<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, 2004

                                 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)

   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,
                                                2004               2003
                                             -----------       ------------
<S>                                           <C>                <C>
ASSETS

Investments:
 Equity investments (cost of
  $3,627,543 and $4,624,650 as of
  June 30, 2004, and December 31, 2003,
  respectively)                               $2,951,600         $3,036,554
Cash and cash equivalents                          3,305            109,664
Prepaid expenses                                 120,181            140,203
Due from related party                           806,154            811,609
Other receivables                                     --             68,323
Other assets                                       1,273              2,994
                                               ---------          ---------
   Total assets                               $3,882,513         $4,169,347
                                               =========          =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses         $    3,430         $   40,754
Due to related parties                         1,146,567            428,370
Short-term borrowings                            616,447            584,212
Other liabilities                                  3,384             24,595
                                               ---------          ---------
   Total liabilities                           1,769,828          1,077,931

Commitments and contingencies (See Note 8)


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

Partners' capital
  Limited Partners
    (400,000 Units outstanding)                4,443,510          5,412,454
  General Partners                            (2,330,825)        (2,321,038)
                                               ---------          ---------
Total partners' capital                        2,112,685          3,091,416
                                               ---------          ---------
   Total liabilities and partners' capital    $3,882,513         $4,169,347
                                               =========          =========
</TABLE>




























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



STATEMENTS OF INVESTMENTS
-------------------------
<TABLE>
<CAPTION>
                                         Principal
                                         Amount or    June 30, 2004          December 31, 2003
Industry                                 Shares at   ----------------        -----------------
(1)                         Investment    June 30,   Cost       Fair         Cost        Fair
Company           Position     Date        2004      Basis      Value        Basis       Value
-------------     --------  ----------  -----------  -----      -----        -----       -----
<S>                <C>         <C>      <C>         <C>        <C>          <C>        <C>

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

Communication
-------------
0.0% and 4.0% at June 30, 2004, and December 31, 2003, respectively
-------------------------------------------------------------------
iVillage Inc.      Common       1996-
                   shares       2000          --  $       -- $       --  $   47,916 $  105,130
WorldRes.com, Inc. Common       1997-
 (a) (b)           shares       1999           0           0          0     619,687     46,775

                                                   ---------  ---------   ---------  ---------
                                                           0          0     667,603    151,905
                                                   ---------  ---------   ---------  ---------


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

Environmental
-------------
74.3% and 41.4% at June 30, 2004, and December 31, 2003, respectively
---------------------------------------------------------------------
SunPower
 Corporation       Common       1990-
 (a) (b)           shares       1994   1,165,217   1,179,051  1,514,780   1,179,051  1,514,780
SunPower           Common share
 Corporation       warrant
 (a) (b)           at $.06;
                   expiring
                   2005         2000     469,455           0          0           0          0
SunPower
 Corporation       Convertible
 (a) (b)           note (2)     2002     $52,000      55,526     55,526      54,702     54,702
Triangle
 Biomedical        Common
 Sciences, Inc.(a) shares       1999         366      10,248          0      10,248          0
Triangle           Common share
 Biomedical        warrant
 Sciences, Inc.(a) at $28.00;
                   expiring
                   2009         1999         366         366          0         366          0
                                                   ---------  ---------   ---------  ---------
                                                   1,245,191  1,570,306   1,244,367  1,569,482
                                                   ---------  ---------   ---------  ---------


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

Medical/Biotechnology
---------------------
44.7% and 19.0% at June 30, 2004, and December 31, 2003, respectively
---------------------------------------------------------------------
Corautus Genetics  Common
 Inc. (b)(c)       shares       1999      62,624     320,242    363,218     320,242    140,903
Corautus Genetics  Common share
 Inc. (b)          warrants at
                   $0.30-$0.74;
                   expiring     1998-
                   2005-2006    1999      41,667           0     99,169           0     28,571
Applied
 NeuroSolutions,   Common
 Inc. (a)          shares       1993      15,528     125,000      3,261     125,000      4,659
Physiometrix,      Common
 Inc.              shares       1996     126,791      53,793    209,205      53,793    278,940
Sanarus Medical,   Preferred    1999-
 Inc. (a) (b)      shares       2003     774,463     647,434    268,787     647,434    268,787
Sanarus            Preferred
 Medical,          share
 Inc. (a) (b)      warrants
                   at exercise
                   price TBD;
                   expiring
                   2006         2001          55          54         22          54         22
                                                   ---------  ---------   ---------  ---------
                                                   1,146,523    943,662   1,146,523    721,882
                                                   ---------  ---------   ---------  ---------


