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

                                   FORM 10-K

 X  Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934
For the fiscal year ended December 31, 1996

                                       or

    Transition Report Pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934
For the transition period from __________ to __________

Commission file number:  0-16838 


                               JETSTREAM II, L.P.
              Exact name of registrant as specified in its charter


        Delaware                                        84-1068932
State or other jurisdiction                           I.R.S. Employer
of incorporation or organization                     Identification No.

Attn: Andre Anderson,
3 World Financial Center, 29th Floor,
New York, New York                                         10285
Address of principal executive offices                    Zip Code

Registrant's telephone number, including area code: (212) 526-3237

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

Securities registered pursuant to Section 12(g) of the Act:


               LIMITED PARTNERSHIP DEPOSITARY UNITS (the "Units")
              LIMITED PARTNERSHIP INTERESTS (underlying the Units)
                                 Title of Class

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for 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 the 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.  [ X ]

State the aggregate market value of the voting stock held by non-affiliates of
the registrant:  Not applicable

                      DOCUMENTS INCORPORATED BY REFERENCE:

Prospectus of the registrant dated November 10, 1987, as filed pursuant to rule
424(c) of the Securities Act of 1933, as amended, is incorporated by reference
in Parts I, II, III and IV of this Annual Report on Form 10-K.

Annual Report to Unitholders for the year ended December 31, 1996 (Portions of
Parts I, II, III & IV).



                                     PART I

Item 1.  Business

General
JetStream II, L.P. (the "Partnership") is a limited partnership organized under
the laws of the State of Delaware on October 15, 1987.  The general partners of
the Partnership (the "General Partners") are CIS Aircraft Partners, Inc., the
Managing General Partner ("CAP"), a Delaware corporation that is an affiliate
of Continental Information Systems Corporation, and Jet Aircraft Leasing Inc.,
the Administrative General Partner, a Delaware corporation that is an affiliate
of Lehman Brothers Inc. ("Lehman") (See Item 10).

Although the Partnership was organized on October 15, 1987, the Partnership
conducted no activities and recognized no revenues, profits or losses prior to
January 14, 1988, at which time the Partnership commenced operations.  During
the period between January 15, 1988 and February 25, 1988 the Partnership
acquired for cash nine used commercial aircraft (together, the "Aircraft").  As
of December 31, 1996, the Partnership had six of the nine original Aircraft
remaining in its portfolio.  For a description of the investments in the
Aircraft, please refer to the Message to Investors and Note 4 to the Financial
Statements of the Partnership's Annual Report to Unitholders for the year ended
December 31, 1996, which is filed as an exhibit under Item 14 and incorporated
herein by reference.

On November 10, 1987, the Partnership commenced an offering (the "Offering") on
a "best efforts basis" of $96,750,000 of limited partnership depositary units
("Units").  The closing of the offering occurred on February 24, 1988, with a
total of 4,837,505 Units being sold at a price of $20.00 per Unit, for a total
of approximately $96,750,000.  The net proceeds of the offering after payment
of offering and organization costs and acquisition fees aggregated $85,938,000.

Narrative Description of Business
The Partnership is engaged in the business of managing a portfolio of used
commercial aircraft subject to triple net operating leases with commercial air
carriers.  The Partnership is required to dissolve and distribute all of its
assets not later than December 31, 2027.  The Partnership may reinvest the
proceeds of sales of Aircraft occurring prior to February 24, 1999; thereafter,
the net proceeds of sales of Aircraft will be distributed to the partners,
after deductions of amounts necessary for working capital and certain reserves.

The Partnership's investment objectives are to:

  (1) generate quarterly cash distributions to holders of Units (the
      "Unitholders"), substantially tax-sheltered during the initial years of
      the Partnership's operations, initially at a rate of approximately 12%,
      subject to conditions stated in the prospectus pursuant to which the
      Units were offered and sold (the "Prospectus"), dated November 10, 1987;

  (2) preserve and protect the value of the Partnership's assets.

The following table describes the Partnership's portfolio of Aircraft as of
December 31, 1996.  This table provides certain operational statistics and
estimated market values for the Aircraft in the portfolio.  The estimated
market values of the Aircraft are affected by, and subject to, future changes
in a variety of factors, including, but not limited to, the Aircraft's usage,
age and lease rate, the credit worthiness of the lessee, government maintenance
and noise regulations and the supply and demand of aircraft in the market place
with similar lift capacity.  Reference is made to Item 7 - Management's
Discussion and Analysis of Financial Condition and Results of Operations of
this Form 10-K, and the Message to Investors and Note 4 to the Financial
Statements of the Partnership's Annual Report to Unitholders for the year ended
December 31, 1996 for additional information on the lease terms for each
Aircraft.  Reference is also made to the Message to Investors section of the
Partners hip's Annual Report to Unitholders for the year ended December 31,
1996 for an overview of the aircraft leasing industry.

