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

                              FORM 10-Q

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

           For the quarterly period ended September 30, 1996

                                    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)

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period 
that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days.    Yes X No   
                                                                ---  ---

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

I.       FINANCIAL INFORMATION

Item 1.  Financial Statements

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

<TABLE>
<CAPTION>
                                        (unaudited)
                                       September 30,      December 31,
                                          1996               1995
                                       -------------     -------------
<S>                                    <C>                 <C>
ASSETS

Investments:
 Secured notes receivable, net 
  (cost basis of $741,412 and 
  $832,586 in 1996 and 1995, 
  respectively)                        $   295,412           577,586
 Equity investments (cost basis
  of $259,697 and $265,947 in  
  1996 and 1995, respectively)             475,361           373,835
                                         ---------         ---------

   Total investments                       770,773           951,421

Cash and cash equivalents                  414,126           941,985

Other assets                                11,677             7,565
                                         ---------         ---------

   Total                               $ 1,196,576         1,900,971
                                         =========         =========

LIABILITIES AND PARTNERS' CAPITAL
 
Accounts payable and accrued expenses  $    66,767            30,700

Due to related parties                       7,785           420,507

Other liabilities                           37,349            59,181
                                         ---------         ---------

   Total liabilities                       111,901           510,388

Commitments and Contingencies
 (Notes 2 and 7)

Partners' capital:
 Limited Partners
  (Units outstanding of
  111,101 in both 1996 and 1995)         1,360,085         1,580,542
 General Partners                          (45,074)          (42,847)
 Net unrealized fair value (decrease)
  increase from cost:
   Secured notes receivable               (446,000)         (255,000)
   Equity investments                      215,664           107,888
                                         ---------         ---------

   Total partners' capital               1,084,675         1,390,583
                                         ---------         ---------

   Total                               $ 1,196,576         1,900,971
                                         =========         =========
</TABLE>

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>
                                             For the Three                      For the Nine
                                             Months Ended                       Months Ended
                                             September 30,                      September 30,
                                      -----------------------------       -------------------------
                                              1996            1995            1996            1995
                                              ----            ----            ----            ----
<S>                                      <C>             <C>             <C>             <C>
Income:
 Secured notes receivable interest       $   1,125           1,430           3,850          72,722
 Short-term investment interest              5,546          12,774          19,871          31,327
                                           -------       ---------       ---------       ---------
  Total income                               6,671          14,204          23,721         104,049
 

Costs and expenses:
 Management fees                             5,718           9,383          19,942          31,116
 Other investment expenses                  29,040              --          29,040              --
 Operating expenses:
  Lending operations and investment 
   management                                4,302          19,685          12,804          67,289
  Administrative and investor 
   services                                 37,212          35,580         140,550         125,675
  Computer services                          9,106          12,977          34,636          43,236
  Professional fees                          7,994          12,311          34,622          33,322
                                           -------       ---------       ---------       ---------

   Total operating expenses                 58,614          80,553         222,612         269,522
                                           -------       ---------       ---------       ---------

 Total costs and expenses                   93,372          89,936         271,594         300,638
                                           -------       ---------       ---------       ---------

Net operating loss                         (86,701)        (75,732)       (247,873)       (196,589)

 Net realized gain from sales
  of equity investments                         --         221,102          30,189         539,299
 Realized losses from investment
  write-downs                                   --          (5,000)         (5,000)     (2,963,247)
 Recoveries from investments previously  
  written off                                   --              --              --          58,575
                                           -------       ---------       ---------       ---------

Net realized (loss) income                 (86,701)        140,370        (222,684)     (2,561,962)

 Change in net unrealized 
  fair value:
   Secured notes receivable                     --          26,000        (191,000)        (75,000)
   Equity investments                       27,856        (222,507)        107,776       2,295,782 
                                           -------       ---------       ---------       ---------

Net loss                                 $ (58,845)        (56,137)       (305,908)       (341,180)
                                           =======       =========       =========       =========

Net realized (loss) income per Unit      $      (1)              1              (2)            (22)
                                           =======       =========       =========       =========
</TABLE>

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>

                                 For the Nine Months Ended September 30,
                                 --------------------------------------
                                             1996           1995 
                                             ----           ----
<S>                                      <C>              <C> 
Cash flows from operating activities:
 Interest received                       $    23,721       118,348
 Cash paid to vendors                        (87,944)      (61,421)
 Cash received from affiliated               
  partnerships                                 3,977         1,300
 Cash paid to related parties               (619,126)     (209,018)
 Reimbursement of collection expenses
  from a portfolio company                    28,900            --
                                           ---------       -------

