Page 1 of 10


                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 March 31, 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 March 31,
1997.

Transitional small business disclosure format:

                              Yes ___    No _X_



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                                                                    Page 2 of 10

                          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)

                                                       March 31,  December 31,
                                                         1997         1996
                                                         ----         ----
ASSETS

Cash and cash equivalents                              $   455      $ 1,499

Accounts receivable                                          9           44

Net investment in financing leases                          65           99

Investment in joint ventures                               193          197

Capitalized  acquisition fees (net of accumulated
   amortization of $293 and $292 at March 31, 1997
   and December 31, 1996, respectively)                      3            4

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

     Total Assets                                      $   726      $ 1,844
                                                       =======      =======

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

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

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

Partners' Capital

   General Partner                                          (2)          (3)

   Limited Partners, 25,000 units authorized,
     7,526 units issued and outstanding at
     March  31, 1997 and December 31, 1996                 697        1,823
                                                       -------      -------

     Total Partners' Capital                               695        1,820
                                                       -------      -------

     Total Liabilities and Partners' Capital           $   726      $ 1,844
                                                       =======      =======

        The accompanying notes are an integral part of these statements.


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                                                                    Page 3 of 10

                       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
                                                                   March 31,
                                                                1997      1996
                                                                ----      ----
INCOME

     Earned income, financing leases                          $     4   $    12
     Gain on sale of equipment                                   --          12
     Gain on sale of securities                                    50      --
     Equity in earnings (losses) from joint ventures, net          (4)       26
     Other income                                                  10         8
                                                              -------   -------

         Total Income                                              60        58
                                                              -------   -------

EXPENSES

     Amortization of acquisition fees                               1         3
     Management fees to General Partner                             3         3
     Reimbursed administrative costs to General Partner             3         4
     Legal expense                                                  3         7
     General and administrative expenses                            6         4
                                                              -------   -------

         Total Expenses                                            16        21
                                                              -------   -------

NET INCOME                                                    $    44   $    37
                                                              =======   =======


NET INCOME PER LIMITED
     PARTNERSHIP UNIT                                         $  4.25   $  3.64
                                                              =======   =======

DISTRIBUTIONS PER LIMITED
     PARTNERSHIP UNIT                                         $153.79   $ 18.74
                                                              =======   =======

ALLOCATION OF NET INCOME:
     General Partner                                          $    12   $    10
     Limited Partners                                              32        27
                                                              -------   -------

                                                              $    44   $    37
                                                              =======   =======

        The accompanying notes are an integral part of these statements.


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                                                                    Page 4 of 10

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


                                                         Three Months Ended
                                                              March 31,
                                                          1997         1996
                                                          ----         ----
Operating Activities:
     Net income                                         $    44      $    37

     Adjustments  to  reconcile  net income to
      net cash  provided  by  operating activities:
         Amortization of acquisition fees                     1            3
         Gain on sale of equipment                         --            (12)
         Gain on sale of securities                         (50)        --
         Equity in losses (earnings) from joint
           ventures, net                                      4          (26)
         Decrease in accounts receivable                     35            9
         Increase (decrease) in accounts payable
           and accrued expenses                               7           (7)
         Decrease in other assets                          --             (1)
                                                        -------      -------

Net cash provided by operating activities                    41            3
                                                        -------      -------

Investing Activities:
     Principal payments, financing leases                    34           58
     Proceeds from sale of equipment                       --             12
     Proceeds from sale of securities                        50         --
     Distributions from joint ventures                     --             64
                                                        -------      -------

Net cash provided by investing activities                    84          134
                                                        -------      -------

Financing Activities:
     Distributions to partners                           (1,169)        (142)
                                                        -------      -------

Net cash used by financing activities                    (1,169)        (142)
                                                        -------      -------

Decrease in cash and cash equivalents                    (1,044)          (5)

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

Cash and cash equivalents, end of period                $   455      $   650
                                                        =======      =======


        The accompanying notes are an integral part of these statements.


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                                                                    Page 5 of 10

                       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 three months ended March
31,  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:

                                                 March 31,    December 31,
                                                   1997           1996
                                                   ----           ----
                                                 (Amounts in Thousands)

           Assets                                $ 1,204        $ 1,215
           Liabilities                               184            172
           Partners' Capital                       1,020          1,043


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                                                   Three Months Ended
                                                        March 31,
                                                   1997          1996
                                                   ----          ----
                                                 (Amounts in Thousands)

           Revenue                                $   100       $ 1,385
           Expenses                                   123           282
           Net Income (Loss)                          (23)        1,103




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                                                                    Page 7 of 10


                       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 $44,000 for the three months ended
March 31,  1997,  as  compared  to net income of $37,000  for the same period in
1996.  The increase in net income  during the three months ended March 31, 1997,
as  compared to the same period in 1996,  is  attributable  to a gain on sale of
securities of $50,000.

     Total revenues  increased by $2,000 during the three months ended March 31,
1997,  as compared to the same period in 1996.  This  increase was primarily the
result of a gain on sale of securities of $50,000  during the three months ended
March 31, 1997.  The gain on sale of  securities is due to the exercise and sale
of stock warrants held by the Partnership.

     The gain on sale of  securities  is partially  offset by declines in earned
income from financing leases, equity in earnings from joint ventures and gain on
sale of equipment  for the three  months  ended March 31, 1997.  The decrease in
earned income from  financing  leases during the quarter ended March 31, 1997 of
$8,000 is attributable to the declining net investment in financing leases.  The
net investment in financing leases at March 31, 1997 is $65,000,  as compared to
$253,000 at March 31, 1996.

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

     The Partnership  reported a gain on sale of equipment of $12,000 during the
three months ended March 31, 1996, compared to $0 at March 31, 1997. The absence
of a gain on sale of equipment in 1997 is a result of no sales  activity  during
the quarter.  The Partnership sold equipment with an aggregate  original cost of
$61,000 during the three months ended March 31, 1996.

     Total expenses  decreased by $5,000 during the three months ended March 31,
1997,  as compared to the same period in 1995.  The decrease in expenses  during
the three months  ended March 31, 1997,  as compared to the same period in 1996,
is primarily due to a decline in legal expense of $4,000.  The decrease 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


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                                                                    Page 8 of 10

foreclosed  cable systems joint ventures that it receives cash  distributions of
the excess cash flows.

     The cash  generated by leasing and financing  activities was $75,000 during
the three months ended March 31,  1997,  as compared to $61,000  during the same
period in 1996.  The  increase in net cash  generated  by leasing and  financing
activities for the three months ended March 31, 1997 is due to the receipt of an
outstanding receivable.

     The  Partnership  did not receive cash  distributions  from joint  ventures
during the three  months ended March 31,  1997,  compared to $64,000  during the
three months ended March 31, 1996.  The cash  received from  distributions  from
joint  ventures  during the quarter ended March 31, 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 March 31,  1996 and 1995.  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 $142,000 for the three
months  ended  March 31, 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 $141,000 in distributions
during the period ended March 31, 1997 and 1996,  respectively.  The  cumulative
cash  distributions  to limited  partners are $6,995,000 and $5,698,000 at March
31, 1997 and 1996, respectively. The General Partner received $12,000 and $1,000
for its share of the cash  distributions  during the period ended March 31, 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 three  months ended March 31, 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.


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                                                                    Page 9 of 10

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

                                 March 31, 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


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                                                                   Page 10 of 10

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




  May 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


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


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


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