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 June 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 June 30,1997.

Transitional small business disclosure format:

                             Yes             No   X
                                ------         ------

<PAGE>


                                                                    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)
                                                    June 30,      December 31,
                                                      1997           1996
                                                      ----           ----
ASSETS

Cash and cash equivalents                        $     499        $   1,499

Accounts receivable                                     13               44

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

Net investment in financing leases                      12               99

Investment in joint ventures                           190              197

Capitalized acquisition fees (net of
accumulated amortization of $295 and 
$292 at June 30, 1997 and December 31,
1996, respectively)                                      1                4

Other assets                                             2                1
                                                 ---------        ---------

     Total Assets                                $     717        $   1,844
                                                 =========        =========

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses         $      31        $      24
                                                 ---------        ---------

     Total Liabilities                                  31               24
                                                 ---------        ---------

Partners' Capital

   General Partner                                      (3)              (3)

   Limited Partners, 25,000 units
   authorized, 7,526 units issued
   and outstanding at June 30, 1997
   and December 31, 1996                               689            1,823
                                                 ---------        ---------

     Total Partners' Capital                           686            1,820
                                                 ---------        ---------

     Total Liabilities and Partners' Capital     $     717        $   1,844
                                                 =========        =========

        The accompanying notes are an integral part of these statements.


<PAGE>


                                                                    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  Six Months Ended
                                               June 30,            June 30,
                                            1997     1996      1997       1996
                                            ----     ----      ----       ----
INCOME

   Rental income                           $ --      $    9   $  --      $    8
   Earned income, financing leases              1        11         5        24
   Gain on sale of equipment                 --        --        --          12
   Gain on sale of securities                --        --          50      --
   Equity in earnings (losses) from
     joint ventures, net                       (2)       (1)       (7)       24
   Other income                                 8         8        19        17
                                           ------    ------    ------    ------

     Total Income                               7        27        67        85
                                           ------    ------    ------    ------

EXPENSES

   Amortization of acquisition fees             2         7         3         9
   Management fees to General Partner           2         7         5        10
   Reimbursed administrative costs to
     General Partner                            2         3         5         7
   Legal expense                                4        18         7        25
   General and administrative expenses          6         5        12        10
                                           ------    ------    ------    ------

     Total Expenses                            16        40        32        61
                                           ------    ------    ------    ------

NET INCOME (LOSS)                          $   (9)   $  (13)  $    35    $   24
                                           ======    ======    ======    ======


NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                        $(1.20)   $(1.91)  $  3.05    $ 1.73
                                           ======    ======    ======    ======

DISTRIBUTIONS PER LIMITED
   PARTNERSHIP UNIT                        $  --     $18.53   $153.79    $37.27
                                           ======    ======    ======    ======

ALLOCATION OF NET INCOME (LOSS):
     General Partner                       $  --     $    1   $    12    $   11
     Limited Partners                          (9)      (14)       23        13
                                           ------    ------    ------    ------

                                           $   (9)   $   13   $    35    $   24
                                           ======    ======    ======    ======


         The accompanying notes are an integral part of these statements


<PAGE>


                                                                    Page 4 of 11

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

                                                           Six Months Ended
                                                               June 30,
                                                           1997         1996
                                                           ----         ----

Operating Activities:
     Net income                                          $    35      $    24

     Adjustments  to  reconcile  net income to net
      cash  provided  by  operating
      activities:
         Amortization of acquisition fees                      3            9
         Gain on sale of equipment                          --            (12)
         Gain on sale of securities                          (50)        --
         Equity in losses (earnings) from joint
            ventures, net                                      7          (24)
         Decrease in accounts receivable                      31           10
         Increase (decrease) in accounts payable and
            accrued expenses                                   7           (5)
         Increase in other assets                             (1)          (2)
                                                         -------      -------

Net cash provided by operating activities                     32         --   
                                                         -------      -------

Investing Activities:
     Principal payments, financing leases                     87          127
     Principal payments, notes receivable                   --            100
     Proceeds from sale of equipment                        --             12
     Proceeds from sale of securities                         50         --   
     Distributions from joint ventures                      --             67
                                                         -------      -------

Net cash provided by investing activities                    137          306
                                                         -------      -------

Financing Activities:
     Distributions to partners                            (1,169)        (283)
                                                         -------      -------

Net cash used by financing activities                     (1,169)        (283)
                                                         -------      -------

Increase (decrease) in cash and cash equivalents          (1,000)          23

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

Cash and cash equivalents, end of period                 $   499      $   678
                                                         =======      =======

        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 six months ended June 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:
                                          June 30,                  December 31,
                                            1997                        1996
                                            ----                        ----
                                                 (Amounts in Thousands)

           Assets                        $   1,225                  $   1,215
           Liabilities                         220                        172
           Partners' Capital                 1,005                      1,043





<PAGE>


                                                                    Page 6 of 11

                                   Three Months Ended        Six Months Ended
                                        June 30,                 June 30,
                                   1997           1996      1997           1996
                                   ----           ----      ----           ----
                                              (Amounts in Thousands)

           Revenue               $  103        $    80       203       $   1,465
           Expenses                 118            119       241             401
           Net Income (Loss)        (15)           (39)      (38)          1,064




<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 a net loss of $9,000 for the three  months ended
June 30, 1997, as compared to a net loss of $13,000 for the same period in 1996.
In contrast,  the Partnership  reported net income for the six months ended June
30,  1997 of $35,000  compared  to net income of $24,000  for the same period in
1996.  The  improvement  in earnings  for the three  months  ended June 30, 1997
compared to 1996 is a result of a decrease in total  expenses which exceeded the
decrease in total  revenues.  The  increase in net income  during the six months
ended June 30, 1997, as compared to the same period in 1996, is  attributable to
a gain on sale of securities of $50,000.

