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 quarter ended
                          June 30, 1998
                              OR

          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF 
------           THE SECURITIES EXCHANGE ACT OF 1934

                      Commission File Number
                             0-14548
                             -------
              RAL-YIELD EQUITIES II LIMITED PARTNERSHIP
              -----------------------------------------
       (Exact name of registrant as specified in its charter)

          Wisconsin                             39-1494302
-------------------------------       ---------------------------
(State or other jurisdiction of              (I.R.S. Employer
 incorporation or organization)            Identification Number)

   20875 Crossroads Circle
         Suite 800
     Waukesha, Wisconsin                          53186
-------------------------------        --------------------------
   (Address of principal                       (Zip Code)
     executive offices)

Registrant's telephone number, including area code (414) 798-0900
                                                   --------------
     Securities registered pursuant to Section 12(b) of the Act:
                               None
                              ------
     Securities registered pursuant to Section 12(g) of the Act:
                  LIMITED PARTNERSHIP INTERESTS
                  -----------------------------
                         (Title of Class)

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
               -------                        -------
                      RAL-YIELD EQUITIES II
                       LIMITED PARTNERSHIP
                            FORM 10-Q

                        TABLE OF CONTENTS

                                                          PAGES
PART I    FINANCIAL INFORMATION       

          Item 1.   Financial Statements                    I-1

          Item 2.   Management's Discussion and
                    Analysis of Financial Condition and
                    Results of Operations                   I-7

PART II   OTHER INFORMATION

          Item 6.   Exhibits and Reports on Form 8-K (None)

Signatures



































<TABLE>
                      RAL-YIELD EQUITIES II
                       LIMITED PARTNERSHIP
                         BALANCE SHEETS
             June  30, 1998 and December 31, 1997
<CAPTION>
                                         UNAUDITED      AUDITED 
                                         JUNE 30,    DECEMBER 31,
         ASSETS                             1998          1997
-------------------------------------   -----------   -----------
<S>                                     <C>            <C>
INVESTMENT PROPERTY, less accumulated
depreciation of $1,706,036 in 1998
and $1,631,493 in 1997                   3,327,850      3,399,801

PROPERTY HELD FOR SALE OR RELEASE          500,000        500,000

CASH AND CASH EQUIVALENTS                  250,143        358,191

RENT AND OTHER RECEIVABLES                  15,646          7,777

DEFERRED CHARGES, less accumulated
amortization of $10,344 in 1998
and $9,594 in 1997                          42,840         19,791

NOTE RECEIVABLE                            209,517        217,258

OTHER ASSETS                                 8,824          4,403
                                        ----------     ----------
TOTAL ASSETS                             4,354,820      4,507,221
                                        ==========     ==========

LIABILITIES AND PARTNERS' CAPITAL
---------------------------------

ACCOUNTS PAYABLE AND ACCRUED EXPENSES      145,819        153,439
TENANT SECURITY DEPOSITS                    32,603         32,078
                                        ----------     ----------
                                           178,422        185,517

LIMITED PARTNERS' CAPITAL                4,112,424      4,259,936
GENERAL PARTNERS' CAPITAL                   63,974         61,768
                                        ----------     ----------
PARTNERS' CAPITAL                        4,176,398      4,321,704
                                        ----------     ----------
TOTAL LIABILITIES AND PARTNERS' CAPITAL  4,354,820      4,507,221
                                        ==========     ==========
<FN>
     The accompanying notes are an integral part of these
     statements.
</FN>
</TABLE>

                              I-1
<TABLE>
                       RAL-YIELD EQUITIES II
                        LIMITED PARTNERSHIP

                      Statement of Operations
   For three months and six months ended June 30, 1998 and 1997

                                   UNAUDITED
<CAPTION>

                      3 MONTHS  6 MONTHS  3 MONTHS    6 MONTHS
                       ended     ended     ended       ended
                      JUNE 30,   JUNE 30,  JUNE 30,    JUNE 30,
                       1998       1998      1997        1997
                     --------  ---------  ---------   ---------

<S>
REVENUE:              <C>        <C>       <C>        <C>
 Rental income         192,924    377,759   207,015    413,344
 Restaurant sales      195,078    373,137   207,557    412,316
 Interest & other       14,558     30,376    15,963     36,325
                      --------   --------  --------   --------
                       402,560    781,272   430,535    861,985

OPERATING EXPENSES:
 Restaurant operating
  expenses             155,342    301,670   146,026    297,172
 Management fees        13,094     25,692    13,084     26,494
 Mobile home park
  operating and
  administrative exp.   88,534    158,026    72,083    155,036
 Depreciation and
  amortization          37,647     75,294    41,686     83,372
                      --------   --------  --------   --------
                       294,617    560,682   272,879    562,074
                       --------   -------- --------   --------
NET INCOME (LOSS)      107,943    220,590   157,656    299,911
                      ========   ========  ========   ========


