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

                              FORM 10-Q

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

            For the quarterly period ended June 30, 1997

                                 OR

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

            For the transition period from N/A to N/A
                                           ---    ---

                      Commission File No. 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)
                                           June 30,      December 31,
                                            1997            1996
                                         ----------      ------------
<S>                                    <C>                <C>
ASSETS

Investments:
 Secured notes receivable, net 
  (cost basis of $720,724 in 
   1997 and 1996)                      $   280,724           280,724

 Equity investments (cost basis
  of $282,800 and $262,997 in  
  1997 and 1996, respectively)             462,571           467,491
                                         ---------         ---------

   Total investments                       743,295           748,215

Cash and cash equivalents                   27,783           291,452

Other assets                                10,641             7,421
                                         ---------         ---------

   Total                               $   781,719         1,047,088
                                         =========         =========

LIABILITIES AND PARTNERS' CAPITAL
 
Accounts payable and accrued expenses  $    21,288            36,000

Due to related parties                          --            31,990

Other liabilities                            3,897             6,386
                                         ---------         ---------

 Total liabilities                          25,185            74,376

Commitments (Notes 3 and 9)

Partners' capital:
 Limited Partners
  (Units outstanding of
  109,904 in both 1997 and 1996)         1,064,695         1,254,236
 General Partners                          (47,932)          (46,018)
 Net unrealized fair value (decrease)
  increase from cost:
   Secured notes receivable               (440,000)         (440,000)
   Equity investments                      179,771           204,494
                                         ---------         ---------

   Total partners' capital                 756,534           972,712
                                         ---------         ---------

   Total                               $   781,719         1,047,088
                                         =========         =========
</TABLE>

See accompanying notes to financial statements


<PAGE>

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

<TABLE>
<CAPTION>
                                             For the Three                      For the Six
                                             Months Ended                       Months Ended
                                               June 30,                           June 30, 
                                      -----------------------------       -------------------------
                                              1997        1996                1997           1996
                                              ----        ----                ----           ----
<S>                                      <C>            <C>             <C>               <C>
Income:
 Secured notes receivable interest       $        --         758                --           2,725
 Short-term investment interest                1,606       6,020             4,615          14,325
                                             -------     -------           -------         -------
  Total income                                 1,606       6,778             4,615          17,050
 

Costs and expenses:
 Management fees                               4,052       7,271             8,916          14,224
 Other investment expenses                    16,800          --            76,905              --
 Operating expenses:
  Lending operations and investment 
   management                                 16,562      17,701            29,497           8,502
  Administrative and investor 
   services                                   29,379      68,236            65,341         103,338
  Computer services                            7,237      16,602            18,534          25,530
  Professional fees                            9,780      17,530            16,680          26,628
                                             -------     -------           -------         -------

   Total operating expenses                   62,958     120,069           130,052         163,998
                                             -------     -------           -------         -------

 Total costs and expenses                     83,810     127,340           215,873         178,222
                                             -------     -------           -------         -------

Net operating loss                           (82,204)   (120,562)         (211,258)       (161,172)

 Net realized gain from sales
  of equity investments                           --      15,094            19,803          30,189
 Realized losses from investment
  write-downs                                     --      (5,000)               --          (5,000)
                                             -------     -------           -------         -------

Net realized loss                            (82,204)   (110,468)         (191,455)       (135,983)

 Change in net unrealized 
  fair value:
   Secured notes receivable                       --    (269,000)               --        (191,000)
   Equity investments                         28,315      68,883           (24,723)         79,920
                                             -------     -------           -------         -------

Net loss                                 $   (53,889)   (310,585)         (216,178)       (247,063)
                                             =======     =======           =======         =======

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

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>

                                      For the Six Months Ended June 30,
                                      ---------------------------------
                                             1997           1996 
                                             ----           ----
<S>                                      <C>              <C> 
Cash flows from operating activities:
 Interest received                       $     4,615        17,050
 Cash paid to vendors                       (131,753)      (42,671)
 Cash received from 
  affiliated partnerships                         --         3,977
 Cash paid to related parties               (136,531)     (569,258)
 Reimbursement of collection
  expenses from a portfolio company               --        28,900
                                             -------       -------

