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-E L.P.
             (Exact name of registrant as specified in its charter)


         Delaware                                                    13-3418894
(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-E L.P.
                        (A Delaware Limited Partnership)


                                                             INDEX                                                Page No.

Part I.       FINANCIAL INFORMATION

              Financial Statements
<S>                 <C>                                                                                           <C>

                    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 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-E 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                                                             $       780,046        $       618,227
     Less accumulated depreciation                                                        344,136                210,980
                                                                                          -------                -------
       Investment property, net                                                           435,910                407,247

Cash                                                                                       98,092                 48,925
Net investment in direct financing leases                                                   1,503                 15,940
Rents receivable, net (note 2)                                                              7,774                  1,977
Sales receivable, net (note 2)                                                              1,707                  2,500
                                                                                            -----                  -----

     Total assets                                                                 $       544,986        $       476,589
                                                                                  =       =======        =       =======

                        Liabilities and Partners' Equity
Liabilities:
   Current portion of long-term debt (note 5)                                     $       130,055        $             -
   Accounts payable and accrued expenses - affiliates (note 4)                             14,680                 11,107
   Accounts payable and accrued expenses                                                    7,752                 23,143
   Distributions payable (note 6)                                                          32,758                 49,135
   Long-term debt, less current portion (note 5)                                          104,578                      -
                                                                                          -------                      -

     Total liabilities                                                                    289,823                 83,385
                                                                                          -------                 ------

Partners' equity:
   General Partner:
     Capital contribution                                                                   1,000                  1,000
     Cumulative net (loss) income                                                            (644)                 1,578
     Cumulative cash distributions                                                        (68,586)               (63,906)
     Reallocation of capital accounts                                                      68,230                 61,328
                                                                                           ------                 ------
                                                                                                -                      -
   Limited Partners (4,742 Units):
     Capital contribution, net of
       offering costs                                                                   2,074,625              2,074,625
     Cumulative net (loss) income                                                         (12,217)                30,008
     Cumulative cash distributions                                                     (1,739,015)            (1,650,101)
     Reallocation of capital accounts                                                     (68,230)               (61,328)
                                                                                          -------                ------- 
                                                                                          255,163                393,204
                                                                                          -------                -------
     Total partners' equity                                                               255,163                393,204
                                                                                          -------                -------

     Total liabilities and partners' equity                                       $       544,986        $       476,589
                                                                                  =       =======        =       =======
</TABLE>

                See accompanying notes to financial statements.


<PAGE>

<TABLE>

                      COLUMBIA LEASE INCOME FUND II-E 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            $      61,568      $      42,083        $    164,303        $     90,809
   Earned income on direct
     financing leases                                     279              1,326               1,206               1,711
   Interest income                                      1,783                748               2,367               7,157
   Net gain (loss) on sale of equipment                   375                342              (1,534)             25,521
                                                          ---                ---              ------              ------

       Total revenue                                   64,005             44,499             166,342             125,198
                                                       ------             ------             -------             -------

Costs and expenses:
   Depreciation                                        86,887             36,981             170,341              63,974
   Interest                                             3,392                  -               3,392                   -
   Related party expenses (note 4):
     Management fees                                    3,354              3,236               9,192              15,972
     General and administrative                         9,722             10,225              25,266              21,820
   (Reversal of) provision for
     doubtful accounts                                      -             (1,362)              2,598               9,557
                                                            -             ------               -----               -----

       Total costs and expenses                       103,355             49,080             210,789             111,323
                                                      -------             ------             -------             -------

Net (loss) income                               $     (39,350)     $      (4,581)       $    (44,447)       $     13,875
                                                =     =======      =      ======        =    =======        =     ======

Net (loss) income per Limited
   Partnership Unit                             $       (7.88)     $       (0.92)       $      (8.90)       $       2.78
                                                =       =====      =       =====        =      =====        =       ====
</TABLE>

                See accompanying notes to financial statements.



