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 September 30, 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 13
<PAGE>
<TABLE>

                              PART I
                      FINANCIAL INFORMATION

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

                         September 30, 1997   December 31, 1996
                            (Unaudited)          
<S>                           <C>                 <C>
ASSETS

CURRENT ASSETS:
  Cash and equivalents        $     13,645        $    16,764
  Accounts receivable                3,702             21,982
  Net investment in direct                      
    financing leases                  -                88,750
                                 ---------          ---------     
     TOTAL CURRENT ASSETS           17,347            127,496
                                 ---------          ---------     
  
COMPUTER EQUIPMENT ON OPERATING LEASES,
  less accumulated depreciation of
  $150,004 and $170,677              9,426             34,000
                                 ---------          ---------     
                               $    26,773        $   161,496
                                 =========          =========     
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                   Page 2 of 13
<PAGE>

<TABLE>

                                 PART I
                          FINANCIAL INFORMATION

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

                         September 30, 1997   December 31, 1996
                              (Unaudited)         
<S>                            <C>                 <C>
LIABILITIES AND PARTNERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable           $    9,365          $     4,095
    Current maturities of long-
      term debt                      -                 122,083
    Other liabilities               4,686                9,804 
                                ---------            ---------
     TOTAL LIABILITIES             14,051              135,982
                                ---------            ---------
                                        
  PARTNERS' EQUITY:    
    General Partners                  234                  362
    Limited Partners               12,488               25,152
                                ---------            ---------
     TOTAL PARTNERS' EQUITY        12,722               25,514 
                                ---------            ---------    
                                   
                               $   26,773          $   161,496
                                =========            =========    
   
<FN>            
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                    Page 3 of 13  
<PAGE>
<TABLE>
                                
                       TRIUMPHE LEASING LIMITED PARTNERSHIP
                             STATEMENTS OF OPERATIONS
<CAPTION>
                            Nine Months         Nine Months
                               Ended               Ended
                         September 30, 1997  September 30, 1996
                         ------------------  ------------------
                            (Unaudited)         (Unaudited)
<S>                          <C>                 <C>
REVENUES:
  Lease Income               $     71,986        $   134,700
  Gain on Sale of Equipment         4,706             56,558 
                                ---------          ---------
     TOTAL REVENUES                76,692            191,258 
                                ---------          ---------
OPERATING EXPENSES:
  Interest                          3,734             15,860
  Depreciation & Amortization      29,280             84,211
  Remarketing Commissions Paid                 
    to Outside Lease Brokers        7,959                215
  Administrative                   11,651             12,327 
                                ---------          ---------
     TOTAL OPERATING EXPENSES      52,624            112,613 
                                ---------          ---------      
NET INCOME                   $     24,068        $    78,645 
                                =========          =========      
                                    
NET INCOME ALLOCATED TO:
  General Partners           $        241        $       786 
  Limited Partners                 23,827             77,859 
                                ---------          ---------      
                             $     24,068        $    78,645 
                                =========          =========      
                                  
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                $  164             $  536 
   Limited Partners                $  164             $  536 

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                    Page 4 of 13
<PAGE>
<TABLE>
                                
                      TRIUMPHE LEASING LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS


                             Three Months       Three Months
                                Ended              Ended
                          September 30, 1997  September 30, 1996
                          ------------------  ------------------
                              (Unaudited)        (Unaudited)
<S>                            <C>                <C>
REVENUES:
  Lease Income                 $     23,723       $    28,071
  Gain on Sale of Equipment           2,097            58,884 
                                  ---------         ---------
     TOTAL REVENUES                  25,820            86,955 
                                  ---------         --------- 
OPERATING EXPENSES:
  Interest                              309             4,322
  Depreciation & Amortization         8,500            17,251
  Remarketing Commissions Paid
    to Outside Lease Brokers          8,000               215
  Administrative                         23             2,348 
                                  ---------         ---------
     TOTAL OPERATING EXPENSES        16,832            24,136 
                                  ---------         ---------     
NET INCOME                     $      8,988       $    62,819 
                                  =========         =========     
    
