SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, DC  20549-1004

                                 FORM 10-Q

                QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended                September 30, 2000

Commission File Number                0-21256

                           Cypress Equipment Fund II, Ltd.
             (Exact name of Registrant as specified in its charter)

         Florida                                 59-3082723
   (State or other jurisdiction of           (I.R.S. Employer
    incorporation or organization)         Identification No.)

  880 Carillon Parkway, St. Petersburg, Florida      33716
(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code    (727) 573-3800

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

                                         Number of Units at
     Title of Each Class                 September 30, 2000

Units of Limited Partnership
Interest:  $1,000 per unit                  36,469


                    DOCUMENTS INCORPORATED BY REFERENCE
              Parts I and II, 1999 Form 10-K, filed with the
            Securities and Exchange Commission on June 16, 2000
            Parts III and IV - Form S-1 Registration Statement
                and all amendments and supplements thereto
                             File No. 33-44119

PART I - Financial Information
  Item 1.  Financial Statements

                      CYPRESS EQUIPMENT FUND II, LTD.
                          (a Limited Partnership)
                              BALANCE SHEETS

                                              September 30,   December 31,
                                                   2000           1999
                                              (Unaudited)      (Audited)
ASSETS
Rental Equipment, at Cost                      $  4,306,218    $  8,977,593
  Less:  Accumulated Depreciation               (2,907,245)     (4,021,698)
                                              -------------   -------------
                                                  1,398,973       4,955,895
                                              -------------   -------------
Rental Equipment Held for Sale                            0       2,932,078
Deposit on Equipment                              3,118,969       3,118,969
Investment In Partnerships                          225,974         317,828
Deferred Debt Costs (Net Of Accumulated
Amortization of $1,250 and $26,559
Respectively)                                         1,250           1,000
Rent and Sales Proceeds Receivable                   19,269         524,848
Prepaid Expenses                                      9,375          22,248
Cash and Cash Equivalents                           946,847       2,680,389
                                               ------------    ------------
    Total Assets                               $  5,720,657    $ 14,553,255
                                              =============   =============
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Notes Payable                                  $  1,580,171    $  1,500,921
Payable to:  General Partners                        18,711       2,012,014
             Others                                 232,056         433,953
Unearned Revenue                                        258          18,258
                                              -------------   -------------
    Total Liabilities                             1,831,196       3,965,146
                                              -------------   -------------
Partners' Equity:
Limited Partners (36,469 units outstanding
at September 30, 2000 and December 31, 1999)     4,169,495      10,801,153
General Partners                                  (280,034)       (213,044)
                                              -------------   -------------
    Total Partners' Equity                       3,889,461      10,588,109
                                              -------------   -------------
    Total Liabilities and Partners' Equity    $  5,720,657    $ 14,553,255
                                              =============   =============


                  The accompanying notes are an integral
                    part of these financial statements.

                      CYPRESS EQUIPMENT FUND II, LTD.
                         STATEMENTS OF OPERATIONS
                                (Unaudited)
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30,

                                            2000           1999
                                            ----           ----
Revenues:
Rental Income                         $   382,964    $ 2,567,114
Interest Income                            68,267        222,649
Gain on Sale of Equipment                  69,244        466,655
Gain (Loss) on Sale of
Equipment Held for Sale                 (404,615)      4,064,379
Gain on Sale of Other                     372,439      1,845,048
                                     ------------   ------------
Total Revenues                            488,299      9,165,845
                                     ------------   ------------
Operating Expenses:
Management Fees-General Partners           51,623         53,408
Incentive Management Fees-
General Partners                          553,966        487,007
Resale Fees-General Partners              120,491              0
General and Administrative:
  Affiliates                               23,776         27,784
  Other                                   233,096        644,261
Interest Expense                           79,250        195,751
Depreciation and Amortization             232,170      1,372,828
                                     ------------   ------------
  Total Operating Expenses              1,294,372      2,781,039
                                     ------------   ------------
Net Income (Loss) Before Equity
in Income of Partnerships               (806,073)      6,384,806

Equity in Income of Partnerships               0       9,822,406
                                     ------------   ------------
Net Income (Loss)                    $  (806,073)    $16,207,212
                                     ============   ============
Allocation of Net Income (Loss):
  Limited Partners                   $  (798,012)    $16,045,140
  General Partners                        (8,061)        162,072
                                     ------------   ------------
                                     $  (806,073)    $16,207,212
                                     ============   ============
Net Income (Loss) per $1,000
Limited Partnership Unit
Outstanding                          $    (21.88)    $    439.97
                                     ============   ============
Number of Limited Partnership
Units Outstanding                         36,469         36,469
                                     ============   ============


                  The accompanying notes are an integral
                    part of these financial statements.

