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

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

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

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


For Quarter Ended June 30, 1997                      Commission File No. 2-97907


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


         Delaware                                                     13-3263135
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)


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


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

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


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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                  Yes X No ___

                             There are no Exhibits.

                                  Page 1 of 12

<PAGE>

<TABLE>
<CAPTION>

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


                                INDEX                                                                          Page No.

Part I.       FINANCIAL INFORMATION

<S>           <C>                                                                                              <C>
              Financial Statements

                    Balance Sheets as of June 30, 1997 and December 31, 1996                                   3

                    Statements of Operations
                          Quarters Ended June 30, 1997 and 1996 and
                          the Six Months Ended June 30, 1997 and 1996                                          4

                    Statements of Cash Flows
                          Six Months Ended June 30, 1997 and 1996                                              5

                    Notes to Financial Statements                                                              6 - 7

              Management's Discussion and Analysis of Financial Condition and
                    Results of Operations                                                                      8 - 10

Part II.      OTHER INFORMATION

              Items 1 - 6                                                                                      11

              Signature                                                                                        12

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                          PART I. FINANCIAL INFORMATION

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

                                 Balance Sheets

                                    Assets                                          (Unaudited)              (Audited)
                                                                                      6/30/97                 12/31/96
                                                                                  ---------------        ---------------
<S>                                                                               <C>                    <C>            
Investment property, at cost (note 3):
   Computer equipment                                                             $     1,100,015        $     1,338,357
     Less accumulated depreciation                                                        878,004              1,023,626
                                                                                  ---------------        ---------------
       Investment property, net                                                           222,011                314,731

Cash and cash equivalents                                                                  13,998                 23,330
Rents receivable, net (note 2)                                                              5,494                 28,066
Sales receivable, net (note 2)                                                                 51                    139
Accounts receivable - affiliates (note 4)                                                   1,163                  3,156
Other assets                                                                               29,403                      -
                                                                                  ---------------        ---------------

     Total assets                                                                 $       272,120        $       369,422
                                                                                  ===============        ===============

                        Liabilities and Partners' Deficit
Liabilities:
   Current portion of long-term debt (note 5)                                     $       139,760        $       177,540
   Accounts payable and accrued expenses - affiliates (note 4)                             21,566                 39,014
   Accounts payable and accrued expenses                                                   27,668                 16,750
   Distributions payable (note 6)                                                          26,602                 27,931
   Long-term debt, less current portion (note 5)                                           95,236                111,876
                                                                                  ---------------        ---------------

     Total liabilities                                                                    310,832                373,111
                                                                                  ---------------        ---------------

Partners' deficit:
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net income                                                                 62,047                 61,138
     Cumulative cash distributions                                                       (410,232)              (407,572)
     Reallocation of capital accounts                                                     347,185                345,434
                                                                                  ---------------        ---------------
                                                                                                -                      -
                                                                                  ---------------        ---------------
   Limited Partners (20,217 units):
     Capital contribution, net of
       offering costs                                                                   8,844,937              8,844,937
     Cumulative net income                                                              1,178,904              1,161,634
     Cumulative cash distributions                                                     (9,715,368)            (9,664,826)
     Reallocation of capital accounts                                                    (347,185)              (345,434)
                                                                                  ---------------        ---------------
                                                                                          (38,712)                (3,689)
                                                                                  ---------------        ---------------
     Total partners' deficit                                                              (38,712)                (3,689)
                                                                                  ---------------        ---------------

     Total liabilities and partners' deficit                                      $       272,120        $       369,422
                                                                                  ===============        ===============
</TABLE>

                 See accompanying notes to financial statements.


<PAGE>

<TABLE>
<CAPTION>

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

                            Statements of Operations
                                   (Unaudited)

                                                       Quarters Ended                          Six Months Ended
                                                          June 30,                                 June 30,
                                                 -----------------------------        --------------------------------
                                                    1997             1996                 1997               1996
                                                 -----------------------------        --------------------------------

<S>                                              <C>              <C>                 <C>                 <C>         
Revenue:
   Rental income on operating leases             $     82,355     $    114,051        $    127,464        $    249,055
   Interest income                                        228              237                 414               1,375
   Net gain on sale of equipment                        2,249            1,750               6,636               2,090
                                                 ------------     ------------        ------------        ------------

       Total revenue                                   84,832          116,038             134,514             252,520
                                                 ------------     ------------        ------------        ------------

