SECURITIES AND EXCHANGE COMMISSION
                           Washington, DC  20549
                                             

                                FORM 10-KSB

 X       ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
         For the fiscal year ended December 31, 1997

                                    OR

         TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
         For the transition period from                 to        
       

                      Commission File No. 33-72740-FW

                         TRIUMPHE LEASING IX L.P.
              (Name of Small Business Issuer in Its Charter)

Illinois                                36-3921954
(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, including zip code)

(847) 509-1500
(Issuer's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange
Act:
                                   None

Securities registered pursuant to Section 12(g) of the Exchange
Act:
                                   None

Check whether the issuer (1) filed all reports required to be
filed by Section 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.   Yes    X   No ____

Check if there is no disclosure of delinquent filers in response
to Item 405 of Regulation S-B is not contained in this form, and
no disclosure will be contained, to the best of registrant's
knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or
any amendment to this Form 10-KSB.  [X]

         The issuer's revenues for the fiscal year ended December
31, 1997 were $1,979,247.

         The aggregate market value of the voting securities of
the registrant beneficially owned by non-affiliates of the
registrant (the exclusion of the market value of the shares owned
by any person shall not be deemed an admission by the registrant
that such person is an affiliate of the registrant) at December
31, 1997 was $697,276.* 
                                    

                    DOCUMENTS INCORPORATED BY REFERENCE
                                   None.

*        There has not been, nor is there expected to be, a
public market for the limited partnership units; the market value
of $697,276 is based on the book value per unit of limited
partnership interest.


<PAGE>
                                  PART I

ITEM 1.         DESCRIPTION OF BUSINESS

         The registrant, Triumphe Leasing IX L.P. (the
"Partnership"), is a limited partnership organized in November,
1993 under the Revised Uniform Limited Partnership Act of the
State of Illinois.  The Partnership sold $2,090,465 in Limited
Partnership Units (the "Units") to the public from January 31,
1994 through April 30, 1997, pursuant to a Registration Statement
on Form SB-2 filed with the Securities and Exchange Commission
(Registration No. 33-72740-FW).  The business of the Partnership
is to acquire, own, lease, maintain, manage and sell various
items of new and used computer, computer peripheral,
telecommunications and office equipment (the "Equipment").

         Equipment Acquisition.  The General Partners intend to
select Equipment which they believe will maintain residual value. 
Among the factors adversely affecting the residual values of
Equipment, and which make predictions of residual value
uncertain, are advances in technology that render equipment
obsolete, reductions in sales prices or rental rates by
manufacturers of comparable new equipment, and surpluses in the
marketplace for comparable equipment.  The General Partners
intend to utilize data prepared by recognized appraisal or
valuation firms as a guide to estimating the residual values of
Equipment.

         Terms of Leases.  The General Partners generally intend
to lease Equipment to lessees for initial terms ranging from six
months to six years, under agreements which impose on the lessees
all costs of maintenance, taxes and insurance for the equipment. 
The leases may grant the lessees options to extend their leases
or to purchase the leased Equipment at the end of the initial
lease terms.

         Lessees.  The General Partners intend to lease Equipment
to lessees it believes to be creditworthy.  The General Partners
will depend heavily on the lease credit evaluations of the
Partnership's lenders which, in turn, look primarily to rentals
under the leases to repay  their loans.

         Leverage.  The General Partners intend to finance the
purchase of Equipment by the use of nonrecourse loans in an
amount in excess of 50% of the purchase price thereof.  A
nonrecourse loan is one in which the lender agrees that its
recourse in the event of default is limited to the equipment
securing the loan, the rents payable under the related lease and
the proceeds derived from their sale, and that neither the Part-
nership nor any Partner will be liable for payment.  It is
anticipated that generally the loans will be in the maximum
amount which can be repaid with interest out of the lease rentals
receivable during the initial lease terms.  The General Partners
intend to incur debt which bears a fixed interest rate over the
term of the loan, rather than a variable rate which changes with
the prime rate or other criteria.

         Refinancing and Sale of Equipment.  In some cases the
Partnership may dispose of its Equipment at the end of the
initial term of the related lease.  This may be accomplished by
(a) selling the Equipment to the lessee, (b) selling the
Equipment in the open market, (c) negotiating an extension of the
lease term, and (d) securing a new lessee and selling the
Equipment subject to the extended or new lease to another
investor.  In other cases, at the end of the initial term of a
lease, the Partnership may decide to retain the Equipment
and enter into a new or extended lease.  The Partnership will
then either (a) refinance the Equipment, which will permit the
Partnership to distribute to the Partners any cash received in
the refinancing or (b) retain the debt-free leased Equipment so
as to secure for the Partnership the rental income under the
lease.  The Partnership may also sell the lease prior to the end
of the initial lease term.  It is not anticipated that the terms
of any extended or replacement leases will extend beyond December
31, 2000.

<PAGE>

         Independent Brokers.  The Partnership anticipates that
most of its Equipment purchases and related lease opportunities
will be brought to its attention by independent leasing brokers,
which will either charge the Partnership a commission for their
services or alternatively purchase the Equipment and secure the
lessee and then resell the package to the Partnership at a
profit.  Independent brokers may also be compensated by the
Partnership for assisting in the re-leasing and disposition of
its Equipment.  The independent brokers may also participate in
the proceeds of the leases on a percentage or fixed basis after
the Partnership has earned a specified return on their investment
in a lease.

         No Commitments.  The foregoing description of the
proposed business of the Partnership is only a statement of the
present intention of the General Partners, and should not be
viewed as a commitment as to the Partnership's actual business
activities.  The General Partners are granted unlimited
discretion in the Partnership Agreement to make all decisions
regarding the business of the Partnership.  These decisions will
include the type of equipment to be acquired, the terms of
leases, the amount and nature of borrowings, and the time and
terms of Equipment disposition.  The General Partners intend to
exercise sound business judgment in response to market conditions
when making these decisions, which may result in substantial
deviations from the business now envisioned.

         As of December 31, 1997, the Partnership had purchased
$10,707,925 worth of Equipment.  The Equipment owned by the
Partnership as of that date consists of computer hardware and
peripherals.

         Leases.   The following is a summary of each of the
leases and related Equipment acquired by the Partnership as of
December 31, 1997 and owned during 1997:

         1.  Fingerhut Corporation

         Under the terms of a master lease agreement entered into
by Fingerhut Corporation ("Fingerhut") dated as of July 11, 1990,
and an equipment schedule dated May 3, 1994, Fingerhut has leased
computer equipment manufactured by Hitachi Data Systems.

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The term
of the supplement was 36 months, which commenced on June 1, 1994. 
The monthly rent was $16,500.  The cost to the Partnership of the
equipment and schedule was $665,695.  The Partnership paid
$126,318 of this amount in cash, and the balance by assuming
existing nonrecourse financing of the equipment.  The equipment
was sold in June 1997.

         Fingerhut Corporation is a direct mail merchandiser of
home furnishings, apparel, recreation items, small appliances and
automotive accessories.

         2.   Bell Communications Research, Inc.

         Under the terms of a master lease agreement entered into
by Bell Communications Research, Inc. ("Bell") dated January 28,
1991, and an equipment schedule dated March 31, 1994, Bell has
leased certain computer equipment manufactured by Hitachi Data
Systems Corporation.

