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

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


Quarter Ended September 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.

<S>           <C>                                                                                                  <C>

Part I.       FINANCIAL INFORMATION

              Financial Statements

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

                    Statements of Operations
                          Quarters Ended September 30, 1997 and 1996 and
                          Nine Months Ended September 30, 1997 and 1996                                            4

                    Statements of Cash Flows
                          Nine Months Ended September 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)
                                                                                      9/30/97                 12/31/96
                                                                                  ---------------        ---------------
<S>                                                                               <C>                    <C>            
Investment property, at cost (note 3):
   Computer equipment                                                             $     1,092,324        $     1,338,357
     Less accumulated depreciation                                                        907,734              1,023,626
                                                                                  ---------------        ---------------
       Investment property, net                                                           184,590                314,731

Cash and cash equivalents                                                                  15,608                 23,330
Rents receivable, net (note 2)                                                              3,836                 28,066
Sales receivable, net (note 2)                                                                 51                    139
Accounts receivable - affiliates                                                              913                  3,156
Other assets                                                                               26,010                      -
                                                                                  ---------------        ---------------

     Total assets                                                                 $       231,008        $       369,422
                                                                                  ===============        ===============

                        Liabilities and Partners' Deficit
Liabilities:
   Current portion of long-term debt (note 5)                                     $       128,986        $       177,540
   Accounts payable and accrued expenses - affiliates (note 4)                             32,792                 39,014
   Accounts payable and accrued expenses                                                   27,050                 16,750
   Distributions payable (note 6)                                                           1,330                 27,931
   Long-term debt, less current portion (note 5)                                           64,160                111,876
                                                                                  ---------------        ---------------

     Total liabilities                                                                    254,318                373,111
                                                                                  ---------------        ---------------

Partners' deficit:
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net income                                                                 62,817                 61,138
     Cumulative cash distributions                                                       (410,232)              (407,572)
     Reallocation of capital accounts                                                     346,415                345,434
                                                                                  ---------------        ---------------
                                                                                                -                      -
                                                                                  ---------------        ---------------
   Limited Partners (20,217 units):
     Capital contribution, net of
       offering costs                                                                   8,844,937              8,844,937
     Cumulative net income                                                              1,193,536              1,161,634
     Cumulative cash distributions                                                     (9,715,368)            (9,664,826)
     Reallocation of capital accounts                                                    (346,415)              (345,434)
                                                                                  ---------------        ---------------
                                                                                          (23,310)                (3,689)
                                                                                  ---------------        ---------------
     Total partners' deficit                                                              (23,310)                (3,689)
                                                                                  ---------------        ---------------

     Total liabilities and partners' deficit                                      $       231,008        $       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                        Nine Months Ended
                                                          September 30,                          September 30,
                                                 -----------------------------        --------------------------------
                                                    1997             1996                 1997               1996
                                                 -----------------------------        --------------------------------

<S>                                              <C>             <C>                  <C>                <C>          
Revenue:
   Rental income on operating leases             $      80,981   $     117,484        $     208,445      $     366,539
   Interest income                                         112             110                  526              1,485
   Other income                                          1,258               -                1,258                  -
   Net gain on sale of equipment                           468             308                7,104              2,398
                                                 -------------   -------------        -------------      -------------

       Total revenue                                    82,819         117,902              217,333            370,422
                                                 -------------   -------------        -------------      -------------

Costs and expenses:
   Depreciation                                         35,113          64,203              115,310            227,516
   Interest                                              4,671           7,135               15,606             25,885
   Related party expenses (note 4):
     Management fees                                     5,084           6,461               15,683             21,009
     General and administrative                         24,285          17,077               62,597             53,992
   (Reversal of) provision for
     doubtful accounts                                  (1,736)          4,522              (25,444)             3,191
                                                 -------------   -------------        -------------      -------------

       Total costs   and expenses                       67,417          99,398              183,752            331,593
                                                 -------------   -------------        -------------      -------------

