Page 1 of 11


                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   -----------

                                   FORM 10-QSB

  X     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
-----   ACT OF 1934

                For the quarterly period ended September 30, 1997

                                       OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----   EXCHANGE ACT OF 1934

        For the transition period from ______________ to ______________.

                         Commission file number 0-17989
                                                -------


                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
                                   Registrant

           California                                    68-0166383
-----------------------------                -----------------------------------
     State of Jurisdiction                   I.R.S. Employer Identification No.


2401 Kerner Boulevard, San Rafael, California                  94901-5527
--------------------------------------------------------------------------------
  Address of Principal Executive Offices                        Zip Code

       Registrant's telephone number, including area code: (415) 485-4500
                                                           --------------

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
preceding requirements for the past 90 days.

                               Yes __X__ No _____

7,526 Units of Limited Partnership Interest were outstanding as of September 30,
1997.

Transitional small business disclosure format:

                               Yes _____ No __X__


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                                                                    Page 2 of 11

                          Part I. Financial Information
                          -----------------------------
                          Item 1. Financial Statements
                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP
                                 BALANCE SHEETS
                 (Amounts in Thousands Except for Unit Amounts)
                                   (Unaudited)

                                                     September 30,  December 31,
                                                          1997           1996
                                                        -------        -------
ASSETS

Cash and cash equivalents                               $   536        $ 1,499

Accounts receivable                                          16             44

Equipment on operating leases and held for
  lease (net of accumulated depreciation of
  $56 at September 30, 1997 and December 31, 1996)         --             --

Net investment in financing leases                         --               99

Investment in joint ventures                                187            197

Other assets                                                  3              5
                                                        -------        -------

     Total Assets                                       $   742        $ 1,844
                                                        =======        =======

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

Liabilities

   Accounts payable and accrued expenses                $    20        $    24
                                                        -------        -------

     Total Liabilities                                       20             24
                                                        -------        -------

Partners' Capital (Deficit)

   General Partner                                           (2)            (3)

   Limited Partners, 25,000 units authorized,
     7,526 units issued and outstanding at
     September 30, 1997 and December 31, 1996               724          1,823
                                                        -------        -------

     Total Partners' Capital (Deficit)                      722          1,820
                                                        -------        -------

     Total Liabilities and Partners' Capital (Deficit)  $   742        $ 1,844
                                                        =======        =======

        The accompanying notes are an integral part of these statements.


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                                                                    Page 3 of 11

                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP
                            STATEMENTS OF OPERATIONS
               (Amounts in Thousands Except for Per Unit Amounts)
                                   (Unaudited)

                                          Three Months Ended  Nine Months Ended
                                            September 30,       September 30,
                                            1997      1996      1997      1996
                                          -------   -------   -------   -------
INCOME

   Rental income                          $  --     $    19   $  --     $    27
   Earned income, financing leases           --           7         5        31
   Gain on sale of equipment                 --        --        --          12
   Equity in earnings (losses) from
    joint ventures                             (3)       (1)      (10)       23
   Interest income, notes receivable           47      --          49      --
   Gain on sale of securities                --          34        51        34
   Other income                                 7        12        23        29
                                          -------   -------   -------   -------

     Total Income                              51        71       118       156
                                          -------   -------   -------   -------

EXPENSES

   Amortization of acquisition fees          --          21         4        30
   Management fees to General Partner           2        27         7        37
   Reimbursed administrative costs to
    General Partner                             2         3         7        10
   Recovery of  losses on receivables        --        (190)     --        (190)
   Legal expense                                5         1        12        26
   General and administrative expenses          5         4        16        14
                                          -------   -------   -------   -------

     Total Expenses                            14      (134)       46       (73)
                                          -------   -------   -------   -------

NET INCOME                                $    37   $   205   $    72   $   229
                                          =======   =======   =======   =======



NET INCOME PER LIMITED
   PARTNERSHIP UNIT                       $  4.82   $ 26.94   $  7.87   $ 28.67
                                          =======   =======   =======   =======

DISTRIBUTIONS PER LIMITED
   PARTNERSHIP UNIT                       $  --     $  --     $153.79   $ 37.27
                                          =======   =======   =======   =======

ALLOCATION OF NET INCOME:
   General Partner                        $     1   $     2   $    13   $    13
   Limited Partners                            36       203        59       216
                                          -------   -------   -------   -------

                                          $    37   $   205   $    72   $   229
                                          =======   =======   =======   =======

        The accompanying notes are an integral part of these statements.


