<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, 1998

                                 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)

                              (650) 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,
                                            1998              1997
                                       -------------      ------------
<S>                                    <C>                <C>
ASSETS

Investments:
 Secured notes receivable, net 
  (cost basis of $725,224 
   in 1998 and 1997)                      $285,224           285,224

 Equity investments (cost basis
  of $177,907 and $261,196 in  
  1998 and 1997, respectively)                   0           286,237
                                           -------           -------

   Total investments                       285,224           571,461

Cash and cash equivalents                    7,534            68,068

Other assets                                   342            13,991
                                           -------           -------

   Total assets                           $293,100           653,520
                                           =======           =======


LIABILITIES AND PARTNERS' CAPITAL
 
Accounts payable and accrued expenses     $ 28,000            28,302
Due to related parties                     214,886           111,334
Other liabilities                              809             1,051
                                           -------         ---------

 Total liabilities                         243,695           140,687

Commitments and contingencies
 (Note 3)

Partners' capital:
 Limited Partners
  (Units outstanding of 106,982 and
  106,990 in 1998 and 1997, respectively)  718,532           976,408
 General Partners                          (51,220)          (48,616)
 Net unrealized fair value (decrease)
  increase from cost:
   Secured notes receivable               (440,000)         (440,000)
   Equity investments                     (177,907)           25,041
                                           -------         ---------

   Total partners' capital                   49,405          512,833
                                           -------         ---------

   Total liabilities and
    partners' capital                      $293,100          653,520
                                           =======         =========
</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,
                                        -----------------------------     -------------------------
                                               1998        1997              1998            1997
                                               ----        ----              ----            ----
<S>                                      <C>            <C>             <C>               <C>
Income:
 Short-term investment interest            $       2          91               286           4,706
                                             -------     -------           -------         -------
  Total income                                     2          91               286           4,706

Costs and expenses:
 Management fees                               1,750       3,873             6,400          12,789
 Other investment expenses                        --          --                --          76,905
 Operating expenses:
  Lending operations and investment
   management                                 12,816       9,892            31,821          26,446
  Administrative and investor services       132,633      64,250           236,547         142,534
  Computer services                           25,129      19,763            11,775          38,297
  Professional fees                            7,051      16,351            29,245          33,031
                                             -------     -------           -------         -------
    Total operating expenses                 177,629     110,256           309,388         240,308
                                             -------     -------           -------         -------
  Total costs and expenses                   179,379     114,129           315,788         330,002
                                             -------     -------           -------         -------

Net operating loss                          (179,377)   (114,038)         (315,502)       (325,296)


 Net realized gain from sales
  of equity investments                           --      24,663            55,079          44,466
                                             -------     -------           -------         -------

Net realized loss                           (179,377)    (89,375)         (260,423)       (280,830)

Change in net unrealized 
  fair value of equity investments          (121,206)     66,477          (202,948)         41,754
                                             -------     -------           -------         -------

Net loss                                   $(300,583)    (22,898)         (463,371)       (239,076)
                                             =======     =======           =======         =======

Net realized loss per Unit                 $      (2)         (1)               (2)             (3)
                                             =======     =======           =======         =======
</TABLE>

See accompanying notes to financial statements.

<PAGE>
STATEMENTS OF CASH FLOWS (unaudited)
-----------------------------------

<TABLE>
<CAPTION>

                                               For the Nine Months
                                               Ended September 30,
                                           --------------------------
                                             1998              1997
                                           --------          --------
<S>                                        <C>               <C> 
Cash flows from operating activities:
 Interest received                        $     286            4,706
 Cash paid to vendors                       (38,034)        (154,853)
 Cash paid to related parties              (161,097)        (180,725)
                                            -------          -------

  Net cash used by operating
   activities                              (198,845)        (330,872)
                                            -------          -------

Cash flows from investing activities:
 Secured notes receivable issued                 --           (4,500)
 Proceeds from sales of equity investments  138,368           47,409
                                            -------          -------

  Net cash provided by investing  
   activities                               138,368           42,909
                                            -------          -------
Cash flows from financing activities:
 Repurchase of limited partnership
  interests                                     (57)              --
                                            -------          -------
  Net cash used by financing activities         (57)              --
                                            -------          -------

Net decrease in cash and cash
 equivalents                                (60,534)        (287,963)

Cash and cash equivalents at beginning
 of year                                     68,068          291,452
                                            -------          -------

Cash and cash equivalents
 at September 30                          $   7,534            3,489
                                            =======          ======= 

</TABLE>

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>

                                               For the Nine Months
                                               Ended September 30,
                                           --------------------------
                                             1998              1997
                                           --------          --------

<S>                                      <C>                 <C>
Reconciliation of net loss 
 to net cash used by 
 operating activities:

Net loss                                 $(463,371)          (239,076)

Adjustments to reconcile net
 loss to net cash used by 
 operating activities:
  Net realized gain from 
   sales of equity investments             (55,079)           (44,466)
  Change in net unrealized fair 
   value of equity investments             202,948            (41,754)

Changes in:
  Due to related parties                   103,552             (7,237)
  Other changes, net                        13,105              1,661
                                           -------            -------

Net cash used by operating activities    $(198,845)          (330,872)
                                           =======            =======

Non-cash financing activities:
 Limited Partners unit repurchases       $      --             24,584
                                           =======            =======

</TABLE>

See accompanying notes to financial statements.

