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 #0-16790


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


          Delaware                              #36-3525989
(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'S MONTHLY INCOME FUND, 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).............. $ 1,773,072
1,299,088
  Accounts and rents receivable...................      36,206
31,130
  Interest receivable.............................      35,521
41,884
  Current portion of mortgage loans receivable....      52,060
64,776
  Current portion of deferred rent receivable.....       4,818
4,818
  Other assets....................................       1,541
2,190
                                                   ------------  -
-----------
Total current assets..............................   1,903,218
1,443,886
                                                   ------------  -
-----------
Investment properties (including acquisition
    fees paid to Affiliates of $1,738,621)
    (Notes 1 and 3):
  Land............................................   2,672,620
2,672,620
  Buildings and improvements......................  15,876,969
15,876,969
  Tenant improvements.............................     793,112
793,112
                                                   ------------  -
-----------
                                                    19,342,701
19,342,701
  Less accumulated depreciation...................   6,171,571
6,044,601
                                                   ------------  -
-----------
Net investment properties.........................  13,171,130
13,298,100
                                                   ------------  -
-----------
Other assets:
  Mortgage loans receivable, less current portion.   4,188,352
5,302,485
  Deferred loan fees (net of accumulated
    amortization of $53,485 and $50,704 at
    March 31, 2000 and December 31, 1999,
    respectively) (Note 1)........................      45,425
48,206
  Deferred leasing fees (including $219,451
    paid to Affiliates) (net of accumulated
    amortization of $237,574 and $232,317 at
    March 31, 2000 and December 31, 1999,
    respectively) (Note 1)........................     106,813
112,070
  Deferred rent receivable, less current portion
    (Notes 1 and 2)...............................     320,443
338,411
                                                   ------------  -
-----------
Total other assets................................   4,661,033
5,801,172

Total assets...................................... $19,735,381
20,543,158
                                                   ============
============



                See accompanying notes to financial statements.


                                      -2-



                      INLAND'S MONTHLY INCOME FUND, 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 and accrued expenses........... $    46,306
467
  Accrued real estate taxes.......................      79,782
63,421
  Distributions payable (Note 4)..................   1,057,530
177,761
  Due to Affiliates (Note 3)......................       9,309
878
  Deposits held for others........................     191,989
189,875
  Prepaid rent....................................      49,019
47,980
  Current portion of deferred gain on sale of
    investment property...........................      11,687
14,583
                                                   ------------  -
-----------
Total current liabilities.........................   1,445,622
494,965

Deferred loan fees................................      21,353
28,080
Long-term debt....................................   2,500,000
2,500,000
Deferred gain on sale of investment property,
  less current portion............................   1,249,623
1,559,942
                                                   ------------  -
-----------
Total liabilities.................................   5,216,598
4,582,987
Partners' capital (Notes 1, 3 and 4):              ------------  -
-----------
  General Partner:
    Capital contribution..........................         500
500
    Supplemental Capital Contributions............   2,095,863
2,095,863
    Supplemental capital distributions to
      Limited Partners............................  (2,095,863)
(2,095,863)
    Cumulative net loss...........................     (36,743)
(36,743)
                                                   ------------  -
-----------
                                                       (36,243)
(36,243)
  Limited Partners:                                ------------  -
-----------
    Units of $500. Authorized 60,000 Units,
      59,285.65 Units outstanding (net of offering
      costs of $3,289,242, of which $388,902 was
      paid to Affiliates).........................  26,353,582
26,353,582
    Supplemental Capital Contributions from
      General Partner.............................   2,095,863
2,095,863
    Cumulative net income.........................  19,433,107
18,778,291
    Cumulative distributions...................... (33,327,526)
(31,231,322)
                                                   ------------  -
-----------
                                                    14,555,026
15,996,414
                                                   ------------  -
-----------
Total Partners' capital...........................  14,518,783
15,960,171
                                                   ------------  -
-----------
Total liabilities and Partners' capital........... $19,735,381
20,543,158
                                                   ============
============

                See accompanying notes to financial statements.