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

Retail / Consumer Products
--------------------------
14.7% and 7.9% at June 30, 2004, and December 31, 2003, respectively
--------------------------------------------------------------------
Dakota             Preferred
 Holdings, LLC (a) shares       2003   1,943,314     750,000    300,000     750,000    300,000
Lifestyle
 Innovations, Inc. Preferred
 (a) (b)           shares       2004       2,314           0        139          --         --
Microbar, Inc.     Preferred
 (a) (b)           shares       2004       9,489           0      9,160          --         --
Microbar, Inc.     Common
 (a) (b)           shares       2004      38,072           0        212          --         --
                                                    --------  ---------   ---------  ---------
                                                     750,000    309,511     750,000    300,000
                                                    --------  ---------   ---------  ---------

Venture Capital Limited Partnership Investments
-----------------------------------------------
6.1% and 7.7% at June 30, 2004, and December 31, 2003, respectively
-------------------------------------------------------------------
El Dorado          Ltd.
 Ventures III, L.P.Partnership
 (a)               interests  various   $250,000     212,460     11,998     212,460     11,998
Medical Science    Ltd.
 Partners, L.P.    Partnership
 (a)               interests  various   $500,000     187,246     93,623     187,246     93,623
Newtek             Ltd.
 Ventures II, L.P. Partnership
 (a)               interests  various   $859,914           0          0     330,328    165,164

STATEMENTS OF INVESTMENTS (continued)
------------------------------------
Onset Enterprises  Ltd.
 Associates, L.P.  Partnership
 (a)               interests  various   $500,000      45,000     22,500      45,000     22,500
Utah Ventures      Ltd.
 Limited           Partnership
 Partnership (a)   interests  various   $250,000      41,123          0      41,123          0
                                                   ---------  ---------   ---------  ---------
                                                     485,829    128,121     816,157    293,285
                                                   ---------  ---------   ---------  ---------
Total investments - 139.70% and 98.2% at
 June 30, 2004, and December 31, 2003,
 respectively                                     $3,627,543 $2,951,600  $4,624,650 $3,036,554
                                                   =========  =========   =========  =========

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.

(c) Security is pledged as collateral for borrowing.  (See Note 8.)

(1) Represents the total fair value of a particular industry
segment as a percentage of partners' capital at 06/30/04 and 12/31/03.

(2) The Partnership has no income-producing equity investments except
for convertible notes, which include accrued interest.  Interest rates on
such notes are 3.21 percent.

</TABLE>

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


STATEMENTS OF OPERATIONS (unaudited)
-----------------------------------
<TABLE>
<CAPTION>
                                               For the Three Months           For the Six Months
                                                  Ended June 30,                Ended June 30,
                                               --------------------           ------------------
                                               2004           2003            2004          2003
                                              ------         ------          ------        ------
<S>                                        <C>           <C>             <C>           <C>
Investment income:
 Notes receivable interest                 $     417     $    3,371      $      833    $    6,714
 Short-term investment interest                   10            297             477           498
                                             -------      ---------       ---------     ---------
  Total investment income                        427          3,668           1,310         7,212

Investment expenses:
 Management fees                              12,789          5,018          23,212        11,307
 Individual General Partners' compensation    18,000         10,000          30,125        20,000
 Investment operations                        28,004         23,296         180,593        92,442
 Administrative and investor services        208,309        135,283         830,417       350,026
 Professional fees                            16,532         32,472          31,422       112,589
 Computer services                            46,617         16,196          85,394        33,071
 Interest expense                              3,928          3 913           7,719         8,042
                                             -------      ---------       ---------     ---------
  Total investment expenses                  334,179        226,178       1,188,882       627,477
                                             -------      ---------       ---------     ---------
Net investment loss                         (333,752)      (222,510)     (1,187,572)     (620,265)
                                             -------      ---------       ---------     ---------



