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:  0-16836


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


           Delaware                                        84-1053359
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 DEPOSITORY 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 September 10, 1987, as filed pursuant to
rule 424(c) of the Securities Act of 1933, as amended (Portions of Parts I, II,
III and IV).

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

                                     PART I

Item 1.  Business.
General Development of Business
JetStream, L.P. (the "Partnership") is a limited partnership organized under
the laws of the State of Delaware on April 16, 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 April 16, 1987, the Partnership
conducted no activities and recognized no revenues, profits or losses prior to
October 28, 1987, at which time the Partnership commenced operations.  During
the period between October 29, 1987 and November 4, 1987, 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 September 10, 1987, the Partnership commenced an offering (the "Offering")
on a "best efforts basis" of $97,900,000 of limited partnership depositary
units ("Units").  The closing of the offering occurred on October 28, 1987,
with a total of 4,895,005 Units being sold at a price of $20.00 per Unit, for a
total of approximately $97,900,000. The net proceeds of the offering after
payment of offering and organization costs and acquisition fees aggregated
$85,747,510.

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 October 28, 1998; 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 September 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 noise and
maintenance regulations and the supply and demand of aircraft in the market
place with similar lift capacity.  Reference is made 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, for additional
information on the lease terms for each aircraft. Reference is also made to the
Message to Investors section of the Partnership'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)
MD-80 Series     Continental  $27,396,997   $8,525,697  $16,564,900    3/15/98         Stage 3      14,803       29,865
 1986

B-737-200 ADV    Delta        $15,222,609   $2,689,387   $5,060,800    9/30/99         Stage 2      34,699       52,536
 1979

B-737-200        Eastwind      $7,601,999     $646,875   $1,666,958   11/30/99         Stage 2      68,706       59,599
 1971

B-737-200        Eastwind      $7,601,999     $646,875   $2,071,874   11/30/99         Stage 2      68,438       59,984
 1971

B-727-200        TWA           $5,448,499           $0      $818,500     N/A (6)       Stage 2      46,176       68,080
 1969

B-727-200        TWA           $5,448,499           $0      $818,500     N/A (6)       Stage 2      45,573       67,074
 1969

TOTALS                        $68,720,602  $12,508,834   $27,001,532
</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) Continental and Eastwind data as of 12/31/96; Delta data as of 11/17/96;
    and TWA data as of 11/5/96.

(6) TWA currently leases the Partnership's two 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, 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 hour and
chronological age thresholds.

Four of the Partnership's six Aircraft are subject to AD's mandating structural
modification, specifically the two B-727 aircraft, which are currently leased
to TWA, and the two B-737 aircraft leased to Eastwind.  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.

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, 50% of 1990 base levels by the end of 1996, with further
reductions to 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 and the
B-737 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 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 the 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 were 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 section 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 $43,353 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 the Partnership's Limited Partnership Interests and
         Related Security Holders 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 7,487.

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 the
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 Conditions
and Results of Operations

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

The Partnership's two 737-200 non-advanced aircraft are currently on- lease to
Eastwind.  Under the terms of the lease agreements, which expire on November
30, 1999, Eastwind is required to pay the Partnership a monthly lease rate of
$35,000 per aircraft.  In addition, the airline is required to pay the
Partnership an engine charge and airframe maintenance charges based on usage.
Eastwind had been in default under the terms of the lease agreements as a
result of its inability to make monthly rental payments to the Partnership for
the final four months of 1996 and January 1997, as well as monthly maintenance
reserve payments for the third and fourth quarters of 1996 and January 1997.
Eastwind's failure to make such payments were attributable to operating losses
incurred by the airline during the third and fourth quarters of 1996.  However,
Eastwind was successful in securing additional financing and paid all
delinquent amounts owed to the Partnership in January 1997.

TWA continues to lease the Partnership's two remaining 727-200 non-advanced
aircraft on a month-to-month basis and remains current on its monthly lease
payments of $32,500 per aircraft.  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 are returned to the Partnership, the General Partners believe that
it will be very difficult to re-lease them 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 $278,203.  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 $178,515. Payments made on this loan are the reason for the
decrease in the Partnership's loan receivable balance, which totalled $99,688
at December 31, 1996 as compared to $172,636 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 $1,573,594, compared to $3,494,433 at December 31, 1995.  The
$1,920,839 decrease is primarily due to payments made by the Partnership during
the first half of 1996 in connection with heavy maintenance or "Q" checks
completed during the first half of 1996 on the two 737-200 non-advanced
aircraft on-lease to Eastwind.  The Partnership's restricted cash balance of
$321,797 remained unchanged from December 31, 1995.  The Partnership's
restricted cash is comprised of the balance of modification work financing
committed to Continental in accordance with the 1994 lease agreement.

At December 31, 1996, the Partnership had a rent receivable balance totalling
$603,311, compared to $58,758 at December 31, 1995.  The increase is due to
unpaid rent for the final four months of 1996, as well as monthly maintenance
reserve payments for the third and fourth quarters of 1996, owed by Eastwind
Airlines as of December 31, 1996. Such delinquent payments were subsequently
made by Eastwind in January 1997.