<PAGE>

<TABLE>

                      COLUMBIA LEASE INCOME FUND II-E 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 (loss) income                                                                $       (44,447)        $        13,875
                                                                                    -       -------         -        ------

Adjustments to  reconcile  net (loss)  income to net cash  provided by operating
   activities:
     Depreciation                                                                           170,341                  63,974
     Provision for doubtful accounts                                                          2,598                   9,557
     Net loss (gain) on sale of equipment                                                     1,534                 (25,521)
     Net decrease in current assets                                                           4,995                  21,479
     Net (decrease) increase in current liabilities                                         (11,818)                  3,352
                                                                                            -------                   -----

           Total adjustments                                                                167,650                  72,841
                                                                                            -------                  ------

           Net cash provided by operating activities                                        123,203                  86,716
                                                                                            -------                  ------

Cash flows from investing activities:
   Purchase of investment property                                                         (202,164)               (452,203)
   Proceeds from sales of investment property                                                 3,466                  29,225
                                                                                              -----                  ------

           Net cash used in investing activities                                           (198,698)               (422,978)
                                                                                           --------                -------- 

Cash flows from financing activities:
   Proceeds from borrowings on long-term debt                                               255,262                       -
   Principal payments on long-term debt                                                     (20,629)                      -
   Cash distributions to partners                                                          (109,971)               (169,246)
                                                                                           --------                -------- 

           Net cash provided by (used in) financing activities                              124,662                (169,246)
                                                                                            -------                -------- 

Net increase (decrease) in cash                                                              49,167                (505,508)

Cash and cash equivalents at beginning of period                                             48,925                 585,919
                                                                                             ------                 -------

Cash and cash equivalents at end of period                                          $        98,092         $        80,411
                                                                                    =        ======         =        ======

Supplemental cash flow information:
   Interest paid during the period                                                  $         3,392         $             -
                                                                                    =         =====         =             =

Non-cash investing activities:
   Reclassification of residual value of expired
     direct financing lease to operating lease                                      $         1,840         $             -
                                                                                    =         =====         =             =
</TABLE>

                See accompanying notes to financial statements.


<PAGE>


                      COLUMBIA LEASE INCOME FUND II-E 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-E 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 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 September 30, 1995 and December 31, 1994,
the allowance for doubtful  accounts  included in rents  receivable was $479 and
$381,   respectively,   and  $2,500  and  $0  included   in  sales   receivable,
respectively.

(3)   Investment Property

At September 30, 1995, the  Partnership  owned computer  equipment,  with a cost
basis of $756,961, subject to existing leases and equipment with a cost basis of
$23,085 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 are as follows:

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

<S>                                                   <C>                    <C>       
      Equipment acquisition fees                      $     4,931            $   11,029
      Management fees                                       9,192                15,972
      Reimbursable expenses paid                           25,118                13,691
                                                           ------                ------

                                                      $    39,241            $   40,692
                                                      =    ======            =   ======
</TABLE>



<PAGE>


                      COLUMBIA LEASE INCOME FUND II-E 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  loan for
$234,633 from Pullman Capital  Corporation  bearing interest at a rate of 8.00%,
maturing in 1997, collateralized by the equipment on lease.

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

<TABLE>
<CAPTION>
                  Year Ending December 31

                                    <S>                                <C>
                                    1995                               $      31,548
                                    1996                                     132,674
                                    1997                                      70,411
                                                                              ------

                                                                       $     234,633
</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                         $     6.25                $    29,638         $    1,560
June 30, 1995                         August 15, 1995                      $     6.25                $    29,638         $    1,560
September 30, 1995                    November 15, 1995                    $     6.25                $    29,638         $    1,560

</TABLE>


<PAGE>


                      COLUMBIA LEASE INCOME FUND II-E 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 month  periods  ended  September  30, 1995  compared to the same periods in
1994.

