UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            -----------------------

                                   FORM 10-Q
                   Quarterly Report Under Section 13 or 15(d)
              of the United States Securities Exchange Act of 1934

                            -----------------------


For The Quarter Ended September 30, 1995            Commission File No. 2-92914


                       COLUMBIA LEASE INCOME FUND B L.P.
             (Exact name of registrant as specified in its charter)


         Delaware                                                    13-3239271
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                              Identification No.)


    One Financial Center, 21st Floor, Boston, MA                          02111
(Address of principal executive offices)                             (Zip Code)


Registrant's telephone number, including area code               (617) 482-8000
                                                 

                                 Not Applicable
              (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 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.

                                  Yes X No ___

                             There are no Exhibits.

                                  Page 1 of 14

<PAGE>

<TABLE>
<CAPTION>

                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)


                                                             INDEX                                                Page No.

Part I.       FINANCIAL INFORMATION

              Financial Statements

<S>           <C>                                                                                               <C> 
                    Balance Sheets as of September 30, 1995 and December 31, 1994                                     3

                    Statements of Operations For the Quarters Ended
                           September 30, 1995 and 1994 and the Nine Months
                           Ended September 30, 1995 and 1994                                                          4

                    Statements of Cash Flows For the Nine Months Ended
                           September 30, 1995 and 1994                                                                5

                    Notes to Financial Statements                                                                 6 - 9

              Management's Discussion and Analysis of Financial Condition and
                    Results of Operations                                                                       10 - 12

Part II.      OTHER INFORMATION

              Items 1 - 6                                                                                            13

              Signature                                                                                              14

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                           Part I. FINANCIAL INFORMATION

                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                                 Balance Sheets

                                      Assets                                        (Unaudited)              (Audited)
                                                                                      9/30/95                 12/31/94
Investment property, at cost (note 3):
<S>                                                                               <C>                    <C>            
   Computer equipment                                                             $       687,898        $       973,398
     Less accumulated depreciation                                                        653,074                891,773
                                                                                          -------                -------
       Investment property, net                                                            34,824                 81,625

Cash and cash equivalents                                                                 145,470                 93,575
Marketable securities (notes 2 & 6)                                                         8,271                      -
Net investment in sales-type and direct financing leases                                   17,264                156,277
Rents receivable, net (note 2)                                                              3,375                  3,105
Accounts receivable - affiliates (note 4)                                                   1,972                  7,884
Sales receivable, net (note 2)                                                                  -                  8,000
                                                                                            -----                  -----
                                                       
     Total assets                                                                 $       211,176        $       350,466
                                                                                  =       =======        =       =======

                        Liabilities and Partners' Equity
Liabilities:
   Accounts payable and accrued expenses - affiliates (note 4)                    $        22,835        $        40,820
   Accounts payable and accrued expenses                                                   64,251                102,580
   Distributions payable (note 5)                                                          96,636                 96,636
                                                                                           ------                 ------

     Total liabilities                                                                    183,722                240,036
                                                                                          -------                -------

Partners' equity:
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net income                                                                122,996                113,293
     Cumulative cash distributions                                                       (512,008)              (498,202)
     Reallocation of capital accounts                                                     388,012                383,909
                                                                                          -------                -------
                                                                                                -                      -
                                                                                          -------                -------
   Limited Partners (23,316 units):
     Capital contribution, net of
       offering costs                                                                  10,025,879             10,025,879
     Cumulative net income                                                              2,336,917              2,152,566
     Cumulative cash distributions                                                    (11,946,411)           (11,684,106)
     Reallocation of capital accounts                                                    (388,012)              (383,909)
                                                                                         --------               -------- 
                                                                                           28,373                110,430
                                                                                         --------               --------
     Unrealized losses on marketable securities (note 6)                                     (919)                     -
                                                                                         --------               --------
     Total partners' equity                                                                27,454                110,430
                                                                                         --------               --------

     Total liabilities and partners' equity                                       $       211,176        $       350,466
                                                                                  =       =======        =       =======
</TABLE>

                See accompanying notes to financial statements.


