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 March 31, 2000

                                      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 #0-17593


                     Inland Monthly Income Fund II, L.P.
            (Exact name of registrant as specified in its charter)



         Delaware                                     #36-3587209
  (State or other jurisdiction      (I.R.S. Employer
Identification Number)
of incorporation or organization)



       2901 Butterfield Road, Oak Brook, Illinois         60523
        (Address of principal executive office)         (Zip Code)


    Registrant's telephone number, including area code:  630-218-
8000


                                   N/A
                (Former name, former address and former fiscal
                      year, if changed since last report)


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




                                      -1-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                                Balance Sheets

                     March 31, 2000 and December 31, 1999
                                  (unaudited)


                                    Assets
                                    ------

                                                       2000
1999
                                                       ----
----
Current assets:
  Cash and cash equivalents (Note 1).............. $ 1,216,338
3,665,630
  Accounts and rents receivable...................       1,314
10,406
  Other assets....................................          72
167
                                                   ------------  -
-----------
Total current assets..............................   1,217,724
3,676,203
                                                   ------------  -
-----------
Investment properties (including acquisition fees
  paid to Affiliates of $1,430,682)(Notes 1 and 3):
    Land..........................................   3,187,438
3,187,438
    Buildings and improvements....................  12,423,443
12,423,443
                                                   ------------  -
-----------
                                                    15,610,881
15,610,881
      Less accumulated depreciation...............   4,141,697
4,046,018
                                                   ------------  -
-----------
Net investment properties.........................  11,469,184
11,564,863
                                                   ------------  -
-----------
Other assets:
  Deferred leasing fees to Affiliates (net of
    accumulated amortization of $165,620 and
    $161,097 at March 31, 2000 and December 31,
    1999, respectively)(Notes 1 and 3)............      62,112
66,635
  Deferred rent receivable (Note 2)...............     202,194
222,021
                                                   ------------  -
-----------
Total other assets................................     264,306
288,656
                                                   ------------  -
-----------
Total assets...................................... $12,951,214
15,529,722
                                                   ============
============













                See accompanying notes to financial statements.


                                      -2-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                                Balance Sheets
                                  (continued)

                     March 31, 2000 and December 31, 1999
                                  (unaudited)


                       Liabilities and Partners' Capital
                       ---------------------------------

                                                       2000
1999
                                                       ----
----
Current liabilities:
  Accounts payable................................ $    57,092
22,749
  Distributions payable (Note 4)..................     123,832
140,427
  Due to Affiliates (Note 3)......................      10,849
878
  Deposits held for others........................     344,503
458,859
                                                   ------------  -
-----------
Total current liabilities.........................     536,276
622,913

Commission payable to Affiliate (Note 3)..........     132,000
132,000
                                                   ------------  -
-----------
Total liabilities.................................     668,276
754,913
                                                   ------------  -
-----------
Partners' capital (Notes 1, 3 and 4):
  General Partner:
    Capital contribution..........................         500
500
    Cumulative net income.........................      59,036
59,993
                                                   ------------  -
-----------
                                                        59,536
60,493
  Limited Partners:                                ------------  -
-----------
    Units of $500. Authorized 80,000 Units,
      50,095.50 Units outstanding (net of
      offering costs of $3,148,734, of which
      $653,165 was paid to Affiliates)............  21,916,510
21,916,510
    Cumulative net income.........................  16,022,595
15,740,975
    Cumulative distributions...................... (25,715,703)
(22,943,169)
                                                   ------------  -
-----------
                                                    12,223,402
14,714,316
                                                   ------------  -
-----------
Total Partners' capital...........................  12,282,938
14,774,809
                                                   ------------  -
-----------
Total liabilities and Partners' capital........... $12,951,214
15,529,722
                                                   ============
============








                See accompanying notes to financial statements.


                                      -3-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                           Statements of Operations

              For the three months ended March 31, 2000 and 1999
                                  (unaudited)


                                                       2000
1999
                                                       ----
----
Income:
  Rental income (Notes 1 and 2)................... $   418,458
473,970
  Additional rental income........................        -
45,144
  Interest income.................................      25,548
6,722
                                                   ------------  -
-----------
                                                       444,006
525,836
Expenses:                                          ------------  -
-----------
  Professional services to Affiliates.............       6,486
1,909
  Professional services to non-affiliates.........      20,337
30,557
  General and administrative expenses to
    Affiliates....................................       9,689
8,589
  General and administrative expenses to
    non-affiliates................................      18,578
13,537
  Property operating expenses to Affiliates.......       4,992
8,568
  Property operating expenses to non-affiliates...       3,059
95,217
  Depreciation....................................      95,679
108,340
  Amortization....................................       4,523
4,523
                                                   ------------  -
-----------
                                                       163,343
271,240
                                                   ------------  -
-----------
Net income........................................ $   280,663
254,596
                                                   ============
============

