10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2003

or

[ ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________


Commission File #0-17593


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

Delaware	#36-3587209
(State or other jurisdiction	(I.R.S. Employer Identification Number)
of incorporation or organization)

2901 Butterfield Road, Oak Brook, Illinois	60523
(Address of principal executive office)	(Zip Code)

Registrant's telephone number, including area code:  630-218-8000

                    N/A                    
(Former name, former address and former fiscal
year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  X  No     

Indicate by a checkmark whether the registrant is an accelerated filer (as defined in Securities Exchange Act Rule 12b-2)    Yes     No  X 

- -1-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Balance Sheets

June 30, 2003 and December 31, 2002
(unaudited)


Assets

		2003	2002
Current assets:
Cash and cash equivalents	$	1,339,691	1,356,342
Accounts and rents receivable		437	493
Total current assets		1,340,128	1,356,835
Investment properties (including acquisition fees paid to Affiliates of     $1,250,037 at June 30, 2003 and December 31, 2002) (Note 4):
Land		3,187,438	3,187,438
Buildings and improvements		12,823,443	12,423,443
		16,010,881	15,610,881
Less accumulated depreciation		5,312,270	5,131,255
Net investment properties		10,698,611	10,479,626
Other assets:
Deferred leasing fees to Affiliates (net of accumulated amortization of     $222,925 and $221,346 at June 30, 2003 and December 31, 2002,     respectively)		4,807	6,386
Deferred rent receivable		397,877	449,793
Total other assets		402,684	456,179
Total assets	$	12,441,423	12,292,640

See accompanying notes to financial statements.

-2-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Balance Sheets
(continued)

June 30, 2003 and December 31, 2002
(unaudited)

Liabilities and Partners' Capital

		2003	2002
Current liabilities:
Accounts payable	$	1,365	2,752
Accrued real estate taxes		55,665	62,430
Due to Affiliates (Note 3)		7,390	3,062
Deposits held for others		391,236	369,807
Total current liabilities		455,656	438,051
Commission payable to Affiliate (Note 3)		132,000	132,000
Total liabilities		587,656	570,051
Partners' capital:
General Partner:
Capital contribution		500	500
Cumulative net income		47,331	49,141
		47,831	49,641
Limited Partners:
Units of $500. Authorized 80,000 Units, 50,095.50 Units outstanding       (net of offering costs of $3,148,734, of which $653,165 was paid to       Affiliates)		21,916,510	21,916,510
Cumulative net income		19,198,512	19,065,524
Cumulative distributions		(29,309,086)	(29,309,086)
		11,805,936	11,672,948
Total Partners' capital		11,853,767	11,722,589
Total liabilities and Partners' capital	$	12,441,423	12,292,640

See accompanying notes to financial statements.

-3-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Statements of Operations

For the three and six months ended June 30, 2003 and 2002
(unaudited)

		Three months	Three months	Six months	Six months
		ended	ended	ended	Ended
		June 30, 2003	June 30, 2002	June 30, 2003	June 30, 2002
Income:
Rental income (Note 2)	$	250,087	425,099	494,141	850,197
Additional rental income		-	2,259	-	4,519
Interest income		1,261	3,980	3,791	8,047
		251,348	431,338	497,932	862,763
Expenses:
Professional services to Affiliates		2,847	3,749	11,002	5,991
Professional services to non-    affiliates		-	-	26,700	24,660
General and administrative     expenses to Affiliates		6,205	6,449	11,983	12,565
General and administrative     expenses to non-affiliates		5,535	4,031	11,189	15,661
Property operating expenses to     Affiliates		3,658	4,916	7,521	9,744
Property operating expenses to     non-affiliates		38,417	124,545	115,765	129,245
Depreciation		95,270	85,746	181,015	171,491
Amortization		790	1,513	1,579	3,025
		152,722	230,949	366,754	372,382
Net income	$	98,626	200,389	131,178	490,381
Net income (loss) allocated to:
General Partner		(953)	(858)	(1,810)	(1,715)
Limited Partners		99,579	201,247	132,988	492,096
Net income	$	98,626	200,389	131,178	490,381
Net loss allocated to the one
General Partner Unit	$	(953)	(858)	(1,810)	(1,715)
Net income per Unit, basic and   diluted, allocated to Limited   Partners per weighted average   Limited Partnership Units of   50,095.50	$	1.99	4.01	2.65	9.82

See accompanying notes to financial statements.

