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, 1998

                                       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 0-18278
                                                -------

                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
                                   Registrant

           California                                    68-0191380
-------------------------------               ----------------------------------
     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
                         -----                        -----

6,196,603 Units of Limited Partnership Interest were outstanding as of March 31,
1998.

Transitional small business disclosure format:

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

                                  Page 1 of 11



<PAGE>



                          Part I. Financial Information
                          Item 1. Financial Statements
                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                 A CALIFORNIA LIMITED PARTNERSHIP AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                 (Amounts in Thousands Except for Unit Amounts)
                                   (Unaudited)
                                                        March 31,  December 31,
                                                          1998         1997
                                                          ----         ----
ASSETS
Cash and cash equivalents                               $ 9,130     $ 9,218

Accounts receivable (net of allowance for
   losses on accounts  receivable of $363
   and $389 at March 31, 1998 and December
   31, 1997, respectively)                                  432         509

Notes receivable (net of allowance for losses
   on notes receivable of $2,299 and $2,268 at
   March 31, 1998 and December 31, 1997)                  5,625       6,458

Equipment on operating leases and held for
   lease (net of accumulated depreciation of
   $10,462 and $11,646 at March 31, 1998 and
   December 31, 1997, respectively)                         335         128

Net investment in financing  leases (net of
   allowance for early terminations of $836
   and $777 at March 31, 1998 and December
   31, 1997, respectively)                                7,540       9,631

Investment in joint ventures                                514         680

Capitalized acquisition fees (net of
   accumulated amortization of $10,358 and
   $10,252 at March 31, 1998 and December 31,
   1997, respectively)                                      573         680

Other assets                                                170          86
                                                        -------     -------

     Total Assets                                       $24,319     $27,390
                                                        =======     =======

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses                $ 1,221     $ 1,216
                                                        -------     -------

     Total Liabilities                                    1,221       1,216
                                                        -------     -------

Partners' Capital

   General Partner                                         --          --

   Limited Partners, 6,500,000 units  authorized,
     6,492,727 units issued, 6,196,603 and
     6,208,563 units outstanding at March 31,
     1998 and December 31, 1997, respectively            22,997      26,169

   Unrealized gain on available-for-sale securities         101           5
                                                        -------     -------

     Total Partners' Capital                             23,098      26,174
                                                        -------     -------

     Total Liabilities and Partners' Capital            $24,319     $27,390
                                                        =======     =======


        The accompanying notes are an integral part of these statements.


                                        2

<PAGE>



                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                 A CALIFORNIA LIMITED PARTNERSHIP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               (Amounts in Thousands Except for Per Unit Amounts)
                                   (Unaudited)

                                                           Three Months Ended
                                                                March 31,
                                                           1998           1997
                                                           ----           ----

INCOME

   Rental income                                          $   447        $   906
   Earned income, financing leases                            364            654
   Gain on sale of equipment                                  127            501
   Equity in earnings from joint ventures, net                 73            114
   Interest income, notes receivable                          289            223
   Other income                                               137            163
                                                          -------        -------

     Total Income                                           1,437          2,561
                                                          -------        -------

EXPENSES

   Depreciation                                                89            308
   Amortization of acquisition fees                           106            158
   Lease related operating expenses                            36             81
   Management fees to General Partner                         132            204
   Reimbursed administrative costs
     to General Partner                                        91            169
   Legal expense                                               68             81
   Provision for losses on receivables                         62           --
   General and administrative expenses                         57             53
                                                          -------        -------

     Total Expenses                                           641          1,054
                                                          -------        -------

NET INCOME  BEFORE INCOME TAXES                           $   796        $ 1,507
     Income tax benefit (expense)                              (1)             1
                                                          -------        -------

NET INCOME                                                $   795        $ 1,508
                                                          =======        =======

NET INCOME  PER LIMITED
   PARTNERSHIP UNIT                                       $   .10        $   .21
                                                          =======        =======

DISTRIBUTIONS PER LIMITED
   PARTNERSHIP UNIT                                       $   .60        $   .60
                                                          =======        =======

ALLOCATION OF NET INCOME:
   General Partner                                        $   196        $   197
   Limited Partners                                           599          1,311
                                                          -------        -------
                                                          $   795        $ 1,508
                                                          =======        =======




        The accompanying notes are an integral part of these statements.


