FORM 10-Q

                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

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

For the Quarter ended       September 30, 1997                    

                                OR

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

For the transition period                   to                    
Commission file number                   0-14542                  


              SECURED INVESTMENT RESOURCES FUND, L.P.             
     (Exact name of registrant as specified in its charter)

                 Kansas                            48-0979566     
(State or other jurisdiction of              (I.R.S. Employer
 incorporation or organization)               Identification No.)

   5453 W. 61st Place, Mission, Kansas                66205       
(Address of principal executive offices)           (Zip Code)

(Registrant's telephone number, 
including area code)                             (913) 384-5700   

Securities registered pursuant to Section 12(b) of the Act:

                               None  
                                                                 
Securities registered pursuant to Section 12(g) of the Act:

             Limited Partnership Interests ("Units")

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
such shorter periods 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       
<PAGE>
             SECURED INVESTMENT RESOURCES FUND, L.P. 

                              Index
                                                  

PART I.   FINANCIAL INFORMATION                           Page

Item 1.   Financial Statements (Unaudited):

          Consolidated Balance Sheets -- 
          September 30, 1997 and December 31, 1996         3-4

          Consolidated Statements of Operations -- 
           Three and Nine Months Ended September 30,
           1997 and 1996                                     5
                                  
          Consolidated Statements of Partnership 
           Capital -- Nine Months Ended September 30, 
           1997 and the Years Ended December 31, 1996,
           and 1995                                          6

          Consolidated Statements of Cash Flows -- 
           Nine Months Ended September 30, 1997 and 1996   7-8
  
          Notes to Consolidated Financial Statements      9-10

Item 2.   Managements Discussion and Analysis     
           of Financial Condition and Results
           of Operations                                 11-12


PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                 13

Item 2.   Changes in Securities                             13

Item 3.   Defaults Upon Senior Securities                   13

Item 4.   Submission of Matters to a Vote of
           Security Holders                                 13

Item 5.   Other Information                                 13

Item 6.   Exhibits and Reports on Form 8-K                  13


SIGNATURES                                                  14 
<PAGE>
PART I.   FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

SECURED INVESTMENT RESOURCES FUND, L.P.

CONSOLIDATED BALANCE SHEETS
                                        
                                         September 30,
                                             1997       December 31,
                                         (Unaudited)        1996    
ASSETS

INVESTMENT PROPERTIES
  Land and buildings                     $ 16,541,303   $ 16,523,135
  Furniture, fixtures and equipment         1,754,202      1,714,939
                                           18,295,505     18,238,074
  Less accumulated depreciation 
   and allowance for losses                 7,106,566      6,667,531 
                                           11,188,939     11,570,543 

OTHER ASSETS        
  Cash                                        236,312        206,974
  Rents and other receivables, less 
   allowance of $43,300 in 1997 
   $42,350 in 1996                             18,112         10,236
  Prepaid expenses                             27,672            368
  Debt issuance costs, net of 
   accumulated amortization of 
   $81,334 in 1997 and $63,135
   in 1996                                    153,921        141,488
  Commercial commissions, 
   deposits and other                          22,001         17,015
  Restricted deposits                          27,538         15,105
                                              485,556        391,186


      TOTAL ASSETS                       $ 11,674,495   $ 11,961,729
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P.

CONSOLIDATED BALANCE SHEETS--CONT'D.  

                                          September 30,
                                               1997         December 31,
                                         (Unaudited)       1996            
LIABILITIES AND PARTNERSHIP CAPITAL
  
  Mortgage debt (Note B)                  $ 11,820,106   $  11,952,227 
  Accrued interest                             203,025         128,096 
  Accounts payable and accrued 
   expenses                                    210,139         106,926
  Due to related parties (Note C)               61,265          57,416
  Unearned revenue                              96,090         110,733
  Tenant security deposits                      80,559          75,485
   