<PAGE>

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The cost
to the Partnership of the equipment and schedule was $479,144. 
The Partnership paid $81,045 of this amount in cash, and the
balance by assuming existing nonrecourse financing on the
equipment. The term of the schedule was 36 months commencing on
April 1, 1994.  The monthly rent was $13,186.  The equipment was
sold during 1997.

         3.  Thrift Drug, Inc.
         
         Pursuant to a master lease agreement entered into by
the Partnership and Thrift Drug, Inc., dated as of January 1,
1996, and an equipment supplement dated October 1, 1996, Thrift
has leased 17 IBM laser printers. The term of the lease is 24
months which commenced November 1, 1996. The cost of the
equipment and lease to the Partnership was $78,551, which the
Partnership paid in cash.  The monthly rent is $2,664.

         Thrift operates a chain of retail drug stores.

         4.  AT&T Corp.

         (a)  Under the terms of a lease order dated October 6,
1993 to a master lease agreement dated December 13, 1989, AT&T
Corp. ("AT&T") has leased computer equipment manufactured by
Pyramid Technology Corporation.  The Partnership has acquired
from the original lessor the equipment and all of the rights
under the lease order.  The term of the lease order was 24 months
which commenced October 1, 1993.  The monthly rent was $18,812. 
The cost to the Partnership of the equipment and lease order was
$326,854.  The Partnership paid $58,000 of this amount in cash
and the balance by executing a non- recourse promissory note.

         (b)  Under the terms of a lease order dated June 3, 1994
to a master lease agreement dated December 13, 1989, AT&T has
leased computer equipment manufactured by Pyramid Technology
Corporation, an upgrade to the equipment in (a) above.  The
Partnership has acquired from the original lessor the equipment
and all of the rights under the lease order.  The term of the
lease order was 16 months, which commenced June 1, 1994.  The
monthly rent was $5,558.  The cost to the Partnership of the
equipment and lease order was $81,200, which the Partnership paid
in cash.

         The original leases in (a) and (b) above expired in
September 1995.  The equipment schedules in (a) and (b) above
were renewed for $17,686 and $5,225, respectively, for 6 months,
which commenced on October 1, 1995.  After the expiration of the
renewal term, (a) and (b) above were renewed again at $16,271 and
$4,859, respectively, for 3 months, which commenced on April 1,
1996.  The leases were sold during 1997.

         (c)  Under the terms of a lease order dated October 24,
1994 to a master lease agreement as amended June 15, 1990, AT&T
has leased computer equipment manufactured by Hewlett Packard. 
The Partnership has acquired from the original lessor the
equipment and all of the rights under the lease order.  The term
of the lease order was 36 months, which commenced December 1,
1994.  The monthly rent was $43,630.  The cost to the Partnership
of the equipment and lease order was $1,619,276.  The Partnership
paid $217,773 of this amount in cash and the balance by assuming
existing nonrecourse financing of the equipment.

<PAGE>

         The lease in (c) above was early renewed in February
1996.  The term of the lease was extended to January 1999 at a
monthly rent of $40,000.

         AT&T is in the communication services business.

         5.  Charming Shoppes of Delaware, Inc.

         Under the terms of a master lease agreement entered into
by Charming Shoppes of Delaware, Inc. ("Charming Shoppes") dated
August 25, 1992, and an equipment schedule dated August 1, 1994,
Charming Shoppes has leased computer equipment manufactured by
Netframe Systems Incorporated.

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The cost
to the Partnership of the equipment and schedule was $224,880. 
The Partnership paid $20,781 of this amount in cash and the
balance by executing a nonrecourse promissory note.  The term of
the schedule was 36 months, which commenced on July 1, 1994.  The
monthly rent was $6,935.  The equipment was scrapped in October
1997.

         Charming Shoppes is a wholesale distributor of women's
apparel.

         6.  Litton Computer Services, a Division of Litton
Industries, Inc.

         Under the terms of a master lease agreement entered into
by Litton Computer Services, a Division of Litton Industries,
Inc. ("Litton") dated October 31, 1990, and an equipment schedule
dated March 1, 1994, as amended, Litton has leased computer
equipment manufactured by AT&T Paradyne, Larscom and IBM.

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The term
of the schedule is 60 months, which commenced on May 1, 1994. 
The monthly rent is $26,170.  The cost to the Partnership of the
equipment and supplement was $1,325,457.  The Partnership paid
$80,920 of this amount in cash, and the balance by assuming
nonrecourse financing of the equipment.

         Litton's businesses include systems engineering,
information systems and data processing.

         7.  Total System Services, Inc.

         (a)  Under the terms of a master lease agreement dated
July 29, 1992 and an equipment schedule dated as of November 1,
1994, Total System Services, Inc. ("Total System") has leased one
optical disk library manufactured by Kodak.  The initial term of
the schedule was 36 months commencing on November 1, 1994.  The
monthly rent was $12,270.  The cost of the equipment and schedule
to the Partnership was $403,675.  The Partnership paid $66,100 of
this amount in cash and the balance by assuming nonrecourse
financing of the equipment.  The equipment was sold in December
1997.



<PAGE>
         (b) Under the terms of a master lease agreement dated
July 29, 1992 and an equipment schedule dated as of June 14,
1996, Total System has leased computer equipment manufactured by
Anacomp.  The initial term of the schedule is 36 months
commencing on June 1, 1996.  The monthly rent is $19,328.  The
cost of the equipment and schedule to the Partnership was
$635,348.  The Partnership paid $93,684 of this amount in cash
and the balance by assuming nonrecourse financing of the
equipment.

         (c) Under the terms of a master lease agreement dated
July 29, 1992 and an equipment schedule dated as of June 18,
1996, Total System has leased equipment manufactured by Pitney
Bowes.  The initial term of the schedule is 48 months commencing
on May 1, 1996.  The monthly rent is $26,542.  The cost of the
equipment and schedule to the Partnership was $1,140,431.  The
Partnership paid $170,904 of this amount in cash and the balance
by assuming nonrecourse financing of the equipment.

         (d)  Under the terms of a master lease agreement entered
into by Total System dated July 29, 1992, and an equipment
schedule dated January 16, 1997, Total System has leased computer
equipment manufactured by Anacomp.  The term of the schedule is
36 months, which commenced on June 1, 1997.  The monthly rent is
$12,672.  The cost to the Partnership of the equipment and the
schedule was $421,023.  The Partnership paid $61,000 of this
amount in cash and the balance by assuming nonrecourse financing
of the equipment.

         Total System is in the credit card processing business.

         8.   First Interstate Management Services Co.

         (a)  Under the terms of a master lease agreement dated
August 5, 1995, and an equipment schedule dated as of October 1,
1995, First Interstate Management Services Co. ("First
Interstate") has leased 2 controllers manufactured by IBM.  The
initial term of the schedule was 36 months commencing on October
1, 1995. The monthly rent was $5,991.  The cost of the equipment
and the schedule to the Partnership was $226,090.  The
Partnership paid $34,374 of this amount in cash and the balance
by assuming nonrecourse financing of the equipment.  The
equipment was sold during 1997.

