SECURITIES AND EXCHANGE COMMISION

                       WASHINGTON, DC  20549
                                                           
                            FORM 10KSB
                                                                  
       


[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, 1996

                                    OR

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
     THESECURITIES 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.

                                              [X] Yes    [ ] 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, 1996 were $2,078,756.

     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, 1996 was $1,613,897.* 
                                    

                   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 $1,613,897
is based on the book value per unit of limited partnership
interest.
                                                             
                                                    Page 1 of 32
<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 $1,934,015 in Limited Partnership Units (the
"Units") to the public from January 31, 1994 through December 31,
1996, 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 ("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 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
Partnership 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.

                                                    Page 2 of 32

<PAGE>

     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.


     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, 1996, the Partnership had purchased
$9,968,310 worth of Equipment.  The Equipment owned by the
Partnership as of that date consists of computer hardware and
peripherals.

     The following is a summary of each of the leases and related
Equipment acquired or proposed to be acquired by the Partnership
as of December 31, 1996:

A.   LEASES ENTERED INTO AS OF DECEMBER 31, 1996

     1.   FINGERHUT CORPORTATION

     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 is 36 months, which commenced on June 1, 1994. 
The monthly rent is $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.

     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 3 of 32

<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 is 36 months commencing on April 1, 1994. 
The monthly rent is $13,186.

     3.   Thrift Drug, Inc.

     (a)  Under the terms of a master lease agreement entered
into by Thrift Drug, Inc. ("Thrift") dated January 2, 1992, and
an equipment supplement which was extended by an amendment dated
November 15, 1994, and under the terms of a master lease
agreement entered into by Thrift dated January 2, 1992, and two
equipment supplements which were extended by an amendment dated
November 15, 1994, Thrift has leased 76 computer modems
manufactured by IBM.

     The Partnership has acquired from the original lessor the
equipment and all of the rights under the supplements.  The cost
to the Partnership of the equipment and supplements was $20,000,
which amount was paid in cash. The aggregate monthly rental under
the supplements is $1,900.  The terms of these supplements are 12
months, which commenced on January 1, 1995.

     The original lease expired in December 1995.  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 January 1, 1996, the Partnership and Thrift Drug
terminated the original master lease agreement and equipment
schedules, and renewed the equipment.  The initial term of the
schedule is 12 months which will commence on January 1, 1996. 
The monthly rent is $960, and includes a $1 buyout option. 
Thrift exercised this option in November 1996, and the equipment
was sold.

     (b)  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, a wholly owned subsidiary of J.C. Penney Company,
Inc., 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 is 24 months which
commenced October 1, 1993.  The monthly rent is $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 nonrecourse promissory note.

                                                    Page 4 of 32

<PAGE>

     (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 is 16 months, which commenced June 1, 1994.  The
monthly rent is $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 are currently renewed on a month-to-month basis
at the last renewal rent.

     (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 is 36 months, which commenced December 1, 1994.  The
monthly rent is $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.

     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 SHOPPPES 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 is 36 months, which commenced on July 1, 1994.  The
monthly rent is $6,935.

     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.

                                                    Page 5 of 32

<PAGE>

     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
non-recourse 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 is 36 months commencing on November 1, 1994. The
monthly rent is $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.

     (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.

     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 is 36  months commencing on October
1, 1995. The monthly rent is $5,991.  The cost of the equipment
and the schedule to the Partnership was $226,090.  The
Partnership paid $34,373 of this amount in cash and the balance
by assuming nonrecourse financing of the equipment.

     (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 is 30 months commencing on April 1,
1996. The monthly rent is $119.  The cost of the equipment and
the schedule to the Partnership was $3,529, which the Partnership
paid for in cash.

                                                    Page 6 of 32

<PAGE>

     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.

     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.

                                                    Page 7 of 32

<PAGE>

     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 Motors Corporation ("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.

