<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, 2001

                                 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. 814-55

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

          Delaware                         94-3054600
 ------------------------------     ---------------------------------
(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)

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



<PAGE>

I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
                                            (unaudited)
                                           September 30,       December 31,
                                                2001              2000
                                             ----------        ------------
<S>                                         <C>                 <C>
ASSETS

Investments:
 Equity investments (cost of
  $5,533,197 and $7,314,452 for
  2001 and 2000, respectively)               $ 3,820,863        $ 8,942,895
 Notes receivable (cost of
  $4,994,402 and $4,946,307 for
  2001 and 2000, respectively)                   115,852            220,252
                                               ---------         ----------
   Total investments                           3,936,715          9,163,147

Cash and cash equivalents                        264,730          2,182,634
Other assets                                           6              3,034
                                               ---------         ----------
   Total assets                              $ 4,201,451        $11,348,815
                                               =========         ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses        $    48,558        $    78,885
Due to related parties                           104,530             61,897
Short-term borrowings                                 --          1,100,000
Other liabilities                                     79              5,048
                                               ---------         ----------
   Total liabilities                             153,167          1,245,830

Commitments and contingencies

Partners' capital:
 Limited Partners (400,000 Units outstanding)  7,416,002         12,328,505
 General Partners                             (3,367,718)        (2,225,520)
                                               ---------         ----------
   Total partners' capital                     4,048,284         10,102,985
                                               ---------         ----------
   Total liabilities and partners' capital   $ 4,201,451        $11,348,815
                                               =========         ==========
</TABLE>

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


STATEMENTS OF INVESTMENTS
-------------------------
<TABLE>
<CAPTION>
                                      Principal        (unaudited)
                                      Amount or     September 30, 2001      December 31, 2000
Industry                              Shares at     ------------------      -----------------
(1)                       Investment September 30,  Cost       Fair         Cost        Fair
Company         Position     Date       2001        Basis      Value        Basis       Value
-------------   --------  ----------  ----------    -----      -----        -----       -----
<S>                <C>         <C>      <C>         <C>        <C>         <C>        <C>

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

Communication
-------------
1.3% and 1.0% at September 30, 2001 and December 31, 2000, respectively
-----------------------------------------------------------------------
Efficient          Common
 Networks, Inc.    shares       2001          -- $        -- $       -- $   414,018 $    64,353
VOIS, Inc.         Other        1999-
 (a)               investment   2000     $10,911      10,911          0       7,966           0
iVillage Inc.
(formerly
 Women.com         Common       1996-
 Networks, Inc.)   shares       2000      60,848     411,165     54,763     411,165      40,481
                                                  ----------  ---------  ----------  ----------
                                                     422,076     54,763     833,149     104,834
                                                  ----------  ---------  ----------  ----------

Computer Equipment, Systems and Software
----------------------------------------
0.0% at September 30, 2001 and December 31, 2000
------------------------------------------------
Ascent Logic       Preferred
 Corporation (a)   shares       1992     106,383      99,000          0      99,000       3,723
Ascent Logic       Common
 Corporation (a)   shares       1997      36,443      23,795          0      23,795       1,276
                                                  ----------  ---------  ----------  ----------
                                                     122,795          0     122,795       4,999
                                                  ----------  ---------  ----------  ----------

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

Environmental
-------------
25.7% and 9.8% at September 30, 2001 and December 31, 2000, respectively
------------------------------------------------------------------------
SunPower           Preferred    1990-
 Corporation (a)   shares       1994   1,013,637   1,179,051    988,296   1,179,051     988,296
SunPower           Convertible
 Corporation (a)   note (2)     2001      50,000      50,033     50,033          --          --
SunPower           Common share
 Corporation (a)   warrant
                   at $0.06;
                   expiring
                   2005         2000     469,455           0          0           0           0
Triangle
 Biomedical        Common
 Sciences, Inc.(a) shares       1999         366      10,248      1,025      10,248       3,587
Triangle           Common share
 Biomedical        warrant
 Sciences, Inc.(a) at $28.00;
                   expiring
                   2009         1999         366         366         37         366         128
                                                  ----------  ---------  ----------  ----------
                                                   1,239,698  1,039,391   1,189,665     992,011
                                                  ----------  ---------  ----------  ----------

