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

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

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

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


For The Quarter Ended March 31, 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 11

<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 March 31, 1997 and December 31, 1996                                    3

                    Statements of Operations
                          Quarters Ended March 31, 1997 and 1996                                                 4

                    Statements of Cash Flows
                          Quarters Ended March 31, 1997 and 1996                                                 5

                    Notes to Financial Statements                                                                6 - 7

              Management's Discussion and Analysis of Financial Condition and
                    Results of Operation                                                                         8 - 9

Part II.      OTHER INFORMATION

              Items 1 - 6                                                                                        10

              Signature                                                                                          11
</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)
                                                                                      3/31/97               12/31/96
                                                                                  ---------------        ---------------

<S>                                                                               <C>                    <C>            
Investment property, at cost (note 3):
   Computer equipment                                                             $     1,212,996        $     1,338,357
     Less accumulated depreciation                                                        945,365              1,023,626
                                                                                  ---------------        ---------------
       Investment property, net                                                           267,631                314,731

Cash and cash equivalents                                                                  36,918                 23,330
Rents receivable, net (note 2)                                                              2,256                 28,066
Sales receivable, net (note 2)                                                                  -                    139
Accounts receivable - affiliates (note 4)                                                   1,466                  3,156
                                                                                  ---------------        ---------------

     Total assets                                                                 $       308,271        $       369,422
                                                                                  ===============        ===============

                        Liabilities and Partners' Equity
Liabilities:
   Current portion of long-term debt (note 5)                                     $       164,825        $       177,540
   Accounts payable and accrued expenses - affiliates (note 4)                             41,545                 39,014
   Accounts payable and accrued expenses                                                   21,095                 16,750
   Distributions payable (note 6)                                                          27,931                 27,931
   Long-term debt, less current portion (note 5)                                           79,066                111,876
                                                                                  ---------------        ---------------

     Total liabilities                                                                    334,462                373,111
                                                                                  ---------------        ---------------

Partners' equity (deficit):
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net income                                                                 61,343                 61,138
     Cumulative cash distributions                                                       (408,902)              (407,572)
     Reallocation of capital accounts                                                     346,559                345,434
                                                                                  ---------------        ---------------
                                                                                                -                      -
                                                                                  ---------------        ---------------
   Limited Partners (20,217 units):
     Capital contribution, net of
       offering costs                                                                   8,844,937              8,844,937
     Cumulative net income                                                              1,165,528              1,161,634
     Cumulative cash distributions                                                     (9,690,097)            (9,664,826)
     Reallocation of capital accounts                                                    (346,559)              (345,434)
                                                                                  ---------------        ---------------
                                                                                          (26,191)                (3,689)
                                                                                  ---------------        ---------------
     Total partners' deficit                                                              (26,191)                (3,689)
                                                                                  ---------------        ---------------

     Total liabilities and partners' equity                                       $       308,271        $       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
                     Quarters Ended March 31, 1997 and 1996
                                   (Unaudited)

                                                                                          1997                   1996
                                                                                    ---------------        ---------------

<S>                                                                                 <C>                    <C>            
Revenue:
   Rental income on operating leases                                                $        45,109        $       135,004
   Interest income                                                                              186                  1,138
   Net gain on sale of equipment                                                              4,387                    340
                                                                                    ---------------        ---------------

       Total revenue                                                                         49,682                136,482
                                                                                    ---------------        ---------------

Costs and expenses:
   Depreciation                                                                              40,378                 99,090
   Interest                                                                                   5,374                 10,514
   Related party expenses (note 4):
     Management fees                                                                          5,874                  6,463
     General and administrative                                                              17,665                 18,414
   Reversal of provision for doubtful accounts                                              (23,708)                     -
                                                                                    ---------------        ---------------

       Total costs and expenses                                                              45,583                134,481
                                                                                    ---------------        ---------------

Net income                                                                          $         4,099        $         2,001
                                                                                    ===============        ===============

Net income per Limited Partnership Unit                                             $          0.19        $          0.09
                                                                                    ===============        ===============
</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
                     Quarters Ended March 31, 1997 and 1996
                                   (Unaudited)

                                                                                                 1997             1996
                                                                                                 ----             ----

<S>                                                                                         <C>               <C>          
Cash flows from operating activities:
   Net income                                                                               $       4,099     $       2,001
                                                                                            -------------     -------------

