Phoenix Leasing Income Fund 1977

Phoenix Leasing Income Fund 1977, limited partnership formed on June 30, 1976, to invest in capital equipment leasing to third parties. The Partnership has also made joint venture investments with related partnerships. Operations com- menced on September 30, 1977 and will terminate December 31, 1997. Original unit size was $1000. General partners are Phoenix Leasing Inc. and Gus Constantin.