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

                                                              
                                                    Page 8 of 32

<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, 1996:
<CAPTION.
                                       Lease Term     Lease Term
                                       at Equipment   Remaining
                                       Acquisition    at 12/31/96
Lessee              Equity      Debt   (in months)    (in months)
-------            -------     ------   -----------    ----------
<S>              <C>         <C>            <C>            <C>
Fingerhut Corp. $  126,318  $  539,377       36             5
Bell 
  Communications    81,045     398,099       33             3
Thrift Drug         20,000        --         12            (1)
Thrift Drug         78,551        --         24            22
AT&T Corp.          58,000     268,854       15            (2)
AT&T Corp.          81,200        --         15            (3)
AT&T Corp.         217,773   1,401,503       36            (4)
Charming Shoppes    20,781     204,099       33             6
Litton Industries   80,922   1,244,535       58            30
Total System        66,100     337,575       31            10
Total System        93,684     541,664       31            29
Total System       170,904     969,527       42            40
First Interstate    34,373     191,717       35            21
First Interstate     3,529        --         29            21
First Interstate    76,371     332,472       33            22
Monsanto            27,531     179,857       35            24
Weirton Steel       41,338     239,018       35            28
Southern Company    77,955     448,778       36            28
Hughes Network      28,058     206,241       35            29
Chrysler           141,104     565,011       34            31
Chrysler           142,202     641,087       35            34
                 ---------   ---------

TOTAL           $1,667,739  $8,709,414
                 =========   =========

<FN>
</TABLE>
                              
(1)  Lease expired in December 1995; original lease and
     schedules terminated pursuant to a master lease agreement    
     between the Partnership and Thrift Drug dated January 1,     
     1996.  Renewal of equipment in January 1996 at a monthly     
     rate of $960 for 12 months, with a $1 buyout option.  Thrift 
     exercised the option in November 1996, and the equipment was 
     sold.

(2)  Lease expired in September 1995; lease renewed at a monthly  
     rate of $17,686 for a 6-month term expiring in March 1996.   
     After the expiration of the renewal term on April 1, 1996,   
     lease was renewed again at $16,271 for 3 months, expiring in 
     September 1996.  The leases are currently renewed on a       
     month-to-month basis at $16,271.

(3)  Lease expired in September 1995; lease renewed at a monthly  
     rate of $5,225 for a 6-month term expiring in March 1996.    
     After the expiration of the renewal term on April 1, 1996,   
     lease was renewed again at $4,859 for 3 months, expiring in  
     September 1996.  The leases are currently renewed on a       
     month-to-month basis at $4,859.

                                                    Page 9 of 32

<PAGE>

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

B.   LEASES PROPOSED TO BE ENTERED INTO AS OF DECEMBER 31, 1996


     1.     FIRST INTERSTATE MANAGEMENT SERVICES CO.

     Under the terms of a master lease agreement dated August 5,
1995, and equipment schedules dated as of October 1, 1995, First
Interstate Management Services Co. ("First Interstate") has
leased computer equipment manufactured by IBM.  The initial terms
of the schedules are 36 months commencing on November 1, 1995.
The monthly rent is $11,023.  The cost of the equipment and the
schedules to the Partnership is expected to be $408,844.  The
Partnership expects to pay $76,372 of this amount in cash and the
balance by assuming nonrecourse financing of the equipment.

     2.     JOHNSON CONTROLS, INC.

     Under the terms of a master lease agreement dated August 29,
1995, and an equipment schedule dated as of October 31, 1996,
Johnson Controls, Inc. ( Johnson Controls ) has leased computer
equipment manufactured by Silicon Graphics.  The initial term of
the lease is 36 months commencing on February 1, 1997.  The
monthly rent is $5,309.  The cost of the schedule and the
equipment to the Partnership is expected to be $204,130.  The
Partnership expects to pay $30,776 of this amount in cash, and
the rest by assuming nonrecourse financing of the equipment.

     There is no assurance that the purchase of this schedule by
the Partnership will be consummated.

     COMPETITION.  The equipment leasing industry is highly
competitive and the Partnership competes with other easing
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 48% of the Partnership's
lease income in the period ended December 31, 1996 was from two
customers.  For those direct financing leases in which the
Partnership has a net investment at December 31, 1996, 99% was
with two customers.  See Note 4 in "Notes to Financial
Statements" in this report.

     EMPLOYEES.  The Partnership does not have any employees.

