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

                                   FORM 10-K
  (Mark One)

            ANNUAL REPORT  PURSUANT TO SECTION 13  OR 15(d)  OF THE SECURITIESx
            EXCHANGE ACT OF 1934 [FEE REQUIRED]

  For the fiscal year ended       December 31, 1995                 

                                       OR

            TRANSITION  REPORT  PURSUANT   TO  SECTION  13  OR  15(d)  OF  THE
            SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

  For the transition period from                  to                  

              Commission file number                0-16817              
                    Krupp Insured Plus-II Limited Partnership
             (Exact name of registrant as specified in its charter)

  Massachusetts                                   04-2955007
  (State or other jurisdiction of              (IRS Employer
  incorporation or organization)               Identification No.)


  470 Atlantic Avenue, Boston, Massachusetts          02210
  (Address of principal executive offices)            (Zip Code)

  (Registrant's telephone number, including area code)   (617) 423-2233 

  Securities registered pursuant to Section 12(b) of the Act:  None

  Securities registered pursuant to Section 12(g) of the Act:
  Units of Depositary Receipts representing
  Units of Limited Partner Interests

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

  Indicate by check mark if disclosure of  delinquent filers pursuant to  Item
  405 of  Regulation S-K is  not contained herein, and  will not be contained,
  to the  best of registrant's knowledge,  in definitive  proxy or information
  statements  incorporated by reference in Part  III of this  Form 10-K or any
  amendment to this Form 10-K. [ ].

  Aggregate  market value  of voting securities  held by  non-affiliates:  Not
  applicable, as securities are non-voting.

  Documents incorporated by reference: See Part IV, Item 14

  The exhibit index is located on pages 9-14.
  <PAGE>
                                     PART I

  ITEM 1.     BUSINESS

      Krupp  Insured  Plus-II Limited  Partnership  (the  "Partnership") is  a
  Massachusetts limited  partnership which  was formed  on  October 29,  1986.
  The Partnership raised approximately $292 million through a  public offering
  of  limited  partner interests  evidenced by  units  of depositary  receipts
  ("Units")   and  used   the   investable   proceeds  primarily   to  acquire
  participating  insured  mortgages  ("PIMs")  and mortgage-backed  securities
  ("MBS").   The  Partnership  considers  itself to  be  engaged  only in  the
  industry segment of investment in mortgages.

      The  Partnership's  investments  in  PIMs  on  multi-family  residential
  properties consist of a MBS  or an insured mortgage  loan (collectively, the
  "insured  mortgage")  guaranteed  or  insured  as  to  principal  and  basic
  interest.  These  insured mortgages were  issued or originated  under or  in
  connection  with  the  housing  programs of  the  Federal  National Mortgage
  Association  ("FNMA"), the Government National Mortgage Association ("GNMA")
  or the Department of  Housing and Urban  Development ("HUD").  PIMs  provide
  the  Partnership with  monthly payments of  principal and  interest and also
  provide for Partnership participation in the  current revenue stream and  in
  residual value, if any,  from a sale or  other realization of the underlying
  property.   The borrower  conveys these rights to  the Partnership through a
  subordinated promissory note  and mortgage.  The participation features  are
  neither insured nor guaranteed.

      The Partnership  also acquired MBS and  insured mortgages collateralized
  by  single-family or  multi-family mortgage  loans issued  or  originated by
  GNMA,  FNMA, HUD  or the Federal  Home Loan  Mortgage Corporation ("FHLMC").
  FNMA and FHLMC  guarantee the principal and basic  interest of the  FNMA and
  FHLMC MBS,  respectively.  GNMA guarantees  the timely  payment of principal
  and interest  on  its  MBS,  and  HUD  insures  the  pooled  mortgage  loans
  underlying the GNMA MBS and its own direct mortgage loans.

      Although  the Partnership will terminate no later than December 31, 2026
  it is  expected that the value of the PIMs generally will be realized by the
  Partnership through repayment or  sale as early as  ten years from the dates
  of  the  closings of  the  permanent  loans and  that  the  Partnership will
  realize  the value of all  of its other  investments within  that time frame
  thereby  resulting in a  dissolution of  the Partnership significantly prior
  to December 31, 2026.

      The Partnership's investments are not expected to be subject to seasonal
  fluctuations.   Any  ultimate realization  of the  participation features of
  the  PIMs are  subject to similar  risks associated with  equity real estate
  investments,  including:  reliance on the owner's  operating skills, ability
  to  maintain occupancy  levels,  control  operating expenses,  maintain  the
  properties  and provide  adequate  insurance  coverage; adverse  changes  in
  general  economic  conditions,  adverse  local  conditions,  and changes  in
  governmental regulations,  real estate zoning laws,  or tax  laws; and other
  circumstances over which the Partnership may have little or no control.  

      The  requirements  for   compliance  with  federal,   state  and   local
  regulations  to date  have not had  an adverse  effect on  the Partnership's
  operations, and no adverse effect is anticipated in the future.

      As of  December 31, 1995,  there were no personnel  directly employed by
  the Partnership.
  <PAGE>
  ITEM 2.     PROPERTIES

      None

  ITEM 3.     LEGAL PROCEEDINGS

      There are no material pending legal proceedings to which the Partnership
  is a party or to which any of its investments is the subject.

  ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

      None.

                                     PART II

  ITEM 5.     MARKET   FOR  THE   REGISTRANT'S  COMMON   EQUITY  AND   RELATED
              STOCKHOLDER MATTERS

      There currently is no established trading market for the Units.  

      The  number of  investors  holding Units  as of  December  31, 1995  was
  approximately  15,000.    One of  the objectives  of  the Partnership  is to
  provide  quarterly distributions of cash flows generated  by its investments
  in  mortgages.   The Partnership  anticipates  that future  operations  will
  continue to  generate cash available for  distribution.   Adjustments may be
  made to the distribution  rate in the  future due to realization  and payout
  of the existing mortgages.

      The   Partnership  made  the   following  distributions,   in  quarterly
  installments,  and special  distributions,  to its  Partners during  the two
  years ended December 31, 1995 and 1994:
<TABLE>
<CAPTION>
                                                 1995                   1994        
                                           Amount    Per Unit     Amount    Per Unit

          Quarterly Distributions:
              <S>                       <C>           <C>      <C>           <C>
              Limited Partners          $16,414,173   $1.12    $21,738,336   $1.48
              General Partners              430,359                476,952

                                         16,844,532             22,215,288

          Special Distributions:
              Limited Partners               -                  17,293,504   $1.18

          Total Distributions           $16,844,532            $39,508,792
</TABLE>
  ITEM 6.  SELECTED FINANCIAL DATA

      The following table sets forth selected financial information  regarding
  the   Partnership's  financial  position   and  operating   results.    This
  information should be  read in conjunction with Management's Discussion  and
  Analysis of Financial Condition and  Results of Operations and the Financial
  Statements and  Supplementary Data, which are included in Item 7 and Item 8,
  (Appendix A) of this report, respectively.
     <PAGE>
<TABLE>
<CAPTION>
                                  1995           1994          1993           1992        1991

     <S>                      <C>            <C>           <C>           <C>          <C>
     Total revenues           $ 16,366,468   $ 18,874,358  $ 19,209,240  $ 20,151,063 $20,530,707

     Net income                 12,656,200     14,147,772    14,525,508    15,501,205  15,993,961

     Net income allocated to:

       Limited Partners         12,276,514     13,723,339    14,089,743    15,036,169  15,514,142
       Average per Unit                .84            .94           .96          1.03        1.06
       General Partners            379,686        424,433       435,765       465,036     479,819


       Total assets at
        December 31            212,789,466    215,697,082   241,054,891   253,077,218  261,583,204

     Distributions to:
       Limited Partners
        Quarterly               16,414,173     21,738,336    23,432,667    23,464,971   23,448,804
        Average per Unit              1.12           1.48          1.60          1.60         1.60

        Special                      -         17,293,504     2,637,993          -            - 

        Average per Unit                             1.18           .18          -            -

       General Partners            430,359        476,952       472,189       542,367       526,020
</TABLE>
  ITEM 7.     MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              RESULTS OF OPERATIONS

  Liquidity and Capital Resources

      The most significant demands on the Partnership's liquidity  are regular
  quarterly distributions  paid to  investors of  approximately $4.1  million.
  Funds used  for investor distributions  are generated  from interest  income
  received  on  the  PIMs,  MBS,  cash  and  short-term  investments,  and the
  principal collections  received on the PIMs  and MBS.  The Partnership funds
  a portion of the  distribution from principal  collections, as a result  the
  capital resources  of  the Partnership  will  continually  decrease.   As  a
  result  of this  decrease, the total  cash inflows  to the  Partnership will
  also   decrease,  which   will  result   in  periodic  adjustments   to  the
  distributions paid to investors.

      The  General  Partners  periodically  review the  distribution  rate  to
  determine whether an adjustment to  the distribution rate is necessary based
  on  projected future cash flows.   In general,  the General  Partners try to
  set a distribution rate that provides  for level quarterly distributions  of
  cash available for distribution.  To  the extent quarterly distributions  do
  not fully  utilize the  cash available  for distribution  and cash  balances
  increase,  the  General  Partners  may  adjust  the  distribution  rate   or
  distribute such funds through a special distribution.

      Based  on   current  projections,  the  General   Partners  believe  the
  Partnership can maintain  the current distribution rate for the  foreseeable
  future.  However, in the event of PIM  prepayments the Partnership would  be
  required to  distribute  any proceeds  from  the  prepayments as  a  special
  distribution  which may  cause an  adjustment  to  the distribution  rate to
  reflect  the anticipated  future cash  inflows from  the remaining  mortgage
  investments.
      <PAGE>
  For the  first five  years of  the PIMs  the borrowers  are prohibited  from
  repaying.   For the  second five  years, the  borrower can  repay the  loans
  incurring a  prepayment penalty.   The  Partnership has the  option to  call
  certain  PIMs by accelerating  their maturity, if the  loans are not prepaid
  by the tenth  year after permanent funding.   The Partnership will determine
  the  merits  of  exercising  the  call  option  for  each  PIM  as  economic
  conditions  warrant.   Such factors  as the  condition  of the  asset, local
  market  conditions,  interest rates  and available  financing  will have  an
  impact on this decision.

  Assessment of Credit Risk

      The Partnership's investments in mortgages are guaranteed or  insured by
  GNMA, FNMA, FHLMC  and HUD and therefore the  certainty of their  cash flows
  and  the risk  of  material  loss of  the  amounts invested  depends on  the
  creditworthiness of these entities.