         (b) Under the terms of a master lease agreement dated
August 5, 1995, and an equipment schedule dated as of October 1,
1995, First Interstate has leased controller memory manufactured
by IBM, an upgrade to one of the controllers in (a) above.  The
initial term of the schedule was 30 months commencing on April 1,
1996. The monthly rent was $119.  The cost of the equipment and
the schedule to the Partnership was $3,529, which the Partnership
paid for in cash.  The equipment was sold in April of 1997.

         9.   Monsanto Company

         Under the terms of a master lease agreement dated July
1, 1993, and an equipment schedule dated as of November 22, 1995,
Monsanto Company ("Monsanto") has leased Cisco routing equipment. 
The initial term of the schedule is 36 months which commenced
January 1, 1996.  The monthly rent is $5,618.  The cost of the
equipment and the schedule was $207,388.  The Partnership paid
$27,531 of this amount in cash and the balance by assuming a
nonrecourse promissory note.

         Monsanto is a major manufacturer and distributor of
chemicals and chemical products.

<PAGE>

         10.  Weirton Steel Corporation

         Under the terms of a master lease agreement dated
February 29, 1996, and an equipment schedule dated as of February
29, 1996,  Weirton Steel Corporation ( Weirton Steel ) has leased
computer equipment manufactured by IBM.  The initial term of the
schedule is 36 months which commenced May 1, 1996.  The monthly
rent is $7,700.  The cost of the equipment and the schedule to
the Partnership was $280,356.  The Partnership paid $41,338 in
cash and the balance by assuming nonrecourse financing of the
equipment.

         Weirton Steel is a producer of steel and tin mill
products.

         11.  Southern Company Services, Inc.

         Under the terms of a master lease agreement dated
December 2, 1994, and an equipment schedule dated as of March 12,
1996, Southern Company Services, Inc. ( Southern ) has leased 15
Alphaservers manufactured by Digital Electronics Corporation. The
initial term of the schedule is 36 months which commenced May 1,
1996.  The monthly rent is $13,612.  The cost of the equipment
and the schedule to the Partnership was $526,733.  The
Partnership paid $77,955 in cash and the balance by assuming
nonrecourse financing of the equipment.

         12.  Hughes Network Systems, a Hughes Electronics
Company

         Under the terms of a master lease agreement dated
February 16, 1996, and an equipment schedule dated as of May 16,
1996, Hughes Network Systems ( Hughes ) has leased Cisco routing
equipment. The initial term of the schedule is 36 months which
commenced June 1, 1996.  The monthly rent is $6,554.  The cost of
the equipment and the schedule to the Partnership was $234,299. 
The Partnership paid $28,058 in cash and the balance by assuming
nonrecourse financing of the equipment.

         Hughes Network Systems manufactures and distributes
networking components and satellite dishes.

         13.  Chrysler Motors Corporation

         (a) Under the terms of a master lease agreement dated
April 5, 1989, and an equipment schedule dated as of May 29,
1996, Chrysler Motors Corporation ( Chrysler ) has leased
ONYX/IRS infinite reality systems manufactured by Silicon
Graphics. The initial term of the schedule is 36 months which
commenced July 19, 1996.  The monthly rent is $18,494.  The cost
of the equipment and the schedule to the Partnership was
$706,115.  The Partnership paid $141,104 in cash and the balance
by assuming nonrecourse financing of the equipment.

         (b) Under the terms of a master lease agreement dated
April 5, 1989, and an equipment schedule dated as of September
30, 1996, Chrysler has leased 19 Indigo2 systems manufactured by
Silicon Graphics. The initial term of the schedule is 36 months
which commenced October 28, 1996.  The monthly rent is $20,362. 
The cost of the equipment and the schedule to the Partnership was
$783,289.  The Partnership paid $142,202 in cash and the balance
by assuming nonrecourse financing of the equipment.

<PAGE>

         Chrysler Corporation is one of the world's largest
manufacturers of automobiles, vans, and trucks.


         14.  Johnson Controls, Inc.
         
         Under the terms of a master lease agreement entered into
by Johnson Controls, Inc. ( Johnson Controls ) dated August 29,
1995, and an equipment schedule dated as of March 26, 1997,
Johnson Controls has leased various computer equipment
manufactured by SGI.

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The term
of the schedule is 36 months, which commenced on April 1, 1997. 
The monthly rent is $5,309.  The cost to the Partnership of the
equipment and schedule was $204,130.  The Partnership paid
$30,781 of this amount in cash and the balance by executing a
nonrecourse promissory note.

         Johnson Controls is in the automotive and systems
service business.

         15.  Genus, Inc.

         Under the terms of a master lease agreement entered into
by Genus, Inc. ( Genus ) dated April 10, 1996, and an equipment
schedule dated February 11, 1997, Genus has leased computer
equipment manufactured by Concorde.

         The Partnership has acquired from the original lessor
the equipment and all of the rights under the schedule.  The term
of the schedule is 36 months, which commenced on April 1, 1997. 
The monthly rent is $3,923.  The cost to the Partnership of the
equipment and schedule was $124,300, which the Partnership paid
in cash.

         Genus is in the automotive business.


<PAGE>
<TABLE>         

         The following tabulation sets forth the lessee, the
equity investment of the Partnership, the debt incurred at the
date of acquisition, the lease term at the acquisition of the
Equipment and lease term remaining at December 31, 1997:
<CAPTION>
                                            Lease         Lease 
                                             Term         Term  
                                           Equipment    Remaining
                                               at            at
                                           Acquisition   12/31/97
                                               (in          (in)
Lessee                Equity        Debt      months)     months)
<S>               <C>         <C>            <C>          <C>
Fingerhut Corp.   $  116,480   $  539,377       36           (1)
Bell Comm.            81,045      398,098       33           (1)
Thrift Drug           20,000           --       12           (1)
Thrift Drug           78,551           --       24           10
AT&T Corp.            58,000      268,854       15           (1)
AT&T Corp.            81,200           --       15           (1)
AT&T Corp.           217,773    1,401,503       36           (2)
Charming Shoppes      20,781      204,099       33           (1)
Litton Industries     80,922    1,244,535       58           18
Total System          66,100      337,575       31           (1)
Total System          93,684      541,664       31           17
Total System         170,904      969,527       42           28  
First Interstate      34,374      191,717       35           (1)
First Interstate       3,529           --       29           (1)
Monsanto              27,531      179,857       35           12
Weirton Steel         41,338      239,018       35           16
Southern Company      77,955      448,778       36           16
Hughes Network        28,058      206,241       35           17
Chrysler             141,104      565,011       34           19
Chrysler             142,202      641,087       35           22
Johnson               30,781      173,349       36           26
Genus                124,300           --       36           26
Total System          61,000      360,023       36           30
                  ----------   ----------
       Total:     $1,797,642   $8,910,313
                  ==========   ==========
<FN>
</TABLE>                                                      
(1)      Lease expired and equipment was sold.   
(2)      Lease was early renewed in February 1996.  The term of
the lease was extended to January 1999 at a monthly rent of
$40,000.

              
<PAGE>
         Competition.  The equipment leasing industry is highly
competitive and the Partnership competes with other leasing
companies, with equipment manufacturers and distributors, and
with other entities similar to the Partnership, most of which
have greater financial resources than the Partnership and more
experience in the equipment leasing business than the General
Partners.  Other leasing companies and especially equipment
manufacturers and distributors may be in a position to offer
equipment for lease upon financial terms more favorable than
those which the Partnership can offer and may also be in a
position to offer trade-in or exchange privileges on a wide range
of equipment, a pass-on of any investment tax credit,
comprehensive maintenance contracts, and other services and
benefits to lessees which the Partnership does not offer.