Net income                                       $      15,402   $      18,504        $      33,581      $      38,829
                                                 =============   =============        =============      =============

Net income per Limited
   Partnership Unit                              $        0.73   $        0.87        $        1.58      $        1.82
                                                 =============   =============        =============      =============
</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
                  Nine Months Ended September 30, 1997 and 1996
                                   (Unaudited)

                                                                                            1997                     1996
                                                                                            ----                     ----

<S>                                                                                   <C>                     <C>             
Cash flows from operating activities:
   Net income                                                                         $        33,581         $         38,829
                                                                                      ---------------         ----------------

Adjustments  to  reconcile   net  income  to  net  cash  provided
   by  operating activities:
     Depreciation                                                                             115,310                  227,516
     (Reversal of) provision for doubtful accounts                                            (25,444)                   3,191
     Net gain on sale of equipment                                                             (7,104)                  (2,398)
     Net decrease (increase) in current assets                                                 25,995                   (5,655)
     Net increase (decrease) in current liabilities                                             4,078                  (32,333)
                                                                                      ---------------         ----------------

           Total adjustments                                                                  112,835                  190,321
                                                                                      ---------------         ----------------

           Net cash provided by operating activities                                          146,416                  229,150
                                                                                      ---------------         ----------------

Cash flows from investing activities:
   Proceeds from sales of investment property                                                  21,935                    2,888
                                                                                      ---------------         ----------------

           Net cash provided by investing activities                                           21,935                    2,888
                                                                                      ---------------         ----------------

Cash flows from financing activities:
   Proceeds from borrowing on long-term debt                                                   35,119                        -
   Principal payment on long-term debt                                                       (131,389)                (163,447)
   Cash distributions to partners                                                             (79,803)                (159,611)
                                                                                      ---------------         ----------------

           Net cash used in financing activities                                             (176,073)                (323,058)
                                                                                      ---------------         ----------------

Net decrease in cash and cash equivalents                                                      (7,722)                 (91,020)

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

Cash and cash equivalents at end of period                                            $        15,608         $         19,260
                                                                                      ===============         ================

Supplemental cash flow information:
   Interest paid during period                                                        $        15,606         $         25,885
                                                                                      ===============         ================
</TABLE>

                 See accompanying notes to financial statements.


<PAGE>


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

                          Notes to Financial Statements
           Nine Months Ended September 30, 1997 and September 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 an allowance for estimated losses on receivable
balances.  The  allowances  for  doubtful  accounts  are based on past write off
experience  and an evaluation  of potential  uncollectible  accounts  within the
current  receivable  balances.  Receivable  balances  which are determined to be
uncollectible  are charged against the allowance and subsequent  recoveries,  if
any, are credited to the allowance. At September 30, 1997 and December 31, 1996,
the allowance for doubtful  accounts included in rents receivable was $2,297 and
$27,741,  respectively.  The allowance for doubtful  accounts  included in sales
receivable was $250 at September 30, 1997 and December 31, 1996, respectively.

(3)   Investment Property

At  September  30,  1997,  the  Partnership  owned  computer  equipment  with  a
depreciated cost basis of $184,590, subject to existing leases. All purchases of
computer  equipment  are subject to a 2.5%  acquisition  fee paid to the General
Partner.

(4)   Related Party Transactions

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

                                                1997               1996
                                                ----               ----

Management fees                             $     15,683     $       21,009
Reimbursable expenses paid                        53,151             50,954
                                            ------------     --------------

                                            $     68,834     $       71,963
                                            ============     ==============



<PAGE>


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

                          Notes to Financial Statements
           Nine Months Ended September 30, 1997 and September 30, 1996
                                   (Unaudited)

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 September  30, 1997  consists of two  installment  notes from
Liberty Bank for $8,537 and  $184,609,  each with an interest rate of 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                        $     37,699
                           1998                             123,027
                           1999                              32,420
                                                       ------------

                                                       $    193,146
                                                       ============

(6)   Distributions to Partners

For the nine months ended September 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
nine months ended September 30, 1997 in comparison to the same periods in 1996.