      TOTAL LIABILITIES                     12,471,184      12,430,883       
PARTNERSHIP CAPITAL 

  General Partners
    Capital contribution                         1,000           1,000
    Partnership deficit                        (64,064)        (60,789) 
                                               (63,064)        (59,789)
  Limited Partners
    Capital contributions                    5,608,838       5,608,838
    Partnership deficit                     (6,342,463)     (6,018,203)
                                              (733,625)       (409,365)

      TOTAL PARTNERSHIP CAPITAL               (796,689)       (469,154)

                                        $   11,674,495   $  11,961,729

See notes to consolidated financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

          
                           Nine months Ended            Three Months Ended
                              September 30,               September 30,     
                           1997         1996            1997          1996  
REVENUES
  Rents                $1,680,101    $1,650,772      $ 570,371    $  567,960
  Interest                  2,581         3,265            843           812
  Maintenance
   escalations             64,373        52,210         29,645        15,197 

                        1,747,055     1,706,247        600,859       583,969
                         
OPERATING AND 
 ADMINISTRATIVE EXPENSES  
  Property operating 
   expenses               579,595       579,877        196,052       200,849
  General and 
   administrative 
   expenses                31,529        38,229          9,203        12,239
  Professional services    76,616        61,131         31,089        14,406
  Management Fees          86,232        75,537         29,559        26,486
                          773,972       754,774        265,903       253,980

  NET OPERATING INCOME    973,083       951,473        334,956       329,989

NON-OPERATING EXPENSES
  Interest                843,385       930,476        284,222       281,788
  Depreciation and           
   amortization           457,233       448,370        160,744       148,976
                        1,300,618     1,378,846        444,966       430,764
     
PARTNERSHIP LOSS       $ (327,535)   $ (427,373)    $ (110,010)    $(100,775)

Allocation of loss:
  General Partners         (3,275)       (4,274)        (1,100)       (1,008)
  Limited Partners       (324,260)     (423,099)      (108,910)      (99,767)
                                       
                      $  (327,535)   $ (427,373)    $ (110,010)   $ (100,775)
  
Partnership loss per
 limited partnership 
  unit                 $   (13.04)   $   (17.01)    $    (4.38)   $    (4.01)

See notes to consolidated financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. 

CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL

Nine months Ended September 30, 1997 (Unaudited) and 
the Years Ended December 31, 1996 and 1995
     
                                    General        Limited       
                                    Partners       Partners         Total      



Balances at January 1, 1995        $   (49,692)   $   590,244    $   540,552

Partnership loss                        (4,853)      (480,426)      (485,279)

Balances at December 31, 1995          (54,545)       109,818         55,273

Partnership loss                        (5,244)      (519,183)      (524,427)

Balances at December 31, 1996          (59,789)      (409,365)      (469,154)

Patnership loss                         (3,275)      (324,260)      (327,535)

Balances at September 30, 1997     $   (63,064)   $  (733,625)   $  (796,689)


See notes to consolidated financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


                                             Nine Months Ended 
                                              September 30,      
                                               1997           1996    
OPERATING ACTIVITIES
  Partnership loss                      $  (327,535)   $  (427,373)
  Adjustments to reconcile 
   partnership loss to net cash 
   provided by (used in) operating 
   activities:                                        
    Depreciation and amortization           464,986        461,176
    Provision for losses on rents 
     and other receivables                      950        (17,350)
  Changes in assets and liabilities:
    Rents and other receivables              (8,826)        21,064
    Prepaid expenses                        (27,304)       (19,020)
    Commercial commission, deposits
     and other                              (12,739)          (646)
    Account payable and 
     accrued expenses                       103,213        (76,681)    
    Accrued interest                         74,930          46,805
    Unearned revenue                        (14,643)            184     
    Tenant security deposits                  5,074           1,102  
                                
NET CASH PROVIDED BY (USED IN)   
 OPERATING ACTIVITIES                       258,106        (10,739)
 
INVESTING ACTIVITIES
  Purchase of and improvements 
   to investment property                   (57,432)      (164,114)
  Restricted deposits                       (12,432)        59,398

NET CASH USED IN
 INVESTING ACTIVITIES                       (69,864)      (104,716)
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)--CONT'D.

