FORM 10-Q

	SECURITIES AND EXCHANGE COMMISSION
	Washington, D.C. 20549

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter 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 to
Commission file number                    0-16798

           SECURED INVESTMENT RESOURCES FUND, L.P. II
    (Exact name of registrant as specified in its charter)

               Delaware                         36-3451000
(State or other jurisdiction of             (I.R.S. Employer
 incorporation or organization)            Identification No.)

4200 Blue Ridge Blvd., Ste LH-06, K.C., MO          64133
(Address of principal executive offices)         (Zip Code)

(Registrant's telephone number,
 including area code)	                      (816) 353-6500

Securities registered pursuant to Section 12(b) of the Act:

                                   None

Securities registered pursuant to Section 12(g) of the Act:

               Limited Partnership Interests ("Units")

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 such shorter periods 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
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II
                              INDEX

PART I.  FINANCIAL INFORMATION                                  Page
Item 1.  Financial Statements (Unaudited):

         Balance Sheets - September 30, 1999 and
           December 31, 1998                                     3-4

         Statements of Operations -- Three and Nine
          Months Ended June 30, 1999 and 1998                     5

         Statements of Partnership Capital --
          Nine Months Ended September 30, 1999
          and the Year Ended December 31, 1998                    6

         Statements of Cash Flows - Nine Months
          Ended September 30, 1999 and 1998               	7-8

         Notes to Financial Statements                     	8-9

Item 2.  Management's Discussion and Analysis
          of Financial Condition and Results
          of Operations				                 11

PART II.  OTHER INFORMATION
Item 1.  Legal Proceedings                                       11

Item 2.  Changes in Securities                                   11

Item 3.  Defaults Upon Senior Securities                         11

Item 4.  Submission of Matters to a Vote of Security Holders     11

Item 5.  Other Information                                       11

Item 6.  Exhibits and Reports on Form 8-K                        11

SIGNATURES                                                     12-13
PART I.	FINANCIAL INFORMATION

Item 1.	FINANCIAL STATEMENTS

SECURED INVESTMENT RESOURCES FUND, L.P. II

BALANCE SHEETS
                                         September 30,
                                             	1999	December 31,
                                           (Unaudited)         1998
ASSETS

INVESTMENT PROPERTIES
  Land and buildings                      $ 30,458,599 	$ 30,458,599
  Furniture, fixtures and equipment          2,032,403     1,695,055
                                            32,491,002    32,153,654
  Less accumulated depreciation
     and allowance for losses               12,622,383    11,856,495
                                            19,868,619    20,297,159

RESTRICTED DEPOSITS
  Bond cash reserves                         1,510,000     1,510,000
  Bond principal reduction reserves            481,729       582,668
  Restricted Deposits                           28,750        28,750
                                             2,020,479     2,121,418

OTHER ASSETS
  Cash                                         808,348       550,176
  Rents and other receivables,
     less allowance of $151,537
     in 1999 and $113,963 in 1998              143,259        37,613
  Due from related parties (Note C)            269,046       269,046
  Prepaid expenses                             165,100       224,966
  Debt issuance costs, net of
     accumulated amortization of
     $462,902 in 1999 and $406,256
     in 1998                                   325,202      178,058
  Commercial commissions, deposits and other    80,414       69,699
                                             1,791,369    1,329,558


      TOTAL ASSETS                        $ 23,680,467 $ 23,748,135
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II

BALANCE SHEETS--CONTINUED

                                             September 30,
                                                  1999         December 31,
                                               (Unaudited)          1998
LIABILITIES AND PARTNERSHIP CAPITAL

    Mortgage debt (Note B)                    $ 22,393,368    $  22,415,582
    Deferred interest (Note B)                     737,370          737,370
    Accrued interest                                58,398           58,398
    Accounts payable and accrued expenses          530,663          271,425
    Unearned revenue                                 6,748           32,415
   Tenant security deposits                        104,196          110,315

 TOTAL LIABILITIES                              23,830,743       23,625,505


PARTNERSHIP CAPITAL
General Partner
    Capital contribution                            1,000            1,000
    Partnership deficit                          (211,876)        (184,585)
                                                 (210,876)        (183,585)
Limited Partner
    Capital contributions                      18,901,831       18,901,831
    Partnership deficit                       (18,841,231)     (18,595,616)
                                                   60,600          306,215
 TOTAL PARTNERSHIP CAPITAL                       (150,276)         122,630

                                             $ 23,680,467     $ 23,748,135








See notes to financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II

STATEMENTS OF OPERATIONS (Unaudited)

                                Nine Months Ended    Three Months Ended
                                    September 30,        September 30,
                                   1999        1998        1999        1998
REVENUES
  Rents                     $ 4,048,880	$ 4,583,500 $ 1,473,603	$ 2,047,938
  Maintenance escalations
   and other                     67,871      69,347      24,218      17,682
                              4,116,751   4,652,847   1,497,821   2,065,620