Net income (loss) allocated to:
  General Partner.................................        (957)
(1,083)
  Limited Partners................................     281,620
255,679
                                                   ------------  -
-----------
Net income........................................ $   280,663
254,596
                                                   ============
============

Net loss allocated to the one General Partner Unit $      (957)
(1,083)
                                                   ============
============
Net income per Unit, allocated to Limited Partners
  per weighted average Limited Partnership
  Units of 50,095.50.............................. $      5.62
5.10
                                                   ============
============








                See accompanying notes to financial statements.


                                      -4-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                           Statements of Cash Flows

              For the three months ended March 31, 2000 and 1999
                                  (unaudited)



                                                       2000
1999
                                                       ----
----
Cash flows from operating activities:
  Net income...................................... $   280,663
254,596
  Adjustments to reconcile net income to
      net cash provided by operating activities:
    Depreciation..................................      95,679
108,340
    Amortization..................................       4,523
4,523
    Changes in assets and liabilities:
      Accounts and rents receivable...............       9,092
(1,023)
      Other assets................................          95
1,068
      Deferred rent receivable....................      19,827
16,434
      Accounts payable............................      34,343
23,893
      Accrued real estate taxes...................        -
(39,700)
      Due to Affiliates...........................       9,971
1,142
      Other current liabilities...................        -
11,453
                                                   ------------  -
-----------
Net cash provided by operating activities.........     454,193
380,726
                                                   ------------  -
-----------
Cash flows from financing activities:
  Deposits held for others........................    (114,356)
(100,841)
  Cash distributions..............................  (2,789,129)
(407,693)
                                                   ------------  -
-----------
Net cash used in financing activities.............  (2,903,485)
(508,534)
                                                   ------------  -
-----------
Net decrease in cash and cash equivalents.........  (2,449,292)
(127,808)
Cash and cash equivalents at beginning of period..   3,665,630
1,161,470
                                                   ------------  -
-----------
Cash and cash equivalents at end of period........ $ 1,216,338
1,033,662
                                                   ============
============















                See accompanying notes to financial statements.


                                      -5-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                         Notes to Financial Statements

                                March 31, 2000
                                  (unaudited)


Readers of this  Quarterly  Report  should  refer  to the
Partnership's audited
financial statements for the  fiscal  year  ended  December 31,
1999, which are
included  in  the  Partnership's  1999   Annual  Report,  as
certain  footnote
disclosures which would substantially duplicate those contained in
such audited
financial statements have been omitted from this Report.

(1) Organization and Basis of Accounting

The Registrant, Inland Monthly  Income  Fund  II, L.P. (the
"Partnership"), was
formed on June  20,  1988  pursuant  to  the  Delaware  Revised
Uniform Limited
Partnership Act, to  invest  in  improved  residential,  retail,
industrial and
other income producing properties. On August 4, 1988, the
Partnership commenced
an Offering of 50,000 (subject to increase to 80,000) Limited
Partnership Units
pursuant to a  Registration  under  the  Securities  Act  of 1933.
The Offering
terminated on August 4, 1990, with  total  sales of 50,647.14
Units at $500 per
Unit, resulting in gross  offering  proceeds  of $25,323,569, not
including the
General Partner's contribution for $500. All of the holders of
these Units have
been admitted to the Partnership.  Inland Real Estate Investment
Corporation is
the General Partner.  The  Limited  Partners  of  the  Partnership
share in the
benefits  of  ownership  of  the  Partnership's  real  property
investments in
proportion to the  number  of  Units  held.  The Partnership
repurchased 551.64
Units for $260,285 from  various  Limited  Partners through the
Unit Repurchase
Program. There are no funds remaining  for the repurchase of Units
through this
program.

The preparation of financial  statements  in conformity with
generally accepted
accounting principles requires  management  to  make  estimates
and assumptions
that affect the reported amounts  of  assets  and liabilities and
disclosure of
contingent assets and liabilities at  the  date of the financial
statements and
the reported amounts of  revenues  and  expenses  during the
reporting periods.
Actual results could differ from those estimates.