<TABLE>
<CAPTION>

<S>             <C>          <C>            <C>         <C>          <C>             <C>         <C>         <C>
                                                        Estimated                                Cumulative  Cumulative
Aircraft Model               Acquisition    Net Book    Market       Lease           Noise       Flight      Flight
Year Delivered  Lessee       Cost  (1)      Value (2)   Value  (3)   Expiration (4)  Compliance  Cycles (5)  Hours (5)

B-727-200       TWA          $5,451,231            $0     $818,500     N/A (6)        Stage 2     44,877      66,901
 1969

DC-9-30         Northwest    $7,230,460      $759,992   $3,296,000    4/21/07         Stage 2     58,892      61,273
 1968

DC-9-30         Northwest    $7,230,460      $759,992   $3,296,000    1/31/07         Stage 2     75,012      70,846
  1970

DC-9-30         Northwest    $7,230,461      $759,992   $3,296,000    1/31/07         Stage 2     62,613      58,780
  1970

B-737-200 ADV   Delta       $14,380,390    $2,751,656   $5,060,800    9/30/99         Stage 2     35,074      53,768
  1979

MD-80 Series    Continental $27,313,020    $8,946,633  $16,564,900    3/15/98         Stage 3     14,862      30,051
  1986

TOTALS                      $68,836,022   $13,978,265  $32,332,200
</TABLE>
_________________
NOTES:

(1) Includes a 1.5% fee paid to the Managing General Partner at the acquisition
    of the Aircraft.  Totals do not include aircraft which have been sold.

(2) As of December 31, 1996.

(3) Estimated market values for the Aircraft are based upon annual independent
    appraisals.  These estimates are subject to a variety of assumptions.
    Additionally, there can be no assurance that the Partnership would receive
    an amount equal to the market value shown above upon the sale of any of the
    Aircraft.

(4) Lease expiration dates do not include renewal options.

(5) TWA data as of 11/5/96; Delta data as of 11/17/96; Northwest data as of
    11/7/96; and Continental data as of 11/13/96.

(6) TWA currently leases the Partnership's remaining 727-200 non-advanced
    aircraft on a month-to-month basis.

Aging Aircraft Maintenance - The Federal Aviation Administration (the "FAA"),
acting on recommendations from industry trade groups, has adopted a series of
Airworthiness Directives ("AD's") for certain Boeing and McDonnell Douglas
aircraft models.  AD's are mandates requiring the airline to perform a specific
maintenance task within a specified period of time.  The FAA imposes strict
requirements governing aircraft inspection and certification, maintenance,
equipment requirements, corrosion control, noise levels and general operating
and flight rules.  In addition to mandating more intensive inspections of
certain structural components, including the fuselage, wing and tail sections,
certain of these AD's mandate that structural modifications to certain aircraft
be completed within specified periods, generally not less than 48 months from
the effective date of the relevant AD. Aircraft are generally subject to these
structural modification requirements based on flight cycle, flight hou r and
chronological age thresholds.

The Partnership's B-727-200 non-advanced aircraft, which is currently on-lease
to TWA, is subject to AD's mandating structural modification.  AD's presently
applicable to the Boeing aircraft owned by the Partnership require extensive
repetitive inspections of such aircraft.  There can be no assurance that such
inspections will not lead to mandatory structural modifications similar to
those noted above.

The Partnership's existing leases require the lessees to maintain the
Partnership's Aircraft in accordance with FAA approved maintenance programs
during the lease term.  At the end of the leases, each lessee is required to
return the Aircraft in airworthy condition, including compliance with all AD's
for which action is mandated by the FAA during the lease term.  Thus, certain
of the modifications required by the new AD's may not be effected by the
Partnership's lessees prior to the expiration of the current leases since, in
many cases, the relevant AD will not require action before the expiration of
the lease term.

In negotiating future leases or in selling aircraft now owned by the
Partnership, the Partnership may be required to bear some or all of the costs
of compliance with future AD's or AD's that have been issued but which did not
mandate action during the previous lessee's lease term or in respect of which
the previous lessee failed to comply.  The aggregate effect on the Partnership
of compliance with these standards is not determinable at this time and will
depend upon a variety of factors, including, but not limited to, the state of
the commercial aircraft market, the extent of the AD, the availability of
capable repair facilities and the effect, if any, that such compliance may have
on the service lives of the affected aircraft.  As described above, the cost to
the Partnership of such compliance may be reduced to the extent that current or
future lessees of the Partnership's Aircraft effect such modifications under
the terms of the current or future operating leases.

