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     March 31, 1997         

                                     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.)

  5453 W. 61st Place, Mission, Kansas                66205       
(Address of principal executive offices)          (Zip Code)

(Registrant's telephone number, 
 including area code)                                (913) 384-5700   


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 -- March 31, 1997 and    
           December 31, 1996                                 3-4 
          Statements of Operations -- Three Months 
           Ended March 31, 1997 and 1996                       5

          Statements of Partnership Capital -- 
           Three Months Ended March 31, 1997 
           and the Years Ended December 31, 1996, 
           and 1995                                            6

          Statements of Cash Flows -- Three Months
           Ended March 31, 1997 and 1996                     7-8

          Notes to Financial Statements                     9-10

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

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings                                   12

Item 2.   Changes in Securities                               12

Item 3.   Defaults Upon Senior Securities                     12

Item 4.   Submission of Matters to a Vote of
           Security Holders                                   12
 
Item 5.   Other Information                                   12 

Item 6.   Exhibits and Reports on Form 8-K                    12


SIGNATURES                                                    13             
<PAGE>                                   

PART I.   FINANCIAL INFORMATION

Item 1.   FINANCIAL STATEMENTS

SECURED INVESTMENT RESOURCES FUND, L.P. II

BALANCE SHEETS
                                                                       
                                           March 31,
                                             1997         December 31,
                                         (Unaudited)         1996     

ASSETS

INVESTMENT PROPERTIES
  Land and buildings                    $  36,354,615     $  36,354,615 
Furniture, fixtures and equipment           1,999,132         1,983,816
                                           38,353,747        38,338,431
  Less accumulated depreciation
   and allowance for losses                12,253,626        11,946,482
                                           26,100,121        26,391,949

RESTRICTED DEPOSITS
  Bond cash reserves                        1,510,000         1,510,000
  Bond principal reduction reserves           474,445           455,125
  Restricted Deposits                          28,750           28,750
                                            2,013,195         1,993,875

OTHER ASSETS
  Cash                                        745,438           561,667
  Rents and other receivables,
   less allowance of $78,600
   in 1997 and $54,600 in 1996                 22,058            14,431
  Due from related parties (Note C)           179,423           179,423
  Prepaid expenses                            140,345            96,982
  Debt issuance costs, net of 
   accumulated amortization of 
   $247,610 in 1997 and $218,729
   in 1996                                    344,204           365,585
  Commercial commissions, deposits 
   and other                                   87,451            98,307
                                            1,518,919         1,316,395


      TOTAL ASSETS                      $  29,632,235      $ 29,702,219
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II

BALANCE SHEETS--CONT'D.


                                          March 31,
                                            1997        December 31,
                                         (Unaudited)        1996       
LIABILITIES AND PARTNERSHIP CAPITAL

  Mortgage debt (Note B)                $  27,465,747  $  27,473,556 
  Deferred interest (Note B)                  737,370        737,370   
  Accrued interest                            728,442        684,139
  Accounts payable and accrued 
   expenses                                   583,670        471,568 
  Unearned revenue                             11,978         36,302
  Tenant security deposits                    145,523        148,462

      TOTAL LIABILITIES                    29,672,730     29,551,397


PARTNERSHIP CAPITAL                                                    

General Partner
  Capital contribution                          1,000          1,000
  Partnership deficit                        (189,434)      (187,521)
                                             (188,434)      (186,521)
Limited Partner
  Capital contributions                    18,901,831     18,901,831
  Partnership deficit                     (18,753,892)   (18,564,488)
                                              147,939        337,343
      TOTAL PARTNERSHIP CAPITAL                40,495        150,822

                                        $  29,632,235  $  29,702,219
     



See notes to financial statements.
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II

STATEMENTS OF OPERATIONS (Unaudited)
           
                                                 Three Months Ended
                                                          March 31,       
                                                   1997         1996   
REVENUES 
  Rents                                         $1,474,090   $1,503,028
  Maintenance escalations
   and other                                        29,510       28,152
                                                 1,503,600    1,531,180 
OPERATING AND               
ADMINISTRATIVE EXPENSES
  Property operating 
   expenses                                        626,451      609,556
  General and
   administrative 
   expenses                                         36,078       36,132
  Professional services                             25,593       13,096
  Management fees                                   64,513       70,804
                                                   752,635      729,588     