      FNMA is  a  federally  chartered  private  corporation  that  guarantees
  obligations originated under its programs.   FHLMC is a federally  chartered
  corporation  that guarantees obligations  originated under  its programs and
  is wholly-owned by  the twelve Federal Home  Loan Banks.  These  obligations
  are not  guaranteed by the U.S.   Government or the  Federal Home Loan  Bank
  Board.  GNMA guarantees  the timely payment of  principal and basic interest
  on the securities it issues, which  represents interest in pooled  mortgages
  insured  by  HUD.   Obligations  insured  by  HUD,  an  agency  of the  U.S.
  Government, are backed by the full faith and credit of the U.S. Government.

  Distributable Cash Flow and Net Cash Proceeds from Capital Transactions

      Shown below is the calculation  of Distributable Cash Flow and  Net Cash
  Proceeds  from  Capital  Transactions,  as  defined  in  Section  17  of the
  Partnership  Agreement, and  the source of  cash distributions  for the year
  ended December 31, 1995 and the period from inception to  December 31, 1995.
  The General  Partners  provide certain  of  the  information below  to  meet
  requirements of the Partnership Agreement and  because they believe that  it
  is an appropriate supplemental measure of  operating performance.   However,
  Distributable  Cash Flow  and Net  Cash Proceeds  from Capital  Transactions
  should  not be considered by the reader as a substitute  to net income as an
  indicator of the  Partnership's operating performance or  to cash flows as a
  measure of liquidity.  (Amounts in thousands, except per Unit amounts)
  <PAGE>
<TABLE>
<CAPTION>
                                                                                    Inception 
                                                                  Year Ended      Through 
                                                                   12/31/95        12/31/95
            Distributable Cash Flow:

            <S>                                                     <C>           <C>
            Income for tax purposes                                 $12,732       $139,771

            Items not requiring (not providing) the use of 
             operating funds:
              Amortization of prepaid expenses, fees and
               organization costs                                    1,671           7,442
              Acquisition expenses paid from offering
               proceeds charged to operations                           -              690
              Shared appreciation income/prepayment penalties           -           (2,001)
              Gain on sale of MBS                                       -             (377)

            Total Distributable Cash Flow ("DCF")                   $14,403       $145,525

            Limited Partners Share of DCF                           $13,971       $141,159

            Limited Partners Share of DCF per Unit                  $   .95       $   9.63

            General Partners Share of DCF                           $   432       $  4,366

            Net Proceeds from Capital Transactions:

            Principal collections on PIMs and PIM sale proceeds
             including Shared Appreciation Income/Prepayment
             Penalties                                              $ 1,113       $ 46,702
            Principal collections on MBS and MBS sale proceeds        2,155         59,281
            Reinvestment of MBS and PIM principal collections
             and sale proceeds                                           28        (41,966)
            Gain on sale of MBS                                         -              377

            Total Net Proceeds from Capital Transactions            $ 3,296       $ 64,394

            Cash available for distribution

            (DCF plus proceeds from Capital Transactions)           $17,699       $209,919

            Distributions:

              Limited Partners                                      $16,414(a)    $201,682(b)

              Limited Partners Average per Unit                     $  1.12(a)    $  13.76(b)(c)

              General Partners                                      $   432(a)    $  4,366(b)

                    Total Distributions                             $16,846       $206,048
</TABLE>
  (a)   Represents  all distributions  paid  in 1995  except the  February 1995
        distribution and  includes an estimate of  the distribution  to be paid
        in February 1996.
  (b)   Includes an estimate of the distribution to be paid in February 1996.
  <PAGE>
  (c)   Limited Partners  average per  Unit return  of capital  as of  February
        1996 is  $4.13 [$13.76  - $9.63]   Return  of  capital represents  that
        portion of distributions which is not funded from DCF such as  proceeds
        from  the  sale  of  assets  and  substantially  all  of  the principal
        collections received from MBS and PIMs.

  Operations

      The  following discussion relates  to the  operation of  the Partnership
  during the years ended December 31, 1995, 1994 and 1993.
<TABLE>
                                                          (Amounts in thousands)
<CAPTION>
                                                    1995         1994          1993
              Interest income on PIMs:
                <S>                               <C>           <C>           <C>
                Base interest                     $12,198       $13,109       $13,774
                Participation interest received       250           271            67
              Interest income on MBS
               and insured mortgages                3,573         4,031         3,908
              Other interest income                   346           374           377
              Partnership expenses                 (1,964)       (2,335)       (2,446)

              Distributable Cash Flow              14,403        15,450        15,680

              Gain on sale of MBS                    -             -              377
              Shared Appreciation Income/
               Prepayment Penalties                  -              988           238
              Accrued Participation interest 
               income                                -              102           469
              Amortization of prepaid fees,
               expenses and organization costs     (1,747)       (2,392)       (2,238)

                  Net Income                      $12,656       $14,148       $14,526
</TABLE>
       Net income  decreased approximately $1,492,000 during  1995 as compared
  to  1994  due  primarily to  lower  interest  income  that  resulted  from a
  reduction  in the  invested assets  in the  Partnership.   The reduction  in
  assets was  a result  of a  payoff of  the Mediterranean Village  PIM during
  September 1994.   Subsequently,  a  special distribution was  made from  the
  Partnership using the payoff  proceeds and a portion of the available  cash.
  The  decline  in  net   income  from  1994  to   1995  is  also  related  to
  participation   income  recognized   in   1994  from   the  payoff   of  the
  Mediterranean Village  PIM and the  payment of  participation income related
  to  the  Longwood  Villas PIM  which  together  totalled  approximately $1.1
  million.   Interest income  on MBS decreased  in 1995 versus  1994 and  will
  continue  to decline as principal collections decrease the Partnership's MBS
  portfolio.   The Partnership will continue to see a decline in base interest
  income  on its PIMs based  on the amortization  of the underlying mortgages.
  Expenses  decreased approximately $1,017,000  in 1995  versus 1994 primarily
  resulting from  reduced amortization expense.  As a result  of the repayment
  of  the  Mediterranean  Village  PIM, the  Partnership  fully  amortized its
  associated  prepaid fees and  expenses which  increased amortization expense
  in 1994 as compared  to 1995.    During 1995, the Partnership  experienced a
  decrease  in expense  reimbursements to  affiliates  and  a decrease  in the
  asset management fee due to declining asset base as compared to 1994.
  <PAGE>
       The Partnership's net  income for  1994 declined as  compared to  1993,
  primarily because net  income in 1993 included a  $377,000 gain on  the sale
  of 
  MBS.  Overall, total interest income  did not change significantly from 1993
  to 1994.  However, payoffs of the Fox  Valley and Pinecrest PIMs in 1993 and
  the Mediterranean Village PIM  in 1994 resulted in lower interest income  on
  PIMs  in  1994  as  compared   to  1993.    Participation  income  increased
  significantly   in  1994   as  compared  to   1993  due   primarily  to  the
  participation income provided  from the Mediterranean Village PIM payoff and
  the payment  of participation  income from the  Longwood Villas PIM.     The
  Partnership saw an  increase in interest income on  MBS in 1994  versus 1993
  due  primarily to the  reinvestment of  the proceeds from  the payoff of the
  Fox  Valley  PIM  in  MBS.    The  Partnership's  expenses  did  not  change
  significantly from 1993  to 1994,  because the  Partnership fully  amortized
  certain  prepaid fees and  expenses associated with  the PIMs  that paid off
  during each of these years.

  ITEM 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

       See Appendix A to this report.

  ITEM 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING  AND
              FINANCIAL DISCLOSURE

      None.
                                    PART III

  ITEM 10.    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

      The  Partnership has no directors or executive officers.  Information as
  to the directors and executive officers  of Krupp Plus Corporation  which is
  a General Partner of the Partnership  and is the general partner of Mortgage
  Services Partners Limited Partnership,  which is the  other General  Partner
  of the Partnership, is as follows:

                                          Position with
            Name and Age                  Krupp Plus Corporation

            Douglas Krupp (49)            Co-Chairman of the Board
            George Krupp (51)             Co-Chairman of the Board
            Laurence Gerber (39)          President
            Peter F. Donovan (42)         Senior Vice President
            Robert A. Barrows (38)        Vice President and Treasurer

     Douglas  Krupp is  Co-Chairman and  Co-Founder  of  The Berkshire  Group.
  Established in  1969 as  the Krupp  Companies, this  real estate-based  firm
  expanded over the years within its  areas of expertise including  investment
  program sponsorship,  property and  asset management,  mortgage banking  and
  healthcare facility ownership.  Today,  The Berkshire Group is an integrated
  real  estate, mortgage  and  healthcare company  which  is  headquartered in
  Boston with regional offices  throughout the country.  A staff of 3,400  are
  responsible for the more than  $3 billion under management for institutional
  and individual  clients.  Mr.  Krupp is a  graduate of  Bryant College.   In
  1989 he  received an honorary Doctor  of Science  in Business Administration
  from this institution and was elected trustee in  1990.  Mr. Krupp serves as
  Chairman of the Board and Director of Berkshire  Realty Company, Inc. (NYSE-
  BRI).
   <PAGE>
     George Krupp is the Co-Chairman and Co-Founder of The Berkshire Group.  
  Established in  1969 as  the Krupp  Companies, this  real estate-based  firm
  expanded over the years within its  areas of expertise including  investment
  program sponsorship,  property and  asset management,  mortgage banking  and
  healthcare facility ownership.  Today,  The Berkshire Group is an integrated
  real  estate, mortgage  and healthcare  company  which is  headquartered  in
  Boston with regional offices  throughout the country.   A staff of 3,400 are
  responsible for more than $3  billion under management for institutional and
  individual clients.  Mr. Krupp attended  the University of Pennsylvania  and
  Harvard University.   Mr.  Krupp also  serves as  Chairman of the  Board and
  Trustee of Krupp Government Income Trust  and Krupp Government Income  Trust
  II.

