SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C.  20549
                          
                                FORM 10-QSB


     [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
         THE SECURITIES EXCHANGE ACT OF 1934                     
     
     For the quarterly period ended       March 31, 1997    

                            
     [ ]  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)         (Zip Code)  
             

     847-509-1500                                               
     (Issuer's telephone number)

     _________________________________________________________
                                                                
     (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 11
<PAGE>
<TABLE>


                              PART I
                      FINANCIAL INFORMATION

                  ITEM 1.   FINANCIAL STATEMENTS
                                         
               TRIUMPHE LEASING LIMITED PARTNERSHIP
                          BALANCE SHEETS
<CAPTION>

                                March 31, 1997  December 31, 1996
                                --------------  ----------------- 
                                 (Unaudited)                  
<S>                                <C>                <C>
ASSETS

CURRENT ASSETS:
  Cash and equivalents             $  12,044          $  16,764
  Accounts Receivable                  9,107             21,982
  Net investment in direct
    financing leases                  52,997             88,750
                                     -------            -------
     TOTAL CURRENT ASSETS             74,148            127,496
                                     -------            ------- 
                                         
COMPUTER EQUIPMENT ON OPERATING LEASES,
  less accumulated depreciation of
  $179,177 and $170,677               25,500             34,000
                                     -------            -------   
                         
    
                                   $  99,648          $ 161,496
                                     =======            =======   
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                     Page 2 of 11
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<TABLE>      
                                 PART I
                          FINANCIAL INFORMATION

                ITEM 1.  FINANCIAL STATEMENTS - CONTINUED
                        
                   TRIUMPHE LEASING LIMITED PARTNERSHIP           
                              BALANCE SHEETS
<CAPTION>
                                March 31, 1997  December 31, 1996
                                --------------  ----------------- 
                                 (Unaudited)        
<S>                                <C>                 <C>   
LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable               $  14,125           $   4,095
    Current maturities of long-
      term debt                       73,751             122,083
    Other liabilities                  8,050               9,804 
                                     -------             -------
     TOTAL LIABILITIES                95,926             135,982
                                     -------             -------
                                        
  PARTNERS' EQUITY:    
    General Partners                     145                 362
    Limited Partners                   3,577              25,152
                                     -------             -------
       TOTAL PARTNERS' EQUITY          3,722              25,514 
                                     -------             -------  
     
                                   $  99,648           $ 161,496
                                     =======             =======

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                     Page 3 of 11 
<PAGE>
<TABLE>              
                      TRIUMPHE LEASING LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
<CAPTION>
                               Three Months       Three Months 
                                  Ended              Ended
                              March 31, 1997     March 31, 1996
                              --------------     --------------
                               (Unaudited)        (Unaudited)
<S>                             <C>                <C>
REVENUES:
  Lease Income                  $  23,814          $  55,191
  Gain (Loss) on Sale 
  of Equipment                       -                  -    
                                  -------            -------   
TOTAL REVENUES                     23,814             55,191 
                                  -------            -------

OPERATING EXPENSES:
  Interest                          2,316              6,245
  Depreciation & Amortization       8,500             33,480
  Remarketing Commissions Paid
    to Outside Lease Brokers         -                  -   
  Administrative                   12,715             14,100 
                                  -------            -------
  TOTAL OPERATING EXPENSES         23,531             53,825 
                                  -------            -------
NET INCOME                      $     283          $   1,366 
                                  =======            =======      
      

NET INCOME ALLOCATED TO:
  General Partners              $       3          $      14 
  Limited Partners                    280              1,352 
                                  -------            -------
                                $     283          $   1,366 
                                  =======            =======

WEIGHTED AVERAGE UNITS OUTSTANDING
   DURING THE PERIOD:
   General Partners                1.4682             1.4682 
   Limited Partners              145.3478           145.3478 

INCOME PER WEIGHTED AVERAGE UNIT:
   General Partners                $    2             $    9 
   Limited Partners                $    2             $    9 

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                     Page 4 of 11
<PAGE>
<TABLE>
                       TRIUMPHE LEASING LIMITED PARTNERSHIP
                          STATEMENT OF PARTNERS' EQUITY
                      
                        Three Months Ended March 31, 1997
                        ---------------------------------
                                   (Unaudited)
<CAPTION>
                                                                 
                                           GENERAL      LIMITED
                               TOTAL       PARTNERS     PARTNERS
<S>                        <C>            <C>         <C> 
PARTNERS' EQUITY
  Beginning of period      $  25,514      $     362   $  25,152