<PAGE>

<TABLE>
<CAPTION>

                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                            Statements of Operations
                                  (Unaudited)

                                                     Quarters Ended                         Nine Months Ended
                                                      September 30,                           September 30,
                                                      -------------                           -------------
                                                 1995              1994                1995                1994
                                                 ----              ----                ----                ----
Revenue:
<S>                                         <C>                <C>                  <C>                 <C>         
   Rental income                            $     42,588       $     56,963         $    114,034        $    152,036
   Other income                                   18,894                  -               37,465                   -
   Earned income on sales-type and
     direct financing leases                       1,642              7,808               12,010              27,729
   Recovery of unsecured pre-petition
     claim (note 7)                               11,752                  -               55,061                   -
   Interest income                                 1,301                522                3,788               2,418
   Net gain on sale
     of equipment                                  6,315             17,079               95,334              77,066
                                                   -----             ------               ------              ------

       Total revenue                              82,492             82,372              317,692             259,249
                                                  ------             ------              -------             -------

Costs and expenses:
   Depreciation                                   11,938             33,909               58,457             127,108
   Related party expenses (note 4):
     Management fees                               4,252              6,834               11,650              23,278
     General and administrative                   14,174             22,008               46,312              47,017
   (Reversal of) provision for
     doubtful accounts                              (522)           (11,287)               7,219              (3,744)
                                                    ----            -------                -----              ------ 

       Total costs
         and expenses                             29,842             51,464              123,638             193,659
                                                  ------             ------              -------             -------

Net income                                  $     52,650       $     30,908         $    194,054        $     65,590
                                            =     ======       =     ======         =    =======        =     ======

Net income per Limited
   Partnership Unit                         $       2.15       $       1.26         $       7.91        $       2.67
                                            =       ====       =       ====         =       ====        =       ====
</TABLE>

                      See accompanying notes to financial statements.



<PAGE>

<TABLE>
<CAPTION>

                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                            Statements of Cash Flows
             For the Nine Months Ended September 30, 1995 and 1994
                                  (Unaudited)

                                                                                        1995                    1994
                                                                                        ----                    ----
Cash flows from operating activities:
<S>                                                                                  <C>                      <C>         
   Net income                                                                        $    194,054             $     65,590
                                                                                     -    -------             -     ------

Adjustments  to  reconcile   net  income  to  net  cash  provided  by  operating
   activities:
     Depreciation                                                                          58,457                  127,108
     (Reversal of) provision for doubtful accounts                                          7,219                   (3,744)
     Net gain on sale of equipment                                                        (95,334)                 (77,066)
     Net decrease in current assets                                                       109,459                  139,260
     Net (decrease) increase in current liabilities                                       (56,314)                  12,243
                                                                                          -------                   ------

           Total adjustments                                                               23,487                  197,801
                                                                                           ------                  -------

           Net cash provided by operating activities                                      217,541                  263,391
                                                                                          -------                  -------

Cash flows from investing activities:
   Purchase of investment property                                                              -                  (16,099)
   Proceeds from sales of investment property                                             110,465                   92,654
                                                                                          -------                   ------

           Cash provided by investing activities                                          110,465                   76,555
                                                                                          -------                   ------

Cash flows from financing activities:
   Cash distributions to partners                                                        (276,111)                (363,546)
                                                                                         --------                 -------- 

           Cash used in financing activities                                             (276,111)                (363,546)
                                                                                         --------                 -------- 

Net increase (decrease) in cash and cash equivalents                                       51,895                  (23,600)

Cash and cash equivalents at beginning of period                                           93,575                  112,918
                                                                                           ------                  -------

Cash and cash equivalents at end of period                                           $    145,470             $     89,318
                                                                                     =    =======             =     ======

Supplemental cash flow information:
   Interest paid during the period                                                   $          -             $          -
                                                                                     =     ======            =      ======

Non-cash investing activities:
   Reclassification of expired direct financing
     lease to operating lease                                                        $     26,787             $          -
                                                                                     =     ======             =     ======
</TABLE>

                      See accompanying notes to financial statements.


<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                         Notes to Financial Statements
             For the Nine Months Ended September 30, 1995 and 1994
                                  (Unaudited)

(1)   Basis of Presentation

The foregoing  financial  statements  of Columbia  Lease Income Fund B L.P. (the
"Partnership")  have been prepared in accordance  with the rules and regulations
of the  Securities  and  Exchange  Commission  for  Form  10-Q and  reflect  all
adjustments  which are,  in the  opinion  of  management,  necessary  for a fair
presentation of the results for the interim periods presented.  Pursuant to such
rules and  regulations,  certain note  disclosures  which are normally  required
under  generally  accepted  accounting  principles  have  been  omitted.  It  is
recommended  that these  financial  statements be read in  conjunction  with the
Partnership's Annual Report on Form 10-K for the year ended December 31, 1994.

