<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, 1997

                                 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)

                              (415) 345-2200
             --------------------------------------------------
            (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period 
that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days.  Yes X  No 
                                                              ---   --- 
No active market for the units of limited partnership interests 
("Units") exists, and therefore the market value of such Units cannot be 
determined.



<PAGE>

I.       FINANCIAL INFORMATION

Item 1.  Financial Statements

BALANCE SHEETS
--------------

<TABLE>
<CAPTION>
                                         (unaudited)
                                           June 30,        December 31,
                                            1997               1996
                                            ----               ----
<S>                                     <C>                 <C>

ASSETS

Investments:
 Equity investments (cost basis
  of $15,579,107 and $18,522,217 for
  1997 and 1996, respectively)          $19,685,825         35,527,098
 Secured notes receivable, net              161,374             29,137
                                         ----------         ----------
  Total investments                      19,847,199         35,556,235
Cash and cash equivalents                 5,989,487          1,402,668
Other assets                                 10,296             66,285
                                         ----------         ----------

      Total                             $25,846,982         37,025,188
                                         ==========         ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $    21,940             38,429
Due to related parties                       33,300             90,890
Promissory notes                                 --          1,363,332
Interest payable                                 --             28,350
Other liabilities                            16,601             21,455
                                         ----------         ----------

 Total liabilities                           71,841          1,542,456

Commitments and contingencies 
 (Notes 2 and 6)

Partners' capital:
 Limited Partners
  (Units outstanding of 400,000
  for both 1997 and 1996)                19,855,627         17,224,580
 Managing General Partners                1,812,796          1,253,271
 Net unrealized fair value increase
  from cost of equity investments         4,106,718         17,004,881
                                         ----------         ----------

  Total partners' capital                25,775,141         35,482,732
                                         ----------         ----------

      Total                             $25,846,982         37,025,188
                                         ==========         ==========


</TABLE>

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>
                                            For the Three                    For the Six
                                             Months Ended                    Months Ended
                                               June 30,                        June 30,
                                      --------------------------       ----------------------
                                             1997         1996            1997          1996
                                             ----         ----            ----          ----
<S>                                   <C>             <C>             <C>          <C>
Income:
 Secured notes receivable interest    $     6,604         20,872          15,345       49,756 
 Short-term investment interest            29,928            966          45,909        2,078
                                        ---------      ---------       ---------   ----------
  Total income                             36,532         21,838          61,254       51,834


Costs and expenses:
 Management fees                           78,801        101,515         171,364      209,179
 Individual General Partners' 
  compensation                             15,243         15,186          24,901       22,995
 Operating expenses                       257,817        360,190         536,590      590,871
                                        ---------      ---------       ---------   ----------

  Total costs and expenses                351,861        476,891         732,855      823,045
                                        ---------      ---------       ---------   ----------

Net operating loss                       (315,329)      (455,053)       (671,601)    (771,211)

 Net realized gain from 
  sales of equity investments           1,804,280      1,521,645       3,448,542    2,944,936
 Net realized gain from venture
  capital limited partnership
  investments                                  --             --         413,631           --
 Realized losses from
  investment write-downs                       --     (1,000,000)             --   (1,077,091)
                                        ---------      ---------       ---------   ----------
Net realized income                     1,488,951         66,592       3,190,572    1,096,634

Change in net unrealized 
  fair value:
   Equity investments                  (7,136,453)     3,696,991     (12,898,163)   2,435,653
   Secured notes receivable                    --        372,000              --           --
                                        ---------      ---------       ---------   ----------

Net (loss) income                     $(5,647,502)     4,135,583      (9,707,591)   3,532,287
                                        =========      =========       =========   ==========

Net realized income per Unit          $         3             --               7            2
                                        =========      =========       =========   ==========
</TABLE>

See accompanying notes to financial statements.