                      CYPRESS EQUIPMENT FUND II, LTD.
                         STATEMENTS OF OPERATIONS
                                (Unaudited)
                  FOR THE THREE MONTHS ENDED SEPTEMBER 30,

                                            2000           1999
                                            ----           ----
Revenues:
Rental Income                        $    109,655    $   917,649
Interest Income                             6,264        115,749
Gain(Loss)on Sale of Equipment
Held for Sale                            (404,615)        (1,930)
                                     ------------   ------------
Total Revenues                           (288,696)     1,031,469
                                     ------------   ------------
Operating Expenses:
Management Fees-General Partners            8,702         25,586
Incentive Management Fees-
General Partners                           84,724        487,007
Resale Fees -
 General Partners                           7,500              0
General and Administrative:
  Affiliates                                5,415         15,651
  Other                                    26,758        359,958
Interest Expense                           26,718         41,931
Depreciation and Amortization              65,927        445,804
                                     ------------   ------------
  Total Operating Expenses                225,744      1,375,937
                                     ------------   ------------
Net Income(Loss)Before Equity
in Income of Partnerships                (514,440)      (344,468)

Equity in Income of Partnerships                0      9,421,354
                                     ------------   ------------
Net Income (Loss)                     $  (514,440)   $ 9,076,886
                                     ============   ============
Allocation of Net Income(Loss):
  Limited Partners                    $  (509,296)   $ 8,986,117
  General Partners                        (5,144)         90,769
                                     ------------   ------------
                                     $  (514,440)    $ 9,076,886
                                     ============   ============
Net Income (Loss) per $1,000
Limited Partnership Unit
Outstanding                          $    (13.97)    $    246.40
                                     ============   ============
Number of Limited Partnership
Units Outstanding                         36,469         36,469
                                     ============   ============


                  The accompanying notes are an integral
                    part of these financial statements.

                       CYPRESS EQUIPMENT FUND II, LTD.
                         STATEMENTS OF CASH FLOWS
                                (Unaudited)
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30,

                                           2000            1999
                                           ----            ----
Cash Flows from Operating
Activities:
  Net Income (Loss)                  $  (806,073)     $16,207,212
  Adjustments to Reconcile Net
   Income to Net Cash Provided
   by Operating Activities:
  (Gain) on Sale of Equipment            (69,244)       (466,655)
  Depreciation and Amortization          232,170       1,372,828
  Deferred Interest on Notes
   Payable                                79,250         120,050
  Equity in Income of Investment
   In Partnerships                             0      (9,822,406)
  Changes in Operating Assets
   and Liabilities:
  (Increase) Decrease in
   Equipment Held for Sale             2,932,078       3,672,601
  (Increase) Decrease in
   Rents Receivable                      505,579         111,508
  (Increase) Decrease in Accounts
   Receivable - General                        0           4,746
  (Increase) Decrease in
   Prepaid Expenses                       12,873          75,681
  Increase (Decrease) in
   Interest Payable                            0         (45,982)
  Increase (Decrease) in
   Payable to:
     General Partners                 (1,993,303)        (34,325)
     Other                              (201,898)       (229,681)
  Increase (Decrease) in
   Unearned Revenue                      (18,000)         (4,751)
      Net Cash Provided by           ------------    ------------
      Operating Activities               673,432      10,960,825
                                     ------------    ------------

Cash Flows from Investing
Activities:
  Distributions Received                  91,855       1,294,514
  Proceeds from Sale of Equipment      3,395,246       1,010,089
 (Purchase) Sale of Options                    0       1,469,819
  Proceeds of Option Casualties                0           5,733
  (Purchase)of Equipment Held
    for Sale                                   0      (1,571,598)
  Sale of Investment in
    Partnership                                0      15,843,672
      Net Cash Provided By            -----------     -----------
      Investing Activities             3,487,101      18,052,229
                                      -----------     -----------

