SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, DC  20549

                                FORM 10-Q

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

                     SECURITIES EXCHANGE ACT OF 1934

                 For the Quarter Ended September 30, 1995

Commission File Number           0-17664


          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
          (Exact name of registrant as specified in its charter)


             Massachusetts                        04-2969061
    (State or other Jurisdiction of             (IRS Employer
     Incorporation or Organization)          Identification No.)


    200 Berkeley Street, Boston, MA                 02117
(Address of Principal Executive Office)           (Zip Code)


                              (800) 722-5457
           (Registrant's telephone number, including area code)


                              Not Applicable
              (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 __












<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)


                                  INDEX


PART I:   FINANCIAL INFORMATION                                     PAGE

  Item 1  -    Financial Statements:

               Balance Sheets at September 30, 1995 and
               December 31, 1994                                      3-4
               
               Statements of Operations for the Three and
               Nine Months Ended September 30, 1995 and 1994            5
               
               Statements of Partners' Equity for the
               Nine Months Ended September 30, 1995 and
               for the Year Ended December 31, 1994                     6
               
               Statements of Cash Flows for the Nine
               Months Ended September 30, 1995 and 1994                 7
               
               Notes to Financial Statements                         8-15
               
  Item 2  -    Management's Discussion and Analysis of
               Financial Condition and Results of Operations        16-21


PART II:  OTHER INFORMATION                                            22


























                                    2
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                      PART I:  FINANCIAL INFORMATION

                      Item 1:  Financial Statements

                              BALANCE SHEETS
                               (Unaudited)

                                  ASSETS
<TABLE>
<CAPTION>
                                                           September 30,   December 31,
                                                                1995           1994
                                                                ----           ----
<S>                                                             <C>            <C>
Current assets:
  Cash and cash equivalents                                 $3,407,101     $2,561,288
  Restricted cash                                               35,851         24,557
  Other current assets                                         160,351         92,152
                                                           -----------    -----------
     Total current assets                                    3,603,303      2,677,997

Real estate loans                                            6,677,621      6,874,539

Investment in property:
  Land                                                       5,560,000      5,560,000
  Buildings and improvements                                18,836,994     18,836,994
                                                           -----------    -----------
                                                            24,396,994     24,396,994
  Less:   accumulated depreciation                           4,367,414      3,896,483
                                                           -----------    -----------
                                                            20,029,580     20,500,511

Investment in joint venture                                  7,895,603      7,882,420

Long-term restricted cash                                      107,885         86,214

Deferred expenses, net of accumulated
  amortization of $922,153 in 1995
  and $723,147 in 1994                                       1,316,007      1,391,729
                                                           -----------    -----------
     Total assets                                          $39,629,999    $39,413,410
                                                           ===========    ===========

</TABLE>








                          Continued on next page

                                    3
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                        BALANCE SHEETS (Continued)
                               (Unaudited)

                     LIABILITIES AND PARTNERS' EQUITY
<TABLE>
<CAPTION>
                                                           September 30,   December 31,
                                                                1995           1994
                                                                ----           ----
<S>                                                             <C>            <C>
Current liabilities:

  Accounts payable and accrued expenses                       $528,886       $200,424
  Accounts payable to affiliates                                33,522         30,213
                                                           -----------    -----------
     Total current liabilities                                 562,408        230,637

Partners' equity/(deficit):

  General Partner's deficit                                  (152,972)      (151,822)
  Limited Partners' equity                                  39,220,563     39,334,595
                                                           -----------    -----------
     Total partners' equity                                 39,067,591     39,182,773
                                                           -----------    -----------
     Total liabilities and partners' equity                $39,629,999    $39,413,410
                                                           ===========    ===========
</TABLE>

























                    See Notes to Financial Statements

                                    4
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                         STATEMENTS OF OPERATIONS
                               (Unaudited)
<TABLE>
<CAPTION>
                                                   Three Months Ended         Nine Months Ended
                                                     September 30,              September 30,
                                                    1995        1994           1995        1994
                                                    ----        ----           ----        ----
<S>                                                 <C>         <C>            <C>         <C>
Income:

  Rental income                                  $608,739     $573,736     $1,779,294  $1,588,307
  Interest income                                 220,680      208,884        658,522     633,370
  Income/(loss) from joint venture                193,829      139,528        557,024      52,656
                                               ----------   ----------     ----------  ----------
     Total income                               1,023,248      922,148      2,994,840   2,274,333

Expenses:

  Depreciation                                    156,957      157,050        470,931     471,150
  Property operating expenses                     148,708      155,068        384,713     364,089
  General and administrative expenses              53,524       50,723        163,336     159,525
  Amortization of deferred expenses                68,162       68,752        199,006     208,683
                                               ----------   ----------     ----------  ----------
     Total expenses                               427,351      431,593      1,217,986   1,203,447
                                               ----------   ----------     ----------  ----------
     Net income                                  $595,897     $490,555     $1,776,854  $1,070,886
                                               ==========   ==========     ==========  ==========

Allocation of net income:

  General Partner                                  $5,959       $4,906        $17,769     $10,709
  John Hancock Limited Partner                          -            -              -           -
  Investors                                       589,938      485,649      1,759,085   1,060,177
                                               ----------   ----------     ----------  ----------
                                                 $595,897     $490,555     $1,776,854  $1,070,886
                                               ==========   ==========     ==========  ==========

     Net income per Unit                             $0.23       $0.19          $0.68        $0.41
                                               ==========   ==========     ==========  ==========
</TABLE>











                    See Notes to Financial Statements

                                    5
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                      STATEMENTS OF PARTNERS' EQUITY
                               (Unaudited)

                 Nine Months Ended September 30, 1995 and
                       Year Ended December 31, 1994

<TABLE>
<CAPTION>
                                                            General      Limited
                                                            Partner      Partners         Total
                                                            -------      --------         -----
<S>                                                           <C>          <C>             <C>
Partners' equity/(deficit) at
  January 1, 1994 (2,601,552
  Units outstanding)                                     ($146,449)    $39,866,829    $39,720,380

Less:  Cash distributions                                  (25,224)    (2,497,490)    (2,522,714)

Add:   Net income                                            19,851      1,965,256      1,985,107
                                                           --------    -----------    -----------

Partners' equity/(deficit) at
  December 31, 1994 (2,601,552
  Units outstanding)                                      (151,822)     39,334,595     39,182,773

Less:  Cash distributions                                  (18,919)    (1,873,117)    (1,892,036)

Add:   Net income                                            17,769      1,759,085      1,776,854
                                                           --------    -----------    -----------

Partners' equity/(deficit) at
  September 30, 1995 (2,601,552
  Units outstanding)                                     ($152,972)    $39,220,563    $39,067,591
                                                           ========    ===========    ===========

</TABLE>
















                    See Notes to Financial Statements

                                    6
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                         STATEMENTS OF CASH FLOWS
                               (Unaudited)
<TABLE>
<CAPTION>
                                                                 Nine Months Ended
                                                                   September 30,
                                                                1995           1994
                                                                ----           ----
<S>                                                             <C>            <C>
Operating activities:
  Net income                                                $1,776,854     $1,070,886
  Adjustments to reconcile net income to
   net cash provided by operating activities:
     Depreciation                                              470,931        471,150
     Amortization of deferred expenses                         199,006        208,683
     Cash distributions over/(under) equity
      in income/(loss) from joint venture                     (13,183)        218,585
                                                            ----------     ----------
                                                             2,433,608      1,969,304
  Changes in operating assets and liabilities:
     Decrease in restricted cash                              (32,965)       (58,179)
     Increase in other current assets                         (68,199)       (68,627)
     Increase/(decrease) in accounts payable
      and accrued expenses                                     328,462      (302,940)
     Increase in accounts payable to
      affiliates                                                 3,309         21,178
                                                            ----------     ----------
       Net cash provided by operating activities             2,664,215      1,560,736

Investing activities:
     Increase in investment in joint venture                         -    (1,104,902)
     Principal payments on real estate loans                   196,918        287,214
     Increase in deferred expenses and other assets          (123,284)       (47,240)
                                                            ----------     ----------
       Net cash provided by/(used in)
          investing activities                                  73,634      (864,928)

Financing activities:
     Cash distributed to Partners                          (1,892,036)    (1,890,145)
                                                            ----------     ----------
       Net cash used in financing activities               (1,892,036)    (1,890,145)
                                                            ----------     ----------
       Net increase/(decrease) in cash and cash
        equivalents                                            845,813    (1,194,337)

       Cash and cash equivalents at beginning
        of year                                              2,561,288      3,742,273
                                                            ----------     ----------
       Cash and cash equivalents at end
        of period                                           $3,407,101     $2,457,936
                                                            ==========     ==========
</TABLE>
                    See Notes to Financial Statements

                                    7
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                      NOTES TO FINANCIAL STATEMENTS
                               (Unaudited)

1. Organization of Partnership
   ---------------------------
       John Hancock Realty Income Fund-II Limited Partnership (the
       "Partnership") was formed under the Massachusetts Uniform Limited
       Partnership Act on June 30, 1987.  As of September 30, 1995 the
       partners in the Partnership consisted of John Hancock Realty
       Equities, Inc. (the "General Partner"), a wholly-owned, indirect
       subsidiary of John Hancock Mutual Life Insurance Company; John
       Hancock Realty Funding, Inc. (the "John Hancock Limited Partner");
       John Hancock Income Fund-II Assignor, Inc. (the "Assignor Limited
       Partner"); and 4,649 Unitholders (the "Investors").  The Assignor
       Limited Partner holds 2,601,552 Assignee Units (the "Units"),
       representing economic and certain other rights attributable to
       Investor Limited Partnership Interests in the Partnership, for the
       benefit of the Investors.  The John Hancock Limited Partner, the
       Assignor Limited Partner and the Investors are collectively
       referred to as the Limited Partners.  The General Partner and the
       Limited Partners are collectively referred to as the Partners.  The
       initial capital of the Partnership was $2,000, representing capital
       contributions of $1,000 by the General Partner and $1,000 from the
       John Hancock Limited Partner.  The Amended Agreement of Limited
       Partnership of the Partnership (the "Partnership Agreement")
       authorized the issuance of up to 5,000,000 Assignee Units at $20
       per Unit.  During the offering period, which terminated on January
       2, 1989, 2,601,552 Units were sold and the John Hancock Limited
       Partner made additional capital contributions of $4,161,483.  There
       were no changes in the number of Units outstanding subsequent to
       the termination of the offering period.  The Partnership is engaged
       in the business of (i) acquiring, improving, holding for investment
       and disposing of existing income-producing retail, industrial and
       office properties on an all-cash basis, free and clear of mortgage
       indebtedness, and (ii) making mortgage loans consisting of
       conventional first mortgage loans and participating mortgage loans
       secured by income-producing retail, industrial and office
       properties.  Although the Partnership's properties were acquired
       and are held free and clear of mortgage indebtedness, the
       Partnership may incur mortgage indebtedness on its properties under
       certain circumstances as specified in the Partnership Agreement.