Costs and expenses:
   Depreciation                                        39,819           64,223              80,197             163,313
   Interest                                             5,561            8,236              10,935              18,750
   Related party expenses (note 4):
     Management fees                                    4,725            8,085              10,599              14,548
     General and administrative                        20,647           18,501              38,312              36,915
   Reversal of provision for
     doubtful accounts                                      -           (1,331)            (23,708)             (1,331)
                                                 ------------     ------------        ------------        ------------

       Total costs and expenses                        70,752           97,714             116,335             232,195
                                                 ------------     ------------        ------------        ------------

Net income                                       $     14,080     $     18,324        $     18,179        $     20,325
                                                 ============     ============        ============        ============

Net income per Limited
   Partnership Unit                              $       0.66     $       0.87        $       0.85        $       0.96
                                                 ============     ============        ============        ============
</TABLE>

                 See accompanying notes to financial statements.


<PAGE>

<TABLE>
<CAPTION>

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

                            Statements of Cash Flows
                     Six Months Ended June 30, 1997 and 1996
                                   (Unaudited)

                                                                                            1997                     1996
                                                                                            ----                     ----

<S>                                                                                   <C>                     <C>             
Cash flows from operating activities:
   Net income                                                                         $        18,179         $         20,325
                                                                                      ---------------         ----------------

Adjustments  to  reconcile   net  income  to  net  cash  provided
   by  operating activities:
     Depreciation                                                                              80,197                  163,313
     Reversal of provision for doubtful accounts                                              (23,708)                  (1,331)
     Net gain on sale of equipment                                                             (6,636)                  (2,090)
     Net decrease in current assets                                                            18,958                   12,380
     Net decrease in current liabilities                                                       (6,530)                 (30,184)
                                                                                      ---------------         ----------------

           Total adjustments                                                                   62,281                  142,088
                                                                                      ---------------         ----------------

           Net cash provided by operating activities                                           80,460                  162,413
                                                                                      ---------------         ----------------

Cash flows from investing activities:
   Proceeds from sales of investment property                                                  19,159                    2,090
                                                                                      ---------------         ----------------

           Net cash provided by investing activities                                           19,159                    2,090
                                                                                      ---------------         ----------------

Cash flows from financing activities:
   Proceeds from borrowing on long-term debt                                                   35,119                        -
   Principal payments on long-term debt                                                       (89,539)                (119,683)
   Cash distributions to partners                                                             (54,531)                (133,007)
                                                                                      ---------------         ----------------

           Net cash used in financing activities                                             (108,951)                (252,690)
                                                                                      ---------------         ----------------

Net decrease in cash and cash equivalents                                                      (9,332)                 (88,187)

Cash and cash equivalents at beginning of period                                               23,330                  110,280
                                                                                      ---------------         ----------------

Cash and cash equivalents at end of period                                            $        13,998         $         22,093
                                                                                      ===============         ================

Supplemental cash flow information:
   Interest paid during the period                                                    $        10,935         $         18,750
                                                                                      ===============         ================
</TABLE>

                 See accompanying notes to financial statements.


<PAGE>


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

                          Notes to Financial Statements
                Six Months Ended June 30, 1997 and June 30, 1996
                                   (Unaudited)

(1)   Organization

The foregoing financial  statements of Columbia Lease Income Fund II-B L.P. (the
"Partnership")  have been prepared in accordance  with the rules and regulations
of the  Securities  and  Exchange  Commission  for  Form  10-Q and  reflect  all
adjustments  which are,  in the  opinion  of  management,  necessary  for a fair
presentation of the results for the interim periods presented.  Pursuant to such
rules and  regulations,  certain note  disclosures  which are normally  required
under  generally  accepted  accounting  principles  have  been  omitted.  It  is
recommended  that these  financial  statements be read in  conjunction  with the
Partnership's Annual Report on Form 10-K for the year ended December 31, 1996.

(2)   Significant Accounting Policies

Allowance for Doubtful Accounts

The financial  statements  include allowances for estimated losses on receivable
balances.  The  allowances  for  doubtful  accounts  are based on past write off
experience  and an evaluation  of potential  uncollectible  accounts  within the
current  receivable  balances.  Receivable  balances  which are determined to be
uncollectible  are charged against the allowance and subsequent  recoveries,  if
any, are credited to the allowance.  At June 30, 1997 and December 31, 1996, the
allowance  for doubtful  accounts  included in rents  receivable  was $4,033 and
$27,741,  respectively.  The allowance for doubtful  accounts  included in sales
receivable was $250 at June 30, 1997 and December 31, 1996, respectively.