         Major Customers.  Approximately 73% of the Partnership's
lease income in the period ended December 31, 1997 was from three
customers.  For those direct financing leases in which the
Partnership has a net investment at December 31, 1997, 100% was
with two customers.  See Note 4 in "Notes to Financial
Statements" in this report.

         Employees.  The Partnership does not have any employees.

Item 2.  DESCRIPTION OF PROPERTY

         See "Item 1--Description of Business" in this report.

Item 3.  LEGAL PROCEEDINGS

         None.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

                               PART II

Item 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         There has not been, nor is there expected to be, a
public market for the Units.  As of December 31, 1997 there were
approximately 201 holders of Units.

Item 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
         OPERATION

         The Partnership commenced the offering of Limited
Partnership Units and began operations on January 31, 1994.  As
of April 30, 1997 the Partnership had sold $2,090,465 in Units. 
As of December 31, 1997 the Partnership had acquired $10,707,925
of leased equipment, excluding capitalized equipment acquisition
costs, with an equity investment of $1,797,612 and nonrecourse
bank borrowings of $8,910,313.

<PAGE>

Operations

         Total revenues decreased to $1,979,247 for the fiscal
year ended December 31, 1997 ("fiscal 1997") from $2,078,756 for
the fiscal year ended December 31, 1996 ("fiscal 1996").  Total
revenues consist of lease rental income and interest earned on
the proceeds of Units sold and loss on sales of equipment.  This
decrease in total revenues resulted from an increase in the
losses from sale of equipment.

         Operating expenses increased to $2,814,653 for fiscal
1997 from $2,003,206 for fiscal 1996.  Operating expenses consist
of interest on nonrecourse financing of equipment purchased,
depreciation of equipment under operating leases, amortization of
organization expenses, administrative expenses, and payments to a
related party for administrative cost reimbursements.  The
increase in operating expenses from fiscal 1996 to fiscal 1997
resulted primarily from an increase in depreciation incurred due
to the acquisition of additional leased equipment.

Liquidity and Capital Resources

         Liquid assets of the Partnership increase as offering
proceeds are collected and decrease as the Partnership makes
equipment investments.  Cash and cash equivalents of the
Partnership at December 31, 1996 include undistributed cash
available from operations during the period January 31, 1994 to
December 31, 1997.

         The Partnership has a cash management program which
provides for the temporary investment of cash in various
short-term money market instruments pending their investment in
Equipment or distribution to partners.

         The Partnership generally finances the purchase of
Equipment by the use of nonrecourse loans in an amount in excess
of 50% of the purchase price thereof.  The indebtedness incurred
by the Partnership related to the acquisition of Equipment is
generally fully amortized by the monthly rent payments due to the
Partnership under related leases.

         The Partnership maintains a working capital and
contingency reserve in an amount equal to 1% of the gross
proceeds of the offering of Units.  Such amounts, together with
any amount reserved from operations, will be available to meet
working capital requirements and to provide for contingencies. 
The partnership does not believe that it is subject to any
material costs related to the  year 2000 issues.

Item 7.  FINANCIAL STATEMENTS

         The financial statements of the Partnership as of
December 31, 1997 and for the fiscal years ended December 31,
1997 and  December 31, 1996 and the notes thereto are set forth
elsewhere herein.

Item 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
         ACCOUNTING AND FINANCIAL DISCLOSURE

         None.

<PAGE>

                              PART III

Item 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
         PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE   
         ACT

         The Partnership has no directors or executive officers. 
The General Partners of the Partnership are Gerald A. Horwitz and
TL General IX Corp., an Illinois corporation ("TL General"), the
sole Director of which is Mr. Horwitz.  Mr. Horwitz serves as
Director of TL General until his successor is elected.

         The executive officers of TL General are Mr. Horwitz and
Jerry Schwartz, who were elected to serve until their successors
are elected and qualified.

         Gerald A. Horwitz.  Mr. Horwitz, age 62, is the
President and sole Director of TL General.  He is also the
Chairman of the Board, sole Director, President, Treasurer and
sole voting shareholder of Raffaello, Inc., the sole shareholder
of TL General, as well as the sole Director and Treasurer of
Triumphe Leasing Group, Inc. and Horwitz & Associates, Inc.
(formerly known as Horwitz, Schakner & Associates, Inc. and G.A.
Horwitz & Co. Inc.), a securities broker-dealer and investment
adviser,  President and sole Director of TL General Corp., the
corporate General Partner of Triumphe Leasing Limited Partnership
and President and sole Director of TL General VIII Corp., the
corporate General Partner of Triumphe Leasing VIII L.P.  Prior to
organizing Horwitz & Associates, Inc. in 1970, Mr. Horwitz served
as an officer of Thomson, McKinnon and Auchincloss and prior to
that he served as an officer of Blair and Company, both of which
were New York Stock Exchange member firms.  Mr. Horwitz attended
Roosevelt University in Chicago, where he earned a Bachelor of
Science Degree. He also attended the University of Wisconsin
as an undergraduate and the University of Chicago as a
post-graduate student and served part-time as an instructor at
Northwestern University.

         Mr. Horwitz has served as a general partner of Res-Com,
Ltd., Unilease Associates, Quest, Valley Associates, Leasing
Income Associates, Equipment Leasing Partners, Triumphe Leasing
Limited Partnership, and Triumphe Leasing VIII L.P.; and as an
officer and director of the sole general partners of Triumphe
Leasing Limited Partnership, Triumphe Leasing VIII L.P., Concorde
Leasing Limited Partnership and Invalease, Ltd.  Each of these
entities are Illinois limited partnerships engaged in the
equipment leasing business.  Mr. Horwitz is also the sole trustee
of Tax Advantaged Income Trust, a grantor trust formed in 1985
under Illinois law to purchase and lease equipment.

         Jerry Schwartz.  Mr. Schwartz, age 52, has served in
various executive capacities for affiliates of Raffaello, Inc.
since April 1987.  He is Vice President, Secretary and Treasurer
of TL General and TL General Corp.  From 1982 to 1987, he served
as a principal of J.L. Schwartz & Co., Inc., a public accounting
firm.  Prior thereto, Mr. Schwartz served as an accounting and
operational manager for a certified public accounting firm.

         There is no family relationship among the foregoing
officers.

Item 10.  EXECUTIVE COMPENSATION

         As stated in Item 9, the Partnership has no executive
officers or directors.  The compensation to the General Partners
is set forth in Item 12 of this report.

<PAGE>

Item 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

         As of December 31, 1997, no person owned of record or
was known by the Partnership to own beneficially more than 5% of
the Partnership's Units then outstanding.

         The Partnership has no executive officers.  As of
December 31, 1997, neither Gerald A. Horwitz, TL General IX Corp.
nor Jerry Schwartz owned any Units.

Item 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Fees to General Partners and Affiliates.  The General
Partners and their affiliates will receive substantial fees,
compensation and reimbursement of expenses from the Partnership.

         For its services as placement agent of the Partnership,
Horwitz & Associates, Inc. ("H&A"), an affiliate of Messrs.
Horwitz and Schwartz, receives a sales commission of 8% of the
gross proceeds from the offering of Units.  Such fees may be
reallowed to other brokers by H&A.