<PAGE>

STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                     For the Six Months Ended June 30,
                                     ---------------------------------
                                            1997                1996  
                                            ----                ---- 
<S>                                    <C>                 <C>
Cash flows from operating activities:
 Interest received                     $    57,263              16,697
 Interest expense                          (42,976)           (158,001)
 Cash paid to vendors                     (174,129)            (74,093)
 Cash paid to related parties             (627,263)         (1,362,851)
                                         ---------           ---------

  Net cash used by operating activities   (787,105)         (1,578,248)
                                         ---------           ---------

Cash flows from investing activities:
 Secured notes receivable issued          (150,500)           (640,000)
 Purchase of equity investments         (1,389,501)         (1,444,276)
 Repayments of secured notes receivable     10,157              19,419
 Repayments of equity investments               --              58,000
 Proceeds from sales of equity
  investments                            8,267,100           5,727,476
 Distributions from venture capital
  limited partnerships                          --              17,688
                                         ---------           ---------

  Net cash provided by 
   investing activities                  6,737,256           3,738,307
                                         ---------           ---------

Cash flows from financing activities:
  Repayments of short-term 
   borrowings, net                      (1,363,332)         (2,393,987)
                                         ---------           ---------

  Net cash used by financing 
   activities                           (1,363,332)         (2,393,987)
                                         ---------           ---------

Net increase (decrease) in cash
  and cash equivalents                   4,586,819            (233,928)

Cash and cash equivalents at 
  beginning of year                      1,402,668             274,980
                                         ---------           ---------
Cash and cash equivalents at June 30   $ 5,989,487              41,052
                                         =========           =========

See accompanying notes to financial statements.
</TABLE>

<PAGE>

STATEMENTS OF CASH FLOWS (unaudited)(continued)
-----------------------------------------------
<TABLE>
<CAPTION>                              For the Six Months Ended June 30,
                                       ---------------------------------
                                            1997                1996    
                                            ----                ----    
<S>                                    <C>                   <C>
Reconciliation of net (loss) income to 
 net cash used by operating activities:

Net (loss) income                      $(9,707,591)          3,532,287

Adjustments to reconcile net (loss)
 income to net cash used by
 operating activities:
  Realized losses from investment
   write-downs                                  --           1,077,091
  Net realized gain from sales 
   of equity investments                (3,448,542)         (2,944,936)
  Net realized gain from venture
   capital limited partnership
   investments                            (413,631)                 --
  Change in net unrealized fair value 
   of equity investments                12,898,163          (2,435,653)

Changes in:
 Accrued interest on secured and
  convertible notes receivable              (3,991)            (35,137)
 Due to related parties                    (57,590)           (764,978)
 Other changes, net                        (53,923)             (6,922)
                                         ---------           ---------
Net cash used by operating activities  $  (787,105)         (1,578,248)
                                         =========           =========

Non-cash investing activities:

Reclassification of secured notes to
 equity investments (subordinated
 notes)                                $        --             640,000
                                        ==========           =========

</TABLE>

See accompanying notes to financial statements.

<PAGE>

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

1.     General
       -------

In the opinion of the Managing General Partners, the Balance Sheets as 
of June 30, 1997, and December 31, 1996, and the related Statements of 
Operations for the three and six months ended June 30, 1997 and 1996, 
and Statements of Cash Flows for the six months ended June 30, 1997 and 
1996, reflect all adjustments which are necessary for a fair 
presentation of the financial position, results of operations and cash 
flows for such periods.  These statements should be read in conjunction 
with the Annual Report on Form 10-K for the year ended December 31, 
1996.  The following notes to financial statements for activity through 
June 30, 1997, supplement those included in the Annual Report on Form 
10-K.  Allocation of income and loss to Limited and General Partners is 
based on cumulative income and loss.  Adjustments, if any, are reflected 
in the current quarter balances.

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

Related party costs are included in costs and expenses shown on the 
Statements of Operations.  Related party costs for the six months ended 
June 30, 1997 and 1996, were as follows:

<TABLE>
<CAPTION>
                                                 1997           1996
                                                 ----           ----
   <S>                                        <C>            <C>
   Management fees                            $171,364       209,179
   Individual General Partners' compensation    24,901        22,995
   Reimbursable operating expenses             373,408       365,699

</TABLE>

Certain reimbursable expenses have been accrued based upon interim 
estimates prepared by the Managing General Partners and are adjusted to 
actual periodically.  There were $11,621 and $60,463 due to related 
parties at June 30, 1997, and December 31, 1996, respectively, related 
to such expenses.

Amounts payable for management fees were $21,679 and $30,427 at June 30, 
1997, and December 31, 1996, respectively.  Pursuant to the Partnership 
Agreement, quarterly management fees are equal to one quarter of one 
percent of the fair value of Partnership assets.