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

 Realized gain from recovery of
  investments previously written off              --             --          98,111            --
 Realized gain from sales of equity
  investments                                     --             --         148,599            --
 Realized loss from venture capital
  limited partnership write-off                   --             --        (330,335)           --
 Realized loss from investment
  Write-off                                 (619,687)            --        (619,687)
 Realized gain from venture capital
  limited partnership investments                 --         10,755              --        11,497
                                             -------      ---------       ---------     ---------
Net realized (loss) income                  (619,687)        10,755        (703,312)       11,497
                                             -------      ---------       ---------     ---------
Decrease in unrealized depreciation:
  Equity investments                         487,322      1,774,240         912,153     1,743,280
  Notes receivable                                --             75              --          (298)
                                             -------      ---------       ---------     ---------
Net decrease in unrealized depreciation      487,322      1,774,315         912,153     1,742,982
                                             -------      ---------       ---------     ---------

Other income                                      --             --              --       193,830
                                             -------      ---------       ---------     ---------
Net (decrease) increase in partners'
 capital resulting from operations         $(466,117)    $1,562,560      $ (978,731)   $1,328,044
                                             =======      =========       =========     =========
Net (decrease) increase in partners'
 capital resulting from operations
 per Unit                                  $   (1.15)    $     0.47      $    (2.42)   $     0.00
                                             =======      =========       =========     =========
</TABLE>

The 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,
                                        ---------------------------------
                                             2004               2003
                                          ----------         ----------
<S>                                      <C>                <C>
Net (decrease) increase in partners'
 capital resulting from operations        $(978,731)        $1,328,044

Adjustments to reconcile decrease
 in partners' capital resulting
 from operations to net cash (used)
 provided by operating activities:
  Realized gain from venture capital
   limited partnership investments               --            (11,497)
  Net realized gain on the sale of
   equity investments                      (148,599)                --
  Net realized gain on the recovery
   of investments previously written off    (98,111)                --
  Net realized loss from the write-off
   of venture capital limited
   partnership investments                  330,335                 --
  Net realized loss from the write-off
   of equity investments                    619,687                 --
  Net decrease in unrealized
   depreciation of equity investments      (912,153)        (1,743,280)
  Net changes in operating assets and
   liabilities:
   Unrealized depreciation of
    notes receivable                             --                298
   Accrued interest on notes receivable        (832)            (6,150)
   Prepaid expenses                          20,022             20,022
   Other receivable                          73,778            774,298
   Due to related parties                   718,197           (294,735)
   Accounts payable and accrued
    expenses                                (37,324)           (10,085)
   Other changes, net                       (19,490)             8,718
                                            -------          ---------
Net cash (used) provided by
 operating activities                      (433,221)            65,633
                                            -------          ---------


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

Cash flows from investing activities:
 Purchase of equity investments                  --             (9,395)
 Proceeds from venture capital
  limited partnership investments                --             11,497
 Proceeds from the sale of equity
  investments                               196,516                 --
Proceeds from the recovery of investments
 previously written off                      98,111                 --
                                            -------          ---------
Net cash provided by investing
 activities                                 294,627              2,102
                                            -------          ---------

Cash flows from financing activities:
 Short-term borrowings                      32,235                  --
                                           -------           ---------

Net cash provided by financing
 Activities                                 32,235                  --
                                           -------           ---------

Net (decrease) increase in cash
 and cash equivalents                      (106,359)            67,735

Cash and cash equivalents at
 beginning of year                          109,664             22,739
                                            -------          ---------

Cash and cash equivalents
 at June 30                               $   3,305         $   90,474
                                            =======          =========

</TABLE>







The 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, 2003.  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.     Uncertain Future of the Partnership
       -----------------------------------

The uncertainties arising from the timing of future liquidation events
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 certified
independent public accountants that should the uncertainties 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 of America, which may
not equate to tax accounting.  The cost of investments on a tax basis at
June 30, 2004, and December 31, 2003, was $3,561,569 and $4,627,328,
respectively.  At June 30, 2004, and December 31, 2003, gross unrealized
depreciation on investments based on cost for federal income tax purposes
was as follows:

<TABLE>
<CAPTION>
                                         June 30,    December 31,
                                          2004           2003
                                      ------------   ------------
<S>                                   <C>            <C>
Unrealized appreciation                $  672,130    $   677,195
Unrealized depreciation                (1,282,089)    (2,267,967)
                                        ---------      ---------
Net unrealized depreciation            $ (609,959)   $(1,590,772)
                                        =========      =========

</TABLE>

New Accounting Pronouncements
-----------------------------

In November 2002, the FASB issued FASB Interpretation No. 45 (FIN 45),
"Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others."  FIN 45 requires
a guarantor to recognize a liability at the inception of the guarantee for
the fair value of obligations it has assumed under that guarantee and also
requires more detailed disclosure in its financial statements with respect
to such guarantees.  FIN 45 is effective for guarantees issued or modified
after December 31, 2002, and requires additional disclosure for existing
guarantees.  The adoption of FIN 45 did not have a material effect on the
Partnership's results of operation or financial position.