During the second quarter of 1995, the General Partner  announced its intentions
of winding  down the  operations  of the  Partnership.  It is  anticipated  that
substantially all of the assets will be liquidated and the proceeds will be used
to settle all outstanding  liabilities and make a final distribution  within the
next twelve months.  Because of the  outstanding  unsecured  pre-petition  claim
against CIS Corporation,  the Partnership will not be terminated until the claim
has been  settled  and the  remaining  proceeds  have  been  distributed  to the
Partners (see note 7 for further discussion).

(2)   Significant Accounting Policies

Allowance for Doubtful Accounts

The financial  statements  include allowances for estimated losses on receivable
balances.  The  allowances  for  doubtful  accounts  are based on past write off
experience  and an evaluation  of potential  uncollectible  accounts  within the
current  receivable  balances.  Receivable  balances  which are determined to be
uncollectible  are charged against the allowance and subsequent  recoveries,  if
any, are credited to the allowance. At September 30, 1995 and December 31, 1994,
the allowance for doubtful  accounts  included in rents  receivable was $610 and
$1,391,   respectively,   and  $8,000  and  $0  included  in  sales  receivable,
respectively.

Marketable Securities

The marketable securities are stated at fair value at the balance sheet date and
consist of common stock in Continental  Information Systems Corporation received
by the Partnership in the distributions made December 27, 1994 and July 20, 1995
by the  Trustee  of the  Liquidating  Estate  of CIS  Corporation,  et al  ("the
Trustee"),  with respect to the  outstanding net unsecured  pre-petition  claim.
During the second quarter of 1995, the stock began trading, thereby providing an
objective  valuation  measure for establishing the cost basis.  Unrealized gains
and losses are  recorded  directly in  partners'  equity  except those gains and
losses that are deemed to be other than  temporary,  which would be reflected in
income or loss (see note 6).

(3)   Investment Property

At September 30, 1995,  the  Partnership  owned  computer  equipment with a cost
basis of  $687,898,  subject to  existing  leases.  All  purchases  of  computer
equipment are subject to a 2.5% acquisition fee paid to the General Partner.



<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                         Notes to Financial Statements
                                  (Unaudited)

(4)   Related Party Transactions

Fees,  commissions  and other expenses paid or accrued by the Partnership to the
General  Partner or affiliates of the General  Partner for the nine months ended
September 30, 1995 and 1994 are as follows:

<TABLE>
<CAPTION>
                                                          1995                  1994
                                                          ----                  ----

      <S>                                            <C>                     <C>       
      Equipment acquisition fees                     $         -             $      393
      Management fees                                     11,650                 23,278
      Reimbursable expenses paid                          50,821                 40,262
                                                          ------                 ------

                                                     $    62,471             $   63,933
                                                     =    ======             =   ======
</TABLE>

Under the terms of the Partnership Agreement, the General Partner is entitled to
an  equipment  acquisition  fee  of  2.5%  of the  purchase  price  paid  by the
Partnership  for the  equipment.  The  General  Partner  is also  entitled  to a
management  fee equal to 6.0% of the monthly  rental  billings  collected,  paid
quarterly.  In addition,  the Partnership reimburses the General Partner and its
affiliates  for  certain  expenses  incurred  by them  in  connection  with  the
operation of the Partnership.

(5)   Distributions to Partners

For the nine months ended September 30, 1995, declarations of Distributable Cash
were as follows:

<TABLE>
<CAPTION>
                                                                                     Limited Partners
                                                                                                                         General
                                        Date Paid                        Distribution                                    Partners
Quarter Ended                           or Payable                       Per $500 Unit                Total                Totals
-------------                           ----------                       -------------                -----                ------

<S>                                   <C>                                  <C>                     <C>                   <C> 
March 31, 1995                        May 15, 1995                         $ 5.00                  $    87,435           $    4,602
June 30, 1995                         August 15, 1995                      $ 3.75                  $    87,435           $    4,602
September 30, 1995                    November 15, 1995                    $ 3.75                  $    87,435           $    4,599
</TABLE>

(6)   Fair Values of Financial Instruments

Pursuant to Statement of Financial  Accounting  Standards  No. 115 ("SFAS 115"),
"Accounting  for  Certain  Investments  in Debt and  Equity  Securities,"  which
requires  investments in debt and equity  securities  other than those accounted
for under the equity  method to be carried at fair value or  amortized  cost for
debt securities expected to be held to maturity,  the Partnership has classified
its investments in equity securities as available for sale. Accordingly, the net
unrealized  gains and losses computed in marking these  securities to market are
reported  as a  component  of  partners'  equity.  At  September  30,  1995  the
difference  between the fair value and the original cost of these  securities is
an unrealized loss of $919.



