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



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                                    FORM 8-K
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                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


         Date of report (date of earliest event reported): May 15, 2002


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                          Commission File No. 333-69864

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                          LEASE INVESTMENT FLIGHT TRUST


                         State of Organization: Delaware
                    IRS Employer Identification No. 51-65219
       1100 North Market Street, Rodney Square North, Wilmington, Delaware
                           Telephone - (302) 651-1000

















                       This document consists of 22 pages.



Item 5.       Other Events.

Attached  hereto as Exhibit 99.1 is a copy of the Monthly  Report to Noteholders
for the payment date of May 15, 2002, sent to the holders of the notes. Attached
hereto as Exhibit 99.2 is the Quarterly  Report to  Noteholders  for the quarter
ended March 31, 2002.




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                                    SIGNATURE



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.


                                     LEASE INVESTMENT FLIGHT TRUST
                                     (Registrant)





         May 15, 2002                By: /s/ David Treitel
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                                         David Treitel
                                         Equity Trustee and Controlling Trustee



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