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                                                                    Page 4 of 11

                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP
                            STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)


                                                           Nine Months Ended
                                                              September 30,
                                                             1997      1996
                                                           -------   -------
Operating Activities:
   Net income                                              $    72   $   229

   Adjustments to reconcile net income to
     net cash provided by operating activities:
       Amortization of acquisition fees                          4        30
       Gain on sale of equipment                              --         (12)
       Equity in earnings from joint ventures, net              10       (23)
       Recovery of  losses on notes receivable                --        (190)
       Gain on sale of securities                              (51)      (34)
       Decrease in accounts receivable                          28        10
       Decrease in accounts payable and accrued expenses        (4)       (6)
       Increase in other assets                                 (2)       (1)
                                                           -------   -------

Net cash provided by operating activities                       57         3
                                                           -------   -------

Investing Activities:
   Principal payments, financing leases                         99       171
   Principal payments, notes receivable                       --         771
   Proceeds from sale of equipment                            --          12
   Proceeds from sale of securities                             51        34
   Distributions from joint ventures                          --          67
                                                           -------   -------

Net cash provided by investing activities                      150     1,055
                                                           -------   -------

Financing Activities:
   Distributions to partners                                (1,170)     (283)
                                                           -------   -------

Net cash used by financing activities                       (1,170)     (283)
                                                           -------   -------

Increase (decrease) in cash and cash equivalents              (963)      775

Cash and cash equivalents, beginning of period               1,499       655
                                                           -------   -------

Cash and cash equivalents, end of period                   $   536   $ 1,430
                                                           =======   =======

        The accompanying notes are an integral part of these statements.


<PAGE>


                                                                    Page 5 of 11

                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1.       General.

         The accompanying  unaudited  condensed  financial  statements have been
prepared by the  Partnership in accordance  with generally  accepted  accounting
principles, pursuant to the rules and regulations of the Securities and Exchange
Commission. In the opinion of Management,  all adjustments (consisting of normal
recurring  accruals)  considered  necessary  for a fair  presentation  have been
included. Although management believes that the disclosures are adequate to make
the information  presented not misleading,  it is suggested that these condensed
financial  statements be read in conjunction  with the financial  statements and
the notes included in the Partnership's  Financial Statement,  as filed with the
SEC in the latest annual report on Form 10-K.

Note 2.       Reclassification.

           Reclassification  - Certain 1996 amounts  have been  reclassified  to
conform to the 1997 presentation.

Note 3.       Income Taxes.

           Federal and state  income tax  regulations  provide that taxes on the
income  or loss of the  Partnership  are  reportable  by the  partners  in their
individual income tax returns. Accordingly, no provision for such taxes has been
made in the accompanying financial statements.

Note 4.       Net Income (Loss) and Distribution Per Limited Partnership Unit.

           Net income and distributions per limited  partnership unit were based
on the limited partners' share of net income and distributions, and the weighted
average number of units outstanding of 7,526 for the nine months ended September
30,  1997  and  1996.   For  purposes  of  allocating   net  income  (loss)  and
distributions to each individual limited partner, the Partnership  allocates net
income (loss) and distributions based upon each respective limited partner's net
capital contributions.

Note 5.       Investment in Joint Ventures.

Foreclosed Cable System Joint Ventures

           The aggregate combined financial  information of the foreclosed cable
systems joint ventures is presented as follows:

                                           September 30, December 31,
                                                1997        1996
                                              -------     -------
                                             (Amounts in Thousands)

        Assets                                $ 1,209     $ 1,215
        Liabilities                               220         172
        Partners' Capital                         989       1,043


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                                                                    Page 6 of 11

                                    Three Months Ended    Nine Months Ended
                                       September 30,        September 30,
                                       1997     1996        1997     1996
                                     -------  -------     -------  -------
                                             (Amounts in Thousands)

        Revenue                      $   104  $   113     $   307  $ 1,577
        Expenses                         120      118         361      518
        Net Income (Loss)                (16)      (5)        (54)   1,059


<PAGE>


                                                                    Page 7 of 11


                       PHOENIX HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP


Item 2.           Management's Discussion  and  Analysis of  Financial Condition
                  and Results of Operations.

Results of Operations

     The  Partnership  reported  net income of $37,000 and $72,000 for the three
and nine months  ended  September  30,  1997,  respectively,  as compared to net
income of $205,000 and  $229,000 for the same periods in 1996.  During the three
and nine months ended September 30, 1996, the Partnership experienced a recovery
of losses on receivables  of $190,000  related to the payoff of a defaulted note
receivable  from a cable  television  system which  contributed  to the improved
earnings during 1996.

     Total  revenues  decreased by $20,000 and $38,000 during the three and nine
months ended September 30, 1997,  respectively,  as compared to the same periods
in 1996.  This  decrease is primarily  the result of an absence of rental income
and a decline in earned  income  from  financing  leases.  The absence of rental
income during the three and nine months ended  September  30, 1997,  compared to
$19,000 and $27,000 for the same periods in 1996, respectively,  is attributable
to  equipment  for the  remaining  operating  leases  being held for lease as of
September 30, 1997.