Aircraft Noise - Beginning in 1985, the FAA and various airport industry task
forces released reports suggesting various alternatives for reducing the number
of Stage 2 aircraft operating in the United States, including a proposed
requirement to bring all aircraft operating in the United States into
compliance with Stage 3 requirements in the 1990s or shortly thereafter.  The
FAA has categorized aircraft types according to engine noise decibel levels.
Stage 1 aircraft, which have the highest noise level, are no longer allowed to
operate from civil airports in the United States.  Stage 2 aircraft meet
current FAA requirements.  Stage 3 aircraft are the most quiet and will be the
future standard of all aircraft.  Only one of the Aircraft owned by the
Partnership is Stage 3, the remainder are Stage 2 aircraft.  However, in
connection with lease extensions executed with Northwest in August 1996, each
of the Partnership's three DC-9-30 aircraft on-lease to Northwest will be
hushkitted, whi ch, as discussed below, entails upgrading the current engines
to comply with Stage 3 noise requirements.  Northwest has agreed to fund the
cost of the hushkitting and, in turn, will be entitled to 50% of the proceeds
from the eventual sale of the aircraft.

Effective November 6, 1990, Congress passed the Airport Noise and Capacity Act
of 1990 (the "Act") which required the development of a National Noise Policy.
On September 25, 1991, final regulations (the "Regulations") were announced and
became effective immediately.  The Regulations provide, among other things,
phase-out and non-addition rules under which the number of Stage 2 aircraft
operated by domestic carriers were limited to 75% of 1990 base levels by the
end of 1994, with further reductions to 50% of 1990 base levels by the end of
1996, 25% of 1990 base levels by the end of 1998 and ultimately to 0% by
December 31, 1999. The Regulations would allow the issuance of transferable
Stage 2 operating rights that expire in increments over the life of the
phase-out period.  These transferable rights would allow an operator that at
any time reduced its Stage 2 fleet below that required by the phase-out
schedule to transfer the "unused" base level to another operator.

Several modification programs to hushkit or re-engine an aircraft to meet Stage
3 requirements have been announced, including programs for the B-727 series,
the B-737 and the DC-9 series.  Hushkitting is a procedure for retrofitting
existing engines to comply with Stage 3 requirements.  Re-engining is the
replacement of existing engines with technologically-advanced engines complying
with Stage 3 requirements.  The decision whether to hushkit or re-engine an
aircraft will depend upon a variety of factors, including, without limitation,
the differential effects of the two approaches on the operating costs of the
aircraft, the relative costs and feasibility of the two approaches and the
General Partners' assessment of the remaining useful life and fair market value
of the aircraft.  Where available, hushkits currently can cost up to $3.0
million per aircraft while the costs of re-engining programs are significantly
higher.  No assurances are possible in respect to the actual cost which t he
Partnership would be required to pay in order to effect a hushkit or
re-engining modification as now available or as may be developed in the future.

In addition to FAA activity in noise abatement, other countries have adopted or
are considering adopting noise compliance standards which would have a similar
effect of reducing the ability of an airline to operate Stage 2 aircraft in
such jurisdictions.  In 1989, the European Economic Community adopted a
non-addition rule which directed each member country to pass the necessary
legislation to prohibit airlines from adding Stage 2 aircraft to their fleets
after November 1, 1990.  The rule has specific exceptions for leased aircraft
and does allow the continued use of Stage 2 aircraft which are in operation
before November 1, 1990, although adoption of rules requiring eventual
phase-out of Stage 2 aircraft in the member countries is anticipated.  The
Partnership does not currently have any aircraft on lease to airlines outside
the United States.  The effect of these regulations limits the market for these
aircraft unless they are hushkitted to comply with Stage 3 requirements.

Competition
The aircraft leasing industry is competitive and the success of any lessor is
largely dependent upon the nature of the aircraft within its portfolio.  The
Partnership competes with aircraft manufacturers, distributors, airlines,
leasing companies, financial institutions and other parties engaged in leasing,
managing, and marketing aircraft.  Such competitors may lease or sell aircraft
at lower rates or prices than the Partnership and provide benefits, such as
direct maintenance crews, and support services which the Partnership cannot
provide.  Competition may include certain affiliates of the General Partners.

Since the Partnership's Aircraft are subject to operating leases, the
Partnership will be required to re-lease or sell such Aircraft after the
expiration of the current lease terms.  The General Partners' ability to renew
leases or to sell the Aircraft owned by the Partnership is dependent upon
among other factors: (a) general economic conditions and economic conditions
affecting the airline industry in particular; (b) the current operating
profile of the aircraft, encompassing the age of the aircraft and the number
of hours and cycles flown and compliance with all issued AD's as well as the
general maintenance conditions of the aircraft; (c) the current fleet plans of
the major end-users of the aircraft type; (d) any costs required to refurbish
aircraft and to reconfigure aircraft to comply with all issued AD's and to
conform with similar aircraft within a potential lessee's fleet; (e) any cost
required to conform the aircraft to future Stage 3 noise restrictions; (f) the
availability to the lessee or potential lessee of other similar aircraft from
the Partnership's competition; and (g) the ability of the Managing General
Partner to effectively market the aircraft.  It is possible that any future
lease renewals might be at lower lease rates than the Partnership currently
receives, adversely impacting revenue.