         For its services in actively managing the Partnership,
including, but not limited to, preparation of SEC reports and
filings, preparation of reports to investors, leasing and
re-leasing Equipment, arranging for necessary maintenance and
repairs of Equipment, collecting revenues, paying operating
expenses, determining that the Equipment is used in accordance
with all operative contractual arrangements and providing
clerical and bookkeeping services necessary to the operation of
the Partnership, the Partnership will pay the General Partners
and/or their affiliates an Equipment Management Fee in an amount
equal to (i) 2% of gross rental payments (exclusive of taxes and
other reimbursements) payable to the Partnership with respect to
Full Payout Leases; or (ii) 3% of gross rental payments
(exclusive of taxes and other reimbursements) payable to the
Partnership with respect to Operating Leases.

         For its services in locating and acquiring equipment,
and arranging for financing and locating lessees, the Partnership
will pay to the General Partners and their affiliates an
Equipment Acquisition Fee in an amount equal to 5% of the
Partnership's equity investment in such equipment; provided,
however, that the Equipment Acquisition Fee shall not be paid if,
and to the extent that, such payment shall cause the amount of
gross proceeds of the offering invested in Equipment (including
costs of investments other than Equipment) to be less than 85% of
the gross proceeds of the offering.

         For its services in connection with the sale of any
Equipment, the Partnership may pay to the General Partners and
their affiliates a Subordinated Resale Fee in an amount equal to
one-half of a Competitive Equipment Sale Commission, not to
exceed 3% of the contract sales price of such Equipment, provided
that any Subordinated Resale Fee earned shall not be paid to the
General Partners and their affiliates prior to "Payout."  Payout
is defined as the time when the aggregate amount of all
distributions to the Investor Limited Partners of Distributable
Cash equals the sum of:  (i) the aggregate amount of the Investor
Limited Partners' Capital Contributions, and (ii) a cumulative,
non-compounded 12% annual return on the aggregate amount of each
Investor Limited Partner's unreturned Capital Contributions
(calculated from the date such Investor Limited Partner was
admitted to the Partnership).  For purposes of this definition,
Capital Contributions shall be deemed to have been returned only
to the extent that distributions of Distributable Cash to the
Investor Limited Partners exceed the amount required to satisfy
such 12% annual return.  If the General Partners participate with
an independent broker on resale, such subordination shall apply
only to the General Partners' Resale Fee.  In no event shall
total commissions paid to all persons exceed that which is
reasonable, customary and competitive in light of the size, type
and location of the equipment.

<PAGE>

         During the fiscal years ended December 31, 1997 and
1996, the Partnership accrued management fees to the General
Partners of $86,343 and $79,278 respectively with $141,211 of
management fees unpaid at December 31, 1997.  The Partnership
paid $20,000 and $49,000 in management fees in 1997 and 1996,
respectively.  The Partnership paid $10,000 and $34,000 in
acquisition fees during fiscal 1997 and 1996, respectively.

         Allocations and Distributions of the Partnership.  In
accordance with the Partnership Agreement, the General Partners
received distributions of $2,403 and were allocated net loss of
$8,354 for fiscal 1997.

         Reimbursements.  The General Partners and their
affiliates shall be reimbursed for any expenses they incur in
organizing the Partnership and offering the Units, up to a
maximum of $1,400 multiplied by the number of Units actually
sold.

         In addition, reimbursements in amounts not presently
determinable will also be made from time to time to the General
Partners and their affiliates for reasonable out-of-pocket
expenses incurred in connection with the management,
administration and operation of the Partnership and the
acquisition of Equipment (e.g., photocopying, postage, and filing
fees).   The General Partners presently estimate that such
reimbursements will not exceed $25,000 per year.

         During the fiscal year ended December 31, 1997, the
Partnership paid nominal reimbursements to affiliates of the
General Partners.

                              PART IV

Item 13.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  The exhibits, as listed in the Exhibit Index set
forth on page E-1, are submitted as a separate section of this
report.

         (b)  No current reports on Form 8-K were filed during
the quarter ended December 31, 1997.


<PAGE>
                             SIGNATURES


         In accordance with Section 13 or 15(d) of the Exchange
Act, the Registrant caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                              TRIUMPHE LEASING IX L.P.
                              By:  TL GENERAL IX CORP.
                              Its:  General Partner

Date: February 25, 1998       By: /s/ Gerald A. Horwitz  
                                  ----------------------------
                                  Gerald A. Horwitz, President



         In accordance with the Exchange Act, this report has
been signed below by the following persons on behalf of the
registrant in the capacities and on the dates indicated.

      Signatures                Title(s)               Date


/s/ Gerald A. Horwitz       Sole Director and   February 25, 1998
------------------------    President of the 
    Gerald A. Horwitz       corporate General
                            Partner and as a 
                            General Partner 
                            (Principal 
                            Executive
                            Officer)                              
        
   
/s/ Jerry Schwartz          Vice President,     February 25, 1998
------------------------    Secretary and 
    Jerry Schwartz          Treasurer of the 
                            corporate General 
                            Partner (Principal
                            Financial and 
                            Accounting
                            Officer)                              
                
   



SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
PURSUANT TO SECTION 15(d) OF THE EXCHANGE ACT BY NON-REPORTING
ISSUERS




<PAGE>
                              EXHIBIT INDEX


Exhibit No.        Description                           Page No.

1.                 Copy of the Partnership's Certificate of       
                   Limited Partnership filed with the Illinois    
                   Secretary of State on  November 30, 1993       
                   (Incorporated by reference to Exhibit 4.4 to   
                   Registration Statement No. 33-44929).

2.1                Copy of the Partnership's original Agreement   
                   of Limited Partnership, dated November 30,     
                   1993 (Incorporated by reference to Exhibit 4.3 
                   to Registration Statement No. 33-44929).

2.2                Form of Amended and Restated Agreement of      
                   Limited Partnership (Incorporated by reference 
                   to Exhibit A to the Partnership's prospectus   
                   dated January 31, 1994 as part of Registration 
                   Statement No. 33-44929).

10                 Form of Waiver of Gerald A. Horwitz and TL     
                   General IX Corp. (Incorporated by reference to 
                   Exhibit 10 to Registration Statement No.       
                   33-72740-FW).

27                 Financial Data Schedule


  
                                Triumphe Leasing IX L.P.
                                 
  

                                     Financial Statements
                           Years Ended December 31, 1997 and 1996
  
  
<PAGE>
  
  
                                         Triumphe Leasing IX L.P.

                                                        Contents  
  
  
  Report Of Independent Certified Public Accountants            3
  
  
  Financial Statements
       Balance Sheets                                         5-6
       Statements of Operations                                 7
       Statements of Partners  Equity                           8
       Statements of Cash Flows                                 9 
       Summary of Accounting Policies                       10-13 
       Notes to Financial Statements                        14-16
  
  
<PAGE>
  

Report Of Independent Certified Public Accountants
  
  
To the Partners
Triumphe Leasing IX L.P.
Northbrook, Illinois
  
  
We have audited the accompanying balance sheet of Triumphe      
Leasing IX L.P. as of December 31, 1997 and the related
statements of operations, partner equity and cash flows for each
of the two years in the period ended December 31, 1997.  These
financial statements are the responsibility of the Partnership s
management.  Our responsibility is to express an opinion on these
financial statements based on our audits.
  