                                                    Page 10 of 32

<PAGE>

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, 1996 there were
approximately 190 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 December 31, 1996 the Partnership had sold $1,934,015 in
Units.  As of December 31, 1996 the Partnership had acquired
$9,968,310 of leased equipment, excluding capitalized equipment
acquisition costs, with an equity investment of $1,591,369 and
nonrecourse bank borrowings of $8,376,941.

OPERATIONS

     Total revenues increased to $2,078,756 for the fiscal year
ended December 31, 1996 ("fiscal 1996") from $1,453,742 for the
fiscal year ended December 31, 1995 ("fiscal 1995").  Total
revenues consist of lease rental income and interest earned on
the proceeds of Units sold and loss on sales of equipment.  This
increase in total revenues resulted from an increase in rental
income due to the acquisition of additional leased equipment and
related leases.

     Operating expenses increased to $2,003,206 for fiscal 1996
from $1,290,657 for fiscal 1995.  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 1995 to fiscal 1996
resulted primarily from an increase in depreciation incurred due
to the acquisition of additional leased equipment.


     Results for this period are not indicative of future annual
results because the Partnership is still selling Units and
investing in equipment.  During the period the Partnership is
engaged in the selling of Units and investing in Equipment,
expenses are generally higher due primarily to the fact the
expenses of forming the Partnership and acquiring Equipment tend
to be greater in the earlier years of the Partnership and less in
the period after the Partnership is fully invested.  Future
results of operations will depend upon rates of return achieved
on equipment acquisitions and rates achieved on short-term money
market investments.

                                                    Page 11 of 32

<PAGE>

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, 1996.

     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.

ITEM 7.     FINANCIAL STATEMENTS

     The financial statements of the Partnership as of December
31, 1996 and for the fiscal year ended December 31, 1996 and 
December 31, 1995 and the notes thereto are set forth elsewhere
herein.

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

             None.

                             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.

                                                    Page 12 of 32

<PAGE>

     GERALD A. HORWITZ.  Mr. Horwitz, age 61, 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 51, 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.

ITEM 11.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
             MANAGEMENT

     As of December 31, 1996, 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, 1996, 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.

                                                    Page 13 of 32

<PAGE>

     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, bookkeeping, 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.

     During the fiscal year ended December 31, 1996, the
Partnership paid or accrued sales commissions of $40,158 to
Horwitz & Associates, Inc., an affiliate of the General Partners,
and accrued management fees to the General Partners of $79,278. 
The Partnership paid $34,000 in acquisition fees during fiscal
1996.

     ALLOCATIONS AND DISTRIBUTIONS OF THE PARTNERSHIP.  In
accordance with the Partnership Agreement, the General Partners
received distributions of $1,903 and were allocated net income of
$755 for fiscal 1996.

                                                    Page 14 of 32

<PAGE>

     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, 1996, 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, 1996.

                                                    Page 15 of 32

<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: March 4, 1997                  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.




Signature                     Title(s)                       Date

/s/ Gerald A. Horwitz  Sole Director and President  March 4, 1997
---------------------  of the corporate General
Gerald A. Horwitz      Partner and as a General
                       Partner (Principal Executive
                       Officer)

/s/ Jerry Schwartz     Vice President, Secretary,   March 4, 1997 
------------------     and Treasurer of the corporate
Jerry Schwartz         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 16 of 32
<PAGE>

                             EXHIBIT INDEX


EXHIBIT NO.      DESCRIPTION                          Page No. 1*

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 Waver 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

[FN]

*  Included only in manually signed original.

                                                    Page 17 of 32

<PAGE>

                        TRIUMPHE LEASING IX L.P.
                         Financial Statements
                Years Ended December 31, 1996 and 1995

                                                    Page 18 of 32 

<PAGE>

                        TRIUMPHE LEASING IX L.P.


Contents

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANDT              3

FINANCIAL STATEMENTS 
     Balance Sheet                                            5-6
     Statements of Operations                                   7
     Statements of Partners' Equity                             8
     Statements of Cash Flows                                   9
     Summary of Accounting Policies                         10-12
     Notes to Financial Statements                          13-15

                                                    Page 19 of 32


<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, 1996, and the related
statements of operations, partners equity and cash flows for the
years ended December 31, 1996 and 1995.  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, 1996, and the results
of its operations and its cash flows for the years ended December
31, 1996 and 1995 in conformity with generally accepted
accounting principles. 