OPERATING AND
ADMINISTRATIVE EXPENSES
  Property operating
     expenses                 1,601,312   2,097,814     517,208   1,053,013
  General and administrative
     expenses                    75,492     102,222      27,368      35,417
  Professional services         167,248     145,684      40,174      63,241
  Management fees               185,956     194,112      64,505      83,926
  Depreciation and amortization 822,534     816,433     274,235     272,144
                              2,852,542   3,356,265     923,490   1,507,751
NET OPERATING INCOME          1,264,209   1,296,582     574,331     557,869

NON-OPERATING EXPENSES
  Interest                    1,537,115   1,457,997     523,405     466,922

  Gain on sale of property          -     1,567,326         -     1,567,326

PARTNERSHIP INCOME (LOSS)     (272,906)   1,405,911      50,926   1,658,273
  Allocation of income (loss):
     General Partner           (27,291)      14,059         509      16,583
     Limited Partner          (245,615)   1,391,852      50,417   1,641,690

                            $ (272,906)	$ 1,405,911  $   50,926 $ 1,658,273
  Partnership income (loss)
     per limited partnership
     unit                     $  (5.08)	$    (25.96) $      .95	$     30.61




See notes to financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II

STATEMENTS OF PARTNERSHIP CAPITAL (Unaudited)

Nine Months Ended September 30, 1999 (Unaudited) and
the Years Ended December 31, 1998 and 1997

                                   General       Limited
                                   Partner       Partner        Total

Balances at December 31, 1997   $ (194,875)   $ (489,741)  $ (684,616)

Partnership profit                  11,290     1,117,742    1,129,032

Distribution                        	-       (321,786)    (321,786)

Balances at December 31, 1998     (183,585)      306,215      122,630

Partnership Loss                   (27,291)     (245,615)    (272,906)

Balances at September 30, 1999 $  (210,876)  $    60,600  $  (150,276)















See notes to financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II,

STATEMENTS OF CASH FLOWS (Unaudited)

                                                       Nine Months Ended
                                                          September 30,
                                                         1999          1998

OPERATING ACTIVITIES
  Partnership income (loss)                            $ (272,906) $ 1,405,911
  Adjustments to reconcile partnership loss to net cash
     provided by operating activities:
        Depreciation and amortization                     822,534      816,433
Amortization of bond discount                             113,400      113,400
Gain on debt restructuring                                    -           -
        Provision for losses on rents
           and other receivables                           37,574       22,717
        Changes in assets and liabilities:
           Rents and other receivables                   (143,220)    (125,023)
 Prepaid expenses                                          59,866      (85,489)
        Commercial commissions, deposits and other        (10,715)      (2,915)
        Accounts payable and accrued expenses             259,238      (32,214)
        Accrued interest                                       -      (722,760)
        Unearned revenue                                  (25,667)      (3,356)
        Tenant security deposits                           (6,119)     (32,559)

NET CASH PROVIDED BY OPERATING ACTIVITIES                 833,985    1,354,145

INVESTING ACTIVITIES
  Purchases of and improvements to investment properties (337,348)    (213,734)
  Release (purchase) of restricted bond cash reserves	  100,939      (46,975)

NET CASH USED IN INVESTING ACTIVITIES                    (236,409)    (260,709)

FINANCING ACTIVITIES
    Principal payments on long-term debt                 (135,614)    (851,414)
    Debt Issuance Costs                                  (203,790)      56,646
    Distributions to limited partners                          -      (318,862)

NET CASH USED IN FINANCING ACTIVITIES                    (339,404)  (1,113,630)

INCREASE IN CASH AND CASH EQUIVALENTS                     258,172      (20,194)

CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD             550,176      867,658

CASH AND CASH EQUIVALENTS END OF PERIOD                 $ 808,348 $    847,464

See Notes to Financial Statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II

NOTES TO FINANCIAL STATEMENTS (Unaudited)

SEPTEMBER 30, 1999


NOTE A--BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X.  Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.  In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included.  Operating results for the nine month period
ended September 30, 1999 are not necessarily indicative of the results that may
be expected for the year ended December 31, 1999.  For further information,
refer to the financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the year ended December 31, 1998.

NOTE B--MORTGAGE DEBT

Mortgage debt consists of the following:
                                           September 30,    December 31,
                                                1999           1998
Collateralized by Investment Property

  First Mortgages
    Oak Terrace Active Retirement
      Center and Healthcare Center        $ 12,800,000     $ 12,800,000
    Less bond discount                      (1,786,042)      (1,899,442)
    Sunwood Village Apartments               7,885,612        7,940,528
    Forest Park Shopping Ctr.                  971,931        1,026,797
    Bayberry Crossing Shopping Ctr.          2,521,867        2,547,699

                                         $  22,393,368  $    22,415,582

Interest expense totaled $1,537,115 and $1,457,997 during the first nine
months of 1999 and 1998, respectively.