<FN>
   The accompanying notes are an integral part of these
   statements.
</FN>
</TABLE>








                                  I-2      
                                   

<TABLE>
                          RAL-YIELD EQUITIES II
                           LIMITED PARTNERSHIP

                Statements of Changes in Partners' Capital
                For the six months ended June 30, 1998 and
                  for the year ended December 31, 1997

                                      UNAUDITED
<CAPTION>
                        General         Limited                 
                        Partners        Partners
                     (1% ownership)  (99% ownership)    Total

                     --------------  --------------  -----------
<S>                       <C>           <C>            <C>
BALANCE, Jan. 1, 1997      56,528       4,544,766      4,601,294
                       ----------     -----------    -----------

NET INCOME                  5,240         518,755        523,995

CASH DISTRIBUTIONS              0        (803,585)      (803,585)
                       ----------     -----------    -----------

BALANCE, Dec. 31, 1997     61,768       4,259,936      4,321,704

NET INCOME                  2,206         218,384        220,590

CASH DISTRIBUTIONS              0        (365,896)      (365,896)
                       ----------     -----------    -----------

BALANCE, June 30, 1998     63,974       4,112,424      4,176,398
                       ==========     ===========    ===========

<FN>
The accompanying notes are an integral part of these statements.
</FN>
</TABLE>











                                  I-3



 <TABLE>
                        RAL-YIELD EQUITIES II
                         LIMITED PARTNERSHIP

                       Statements of Cash Flows
         For the six months ended June 30, 1998 and 1997

                                          UNAUDITED
<CAPTION>
                                  JUNE 30,           JUNE 30,
                                    1998               1997
                                -------------     -------------
<S>                                 <C>                <C>
CASH FLOWS FROM
 OPERATING ACTIVITIES:
Net income (loss)                    220,590            299,911
Adjustments to reconcile net
 income to net cash provided
 by operating activities:
     Depreciation and
     amortization expense             75,294             83,372

Change in assets and
 liabilities:
     Rent and Receivables             (7,869)             8,050
     Other Assets                    (28,220)              (527)
     Accounts payable and
      accrued expenses                (7,620)           (37,411)
     Tenants' security
      deposits                           525                320
                                  -----------        -----------
Net Cash provided by
 operating activities:               252,700            353,715

Cash flows from investing
 activities:

     Additions to investment
      properties                      (2,593)            (9,225) 

                                  -----------       -----------
Net Cash provided by
 (used in) investing
 activities                           (2,593)            (9,225)







                                     I-4



                                    
Cash flows from financing
 activities:
     Note Receivable                   7,741              7,049
     Cash distributions paid        (365,896)          (401,792)
                                  -----------        -----------
Net Cash used in
 financing activities               (358,155)          (394,743)
                                  -----------        -----------
Net increase (decrease)
 in cash                            (108,048)           (50,253)

Cash at beginning of period          358,191            428,615

Cash at end of period                250,143            378,362
                                  ===========        ===========



<FN>
     See accompanying notes to financial statements.
</FN>
</TABLE>




























                                     I-5
     
                            
                        RAL YIELD EQUITIES II
                         LIMITED PARTNERSHIP

                    NOTES TO FINANCIAL STATEMENTS

Pursuant to Rule 10-01(a)(5) of Regulation S-X (17 CFR Part 210)
RAL-Yield Equities II Limited Partnership is omitting its
footnote disclosure.  The Registrant has presumed that users of
the interim financial information have read or have access to the
audited financial statements for the preceding fiscal year.  The
disclosure is being omitted since it substantially duplicates the
disclosure contained in the most recent annual report to security
holders, Form 10-K for the fiscal year ended December 31, 1997.

In the opinion of management, the unaudited interim financial
statements presented herein reflect all adjustments necessary to
a fair statement of the results for the interim periods
presented.

































                                      I-6     


     MANAGEMENT'S DISCUSSIONS AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS

RAL-YIELD EQUITIES II LIMITED PARTNERSHIP (the "Registrant" or
"Partnership") is a Wisconsin Limited Partnership formed on March
30, 1984, under the Wisconsin Revised Uniform Limited Partnership
Act.  The Registrant was organized to acquire real estate including
mobile home communities and other commercial properties.  The
Partnership sold $8,301,500 in Limited Partnership Interests
(8,301.5 Interests at $1,000 per unit) from March 30, 1984, through
June 30, 1985.  After deducting offering costs, the Partnership had
approximately $6,641,200 with which to make investments in income
producing residential and commercial properties, to pay legal fees
and other costs related to such investments and for working capital
reserves.  The Partnership utilized the net offering proceeds to
purchase real property investments.

Liquidity and Capital Resources:

Properties acquired by the Partnership were purchased for cash.
Therefore, liquidity is not reduced by debt service payments.