(3)   Investment Property

At June 30, 1997, the  Partnership  owned computer  equipment with a depreciated
cost basis of $222,011  subject to existing  leases.  All  purchases of computer
equipment are subject to a 2.5% acquisition fee paid to the General Partner.


<PAGE>


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

                          Notes to Financial Statements
                Six Months Ended June 30, 1997 and June 30, 1996
                                   (Unaudited)

(4)   Related Party Transactions

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

<TABLE>
<CAPTION>
                                                     1997               1996
                                                     ----               ----

<S>                                               <C>              <C>           
Management fees                                   $     10,599     $       14,548
Reimbursable expenses paid                              36,902             40,395
                                                  ------------     --------------

                                                  $     47,501     $       54,943
                                                  ============     ==============
</TABLE>

Under the terms of the Partnership Agreement, the General Partner is entitled to
an  equipment  acquisition  fee  of  2.5%  of the  purchase  price  paid  by the
Partnership  for the  equipment.  The  General  Partner  is also  entitled  to a
management fee equal to 6% of the monthly rental billings, paid monthly based on
rents received. In addition,  the Partnership reimburses the General Partner and
its  affiliates  for certain  expenses  incurred by them in connection  with the
operation of the Partnership.

(5)   Long-Term Debt

Long-term debt at June 30, 1997 consists of three installment notes from Liberty
Bank for $4,935,  $16,900 and  $213,161,  each with an interest  rate of 8.250%,
8.250% and 8.500%, respectively, collateralized by the equipment on lease.

The annual maturities of long-term debt for the next three years are as follows:

                 1997                        $     79,549
                 1998                             123,027
                 1999                              32,420
                                             ------------

                                             $    234,996
                                             ============

(6)   Distributions to Partners

For the six months ended June 30, 1997, the  declaration of  Distributable  Cash
was as follows:

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

<S>                                 <C>                                    <C>                   <C>                <C>    
March 31, 1997                      May 15, 1997                           $ 1.25                $ 25,271           $ 1,330
June 30, 1997                       August 15, 1997                        $ 1.25                $ 25,271           $ 1,330

</TABLE>




<PAGE>


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

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

Results of Operations

The following  discussion  relates to  Partnership's  operations for the quarter
and six months ended June 30, 1997 in comparison to the same periods in 1996.

The  Partnership  realized  net income of $14,080 and  $18,324 for the  quarters
ended June 30, 1997 and 1996,  respectively.  Rental income on operating  leases
decreased  $31,696 or 28%  between  the three  month  periods.  The  decrease is
primarily due to lower rental rates generated on equipment lease  extensions and
remarketings  resulting  after the initial lease term expires.  Interest  income
decreased from 1996 as a result of lower average cash balances.  The increase in
net gain on sale of  equipment  in the  current  quarter is  primarily  due to a
larger number of equipment sales carrying low net book values.

Total  costs and  expenses  decreased  $26,962 or 28%  between  the three  month
periods.  The  decrease  in costs  and  expenses  is mainly  due to the  $24,404
decrease in depreciation expense during the current quarter in comparison to the
same  period in 1996.  The  decrease in  depreciation  expense is due to a large
portion of the equipment  portfolio  becoming fully  depreciated  and an overall
reduction in the equipment  portfolio.  Interest expense decreased $2,675 as the
Partnership  continued to paydown the  principle  on  long-term  debt during the
current quarter. The long-term debt balance at June 30, 1997 was $234,996 versus
a balance of $377,816 at June 30, 1996. Management fees decreased in correlation
with the decline in rental income. General and administrative expenses increased
$2,146.  A major factor  contributing to this increase is that the  reimbursable
salaries and expenses of the partnership  accounting and reporting  personnel of
the  General  Partner  are  being   allocated  over  a  diminishing   number  of
partnerships under management.

The  Partnership  realized  net income of $18,179 and $20,325 for the six months
ended June 30, 1997 and 1996,  respectively.  The  $121,591  or 49%  decrease in
rental income is attributed to lower rental rates  generated on equipment  lease
extensions and remarketings  resulting after the initial lease term expires, and
due  to an  overall  reduction  in  the  equipment  portfolio.  Interest  income
decreased as a result of lower  average cash  balances held during the six month
period.  The increase in net gain on sale of equipment is due to a larger number
of equipment sales carrying low net book values.