  Net cash used by operating activities     (650,472)     (150,791)
                                           ---------       -------

Cash flows from investing activities:
 Secured notes receivable issued             (50,902)     (178,500)
 Repayments of secured notes receivable      142,076       202,150
 Proceeds from sales of equity 
  investments                                 31,439       554,330
 Recoveries from investments previously
  written off                                     --        58,575
 Purchase of equity investments                   --          (960)
                                           ---------       -------

  Net cash provided by investing 
   activities                                122,613       635,595
                                           ---------       -------

Cash flows from financing activities:
 Repurchase of limited partnership
  interest                                        --        (5,472)
                                           ---------       -------

  Net cash used by financing activities           --        (5,472)
                                           ---------       -------

Net (decrease) increase in cash and cash 
 equivalents                                (527,859)      479,332

Cash and cash equivalents at beginning
 of year                                     941,985       534,644
                                           ---------      --------

Cash and cash equivalents at
 September 30                            $   414,126     1,013,976
                                           =========     =========

</TABLE>

See accompanying notes to financial statements.

<PAGE>

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

<TABLE>
<CAPTION>
                                 For the Nine Months Ended September 30,
                                 --------------------------------------
                                           1996             1995
                                           ----             ----
<S>                                     <C>                <C>
Reconciliation of net loss 
 to net cash used by 
 operating activities:

Net loss                                $  (305,908)         (341,180)

Adjustments to reconcile net
 loss to net cash used by 
 operating activities:
  Net realized gain from 
   sales of equity investments              (30,189)         (539,299)
  Recoveries from investments 
   previously written off                        --           (58,575)
  Realized losses from investment
   write-downs                                5,000         2,963,247
  Change in net unrealized fair value:
   Secured notes receivable                 191,000            75,000 
   Equity investments                      (107,776)       (2,295,782)
  Amortization of discount related
   to warrants                                   --            (3,583)

Changes in:
  Accounts payable and accrued expenses      36,067           (15,843) 
  Due to/from related parties              (412,722)           (1,259)
  Other liabilities                         (21,832)           (2,370)
  Other assets                               (4,112)           49,245 
  Other changes, net                             --            19,608
                                          ---------         ---------

Net cash used by operating activities   $  (650,472)         (150,791)
                                          =========         =========

</TABLE>

See accompanying notes to financial statements.

<PAGE>

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

1.     General
       -------

In the opinion of the Managing General Partner, the Balance Sheets as of 
September 30, 1996, and December 31, 1995, and the related Statements of 
Operations for the three and nine months ended September 30, 1996 and 
1995, and Statements of Cash Flows for the nine months ended September 
30, 1996 and 1995, reflect all adjustments which are necessary for a 
fair presentation of the financial position, results of operations and 
cash flows for such periods.  These statements should be read in 
conjunction with the Annual Report on Form 10-K for the year ended 
December 31, 1995.  The following notes to financial statements for 
activity through September 30, 1996, supplement those included in the 
Annual Report on Form 10-K.  Certain 1995 balances have been 
reclassified to conform with the 1996 financial statement presentation.  
Allocation of income and loss to Limited and General Partners is based 
on cumulative income and loss.  Adjustments, if any, are reflected in 
the current quarter balances.


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

Related party costs are included in costs and expenses shown on the 
Statements of Operations.  Related party costs for the nine months ended 
September 30, 1996 and 1995, were as follows:

<TABLE>

<S>                                           <C>          <C>
                                                1996         1995
                                                ----         ----

Management fees                               $ 19,942      31,116

Reimbursable operating expenses                186,462     176,643

</TABLE>

Certain reimbursable expenses have been allocated and accrued based upon 
interim estimates prepared by the Managing General Partner and are 
adjusted to actual costs periodically.  At September 30, 1996, and 
December 31, 1995, due to related parties totaled $7,785 and $420,507, 
respectively.

Within the normal course of business, the Partnership participates with 
affiliated partnerships in secured notes receivable issued to 
nonaffiliated borrowing companies.  The Partnership may also 
reparticipate such secured notes receivable amongst affiliated 
partnerships to meet business needs.  At December 31, 1995, the amount 
due from affiliated partnerships was $3,977 (included in other assets).  
This amount was received from such affiliated partnerships in the 
following quarter.