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 $1,048,190 and
$3,481,482, respectively, which represent approximately $.21 and approximately
$.71 per Unit, respectively. At December 31, 1996, the Partnership had a
distribution payable to Unitholders of $1,335,241 or approximately $.27 per
Unit.  This amount reflects the 1996 fourth quarter cash distribution which was
primarily funded from cash flow from operations.  The 1996 fourth quarter cash
distribution, which was paid on February 11, 1997, also included a portion of
1996 third quarter rental income and maintenance reserves paid by Eastwind in
January 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 leases for the Partnership's two 727-200 non-advanced aircraft,
which are currently leased 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 was generated from the leasing
of the Partnership's Aircraft to commercial airlines under triple net operating
leases.  The balance of the Partnership's revenue during 1996 consisted of
interest income.

1996 compared to 1995
For the twelve months ended December 31, 1996, the Partnership generated net
income in the amount of $687,834, compared to a net loss of $170,290 for the
corresponding period in 1995.  The change from net loss to net income is
primarily attributable to higher rental income and a decrease in depreciation
expense.  The net loss for the 1995 period includes a $446,375 gain on the June
1995 sale of the 727-200 aircraft formerly on-lease to TWA.  Excluding this
gain, the Partnership generated a loss from operations during 1995 totalling
$616,665.  Net income for the 1996 period includes a $130,000 gain on the
August 1996 sale of an engine that was previously on one of the Partnership's
737-200 non-advanced aircraft currently on-lease to Eastwind.  Excluding this
gain, the Partnership generated income from operations during 1996 totalling
$557,834.

Rental income for the twelve months ended December 31, 1996 was $5,248,593,
compared to $4,837,439 for the corresponding period in 1995.  The increase in
rental income is primarily due to the execution of the leases with Eastwind in
the third quarter of 1995 for the Partnership's two 737-200 non-advanced
aircraft.  The increases in both periods were partially offset by a 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 and
the expiration of the leases with USAir in May 1995.

Other income totalled $43,353 for the twelve months ended December 31, 1996,
compared to $0 for the corresponding period in 1995.  The balance for the
twelve months ended December 31, 1996 reflects payments received by the
Partnership 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.

Interest income for the twelve months ended December 31, 1996 totalled
$150,740, compared to $215,050 for the corresponding period in 1995. The
decrease is primarily due to a decrease in the Partnership's invested cash
balance during the 1996 period.

Depreciation expense for the twelve months ended December 31, 1996 totalled
$4,076,214, compared to $4,919,101 for the corresponding period in 1995.  The
decrease is primarily attributable to the June 1995 sale of the 727-200
non-advanced aircraft formerly on-lease to TWA and the two aircraft currently
on-lease to TWA being fully depreciated in April 1995.

Operating expenses for the twelve months ended December 31, 1996 totalled
$194,231, compared to $49,707 for the corresponding period in 1995.  The
increase is primarily attributable to the payment of approximately $130,000 to
reimburse one of the Partnership's General Partners for previously incurred
aircraft operating expenses paid by the General Partner, and, to a lesser
extent, costs incurred by the Partnership in connection with the Q-checks
performed on the Partnership's two aircraft on-lease to Eastwind during the
first half of 1996.

Bad debt expense for the twelve months ended December 31, 1996 totalled $0,
compared to $70,000 for the corresponding period in 1995. The balance for the
twelve months ended December 31, 1995 represents June 1995 rent that was owed
to the Partnership by USAir.

1995 compared to 1994
For the twelve months ended December 31, 1995, the Partnership reported a net
loss of $170,290 as compared to a net loss of $783,993 for the corresponding
period in 1994.  The decrease in net loss was primarily attributable to a gain
on the June 1995 sale of the 727-200 non-advanced aircraft formerly on-lease to
TWA totalling $446,375, and, to a lesser extent, an increase in interest income
and a decline in depreciation expense.  These factors were partially offset by
a decrease in rental income during 1995 as compared to 1994.

Rental income for the twelve months ended December 31, 1995 was $4,837,439 as
compared to $5,067,500 in 1994.  The decrease in rental income was primarily
attributable to (i) the lease expiration in November 1994 and subsequent sale
in June 1995 of the 727-200 non- advanced aircraft formerly on-lease to TWA,
(ii) the reduction of the monthly lease rates paid by TWA as a result of the
lease extensions negotiated for the Partnership's two remaining 727-200
non-advanced aircraft in the fourth quarter of 1994, (iii) the temporary idle
status of the Partnership's two 737-200 non-advanced aircraft subsequent to the
expiration of the leases with USAir in May 1995 and (iv) 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 $215,050
as compared to $112,523 in 1994.  The increase was primarily attributable to an
increase in the Partnership's invested cash balance, higher interest rates, and
interest income earned on the loan to Continental.

Depreciation expense for the twelve months ended December 31, 1995 was
$4,919,101 as compared to $5,224,476 for the corresponding period in 1994.  The
decrease was primarily attributable to the June 1995 sale of the 727-200
non-advanced aircraft, as discussed above.

General and administrative expenses for the twelve months ended December 31,
1995 totalled $191,715 as compared to $212,674 for the corresponding period in
1994.  The decrease was primarily attributable to legal expenses which were
incurred in the first quarter of 1994 in connection with the lease agreement
with Continental.

For the year ended December 31, 1995, operating expenses totalled $49,707 as
compared to $71,789 in 1994.  The decrease was primarily attributable to a
decrease in insurance expenditures during 1995, partially offset by increased
storage and maintenance fees incurred by the Partnership during 1995, primarily
as a result of the idle status of the 727-200 non-advanced aircraft which was
returned to the Partnership by TWA in the fourth quarter of 1994 and
subsequently sold in June 1995.


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 CIS), 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,
refer to Note 7 of the Notes to the Financial Statements of 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 the 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
    last 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, 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