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 quarterly period ended June 30, 1997


                                       OR


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


                         Commission File Number 0-16873


                          SUMMIT INSURED EQUITY L.P. II
             (Exact names of registrant as specified in its charter)



         Delaware                                                 13-3464704
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)



 625 Madison Avenue, New York, New York                                  10022
(Address of principal executive offices)                              (Zip Code)



Registrant's telephone number, including area code (212) 421-5333



     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>

Item 1.  Financial Statements

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                        Statements of Financial Condition
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                       ============    =============
                                                          June 30,      December 31,
                                                            1997            1996
                                                       ------------    ------------
<S>                                                    <C>             <C>
ASSETS
Property and equipment, net of accumulated
   depreciation of $2,777,415 and $2,564,790,
   respectively (Note 2)                               $ 18,610,954    $ 18,530,554
Cash and cash equivalents                                 1,051,810       1,517,177
Accounts receivable-tenants, net of allowance for
   doubtful accounts of $114,000 and $8,000,
   respectively                                             202,216         199,988
Deferred insurance costs, net of accumulated
   amortization of $997,207 and $922,416,
   respectively                                             498,604         573,395
Deferred loan costs, net of accumulated amortization
   of $6,263 and $42,713, respectively                       27,896          31,312
Deferred leasing commissions, net of accumulated
   amortization of $89,453 and $68,525, respectively        201,283         178,766
Other assets                                                 29,104          49,067
                                                       ------------    ------------
   Total Assets                                        $ 20,621,867    $ 21,080,259
                                                       ============    ============

LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Note payable                                        $  1,341,052    $  1,373,675
   Accrued real estate taxes                                183,063         143,186
   Due to General Partners and affiliates                   191,115         154,701
   Accounts payable and other liabilities                   169,270         166,258
                                                       ------------    ------------
   Total Liabilities                                      1,884,500       1,837,820
                                                       ------------    ------------
Contingencies (Note 4)
Partners' Capital (Deficit):
   Limited Partners (1,005,623 BUC$
      issued and outstanding)                            18,823,963      19,318,933
   General Partners                                         (86,596)        (76,494)
                                                       ------------    ------------
   Total Partners' Capital                               18,737,367      19,242,439
                                                       ------------    ------------
   Total Liabilities and Partners' Capital             $ 20,621,867    $ 21,080,259
                                                       ============    ============
</TABLE>

                        See notes to financial statements

                                      2

<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                            Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>
                                    =========================    ==========================
                                         Three Months Ended           Six Months Ended
                                               June 30,                    June 30,
                                    -------------------------    --------------------------
                                         1997          1996          1997          1996
                                    -------------------------    --------------------------
<S>                                 <C>            <C>           <C>            <C>        
Revenues:

   Rental income                    $   440,050    $   470,829   $   898,623    $   933,336
   Recovery of common area
      maintenance charges                60,864         49,726       121,728         99,453
   Real estate tax reimbursements        69,644         73,728       139,288        147,456
   Interest income                        6,247          6,907        14,137         13,634
   Other                                  2,606          1,938         3,391          3,189
                                    -----------    -----------   -----------    -----------

      Total revenues                    579,411        603,128     1,177,167      1,197,068
                                    -----------    -----------   -----------    -----------

Expenses:

   General and administrative            55,106         40,097        86,973         52,080
   General and administrative-
      related parties (Note 3)           46,906         64,018        93,562        100,162
   Operating                              8,221          8,130        20,601         16,672
   Repairs and maintenance              154,075         51,634       279,575         94,621
   Real estate taxes                     92,622         89,379       185,244        178,758
   Insurance                             10,710         11,821        21,421         23,642
   Interest                              23,666         31,185        47,619         60,674
   Bad debt                              88,440          9,016       105,956         56,974
   Depreciation and amortization        162,205        144,213       311,760        285,786
                                    -----------    -----------   -----------    -----------

