<PAGE>
                              UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                              FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

                 For The Year Ended December 31, 1995

                                    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. 0-15766

                TECHNOLOGY FUNDING SECURED INVESTORS I 
         ------------------------------------------------------
         (Exact name of Registrant as specified in its charter)

          CALIFORNIA                            94-2944800
-------------------------------    ------------------------------------
(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)

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 if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be 
contained, to the best of registrant's knowledge, in definitive proxy or 
information statements incorporated by reference in Part III of this Form 
10-K or any amendment to this Form 10-K.

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

Documents incorporated by reference:  Portions of the Prospectus dated 
May 5, 1986 forming a part of Registration Statement No. 2-96022 under 
the Securities Act of 1933 are incorporated by reference in Parts I and 
III, hereof.  Portions of the Prospectus of Technology Funding Medical 
Partners I, L.P., as modified by Cumulative Supplement No. 4 dated 
January 4, 1995, forming a part of the May 3, 1993 Pre-Effective 
Amendment No. 3 to the Form N-2 Registration Statement No. 33-54002 dated 
October 30, 1992, is incorporated by reference in Part III hereof.


<PAGE>
                                   PART I

Item 1.  BUSINESS
------   --------

Technology Funding Secured Investors I (hereinafter referred to 
as the "Partnership" or the "Registrant") was formed as a 
California limited partnership on August 31, 1984.  The business 
of the Partnership is to provide secured loans and to acquire 
equity interests in new and developing companies as described in 
the "Summary of the Offering" and "Business of the Partnership" 
sections of the Prospectus dated May 5, 1986, that forms a part 
of Registrant's Form S-1 Registration Statement No. 2-96022, 
which sections are incorporated herein by reference.  Additional 
characteristics of the Partnership's business are discussed in 
the "Risk Factors" and "Conflicts of Interest" sections of the 
Prospectus, which sections are also incorporated herein by 
reference.  The Partnership's Amended and Restated Limited 
Partnership Agreement ("Partnership Agreement") provides that 
the Partnership will continue until December 31, 2004, unless 
dissolved earlier.

Item 2.  PROPERTIES
------   ----------

The Registrant has no material physical properties.

Item 3.  LEGAL PROCEEDINGS
------   -----------------

There are no material pending legal proceedings to which the 
Registrant is party or of which any of its property is the 
subject, other than ordinary routine litigation incidental to 
the business of the Partnership.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------   ---------------------------------------------------

No matter was submitted to a vote of the holders of units of 
limited partnership interests ("Units") during 1995.

                                    PART II

Item 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
------   -------------------------------------------------------------
         MATTERS
         -------

(a)  There is no established public trading market for the 
Units.

(b)  At December 31, 1995, there were 5,997 record holders of 
Units.

(c)  The Registrant, being a partnership, does not pay 
dividends.  Cash distributions, however, may be made to the 
partners in the Partnership pursuant to the Registrant's 
Partnership Agreement.

Item 6.  SELECTED FINANCIAL DATA
------   -----------------------


<TABLE>
<CAPTION>
                                        For the Years Ended and As of December 31,
                           -----------------------------------------------------------------
                              1995         1994           1993         1992          1991
                              ----         ----           ----         ----          ----
<S>                        <C>           <C>           <C>          <C>           <C>          
Total income               $   188,104      156,925       376,496    1,312,184     1,967,331
Net operating (loss)
 income                       (791,505)    (446,132)     (409,865)      94,594       593,337
Net realized gain from sales
 of equity investments         540,349      355,016            --      743,567       356,970
Realized losses from
 investment write-downs     (2,988,395)    (514,251)   (5,320,352)    (715,875)     (813,259)
Recovery from investments
 previously written off             --       45,290        80,357           --        89,010
Net realized (loss)
 income                     (3,239,551)    (560,077)   (5,649,860)     122,286       226,058
Change in net unrealized
 fair value:
  Equity investments         2,389,463   (2,127,420)    2,295,838   (2,959,810)     (142,460)
  Secured notes receivable     (20,000)     549,000       660,000     (654,696)       81,984
Net (loss) income             (870,088)  (2,138,497)   (2,694,022)  (3,492,220)      165,582
Net realized (loss) 
 income per Unit                   (28)          (5)          (48)           1             2
Total assets                 1,900,971    2,270,238     4,424,424    8,768,510    15,408,327
Distributions declared              --           --      (900,092)  (2,700,080)   (2,602,793)
</TABLE>



Refer to financial statement notes entitled "Summary of 
Significant Accounting Policies" and "Allocation of Profits and 
Losses" for a description of the method of calculation of net 
realized (loss) income per Unit.

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 
------   -----------------------------------------------------------
AND RESULTS OF OPERATIONS
-------------------------

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

In 1995, net cash used by operating activities totaled $155,533.  
The Partnership paid management fees of $40,172 to the Managing 
General Partner and reimbursed related parties for operating 
expenses of $226,345, and paid $2,677 to affiliated partnerships 
for net loan participations.  In addition, other operating 
expenses of $77,921 were paid.  Interest income of $191,582 was 
received for secured notes receivable and short-term 
investments.

In 1995, the Partnership issued $193,000 in secured notes 
receivable primarily to portfolio companies in the computers and 
computer equipment industry.  Repayments of notes receivable 
provided cash of $279,748 and sales of equity investments 
provided cash of $556,341.  As of December 31, 1995, the 
Partnership was committed to fund an additional $86,000 on term 
note financings to existing borrowing companies.

During 1995, Photon Dynamics and Celeritek, Inc. completed their 
initial public offerings("IPOs").  Hybridon, Inc. completed its 
IPO in early 1996.  Although the Partnership's investments are 
subject to certain selling restrictions, these IPOs indicate 
future liquidity.

All management fees which are due have been paid through 
December 31, 1995.  Management fees are paid to the extent that 
the aggregate amount of all proceeds (including those from 
warrants exercised without cash) received by the Partnership 
from the sale or other disposition of borrowing company equities 
plus the aggregate fair market value of any equity securities 
distributed to the partners exceeded total management fees 
payable pursuant to the Partnership Agreement.

Beginning in 1991, the Partnership entered the liquidation stage 
and began to distribute its available cash.  The Partnership has 
distributed a major portion of its available cash and is now at 
the stage in its liquidation process where distributions are 
primarily dependent on loan repayments from borrowing companies.  
Distributions will fluctuate in the future based upon loan 
repayments received by the Partnership.

Cash and cash equivalents at December 31, 1995 were $941,985.  
Operating cash reserves combined with interest income received 
on short-term investments, proceeds from sales of equity 
investments and repayments of secured notes receivable are 
expected to be sufficient to fund the Partnership operations 
through the next twelve months.

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

1995 compared to 1994
---------------------

Net losses for 1995 and 1994 were $870,088 and $2,138,497, 
respectively.  The decrease in net loss was primarily 
attributable to a $4,516,883 increase in the change in net 
unrealized fair value of equity investments and a $185,333 
increase in net realized gain from sales of equity investments.  
These changes were partially offset by a $2,474,144 increase in 
realized losses from investment write-downs, a $569,000 decrease 
in the change in the net unrealized fair value of secured notes 
receivable, and a $407,884 increase in total operating expenses.