     Laurence  Gerber is  the  President and  Chief  Executive Officer  of The
  Berkshire Group.   Prior to becoming  President and  Chief Executive Officer
  in  1991, Mr. Gerber  held various positions with  The Berkshire Group which
  included overall responsibility  at various  times for:  strategic  planning
  and  product  development,  real  estate  acquisitions,  corporate  finance,
  mortgage  banking, syndication and marketing.  Before  joining The Berkshire
  Group  in 1984,  he  was a  management consultant  with  Bain &  Company,  a
  national consulting firm headquartered in Boston.  Prior  to that, he was  a
  senior  tax  accountant   with  Arthur  Andersen  &  Co.,  an  international
  accounting and consulting firm.   Mr. Gerber has a B.S. degree in  Economics
  from  the University  of Pennsylvania, Wharton  School and  an M.B.A. degree
  with high  distinction from  Harvard Business  School.   He  is a  Certified
  Public Accountant.   Mr. Gerber also serves  as President and a Director  of
  Berkshire  Realty  Company, Inc.  (NYSE-BRI)  and  President and  Trustee of
  Krupp Government Income Trust and Krupp Government Income Trust II.

     Peter F. Donovan is President  of Berkshire Mortgage Finance  and directs
  the underwriting,  servicing and asset management  of a  $2.5 billion multi-
  family  loan  portfolio.    Previously,  he  was  Senior  Vice  President of
  Berkshire   Mortgage  Finance   and   was   responsible  for   all  mortgage
  originations.    Before  joining  the  firm  in  1984, he  was  Second  Vice
  President,  Real Estate  Finance  for Continental  Illinois National  Bank &
  Trust, where  he  managed a  $300  million  construction loan  portfolio  of
  commercial  properties.   Mr. Donovan received  a B.A.  from Trinity College
  and an M.B.A. degree from Northwestern University.  

     Robert A.  Barrows is Senior Vice  President and  Chief Financial Officer
  of Berkshire  Mortgage Finance  and Corporate  Controller  of The  Berkshire
  Group.   Mr. Barrows has  held several positions within  The Berkshire Group
  since  joining  the  company  in  1983  and  is  currently  responsible  for
  accounting  and  financial  reporting,  treasury,  tax,  payroll and  office
  administrative activities.   Prior to joining The Berkshire Group, he was an
  audit  supervisor for Coopers &  Lybrand  L.L.P.  in Boston.   He received a
  B.S. degree from Boston College and is a Certified Public Accountant.

  ITEM 11.  EXECUTIVE COMPENSATION

     The Partnership has no directors or executive officers.

  ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     As of December 31, 1995, no person owned of record or was known by the
  General  Partners to  own beneficially  more  than  5% of  the Partnership's
  14,655,412 outstanding Units.  The only interests held by management  or its
  affiliates consist  of  its General  Partner and  Corporate Limited  Partner
  Interests.
  <PAGE>

  ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Information  required  under  this Item  is contained  in  Note F  to the
  Partnership's Notes To Financial Statements  presented in Appendix A to this
  report.

                                     PART IV

  ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

  (a)1.   Financial  Statements  -  see  Index  to  Financial  Statements  and
          Schedule included under Item 8, Appendix A, page F-2 to this report.

          2.   Financial   Statement  Schedule   -  see  Index   to  Financial
               Statements and Schedule included under Item 8, Appendix A, page
               F-2  to this report.   All other schedules  are omitted as they
               are not applicable, not required or the information is provided
               in the Financial Statements or the Notes thereto.

  (b)     Exhibits:

          Number and Description
          Under Regulation S-K  

          The following  reflects all applicable Exhibits  required under Item
          601 of Regulation S-K:

          (4)  Instruments defining the  rights of security  holders including
               indentures:

               (4.1)        Amended   and   Restated   Agreement  of   Limited
                            Partnership dated as of May 29, 1987 [Exhibit A to
                            Prospectus  included  in Post  Effective Amendment
                            No.  1 of  Registrant's Registration  Statement on
                            Form S-11  dated  June  18,  1987  (File  No.  33-
                            9889)].*

               (4.2)        Second   Amendment   to   Agreement   of   Limited
                            Partnership dated as of June 17, 1987 [Exhibit 4.6
                            in Post Effective Amendment No. l of  Registrant's
                            Registration Statement on Form S-11 dated June 18,
                            1987 (File No. 33-9889)].*

               (4.3)        Subscription Agreement whereby a subscriber agrees
                            to purchase Units and adopts the provisions of the
                            Amended   and   Restated   Agreement  of   Limited
                            Partnership [Exhibit  D to Prospectus  included in
                            Post Effective  Amendment  No. 1  of  Registrant's
                            Registration Statement on Form S-11 dated June 18,
                            1987 (File No. 33-9889)].*

               (4.4)        Copy of Amended Certificate of Limited Partnership
                            filed with the Massachusetts Secretary of State on
                            April 28, 1987.   [Exhibit 4.4 in  Amendment No. 1
                            of  Registrant's Registration Statement on Form S-
                            11 dated May 14, 1987 (File No. 33-9889)].*
  <PAGE>
          (10) Material Contracts:

               (10.1)       Form  of agreement  between  the  Partnership  and
                            Krupp  Mortgage  Corporation.   [Exhibit  10.3  in
                            Amendment  No.  1  of   Registrant's  Registration
                            Statement on Form  S-11 dated May  14, 1987  (File
                            No. 33-9889)].*

               Colonial Park Apartments

               (10.2)       Prospectus   for  GNMA   Pool  No.   248521  (PL).
                            [Exhibit  19.1 to Registrant's Report on Form 10-Q
                            for the quarter ended  June 30, 1988 (File No.  0-
                            16817)].*

               (10.3)       Subordinated   Open-End    Multi-Family   Mortgage
                            (including  Subordinated  Promissory  Note)  dated
                            March 30,  1988 between Euclid Creek  Company, and
                            York   Associates,   Inc.    [Exhibit   19.2    to
                            Registrant's Report on  Form 10-Q for the  quarter
                            ended June 30, 1988 (File No. 0-16817)].*

               (10.4)       Assignment  of  Subordinated Mortgage  dated March
                            30, 1988  between York Associates,  Inc. and Krupp
                            Insured Plus-II Limited Partnership. [Exhibit 19.3
                            to  Registrant's  Report  on  Form  10-Q  for  the
                            quarter ended June 30, 1988 (File No. 0-16817)].*

               Westbrook Manor Apartments

               (10.5)       Prospectus   for  GNMA   Pool  No.   256059  (PL).
                            [Exhibit 19.6 to Registrant's  Report on Form 10-Q
                            for the quarter ended  June 30, 1988 (File  No. 0-
                            16817)].*

               (10.6)       Subordinated Multi-Family Deed of Trust (including
                            Subordinated Promissory Note) dated April 19, 1988
                            between Wiston XXIII Limited Partnership and Krupp
                            Insured Plus-II Limited Partnership. [Exhibit 19.7
                            to  Registrant's  Report  on  Form  10-Q  for  the
                            quarter ended June 30, 1988 (File No. 0-16817)].*

               Lakeside Apartments

               (10.7)       Prospectus for GNMA Pool No. 255955. [Exhibit 19.8
                            to  Registrant's  Report  on  Form  10-Q  for  the
                            quarter ended June 30, 1988 (File No. 0-16817)].*

               (10.8)       Subordinated Multi-Family Deed of Trust (including
                            Subordinated  Promissory Note)  dated May  5, 1988
                            between Lakeside Apartments Partnership  and Krupp
                            Insured Plus-II Limited Partnership. [Exhibit 19.9
                            to  Registrant's  Report  on  Form  10-Q  for  the
                            quarter ended June 30, 1988 (File No. 0-16817)].*

               Le Coeur du Monde Apartments

               (10.9)       Prospectus for  GNMA  Pools No.  257721  (CS)  and
                            257722 (PN). [Exhibit 19.10 to Registrant's Report
                            on Form 10-Q  for the quarter ended  June 30, 1988
                            File No. 0-16817)].*
  <PAGE>
               (10.10)      Subordinated Multi-Family Open-End  Deed of  Trust
                            (including Subordinated Promissory Note) dated May
                            11,  1988  between  Le  Coeur  du   Monde  Limited
                            Partnership  and  Krupp  Insured  Plus-II  Limited
                            Partnership. [Exhibit 19.11 to Registrant's Report
                            on Form 10-Q for  the quarter ended June 30,  1988
                            (File No. 0-16817)].*

               Harbor House Apartments

               (10.11)      Prospectus  for GNMA  Pools  No.  257723 (CS)  and
                            257724 (PN). [Exhibit 19.12 to Registrant's Report
                            on Form 10-Q for the  quarter ended June 30,  1988
                            (File No. 0-16817)].*

               (10.12)      Subordinated   Multi-family  Mortgage   (including
                            Subordinated Promissory Note)  dated May 11,  1988
                            between  Harbor  House  Apartment   Homes  Limited
                            Partnership  and  Krupp  Insured  Plus-II  Limited
                            Partnership. [Exhibit 19.13 to Registrant's Report
                            on Form 10-Q  for the quarter ended  June 30, 1988
                            (File No. 0-16817)].*

               Fallwood Apartments

               (10.13)      Prospectus   for  GNMA   Pool  No.   260300  (PL).
                            [Exhibit 19.14 to Registrant's Report on Form 10-Q
                            for the quarter ended September 30, 1988 (File No.
                            0-16817)].*

               (10.14)      Multifamily   Mortgage   (including   Subordinated
                            Promissory  Note)  dated  June  23,  1988  between
                            Wiston XVIII Limited Partnership and Krupp Insured
                            Plus-II  Limited  Partnership.  [Exhibit 19.15  to
                            Registrant's Report on  Form 10-Q for  the quarter
                            ended September 30, 1988 (File No. 0-16817)].*

               Greenbrier Apartments

               (10.15)      Prospectus   for  GNMA   Pool  No.   260301  (PL).
                            [Exhibit 19.16 to Registrant's Report on Form 10-Q
                            for the quarter ended September 30, 1988 (File No.
                            0-16817)].*

               (10.16)      Multifamily   Mortgage   (including   Subordinated
                            Promissory Note)  dated  August 16,  1988  between
                            Wiston XVI Limited  Partnership and Krupp  Insured
                            Plus-II Limited Partnership. [Exhibit
                            19.17 to Registrant's Report on Form 10-Q for  the
                            quarter  ended  September 30,  1988  (File  No. 0-
                            16817)].*