      Total expenses                    641,951        449,493     1,152,711        869,369
                                    -----------    -----------   -----------    -----------

Net Income (Loss)                   $   (62,540)   $   153,635   $    24,456    $   327,699
                                    ===========    ===========   ===========    ===========

Allocation of Net Income (Loss):

   Limited Partners                 $   (88,256)   $   123,595   $   (29,968)   $   267,210
                                    ===========    ===========   ===========    ===========

   General Partners                 $    (1,802)   $     2,522   $      (612)   $     5,453
                                    ===========    ===========   ===========    ===========

   Special Distributions to
      General Partners              $    27,518    $    27,518   $    55,036    $    55,036
                                    ===========    ===========   ===========    ===========

Net Income (Loss) per BUC           $      (.09)   $       .12   $      (.03)   $       .26
                                    ===========    ===========   ===========    ===========
</TABLE>


                        See notes to financial statements

                                      3

<PAGE>

<TABLE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
               Statement of Changes in Partners' Capital (Deficit)
                                   (Unaudited)

<CAPTION>
                                      ====================================================
                                                           Limited              General
                                        Total              Partners             Partners
                                      ----------------------------------------------------

<S>                                   <C>                  <C>                 <C>        
Partners' capital (deficit) -
    January 1, 1997                   $19,242,439          $19,318,933         $  (76,494)
Net income (loss)                          24,456              (29,968)            54,424
Distributions                            (529,528)            (465,002)           (64,526)
                                      -----------          -----------         ---------- 
Partners' capital (deficit) -
    June 30, 1997                     $18,737,367          $18,823,963         $  (86,596)
                                      ===========          ===========         ========== 
</TABLE>



                        See notes to financial statements

                                      4

<PAGE>

<TABLE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                            Statements of Cash Flows
                                   (Unaudited)
<CAPTION>
                                                         ==========================
                                                              Six Months Ended
                                                                  June 30,
                                                         --------------------------
                                                             1997           1996
                                                         --------------------------
<S>                                                      <C>            <C>        
Cash flows from operating activities:
Net income                                               $    24,456    $   327,699
                                                         -----------    -----------
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                             311,760        285,786
   Increase in accounts receivable-tenants                  (108,228)       (46,181)
   Increase in allowance for doubtful accounts               106,000         54,000
   Decrease (increase) in other assets                        19,963        (23,642)
   Increase in due to General Partners and affiliates         36,414         28,326
   Increase in accrued real estate taxes                      39,877         30,004
   Increase in accounts payable and other  liabilities         3,012          6,157
                                                         -----------    -----------
   Total adjustments                                         408,798        334,450
                                                         -----------    -----------
   Net cash provided by operating activities                 433,254        662,149
                                                         -----------    -----------

Cash flows from investing activities:
   Improvements to property and equipment                   (293,025)       (75,558)
   Leasing commissions paid                                  (43,445)       (60,567)
                                                         -----------    -----------
   Net cash used in investing activities                    (336,470)      (136,125)
                                                         -----------    -----------

Cash flows from financing activities:
   Increase in deferred loan costs                                 0        (39,247)
   Principal repayments on note payable                      (32,623)        (5,405)
   Distributions paid                                       (529,528)      (529,426)
                                                         -----------    -----------
   Net cash used in financing activities                    (562,151)      (574,078)
                                                         -----------    -----------

Net decrease in cash and cash equivalents                   (465,367)       (48,054)

Cash and cash equivalents at beginning of period           1,517,177      1,729,819
                                                         -----------    -----------

Cash and cash equivalents at end of period               $ 1,051,810    $ 1,681,765
                                                         ===========    ===========

Supplemental information:

   Interest paid                                         $    47,810    $    60,674
                                                         ===========    ===========
</TABLE>

                        See notes to financial statements

                                      5


<PAGE>

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                  June 30, 1997
                                   (Unaudited)

Note 1 - General

Summit Insured Equity L.P. II (the "Partnership") is a limited partnership which
was formed under the laws of the State of Delaware on July 17, 1987. The general
partners  of the  Partnership  (the  "General  Partners")  are RIDC II,  LP.,  a
Delaware   limited   partnership   (the   "Related   General   Partner"),    and
Prudential-Bache  Properties,  Inc., a Delaware corporation ("PBP"). The General
Partners manage and control the affairs of the Partnership.