Cash Flows from Financing
Activities:
   Payment of Notes Payable                    0      (4,708,863)
   (Increase) Decrease in
    Deferred Debt Costs and
    Trustee Fees                          (1,500)         (2,999)
   Distributions to Limited
    Partners                          (5,833,646)    (26,687,270)
   Distributions to General
    Partners                             (58,929)       (269,567)
                                      -----------     -----------
       Net Cash (Used In)
       Provided by Financing
       Activities                     (5,894,075)    (31,668,699)
                                      -----------     -----------
(Decrease) in Cash and Cash
Equivalents                           (1,733,542)     (2,655,644)

Cash and Cash Equivalents at
Beginning of Period                    2,680,389       3,702,451
                                      -----------     -----------
Cash and Cash Equivalents at End
of Period                            $   946,847     $ 1,046,807
                                      ===========     ===========
Supplemental Cash Flow Information:
Interest Paid                        $         0     $   123,888
                                     ============     ===========

Non-Cash Activities:

Notes Payable in 1999 were increased by $120,050, the amount of Deferred
Interest on Notes Payable.

Notes Payable in 2000 were increased by $79,250, the amount of Deferred
Interest on Notes Payable.


                  The accompanying notes are an integral
                    part of these financial statements.


                      CYPRESS EQUIPMENT FUND II, LTD.
                          (a Limited Partnership)
                       NOTES TO FINANCIAL STATEMENTS
                                (Unaudited)
                            September 30, 2000
NOTE 1 - ORGANIZATION

     Cypress  Equipment  Fund  II,  Ltd., (the  "Partnership"),  a  Florida
limited  partnership,  was formed November 13, 1991,  for  the  purpose  of
acquiring  and leasing transportation, manufacturing, industrial and  other
capital equipment.  The Partnership was funded with limited partner capital
contributions  and commenced operations on June 22, 1992.  The  Partnership
will  terminate  on  December 31, 2015, or sooner, in accordance  with  the
terms  of  the Limited Partnership Agreement.  The Partnership has received
Limited  and  General  Partner  capital contributions  of  $36,469,000  and
$2,000, respectively.

     Cypress  Equipment Management Corporation II, a California corporation
and  a  wholly-owned  subsidiary of Cypress  Leasing  Corporation,  is  the
Managing General Partner; RJ Leasing - 2, Inc.,  a Florida corporation  and
a  second  tier  subsidiary  of  Raymond  James  Financial,  Inc.,  is  the
Administrative General Partner; and Raymond James Partners, Inc., a Florida
corporation and a wholly-owned subsidiary of Raymond James Financial, Inc.,
is the other General Partner.

     Cash  distributions,  subject to payment of the  equipment  management
fees,  and profits and losses of the Partnership shall be allocated 99%  to
the  Limited  Partners and 1% to the General Partners.  Once  each  Limited
Partner  has  received cumulative cash distributions equal to  his  capital
contributions,  an incentive management fee equaling 4% of  cash  available
for  distributions will be paid to the General Partners.  When each Limited
Partner  has  received cumulative cash distributions equal to  his  capital
contributions  plus an amount equal to 8% of adjusted capital contributions
per  annum, an incentive management fee equaling 23% of cash available  for
distributions will be paid to the General Partners.

NOTE 2 - NOTES PAYABLE

     A   significant  amount  of  the  rental  equipment  acquired  by  the
Partnership  is  pledged at time of purchase as collateral  for  the  notes
payable.

     During  the  nine  months  ended September  30,  2000,  there  was  no
additional borrowing or payments.

NOTE 3 - COMPENSATION AND REIMBURSEMENTS TO GENERAL PARTNERS AND AFFILIATES

     The  General  Partners  and  their  affiliates  are  entitled  to  the
following  types of compensation and reimbursements for costs and  expenses
incurred for the Partnership for the nine months ended September 30, 2000:

     Equipment Management Fees              $  51,623
     Incentive Management Fees                553,966
     General and Administrative Costs          23,776
     General Partners' Distributions           58,929
     Resale Fees                              120,491

NOTE 4 - BASIS OF PREPARATION

     The unaudited financial statements presented herein have been prepared
in  accordance with the instructions to Form 10-Q and do not include all of
the  information  and  note  disclosures  required  by  generally  accepted
accounting principles.  These statements should be read in conjunction with
the  financial statements and notes thereto included with the Partnership's
Form  10-K  for  the  year  ended December 31, 1999.   In  the  opinion  of
management, these financial statements include all adjustments,  consisting
only  of  normal recurring adjustments, necessary to summarize  fairly  the
Partnership's financial position and results of operations.  The results of
operations  for  the  period may not be indicative of  the  results  to  be
expected for the year.