               Country Meadows Apartments

               (10.17)      Prospectus  for GNMA  Pools  No.  260733 (CL)  and
                            260734  (PN).    [Exhibit  19.18  to  Registrant's
                            Report  on  Form   10-Q  for  the  quarter   ended
                            September 30, 1988 (File No. 0-16817)].*
  <PAGE>
               (10.18)      Subordinated Multifamily Deed of  Trust (including
                            Subordinated Promissory Note) dated June  15, 1988
                            between  Country  Meadows Limited  Partnership and
                            Krupp   Insured   Plus-II   Limited   Partnership.
                            [Exhibit 19.19 to Registrant's Report on Form 10-Q
                            for the quarter ended September 30, 1988 (File No.
                            0-16817)].*

               Pine Ridge Apartments

               (10.19)      Prospectus for GNMA Pool No. 259436(PL).  [Exhibit
                            10.27 to Registrant's Report on Form 10-K for  the
                            year ended December 31, 1988 (File No. 0-16817)]*

               (10.20)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated  Promissory  Note) dated  October 18,
                            1988  between  LaSalle  National  Bank  and  Krupp
                            Insured  Plus-II  Limited  Partnership.   [Exhibit
                            10.28 to Registrant's Report on Form 10-K for  the
                            year ended December 31, 1988 (File No. 0-16817)]*

               Denrich Apartments

               (10.21)      Prospectus   for  GNMA   Pool  No.   267075  (PL).
                            [Exhibit 10.29 to Registrant's Report on Form 10-K
                            for the year ended December 31, 1988  (File No. 0-
                            16817)].*

               (10.22)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated  Promissory  Note) dated  November 3,
                            1988 between Arthur J.  Stagnaro and Krupp Insured
                            Plus-II  Limited Partnership.   [Exhibit  10.30 to
                            Registrant's  Report  on Form  10-K  for  the year
                            ended December 31, 1988 (File No. 0-16817)].*

               (10.23)      Modification Agreement dated June 28, 1995 between
                            Arthur  J.  Stagnaro  and  Krupp  Insured  Plus-II
                            Limited Partnership [Exhibit 10.1  to Registrant's
                            Report on Form 10-Q for the quarter ended June 30,
                            1995 (File No. 0-16817)].*

               The Greenhouse

               (10.24)      Prospectus  for  GNMA  Pools  No.  259233(CS)  and
                            259234(PN) [Exhibit 19.1 to Registrant's Report on
                            Form  10-Q for  the quarter  ended March  31, 1989
                            (File No. 0-16817)].*

               (10.25)      Subordinated Multifamily Deed of  Trust (including
                            Subordinated  Promissory  Note)  dated January  5,
                            1989 between Farnam Associates Limited Partnership
                            and  Krupp  Insured  Plus-II Limited  Partnership.
                            [Exhibit 19.2 to Registrant's Report  on Form 10-Q
                            for the  quarter ended March 31, 1989 (File No. 0-
                            16817)].*
  <PAGE>
               Walden Village Apartments

               (10.26)      Subordinated    Multifamily    Open-End   Mortgage
                            (including  Subordinated  Promissory  Note)  dated
                            February  23,  1989  between  The  Walden  Village
                            Limited  Partnership  and  Krupp  Insured  Plus-II
                            Limited   Partnership.       [Exhibit   19.3    to
                            Registrant's Report  on Form 10-Q  for the quarter
                            ended March 31, 1989 (File No. 0-16817)].*

               (10.27)      Participation  Agreement  dated February  23, 1989
                            between The Centralbanc Mortgage Company and Krupp
                            Insured  Plus-II  Limited  Partnership.   [Exhibit
                            19.4 to  Registrant's Report on Form  10-Q for the
                            quarter ended March 31, 1989 (File No. 0-16817)].*

               Longwood Villas Apartments

               (10.28)      Prospectus for GNMA Pool No. 272539(PL).  [Exhibit
                            19.7 to  Registrant's Report on Form  10-Q for the
                            quarter ended June 30, 1989 (File No. 0-16817)].*

               (10.29)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) dated March 29, 1989
                            between Daniel Properties  XI Limited  Partnership
                            and  Krupp  Insured  Plus-II Limited  Partnership.
                            [Exhibit 19.8 to Registrant's Report on  Form 10-Q
                            for  the quarter ended June 30,  1989 (File No. 0-
                            16817)].*

               (10.30)      Guaranty  Agreement dated  April 19,  1994 between
                            SCA-Florida  Holdings  (I) Incorporated  and Krupp
                            Insured  Plus-II   Limited  Partnership.  [Exhibit
                            10.29 to Registrant's Report on Form 10-K for  the
                            year ended December 31, 1994 (File No. 0-16317)]*

               (10.31)      Agreement of Release, Assumption  and Modification
                            of Subordinated Promissory  Note and  Subordinated
                            Mortgage by and among Daniel Properties XI Limited
                            Partnership, SCA-Florida Holdings (I) Incorporated
                            and  Krupp  Insured  Plus-II Limited  Partnership.
                            [Exhibit 10.30 to Registrant's Report on Form 10-K
                            for the  year ended December 31, 1994 (File No. 0-
                            16817)].*

               Lily Flagg Station

               (10.32)      Prospectus for GNMA Pool No 272540(PL).   [Exhibit
                            19.9 to  Registrant's Report on Form  10-Q for the
                            quarter ended June 30, 1989 (File No. 0-16817)].*

               (10.33)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) date March  29, 1989
                            between  Daniel  Properties I  Limited Partnership
                            and  Krupp  Insured  Plus-II Limited  Partnership.
                            [Exhibit 19.10 to Registrant's Report on Form 10-Q
                            for  the quarter ended June  30, 1989 (File No. 0-
                            16817)].*
  <PAGE>
               Richmond Park Apartments

               (10.34)      Prospectus for GNMA Pool No. 260865  (PL) [Exhibit
                            1 to Registrant's Report on Form 8-K dated  August
                            30, 1989 (File No. 0-16817)].*

               (10.35)      Subordinated   Multifamily   Open-Ended   Mortgage
                            (including  Subordinated  Promissory  Note)  dated
                            July  14,  1989  between  Carl  Milstein, Trustee,
                            Irwin Obstgarten, Al Simon and Krupp Insured Plus-
                            II   Limited   Partnership.      [Exhibit   2   to
                            Registrant's Report  on Form 8-K  dated August 30,
                            1989 (File No. 0-16817)]*

               (10.36)      Participation  Agreement  dated   July  31,   1989
                            between Krupp Insured Mortgage Limited Partnership
                            and  Krupp  Insured  Plus-II Limited  Partnership.
                            [Exhibit  3 to  Registrant's  Report  on Form  8-K
                            dated August 30, 1989 (File No. 0-16817)].*

               Saratoga Apartments

               (10.37)      Prospectus for  GNMA Pool No. 280643 (Pl) [Exhibit
                            4 to Registrant's Report on Form 8-K dated  August
                            30, 1989 (File No. 0-16817)].*

               (10.38)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated  Promissory Note) dated July 27, 1989
                            between American  National Bank and  Trust Company
                            of Chicago,  as Trustee and Krupp Insured Mortgage
                            Limited Partnership.   [Exhibit 5 to  Registrant's
                            Report on Form 8-K dated August 30, 1989 (File No.
                            0-16817)].*

               (10.39)      Participation  Agreement  dated   July  31,   1989
                            between Krupp Insured Plus-II  Limited Partnership
                            and  Krupp  Insured Mortgage  Limited Partnership.
                            [Exhibit 6  to  Registrant's Report  on  Form  8-K
                            dated August 30, 1989 (File No. 0-16817)].*

               Carlyle Court

               (10.40)      Prospectus  for FNMA  Pool No.  MX-073004 [Exhibit
                            10.50 to Registrant's Annual  Report on Form  10-K
                            for the fiscal year ended December 31, 1989  (file
                            No. 0-16817)].*

               (10.41)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) dated  September 26,
                            1989 between  Carlyle-XI, L.P. an  Indiana limited
                            partnership  and  Krupp  Insured  Plus-II  Limited
                            Partnership [Exhibit 10.51 to  Registrant's Annual
                            Report on  Form 10-K  for  the fiscal  year  ended
                            December 31, 1989 (File No. 0-16817)].*
  <PAGE>
               Hillside Court

               (10.42)      Prospectus  for FNMA  Pool No.  MX-073003 [Exhibit
                            10.52  to Registrant's Annual  Report on Form 10-K
                            for the fiscal year ended December 31, 1989  (File
                            No. 0-16817)].*

               (10.43)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) dated  September 16,
                            1989 between Hillside  Limited Partnership-IX,  an
                            Indiana  limited  partnership  and  Krupp  Insured
                            Plus-II  Limited  Partnership  [Exhibit  10.53  to
                            Registrant's Annual  Report on Form  10-K for  the
                            fiscal year  ended December 31, 1989  (File No. 0-
                            16817)].*

               Stanford Court

               (10.44)      Prospectus  for FNMA  Pool No.  MX-073002 [Exhibit
                            10.54 to  Registrant's Annual Report on  Form 10-K
                            for the fiscal year ended December 31, 1989  (File
                            No. 0-16817)].*

               (10.45)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) dated  September 26,
                            1989 between Hillside  Limited Partnership-IX,  an
                            Indiana  limited  partnership  and  Krupp  Insured
                            Plus-II  Limited  Partnership  [Exhibit  10.55  to
                            Registrant's Annual  Report on  Form 10-K  for the
                            fiscal year  ended December 31, 1989  (File No. 0-
                            16817)].*

               Waterford Court

               (10.46)      Prospectus  for FNMA  Pool No.  MX-073005 [Exhibit
                            10.56 to  Registrant's Annual Report on  Form 10-K
                            for the fiscal year ended December 31, 1989  (File
                            No. 0-16817)].*

               (10.47)      Subordinated   Multifamily   Mortgage   (including
                            Subordinated Promissory Note) dated  September 26,
                            1989  between  Waterford-VIII, an  Indiana limited
                            partnership  and  Krupp  Insured  Plus-II  Limited
                            Partnership [Exhibit 10.57 to  Registrant's Annual
                            Report on  Form 10-K  for  the fiscal  year  ended
                            December 31, 1989 (File No. 0-16817)].*

           * Incorporated by reference.

  (c)     Reports on Form 8-K

               During  the last quarter of  the year ended  December 31, 1995,
               the Partnership did not file any reports on Form 8-K.
  <PAGE>
                                   SIGNATURES

          Pursuant  to  the  requirements of  Section  13  or  15 (d)  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,  on the 26th
  day of February, 1996.