<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                         Notes to Financial Statements
                                  (Unaudited)

The fair value is based on currently  quoted market prices.  The carrying amount
and estimated  fair value of the  Partnership's  marketable  securities  for the
quarters ended September 30, 1995 and 1994 are as follows:

<TABLE>
<CAPTION>
                                                                    1995              1994
                                                                    ----              ----
                                                              Carrying Fair     Carrying      Fair
                                                              Amount   Value    Amount        Value

Investment in Continental Information
     <S>                                                      <C>      <C>      <C>           <C> 
     Systems Corporation Stock                                $  9,190 $ 8,271  $      -      $      -
                                                              ======== =======  ========      ========
</TABLE>

As was discussed in note 2,  Marketable  Securities,  the  Partnership  received
stock in Continental Information Systems Corporation as part of the December 27,
1995 and July 20,  1995  distributions  from the  Trustee  with  respect  to the
unsecured  pre-petition  claims  against CIS  Corporation  and CMI  Corporation.
During the second  quarter of 1995 when the stock began  actively  trading,  the
carrying  amount  for the stock  was  established  to be $2.50  per share  which
approximated fair value at June 30, 1995.

(7)   Bankruptcy of Continental Information Systems Corporation

On  January  13,  1989  ("Petition  Date"),   Continental   Information  Systems
Corporation,  CMI Holding Co., CMI Corporation,  CIS Corporation, and certain of
their affiliates (collectively, the "Debtors") voluntarily petitioned for relief
under  Chapter 11 of the United  States  Bankruptcy  Code  ("Chapter  11"),  and
thereafter  continued in the  management  and operation of their  businesses and
property as Debtors In Possession until October 25, 1989, when the United States
Bankruptcy Court (the "Court")  confirmed the appointment of James P. Hassett as
Chapter 11 trustee (the "Trustee") of the Debtors.  TLP Leasing  Programs,  Inc.
("TLP"), the parent company of TLP Columbia Management  Corporation ("TCMC"), is
a wholly-owned subsidiary of CMI Holding Co., but did not file under Chapter 11.
TCMC will  continue  to manage  and  provide  services  for the  Partnership  in
accordance with the Partnership Agreement, as they have in the past.

CMI Holding Co. has become a wholly-owned subsidiary of CIS Corporation pursuant
to a Court  ordered settlement  entered into among  various Prudential Insurance
entities and CIS Corporation which settled certain claims Prudential had against
CIS Corporation. The Court approved the settlement on July 20, 1993.

On November 29, 1994, the Court  confirmed the Trustee's  proposed Joint Plan of
Reorganization  dated October 4, 1994,  and the Debtors  emerged from Chapter 11
bankruptcy protection on December 21, 1994.



<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                         Notes to Financial Statements
                                  (Unaudited)

In March 1995, the Partnership  received the first distribution from the Trustee
(now Trustee of the Liquidating  Estate of CIS Corporation,  et al) with respect
to the unsecured pre-petition claims against CIS Corporation and CMI Corporation
of $76,023,  which had  previously  been written off in 1990.  The  distribution
consisted  of cash  proceeds  of  $35,259  and 3,220  shares of common  stock in
Continental  Information Systems Corporation,  to which the Trustee prescribed a
value of $4.29 per share  for  purposes  of the  unsecured  pre-petition  claim.
During the second quarter of 1995, the stock began trading, thereby providing an
objective  valuation  measure for establishing the cost basis when  approximates
fair value of $2.50 at June 30, 1995. On July 20, 1995, the Partnership received
the second  distribution  from the Trustee.  The distribution  consisted of cash
proceeds  of $3,537 and 456 shares of common  stock in  Continental  Information
Systems  Corporation  with a carrying  value of $1,140.  Following the Trustee's
second  distribution,  the  Partnership has a remaining  unsecured  pre-petition
claim of $21,457 as of September 30, 1995. The General Partner  anticipates that
the  Liquidating  Estate  will  make  future   distributions  on  the  remaining
outstanding claim balance, although it is not possible at this time to determine
when these  distributions  will be made. In 1990,  when the claim was originally
made, the partnership was unrelated to the Liquidating Estate.