     The decrease in earned  income from  financing  leases during the three and
nine  months  ended  September  30,  1997 of $7,000 and  $26,000,  respectively,
compared to the same  periods in 1996,  is  attributable  to the  declining  net
investment  in financing  leases.  The net  investment  in  financing  leases at
September 30, 1997 is $0, as compared to $140,000 at September 30, 1996.

     Additionally,  the absence of a gain on sale of securities also contributed
to the decrease in total revenues for the three months ended September 30, 1997,
compared to $34,000 for the same period in 1996. The gain experienced in 1996 is
attributable to the exercise and sale of stock warrants held by the Partnership.
The  Partnership  had been  granted  stock  warrants  as part of its  lease  and
financing agreements with certain emerging growth companies.

      Another factor  contributing to the decline in total revenues for the nine
months ended  September 30, 1997 is the decrease in earnings from joint ventures
of $33,000 for the nine months ended  September  30, 1997,  compared to the same
period in 1996.  This  decrease is due to  earnings  from joint  ventures  being
higher than usual during the nine months ended  September  30, 1996.  The higher
earnings in 1996 was a result of a sale of a cable  television  system  owned by
one of the foreclosed cable systems joint ventures.  Such an event did not occur
during the nine months ended September 30, 1997.

     The Partnership  reported a gain on sale of equipment of $12,000 during the
nine months ended  September 30, 1996. The gain on sale of equipment  recognized
during the nine months ended  September 30, 1996 was a result of equipment which
was fully depreciated being sold for proceeds of $12,000.

     Partially  offsetting  the  decreases in total  revenues  described for the
three and nine months ended September 30, 1997,  compared to the same periods in
the prior year, is the  recognition  of interest  income from notes  receivable.
During the three and nine months  ended  September  30,  1997,  the  Partnership
recognized  interest  income  from  notes  receivable  of $47,000  and  $49,000,
respectively, compared to $0 for the same periods  in 1996.  During  the   three


<PAGE>


                                                                    Page 8 of 11

months ended September 30, 1997, the Partnership received additional  settlement
proceeds from a defaulted note receivable with a net carrying value of $0. These
settlement  proceeds  are  included  in  interest  income  on the  Statement  of
Operations.

     In  contrast  to the  decrease  in gain on sale of  securities  experienced
during the three months ended  September 30, 1997, the  Partnership  reported an
increase in gain on sale of securities  of $17,000  during the nine months ended
September 30, 1997,  compared to the same period in the prior year.  The gain on
sale of securities is due to the exercise and sale of stock warrants held by the
Partnership.  During the nine months ended  September 30, 1997, the  Partnership
received proceeds from the sale of securities of $51,000 compared to $34,000 for
the same period in 1996.

     Total expenses increased by $148,000 and $119,000 during the three and nine
months ended  September 30, 1997,  as compared to the same periods in 1996.  The
increase in total expenses for both periods in the current year is  attributable
to the  absence of a recovery  of losses on  receivables  comparable  to the one
experienced in the prior year.  During the three and nine months ended September
30, 1996,  the  Partnership  made an  adjustment  to the allowance for losses on
receivables of $190,000.  During the three months ended  September 30, 1996, the
Partnership  received  a payoff  on an  impaired  note  receivable  from a cable
television system operator. This outstanding note receivable had been classified
as impaired and the  Partnership had suspended the accrual of interest income on
this  note.  The  carrying  value of this  note was  $1,188,000,  for  which the
Partnership  had an allowance  for loan losses of  $706,000,  resulting in a net
carrying value of $482,000.  The Partnership  received total settlement proceeds
of  $672,000  on this note,  which  resulted  in a recovery  of  $190,000 of the
allowance for losses on notes receivable.

     Partially offsetting the absence of a recovery of losses on receivables for
the  three and nine  months  ended  September  30,  1997,  is the  decreases  in
amortization of acquisition fees and management fees to the General Partner. The
decline in amortization of acquisition fees of $21,000 and $26,000 for the three
and nine months ended  September  30, 1997,  compared to the same periods in the
prior  year,  is a  result  of the  capitalized  acquisition  fees  being  fully
amortized  as of  September  30,  1997.  The decline in  management  fees to the
General  Partner of $25,000  and  $30,000  for the three and nine  months  ended
September  30,  1997,  compared  to the same  periods in 1996,  is a result of a
decline in leasing and financing related revenues.