<PAGE>


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

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

Total costs and expenses decreased $115,860 or 50% during the six month periods.
The  decrease in costs and  expenses is mainly due to the $83,116 or 51% decline
in  depreciation  expense.  As  discussed  in the quarter  analysis  above,  the
decrease  in  depreciation  expense is due to a large  portion of the  equipment
portfolio  becoming  fully  depreciated  and due to an overall  reduction in the
equipment portfolio. Another element impacting the decline in costs and expenses
is the $23,708  reversal of provision for doubtful  accounts.  The reversal is a
result of successful  collection efforts of delinquent rents receivable in 1997.
Interest expense  decreased  $7,815 as the Partnership  continued to paydown the
principle on its long-term debt during the six month period ended June 30, 1997.
Managment  fees  decreased  between the six month  periods due to the decline in
rental income. General and administrative expenses increased $1,397 or 4% mainly
due to an increase in the allocable  salaries of the partnership  accounting and
reporting personnel of the General partner during the current year.

The Partnership  recorded net income per Limited  Partnership  Unit of $0.66 and
$0.87 for the quarters ended June 30, 1997 and 1996, respectively, and $0.85 and
$0.96 for the six month periods ended June 30, 1997 and 1996, respectively.

Liquidity and Capital Resources

For the six months ended June 30, 1997,  rental revenue generated from operating
leases was the primary source of funds for the Partnership.  As equipment leases
terminate,  the General Partner  determines if the equipment will be extended to
the same lessee,  remarketed to another  lessee,  or sold. This decision is made
upon analyzing which option generates the most favorable result.

Rental income on operating  leases has continued to decrease due to two factors.
First,  lower rates are obtained on the  remarketing of existing  equipment upon
the expiration of the original lease. Typically,  the remarketed rates are lower
due to the  decrease in useful life of the  equipment.  Second,  the  increasing
change of technology in the computer  industry usually  decreases the demand for
older equipment, thus increasing the possibility of obsolescence.  Both of these
factors  together  will cause  remarketed  rates to be lower  than the  original
rates.  This decrease however,  should not affect the  Partnership's  ability to
meet its future cash requirements,  including its long-term debt obligations. To
the  extent  that  future  cash  flows  should  be   insufficient  to  meet  the
Partnership's  operating  expenses and  liabilities,  additional  funds could be
obtained  through  the sale of  equipment,  or a  reduction  in the rate of cash
distributions. Future rental revenues on operating leases amount to $289,625 and
are to be received over the next five years.



<PAGE>


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

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

For the six months ended June 30, 1997, the Partnership's  investing  activities
generated  $19,159 in sales proceeds on the sale of equipment with a depreciated
cost basis of $25,342.  Included in equipment  sales is a $12,819 loss which was
charged  against the reserve,  initially set up in a prior period to account for
estimated losses on the ultimate disposition of equipment.

The Partnership's financing activities resulted in the paydown on long-term debt
in the amount of $89,539  and  proceeds  from  borrowing  on  long-term  debt of
$35,119 for the six months ended June 30, 1997. The Partnership  will payoff its
remaining long-term debt of $234,996 by 1999.

Cash  distributions  are  currently  at  an  annual  level  of  1%  per  Limited
Partnership  Unit, or $1.25 per Limited  Partnership  Unit on a quarterly basis.
For  the  quarter  ended  June  30,  1997,  the  Partnership   declared  a  cash
distribution  of $26,601,  of which $1,330 was allocated to the General  Partner
and $25,271 was allocated to the Limited  Partners.  The distribution is payable
on August 15, 1997. The Partnership expects to continue paying  distributions at
or near this level.  The effects of inflation  have not been  significant to the
Partnership and are not expected to have a material impact in future periods.



<PAGE>


                           PART II. OTHER INFORMATION

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


Item 1.        Legal Proceedings
               Response:  None

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

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

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

Item 5.        Other Information
               Response:  None

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

               A.  None

               B.  None


<PAGE>


                                    SIGNATURE

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


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

By:     TLP Columbia Management Corporation,
        its General Partner


Date:   August 13, 1997

By:     Arthur P. Beecher,
        President