Information Technology
----------------------
4.6% and 1.9% at September 30, 2001 and December 31, 2000, respectively
-----------------------------------------------------------------------
WorldRes, Inc.     Common       1997-
 (a) (b)           shares       1999     155,918     619,687    187,102     619,687     187,102

STATEMENTS OF INVESTMENTS (continued)
------------------------------------
WorldRes, Inc.     Common
 (a) (b)           share
                   warrants
                   at $3.70;
                   expiring
                   2002         1997       2,280          82          0          82           0
                                                  ----------  ---------  ----------  ----------
                                                     619,769    187,102     619,769     187,102
                                                  ----------  ---------  ----------  ----------

Medical/Biotechnology
---------------------
41.6% and 60.8% at September 30, 2001 and December 31, 2000, respectively
-------------------------------------------------------------------------
Adesso Healthcare
 Technology
 Services, Inc.    Preferred    1997-
  (a) (b)          shares       2000          --          --         --   1,205,257           0
Adesso Healthcare
 Technology
 Services, Inc.    Convertible
  (a) (b)          note         2000          --          --         --     272,228     204,171
ConjuChem Inc. (a) Preferred
                   share
                   warrants
                   at exercise           aggregate
                   price TBD;            purchase
                   expiring              price
                   2001         1996     $13,495           0          0           0           0
Endocare, Inc. (b) Common       1996-
                   shares       2000      49,764     163,874    436,928     163,874     317,246


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Genstar
 Therapeutic       Common
 Corporation (b)   share        1999     438,366     320,242    615,904     320,242   2,137,034
Genstar            Common
 Therapeutic       share
 Corporation (b)   warrants at
                   $0.30-$0.74;
                   expiring     1998-
                   2005-2006    1999     291,667           0    338,542           0   1,350,627
Intella
 Interventional    Common
 Systems, Inc. (a) shares       1993         584           0          0           0           0
Molecular
 Geriatrics        Common
 Corporation (a)   shares       1993      23,585     125,000     12,382     125,000      16,510
Periodontix,       Preferred
 Inc. (a)          shares       1998     106,122     259,999          0     259,999      39,000
Periodontix,       Convertible
 Inc. (a)          note (2)     1999     $37,000      44,349     24,494      42,134       6,320
Periodontix,       Common
 Inc. (a)          share
                   warrant
                   at $2.25;
                   expiring     1999-
                   2004-2006    2000       6,167           0          0           0           0
Physiometrix,      Common
 Inc.              shares       1996     126,791      53,793    134,398      53,793   2,020,732
Sanarus
 Medical,          Preferred    1999-
 Inc. (a) (b)      shares       2001     138,531     215,000    119,766     160,000      48,000


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Sanarus            Preferred
 Medical,          share
 Inc. (a) (b)      warrants
                   at exercise
                   price TBD;
                   expiring
                   2006         2001          55          55         28          --          --
                                                  ----------  ---------  ----------  ----------
                                                   1,182,312  1,682,442   2,602,527   6,139,640
                                                  ----------  ---------  ----------  ----------

Microelectronics
----------------
0.0% at September 30, 2001 and December 31, 2000
------------------------------------------------
KOR Electronics,   Preferred    1989-
 Inc. (a)          shares       1995   3,571,024   1,130,390          0   1,130,390           0
                                                  ----------  ---------  ----------  ----------
                                                   1,130,390          0   1,130,390           0
                                                  ----------  ---------  ----------  ----------

Venture Capital Limited Partnership Investments
-----------------------------------------------
21.2% and 15.0% at September 30, 2001 and December 31, 2000, respectively
-------------------------------------------------------------------------
El Dorado          Ltd.
 Ventures III, L.P.Partnership
 (a)               interests  various   $250,000     212,460     51,708     212,460     376,039
Medical Science    Ltd.
 Partners, L.P.    Partnership
 (a)               interests  various   $500,000     187,246    217,002     187,246     135,900
Newtek             Ltd.
 Ventures II, L.P. Partnership
 (a)               interests  various   $859,914     330,328    516,488     330,328     725,437


STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Onset Enterprises  Ltd.
 Associates, L.P.  Partnership
 (a)               interests  various   $500,000      45,000     60,939      45,000      84,840
Utah Ventures      Ltd.
 Limited           Partnership
 Partnership (a)   interests  various   $250,000      41,123     11,028      41,123     192,093
                                                  ----------  ---------  ----------  ----------
                                                     816,157    857,165     816,157   1,514,309
                                                  ----------  ---------  ----------  ----------
Total equity investments - 94.4% and 88.5% at
 September 30, 2001 and December 31, 2000,
 respectively                                      5,533,197  3,820,863   7,314,452   8,942,895
                                                  ----------  ---------  ----------  ----------

Notes Receivable
----------------

Avalon Vision      Secured
 Solutions, Inc.   note, 16%,
                   due 2004     1999     $11,676      12,558     12,558      12,225       9,780
SunPower           Secured
 Corporation       note, 8-12%, 1999-
                   repaid 2001  2000    $     --          --         --     210,472     210,472
Sutmyn             Secured
 Storage           note, 50%,
 Corporation       due on
                   demand       2000  $4,000,000   4,723,610          0   4,723,610           0
Thermatrix         Secured
 Inc.              note, 12%,
                   due on
                   demand       2001    $250,000     258,234    103,294          --          --
                                                  ----------  ---------  ----------  ----------

Total notes receivable-2.9% and 2.2% at
 September 30, 2001 and December 31, 2000,
 respectively                                      4,994,402    115,852   4,946,307     220,252
                                                  ----------  ---------  ----------  ----------

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

Total investments-97.3% and 90.7% at
 September 30, 2001 and December 31, 2000,
 respectively                                    $10,527,599 $3,936,715 $12,260,759 $ 9,163,147
                                                  ==========  =========  ==========  ==========

Legends and footnotes:

--  No investment held at end of period.
 0  Investment active with a cost basis 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 September 30, 2001 and December 31, 2000.

(2) The Partnership has no income-producing equity investments except for convertible notes which
include accrued interest.  Interest rates on such notes are 6-8 percent.

</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 Nine Months
                                                Ended September 30,          Ended September 30,
                                               --------------------          -------------------
                                               2001           2000            2001          2000
                                              ------         ------          ------        ------
<S>                                      <C>             <C>
Investment income:
 Notes receivable interest               $    13,717    $   442,732     $    41,072   $   773,710
 Short-term investment interest                2,868         20,691          35,099        36,602
                                           ---------      ---------       ---------     ---------
  Total investment income                     16,585        463,423          76,171       770,312

Investment expenses:
 Management fees                              17,707         41,941          61,640       158,992
 Individual General Partners' compensation    16,575         10,963          55,206        34,691
 Investment operations                        24,100         59,769         110,759       339,202
 Administrative and investor services        189,284        137,500         519,598       396,861
 Professional fees                            69,184         41,394         218,047        94,119
 Computer services                            37,907         33,789         103,004       100,654
 Interest expense                                 --             --          24,842         3,732
                                           ---------      ---------       ---------     ---------
  Total investment expenses                  354,757        325,356       1,093,096     1,128,251
                                           ---------      ---------       ---------     ---------
Net investment (loss) income                (338,172)       138,067      (1,016,925)     (357,939)
                                           ---------      ---------       ---------     ---------
 Net realized (loss) gain from
  sales of equity investments                (40,000)     3,427,177        (346,759)    6,829,775
 Realized loss from equity
  investment write off                    (1,493,088)            --      (1,493,088)           --
 Realized gain from venture capital
  limited partnership investments                 --        132,000         295,343       812,264
                                           ---------      ---------       ---------     ---------
Net realized (loss) income                (1,533,088)     3,559,177      (1,544,504)    7,642,039
                                           ---------      ---------       ---------     ---------

