SECURITIES AND EXCHANGE COMMISSION

                    WASHINGTON, D.C.  20549
                          

                         FORM 10-QSB


     [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
         THE SECURITIES EXCHANGE OF 1934                    
     
     For the quarterly period ended     September 30, 1996
                                                               
     [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)       
          OF THE EXCHANGE ACT.

     For the transition period from ____________to ____________
     
     Commission File Number:   0-19074                           
                            
     TRIUMPHE LEASING LIMITED PARTNERSHIP                
     (Exact name of small business issuer
      as specified in its charter)

     Illinois                            36-3673459            
     (State or other jurisdiction of     (I.R.S. Employer
     incorporation or organization)      Identification No.)
     
     630 Dundee Road, Suite 345, Northbrook, Illinois 60062       
     (Address of principal executive offices)        

     847-509-1500                       
     (Issuer's telephone number, including area code)
     
     _______________________________________________________
     (Former name, former address and former fiscal year, if 
     changed since last report) 

     Check whether the issuer: (1) filed all reports required to  
     be filed by Sections 13 or 15(d) of the Exchange Act during  
     the past 12 months (or for such 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.
     
                                            [X]Yes     [ ]No
 
                                                     Page 1 of 14

<PAGE>
<TABLE>

                                PART I
                        FINANCIAL INFORMATION

                    ITEM 1.   FINANCIAL STATEMENTS
                                         
                  TRIUMPHE LEASING LIMITED PARTNERSHIP
                           BALANCE SHEETS
<CAPTION>
                           September 30, 1996   December 31, 1995
                           ------------------   -----------------
                               (Unaudited)         
<S>                              <C>                <C>
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents      $   47,646         $   17,883
  Net investment in direct 
    financing leases                122,784            126,621
                                  ----------         ----------
     TOTAL CURRENT ASSETS           170,430            144,504
                                  ----------         ----------

COMPUTER EQUIPMENT ON OPERATING LEASES
  less accumulated depreciation of
  $158,548 and $198,351              47,040            134,126
                                  ----------         ----------
                                            
OTHER:
  Net investment in direct  
      financing leases                 -                88,751
                                  ----------         ----------  
     TOTAL OTHER ASSETS                -                88,751
                                  ----------         ----------
                              
                                 $  217,470         $  367,381
                                  ==========         ==========

<FN>                                                              
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                    Page 2 of 14
<PAGE>
<TABLE>

                               PART I
                        FINANCIAL INFORMATION

              ITEM 1.  FINANCIAL STATEMENTS - CONTINUED
                        
                 TRIUMPHE LEASING LIMITED PARTNERSHIP             
                            BALANCE SHEETS
<CAPTION>
                           September 30, 1996   December 31, 1995
                           ------------------   -----------------
                               (Unaudited)         
<S>                              <C>                 <C>
LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable             $    5,781          $   8,033
    Current maturities of long-
      term debt                     169,402            183,403
    Other liabilities                10,885             13,010 
                                  ----------          ---------
      TOTAL CURRENT LIABILITES      186,068            204,446
                                  ----------          ---------  

LONG TERM DEBT, 
    less current maturities            -               122,083
                                  ----------         ----------  
    TOTAL LIABILITIES               186,068            326,529
                                  ----------         ----------
PARTNERS' EQUITY:    
    General Partners                    414                509
    Limited Partners                 30,988             40,343
                                  ----------         ----------  
       TOTAL PARTNERS' EQUITY        31,402             40,852  
                                  ----------         ----------  
                               
                                 $  217,470         $  367,381
                                  ==========         ==========

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                                  
                                                    Page 3 of 14 
<PAGE>  
<TABLE>                                  
                    TRIUMPHE LEASING LIMITED PARTNERSHIP
                          STATEMENTS OF OPERATIONS                

<CAPTION>
                             Nine Months         Nine Months 
                                Ended               Ended     
                         September 30, 1996   September 30, 1995 
                         ------------------   ------------------ 
                              (Unaudited)         (Unaudited)
<S>                             <C>               <C>
REVENUES:
  Lease Income                  $ 134,700         $ 179,421
  Loss on sale of equipment        56,558           (47,734)
                                  --------         ---------  
TOTAL REVENUES                    191,258           131,687 
                                  --------         ---------
OPERATING EXPENSES:
  Interest                         15,860            35,008
  Depreciation & Amortization      84,211           159,867
  Remarketing Commissions Paid 
    to Outside Lease Brokers          215             8,541  
  Administrative                   12,327            46,244
                                  --------         ---------
  TOTAL OPERATING EXPENSES        112,613           249,660 
                                  --------         ---------
 