-4-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Statements of Cash Flows

For six months ended June 30, 2003 and 2002
(unaudited)

		2003	2002
Cash flows from operating activities:
Net income	$	131,178	490,381
Adjustments to reconcile net income to net cash provided by   operating activities:
Depreciation		181,015	171,491
Amortization		1,579	3,025
Changes in assets and liabilities:
Accounts and rents receivable		56	(402)
Deferred rent receivable		51,916	(42,150)
Accounts payable		(1,387)	(1,274)
Accrued real estates taxes		(6,765)	60,000
Due to Affiliates		4,328	(4,025)
Net cash provided by operating activities		361,920	677,046
Cash flows from investing activities:
Additions to investment property		(400,000)	-
Net cash used in investing activities		(400,000)	-
Cash flows from financing activities:
Deposits held for others		21,429	(16,020)
Cash distributions		-	(728,993)
Net cash provided by (used in) financing activities		21,429	(745,013)
Net decrease in cash and cash equivalents		(16,651)	(67,967)
Cash and cash equivalents at beginning of period		1,356,342	1,332,850
Cash and cash equivalents at end of period	$	1,339,691	1,264,883

See accompanying notes to financial statements.

-5-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Notes to Financial Statements

June 30, 2003
(unaudited)

Readers of this quarterly report should refer to the partnership's audited financial statements for the fiscal year ended December 31, 2002, which are included in the partnership's 2002 annual report, as certain footnote disclosures which would substantially duplicate those contained in such audited financial statements have been omitted from this report.

(1)  Organization and Basis of Accounting

The Registrant, Inland Monthly Income Fund II, L.P. (the "Partnership"), was formed on June 20, 1988 pursuant to the Delaware Revised Uniform Limited Partnership Act, to invest in improved residential, retail, industrial and other income producing properties. On August 4, 1988, the Partnership commenced an offering of 50,000 (subject to increase to 80,000) limited partnership units or units pursuant to a Registration Statement on Form S-11 under the Securities Act of 1933. The offering terminated on August 4, 1990, after the Partnership had sold 50,647.14 units at $500 per unit, resulting in gross offering proceeds of $25,323,569, not including the general partner's contribution for $500. All of the holders of these units have been admitted to the Partnership. Inland Real Estate Investment Corporation is the general partner. The limited partners of the Partnership share in the benefits of ownership of the partnership's real property investments in proportion to the number of units held. The Partnership re purchased 551.64 units for $260,285 from various limited partners through the unit repurchase program. There are no funds remaining for the repurchase of units through this program.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

In the opinion of management, the financial statements contain all the adjustments necessary to present fairly the financial position and results of operations for the periods presented herein. Results of interim periods are not necessarily indicative of the results to be expected for the year.

On January 1, 2003, the Partnership adopted FASB Interpretation No. 45 ("FIN 45") "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, an interpretation of FASB Statements No. 5, 57 and 107 and a rescission of FASB Interpretation No. 34. FIN 45 elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under guarantees issued. FIN 45 also clarifies that a guarantor is required to recognize, at inception of a guarantee, a liability for the fair value of the obligation undertaken. The adoption of FIN 45 did not have a material effect on the Partnership's financial statements.

- -6-

INLAND MONTHLY INCOME FUND II, L.P.
(a limited partnership)

Notes to Financial Statements
(continued)

June 30, 2003
(unaudited)

(2)  Deferred Rent Receivable

Certain tenant leases contain provisions providing for scheduled rent increases. Generally accepted accounting principles require that rental income be recorded for the period of occupancy using the straight-line basis. The accompanying financial statements include a decrease of $51,916 and an increase of $42,150 for the six months ended June 30, 2003 and 2002, of rental income for the period of occupancy for which scheduled rent increases apply and $397,877 and $449,793 in related deferred rent receivable as of June 30, 2003 and December 31, 2002, respectively. These amounts will be collected over the terms of the related leases as scheduled rent payments are made.

(3) Transactions with Affiliates

The general partner and its affiliates are entitled to reimbursement for salaries and expenses of employees of the general partner and its affiliates relating to the administration of the partnership. Such costs are included in professional services and general and administrative expenses to affiliates, of which $7,390 and $3,062 was unpaid as of June 30, 2003 and December 31, 2002, respectively.

