The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

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

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001486185
   Corporation
   Limited Partnership
X Limited Liability Company
   General Partnership
   Business Trust
   Other (Specify)

Name of Issuer
Cypress Income Fund 11, LLC
Jurisdiction of Incorporation/Organization
CALIFORNIA
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2010
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Cypress Income Fund 11, LLC
Street Address 1 Street Address 2
188 THE EMBARCADERO, SUITE 420
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
SAN FRANCISCO CALIFORNIA 94105 415-281-3020

3. Related Persons

Last Name First Name Middle Name
Harwood Stephen Rogers
Street Address 1 Street Address 2
188 The Embarcadero, Suite 420
City State/Province/Country ZIP/PostalCode
San Francisco CALIFORNIA 94105
Relationship: X Executive Officer X Director X Promoter

Clarification of Response (if Necessary):

Officer and Director of LLC Manager
Last Name First Name Middle Name
Cypress Equipment Management Corp V N/A
Street Address 1 Street Address 2
188 The Embarcadero, Suite 420
City State/Province/Country ZIP/PostalCode
San Francisco CALIFORNIA 94105
Relationship: X Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

LLC Manager
Last Name First Name Middle Name
Park Kenneth
Street Address 1 Street Address 2
188 The Embarcadero, Suite 420
City State/Province/Country ZIP/PostalCode
San Francisco CALIFORNIA 94105
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Officer of LLC Manager
Last Name First Name Middle Name
Rael Daniel
Street Address 1 Street Address 2
188 The Embarcadero, Suite 420
City State/Province/Country ZIP/PostalCode
San Francisco CALIFORNIA 94105
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Officer of LLC Manager

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
X Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
   Other Real Estate
  
 Retailing
  
 Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
 Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii)    Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2011-03-07    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