/s/ BDO Seidman LLP




Chicago, Illinois
January 17, 1997

                                                    Page 20 of 32

<PAGE>


                          FINANCIAL STATEMENTS
                                    
                                                    Page 21 0f 32
                                    

<PAGE>
<TABLE>



                     TRIUMPHE LEASING IX L.P.                 
                          BALANCE SHEET
<CAPTION>

                                                December 31, 1996 
                                                -----------------
<S>                                                      <C>
ASSETS

CURRENT ASSETS
       Cash and equivalents                            $  275,638
       Accounts receivable                                 39,367 
       Net investment in direct financing
       leases (Notes 1 and 4)                             346,770
                                                        ---------
TOTAL CURRENT ASSETS                                   $  661,775
                                                        

Computer Equipment on Operating Leases,
less accumulated depreciation of $2,596,827
(Note 1)                                                5,774,166
                                                        
OTHER ASSETS
       Net investment in direct financing leases,
       less current portion (Notes 1 and 4)               562,390
       Deferred organization costs, less accumulated
       amortization of $15,000                             10,000 
                                                        ---------
TOTAL OTHER ASSETS                                        572,390

                                                       $7,008,331 
                                                        =========
</TABLE>

                                                    Page 22 of 32

<PAGE>
<TABLE>

                     TRIUMPHE LEASING IX L.P.
                          BALANCE SHEET
<CAPTION>
                                                 December 31,1996
                                                 ----------------
<S>                                                    <C>
LIABILITIES AND PARTNERS EQUITY 

CURRENT LIABILITIES
       Accounts payable (Note 2)                      $    87,858 

       Current maturities of long-term debt
       (Note 1)                                         2,170,218 
       Other liabilities                                    7,060 
                                                        ---------
 
TOTAL CURRENT LIABILITIES                               2,265,136

Long-Term Debt, less current maturities (Note 1)        3,112,548
                                                        ---------

TOTAL LIABILITIES                                       5,377,684

PARTNERS' EQUITY
       General partners                                    16,750 
       Limited partners                                 1,613,897 
                                                        ---------

Total Partners  Equity                                  1,630,647 
                                                        ---------

                                                       $7,008,331 
                                                        =========
<FN>
See accompanying summary of accounting policies and notes to
financial statements. 
</TABLE>

                                                    Page 23 of 32

<PAGE>
<TABLE>

                     TRIUMPHE LEASING IX L.P.
                     STATEMENTS OF OPERATIONS 
<CAPTION>

                                Year ended         Year ended
                             December 31,1996   December 31, 1995 
                             ----------------   -----------------
<S>                               <C>               <C> 
REVENUES
       Lease income              $2,055,075        $1,451,676 
       Loss on sale of equipment     (2,693)             -
       Interest                      26,374             2,066 
                                  ----------        ---------

Total revenues                    2,078,756         1,453,742

OPERATING EXPENSES
       Interest                     289,184           295,676
       Depreciation and
       amortization               1,431,052           881,211
       Administrative (Note 2)      282,970           113,770


Total operating expenses          2,003,206         1,290,657
                                  ---------         ---------     
                         
NET INCOME                       $   75,550        $  163,085
                                  =========         =========

NET INCOME ALLOCATED TO
       General partners          $      755        $    1,631
       Limited partners              74,795           161,454
                                  ---------         --------- 
                                 $   75,550        $  163,085

WEIGHTED AVERAGE UNITS OUTSTANDING
   DURING THE PERIOD:
       General partners               .8793             .4420
       Limited partners             87.0555           43.7569

INCOME PER WEIGHTED AVERAGE UNIT
       General partners           $     859        $    3,690
       Limited partners           $     859        $    3,690

<FN>
See accompanying summary of accounting policies and notes to
financial statements.
</TABLE>

                                                    Page 24 of 32
<PAGE>
<TABLE>

                      TRIUMPHE LEASING IX L.P.
                   STATEMENTS OF PARTNERS' EQUITY 
<CAPTION>

                                           GENERAL      LIMITED
                               TOTAL       PARTNERS     PARTNERS  
                             ---------    ----------   ----------
<S>                          <C>          <C>          <C>
PARTNERS' EQUITY,
  at December 31, 1994      $  531,829   $    5,501   $  526,328

  Sale of Partnership Units    602,846        6,146      596,700
  Distributions
  ($2,100 Per Unit)            (92,238)        (922)     (91,316) 

  Net income                   163,085        1,631      161,454 
  Offering costs (Note 2)      (79,585)        (796)     (78,789) 
                             ----------   ----------   ---------- 

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  
                             =========    =========    =========
<FN>
See accompanying summary of accounting policies and notes to
financial statements.