In 1995, the increase in net unrealized fair value of equity 
investments of $2,389,463 was mostly due to the reversal of 
unrealized losses, which were realized from investment write-
downs for portfolio companies in the medical and retail/consumer 
product industries.  Realized losses from investment write-downs 
were $2,988,395 and $514,251 in 1995 and 1994, respectively; the 
1994 write-downs primarily related to an equity investment in 
the medical industry.  During the same period in 1994, the 
decrease in fair value of $2,127,420 was primarily due to the 
conversion of notes receivable to equity investments at fair 
values lower than cost for a portfolio company in the medical 
industry. 

During 1995, the Partnership recorded a net realized gain of 
$540,349 primarily from the sale of IKOS Systems, Inc. and 3Com 
Corporation.  The $355,016 net realized gain recorded in 1994 
was mainly from the sale of Micro Decisionware, Inc.

The Partnership recorded a decrease in the fair value of secured 
notes receivable of $20,000 in 1995, compared to an increase of 
$549,000 in 1994, based upon the levels of loan loss reserves 
deemed adequate by the Managing General Partner at the 
respective year ends.  The 1994 increase primarily related to 
the conversion of notes receivable to equity investments as 
discussed above.

Total operating expenses were $939,437 and $531,553 in 1995 and 
1994, respectively.  As discussed in Note 3 to the financial 
statements, the 1995 operating expenses included additional 
administrative and investor services expenses of $598,415.  Had 
these expenses been recorded in prior years, the 1995 and 1994 
total operating expenses would have been $379,013 and $572,326, 
respectively.  The decrease was primarily due to lower lending 
operations and investment management expenses, and 
administrative and investor services expenses from reduced 
overall portfolio activities.

There is no established source of market value information for 
the Partnership's portfolio of equity investments and secured 
notes receivable.  The value of the portfolio has been estimated 
by the Managing General Partner in the absence of readily 
ascertainable market values.  Although secured notes receivable 
are secured by specific assets of the borrowing company, due to 
the inherent uncertainty of valuation, estimated values may 
differ significantly from the values that would have been used 
had a ready market of the investment existed.  The difference 
could be material.

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

1994 compared to 1993
---------------------

Net loss was $2,138,497 and $2,694,022 in 1994 and 1993, 
respectively.  The decrease in net loss was primarily due to a 
$4,806,101 decrease in realized losses from investment write-
downs, a $355,016 increase in net realized gain from sale of 
investments and a $114,055 decrease in total operating expenses. 
These changes were mostly offset by decreases of $4,423,258 and 
$111,000 in the change in net unrealized fair values of equity 
investments and secured notes receivable, respectively, and a 
$217,451 decrease in secured notes receivable interest income.

In 1994 and 1993, the Partnership realized losses from 
investment write-downs of $514,251 and $5,320,352, respectively.  
Realized losses in 1994 primarily related to an equity 
investment in a portfolio company in the medical industry.  
Realized losses in 1993 primarily related to equity investments 
as well as secured notes receivable for portfolio companies in 
the computers and computer equipment, and retail/consumer 
products industries.

During 1994, the Partnership recorded a net realized gain of 
$355,016 mainly from the sale of equity investments in Micro 
Decisionware, Inc.  There was no such gain recorded in 1993.  

Total operating expenses were $531,553 in 1994 compared to 
$645,608 in 1993.  As discussed above, had the additional 
expenses in 1995 been recorded in prior years, total operating 
expenses would have been $572,326 and $690,847 for 1994 and 
1993, respectively.  The decrease was primarily due to lower 
administrative and investor services, and lending operations and 
investment management expenses from reduced overall portfolio 
activities.

In 1994, a decrease in the net unrealized fair value of equity 
investments of $2,127,420 was primarily due to a portfolio 
company in the medical industry.  In 1993, the $2,295,838 
increase was primarily due to the reversal of unrealized losses, 
which were realized from the write-down of one portfolio company 
in the computers and computer equipment industry.

The Partnership recorded increases in the fair value of secured 
notes receivable of $549,000 and $660,000 in 1994 and 1993, 
respectively, based upon the level of loan loss reserves deemed 
adequate by the Managing General Partner at the respective year 
ends.  The 1994 increase primarily related to a conversion of 
notes receivable to equity investments for a portfolio company 
in the medical industry; the 1993 increase was primarily due to 
a similar conversion for a portfolio company in the 
retail/consumer products industry.

Secured notes receivable interest income was $130,413 and 
$347,864 in 1994 and 1993, respectively.  The decrease was 
primarily attributable to lower interest-bearing notes 
receivable balances since the Partnership entered the 
liquidation stage.  

The Partnership also incurred management fees of $71,504 and 
$140,753 during 1994 and 1993, respectively.  As management fees 
are computed on assets under management, the decrease was 
consistent with the decrease in such assets.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
------   -------------------------------------------

The financial statements of the Registrant are set forth in Item 
14.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
------   -----------------------------------------------------------
AND FINANCIAL DISCLOSURE
------------------------

Registrant has reported no disagreements with its accountants on 
matters of accounting principles or practices or financial 
statement disclosure.

                                    PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
-------  --------------------------------------------------

As a partnership, the Registrant has no directors or executive 
officers.  Technology Funding Ltd., a California limited 
partnership ("TFL"), and Technology Funding Inc., a California 
corporation ("TFI") and wholly owned subsidiary of TFL, are the 
General Partners of the Partnership.  TFI is the Managing 
General Partner.  Information concerning the ownership of TFL 
and the business experience of the key officers of TFI and the 
partners of TFL is incorporated by reference from the sections 
entitled "Management of the Partnership - The General Partners" 
and "Management of the Partnership - Key Personnel" in the 
Prospectus, which are incorporated herein by reference.  Changes 
in this information that have occurred since the date of the 
Prospectus are included in the Technology Funding Medical 
Partners I, L.P. Prospectus, as modified by Cumulative 
Supplement No. 4 dated January 4, 1995, forming a part of the 
May 3, 1993 Pre-Effective Amendment No. 3 to the Form N-2 
Registration Statement No. 33-54002, dated October 30, 1992 
which is incorporated herein by reference.

Item 11. EXECUTIVE COMPENSATION
-------  ----------------------

As a partnership, the Registrant has no officers or directors.  
In 1995, the Partnership incurred $40,172 in management fees.  
The management fees are designed to compensate the General 
Partners for General Partner Overhead incurred in performing 
management duties for the Partnership through December 31, 1995.  
General Partner Overhead includes the General Partners' share of 
rent and utilities, and certain salaries and benefits paid by 
the General Partners in performing their obligations to the 
Partnership.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
-------  --------------------------------------------------------------

Not applicable.  No Limited Partner beneficially holds more than 
5% of the aggregate number of Units held by all Limited 
Partners, and neither the General Partners nor any of their 
officers, directors or partners own any Units.  The General 
Partners control the affairs of the Partnership pursuant to the 
Partnership Agreement.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------  ----------------------------------------------

The Registrant, or its investee companies, have engaged in no 
transactions with the General Partners or their officers and 
partners other than as described above, in the notes to the 
financial statements, or in the Prospectus.

                                    PART IV

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON 
-------  -------------------------------------------------------
FORM 8-K
--------

(a) List of Documents filed as part of this Annual Report on   
Form 10-K

(1) Financial Statements - the following financial statements 
are filed as a part of this Report:

Independent Auditors' Report                          
Balance Sheets as of December 31, 1995 and 1994       
Statements of Operations for the years ended 
December 31, 1995, 1994 and 1993                     
Statements of Partners' Capital for the years ended
December 31, 1995, 1994 and 1993                     
Statements of Cash Flows for the years ended
December 31, 1995, 1994 and 1993                 
Notes to Financial Statements                      

(2) Financial Statement Schedules

All schedules have been omitted because they are not 
applicable or the required information is included in the 
financial statements or the notes thereto.

