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

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

<TABLE>
<S>                                                 <C>

For The Quarter Ended September 30, 1995            Commission File No. 2-97907


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


         Delaware                                                    13-3270729
(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
                                                               ----------------
</TABLE>


                                 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>

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

<CAPTION>

                                                             INDEX                                                Page No.

<S>           <C>                                                                                                 <C>
Part I.       FINANCIAL INFORMATION

              Financial Statements

                    Balance Sheets as of September 30, 1995 and December 31, 1994                                     3

                    Statements of Operations For the Quarters Ended
                           September 30, 1995 and 1994 and For the Nine Months Ended
                           September 30, 1995 and 1994                                                                4

                    Statements of Cash Flows For the Nine Months Ended
                           September 30, 1995 and 1994                                                                5

                    Notes to Financial Statements                                                                 6 - 7

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

Part II.      OTHER INFORMATION

              Items 1 - 6                                                                                            10

              Signature                                                                                              11
</TABLE>


<PAGE>

<TABLE>

                         Part I. FINANCIAL INFORMATION

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

                                 Balance Sheets
<CAPTION>

                                    Assets                                          (Unaudited)            (Audited)
                                                                                      9/30/95               12/31/94
Investment property, at cost (note 3):
<S>                                                                               <C>                    <C>            
   Computer equipment                                                             $     2,951,951        $     2,383,363
     Less accumulated depreciation                                                      1,165,375              1,272,302
                                                                                        ---------              ---------
       Investment property, net                                                         1,786,576              1,111,061

Cash and cash equivalents                                                                 307,869                906,846
Net investment in sales-type and direct financing leases                                    1,482                 44,752
Rents receivable, net (note 2)                                                             47,381                 10,682
Sales receivable                                                                            2,664                  2,239
Other assets                                                                               49,977                    132
                                                                                           ------                    ---

     Total assets                                                                 $     2,195,949        $     2,075,712
                                                                                  =     =========        =     =========

                        Liabilities and Partners' Equity
Liabilities:
   Current portion of long-term debt (note 5)                                     $       222,518        $       131,899
   Accounts payable and accrued expenses - affiliates (note 4)                             66,707                 48,009
   Accounts payable and accrued expenses                                                   33,498                 41,708
   Distributions payable (note 6)                                                          85,902                107,376
   Long-term debt, less current portion (note 5)                                          199,337                      -
                                                                                          -------                      -

     Total liabilities                                                                    607,962                328,992
                                                                                          -------                -------

Partners' equity:
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net income                                                                 72,067                 67,732
     Cumulative cash distributions                                                       (126,393)              (114,120)
     Reallocation of capital accounts                                                      53,326                 45,388
                                                                                           ------                 ------
                                                                                                -                      -
                                                                                           ------                 ------
   Limited Partners (7,772 Units):
     Capital contribution, net of
       offering costs                                                                   3,400,250              3,400,250
     Cumulative net income                                                              1,369,296              1,286,931
     Cumulative cash distributions                                                     (3,128,233)            (2,895,073)
     Reallocation of capital accounts                                                     (53,326)               (45,388)
                                                                                          -------                ------- 
                                                                                        1,587,987              1,746,720
                                                                                        ---------              ---------
     Total partners' equity                                                             1,587,987              1,746,720
                                                                                        ---------              ---------

     Total liabilities and partners' equity                                       $     2,195,949        $     2,075,712
                                                                                  =     =========        =     =========
</TABLE>

                      See accompanying notes to financial statements.