Employees
The Partnership has no employees.  The officers, directors and employees of the
General Partners and their affiliates perform services on behalf of the
Partnership.  The General Partners are entitled to certain fees and
reimbursement of certain out-of-pocket expenses incurred in connection with the
performance of these management services.  Reference is made to Note 7 to the
Financial Statements of the Partnership's Annual Report to Unitholders for the
year ended December 31, 1996, for a discussion of the fees and reimbursable
expenses paid to the General Partners and their affiliates.


Item 2.  Properties
Incorporated by reference to the Message to Investors and Note 4 to the
Financial Statements of the Partnership's Annual Report to Unitholders for the
year ended December 31, 1996.


Item 3.  Legal Proceedings
The Partnership filed an administrative claim against Pan American World
Airways, Inc. ("Pan Am") in Bankruptcy Court as a result of Pan Am's return of
the Partnership's aircraft in November 1991.  The aircraft was subsequently
sold in February 1992.  The Partnership was seeking to recover certain rent and
maintenance costs associated with Pan Am's failure to comply with the return
provisions of its lease.  The case was settled in the second quarter of 1996.
The Partnership received $41,508 as settlement of this claim in 1996.

There are no material pending legal proceedings to which the General Partners
or the Partnership is a party or to which its assets are subject.


Item 4.  Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of security holders, through the solicitation
of proxies or otherwise, during the fourth quarter of 1996.


                                    PART II

Item 5.  Market for Partnership's Limited Partnership Interest and Related
         Security Holder Matters
The Units represent the economic rights attributable to limited partnership
interests in the Partnership.

There is no established public trading market for the purchase and sale of
Units.  As of December 31, 1996, the number of Unitholders was 6,936.

Information concerning the quarterly cash distributions paid per limited
partnership unit is incorporated herein by reference to the page prior to the
Message to Investors, the Message to Investors and Note 6 of the Notes to
Financial Statements of the Partnership's Annual Report to Unitholders for the
year ended December 31, 1996.


Item 6.  Selected Financial Data
Incorporated by reference to the "Financial Highlights" section of the Message
to Investors of the Partnership's Annual Report to Unitholders for the year
ended December 31, 1996.


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

Liquidity and Capital Resources
As of December 31, 1996, all six of the Partnership's aircraft were on-lease.
There were three aircraft on-lease to Northwest Airlines, Inc. ("Northwest"),
one aircraft on-lease to Trans World Airlines, Inc. ("TWA"), one aircraft
on-lease to Delta Air Lines, Inc. ("Delta"), and one aircraft on-lease to
Continental Airlines, Inc. ("Continental").

In August 1996, the Partnership executed agreements with Northwest to extend
the leases for the Partnership's three DC-9-30 aircraft for a term of 10 years
from the scheduled lease expiration dates in January 1997 (two aircraft) and
April 1997 (one aircraft).  Northwest continues to pay the Partnership a
monthly lease rate of $35,000 per aircraft.  In accordance with the lease
extensions, each of the aircraft will be hushkitted, which entails upgrading
the current engines to comply with Stage 3 noise requirements.  These upgrades
will enable the aircraft to continue to fly in the United States beyond
December 31, 1999 -- the phase-out date for all Stage 2 commercial aircraft.
Northwest has agreed to fund the cost of hushkitting and, in turn, will be
entitled to 50% of the proceeds from the sale of the aircraft at the end of the
leases.  The General Partners believe that the lease extensions and hushkitting
of the engines will in all likelihood increase the value of the aircraft and wi
ll present the Partnership with more viable sales opportunities for the
aircraft in the future.

TWA continues to lease the Partnership's remaining 727-200 Stage 2 non-advanced
aircraft on a month-to-month basis and remains current on its monthly lease
payments of $32,500.  To date, TWA has not given any indication to the
Partnership as to how long it will continue to lease the aircraft.  Once the
aircraft is returned to the Partnership, the General Partners believe that it
will be very difficult to re-lease it to another airline.

The lease with Delta for the Partnership's 737-200 advanced aircraft expires in
September 1999.  In accordance with the terms of the lease agreement, Delta
pays the Partnership a monthly lease rate of $80,000.