NOTE 5 - CASH AND CASH EQUIVALENTS

     It  is the Partnership's policy to include short-term investments with
an  original maturity of three months or less in Cash and Cash Equivalents.
These short-term investments are comprised of money market mutual funds and
a  repurchase agreement.  All of the Partnership's securities  included  in
Cash and Cash Equivalents are considered held-to-maturity.  The balance  of
$946,847  at September 30, 2000, represents cash of $567,561, a  repurchase
agreement of $248,000 and money market mutual funds of $131,286.

    Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
             CONDITION AND RESULTS OF OPERATIONS

Nine  Months  Ended  September  30, 2000, Compared  to  Nine  Months  Ended
September 30, 1999.

     Rental  income  decreased  to  $382,964  for  the  nine  months  ended
September  30,  2000,  from  $2,567,114 for the  nine  month  period  ended
September   30, 1999.  This decrease was primarily due to equipment  coming
off  lease  or  being  sold  in the intervening  period.   Interest  income
decreased  to  $68,267  for the nine months ended September  30,  2000,  as
compared  to  $222,649 for the nine months ended September 30,  1999.  This
decrease  was  primarily due to a decreased average  balance  of  cash  for
investment.   During  the  nine months ended  September  30,  2000,  rental
equipment  with  a book value of $3,326,002 was sold for  net  proceeds  of
$3,395,246 resulting in a gain on sale of $69,244.  During the nine  months
ended September 30, 2000, the partnership sold equipment held for sale with
a  book  cost of $4,056,729 for net proceeds of $2,899,901 resulting  in  a
loss  on  sale  $32,176. During the nine months ended September  30,  1999,
rental  equipment  with a book value of $543,435 was  sold  for  $1,010,089
resulting  in  a  gain on sale of $466,655.  During the nine  months  ended
September  30,  1999,  part of the option that was to become  available  in
January  2000  was exercised.  The lessee, General Chemical  Partners,  was
granted an early lease termination and General Chemical (Soda Ash) Partners
purchased  624  rail  cars producing a gain on sale of $1,845,048  for  the
Partnership.   During the nine months ended September 30,  1999,  equipment
held  for  sale  with  a book value of $3,672,601 was sold  for  $7,950,000
resulting in a gain on sale of $4,064,379.

     Incentive management fees increased from $487,007 for the nine  months
ended  September  30, 1999 to $553,966 for the nine months ended  September
30,  2000.  The 4% incentive management fee was earned with the August  10,
1999  distribution, as each Limited Partner has received cash distributions
equal to his capital contributions. Equipment resale fees increased from $0
for  the  nine  months ended September 30, 1999 to $120,491  for  the  nine
months  ended  September 30, 2000.  The equipment resale fee  was  deferred
without interest until the Limited Partners began receiving cumulative cash
distributions  equal  to  payout plus an amount equal  to  8%  of  adjusted
capital  contributions  per annum cumulative from  each  Limited  Partner's
closing date.

     Interest  expense  decreased to $79,250  for  the  nine  months  ended
September  30,  2000,  as compared to $195,751 for the  nine  months  ended
September  30,  1999. This decrease was due to an average  lower  level  of
debt.  Depreciation expense decreased for the nine months  ended  September
30,  2000  versus  1999,  due  to  a lower  average  depreciable  basis  of
equipment.

      The  net effect of the above revenue and expense items resulted in  a
net loss of $806,073 for the nine months ended September 30, 2000, compared
to a net income of $6,384,806 for the nine months ended September 30, 1999,
before  Equity  in  Income of Partnerships.  During the nine  month  period
ended  September  30, 1999, the Partnership sold its 40%  interest  in  the
Federal Paper Board.  This resulted in Equity in Income of Partnerships  of
$9,822,406 for the nine months ended September 30, 1999.  This resulted  in
a  net  loss  of $806,073 for the nine months ended September 30,  2000  as
compared to a net income of $16,207,212 for the nine months ended September
30, 1999.

     During  the nine months ended September 30, 2000, the Partnership  did
not  incur  any additional borrowing and made $0 of principal  payments  on
notes.

Three  Months  Ended  September 30, 2000, Compared to  Three  Months  Ended
September 30, 1999.