<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited)
----------------------------------------

1.     General
       -------

In the opinion of the Managing General Partner, the accompanying interim 
financial statements reflect all adjustments necessary for a fair 
presentation of the financial position, results of operations, and cash 
flows for the interim periods presented.  These statements should be read 
in conjunction with the Annual Report on Form 10-K for the year ended 
December 31, 1997.  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.     Financing of Partnership Operations
       -----------------------------------

The Managing General Partner expects that the Partnership will be primarily 
dependent upon the financial support of the Managing General Partner to 
fund operations.  The Managing General Partner has committed to this 
support in the form of short-term cash advances.

3.     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, 1998 and 1997, were as follows:
<TABLE>
                                                 1998        1997
                                                ------      ------
<S>                                           <C>          <C>
Management fees                               $  6,400      12,789
Reimbursable operating expenses                258,249     160,699
</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, 1998 and December 31, 1997, 
due to related parties for such expenses were $198,079 and $100,928, 
respectively.

The Managing General Partner allocates operating expenses incurred in 
connection with the business of the Partnership based on employee hours 
incurred.  In the third quarter of 1998, the Managing General Partner 
reevaluated allocations to the Partnership and determined that they had not 
fully recovered allocable overhead, primarily salary and benefits, as 
permitted by the Partnership Agreement.  As a result, the Partnership was 
charged additional operating expenses in the third quarter of 1998 of 
$84,727, consisting of $9,238 for the nine months ended September 30, 1997 
and $75,489 for prior years.  Had the additional expenses been recorded in 
prior years, total operating expenses for the three months ended September 
30, 1998 and 1997 would have been $92,902 and $119,494, respectively, and 
total operating expenses for the nine months ended September 30, 1998 and 
1997 would have been $224,661 and $249,546, respectively.

At September 30, 1998 and December 31, 1997, management fees payable were 
$12,467 and $6,066, respectively, and due to affiliated partnerships for 
reparticipated secured notes receivable was $4,340, for both September 30, 
1998 and December 31, 1997.

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 nine months ended September 30, 
1998 and 1997, of 106,987 and 109,514, respectively.

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

There were no secured notes receivable activities from January 1 through 
September 30, 1998.

The Partnership's secured notes receivable portfolio at September 30, 1998 
and December 31, 1997 was on nonaccrual status due to the uncertainty of 
the borrowers' financial conditions.  The Managing General Partner 
continues to monitor the progress of these companies and intends to manage 
these investments to maximize the Partnership's net realizable value.  The 
fair value at September 30, 1998, reflects the Managing General Partner's 
estimate of collectibility of these notes.  All notes are secured by 
specific assets of the borrowing companies.



6.     Equity Investments
       ------------------

<TABLE>

A complete listing of the Partnership's equity investments at December 31, 1997 is 
included in the 1997 Annual Report.  Activity from January 1 through September 30, 1998 
consisted of:

                                                            January 1 through 
                                                            September 30, 1998
                                                         ----------------------
                         Investment                        Cost         Fair
Industry/Company           Date           Position         Basis        Value
----------------        ----------        --------        --------     -------
<S>                       <C>         <C>              <C>            <C>

Balance at January 1, 1998                               $261,196      286,237

Medical
-------
Hemocleanse, Inc.         01/92       47,526 Common
                                      shares                   --     (121,206)
Microelectronics
----------------
Celeritek, Inc.           05/94-      11,847 Common
                          12/97       shares              (83,289)    (165,031)
                                                          -------      -------

Total equity investments at September 30, 1998           $177,907            0
                                                          =======      =======
</TABLE

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

At December 31, 1997, marketable equity securities had aggregate costs of 
$83,287, and aggregate market values of $165,029.  The unrealized gains at 
December 31, 1997 did not include any gross losses.

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

In March 1998, the Partnership sold 1,847 common shares for total proceeds 
of $21,472 and realized a loss of $6,695.

In April 1998, the Partnership sold its remaining investment in the company 
for total proceeds of $116,896 and realized a gain of $61,774.