An Affiliate of the general partner earned property management fees of $7,521 and $9,744 for the six months ended June 30, 2003 and 2002, respectively, in connection with managing the partnership's properties. Such fees are included in property operating expenses to affiliates, all of which was paid as of June 30, 2003 and December 31, 2002.

In connection with the sale of The Wholesale Club on January 8, 1991, the partnership recorded $132,000 of sales commission payable to an affiliate of the general partner. Such commission has been deferred until the limited partners receive their original capital plus a return as specified in the partnership agreement.

4. Investment Properties

The General Partner is continuing to review various options to lease the space vacated by Kmart. The current listing agreement with a third party broker attempting to lease the space expires November 30, 2003. If a replacement tenant has not been identified at that time, the General Partner may consider listing the property for sale.

- -7-

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

Certain statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this quarterly report on Form 10-Q constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the partnership's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, competition for tenants, the ability to release the Kmart space, federal, state or local regulations; adverse changes in general economic or local conditions; uninsured losses; and potential conflicts of interest between the partnership and its affiliates, including the general partner.

Critical Accounting Policies

On December 12, 2001, the Securities and Exchange Commission issued Financial Reporting Release ("FRR") No. 60 "Cautionary Advice Regarding Disclosure About Critical Accounting Policies." A critical accounting policy is one that would materially effect our operations or financial condition, and requires management to make estimates or judgments in certain circumstances. We believe that our most critical accounting policies relate to how we value our investment properties, recognize revenue, and our cost capitalization and depreciation policies. These judgments often result from the need to make estimates about the effect of matters that are inherently uncertain. The purpose of the FRR is to provide stockholders with an understanding of how management forms these policies. Critical accounting policies discussed in this section are not to be confused with accounting principles and methods disclosed in accordance with accounting principles generally accepted in the United States of America ("GAAP"). GAAP requires information in financial statements about accounting principles, methods used and disclosures pertaining to significant estimates. The following disclosure discusses judgments known to management pertaining to trends, events or uncertainties known which were taken into consideration upon the application of those policies and the likelihood that materially different amounts would be reported upon taking into consideration different conditions and assumptions.

Valuation of Investment Properties - On a quarterly basis, in accordance with Statement of Financial Accounting Standards No. 144, we conduct an impairment analysis to ensure that the carrying value of each property does not exceed its estimated fair value. If this were to occur, we would be required to record an impairment loss equal to the excess of carrying value over fair value.

In determining the value of an investment property and whether the property is impaired, management considers several factors such as projected rental and vacancy rates, property operating expenses, capital expenditures and interest rates. The capitalization rate used to determine property valuation is based on the market in which the property is located, length of leases, tenant financial strength, the economy in general, demographics, environment, property location, visibility, age, physical condition and investor return requirements among others. All of the aforementioned factors are considered by management in determining the value of any particular property. The value of any particular property is sensitive to the actual results of any of these uncertain factors, either individually or taken as a whole. Should the actual results differ from management's judgment, the valuation could be negatively or positively affected.

The valuation and possible subsequent impairment of investment properties is a significant estimate that can and does change based on management's continuous process of analyzing each property.

- -8-

Revenue Recognition - Under GAAP, we are required to recognize rental income based on the effective monthly rent for each lease. The effective monthly rent is equal to the average monthly rent during the term of the lease, not the stated rent for any particular month. The process, known as "straight-lining" rent generally has the effect of increasing rental revenues during the early phases of a lease and decreasing rental revenues in the latter phases of a lease. If rental income calculated on a straight-line basis exceeds the cash rent due under the lease, the difference is recorded as an increase in deferred rent receivable and included as a component of rental income in the accompanying Statements of Operations. If the cash rent due under the lease exceeds rental income calculated on a straight-line basis, the difference is recorded as a decrease in deferred rent receivable and is also included as a component of rental income in the accompanying Statements of Operations.

Cost Capitalization and Depreciation Policies - We review all expenditures and capitalize any item exceeding $5,000 deemed to be an upgrade or a tenant improvement. If we capitalize more expenditures, current depreciation expense would be higher, however, total current expenses would be lower. Depreciation expense is computed using the straight-line method. Buildings and improvements are depreciated based upon estimated useful lives of 30 years for buildings and improvements, 15 years for site improvements and the remaining life of the related lease for tenant improvements.