Pursuant to the terms of the lease agreement executed with Continental in
February 1994, the Partnership agreed to provide up to $600,000 of financing to
the airline to perform modification work on the Partnership's MD-80 Series
aircraft, including advanced avionics, interior furnishings and exterior paint.
On June 7, 1994, the Partnership made its first advance to Continental in the
amount of $302,525.  The modification financing is repayable over the life of
the lease at an interest rate of 8% per annum for advances made before February
1, 1996, and, with respect to advances made after February 1, 1996, a rate per
annum equal to the yield to maturity of United States Treasury Notes having a
maturity closest to the remaining term of the lease, plus 4.25 percent.  As of
December 31, 1996, Continental had made cumulative principal payments on the
loan totalling $194,122.  Payments made on this loan are the reason for the
decrease in the Partnership's loan receivable balance, which tota lled $108,403
at December 31, 1996, compared to $187,729 at December 31, 1995.  Continental
makes monthly lease payments to the Partnership of $180,000.  The lease with
Continental expires in March 1998.

At December 31, 1996, the Partnership had unrestricted cash and cash
equivalents of $1,791,426, compared to $4,282,580 at December 31, 1995.  The
decrease is primarily attributable to the payment of a special cash
distribution to Unitholders of $3,401,826, or approximately $.70 per Unit, on
October 22, 1996.  This special distribution was funded from cash that was
previously held in reserve.  The General Partners determined that a portion of
the Partnership's cash reserves could be distributed as a result of Northwest's
agreement to fund the costs associated with hushkitting the Partnership's three
DC-9-30 aircraft as part of the lease extensions executed in August 1996 as
discussed above.  The Partnership's restricted cash balance decreased from
$1,047,475 at December 31, 1995 to $297,475 at December 31, 1996.  The decrease
is attributable to the reclassification of $750,000 from restricted cash to
operating cash in connection with the lease extensions executed with Northwest
in Augus t 1996.  Such amount had previously been included in the Partnership's
restricted cash to cover the cost of performing various airworthiness
directives on the Partnership's three DC-9-30 aircraft on-lease to Northwest.
Under the extended leases, Northwest is obligated to pay for all airworthiness
directives required during the terms of the leases, therefore, the Partnership
reclassified the $750,000 as operating cash.  The Partnership's remaining
restricted cash balance of $297,475 represents the balance of modification work
financing committed to Continental in accordance with the 1994 lease agreement.

Accounts payable and accrued expenses at December 31, 1996 totalled $352,999,
compared to $256,152 at December 31, 1995.  The increase is primarily
attributable to the accrual of management and re-leasing fees for the third and
fourth quarters of 1996.  The 1995 balance reflects the accrual of management
fees for only the fourth quarter of 1995.

During the year ended December 31, 1996, the Partnership paid distributions to
the Unitholders for the period from October 1, 1995 to December 31, 1995 and
for the first three quarters of 1996, in the amounts of $1,001,763 and
$3,397,219, respectively, which represents approximately $.21 and approximately
$.70 per Unit, respectively. Additionally, as discussed above, the Partnership
paid a special cash distribution to Unitholders in the amount of $3,401,826, or
approximately $.70 per Unit, on October 22, 1996.  This special distribution
was funded from cash that was previously held in reserve.  At December 31,
1996, the Partnership had a distribution payable to Unitholders of $1,068,820,
or approximately $.22 per Unit.  This amount reflects the 1996 fourth quarter
cash distribution to Unitholders which was funded from cash flow from
operations.  This distribution was subsequently paid on February 11, 1997.

Future cash distributions will be determined on a quarterly basis after an
evaluation of the Partnership's current and expected financial position.  The
level of cash available for future distribution will be reduced if TWA
terminates the lease for the Partnership's 727-200 non-advanced aircraft which
is currently being leased from the Partnership on a month-to-month basis.

On March 18, 1996, based upon, among other things, the advice of legal counsel,
Skadden, Arps, Slate, Meagher & Flom, the General Partners adopted a resolution
that states, among other things, if a Change of Control (as defined below)
occurs, the General Partners may distribute the Partnership's cash balances not
required for its ordinary course day-to-day operations.  "Change of Control"
means any purchase or offer to purchase more than 10% of the Units that is not
approved in advance by the General Partners.  In determining the amount of the
distribution, the General Partners may take into account all material factors.
In addition, the Partnership will not be obligated to make any distribution to
any partner and no partner will be entitled to receive any distribution until
the General Partners have declared the distribution and established a record
date and distribution date for the distribution.  The Partnership filed a Form
8-K disclosing this resolution on March 21, 1996.

Results of Operations
Substantially all of the Partnership's revenue during 1996 was generated from
the leasing of the Partnership's Aircraft to commercial airlines under triple
net operating leases.  The majority of the balance of the Partnership's revenue
consisted of interest income. 

