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 March 31, 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>
                                     PART I

Item 1.  Financial Statements

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                        Statements of Financial Condition
                                   (Unaudited)
 
                                                      ===========  ===========
                                                       March 31,   December 31,
                                                         1997          1996
                                                      -----------  -----------
ASSETS
Property and equipment, net of accumulated
   depreciation of $2,665,984 and $2,564,790,
   respectively (Note 2)                              $18,715,685  $18,530,554
Cash and cash equivalents                               1,259,837    1,517,177
Accounts receivable-tenants, net of allowance for
   doubtful accounts of $25,000 and $8,000,
   respectively                                           217,959      199,988
Deferred insurance costs, net of accumulated
   amortization of $959,812 and $922,416,
   respectively                                           535,999      573,395
Deferred loan costs, net of accumulated amortization
   of $4,555 and $42,713, respectively                     29,604       31,312
Deferred leasing commissions, net of accumulated
   amortization of $77,782 and $68,525, respectively      183,427      178,766
Other assets                                               39,765       49,067
                                                      -----------  -----------
   Total Assets                                       $20,982,276  $21,080,259
                                                      ===========  ===========

LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Note payable                                       $ 1,357,507  $ 1,373,675
   Accrued real estate taxes                              187,204      143,186
   Due to General Partners and affiliates (Note 3)        199,468      154,701
   Accounts payable and other liabilities                 173,426      166,258
                                                      -----------  -----------
   Total Liabilities                                    1,917,605    1,837,820
                                                      -----------  -----------
Contingencies (Note 4)
Partners' Capital (Deficit):
   Limited Partners (1,005,623 BUC$
     issued and outstanding)                           19,144,720   19,318,933
   General Partners                                       (80,049)     (76,494)
                                                      -----------  -----------
   Total Partners' Capital                             19,064,671   19,242,439
                                                      -----------  -----------
   Total Liabilities And Partners' Capital            $20,982,276  $21,080,259
                                                      ===========  ===========

                       See notes to financial statements

                                       2
<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                              Statements of Income
                                   (Unaudited)

                                                         =====================
                                                           Three Months Ended
                                                                 March 31,
                                                         ---------------------
                                                           1997         1996
                                                         ---------------------
Revenues:
   Rental income                                         $458,573     $462,507
   Recovery of common area maintenance charges             60,864       49,727
   Real estate tax reimbursements                          69,644       73,728
   Interest income                                          7,890        6,727
   Other income                                               785        1,251
                                                         --------     --------
    Total revenues                                        597,756      593,940
                                                         --------     --------
Expenses:
   General and administrative                              31,867       11,983
   General and administrative-related parties (Note 3)     46,656       36,144
   Operating                                               12,380        8,542
   Repairs and maintenance                                125,500       42,987
   Real estate taxes                                       92,622       89,379
   Insurance                                               10,711       11,821
   Interest                                                23,953       29,489
   Bad debt                                                17,516       47,958
   Depreciation and amortization                          149,555      141,573
                                                         --------     --------
    Total expenses                                        510,760      419,876
                                                         --------     --------
Net Income                                               $ 86,996     $174,064
                                                         ========     ========
Allocation of Net
   Income:
   Limited Partners                                      $ 58,288     $143,615
                                                         ========     ========
   General Partners                                      $  1,190     $  2,931
                                                         ========     ========
   Special distributions to
    General Partners                                     $ 27,518     $ 27,518
                                                         ========     ========
Net Income per BUC                                       $    .06     $    .14
                                                         ========     ========


                       See notes to financial statements

                                       3

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

                               =============================================
                                                 Limited           General
                                  Total          Partners          Partners
                               ---------------------------------------------

Partners' capital (deficit) -
   January 1, 1997             $19,242,439       $19,318,933      $  (76,494)
Net income                          86,996            58,288          28,708
Distributions                     (264,764)         (232,501)        (32,263)
                               -----------       -----------      ----------
Partners' capital (deficit) -
   March 31, 1997              $19,064,671       $19,144,720      $  (80,049)
                               ===========       ===========      ==========