Liquidity and Capital Resources

On August 4, 1988, we commenced an offering of 50,000 (subject to increase to 80,000) limited partnership units or units pursuant to a Registration Statement on Form S-11 under the Securities Act of 1933. The offering terminated on August 4, 1990, after we had sold 50,647.14 units at $500 per Unit, resulting in gross offering proceeds of $25,323,569, not including the general partner's contribution of $500. All of the holders of these units have been admitted as limited partners to the partnership. We acquired five properties using $21,224,542 of capital proceeds received. On January 8, 1991, we sold one of our properties, The Wholesale Club. On November 30, 1999, we sold another of our properties, Eurofresh Plaza. As of June 30, 2003, cumulative distributions to limited partners totaled $29,309,086, of which $4,395,565 represents proceeds from the sale of The Wholesale Club, $2,392,818 represents proceeds from the sale of Eurofresh Plaza, and $22,520,703 represents distributable cash flow from the prop erties. We repurchased 551.64 units for $260,285 from various limited partners through the unit repurchase program. There are no funds remaining for the repurchase of units through this program.

As of June 30, 2003, we had cash and cash equivalents of approximately $1,340,000 which includes approximately $391,000 held in an unrestricted escrow account for the payment of real estate taxes for Colonial Manor Living Center. We intend to use such remaining funds of approximately $949,000 for property upgrades, distributions and for other working capital requirements.

Through June 30, 2002, the properties owned by us were generating cash flow in excess of an 8% annualized distribution to the limited partners (paid monthly), in addition to covering all our operating expenses. In addition to an 8% annualized return to the limited partners, we made cumulative distributions from excess cash flow of $253,868. As a result of the termination of the Kmart lease on June 29, 2002, we reduced the annualized return to the limited partners to 5%, beginning in July 2002. In December 2002, the general partner temporarily suspended distributions to the limited partners due to uncertainty of the Colonial Manor and Scandinavian Health Spa leases and re-tenanting costs anticipated with the Kmart property. We will continue to monitor our cash needs and the cash available for distribution. To the extent that the cash flow from the properties is insufficient to meet our requirements, we may rely on advances from affiliates of the general partner, other short-term financing, or may sell one or more of the properties.

We executed an amendment of the Scandinavian Health Spa lease, extending the term until September 30, 2013. Annual base rent increased from $359,094 to $383,231 per year commencing April 1, 2003. As part of the extension, we paid $400,000 for tenant improvements and equipment at the property.

-9-

Effective March 1, 2003, we executed an amendment to the Colonial Manor lease which reduced the annual rent from $829,150 to $666,855 per year with no increases in rent over the remaining 8 year term of the lease.

Transactions with Related Parties

Our general partner and its affiliates are entitled to reimbursement for salaries and expenses of employees of the general partner and its affiliates relating to our administration. Such costs are included in professional services and general and administrative expenses to affiliates, of which $7,390 and $3,062 was unpaid as of June 30, 2003 and December 31, 2002, respectively.

An affiliate of our general partner earned property management fees of $7,521 and $9,744 for the six months ended June 30, 2003 and 2002, respectively, in connection with managing our properties. Such fees are included in property operating expenses to affiliates, all of which was paid as of June 30, 2003 and December 31, 2002.

Results of Operations

At June 30, 2003, we own three operating properties. Two of our three operating properties, Scandinavian Health Spa and Colonial Manor Living Center, are leased on a "triple-net" basis which means that all expenses of the property are passed through to the tenant. As of June 29, 2002, Kmart rejected its lease of our remaining property and ceased rent payments. We are reviewing various options to lease the space vacated by Kmart. The current listing agreement with a third party broker attempting to lease the space expires November 30, 2003. If a replacement tenant has not been identified at that time, we may consider listing the property for sale.

Rental income was $494,141 and $850,197 for the six months ended June 30, 2003 and 2002, respectively. This decrease was due to the reduction in the annual rent on the Colonial Manor Living Center under the new lease, which began March 2003 and the termination of the Kmart lease on June 29, 2002.

Professional services to non-affiliates were $11,002 and $5,991 for the six months ended June 30, 2003 and 2002, respectively. This increase was due to an increase in legal fees.

General and administrative expenses to non-affiliates were $11,189 and $15,661 for the six months ended June 30, 2003 and 2002, respectively. This decrease was due to a decrease in the state tax expense and postage expense.

Property operating expenses to non-affiliates were $115,765 and $129,245 for the six months ended June 30, 2003 and 2002, respectively. These expenses include real estate tax expense, common area maintenance expense, utilities and other property related expenses as a result of Kmart rejecting its lease.