3.     Equity Investments
       ------------------

A full listing of the Partnership's equity investments at December 31, 
1996, is in the 1996 Annual Report.  Activity from January 1 through 
June 30, 1997, consisted of: 


<TABLE>
<CAPTION>

                                                                     January 1 -
                                                                     June 30, 1997
                                                                    --------------
                                                    Principal
                                       Investment   Amount or       Cost         Fair
Industry/Company        Position          Date      Shares          Basis        Value
----------------        --------       ----------   --------        -----        -----
<S>                    <C>              <C>          <C>         <C>           <C>
Balance at January 1, 1997                                       $18,522,217  35,527,098
                                                                  ----------  ----------
Significant changes:

Communications
--------------
NetChannel, Inc.        Series B
                        Preferred
                        shares warrant
                        at $1.10;
                        exercised
                        01/97                10/96      136,363       (1,500)     (1,500)
NetChannel, Inc.        Series B
                        Preferred shares     01/97      284,044       68,863     149,999
NetChannel, Inc.        Series B
                        Preferred shares     03/97      340,852       82,636     179,999
NetChannel, Inc.        Convertible
                        note (1)             05/97      $67,671       68,454      68,454
NetChannel, Inc.        Series B
                        Preferred shares     05/97      191,817       84,400     101,296
UT Starcom, Inc.        Common
                        share
                        warrant
                        at $0.6875;
                        expiring
                        05/99                05/94      145,456            0     200,730
UT Starcom, Inc.        Series A
                        Preferred shares     03/95      187,500            0     258,750
VOIS, Inc.              Series A             08/96-
                        Preferred shares     02/97      312,500       62,500     531,250
VOIS, Inc.              Series B
                        Preferred shares     05/97      120,000      300,000     300,000

Computer Systems and Software
-----------------------------
Multiport, Inc.         Series A             05/93-
                        Preferred shares     08/93    2,440,000            0     462,215
Quintar                 Series A
 Corporation            Convertible
                        Preferred shares     11/89    1,200,000   (1,200,000) (1,800,000)
Quintar                 Common share
 Corporation            warrant at
                        $1.00;
                        expiring 10/98       10/93      145,000            0     (72,500)
Quintar                 Series A
 Corporation            Preferred shares     05/95      384,178     (576,267)   (576,267)
Reflection Technology,  Series F
 Inc.                   Preferred shares     01/94       28,572            0     (58,573)
Reflection Technology,  Common
 Inc.                   shares               05/94       19,567            0     (40,112)
Reflection Technology,  Series D
 Inc.                   Preferred shares     11/94      869,565            0  (1,782,608)
Reflection Technology,  Series G
 Inc.                   Preferred shares     11/94      172,877            0    (377,788)
Reflection Technology,  Series D
 Inc.                   Preferred shares     11/94      163,043            0    (334,238)
Reflection Technology,  Series J
 Inc.                   Preferred shares     04/96      547,918            0  (1,123,232)
Reflection Technology,  Common share
 Inc.                   warrant at $.50;
                        expiring 04/01       04/96      359,750            0    (557,613)
Reflection Technology,  Convertible          01/97-
 Inc.                   notes (1)            04/97     $416,708      418,989     418,989

Environmental
-------------
Thermatrix, Inc.        Common shares        06/96    1,105,847            0  (5,419,658)

Information Technology
----------------------
WorldRes, Inc.          Series B
                        Preferred shares     01/97       66,568      225,000     225,000

Medical/Biotechnology
---------------------
Biex, Inc.              Series D
                        Preferred shares     03/97       44,446       66,669      66,669
CV Therapeutics, Inc.   Common shares        11/96       37,693            0      98,971
Endocare, Inc.          Convertible
                        note (1)             08/96      $18,750      (19,817)    (19,817)
Endocare, Inc.          Common shares        01/97        1,750        6,125       6,388
Endocare, Inc.          Common shares        01/97        8,300       20,750      28,832
Inhale Therapeutic      Common
 Systems, Inc.          shares              various      28,952      365,607     549,904
Penederm, Inc.          Common shares        02/97        2,784       48,024      35,357
Physiometrix,           Common
 Inc.                   shares               04/96      270,791            0    (292,404)
RedCell, Inc.           Series B
                        Preferred shares     12/94      132,979            0    (125,000)
SyStemix, Inc.          Common shares    1991-1992      115,173     (771,504) (1,761,801)
Systemix, Inc.          Common shares        06/96          660      (10,352)    (10,096)
Systemix, Inc.          Common shares        10/96        6,665     (106,779)   (101,955)