       The latest date on which the Partnership is due to terminate is
       December 31, 2017, unless it is sooner terminated in accordance
       with the terms of the Partnership Agreement.  It is expected that,
       in the ordinary course of the Partnership's business, the
       investments of the Partnership will be disposed of, and the
       Partnership terminated, before December 31, 2017.













                                    8
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

2. Significant Accounting Policies
   -------------------------------
       The accompanying unaudited financial statements have been prepared
       in accordance with generally accepted accounting principles for
       interim financial information and with the instructions for Form 10-
       Q and Rule 10-01 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 representation
       have been included.  Operating results for the nine month period
       ended September 30, 1995 are not necessarily indicative of the
       results that may be expected for the year ending December 31, 1995.
       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, 1994.

       Cash equivalents are highly liquid investments with maturities of
       three months or less when purchased.  These investments are
       recorded at cost plus accrued interest, which approximates market
       value.  Restricted cash represents funds restricted for tenant
       security deposits and has been designated as short or long-term
       based upon the term of the related lease agreement.

       Real estate loans are recorded at amortized cost unless it is
       determined by the General Partner that in economic substance the
       loan represents an investment in property or joint venture.  In
       such instances, these investments are accounted for using the
       equity method.

       Investments in property are recorded at cost.  Cost includes the
       initial purchase price of the property plus acquisition and legal
       fees, other miscellaneous acquisition costs and the cost of
       significant improvements.
       
       Depreciation has been provided on a straight-line basis over the
       estimated useful lives of the various assets:  thirty years for the
       buildings and five years for related improvements.  Maintenance and
       repairs are charged to operations as incurred.
       
       Investment in joint venture is recorded using the equity method.

       Fees paid to the General Partner for the acquisition of joint
       venture and mortgage loan investments have been deferred and are
       being amortized over the life of the investments to which they
       relate.  Subsequent to June 30, 1993, the Partnership reduced the
       period over which its remaining deferred acquisition fees are
       amortized from thirty years, the estimated useful life of the
       buildings owned by the Partnership, to eight and one-half years,
       the then estimated remaining life of the Partnership.  Capitalized
       tenant improvements and lease commissions are being amortized on a
       straight-line basis over the terms of the leases to which they
       relate.

       The net income per Unit for the three and nine months ended
       September 30, 1995 and 1994 was calculated by dividing the
       Investors' share of net income by the number of Units outstanding
       at the end of such period.

                                    9
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

2. Significant Accounting Policies (continued)
   -------------------------------
       No provision for income taxes has been made in the Financial
       Statements since such taxes are the responsibility of the
       individual Partners and not of the Partnership.

3. The Partnership Agreement
   -------------------------
       Distributable Cash from Operations (defined in the Partnership
       Agreement) is distributed 1% to the General Partner and the
       remaining 99% in the following order of priority:  first, to the
       Investors until they receive a 7% non-cumulative, non-compounded
       annual cash return on their Invested Capital (defined in the
       Partnership Agreement); second, to the General Partner to pay the
       Subordinated Allocation (defined in the Partnership Agreement)
       equal to 3 1/2% of Distributable Cash from Operations for managing
       the Partnership's activities; third, to the John Hancock Limited
       Partner until it receives a 7% non-cumulative, non-compounded
       annual cash return on its Invested Capital; fourth, to the
       Investors and the John Hancock Limited Partner in proportion to
       their respective Capital Contributions (defined in the Partnership
       Agreement), until they have received a 10% non-cumulative,
       non-compounded annual cash return on their Invested Capital; fifth,
       to the General Partner to pay the Incentive Allocation equal to 2
       1/2% of Distributable Cash from Operations; and sixth, to the
       Investors and the John Hancock Limited Partner in proportion to
       their respective Capital Contributions.  However, any Distributable
       Cash from Operations, which is available as a result of reduction
       of working capital reserves funded by Capital Contributions of the
       Investors, will be distributed 100% to the Investors.