                                      -3-



                      INLAND'S MONTHLY INCOME FUND, 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)................... $   514,126
511,917
  Additional rental income........................      11,683
15,310
  Interest income.................................     127,493
166,650
  Other income....................................      12,654
2,341
                                                   ------------  -
-----------
                                                       665,956
696,218
                                                   ------------  -
-----------
Expenses:
  Professional services to Affiliates.............       2,129
2,184
  Professional services to non-affiliates.........      22,975
32,941
  General and administrative expenses to
    Affiliates....................................      10,380
7,557
  General and administrative expenses to
    non-affiliates................................      23,689
15,127
  Property operating expenses to Affiliates.......       9,301
9,609
  Property operating expenses to non-affiliates...      76,826
67,216
  Interest expense to non-affiliates..............      44,047
36,125
  Depreciation....................................     126,970
125,926
  Amortization....................................       8,038
6,414
                                                   ------------  -
-----------
                                                       324,355
303,099
                                                   ------------  -
-----------
Operating income..................................     341,601
393,119
Gain on sale of investment property...............     313,215
145,558
                                                   ------------  -
-----------
Net income........................................ $   654,816
538,677
                                                   ============
============

Net income allocated to:
  General Partner.................................        -
-
  Limited Partners................................     654,816
538,677
                                                   ------------  -
-----------
Net income........................................ $   654,816
538,677
                                                   ============
============

Net income per Unit allocated to Limited Partners
  per weighted average Limited Partnership Units
  of 59,285.65.................................... $     11.05
9.09
                                                   ============
============




                See accompanying notes to financial statements.


                                      -4-



                      INLAND'S MONTHLY INCOME FUND, 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...................................... $   654,816
538,677
  Adjustments to reconcile net income to net cash
      provided by operating activities:
    Gain on sale of investment property...........    (313,215)
(145,558)
    Depreciation..................................     126,970
125,926
    Amortization..................................       8,038
6,414
    Changes in assets and liabilities:
      Accounts and rents receivable...............      (5,076)
(5,992)
      Interest receivable.........................       6,363
2,667
      Other current assets........................         649
(496)
      Deferred rent receivable....................      17,968
12,011
      Accounts payable and accrued expenses.......      45,839
29,964
      Accrued real estate taxes...................      16,361
16,307
      Due to Affiliates...........................       8,431
1,059
      Unearned income.............................      (5,688)
36,901
                                                   ------------  -
-----------
Net cash provided by operating activities.........     561,456
617,880
                                                   ------------  -
-----------
Cash flows from investing activities:
  Principal payments received on mortgage
    loans receivable..............................   1,126,849
483,669
                                                   ------------  -
-----------
Net cash provided by investing activities.........   1,126,849
483,669
                                                   ------------  -
-----------
Cash flows from financing activities:
  Cash distributions..............................  (1,216,435)
(557,505)
  Deposits held for others........................       2,114
47,894
  Principal payments of long-term debt............        -
(10,773)
                                                   ------------  -
-----------
Net cash used in financing activities.............  (1,214,321)
(520,384)
                                                   ------------  -
-----------
Net increase in cash and cash equivalents.........     473,984
581,165
Cash and cash equivalents at beginning of period..   1,299,088
681,003
                                                   ------------  -
-----------
Cash and cash equivalents at end of period........ $ 1,773,072
1,262,168
                                                   ============
============


Cash paid for interest............................ $    29,042
36,212
                                                   ============
============



                See accompanying notes to financial statements.