                            KRUPP INSURED PLUS-II LIMITED PARTNERSHIP

                            By: Krupp Plus Corporation,
                                a General Partner



                            By: /s/ George Krupp                   
                                George Krupp, Co-Chairman 
                                (Principal Executive Officer) and
                                Director of Krupp Plus Corporation


          Pursuant to the requirements of the Securities Exchange Act of 1934,
  this report has been signed below by the following  persons on behalf of the
  registrant  and in the  capacities indicated,  on the 26th  day of February,
  1996.

  Signatures                                  Title(s)

  /s/ Douglas Krupp                           Co-Chairman (Principal Executive
  Douglas Krupp                               Officer)  and Director  of Krupp
                                              Plus   Corporation,   a  General
                                              Partner
   
  /s/ George Krupp                            Co-Chairman (Principal Executive
  George Krupp                                Officer)  and Director  of Krupp
                                              Plus   Corporation,  a   General
                                              Partner


  /s/ Laurence Gerber                         President of Krupp Plus
  Laurence Gerber                             Corporation, a General Partner


  /s/ Peter F. Donovan                        Senior Vice President of Krupp
  Peter F. Donovan                            Plus   Corporation,  a   General
                                              Partner
   

  /s/ Robert A. Barrows                       Treasurer and Chief Accounting
  Robert A. Barrows                           Officer     of    Krupp     Plus
                                              Corporation, a    G e n e r a l
                                              Partner
  <PAGE>
                                   APPENDIX A

                    KRUPP INSURED PLUS-II LIMITED PARTNERSHIP
                                             



                        FINANCIAL STATEMENTS AND SCHEDULE
                               ITEM 8 of FORM 10-K

             ANNUAL REPORT TO THE SECURITIES AND EXCHANGE COMMISSION
                      For the Year Ended December 31, 1995
  <PAGE>
                    KRUPP INSURED PLUS-II LIMITED PARTNERSHIP

                   INDEX TO FINANCIAL STATEMENTS AND SCHEDULE

  Report of Independent Accountants                                        F-3

  Balance Sheets at December 31, 1995 and 1994                             F-4

  Statements of Income for the Years Ended December 31,
  1995, 1994 and 1993                                                      F-5

  Statements of Changes in Partners' Equity for the Years
  Ended December 31, 1995, 1994 and 1993                                   F-6

  Statements of Cash Flows for the Years Ended December 31, 1995,
  1994 and 1993                                                            F-7

  Notes to Financial Statements                                     F-8 - F-14

  Schedule IV - Mortgage Loans on Real Estate                      F-15 - F-18

  All other  schedules are omitted as they are not applicable or not required,
  or the  information is  provided in the  financial statements  or the  notes
  thereto.
  <PAGE>

                        REPORT OF INDEPENDENT ACCOUNTANTS
                                             
  To the Partners of
  Krupp Insured Plus-II Limited Partnership:

          We have audited the financial statements and the financial statement
  schedule  of Krupp Insured  Plus-II Limited  Partnership (the "Partnership")
  listed  in  the index  on  page F-2  of  this Form  10-K.   These  financial
  statements  and financial statement  schedule are  the responsibility of the
  General  Partners of the  Partnership.  Our responsibility  is to express an
  opinion  on these  financial  statements  and financial  statement  schedule
  based on our audits.

          We conducted  our  audits  in  accordance  with  generally  accepted
  auditing standards.   Those standards require that  we plan and perform  the
  audit to obtain reasonable assurance about whether the  financial statements
  are free of material misstatement.  An audit  includes examining, on a  test
  basis, evidence  supporting the  amounts  and disclosures  in the  financial
  statements.   An audit  also includes  assessing  the accounting  principles
  used  and  significant  estimates  made  by  the  General  Partners  of  the
  Partnership,  as  well  as   evaluating  the  overall   financial  statement
  presentation.  We  believe that  our audits provide  a reasonable basis  for
  our opinion.

          In our opinion,  the financial statements referred  to above present
  fairly, in  all material respects, the  financial position  of Krupp Insured
  Plus-II  Limited  Partnership  as of  December 31,  1995  and 1994,  and the
  results of its operations and its cash flows  for each of the three years in
  the  period ended  December 31, 1995  in conformity  with generally accepted
  accounting  principles.    In  addition,  in  our  opinion,  the   financial
  statement  schedule referred  to above, when  considered in  relation to the
  basic  financial  statements taken  as  a  whole,  presents  fairly, in  all
  material respects, the information required to be included therein.

                                              COOPERS & LYBRAND L.L.P.


  Boston, Massachusetts
  January 27, 1996
  <PAGE>
                               KRUPP INSURED PLUS-II LIMITED PARTNERSHIP
<TABLE>
                                            BALANCE SHEETS

                                      December 31, 1995 and 1994
                                                         

                                                ASSETS
<CAPTION>
                                                                         1995         1994

      <S>                                                            <C>           <C>
      Participating Insured Mortgages ("PIMs") (Notes B, C and H)    $152,929,361  $154,042,671
      Mortgage-Backed Securities and multi-family insured
       mortgages("MBS") (Notes B, D and H)                             44,597,272    45,499,166

          Total mortgage investments                                  197,526,633   199,541,837

      Cash and cash equivalents (Notes B and H)                         5,963,681     5,453,210
      Short-term investment (Note B)                                      498,160        -
      Interest receivable and other assets                              2,029,363     2,183,929
      Prepaid acquisition fees and expenses, net of
       accumulated amortization of $6,954,567 and 
       $5,629,220, respectively (Note B)                                5,214,310     6,539,657
      Prepaid participation servicing fees, net of
       accumulated amortization of $2,208,277 and 
       $1,787,147, respectively (Note B)                                1,557,319     1,978,449

          Total assets                                               $212,789,466  $215,697,082


                                   LIABILITIES AND PARTNERS' EQUITY


      Liabilities                                                    $     14,760  $     15,394

      Partners' equity (deficit) (Notes A, E and G):

        Limited Partners                                              211,648,945   215,786,604
         (14,655,512 Units outstanding)
        General Partners                                                 (155,589)     (104,916)

        Unrealized gain on MBS (Note B)                                 1,281,350        -     

          Total Partners' equity                                      212,774,706   215,681,688

          Total liabilities and Partners' equity                     $212,789,466  $215,697,082
</TABLE>
                                The accompanying notes are an integral
                                   part of the financial statements.
      <PAGE>
                               KRUPP INSURED PLUS-II LIMITED PARTNERSHIP
<TABLE>
                                         STATEMENTS OF INCOME

                         For the Years Ended December 31, 1995, 1994 and 1993 
                                                          

<CAPTION>
                                                             1995         1994          1993

          Revenues:
            Interest income - PIMs:
              <S>                                        <C>          <C>           <C>
              Base interest                              $12,198,330  $13,108,877   $13,773,715
              Participation interest                         249,812    1,360,047       774,033
            Interest income - MBS                          3,572,641    4,031,477     3,908,181
            Other interest income                            345,685      374,137       376,531
            Gain on sale of MBS                               -            -            376,780

                 Total revenues                           16,366,468   18,874,538    19,209,240

          Expenses:
            Asset management fee to an affiliate
             (Note F)                                      1,487,312    1,579,713     1,678,484
            Expense reimbursement to affiliates
             (Note F)                                        227,167      467,986       515,899
            Amortization of prepaid expenses and 
             fees (Note B)                                 1,746,477    2,391,571     2,238,305
            General and administrative                       249,312      287,496       251,044

                 Total expenses                            3,710,268    4,726,766     4,683,732

          Net income (Note G)                            $12,656,200  $14,147,772   $14,525,508

          Allocation of net income (Note E):

            Limited Partners                             $12,276,514  $13,723,339   $14,089,743

            Average net income per Limited Partner
             interest                                    $       .84  $       .94   $       .96
             (14,655,512 Limited Partner 
             interests outstanding)

            General Partners                             $   379,686  $   424,433   $   435,765
</TABLE>
                              The accompanying notes are an integral
                                part of the financial statements.
          <PAGE>
                                 KRUPP INSURED PLUS-II LIMITED PARTNERSHIP
<TABLE>
                                 STATEMENTS OF CHANGES IN PARTNERS' EQUITY

                           For the Years Ended December 31, 1995, 1994 and 1993 
                                                            

<CAPTION>
                                                                                   Total
                                         Limited        General     Unrealized    Partners'
                                         Partners       Partners       Gains       Equity   

        <S>                             <C>             <C>         <C>         <C>
        Balance at December 31, 1992    $253,076,022    $ (15,973)  $   -       $253,060,049

        Net income                        14,089,743      435,765       -         14,525,508

        Quarterly distributions          (23,432,667)    (472,189)      -        (23,904,856)

        Special distributions             (2,637,993)        -          -         (2,637,993)

        Balance at December 31, 1993     241,095,105      (52,397)      -        241,042,708

        Net income                        13,723,339      424,433       -         14,147,772

        Quarterly distributions          (21,738,336)    (476,952)      -        (22,215,288)

        Special distributions            (17,293,504)        -          -        (17,293,504)

        Balance at December 31, 1994     215,786,604     (104,916)      -        215,681,688

        Net income                        12,276,514      379,686       -         12,656,200

        Distributions                    (16,414,173)    (430,359)      -        (16,844,532)

        Unrealized gain on MBS                -             -        1,281,350     1,281,350

        Balance at December 31, 1995    $211,648,945    $(155,589)  $1,281,350  $212,774,706
</TABLE>
                                The accompanying notes are an integral
                                   part of the financial statements.
        <PAGE>
                               KRUPP INSURED PLUS-II LIMITED PARTNERSHIP
<TABLE>
                                       STATEMENTS OF CASH FLOWS

                         For the Years Ended December 31, 1995, 1994 and 1993
                                                         

<CAPTION>
                                                         1995          1994            1993 

     Operating activities:
      <S>                                           <C>            <C>             <C>
      Net income                                    $ 12,656,200   $ 14,147,772    $ 14,525,508
      Adjustments to reconcile net income to net
       cash provided by operating activities:
         Amortization of short-term investment
          discount                                        (7,973)        -               -
         Amortization of prepaid expenses and
          fees                                         1,746,477      2,391,571       2,238,305
         Shared appreciation income/prepayment
          penalties                                        -           (987,550)       (237,983)
         Gain on sale of MBS                               -             -             (376,780)
         Changes in assets and liabilities:
           Decrease (increase) in interest receivable
            and other assets                             154,566         (3,939)        (24,436)
           Increase (decrease) in liabilities               (634)         3,211          (4,986)