       Profits for tax purposes from the normal operations of the
       Partnership for each fiscal year are allocated to the Partners in
       the same amounts as Distributable Cash from Operations for that
       year.  If such profits are less than Distributable Cash from
       Operations for any year, they are allocated in proportion to the
       amounts of Distributable Cash from Operations allocated for that
       year.  If such profits are greater than Distributable Cash from
       Operations for any year, they are allocated 1% to the General
       Partner and 99% to the John Hancock Limited Partner and the
       Investors, with the allocation made between the John Hancock
       Limited Partner and the Investors in proportion to their respective
       Capital Contributions.  Losses for tax purposes from the normal
       operations of the Partnership are allocated 1% to the General
       Partner and 99% to the John Hancock Limited Partner and the
       Investors, with the allocation made between the John Hancock
       Limited Partner and the Investors in proportion to their respective
       Capital Contributions.  However, all tax aspects of the
       Partnership's payment of the sales commissions from the Capital
       Contributions made by the John Hancock Limited Partner are
       allocated 1% to the General Partner and 99% to the John Hancock
       Limited Partner and not to the Investors.  Depreciation deductions
       are allocated 1% to the General Partner and 99% to the Investors,
       and not to the John Hancock Limited Partner.  Notwithstanding the
       foregoing, any such profits or losses or other items which were
       based upon the Partnership's operations prior to the first day of
       the month in which the initial closing date occurred were allocated
       1% to the General Partner and 99% to the John Hancock Limited
       Partner.


                                    10
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

3. The Partnership Agreement (continued)
   -------------------------
       Upon the occurrence of a Sale, Financing or Repayment (defined in
       the Partnership Agreement) of a Partnership Investment, the General
       Partner first applies the proceeds to the payment of all debts and
       liabilities of the Partnership then due and then funds any reserves
       for contingent liabilities which it deems to be appropriate.  Cash
       from Sales, Financings or Repayments is distributed and paid in the
       following order of priority:  first, to the Investors and the John
       Hancock Limited Partner, with the distribution made between the
       Investors and the John Hancock Limited Partner in proportion to
       their respective Capital Contributions, until the Investors and the
       John Hancock Limited Partner have received an amount equal to their
       Invested Capital; second, to the Investors  until they have
       received, after giving effect to all previous distributions of
       Distributable Cash from Operations and any previous distributions
       of Cash from Sales, Financings or Repayments after the return of
       their Invested Capital, the Cumulative Return on Investment; third,
       to the John Hancock Limited Partner until it has received, after
       giving effect to all previous distributions of Distributable Cash
       from Operations and any previous distributions of Cash from Sales,
       Financings or Repayments after the return of its Invested Capital,
       the Cumulative Return on Investment; fourth, to the General Partner
       to pay any Subordinated Disposition Fees then payable pursuant to
       Section 6.4(c) of the Partnership Agreement; and fifth, 99% to the
       Investors and the John Hancock Limited Partner and 1% to the
       General Partner, with the distribution made between the Investors
       and the John Hancock Limited Partner in proportion to their
       respective Capital Contributions.

4. Transactions with the General Partner and Affiliates
   ----------------------------------------------------
       Fees and expenses incurred and/or paid by the General Partner or
       its affiliates on behalf of the Partnership during the nine months
       ended September 30, 1995 and 1994 and to which the General Partner
       or its affiliates are entitled to reimbursement from the
       Partnership were $99,897 and $105,455, respectively.  These
       expenses are included in expenses on the Statements of Operations.

       Accounts payable to affiliates represent amounts due to the General
       Partner and its affiliates for various services provided to the
       Partnership.

       The General Partner serves in a similar capacity for three other
       affiliated real estate limited partnerships.













                                    11
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

5. Investment in Property
   ----------------------
       Investment in property at cost consists of managed, fully-
       operating, commercial real estate as follows:
<TABLE>
<CAPTION>
                                                          September 30,      December 31,
                                                               1995              1994
                                                               ----              ----
          <S>                                                  <C>               <C>
          Park Square Shopping Center                      $12,886,230      $12,886,230
          Fulton Business Park                               5,138,786        5,138,786
          Miami International Distribution Center            6,371,978        6,371,978
                                                           -----------      -----------
                                                           $24,396,994      $24,396,994
                                                           ===========      ===========
</TABLE>
       The net realizable value of a real estate investment held for long-
       term investment purposes is measured by the recoverability of the
       investment through its expected future cash flows on an
       undiscounted basis, which may exceed the related property's current
       market value.
       
6. Real Estate Loans
   -----------------
       On March 10, 1988, the Partnership made a $1,700,000 participating
       non-recourse mortgage loan to a non-affiliated borrower, secured by
       a first mortgage on commercial real estate known as 205 Newbury
       Street, located in Boston, Massachusetts.  Under the terms of the
       loan agreement, the borrower is required to pay interest only
       monthly at an annual rate of 9.5% with the entire outstanding
       principal balance due on April 1, 1998.  In addition to these
       amounts, the borrower is also obligated to pay the Partnership 25%
       of the net cash flow derived from the operations of the property
       during the term of the loan and a specified portion of the net
       sales price or mutually agreed upon fair market value of the
       property upon its sale or refinancing.  Contingent interest
       payments, based on the net cash flow from the property, have not
       been received since 1990 because the property has not generated any
       cash flow in excess of the required minimum debt service payments.