<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                  (Unaudited)
Results of Operations

The following discussion relates to the Partnership's operations for the quarter
and nine month periods ended September 30, 1995, compared to the same periods in
1994.

The  Partnership  realized net income of $52,650 and $30,908 for the three month
periods  ended  September  30,  1995 and 1994,  respectively.  Rental  income on
operating leases decreased  $14,375 or 25% between the three month periods.  The
decrease in rental  income is primarily  due to lower  rental rates  obtained on
equipment lease  extensions and  remarketings  resulting after the initial lease
term  expires  and  due to a  decrease  in the  overall  size  of the  equipment
portfolio.  Other income in the current period is the result of the reduction of
overstated  liabilities  recorded in prior periods.  Earned income on sales-type
and direct  financing  leases will  continue to decline  over the lease terms as
more of each minimum lease payment, as calculated using the rate implicit in the
lease, is allocated to the recovery of the fair market value of the equipment at
the inception of the lease. The recovery of the net unsecured pre-petition claim
was the result of the second  distribution  from the Trustee of the  Liquidating
Estate  of  CIS  Corporation,  et  al  ("the  Trustee"),  with  respect  to  the
outstanding  claim balance.  The receivables  associated with the settlement had
been  written  off in  1990;  accordingly,  the  Partnership  was able to show a
recovery on those  receivables as of September 30, 1995. The net gain on sale of
equipment can be attributed to sales of fully depreciated equipment.

Total  costs and  expenses  decreased  $21,622 or 42%  between  the three  month
periods.  The decrease in costs and  expenses is  primarily  the result of lower
depreciation  expense.  The decrease in  depreciation  expense is due to a large
portion of the equipment portfolio becoming fully depreciated and a reduction in
the overall equipment  portfolio.  Management fees have decreased in relation to
the decline in rental income. General and administrative  expenses were lower in
the current  quarter  due to a decline in  operating  activity  and due to fewer
storage  charges as a result of the  reduction  of  equipment  held in inventory
awaiting re-lease or sale. The Partnership's provision for doubtful accounts was
reversed  in the current and prior year  quarter  due to  successful  collection
efforts on delinquent rent receivables.

The  Partnership  realized net income of $194,054 and $65,590 for the nine month
periods  ended  September  30,  1995 and 1994,  respectively.  Rental  income on
operating  lease  decreased  $38,002 or 25% between the nine month  periods.  As
discussed  in the quarter  analysis  above,  the  decrease  in rental  income on
operating  leases is primarily  due to lower rental rates  obtained on equipment
lease extensions and remarketings resulting after the initial lease term expires
and due to a decrease  in the overall  size of the  equipment  lease  portfolio.
Other income is due to a reduction of overstated  liabilities  recorded in prior
periods,  as discussed  above.  Earned income on sales-type and direct financing
leases  will  continue to decline  over the lease terms as more of each  minimum
lease payment,  as calculated using the rate implicit in the lease, is allocated
to the  recovery  of the fair value of the  equipment  at the  inception  of the
lease. As mentioned above, the recovery of the net unsecured  pre-petition claim
was the result of the third  quarter of 1995 receipt of the  Trustee's  July 20,
1995 second  distribution along with the second quarter of 1995 establishment of
the  carrying  value of the stock  received  in  March,  1995.  The  receivables
associated with the stock settlement had been written off in 1990;  accordingly,
the Partnership was able to show a recovery on those receivables as of September
30,  1995.  The increase in net gain on sale of  equipment  is  attributed  to a
number of sales in 1995 of equipment carrying low net book values.



<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                  (Unaudited)

Total  costs and  expenses  decreased  $70,021  or 36%  between  the nine  month
periods.  The decrease in costs and  expenses is  primarily  the result of lower
depreciation expense. As discussed in the quarterly analysis above, the decrease
in  depreciation  expense of $68,651 is due to a large  portion of the equipment
portfolio  becoming fully  depreciated and a reduction in the overall  equipment
portfolio.  Management  fees have decreased in relation to the decline in rental
income along with the second quarter of 1995 refund from the General  Partner of
management  fees  charged on  receivables  that had been  deemed  uncollectible.
General and  administrative  expenses reflect a slight net decrease which is the
result of lower current year expenses  combined with lower  expenses in 1994 due
to an overaccrual in a prior period which was reversed in the quarter ended June
30, 1994.  The  Partnership  established  a provision  for doubtful  accounts of
$7,219 in the first nine months of 1995 to reserve for uncollectible accounts.