Pharmaceuticals
---------------
Shaman Pharmaceuticals, Common
 Inc.                   shares               01/93      409,167     (751,401) (2,434,544)
Shaman Pharmaceuticals, Common
 Inc.                   shares               02/95      135,000   (1,363,332) (2,027,956)

Retail/Consumer Products
------------------------
Yes! Entertainment      Common
 Corporation            shares               06/95       66,666            0     (79,183)

Venture Capital Limited Partnership Investments
-----------------------------------------------
Various                 Limited Partnership
                        Interests            various $2,216,264       12,500    (600,688)
                                                                  ----------  ----------

Total significant changes during the six
 months ended June 30, 1997                                       (2,970,435)(15,914,730)

Other changes, net                                                    27,325      73,457
                                                                  ----------  ----------
Total equity investments at June 30, 1997                        $15,579,107  19,685,825
                                                                  ==========  ==========

(1) Convertible notes include accrued interest.  The interest rates on convertible notes 
    issued during 1997 ranged from 8% to 10%.

</TABLE>

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

At June 30, 1997, and December 31, 1996, marketable equity securities 
had aggregate costs of $2,685,656 and $5,552,176, respectively, and 
aggregate market values of $3,021,699 and $11,161,489, respectively.  
The net unrealized gains at June 30, 1997, and December 31, 1996, 
included gross gains of $804,515 and $6,140,674, respectively.

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

In March of 1997, the Partnership made an additional investment in the 
company by purchasing 44,446 Series D Preferred shares for $66,669.

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

In January of 1997, the Partnership made an additional investment in the 
company by purchasing 1,750 common shares for $6,125.  In addition, the 
Partnership converted its $18,750 note receivable, including accrued 
interest of $2,000, into 8,300 common shares at a total cost of $20,750.  
At June 30, 1997, the Partnership recorded an increase in the change in 
fair value of $8,975 to reflect the publicly-traded market price for its 
Endocare investments; a portion of the fair value was adjusted to 
reflect a discount for restricted securities.

Multiport, Inc.
---------------

Based upon the fair value of Multiport's underlying net assets June 30, 
1997, the Partnership recorded a fair value increase of $462,215 for its 
investments.  Multiport's assets consist of remaining net proceeds to be 
received from a 1994 asset sale agreement, cash and notes receivable.

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

In January of 1997, the Partnership cash exercised its Series B 
Preferred share warrant for $149,999 and received 136,363 Series B 
Preferred shares.  In March of 1997, the Partnership issued a $150,000 
convertible note receivable to the company.  The Partnership also 
received an additional 163,635 Series B Preferred shares as a result of 
an adjustment to the warrant exercise price.

In May of 1997, the company effected a 1-to-2.083 stock split.  As a 
result, the Partnership received an additional 472,579 Series B 
Preferred shares.  The Partnership also purchased 191,817 Series B 
Preferred shares by converting $82,329 of the notes receivable discussed 
above including accrued interest of $2,071 for a total cost of $84,400.  
The remaining note principal of $67,671 was reissued as a new note.  At 
June 30, 1997, the Partnership recorded an increase in the change in 
fair value of $196,895 for the above transactions.

Quintar Corporation
-------------------

In May of 1997, Splash Technology Holding Inc., acquired Quintar 
Corporation for cash.  The Partnership received total proceeds of 
$2,147,372 for its Preferred share and warrant investments and realized 
a gain of $371,105.

RedCell, Inc.
-------------

During the second quarter of 1997, the company had a new round of 
financing in which the Partnership did not participate.  The pricing of 
this round indicated a decrease in fair value of $125,000 for the 
Partnership's existing investment.

Reflection Technology, Inc.
---------------------------

During the first half of 1997, the Partnership issued $416,708 in 
convertible notes receivable to the company.  In addition, based on the 
Managing General Partners' opinion, the Partnership recorded a decrease 
in fair value of $4,274,164 for its existing investments.

Shaman Pharmaceuticals, Inc.
----------------------------

During the first half of 1997, the Partnership sold its entire 
investment in the company for total proceeds of $3,702,853 and realized 
a gain of $1,588,120. 

SyStemix Inc.
-------------

In January of 1997, the Partnership sold its entire investment in the 
company for total proceeds of $2,356,657 and realized a gain of 
$1,468,022.