                     See notes to financial statements

                                       4

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

                                                       =======================
                                                        Three Months Ended
                                                              March 31,
                                                       -----------------------
                                                          1997          1996
                                                       -----------------------
Cash flows from operating activities:
Net income                                             $   86,996   $  174,064
                                                       ----------   ----------
Adjustments to reconcile net income to net cash 
   provided by operating activities:
   Depreciation and amortization                          149,555      141,573
   Increase in accounts receivable-tenants                (34,971)     (31,650)
   Increase in allowance for doubtful accounts             17,000       45,000
   Decrease (increase) in other assets                      9,302      (35,462)
   Increase in due to General Partners and affiliates      44,767        4,660
   Increase in accrued real estate taxes                   44,018       39,291
   Increase in  accounts payable and other
     liabilities                                            7,168       27,105
                                                       ----------   ----------
   Total adjustments                                      236,839      190,517
                                                       ----------   ----------
   Net cash provided by operating activities              323,835      364,581
                                                       ----------   ----------

Cash flows from investing activities:
   Improvements to property and equipment                (286,325)     (70,448)
   Leasing commissions paid                               (13,918)      (3,677)
                                                       ----------   ----------
   Net cash used in investing activities                 (300,243)     (74,125)
                                                       ----------   ----------

Cash flows from financing activities:
   Increase in deferred loan costs                              0      (29,000)
   Principal repayments on note payable                   (16,168)      (2,653)
   Distributions paid                                    (264,764)    (264,663)
                                                       ----------   ----------
   Net cash used in financing activities                 (280,932)    (296,316)
                                                       ----------   ----------

Net decrease in cash and cash equivalents                (257,340)      (5,860)

Cash and cash equivalents at beginning of period        1,517,177    1,729,819
                                                       ----------   ----------
Cash and cash equivalents at end of period             $1,259,837   $1,723,959
                                                       ==========   ==========

Supplemental information:

   Interest paid                                       $   24,048   $   29,489
                                                       ==========   ==========


                       See notes to financial statements

                                       5
<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                 March 31, 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 March 31, 1997 and the results of its operations and
its cash flows for the three months ended March 31, 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 March 31, 1997.

                                       6
<PAGE>

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                 March 31, 1997
                                   (Unaudited)


Note 2 - Property and Equipment

The components of property and equipment are as follows:

                                              March 31,       December 31,
                                                1997             1996
                                             -----------      -----------
Land                                         $ 6,445,794      $ 6,445,794
Buildings and improvements                    14,935,875       14,649,550
                                             -----------      -----------
                                              21,381,669       21,095,344
Less: Accumulated depreciation                (2,665,984)      (2,564,790)
                                             -----------      -----------
                                             $18,715,685      $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 March 31, 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 months ended
March 31, 1997 and 1996 were as follows:

                                                         Three Months Ended
                                                              March 31,
                                                        ---------------------
                                                          1997         1996
                                                        ---------------------
Expense reimbursement (a)                               $ 18,141      $ 9,111
Property management fees (b)                              25,709       25,255
Leasing costs (c)                                            592          348
Insurance services (d)                                     2,214        1,430
                                                         -------      -------
                                                         $46,656      $36,144
                                                         =======      =======

(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 three months ended March 31, 1997 and the year ended
December 31, 1996 were $7,000 and $141,000 respectively.

                                       7
<PAGE>

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                 March 31, 1997
                                   (Unaudited)

Note 3 - Related Party Transactions (continued)

(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.

The distributions earned by the General Partners for the three months ended
March 31, 1997 and 1996 were as follows:

                                                         Three Months Ended
                                                              March 31,
                                                        ---------------------
                                                          1997         1996
                                                        ---------------------

Special Distributions                                   $ 27,518     $ 27,518
Regular Distributions of Adjusted Cash from Operations     4,745        4,745
                                                        --------     --------
                                                        $ 32,263     $ 32,263
                                                        ========     ========

As of March 31, 1997, Prudential Securities Incorporated ("PSI"), an affiliate
of PBP, owns 1,980 BUC$.

Note 4 - Contingencies

On or about October 18, 1993, a putative class action, captioned Kinnes et al.
v. Prudential Securities Group, Inc. et al. (CV-93-654), was filed in the United
States District Court for the District of Arizona, purportedly on behalf of
investors in the Partnership, against the Partnership, PBP, PSI and a number of
other defendants.

