Correct Answer: Only conclusion II follows

Solution : The possible Venn diagram according to the given statements is as follows –

Let's analyse the conclusions –
Conclusion (I): All swans are cycles – From the Venn diagram, it is evident that some parts of the circle representing swans lie outside the circle representing cycles while some lie inside. So, from this, it can be concluded that some swans are cycles. Therefore, this conclusion does not follow.
Conclusion (II): Some swans are cycles – From the Venn diagram, it is evident that some parts of the circle representing swans lie outside the circle representing cycles while some lie inside. So, from this, it can be concluded that some swans are cycles. Therefore, this conclusion follows.

Therefore, only the conclusion II follows. Hence, the second option is correct.