      Rental  income  decreased  to $109,655 for  the  three  months  ended
September  30, 2000 as compared to rental income of $917,649 for the  three
months  ended  September  30, 1999.  This decrease  was  primarily  due  to
equipment  coming  off  lease  or being sold  in  the  intervening  period.
Interest income decreased for the three months ended September 30, 2000, as
compared to the three months ended September 30, 1999.  This was due  to  a
lower level of cash available for investment.

      Interest  expense  decreased to $26,718 for the  three  months  ended
September  30,  2000,  as compared to $41,931 for the  three  months  ended
September  30,  1999. This decrease was due to an average  lower  level  of
debt.  Depreciation expense decreased for the three months ended  September
30,  2000 versus 1999.  This decrease was primarily due to equipment coming
off lease or being sold in the intervening period.

     During the three months ended September 30, 2000, the partnership sold
equipment  held for sale with a book value of $688,043 for net proceeds  of
$283,428 resulting in a loss on sale of $404,615.

     During the three months ended September 30, 2000, incentive management
fees  were  $84,724  as  compared to $487,007 for the  three  months  ended
September 30, 1999.  The 4% incentive management fees were earned with  the
August   10,  1999  distribution  as  each  Limited  Partner  has  received
cumulative   cash   distributions  equal  to  his  capital   contributions.
Equipment  resale  fees  increased from  $0  for  the  three  months  ended
September 30, 1999 to $7,500 for the three months ended September 30, 2000.
The  equipment resale fee was deferred without interest until  the  Limited
Partners began receiving cumulative cash distributions equal to payout plus
an  amount  equal  to  8%  of  adjusted  capital  contributions  per  annum
cumulative from each Limited Partner's closing date.

      The  net effect of the above revenue and expense items resulted in  a
net  loss  of  $514,440  for  the three months ended  September  30,  2000,
compared to a net loss of $344,468 for the three months ended September 30,
1999  before  Equity  in Income of Partnerships.  During  the  three  month
period  ended September 30, 1999, the Partnership sold its 40% interest  in
the Federal Paper Board.  This resulted in Equity in Income of Partnerships
of $9,421,354 for the three months ended September 30, 1999.  This resulted
in  a net loss of $514,440 for the three months ended September 30, 2000 as
compared to a net income of $9,076,886 for the three months ended September
30, 1999.

  Liquidity and Capital Resources

     Short-term liquidity requirements consist of funds needed to make cash
distributions  to  limited and general partners and  meet  commitments  for
investments  in  equipment, administrative expenses, and  debt  retirement.
These  short-term  needs  will be funded by Cash and  Cash  Equivalents  at
September  30,  2000,  future  rental income, interest  income,  and  sales
proceeds.

     For  the nine months ended September 30, 2000, the Partnership  had  a
net  loss  of $806,073.  After adjusting net income during this period  for
depreciation  and  amortization, and the changes in  operating  assets  and
liabilities,  net cash provided by operating activities was $673,432.  Cash
provided  by investing activities consisted of $3,395,246 from the proceeds
of  the sales of rental equipment and distributions from the investment  in
partnerships of $91,855.  Cash used in financing activities was to pay cash
distributions  to  limited and general partners of $5,892,575.   In  total,
during the nine months ending September 30, 2000, Cash and Cash Equivalents
decreased  $1,733,542 from operating activities, investing  activities  and
financing  activities,  resulting in an ending  Cash  and  Cash  Equivalent
balance as of September 30, 2000, of $946,847.

     In  the  opinion of the General Partners, the Partnership  will  have,
through Cash and Cash Equivalents at September 30, 2000, and through future
rental  income,  interest income, and equipment sales proceeds,  sufficient
funds  to  remain liquid for the foreseeable future.  The General  Partners
are  not  aware of any trends that could adversely affect the Partnership's
liquidity or the ability to meet near-term obligations.

PART II - Other Information

    Item 6.   Exhibits and Reports on Form 8-K

    a)    Exhibits - None.
    b)    Reports on Form 8-K -None.



                                SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.



                              Cypress Equipment Fund II, Ltd.



Date: October 19, 2000        By:  /s/J. Davenport Mosby, III
                                   J. Davenport Mosby, III
                                   President
                                   RJ Leasing - 2, Inc.
                                   A General Partner



Date: October 19, 2000        By:  /s/Stephen R. Harwood
                                   Stephen R. Harwood
                                   President
                                   Cypress Equipment Management Corp. II



Date: October 19, 2000        By:  /s/Alex A. Najjar
                                   Alex A. Najjar
                                   Executive Vice President
                                   Cypress Equipment Management Corp. II