     Total  revenues  decreased by $20,000 and $18,000  during the three and six
months  ended June 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 six  months  ended June 30,  1997,  compared  to $9,000 and
$8,000 for the same periods in 1996, respectively,  is attributable to equipment
for the remaining operating leases being held for lease as of June 30, 1997.

     The decrease in earned  income from  financing  leases during the three and
six months ended June 30, 1997 of $10,000 and $19,000, 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 June 30, 1997 is
$12,000, as compared to $184,000 at June 30, 1996.

     Additionally, the absence of a gain on sale of equipment and the decline in
earnings from joint ventures also  contributed to the decrease in total revenues
for the six  months  ended  June 30,  1997  compared  to 1996.  The  Partnership
reported a gain on sale of equipment of $12,000 during the six months ended June
30, 1996. The gain on sale of equipment  recognized  during the six months ended
June 30, 1996 was a result of equipment which was fully  depreciated  being sold
for proceeds of $12,000.

      The decline in earnings from joint  ventures of $31,000 for the six months
ended June 30, 1997,  compared to 1996, is due to earnings  from joint  ventures
being higher than usual  during the six months  ended June 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 six months ended June 30, 1997.

     In contrast,  the  Partnership  experienced a gain on sale of securities of
$50,000 which partially offset the factors contributing to the decrease in total
revenues as previously  described during the six months ended June 30, 1997. The
gain on sale of  securities  is due to the exercise  and sale of stock  warrants
held by the Partnership.

     Total  expenses  decreased by $24,000 and $29,000  during the three and six
months  ended June 30,  1997,  as  compared  to the same  periods  in 1996.  The


<PAGE>


                                                                    Page 8 of 11

decrease in expenses  during the three and six months  ended June 30,  1997,  as
compared  to the same  periods in 1996,  is a result of all  expense  line items
declining with the exception of general and administrative expenses. The decline
in legal expense  contributed  to a majority of the decrease in total  expenses.
Legal  expense  decreased  by $14,000  and  $18,000 for the three and six months
ended June 30,  1997,  respectively,  compared to the same  periods in the prior
year.  The reduction in legal  expense  during 1997 is due to a decline in legal
costs  attributable to the  Partnership's  impaired note  receivable.  This note
receivable was paid off during 1996.

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 $119,000 during
the six months  ended June 30,  1997,  as compared  to $227,000  during the same
period in 1996.  During the six  months  ended June 30,  1997,  the  Partnership
received a payment on an outstanding  receivable;  however,  the receipt of this
payment  was less than the amount  received  in the prior year as a payoff of an
impaired  note  receivable  which  caused  net cash  generated  by  leasing  and
financing activities to be higher than usual in 1996.

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

     The Partnership  owned equipment being held for lease with an original cost
of $89,000  and a net book value of $0 at June 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  $1,169,000 and $283,000 for the six
months  ended  June 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  $1,157,000 and $280,000 in distributions
during the period  ended June 30, 1997 and 1996,  respectively.  The  cumulative
cash distributions to limited partners are $6,995,000 and $5,837,000 at June 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 June 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 six months  ended June 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

<PAGE>                                                        

                                                                    Page 9 of 11
operational expenses.
<PAGE>
                                                                

                                                                   Page 10 of 11
                   PHOENIX LEASING HIGH TECH/HIGH YIELD FUND,
                        A CALIFORNIA LIMITED PARTNERSHIP

                                  June 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
       ----                    -----                         ---------


  August 13, 1997      Senior Vice President            /S/ GARY W. MARTINEZ
-----------------      and a Director of                ------------------------
                       Phoenix Leasing Incorporated     (Gary W. Martinez)
                       General Partners



  August 13, 1997      Chief Financial Officer,         /S/ PARITOSH K. CHOKSI
-----------------      Senior Vice President,           ------------------------
                       Treasurer and a Director of      (Paritosh K. Choksi)
                       Phoenix Leasing Incorporated
                       General Partner


  August 13, 1997      Senior Vice President,           /S/ BRYANT J. TONG
-----------------      Financial Operations of          ------------------------
                       (Principal Accounting Officer)   (Bryant J. Tong)
                       Phoenix Leasing Incorporated
                       General Partner


  August 13, 1997      Partnership Controller of        /S/ MICHAEL K. ULYATT
-----------------      Phoenix Leasing Incorporated     ------------------------
                       General Partner                  (Michael K. Ulyatt)
                       General Partner