In December 2003, the American Institute of Certified Public Accountants
(AICPA) issued Statement of Position 03-4 (SOP 03-4), "Reporting Financial
Highlights and Schedule of Investments by Nonregistered Investment
Partnerships: An Amendment to the Audit and Accounting Guide 'Audits of
Investment Companies' (the Guide) and AICPA Statement of Position 95-2 (SOP
95-2), 'Financial Reporting by Nonpublic Investment Partnerships.'"  SOP
03-4 provides guidance on the application of certain provisions in the
Accounting Guide and SOP 95-2 that are directed to the reporting by
nonregistered investment partnerships of financial highlights and the
schedule of investments.  It amends certain provisions of the Guide and SOP
95-2 by adapting those provisions to nonregistered investment partnerships
based on their differences in organizational structures from registered
investment companies. SOP 03-4 is effective for annual financial statements
issued for fiscal years ending after December 15, 2003.  The adoption of
SOP 03-4 did not have a material effect on the Partnership.

4.     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, 2004 and 2003, were as follows:

<TABLE>
<CAPTION>
                                                   2004          2003
                                                 --------      --------
  <S>                                         <C>             <C>
   Management fees                            $   23,212      $ 11,307
   Individual General Partners' compensation      30,125        20,000
   Reimbursable operating expenses             1,112,100       453,933

</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.  Certain reimbursable
expenses have been accrued based upon interim estimates prepared by the
Managing General Partners and are adjusted to actual periodically. There
were $1,146,567 and $428,370 due to related parties at June 30, 2004, and
December 31, 2003, respectively, for such expenses.

Management fees due to the Managing General Partners and included in due to
related parties, were $36,413 and $13,202 at June 30, 2004, and December
31, 2003, respectively.

As of June 30, 2004 and December 31, 2003, the Partnership has a due from
related party receivable of $806,154 and $811,069, respectively, related to
its investment in Dakota Holdings, LLC.  The Partnership has advanced funds
to the company for operations.  It is the Managing General Partners'
expectation that this receivable will be converted into additional equity
investments in Dakota Holdings.

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 June 30, 2004, the Partnership and affiliated
partnerships had an indirect interest in non-transferable Sanarus Medical,
Inc., Physiometrix, Inc., and Corautus Genetics Inc. options with a fair
value of $29,029.

Retention bonuses were offered to and accepted by key employees of the
Managing General Partners during 2002. 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, 2004, the Partnership has recognized expense of
$60,068.  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.

5.     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, 2004, and December 31, 2003, marketable equity securities had
aggregate costs of $53,793 and $101,709, and aggregate fair market values
of $209,205 and $384,070, respectively.  The net unrealized losses at June
30, 2004, and December 31, 2003, included gross gains of $155,412 and
$283,562, respectively.

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

At June 30, 2004, and December 31, 2003, restricted securities had
aggregate costs of $3,573,750 and $4,522,941, respectively, and aggregate
fair values of $2,742,395 and $2,652,484, respectively, representing 70.6
percent and 63.6 percent, respectively, of the total assets of the
Partnership.


Significant purchases or sales of equity investments during the six months
ended June 30, 2004, were as follows:

iVillage Inc.
-------------

The Partnership sold its entire investment in the company for proceeds of
$196,516, recording a realized gain of $148,599.

Lifestyle Innovations, Inc.
---------------------------

In April 2004, the Partnership received 2,314 Series A Preferred shares in
the company from a stock distribution from Newtek Ventures II, L.P., a
venture capital limited partnership.

Microbar, Inc.
--------------

In April 2004, the Partnership received 9,489 Preferred shares and 38,072
common shares in the company from a stock distribution from Newtek Ventures
II, L.P., a venture capital limited partnership.