NET INCOME ALLOCATED TO:
  General Partners             $         90       $       628 
  Limited Partners                    8,898            62,191 
                                  ---------         ---------     
                               $      8,988       $    62,819 
                                  =========         =========     
                                   
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                  $   61             $ 428 
   Limited Partners                  $   61             $ 428 

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                   Page 5 of 13
<PAGE>                                
<TABLE>

                       TRIUMPHE LEASING LIMITED PARTNERSHIP
                          STATEMENT OF PARTNERS' EQUITY           
           
                       Nine Months Ended September 30, 1997
                       ------------------------------------   
                                   (Unaudited)
<CAPTION>
                                                                  
                                        GENERAL        LIMITED
                          TOTAL         PARTNERS       PARTNERS
<S>                     <C>             <C>          <C>
PARTNERS' EQUITY
  Beginning of period   $     25,514    $    362     $    25,152

DISTRIBUTIONS                (36,860)       (369)        (36,491)
NET INCOME                    24,068         241          23,827
                           ----------    --------      ---------- 
PARTNERS' EQUITY
  End of period         $     12,722    $    234     $    12,488
                           ==========    ========      ========== 
<FN>   
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                   Page 6 of 13
<PAGE>
<TABLE>

                       TRIUMPHE LEASING LIMITED PARTNERSHIP 
                             STATEMENTS OF CASH FLOWS 
<CAPTION>                                     

                            Nine Months        Nine Months  
                               Ended              Ended
                        September 30, 1997  September 30, 1996
                        ------------------  ------------------
                           (Unaudited)         (Unaudited)
<S>                           <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income                  $     24,068        $    78,645   
  Adjustments to reconcile net 
   income to net cash provided 
   by operating activities: 
   
  Depreciation & amortization       29,280             84,211
    Gain on sale of 
    equipment under lease           (4,706)           (56,558) 
    Amortization of unearned income (4,595)           (24,214)

  Changes in assets and liabilities:
    Decrease in accounts receivable 18,280               -     
    (Decrease) Increase in 
     accounts payable                5,270             (2,252)
    (Decrease) in other liabilities (5,118)            (2,125)
                                   ---------         ----------
         Net cash provided by  
         operating activities       62,479             77,707 
                                   ---------         ----------   
         
CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received under                 
    direct financing leases         90,845            116,802
  Proceeds from sale of 
    equipment under lease            2,500             59,433 
                                   ---------         ----------
         Net cash provided by         
         investing activities       93,345            176,235 
                                   ---------         ----------   
CASH FLOWS FROM FINANCING ACTIVITIES:  
  Distributions to partners        (36,860)           (88,095)
  Principal payments of 
    nonrecourse debt              (122,083)          (136,084)
                                  ----------         ----------
         Net cash used in
         financing activities     (158,943)          (224,179)
                                  ----------         ----------
NET (DECREASE) INCREASE IN
   CASH & EQUIVALENTS               (3,119)            29,763

CASH AND EQUIVALENTS, 
  at the beginning of the period    16,764             17,883 
                                  ----------         ----------   
CASH AND EQUIVALENTS,
  at the end of the period    $     13,645        $    47,646   
                                  ==========         ==========
SUPPLEMENTAL DISCLOSURE OF 
CASH FLOW INFORMATION:
  Cash paid during the period
    for interest              $      3,734        $    15,860
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                   Page 7 of 13   
<PAGE>  
<TABLE>
                     
                       TRIUMPHE LEASING LIMITED PARTNERSHIP 
                             STATEMENTS OF CASH FLOWS 
                                     
                           Three Months       Three Months  
                              Ended              Ended
                       September 30, 1997  September 30, 1996
                       ------------------  ------------------
                           (Unaudited)         (Unaudited)
<S>                            <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income                   $     8,988         $   62,819   
   Adjustments to reconcile net 
    income to net cash provided
    by operating activities: 
   