By order of the Judicial Panel on Multidistrict Litigation dated April 14, 1994,
the Kinnes case, together with a number of other actions not involving the
Partnership, were transferred to a single judge of the United States District
Court for the Southern District of New York (the "Court") and consolidated for
pretrial proceedings under the caption In re Prudential Securities Incorporated
Limited Partnerships Litigation (MDL Docket 1005) (the "Class Action"). On June
8, 1994, plaintiffs in the transferred cases filed a complaint that consolidated
the previously filed complaints and named as defendants, among others, PSI,
certain of its present and former employees and the General Partners. The
Partnership was not named a defendant in the consolidated complaint, but the
name of the Partnership was listed as being among the limited partnerships at
issue in the case.

On August 9, 1995, PBP, PSI and other Prudential defendants entered into a
Stipulation and Agreement of Partial Compromise and Settlement with legal
counsel representing plaintiffs in the consolidated actions. The Court
preliminarily approved the settlement agreement by order dated August 29, 1995
and, following a hearing held November 17, 1995, found that the agreement was
fair, reasonable, adequate and in the best interests of the plaintiff class. The
Court gave final approval to the settlement, certified a class of purchasers of
specific limited partnerships, including the Partnership, released all settled
claims by members of the class against the PSI settling defendants and
permanently barred and enjoined class members from instituting, commencing or
prosecuting any settled claim against the released parties. The full amount due
under the settlement agreement has been paid by PSI. The consolidated action
remains pending against the Related General Partner and certain of its
affiliates.

                                       8


<PAGE>

                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                 March 31, 1997
                                   (Unaudited)

Note 4 - Contingencies (continued)

On December 31, 1996, the Court issued a preliminary approval order (the
"Order") with respect to settlement (the "Related Settlement") of the Class
Action against the Related General Partner and certain of its affiliates.
Pursuant to the stipulation of settlement entered into with counsel for the
class on December 24, 1996, the proposed Related Settlement contemplates, among
other matters, the reorganization (the "Reorganization") of the Partnership and
three other partnerships co-sponsored by affiliates of the Related General
Partner and PBP.

The proposed Related Settlement and Reorganization are subject to objections by
the BUC$holders and limited partners of the Partnership as well as each of the
other concerned partnerships and final approval of the Court after review of the
proposals at a fairness hearing.

Under the proposed Reorganization plan, the BUC$holders of the Partnership and
Summit Insured Equity L.P., Summit Preferred Equity L.P. and Eagle Insured L.P.
will receive shares in a newly formed real estate investment trust. It is
anticipated that the shares will be allocated proportionately among the
partnerships and their respective investors based upon appraisals and other
factors as supported by a third party fairness opinion. Detailed information
about the proposed Related Settlement and Reorganization will be sent to
BUC$holders in the near future. The terms of the Reorganization include, among
other matters, the acquisition by affiliates of the Related Capital Company
("RCC") of PBP's general partner interest (the "PBP Interest"), transfer to the
BUC$holders of one-half of the PBP Interest, reduction of the sum of the
aggregate annual fees currently payable to both General Partners by 25%, filing
an application to list the new company's shares on an exchange and the creation
of an infinite, as opposed to finite, life-operating business.

In connection with the proposed Related Settlement and Reorganization, on
December 19, 1996 PBP and RCC entered into an agreement for the purchase by RCC
or its affiliates of the PBP Interest. The agreement is subject to numerous
conditions including the effectiveness of the Related Settlement of the Class
Action and the approval of the sale and withdrawal of PBP as a general partner
of the Partnership by the Court.

Pending final approval of the Related Settlement, the Court's Order prohibits
class members (including the BUC$holders) from, among other matters, (i)
transferring their BUC$ unless the transferee agrees to be bound by the Related
Settlement; (ii) granting a proxy to object to the Reorganization; or (iii)
commencing a tender offer for the BUC$. In addition, the General Partners are
enjoined from (i) recording any transfers made in violation of the Order and
(ii) providing the list of investors in any of the partnerships which are the
subject of the Reorganization to any person conducting a tender offer.