(Decrease) increase in unrealized
  appreciation (depreciation):
  Equity investments                      (1,093,077)    (1,250,275)     (3,340,777)   (2,015,308)
  Notes receivable                              (152)    (3,751,631)       (152,495)   (4,723,610)
                                           ---------      ---------       ---------     ---------
Net (decrease) increase in
 unrealized appreciation
(depreciation)                            (1,093,229)    (5,001,906)     (3,493,272)   (6,738,918)
                                           ---------      ---------       ---------     ---------
Net (decrease) increase in partners'
 capital resulting from operations       $(2,964,489)   $(1,304,662)    $(6,054,701)  $   545,182
                                           =========      =========       =========     =========
Net (decrease) increase in partners'
 capital resulting from
 operations per Unit                     $     (6.09)   $     (2.58)    $    (12.28)  $      1.85
                                           =========      =========       =========     =========
</TABLE>






















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


<PAGE>
STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                    For the Nine Months Ended September 30,
                                    --------------------------------------
                                             2001                2000
                                          ----------         ----------
<S>                                      <C>                 <C>
Net (decrease) increase in partners'
 capital resulting from operations     $(6,054,701)        $   545,182

Adjustments to reconcile (decrease)
 increase in partners' capital
 resulting from operations to net
 cash used by operating activities:
 Net realized loss (gain) from sales
  of equity investments                    346,759          (6,829,775)
 Realized loss from equity
  investment write off                   1,493,088                  --
 Realized gain from venture capital
  limited partnership investments         (295,343)           (812,264)
 Net decrease in unrealized
  appreciation:
   Equity investments                    3,340,777           2,015,308
   Notes receivable                        152,495           4,723,610
 Increase in accrued interest on
  notes receivable                         (13,226)           (718,055)
 Increase (decrease) in due
  to related parties                        42,633             (13,938)
 Decrease in accounts payable and
  accrued expenses                         (30,327)             (9,315)
 Other changes, net                         (1,941)             (7,671)
                                         ---------           ---------
Net cash used by operating activities   (1,019,786)         (1,106,918)
                                         ---------           ---------
Cash flows from investing activities:
 Purchase of equity investments           (108,000)           (350,617)
 Notes receivable issued                  (250,000)         (4,013,615)
 Repayments of notes receivable            197,281               7,892
 Proceeds from sales of equity
  investments                              357,713           8,401,041
 Distributions from venture capital
  limited partnership investments            4,888             350,819
                                         ---------           ---------
Net cash provided by investing
 activities                                201,882           4,395,520
                                         ---------           ---------
Cash flows from financing activities:
 Repayment of short-term borrowings     (1,100,000)                --
 Distributions to General Partners              --          (1,314,295)
                                         ---------           ---------
Net cash used by financing activities   (1,100,000)         (1,314,295)
                                         ---------           ---------

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

Net (decrease) increase in cash
  and cash equivalents                  (1,917,904)          1,974,307

Cash and cash equivalents at
  beginning of year                      2,182,634             677,285
                                         ---------           ---------
Cash and cash equivalents              $   264,730         $ 2,651,592
  at September 30                        =========           =========

</TABLE>




































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


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

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

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.  These statements should be read
in conjunction with the Annual Report on Form 10-K for the year ended
December 31, 2000.  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.

On September 7, 2001, the Limited Partners voted to extend the term of the
Partnership from December 31, 2001 to December 31, 2002, and for up to
three one-year extensions through December 31, 2005 at the discretion of
the Partnership's Management Committee.

2.     Future of Partnership Operations
       --------------------------------

The Managing General Partners have determined that the Partnership's cash
position as of September 30, 2001 may be inadequate to meet future
liquidity needs.  In response, the Management Committee has directed
management to liquidate the smaller holdings in the portfolio and conserve
cash while simultaneously taking advantage of any liquidity events for the
companies in the portfolio.  While the Managing General Partners expect
cash received from the future liquidation of partnership investments and
future short-term borrowings 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.

Although the Managing General Partners have committed to support the
Partnership's working capital requirements through short-term advances as
necessary, the uncertainties arising from the current liquidity position of
the Partnership raise substantial doubt about the Partnership's ability to
continue as a going concern.  The accompanying interim financial statements
do not include any adjustments that might result from the outcome of these
uncertainties.  The Partnership has been advised by its independent public
accountants that should the uncertainty surrounding the Partnership's
future operations remain unresolved at year-end, their report on those
financial statements will be modified for that contingency.