1996 compared to 1995
For the twelve months ended December 31, 1996, the Partnership reported net
income of $485,267, compared to $608,971 for the corresponding period in 1995.
The decrease is primarily attributable to gains on the sale of aircraft
totalling $1,083,016 recognized by the Partnership during 1995 as a result of
the June 1995 and September 1995 sales of two 727-200 non-advanced aircraft
formerly on-lease to TWA.  No such gain was recognized by the Partnership
during 1996.  Excluding the gains on sale of aircraft, the Partnership recorded
a loss from operations for the twelve months ended December 31, 1995 totalling
$474,045, compared to income from operations of $485,267 for 1996.  The
increase in income from operations for the 1996 period is primarily
attributable to a decrease in depreciation expense and, to a lesser extent, a
decrease in operating expenses, partially offset by a slight decrease in rental
income.

Rental income for the twelve months ended December 31, 1996 totalled
$4,770,000, compared to $4,927,500 for the corresponding period in 1995.  The
slight decrease is primarily attributable to the reduction in the monthly lease
rate paid by Delta in accordance with the lease extension for the Partnership's
737-200 advanced aircraft executed in November 1995.

Other income for the twelve months ended December 31, 1996 totalled $45,823,
compared to $3,720 for the corresponding period in 1995.  The increase is
primarily attributable to a payment received by the Partnership in the amount
of $41,508 as settlement of an administrative claim by the Partnership against
Pan Am which was filed in Bankruptcy Court in 1992.  The Partnership was
seeking to recover certain rent and maintenance costs associated with Pan Am's
failure to comply with the return provisions of its lease.  The case was
settled during the second quarter of 1996.

Depreciation expense for the twelve months ended December 31, 1996 totalled
$3,961,231, compared to $5,001,206 for the corresponding period in 1995.  The
decrease is primarily attributable to the sales of the two 727-200 non-advanced
aircraft in June 1995 and September 1995 formerly on lease to TWA and to one of
the Partnership's aircraft being fully depreciated in 1995.

General and administrative expenses totalled $184,047 for the twelve months
ended December 31, 1996, compared to $156,043 for the corresponding period in
1995.  The increase is primarily due to an increase in printing and postage
costs and an increase in costs associated with the appraisal of the
Partnership's aircraft.

Operating expenses for the twelve months ended December 31, 1996 totalled
$1,346, compared to $73,128 for the corresponding period in 1995.  The balance
in the 1995 period is primarily attributable to storage and maintenance costs
which were incurred as a result of the idle status of the two 727-200
non-advanced aircraft during 1995 which were returned to the Partnership by TWA
subsequent to their respective lease expirations in the fourth quarter of 1994.
These aircraft were subsequently sold in June 1995 and September 1995.

1995 compared to 1994
For the twelve months ended December 31, 1995, the Partnership reported net
income of $608,971 as compared to a net loss of $575,105 for the corresponding
period in 1994.  The increase is primarily attributable to a $1,083,016 gain on
the sale of the two 727-200 non-advanced aircraft in June and September 1995,
respectively, which were formerly on-lease to TWA.  This increase was partially
offset by a decrease in rental income.

Rental income for the twelve months ended December 31, 1995 totalled $4,927,500
as compared to $5,417,086 for the corresponding period in 1994.  The decrease
is primarily due to the fourth quarter 1994 lease expirations and subsequent
sale of the two 727-200 non-advanced aircraft formerly on lease to TWA and, to
a lesser extent, the reduction of the monthly lease rate paid by Delta in
accordance with the lease extension for the Partnership's 737-200 advanced
aircraft effected in November 1995.

Interest income for the twelve months ended December 31, 1995 totalled $282,782
as compared to $134,581 for the corresponding period in 1994.  The increase is
attributable to an increase in the Partnership's invested cash balance, higher
interest rates and interest income earned on the loan to Continental.

Other income totalled $3,720 for the twelve months ended December 31, 1995 as
compared to $55,380 for the year ended December 31, 1994.  The higher balance
in 1994 primarily represents a settlement for damage done to the landing gear
of the Partnership's MD-80 Series aircraft while it was in storage prior to
being re-leased to Continental in February 1994.

Depreciation expense for the twelve months ended December 31, 1995 totalled
$5,001,206 as compared to $5,451,744 for the corresponding period in 1994.  The
decrease is primarily attributable to the sales of the two 727-200 non-advanced
aircraft in June 1995 and September 1995.

General and administrative expenses for the twelve months ended December 31,
1995 were $156,043 as compared to $193,698 for the corresponding period in
1994.  The decrease is primarily attributable to legal expenses which were
incurred in the first quarter of 1994 in connection with the lease agreement
with Continental.