(3) Exhibits

Registrant's Amended and Restated Limited Partnership 
Agreement (incorporated by reference to Exhibit A to 
Registrant's Prospectus dated May 5, 1986 included in 
Registration Statement No. 2-96022 filed pursuant to Rule 
424(b) of the General Rules and Regulations under the 
Securities Act of 1933).

(b)  Reports on Form 8-K

No reports on Form 8-K were filed by the Registrant during 
the year ended December 31, 1995.

(c)  Financial Data Schedule for the year ended and as of December 
31, 1995 (Exhibit 27).
<PAGE>
                     INDEPENDENT AUDITORS' REPORT
                     ----------------------------


The Partners
Technology Funding Secured Investors I:


We have audited the accompanying balance sheets of Technology Funding 
Secured Investors I (a California limited partnership) as of December 31, 
1995 and 1994, and the related statements of operations, partners' 
capital, and cash flows for each of the years in the three-year period 
ended December 31, 1995.  These financial statements are the 
responsibility of the Partnership's management.  Our responsibility is to 
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are 
free of material misstatement.  An audit includes examining, on a test 
basis, evidence supporting the amounts and disclosures in the financial 
statements.  Our procedures included confirmation of certain loans and 
securities owned, by correspondence with the individual borrowing and 
investee companies, and a physical examination of securities held by a 
safeguarding agent as of December 31, 1995 and 1994.  An audit also 
includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial 
statement presentation.  We believe that our audits provide a reasonable 
basis for our opinion.

In our opinion, the financial statements referred to above present 
fairly, in all material respects, the financial position of Technology 
Funding Secured Investors I as of December 31, 1995 and 1994, and the 
results of its operations and its cash flows for each of the years in the 
three-year period ended December 31, 1995 in conformity with generally 
accepted accounting principles.



San Francisco, California
March 22, 1996                                      KPMG Peat Marwick LLP


<PAGE>

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

<TABLE>
<CAPTION>

                                                  December 31,
                                       -------------------------------
                                            1995               1994
                                            ----               ----
<S>                                     <C>               <C>
ASSETS

Investments:
 Secured notes receivable, net 
  (cost basis of $832,586 and 
  $995,227 in 1995 and 1994, 
  respectively)                         $  577,586           760,227
 Equity investments (cost basis
  of $265,947 and $3,196,958 in
  1995 and 1994, respectively)             373,835           915,383
                                         ---------         ---------

     Total investments                     951,421         1,675,610

Cash and cash equivalents                  941,985           534,644

Other assets                                 7,565            59,984
                                         ---------         ---------

     Total                              $1,900,971         2,270,238
                                         =========         =========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses   $   30,700            47,221

Due to related parties                     420,507             1,136

Other liabilities                           59,181            60,320
                                         ---------         ---------

     Total liabilities                     510,388           108,677

Commitments 
 (Notes 3, 8, and 9)

Partners' capital:
 Limited Partners
   (Units outstanding of 111,101 and
   115,501 in 1995 and 1994,
   respectively)                         1,580,542         4,866,951
 General Partners                          (42,847)         (188,815)
 Net unrealized fair value (decrease)
  increase from cost:
   Secured notes receivable               (255,000)         (235,000)
   Equity investments                      107,888        (2,281,575)
                                         ---------         ---------

     Total partners' capital             1,390,583         2,161,561
                                         ---------         ---------

    Total                               $1,900,971         2,270,238
                                         =========         =========
</TABLE>

See accompanying notes to financial statements.

<PAGE>

STATEMENTS OF OPERATIONS 
------------------------


<TABLE>
<CAPTION>
                                      For the Years Ended December 31,
                                   -------------------------------------
                                       1995         1994         1993
                                       ----         ----         ----
<S>                                <C>           <C>           <C>
          
Income:
 Secured notes receivable
  interest                        $   142,791      130,413       347,864
 Short-term investment interest        45,313       24,090        14,949
 Other income                              --        2,422        13,683
                                    ---------    ---------     ---------
  Total income                        188,104      156,925       376,496

Costs and expenses:
 Management fees                       40,172       71,504       140,753
 Operating expenses:
   Administrative and investor
    services                          755,568      236,113       296,864
   Lending operations and
    investment management              84,203      184,121       216,478
   Computer services                   57,297       74,974        88,962
   Professional fees                   42,369       36,345        43,304
                                    ---------    ---------     ---------
   
   Total operating expenses           939,437      531,553       645,608
                                    ---------    ---------     ---------

 Total costs and expenses             979,609      603,057       786,361
                                    ---------    ---------     ---------

Net operating loss                   (791,505)    (446,132)     (409,865)

 Net realized gain from sales of
  equity investments                  540,349      355,016            --
 Realized losses from
  investment write-downs           (2,988,395)    (514,251)   (5,320,352)
 Recovery from investments
  previously written off                   --       45,290        80,357
                                    ---------    ---------     ---------
Net realized loss                  (3,239,551)    (560,077)   (5,649,860)

 Change in net unrealized 
  fair value:
   Equity investments               2,389,463   (2,127,420)    2,295,838
   Secured notes receivable           (20,000)     549,000       660,000
                                    ---------    ---------     ---------

Net loss                          $  (870,088)  (2,138,497)   (2,694,022)
                                    =========    =========     =========

Net realized loss
   per Unit                       $       (28)          (5)          (48)
                                    =========    =========     =========
</TABLE>
See accompanying notes to financial statements.


<PAGE>

STATEMENTS OF PARTNERS' CAPITAL 
-------------------------------

<TABLE>
<CAPTION>
For the years ended December 31, 1995, 1994 and 1993:

                                                         Net Unrealized Fair Value
                                                       Increase (Decrease) From Cost
                                                       -----------------------------
                                   Limited      General      Equity   Secured Notes
                                  Partners     Partners    Investments  Receivable    Total
                                  --------     --------    -----------  ----------    -----
<S>                              <C>          <C>        <C>         <C>          <C>
Partners' capital, 
 December 31, 1992               $11,992,168  (117,714)  (2,449,993) (1,444,000)   7,980,461

Distributions                       (891,091)   (9,001)          --          --     (900,092)

Repurchase of limited 
 partnership interests               (68,544)       --           --          --      (68,544)

Net realized loss                 (5,593,361)  (56,499)          --          --   (5,649,860)

Change in net unrealized fair 
 value:
  Equity investments                      --        --    2,295,838          --    2,295,838
  Secured notes receivable                --        --           --     660,000      660,000
                                  ----------   -------    ---------   ---------   ----------

Partners' capital, 
 December 31, 1993                 5,439,172  (183,214)    (154,155)   (784,000)   4,317,803

Repurchase of limited  
 partnership interests               (17,745)       --           --          --      (17,745)

Net realized loss                   (554,476)   (5,601)          --          --     (560,077)

Change in net unrealized fair 
 value:
  Equity investments                      --        --   (2,127,420)         --   (2,127,420)
  Secured notes receivable                --        --           --     549,000      549,000
                                  ----------   -------    ---------   ---------   ----------

Partners' capital,
 December 31, 1994                 4,866,951  (188,815)  (2,281,575)   (235,000)   2,161,561

General Partner capital 
 contribution                             --   178,364           --          --      178,364

Repurchase of limited  
 partnership interests               (79,254)       --           --          --      (79,254)

Net realized loss                 (3,207,155)  (32,396)          --          --   (3,239,551)

Change in net unrealized fair 
 value:
  Equity investments                      --        --    2,389,463          --    2,389,463
  Secured notes receivable                --        --           --     (20,000)     (20,000)
                                  ----------   -------    ---------   ---------   ----------

Partners' capital,
 December 31, 1995               $ 1,580,542   (42,847)     107,888    (255,000)   1,390,583
                                  ==========   =======    =========   =========   ==========


</TABLE>
See accompanying notes to financial statements.