These financial  statements have been prepared  without audit. In the opinion of
management, the financial statements contain all adjustments (consisting of only
normal recurring adjustments) necessary to present fairly the financial position
of the  Partnership  as of June 30, 1997,  the results of its operations for the
three and six months ended June 30, 1997 and 1996 and its cash flows for the six
months  ended June 30, 1997 and 1996.  However,  the  operating  results for the
interim periods may not be indicative of the results for the full year.

Certain  information  and  footnote  disclosures  normally  included  in  annual
financial  statements  prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  It is suggested that these financial
statements be read in conjunction with the annual financial statements and notes
thereto included in the Partnership's  Form 10-K for the year ended December 31,
1996.

The Partnership reviews each of its property investments for possible impairment
at least annually,  and more frequently if circumstances warrant. If this review
indicates that the carrying amount of the property may not be  recoverable,  the
Partnership  estimates  the  future  cash  flows  expected  to  result  from the
operations of the property and its eventual  sale. If the sum of these  expected
future cash flows  (undiscounted  and without interest charges) is less than the
carrying amount of the property, it is written down to its estimated fair value.

The  expected  future cash flows used in this process  rely upon  estimates  and
assumptions,  including  expense  growth,  occupancy,  rental rates,  and market
capitalization  rates.  The General  Partners  believe  that the  estimates  and
assumptions  used are  appropriate.  However,  changes in market  conditions and
circumstances  may occur which would cause these  estimates and  assumptions  to
change, resulting in revised cash flow projections. This, in turn, could lead to
future write-downs,  which could be material. No write-downs for impairment have
been recorded as of June 30, 1997.

Certain  reclassifications  have been made to prior year amounts to conform with
current year's presentation.

                                       6

<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                  June 30, 1997
                                   (Unaudited)

Note 2 - Property and Equipment

The components of property and equipment are as follows:

                                                 June 30,           December 31,
                                                   1997                1996
                                               ------------        ------------

Land                                           $  6,445,794        $  6,445,794
Buildings and improvements                       14,942,575          14,649,550
                                               ------------        ------------
                                                 21,388,369          21,095,344
Less: Accumulated depreciation                   (2,777,415)         (2,564,790)
                                               ------------        ------------
                                               $ 18,610,954        $ 18,530,554
                                               ============        ============

Amounts  estimated to be recoverable  from future  operations and ultimate sales
were greater than the carrying value of each property owned at June 30, 1997 and
December 31, 1996.  However,  the carrying value of certain properties may be in
excess of their appraised values as of such dates.

Note 3 - Related Party Transactions

The costs and expenses  incurred to related parties for the three and six months
ended June 30, 1997 and 1996 were as follows:

                                       Three Months Ended     Six Months Ended
                                             June 30,              June 30,
                                       -------------------   -------------------
                                         1997       1996       1997       1996
                                       -------------------   -------------------

Expense reimbursement (a)              $ 21,318   $ 35,296   $ 39,459   $ 44,407
Property management fees (b)             22,885     26,473     48,594     51,728
Leasing costs (c)                           489        819      1,081      1,167
Insurance services (d)                    2,214      1,430      4,428      2,860
                                       --------   --------   --------   --------
                                       $ 46,906   $ 64,018   $ 93,562   $100,162
                                       ========   ========   ========   ========

(a)  The  General  Partners  and  their  affiliates  perform  services  for  the
Partnership  which  include,  but are not limited to:  accounting  and financial
management;  registrar,  transfer and assignment  functions;  asset  management;
investor communications;  printing and other administrative services. The amount
of  reimbursement  from the  Partnership  is  limited by the  provisions  of the
Partnership agreement.

