SECURITIES AND EXCHANGE COMMISSION

                                Washington, DC
                           -------------------------

                                    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, 1997

                                      OR

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

For the transition period from              to


                        Commission file number 0-17412

                               Secured Income L.P.
             (Exact name of Registrant as specified in its charter)


                 Delaware                                    06-1185846
State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization                          Identification No.)

       599 West Putnam Avenue
        Greenwich, Connecticut
06830
(Address of principal executive offices)                  Zip Code


Registrant's telephone number, including area code:  (203) 869-0900


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 filing requirements
for the past 90 days.


Yes     X      No