<PAGE>

STATEMENTS OF CASH FLOWS
------------------------

<TABLE>
<CAPTION>
                                    For the Years Ended December 31,
                                  ------------------------------------
                                       1995       1994         1993
                                       ----       ----         ----

<S>                                  <C>        <C>          <C>
Cash flows from operating
 activities:
 Interest received                $ 191,582       180,083      456,558
 Cash paid to vendors               (77,921)     (198,895)    (240,228)
 Cash paid to related parties      (266,517)     (445,321)    (596,881)
 Cash paid to affiliated
  partnerships                       (2,677)       (5,058)    (129,265)
                                    -------     ---------    ---------
    Net cash used by
     operating activities          (155,533)     (469,191)    (509,816)
                                    -------     ---------    ---------

Cash flows from investing
  activities:
 Secured notes receivable issued   (193,000)     (347,000)  (1,916,949)
 Repayments of secured notes 
  receivable                        279,748       406,773    3,155,060
 Repayment from other investments        --            --      134,990
 Proceeds from sales of equity
  investments                       556,341       418,020           --
 Recovery from investments 
  previously written off                 --        45,290       80,357
 Purchase of equity investments        (961)      (69,633)    (112,801)
                                    -------     ---------    ---------

  Net cash provided by investing
   activities                       642,128       453,450    1,340,657
                                    -------     ---------    ---------

Cash flows from financing 
  activities:
 Repurchase of limited 
  partnership interests             (79,254)      (17,745)     (68,544)
 Distributions to Limited and 
  General Partners                       --            --   (1,401,210)
                                    -------     ---------    ---------

  Net cash used by financing
   activities                       (79,254)      (17,745)  (1,469,754)
                                    -------     ---------    ---------

Net increase (decrease) in
 cash and cash equivalents          407,341       (33,486)    (638,913)

Cash and cash equivalents at 
 beginning of year                  534,644       568,130    1,207,043
                                    -------     ---------    ---------

Cash and cash equivalents at 
 end of year                      $ 941,985       534,644      568,130
                                    =======     =========    =========

</TABLE>
See accompanying notes to financial statements.

<PAGE>

STATEMENTS OF CASH FLOWS (continued)
-----------------------------------
<TABLE>
<CAPTION>
                                      For the Years Ended December 31,
                                   ------------------------------------
                                     1995            1994          1993
                                     ----            ----          ----
<S>                               <C>            <C>           <C>
Reconciliation of net loss 
 to net cash used by
 operating activities:

Net loss                          $  (870,088)   (2,138,497) (2,694,022)

Adjustments to reconcile net 
 loss to net cash used
  by operating activities:
  Net realized gain from sales of 
   equity investments                (540,349)     (355,016)         --
  Amortization of discount 
   related to warrants                (14,766)       (1,042)    (21,727)
  Realized losses from investment
   write-downs                      2,988,395       514,251   5,320,352
  Recovery from investments
   previously written off                  --       (45,290)    (80,357)
  Change in net unrealized 
   fair value:
    Equity investments             (2,389,463)    2,127,420  (2,295,838)
    Secured notes receivable           20,000      (549,000)   (660,000)

Changes in:
  Accrued interest on secured and 
   convertible notes receivable        13,244        24,200     101,789
  Other assets                         55,096       (46,973)        297
  Accounts payable and accrued
   expenses                           (16,521)        4,571     (15,867)
  Due to related parties              597,735        (2,773)    (41,308)
  Due to/from affiliated 
   partnerships                        (2,677)       (5,058)   (129,265)
  Other liabilities                    (1,139)        4,016       6,130
  Other, net                            5,000            --          --
                                    ---------     ---------   ---------

Net cash used by
  by operating activities         $  (155,533)     (469,191)   (509,816)
                                    =========     =========   =========

Non-cash investing activities:

Additions to equity investments   $    73,085        51,706       1,400
                                    =========     =========   =========

Conversion of secured notes
 receivable to equity investments $     2,816     2,082,107   1,270,740
                                    =========     =========   =========

Non-cash exercise of warrants     $    63,330        15,378          --
                                    =========     =========   =========

Non-cash financing activities:

General Partner capital
 contribution (see Note 3)        $   178,364            --          --
                                    =========     =========   =========

</TABLE>
See accompanying notes to financial statements.

<PAGE>

NOTES TO FINANCIAL STATEMENTS
-----------------------------

1.     Summary of Significant Accounting Policies
       ------------------------------------------

Organization
------------

Technology Funding Secured Investors I (the "Partnership") is a limited 
partnership organized under the laws of the State of California on August 
31, 1984.  The purpose of the Partnership is to provide secured loans to 
new and developing companies and to acquire, hold, sell, trade, exchange 
or otherwise dispose of warrants and/or capital stock acquired by the 
Partnership in conjunction with these loans.  The General Partners are 
Technology Funding Ltd. ("TFL") and Technology Funding Inc. ("TFI"), a 
wholly-owned subsidiary of TFL.  TFI is the Managing General Partner.

The registration statement of the Partnership, filed with the Securities 
and Exchange Commission, became effective and the Partnership commenced 
selling units of limited partnership interest ("Units") on May 31, 1985.  
On September 9, 1985, the minimum number of Units required to form the 
Partnership (4,800) had been sold.  On May 31, 1987, the offering 
terminated with 117,496 Units sold, generating $29,372,475 in cash from 
Limited Partners and $29,399 from the General Partners.  The Partnership 
Agreement provides that the Partnership will continue until December 31, 
2004, unless terminated sooner.

Preparation of Financial Statements and Use of Estimates
--------------------------------------------------------

These financial statements have been prepared on the accrual basis of 
accounting in accordance with generally accepted accounting principles.  
This requires management to make estimates and assumptions that affect 
the reported amounts of assets and liabilities and disclosure of 
contingent assets and liabilities at the date of the financial statements 
and the reported amounts of revenues and expenses during the reporting 
period.  Actual results could differ from those estimates.

The financial statements include non-marketable investments of $806,289 
and $1,499,291 (58% and 69% of partners' capital) as of December 31, 1995 
and 1994, respectively, whose values have been estimated by the Managing 
General Partner in the absence of readily ascertainable market values.  
Because of the inherent uncertainty of valuation, those estimated values 
may differ significantly from the values that would have been used had a 
ready market for investments existed, and the differences could be 
material.  In addition, for certain publicly traded investments that may 
not be marketable due to selling restrictions, the Managing General 
Partner has applied an illiquidity discount of 25% in determining fair 
value as mentioned below.

Cash and Cash Equivalents
-------------------------

Cash and cash equivalents are principally comprised of cash invested in 
demand accounts, accounts maintained with brokers, commercial paper and 
money market instruments and are stated at cost plus accrued interest.  
The Partnership considers all money market and short-term investments 
with an original maturity of three months or less to be cash equivalents.

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.

Since the accompanying financial statements are prepared using generally 
accepted accounting principles which may not equate to tax accounting. 
The Partnership's total tax basis in investments was higher than the 
reported total cost basis of $1,098,533 by $3,991,650 as of December 31, 
1995.

