
six months ending June 30, 2002.

Net unrealized depreciation on equity investments was $10,947,995 and
$14,777,967 at June 30, 2003, and December 31, 2002, respectively.  During
the six months ended June 30, 2003, the Partnership recorded a decrease in
net unrealized depreciation on equity investments of $3,825,845 compared to
an increase in unrealized depreciation of $2,069,761 during 2002.  The
decrease in depreciation in 2003 was primarily attributable to the write-
off of the Partnership's investments in Pherin Pharmaceuticals, Inc.,
Prolinx, Inc. and Resolution Sciences Corporation. The change in 2002 was
primarily attributable to a net decrease in the fair value of portfolio
companies in the medical and biotechnology industries.

Other income of $193,830 and $666,667 was recognized during the six months
ended June 30, 2003 and 2002, respectively.  This was the result of a
settlement between Kanematsu Corporation, a creditor of one of the
Partnership's portfolio companies, and the Partnership. See Note 8.

For the six months ended June 30, 2002, net realized gain from equity
investment sales of $616,293 was primarily related to the sale of Matrix
Pharmaceutical, Inc.  During the same period in 2003, there was no realized
gain.

Total investment expenses were $1,766,906 for the six months ended June 30,
2003, compared to $1,993,854 for the same period in 2002. Decreased
management fees, administrative and investor service costs were offset by
Increased professional fees related to the Kanematsu legal proceeding.

During the six months ended June 30, 2002, the Partnership recorded net
realized gains from venture capital limited partnership investments of
$113,263.  During the same period in 2002, there were gains of $27,338.

During the six months ended June 30, 2003 and 2002, interest income was
$62,456 and $95,325, respectively.  The decrease was primarily the result
of reduced cash balances.

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

Item 3.   Procedures and Controls

The undersigned is responsible for establishing and maintaining disclosure
controls and procedures for Technology Funding Partners V, An Aggressive
Growth Fund, L.P.  Such officer has concluded (based upon his evaluation of
these controls and procedures as of a date within 90 days of the filing of
this report) that Technology Funding Partners V, An Aggressive Growth Fund,
L.P.'s disclosure controls and procedures are effective to ensure that
information required to be disclosed by Technology Funding Partners V, An
Aggressive Growth Fund, L.P. in this report is accumulated and communicated
to Technology Funding Partners V, An Aggressive Growth Fund, L.P.'s
management, including its principal executive officers as appropriate, to
allow timely decisions regarding required disclosure.

The certifying officer also has indicated that there were no significant
changes in Technology Funding Partners IV, L.P.'s internal controls or
other factors that could significantly affect such controls subsequent to
the date of their evaluation other than changes needed to maintain adequate
separation of duties and responsibilities of personnel in the ordinary
course of business, and there were no corrective actions with regard to
significant deficiencies and material weaknesses.



                              CERTIFICATION
                              -------------

I, Charles R. Kokesh, President, Chief Executive Officer, Chief Financial
Officer and Chairman of Technology Funding Inc. and Managing General
Partner of Technology Funding Ltd., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Technology Funding
Partners V, An Aggressive Growth Fund, L.P.;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and I have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant is made known to me by others within
the entity, particularly during the period in which this quarterly report
is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and
c) presented in this quarterly report my conclusions about the
effectiveness of the disclosure controls and procedures based on my
evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the
registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of my most
recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

Date:  August 11, 2003     By:     /s/Charles R. Kokesh
                               --------------------------------
                                     Charles R. Kokesh
                                     President, Chief Executive
                                     Officer, Chief Financial
                                     Officer and Chairman of
                                     Technology Funding Inc. and
                                     Managing General Partner of
                                     Technology Funding Ltd.



II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(a)  A report on Form 8-K was filed by the Partnership during the
quarter ended March 31, 2003. Pursuant to Article 6 of the Partnership
Agreement for Technology Funding Partners V, An Aggressive Growth
Fund, L.P., the Partnership Agreement had been amended. The corrected
Amended and Restated Limited Partnership Agreement is included in the
8-K filed on January 8, 2003.





<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.
                                TECHNOLOGY FUNDING LTD.
                                Managing General Partners




Date:  August 11, 2003       By: /s/Charles R. Kokesh
                                ---------------------
                                   Charles R. Kokesh
                                   President, Chief Executive Officer,
                                   Chief Financial Officer and
                                   Chairman of Technology Funding Inc.
                                   and Managing General Partner of
                                   Technology Funding Ltd.





                             CERTIFICATION
                             -------------

In connection with the Technology Funding Partners V, An Aggressive Growth
Fund, L.P. (the Partnership) Quarterly Report on Form 10-Q for the period
ending March 31, 2003, as filed with the Securities and Exchange Commission
(the Report), I Charles, R. Kokesh, President, Chief Executive Officer,
Chief Financial Officer and Chairman of Technology Funding Inc. and
Managing General Partner of Technology Funding Ltd., certify, pursuant to
18 U.S.C. Section 1350, as added Section 906 of the Sarbanes-Oxley Act of
2002, that:

1. The Report fully complies with the requirements of Section 15(d) of
the Securities Exchange Act of 1934; and

2. To my knowledge, the information contained in the Report fairly
presents, in all material respects, the financial condition and
results of operations of the Partnership as of and for the period
covered by the Report.

Date:  August 11, 2003     By:     /s/Charles R. Kokesh
                               --------------------------------
                                     Charles R. Kokesh
                                     President, Chief Executive
                                     Officer, Chief Financial
                                     Officer and Chairman of
                                     Technology Funding Inc. and
                                     Managing General Partner of
                                     Technology Funding Ltd.