                                        3

<PAGE>



                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                 A CALIFORNIA LIMITED PARTNERSHIP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)
                                                            Three Months Ended
                                                                 March 31,
                                                            1998           1997
                                                            ----           ----
Operating Activities:
   Net income                                            $    795      $  1,508
   Adjustments to reconcile net income  to net
     cash provided by operating activities:
       Depreciation                                            89           308
       Amortization of acquisition fees                       106           158
       Gain on sale of equipment                             (127)         (501)
       Equity in earnings from joint ventures, net            (73)         (114)
       Provision for early termination,
         financing leases                                      31          --
       Provision for losses on notes receivable                31          --
       Decrease in accounts receivable                         77           143
       Increase in accounts payable and
         accrued expenses                                       8           154
       Decrease(increase)in deferred income
         tax asset                                              1            (1)
       Decrease (increase) in other assets                     12            (8)
                                                         --------      --------

Net cash provided by operating activities                     950         1,647
                                                         --------      --------

Investing Activities:
   Principal payments, financing leases                     1,730         2,340
   Principal payments, notes receivable                       802           825
   Proceeds from sale of equipment                            161           920
   Distributions from joint ventures                          239           624
   Investment in financing leases                            --          (1,673)
   Investment in notes receivable                            --          (1,300)
   Payment of acquisition fees                                 (3)         --
                                                         --------      --------

 Net cash provided by investing activities                  2,929         1,736
                                                         --------      --------

Financing Activities:
   Redemptions of capital                                     (43)          (34)
   Distributions to partners                               (3,924)       (3,947)
                                                         --------      --------

Net cash used by financing activities                      (3,967)       (3,981)
                                                         --------      --------

Decrease in  cash and cash equivalents                        (88)         (598)

Cash and cash equivalents, beginning of period              9,218        12,134
                                                         --------      --------

Cash and cash equivalents, end of period                 $  9,130      $ 11,536
                                                         ========      ========



        The accompanying notes are an integral part of these statements.


                                        4

<PAGE>



                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                 A CALIFORNIA LIMITED PARTNERSHIP AND SUBSIDIARY
                   NOTES TO CONSOLIDATED 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  1997  amounts  have been  reclassified  to
conform to the 1998 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.

         The  Subsidiary  is a  corporation  subject  to state and  federal  tax
regulations.  The  Subsidiary  reports to the taxing  authority  on the  accrual
basis.  When  income and  expenses  are  recognized  in  different  periods  for
financial  reporting  purposes than for income tax purposes,  deferred taxes are
provided for such differences using the liability method.

Note 4.       Notes Receivable.

         Impaired Notes Receivable.  At March 31, 1998, the recorded  investment
in notes that are  considered  to be impaired was  $1,988,000.  Included in this
amount is  $1,860,000  of  impaired  notes for which the related  allowance  for
losses is  $1,860,000,  and  $128,000  of  impaired  notes for which there is no
allowance.  The average  recorded  investment in impaired loans during the three
months  ended  March  31,  1998  and  1997  was  approximately   $1,988,000  and
$2,037,000, respectively.

         The activity in the allowance for losses on notes receivable during the
three months ended March 31, is as follows:
                                                   1998              1997
                                                   ----              ----
                                                    (Amounts in Thousands)

         Beginning balance                        $  2,268         $  2,224
              Provision for losses                      31              -
              Write downs                              -                -
                                                  --------         --------
         Ending balance                           $  2,299         $  2,224
                                                  ========         ========





                                        5

<PAGE>



Note 5.       Net Income (Loss) and Distributions 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 6,203,101  and 6,239,231 for the three
months ended March 31, 1998 and 1997,  respectively.  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 6.       Investment in Joint Ventures.

Equipment Joint Venture

         The aggregate  financial  information of the equipment joint venture is
presented as follows:

                                            March 31,         December 31,
                                              1998                1997
                                              ----                ----
                                             (Amounts in Thousands)

         Assets                           $     361          $    730
         Liabilities                            111               156
         Partners' Capital                      250               574

                                                Three Months Ended
                                                     March 31,
                                              1998                1997
                                              ----                ----
                                                (Amounts in Thousands)

         Revenue                          $     181          $    374
         Expenses                                20               112
         Net Income                             161               262

Financing Joint Venture

         The aggregate  financial  information of the financing joint venture is
presented as follows:

                                            March 31,         December 31,
                                              1998                1997
                                              ----                ----
                                                (Amounts in Thousands)

