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 June 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 14
<PAGE>
<TABLE>


                              PART I
                      FINANCIAL INFORMATION

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

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

CURRENT ASSETS:
  Cash and equivalents             $  15,724          $  16,764 
  Accounts Receivable                  8,290             21,982
  Net investment in direct 
    financing leases                  15,437             88,750
                                     -------            -------
     TOTAL CURRENT ASSETS             39,451            127,496
                                     -------            -------

COMPUTER EQUIPMENT ON OPERATING LEASES,
  less accumulated depreciation of
  $186,825 and $170,677               13,329             34,000
                                     -------            -------   
                        
                                   $  52,780          $ 161,496
                                     =======            =======   
<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>

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

  LIABILITIES:
    Accounts payable               $   9,865          $   4,095
    Current maturities of long-
      term debt                       24,383            122,083
    Other liabilities                  7,405              9,804 
                                     -------            -------
     TOTAL LIABILITIES                41,653            135,982
                                     -------            -------
                                                 
  PARTNERS' EQUITY:    
    General Partners                     219                362
    Limited Partners                  10,908             25,152
                                     -------            -------
     TOTAL PARTNERS' EQUITY           11,127             25,514 
                                     -------            -------   
     
                                   $  52,780          $ 161,496
                                     =======            =======   

<FN>            
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                  Page 3 of 14    
<PAGE>
<TABLE>           
               
                 TRIUMPHE LEASING LIMITED PARTNERSHIP
                       STATEMENTS OF OPERATIONS
<CAPTION>
                                 Six Months         Six Months
                                   Ended               Ended
                                June 30, 1997      June 30, 1996
                                -------------      -------------
                                 (Unaudited)        (Unaudited)
<S>                               <C>                <C>
REVENUES:
  Lease Income                    $   48,263         $  106,629
  Gain (Loss) on Sale of Equipment     2,486             (2,326)
                                     --------           --------
     TOTAL REVENUES                   50,749            104,303 
                                     --------           --------
OPERATING EXPENSES:
  Interest                             3,424             11,538
  Depreciation & Amortization         20,657             66,961 
  Administrative                      11,587              9,979 
                                     --------           --------
     TOTAL OPERATING EXPENSES         35,668             88,478 
                                     --------           --------
NET INCOME                        $   15,081         $   15,825 
                                     ========           ========  
    
NET INCOME ALLOCATED TO:
  General Partners                $      151         $      158 
  Limited Partners                    14,930             15,667 
                                     --------           --------
                                  $   15,081         $   15,825 
                                     ========           ========

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               $      103         $      108  
   Limited Partners               $      103         $      108  

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


                                 Three Months       Three Months
                                    Ended              Ended
                                June 30, 1997      June 30, 1996
                                -------------      -------------
                                 (Unaudited)        (Unaudited)
<S>                               <C>                <C>
REVENUES:
  Lease Income                    $   24,450         $   51,438
  Gain (Loss) on Sale of Equipment     2,486             (2,326)
                                     --------           --------
     TOTAL REVENUES                   26,936             49,112 
                                     --------           --------
OPERATING EXPENSES:
  Interest                             1,109              5,293
  Depreciation & Amortization         12,157             33,480 
  Administrative                      (1,128)            (4,120)

     TOTAL OPERATING EXPENSES         12,138             34,653 
                                          
NET INCOME                        $   14,798         $   14,459 
                                            
NET INCOME ALLOCATED TO:
  General Partners                $      148         $      145 
  Limited Partners                    14,650             14,314 
                                     --------           --------
                                  $   14,798         $   14,459 
                                         
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               $      101         $       98  
   Limited Partners               $      101         $       98  

<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>        
                                                  Page 5 of 14
<PAGE>
<TABLE>                                
     
                      TRIUMPHE LEASING LIMITED PARTNERSHIP
                          STATEMENT OF PARTNERS' EQUITY
                       
                         Six Months Ended June 30, 1997
                         ------------------------------  
                                   (Unaudited)
<CAPTION>
                                                              
                                          GENERAL        LIMITED
                            TOTAL         PARTNERS       PARTNERS
<S>                       <C>             <C>          <C>
PARTNERS' EQUITY
  Beginning of period     $  25,514       $   362      $  25,152 

DISTRIBUTIONS               (29,468)         (294)       (29,174)
NET INCOME                   15,081           151         14,930 
                            --------        ------       --------
PARTNERS' EQUITY
  End of period           $  11,127       $    219     $  10,908 
                            ========        ======       ========
<FN>  
See accompanying notes to financial statements (Unaudited)
</TABLE>
                                                                  
                                                  Page 6 of 14 
<PAGE>
<TABLE>

                      TRIUMPHE LEASING LIMITED PARTNERSHIP        
                           STATEMENTS OF CASH FLOWS               
<CAPTION>           
          
                                Six Months         Six Months  
                                  Ended              Ended
                              June 30, 1997      June 30, 1996
                              -------------      ------------- 
                               (Unaudited)        (Unaudited)
<S>                               <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income                      $   15,081         $   15,825   
  Adjustments to reconcile net 
   income to net cash provided 
   by operating activities: 
   