   Equity    Pooled Investment Fund Interests
X Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security    Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $25,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
Cypress Capital Corporation 42618
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Cypress Capital Corporation 42618
Street Address 1 Street Address 2
188 The Embarcadero, Suite 420
City State/Province/Country ZIP/Postal Code
San Francisco CALIFORNIA 94105
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
NORTH CAROLINA
NEBRASKA
NEW JERSEY
NEVADA
NEW YORK
OHIO
OREGON
PENNSYLVANIA
SOUTH CAROLINA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
Recipient
Recipient CRD Number    None
Crown Capital Securities, LP 6312
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, LP 6312
Street Address 1 Street Address 2
725 Town and Country Road, Suite 530
City State/Province/Country ZIP/Postal Code
Orange CALIFORNIA 92868
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MAINE
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
Dewaay Financial Network, LLC 30767
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Dewaay Financial Network, LLC 30767
Street Address 1 Street Address 2
13001 University Avenue
City State/Province/Country ZIP/Postal Code
Clive IOWA 50325
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
Independent Financial Group, LLC 7717
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
12636 High Bluff Drive, Suite 100
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92130
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
Madison Avenue Securities, Inc. 23224
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Madison Avenue Securities, Inc. 23224
Street Address 1 Street Address 2
15050 Avenue of Science, Suite 150
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92128
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
Pacific West Securities, Inc. 6390
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Pacific West Securities, Inc. 6390
Street Address 1 Street Address 2
555 S. Renton Village Place, Suite 700
City State/Province/Country ZIP/Postal Code
Renton WASHINGTON 98057
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
VSR Financial Services, Inc. 14503
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
VSR Financial Services, Inc. 14503
Street Address 1 Street Address 2
8620 W. 110th Street, Suite 200
City State/Province/Country ZIP/Postal Code
Overland Park KANSAS 66210
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALASKA
ALABAMA
ARKANSAS
ARIZONA
CALIFORNIA
COLORADO
CONNECTICUT
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
IDAHO
ILLINOIS
INDIANA
KANSAS
KENTUCKY
LOUISIANA
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
MISSOURI
MISSISSIPPI
MONTANA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW HAMPSHIRE
NEW JERSEY
NEW MEXICO
NEVADA
NEW YORK
OHIO
OKLAHOMA
OREGON
PENNSYLVANIA
SOUTH CAROLINA
SOUTH DAKOTA
TENNESSEE
TEXAS
UTAH
VIRGINIA
VERMONT
WASHINGTON
WISCONSIN
WEST VIRGINIA
Recipient
Recipient CRD Number    None
Robert Dagosta 1903105
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
2821 Spring Haven Place
City State/Province/Country ZIP/Postal Code
Macungie PENNSYLVANIA 18062
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
FLORIDA
ILLINOIS
MASSACHUSETTS
MARYLAND
MICHIGAN
MINNESOTA
NEW JERSEY
NEVADA
NEW YORK
OHIO
OKLAHOMA
PENNSYLVANIA
TEXAS
VIRGINIA
VERMONT
WISCONSIN
Recipient
Recipient CRD Number    None
Michael L. Staines Jr. 5303142
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Bethel, FIsher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
5701 Lonetree Blvd., Suite 224
City State/Province/Country ZIP/Postal Code
Rocklin CALIFORNIA 95765
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
COLORADO
ILLINOIS
NORTH CAROLINA
NEW JERSEY
NEW MEXICO
NEW YORK
TEXAS
Recipient
Recipient CRD Number    None
Bryan D. Myers 2527480
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Chapin, Davis 28116
Street Address 1 Street Address 2
2 Village Square, Suite 200
City State/Province/Country ZIP/Postal Code
Baltimore MARYLAND 21210
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
MARYLAND
NEW YORK
PENNSYLVANIA
VIRGINIA
Recipient
Recipient CRD Number    None
Jeffrey D. Barlow 2389890
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
J.P. Turner and Company, LLC 43177
Street Address 1 Street Address 2
18952 Mac Arthur Blvd., Suite 460
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92612
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
FLORIDA
Recipient
Recipient CRD Number    None
Benedict M. Maloney 816523
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
J.P. Turner and Company, LLC 43177
Street Address 1 Street Address 2
3060 Peachtree Road NW, 11th Floor
City State/Province/Country ZIP/Postal Code
Atlanta GEORGIA 30305
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
FLORIDA
OHIO
WISCONSIN
Recipient
Recipient CRD Number    None
Timothy R. Pashley 1869052
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
J.P. Turner and Company, LLC 43177
Street Address 1 Street Address 2
4206 Maple Hill Drive
City State/Province/Country ZIP/Postal Code
Greenwood INDIANA 46143
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
CALIFORNIA
FLORIDA
INDIANA
MARYLAND
NORTH CAROLINA
NEW JERSEY
PENNSYLVANIA
VIRGINIA
Recipient
Recipient CRD Number    None
William H. Lowell 1158722
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Lowell and Company, Inc. 24913
Street Address 1 Street Address 2
4021 84th Street, Suite 100
City State/Province/Country ZIP/Postal Code
Lubbock TEXAS 79423
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
CALIFORNIA
FLORIDA
NEW MEXICO
OKLAHOMA
TEXAS
VIRGINIA
Recipient
Recipient CRD Number    None
Eric F. Hogarth 4799191
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Silver Oak Securities, Incorporated 46947
Street Address 1 Street Address 2
100 Great Meadows Road, Suite 502
City State/Province/Country ZIP/Postal Code
Wethersfield CONNECTICUT 06109
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
MASSACHUSETTS
Recipient
Recipient CRD Number    None
Joel M. Johnson 1941908
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Silver Oak Securities, Incorporated 46947
Street Address 1 Street Address 2
100 Great Meadows Road, Suite 502
City State/Province/Country ZIP/Postal Code
Wethersfield CONNECTICUT 06109
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
NEW YORK
Recipient
Recipient CRD Number    None
John J. Heisler III 4482190
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Summit Brokerage Services, Inc. 34643
Street Address 1 Street Address 2
214 W. Main Street, Suite L8
City State/Province/Country ZIP/Postal Code
Moorestown NEW JERSEY 08057
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
DELAWARE
FLORIDA
GEORGIA
NEW JERSEY
NEW MEXICO
PENNSYLVANIA
Recipient
Recipient CRD Number    None
David L. Goodman 1429972
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Transam Securities, Inc. 18923
Street Address 1 Street Address 2
1111 Douglas Avenue
City State/Province/Country ZIP/Postal Code
Altamonte Springs FLORIDA 32714
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ARIZONA
COLORADO
FLORIDA
GEORGIA
NORTH CAROLINA
OHIO
Recipient
Recipient CRD Number    None
Jason B. Vanclef 5096529
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
VFG Securities, Inc. 15121
Street Address 1 Street Address 2
632 Arizona Avenue
City State/Province/Country ZIP/Postal Code
Santa Monica CALIFORNIA 90401
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
FLORIDA
NEVADA
OREGON
TENNESSEE
TEXAS

13. Offering and Sales Amounts

Total Offering Amount $20,000,000 USD
or    Indefinite
Total Amount Sold $10,262,544 USD
Total Remaining to be Sold $9,737,456 USD
or    Indefinite

Clarification of Response (if Necessary):

14. Investors

  
 Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
172

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $1,500,000 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$800,000 USD
X Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
Cypress Income Fund 11, LLC /s/ Daniel Rael Daniel Rael Vice President of Manager of Issuer 2011-06-16

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.