UT Starcom, Inc.
----------------

During the first quarter of 1997, the company closed a Series C 
Preferred share round of financing in which the Partnership did not 
participate.  The pricing of this round indicated a fair value increase 
of $459,480 for the Partnership's existing investment.

VOIS, Inc.
----------

In February of 1997, the Partnership made an additional investment in 
the company by purchasing 62,500 Series A Preferred shares for $62,500.  
Then in May of 1997, the Partnership purchased 120,000 Series B 
Preferred shares for $300,000.  The pricing of this round, in which 
third parties participated, indicated a fair value increase of $468,750 
for the Partnership's existing investment.

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

In January of 1997, the Partnership invested in the company by 
purchasing 66,568 Series B Preferred shares for $225,000.

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

The Partnership made an additional investment of $12,500 in venture 
capital limited partnership investments during the six months ended June 
30, 1997.  The Partnership recorded a fair value decrease of $600,688 as 
a result of stock distributions from a venture capital limited 
partnership investment and a net decrease in fair value of the 
underlying investments.

During the first half of 1997, the Partnership received common stock 
distributions of Inhale Therapeutics Systems, Inc., and Penederm, Inc., 
with fair values of $365,607 and $48,024, respectively; these 
distributions were from profits and were recorded as realized gains from 
venture capital limited partnership investments.

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

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

Subsequent to quarter end, the fair value of the Partnership's 
Thermatrix, Inc. investment decreased by $922,571 as a result of a 
decrease in the publicly-traded market price at August 7, 1997.

4.     Secured Notes Receivable, Net
       -----------------------------

Activity from January 1, 1997, through June 30, 1997, consisted of:

<TABLE>

<S>                                                         <C>   
Balance at January 1, 1997                                 $  29,137

1997 activity:
  Secured notes receivable issued                            150,500
  Repayments of secured notes receivable                     (10,157)
  Decrease in accrued interest                                (8,106)
                                                             -------

 Total secured notes receivable, net, at June 30, 1997      $161,374
                                                             =======

</TABLE>

The Partnership had accrued interest of $7,068 and $15,174 at June 30, 
1997, and December 31, 1996, respectively.

5.     Promissory Notes
       ----------------

At December 31, 1996, the Partnership had a promissory note to an 
unaffiliated third party of $1,363,332.  The note was fully repaid in 
February, 1997, upon maturity.  Interest expense for this note was 
$14,626 during the six months ended June 30, 1997.

6.     Commitments and Contingencies
       -----------------------------

The Partnership is a party to financial instruments with off-balance-
sheet risk in the normal course of its business.  Generally, these 
instruments are commitments for future equity fundings, venture capital 
limited partnership investments, equipment financing commitments, or 
accounts receivable lines of credit that are outstanding but not 
currently fully utilized.  As they do not represent current outstanding 
balances, these unfunded commitments are properly not recognized in the 
financial statements.  At June 30, 1997, the Partnership had unfunded 
commitments as follows:


<TABLE>
<S>                                                  <C>

Type
----
Equity investments                                   $ 84,375
Term notes                                            190,775
Venture capital limited partnership investments       143,650
                                                      -------
Total                                                $418,800
                                                      =======
</TABLE>

In 1996, the Partnership jointly guaranteed with two affiliated 
partnerships a $1,000,000 line of credit between a financial institution 
and a portfolio company in the computer systems and software industry.  
If the affiliated partnerships are unable to finance their portion of 
the guarantee, the Partnership may be liable up to $1,000,000.

<PAGE>

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

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

During the six months ended June 30, 1997, net cash used by operating 
activities totaled $787,105.  The Partnership paid management fees of 
$180,112 to the Managing General Partners and reimbursed related parties 
for operating expenses of $422,250.  In addition, $24,901 was paid to 
the Individual General Partners as compensation for their services.  
Other operating expenses of $174,129 were paid and interest income of 
$57,263 was received. The Partnership also paid interest of $42,976 on 
borrowings and in February 1997, repaid its promissory note of 
$1,363,332.

During the six months ended June 30, 1997, the Partnership issued 
$150,500 in secured notes receivable to a portfolio company in the 
computer systems and software industry and funded equity investments of 
$1,389,501 mainly to portfolio companies in the communications and 
computer systems and software industries.  Repayments of secured notes 
receivable provided cash of $10,157.  Proceeds from the sales of equity 
investments were $8,267,100.  At June 30, 1997, the Partnership was 
committed to fund $418,800 in additional investments and has outstanding 
guarantees up to $1,000,000 as disclosed in Note 6 to the financial 
statements.

