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 September 30, 1999

                                      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

                 September 30, 1999 and December 31, 1998
                                (unaudited)


                                  Assets
                                  ------

                                                       1999          1998
                                                       ----          ----
Current assets:
  Cash and cash equivalents (Note 1).............. $ 1,426,459     1,161,470
  Accounts and rents receivable...................      58,413       162,558
  Other assets....................................       1,635         1,875
                                                   ------------  ------------
Total current assets..............................   1,486,507     1,325,903
                                                   ------------  ------------
Investment properties (including acquisition fees
  paid to Affiliates of $1,430,682)(Notes 1 and 3):
    Land..........................................   3,998,149     3,998,149
    Buildings and improvements....................  14,001,371    13,957,812
                                                   ------------  ------------
                                                    17,999,520    17,955,961
      Less accumulated depreciation...............   4,372,994     4,047,610
                                                   ------------  ------------
Net investment properties.........................  13,626,526    13,908,351
                                                   ------------  ------------
Other assets:
  Deferred leasing fees to Affiliates (net of
    accumulated amortization of $156,574 and
    $143,005 at September 30, 1999 and December 31,
    1998, respectively) (Notes 1 and 3)...........      71,158        84,727
  Deferred rent receivable (Note 2)...............     238,582       302,419
                                                   ------------  ------------
Total other assets................................     309,740       387,146
                                                   ------------  ------------
Total assets...................................... $15,422,773    15,621,400
                                                   ============  ============













                See accompanying notes to financial statements.


                                      -2-



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

                                Balance Sheets
                                  (continued)

                   September 30, 1999 and December 31, 1998
                                  (unaudited)


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

                                                       1999          1998
                                                       ----          ----
Current liabilities:
  Accounts payable................................ $       231         3,007
  Accrued real estate taxes.......................     243,622       185,785
  Distributions payable (Note 4)..................     135,900       140,427
  Due to Affiliates (Note 3)......................       5,650           472
  Deposits held for others........................     631,218       458,203
                                                   ------------  ------------
Total current liabilities.........................   1,016,621       787,894

Commission payable to Affiliates (Note 3).........     132,000       132,000
                                                   ------------  ------------
Total liabilities.................................   1,148,621       919,894
                                                   ------------  ------------
Partners' capital (Notes 1, 3 and 4):
  General Partner:
    Capital contribution..........................         500           500
    Cumulative net income.........................      56,723        59,977
                                                   ------------  ------------
                                                        57,223        60,477
  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.........................  14,827,055    14,014,261
    Cumulative distributions...................... (22,526,636)  (21,289,742)
                                                   ------------  ------------
                                                    14,216,929    14,641,029
                                                   ------------  ------------
Total Partners' capital...........................  14,274,152    14,701,506
                                                   ------------  ------------
Total liabilities and Partners' capital........... $15,422,773    15,621,400
                                                   ============  ============







                See accompanying notes to financial statements.


                                      -3-



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

                           Statements of Operations

        For the three and nine months ended September 30, 1999 and 1998
                                  (unaudited)