(b) The  Partnership's  three  properties  are  being  managed  by RCC  Property
Advisors,  Inc. (the "Property  Manager"),  an affiliate of the Related  General
Partner.

(c) Leasing costs,  representing travel and other reimbursable expenses incurred
are paid to the Property Manager in connection with the lease-up of vacant space
and lease renewals.  In addition,  capitalized  leasing  commissions paid to the
Property  Manager  for the six  months  ended  June 30,  1997 and the year ended
December 31, 1996 were $22,000 and $141,000, respectively.

(d) Four of the officers of the Related General Partner have ownership  interest
in Multi-Family  Program Inc., a company which has provided  insurance  services
for the properties.

                                       7

<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                  June 30, 1997
                                   (Unaudited)

Note 3 - Related Party Transactions (continued)

The  distributions  earned by the General  Partners for the three and six months
ended June 30, 1997 and 1996 were as follows:

                                          Three Months Ended   Six Months Ended
                                                June 30,            June 30,
                                           -----------------   -----------------
                                            1997      1996      1997      1996
                                           -----------------   -----------------

Special Distributions                      $27,518   $27,518   $55,036   $55,036
Regular Distributions of Adjusted
   Cash from Operations                      4,745     4,745     9,490     9,490
                                           -------   -------   -------   -------
                                           $32,263   $32,263   $64,526   $64,526
                                           =======   =======   =======   =======

As of June 30, 1997, Prudential Securities Incorporated ("PSI"), an affiliate of
PBP, owns 1,980 BUC$.

Note 4 - Contingencies

Previous  quarterly and annual  reports by the  Partnership  have  disclosed the
commencement  and status of the putative class action captioned Kinnes et al. v.
Prudential  Securities Group, Inc. et al. , (CV-93-654)  (D.Az.).  This putative
class action was  transferred,  along with certain other cases,  by the Judicial
Panel on  Multidistrict  Litigation  to a  single  judge  of the  United  States
District  Court  for  the  Southern  District  of New  York  (the  "Court")  for
consolidated  and  coordinated  pre-trial  proceedings  under the  caption In re
Prudential Securities Incorporated Limited Partnerships  Litigation,  MDL Docket
1005 (the "Class Action"). As previously disclosed in the last quarterly report,
the Related General Partner and certain of its affiliates  entered,  in December
1996, into a stipulation of settlement with counsel for plaintiffs to settle the
Class Action against the Related  General  Partner and certain of its affiliates
(the "Related Settlement").

On June 11,  1997,  the Court  issued  orders  that,  inter alia,  approved  the
solicitation  statement  describing  in  detail  the  transactions  contemplated
pursuant to the proposed  Related  Settlement,  directed that it be mailed along
with the class notice to the members of the class and rescheduled the settlement
fairness  hearing to consider the final  approval of the Related  Settlement for
August 28,  1997.  In  accordance  with the  Court's  orders,  the  solicitation
statement and class notice were mailed to BUC$holders of the Partnership.

There can be no  assurance  that the  conditions  to the closing of the proposed
Related  Settlement and the  reorganization  of the Partnership (as disclosed in
previous  quarterly  and annual  reports and in the  solicitation  statement and
class notice) will be satisfied nor as to the time frame as to which the closing
may occur.  In the event that the Related  Settlement  is not  consummated,  the
Related General Partner believes it has meritorious defenses to the Class Action
and intends to defend this action vigorously.

Note 5 - Subsequent Event

In  August  1997,  a  distribution  of  $232,501  and  $32,263  was  paid to the
BUC$holders and General Partners,  respectively,  for the quarter ended June 30,
1997.

                                       8

<PAGE>

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

Liquidity and Capital Resources

The  Partnership's  primary  source of funds  continues to be the cash flow from
operations of three shopping centers.