There can be no assurance that the conditions to the closing of the proposed
Related Settlement and Reorganization will be satisfied nor as to the time frame
in which a closing may occur. In the event a settlement cannot be reached, the
Related General Partner believes it has meritorious defenses to the consolidated
complaint and intends to vigorously defend this action.

                                       9
<PAGE>
                          SUMMIT INSURED EQUITY L.P. II
                             (a limited partnership)
                          Notes to Financial Statements
                                 March 31, 1997
                                   (Unaudited)

Note 5 - Subsequent Event

In May 1997, a distribution of $232,502 was paid to the BUC$holders and $32,263
to the General Partners (in payment of their 2% interest and special
distributions) from cash flow from operations for the quarter ended March 31,
1997.









                                       10

<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 three months ended March 31, 1997, cash and cash equivalents
decreased approximately $257,000 primarily due to capital expenditures
($286,000), leasing commissions ($14,000), principal repayments on notes payable
($16,000), and distributions to partners ($265,000), which exceeded cash flows
from operations ($324,000). Included in the adjustments to reconcile the net
income to cash flows from operations is depreciation and amortization in the
amount of approximately $150,000.

During May 1997, the Partnership paid a distribution from adjusted cash flow
from operations of $232,502 to the BUC$holders of record for the quarter ended
March 31, 1997. Also during May 1997, the General Partners received $32,263 in
payment of their regular and special distributions from cash flow from
operations for the quarter ended March 31, 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 May 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 $87,000 for the three months ended March
31, 1997 as compared to the corresponding period in 1996 for the reasons
described below.

                                       11
<PAGE>

Revenues for the three months ended March 31, 1997 consisted primarily of the
results of the Partnership's investment in the three shopping centers. Rental
income decreased approximately 1% or $4,000 for the three months ended March 31,
1997 as compared to the corresponding period in 1996 primarily due to decreases
in occupancy at Applewood Centre and Mountain Park Plaza.

Recovery of common area maintenance charges increased approximately $11,000 for
the three months ended March 31, 1997 as compared to the corresponding period in
1996 primarily due to underaccrual of such charges in 1996.

General and administrative expenses increased approximately $20,000 for the
three months ended March 31, 1997 as compared to the corresponding period in
1996 primarily due to an increase in legal expenses.

General and administrative-related parties expenses increased approximately
$11,000 for the three months ended March 31, 1997 as compared to the
corresponding period in 1996 primarily due to an underaccrual of expense
reimbursements to the General Partners and their affiliates in 1996.

Operating expenses increased approximately $4,000 for the three months ended
March 31, 1997 as compared to the corresponding period in 1996 primarily due to
an increase in utilities at Rolling Hills Square and Mountain Park.

Repairs and maintenance increased approximately $83,000 for the three months
ended March 31, 1997 as compared to the corresponding period in 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.

Interest expense decreased approximately $6,000 for the three months ended March
31, 1997 as compared to the corresponding period in 1996 primarily due to an
interest rate reduction which resulted from the refinancing of a loan in July
1996.

Bad debt expense decreased approximately $30,000 for the three months ended
March 31, 1997 as compared to the corresponding period in 1996 primarily due to
a decrease in reserves at Applewood Centre and Mountain Park Plaza.
















                                       12

<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.

Item 6.    Exhibits and Reports on Form 8-K

           (a)  Exhibits:

                27  Financial Data Schedule (filed herewith).


           (b)  Report on Form 8-K

       Current Report on Form 8-K dated December 31, 1996, was filed on January
       10, 1997 relating to a preliminary approval order with respect to 
       the settlement of current class action litigation.









                                       13


<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:  May 14, 1997                 By: /s/ Alan P. Hirmes
                                        ------------------
                                        Alan P. Hirmes
                                        Vice President
                                        (Principal Financial Officer)



Date:  May 14, 1997                 By: /s/ Richard A. Palermo
                                        ----------------------
                                        Richard A. Palermo
                                        Treasurer
                                        (Principal Accounting Officer)



                               By:  PRUDENTIAL-BACHE PROPERTIES, INC.
                                    General Partner



Date:  May 14, 1997                 By: /s/ Eugene D. Burak
                                        -------------------
                                        Eugene D. Burak
                                        Vice President


                                       15