                                    12
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

6. Real Estate Loans (continued)
   -----------------
       On June 30, 1989, the Partnership made a $5,500,000 mortgage loan
       to a non-affiliated borrower, secured by a first mortgage on
       commercial real estate known as the General Camera Corporation
       Building, located in New York, New York.  Under the original terms
       of the loan agreement, General Camera Corporation ("GCC") was
       required to pay interest only monthly at an annual rate of 11%.
       Effective June 1, 1994, the loan agreement was amended i) to
       require GCC to make a one-time payment of $250,000 towards the
       outstanding balance of the loan and ii) to require that all future
       monthly payments include amounts to amortize the outstanding loan
       balance.  GCC was required to make payments of $60,416 per month on
       the first day of the month commencing on July 1, 1994 and ending on
       June 1, 1995.  Commencing on July 1, 1995, payments of $85,416 per
       month are required on the first day of each month.  The entire
       unamortized principal balance and all accrued but unpaid interest
       are due on July 1, 1996.

       Real estate loans are evaluated for collectibility on an on-going
       basis.

7. Investment in Joint Venture
   ---------------------------
       On December 28, 1988, the Partnership invested $14,726,079 to
       acquire a 99.5% interest in JH Quince Orchard Partners (the
       "Affiliated Joint Venture"), a joint venture between the
       Partnership and John Hancock Realty Income Fund-III Limited
       Partnership ("Income Fund-III").  The Partnership had an initial
       99.5% interest and Income Fund-III had an initial 0.5% interest in
       the Affiliated Joint Venture.  Pursuant to the partnership
       agreement of the Affiliated Joint Venture, Income Fund-III had the
       option, exercisable prior to December 31, 1990, to increase its
       investment and interest in the Affiliated Joint Venture to 50%.
       During the second quarter of 1989, Income Fund-III exercised its
       option and the Partnership transferred a 49.5% interest in the
       Affiliated Joint Venture to Income Fund-III for cash in the
       aggregate amount of $7,325,672.  The Partnership has held a 50%
       interest in the Affiliated Joint Venture since the second quarter
       of 1989.

       On December 28, 1988, the Affiliated Joint Venture contributed 98%
       of the invested capital of, and acquired a 75% interest in, QOCC-1
       Associates, an existing partnership which owns and operates the
       Quince Orchard Corporate Center, a three-story office building and
       related land and improvements located in Gaithersburg, Maryland.
       During the years ended December 31, 1994 and 1993, the partners in
       QOCC-1 Associates were required to make additional capital
       contributions towards the funding of leasing costs incurred at the
       property.  In accordance with the terms of the partnership
       agreement of QOCC-1 Associates, the Affiliated Joint Venture
       contributed 95% of such additional capital, the Partnership's share
       of which amounted to an aggregate of $1,282,242.  Of the cumulative
       total invested capital in QOCC-1 Associates at September 30, 1995,
       97.55% has been contributed by the Affiliated Joint Venture.  The
       Affiliated Joint Venture continues to hold a 75% interest in QOCC-1
       Associates.
       




                                    13
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

7. Investment in Joint Venture (continued)
   ---------------------------
       Net cash flow from QOCC-1 Associates is distributed in the
       following order of priority:  first, to the payment of all debts
       and liabilities of QOCC-1 Associates and to fund reserves deemed
       reasonably necessary; second, to the partners in proportion to
       their respective invested capital until each has received a 9%
       return on invested capital; third, the balance, if any, to the
       partners in proportion to their interests.  Since its inception,
       QOCC-1 Associates has not provided the partners with a return in
       excess of 9% on their invested capital.

8. Deferred Expenses
   -----------------
       Deferred expenses consist of the following:
<TABLE>
<CAPTION>
                                                                  Unamortized        Unamortized
                                                                   Balance at         Balance at
              Description                                      September 30, 1995 December 31, 1994
              ------------                                     ------------------ -----------------
                  <S>                                                 <C>                <C>
        $35,072 acquisition fee for 205 Newbury St.
        loan.  This amount is amortized over the
        term of the loan.                                            $9,479             $12,322

        $113,468 acquisition fee for GCC mortgage
        loan.  This amount is amortized over the
        term of the loan.                                            12,157              24,315

        $152,880 acquisition fee for investment
        in the Affiliated Joint Venture.  This
        amount is amortized over a period of 31.5 years.            120,322             123,962

        $1,203,097 acquisition fees paid to the
        General Partner.  Prior to June 30, 1993,
        this amount was amortized over a period
        of 30 years.  Subsequent to June 30, 1993,
        the unamortized balance is amortized over
        a period of 8.5 years.                                      757,837             848,777

        $223,773 of tenant improvements.  These amounts
        are amortized over the terms of the leases to
        which they relate.                                          132,584             105,252

        $509,870 of lease commissions.  These amounts
        are amortized over the terms of the leases to
        which they relate.                                          283,628             277,101
                                                                 ----------          ----------
                                                                 $1,316,007          $1,391,729
                                                                 ==========          ==========
</TABLE>
                                    14
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS (continued)
                               (Unaudited)