The Partnership has the option to currently pay or defer payment of interest
due on  the hedged portion ($10,700,000) of the Oak Terrace Active Retirement
Center financing.  As of September 30, 1999 and December 31, 1998, $737,370 of
deferred interest has been accrued.
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II

NOTES TO FINANCIAL STATEMENTS (Unaudited)--CONTINUED


NOTE C--RELATED PARTY TRANSACTIONS

SPECS, Inc., a Kansas Corporation in which the individual General Partner has
a minority interest, receives property management fees for providing property
management services. SPECS, Inc. also performs various professional services
for the Partnership, primarily tax accounting, audit preparation, SEC 10Q and
10K preparation, and investor services. Property management fees paid by the
Partnership to SPECS, Inc. are as follows:

                                                     NINE MONTHS ENDED
                                                       SEPTEMBER 30,
                                                     1999          1998
 Property Management Fees                       $   185,956   $    194,122

Amounts due from related parties consist of the following:

                                                September 30,   December 31,
                                                     1999             1998
Secured Investment Resources
   II, Inc.                                    $     174,423      $  174,423
Secured Investment Resources
   Fund, L.P.                                         94,623          94,623

                                                $    269,046    $    269,046

The amount due from SIR II, Inc. represents excess syndication costs.

NOTE D--CASH DISTRIBUTIONS

No cash distributions have been made since October, 1998.  Future distributions
will only be made from excess cash flow not needed for working capital
reserves.
<PAGE>

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

Results of Operations

Revenues (excluding $727,123 in 1998 relating to Thomasbrook Apartments which
was sold in September 1998) for the first nine months of 1999 increased by
$191,027 (4.8%) compared to the same period of last year. The commercial
property at Forest Park Center in St. Louis remained strong, the rental income
at Bayberry Center decreased due to vacancy and bad debt.  The Partnership has
increased the rental rates at Oak Terrace and occupancy at Sunwood Village has
increase.  The Partnership feels that the strong market at Oak Terrace and
Sunwood Village will continue through 1999.

Operating and Administrative expenses increased $68,163 (2.4%) when comparing
the first nine months of 1999 with the same period of 1998 (expenses for 1998
included $572,186 for Thomasbrook Apartments).  Higher property operating
 expenses are primarily due to higher resident turnover. Professional services
increased $21,564 (1.5%) over the same period in the prior year due to legal
expenses incurred in connection with the planned refinancing of the loan on
the Oak Terrace properties.  Professional services in the prior year were
incurred in connection with the foreclosure proceedings and subsequent sale of
Thomasbrook Apartments.

Interest expense for the first nine months increased $79,118 (5.0%) over the
1998 first nine months expense.

The Partnership anticipates that operating results for the first nine months
will be representative of the results for the remainder of the year.

Liquidity and Capital Reserves

During the first nine months $833,985 of cash was provided by operating
activities, $236,409 was used for investing activities and $339,404 was used
to reduce long-term debt and incur loan fees.

It is the General Partner's intent to evaluate the Partnership's portfolio to
determine if it is prudent to offer one or more properties for sale or
possible restructure of the related financing packages. Any unleveraged
portion of the net sale proceeds or favorable refinancing terms could generate
additional working capital.
<PAGE>
PART II.	OTHER INFORMATION


      Item 1.  LEGAL PROCEEDINGS

               Inapplicable.

      Item 2.  CHANGES IN SECURITIES

               Inapplicable.

      Item 3.  DEFAULTS UPON SENIOR SECURITIES

               None.

      Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               Inapplicable.

      Item 5.  OTHER INFORMATION

               Inapplicable.

      Item 6.  EXHIBIT AND REPORTS ON FORM 8-K

               (a)  Exhibits

                    None.

               (b)  Reports on Form 8-K

                    There were no reports on Form 8-K filed during the
                    quarter ended June 30, 1999.

<PAGE>
	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.


                       SECURED INVESTMENT RESOURCES FUND, L.P. II
                       A Delaware Limited Partnership
                  	(Registrant)



                       By:
                              James R. Hoyt
                          as Individual General Partner


                         Date: January 10, 2002


                        By:  Secured Investment Resources II, Inc.
                        	as Corporate General Partner


                        By:
                              James R. Hoyt, President
                        Date:  January 10, 2002
<PAGE>
	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.


                       SECURED INVESTMENT RESOURCES FUND, L.P. II
                       A Delaware Limited Partnership
                  	(Registrant)



                       By:
                              James R. Hoyt
                          as Individual General Partner


                         Date: January 10, 2002


                        By:  Secured Investment Resources II, Inc.
                        	as Corporate General Partner


                        By:
                              James R. Hoyt, President
                        Date: January 10, 2002