We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.
  
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Triumphe Leasing IX L.P. at December 31, 1997, and the results
of its operations and its cash flows for each of the two years in
the period ended December 31, 1997 in conformity with generally
accepted accounting principles. 
  
  
  
/s/ BDO Seidman, LLP
  
  
  
Chicago, Illinois
January 16, 1998
  
  
<PAGE>  
  

  
                           Financial Statements
  

<PAGE>
<TABLE>
  
                                         Triumphe Leasing IX L.P.
   
                                                    Balance Sheet 
   
  
<CAPTION>  
December 31,                                                1997  
     
  <S>                                               <C>
  Assets
  
  Current Assets
         Cash and cash equivalents                  $     179,796
         Accounts receivable                                5,328 
         Net investment in direct financing 
          leases (Notes 1 and 4)                          361,129 
                                                        --------- 
  Total Current Assets                                    546,253 
                                                        ---------
  Computer Equipment on Operating Leases, 
    less accumulated depreciation of 
    $3,295,593   (Note 1)                               3,579,849 
                                                        --------- 
  Other Assets
         Net investment in direct financing leases, 
          less current portion (Notes 1 and 4)            237,096
         Deferred organization costs, less accumulated            
          amortization of $20,000                           5,000 
                                                        --------- 
  Total Other Assets                                      242,096 
                                                        --------- 
                                                    $   4,368,198 
                                                        ========= 

<FN>
</TABLE>  
  
<PAGE>
<TABLE>
  
                                         Triumphe Leasing IX L.P.

                                                    Balance Sheet 
        
  
<CAPTION>  
  December 31,                                               1997 
<S>                                                <C>  
  Liabilities and Partners  Equity
  
  Current Liabilities 
    Current maturities of long-term debt (Note 1)  $    2,228,931 
                                                        --------- 
  Total Current Liabilities                             2,228,931
  
         Accrued management fees (Note 2)                 141,211
         Long-Term Debt, less current maturities 
           (Note 1)                                     1,293,545 
                                                        ---------
  Long-Term Liabilites                                  1,434,756 
                                                        ---------
  Total Liabilities                                     3,663,687 
                                                        --------- 
  Partners  Equity
         General partners                                   7,597
         Limited partners                                 696,914 
                                                        --------- 
  Total Partners  Equity                                  704,511 
                                                        --------- 
                                                    $   4,368,198 
                                                        =========
<FN>
See accompanying summary of accounting policies and notes to
financial statements.    
</TABLE>  
  
<PAGE>
<TABLE>  
  
                                         Triumphe Leasing IX L.P.
    
                                         Statements of Operations
       
  
<CAPTION>  
  Year ended December 31,                     1997           1996 
<S>                                  <C>             <C>  
  Revenues
         Lease income                $   2,461,668   $ 2,055,075
         Loss on sale of equipment        (486,947)       (2,693) 
         Interest                            4,526        26,374 
                                         ----------    ---------  
  Total revenues                         1,979,247     2,078,756
                                         ----------    ---------
  Operating Expenses
         Interest                          354,856       289,184 
         Depreciation and amortization   2,268,428     1,431,052
         Administrative (Note 2)           191,369       282,970
                                         ---------     ---------
  Total operating expenses               2,814,653     2,003,206
                                         ---------     ---------  
  Net (Loss) Income                  $    (835,406)  $    75,550
                                         =========     =========
  Net (Loss) Income Allocated to
         General partners            $      (8,354)  $       755
         Limited partners                 (827,052)       74,795
                                         ---------     ---------  
                                     $    (835,406)  $    75,550
                                         =========     =========  
 
  Weighted Average Units Outstanding During the Period
         General partners                   1.0533         .8793
         Limited partners                 104.2761       87.0555
  
  Basic and Fully Diluted Earnings Per Unit
         General partners            $      (7,931)   $      859
         Limited partners            $      (7,931)   $      859
<FN>            
See accompanying summary of accounting policies and notes to
financial statements.
</TABLE>  
  
<PAGE>  
  

                                         Triumphe Leasing IX L.P.
  
                                   Statements of Partners  Equity
       
  
[CAPTION]  
                                             General     Limited
                                   Total    Partners    Partners  
[S]                          [C]          [C]        [C]  
  Partners  Equity, at 
   December 31, 1995         $ 1,125,937  $  11,560  $ 1,114,377 
                                                                  
     Sale of partnership 
      units                      673,251      6,876      666,375  
    Distributions  ($2,400 
      per unit)                 (190,284)    (1,903)    (188,381) 
    Net income                    75,550        755       74,795 
    Offering costs (Note 2)      (53,807)      (538)     (53,269) 
                               ----------    -------   ----------
    Partners  Equity, at 
     December 31, 1996         1,630,647     16,750    1,613,897  
                                                              
    Sale of  partnership 
     units                       158,140      1,690      156,450  
    Distributions ($2,400 
     per unit)                  (247,667)    (2,403)    (245,264)
    Net loss                    (835,406)    (8,354)    (827,052) 
    Offering costs (Note 2)       (1,203)       (12)      (1,191) 
                               ----------    -------   ---------- 
    Partners  Equity, at 
     December 31, 1997       $   704,511  $   7,597  $   696,914
                               ==========    =======   ========== 
[FN]            
See accompanying summary of accounting policies and notes to
financial statements.
[/TABLE]

<PAGE>
  
                                         Triumphe Leasing IX L.P.
  
                                         Statements of Cash Flows 
   
[CAPTION]  
  Year ended December 31,                    1997            1996 
[S]                                    [C]            [C]         
  Cash Flows From Operating Activities
         Net (loss) income             $  (835,406)   $   75,550
         Adjustments to reconcile 
          net (loss) income to net 
          cash provided by operating 
          activities
              Depreciation and 
               amortization              2,268,428     1,431,052
              Amortization of 
               unearned income             (79,328)     (126,059)
              Loss on sale of equipment 
               under lease                 486,947         2,693
              Changes in assets and 
              liabilities
                 Decrease (increase) in 
                  accounts receivable       34,039       (39,367) 
                 Decrease in prepaid 
                  expenses and other          -            3,177
                 Increase in accounts 
                  payable                   53,353         6,922
                 (Decrease) increase in 
                  other liabilities         (7,060)        4,636  
                                         ----------    ---------- 
  Net cash provided by operating 
     activities                          1,920,973     1,358,604  
                                         ----------    ----------
  Cash Flows From Investing Activities
         Purchase of computer equipment 
           on operating leases            (635,153)   (4,857,602)
         Proceeds from sale of equipment 
           under lease                     140,470           960  
         Acquisition of direct financing 
           leases                          (48,895)       (4,029)
         Principal payments received 
           under direct financing leases   377,783       424,462  
                                         ----------    ---------- 
  Net cash used in investing activities   (165,795)   (4,436,209) 
                                         ----------    ----------
  Cash Flows From Financing Activities
         Proceeds from nonrecourse debt    533,372     5,353,427 
         Principal payments on 
           nonrecourse debt             (2,293,662)   (2,829,144)
         Partner capital contributions     158,140       673,251
         Distributions to partners        (247,667)     (190,284)
         Offering costs paid                (1,203)      (53,807) 
                                         ----------    ---------- 
  Net cash (used in) provided by 
    financing activities                (1,851,020)    2,953,443 
                                         ----------    ----------
  Net Decrease in Cash and Cash 
    Equivalents                            (95,842)     (124,162) 
                 
  Cash and Cash Equivalents, at 
    beginning of year                      275,638       399,800  
                                         ----------    ---------- 
  Cash and Cash Equivalents, at 
    end of year                        $   179,796    $  275,638  
                                         ==========    ==========
  
  Supplemental Disclosure of Cash 
  Flow Information
         Cash paid during the year for 
          interest                     $   354,856    $  289,184
[FN]  
See accompanying summary of accounting policies and notes to
financial statements.
[/TABLE]  
  
<PAGE>  
  
                                         Triumphe Leasing IX L.P.
    