                                         Three months           Nine months
                                            ended                 ended
                                         September 30,         September 30,
                                         -------------         -------------
                                       1999       1998       1999       1998
Income:                                ----       ----       ----       ----
  Rental income (Notes 1 and 2).... $ 489,191    473,076  1,375,243  1,439,314
  Additional rental income.........    36,510     41,361    109,810    120,528
  Interest income..................     9,418     10,739     22,761     31,419
  Other income.....................      -          -          -            20
                                    ---------- ---------- ---------- ----------
                                      535,119    525,176  1,507,814  1,591,281
Expenses:                           ---------- ---------- ---------- ----------
  Professional services to
    Affiliates.....................       112      4,186      6,066      9,982
  Professional services to
    non-affiliates.................     2,811       -        35,766     27,250
  General and administrative
    expenses to Affiliates.........     8,292      6,739     24,747     17,422
  General and administrative
    expenses to non-affiliates.....      (736)     1,481     15,799     13,045
  Property operating expenses to
    Affiliates.....................     7,648      7,318     25,750     23,574
  Property operating expenses to
    non-affiliates.................    54,928     57,183    251,193    182,392
  Depreciation.....................   108,704    104,860    325,384    320,654
  Amortization.....................     4,523      4,523     13,569     13,570
                                    ---------- ---------- ---------- ----------
                                      186,282    186,290    698,274    607,889
                                    ---------- ---------- ---------- ----------
Net income......................... $ 348,837    338,886    809,540    983,392
                                    ========== ========== ========== ==========
Net income (loss) allocated to:
  General Partner..................    (1,087)    (1,049)    (3,254)    (3,207)
  Limited Partners.................   349,924    339,935    812,794    986,599
                                    ---------- ---------- ---------- ----------
Net income......................... $ 348,837    338,886    809,540    983,392
                                    ========== ========== ========== ==========
Net loss allocated to the one
  General Partner Unit............. $  (1,087)    (1,049)    (3,254)    (3,207)
                                    ========== ========== ========== ==========
Net income per Unit, basic and
  diluted, allocated to Limited
  Partners per weighted average
  Limited Partnership Units of
  50,095.50........................ $    6.99       6.78      16.22      19.69
                                    ========== ========== ========== ==========

                See accompanying notes to financial statements.


                                      -4-



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

                           Statements of Cash Flows

               For nine months ended September 30, 1999 and 1998
                                  (unaudited)



                                                       1999          1998
                                                       ----          ----
Cash flows from operating activities:
  Net income...................................... $   809,540       983,392
  Adjustments to reconcile net income to
      net cash provided by operating activities:
    Depreciation..................................     325,384       320,654
    Amortization..................................      13,569        13,570
    Deferred rent receivable......................      63,837        51,518
    Changes in assets and liabilities:
      Accounts and rents receivable...............     104,145       (92,926)
      Other assets................................         240          (905)
      Accounts payable............................      (2,776)        7,494
      Accrued real estate taxes...................      57,837        37,677
      Due to Affiliates...........................       5,178         6,549
      Other current liabilities...................        -          (20,332)
                                                   ------------  ------------
Net cash provided by operating activities.........   1,376,954     1,306,691
                                                   ------------  ------------
Cash flows from investing activities:
  Additions to investment properties..............     (43,559)      (53,502)
                                                   ------------  ------------
Net cash used in investing activities.............     (43,559)      (53,502)
                                                   ------------  ------------
Cash flows from financing activities:
  Deposits held for others........................     173,015       168,618
  Cash distributions..............................  (1,241,421)   (1,241,199)
                                                   ------------  ------------
Net cash used in financing activities.............  (1,068,406)   (1,072,581)
                                                   ------------  ------------
Net increase in cash and cash
  equivalents.....................................     264,989       180,608
Cash and cash equivalents at beginning of period..   1,161,470     1,151,954
                                                   ------------  ------------
Cash and cash equivalents at end of period........ $ 1,426,459     1,332,562
                                                   ============  ============









                See accompanying notes to financial statements.


                                      -5-



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

                         Notes to Financial Statements

                              September 30, 1999
                                  (unaudited)


Readers of this  Quarterly  Report  should  refer  to the Partnership's audited
financial statements for the  fiscal  year  ended  December 31, 1998, which are
included  in  the  Partnership's  1998   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.

Statement of Financial Accounting Standards  No.  121 ("SFAS 121") requires the
Partnership to record  an  impairment  loss  on  its  property  to  be held for
investment whenever  its  carrying  value  cannot  be  fully  recovered through
estimated undiscounted future cash flows  from  their operations and sale.  The
amount of the impairment loss to  be recognized would be the difference between
the property's carrying value  and  the  property's  estimated fair value.  The
Partnership has not recognized any such impairment.