  Net cash used by operating
   activities                               (263,669)     (562,002)
                                             -------       -------

Cash flows from investing activities:
 Secured notes receivable issued                  --       (50,902)
 Repayments of secured notes receivable           --       142,076
 Proceeds from sales of equity investments        --        31,439
                                             -------       -------

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

Net decrease in cash and cash equivalents   (263,669)     (439,389)

Cash and cash equivalents at beginning
 of year                                     291,452       941,985
                                             -------       -------

Cash and cash equivalents at June 30     $    27,783       502,596
                                             =======       =======

</TABLE>

See accompanying notes to financial statements.

<PAGE>

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

<TABLE>
<CAPTION>
                                     For the Six Months Ended June 30,
                                     ---------------------------------
                                           1997             1996
                                           ----             ----
<S>                                     <C>                 <C>
Reconciliation of net loss 
 to net cash used by 
 operating activities:

Net loss                                $  (216,178)         (247,063)

Adjustments to reconcile net
 loss to net cash used by 
 operating activities:
  Net realized gain from 
   sales of equity investments              (19,803)          (30,189)
  Realized losses from investment
   write-downs                                   --             5,000
  Change in net unrealized fair value:
   Secured notes receivable                      --           191,000
   Equity investments                        24,723           (79,920)

Changes in:
  Accounts payable and accrued 
   expenses                                 (14,712)           21,231
  Due to/from related parties               (37,241)         (416,260)
  Other assets                                2,031            (4,348)
  Other liabilities                          (2,489)           (1,453)
                                            -------           -------

Net cash used by operating activities   $  (263,669)         (562,002)
                                            =======           =======


</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 
June 30, 1997, and December 31, 1996, and the related Statements of 
Operations for the three and six months ended June 30, 1997 and 1996, 
and Statements of Cash Flows for the six months ended June 30, 1997 and 
1996, reflect all adjustments which are necessary for a fair 
presentation of the financial position, results of operations and cash 
flows for such periods.  These statements should be read in conjunction 
with the Annual Report on Form 10-K for the year ended December 31, 
1996.  The following notes to financial statements for activity through 
June 30, 1997, supplement those included in the Annual Report on Form 
10-K.  

2.     Financing of Partnership Operations
       -----------------------------------

The Managing General Partner expects cash received from future 
liquidation of Partnership investments and the collection of notes 
receivable will provide the necessary liquidity to service Partnership 
debt and fund Partnership operations.  The Partnership may be dependent 
upon the financial support of the Managing General Partner to fund 
operations if future proceeds are not received timely.  The Managing 
General Partner has committed to support the Partnership's working 
capital requirements through short-term advances as necessary.

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

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

<TABLE>

<S>                                           <C>          <C>
                                                1997         1996
                                                ----         ----

Management fees                               $  8,916      14,224

Reimbursable operating expenses                 90,374     138,774

</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 June 30, 1997, amounts due 
from related parties (included in other assets) totaled $5,251, compared 
to due to related parties of $31,990 at December 31, 1996.

4.     Net Realized Loss Per Unit
       --------------------------

Net realized loss per Unit is calculated by dividing total net realized 
loss allocated to the Limited Partners by the weighted average number of 
Limited Partner Units outstanding for the six months ended June 30, 1997 
and 1996, of 109,904 and 111,101, respectively.