Cash and cash equivalents at June 30, 1997, were $5,989,487.  Future 
interest income earned on notes receivable and proceeds from investment 
sales are expected to be adequate to fund Partnership operations through 
the next twelve months.

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

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

Net loss was $5,647,502 for the quarter ended June 30, 1997, compared to 
net income of $4,135,583 during the same period in 1996.  The change was 
primarily due to decreases of $10,833,444 and $372,000 in the change in 
net unrealized fair values of equity investments and secured notes 
receivable, respectively.  These changes were was partially offset by a 
$1,000,000 decrease in realized losses from investment write-downs and a 
$282,635 increase in net realized gain from sales of equity investments.

During the quarter ended June 30, 1997, the decrease in equity 
investment fair value of $7,136,453 was primarily attributable to 
portfolio companies in the environmental, computer systems and software, 
and pharmaceuticals industries.  During the same period in 1996, the 
increase of $3,696,991 was primarily attributable to a portfolio company 
in the environmental industry.

The Partnership recorded an increase in the fair value of secured notes 
receivable of $372,000 for the quarter ended June 30, 1996, based upon 
the level of loan loss reserves deemed adequate by the Managing General 
Partners at quarter end.  No such reserve was recorded for the same 
period in 1997.

The Partnership recorded $1,000,000 in realized losses from investment 
write-downs for the quarter ended June 30, 1996, related to a portfolio 
company in the computer systems and software industry.  No such loss was 
recorded for the same period in 1997.

During the quarter ended June 30, 1997, net realized gain from sales of 
equity investments of $1,804,280 was mainly due to the common stock sale 
of Shaman Pharmaceuticals, Inc.  For the same period in 1996, net 
realized gain of $1,521,645 was also mostly due to a Shaman common stock 
sale.

Total operating expenses were $257,817 and $360,190 for the quarters 
ended June 30, 1997 and 1996, respectively. The decrease in operating 
expenses in the current quarter over the comparative period in 1996 was 
primarily due to a higher level of activity required for portfolio 
management in 1996.


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 loss was $9,707,591 for the six months ended June 30, 1997, compared 
to a net income of $3,532,287 during the same period in 1996.  The 
change was primarily due to a $15,333,816 decrease in the change in net 
unrealized fair value of equity investments.  This decrease was 
partially offset by a $1,077,091 decrease in realized losses from 
investment write-downs, a $503,606 increase in net realized gain from 
sales of equity investments, and a $413,631 increase in net realized 
gain from venture capital limited partnership investments.

During the six months ended June 30, 1997, the decrease in equity 
investment fair value of $12,898,163 was mainly attributable to 
portfolio companies in the environmental, computer systems and software, 
and pharmaceuticals industries, partially offset by increases in 
portfolio companies in the communications industries.  During the same 
period in 1996, the increase of $2,435,653 was primarily attributable to 
portfolio companies in the environmental and retail/consumer products 
industries as well as venture capital limited partnership investments, 
partially offset by decreases in portfolio companies in the computer 
systems and software and pharmaceuticals industries.

The Partnership recorded $1,077,091 in realized losses from investment 
write-downs for the six months ended June 30, 1996, mostly related to a 
portfolio company in the computer systems and software industry.  There 
was no such realized loss for the same period in 1997.

During the six months ended June 30, 1997, net realized gain from sales 
of equity investments of $3,448,542 was mostly due to the common stock 
sales of SyStemix, Inc., and Shaman Pharmaceuticals, Inc.  A $2,944,936 
net realized gain recorded for the same period in 1996 was mostly due to 
the common stock sale of Shaman Pharmaceuticals, Inc.

Net realized gain from venture capital limited partnership investments 
was $413,631 for the six months ended June 30, 1997.  The gain 
represented distributions from profits of a venture capital limited 
partnership.  There was no such gain realized during the same period in 
1996.

II.     OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

(a)  No reports on Form 8-K were filed by the Partnership during the
     quarter ended June 30, 1997.

(b)  Financial Data Schedule for the six months ended and as of June 30,
     1997 (Exhibit 27).

<PAGE>
                              SIGNATURES
                              ----------

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

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

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




Date:  August 12, 1997   By:         /s/Michael R. Brenner
                            -------------------------------------------
                                     Michael R. Brenner
                                     Controller