Newtek Ventures II, L.P.
------------------------

Newtek Ventures II, L.P., ceased operations on March 31, 2004, and the
Partnership expects a final distribution of shares in Newtek's remaining
portfolio companies, which will be recorded as a realized gain.  At March
31, 2004, the Partnership wrote off a total of $330,335, representing the
remaining cost basis of the investment.

RedCell, Inc. (subsequently ConjuChem, Inc.)
--------------------------------------------

The Partnership received $98,111 for payment of notes receivable from the
company that had been written off in 1998.  The payment was recorded as a
realized gain.  Prior to 1998, RedCell was acquired by another company, and
the new entity was renamed ConjuChem, Inc.  However, the notes receivable
remained in RedCell's name.  In February 2004, the remaining RedCell entity
sold ConjuChem shares it had acquired in the acquisition to repay its
remaining notes in full.


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

In June 2004, the Partnership wrote off its entire investment in
WorldRes.com Inc., for a realized loss of $619,687.  In 2003, WorldRes.com
and three large European hotel chains created a joint venture, WorldRes
Europe, to market European hotels online.  WorldRes.com and WorldRes Europe
are in the process of selling the consumer Web site, PlacestoStay.com, and
most of the company's operations will now be based in Europe.  Proceeds
from the transaction are expected to be used to restructure the company and
pay its vendors and existing noteholders.  The Partnership expects no
return on its investment.

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, 2003, Form 10-K.

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

Cash and cash equivalents at June 30, 2004, and December 31, 2003,
consisted of:

<TABLE>
                                                 2004           2003
                                                ------         ------
<S>                                             <C>           <C>
Demand accounts                                 $2,054        $108,397
Money market accounts                            1,251           1,267
                                                 -----         -------
     Total                                      $3,305        $109,664
                                                 =====         =======
</TABLE>

7.     Short-term Borrowings
       ---------------------

In January 2002, the Partnership borrowed $1,147,180 from a financial
institution and pledged as collateral, the Partnership's shares in
Endocare, Inc. and GenStar Therapeutic Corporation (now Corautus Genetics
Inc. after a merger with another company in February 2003).  On January
2002, the value of Endocare, Inc. dropped below 10% of the face of the
note, resulting in the note being in default.  As a result, the financial
institution that issued the note took ownership of the Endocare, Inc.
shares, satisfying $585,000 of the term borrowings.  The remaining note
with an outstanding balance of $616,447 at June 30, 2004, bears interest at
the London Interbank Offered Rate plus 1.5 percent, which is payable
quarterly.  The outstanding principal and any remaining accrued interest
are due December 30, 2004.

8.     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 investment
fundings, equipment financing commitments, or accounts receivable lines of
credit that are outstanding but not currently fully utilized by a borrowing
company.  As they do not represent current outstanding balances, these
unfunded commitments are not recognized in the financial statements.  At
June 30, 2004, the Partnership had unfunded equity commitments of $100,000.

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,
                                    ---------------------------------
                                           2004          2003
                                          ------        ------
<S>                                       <C>           <C>
(all amounts on a per Unit basis)
Net asset value,
 beginning of period                       $2.97        $1.24

(Loss) from investment operations:
  Net investment loss                      (2.94)          --
  Net realized and unrealized
   gain on investments                       .52           --
                                            ----         ----
  Total from investment operations         (2.42)          --
                                            ----         ----
Net asset value, end of period            $ 0.55        $1.24
                                            ====         ====
Total return                              (81.62)%          0%

Ratios to average net assets:
 Net investment loss                     (167.33)%          0%
 Expenses                                 169.21%      126.71%

</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, 2004 and 2003, the General Partners have a negative
capital balance of $2,457,462 and $2,428,954, respectively. Upon
liquidation, the General Partners would be required to contribute cash
equal to the net asset value less the General Partners' negative capital
balance. At June 30, 2004, cash in the amount of $218,140 would be required
to be contributed, as the net asset value is less than the General
Partners' negative capital balance. At June 30, 2003, the General Partners
would be required to contribute cash totaling $5,652,339. 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 Form 10-K for the year ended December 31,
2003.
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, 2004, net cash used by operating
activities totaled $433,221.  The Partnership paid management fees of $0 to
the Managing General Partners and reimbursed related parties for operating
expenses of $323,315.  In addition, $30,125 was paid to the Individual
General Partners as compensation for their services.  The Partnership paid
other investment expenses of $51,329, and $28,930 was paid in interest on
short-term borrowings. Interest income of $478 was received.