Operating expenses for the twelve months ended December 31, 1995 totalled
$73,128 as compared to $56,937 for the corresponding period in 1994.  The
increase is primarily attributable to storage and maintenance costs which were
incurred as a result of the idle status of the two 727-200 non-advanced
aircraft which were returned to the Partnership by TWA subsequent to the
respective lease expirations in the fourth quarter of 1994.


Item 8.  Financial Statements and Supplementary Data
Incorporated by reference to the Partnership's Annual Report to Unitholders for
the year ended December 31, 1996.


Item 9.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.

        
                                    PART III

Item 10.  Directors and Executive Officers of the Partnership
The Partnership has no officers or directors.  The General Partners jointly
manage and control the affairs of the Partnership and have general
responsibility and authority in all matters affecting its business.
Information concerning the directors and executive officers of the General
Partners are as follows:

                        Jet Aircraft Leasing Inc.

                  Name            Office
                  Moshe Braver    Director and President
                  John Stanley    Vice President and Chief Financial Officer

Certain officers and directors of Jet Aircraft Leasing, Inc. are now serving
(or in the past have served) as officers or directors of entities which act as
general partners of a number of limited partnerships which have sought
protection under the provisions of the Federal Bankruptcy Code.  Those
partnerships sought the protection of the bankruptcy laws to protect the
partnerships' assets from loss through foreclosure.

Moshe Braver, 43, is currently a Managing Director of Lehman Brothers and has
held such position since October 1985.  During this time, he has held positions
with the Business Analysis Group, International and Capital Markets
Administration and currently, with the Diversified Asset Group.  Mr. Braver
joined Shearson Lehman Brothers in August 1983 as Senior Vice President.  Prior
to joining Shearson, Mr. Braver was employed by the accounting firm of Coopers
& Lybrand from January 1975 through August 1983 as an Audit Manager.  He
received a Bachelor of Business Administration degree from Bernard Baruch
College in January 1975 and is a Certified Public Accountant.

John D. Stanley, 34, Vice President, has worked with the Diversified Asset
Group since October 1988.  Mr. Stanley received a B.A. in Economics from the
University of Wisconsin-Madison in 1984 and a Master of Management Degree from
Northwestern University in 1988.  From 1984 to 1986, Mr. Stanley worked as a
Financial Analyst for Kidder, Peabody and Co.

                        CIS Aircraft Partners, Inc.
	
               Name                  Office
               Thomas J. Prinzing    Director and President
               Frank J. Corcoran     Director, Vice President and Treasurer
               Robin A. Konicek      Vice President

As reported on the Partnership's Current Report on Form 8-K, dated February 28,
1989, on Friday, January 13, 1989, Continental Information Systems Corporation,
and certain of its subsidiaries, including CIS Corporation, filed voluntary
petitions for reorganization under Chapter 11 of the Federal Bankruptcy Code.
As described below, various directors and executive officers of CAP hold
similar positions for Continental Information Systems Corporation, CIS
Corporation and such subsidiaries.

On November 29, 1994, the Bankruptcy Court for the Southern District of New
York confirmed the Trustee's Proposed Joint Plan of Reorganization.  The
approved Plan became effective on December 21, 1994.  As a result of the
reorganization, the Directors and Officers of CAP resigned from and took on
various directorships for Continental Information Systems Corporation, CIS
Corporation and their subsidiaries.

Thomas J. Prinzing, 51, is President of CIS Aircraft Partners, Inc. and of
Continental Information Systems Corporation.  From 1991 to December 1995, Mr.
Prinzing was President of CIS Aircraft Partners, Inc.  Mr. Prinzing, a
Certified Public Accountant, received a Bachelor of Commerce degree from the
University of Windsor. 

Frank J. Corcoran, 46, joined CIS Corporation in November 1994 as Senior Vice
President and Chief Financial Officer.  From 1992 until joining CIS
Corporation, Mr. Corcoran was Vice President and General Manager of Unisys
Finance Corporation, an equipment leasing and finance subsidiary of Unisys
Corporation.  Previously, he served as Chief Financial Officer and Controller
of Unisys Finance Corporation.  Prior to that, Mr. Corcoran held positions of
Corporate Tax Manager at Unisys Corporation; Controller, U.S. Operations of
Lucas Industries, Inc.; Financial Analyst with Detroit Edison Company; and a
Senior Accountant with KPMG Peat Marwick.  Mr. Corcoran holds a B.S. in
Business Administration from Wayne State University, an M.S. in Taxation from
Walsh College, and is a Certified Public Accountant.

Robin A. Konicek, 40, is a Vice President of CIS Aircraft Partners, Inc. and is
responsible for domestic and international aircraft marketing.  She has been
active in the financing, trading and management of aircraft since 1982.  Prior
to joining CIS in 1986, Ms. Konicek was a Vice President of Crocker Bank
Airlines and Aerospace Group, with major responsibility for developing the U.S.
market.  She holds an A.B. from Stanford University and an M.B.A. from the
University of California, Los Angeles. 