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

Net realized income (loss) per Unit is calculated by dividing total net 
realized income (loss) allocated to the Limited Partners by the weighted 
average number of Limited Partner Units outstanding for the nine months 
ended September 30, 1996 and 1995, of 111,101 and 115,445, respectively.

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

A complete listing of the Partnership's equity investments at December 
31, 1995, is included in the 1995 Annual Report.  Activity from January 
1 through September 30, 1996, consisted of


<TABLE>
<CAPTION>

                                                             January 1 -
                                                         September 30, 1996
                                                         ------------------
                       Investment                        Cost          Fair
Industry/Company           Date          Position        Basis         Value
----------------       ----------        --------        -----         -----

<S>                       <C>         <C>              <C>             <C>

Balance at January 1, 1996                             $  265,947      373,835
                                                        ---------      -------

Significant changes:

WARRANTS:

Biotechnology
-------------
Hybridon, Inc.            03/91       3,572 Common
                                      shares at $3.50;
                                      exercised 01/96      (1,250)     (16,074)

Medical
-------
Hemocleanse, Inc.         01/92       47,526 Common
                                      shares at $.50;
                                      expiring 01/97            0      118,815

STOCKS:

Industrial/Business Automation
------------------------------
Cyclean, Inc.             09/94-      51,024 Series D
                          04/96       Preferred shares          0     (124,791)
Cyclean of Los            03/95       Class A LLC Unit-
 Angeles, LLC                         11% ownership             0       (2,816)

Medical
-------
Hemocleanse, Inc.         03/95       20,999 Common
                                      shares                    0       43,677

Microelectronics
----------------
Celeritek, Inc.           05/94       13,847 Common
                                      shares                    0       65,453

Retail/Consumer Products
------------------------
S-TRON                    05/93       Subordinated note,
                                      $390,000 principal
                                      amount                   (0)          (0)
S-TRON                    05/93       390,000 Common
                                      shares                   (0)          (0)
S-TRON                    05/93       3,237,000 Series 
                                      1 & 2 Preferred
                                      shares                   (0)          (0)
                                                        ---------      -------
Total significant changes                                  (1,250)      84,264

Other changes, net                                         (5,000)      17,262
                                                        ---------      -------

Total equity investments at September 30, 1996         $  259,697      475,361
                                                        =========      =======

</TABLE

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

At September 30, 1996, and December 31, 1995, marketable equity 
securities had aggregate costs of $101,591 and $78,845, respectively, 
and aggregate market values of $282,370 and $145,132, respectively.  The 
unrealized gains at September 30, 1996, and December 31, 1995, did not 
include any gross losses.

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

The Partnership recorded an increase in fair value of $65,453 to reflect 
the unrestricted market price at September 30, 1996. 

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

During the second quarter of 1996, the Partnership received a stock 
dividend of 6,297 Series D Preferred shares.  Subsequently, the Managing 
General Partner determined that the fair value of the Partnership's 
investment has declined and accordingly, the Partnership recorded a 
$127,607 decrease in fair value at September 30, 1996.

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

The Partnership recorded a total increase in fair value of $162,492 for 
its warrant and common stock investment, based on the valuation set at 
the most recent round of financing in which third parties participated.

Hybridon, Inc.
--------------

In January of 1996, Hybridon, Inc., completed its initial public 
offering.  The Partnership exercised its warrant holdings without cash 
and received 2,532 shares of common stock, which were subsequently sold 
for total proceeds of $22,549.  The total realized gain from these 
transactions was $21,299.

S-TRON
------

The company was unsuccessful in its efforts to obtain a major government 
contract; as a result, company operations ceased during March of 1996.  
This investment, which had previously been written off, is no longer 
held by the Partnership.

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

In May of 1996, the Partnership sold 6,773 Photon Dynamics common shares 
borrowed from an outside brokerage firm and subsequently closed its open 
position with purchases on the open market.  These transactions resulted 
in a realized gain of $8,890 and the Partnership maximized its gain 
based upon an evaluation of the prevailing market conditions.