<PAGE>

<TABLE>

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

                            Statements of Operations
                                  (Unaudited)
<CAPTION>

                                                         Quarters Ended                          Nine Months Ended
                                                          September 30,                            September 30,
                                                          -------------                            -------------
                                                     1995              1994                 1995                1994
                                                     ----              ----                 ----                ----
Revenue:
<S>                                              <C>               <C>                  <C>                 <C>         
   Rental income on operating leases             $    270,366      $     226,283        $    719,263        $    487,980
   Earned income on sales-type and
     direct financing leases                               50              2,362               2,007               8,625
   Interest income                                      4,174             14,040              12,386              39,055
   Net gain (loss) on sale of equipment                31,781            (55,917)             13,119             (43,481)
                                                       ------            -------              ------             ------- 

       Total revenue                                  306,371            186,768             746,775             492,179
                                                      -------            -------             -------             -------

Costs and expenses:
   Depreciation                                       217,399            103,734             564,987             231,668
   Interest                                             6,475              2,810               9,333               2,810
   Related party expenses (note 4):
     Management fees                                   16,606             12,799              43,357              34,499
     General and administrative                        19,535             14,337              46,698              32,565
   (Reversal of) provision for
     doubtful accounts                                      -              1,598              (4,300)             18,893
                                                       ------              -----              ------              ------

       Total costs and expenses                       260,015            135,278             660,075             320,435
                                                      -------            -------             -------             -------

Net income                                       $     46,356      $      51,490        $     86,700        $    171,744
                                                 =     ======      =      ======        =     ======        =    =======

Net income per Limited
   Partnership Unit                              $       5.67      $        6.29        $      10.60        $      20.99
                                                 =       ====      =        ====        =      =====        =      =====

</TABLE>
                      See accompanying notes to financial statements.



<PAGE>


<TABLE>
                      COLUMBIA LEASE INCOME FUND II-D L.P.
                        (A Delaware Limited Partnership)

                            Statements of Cash Flows
             For the Nine Months Ended September 30, 1995 and 1994
                                  (Unaudited)

<CAPTION>
                                                                                             1995                   1994
                                                                                             ----                   ----
Cash flows from operating activities:
<S>                                                                                   <C>                     <C>             
   Net income                                                                         $        86,700         $        171,744
                                                                                      -        ------         -        -------

Adjustments  to  reconcile   net  income  to  net  cash  provided  by  operating
   activities:
     Depreciation                                                                             564,987                  231,668
     (Reversal of) provision for doubtful accounts                                             (4,300)                  18,893
     Net (gain) loss on sale of equipment                                                     (13,119)                  43,481
     Net (increase) decrease in current assets                                                (56,190)                  46,557
     Net increase in current liabilities                                                       10,488                   14,697
                                                                                               ------                   ------

           Total adjustments                                                                  501,866                  355,296
                                                                                              -------                  -------

           Net cash provided by operating activities                                          588,566                  527,040
                                                                                              -------                  -------

Cash flows from investing activities:
   Purchases of investment property                                                        (1,235,172)                (653,739)
   Proceeds from sales of investment property                                                  24,580                   63,218
                                                                                               ------                   ------

           Net cash used in investing activities                                           (1,210,592)                (590,521)
                                                                                           ----------                 -------- 

Cash flows from financing activities:
   Proceeds from borrowing on long-term debt                                                  443,625                  221,605
   Principal payments on long-term debt                                                      (153,669)                 (51,351)
   Cash distributions to partners                                                            (266,907)                (301,676)
                                                                                             --------                 -------- 

           Net cash provided by (used in) financing activities                                 23,049                 (131,422)
                                                                                               ------                 -------- 

Net decrease in cash and cash equivalents                                                    (598,977)                (194,903)

Cash and cash equivalents at beginning of period                                              906,846                1,527,844
                                                                                              -------                ---------

Cash and cash equivalents at end of period                                            $       307,869         $      1,332,941
                                                                                      =       =======         =      =========

Supplemental cash flow information:
   Interest paid during the period                                                    $         9,333         $          2,810
                                                                                      =         =====         =          =====

   Non-cash investing activities:
     Reclassification of expired direct
       financing leases to operating lease                                            $        16,791         $         98,865
                                                                                      =        ======         =         ======
</TABLE>

                      See accompanying notes to financial statements.