Cash and cash equivalents at June 30, 2004, were $3,305.  Future proceeds
from investment sales and 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 $466,117
for the quarter ended June 30, 2004, compared to a net increase in
partners' capital resulting from operations of $1,562,560 for the same
period in 2003.

Net unrealized depreciation on equity investments was $569,902 and
$3,822,810 at June 30, 2004 and December 31, 2003, respectively.  During
the quarter ended June 30, 2004, the Partnership recorded a decrease in net
unrealized depreciation on equity investments of $487,322 compared to a
decrease in net unrealized depreciation of $1,774,240 during the same
period in 2003.  The change in both 2004 and 2003 was due to decreases in
the publicly traded prices of the Partnership's marketable equity
securities.

During the quarter ended June 30, 2004, there were no realized gains from
venture capital limited partnership investments.  During the same period in
2003, the Partnership realized gains of $10,755.

Total investment expenses were $334,179 and $226,178 for the quarters ended
June 30, 2004 and 2003, respectively. The increase was primarily due to
increased investment monitoring, computer services, and administrative
services, partially offset by decreased professional fees resulting from a
decrease in legal fees related to the Kanematsu legal proceedings.

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

Net decrease in partners' capital resulting from operations was $978,731
for the six months ended June 30, 2004, compared to a net increase in
partners' capital resulting from operations of $1,328,044 for the same
period in 2003.

Net unrealized depreciation on equity investments was $675,943 at June 30,
2004, compared to net unrealized depreciation of $3,822,810 at December 31,
2003.  During the six months ended June 30, 2004, the Partnership recorded
an increase in net unrealized depreciation on equity investments of
$912,153 compared to an increase in net unrealized depreciation of
$1,743,280 during the same period in 2003.  The change in 2004 was due to
the increase in the fair values of privately held companies in the
environmental and medical/biotechnology industries.  The change in 2003 was
primarily attributable to the increase in the fair values of privately held
companies in the environmental and medical/biotechnology industries.

Other income of $193,830 was recognized during the six months ended June
30, 2003.  This was the result of a settlement between Kanematsu
Corporation, a creditor of one of the Partnership's portfolio companies,
and the Partnership.  There was no such income in 2004.

Total investment expenses were $1,188,882 and $627,477 for the six months
ended June 30, 2004 and 2003, respectively. The increase was primarily due
to increased investment monitoring, computer services, and administrative
services, partially offset by decreased professional fees resulting from
legal fees for the Kanematsu legal proceeding.

Net unrealized depreciation on notes receivable was $0 and $10,735 at June
30, 2004, and June 30, 2003, respectively.  During the six months ended
June 30, 2004, there was no net increase in unrealized depreciation of
notes receivable. During the six months ended June 30, 2003, the net
increase in unrealized depreciation of notes receivable was $298.

During the six months ended June 30, 2003, there were realized gains from
venture capital limited partnership investments of $11,497. During the same
period in 2004, the Partnership realized no gains or losses.

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 4.   Controls and Procedures

The undersigned is responsible for establishing and maintaining disclosure
controls and procedures for Technology Funding Venture Partners IV, 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 Venture Partners IV, An
Aggressive Growth Fund, L.P.'s disclosure controls and procedures are
effective to ensure that information required to be disclosed by Technology
Funding Venture Partners IV, An Aggressive Growth Fund, L.P. in this report
is accumulated and communicated to Technology Funding Venture Partners IV,
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 Venture Partners IV, An Aggressive Growth
Fund, 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.

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 June 30, 2004.  Pursuant to the Securities and
Exchange Commission's Release No. 34-43069, "Commission Guidance
on Mini-Tender Offers and Limited Partnership Tender Offers,"
effective July 31, 2000, the Partnership is obligated to respond
to such offers with a recommendation to the Limited Partners.  On
May 17, 2004, the Partnership filed the letter sent to Limited
Partners regarding a mini-tender offer for Limited Partnership
units under Item 5, Other Events.





<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:  August 12, 2004    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.


Technology Funding Venture Partners IV, L.P.
(a Delaware limited partnership)
Page 1 of 25

Technology Funding Venture Partners IV, L.P.
(a Delaware limited partnership)