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FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
       OF THE SECURITIES EXCHANGE ACT OF 1934


                    UNITED STATES

         SECURITIES AND EXCHANGE COMMISSION

               Washington, D.C. 20549

                      FORM 10-Q

                     (Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the period ended March 31, 2000

                         or
[  ]  Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from ______ to ___________


Commission File Number: 33-18089-A


                HICKORY LENDERS, LTD.
    (Exact name of Registrant as specified in its
charter)


Tennessee                           62-1336905
(State or other jurisdiction of   (I.R.S. Employer
 incorporation or organization)   Identification)

One Belle Meade Place, 4400 Harding Road, Suite 500,
Nashville, Tennessee 37205
(Address of principal executive office)   (Zip Code)

                   (615)  292-1040
(Registrant's telephone number, including area code)

  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 at least the past 90 days.

                                  YES    X     NO  ___

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            PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


                HICKORY LENDERS, LTD.
          (A Tennessee Limited Partnership)


                FINANCIAL STATEMENTS
For The Three Months Ended March 31, 2000 and 1999


                        INDEX



  Financial Statements:

          Balance Sheets                        3
          Statements of Operations              4
          Statements of Cash Flows              5
          Notes to Financial Statements         6





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<TABLE>


                HICKORY LENDERS, LTD.
               (A Limited Partnership)

                   BALANCE SHEETS
                     (Unaudited)



<CAPTION>
                               March 31,   December 31,
                                 2000          1999
                               ---------     --------
<S>                              <C>           <C>

               ASSETS

Cash                        $    3,423     $   36,981
Restricted cash                205,329        188,072
Land & Improvements Held
  For Investment             1,312,304      1,312,304


         Total Assets      $ 1,521,056    $ 1,537,357
                             ==========     =========



      LIABILITIES AND PARTNERS' EQUITY

Accounts payable           $    77,555    $   84,494

Partners' Equity:

  Limited Partners (4,200 units
     outstanding)             1,443,501     1,452,863
  General Partner                  -              -


  Total Partners' Equity   $  1,521,056   $ 1,537,357
                             ==========    ==========




<FN>
               See accompanying notes to financial statements.

</TABLE>
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<TABLE>


                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>

                                     Three months ended
                                          MARCH 31,
                                    ____________________

                                   2000           1999
                                   ____           ____

<S>                                <C>            <C>
REVENUE:
    Interest Income              $ 1,258           -

EXPENSES:
    Legal & Accounting Fees        8,406          2,272
    Property Management Fee        1,750          1,750
    Administrative expenses          463            -

           Total Expenses         10,619          4,022


NET LOSS                         $(9,361)      $ (4,022)









<FN>
                See accompanying notes to financial statements

</TABLE>

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<TABLE>


                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF CASH FLOWS
                           (Unaudited)

<CAPTION>

                                  Three months ended
                                      MARCH 31,
                                   2000         1999
<S>                               <C>           <C>
Cash Flows from Operating Activities:

    Net Loss                     $ (9,361)    $(4,022)
    Adjustments to reconcile Net
    Loss to Net Cash used in
    Operating Activities:

    Increase in Accounts payable   (6,939)       -
    Increase in Restricted cash   (17,258)       -

          Net Cash used in
          Operating Activities    (33,558)     (4,022)

          Net Decrease in Cash    (33,558)     (4,022)


CASH AT JANUARY 1,                 36,981     192,414

CASH AT MARCH 31,               $   3,423   $ 188,392
                                =========    ========


<FN>
               See accompanying notes to financial statements.
</TABLE>
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                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

                 NOTES TO FINANCIAL STATEMENTS

       For the Three Months Ended March 31, 2000 and 1999
                           (Unaudited)


A.ACCOUNTING POLICIES

     The  unaudited  financial statements presented herein have
     been prepared  in accordance  with the instructions to Form
     10-Q and do  not  include  all  of  the information and note
     disclosures required  by  generally  accepted accounting
     principles.  These statements  should  be  read  in
     conjunction with the financial statements and notes thereto
     included in the Partnership's Form 10-K  for  the year ended
     December 31, 1999.  In the opinion of management,  such
     financial statements include all adjustments, consisting only
     of  normal recurring adjustments, necessary to summarize
     fairly  the  Partnership's  financial  position  and results
     of operations.  The results of operations for the three month
     period ended March 31, 2000 may not be indicative of the
     results  that  may be expected for the year ending December
     31, 2000.


B.RELATED PARTY TRANSACTIONS

     The  General  Partner  and  its  affiliates  have been
     actively involved  in managing the Partnership's operations.
     Compensation  earned for these services in the first three
     months were as follows:

                            2000       1999

  Management Fees         $ 1,750     $ 1,750
  Accounting Fees         $   400         400

C. COMPREHENSIVE INCOME

     During the three month periods ended March 31, 2000 and 1999,
     the Partnership had no components of other comprehensive
     income.  Accordingly, comprehensive income for each of the
     periods was the same as net loss.


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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
      FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 2000.

The  Partnership's  primary business was to lend monies to Hickory
Hills, Ltd.  On December 31, 1998, the Partnership began the
process of foreclosing on the debt to Hickory Hills, Ltd. after
the note matured and payment was not made.  The General Partner
determined that the value of the underlying collateral could not
result in full payment of the principal and accrued interest.
Foreclosure proceedings were completed on June 29, 1999.

The Registrant's primary business is now to develop and dispose of
certain undeveloped real properties located in Nashville, Davidson
County, Tennessee and Hendersonville, Sumner County, Tennessee (the
"Properties").

The general partner and its affiliates have been actively involved
in managing the Partnership, and the Property.  Overall operations
of the Property have not fluctuated significantly from the prior
quarters.

FINANCIAL CONDITION

LIQUIDITY

At April 30, 2000, the Registrant had approximately $86,606 in cash
reserves.  These funds are expected to be sufficient to fund
operations through 2000.

Year 2000

     In 1998, the Partnership initiated a plan ("Plan") to
identify, and remediate "Year 2000" issues within each of its
significant computer programs and certain equipment which contain
microprocessors.  The Partnership divided the Plan into five major
phases-assessment, planning, conversion, implementation and
testing. The plan was completed in mid 1999.  The total remediation
costs for the plan were not material to the operation or liquidity
of the partnerships. The Registrant had no significant operational
difficulties related to Year 2000 issue.  Management does not
expect any issues or operational problems related to Year 2000
issues in the future.

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                   PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


 (a)  Exhibits

 Exhibit 27 - Financial Data Schedule for the First Quarter of 2000

 (b)  No 8-K's have been filed during this quarter.






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                           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.


                        HICKORY LENDERS, LTD.
                        By: 222 HICKORY, LTD.
                               General Partner


                               By:222 PARTNERS, INC.
                                  General Partner



Date:    May 15, 2000             By:/s/ Steven D. Ezell
                                  President



Date:    May 15, 2000             By:/s/Michael A. Hartley
                                  Secretary/Treasurer