</TABLE>

                                                    Page 25 of 32 

<PAGE>
<TABLE>

                      TRIUMPHE LEASING IX L.P.
                      STATEMENTS OF CASH FLOWS

<CAPTION>

Year ended December 31,                       1996         1995
-----------------------                    ---------   ---------
<S>                                        <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES
       Net income                         $   75,550  $  163,085
       Adjustments to reconcile net income
       to net cash provided by operating
       activities
         Depreciation and amortization     1,431,052     881,211
         Loss on sale of equipment
           under lease                         2,693        -
         Amortization of unearned income    (126,059)   (195,458)
         Changes in assets and liabilities
           Increase in accounts receivable   (39,367)       -
           Decrease in prepaid expenses
             and other                         3,177         605 
           Increase in accounts payable        6,922      52,352
           Increase in other liabilities       4,636       1,354
                                           ---------   --------- 
Net cash provided by operating activities  1,358,604     903,149  

CASH FLOWS FROM INVESTING ACTIVITIES
       Purchase of computer equipment
         on operating leases              (4,857,602) (2,023,950)
       Proceeds from sale of equipment
         under lease                             960        -
       Acquisition of direct financing
         leases                               (4,029) (1,325,976)
       Principal payments received
         under direct financing leases       424,462     590,455
                                          ----------- -----------
 
Net cash used in investing activities     (4,436,209) (2,759,471)

CASH FLOWS FROM FINANCING ACTIVITIES
       Proceeds from nonrecourse debt      5,353,427   3,120,111
       Principal payments on nonrecourse
         debt                             (2,829,144) (1,480,937)
       Sales of partnership units            673,251     602,846
       Distributions to partners            (190,284)    (92,238)
       Offering costs paid                   (53,807)    (79,585)
                                          ----------- -----------
Net cash provided by financing activities  2,953,443   2,070,197 

NET (DECREASE) INCREASE IN CASH
  AND CASH EQUIVALENTS                      (124,162)    213,875  

CASH AND CASH EQUIVALENTS,
   at beginning of year                      399,800     185,925  
                                           ---------- -----------
CASH AND CASH EQUIVALENTS,
   at end of year                         $  275,638  $  399,800
                                           =========   =========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
       Cash paid during the year
         for interest                     $  289,184  $  295,676
<FN>
See accompanying summary of accounting policies and notes to
financial statements.
</TABLE>

                                                    Page 26 of 32

<PAGE>

                      TRIUMPHE LEASING IX L.P.
                   SUMMARY OF ACCOUNTING POLICIES


ORGANIZATION AND BUSINESS
Triumphe Leasing IX L.P. (the  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, 1996 and 1995, 98.17 and 64.14
Limited Partnership units, respectively, were outstanding.

The Partnership intends to raise a maximum of $4,000,000 by
offering and selling limited partnership interest to the public. 
The offering has a termination date of April 30, 1997, unless
extended by the general partners by notice to the Partnership.

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 ordisposing 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 27 of 32

<PAGE>

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.  In 1995, the Partnership 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
three years.  Other data processing equipment is leased under
operating leases that expire during the next four years.

COMPUTER EQUIPMENT ON OPERATING LEASES; DEPRECIATION
Computer equipment on operating leases is stated at cost. 
Depreciation is computed using the double declining balance
method over the estimated useful lives of the assets (five
years).

DEFERRED ORGANIZATION COSTS AND AMORTIZATION
Deferred organization costs are recorded at cost.  Amortization
is computed using the straight-line method over 60 months.

                                                    Page 28 of 32
<PAGE>

CASH AND CASH EQUIVALENTS
For purposes of the statements of cash 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,
1996 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).

MANAGEMENT EXTIMATES
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
does not currently expect to incur any loss 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.

