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<P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C.  20549</P>
</B><P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER">FORM 8-K</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">CURRENT REPORT</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Date of Report: August 25, 2005<BR>
(Date of earliest event reported)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">Inland Monthly Income Fund II, L.P.<BR>
</B>(Exact name of registrant as specified in the charter)</P>
<P ALIGN="CENTER"></P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=654>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Delaware</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">0-17593</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">36-3587209</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(State or other jurisdiction of incorporation)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(Commission File No.)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">2901 Butterfield Road<BR>
Oak Brook, Illinois 60523<BR>
(Address of Principal Executive Offices)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">(630) 218-8000<BR>
(Registrant's telephone number including area code)</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Not Applicable<BR>
Former name or former address, if changed since last report)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<hr>
<B><P>Item 2.01&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets<BR>
</P>
</B><P>On August 25, 2005, the Partnership sold one of its assets, the Colonial Manor Living Center, located in LaGrange, Illinois. The property was sold to MML Properties, LLC, an unaffiliated third party, for $4,500,000, on an all cash basis.  The property had a basis of approximately $4,379,000, resulting in a loss of approximately $5,000, net of closing costs. Net sales proceeds of $300,000 are being held in an escrow pending the resolution of liabilities relating to an audit of the operations of the nursing home located on the property and relating to a nursing home bed tax issue. Net sales proceeds will be distributed to the Limited Partners upon resolution of these issues, which we anticipate will be before the end of the year.</P>

<P>&nbsp;</P>
<B><P>Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits</P>
</B>
<OL TYPE="a">

<LI>Financial Statements.  Not Applicable</LI>

<LI>Pro Forma Financial Information - Narrative</LI></OL>


<P>&nbsp;</P>
<P>As a result of the sale of this property, prospectively there will be no property operations included in the financial statements of the Partnership relating to this property.  The following sets forth the amounts of selected accounts in the financial statements of the Partnership relating solely to this property.</P>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=576>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the six <BR>
months ended <BR>
<U>June 30, 2005</U></FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">For the year <BR>
ended <BR>
<U>December 31, 2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P>Rental Income</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">256,420</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="23%" VALIGN="BOTTOM" HEIGHT=21>
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">462,843</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Operating Expenses</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">114,939</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">10,679</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Depreciation</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">82,858</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">165,716</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">58,623</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="23%" VALIGN="BOTTOM">
<FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">288,448</FONT></TD>
</TR>
</TABLE>

<FONT FACE="Arial" SIZE=2></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=638>
<TR><TD WIDTH="88%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
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</P>
<hr>
</FONT><B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">SIGNATURES<BR>
</P>
</FONT>
</B><FONT FACE="Arial" SIZE=2><P>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 hereunto duly authorized.</P>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=397>
<TR><TD WIDTH="73%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Inland's Monthly Income Fund, L.P.</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP" COLSPAN="2">&nbsp;</TD>
</TR>
<TR><TD WIDTH="73%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>(Registrant)</FONT></TD>
<TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>By:</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>/s/ Kelly Tucek</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Kelly Tucek</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>Vice President of General Partner and principal financial officer of Inland's Monthly Income Fund, L.P.</FONT></TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="14%" VALIGN="TOP">
<FONT FACE="Arial" SIZE=2><P>Date:</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="Arial" SIZE=2><P>August 29, 2005</FONT></TD>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: August 25, 2005
(Date of earliest event reported)
Inland Monthly Income Fund II, L.P.
(Exact name of registrant as specified in the charter)
Delaware
0-17593
36-3587209
(State or other jurisdiction of incorporation)
(Commission File No.)
(IRS Employer Identification No.)
2901 Butterfield Road
Oak Brook, Illinois 60523
(Address of Principal Executive Offices)
(630) 218-8000
(Registrant's telephone number including area code)
Not Applicable
Former name or former address, if changed since last report)
Item 2.01  Completion of Acquisition or Disposition of Assets
On August 25, 2005, the Partnership sold one of its assets, the Colonial Manor Living Center, located in LaGrange, Illinois. The property was sold to MML Properties, LLC, an unaffiliated third party, for $4,500,000, on an all cash basis.  The property had a basis of approximately $4,379,000, resulting in a loss of approximately $5,000, net of closing costs. Net sales proceeds of $300,000 are being held in an escrow pending the resolution of liabilities relating to an audit of the operations of the nursing home located on the property and relating to a nursing home bed tax issue. Net sales proceeds will be distributed to the Limited Partners upon resolution of these issues, which we anticipate will be before the end of the year.
Item 9.01  Financial Statements and Exhibits
Financial Statements.  Not Applicable
Pro Forma Financial Information - Narrative
As a result of the sale of this property, prospectively there will be no property operations included in the financial statements of the Partnership relating to this property.  The following sets forth the amounts of selected accounts in the financial statements of the Partnership relating solely to this property.
For the six
months ended
June 30, 2005
For the year
ended
December 31, 2004
Rental Income
$
256,420
$
462,843
Operating Expenses
114,939
10,679
Depreciation
82,858
165,716
Net income
58,623
288,448
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 hereunto duly authorized.
Inland's Monthly Income Fund, L.P.
(Registrant)
By:
/s/ Kelly Tucek
Kelly Tucek
Vice President of General Partner and principal financial officer of Inland's Monthly Income Fund, L.P.
Date:
August 29, 2005