                                      -5-



                      INLAND'S MONTHLY INCOME FUND, 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

Inland's Monthly Income Fund, L.P. (the "Partnership"), was formed
on March 26,
1987 pursuant to  the  Delaware  Revised  Uniform  Limited
Partnership Act, to
invest in improved residential,  retail,  industrial and other
income producing
properties.  On August 3, 1987, the Partnership commenced an
Offering of 50,000
(subject to an  increase  up  to  60,000)  Limited  Partnership
Units ("Units")
pursuant to a Registration  Statement  under  the  Securities  Act
of 1933. The
Offering terminated on August 3, 1988, with total sales of 59,999
Units at $500
per Unit, resulting in  gross  offering  proceeds of $29,999,500,
not including
the General Partner's contribution of $500.   All of the holders
of these Units
were 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 has
repurchased a total
of 713 Units  for  $356,676  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
disclosures of
contingent assets and liabilities at  the  date of the financial
statements and
the reported amounts  of  revenues  and  expenses  during the
reporting period.
Actual results could differ from these 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
results to be expected for the year.











                                      -6-



                      INLAND'S MONTHLY INCOME FUND, 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  on  a  straight-line  basis.   The
accompanying
financial statements include  decreases  of  $17,968  and  $12,011
for 2000 and
1999, respectively, of rental  income  for  the  period  of
occupancy for which
stepped rent increases apply and $325,261 and $343,229 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 $9,309 and $878  was  unpaid  at  March  31,  2000 and
December 31, 1999,
respectively.

An Affiliate of the General Partner  is entitled to receive
Property Management
Fees for  management  and  leasing  services.    The  Partnership
has incurred
property management fees of $9,301 and  $9,609 for the three
months ended March
31, 2000 and 1999, respectively.

(4) Long-Term Debt

On April 30,  1999,  the  Partnership  refinanced  the existing
$1,700,000 loan
collateralized by the Rantoul Wal-Mart.  The replacement loan is
for $2,500,000
and is collateralized by the  Rantoul  Wal-Mart  and  the Duncan
Wal-Mart.  The
replacement loan bears an interest  rate  of  6.97%  as compared
to an interest
rate of 9.75% on the original loan.   The replacement loan will
require monthly
interest-only payments and will  mature  on  April  30,  2004.
The Partnership
distributed excess refinancing proceeds  to  the  limited
partners on June 10,
1999.  At March 31, 2000,  the  fair  market value of the mortgage
loan payable
approximated its carrying value.

(5) Subsequent Events

During April 2000, the  Partnership  paid  a  distribution of
$1,057,530 to the
Limited Partners, of which $885,000 represented a return of
capital.





                                      -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,  competition for
tenants; 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 3, 1987, the  Partnership  commenced an Offering of
50,000 (increased
to 60,000) Limited Partnership  Units  pursuant  to a Registration
Statement on
Form S-11 under the Securities Act  of  1933. The Offering
terminated on August
3, 1988, with total sales of 59,999  Units at $500 per Unit,
resulting in gross
offering  proceeds  of  $29,999,500,   not   including  the
General  Partner's
contribution of $500. All of the holders  of these Units have been
admitted  to
the  Partnership.    The   Partnership   acquired  seven
properties  utilizing
$25,831,542  of  capital  proceeds   collected.   During  1994
and  1995,  the
Partnership sold the thirty-eight six-unit condominium buildings
comprising the
Schaumburg Terrace condominium complex.  Also,  the Partnership
sold one of the
three lots adjacent to the Hillside  Living Center during
September 1997. As of
March  31,  2000,   cumulative   distributions   to  Limited
Partners  totaled
$33,327,526, including $2,095,863  of  Supplemental  Capital
Contributions from
the  General  Partner,  which  represents  distributable  cash
flow  from  the
properties. The Partnership  repurchased  713  Units  for $356,676
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
$1,773,072 which includes approximately $179,700 for the payment
of real estate
taxes for  Douglas  and  Hillside  Living  Centers.  Since
December  1999, the
Partnership received prepayments on five  of the twenty-four
remaining mortgage
loans  receivable  on  the   six-unit   condominium  buildings
comprising  the
Schaumburg  Terrace  condominium   complex.   Repayment   proceeds
from  these
prepayments totaled approximately  $1,114,000.    A  portion of
these repayment
proceeds was included in the  distribution  to the limited
partners on February
10, 2000. The Partnership intends  to  use  the remaining balance
of such funds
for future distributions and working capital requirements.