The  Partnership  realized  net income of $15,402 and  $18,504 for the  quarters
ended  September  30, 1997 and 1996,  respectively.  Rental  income on operating
leases decreased $36,503 or 31% 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
remained  relatively  flat between the three month periods.  Other income is the
result of a reduction of an overstated liability recorded in a prior period. The
slight  increase in net gain on sale of equipment in the current  quarter can be
attributed to a larger number of equipment sales carrying low net book values.

Total  costs and  expenses  decreased  $31,981 or 32%  between  the three  month
periods. The decrease in costs and expenses is mainly due to the $29,090 decline
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 $2,464 as the Partnership
continued to paydown the principle on long-term debt during the current quarter.
The long-term  debt balance at September 30, 1997 was $193,146  versus a balance
of $334,052 at September 30, 1996. Management fees decreased in correlation with
the decline in rental  income.  General and  administrative  expenses  increased
$7,208.  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 $1,736 reversal of the provision for doubtful
accounts in the current quarter is due to the successful  collection  efforts on
delinquent rents receivable.

The  Partnership  realized net income of $33,581 and $38,829 for the nine months
ended September 30, 1997 and 1996, respectively. The $158,094 or 43% decrease in
rental income is attributed to lower rental rates  generated on equipment  lease
extensions and remarketings  resulting after initial lease term expires, and due
to an overall  reduction in the equipment  portfolio.  Interest income decreased
$959 as a result of lower  average  cash  balances  held  during  the nine month
period.  As mentioned in the quarter analysis above,  other income is the result
of a  reduction  of an  overstated  liability  recorded in a prior  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  $147,841  or 45%  between  the nine month
periods. The decrease in costs and expenses is mainly due to the $112,206 or 49%
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 $25,444  reversal of provision for doubtful  accounts.  The reversal is a
result of successful  collection efforts on delinquent rents receivable in 1997.
Interest expense decreased  $10,279 as the Partnership  continued to paydown the
principle on its long-term debt during the nine month period ended September 30,
1997. Management fees decreased $5,326 between the nine month periods due to the
decline in rental income.  General and administrative  expenses increased $8,605
or 16% 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 $0.73 and
$0.87 for the quarters  ended  September  30, 1997 and 1996,  respectively,  and
$1.58 and $1.82 for the nine month  periods  ended  September 30, 1997 and 1996,
respectively.

Liquidity and Capital Resources

For the nine months ended  September 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 rental 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.

For the nine months  ended  September  30,  1997,  the  Partnership's  investing
activities  generated  $21,935 in sales proceeds on the sale of equipment with a
depreciated cost basis of $27,727. Included in equipment sales is a $12,896 loss
which has been charged  against the reserve,  initially set up in a prior period
to account for estimated losses on the ultimate disposition of equipment.



<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)

The Partnership's financing activities resulted in the paydown on long-term debt
in the amount of $131,389 and  proceeds  from  borrowing  on  long-term  debt of
$35,119 for the nine months ended  September  30,  1997.  The  Partnership  will
payoff  its  remaining  long-term  debt of  $193,146  by 1999.  The  effects  of
inflation have not been  significant to the  Partnership and are not expected to
have a material impact in future periods.

During the third quarter of 1997, the General  Partner  announced its intentions
of winding down the operations of the Partnership. It is anticipated that all of
the assets will be liquidated by December 31, 1997. The proceeds  generated from
the sale of the assets will be used to settle all outstanding liabilities and to
make a final distribution during February, 1998.

Cash  distributions  are  currently  halted in an effort to  minimize  costs and
accumulate cash in anticipation of a final distribution to the Partners once the
Partnership has been liquidated.



<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:  November 7, 1997

By:    Arthur P. Beecher,
       President