DISTRIBUTIONS                (22,075)          (220)    (21,855)
NET INCOME                       283              3         280 
                             --------       --------    --------
PARTNERS' EQUITY
  End of period            $   3,722      $     145   $   3,577 
                             ========       ========    ========
<FN>  
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                     Page 5 of 11
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<TABLE>
                       TRIUMPHE LEASING LIMITED PARTNERSHIP 
                             STATEMENTS OF CASH FLOWS 
<CAPTION>                                     
                                    Three Months    Three Months  
                                       Ended           Ended
                                   March 31, 1997  March 31, 1996
                                   --------------  -------------- 
                                    (Unaudited)     (Unaudited)
<S>                                    <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income                           $    283       $   1,366   
   Adjustments to reconcile net
    income (loss) to net cash
    provided by operating activities: 
   
   Depreciation & amortization            8,500          33,481
    (Gain) loss on sale of
      equipment under lease                -               -     
   Amortization of unearned income       (3,181)         (9,580)

  Changes in assets and liabilities:
    Decrease in accounts receivable      12,875
    (Increase) in prepaid expenses         -               (348) 
    Increase in accounts payable         10,030           6,837 
    (Decrease)\ Increase in other
      liabilities                        (1,754)          1,718 
                                        --------        --------  
    Net cash provided by  
    operating activities                 26,753          33,474 
                                        --------        --------  
    
CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received under                 
    direct financing leases              38,934          38,934
  Proceeds from sale of equipment
    under lease                            -               -    
                                        --------        --------
    Net cash provided by         
    investing activities                 38,934          38,934 
                                        --------        --------
CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners             (22,075)        (29,365)
  Principal payments of
    nonrecourse debt                    (48,332)        (44,403)
                                        --------        -------- 
    Net cash used in
    financing activities                (70,407)        (73,768)
                                        --------        --------  
NET (DECREASE) IN CASH & EQUIVALENTS     (4,720)         (1,360)

CASH AND EQUIVALENTS, 
  at the beginning of the period         16,764          17,883 
                                        -------         -------   
     
CASH AND EQUIVALENTS,
  at the end of the period            $  12,044       $  16,523   
                                        =======         =======   
    
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period
    for interest                      $   2,316       $   6,245
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                     Page 6 of 11 
<PAGE>
    
                   TRIUMPHE LEASING LIMITED PARTNERSHIP
                      NOTES TO FINANCIAL STATEMENTS

NOTE 1 - FINANCIAL INFORMATION
     
    The financial information included herein at March 31, 1997
and the three months ended March 31, 1997, and March 31, 1996, 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 those dates and the results of operations 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 March 31, 1997 was
the twenty-ninth 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 year.  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 7 of 11
<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 March 31, 1997:     

Total minimum lease payments to be received            $  51,912

Estimated residual values of leased property               2,500

Less: Unearned income                                     (1,415) 
                                                         -------- 
Net investment in leases                               $  52,997  
                                                         ========
     At March 31, 1997, minimum lease payments for direct
financing and operating leases for the current calendar year that
are expected to be received are $149,928.

                                                     Page 8 of 11 
<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 1990.  As of February 26, 1992 the partnership
ceased the sale of Investor Limited Partner Units.  A total of
$2,906,960 in units had been sold through February 26, 1992.  At
March 31, 1997 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 $23,814 for the first quarter
of the fiscal year ending December 31, 1997 ("fiscal 1997") from
$55,191 for the first quarter of the fiscal year ended December
31, 1996 ("fiscal 1996").  The decrease in revenues from the
first quarter of fiscal 1996 to the first quarter of fiscal 1997
was primarily due to the reduction in the amount of equipment
under lease.  
                                                     
Operating expenses decreased to $23,531 for the first quarter of
fiscal 1997 from $53,825 for the first quarter of fiscal 1996. 
Operating expenses consist of interest on nonrecourse financing
of equipment purchased, depreciation on equipment, administrative
expenses, and payments to a related party for administrative cost
reimbursements.  The decrease in operating expenses from the
first quarter of fiscal 1996 to the first quarter of fiscal 1997
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 March 31, 1997 include undistributed cash
available from operations during the period February 26, 1990 to
March 31, 1997.  

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. 

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 9 of 11 
<PAGE>

                 TRIUMPHE LEASING LIMITED PARTNERSHIP
                      PART 2 - OTHER INFORMATION 


NONE
                                                   Page 10 of 11

<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  May 1, 1997       By: /s/ Gerald A. Horwitz          
       -----------------     ------------------------------------ 
  
                             Gerald A. Horwitz, President
                             of the Corporate General Partner
                             (Principal Executive Officer) 




  Date  May 1, 1997       By: /s/ Jerry L. Schwartz          
       -----------------     ------------------------------------ 
    
                             Jerry L. Schwartz, 
                             Vice President, 
                             Secretary and Treasurer of the
                             Corporate General Partner
                             (Principal Financial and 
                             Accounting Officer) 


  Date  May 1, 1997       By: /s/ Gerald A. Horwitz          
       -----------------     ------------------------------------ 
                             Gerald A. Horwitz 
                             Its: General Partner


                                                  Page 11 of 11