             Net cash provided by operating
               activities                             14,548,636     15,551,065      16,119,628

     Investing activities:
       Short-term investment                            (490,187)        -               -
       Principal collections on MBS                    2,155,335      5,991,565      10,239,935
       Principal collections on PIMs                   1,113,310      1,057,016       1,018,623
       Proceeds from sale of PIM and PIM 
        prepayment including shared  
        appreciation income of $987,550 and
        $237,983 in 1994 and 1993, respectively           -          12,113,315      14,439,133
       Investment in MBS                                  27,909       (146,053)    (23,383,097)
       Proceeds from sale of MBS                          -              -            7,562,820
       Decrease in other investments                      -              -            2,440,344

             Net cash provided by investing
              activities                               2,806,367     19,015,843      12,317,758

     Financing activities:
       Quarterly distributions                       (16,844,532)   (22,215,288)    (23,904,856)
       Special distributions                              -         (17,293,504)     (2,637,993)

             Net cash used for financing 
              activities                             (16,844,532)   (39,508,792)    (26,542,849)

     Net (decrease) increase in cash and 
       cash equivalents                                  510,471     (4,941,884)      1,894,537

     Cash and cash equivalents, beginning of year      5,453,210     10,395,094       8,500,557

     Cash and cash equivalents, end of year         $  5,963,681   $  5,453,210    $ 10,395,094
</TABLE>
                                 The accompanying notes are an integral
                                   part of the financial statements.
     <PAGE>
                               KRUPP INSURED PLUS-II LIMITED PARTNERSHIP

                                     NOTES TO FINANCIAL STATEMENTS
  A.   Organization

       Krupp  Insured  Plus-II  Limited  Partnership  (the  "Partnership") was
       formed  on  October  29,  1986  by  filing  a  Certificate  of  Limited
       Partnership in  The Commonwealth  of  Massachusetts.   The  Partnership
       issued all of the  General Partner Interests to Krupp  Plus Corporation
       and Mortgage  Services Partners  Limited  Partnership in  exchange  for
       capital  contributions aggregating $3,000.   The Partnership terminates
       on  December 31, 2026, unless terminated earlier upon the occurrence of
       certain events as set forth in the Partnership Agreement.

       The Partnership  commenced the public offering of Units on May 29, 1987
       and  completed  its public  offering having  sold 14,655,412  Units for
       $292,176,381 net of purchase volume discounts of $931,859 as of May 27,
       1988.

  B.   Significant Accounting Policies

       The Partnership uses  the following accounting  policies for  financial
       reporting  purposes, which  may differ  in certain respects  from those
       used for federal income tax purposes (Note G).

              PIMs

              PIMs  are carried at amortized  cost as the  Partnership has the
              ability  and  intention  to  hold   them.    Basic  interest  is
              recognized based  on  the stated  rate  of the  Federal  Housing
              Administration ("FHA")  first mortgage loan (less the servicer's
              fee) or the stated coupon rate or reduced rate of the Government
              National  Mortgage  Association  ("GNMA")  or  Federal  National
              Mortgage Association ("FNMA") MBS.  To  the extent interest rate
              reductions provide  for payment  of  unpaid base  interest  from
              surplus cash or the net proceeds from a sale or refinancing, the
              Partnership will recognize such interest payments as income when
              received.  Participation  interest is recognized  as earned  and
              when deemed collectible by the Partnership.

              MBS

              At December 31,  1995, the  Partnership in  accordance with  the
              Financial  Accounting   Standards  Board's  Special   Report  on
              Statement 115,"Accounting  for Certain  Investments in Debt  and
              Equity Securities", reclassified its MBS portfolio from held-to-
              maturity to available-for-sale.  The Partnership carries its MBS
              at fair market value and reflects any  unrealized gains (losses)
              as  a separate component of Partners' Equity.  Prior to December
              31, 1995, the Partnership carried its MBS portfolio at amortized
              cost.  The Partnership amortizes purchase premiums or  discounts
              over the life  of the underlying  mortgages using the  effective
              interest method.
  <PAGE>
              Cash Equivalents

              Short-term investments represent investments with  maturities of
              three months or less at the date of acquisition in cash and cash
              equivalents.   The Partnership  invests  its cash  primarily  in
              deposits and money market  funds with a commercial bank  and has
              not experienced any loss to date on its invested cash.

              Short-term Investment

              Short-term investment consists of a banker's acceptance with  an
              original maturity greater  than three months.   The  Partnership
              carries  the  short-term  investment  at  amortized cost,  which
              approximates  fair value,  due to  the short  period of  time to
              maturity.   The  Partnership  intends  to  hold  its  short-term
              investment until maturity.

              Prepaid Expenses and Fees

              Prepaid expenses  and  fees  consist  of  acquisition  fees  and
              expenses  and   participation  servicing   fees  paid   for  the
              acquisition and servicing  of PIMs.   The Partnership  amortizes
              prepaid acquisition  fees  and  expenses  using  a  method  that
              approximates the effective interest method  over a period of ten
              to  twelve  years,  which  represents  the  actual  maturity  or
              anticipated call  date of the underlying  mortgage.  Acquisition
              expenses  incurred  on  potential  acquisitions  which were  not
              consummated were charged to operations.

              The  Partnership amortizes prepaid  participation servicing fees
              using a  method that approximates the  effective interest method
              over  a ten-year  period beginning  at final endorsement  of the
              loan if  a Department of  Housing and Urban  Development ("HUD")
              loan and at closing if a FNMA loan.

              Income Taxes

              The  Partnership is not liable for federal or state income taxes
              because Partnership  income is  allocated  to the  partners  for
              income  tax  purposes.   If  the Partnership's  tax  returns are
              examined  by  the  Internal  Revenue  Service  or  state  taxing
              authority  and  such  an  examination results  in  a  change  in
              Partnership taxable income, such change will  be reported to the
              partners.

              Estimates and Assumptions

              The  preparation  of  financial  statements  in accordance  with
              generally  accepted accounting principles requires management to
              make estimates  and assumptions that affect  the reported amount
              of assets and  liabilities and disclosure  of contingent  assets
              and  liabilities at the date of the financial statements and the
              reported amount  of revenues  and  expenses during  the  period.
              Actual results could differ from those estimates.
  <PAGE>
  C.   PIMs

       The Partnership has investments  in twenty PIMs.   Of the twenty  PIMs,
       seven   funded  the   construction  of   multi-family  housing.     The
       Partnership's  PIMs  consist of  a GNMA  or  FNMA MBS  representing the
       securitized  first mortgage loan on  the underlying property  or a sole
       participation interest  in a first  mortgage loan originated  under the
       FHA lending  program  on  the  underlying  property  (collectively  the
       "insured mortgages"), and participation interests in the revenue stream
       and appreciation  of  the  underlying  property  above  specified  base
       levels.   The  borrower conveys  these  participation features  to  the
       Partnership  generally  through  a  subordinated  promissory  note  and
       mortgage (the "Agreement").  The Partnership receives guaranteed monthly
       payments of principal and interest on the GNMA and FNMA
       MBS  and HUD insures the first mortgage loan underlying the GNMA
       MBS and the FHA first mortgage loan.  

       The borrower usually cannot  prepay the first mortgage loan  during the
       first  five  years  and usually  may  prepay  the  first mortgage  loan
       thereafter  subject to  a 9%  prepayment penalty  in years  six through
       nine, a  1% prepayment penalty  in year  ten and no  prepayment penalty
       thereafter.  The  Partnership  may  receive  interest  related  to  its
       participation  interests in  the  underlying  property, however,  these
       amounts are neither insured nor guaranteed.

       Generally, the  participation features consist  of the following:   (i)
       "Minimum Additional Interest" at the rates ranging from .5% to .75% per
       annum  calculated on the unpaid principal balance of the first mortgage
       on the underlying property , (ii) "Shared Income Interest" ranging from
       25%  to  30%  of the  monthly  gross  rental  income  generated by  the
       underlying property  in excess of  a specified  base, but  only to  the
       extent  that  it  exceeds the  amount  of  Minimum  Additional Interest
       received  during  such  month,  (iii)  "Shared  Appreciation  Interest"
       ranging from 25% to 30% of any increase in  the value of the underlying
       property in excess of a specified  base.  Payment of Minimum Additional
       Interest and Shared Income Interest will be from  the operations of the
       property and  is limited  to  50% of  net revenue  or  surplus cash  as
       defined by FNMA or HUD, respectively. 

       The total amount of Minimum Additional Interest, Shared Income Interest
       and  Shared Appreciation  interest payable  by the  underlying borrower
       usually can  not exceed 50% of  any increase in Value  of the property.
       However, generally any net proceeds from a sale or refinancing will  be
       available  to satisfy any accrued  but unpaid Shared  Income or Minimum
       Additional Interest. 

       Shared  Appreciation Interest  is  payable when  one  of the  following
       occurs: (1)  the sale of the underlying  property to an unrelated third
       party on a date  which is later  than five years from  the date of  the
       Agreement,  (2) the maturity date  or accelerated maturity  date of the
       Agreement, or (3) prepayment of amounts due under the Agreement and the
       insured mortgage.

       Under the Agreement, the Partnership, upon giving twelve months written
       notice, can accelerate the  maturity date of the Agreement  and insured
       mortgage to  a date not  earlier than  ten years from  the date  of the
       Agreement for (a) the  payment of all participation interest  due under
       the Agreement as of the  accelerated maturity date, or (b) the  payment
       of  all participation interest due under the Agreement plus all amounts
       due on the first mortgage note on the property. 
  <PAGE>
       On  September 30,  1994, the  Partnership received  a repayment  on the
       Mediterranean  Village  PIM  totaling   $12,581,806.    The   repayment
       consisted of outstanding principal of $11,125,765, a prepayment penalty
       of $861,319 and accrued and delinquent base interest of $594,722.   The
       prepayment  penalty received by the  Partnership was in  excess of what
       the  Partnership  would  have  received  if  the  Shared   Appreciation
       calculation  had  been   performed.    Under   that  calculation,   the
       Partnership  would  have  received  approximately  $525,000  in  Shared
       Appreciation  and   $215,000  of  accrued  Shared   Income  or  Minimum
       Additional Interest.