                                                    Page 29 of 32

<PAGE>

                      TRIUMPHE LEASING IX L.P.

                   NOTES TO FINANCIAL STATEMENTS

1.  LEASES AND COMPUTER EQUUIPMENT FINANCING

Estimated future minimum lease payments under both direct
financing and operating leases, including estimated residual
values of leased property (unguaranteed) of $194,961, net of
unearned income under direct financing leases, and the related
debt maturities under direct financing leases and operating
leases at December 31, 1996 are as follows:

<TABLE> 
Estimated future minimum lease payments receivable
<CAPTION>

              Direct              
              Fincancing   Operating                  Debt
              Leases       Leases          Total      Maturities
              ----------   ---------    -----------   ----------
<S>            <C>          <C>          <C>           <C>

1997          $  416,469   $2,175,248   $2,591,717    $2,170,218
1998             317,126    1,925,162    2,242,288     2,041,343
1999             290,614      847,022    1,137,636       966,872
2000                -         106,168      106,168       104,333
               ---------    ---------    ---------     ---------
               1,024,209    5,053,600    6,077,809    $5,282,766

Less Unearned
Income           115,049         -         115,049
               ---------    ---------    ---------                
              $  909,160   $5,053,600   $5,962,760
               =========    =========    =========                
</TABLE>    
                                    
The various debt obligations are payable to financial
institutions and include interest at rates ranging from 6.25% to
9.8%.  The Partnership estimates that the fair value of its
fixed-rate borrowings approximates the carrying value at December
31, 1996 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 TRANSACTIONS

The Partnership's placement agent is 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. 
Selling commissions, which are included in offering costs,
amounted to $40,158 and $37,000 in 1996 and 1995, respectively.
                                    
                                                    Page 30 of 32 
                                  
<PAGE>
                                    
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 $34,000 were paid in 1996.  No such fees were
paid during 1995.
                                    
For their services in 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 $67,040 and $55,389 in 1996 and 1995,
respectively.  
                                    
At December 31, 1996, $79,278 of equipment management fees are
unpaid and included in accounts payable.
                                    
                                    
3.  RECONCILIATION OF REPORTED NET INCOME TO TAX NET (LOSS)       
    INCOME

<TABLE>
<CAPTION>

Year ended December 31,                  1996             1995
-----------------------               ----------       ---------- 

<S>                                    <C>              <C>
Reported net income                   $  75,550        $ 163,085
Add tax leasing revenues in
  excess of reported leasing revenues   298,404          394,997
Less tax loss in excess of reported   
  loss on sale of equipment under
  lease                                  (9,820)            -
Less tax depreciation in 
  excess of reported depreciation      (474,643)        (367,557) 
                                       ---------        --------- 
    Tax net (loss) income             $(110,509)       $ 190,525  
                                       ---------        --------
                                    
</TABLE>                                    
                                    
                                                    Page 31 of 32 
                            
<PAGE>                                    
                                    
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, 1996, the Partnership s basis for
financial reporting purposes in its net assets was greater than
its basis for tax reporting purposes by $185,006.  As a result,
aggregate future income for financial reporting purposes will be
less than for income tax reporting purposes.
                                    
                                    
4.  MAJOR CUSTOMERS

Approximately 48% and 80% of the Partnership's lease income in
1996 and 1995, respectively, was from four customers.  The 
largest customer is a national company in the communications
industry.  The percentages are as follows:
                                    
<TABLE>
<CAPTION>
                                    
                                         1996             1995
                                      ----------       ----------
<S>                                       <C>              <C> 
Customer A                                36%              55%
Customer B                                12                -
Customer C                                 -               14  
Customer D                                 -               11    
                                         ----             ----
           Total                          48%              80%
                                         ====             ====
<FN>

The direct financing leases in which the Partnership has a net
investment at December 31, 1996 and 1995 were with two customers,
one which is a large company in the information systems industry,
and the other, a wholesale distributor of women s apparel.
                                    
                                         1996             1995
                                      ----------       ----------
Customer A                                89%              75%
Customer B                                10                -
                                         ----             ----
           Total                          99%              75%
                                         ====             ====
</TABLE>

                                                    Page 32 of 32