<PAGE>


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

                         Notes to Financial Statements
             For the Nine Months Ended September 30, 1995 and 1994
                                  (Unaudited)

(1)   Organization

The foregoing financial  statements of Columbia Lease Income Fund II-D 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, 1994.

(2)   Significant Accounting Policies

Allowance for Doubtful Accounts

The financial statements include an allowance for estimated losses on receivable
balances.  The  allowance  for  doubtful  accounts  is 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, 1995 and December 31, 1994,
the allowance for doubtful  accounts included in rents receivable was $2,905 and
$7,205, respectively.

(3)   Investment Property

At September 30, 1995,  the  Partnership  owns computer  equipment,  with a cost
basis of $2,914,616,  subject to existing leases and equipment with a cost basis
of $37,335 in inventory,  awaiting  re-lease or sale.  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, 1995 and 1994 are as follows:

<TABLE>
<CAPTION>
                                                          1995                  1994
                                                          ----                  ----

      <S>                                            <C>                     <C>       
      Equipment acquisition fees                     $    30,127             $   15,945
      Management fees                                     43,357                 34,499
      Reimbursable expenses paid                          43,809                 23,158
                                                          ------                 ------

                                                     $   117,293             $   73,602
                                                     =   =======             =   ======
</TABLE>



<PAGE>


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

                         Notes to Financial Statements
                                  (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 6.0% of the monthly  rental  billings  collected,  paid
quarterly.  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, 1995,  consists of one  installment  note with
Randolph  Computer  Company for $13,475 with an interest rate of 5.75% and three
installment  notes with Pullman Capital  Corporation  totaling  $408,380 bearing
interest  at 8.00%  These  four  installment  notes  are  collateralized  by the
equipment on the respective leases.

Maturities of long-term debt for the next three years are as follows:

<TABLE>
                  <S>                       <C>         
                  1995                      $     67,378
                  1996                           193,434
                  1997                           161,043
                                                 -------

                                            $    421,855
</TABLE>

(6)   Distributions to Partners

For the nine months ended September 30, 1995, declarations of Distributable Cash
were as follows:

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

<S>                                   <C>                                  <C>                       <C>                 <C>      
March 31, 1995                        May 15, 1995                         $ 10.00                   $    77,720         $    4,091
June 30, 1995                         August 15, 1995                      $ 10.00                   $    77,720         $    4,091
September 30, 1995                    November 15, 1995                    $ 10.00                   $    77,720         $    4,091

</TABLE>



<PAGE>


                      COLUMBIA LEASE INCOME FUND II-D 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 the Partnership's operations for the quarter
and nine month periods ended September 30, 1995, compared to the same periods in
1994.

The  Partnership  realized net income of $46,356 and $51,490 for the three month
periods  ended  September  30,  1995 and 1994,  respectively.  Rental  income on
operating leases increased  $44,083 or 20% between the three month periods.  The
significant increase in rental income can be attributed to leases resulting from
equipment  acquisitions in 1994 and 1995. Earned income on sales-type and direct
financing  leases will  continue to decline  over the lease term as more of each
minimum lease payments, as calculated using the rate implicit in the leases, are
allocated  to the  recovery of the fair  market  value of the  equipment  at the
inception of the lease. The Partnership  currently has one sales-type  remaining
with a lease term scheduled to expire in 1996.  Interest  income  decreased as a
result of lower average short-term investment balances.  The net gain on sale of
equipment  recognized  during the current  quarter can be attributed to sales of
equipment  carrying  lower net book  values and loss  charge  offs  against  the
reserve of $24,116.

Total costs and expenses increased $124,737 between the three month periods. The
increase in costs and expenses is the result of higher depreciation expense. The
increase in  depreciation  expense of $113,665 is directly  related to equipment
purchases of $1,235,172 and $653,739  during 1995 and 1994,  respectively.  Also
included in  depreciation  expense for the quarter ended September 30, 1995 is a
provision  of  $25,000  for  estimated  losses on the  ultimate  disposition  of
equipment. Management fees and general and administrative expenses increased due
to the overall rise in rental income.