       In  April  1994, the  Partnership  received  $240,022 of  participation
       income  on  the Longwood  Villas  PIM resulting  from the  sale  of the
       property by the borrower.   Of the total participation  income received
       $126,231  represented  Shared Appreciation  Income  with  the remaining
       $113,791  representing Shared  Interest Income  and  Minimum Additional
       Interest.   The  buyer acquired  the property  by assuming  the insured
       mortgage from the borrower, so the Partnership will continue to receive
       principal and interest  payments on  the insured mortgage.   The  buyer
       also entered  into  an agreement  with  the Partnership  modifying  the
       participation features.  

       Under the agreement with the buyer, the Partnership will be entitled to
       additional interest calculated monthly and payable semiannually at  the
       rate of .5% per annum on the unpaid principal balance of the insured
       mortgage.   An affiliate of the buyer guarantees the semiannual payment
       of additional interest.  The Partnership will not receive either Shared
       Appreciation or Shared Income  or Minimum Additional interest  from the
       buyer in the future.

       Listed in the chart is a summary of the Partnership's PIM investments. 
       The  Partnership's PIMs  consisted of  the  following at
       December 31, 1995 and 1994:
<TABLE>
<CAPTION>
                 Aggregate       Number      Permanent
                 Original        of PIMs     Interest      Maturity           Investment Basis
   Issuer        Principal     at 12/31/95   Rate Range   Date Range         at December 31,    
                                                                            1995          1994
   <S>         <C>               <C>         <C>          <C>           <C>           <C>
   GNMA        $121,422,795(a)   15 (a)      6.25%-8.5%   4/23 - 4/31   $117,026,510  $117,871,001
                                             (b)(c)(d)
   FNMA          30,015,000       4          7.25%-7.75%    10/99         28,810,803    29,049,256

   FHA            7,220,800       1             8.55%       11/30          7,092,048     7,122,414

               $158,658,595(a)   20(a)                                  $152,929,361  $154,042,671
</TABLE>
                (a)  Includes two PIMs - Richmond Park and Saratoga - in which
                     the   Partnership  holds   a   62%   and  50%   interest,
                     respectively,  and the  remaining portion  is held  by an
                     affiliate of the Partnership.  
                (b)  The Partnership agreed to temporarily reduce the interest
                     rate  on the Harbor House PIM effective on March 1, 1992,
                     for a period of thirty months at rates ranging from 6.75%
                     to 7.75% per annum and thereafter is 8.25% per annum.  As
                     consideration   for   this  reduction,   the  Partnership
                     increased  its Minimum  Additional  Interest from  .5% to
                     .75% as well as reduced the Shared Appreciation  Interest
                     Base to $13,000,000 from $13,750,000.
  <PAGE>
                (c)  In May 1993, the Partnership agreed to temporarily reduce
                     the  interest  rate  of  the  Le  Couer   du  Monde  PIM,
                     retroactive to October 1, 1992.  The reduction lasted for
                     thirty six  months and ranged  from 6.375% to  8.125% per
                     annum.   The current  interest rate  is 8.25%  per annum.
                     Any unpaid interest is payable from the net proceeds from
                     a sale or refinancing of the property.   As consideration
                     for this  reduction, the Partnership increased its Shared
                     Appreciation Interest rate from 30% to 35% and  decreased
                     the base value used for this calculation from $10,795,260
                     to $9,814,200.
                (d)  On  June  28,  1995,  the  Partnership  entered  into   a
                     temporary  interest  rate   reduction  agreement  on  the
                     Denrich Apartments  PIM.   Beginning  July 1,  1995,  the
                     interest rate decreased  from 8% per  annum to 6.25%  per
                     annum for thirty months, then increase to 6.75% per annum
                     for  the  following  thirty-six  month  period  and  then
                     increase  to the original interest  rate of 8% per annum.
                     The difference between interest  at the original interest
                     rate and  the reduced interest rates  will accumulate and
                     be  payable from surplus cash or from the net proceeds of
                     a sale or refinancing.  These accumulated amounts will be
                     due  and  payable  prior  to  any  distributions  to  the
                     borrower  or payment  of  participation  interest to  the
                     Partnership.  Also  under the agreement,  the base  level
                     for  calculating  Shared Appreciation  Interest decreased
                     from $4,025,000 to $3,500,000.

                The  underlying mortgages  of the  PIMs are  collateralized by
                multi-family apartment  complexes located in 11  states.   The
                apartment complexes range in size from 80 to 736 units.

  D.  MBS

      At December 31, 1995,  the Partnership's MBS portfolio has  an amortized
      cost of  approximately $43,316,000  and unrealized  gains and losses  of
      approximately $1,285,000 and $4,000, respectively. At December 31, 1994,
      the Partnership's  MBS  portfolio had  a market  value of  approximately
      $44,236,000 and unrealized  gains and losses  of approximately  $475,000
      and  $1,738,000, respectively.  The  Partnership's  MBS have  maturities
      ranging from 2007 to 2033.

  E.  Partners' Equity

      Profits and losses  from Partnership operations  and Distributable  Cash
      Flow  are allocated 97% to the Unitholders and Corporate Limited Partner
      (the "Limited Partners") and 3% to the General Partners.

      Upon  the occurrence  of  a  capital  transaction,  as  defined  in  the
      Partnership Agreement, net  cash proceeds will be  distributed first, to
      the Limited Partners until  they have received  a return of their  total
      invested capital,  second,  to  the  General Partners  until  they  have
      received a return  of their  total invested capital,  third, 99% to  the
      Limited  Partners and  1%  to the  General  Partners until  the  Limited
      Partners receive an amount equal to any deficiency in the 11% cumulative
      return  on their invested capital that exists through fiscal years prior
      to the date of the capital transaction, fourth, to the  class of General
      Partners until they  have received an amount equal to  4% of all amounts
      of cash distributed under all capital transactions and fifth, 96% to the
      Limited Partners and 4% to the General Partners.
  <PAGE>
      Profits arising from  a capital  transaction, will be  allocated in  the
      same  manner as  related  cash distributions.    Losses from  a  capital
      transaction will be allocated 97% to  the Limited Partners and 3% to the
      General Partners.

      During 1995, the Partnership made quarterly distributions totaling $1.12
      per  unit.  During   1994  and  1993  the   Partnership  made  quarterly
      distributions  totaling   $1.48  and   $1.60   per  Unit   and   special
      distributions of $1.18 and $.18 per Unit, respectively.

      As of December  31, 1995, the following cumulative partner contributions
      and allocations have been made since the inception of the Partnership:
<TABLE>
<CAPTION>
                                                         Corporate
                                                          Limited       General
                                          Unitholders     Partner       Partners        Total    

          <S>                             <C>            <C>          <C>   <C>     <C>
          Capital contributions           $292,176,381   $ 2,000      $     3,000   $292,181,381

          Syndication costs                (15,580,734)      -             -         (15,580,734)

          Quarterly distributions         (177,645,919)   (1,246)      (4,260,546)  (181,907,711)

          Special distributions            (19,931,361)     (136)          -         (19,931,497)

          Net income                       132,629,028       932        4,101,957    136,731,917

          Unrealized gain on MBS                -            -              -          1,281,350

          Total at December 31, 1995      $211,647,395   $ 1,550      $  (155,589)  $212,774,706
</TABLE>
  F.   Related Party Transactions

       Under the terms of  the Partnership Agreement, the General  Partners or
       their  affiliates are  entitled  to an  asset  management fee  for  the
       management  of the Partnership's business,  equal to .75%  per annum of
       the  value of the  Partnership's actual and  committed mortgage assets,
       payable quarterly.   The General partners may also receive an incentive
       management fee in an amount equal to .3% per annum on the Partnership's
       total invested  assets provided  the  Unitholders have  received  their
       specified  non-cumulative  annual  return  on  their  Invested Capital.
       Total fees  payable to  the General  Partners  for management  services
       shall not exceed 10% of  cash available for distribution over  the life
       of the Partnership.

       Additionally, the  Partnership  reimburses affiliates  of  the  General
       Partners for certain  costs incurred in connection with maintaining the
       books and records of the Partnership and the preparation and mailing of
       financial  reports,   tax  information  and  other   communications  to
       investors.

  G.   Federal Income Taxes

       The reconciliation of the income reported in the accompanying financial
       statements with the  income reported in the Partnership's  1995 federal
       income tax return is as follows:
  <PAGE>
         Net income per statement of income               $12,656,200


         Add: Book to tax difference for amortization of
               prepaid expenses and fees                       75,532

         Net income for federal income tax purposes       $12,731,732

       The  allocation of the 1995 net income  for federal income tax purposes
       is as follows:

                                                           Portfolio
                                                            Income    

                     Unitholders                          $12,349,696
                     Corporate Limited Partner                     84
                     General Partners                         381,952

                                                          $12,731,732

                For  the  years ended  December 31,  1995,  1994 and  1993 the
                average per unit income to  the Unitholders for federal income
                tax purposes was $.84, $1.05 and $.96, respectively.

  H.  Fair Value Disclosures of Financial Instruments

      The Partnership uses  the following methods and  assumptions to estimate
      the fair value of each class of financial instruments:

         Cash and Cash Equivalents and Short-term Investment

         The  carrying  amount approximates  fair value  because of  the short
         maturity of those instruments.

         MBS

         The  Partnership estimates  the fair  value and  MBS based  on quoted
         market prices.

