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 EndedMarch 31, 2002Commission File Number0

Registrant

YES X      NO

Number of Units at
    Title of Each Class                               March 31, 2002Units of Limited Partnership
Interest:  $1,000 per unit                                 36,469

DOCUMENTS INCORPORATED BY REFERENCEParts I and II, 2001 Form 10

---

PART I - Financial Information
Item 1.  Financial Statements

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

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | March 31,
2002                                                                                                                                                                                                                                                                                   | December 31,
2001                                                                                                                                                                                                                                                                            
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ASSETS
Rental Equipment, at Cost
  Less:  Accumulated Depreciation
Deposit on Equipment
Investment In Partnerships
Rent and Sales Proceeds Receivable
Cash and Cash Equivalents
   Total Assets
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Notes Payable
Payable to:  General Partners
             Others
Unearned Revenue
   Total Liabilities
Partners' Equity:
Limited Partners (36,469 units outstanding
at March 31, 2002 and December 31, 2001)
General Partners
   Total Partners' Equity
   Total Liabilities and Partners'Equity | (Unaudited)
$   680,825 
(354,898)
-----------
325,927 
2,410,000 
106,391 
3,728 
418,955 
-----------
$  3,265,001 
============
$  1,751,964 
2,022 
1,365 
508 
------------
1,755,859 
------------
  
1,812,981 
(303,839)
------------
1,509,142 
------------
$  3,265,001 
============ | (Audited)
$   680,825 
(343,659)
-----------
337,166 
2,410,000 
143,690 
11,182 
443,913 
-----------
$  3,345,951 
============
$  1,722,341 
2,022 
19,069 
508 
------------
1,743,940 
------------
1,904,921 
(302,910)
------------
1,602,011 
------------
$  3,345,951 
============

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 MARCH 31,

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 2002
----                                                                                                                                                                                                                                                         | 2001
----                                                                                                                                                                                                                                                                          
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues:
Rental Income
Interest Income
Gain on Sale of Other
Total Revenues
Operating Expenses:
Management Fees-General Partners
Incentive Fees-General Partners
General and Administrative:
  Affiliates
  Other
Interest Expense
Depreciation and Amortization
  Total Operating Expenses
Net Income(Loss)
Allocation of Net Income(Loss):
  Limited Partners
  General Partners
Net Income per $1,000 Limited Partnership Unit Outstanding
Number of Limited Partnership Units Outstanding | $    27,000 
637 
0 
------------
27,637 
------------
0 
0 
3,379 
76,265 
29,623 
11,239 
------------
120,506 
------------
$   (92,869)
============
$   (91,940)
(929)
------------
$   (92,869)
============
$     (2.52)
============
36,469 
============ | $    28,002 
9,788 
6,242 
------------
44,032 
------------
2,783 
381,266 
4,469 
22,151 
27,653 
12,968 
------------
451,290 
------------
$  (407,258)
============
$  (403,185)
(4,073)
------------
$  (407,258)
============
$    (11.06)
============
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 THREE MONTHS ENDED MARCH 31,

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2002
----                                                                                                                                                                                                             | 2001
----                                                                                                                                                                                                                                                     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities:
 Net Income(Loss)
 Adjustments to Reconcile Net Income
 to Net Cash Provided by  Operating  Activities:
  Depreciation and Amortization
  Deferred Interest on Notes Payable
  Changes in Operating Assets and   Liabilities:
   (Increase) Decrease in Rents     Receivable
   (Increase) Decrease in Accounts     Receivable-Others
   Increase (Decrease) in Payable to:
     General Partners
     Other
     Net Cash Used In Operating
     Activities
Cash Flows from Investing Activities:
 Distributions Received
     Net Cash Provided By Investing      Activities
Cash Flows from Financing Activities:
 Distributions to Limited  Partners
 Distributions to General  Partners
 Net Cash Used In Financing  Activities
Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning
of Period
Cash and Cash Equivalents at End of Period | $   (92,869)
11,239 
29,623 
7,454 
0 
0 
(17,704)
------------
(62,257)
------------
37,299 
-----------
37,299 
-----------
0 
0 
-----------
0 
-----------
(24,958)
443,913 
-----------
$   418,955 
=========== | $  (407,258)
12,968 
27,653 
(5,500)
6,000 
(42,855)
(82,634)
------------
(491,626)
------------
62,099 
-----------
62,099 
-----------
(1,263,651)
(12,765)
-----------
(1,276,416)
-----------
(1,705,943)
1,982,548 
-----------
$   276,605 
===========

Non-Cash Activities:
Notes Payable in 2002 were increased by $29,623, the amount of Deferred Interest
on Notes Payable.
Notes Payable in 2001 were increased by $27,653, 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)March 31, 2002

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

NOTE 4 - BASIS OF PREPARATION
     The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10

---

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

---

CYPRESS EQUIPMENT FUND II, LTD.(a Limited Partnership)March 31, 2002

PART II - Other Information
Item 6.   Exhibits and Reports on Form 8

---



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.
                            RJ Leasing