Adjustments  to  reconcile   net  income  to  net  cash
   provided  by  operating activities:
     Depreciation                                                                                  40,378            99,090
     Net gain on sale of equipment                                                                 (4,387)             (340)
     Reversal of provision for doubtful accounts                                                  (23,708)                -
     Net decrease (increase) in current assets                                                     51,347            (4,362)
     Net increase (decrease) in current liabilities                                                 6,876           (15,522)
                                                                                            -------------     -------------

       Total adjustments                                                                           70,506            78,866
                                                                                            -------------     -------------

       Net cash provided by operating activities                                                   74,605            80,867
                                                                                            -------------     -------------

Cash flows from investing activities:
   Proceeds from sales of investment property                                                      11,109               340
                                                                                            -------------     -------------

       Net cash provided by investing activities                                                   11,109               340
                                                                                            -------------     -------------

Cash flows from financing activities:
   Principal payments on long-term debt                                                           (45,525)          (58,703)
   Cash distributions to partners                                                                 (26,601)          (79,805)
                                                                                            -------------     -------------

       Net cash used in financing activities                                                      (72,126)         (138,508)
                                                                                            -------------     -------------

Net increase (decrease) in cash and cash equivalents                                               13,588           (57,301)

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

Cash and cash equivalents at end of period                                                  $      36,918     $      52,979
                                                                                            =============     =============

Supplemental cash flow information:
   Interest paid during the period                                                          $       5,374     $      10,514
                                                                                            =============     =============

Non cash investing activities:
   Reclassification of residual value of expired
     direct financing lease to operating lease                                              $           -     $      20,797
                                                                                            =============     =============
</TABLE>

                 See accompanying notes to financial statements.


<PAGE>


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

                          Notes to Financial Statements
                Quarters Ended March 31, 1997 and March 31, 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 March 31, 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 March 31, 1997 and December 31, 1996, respectively.

(3)   Investment Property

At March 31, 1997, the Partnership  owned computer  equipment with a depreciated
cost basis of $267,631  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
                Quarters Ended March 31, 1997 and March 31, 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 three months ended
March 31 are as follows:

                                                  1997                  1996
                                                  ----                  ----

Management fees                               $      5,874        $        6,463
Reimbursable expenses paid                          19,685                19,245
                                              ------------        --------------

                                              $     25,559        $       25,708
                                              ============        ==============

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 March 31,  1997  consists  of three  installment  notes  from
Liberty Bank for $12,210,  $25,093 and  $206,588,  each with an interest rate of
8.250%,  8.250% and 7.750%,  respectively,  collateralized  by the  equipment on
lease.

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

                  1997                        $    132,015
                  1998                             111,876
                                              ------------

                                              $    243,891
                                              ============

(6)   Distributions to Partners

For the three months ended March 31, 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

</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 Operation
                                   (Unaudited)

Results of Operations

The  following  discussion  relates to Partnership's  operations  for  the three
month period ended March 31, 1997 in comparison to the same period in 1996.

The  Partnership  realized  net income of $4,099 and $2,001 for the three  month
periods ended March 31, 1997 and 1996, respectively.  Rental income on operating
leases decreased $89,895 or 67% 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 $952 or 84% as a result of lower average cash  balances.  The increase
in net gain on the 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  $88,898 or 66%  between  the three  month
periods.  The  decrease  in costs  and  expenses  is mainly  due to the  $58,712
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.  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 the  successful  collection  efforts of  delinquent
rents receivable in 1997.  Interest expense  decreased $5,140 as the Partnership
continued to paydown the principal on long-term debt during the current quarter.
The  long-term  debt balance at March 31, 1997 was $243,891  versus a balance of
$438,796 at March 31,  1996.  Management  fees and  general  and  administrative
expenses decreased in correlation to the reduction in rental income.

The  Partnership  recorded  net income  per Limited  Partnership  Unit of  $0.19
and $0.09 for the  quarters  ended March 31, 1997 and 1996, respectively.

Liquidity and Capital Resources

For the three  months  ended  March 31,  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.



<PAGE>


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

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

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 $364,309 and
are to be received over the next five years.

For  the  three  months  ended  March  31,  1997,  the  Partnership's  investing
activities  generated  $11,109 in sales proceeds on the sale of equipment with a
depreciated cost basis of $6,722.

The Partnership's  financing  activities resulted in a paydown on long-term debt
of $45,525 for the three  months  ended March 31,  1997.  The  Partnership  will
payoff its remaining long-term debt of $243,891 in 1998.

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  March  31,  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 May 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





By:    Arthur P. Beecher,
       President

Date:  May 12, 1997