3.     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 which may not equate to
tax accounting.  The cost of investments on a tax basis at September 30,
2001 and December 31, 2000, was $8,226,300 and $9,550,517, respectively.
At September 30, 2001 and December 31, 2000, gross unrealized depreciation
on investments based on cost for federal income tax purposes was as
follows:

<TABLE>
<CAPTION>
                                      September 30,  December 31,
                                          2001           2000
                                      ------------   ------------
<S>                                      <C>              <C>
Unrealized appreciation               $ 1,385,689    $ 6,347,406
Unrealized depreciation                (5,675,274)    (6,734,776)
                                        ---------      ---------
Net unrealized depreciation           $(4,289,585)   $  (387,370)
                                        =========      =========
</TABLE>

4.     Related Party Transactions
       --------------------------

Related party costs are included in investment expenses shown on the
Statements of Operations.  Related party costs for the nine months ended
September 30, 2001 and 2000 were as follows:

<TABLE>
<CAPTION>
                                                 2001          2000
                                               --------      --------
   <S>                                        <C>            <C>
   Management fees                            $ 61,640      $158,992
   Individual General Partners' compensation    55,206        34,691
   Reimbursable operating expenses             597,446       630,730

</TABLE>

Certain reimbursable expenses have been accrued based upon interim
estimates prepared by the Managing General Partners and are adjusted to
actual periodically.  Amounts due to related parties for such expenses were
$98,628 and $48,962 at September 30, 2001 and December 31, 2000,
respectively.

Management fees due to the Managing General Partners were $5,902 and
$12,935 at September 30, 2001 and December 31, 2000, 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 investment in the
portfolio company.  At September 30, 2001, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Physiometrix,
Inc. options at an exercise price higher than the current market value.  At
September 30, 2001, the Partnership and affiliated partnerships had an
indirect interest in non-transferable Endocare, Inc. and Genstar
Therapeutics Corporation options with a fair value of $219,419.

5.     Equity Investments
       ------------------

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

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

At September 30, 2001 and December 31, 2000, marketable equity securities
had aggregate costs of $464,958 and $878,976, respectively, and aggregate
fair values of $189,161 and $2,125,566, respectively.  The net unrealized
loss at September 30, 2001 and net unrealized gain at December 31, 2000
included gross gains of $80,605 and $1,966,939, respectively.

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

At September 30, 2001 and December 31, 2000, restricted securities had
aggregate fair values of $3,631,702 and $6,817,329, respectively,
representing 89.7 percent and 67.5 percent, respectively, of the net assets
of the Partnership.

Significant purchases and sales of equity investments during the nine
months ended September 30, 2001 are as follows:

Adesso Healthcare Technology Services, Inc.
-------------------------------------------

The company ceased operations during the quarter and the Partnership is not
expecting any return on its investment.  Preferred shares and convertible
notes totaling $1,493,088 were written off as of September 30, 2001.

Efficient Networks, Inc.
------------------------

In February 2001, the Partnership sold 4,516 common shares in the company
for proceeds of $103,864 and realized a loss of $310,154.

In May 2001, the Partnership sold 8,593 common shares in the company for
proceeds of $201,935 and realized a gain of $3,209.

iVillage Inc. (formerly Women.com Networks, Inc.)
-------------------------------------------------

Effective June 18, 2001, iVillage Inc. acquired Women.com Networks, Inc.
In connection with this transaction, the Partnership's Women.com shares
were exchanged for 60,848 iVillage common shares.  The Partnership realized
a gain of $186 on the sale of fractional shares.

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

The assets of the company have been acquired by Demegen, Inc. effective
July 16, 2001.  The fair value of the Partnership's expected proceeds is
approximately $24,494.

Sanarus Medical, Inc.
---------------------

In April 2001, the Partnership issued a convertible bridge loan for $55,000
to the company.

In July 2001, the company converted the $55,000 note to 31,865 shares of
Series B Preferred stock and paid the Partnership $1,013 for the accrued
interest.