   Depreciation & amortization       8,500             17,251
   (Loss) Gain on sale of 
    equipment under lease           (2,097)           (58,884) 
    Amortization of unearned income    (41)            (6,538)

  Changes in assets and liabilities:
    Decrease in accounts receivable  4,588               -
    (Decrease) in accounts payable    (500)            (1,271) 
    (Decrease) Increase in 
     other liabilities              (2,719)               722   
                                  ----------         ----------
         Net cash provided by  
         operating activities       16,719             14,099 
                                  ----------         ----------   
          
CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received under                 
    direct financing leases         12,978             38,934
  Proceeds from sale of 
    equipment under lease             -                59,433 

                                  ----------         ----------
         Net cash provided by         
         investing activities       12,978             98,367 
                                  ----------         ----------   

CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners         (7,393)           (29,365)
  Principal payments of 
    nonrecourse debt               (24,383)           (46,326)
                                  ----------         ----------
         Net cash used in
         financing activities      (31,776)           (75,691)
                                  ----------         ----------   
     
NET (DECREASE) INCREASE IN 
  CASH & EQUIVALENTS                (2,079)            36,775

CASH AND EQUIVALENTS, 
  at the beginning of the period    15,724             10,871 
                                  ----------         ----------   
CASH AND EQUIVALENTS,
  at the end of the period     $    13,645        $    47,646   
                                  ==========         ==========   
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period
    for interest               $       309        $     4,322
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                  Page 8 of 13    
<PAGE>
                             
                      TRIUMPHE LEASING LIMITED PARTNERSHIP
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1 - FINANCIAL INFORMATION
     
    The financial information included herein at September 30,
1997 and each of the nine and three months ended September 30,
1997, and September 30, 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 September 30, 1997
was the thirty-first 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 9 of 13
<PAGE>

                TRIUMPHE LEASING LIMITED PARTNERSHIP              
                    NOTES TO FINANCIAL STATEMENTS

NOTE 5 - COMMITMENTS

      At September 30, 1997, minimum lease payments for operating
leases for the current calendar year that are expected to be
received are $149,928.

                                                 Page 10 of 13
<PAGE>

ITEM 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 September 30, 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 $76,692 for the first three
quarters of the fiscal year ending December 31, 1997 ("fiscal
1997") from $191,258 for the first three quarters of the fiscal
year ended December 31, 1996 ("fiscal 1996").  The decrease in
revenues from the first three quarters of fiscal 1996 to the
first three quarters of fiscal 1997, was primarily due to the
reduction in the amount of equipment under lease.  In addition,
there was a gain on the sale of equipment of $4,706 for the nine
months ended September 30, 1997, compared to a gain on the sale
of equipment of $56,558 for the nine months ended September 30,
1996.
                                                     
Operating expenses decreased to $52,624 for the first three
quarters of fiscal 1997 from $112,613 for the first three
quarters 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 three quarters of fiscal 1996
to the first three quarters 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 September 30, 1997 include undistributed cash
available from operations during the period February 26, 1990 to
September 30, 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 11 of 13 
<PAGE>
                 TRIUMPHE LEASING LIMITED PARTNERSHIP
                      PART II - OTHER INFORMATION 

NONE

                                                 Page 12 of 13
<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  October 31, 1997     By: /s/ Gerald A. Horwitz              
      ------------------      -----------------------------------
                              Gerald A. Horwitz, President
                              of the Corporate General Partner
                              (Principal Executive Officer) 

Date  October 31, 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  October 31, 1997     By: /s/ Gerald A. Horwitz           
      ------------------      ----------------------------------- 
                              Gerald A. Horwitz 
                              Its: General Partner

                                                  Page 13 of 13