During the Properties' holding periods, the investment strategy
is to maintain (on the "triple net lease" restaurant properties)
and improve (on Spacious Acres Mobile Home Park) occupancy rates
through the application of professional property management
(including selective capital improvements).  The Partnership also
accumulates working capital reserves for normal repairs,
replacements, working capital, and contingencies.

Net cash flow provided by operating activities for the six
months ended June 30 was $252,700 in 1998 and $353,715 in 1997,
primarily from earnings and depreciation.

As of June 30, 1998, the Partnership had cash and cash
equivalents of approximately $250,000 representing undistributed
cash flow, working capital reserves, repair and improvement
reserves, and tenant security deposits.  The Partnership has the
following cash needs for repairs and improvements:

The Partnership has approved a plan to upgrade the sewage treatment
plant at Spacious Acres Mobile Home Park. The upgrade will improve
and expand the life of the sewage treatment plant. The approximate
cost to perform this repair, including engineering fees,  has been
estimated at $100,000.  This should not effect the level of cash
distributions to the limited partners due to the large amount of
cash reserves on hand.

The general partners are considering an expansion of Spacious Acres
after work on the sewage treatment plant is complete.  No estimates
have been done as to the cost of this expansion, but the expansion
would be funded out of the excess cash on hand and would not effect
current distribution levels.
                               I-7

The Partnership has one vacant restaurant property in West Allis,
Wisconsin.  The property was leased to a Hardee's Restaurant
franchisee who vacated the premises in December 1996.  The
Partnership received $57,300 in 1997 as a buyout of the lease. The
property has been reclassified in the Partnership Financial
Statements as property held for sale or re-lease as of June 30,
1998.  Home Depot has cut off the drive-thru ingress-egress, as
well as the cross easement parking in violation of the existing
cross easement agreement; the Partnership has filed a lawsuit
against Home Depot to regain access.  The tenant of the property in
Racine, Wisconsin has been notified that they are one month behind
in their rent. The total amount owed is $6,752.  They continue to
pay regularly and it is hoped that they will catch up entirely in
the near future.  Spacious Acres Mobile Home Park has been notified
by Wisconsin Natural Gas that the park's gas lines are non-code and
must be replaced.  The cost could be as high as $100,000.

A distribution totaling approximately $165,000 was made to the
Limited Partners in May, 1998.

Results of Operations:

Gross rental revenues of $377,759 for the first half of 1998 has
declined from gross rental revenues of $413,344 for the first half
of 1997.  This is primarily due to vacant restaurant in West Allis.

Rental property operating and administrative expenses were
$158,026 for the first half of 1998 and $155,036 for the first
half 1997.

Restaurant operations reported net income for the first two
quarters of 1998 of $49,448 on sales of $373,137.  In the first
two quarters of 1997, restaurant operations reported net income
of $92,599 on sales of $412,316.  The decrease in revenue from
the restaurant is a result of a decrease in sales volume due to
increased competition in the area.

Net income for the period ended June 30, 1998 was $220,590
compared to net income of $299,911 for the period ended June 30,
1997.  The decrease in net income is due primarily to the vacant
restaurant property in West Allis and the decline in sales from
the restaurant operations.
<TABLE>
The following is a listing of the approximate average physical
occupancy rates for the Partnership's investment in Spacious
Acres Mobile Home Park during the period covered by this report.
<CAPTION>
                            Occupancy Rate Six Months
                               ended June 30, 1998       1997
                            -------------------------    ----
     <S>                               <C>                <C>
     Spacious Acres MHP                100%                99%
</TABLE>
                                   I-8

Inflation:

Due to the comparatively low level of inflation in the
Partnership's last three fiscal years, the effect of inflation on
the Partnership has not been material.  Should the rate of
inflation increase substantially over the life of the
Partnership, it is likely to moderately influence ongoing
operations, in particular, the operating expenses of the
Partnership.  The commercial leases generally contain clauses
permitting pass-through of certain increased operating costs.
Residential leases are typically of one year or less in duration;
this allows the Partnership to react quickly (through rental
increases) to changes in the level of inflation.  These factors
should serve to reduce any impact of rising costs on the
Partnership.

Potential Sale of Partnership Properties

The Partnership has received an offer from a prospective purchaser
for all or substantially all of the Partnership's properties.
Accordingly, the Partnership has entered into an asset purchase
agreement with the potential purchaser subject to Securities and
Exchange Commission review of the necessary proxy statement/consent
document, approval of the limited partners and the receipt of an
acceptable fairness opinion.
                                     


























                                      I-9


                          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.


                  RAL-YIELD EQUITIES II LIMITED PARTNERSHIP
                               (Registrant)


Date:  August 4, 1998                 Robert A. Long
                                      -------------------------
                                      Robert A. Long
                                      General Partner