                                   Summary of Accounting Policies 

  
  
  Organization and         Triumphe Leasing IX L.P. (the          
  Business                 Partnership ), located in Northbrook,  
                           Illinois, was formed on November       
                           30, 1993 under the Revised Uniform     
                           Limited Partnership Act of the State   
                           of Illinois.  The Partnership          
                           commenced operations January 31, 1994. 
                           The Partnership acquires, owns,        
                           leases, maintains, manages and sells   
                           equipment.  At December 31, 1997 and   
                           1996, 106.54 and 98.17 limited         
                           partnership units, respectively, were  
                           outstanding.
                      
                           The Partnership maintains its records  
                           on the accrual method of accounting    
                           for financial reporting and income tax 
                           purposes.  The statements do not give  
                           effect to any assets or liabilities,   
                           including income taxes, that the       
                           partners may have outside of their     
                           interest in the Partnership.
  
                           The Partnership purchases and leases   
                           to third parties various items of      
                           equipment.  The equipment purchased by 
                           the Partnership to date and related    
                           lease opportunities are brought to the 
                           attention of the Partnership by
                           independent leasing brokers, who       
                           either charge the Partnership a fee    
                           for their services or purchase the     
                           equipment and secure the lessee and    
                           then resell the package to the         
                           Partnership.  At the conclusion of a   
                           lease, the leased equipment is either  
                           (i) re-leased to the same lessee, (ii) 
                           leased to a new lessee or (iii) sold. 
                           Generally, the Partnership compensates 
                           the independent brokers for re-leasing 
                           or disposing of the equipment          
                           purchased to date by allowing them to  
                           participate in the proceeds of the     
                           renewal leases or sales.
  
  
  Lease Accounting         The Partnership records leases in      
                           conformity with generally accepted     
                           accounting principles and prevalent    
                           accounting practices within the        
                           leasing industry.  All existing leases 
                           are in the form of direct financing    
                           leases or operating leases.
  
                           Direct financing leases are defined as 
                           those leases which transfer            
                           substantially all of the benefits and  
                           risks of ownership of the equipment to 
                           the lessee.  The Partnership records   
                           its net investment at the inception of 
                           the lease as the aggregate of the      
                           gross investment and any initial       
                           direct costs less unearned income,     
                           where the gross investment is the      
                           aggregate of the minimum lease         
                           payments and the estimated             
                           unguaranteed residual value and        
                           unearned income is the difference      
                           between the gross investment and the   
                           cost of the leased equipment.     
  
<PAGE>  
  
                                                    
                                         Triumphe Leasing IX L.P.

                                   Summary of Accounting Policies 

  
  
  
                           Unearned income net of initial direct  
                           costs is recognized over the lease     
                           term so as to produce a constant       
                           periodic rate of return on the net     
                           investment in the lease.  

                           Operating leases are defined as those  
                           leases which do not transfer           
                           substantially all of the benefits and  
                           risks of ownership of the equipment to 
                           the lessee.  The leased property is    
                           included in computer  equipment on     
                           operating leases and depreciated       
                           following the Partnership's            
                           depreciation policy.  Rent is reported 
                           as income on the straight-line method  
                           over the lease term as it becomes      
                           receivable according to the provisions 
                           of the lease.  
  
                           The Partnership evaluates the          
                           recoverability of its portfolio of     
                           leases quarterly, or more frequently   
                           whenever events and circumstances      
                           warrant revised estimates, and         
                           considers whether the carrying value   
                           of leases should be completely or      
                           partially written off.  The            
                           Partnership early adopted Statement of 
                           Financial Accounting Standards No.     
                           121, Accounting for Impairment of      
                           Long-Lived Assets and for Long-Lived   
                           Assets to be Disposed of.              
                           Accordingly, the Partnership assesses  
                           the recoverability of its portfolio of 
                           leases based on undiscounted estimated 
                           future operating cash flows.  If the
                           Partnership determines that the        
                           carrying value of a lease has been     
                           impaired, the measurement and          
                           recognition of the impairment will be  
                           based on discounted estimated future   
                           operating cash flows.  The effect of   
                           this change was not significant.
  
                           The Partnership s leasing operations   
                           consist of the leasing of various      
                           types of  data processing equipment    
                           and telecommunications equipment.  A   
                           substantial portion of the             
                           Partnership's leases are  classified   
                           as direct financing leases which       
                           expire over the next four years.       
                           Other data processing equipment is     
                           leased under operating leases that     
                           expire during the next two years.
  
<PAGE>  

  
                                         Triumphe Leasing IX L.P.

                                   Summary of Accounting Policies 

  
  
  Computer Equipment       Computer equipment on operating leases 
  on Operating Leases;     is stated at cost.  Depreciation is    
  Depreciation             computed using the double declining    
                           balance method over the estimated      
                           useful lives of the assets (five       
                           years).
  
  
  Deferred Organization    Deferred organization costs are        
  Costs and Amortization   recorded at cost.  Amortization
                           is computed using the straight-line    
                           method over 60 months.
  
  
  Cash and Cash            For purposes of the statements of cash 
  Equivalents              flows, the Partnership considers all   
                           highly liquid investments purchased
                           with a maturity of three months or     
                           less to be cash equivalents.  The      
                           Partnership estimates the carrying     
                           values of cash equivalents at December 
                           31, 1997 reasonably approximate fair   
                           value.
  
  
  Income Taxes             The Partnership is not a tax-paying    
                           entity for federal income tax purposes 
                           and, accordingly, no income tax        
                           expense has been provided for in the   
                           financial statements.  Income or loss  
                           from the Partnership is required to be 
                           reported by the partners on their      
                           respective income tax returns.
                      
                           The Partnership will be responsible    
                           for State of Illinois replacement tax  
                           on income it generates.
  
                           All of the Partnership's leases are    
                           treated as operating leases for income 
                           tax purposes (Note 3).
  
  Earnings per Unit        In February, 1997, the Financial       
                           Accounting Standards Board issued      
                           Statement of Financial Accounting      
                           (SFAS) No. 128, Earnings per Share.   
                           The new standard simplifies the method 
                           for computing earnings per unit and    
                           requires the presentation of two new   
                           amounts, basic and fully diluted
                           earnings per unit.
  
<PAGE>
  
                                         Triumphe Leasing IX L.P.
  