NET INCOME (LOSS)               $  78,645         $(117,973)
                                  ========         =========  

NET INCOME (LOSS) ALLOCATED TO 
  General partners              $     786         $  (1,180) 
  Limited partners                 77,859          (116,793)
                                  --------         --------- 
                                $  78,645         $(117,973)  
                                  ========         =========
 
WEIGHTED AVERAGE UNITS OUTSTANDING
   DURING THE PERIOD:
   General Partners                 1.4680            1.4680
   Limited Partners               145.3480          145.3480

INCOME (LOSS) PER WEIGHTED AVERAGE UNIT:
   General Partners                  $536            $(804)   
   Limited Partners                  $536            $(804)

<FN>        
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                     Page 4 of 14
<PAGE>
<TABLE>
                    TRIUMPHE LEASING LIMITED PARTNERSHIP
                          STATEMENTS OF OPERATIONS                

<CAPTION>
                             Three Months       Three Months 
                                Ended              Ended     
                         September 30, 1996   September 30, 1995 
                         ------------------   ------------------ 
                             (Unaudited)          (Unaudited)
<S>                              <C>              <C>
REVENUES:
  Lease Income                   $ 28,071         $  68,109
  Loss on sale of equipment        58,884           (13,242)
                                  --------          --------  
TOTAL REVENUES                     86,955            54,867 
                                  --------          --------
OPERATING EXPENSES:
  Interest                          4,322             8,119
  Depreciation & Amortization      17,251            38,667
  Remarketing Commissions Paid 
    to Outside Lease Brokers          215             2,760  
  Administrative                    2,348             7,211
                                  --------          --------
  TOTAL OPERATING EXPENSES         24,136            56,757 
                                  --------          --------
 
NET INCOME (LOSS)               $  62,819         $  (1,890)
                                  ========          ========  

NET INCOME (LOSS) ALLOCATED TO 
  General partners                    628               (19) 
  Limited partners                 62,191            (1,871)
                                  --------          -------- 
                                   62,819            (1,890)  
                                  ========          ========
 
WEIGHTED AVERAGE UNITS OUTSTANDING
   DURING THE PERIOD:
   General Partners                 1.4680            1.4680
   Limited Partners               145.3480          145.3480

INCOME (LOSS) PER WEIGHTED AVERAGE UNIT:
   General Partners                  $ 428             $(13) 
   Limited Partners                  $ 428             $(13)

        

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                     Page 5 of 14
<PAGE>
<TABLE>
       
                   TRIUMPHE LEASING LIMITED PARTNERSHIP
                      STATEMENT OF PARTNERS' EQUITY
                       
                    Nine Months Ended September 30, 1996
                               (Unaudited)

<CAPTION>                                                         
       
                                         GENERAL         LIMITED
                           TOTAL         PARTNERS        PARTNERS
<S>                      <C>           <C>            <C>
PARTNERS' EQUITY
  Beginning of period    $  40,852     $     509      $   40,343

DISTRIBUTIONS              (88,095)         (881)        (87,214)
NET INCOME                  78,645           786          77,859
                          ---------      --------       ---------
PARTNERS' EQUITY
  End of period          $  31,402      $    414      $   30,988
                          =========      ========      ==========

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                    Page 6 of 14
<PAGE>
<TABLE>
                   TRIUMPHE LEASING LIMITED PARTNERSHIP 
                        STATEMENTS OF CASH FLOWS 
<CAPTION>
                                     Nine Months     Nine Months 
                                        Ended          Ended 
                                   Sept. 30, 1996  Sept. 30, 1995
                                   --------------  --------------
                                      (Unaudited)    (Unaudited)
<S>                                   <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income (loss)                   $   78,645      $(117,973)
  Adjustments to reconcile 
   net income (loss) to net cash 
   provided by operating activities: 
  Depreciation & amortization             84,211        159,867
  (Gain) loss on sale of 
     equipment under lease               (56,558)        47,734
  Amortization of unearned income        (24,214)       (40,663)
  Changes in assets and liabilities:
     Increase in prepaid expenses           -              (248)
     (Decrease) Increase in 
        accounts payable                  (2,252)         6,390
     (Decrease) Increase in 
        other liabilities                 (2,125)         1,234
                                         --------      ---------
      Net cash provided by                77,707         56,341
      operating activities               --------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received 
  under direct financing leases          116,802        208,307 
  Proceeds from sale of equipment 
  under lease                             59,433         51,146 
                                         --------      ---------
      Net cash provided by               176,235        259,453  
      investing activities               --------      ---------

CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners              (88,095)      (124,847)
  Proceeds from issuance of debt            -           308,593
  Principal payments of 
  nonrecourse debt                      (136,084)      (494,576)
                                        ---------      --------- 
      Net cash used in                  (224,179)      (310,830)
      financing activities              ---------      ---------

NET INCREASE IN CASH AND EQUIVALENTS:     29,763          4,964
CASH AND EQUIVALENTS, 
  at the beginning of the period          17,883         21,920
                                        ---------       --------
CASH AND EQUIVALENTS,
  at the end of the period              $ 47,646      $  26,884  
                                         ========       ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period 
    for interest                      $   15,860      $  35,008
<FN>
See accompanying notes to financial statements (Unaudited)        
</TABLE>
                                                     Page 7 of 14
<PAGE>
<TABLE>
                   TRIUMPHE LEASING LIMITED PARTNERSHIP 
                        STATEMENTS OF CASH FLOWS 
<CAPTION>
                                    Three Months    Three Months  
                                       Ended           Ended
                                   Sept. 30, 1996  Sept. 30, 1995
                                   --------------  --------------
                                     (Unaudited)    (Unaudited)
<S>                                   <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net (loss) income                   $   62,819       $  (1,890)
  Adjustments to reconcile 
   net (loss) income to net cash 
   provided by operating activities: 
  Depreciation & amortization             17,251          38,667
  (Gain) loss on sale of 
     equipment under lease               (58,884)         13,242
  Amortization of unearned income         (6,538)        (12,745)
   Changes in assets and liabilities:
     Decrease in prepaid expenses           -                250
     (Decrease) in accounts payable       (1,271)        (14,990)
     Increase in other liabilities           722           7,088
                                         --------        --------
      Net cash provided by                14,099          29,622
      operating activities               --------        --------

CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received 
  under direct financing leases           38,934          43,929 
  Proceeds from sale of equipment 
  under lease                             59,433          15,851 
                                         --------        --------
      Net cash provided by                98,367          59,780  
      investing activities               --------        --------

CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners              (29,365)        (36,758)
  Principal payments of 
  nonrecourse debt                       (46,326)        (47,525)
                                        ---------       --------- 
      Net cash used in                   (75,691)        (84,283)
      financing activities              ---------       ---------

NET INCREASE IN CASH AND EQUIVALENTS:     36,775           5,119
CASH AND EQUIVALENTS, 
  at the beginning of the period          10,015          21,765
                                        ---------        --------
CASH AND EQUIVALENTS,
  at the end of the period             $  47,646       $  26,884  
                                        =========       =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period 
    for interest                      $    4,322           8,119
<FN>
See accompanying notes to financial statements (Unaudited)        
</TABLE>
                                                     Page 8 of 14 
<PAGE>

                    TRIUMPHE LEASING LIMITED PARTNERSHIP
                       NOTES TO FINANCIAL STATEMENTS 
                
NOTE 1 - FINANCIAL INFORMATION
     
    The financial information included herein at September 30,
1996 and the nine and three months ended September 30, 1996, and
September 30, 1995, is unaudited, and in the opinion of the
partnership, reflects all adjustments (which include only normal
recurring adjustments) necessary for the fair presentation of the
financial position as of that date and the results of operation
for those periods.

    The results for interim periods are not necessarily
indicative of trends or of results to be expected for a full
year.


NOTE 2 - ORGANIZATION 

    The partnership was formed on November 9, 1989, under the
Revised Uniform Limited Partnership Act of the State of Illinois. 
The partnership's business is to acquire, own, lease, maintain,
manage and sell equipment.  The quarter ended September 30, 1996
was the twenty-seventh quarter of operations.


NOTE 3 - DESCRIPTION OF LEASING ARRANGEMENTS
     
    The partnership's leasing operations consist principally of
leased equipment which it has acquired from third party
independent lease brokers.  It is the partnership's intention to
re-lease such equipment to the existing lessee, lease such
equipment to a new lessee, or to sell the equipment at the end of
each lease.  The leases expire over the next three years.  The
cost of each lease includes an equity investment plus any non-
recourse loans obtained to finance the purchase. 

      
NOTE 4 - EQUIPMENT 
       
    Equipment is recorded at cost.  Depreciation is computed
using the double declining balance method over the estimated
useful lives of the assets (five years).

