<ARTICLE> 5
<CIK> 0000814576
<NAME>  PAINEWEBBER R&D PARTNERS II, L.P.
       
                                     
<PERIOD-TYPE>                           3-MOS
<FISCAL-YEAR-END>                                     MAR-31-1998
<PERIOD-END>                                          DEC-31-1998
<CASH>                                                      6,998
<SECURITIES>                                            6,788,002
<RECEIVABLES>                                           1,178,594
<ALLOWANCES>                                                    0
<INVENTORY>                                                     0
<CURRENT-ASSETS>                                        7,986,661
<PP&E>                                                          0
<DEPRECIATION>                                                  0
<TOTAL-ASSETS>                                          7,986,661
<CURRENT-LIABILITIES>                                     206,976
<BONDS>                                                         0
<PREFERRED-MANDATORY>                                           0
<PREFERRED>                                                     0
<COMMON>                                                        0
<OTHER-SE>                                              7,779,685
<TOTAL-LIABILITY-AND-EQUITY>                            7,986,661
<SALES>                                                         0
<TOTAL-REVENUES>                                        1,622,395
<CGS>                                                           0
<TOTAL-COSTS>                                                   0
<OTHER-EXPENSES>                                           47,448
<LOSS-PROVISION>                                                0
<INTEREST-EXPENSE>                                              0
<INCOME-PRETAX>                                         1,574,947
<INCOME-TAX>                                                    0
<INCOME-CONTINUING>                                             0
<DISCONTINUED>                                                  0
<EXTRAORDINARY>                                                 0
<CHANGES>                                                       0
<NET-INCOME>                                            1,574,947
<EPS-PRIMARY>                                                   0
<EPS-DILUTED>                                                   0