Sonic Innovations, Inc.
-----------------------

In September 2001, the Partnership sold its entire investment in the
company for proceeds of $51,728 and realized a loss of $40,000.

Sunpower Corporation
--------------------

In September 2001, the Partnership issued a convertible bridge loan for
$50,000 to the company.  The note bears interest at 6 percent and is due in
February 2002.

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

The company effected a conversion of all preferred stock to common stock on
March 21, 2001.  Each of the Partnership's preferred shares was converted
to one common share.

Venture Capital Limited Partnership Investments
-----------------------------------------------

The Partnership received stock distributions of Efficient Networks, Inc.
and Sonic Innovations, Inc. with fair values totaling $290,455.  The
Partnership also received cash distributions of $4,888 from El Dorado
Ventures III, L.P.  These distribution were recorded as realized gains.

In the nine months ended September 30, 2001, the Partnership recorded a
$657,144 decrease in fair value primarily as a result of the above
distributions and a net decrease in the fair value of the underlying
investments of the partnerships.

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, 2000 Form 10-K.

6.     Notes Receivable
       ----------------

Activity from January 1 through September 30 consisted of:
<TABLE>
                                                 2001          2000
                                               --------      --------
<S>                                          <C>             <C>
Balance at January 1                          $ 220,252    $  221,307

  Notes receivable issued                       250,000     4,013,615
  Repayments of notes receivable               (197,281)       (7,892)
  Change in accrued interest receivable          (4,624)      715,833
  Net increase in unrealized depreciation of
   notes receivable                            (152,495)   (4,723,610)
                                                -------     ---------
Balance at September 30                       $ 115,852    $  219,253
                                                =======     =========
</TABLE>
The interest rate on notes receivable at September 30, 2001 ranged from 12
percent to 50 percent. All notes are due on demand with the exception of
$12,558, due 2004.

In February 2001, the Partnership issued a secured note for $250,000 to
Thermatrix Inc.  The note bears interest at 12 percent and is due on
demand.

7.     Cash and Cash Equivalents
       -------------------------

Cash and cash equivalents at September 30, 2001 and December 31, 2000
consisted of:
<TABLE>
                                                 2001             2000
                                                ------           ------
<S>                                           <C>              <C>
Demand accounts                               $ 19,564        $   53,510
Money-Market accounts                          245,166         1,029,124
Cash pledged as collateral for
 short-term borrowings                              --         1,100,000
                                               -------         ---------
     Total                                    $264,730        $2,182,634
                                               =======         =========
</TABLE>

8.     Distributions
       -------------

In the quarter ended June 30, 2000, a quarterly tax distribution totaling
$1,314,295 was declared and paid to the General Partners.  There were no
distributions in the nine months ended September 30, 2001.

9.     Short-Term Borrowings
       ---------------------

In December 2000, the Partnership borrowed $1,100,000 from a commercial
financial institution. The Partnership pledged $1,100,000 in cash as
collateral for the note.  The note and accrued interest were repaid on
March 31, 2001.  Interest expense for the three months ended March 31, 2001
was $24,842.

10.    Commitments and Contingencies
       -----------------------------

From time to time the Partnership becomes 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 September 30, 2001, there were no unfunded
investment commitments.

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 is seeking to recover $2,000,000, the purchase price
in a contract by which the Partnership and the other entities are alleged
to have agreed to purchase certain debt securities of the portfolio company
from Kanematsu.  The Partnership and affiliated partnerships have asserted
counterclaims against Kanematsu.  This matter is currently in arbitration
and a final decision may be made in December 2001.  The Partnership intends
to defend its position vigorously in this arbitration.  It is the Managing
General Partners' belief that the Partnership will ultimately prevail in
this matter, although there can be no assurance in this regard.
Accordingly, the Partnership has not accrued any liability associated with
the arbitration proceeding, but has incurred associated legal expenses.

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.

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

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

The Managing General Partners have determined that the Partnership's cash
position as of September 30, 2001 may be inadequate to meet future
liquidity needs.  In response, the Management Committee has directed
management to liquidate the smaller holdings in the portfolio and conserve
cash while simultaneously taking advantage of any liquidity events for the
companies in the portfolio.  While the Managing General Partners expect
cash received from the future liquidation of partnership investments and
future short-term borrowings 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.