A presentation of information about operating segments as required in Statement
of Financial Accounting Standards  No.  131  "Disclosures  About Segments of an
Enterprise and Related Information" would  not  be material to an understanding
of the Partnership's business taken as a whole as the Partnership is engaged in
the business of  real  estate  investment  which  management  considers to be a
single operating segment.


                                      -6-



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

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (unaudited)


Offering costs have been offset against the Limited Partners' capital accounts.

Depreciation expense is computed  using  the straight-line method. Depreciation
of buildings and improvements are based upon estimated useful lives of 30 to 40
years, while depreciation of  furniture  and  fixtures are based upon estimated
useful lives of 5 to 12 years.   Maintenance and repair expenses are charged to
operations  as  incurred.     Significant   improvements  are  capitalized  and
depreciated  over  their  estimated   useful  lives.  Tenant  improvements  are
depreciated over the related lease term.

Deferred leasing fees are amortized on  a  straight-line basis over the term of
the related lease.

Rental income is recognized  on  a  straight-line  basis  over the term of each
lease.  The difference between rental  income earned on the straight-line basis
and the cash rent due under the  provisions of the lease agreements is recorded
as deferred rent receivable.

The Partnership  considers  all  highly  liquid  investments  purchased  with a
maturity of three months or less  to  be cash equivalents. Such investments are
carried at  cost  which  approximates  market.  Cash  and  cash equivalents are
approximately $1,426,000 and $1,161,000 at  September 30, 1999 and December 31,
1998, respectively, of which approximately $525,200 and $446,800, respectively,
is included in cash and  cash  equivalents  and  held in an unrestricted escrow
account for the payment of real estate taxes for Colonial Manor Living Center.

Statement of Financial Accounting  Standards  No.  128 "Earnings per Share" was
adopted by the Partnership and has  been  applied to all prior earnings periods
presented in  the  financial  statements.    The  Partnership  has  no dilutive
securities.

No provision for Federal income taxes  has  been made as the liability for such
taxes is that of the Partners rather than the Partnership.

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.








                                      -7-



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

                         Notes to Financial Statements
                                  (continued)

                              September 30, 1999
                                  (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  $63,837  and  $51,518 for the nine
months ended September 30, 1999  and  1998,  respectively, of rental income for
the period of occupancy for which stepped rent increases apply and $238,582 and
$302,419 in related  deferred  rent  receivable  as  of  September 30, 1999 and
December 31, 1998, 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 $5,650 and $472 was  unpaid  as  of  September  30, 1999 and December 31,
1998, respectively.

An Affiliate of the General Partner  earned Property Management Fees of $25,750
and  $23,574  for  the  nine   months   ended  September  30,  1999  and  1998,
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 September 30, 1999.

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 October 1999, the  Partnership  paid  a  distribution of $135,900 to the
Limited Partners.








                                      -8-



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.  As of September
30, 1999, cumulative distributions to  Limited Partners totaled $22,526,636, of
which $4,395,565 represents proceeds from  the  sale  of The Wholesale Club and
$18,131,071  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 September 30,  1999,  the  Partnership  had  cash and cash equivalents of
$1,426,459 which includes approximately $525,200 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
September 30,  1999,  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.

On July 26, 1999, the Partnership  received  and accepted a signed contract for
the sale of Eurofresh Market Plaza  for  an amount of $2,400,000.  The contract
is subject to and contingent upon the purchaser obtaining acceptable financing.
The purchaser has paid $100,000 as earnest  money to be applied to the purchase
price and closing is scheduled on or before November 30, 1999.


                                      -9-



Results of Operations

At September 30, 1999, the Partnership  owns four operating properties.  Two of
the  Partnership's  four  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 leases
of the other two  properties  owned  by  the  Partnership, K mart and Eurofresh
Market Plaza, provide that  the  Partnership  be responsible for maintenance of
the structure and the parking lot and the tenants are required to reimburse the
Partnership for  portions  of  insurance,  real  estate  taxes  and common area
maintenance.