  NET OPERATING INCOME                             750,965      801,592

NON-OPERATING EXPENSES
  Interest                                         606,257      610,819
  Depreciation and
   amortization                                    336,025      310,871 

                                                   942,282      921,690

PARTNERSHIP LOSS                                $ (191,317)  $ (120,098)  

Allocation of loss:  
  General Partner                                   (1,913)      (1,201)
  Limited Partner                                 (189,404)    (118,897)

                                                $ (191,317)  $ (120,098)
Partnership loss per
 limited partnership     
  unit                                          $    (3.53)  $    (2.22)



See notes to financial statements.
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II
 
STATEMENTS OF PARTNERSHIP CAPITAL (Unaudited)
 
Three Months Ended March 31, 1997(Unaudited) and
the Years Ended December 31, 1996 and 1995


                                     General        Limited
                                     Partner        Partner         Total
              
Balances at January 1, 1995        $ (184,073)     $  579,650     $  395,577

Partnership loss                         (513)        (50,782)       (51,295)

Balances at December 31, 1995        (184,586)        528,868        344,282

Partnership loss                       (1,935)       (191,525)      (193,460)

Balances at December 31, 1996        (186,521)        337,343        150,822

Partnership loss                       (1,913)       (189,404)      (191,317)

Balances at March 31, 1997         $ (188,434)     $  147,939     $  (40,495)



See notes to financial statements.
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II,

STATEMENTS OF CASH FLOWS (Unaudited)

                                             Three Months Ended 
                                                 March 31,            
                                            1997           1996          

OPERATING ACTIVITIES          
  Partnership income                    $   (191,317)  $   (120,098)
  Adjustments to reconcile  
   partnership loss to net cash 
   provided by operating
   activities:
     Depreciation and amortization           373,825        348,671
     Provision for losses on rents
      and other receivables                   24,000         (2,525)
   Changes in assets and liabilities:
     Rents and other receivables             (31,628)       (59,744)
     Prepaid expenses                        (43,363)       (29,353)
     Commercial commissions, deposits 
      and other                               10,857         15,631 
     Accounts payable   
      and accrued expenses                   112,102         67,591        
     Accrued interest                         44,304          6,340  
     Unearned revenue                        (24,325)        (2,780)
     Tenant security deposits                 (2,939)         2,502 
                                          
NET CASH PROVIDED BY
 OPERATING ACTIVITIES                        271,516        226,235 

INVESTING ACTIVITIES
  Purchases of and improvements
   to investment properties                  (15,316)       (64,480)
  Purchase of restricted bond
   cash reserves                             (19,320)          (375)  
                                                                           
NET CASH USED IN
 INVESTING ACTIVITIES                        (34,636)       (64,855) 
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II

STATEMENTS OF CASH FLOWS (Unaudited)--CONT'D.

                                              Three Months Ended
                                                  March 31,           
                                             1997          1996    
FINANCING ACTIVITIES                                                          
  Principal payments on
   long-term debt                        $   (45,610)   $  (65,615)  
  Debt Issuance Costs                         (7,500)      (34,440)
  Due (to) from related
    parties                                        0        (5,000)

NET CASH USED IN
 FINANCING ACTIVITIES                        (53,110)     (105,055)

INCREASE IN CASH
 AND CASH EQUIVALENTS                        183,770        56,325 

CASH AND CASH EQUIVALENTS
 BEGINNING OF PERIOD                         561,667       522,835

CASH AND CASH EQUIVALENTS
 END OF PERIOD                            $  745,437    $  579,160


See notes to financial statements.
<PAGE>

SECURED INVESTMENT RESOURCES FUND, L.P. II

NOTES TO FINANCIAL STATEMENTS (Unaudited)

March 31, 1997

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 three
month period ended March 31, 1997 are not necessarily indicative of the results
that may be expected for the year ended December 31, 1997.  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, 1996.