Net Realized Income (Loss) Per Unit
-----------------------------------

Net realized income (loss) per Unit is calculated by dividing the 
weighted average number of Units outstanding for the years ended December 
31, 1995, 1994 and 1993, of 115,009, 115,883 and 116,824, respectively, 
into the total net realized income (loss) allocated to the Limited 
Partners.  The General Partners contributed an amount equal to 0.1% of 
the total Limited Partner capital contributions and did not receive any 
Partnership Units.

Investments:
-----------

The Partnership's method of accounting for investments, in accordance 
with generally accepted accounting principles, is the fair value basis 
used for investment companies.  The fair value of Partnership investments 
is their initial cost basis with changes as noted below:

     Secured Notes Receivable, Net
     -----------------------------

The secured notes receivable portfolio includes accrued interest less the 
discount related to warrants and the allowance for loan losses.  The 
portfolio approximates fair value through inclusion of an allowance for 
loan losses.  Allowance for loan losses is reviewed quarterly by the 
Managing General Partner and is adjusted to a level deemed adequate to 
cover possible losses inherent in notes and unfunded commitments.  Notes 
receivable are placed on nonaccrual status when, in the opinion of the 
Managing General Partner, the future collectibility of interest or 
principal is in doubt.

In conjunction with certain secured notes granted, the Partnership has 
received warrants to purchase certain shares of capital stock of the 
borrowing company.  The cost basis of such warrants and the resulting 
discount has been estimated by the Managing General Partner to be 1% of 
the principal balance of the original notes made to the borrowing 
company.  The discount is amortized to interest income on a straight-line 
basis over the term of the loan.  These warrants are included in the 
equity investment portfolio.

Nonrefundable fees received in connection with loan fundings are deferred 
and amortized to interest income over the contractual life of the loan 
using the effective interest method or the straight-line method if it is 
not materially different.  Direct loan origination costs mainly consist 
of third-party costs and generally are reimbursed by portfolio companies.

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

The fair value for publicly-traded equity investments (marketable equity 
securities) is based upon the five-day-average closing sales price or 
bid/ask price that is available on a national securities exchange or 
over-the-counter market. Certain publicly-traded equity investments may 
not be marketable due to selling restrictions.  For publicly-traded 
equity investments with selling restrictions, an illiquidity discount of 
25% is applied when determining the fair value. Sales of equity 
investments are recorded on the trade date.  The basis on which cost is 
determined in computing realized gains or losses is generally specific 
identification.

Other equity investments, which are not publicly traded, are generally 
valued utilizing pricing obtained from the most recent round of third 
party financings.  Valuation is estimated quarterly by the Managing 
General Partner.  Included in equity investments are convertible and 
subordinated notes receivable as repayment of these notes generally occur 
through conversion into equity investments.

Equity investments with temporary changes in fair value result in 
increases or decreases to the unrealized fair value of equity 
investments.  The cost basis does not change.  In the case of an other 
than temporary decline in value below cost basis, an appropriate 
reduction in the cost basis is recognized as a realized loss.  
Adjustments to fair value basis are reflected as "Change in net 
unrealized fair value of equity investments."  Cost basis adjustments are 
reflected as "Realized losses from investment write-downs" in the 
Statements of Operations.

     Other Investments
     -----------------

At times, the Partnership will receive other assets in satisfaction of 
secured notes receivable or equity investments in portfolio companies.  
When the asset is received, existing investment balances in excess of the 
fair value of the asset received are written off.

Non-cash Exercise of Warrants
-----------------------------

Periodically, the Partnership may acquire stock through the non-cash 
exercise of warrants.  During 1995 and 1994, net realized gain resulting 
from the non-cash exercise of warrants totaled $63,330 and $15,378, 
respectively.  This amount is included in net realized gain from sale of 
equity investments.  There was no such gain in 1993.

Distributions
-------------

Distributions made to the Limited Partners are made among such partners 
in the proportion their respective capital accounts bear to the total of 
all capital accounts of the group.  Future distributions will be 
dependent upon loan repayments from borrowing companies and available 
cash.  Unnegotiated distribution checks, if any, after a reasonable 
amount of time, are recorded as other liabilities on the Balance Sheets.

2.     Change in Net Unrealized Fair Value of Equity Investments
       ---------------------------------------------------------

In accordance with the Partnership's accounting policy as stated in Note 
1, the Statements of Operations include a line item entitled "Change in 
net unrealized fair value of equity investments."  The table below 
discloses details of the changes:

<TABLE>
<CAPTION>
                                     For the Years Ended December 31,
                                     ---------------------------------
                                       1995         1994        1993
                                       ----         ----        ----
<S>                               <C>           <C>        <C>
Increase in fair value from cost
 of marketable equity securities  $    66,287     150,206      148,564

Increase (decrease) in fair value
 from cost of non-marketable 
 equity securities                     41,601  (2,431,781)    (302,719)
                                    ---------   ---------    ---------

Net unrealized fair value
 increase (decrease) from cost
 at end of year                       107,888  (2,281,575)    (154,155)

Net unrealized fair value
 decrease from cost at
 beginning of year                 (2,281,575)   (154,155)  (2,449,993)
                                    ---------   ---------    ---------

Change in net unrealized
 fair value of equity
 investments                      $ 2,389,463  (2,127,420)   2,295,838
                                    =========   =========    =========
</TABLE>

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

Included in costs and expenses are related party costs as follows:
<TABLE>
<CAPTION>
                                     For the Years Ended December 31,
                                   -----------------------------------
                                    1995           1994          1993
                                    ----           ----          ----

<S>                               <C>            <C>           <C>
Management fees                   $ 40,172        71,504       140,753
Reimbursable operating expenses:
 Administrative and investor 
  services                         724,250       190,587       202,979
 Lending operations and 
  investment management             42,533       105,483       122,879
 Computer services                  57,297        74,974        88,962
</TABLE>

Management fees, payable quarterly, are equal to one-half of one percent 
of Partnership assets under management.  Management fees compensate the 
Managing General Partner solely for General Partner Overhead (as defined 
in the Partnership Agreement) incurred in supervising the operation, 
management, and progress of Partnership loans to borrowing companies and 
its portfolio of warrants and capital stock of borrowing companies, as 
well as for the general administration of the Partnership.  Currently, 
management fees are only paid to the extent that the aggregate amount of 
all proceeds (including warrants exercised without cash) received by the 
Partnership from the sale or other disposition of borrowing company 
equities plus the aggregate fair market value of any equity securities 
distributed to the partners exceeds the total management fee payable.

The Partnership reimburses the Managing General Partner and affiliates 
for operating expenses incurred in connection with the business of the 
partnership.  Reimbursable operating expenses include expenses (other 
than Organizational and Offering and General Partner Overhead) such as 
investment operations, administrative and investor services and computer 
services.  At December 31, 1995 and 1994, due to related parties for such 
expenses were $420,507 and $1,136, respectively.  During late 1995, 
operating cost allocations to the Partnership were reevaluated.  The 
Managing General Partner determined that it had not fully recovered 
allocable overhead as permitted by the Partnership Agreement.  As a 
result, the Partnership was charged additional administrative and 
investor services costs of $598,415, which were not previously recognized 
by the Partnership.  This charge consisted of $37,991, $40,773, $45,239 
and $474,412 related to 1995, 1994, 1993 and prior years, respectively.  
If this charge had been recorded in prior years, total operating expenses 
would have been $379,013, $572,326, and $690,847 for 1995, 1994, and 
1993, respectively.  At December 31, 1995, $178,364 of the $598,415 was 
recorded as a General Partner capital contribution to eliminate the 
General Partner tax capital account deficit.