Rental income decreased  for  the  nine  months  ended  September  30, 1999, as
compared to the nine months  ended  September  30,  1998,  due to a decrease in
occupancy at Eurofresh Market  Plaza.    Rental  income increased for the three
months ended  September  30,  1999,  as  compared  to  the  three  months ended
September 30, 1998, due to  the  receipt  of  settlement proceeds from a former
tenant of Eurofresh Market.  As  of  September  30, 1999, there were six vacant
spaces at Eurofresh Market Plaza for 11,888 square feet.

Interest income decreased for  the  three  and  nine months ended September 30,
1999, as compared to the three and nine months ended September 30, 1998, due to
a decrease in cash  available  to  invest  in  short-term investments and lower
interest rates.

Professional services to Affiliates  decreased  for  the  three and nine months
ended September 30,  1999,  as  compared  to  the  three  and nine months ended
September 30, 1998, due to a decrease in accounting services required which was
partially offset by  an  increase  in  legal  services  required.  Professional
services to  non-affiliates  increased  for  the  three  and  nine months ended
September 30, 1999, as compared  to  the  three and nine months ended September
30, 1998, due to an increase in legal fees.

General and administrative expenses to  Affiliates  increased for the three and
nine months ended September 30, 1999, as  compared to the three and nine months
ended September 30, 1998, due  to  an  increase in data processing and investor
services expenses.    General  and  administrative  expenses  to non-affiliates
increased for the nine months ended September 30, 1999, as compared to the nine
months ended September 30, 1998, due  to  an  increase in state taxes.  General
and administrative expenses to  non-affiliates  decreased  for the three months
ended September 30, 1999, as compared  to  the three months ended September 30,
1998, due to account reclassifications.

Property operating expenses  to  non-affiliates  increased  for the nine months
ended September 30, 1999, as  compared  to  the nine months ended September 30,
1998, due to an  increase  in  snow  removal  costs and repairs and maintenance
expenses at Eurofresh Market Plaza.










                                     -10-



The following is a list  of  approximate occupancy levels for the Partnership's
investment properties as of the end of each quarter during 1998 and 1999:

                                     1998                        1999
                          ------------------------    ------------------------
                           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%  100%  100%
  Broadview Heights, Ohio

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

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

Eurofresh Market Plaza      95%   95%   89%   85%       77%   77%  77%
  Palatine, Illinois


Year 2000 Issues

GENERAL
-------
Many computer operating  systems  and  software  applications were designed such
that the year 1999 is the  maximum  date  that  can be processed accurately.  In
conducting business, the Partnership  relies  on computers and operating systems
provided by equipment manufacturers, and  also on application software developed
internally  and,  to  a  limited  extent,  by  outside  software  vendors.   The
Partnership has assessed its  vulnerability  to  the so-called "Year-2000 Issue"
with respect to its equipment and computer systems.

STATE OF READINESS
------------------
The  Partnership  has  identified  the  following  three  areas  for "Year-2000"
compliance efforts:

Business  Computer  Systems:  The  majority  of  the  Partnership's  information
technology systems  were  developed  internally  and  include  accounting, lease
management, investment portfolio  tracking,  and  tax  return  preparation.  The
Partnership has rights to  the  source  code  for these applications and employs
programmers who are  knowledgeable  regarding  these  systems.    The process of
testing these internal  systems  to  determine  year  2000  compliance is nearly
complete.  The Partnership does  not  anticipate  any material costs relating to
its  business  computer  systems  regarding   year  2000  compliance  since  the
Partnership's  critical  hardware  and  software  systems  use  four  digits  to
represent the applicable year.  The  Partnership does use various computers, so-
called "PC's", that may run software  that  may not use four digits to represent
the applicable year.  The  Partnership  is  in  the  process  of  testing the PC
hardware and software to determine  year  2000  compliance, but it must be noted
that such PC's  are  incidental  to  the  Partnership's  critical  systems.  The
Partnership is considering independent testing of its critical systems.