Although the Managing General Partners have committed to support the
Partnership's working capital requirements through short-term advances as
necessary, the uncertainties arising from the current liquidity position of
the Partnership raise substantial doubt about the Partnership's ability to
continue as a going concern.  The accompanying interim financial statements
do not include any adjustments that might result from the outcome of these
uncertainties.  The Partnership has been advised by its independent public
accountants that should the uncertainty surrounding the Partnership's
future operations remain unresolved at year-end, their report on those
financial statements will be modified for that contingency.

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, 2000 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 nine months ended September 30, 2001, net cash used by operating
activities totaled $1,019,786.  The Partnership paid management fees of
$68,673 to the Managing General Partners and reimbursed related parties for
other investment expenses of $547,780.  In addition, $55,206 was paid to
the Individual General Partners as compensation for their services.  The
Partnership paid other investment expenses and interest expense of $386,230
and $24,842, respectively.  Interest income of $62,945 was received.

During the nine months ended September 30, 2001, the Partnership issued
$250,000 in notes receivable to a portfolio company in the environmental
industry and funded equity investments of $108,000 primarily to portfolio
companies in the environmental and medical/biotechnology industries.
Proceeds from the sales of equity investments were $357,713 and repayments
of notes receivable were $197,281.  Cash distributions of $4,888 were
received from venture capital limited partnership investments.  Repayments
of short-term borrowings totaled $1,100,000.  At September 30, 2001, there
were no unfunded commitments.

Cash and cash equivalents at September 30, 2001, were $264,730.  Future
proceeds from investment sales and future short-term borrowings along with
Managing General Partner 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 decrease in partners' capital resulting from operations was $2,964,489
for the quarter ended September 30, 2001, compared to a net decrease in
partners' capital resulting from operations of $1,304,662 for the same
period in 2000.

Net unrealized depreciation on notes receivable was $4,878,550 and
$4,878,398 at September 30, 2001 and June 30, 2001, respectively.  During
the quarter ended September 30, 2001, the net increase in unrealized
depreciation of notes receivable was $152.  During the quarter ended
September 30, 2000 the Partnership recorded a $3,751,631 decrease in the
fair value of notes receivable related to a portfolio company in the
computer equipment, systems and software industry.

For the quarter ended September 30, 2001, net realized loss from equity
investment sales of $40,000 related to the sale of Sonic Innovations, Inc.
Realized gains from equity sales totaled $3,427,177 in the quarter ended
September 30, 2000 and primarily related to the sale of Physiometrix, Inc

During the quarter ended September 30, 2001, realized loss from equity
investment write offs totaled $1,493,088.  This amount relates to the write
off of Adesso Healthcare Technology Services, Inc.  See Note 5 to the
financial statements.  There were no write offs during the same period in
2000.

During the quarter ended September 30, 2001, interest income was $16,585.
For the quarter ended September 30, 2000, interest income was $463,423.
The decrease was primarily the result of secured notes receivable being
placed on non-accrual status on September 30, 2000.

Net unrealized depreciation on equity investments was $1,712,334 at
September 30, 2001, compared to net unrealized depreciation of $619,257 at
June 30, 2001.  During the quarter ended September 30, 2001, the
Partnership recorded an increase in net unrealized depreciation on equity
investments of $1,093,077 compared to a decrease in net unrealized
appreciation of $1,250,275 during 2000.  The change in 2001 was primarily
attributable to decreases in the market prices of publicly-traded portfolio
companies in the medical/biotechnology industry, partially offset by the
write off of Adesso Healthcare Technology Services, Inc.  In 2000, the
decrease in unrealized appreciation was primarily attributable to decreases
in the value of portfolio companies in the medical/biotechnology industry,
partially offset by increases in the environmental industry.

During the quarter ended September 30, 2001, there were no net realized
gains from venture capital limited partnership investments.  During the
same period in 2000, there were gains of $132,000.  The gains represented
distributions from profits of venture capital limited partnership
investments.