- -10-

The following is a list of approximate occupancy levels for the partnership's investment properties as of the end of each quarter during 2002 and 2003:

	2002				2003
Properties	03/31	06/30	09/30	12/31	03/31	06/30	09/30	12/31
Scandinavian Health Spa	100%	100%	100%	100%	100%	100%
Broadview Heights, Ohio
Colonial Manor	100%	100%	100%	100%	100%	100%
LaGrange, Illinois
Kmart	100%	0%	0%	0%	0%	0%
Chandler, Arizona

Item 3: Quantitative and Qualitative Disclosures about Market Risks

Not Applicable.

Item 4: Controls and Procedures

Within 90 days prior to the filing date of this report, the general partner conducted, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information that is required to be disclosed in the periodic reports that we must file with the Securities and Exchange Commission.

There have been no significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.

PART II - Other Information

Items 1 through 5 are omitted because of the absence of conditions under which they are required.

(a)  Exhibits:

     31.1 Rule 13a-14(a)/15d-14(a) Certification by Chief Executive Officer
     31.2 Rule 13a-14(a)/15d-14(a) Certification by Chief Financial Officer

     32.1 Section 1350 Certification by Chief Executive Officer
     32.2 Section 1350 Certification by Chief Financial Officer

(b)  Reports on Form 8-K:

      None

- -11-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INLAND MONTHLY INCOME FUND II, L.P.
By:	Inland Real Estate Investment Corporation
	General Partner
	/S/ BRENDA G. GUJRAL
By:	Brenda G. Gujral
	President
Date:	August 11, 2003
	/S/ PATRICIA A. DELROSSO
By:	Patricia A. DelRosso
	Senior Vice President
Date:	August 11, 2003
	/S/ KELLY TUCEK
By:	Kelly Tucek
	Assistant Vice President and
	Principal Financial Officer
Date:	August 11, 2003

- -12-

EX-31

EXHIBIT 31.1 CERTIFICATION

I, Brenda G. Gujral, President, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Inland Monthly Income Fund II, L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

1. all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

By: Inland Real Estate Investment Corporation
    General Partner

/S/ Brenda G. Gujral                                   

Name: Brenda G. Gujral
Title: President of the General Partner and
       Principal Executive Officer of Inland Monthly Income Fund II, L.P

Date: August 11, 2003

EX-31

Exhibit 31.2 CERTIFICATION

I, Kelly Tucek, Assistant Vice President, certify that:

1. I have reviewed this report on Form 10-Q of Inland Monthly Income Fund II, L.P.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.
   
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) for the registrant and we have:

1. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

1. all significant deficiencies and material weaknesses in the design or operation of internal controls adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

By: Inland Real Estate Investment Corporation
    General Partner

/S/ Kelly Tucek____________________________________

Name: Kelly Tucek
Title: Assistant Vice President of the General Partner and
        Principal Financial Officer of Inland Monthly Income Fund II, L.P.

Date: August 11, 2003

EX-32

Exhibit 32

Certification

Pursuant to Section 1350 of Title 18 of the United States Code, the undersigned hereby certifies that:

(1) I have reviewed the Quarterly Report on Form 10-Q of Inland Monthly Income Fund II, L.P. (the "Report") to which this statement is an Exhibit;

(2) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(3) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Inland Monthly Income Fund II, L.P.

By: Inland Real Estate Investment Corporation
      General Partner

/S/ Brenda G. Gujral_________________________________

Name: Brenda G. Gujral
Title: President of the General Partner and
        Principal Executive Officer of Inland Monthly Income Fund II, L.P

Date: August 11, 2003

EX-32

Exhibit 32

Certification

Pursuant to Section 1350 of Title 18 of the United States Code, the undersigned hereby certifies that:

(1) I have reviewed the Quarterly Report on Form 10-Q of Inland Monthly Income Fund II, L.P. (the "Report") to which this statement is an Exhibit;

(2) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(3) The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of Inland Monthly Income Fund II, L.P.

By: Inland Real Estate Investment Corporation
     General Partner

/S/ Kelly Tucek____________________________________

Name: Kelly Tucek
Title: Assistant Vice President of the General Partner and
        Principal Financial Officer of Inland Monthly Income Fund II, L.P.

Date: August 11, 2003