5.     Secured Notes Receivable, Net
       -----------------------------

Activity from January 1, 1996, through September 30, 1996, consisted of:


</TABLE>
<TABLE>

<S>                                                 <C> 

Balance at January 1, 1996                          $ 577,586

1996 activity:

Secured notes receivable issued                        50,902
Repayment of secured notes receivable                (142,076)
Increase in allowance for loan losses                (191,000)
                                                      -------

Total secured notes receivable, net,
 at September 30, 1996                              $ 295,412
                                                      =======

</TABLE>

The Partnership had no accrued interest at September 30, 1996, and 
December 31, 1995.

Changes in the allowance for loan losses were as follows:

<TABLE>

<S>                                                  <C>

Balance at January 1, 1996                           $255,000

Change in net unrealized fair value 
 of secured notes receivable                          191,000 
                                                      -------

Balance at September 30, 1996                        $446,000
                                                      =======

</TABLE>

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

Secured notes receivable of $741,412 and $832,586 were on nonaccrual 
status due to uncertainty of certain borrowers' financial conditions at 
September 30, 1996, and December 31, 1995, respectively.  The Managing 
General Partner continues to monitor the progress of these companies.  
The fair value at September 30, 1996, reflected the Managing General 
Partner's estimate of collectibility of these notes.

During the first quarter of 1996, the Partnership received approximately 
$41,000 from a portfolio company in the medical industry to pay off its 
principal balance.  In addition, the Partnership was reimbursed $28,900 
for legal, consulting, and other costs incurred in prior periods in the 
defense of the Partnership's secured note rights through bankruptcy 
court.  The reimbursement was recorded as a reduction to lending 
operations and investment management expense.

All notes are secured by specific assets of the borrowing company.  The 
interest rates on notes issued during the nine months ended September 
30, 1996, ranged from 12% to 14%.

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

At September 30, 1996, and December 31, 1995, cash and cash equivalents 
consisted of:

<TABLE>
<CAPTION>

                                              1996            1995
                                              ----            ----
<S>                                         <C>             <C>

Demand and brokerage accounts               $  2,401             --
Money market accounts                        411,725        941,985
                                             -------        -------

     Total                                  $414,126        941,985
                                             =======        =======

</TABLE>

7.     Commitments and contingencies
       -----------------------------

The Partnership is a party to financial instruments with off-balance-
sheet risk in the normal course of its business.  Generally, these 
instruments are 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 September 30, 1996, the Partnership had 
unfunded commitments of $4,500 related to term note financing to an 
existing borrowing company.

During the third quarter of 1996, the lawsuit discussed below was 
dismissed.  Other investment expenses of $29,040 recorded in the third 
quarter of 1996 reflected the participated costs incurred by the 
Partnership related to this legal action.

In June of 1996, a lawsuit was filed by a third party in the Los Angeles 
County Superior Court against an affiliated partnership, the Managing 
General Partner and certain of its officers, and Cyclean, Inc., a 
portfolio company in the industrial/business automation industry.  The 
Partnership participated in investments to the portfolio company with 
the affiliated partnership.  The third party asserted claims for 
interference with contractual relations against the defendants.  The 
plaintiff further alleged that the affiliated partnership agreed to 
purchase its interest in an entity partially owned by the plaintiff and 
sought unspecified damages against the affiliated partnership and its 
affiliates.  

<PAGE>

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

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

During the nine months ended September 30, 1996, net cash used by 
operating activities totaled $650,472.  The Partnership paid management 
fees of $19,942 to the Managing General Partner, reimbursed related 
parties for operating expenses of $599,184, and received $3,977 from 
affiliated partnerships for net loan participations.  Other operating 
expenses of $87,944 were paid and interest income of $23,721 was 
received.  In addition, the Partnership received a collection expense 
reimbursement of $28,900 from a portfolio company.

During the nine months ended September 30, 1996, the partnership issued 
$50,902 in secured notes receivable mostly to portfolio companies in the 
computers and computer equipment industry.  Repayments of notes 
receivable provided cash of $142,076 and proceeds from investment sales 
totaled $31,439.  As of September 30, 1996, the Partnership was 
committed to fund $4,500 related to term note financing to an existing 
borrowing company.

Each June, Limited Partners may tender their Units for repurchase by the 
Partnership.  The price paid for any Units tendered is subject to the 
restrictions stated in the Partnership Agreement.  As of September 30, 
1996, requests to repurchase approximately 1,200 Units had been 
received.  The amount to be offered for the Unit repurchases is $10 per 
Unit and will be paid in the fourth quarter of 1996.