  Depreciation & amortization         20,657             66,961  
   (Gain) Loss on sale of 
   equipment under lease              (2,486)             2,326   
   Amortization of unearned income    (4,554)           (17,676)  

  Changes in assets and liabilities: 
    Decrease in accounts receivable   13,692               -
    Increase in prepaid expense         -                   201   
    (Decrease) increase in 
     accounts payable                  5,770               (981)  
    Decrease in other liabilities     (2,399)            (3,048)
                                    ---------          ---------
         Net cash provided by  
         operating activities         45,761             63,608 
                                    ---------          ---------

CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received under                 
    direct financing leases           77,867             77,868
  Proceeds from sale of 
    equipment under lease              2,500               -    
                                    ---------          ---------
         Net cash provided by         
         investing activities         80,367             77,868 
                                    ---------          ---------

CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners          (29,468)           (58,730) 
  Principal payments of 
    nonrecourse debt                 (97,700)           (89,758)
                                    ---------          ---------
         Net cash used in
         financing activities       (127,168)          (148,488)
                                    ---------          ---------
NET DECREASE IN CASH & EQUIVALENTS    (1,040)            (7,012)  
       
CASH AND EQUIVALENTS, 
  at the beginning of the period      16,764             17,883 
                                    ---------          ---------
CASH AND EQUIVALENTS,
  at the end of the period        $   15,724         $   10,871   
                                    =========          =========
                                               
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period 
    for interest                  $    3,424         $   11,538
<FN>
See accompanying notes to financial statements (Unaudited)
</TABLE>                                                          
                                                  Page 7 of 14    
<PAGE>
 
                      TRIUMPHE LEASING LIMITED PARTNERSHIP        
                             STATEMENTS OF CASH FLOWS             
              
                                                   
                             Three Months       Three Months  
                                 Ended              Ended
                             June 30, 1997      June 30, 1996
                             -------------      -------------
                              (Unaudited)        (Unaudited)
[S]                               [C]                [C]
CASH FLOWS FROM OPERATING ACTIVITIES: 
  Net income                      $   14,798         $   14,459   
   Adjustments to reconcile net 
    income to net cash provided
    by operating activities: 
   
   Depreciation & amortization        12,157             33,480
   (Gain) Loss on sale of 
    equipment under lease             (2,486)             2,326  
   Amortization of unearned income    (1,374)            (8,096)

  Changes in assets and liabilities:
    Decrease in accounts receivable      817               -     
    Increase in prepaid expenses        -                   548 
    Decrease in accounts payable      (4,260)            (7,818) 
    Decrease in other liabilities       (645)            (4,765)
                                     --------           --------
         Net cash provided by  
         operating activities         19,007             30,134 
                                     --------           --------

CASH FLOWS FROM INVESTING ACTIVITIES: 
  Principal payments received under                 
    direct financing leases           38,934             38,934
  Proceeds from sale of equipment 
    under lease                        2,500               -    
                                     --------           --------
         Net cash provided by         
         investing activities         41,434             38,934 
                                     --------           --------

CASH FLOWS FROM FINANCING ACTIVITIES: 
  Distributions to partners           (7,393)           (29,365)
  Principal payments of 
    nonrecourse debt                 (49,368)           (45,355)
                                     --------           --------
         Net cash used in
         financing activities        (56,761)           (74,720)
                                     --------           --------
NET INCREASE (DECREASE) 
  IN CASH & EQUIVALENTS                3,680             (5,652)

CASH AND EQUIVALENTS, 
  at the beginning of the period      12,044             16,523 
                                     --------           --------

CASH AND EQUIVALENTS,
  at the end of the period        $   15,724         $   10,871   
                                     ========           ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period 
    for interest                  $    1,109         $    5,293
[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 June 30, 1997
and each of the six and three months ended June 30, 1997, and
June 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 June 30, 1997 was
the thirtieth 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 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 June 30, 1997: 

Total minimum lease payments to be received         $    12,978   
  
Estimated residual values of leased property              2,500   
 
Less: Unearned income                                       (41)  
                                                        --------
Net investment in leases                            $    15,437   
                                                        ========
                                                    

      At June 30, 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 10 of 14   
<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
June 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 $50,749 for the first two
quarters of the fiscal year ending December 31, 1997 ("fiscal
1997") from $104,303 for the first two quarters of the fiscal
year ended December 31, 1996 ("fiscal 1996").  The decrease in
revenues from the first two quarters of fiscal 1996 to the first
two quarters of fiscal 1997, was primarily due to the reduction
in the amount of equipment under lease. 
                                                     
Operating expenses decreased to $35,668 for the first two
quarters of fiscal 1997 from $88,478 for the first two 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 two quarters of fiscal 1996 to
the first two 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 June 30, 1997 include undistributed cash available
from operations during the period February 26, 1990 to June 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.

                                                  Page 11 of 14

<PAGE>

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 II - 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 August 12, 1997     By: /s/ Gerald A. Horwitz              
       -----------------      ----------------------------------- 
                              Gerald A. Horwitz, President
                              of the Corporate General Partner
                              (Principal Executive Officer) 

  Date August 12, 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 August 12, 1997     By: /s/ Gerald A. Horwitz           
       ----------------       ----------------------------------- 
                              Gerald A. Horwitz 
                              Its: General Partner

                                                  Page 14 of 14