In  the  opinion  of  management,  the  financial  statements
contain  all the
adjustments necessary, which  are  of  a  normal  recurring
nature, to present
fairly the  financial  position  and  results  of  operations  for
the periods
presented herein.  Results of interim periods are not necessarily
indicative of
the results to be expected for the year.











                                      -6-



                      INLAND MONTHLY INCOME FUND II, L.P.
                            (a limited partnership)

                         Notes to Financial Statements
                                  (continued)

                                March 31, 2000
                                  (unaudited)


(2) Deferred Rent Receivable

Certain tenant leases contain provisions  providing for stepped
rent increases.
Generally accepted accounting principles require that rental
income be recorded
for the period of occupancy  using  the  straight-line basis.  The
accompanying
financial statements include decreases  of  $19,827  and  $16,434
for the three
months ended March 31, 2000  and  1999,  respectively, of rental
income for the
period of occupancy for  which  stepped  rent  increases apply and
$202,194 and
$222,021 in related deferred rent receivable  as of March 31, 2000
and December
31, 1999, respectively.  These amounts will  be collected over the
terms of the
related leases as scheduled rent payments are made.


(3) Transactions with Affiliates

The General  Partner  and  its  Affiliates  are  entitled  to
reimbursement for
salaries and expenses of employees  of  the  General Partner and
its Affiliates
relating to the administration of the  Partnership.  Such costs
are included in
professional services and general and administrative expenses to
Affiliates, of
which $10,849 and $878 was unpaid as  of  March 31, 2000 and
December 31, 1999,
respectively.

An Affiliate of the General  Partner  earned Property Management
Fees of $4,992
and $8,568 for the three months ended March 31, 2000 and 1999,
respectively, in
connection with managing the Partnership's  properties.  Such fees
are included
in property operating expenses  to  Affiliates,  all  of  which
were paid as of
March 31, 2000.

In connection with the  sale  of  The  Wholesale  Club  on January
8, 1991, the
Partnership recorded $132,000 of  sales  commission  payable to an
Affiliate of
the General Partner.    Such  commission  has  been  deferred
until the Limited
Partners receive their  Original  Capital  plus  a  return  as
specified in the
Partnership Agreement.


(4)  Subsequent Events

During April 2000,  the  Partnership  paid  a  distribution  of
$123,832 to the
Limited Partners.








                                      -7-



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

Certain statements in this  "Management's  Discussion and Analysis
of Financial
Condition and Results of Operations" and  elsewhere in this
quarterly report on
Form 10-Q constitute  "forward-looking  statements"  within  the
meaning of the
Federal Private Securities  Litigation  Reform  Act  of  1995.
These forward-
looking statements involve  known  and  unknown  risks,
uncertainties and other
factors which  may  cause  the  Partnership's  actual  results,
performance or
achievements to be materially different from any future results,
performance or
achievements expressed or implied  by  these forward-looking
statements.  These
factors include,  among  other  things,  federal,  state  or local
regulations;
adverse changes in general economic  or local conditions;
inability of borrower
to meet financial  obligations;  uninsured  losses;  and potential
conflicts of
interest between the  Partnership  and  its  Affiliates,
including the General
Partner.

Liquidity and Capital Resources

On August 4, 1988, the Partnership  commenced an Offering of
50,000 (subject to
increase to  80,000)  Limited  Partnership  Units  pursuant  to  a
Registration
Statement  on  Form  S-11  under  the  Securities  Act  of  1933.
The Offering
terminated on August 4, 1990, with  total  sales of 50,647.14
Units at $500 per
Unit, resulting in gross  offering  proceeds  of $25,323,569, not
including the
General Partner's contribution of $500. All  of the holders of
these Units have
been admitted to the Partnership.  The Partnership has acquired
five properties
utilizing $21,224,542 of capital  proceeds  collected.  On January
8, 1991, the
Partnership sold one of its  properties,  The  Wholesale Club.  On
November 30,
1999, the Partnership sold another of  its  properties, Eurofresh
Plaza.  As of
March  31,  2000,   cumulative   distributions   to  Limited
Partners  totaled
$25,715,703, of which  $4,395,565  represents  proceeds  from  the
sale of The
Wholesale Club,  $2,392,818  represents  proceeds  from  the  sale
of Eurofresh
Plaza, and $18,927,320 represents distributable  cash flow from
the properties.
The Partnership repurchased  551.64  Units  for  $260,285  from
various Limited
Partners through the Unit Repurchase Program.  There are no funds
remaining for
the repurchase of Units through this program.