Under the terms of a computer support agreement, the Partnership 
recognized charges from Technology Administrative Management, a division 
of TFL, for its share of computer support costs.  These amounts are 
included in computer services expense.

Within the normal course of business, the Partnership participates in 
secured notes receivable granted to non-affiliated borrowing companies by 
affiliated partnerships which are also managed by the General Partners. 
The Partnership may also reparticipate such secured notes receivable 
amongst affiliated partnerships to meet business needs.  At December 31, 
1995 and 1994, due from affiliated partnerships, included in other 
assets, were $3,977 and $1,300, respectively.

In order to increase the future investment returns from several portfolio 
companies, the Partnership has contracted directly with Affiliates of the 
General Partners or the General Partners as provided in Article 3 
sections 3.02(d) and 3.06.  These agreements generally provide for the 
Partnership to make current payment of the direct expenses of the 
Affiliate or the General Partners related to such recovery efforts as 
well as a performance incentive payment based on the amount of 
incremental recovery less expenses previously paid, which expenses will 
be returned to the Partnership from recoveries.  The General Partners 
have agreed to waive any profit interest payable pursuant to Article 8 
Section 8.02(b) attributable to any recoveries from the portfolio 
companies subject to these separate written agreements.  These agreements 
are subject to review by legal counsel for the Partnership and may be 
modified to assure conformity with the terms of the Partnership's Amended 
and Restated Limited Partnership Agreement.  Consistent with note 
participations as discussed above, the agreements provide for a pro-rata 
payment of expenses and incentive payments and a pro-rata participation 
in the results of recovery efforts.

In 1995, 1994, and 1993 TFL had a sublease rental agreement with a 
Partnership portfolio company in the computers and computer equipment 
industry.  The terms of this agreement were similar to those which would 
apply to an unrelated party.  This agreement was terminated in the fourth 
quarter of 1995.

4.     Allocation of Profits and Losses
       --------------------------------

Net realized loss of the Partnership is allocated 99% to the Limited 
Partners as a group and 1% to the General Partners as a group.

Net realized profit of the Partnership is allocated based on the 
beginning of year partners' capital balances as follows:

      (A)  99% to the Limited Partners as a group and 1% to the General
           Partners until conversion, which is defined as such time 
           when:

           (i)  the amount of cash plus the value of any securities 
                distributed to the Limited Partners equals the
                aggregate initial capital contributions of all the
                Limited Partners; and

           (ii) an 8% per annum cumulative, compounded return on the
                adjusted capital contributions (i.e., initial capital
                contributions less all amounts distributed) of all
                Limited Partners has been achieved.

      (B)  Thereafter (post conversion), 80% to the Limited Partners as
           a group and 20% to the General Partners as a group, except
           as provided below.

The Partnership Agreement defines adjusted capital contribution, with 
respect to any Limited Partner, as the capital contribution as reduced, 
but not below zero, by (i) all prior tax distributions of cash to such 
Limited Partner and (ii) the aggregate value (determined at the time of 
distribution) of any securities distributed to such Limited Partner.

Limited Partners that subscribed to the first 60,000 Units accepted by 
the Partnership will be allocated all of the General Partners' post-
conversion profits in excess of a 1% minimum allocation until such time 
as each such Limited Partner has received total distributions from the 
Partnership equal to their capital contribution plus a specified annual 
priority return, ranging between 9% and 18%, on their adjusted capital 
contribution.  Once the lowest priority return is met, the profits will 
be allocated to those Limited Partners who have not yet received their 
priority returns.  Thereafter, the General Partners will receive their 
full post-conversion profits.

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

At December 31, 1995 and December 31, 1994, equity investments consisted 
of:




<TABLE>
<CAPTION>

                                                   December 31, 1995      December 31, 1994
                                                   -----------------      -----------------
                    Investment                     Cost        Fair        Cost         Fair
Industry/Company       Date      Position          Basis       Value       Basis       Value
----------------    ----------   --------          -----       -----       -----       -----
<S>                  <C>         <C>               <C>         <C>         <C>        <C>
WARRANTS:

Biotechnology
-------------
Biocircuits          01/91       2,500 Common
                                 shares at $8.00; 
                                 expiring 01/96    $      0         300           0          0
Hybridon, Inc.       03/91       3,572 Common
                                 shares at $3.50;
                                 expiring 03/97       1,250      16,074       1,250     16,074

Computers and Computer Equipment
--------------------------------
Censtor Corporation  02/91       78,438 Common
                                 shares at $.29;
                                 exercised 05/95         --          --      15,000    173,191
MARCorp              05/92       842,213 Series B
                                 Preferred shares
                                 at $1.00; expiring
                                 05/97                   --          --           0          0
Pinnacle Systems,    05/90       2,083 Common
 Inc.                            shares at $8.00; 
                                 exercised 02/95         --          --       2,500     14,164

Industrial/Business Automation
------------------------------
Cyclean, Inc.        09/87       75,591 Common
                                 shares at $2.74;
                                 expiring 04/01           0           0       7,000          0
Cyclean, Inc.        04/88       53,994 Common
                                 shares at $2.74;
                                 expiring 04/01           0           0       5,000          0
Cyclean, Inc.        01/89       10,799 Common
                                 shares at $2.74;
                                 expiring 04/01           0           0       1,000          0
Cyclean, Inc.        06/90       29,032 Common
                                 shares at $3.10; 
                                 expiring 06/00           0           0       4,091          0
Cyclean, Inc.        03/91       53,563 Common
                                 shares at $3.10;
                                 expiring 04/01           0           0       7,909          0
Cyclean, Inc.        07/92       6,643 Common
                                 shares at $3.10;
                                 expiring 07/02           0           0         148          0
Cyclean, Inc.        09/94       3,822 Common
                                 shares at $4.00;
                                 expiring 03/99           0           0           0          0

Medical
-------
Ash Medical          03/90       2,400 Common
 Systems, Inc.                   shares at $12.50; 
                                 expired 03/95           --          --           0          0
Hemocleanse, Inc.    03/90       38,886 Common
                                 shares at $.92;
                                 exercised 03/95         --          --           0          0
Hemocleanse, Inc.    01/92       47,526 Common
                                 shares at $.50;
                                 expiring 01/97           0           0           0          0
Microgon, Inc.       10/90       62,500 Common
                                 shares at $.60;
                                 expired 10/95           --          --           0          0
Microgon, Inc.       09/91       14,583 Common
                                 shares at $.60;
                                 expiring 09/96          --          --           0          0
Microgon, Inc.       06/92       62,500 Common
                                 shares at $.60;
                                 expiring 06/97          --          --           0          0

Microelectronics
----------------
Applied Micro        03/90       14,286 Common
 Circuits, Inc.                  shares at $1.75; 
                                 expired 05/95           --          --       5,000      5,000
Applied Micro        08/90       14,286 Common
 Circuits, Inc.                  shares at $1.75;
                                 expired 08/95           --          --       5,000      5,000

Telecommunications
------------------
Integrated Network   06/91       2,941 Common
 Corporation                     shares at $17.00;
                                 expiring 06/96       5,000           0      10,000     49,997
Primary Access       10/90       17,140 Common
 Corporation                     shares at $2.25;
                                 exercised 06/95         --          --       4,100      4,100
Primary Access       04/91       4,760 Common
 Corporation                     shares at $2.25;
                                 exercised 06/95         --          --       1,400      1,400
                                                    -------     -------     -------    -------