The properties owned by the  Partnership,  along  with the
interest received on
the Schaumburg Terrace  mortgage  receivables,  are  generating
sufficient cash
flow to meet the  8%  annualized  distributions  to  the Limited
Partners (paid
monthly),  in  addition  to  covering   all   the  operating
expenses  of  the
Partnership. To the extent  that  the  cash  flow  is
insufficient to meet the
Partnership's  needs,  the  Partnership   may   rely  on
Supplemental  Capital
Contributions from the General Partner, advances from Affiliates
of the General
Partner, other short-term financing, or may sell one or more of
the properties.


                                      -8-



On April 30,  1999,  the  Partnership  refinanced  the existing
$1,700,000 loan
collateralized by the Rantoul Wal-Mart.  The replacement loan is
for $2,500,000
and is collateralized by the  Rantoul  Wal-Mart  and  the Duncan
Wal-Mart.  The
replacement loan bears an interest  rate  of  6.97% as compared to
the interest
rate of 9.75% on the original loan.   The replacement loan will
require monthly
interest only payments and  will  mature  on  April  30, 2004.
The Partnership
distributed excess refinancing proceeds  to  the  limited
partners on June 10,
1999.

Results of Operations

As of March 31, 2000, the Partnership  owned six operating
properties.  Five of
these properties were  leased  on  a  "triple-net"  basis  which
means that all
expenses of the property are  passed  through  to  the tenant.
The Partnership
also owns a shopping center, McHenry  Plaza.  The leases of the
shopping center
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.

Since December, 1999,  the  Partnership  received  prepayments  on
five of the
twenty-four remaining mortgage  loans  receivable  on  the six-
unit condominium
buildings comprising  the  Schaumburg  Terrace  condominium
complex  which the
Partnership had sold during 1994 and 1995.

The gain on the sale of investment property recorded for the three
months ended
March 31, 2000 is  the  result  of  deferred  gain  from the
Schaumburg Terrace
condominium sales being recognized as cash is received on the
related financing
extended by the Partnership to the  individual purchasers.  The
increase in the
gain on the sale of investment  property  for  the three months
ended March 31,
2000, as compared to the  three  months  ended  March  31,  1999,
is due to the
recognition of $310,293 of deferred  gain  from  the  prepayment
of five of the
twenty-four mortgage loans receivable.

Rental and additional 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 occupancy  and  rent  rates  at  McHenry  Plaza.    As  of
March  31, 2000,
approximately 6,159 square feet,  representing  11%  of  the total
space at the
center, remains  to  be  leased.    The  General  Partner
continues  to pursue
additional leases for this remaining space.

Interest income  decreased  for  the  three  months  ended  March
31, 2000, as
compared to the three months ended March 31, 1999, due to
decreases in interest
income on the mortgage loans receivable as a result of prepayments
and due to a
decrease in interest rates on investments.

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 services and accounting services.









                                      -9-




General and administrative expense 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 postage costs.    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 paid.

Property operating 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  repair  and  maintenance  expenses at McHenry
Plaza Shopping
Center.    This  increase  was  partially  offset  by  a  decrease
in  grounds
maintenance expenses.

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           03/31 06/30 09/30 12/31     03/31 06/30
09/30 12/31
      ----------           ----- ----- ----- -----     ----- -----
----- -----
McHenry Plaza               79%   79%   79%   89%       89%
McHenry, Illinois

Douglas Living &
Retirement Center          100%  100%  100%  100%      100%
Mattoon, Illinois

Hillside Living Center     100%  100%  100%  100%      100%
Yorkville, Illinois

Scandinavian Health Spa    100%  100%  100%  100%      100%
Westlake, Ohio

Rantoul Wal-Mart           100%  100%  100%  100%      100%
Rantoul, Illinois

Duncan Wal-Mart            100%  100%  100%  100%      100%
Duncan, Oklahoma



                          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'S MONTHLY INCOME FUND, 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-