  
                                   Summary of Accounting Policies 

  
  
  Management Estimates     The preparation of financial           
                           statements in conformity with          
                           generally accepted accounting          
                           principles requires management to make 
                           estimates and assumptions that affect
                           the reported amounts of assets and     
                           liabilities and disclosure of          
                           contingent assets and liabilities at   
                           the date of the statements and         
                           reported amounts of revenue and        
                           expenses during the reporting period.  
                           Actual results could differ from those 
                           estimates.
  
                           The Partnership has estimated the      
                           residual values of equipment under     
                           direct financing and operating leases. 
                           These estimates have been developed    
                           based upon published market values of  
                           similar equipment and the general      
                           partners  prior experience.            
                           Management has provided for estimated  
                           future losses on the disposition or    
                           lease renewals of equipment currently  
                           under lease.  Given the volatility of  
                           market for the resale of computer      
                           equipment, it is reasonably possible   
                           that the Partnership s estimates for   
                           residual value may change in the near  
                           term.
  
  Recent Accounting        In June, 1997, the Financial           
  Pronouncement            Accounting Standards Board issued SFAS 
                           No. 130,  Reporting Comprehensive      
                           Income.  The new standard discusses    
                           how to report and display              
                           comprehensive income and its           
                           components.  The standard is effective 
                           for years beginning after December 15, 
                           1997.  When the Partnership adopts     
                           this statement, it is not expected to  
                           have a material impact on the          
                           Partnership's financial statements.
  
<PAGE>  
<TABLE>
                                         Triumphe Leasing IX L.P.
  
  
                                    Notes to Financial Statements 
   
  
  
  1.  Leases and Computer  Estimated future minimum lease         
      Equipment Financing  payments under both direct financing 
                           and operating leases, including        
                           estimated residual values of leased    
                           property (unguaranteed) of $13,378,    
                           net of unearned income under direct    
                           financing leases, and the related debt 
                           maturities under direct financing      
                           leases and operating leases at         
                           December 31, 1997 are as follows:
  
  
<CAPTION>                      
               Estimated future minimum lease payments receivable 
          
            ----------------------------------------------------- 
                      Direct        
                   financing   Operating                     Debt
                      leases      leases     Total     maturities 
            -----------------------------------------------------
            <S>    <C>       <C>         <C>          <C>
            1998   $ 361,129 $ 2,140,934 $ 2,502,063  $ 2,228,931
            1999     217,481   1,062,794   1,280,275    1,171,364
            2000      19,615     124,149     143,764      122,181 
            ----------------------------------------------------- 
                     598,225   3,327,877   3,926,102  $ 3,522,476 
                                                      ----------- 
            Less 
            unearned 
            income      -           -           -
            ---------------------------------------- 
                   $ 598,225 $ 3,327,877 $ 3,926,102
<FN>
</TABLE>
                           The various debt obligations are       
                           payable to financial institutions and  
                           include interest at rates ranging from
                           6.75% to 9.45%.  The Partnership       
                           estimates that the fair value of its   
                           fixed-rate borrowings approximates the
                           carrying value at December 31, 1997    
                           given the Partnership s current        
                           borrowing capabilities.  The debt      
                           obligations are collateralized by the  
                           related equipment and future rental    
                           payments under the respective leases.  
                           The indebtedness is without recourse   
                           against the Partnership.
  
  
  2.  Related Party        The Partnership's placement agent is   
      Transactions         related to the general partners        
                           through common ownership and receives  
                           a selling commission generally of 8%   
                           of the gross proceeds from the sale of 
                           the first one and one-half partnership 
                           units purchased by any person and/or   
                           his affiliates or members of his       
                           immediate family.  There were no       
                           selling commissions in 1997.  Selling  
                           commissions in 1996 amounted to        
                           $40,158.
  
<PAGE>                           
<TABLE>  
  
                                         Triumphe Leasing IX L.P.

                                    Notes to Financial Statements 
        
  
  
                           The Partnership pays companies related 
                           to the general partners through common 
                           ownership an equipment acquisition     
                           fee, in the amount of 5% of the        
                           Partnership's equity investment in     
                           such equipment, for locating and       
                           acquiring equipment, arranging lease 
                           financing and locating lessees.        
                           Equipment acquisition fees are not     
                           paid unless at least 85% of the gross  
                           limited partner contributions have     
                           been invested in equipment.  Equipment
                           acquisition fees of $10,000 and        
                           $34,000 were paid in 1997 and 1996,    
                           respectively.
  
                           For their services in actively         
                           managing the Partnership, the
                           Partnership is charged by the general
                           partners an equipment management fee   
                           in an amount equal to 3% of gross      
                           rental payments exclusive of taxes and 
                           other reimbursements) payable to the   
                           Partnership.  These expenses amounted  
                           to $86,343 and $67,040 in 1997 and     
                           1996, respectively.  
  
                           At December 31, 1997, $141,263 of      
                           equipment management fees are unpaid   
                           and included in accounts payable.  Per 
                           an agreement with the general          
                           partners, the management fees are not  
                           payable until March 31, 1999.
  
  
  3.  Reconciliation of              
      Reported Net (Loss) 
      Income to Tax Net
      Loss

<CAPTION>
                     Year ended December 31,    1997         1996 
                     <S>                  <C>          <C>       
                     Reported net (loss) 
                       income             $ (835,406)  $ 75,550
                     Add tax leasing 
                       revenues in
                       excess of reported 
                       leasing revenues      373,860    298,404
                     Less tax loss in excess 
                       of reported loss on 
                       sale of equipment 
                       under lease            (2,230)     (9,820) 
                     Less tax depreciation 
                       in excess of reported 
                       depreciation         (297,318)   (474,643) 
                                             
                     Tax net loss         -----------  ---------- 
                                          $ (761,094)  $(110,509) 
                                          -----------  ---------- 
  
<FN>  
</TABLE>  
  
<PAGE> 
    
                                         Triumphe Leasing IX L.P.

                                    Notes to Financial Statements 
        
  
  
                           The Partnership's tax basis in its     
                           assets differs from the amount at      
                           which its net assets are reported for  
                           financial reporting purposes,          
                           principally due to the accounting for  
                           direct financing leases.  At December  
                           31, 1997, the Partnership's basis for  
                           financial reporting purposes of its    
                           net assets was greater than its basis  
                           for tax reporting purposes by          
                           approximately $112,000.  As a result,  
                           aggregate future income for financial  
                           reporting purposes will be less than
                           for income tax reporting purposes.
  
  
  4.  Major Customers      Approximately 73% and 48% of the       
                           Partnership's lease income in 1997 and 
                           1996, respectively, was from three and 
                           two customers, respectively.  The      
                           percentages are as follows:
  
                                              1997          1996  
                           -------------------------------------  
                           Customer A          31%           12%
                           Customer B          23            36
                           Customer C          19             -
                           -------------------------------------
  
                           Total               73%           48%  
                           -------------------------------------  
                
                           For those direct financing leases in   
                           which the Partnership has a net        
                           investment at December 31, 1997 and
                           1996, 100% and 99% were with two       
                           customers, respectively, one which is  
                           a large company in the information     
                           systems industry, and the other, a     
                           wholesale distributor of women's       
                           apparel. 
                                                
                                             1997          1996   
                           -------------------------------------  
                           Customer A         81%           89%
                           Customer B          -            10
                           Customer C         19             -
                           -------------------------------------
  
                           Total             100%           99%