Total warrants                                        6,250      16,374      69,398    268,926
                                                      -----      ------     -------    -------

STOCKS:

Computers and Computer Equipment
--------------------------------
Censtor Corporation  05/95       21,178 Common
                                 shares              11,179      11,179          --         --
MARCorp              12/89       1,177,438 Series A
                                 Preferred shares         0           0           0          0
MARCorp              05/92       Convertible 
                                 Subordinated
                                 Debenture,
                                 $2,813,898
                                 principal amount         0           0           0          0
MARCorp              02/93       368,119 Series A
                                 Preferred shares         0           0           0          0

Electronic Design Automation
----------------------------
IKOS Systems, Inc.   07/90       84,765 Common
                                 shares                  --          --      23,613    162,155

Industrial/Business Automation
------------------------------
Cyclean, Inc.        09/94       18,532 Series D
                                 Preferred shares    51,706      51,706      51,706     51,706
Cyclean, Inc.        01/95       26,195 Series D
                                 Preferred shares    73,085      73,085          --         --
Cyclean of           03/95       Class A LLC Unit -
 Los Angeles, LLC                11% ownership        2,816       2,816          --         --

Medical
-------
Hemocleanse, Inc.    03/95       20,999 Common
                                 shares              19,320      19,320          --         --
Resonex Holding      02/94       22,804 Common
 Corporation                     shares                   0           0   1,682,507          0

Microelectronics
----------------
Celeritek, Inc.      05/94       13,847 Common
                                 shares              74,233     107,276      74,233     74,233

Retail/Consumer Products
------------------------
S-TRON               05/93       Subordinated note (1),
                                 $390,000 principal
                                 amount                   0           0     392,015    130,316
S-TRON               05/93       390,000 Common 
                                 shares                   0           0           0          0
S-TRON               05/93       897,000 Series 1
                                 Preferred shares         0           0     295,740          0
S-TRON               05/93       2,340,000 
                                 Series 2 
                                 Preferred shares         0           0     585,000    191,473

Semiconductor Equipment
-----------------------
Photon Dynamics      05/94       6,773 Common
                                 shares              22,746      54,523      22,746     36,574

Telecommunications
------------------
3Com Corporation     06/95       847 Common
                                 shares in
                                 escrow               4,612      37,556          --         --
                                                    -------     -------   ---------    -------
                                      
Total stocks                                        259,697     357,461   3,127,560    646,457
                                                    -------     -------   ---------    -------

Total equity investments                           $265,947     373,835   3,196,958    915,383
                                                    =======     =======   =========    =======

--  No investment held at end of period.
0   Investment active with a carrying value or fair value of zero.
(1) Subordinated note includes accrued interest.  The interest rate on the subordinated note 
was 6%.

</TABLE>



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

At December 31, 1995 and 1994, marketable equity securities had aggregate 
costs of $78,845 and $26,113, respectively, and aggregate market values 
of $145,132 and $176,319, respectively.  The net unrealized gains at 
December 31, 1995 and 1994 of $66,287 and $150,206, respectively, did not 
include any gross losses.

Celeritek , Inc.
----------------

In December 1995, Celeritek, Inc. completed its initial public offering 
("IPO") after effecting a common stock three-for-two split.  The 
Partnership sold 288 of its post-split common shares acquired in April 
1995 into the IPO for proceeds of $2,011 and realized a gain of $1,050.  
The Partnership recorded a $33,043 increase in fair value to reflect the 
market value for its remaining shares at December 31, 1995.  The market 
value reflects a 25% discount for certain lockup restrictions.

Censtor Corporation
-------------------

In May 1995, the Partnership exercised its warrant without cash and 
received 21,178 common shares.  The recorded common share cost basis was 
$11,179, which is net of a realized loss.

Cyclean, Inc./Cyclean of Los Angeles, LLC
-----------------------------------------

In January 1995, the Partnership obtained the right to receive 26,195 
Series D Preferred shares with a twelve month vesting schedule in 
exchange for a one year maturity date extension of secured notes 
receivable.  At December 31, 1995, all 26,195 shares were fully vested 
with a recorded cost basis and fair value of $73,085.

In March 1995, Cyclean, Inc. ("Cyclean") formed Cyclean of Los Angeles, 
LLC ("Cyclean LLC") and contributed certain assets and contracts to the 
new entity.  Cyclean LLC is completing a new round of financing through 
the offering of Class A LLC Units.  As a result of the transaction, one 
of the Partnership's secured notes receivable was transferred from 
Cyclean to Cyclean LLC with modified terms; Cyclean has guaranteed note 
repayments.  The Partnership received a participated percentage of one 
Class A LLC Unit in exchange for certain interest payments and late 
charges totaling $2,816.  The Partnership is also entitled to royalty 
payments and additional Series D Preferred shares based on the total 
proceeds raised from the Cyclean LLC offering, which is expected to be 
completed by early 1996.

In December 1995, all warrant cost bases totaling $25,148 were written 
off as these warrants are expected to be canceled at the close of the 
next financing round.

Hemocleanse, Inc.
-----------------

In March 1995, the Partnership exercised its warrant without cash and 
received 20,999 common shares, resulting in a cost basis and realized 
gain of $19,320.

IKOS Systems, Inc.
------------------

In January 1995, the Partnership sold all of its holdings in the company 
for total proceeds of $254,295 and a realized gain of $230,682.

Integrated Network Corporation
------------------------------

During June 1995, the Partnership exercised its option to sell half of 
its warrant holdings to the company for $50,000 and realized warrant 
income of $45,000, which was included in "secured note receivable 
interest income" on the Statements of Operations.  The Partnership does 
not have this option for its remaining warrants.

Photon Dynamics
---------------

In November 1995, Photon Dynamics completed its IPO after effecting a 
one-for-three reverse common stock split.  The Partnership recorded a 
$17,949 increase in fair value to reflect the unrestricted market value 
for its investment at December 31, 1995.

Pinnacle Systems, Inc.
----------------------

In February 1995, the Partnership exercised its warrant without cash and 
received 1,970 common shares.  In May 1995, the Partnership sold the 
common shares for total proceeds of $37,429 and realized a gain of 
$34,929.

Primary Access Corporation/3Com Corporation
-------------------------------------------

In June 1995, Primary Access Corporation ("Primary Access") was acquired 
by 3Com Corporation ("3Com"), a public company.  Immediately prior to the 
acquisition, the Partnership exercised its Primary Access common warrant 
holdings without cash and received 12,686 shares of Primary Access common 
stock with a cost basis of $46,116, which reflects a realized gain of 
$40,616 and a warrant cost basis of $5,500.  Upon the acquisition, these 
shares were then exchanged for 4,236 3Com common shares, of which 3,812 
shares were sold for total proceeds of $262,606 and a realized gain of 
$221,102 in July 1995.  The remaining 424 shares, which became 847 shares 
after a two-for-one stock split in August 1995, are held in an escrow 
account until March 21, 1996 to indemnify 3Com for any loss it may incur 
as a result of any contractual breach of the merger agreement by Primary 
Access.  The Partnership recorded an increase in the change in fair value 
of $32,944 to reflect the market value at December 31, 1995 for these 
unrestricted shares.

Resonex Holding Corporation
----------------------------

Resonex Holding Corporation has licensed certain technologies and is 
currently obtaining additional bids from other potential licensees.  The 
company will wind down its operations by mid-1996.  Based on the opinion 
of the Managing General Partner, there has been an other than temporary 
decline in Partnership's investment value and accordingly, the common 
stock cost basis of $1,682,507 was written off.

