<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, 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) 
                                           June 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)             121,206           286,237
                                           -------           -------

   Total investments                       406,430           571,461

Cash and cash equivalents                    7,755            68,068

Other assets                                 7,303            13,991
                                           -------           -------

   Total assets                           $421,488           653,520
                                           =======           =======


LIABILITIES AND PARTNERS' CAPITAL
 
Accounts payable and accrued expenses     $ 21,172            28,302
Due to related parties                      49,462           111,334
Other liabilities                              809             1,051
                                           -------         ---------

 Total liabilities                          71,443           140,687

Commitments and contingencies
 (Note 3)

Partners' capital:
 Limited Partners
  (Units outstanding of 
  106,990 in 1998 and 1997)                896,172           976,408
 General Partners                          (49,426)          (48,616)
 Net unrealized fair value (decrease)
  increase from cost:
   Secured notes receivable               (440,000)         (440,000)
   Equity investments                      (56,701)           25,041
                                           -------         ---------

   Total partners' capital                 350,045           512,833
                                           -------         ---------

   Total liabilities and
    partners' capital                     $421,488           653,520
                                           =======         =========
</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, 
                                        -----------------------------     -------------------------
                                               1998        1997              1998            1997
                                               ----        ----              ----            ----
<S>                                      <C>            <C>             <C>               <C>
Income:
 Short-term investment interest                  130       1,606               284           4,615
                                             -------     -------           -------         -------
  Total income                                   130       1,606               284           4,615
 

Costs and expenses:
 Management fees                               2,085       4,052             4,650           8,916
 Other investment expenses                        --      16,800                --          76,905
 Operating expenses                           71,421      62,958           131,759         130,052
                                             -------     -------           -------         -------

  Total costs and expenses                    73,506      83,810           136,409         215,873
                                             -------     -------           -------         -------

Net operating loss                           (73,376)    (82,204)         (136,125)       (211,258)

 Net realized gain from sales
  of equity investments                       61,774          --            55,079          19,803
                                             -------     -------           -------         -------

Net realized loss                            (11,602)    (82,204)          (81,046)       (191,455)



Change in net unrealized 
  fair value of equity investments           (55,260)     28,315           (81,742)        (24,723)
                                             -------     -------           -------         -------

Net loss                                 $   (66,862)    (53,889)         (162,788)       (216,178)
                                             =======     =======           =======         =======

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

See accompanying notes to financial statements.

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

<TABLE>
<CAPTION>

                                        For the Six Months Ended June 30,
                                        ---------------------------------
                                             1998              1997
                                           --------          --------
<S>                                        <C>               <C> 
Cash flows from operating activities:
 Interest received                         $    284            4,615
 Cash paid to vendors                       (34,782)        (131,753)
 Cash paid to related parties              (164,183)        (136,531)
                                            -------          -------

  Net cash used by operating
   activities                              (198,681)        (263,669)
                                            -------          -------

Cash flows from investing activities:
 Proceeds from sales of equity investments  138,368               --
                                            -------          ------- 

  Net cash provided by investing  
   activities                               138,368               --
                                            -------          ------- 

Net decrease in cash and cash
 equivalents                                (60,313)        (263,669)

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

Cash and cash equivalents
 at June 30                                $  7,755           27,783
                                            =======          ======= 

</TABLE>

See accompanying notes to financial statements.


<PAGE>

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

<TABLE>
<CAPTION>

                                      For the Six Months Ended June 30,
                                      ------------------------------------
                                             1998              1997
                                           --------          --------

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

Net loss                                 $(162,788)          (216,178)

Adjustments to reconcile net
 loss to net cash used by 
 operating activities:
  Net realized gain from 
   sales of equity investments             (55,079)           (19,803)
  Change in net unrealized fair 
   value of equity investments              81,742             24,723

Changes in:
  Accounts payable and accrued 
   expenses                                 (7,130)           (14,712)
  Due to related parties                   (61,872)           (37,241)
  Other assets                               6,688              2,031
  Other liabilities                           (242)            (2,489)
                                           -------            -------

Net cash used by operating activities    $(198,681)          (263,669)
                                           =======            ======= 

</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 cash received from liquidation of 
Partnership investments will provide the necessary liquidity to fund 
Partnership operations.  Until such future proceeds are received, the 
Partnership will be 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 six months ended 
June 30, 1998 and 1997, were as follows:
<TABLE>
                                                 1998        1997
                                                ------      ------
<S>                                           <C>          <C>
Management fees                                $ 4,650       8,916
Reimbursable operating expenses                 97,661      90,374
</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, 1998 and December 31, 1997, due 
to related parties for such expenses were $34,405 and $100,928, 
respectively.