                                             Nine Months Ended 
                                                September 30,
                                               1997           1996    
FINANCING ACTIVITIES

  Mortgage Proceeds                     $         0    $ 2,017,300
  Due To (From) Related Parties               3,849          5,377 
  Principal payments on                                     
   long-term debt                          (132,121)    (1,856,395) 
  Debt Issuance Cost                        (30,632)        (8,735)

NET CASH PROVIDED BY (USED IN)          
  FINANCING ACTIVITIES                     (158,904)       157,547 
  
INCREASE IN CASH
 AND CASH EQUIVALENTS                        29,338         42,092 

CASH AND CASH EQUIVALENTS,
 BEGINNING OF PERIOD                        206,974        161,414
   
CASH AND CASH EQUIVALENTS,
 END OF PERIOD                          $   236,312    $   203,506
                   

See notes to consolidated financial statements.
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. 

NOTES TO FINANCIAL STATEMENTS (Unaudited)

September 30, 1997

NOTE A--BASIS OF PRESENTATION 

The accompanying unaudited financial statements have been prepared
in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q
and Article 10 of Regulation S-X.  Accordingly, they do not include
all of the information and footnotes required by generally accepted
accounting principles for complete financial statements.  In the
opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included.  Operating results for the nine month period
ended September 30, 1997 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1997. 
For further information, refer to the financial statements and
footnotes thereto included in the Partnership's annual report on
Form 10-K for the year ended December 31, 1996.

NOTE B--MORTGAGE DEBT

Mortgage debt consists of the following:

                                   September 30,   December 31, 
                                       1997            1996    
Collateralized by Investment
 Property:

First Mortgages:
  The Colony Apartments            $  3,630,474    $  3,661,657
  Foothills Village S.C.              2,576,191       2,621,779
  Cascade Apartments                  1,842,905       1,875,173
  The Market S.C./Hidden Valley 
   Exchange S.C.                      1,583,489       1,601,745
  Hidden Valley Exchange S.C.           808,802         813,628

Second Mortgages:
  Foothills Village, S.C.               968,245         968,245
  The Market S.C./Hidden Valley
   Exchange S.C.                        410,000         410,000
                                   $ 11,820,106    $ 11,952,227

Interest expense totaled $843,385 and $930,476 for the nine months
ending September 30, 1997 and 1996, respectively.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS--CONT'D.

NOTE B--MORTGAGE DEBT--CONT'D.

The mortgage for Cascade Apartments matured March 1, 1995.  The
present mortgage holder has agreed to temporarily extend the
mortgage on a month-to-month basis and the Partnership continues to
make principal and interest payments of $18,900 to said mortgage
holder.

On May 28, 1996, the Partnership signed a note, collateralized by
a second mortgage on The Market and Hidden Valley Exchange, in the
amount of $410,000 at 7% interest.  The Partnership will make
consolidated monthly principal and interest payments on this and the
first mortgage in the amount of $11,426 per month until June 25,
1998 when the entire amount becomes due and payable.  The proceeds
of this note  were used to pay delinquent real estate taxes for The
Market and Hidden Valley Exchange as well as accrued interest and
related loan costs.       

NOTE C--RELATED PARTY TRANSACTIONS

SPECS, Inc., a Kansas Corporation in which the individual General
Partner has a minority interest, receives property management fees
for providing property management services.  SPECS, Inc. also
performs various professional services for the Partnership,
primarily tax accounting, audit preparation, SEC 10Q and 10K
preparation, and investor services.  Property management fees paid
by the Partnership to SPECS, Inc. are as follows:

                                        Nine Months Ended
                                          September 30,      
                                       1997           1996   

Property management fees           $    86,232    $    75,537

Amounts due (to) from related parties consist of the following:
  
                                   September 30,  December 31,
                                       1997           1996   
Secured Investment Resources
 Fund, L.P. III                    $   (83,794)       (78,345)
Secured Investment Resources
 Fund, L.P. II                          (5,000)        (5,000)
SIR, Inc.                               27,529         25,929
                                   $   (61,265)   $   (57,416)
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P.