The  Partnership  realized net income of $86,700 and $171,744 for the nine month
periods  ended  September  30,  1995 and 1994,  respectively.  Rental  income on
operating leases increased $231,283. As discussed in the quarter analysis above,
the increase in rental income is directly  related to equipment  acquisitions in
1994 and 1995.  Earned income on  sales-type  and direct  financing  leases will
continue to decline over the lease term as more of each minimum lease  payments,
as  calculated  using the rate  implicit  in the  lease,  are  allocated  to the
recovery  of the fair  value of the  equipment  at the  inception  of the lease.
Interest  income  decreased  due  to  the  Partnership  carrying  lower  average
short-term investment balances. As stated above, there was a net gain on sale of
equipment  in the  current  year  versus a net loss in the  prior  year,  due to
equipment  sales carrying lower net book values and loss charge offs of $120,996
in the current year.

Total costs and expenses increased $339,640 between the nine month periods.  The
increase in costs and  expenses is primarily  the result of higher  depreciation
expense.  As discussed above, the $333,319  increase in depreciation  expense is
mainly  attributed  to  equipment  purchases  during 1994 and 1995.  Included in
depreciation  expense for the current  nine months is a provision of $71,881 for
estimated losses on the ultimate  disposition of equipment.  Management fees and
general and  administrative  expenses  increased due to the overall  increase in
rental  income.  During the first quarter of 1995, the  Partnership  was able to
reverse a portion of its provision for doubtful accounts taken in a prior period
due to successful collection efforts on delinquent accounts.

The Partnership  recorded net income per Limited  Partnership Unit of $5.67  and
$10.60  for  the quarter and nine months ended September 30, 1995, respectively.



<PAGE>


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

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

Liquidity and Capital Resources.

For the nine months ended  September 30, 1995,  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 if it is less
marketable,  sold.  This  decision is made upon  analyzing  which  option  would
generate the most favorable results.

Rental income on existing  operating leases may decline due to two factors.  The
first  factor is the rate  obtained  when the  original  leases  expire  and are
remarketed at a lower rate.  Typically the remarketed rates are lower due to the
decrease in useful life of the equipment.  Secondly,  the  increasing  change in
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 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 $2,536,546 and are to be received
over the next five years.

In the  first  nine  months  of 1995,  the  Partnership's  investing  activities
resulted  in  equipment  purchases  of  $1,235,172  and  equipment  sales with a
depreciated cost basis of $132,457,  generating $24,580 in proceeds.  Associated
with the equipment  sales were $120,996 of loss charge offs against the reserve,
initially  set  up in  prior  periods  for  estimated  losses  on  the  ultimate
disposition of equipment.  The Partnership has no material  capital  expenditure
commitments,  but expects to continue to  purchase  equipment  as new  operating
leases are presented.

The Partnership's financing activities resulted in the paydown of long-term debt
of $153,669 and proceeds  from  borrowing on long-term  debt of $443,625 for the
nine months ended  September 30, 1995.  The new debt incurred  during the second
quarter of 1995 bears  interest at 8.00% with  installments  to be paid monthly.
The  Partnership  will continue to take down new long-term  debt as necessary to
purchase equipment.

Cash  distributions  are  currently  at  an  annual  level  of  8%  per  Limited
Partnership  Unit, or $10.00 per Limited  Partnership Unit on a quarterly basis.
For the quarter  ended  September  30,  1995,  the  Partnership  declared a cash
distribution  of $81,811,  of which $4,091 was allocated to the General  Partner
and $77,720 was allocated to the Limited Partners. The distribution will be made
on November 15, 1995. 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>

<TABLE>
<CAPTION>

                           PART II. OTHER INFORMATION

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


<S>            <C>
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
</TABLE>


<PAGE>


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

                                   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-D L.P.
(Registrant)

By:  TLP-Columbia Management Corporation,
its General Partner

By:  Arthur P. Beecher,
     President

Date:    November 14, 1995
       --------------------