         PIMs

         There  is  no  established  trading  market  for  these  investments.
         Management estimates the fair  value of the PIMs using  quoted market
         prices of  MBS having  the same  stated coupon  rate  as the  insured
         mortgages and  the estimated  value  of the  participation  features.
         Management  estimates the  fair value  of the  participation features
         using  the  estimated  fair  value  of  the  underlying   properties.
         Management  does not  include  in the  estimated  fair value  of  the
         participation   features  any   fair  value  estimate   arising  from
         appreciation of  the properties, because Management  does not believe
         it  can predict the time  of realization of  the appreciation feature
         with any certainty.   Based  on the estimated  fair value  determined
         using these methods  and assumptions, the Trust's investments in PIMs
         had gross unrealized  gains of  $5,606,000 at December  31, 1995  and
         gross unrealized losses of $9,073,000 at December 31, 1994.
  <PAGE>
         At  December  31, 1995  and 1994,  the estimated  fair values  of the
         Partnership's financial instruments are as follows:

                                                        1995          1994  
                    Cash and cash equivalents and
                     short-term investment            $  6,454      $  5,453
                    MBS                                 44,597        44,236
                    PIMs                               158,535       144,970

                                                      $209,586      $194,659
            <PAGE>
                               KRUPP INSURED PLUS-II LIMITED PARTNERSHIP

                              SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
                                           December 31, 1995
<TABLE>
<CAPTION>
     PIMs (a)             Interest   Maturity   Normal     Original       Current     Carrying
                          Rate (b)   Date(k)    Monthly   Face Amount   Face Amount   Amount at
                                                Payment                               12/31/95  
                                                 (l)
     GNMA
     
     <S>                 <C>          <C>      <C>        <C>           <C>             <C>
     Colonial Park        8.25%
      Apts               (c)(e)(h)    4/15/23  $ 19,700   $  2,700,000  $  2,565,723    $  2,565,723
     Euclid, OH           

      Country Meadows
       Apts
      Savage, MD           8.25%
                           (c)(e)(h)  10/15/30    89,100   12,475,000    12,235,585    12,235,585          

      Denrich Apartments
      Philadelphia, PA     (c)(e)
                           (h)(q)     12/15/23    24,900    3,500,000     3,337,632     3,337,632

      Fallwood Apts
      Indianapolis, IN     8.00%
                           (c)(e)(h)  7/15/23     49,700    7,000,000     6,652,968     6,652,968

      Greenbrier Apts
      Overland Park, KS    8.25%
                           (c)(e)(h)  9/15/23     17,100    2,350,000     2,241,434     2,241,434

      Harbor House Apts.
      Madison, WI          (g)(h)(m)
                                      4/12/31     89,200   12,484,304    12,288,176    12,288,176

      Lakeside Apts
      Mountlake Terrace,   8.00%
                           (c)(e)(h)  6/15/23     75,400   10,620,000    10,080,082    10,080,082

      Le Coeur du Monde
       Apts
      St. Louis, MO        (c)(f)
                           (n)        10/15/30    70,100    9,814,200     9,622,086     9,622,086

      Lily Flagg Station
      Huntsville, AL       8.00%
                           (c)(e)(h)  4/15/24     89,500   12,594,835    12,051,588    12,051,588

      Longwood Villas
       Apts
      Orlando, FL          8.00%
                           (p)        4/15/24     47,500    6,690,456     6,401,880     6,401,880

      Pine Ridge Apts
      Chicago, IL          8.25%
                           (c)(e)(h)  11/15/23    32,300    4,433,100     4,234,885     4,234,885
<PAGE>
      Richmond Park
      Richmond Heights,
       OH                  7.50%
                           (c)(e)(h)  8/15/24    107,900   16,000,000    15,275,433    15,275,433

        Saratoga Apts.
         Rolling Meadows,
         IL                7.875%
                           (c)(e)(h)  8/15/24     47,300      
                                                           6,750,000       6,467,612    6,467,612
        The Greenhouse
        Omaha, NE          8.50%
                           (d)(e)(h)  2/15/30     64,600      
                                                           8,810,900       8,626,635    8,626,635

        Westbrook Manor
         Apts
        Omaha, NE          8.25%
                           (c)(e)(h)  5/15/23     37,900      
                                                           5,200,000       4,944,791    4,944,791
                                                           
                                                           121,422,795   117,026,510  117,026,510

        FNMA
       
        Carlyle Court      7.25%      10/1/99     54,400     8,280,000     7,936,138    7,936,138
        Indianapolis, IN  (c)(e)(h)     

        Hillside Court
        Centerville, OH    7.25%
                           (c)(e)(h)  10/1/99     30,000
                                                    (o)       
                                                           4,590,000       4,399,382    4,399,382

        Stanford Court
        Speedway, IN       7.25%
                           (c)(e)(h)  10/1/99     46,700
                                                    (o)       
                                                           7,110,000       6,814,677    6,814,677
        Waterford Court
        Lafayette, IN      7.75%
                           (c)(g)(j)  10/1/99     69,500 10,035,000        9,660,606    9,660,606
                                                    (o)      
                                                             
                                                           30,015,000     28,810,803   28,810,803
        HUD                                                                                      

        Walden Village
         Apts.
        Dayton, OH         8.55%      11/1/30     53,200   7,220,880       7,092,048    7,092,048

                                                        $158,658,595     $152,929,361  $152,929,361
                                                                                            (r)            
</TABLE>
  <PAGE>
   (a)    The  Participating Insured  Mortgages  ("PIMs")  consist of  either a
          mortgage-backed  security guaranteed by the Federal National Mortgage
          Association ( FNMA ) or the Government  National Mortgage Association
          ( GNMA ),  or  a  direct  mortgage   insured  by  the  United  States
          Department  of   Housing  and   Urban  Development   ("HUD")  and   a
          subordinated  promissory  note  and  mortgage  or  shared income  and
          appreciation  agreement with  the  underlying Borrower  that  conveys
          participation interests  in the  revenue stream  and appreciation  of
          the underlying property above certain specified base levels.
   (b)    Represents the  permanent interest rate  of the  GNMA or FNMA  MBS or
          the  HUD  direct mortgage.   In  addition,  the Partnership  receives
          additional  interest consisting  of (i)  Minimum Additional  Interest
          based on a  percentage of the unpaid  principal balance of the  first
          mortgage on  the property,  (ii) Shared  Income Interest  based on  a
          percentage  of  monthly  gross  income  generated  by the  underlying
          property  in excess  of a  specified  base  amount (but  only to  the
          extent it exceeds the  amount of Minimum Additional Interest received
          during  such month), (iii)  Shared Appreciation  Interest based  on a
          percentage of  any increase  in the value of  the underlying property
          in excess of a specified base value.
   (c)    Minimum additional interest is at  a rate of .5% per annum calculated
          on the unpaid principal balance of the first mortgage note.
   (d)    Minimum  additional   interest  is  at  a  rate  of  .75%  per  annum
          calculated  on the  unpaid principal  balance of  the first  mortgage
          note.
   (e)    Shared  income  interest  is based  on  25% of  monthly  gross rental
          income over a specified base amount.
   (f)    Shared  income  interest  is based  on  30% of  monthly  gross rental
          income over a specified base amount.
   (g)    Shared  income  interest  is based  on  35% of  monthly  gross rental
          income over a specified base amount.
   (h)    Shared appreciation interest is based  on 25% of any  increase in the
          value of the project over the specified base value.
   (i)    Shared appreciation  interest is based on 30% of any  increase in the
          value of the project over the specified base value.
   (j)    Shared appreciation  interest is based on  35% of any increase in the
          value of the project over the specified base value.
   (k)    The  Partnership's  GNMA  MBS  and HUD  direct  mortgages  have  call
          provisions,  which   allow  the   Partnership  to  accelerate   their
          respective maturity date.
   (l)    The normal monthly payment  consisting of principal  and interest  is
          payable monthly at  level amounts over the term  of the GNMA MBS  and
          the HUD  direct mortgages.   The GNMA  MBS, FNMA MBS  and HUD-insured
          first mortgage  loan generally  may not be  prepaid during the  first
          five years and may  be prepaid subject to a 9% prepayment penalty  in
          years six through nine,  a 1% prepayment penalty  in year ten  and no
          prepayment  penalty  after year  ten.    The normal  monthly  payment
          consisting  of  principal  and interest  for FNMA  MBS is  payable at
          level amounts  based on a 35-year amortization.  All unpaid principal
          and accrued interest is due at the end of year ten.
   (m)    The Partnership  agreed to  temporarily reduce the  interest rate  on
          the  Harbor House PIM.   The reduction, which  was effective on March
          1, 1992,  lasted for a period of thirty months and ranged from  6.75%
          to  7.75%  per  annum  and   thereafter  is  8.25%  per  annum.    As
          consideration  for  this  reduction,  the Partnership  increased  its
          Minimum Additional  Interest from .5% to .75% as well  as reduced the
          Shared Appreciation Interest Base from $13,750,000 to $13,000,000.
   <PAGE>
   (n)    The  Partnership agreed  to temporarily  reduce the  interest rate on
          the Le Couer du Monde PIM.  The  reduction is retroactive to  October
          1,  1992, and ranged from 6.375% to 8.125%  per annum through October
          1, 1995 and thereafter  is at 8.25% per annum.  As consideration  for
          this  reduction, the  Partnership increased  its Shared  Appreciation
          Interest rate from 30%  to 35% and decreased  the base value used for
          this calculation from $10,795,620 to $9,814,200.
   (o)    The  approximate principal  balance due  at  maturity for  each  PIM,
          respectively, is as follows:
  
              PIM                Amount
  
           Carlyle Court         $7,620,000
           Hillside Court        $4,224,000
           Stanford Court        $6,543,000
           Waterford Court       $9,308,000
  
   (p)    The  Partnership  permitted the  borrower to  sell  the property  and
          allowed the buyer  to assume the first  mortgage loan.   In addition,
          this buyer  entered into  an agreement  with the  Partnership to  pay
          additional interest  calculated  monthly and payable  semiannually at
          a  rate of  .5% per  annum on  the unpaid  principal balance  of  the
          insured mortgage loan.
  
   (q)    On June 28, 1995, the Partnership  entered into a temporary  interest
          rate reduction  agreement on the Denrich  Apartments PIM.   Beginning
          July 1, 1995, the  interest rate decreased from 8% per annum to 6.25%
          per annum for  thirty months, then  increases to 6.75% per  annum for
          the  following  thirty-six month  period  and  then increases  to the
          original  interest rate  of 8%  per  annum.   The  difference between
          interest  at the  original interest  rate  and the  reduced  interest
          rates will accumulate  and be payable from  surplus cash or from  the
          net  proceeds of a  sale or  refinancing.   These accumulated amounts
          will be due and  payable prior to  any distributions to the  borrower
          or payment of participation interest to  the Partnership.  Also under
          the agreement,  the base  level for  calculating Shared  Appreciation
          Interest decreased from $4,025,000 to $3,500,000.
   (r)    The  aggregate  cost of  PIMs  for  federal  income  tax purposes  is
          $152,929,361.
  
    A reconciliation  of the  carrying value  of PIMs  for each  of the  three
  years in the period ended December 31, 1995 is as follows:
<TABLE>
<CAPTION>
  

                                                  1995            1994            1993
  
   <S>                                         <C>             <C>              <C>
   Balance at beginning of period              $154,042,671    $166,225,452     $181,445,225
  
   Deductions during period:
    Sales proceeds and 
     principal prepayment                            -          (11,125,765)     (14,201,150)
    Principal collections                        (1,113,310)     (1,057,016)      (1,018,623
  
   Balance at end of period                    $152,929,361    $154,042,671     $166,225,452
</TABLE>
<PAGE>