Total investment expenses were $354,757 and $325,356 for the quarters ended
September 30, 2001 and 2000, respectively.  The increase is primarily
attributable to increased administrative and investor services costs and
professional fees partially offset by decreased investment monitoring
activity and management fees.

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 decrease in partners' capital resulting from operations was $6,054,701
for the nine months ended September 30, 2001, compared to a net increase in
partners' capital resulting from operations of $545,182 for the same period
in 2000.

For the nine months ended September 30, 2001, net realized loss from equity
investment sales of $346,759 primarily related to the sale of Efficient
Networks, Inc.  Net realized gain from sales of equity investments was
$6,829,775 for the nine months ended September 30, 2000, and primarily
related to the sale of Inhale Therapeutic Systems, Inc. and Physiometrix,
Inc.

Net unrealized depreciation on notes receivable was $4,878,550 and
$4,726,055 at September 30, 2001 and December 31, 2000, respectively.
During the nine months ended September 30, 2001, the net increase in
unrealized depreciation of notes receivable of $152,495 was primarily
attributable to a decrease in the fair value of notes issued to Thermatrix
Inc.  During the nine months ended September 30, 2000, the Partnership
recorded a $4,723,610 decrease in the fair value of notes receivable
related to a portfolio company in the computer equipment, systems and
software industry.

During the nine months ended September 30, 2001, realized loss from equity
investment write offs totaled $1,493,088.  This amount related to the write
off of Adesso Healthcare Technology Services, Inc.  See Note 5 to the
financial statements.  There were no write offs during the same period in
2000.

Net unrealized depreciation on equity investments was $1,712,334 at
September 30, 2001, compared to net unrealized appreciation of $1,628,443
at December 31, 2000.  During the nine months ended September 30, 2001, the
Partnership recorded an increase in net unrealized depreciation on equity
investments of $3,340,777 compared to a decrease in net unrealized
appreciation of $2,015,308 during 2000.  The change in 2001 was primarily
attributable to decreases in the market prices of publicly-traded portfolio
companies in the medical/biotechnology industry, partially offset by the
write off of Adesso Healthcare Technology Services, Inc.  In 2000, the
decrease in net unrealized appreciation was mainly attributable to
decreases in the value of the Partnership's marketable equity securities
and the fair value of the Partneship's investments in restricted
securities.

During the nine months ended September 30, 2001, interest income was
$76,171.  For the nine months ended September 30, 2000, interest income was
$770,312.  The decrease was primarily the result of secured notes
receivable being placed on non-accrual status on September 30, 2000.

During the nine months ended September 30, 2001, the Partnership recorded
net realized gains from venture capital limited partnership investments of
$295,343.  During the same period in 2000, there were gains of $812,264.
The gains represented distributions from profits of venture capital limited
partnership investments.

Total investment expenses were $1,093,096 and $1,128,251 for the nine
months ended September 30, 2001 and 2000, respectively.  The decrease is
primarily attributable to decreased investment monitoring activity and
management fees, partially offset by increased administrative and investor
services costs and professional fees.

II.  OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders
------   ---------------------------------------------------

A special meeting of the Limited Partners of the Partnership was
held on September 7, 2001.  At that meeting, the Limited Partners
elected to extend the term of the Partnership to December 31, 2002,
and authorized the Partnership's Management Committee to extend the
Partnership for up to three one-year additional terms.  (366,903
Units voting for, 26,243 Units voting against and 6,854 Units
abstaining)  No other matters were voted on at this meeting.

Item 6.   Exhibits and Reports on Form 8-K
------    --------------------------------

(a)   On August 8, 2001, the Partnership filed its Amended and Restated
      Limited Partnership Agreement on Form 8-K.

(b)   On September 27, 2001, the Partnership filed its Amended and
      Restated Limited Partnership Agreement on Form 8-K.



<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 IV,
                         AN AGGRESSIVE GROWTH FUND, L.P.

                         By:  TECHNOLOGY FUNDING INC.
                              TECHNOLOGY FUNDING LTD.
                              Managing General Partners




Date:  November 8, 2001    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 Limited