9. Federal Income Taxes
   --------------------
       A reconciliation of the net income reported in the Statements of
       Operations to the net income reported for federal income tax
       purposes is as follows:
<TABLE>
<CAPTION>
                                                           Nine Months Ended September 30,
                                                                  1995         1994
                                                                  ----         ----
        <S>                                                      <C>          <C>
       
        Net income per Statements of Operations               $1,776,854   $1,099,626

        Add/(deduct): Excess of book depreciation
                         over tax depreciation                    80,117       80,031
                      Excess of book amortization
                         over tax amortization                    66,239       37,209
                      Other income                             (214,403)            -
                                                              ----------   ----------
        Net income for federal income tax purposes            $1,708,807   $1,142,448
                                                              ==========   ==========
</TABLE>





























                                    15
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

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

General
-------
During the offering period, from October 2, 1987 to January 2, 1989, the
Partnership sold 2,601,552 Units representing gross proceeds (exclusive of
the John Hancock Limited Partners' contribution, which was used to pay
sales commissions) of $52,031,040.  The proceeds of the offering were used
to acquire investments, fund reserves, and pay acquisition fees and
organizational and offering expenses.  A descriptive list of these
investments is set forth in Notes 5, 6 and 7 to the Financial Statements
included in Item 1 of this Report.

Liquidity and Capital Resources
-------------------------------
At September 30, 1995, the Partnership had $3,407,101 in cash and cash
equivalents, $35,851 in restricted cash and $107,885 in long-term
restricted cash.

The Partnership has a working capital reserve with a current balance of
approximately 5% of the offering proceeds.  The General Partner anticipates
that such amount should be sufficient to satisfy the Partnership's general
liquidity requirements.  Liquidity would, however, be materially adversely
affected if there were a significant reduction in revenues or significant
unanticipated operating costs or unanticipated capital expenditures.  If
any or all of these events were to occur, to the extent that working
capital reserves would be insufficient to satisfy the cash requirements of
the Partnership, it is anticipated that additional funds would be obtained
through a further reduction of cash distributions to Investors, bank loans,
short-term loans from the General Partner or its affiliates, or the sale or
financing of Partnership investments.

A tenant at the Miami International Distribution Center that had occupied
approximately 70,000 square feet, or 33% of the property, has been
delinquent in rental payments and expense reimbursements since July 1993
and vacated the property in September 1993.  The tenant's lease obligations
expired in December 1994.  The General Partner has brought an action
against the former tenant to obtain full collection of all delinquent and
other amounts due under the lease agreement in the aggregate amount of
approximately $550,000.  The matter had been scheduled to be heard by the
court during the fourth quarter of 1995; however, because the General
Partner amended its complaint, the action has been delayed and the matter
is currently expected to be heard by the court during the second quarter of
1996.















                                    16
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

Item 2:  Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)

Liquidity and Capital Resources (continued)
-------------------------------
The General Partner subsequently secured two replacement tenants for the
vacated space at the Miami International Distribution Center.  One tenant
took occupancy of approximately 28,000 square feet, or 13% of the property,
under a lease commencing during June 1994 and the other tenant took
occupancy of approximately 42,000 square feet, or 20% of the property,
under a lease commencing during July 1994.  However, the tenant leasing the
28,000 square foot space and whose lease is scheduled to expire in
September 2004, subsequently vacated the space and is delinquent in rental
payments and expense reimbursements due since November 1, 1994.  The
General Partner filed a complaint demanding payment from this tenant for
delinquent rental amounts as well as all future obligations due under the
lease agreement.  The Partnership received a default judgment against this
tenant on November 1, 1995 and is seeking a final judgment in the amount of
approximately $1,830,000 plus accrued interest from the date of the
judgment.  Based upon the financial condition of this tenant, there can be
no assurance that the Partnership will be able to collect upon this amount.
The General Partner has also been seeking a replacement tenant for this
space.

The Miami International Distribution Center is located in an area that the
Miami Airport Authority has targeted for future expansion.  In this regard,
the Miami Airport Authority has contacted the General Partner concerning a
potential sale of the property.  It is possible that under certain
circumstances the Miami Airport Authority could obtain this property
through its powers of eminent domain, although at this time no such plans
have been announced or otherwise communicated to the General Partner.  A
resolution of this matter is expected during the first quarter of 1996.

The Fulton Business Park's occupancy was 95% at September 30, 1995 and is
100% occupied as of the date hereof.  During the third quarter of 1995 two
new tenants took occupancy of the property under leases representing
approximately 22,000 square feet, or 15% of the property. Another new
tenant entered into a lease representing approximately 7,500 square feet,
or 5% of the property, which commenced on November 1, 1995.  During the
first nine months of 1995, two existing tenants renewed their leases, one
representing approximately 30,500 square feet, or 20% of the property, and
the other representing approximately 6,500 square feet.  This latter tenant
also decided to expand the space it occupies at the property by
approximately 7,000 square feet, for an aggregate of approximately 13,500
square feet, or 9% of the property.  However, two tenants occupying an
aggregate of approximately 7,500 square feet, or 5% of the property,
vacated the property upon the expiration of their leases during the first
six months of 1995.