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

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



<TABLE>
                                                             January 1 -
                                                           June 30, 1997 
                                                           --------------
                       Investment                        Cost        Fair
Industry/Company           Date          Position        Basis       Value
----------------       ----------        --------        -----       -----
<S>                       <C>         <C>              <C>            <C>

Balance at January 1, 1997                             $  262,997      467,491
                                                        ---------      -------
1997 activity:

WARRANTS:

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

STOCKS:

Medical
-------
Hemocleanse, Inc.         01/97       39,605 Common
                                      shares               19,803      118,815

Microelectronics
----------------
Celeritek, Inc.           05/94       13,846 Common
                                      shares                    0       30,808

Semiconductor Equipment
-----------------------
Photon Dynamics           05/94       6,773 Common
                                      shares                    0      (12,612)

Telecommunications
------------------
3Com Corporation          06/95       790 Common
                                      shares                    0      (22,942)
                                                        ---------      -------
Total significant changes                                  19,803       (4,746)

Other changes, net                                              0         (174)
                                                        ---------      -------

Total equity investments at June 30, 1997              $  282,800      462,571
                                                        =========      =======
</TABLE


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

At June 30, 1997, and December 31, 1996, marketable equity securities had 
aggregate costs of $104,891 and $101,591, respectively, and aggregate 
market values of $279,785 and $257,753, respectively.  The unrealized 
gains at June 30, 1997, and December 31, 1996, did not include any gross 
losses.

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

In January of 1997, the Partnership exercised its warrant for common 
shares without cash and received 39,605 shares of common stock and 
realized a gain of $19,803.  

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

Other significant changes reflected above relate to market value 
fluctuations or the elimination of a discount relating to selling 
restrictions for publicly-traded portfolio companies.  Celeritek, Inc., 
Photon Dynamics, and 3Com Corporation common stock are unrestricted, 
marketable securities.

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

No secured notes receivable were issued during the six months ended June 
30, 1997.

The secured notes receivable portfolio of $720,724 was on nonaccrual 
status due to the uncertainty of the financial condition of certain 
borrowers at both June 30, 1997, and December 31, 1996.  The Managing 
General Partner continues to monitor the progress of these companies.  
The fair value at June 30, 1997, recognized the Managing General 
Partner's estimate of collectibility of these notes.  All notes are 
secured by specific assets of the borrowing company.  

During the first quarter of 1996, 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.  No such reimbursements 
were received during the first six months of 1997.

7.     Other Investment Expenses
       -------------------------

In March of 1996, affiliated partnerships filed a lawsuit in the United 
States District Court, Northern District of California, against Cyclean, 
Inc., ("Cyclean"), Ecopave, L.P. ("Ecopave"), Ecopave Corp. and Stephen 
M. Vance ("Vance").  The Partnership participated in secured notes 
investments to Cyclean with the affiliated partnerships.  In January of 
1997, a counter claim was filed by Ecopave and Vance.  

As a result of a settlement conference, these lawsuits were resolved 
effective April 1, 1997.  The affiliated partnerships purchased Ecopave 
Corp. and Vance's ownership interest in Ecopave for $5.5 million.  The 
Partnership did not participate in the purchase.  The Managing General 
Partner believes the settlement is the most cost effective resolution of 
this dispute and it has improved the Partnership's ability to recover its 
secured notes receivable.

Other investment expenses in 1997 of $76,905 reflect the participated 
cost of this legal action.

8.     Cash and Cash Equivalents
       -------------------------

At June 30, 1997, and December 31, 1996, cash and cash equivalents 
consisted of:


</TABLE>
<TABLE>
<CAPTION>

                                              1997              1996
                                              ----              ----
<S>                                         <C>               <C>

Demand and brokerage accounts               $  1,439            8,487
Money market accounts                         26,344          282,965
                                             -------          -------

     Total                                  $ 27,783          291,452
                                             =======          =======
</TABLE>

9.     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 June 30, 1997, the Partnership had unfunded 
commitments of $4,500 related to term note financings to an existing 
borrowing company.

<PAGE>

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


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

During the six months ended June 30, 1997, net cash used by operating 
activities totaled $263,669.  The Partnership paid management fees of 
$8,916 to the Managing General Partner, and reimbursed related parties 
for operating expenses of $127,615.  Other operating expenses of $131,753 
were paid and interest income from short-term investments was $4,615.  