Liquidity and Capital Resources

     The  Partnership's  primary source of liquidity  comes from its contractual
obligations  with lessees and borrowers to receive rental  payments and payments
of principal and interest.  The future  liquidity of the Partnership will depend
upon the General Partner's success in collecting scheduled  contractual payments
from its lessees and borrowers. Additionally, the Partnership has investments in
foreclosed  cable systems joint ventures that it receives cash  distributions of
the excess cash flows.

     The cash generated by leasing and financing  activities was $156,000 during
the nine months ended  September  30, 1997,  as compared to $945,000  during the
same period in 1996. The net cash generated by leasing and financing  activities
during 1996 were  higher than usual as a result of a payoff of an impaired  note
receivable.

     The  Partnership  did not receive cash  distributions  from joint  ventures
during the nine months ended September 30, 1997,  compared to $67,000 during the
nine months ended September 30, 1996. The cash received from  distributions from
joint ventures during the nine months ended September 30, 1996 was  attributable
to a foreclosed cable systems joint venture distributing  proceeds from the sale
of its cable television system.


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                                                                    Page 9 of 11

     The Partnership  owned equipment being held for lease with an original cost
of  $89,000  and a net book  value of $0 at  September  30,  1997 and 1996.  The
General  Partner  is  actively  engaged,  on  behalf  of  the  Partnership,   in
remarketing and selling the Partnership's equipment as it becomes available.

     The cash  distributed  to partners was $1,170,000 and $283,000 for the nine
months ended September 30, 1997 and 1996,  respectively.  In accordance with the
Partnership  Agreement,  the Limited  Partners  are  entitled to 99% of the cash
available  for  distribution  and the  General  Partner is  entitled to 1%. As a
result,  the Limited Partners received  $1,158,000 and $280,000 in distributions
during  the  period  ended  September  30,  1997  and  1996,  respectively.  The
cumulative cash  distributions to limited partners are $6,995,000 and $5,837,000
at  September  30, 1997 and 1996,  respectively.  The General  Partner  received
$12,000  and  $3,000 for its share of the cash  distributions  during the period
ended September 30, 1997 and 1996, respectively.

     The increase in  distributions  to partners is a result of the  Partnership
switching to an annual distribution method from a quarterly  distribution method
with  the  first  annual  distribution  being  made on  January  15,  1997.  The
distribution  on April 15, 1996 was the last  scheduled  quarterly  distribution
made by the Partnership.  An additional  factor  contributing to the increase in
distributions to partners during the nine months ended September 30, 1997 is the
receipt of a  settlement  payment on an impaired  note during the quarter  ended
September 30, 1996. The  Partnership  included these proceeds in the January 15,
1997 distribution to partners.  The Partnership's  ability to distribute cash to
partners is dependent upon the Partnership  receiving its  contractual  payments
from financing leases. If the cash generated by Partnership  operations decrease
below expectations, the distributions to partners will be adjusted accordingly.

     Cash  generated  from  leasing  and  financing  operations  has been and is
anticipated  to continue to be sufficient to meet the  Partnership's  continuing
operational expenses.


<PAGE>


                                                                   Page 10 of 11

                   PHOENIX LEASING HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP

                               September 30, 1997

                           Part II. Other Information


Item 1.     Legal Proceedings.  Inapplicable.

Item 2.     Changes in Securities.  Inapplicable

Item 3.     Defaults Upon Senior Securities.  Inapplicable

Item 4.     Submission of Matters to a Vote of Securities Holders.  Inapplicable

Item 5.     Other Information.  Inapplicable

Item 6.     Exhibits and Reports on 8-K:

            a)  Exhibits:

                (27)      Financial Data Schedule

            b)  Reports on 8-K:  None


<PAGE>


                                                                   Page 11 of 11

                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) 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.


                                        PHOENIX HIGH TECH/HIGH YIELD FUND,
                                        ----------------------------------
                                        A CALIFORNIA LIMITED PARTNERSHIP
                                        --------------------------------
                                                   (Registrant)

        Date                      Title                       Signature
        ----                      -----                       ---------


  November 12, 1997       Senior Vice President           /S/ GARY W. MARTINEZ
---------------------     and a Director of               ----------------------
                          Phoenix Leasing Incorporated    (Gary W. Martinez)
                          General Partner


  November 12, 1997       Chief Financial Officer,        /S/ PARITOSH K. CHOKSI
---------------------     Senior Vice President,          ----------------------
                          Treasurer and a Director of     (Paritosh K. Choksi)
                          Phoenix Leasing Incorporated
                          General Partner


  November 12, 1997       Senior Vice President,          /S/ BRYANT J. TONG
---------------------     Financial Operations of         ----------------------
                         (Principal Accounting Officer)   (Bryant J. Tong)
                          Phoenix Leasing Incorporated
                          General Partner