During the six months ended June 30, 1997, cash and cash  equivalents  decreased
approximately $465,000 due to improvements to property and equipment ($293,000),
leasing  commissions  paid  ($43,000),  principal  repayments  on  note  payable
($33,000) and distributions to partners ($529,000) which exceeded cash flow from
operations  ($433,000).  Included in the adjustments to reconcile the net income
to cash flow from operations is depreciation  and  amortization in the amount of
approximately $312,000.

During August 1997, the Partnership paid a distribution  from adjusted cash flow
from operations and previously undistributed cash of $232,501 to the BUC$holders
of record for the quarter  ended June 30, 1997.  Also during  August  1997,  the
General  Partners  received  $32,263  in payment of their  regular  and  special
distributions  from cash flow from operations and previously  undistributed cash
for the quarter ended June 30, 1997.

In July 1994,  A&P closed its store in the Mountain Park Plaza  Shopping  Center
due to reduced sales and increased  competition.  The  Partnership  continues to
receive  rental  revenue  from the vacated  tenant  pursuant to the terms of the
lease and both the tenant and the  Partnership are actively  pursuing  potential
sub-tenants or  replacement  tenants.  As of August 7, 1997,  this space has not
been re-leased.

The  Partnership's  investment  in the shopping  centers is subject to the risks
arising from ownership of commercial properties. The Partnership has invested in
shopping centers with substantial anchor tenants. Anchor tenants usually provide
stability  to a  shopping  center  and a steady  source  of rental  payments.  A
shopping center's revenues from all of its tenants can be adversely  affected by
the loss of its anchor  tenant.  If the rental income from the shopping  centers
decreases,  it could  adversely  affect  distributions  to BUC$holders and could
affect the price the Partnership is able to receive upon sale of the properties.

Future  liquidity is expected to result from cash  generated from the operations
of the properties,  interest earned on funds invested in short-term money market
instruments  and ultimately  through the sale or refinancing of the  properties.
The  Partnership  anticipates  that  cash  generated  from  operations  will  be
sufficient  to fund in future years the  Partnership's  operating  expenditures,
debt service, future tenant and capital improvements and distributions.

For a discussion of the proposed  settlement of the Class Action relating to the
Partnership, see Note 4 to the financial statements.

Management is not aware of any trends or events,  commitments or  uncertainties,
which  have not  otherwise  been  disclosed  that  will or are  likely to impact
liquidity in a material way. The  Partnership's  investments  in properties  are
diversified  by  location  so that if one area of the  country  is  experiencing
downturns in the economy, the remaining properties may be experiencing upswings.
However, the geographic diversification of the portfolio may not protect against
a general downturn in the national economy.

Results of Operations

Net income decreased by approximately $216,000 and $303,000,  respectively,  for
the three and six months ended June 30, 1997 as compared to 1996 for the reasons
described below.

                                       9

<PAGE>
Revenues for the three and six months ended June 30, 1997 consisted primarily of
the  results of the  Partnership's  investment  in the three  shopping  centers.
Rental  income  decreased  approximately  7% and 4%,  or  $31,000  and  $35,000,
respectively,  for the three and six months  ended June 30,  1997 as compared to
1996 primarily due to decreases in rental rates  relating to certain  tenants at
Applewood Centre and Mountain Park Plaza.

Recovery of common area maintenance charges increased  approximately $11,000 and
$22,000,  respectively,  for the three and six  months  ended  June 30,  1997 as
compared to 1996 primarily due to the underaccrual of such charges in 1996.

General and administrative expenses increased approximately $15,000 and $35,000,
respectively,  for the three and six months  ended June 30,  1997 as compared to
1996 primarily due to an increase in legal expenses.