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

In September 1998, the Partnership wrote off the fair value of its 
investment based on the opinion of the Managing General Partner that the 
current operating status of the company indicated a decline in value.

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

Other investment expenses, primarily legal fees, of $76,905 in 1997, 
reflect the participated cost of litigation which was settled in the same 
year.  There were no such expenses in 1998.

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

At September 30, 1998, and December 31, 1997, cash and cash equivalents 
consisted of:

</TABLE>
<TABLE>
<CAPTION>
                                                1998            1997
                                              --------        --------
<S>                                           <C>            <C>
Demand accounts                               $7,124            9,195
Money market accounts                            410           58,873
                                              ------           ------
     Total                                    $7,534           68,068
                                              ======           ======
</TABLE>
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, 1998, net cash used by operating 
activities totaled $198,845.  The Partnership reimbursed related parties 
for management fees and operating expenses of $161,097.  Other operating 
expenses of $38,034 were paid and interest income of $286 was received.  

Cash and cash equivalents at September 30, 1998, were $7,534.  Future 
distributions will be dependent upon loan repayments from borrowing 
companies, future proceeds from equity investment sales, and available 
cash.  The Partnership will be primarily dependent upon the financial 
support of the Managing General Partner to fund operations.

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

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

Net losses were $300,583 and $22,898 for the three months ended September 
30, 1998 and 1997, respectively.  The increase in net loss in the current 
period was primarily due to a $187,683 decrease in the change in net 
unrealized fair value of equity investments as a result of the write down 
of the Hemocleanse, Inc. common shares, a $67,373 increase in total 
operating expenses, and a $24,663 decrease in net realized gain resulting 
from sales of equity investments.

Total operating expenses were $177,629 and $110,256 for the three months 
ended September 30, 1998 and 1997, respectively.  As disclosed in Note 3 to 
the financial statements, operating expenses for the three months ended 
September 30, 1998 include additional expenses of $84,727 related to prior 
years which were not previously charged to the Partnership.  Had the 
additional expenses been recorded in prior years, operating expenses for 
the quarters ended September 30, 1998 and 1997 would have been $92,902 and 
$119,494, respectively.  The decrease is attributable to the decreased 
level of investment activity in the Partnership's portfolio.

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

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

Net losses for the nine months ended September 30, 1998 and 1997, were 
$463,371 and $239,076, respectively.  The increase in net loss was 
primarily attributable to a $244,702 decrease in the change in net 
unrealized fair value of equity investments and a $69,080 increase in 
operating expenses, partially offset by a $76,905 decrease in other 
investment expenses.

During the nine months ended September 30, 1998, the decrease in fair value 
of equity investments was $202,948 resulting from the writedown of the 
Hemocleanse, Inc. common shares and the sale of Celeritek, Inc. common 
shares.  During the same period in 1997, the $41,754 increase was primarily 
due to increases in the microelectronics industry, partially offset by 
decreases in the medical and telecommunications industries.

Total operating expenses were $309,388 and $240,308 for the nine months 
ended September 30, 1998 and 1997, respectively.  As disclosed in Note 3 to 
the financial statements, operating expenses for the nine months ended 
September 30, 1998 include additional expenses of $84,727 related to prior 
years which were not previously charged to the Partnership.  Had the 
additional expenses been recorded in prior years, operating expenses for 
the nine months ended September 30, 1998 and 1997 would have been $224,661 
and $249,546, respectively.  The decrease is attributable to the decreased 
level of investment activity in the Partnership's portfolio.

Other investment expenses, primarily legal fees, for the nine months ended 
September 30, 1997 were $76,905.  There were no such expenses in 1998.  The 
decrease was due to the settlement of the related litigation in 1997.

The Year 2000
-------------

The widespread use of computer programs that rely on two-digit date 
programs to perform computations and decision-making functions may cause 
computer systems to malfunction in the year 2000 and lead to significant 
business delays and disruptions.  

The Managing General Partner has completed a preliminary assessment of the  
internal financial, information and operating systems which it provides to 
the Partnership.  Implementation and testing of necessary system 
modifications is in progress and will be completed well before December 31, 
1999.  The Managing General Partner is also monitoring the progress of 
software vendors and third-party processors on which it relies, as well as 
the progress of portfolio companies in which it has made significant 
investments.  

The Managing General Partner does not expect the cost of the internal 
system modifications to be material to the Partnership's financial 
statements.



II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K

a) No reports on Form 8-K were filed by the Partnership during the 
quarter ended September 30, 1998.
 
b) Financial Data Schedule for the nine months ended and as of September 
30, 1998 (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 12, 1998   By:    /s/Michael R. Brenner
                            -----------------------------------
                                     Michael R. Brenner
                                     Controller