                                     -11-



Tenants and Suppliers: The Partnership  is  in the process of surveying tenants,
suppliers and other parties with whom  the Partnership does a significant amount
of business to identify the  Partnership's  potential exposure in the event such
parties are not year 2000  compliant  in  a  timely  manner.   At this time, the
Partnership is not aware of any party  that is anticipating a material Year 2000
compliance issue.  However, since this area involves some parties over which the
Partnership has no control, such  as  public utility companies, it is difficult,
at best, to judge the status of the outside companies' year 2000 compliance. The
Partnership is working closely with  all  suppliers  of goods and services in an
effort to minimize the impact of the failure of any supplier to become year 2000
compliant by December 31, 1999. The Partnership's investigations and assessments
of possible year 2000 issues are  ongoing,  and currently the Partnership is not
aware of any material impact on  its business, operations or financial condition
even if one or more parties is  not  Year 2000 compliant in a timely manner, due
to the number and nature of the Partnership's diverse tenant base.

Non-Information Technology Systems:  In  the  operation  of  its properties, the
Partnership  has   acquired   equipment   with   embedded   technology  such  as
microcontrollers,  which  operate  heating,  ventilation,  and  air conditioning
systems, fire alarms, security systems, telephones and other equipment utilizing
time-sensitive technology.  The Partnership has evaluated its potential exposure
and costs if such non-information technology systems are not year 2000 compliant
and does not expect any costs or exposure to be material.

YEAR 2000 RISKS
---------------
The most reasonable likely worst case  scenario for the Partnership with respect
to the year 2000 non-compliance  of  its  business computer systems would be the
inability to access  information  which  could  result  in  the failure to issue
financial reports.   The  most  reasonable  likely  worst  case scenario for the
Partnership with respect  to  the  year  2000  non-compliance  of its tenants is
failure to receive rental  income  which  could  result in the Partnership being
unable to meet  cash  requirements  for  monthly  expenses.  The most reasonable
likely worst case scenario for  the  Partnership  with  respect to the year 2000
non-compliance of its suppliers  is  the  failure to supply necessary utilities;
including, but not limited to heating,  as  a result of a malfunctioning of non-
information technology systems in some of the Partnership's properties.

YEAR 2000 COSTS
---------------
The Partnership's General  Partner  and  its  Affiliates  estimate that costs to
achieve  year  2000  compliance   will   not   exceed  $100,000.  However,  only
approximately 1% of these costs will  be  directly  allocated to and paid by the
Partnership. The balance of the  year  2000 compliance costs, approximately 99%,
will be paid by the General Partner  and  its Affiliates.  Total year 2000 costs
are not expected to be significant.











                                     -12-



CONTINGENCY PLAN
----------------
The Partnership expects to be Year  2000  compliant in advance of the year 2000.
The Partnership will continue to  monitor  its  progress and state of readiness,
and is in the process  of  formulating  a contingency plan which the Partnership
will be prepared to adopt with respect to areas in which evidence arises that it
may not become Year 2000  compliant  in  sufficient  time.   With respect to its
tenants,  suppliers  and  other  parties  with  whom  the  Partnership  conducts
business, the Partnership does not  yet  have sufficient information to identify
the types of problems it may encounter  in the event these third parties are not
Year 2000 compliant.  As information  is obtained that may indicate such parties
may not become  Year  2000  compliant  in  sufficient  time,  the Partnership is
prepared to develop contingency plans, accordingly.




                          PART II - Other Information

Items 1 through 5 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


























                                     -13-



                                  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: November 12, 1999


                                  /S/ PATRICIA A. DELROSSO

                            By:   Patricia A. DelRosso
                                  Senior Vice President
                            Date: November 12, 1999


                                  /S/ KELLY TUCEK

                            By:   Kelly Tucek
                                  Principal Financial Officer and
                                  Principal Accounting Officer
                            Date: November 12, 1999





















                                     -14-