<ARTICLE> 5
<CIK> 0000745895
<NAME> BOETTCHER PENSION INVESTORS, LTD.
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               JAN-31-1997
<CASH>                                         747,197
<SECURITIES>                                         0
<RECEIVABLES>                                    46121
<ALLOWANCES>                                     79592
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         6535765
<DEPRECIATION>                                (597703)
<TOTAL-ASSETS>                                 6779775
<CURRENT-LIABILITIES>                                0
<BONDS>                                        5742144
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                      863727
<TOTAL-LIABILITY-AND-EQUITY>                   6779775
<SALES>                                              0
<TOTAL-REVENUES>                                288892
<CGS>                                                0
<TOTAL-COSTS>                                   284257
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              136540
<INCOME-PRETAX>                                   4635
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                               4635
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                      4635
<EPS-PRIMARY>                                      .43
<EPS-DILUTED>                                      .43