S-Tron
------

The company was unsuccessful in its efforts to obtain a major government 
contract; as a result, operations will likely cease by early 1996.  Based 
on the Managing General Partner's opinion, there has been an other than 
temporary decline in the fair value of the Partnership's investment.  
Accordingly, the Partnership has written off the cost basis of its 
Preferred stock investment of $880,740 and recorded a write-down of 
$392,015 on its subordinated note investment.

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

Biocircuits is a publicly-traded company.  All other equity investments 
not specifically discussed above are privately held and no public market 
for the sale of these securities existed at December 31, 1995.

6.     Secured Notes Receivable, Net
       -----------------------------

At December 31, 1995 and 1994, secured notes receivable consisted of:

<TABLE>
<CAPTION>
                                                   1995       1994
                                                   ----       ----
<S>                                            <C>           <C>
Secured notes receivable                       $  960,933    1,047,637
Accrued interest                                       --       14,089
Unamortized discount                             (128,347)     (66,499)
                                                ---------    ---------
  Total secured notes receivable, 
    net (cost basis)                              832,586      995,227

Allowance for loan losses                        (255,000)    (235,000)
                                                ---------    ---------

  Total secured notes receivable, 
    net (fair value)                           $  577,586      760,227
                                                =========    =========
</TABLE>

The 1995 notes were primarily from two portfolio companies in the 
industrial/business automation, and computers and computer equipment 
industries.  The remaining loans were from two other companies.  All 
notes are secured by specific assets of the borrowing company.  Interest 
rates on secured notes receivable at December 31, 1995 ranged from 10% to 
14.22%.

Changes in the allowance for loan losses were as follows:

<TABLE>
<CAPTION>
                                                   1995         1994
                                                   ----         ----
<S>                                            <C>           <C>
Balance, beginning of year                     $ 235,000       784,000
                                                 -------     ---------

Increase (decrease) in provision for
 loan losses                                      20,000      (528,760)

Secured notes receivable write-downs:
 Computers and computer equipment                     --       (31,070)
 Medical                                              --       (34,460)
                                                 -------      ---------
  Total write-offs                                    --       (65,530)
 
Recoveries of previous write-offs:
 Microelectronics                                     --        45,290
                                                 -------     ---------
  Total recoveries                                    --        45,290
                                                 -------     ---------

Change in net unrealized fair value
 of secured notes receivable                      20,000      (549,000)
                                                 -------     ---------

Balance, end of year                           $ 255,000       235,000
                                                 =======     =========
</TABLE>

The increase (decrease) in provision for loan losses is generally 
comprised of realized loan losses, net of recognized recoveries, and a 
change in net unrealized fair value based upon the level of loan loss 
reserves deemed adequate by the Managing General Partner at the 
respective year ends.

The allowance for loan losses is adjusted based upon changes to the 
portfolio size and risk profile.  Although the allowance for loan losses 
is established by evaluating individual debtor repayment ability, the 
allowance represents the Managing General Partner's assessment of the 
portfolio as a whole.

Notes with a total cost basis of $832,586 and $782,274 at December 31, 
1995 and 1994, respectively, were on nonaccrual status due to 
uncertainties in the financial condition of the borrowing companies.  The 
Managing General Partner continues to monitor the progress of these 
companies.  The fair value at December 31, 1995 is based on the Managing 
General Partner's estimate of collectibility of these notes.

The scheduled principal repayments remaining are:
<TABLE>
<CAPTION>
      Year Ending                          Principal
      December 31,                         Repayments
      -----------                          ----------
          <S>                             <C>
          1996                            $  600,933
          1997                                    --
          1998                                    --
          1999                                    --
          2000                               360,000
                                             -------
                                          $  960,933
                                             =======
</TABLE>

Secured notes receivable which are due on demand are included as 
principal repayments for the year ending December 31, 1996.  In addition, 
the Managing General Partner may at times need to restructure notes by 
either extending maturity dates or converting notes to equity investments 
to increase the ultimate collectibility of investments to the 
Partnership.

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

At December 31, 1995 and 1994, cash and cash equivalents consisted of:
<TABLE>
<CAPTION>
                                                     1995        1994
                                                     ----        ----
<S>                                                 <C>        <C>
Demand and brokerage accounts                       $     --     1,994
Money-market accounts                                941,985   532,650
                                                     -------   -------
     Total                                          $941,985   534,644
                                                     =======   =======
</TABLE>

8.     Repurchase of Limited Partnership Interests
       -------------------------------------------

Each June, beginning in June 1987, Limited Partners may tender their 
Units for repurchase by the Partnership.  The amount available in any 
year to repurchase tendered Units is limited to 10% of the aggregate 
principal repayments received by the Partnership during the preceding 
calendar year on notes to borrowing companies.  Units repurchased and the 
amounts paid were: 503 Units for $9,108; 507 Units for $17,745; and 1,224 
Units for $68,544 in 1995, 1994, and 1993, respectively.

In November 1995, following the annual June repurchases, the General 
Partners elected to offer Limited Partners with an initial investment of 
$2,000 held in an Individual Retirement or Keogh Account the option to 
tender their Units for repurchase by the Partnership.  This was a 
reminder to those Limited Partners that this repurchase option was 
available as the annual account maintenance fees for such investors 
significantly diminishes the value of their nominal investment.  
Repurchases under this option totaled $70,146 for 3,897 Units.  The 
amounts paid for all Unit repurchases were from aggregate principal 
repayments as well as equity investment sale proceeds.  The Managing 
General Partner believed that it was beneficial to extend the 1995 
buybacks and not limit such buybacks pursuant to the Partnership 
Agreement.

9.    Commitments
      -----------

The Partnership is a party to financial instruments with off-balance-
sheet risk in the normal course of its business.  Generally, these 
instruments are 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 properly not recognized in the 
financial statements.  At December 31, 1995, the Partnership had unfunded 
commitments of $86,000 related to term note financings to existing 
borrowing companies.

The Partnership uses the same credit policies in making these commitments 
and conditional obligations as it does for on-balance-sheet instruments.  
Commitments to extend financing are agreements to lend to a company as 
long as there are no violations of any conditions established in the 
contract.  The credit lines generally have fixed termination dates or 
other termination clauses.  Since many of the commitments are expected to 
expire without being fully drawn upon, the total commitment amounts do 
not necessarily represent future cash requirements.  All commitments 
funded require collateral specified in the agreements.





<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 SECURED INVESTORS I

                           By:  TECHNOLOGY FUNDING INC.
                                Managing General Partner




Date:  March 22, 1996      By:       /s/Debbie A. Wong
                                --------------------------------------
                                     Debbie A. Wong
                                     Controller

Pursuant to the requirements of the Securities Exchange Act of 1934, this 
Report has been signed below by the following persons on behalf of the 
Registrant and in the capacities and on the dates indicated:

          Signature           Capacity                   Date
          ---------           --------                   ----

   /s/Charles R. Kokesh       President, Chief       March 22, 1996
------------------------      Executive Officer
Charles R. Kokesh             and Chairman of
                              Technology Funding Inc.
                              and Managing General
                              Partner of Technology
                              Funding Ltd.

   /s/Gregory T. George       Group Vice President   March 22, 1996
--------------------------    of Technology Funding
Gregory T. George             Inc. and a General
                              Partner of Technology
                              Funding Ltd.


The above represents a majority of the Board of Directors of Technology 
Funding Inc. and a majority of the General Partners of Technology Funding 
Ltd.