Liquidity and Capital Resources

For the nine months ended  September 30, 1995,  rental  revenue  generated  from
operating leases and sales proceeds from equipment sales were the primary source
of funds for the Partnership. As equipment leases terminate, the General Partner
determines if the equipment  will be extended to the same lessee,  remarketed to
another lessee,  or if it is less  marketable,  sold. This decision is made upon
analyzing which option would generate the most favorable results.

Rental income on operating  leases will continue to decrease due to two factors.
The first factor is the rate  obtained  when the original  leases expire and are
remarketed at a lower rate.  Typically the remarketed rates are lower due to the
decrease in useful life of the equipment.  Secondly,  the  increasing  change in
technology  in the  computer  industry  usually  decreases  the demand for older
equipment,  thus  increasing  the  possibility  of  obsolescence.  Both of these
factors together will cause remarketed rates to be lower than original rates and
will cause certain leases to terminate upon expiration.

During the second quarter of 1995, the General Partner  announced its intentions
of winding  down the  operations  of the  Partnership.  It is  anticipated  that
substantially all of the assets will be liquidated and the proceeds will be used
to settle all outstanding  liabilities and to make a final  distribution  within
the next  twelve  months.  The  Partnership  will not be  terminated  until  the
unsecured  pre-petition  claims against CIS  Corporation and CMI Corporation has
been settled,  the stock received has been sold and the remaining  proceeds have
been distributed to the partners.

The stock  cannot be sold  immediately  by the  Partnership  due to  limitations
imposed by the Securities Exchange Act of 1933 (the "Exchange Act"). Because TLP
Columbia  Management  Corporation,   the  General  Partner,  is  a  wholly-owned
subsidiary of TLP Leasing Programs,  Inc., which is a wholly-owned subsidiary of
Continental   Information  Systems  Corporation   ("CIS"),  the  Partnership  is
considered an "Affiliate" of CIS.  Accordingly,  in order for the Partnership to
sell the shares,  the Partnership must comply with the  restrictions  imposed by
Rule 144 of the Exchange Act.



<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations
                                  (Unaudited)

For the nine months  ended  September  30,  1995,  the  Partnership's  investing
activities resulted in equipment sales with a depreciated cost basis of $59,347,
generating  $110,465 in sales proceeds.  Associated with the equipment sale were
$44,216 of loss  charge  offs  against the  reserve,  initially  set up in prior
periods for estimated losses on the ultimate disposition of equipment.

Cash  distributions  are  currently  at  an  annual  level  of  3%  per  Limited
Partnership  Unit, or $3.75 per Limited  Partnership  Unit on a quarterly basis.
For the quarter  ended  September  30,  1995,  the  Partnership  declared a cash
distribution  of $92,034,  of which $4,599 was allocated to the General  Partner
and $87,435 was allocated to the Limited Partners. The cash distribution will be
made on November 15, 1995.  The  Partnership  expects  distributions  to be more
volatile as its  operations  are winding down. The effects of inflation have not
been  significant to the  Partnership in the past and are not expected to have a
material impact in future periods.


<PAGE>


                           PART II. OTHER INFORMATION

                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)


Item 1.        Legal Proceedings
               Response:  None

Item 2.        Changes in the Rights of the Partnership's Security Holders
               Response:  None

Item 3.        Defaults by the Partnership on its Senior Securities
               Response:  None

Item 4.        Results of Votes of Security Holders
               Response:  None

Item 5.        Other Information
               Response:  None

Item 6.        Exhibits and Reports on Form 8-K
               Response:

               A.  None

               B.  None


<PAGE>


                       COLUMBIA LEASE INCOME FUND B L.P.
                        (A Delaware Limited Partnership)

                                   SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

COLUMBIA LEASE INCOME FUND B L.P.
(Registrant)

By:  TLP-Columbia Management Corporation,
its General Partner


By:  Arthur P. Beecher,
     President

Date:November 14, 1995
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