Cash and cash equivalents at June 30, 1997, were $27,783.  Future 
distributions will be dependent upon loan payoffs received and expected 
cash needs of the Partnership.  Operating cash reserves combined with 
interest income received on short-term investments, proceeds from 
investment sales, and repayments of secured notes receivable, and the 
support of the Managing General Partner are expected to be sufficient to 
fund Partnership operations through the next twelve months.  At June 30, 
1997, the Partnership was committed to fund $4,500 related to term note 
financings to an existing borrowing company.

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

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

Net losses were $53,889 and $310,585 for the three months ended June 30, 
1997 and 1996, respectively.  The decrease in net loss was primarily due 
to a $269,000 increase in the change in net unrealized fair value of 
secured notes receivable, and a $57,111 decrease in total operating 
expenses.  These changes were partially offset by a $40,658 decrease in 
the change in net unrealized fair value of equity investments.

The Partnership recorded a $269,000 decrease in the fair value of secured 
notes receivable for the three months ended June 30, 1996, based upon the 
level of loan loss reserves deemed adequate by the Managing General 
Partner at quarter end.  No such reserve was required for the same period 
in 1997.

Total operating expenses were $62,958 and $120,069 for the three months 
ended June 30, 1997 and 1996, respectively.  The decrease was primarily 
due to lower administrative investor service expenses as overall 
portfolio activities have decreased.

During the quarter ended June 30, 1997, the $28,315 increase in fair 
value of equity investments was primarily due to increases in 
microelectronics, semi-conductor equipment and telecommunications 
industries, partially offset by decreases in a portfolio company in the 
computers and computer equipment industry.  During the same period in 
1996, the $68,883 increase was primarily due to increases in medical and 
microelectronics industries, partially offset by decreases in 
industrial/business automation industry.

Other investment expenses were $16,800 for the quarter ended June 30, 
1997.  These expenses were due to legal expenses related to the 
settlement of the lawsuits discussed in Note 7 to the financial 
statements.  There were no such expenses for the quarter ended June 30, 
1996.

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

Net losses for the six months ended June 30, 1997 and 1996, were $216,178 
and $247,063, respectively.  The decrease in net loss was primarily 
attributable to a $191,000 increase in the change in net unrealized fair 
value of secured notes receivable. This change was partially offset by a 
$104,643 decrease in the change in net unrealized fair value of equity 
investments, and a $76,905 increase in other investment expenses.

The Partnership recorded a decrease in the fair value of secured notes 
receivable of $191,000 for the six months ended June 30, 1996, based upon 
the level of loan loss reserves deemed adequate by the Managing General 
Partner at quarter end.  There was no such reserve recorded for the same 
period in 1997.

During the six months ended June 30, 1997, the decrease in fair value of 
equity investments was $24,723.  During the same period in 1996, the 
$79,920 increase was primarily due to increases in medical and 
microelectronics industries, partially offset by decreases in 
industrial/business automation industry.

Other investment expenses were $76,905 for the six months ended June 30, 
1997.  These expenses were due to legal expenses related to the 
settlement of the lawsuits discussed in Note 7 to the financial 
statements.  There were no such expenses for the six months ended June 
30, 1996.

Total operating expenses were $130,052 and $163,998 for the six months 
ended June 30, 1997 and 1996, respectively.  The decrease was primarily 
attributable to lower administrative and investor services expenses 
resulting from a decline in overall portfolio activities.

II.       OTHER INFORMATION

Item 1.   Legal Proceedings

The lawsuit an affiliated partnership filed in the United States District 
Court, Northern District of California, against Cyclean Inc., et al, and 
the related counter claims, previously reported in the 1996 Form 10-K, 
have been resolved effective April 1, 1997.  The Partnership participated 
in investments to Cyclean with the affiliated partnership.  See Note 7 to 
the financial statements for additional disclosure.

Item 6.   Exhibits and Reports on Form 8-K

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

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

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

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

                         TECHNOLOGY FUNDING SECURED INVESTORS I

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner




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