Item 11.  Executive Compensation
No compensation was paid by the Partnership to the officers and directors of
the General Partners.  See Item 13 below for a description of the compensation
and fees paid to the General Partners and their affiliates by the Partnership.


Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a) Security ownership of certain beneficial owners  As of the date hereof, no
    person is known by the Partnership to be the beneficial owner of more than
    five percent of the Units of the Partnership.

(b) Security ownership of management  The Partnership has no directors or
    officers, and neither of the General Partners of the Partnership owns any
    Units.  The Assignor Limited Partners for the Partnership, CIS Assignor
    L.P.A., Inc. (an affiliate of CAP), owns 5 Units.

    None of the directors or officers of the General Partners owned any Units
    as of December 31, 1996.

(c) Changes in Control  Other than as described herein, the Partnership knows
    of no arrangements, the operation of the terms of which may at a subsequent
    date result in a change in control of the Partnership.


Item 13.  Certain Relationships and Related Transactions
The General Partners and their affiliates received or will receive certain
types of compensation, fees, or other distributions in connection with the
operation of the Partnership.  The fees and compensation were not determined
by, and may not necessarily reflect, arm's length negotiations.  None of the
officers and directors of the General Partners received any compensation from
the Partnership.  First Data Investor Services Group, an unaffiliated company,
provides partnership accounting and investor relations services for the
Partnership.  Prior to May 1993, these services were provided by an affiliate
of a general partner.  Transfer agent services and certain tax reporting
services are provided by Service Data Corporation, an unaffiliated company.
For additional information on fees paid to the General Partners and affiliates,
reference is made to Note 7 of the Notes to the Financial Statements in the
Partnership's Annual Report to Unitholders for the year ended December 31,
1996.


                                    PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K


(a) 1. Financial Statements:
                                                                   Page
                                                                  Number

  Balance Sheets - December 31, 1996 and 1995                       (1)

  Statements of Partners' Capital (Deficit) - For the years
   ended December 31, 1996, 1995 and 1994                           (1)

  Statements of Operations - For the years ended
   December 31, 1996, 1995 and 1994                                 (1)

  Statements of Cash Flows - For the years ended
   December 31, 1996, 1995 and 1994                                 (1)

  Notes to Financial Statements                                     (1)

  Report of Independent Public Accountants                          (1)

   (1) Incorporated by reference to the Partnership's Annual Report to
       Unitholders for the year ended December 31, 1996.


    2. Financial Statement Schedules:
       No schedules are presented because the information is not applicable or
       is included in the Financial Statements or the notes thereto.

    3. Exhibits:

       (3)  Articles of Incorporation and bylaws (Incorporated by reference to
            the Partnership's Prospectus filed with the Commission on April 17,
            1987.)

       (4)  Depositary Agreement (Incorporated by reference to Exhibit 4.5 to
            the Partnership's Registration Statement on Form S-1 filed with the
            Commission on April 17, 1987.)

       (10) Escrow Agreement (Incorporated by reference to Exhibit 10.12 to the
            Partnership's Registration Statement on Form S-1 filed with the
            Commission on April 17, 1987.)

       (13) Annual Report to Unitholders for the year ended December 31, 1996.

       (27) Financial Data Schedule


(b) The Partnership filed no current reports on Form 8-K during the fourth
    quarter of the period covered on this Report.
    


                                   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.


                                JETSTREAM II, L.P.

                                BY: Jet Aircraft Leasing Inc.
                                    Administrative General Partner
                 
Date:  March 17, 1997
                                BY:  /s/ Moshe Braver
                                Name:    Moshe Braver
                                Title:   Director and President




                                BY:     CIS Aircraft Partners, Inc.
                                        Managing General Partner

Date:  March 17, 1997
                                BY: /s/ Thomas J. Prinzing
                                Name:   Thomas J. Prinzing
                                Title:  Director and President




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 and on the dates indicated.



                                 CIS AIRCRAFT PARTNERS, INC.
                                 A General Partner


Date:  March 17, 1997
                                 BY:  /s/ Thomas J. Prinzing
                                          Thomas J. Prinzing
                                          Director and President




Date:  March 17, 1997
                                 BY:  /s/ Frank J. Corcoran
                                          Frank J. Corcoran
                                          Director, Vice President
                                          and Treasurer




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 and on the dates indicated.   


                                 JET AIRCRAFT LEASING INC.
                                 A General Partner


Date:  March 17, 1997
                                 BY:  /s/ Moshe Braver
                                          Moshe Braver
                                          Director and President


Date:  March 17, 1997
                                 BY:  /s/ John Stanley
                                          John Stanley
                                          Vice President and
                                          Chief Financial Officer