At June 30, 1998 and December 31, 1997, management fees payable were 
$10,717 and $6,066, respectively, and due to affiliated partnerships for 
reparticipated secured notes receivable was $4,340, for both June 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 six months ended June 30, 1998 
and 1997, of 106,990 and 109,904, respectively.

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

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

The Partnership's secured notes receivable portfolio was on nonaccrual 
status due to the uncertainty of the financial conditions of certain 
borrowers at June 30, 1998 and December 31, 1997.  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 June 30, 1998, recognizes the Managing General 
Partner's estimate of collectibility of these notes.  All notes are secured 
by specific assets of the borrowing company.



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 June 30, 1998 
consisted of:

                                                January 1 through June 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

Microelectronics
----------------
Celeritek, Inc.           05/94-      11,847 Common
                          12/97       shares              (83,289)    (165,031)
                                                          -------      -------

Total equity investments at June 30, 1998                $177,907      121,206
                                                          =======      =======
</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.  There were no 
marketable equity securities at June 30, 1998.

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.

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

</TABLE>
<TABLE>
<CAPTION>
                                                1998            1997
                                              --------        --------
<S>                                           <C>            <C>
Demand accounts                              $ 7,346            9,195
Money market accounts                            409           58,873
                                              ------           ------
     Total                                   $ 7,755           68,068
                                              ======           ======
</TABLE>
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, 1998, net cash used by operating 
activities totaled $198,681.  The Partnership reimbursed related parties 
for management fees and operating expenses of $164,183.  Other operating 
expenses of $34,782 were paid and interest income of $284 was received.  

Cash and cash equivalents at June 30, 1998, were $7,755.  Future 
distributions will be dependent upon loan repayments from borrowing 
companies, future proceeds from equity investment sales, and available 
cash.  Operating cash reserves, proceeds from sales of equity investments, 
repayments of secured notes receivable, and the Managing General Partner's 
support 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 $66,862 and $53,889 for the three months ended June 30, 
1998 and 1997, respectively.  The increase in net loss in the current 
period was primarily due to a $83,575 decrease in the change in net 
unrealized fair value of equity investments as a result of the sale of 
Celeritek, Inc. common shares and a $8,463 increase in total operating 
expenses, partially offset by a $61,774 increase in net realized gain 
resulting from the Celeritek sale and a $16,800 decrease in other 
investment expenses.

Total operating expenses were $71,421 and $62,958 for the three months 
ended June 30, 1998 and 1997, respectively

Other investment expenses, primarily legal fees, for the three months ended 
June 30, 1997 were $16,800.  There were no such expenses in 1998.  The 
decrease was due to the settlement of the related litigation in 1997.

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

Net losses for the six months ended June 30, 1998 and 1997, were $162,788 
and $216,178, respectively.  The decrease in net loss was primarily 
attributable to a $76,905 decrease in other investment expenses and a 
$35,276 increase in realized gains from sales of equity investments.  This 
change was partially offset by a $57,019 decrease in the change in net 
unrealized fair value of equity investments.

Other investment expense, primarily legal fees, for the six months ended 
June 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.

During 1998, the Partnership realized a net gain of $55,079 from the sale 
of Celeritek, Inc. common stock.  In 1997, the realized gain of $19,803 
resulted from the non-cash exercise of Hemocleanse, Inc. common share 
warrants.

During the six months ended June 30, 1998, the decrease in fair value of 
equity investments was $81,742.  During the same period in 1997, the 
$24,723 decrease was primarily due to the non-cash exercise of Hemocleanse, 
Inc. common share warrants.

Total operating expenses were $131,759 and $130,052 for the six months 
ended June 30, 1998 and 1997, respectively.



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 June 30, 1998.
 
b) Financial Data Schedule for the six months ended and as of June 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:  August 12, 1998     By:    /s/Michael R. Brenner
                            -----------------------------------
                                     Michael R. Brenner
                                     Controller