The  Partnership  realized a net loss of $39,350  and $4,581 for the three month
periods  ended  September  30,  1995 and 1994,  respectively.  Rental  income on
operating leases increased $19,485 between the three month periods. The increase
in  rental  income  can  be  attributed  to  rents   associated  with  equipment
acquisitions of $202,164 and $452,203 during the nine months ended September 30,
1995 and 1994,  respectively.  Interest  income  increased as a result of higher
average short-term investment balances compared to September 30, 1994.

Total costs and expenses significantly increased $54,275 between the three month
periods.  This sharp  increase in costs and expenses is primarily  the result of
higher depreciation  expense.  The $49,906 increase in depreciation  expense was
directly  related to  equipment  purchases  during 1995 and 1994,  as  mentioned
above. Interest expense was generated in the current quarter due to the interest
paid on the long-term debt acquired in the current quarter. Management fees have
remained  constant  and are  calculated  based on rents  collected.  General and
administrative  expenses  have  decreased  slightly  due to  reduced  costs  for
equipment refurbishing and storage,  resulting from the decrease of equipment in
inventory  awaiting  re-lease or sale.  The  Partnership  was able to reduce its
provision for bad debts during the prior  quarter due to  successful  collection
efforts on delinquent accounts receivable.

The Partnership realized a net loss of $44,447 and net income of $13,875 for the
nine month  periods  ended  September  30, 1995 and 1994,  respectively.  Rental
income on operating leases increased $73,494 between the nine month periods.  As
discussed  above,  the increase in rental  income is primarily  due to equipment
acquisitions  during the  current  and prior  years.  Earned  income on existing
direct  financing leases will continue to decline over the lease term as more of
each minimum lease payment,  as calculated using the rate implicit in the lease,
is allocated  to the  recovery of the fair market value of the  equipment at the
inception of the lease.  The Partnership  has one direct  financing lease with a
term scheduled to expire in 1995.  Interest income decreased  overall due to the
Partnership  carrying lower average  short-term  investment  balances during the
current  year.  The loss on sale of equipment  during the second  quarter can be
attributed to sales of equipment carrying higher net book values.

Total costs and expenses  increased $99,466 between the nine month periods.  The
significant  increase in costs and expenses is again due to higher  depreciation
expense.  As discussed above, the $106,367  increase in depreciation  expense is
attributable to equipment  purchases during 1995 and 1994.  Interest expense has
increased  due to the interest  paid on long-term  debt  acquired in the current
quarter. Management fees have decreased overall due to remarketing fees incurred
during the second  quarter of 1994,  causing  the  management  fees for the nine
months ended 1994 to be unusually high. However, management fees and general and
administrative expenses are in line with rental income for the current year.

For the nine month periods ended  September 30, 1995 and 1994,  the  Partnership
recorded net (loss)  income per Limited  Partnership  Unit of $(8.90) and $2.78,
respectively.



<PAGE>


                      COLUMBIA LEASE INCOME FUND II-E 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 $552,309 and are to be received
over the next three years.

For the  first  nine  months of 1995,  the  Partnership's  investing  activities
resulted  in  equipment  purchases  of  $202,164  and  equipment  sales  with  a
depreciated cost of $5,000, generating $3,466 in sales proceeds. 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  during the first nine  months of 1995
resulted in proceeds from  borrowing on long-term debt of $255,262 and principal
payments  of  $20,629.   Such  long-term  debt  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 a level of 5% per Limited  Partnership Unit,
or $6.25 per Limited Partnership Unit. For the quarter ended September 30, 1995,
the  Partnership  declared a cash  distribution  of $31,198 of which  $1,560 was
allocated  to the  General  Partner and  $29,638  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 in the future.
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-E L.P.
                        (A Delaware Limited Partnership)


<TABLE>
<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-E 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-E L.P.
(Registrant)

By: TLP-Columbia Management Corporation,
its General Partner


By: Arthur P. Beecher,
    President


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