As of  March  31,  2000,  the  Partnership  had  cash  and  cash
equivalents of
$1,216,338 which includes approximately $344,500 held in an
unrestricted escrow
account for the payment of real  estate taxes for Colonial Manor
Living Center.
The Partnership intends  to  use  such  remaining  funds for
property upgrades,
distributions and for other working capital requirements.

The properties owned by the Partnership  are  generating cash flow
in excess of
the 8% annualized  distributions  to  the  Limited  Partners (paid
monthly), in
addition to covering all  the  operating  expenses  of  the
Partnership.  As of
March 31, 2000, the Partnership  has  made cumulative
distributions of $253,868
in addition to the 8%  annualized  return  to  the Limited
Partners from excess
cash flow. To the extent that the cash flow from the properties is
insufficient
to meet the Partnership's  needs,  the  Partnership  may  rely on
advances from
Affiliates of the General Partner, other  short-term financing, or
may sell one
or more of the properties.





                                      -8-



Results of Operations

At March 31, 2000, the Partnership owns three operating
properties.  Two of the
Partnership's three operating properties,  Scandinavian Health Spa
and Colonial
Manor Living Center, are leased  on  a  "triple-net" basis which
means that all
expenses of the property are passed  through  to  the tenant.  The
lease of the
other property owned by the Partnership,  K mart, provides that
the Partnership
be responsible for maintenance of  the  structure  and  the
parking lot and the
tenant is required to reimburse the Partnership for portions of
insurance, real
estate taxes and common area maintenance.

Rental income decreased for the three  months ended March 31,
2000, as compared
to the three months  ended  March  31,  1999,  due  to the absence
of Eurofresh
Plaza's rent since the sale of the property on November 30, 1999.

Interest income  increased  for  the  three  months  ended  March
31, 2000, as
compared to the three months ended March  31,  1999, due to an
increase in cash
available to invest in short-term investments  from the proceeds
of the sale of
Eurofresh Plaza.  Proceeds of $2,392,818 were distributed on
February 10, 2000.

Professional services to Affiliates increased  for the three
months ended March
31, 2000, as compared to  the  three  months  ended  March  31,
1999, due to an
increase in legal services  required.   Professional services to
non-affiliates
decreased for the three months ended  March  31, 2000, as compared
to the three
months ended March 31, 1999, due to a decrease in legal fees.

General and  administrative  expenses  to  Affiliates  increased
for the three
months ended March 31, 2000, as  compared  to  the three months
ended March 31,
1999, due to an increase in data  processing and postage expenses.
General and
administrative expenses to non-affiliates increased  for the three
months ended
March 31, 2000, as compared to the three months ended March 31,
1999, due to an
increase in state taxes.

Property operating expenses to Affiliates  and non-affiliates
decreased for the
three months ended March 31, 2000, as  compared to the three
months ended March
31, 1999, due to the sale of Eurofresh Plaza as of November 30,
1999.





















                                      -9-



The following is a list  of  approximate occupancy levels for the
Partnership's
investment properties as of the end of each quarter during 1999
and 2000:

                                     1999
2000
                          ------------------------    ------------
------------
                           at     at    at    at        at    at
at    at
        Properties         3/31  6/30  9/30  12/31     3/31  6/30
9/30  12/31
        ----------         ----- ----- ----- -----     ----- -----
----- -----
Scandinavian Health Spa    100%  100%  100%  100%      100%
  Broadview Heights, Ohio

Colonial Manor             100%  100%  100%  100%      100%
  LaGrange, Illinois

K mart                     100%  100%  100%  100%      100%
  Chandler, Arizona




                          PART II - Other Information

Items 1 through 5(b) are  omitted  because  of  the absence of
conditions under
which they are required.

Item 6.  Exhibits and Reports on Form 8-K

    (a)  Exhibits:

    (27) Financial Data Schedule

    (b)  Reports on Form 8-K:

         None























                                     -10-



                                  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.



                            INLAND MONTHLY INCOME FUND II, L.P.

                            By:   Inland Real Estate Investment
Corporation
                                  General Partner


                                  /S/ ROBERT D. PARKS

                            By:   Robert D. Parks
                                  Chairman
                            Date: May 11, 2000


                                  /S/ PATRICIA A. DELROSSO

                            By:   Patricia A. DelRosso
                                  Senior Vice President
                            Date: May 11, 2000


                                  /S/ KELLY TUCEK

                            By:   Kelly Tucek
                                  Principal Financial Officer and
                                  Principal Accounting Officer
                            Date: May 11, 2000





















                                     -11-