NOTE D--CASH DISTRIBUTIONS

No distributions have been made since January 1990.  Future
distributions will be made only from excess cash flow not needed for
working capital reserves.


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

Results of Operations

     Revenues for the first nine months of 1997 increased by
     $41,000 (2.4%) compared with the same period last year. 
     Apartment rentals decreased $18,000 and commercial properties
     accounted for increases of $59,000.  The apartment market has
     not allowed the Partnership to increase rental rates.  Several
     smaller leases have been negotiated at Foothills Shopping
     Center which has raised occupancy.

     Total operating and administrative expenses decreased $7,000
     (1.1%) when comparing the first nine months of 1997 to the
     first nine months of 1996.

     The Partnership anticipates that operating results for the
     year ending December 31, 1997 will show a continued increase
     in revenues due to new leases signed on the commercial
     properties.

Liquidity and Capital Resources

     During the first nine months of 1997 $258,100 of cash was
     provided by operating activities, $69,900 was used for
     investing activities and $158,900 was used in financing
     activities. 

     In May 1996, a $410,000 note, collateralized by Hidden Valley
     and The Market, was signed.  This loan matures June 25, 1998
     and the interest rate is 7%.   
     
     The mortgage for Cascade Apartments matured in March, 1995. 
     The existing mortgage holder has agreed to extend this note on
     a month-to-month basis and the Partnership makes monthly
     principal and interest payments of $18,900.

     The General Partners also anticipate that 1997 cash flow from
     operations will continue to improve because of strong
     occupancy, rental rate increases, stabilized expenses, and new
     leases signed on commercial properties.
<PAGE>
Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations.--Cont'd.

     The General Partners have the option of offering one or more
     properties for sale.  Any net proceeds in excess of the
     outstanding mortgage balance could be used to generate
     additional additional working capital.

     The General Partners have determined it prudent to discontinue
     cash distributions until such time that adequate working
     capital and capital improvement reserves are in place.




(The remainder of this page intentionally left blank.)
<PAGE>

PART II.  OTHER INFORMATION
     

     Item 1.   LEGAL PROCEEDINGS

               None.

     Item 2.   CHANGES IN SECURITIES

               Inapplicable.

     Item 3.   DEFAULTS UPON SENIOR SECURITIES

               None.
     
     Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               Inapplicable.

     Item 5.   OTHER INFORMATION

               Inapplicable.


     Item 6.   EXHIBIT AND REPORTS ON FORM 8-K
               
              (a)   Exhibits

                    None.
         
              (b)   Reports on Form 8-K
          
                    There were no reports on Form 8-K filed during
                    the quarter ended September 30, 1997.    
<PAGE>




                         SIGNATURES

     Pursuant to the requirements 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.





                         SECURED INVESTMENT RESOURCES FUND, L.P.
                         A Kansas Limited Partnership
                         (Registrant)


                          
                         By:                                     
                                   James R. Hoyt
                              as Individual General Partner


                         Date: November 15, 1997

                         By:  Secured Investment Resources, Inc.
                              as Corporate General Partner


                         By:      
                                 James R. Hoyt, President


                         Date: November 15, 1997
<PAGE>


                          SIGNATURES

     Pursuant to the requirements 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.





                         SECURED INVESTMENT RESOURCES FUND, L.P.
                         A Kansas Limited Partnership
                         (Registrant)


                          
                         By:      /s/ James R. Hoyt              
                                   James R. Hoyt
                              as Individual General Partner


                         Date:  November 15, 1997


                         By:  Secured Investment Resources, Inc.
                              as Corporate General Partner


                         By:      /s/ James R. Hoyt               
                                  James R. Hoyt, President


                         Date:  November 15, 1997