                                                Page 9 of 14
<PAGE>

                 TRIUMPHE LEASING LIMITED PARTNERSHIP             
                     NOTES TO FINANCIAL STATEMENTS

NOTE 5 - NET INVESTMENT IN LEASES 


     The following lists the components of the net 
investment in leases as of September 30, 1996: 

Total minimum lease payments to be received         $    129,780

Estimated residual values of leased property               2,500

Less: Unearned income                                     (9,496) 
                                                       ---------- 
Net investment in leases                            $    122,784  
                                                       ========== 


      At September 30, 1996, minimum lease payments for direct
financing and operating leases for each of the three succeeding
calendar years are as follows: 
                                           
                YEAR                       AMOUNT             

                1996                    $ 291,351             
                1997                      149,928             

                                                    Page 10 of 14
<PAGE>

PART 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The partnership commenced the offering of units and began
operations on February 26, 1990, and commenced the acquisition of
equipment in April of 1990.  As of February 26, 1992 the
partnership ceased the sale of Investor Limited Partner Units.  A
total of $2,906,960 in units has been sold through February 26,
1992.  At September 30, 1996 the partnership had acquired
$16,685,020 of leased equipment with an equity investment of
$2,452,449 and nonrecourse bank borrowing of $14,232,571.

OPERATIONS
Revenues from leasing decreased to $134,700 for the first three
quarters of the fiscal year ending December 31, 1996 ("fiscal
1996") from $179,421 for the first three quarters of the fiscal
year ended December 31, 1995 ("fiscal 1995").  The decrease in
revenues from the first three quarters of fiscal 1995 to the
first three quarters of fiscal 1996 was primarily due to the
reduction in the amount of equipment under lease.  And in
addition, there was a loss on the sale of equipment of $47,734
for the nine months ended September 30, 1995, compared to a gain
on the sale of equipment of $56,558 for the nine months ended
September 30, 1996.
                                                     
Operating expenses decreased to $112,613 for the first three 
quarters of fiscal 1996 from $249,660 for the first three
quarters of fiscal 1995.  Operating expenses consist of interest
on nonrecourse financing of equipment purchased, depreciation on 
equipment, amortization of organization expenses, administrative
expenses, and payments to a related party for administrative cost
reimbursements.  The decrease in operating expenses from the
first three quarters of fiscal 1995 to the first three quarters
of fiscal 1996 resulted primarily from the reduction of equipment
on lease.

The partnership expects continued decreases in operating revenues
due to the expiration of leases.  Thus, since the partnership
does not plan to invest in additional equipment, future results
will be based on the collection of rents on existing and extended
leases, disposition of equipment from expired leases, and
interest earned on short-term money market investments.

LIQUIDITY AND CAPITAL RESOURCES
Liquid assets of the partnership increase principally from cash
flows from operations.  Cash and cash equivalents of the
partnership at September 30, 1996 include undistributed cash
available from operations during the period February 26, 1990 to
September 30, 1996.  

The partnership has a program which provides for the temporary
investment of cash in various short-term money market instruments
pending disbursement for operations or distributions to partners. 
                                                 
                                                Page 11 of 14
<PAGE>

                     PART 2  (CONTINUED)

The partnership generally financed the purchase of equipment by
the use of loans in an amount in excess of 50% of the purchase
price thereof.  All of the loans incurred were nonrecourse to
the partnership and were or will be fully amortized by the
monthly rental payments due to the partnership under related
leases.

The partnership maintains, to the extent practicable, a working
capital and contingency reserve in an amount not to exceed 1% 
of the gross proceeds from the offering of Units, subject to 
business and distribution requirements.  Such amount, together 
with any amount reserved from operations, will be available 
to meet working capital requirements and to provide for 
contingencies.  

                                                Page 12 of 14
<PAGE>

                 TRIUMPHE LEASING LIMITED PARTNERSHIP
                      PART 2 - OTHER INFORMATION 



NONE
                                                 Page 13 of 14
<PAGE>
                        SIGNATURES 
        
  In accordance with the requirements of the Exchange Act,
  the Registrant has caused this report to be signed on 
  its behalf by the undersigned, thereunto duly authorized. 


                      TRIUMPHE LEASING LIMITED PARTNERSHIP        
     
                      By:  TL GENERAL CORP., 
                           Its: General Partner



  Date  November 6, 1996       By: /s/ Gerald A. Horwitz          
                                  ------------------------------
                                  Gerald A. Horwitz, President
                                  of the Corprate General Partner
                                  (Principal Executive Officer) 




  Date  November 6, 1996       By: /s/ Jerry L. Schwartz         
                                  ------------------------------
                                  Jerry L. Schwartz, 
                                  Vice President, 
                                  Secretary and Treasurer of the
                                  Corporate General Partner
                                  (Principal Financial and 
                                  Accounting Officer) 


  Date  November 6, 1996       By: /s/ Gerald A. Horwitz          
                                  ------------------------------
                                  Gerald A. Horwitz 
                                  Its: General Partner

                                               Page 14 of 14