During 1994 a tenant at the Fulton Business Park with a lease representing
approximately 20,000 square feet, or 13% of the property, and who was
delinquent in meeting its rental obligations, requested an amendment to its
lease to reduce the amount of space it occupied by approximately 7,000
square feet, or 5% of the property.  The General Partner agreed to the
tenant's space reduction request, on the condition that the tenant execute
a promissory note for delinquent amounts due under the lease.  Payments on
the promissory note were originally scheduled to commence on July 1, 1995,
however, the General Partner has amended the terms of the promissory note
to provide for payments commencing on January 1, 1996.  This tenant was
current on rental payments due the Partnership as of September 30, 1995.


                                    17
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

Item 2:  Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)

Liquidity and Capital Resources (continued)
-------------------------------
At September 30, 1995 the Park Square Shopping Center's occupancy was 86%.
The General Partner will continue to offer aggressive rental packages in an
effort to secure new tenants for the vacant space at the property.

Cash in the aggregate amount of $123,284 was used during the first nine
months of 1995 for the payment of leasing costs incurred at the
Partnership's properties.  The General Partner anticipates that the
Partnership will incur an aggregate of approximately $225,000 of additional
leasing costs at its properties during the remainder of 1995.  The current
balance in the working capital reserve should be sufficient to pay such
costs.

During the nine months ended September 30, 1995, approximately $42,000 of
cash generated from the Partnership's operations was used to fund non-
recurring repair and maintenance costs incurred at the Miami International
Distribution Center.  The General Partner anticipates that the Partnership
will incur additional non-recurring repair and maintenance costs in the
aggregate amount of approximately $88,000 at its properties during the
remainder of 1995.  These additional costs will be funded from the
operations of the Partnership's properties and are not expected to have a
significant impact on the Partnership's liquidity.

Cash in the aggregate amount of $1,892,036, generated from the
Partnership's operations, was distributed to the General Partner and the
Investors during the first nine months of 1995.  The General Partner
anticipates that the Partnership will make a distribution during the fourth
quarter of 1995 comparable to the distributions made during each of the
first three quarters of 1995.

Both of the borrowers on the Partnership's mortgage investments, 205
Newbury Associates and General Camera Corporation, remained current on
their minimum required debt service payments as of September 30, 1995 and
as of the date hereof.  Contingent interest payments on the 205 Newbury
Associates mortgage investment, which are based upon the net cash flow of
the property, have not been received since 1990 because the property has
not generated any cash flow in excess of the minimum required debt service
payments.  The entire unamortized principal balance and all accrued but
unpaid interest on the mortgage loan to General Camera Corporation is due
on July 1, 1996.  The General Partner has no reason to believe, based upon
current information and events, that the minimum required debt service
payments will not continue to be met or that the outstanding principal
balance of the loans will not be repaid upon maturity.  Should either of
the borrowers fail to meet the minimum required debt service payments,
there would be a material adverse affect upon the Partnership's liquidity
as well as a permanent impairment in the book value of the mortgage
investment.

The General Partner had the Fulton Business Park property independently
appraised during the second quarter of 1995.  Based upon the appraiser's
investigation and analysis, the property's market value was estimated to be
approximately $3,150,000.  The net book value of the Fulton Business Park
property of approximately $4,054,000 at September 30, 1995 was evaluated in
comparison to the estimated future undiscounted cash flows and the recent
independent appraisal and, based upon such evaluation, the General Partner
determined that no permanent impairment in value exists and that a write-
down in value was not required as of September 30, 1995.  The Partnership's
cumulative investment in the property, before accumulated depreciation is
approximately $5,139,000.
                                    18
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

Item 2:  Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)

Liquidity and Capital Resources (continued)
-------------------------------
The General Partner evaluated the carrying value of each of the
Partnership's properties and its joint venture investment as of December
31, 1994 by comparing each such carrying value to the related property's
future undiscounted cash flows and the then most recent independent or
internal appraisals, in order to determine whether any permanent impairment
in values existed.  In addition, the General Partner evaluated the status
of its mortgage investments and their ultimate collectibility as of
December 31, 1994.  Based upon such evaluations, the General Partner
determined that no permanent impairment in values existed and, therefore,
no write-downs were recorded.

The General Partner will continue to conduct periodic property and
investment valuations, using internal or independent appraisals, in order
to determine whether a permanent impairment in value exists on any of the
Partnership's investments.

Results of Operations
---------------------
Net income for the nine months ended September 30, 1995 was $1,776,854, as
compared to net income of $1,070,886 for the same period in 1994.  The
increase in net income is primarily attributable to an increase in income
from the Partnership's joint venture investment (the "Affiliated Joint
Venture") as well as an increase in the performance of the Miami
International Distribution Center.

Average occupancy for the Partnership's equity real estate investments for
the nine months ended September 30, 1995 was as follows:

     Park Square Shopping Center                                   85%
     Fulton Business Park                                          86%
     Miami International Distribution Center                       87%
     Quince Orchard Corporate Center
      (Affiliated Joint Venture)                                  100%

Rental income at the Partnership's properties for the nine months ended
September 30, 1995 increased by $190,987, or 12%, as compared to the nine
months ended September 30, 1994.  Rental income at the Miami International
Distribution Center increased by 23% between periods due to an increase in
average occupancy from 68% to 87%.  Rental income at the Fulton Business
Park increased by 20% during the first nine months of 1995 as compared to
same period in 1994 primarily due to increases in the rental rates paid by
certain tenants.  In addition, the first nine months of 1994 were affected
by a decrease in rental income due to the fact that two tenants at the
Fulton Business Park were delinquent in their rental obligations during
that period.  Rental income at the Park Square Shopping Center was
consistent between periods.