NOTE B--MORTGAGE DEBT

Mortgage debt consists of the following:      
                                         March 31,     December 31,
                                          1997            1996    
Collateralized by Investment 
  Property 

  First Mortgages:                               
    Oak Terrace Active Retirement
     Center and Healthcare Center     $ 12,800,000   $ 12,800,000
      less bond discount                (2,164,042)    (2,201,842) 
    Sunwood Village Apartments           8,055,702      8,070,786
    Thomasbrook Apartments               4,984,179      4,984,179
    Forest Park Shopping Ctr.            1,179,724      1,201,571
    Bayberry Crossing Shopping Ctr.      2,610,184      2,618,862

                                      $ 27,465,747   $ 27,473,556

Interest expense totaled $606,257 and $610,819 during the first
quarter of 1997 and 1996, respectively.

On May 17, 1996 the Partnership refinanced the matured first mortgage on
Sunwood Village Apartments.  The terms of the new mortgage are $8,100,000
at 8.625% interest with monthly principal and interest payments in the amount
of $63,000 through the loan maturity date of June 1, 2001 (5 years).
<PAGE>
SECURED INVESTMENT RESOURCES FUND, L.P. II

NOTES TO FINANCIAL STATEMENTS (Unaudited)--CONT'D.

NOTE B--MORTGAGE DEBT--CONT'D.
 
The Partnership recognized a gain of $352,227 upon payment of the refinanced
note due the forgiveness of all the deferred interest relating to the original
note.

The Partnership has the option to currently pay or defer payment of interest
due on  the hedged portion ($8,400,000) of the Oak Terrace Active Retirement
Center financing.  As of June 30, 1997 and December 31, 1996, $737,370 of
deferred interest has been accrued and is reflected in long-term accrued
interest.   

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:

                                        Three Months Ended 
                                             March 31,        
                                        1997           1996   

Property Management Fees           $     64,513   $     70,804

Amounts due from related parties consist of the following:

                                     March 31,    December 31,
                                       1997           1996    
Secured Investment Resources 
  II, Inc.                         $    174,423   $    174,423
Secured Investment Resources
  Fund, L.P.                              5,000          5,000
                                   $    179,423   $    179,423

The amount due from SIR II, Inc. represents excess syndication costs.
 
NOTE D--CASH DISTRIBUTIONS

No cash distributions have been made since April 1990. 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 for the first three months of 1997 decreased by $27,600 (1.8%)
compared to the same period of last year.  The apartment market in Las Vegas
has raised rents resulting in a higher vacancy.  Thomasbrook in Kansas City
has decreased in revenue and increased vacancy loss.  The commercial property
at Forest Park Center in St Louis remained strong, the rental income at
Bayberry Center decreased due to loss of tenants and bad debt.  The
Partnership has increased the rental rates at Oak Terrace, resulting in
$30,000 higher revenue than first quarter 1996.

Operating and Administrative expenses increased $16,800 (2.6%) when comparing
the first three months of 1997 with the same period of 1996.  Higher property
operating expenses are primarily due to higher resident turnover. 

Interest expense for the first three months increased $4,600 (.7%) over the
1996 first three months expense. 

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

Liquidity and Capital Reserves

During the first three months $271,500 of cash was provided by operating
activities, $34,600 was used for investing activities and $53,100 was used
to reduce long term debt.

Although the cash position has improved, the Partnership is past due on the
Thomasbrook Apartment first mortgage.  The General Partner believes that
working capital will be available during the remainder of the year to reduce
this past due balance and fund known, on-going operating and capital
requirements.  The General Partner also anticipates that 1997 cash flow from
operations will continue to improve because of stronger occupancy and continued
rental rate increases.

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

                    None.
     
          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 March 31, 1997.
<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: May 15, 1997


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


                    By:                                        
                             James R. Hoyt, President


                    Date: May 15, 1997
<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:     /s/ James R. Hoyt                  
                               James R. Hoyt
                          as Individual General Partner


                      Date: May 15, 1997


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


                      By:     /s/ James R. Hoyt                  
                               James R. Hoyt, President


                      Date: May 15, 1997