Cash and cash equivalents at September 30, 1996, were $414,126.  
Distributions will fluctuate in the future based upon loan payoffs 
received and expected cash needed by the Partnership.  Operating cash 
reserves combined with interest income received on short-term 
investments, proceeds from investment sales, and repayments of secured 
notes receivable are expected to be sufficient to fund Partnership 
operations through the next twelve months.


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

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

Net losses were $58,845 and $56,137 for the three months ended September 
30, 1996 and 1995, respectively.  The slight change was substantially 
due to a $221,102 decrease in net realized gain from sales of equity 
investments, offset by an increase of $250,363 in net unrealized fair 
value of equity investments.

No realized gain from sales of equity investments was recorded during 
the three months ended September 30, 1996.  During the same period in 
1995, the Partnership recorded a net realized gain of $221,102 related 
to the sale of its 3Com Corporation stock.

During the quarter ended September 30, 1996, the $27,856 increase in the 
equity investment fair value was mainly due to portfolio companies in 
the microelectronics and telecommunication industries.  During the same 
period in 1995, the $222,507 decrease was primarily due to sales of 3Com 
Corporation stock as gains were realized.  

Total operating expenses were $58,614 and $80,553 for the three months 
ended September 30, 1996 and 1995, respectively.  The decrease was 
primarily attributable to lower lending operations and investment 
management expenses as a result of lower overall portfolio activity.

Given the inherent risk associated with the business of the Partnership, 
the future performance of the borrowing companies may significantly 
impact the Partnership's future operations. 

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

Net losses for the nine months ended September 30, 1996 and 1995, were 
$305,908 and $341,180, respectively.  The decrease in net loss was 
primarily attributable to a $2,958,247 decrease in realized losses from 
investment write-downs, mostly offset by a $2,188,006 decrease in the 
change in net unrealized fair value of equity investments, a $509,110 
decrease in net realized gain from sales of equity investments, and a 
$116,000 decrease in the change in net unrealized fair value of secured 
notes receivable.

During the nine months ended September 30, 1996, the $107,776 increase 
in equity investment fair value was primarily due to increases in the 
medical and microelectronics industries, partially offset by decreases 
in industrial/business automation industry.  In 1995, the $2,295,782 
increase was primarily due to the write-downs of $2,963,247, mostly 
related to portfolio companies in the medical and retail/consumer 
product industries as these investments had been reflected with a fair 
value less than cost.

During the nine months ended September 30, 1996, the Partnership 
realized a gain of $30,189 mainly from the sale of Hybridon, Inc., and 
the closed Photon Dynamics short sale.  In 1995, the realized gain of 
$539,299 primarily related to the sale of equity investments in IKOS 
Systems, Inc., and 3Com Corporation.

The Partnership recorded decreases of $191,000 and $75,000 in the fair 
value of secured notes receivable in 1996 and 1995, respectively, based 
upon the levels of loan loss reserves deemed adequate by the Managing 
General Partner at the respective quarter ends.  

In 1996, secured notes receivable interest income was $3,850, compared 
to $72,722 in 1995, which included nonrecurring warrant income of 
$45,000 from the Integrated Network Corporation warrant redemption.  The 
1995 secured notes receivable interest income would have been $27,722 
without such income. The decrease from $27,722 was primarily due to 
lower interest-bearing notes receivable balances.

Total operating expenses were $222,612 and $269,522 for the nine months 
ended September 30, 1996 and 1995, respectively.  As explained in Note 5 
to the financial statements, the 1996 operating expenses were reduced by 
a $28,900 reimbursement of prior period collection expenses from a 
portfolio company in the medical industry.  Had the reimbursement not 
been received, total operating expense in 1996 would have been $251,512.  
The decrease from $251,512 was primarily due to lower lending operations 
and investment management expenses from reduced overall portfolio 
activities.


II.  OTHER INFORMATION

Item 1.   Legal Proceedings

As disclosed in Note 7 to the financial statements, the legal action 
previously reported in the second quarter, 1996, Form 10-Q has been 
dismissed.

Item 6.   Exhibits and Reports on Form 8-K

(a)  No reports on Form 8-K were filed by the Partnership during the
     quarter ended September 30, 1996.

(b)  Financial Data Schedule for the nine months ended and as of 
     September 30, 1996 (Exhibit 27).

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

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

                         TECHNOLOGY FUNDING SECURED INVESTORS I

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




Date:  November 8, 1996 By:          /s/Debbie A. Wong
                              -----------------------------------
                                     Debbie A. Wong
                                     Controller