General and  administrative-related  parties  expenses  decreased  approximately
$17,000 for the three months  ended June 30, 1997 as compared to 1996  primarily
due to an underaccrual  of expense  reimbursements  to the General  Partners and
their  affiliates at March 31, 1996 which was adjusted in the second  quarter of
1996.

Operating expenses increased  approximately $4,000 for the six months ended June
30, 1997 as compared to 1996  primarily  due to small  increases in utilities at
Rolling Hills Square and Mountain Park Plaza.

Repairs  and  maintenance   increased   approximately   $102,000  and  $185,000,
respectively,  for the three and six months  ended June 30,  1997 as compared to
1996 primarily due to parking lot repairs at Rolling Hills Square,  a portion of
which is expected to be recovered  through  common area  maintenance  charges in
subsequent quarters and roof repairs and painting at Mountain Park Plaza.

Interest expense decreased approximately $8,000 and $13,000,  respectively,  for
the three and six months ended June 30, 1997 as compared to 1996  primarily  due
to an interest rate reduction  which resulted from the  refinancing of a loan in
July 1996.

Bad debt expense increased approximately $79,000 and $49,000,  respectively, for
the three and six months ended June 30, 1997 as compared to 1996  primarily  due
to an increase in reserves at Rolling Hills Square and Mountain Park Plaza.  The
increase for the three months was partially  offset by a decrease in reserves in
the first quarter of 1997 at Applewood Centre and Mountain Park Plaza.

Depreciation  and  amortization  increased  approximately  $18,000 and  $26,000,
respectively,  for the three and six months  ended June 30,  1997 as compared to
1996 primarily due to additional capital  improvements to property and equipment
and leasing commissions in 1997 and 1996.

                                       10

<PAGE>

                           PART II. OTHER INFORMATION

Item 1. Legal  Proceedings - This  information is  incorporated  by reference to
Note 4 to the  financial  statements  filed  herewith in Item 1 of Part I of the
Registrant's Quarterly Report.

Item 2. Changes in Securities - None

Item 3. Defaults Upon Senior Securities - None

Item 4. Submission of Matters to a Vote of Security Holders - None

Item 5. Other Information

        Thomas F.  Lynch,  III  ceased to serve as  President,  Chief  Executive
Officer,  Chairman of the Board of Directors  and  Director of  Prudential-Bache
Properties,  Inc., effective May 2, 1997. Effective May 2, 1997, Brian J. Martin
was  elected  President,  Chief  Executive  Officer,  Chairman  of the  Board of
Directors and Director of Prudential-Bache Properties, Inc.

        Solicitation  information  was mailed to BUC$holders in connection  with
the proposed  Related  Settlement (see Note 4 to the financial  statements filed
herewith in Item 1 of Part I of the Registrant's Quarterly Report).

Item 6. Exhibits and Reports on Form 8-K

        (a)  Exhibits:

             27 Financial Data Schedule (filed herewith).


        (b)  Report on Form 8-K

             No reports on Form 8-K were filed during the quarter.

                                       11

<PAGE>
                                   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.


                          SUMMIT INSURED EQUITY L.P. II



                                By:   RIDC II, L.P.
                                      ------------------------------------------
                                      General Partner



                                By:   RELATED INSURED EQUITY ASSOCIATES II, INC.
                                      ------------------------------------------
                                      General Partner



Date:  August 13, 1997                By:  /s/ Alan P. Hirmes
                                           -------------------------------------
                                           Alan P. Hirmes
                                           Vice President
                                           (Principal Financial Officer)



Date:  August 13, 1997                By:  /s/ Richard A. Palermo
                                           -------------------------------------
                                           Richard A. Palermo
                                           Treasurer
                                           (Principal Accounting Officer)



                                By:   PRUDENTIAL-BACHE PROPERTIES, INC.
                                      ------------------------------------------
                                      General Partner



Date:  August 13, 1997                By:  /s/ Eugene D. Burak
                                           -------------------------------------
                                           Eugene D. Burak
                                           Vice President

                                       13