The Partnership was allocated income of $557,024 from the Affiliated Joint
Venture during the first nine months of 1995 as compared to $52,656 during
the same period of 1994, representing an increase of $504,368.  This
increase is primarily due to the termination of the former tenant's lease
at the Quince Orchard Corporate Center in September 1993 and the present
tenant taking occupancy of the property in March 1994.



                                    19
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

Item 2:  Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)

Results of Operations (continued)
---------------------
Property operating expenses for the nine months ended September 30, 1995
increased by $20,624, or 6%, as compared to the same period in 1994.  The
Partnership's share of property operating expenses at the Miami
International Distribution Center increased by 9% between periods primarily
due to certain non-recurring maintenance and repairs  incurred at the
property during the nine months ended September 30, 1995.  The
Partnerships' share of property operating expenses at the Fulton Business
Park increased by 23% between periods primarily due to the fact that a
refund of a portion of the prior year's real estate taxes was received
during the nine months ended September 30, 1994, and, therefore, decreased
property operating expenses during that period.  Excluding such tax refund,
the Partnership's share of operating expenses at the property remained
consistent between periods.  The Partnership's share of property operating
expenses at the Park Square Shopping Center was consistent between periods.

The General Partner believes that inflation has had no significant impact
on income from operations during the nine months ended September 30, 1995,
and the General Partner anticipates that inflation will not have a
significant impact during the remainder of 1995.
































                                    20
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)

Item 2:  Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)

Cash Flow
---------
The following table provides the calculations of Cash from Operations and
Distributable Cash from Operations which are calculated in accordance with
Section 17 of the Partnership Agreement:
<TABLE>
<CAPTION>
                                                           Nine Months Ended September 30,
                                                                1995              1994
                                                                ----              ----
<S>                                                             <C>               <C>
Net cash provided by operating
   activities (a)                                           $2,664,215       $1,560,736
Net change in operating assets and liabilities (a)           (230,607)          408,568
                                                            ----------       ----------
Net cash provided by operations (a)                          2,433,608        1,969,304
Increase in working capital reserves                         (541,570)         (77,266)
                                                            ----------       ----------
Cash from operations (b)                                     1,892,038        1,892,038
Decrease in working capital reserves                                 -                -
                                                            ----------       ----------
Distributable cash from operations (b)                      $1,892,038       $1,892,038
                                                            ==========       ==========

Allocation to General Partner                                  $18,920          $18,920
Allocation to Investors                                      1,873,118        1,873,118
Allocation to John Hancock Limited Partner                           -                -
                                                            ----------       ----------
                                                            $1,892,038       $1,892,038
                                                            ==========       ==========
</TABLE>
  (a)   Net cash provided by operating activities, net change in operating
        assets and liabilities, and net cash provided by operations are as
        calculated in the Statements of Cash Flows included in Item 1 of
        this Report.

  (b)   As defined in the Partnership Agreement.  Distributable Cash from
        Operations should not be considered as an alternative to net
        income (i.e. not an indicator of performance) or to reflect cash
        flows or availability of discretionary funds.

During the fourth quarter of 1995, the Partnership will make a cash
distribution in the amount of $624,372 to the Investors, representing a 5%
annualized return to all Investors of record at September 30, 1995, based
on Distributable Cash from Operations for the quarter then ended.







                                    21
<PAGE>
          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                   (A Massachusetts Limited Partnership)


                       PART II:  OTHER INFORMATION


Item 1. Legal Proceedings

        There are no material pending legal proceedings, other than
        ordinary routine litigation incidental to the business of the
        Partnership, to which the Partnership is a party or to which any
        of its properties is subject.

Item 2. Changes in Securities

        There were no changes in securities during the third quarter of
        1995.

Item 3. Defaults upon Senior Securities

        There were no defaults upon senior securities during the third
        quarter of 1995.

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

        There were no matters submitted to a vote of security holders of
        the Partnership during the third quarter of 1995.

Item 5. Other information


Item 6. Exhibits and Reports on form 8-K

        (a)   There are no exhibits to this report
        (b)   There were no reports on Form 8-K filed during the third
               quarter of 1995.























                                    22

          JOHN HANCOCK REALTY INCOME FUND-II LIMITED PARTNERSHIP
                  (A Massachusetts Limited Partnership)


                                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, on the 14th day of November, 1995.


                               John Hancock Realty Income Fund-II
                               Limited Partnership


                               By:  John Hancock Realty Equities, Inc.,
                                    General Partner



                                    By:  WILLIAM M. FITZGERALD
                                         -------------------------------
                                         William M. Fitzgerald, President



                                    By:  RICHARD E. FRANK
                                         -------------------------------
                                         Richard E. Frank, Treasurer
                                         (Chief Accounting Officer)