         Assets                           $     722          $    803
         Liabilities                            118               136
         Partners' Capital                      604               667







                                        6

<PAGE>


                                                Three Months Ended
                                                     March 31,
                                              1998                1997
                                              ----                ----
                                               (Amounts in Thousands)

         Revenue                          $      25          $     35
         Expenses                                 4                14
         Net Income                              21                21

Foreclosed Cable Systems Joint Ventures

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

                                            March 31,         December 31,
                                              1998                1997
                                              ----                ----
                                               (Amounts in Thousands)

         Assets                           $     902          $    909
         Liabilities                            243               240
         Partners' Capital                      659               669

                                                Three Months Ended
                                                     March 31,
                                              1998                1997
                                              ----                ----
                                               (Amounts in Thousands)

         Revenue                          $     100          $     61
         Expenses                               110               123
         Net Loss                               (10)              (62)



                                        7

<PAGE>



                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

Results of Operations

         Phoenix  Leasing  Cash  Distribution  Fund  IV,  a  California  limited
partnership, reported net income of $795,000 during the three months ended March
31, 1998, as compared to net income of $1,508,000  during the three months ended
March 31, 1997.  The decline in earnings is the result of a decrease in revenues
that exceeded the decrease in expenses.

         The decrease in total revenues of $1,124,000 for the three months ended
March 31, 1998,  as compared to the same period in 1997, is primarily the result
of declines in rental income,  earned income from  financing  leases and gain on
sale of  equipment.  The  decrease in rental  income of  $459,000  for the three
months ended March 31, 1998,  compared to the same period in 1997, is reflective
of a decrease in the size of the  equipment  portfolio.  The  Partnership  owned
equipment  with an aggregate  original cost of $41 million at March 31, 1998, as
compared to $61 million at March 31, 1997.  Another factor  contributing  to the
decrease in rental  income is equipment  being off lease.  As of March 31, 1998,
the Partnership  owned equipment being held for lease with an original  purchase
price of $12.7 million and a net book value of $291,000,  compared to $9 million
and $509,000,  respectively,  at March 31, 1997. The General Partner is actively
engaged,  on  behalf  of  the  Partnership,   in  remarketing  and  selling  the
Partnership's equipment as it becomes available.  Until new lessees or buyers of
equipment  can be found,  the equipment  will continue to generate  depreciation
expense without any  corresponding  rental income.  The effect of this will be a
reduction of the Partnership earnings during this remarketing period.

         The decrease in earned income from financing leases of $290,000 for the
three  months  ended  March 31,  1998,  compared to the same period in the prior
year, is due to a decrease in the net  investment in financing  leases.  The net
investment  in financing  leases was $7.5 million at March 31, 1998, as compared
to $16.3 million at March 31, 1997. The investment in financing  leases, as well
as earned income from financing leases, will decrease over the lease term as the
Partnership  amortizes  income over the lease term using the interest  method of
accounting.  During the three months ended March 31, 1998, the Partnership  made
no new  investments in financing  leases,  compared to $1.7 million for the same
period in 1997.

         Gain on sale of  equipment  decreased  by $374,000 for the three months
ended March 31,  1998,  compared  to the same  period in 1997,  as a result of a
decrease  in  sales   activity  of  the   Partnership's   equipment   portfolio.
Correspondingly,  proceeds  from  the  sale of  equipment  also  decreased.  The
Partnership  sold equipment with an aggregate  original cost of $4.3 million for
the three months ended March 31,  1998,  compared to $17.8  million for the same
period in 1997.

         Total  expenses  decreased  by $413,000  during the three  months ended
March 31,  1998,  as  compared  to the same  period in 1997.  A majority  of the
decrease  in total  expenses  is due to a decline  in  depreciation  expense  of
$219,000  for the three  months  ended March 31,  1998,  as compared to the same
period in 1997.  This decrease is due to a decline in the amount of  depreciable
equipment  owned by the  Partnership  as well as an  increasing  portion  of the
equipment owned by the Partnership becoming fully depreciated.

Liquidity and Capital Resources

The  Partnership's  primary source of liquidity is derived from its  contractual
obligations with lessees for fixed lease terms at fixed rental amounts, and from



                                        8

<PAGE>



payments of  principal  and interest on  outstanding  notes  receivable.  As the
initial lease terms expire,  the Partnership will re-lease the equipment or sell
the  equipment.  The future  liquidity of the  Partnership  will depend upon the
General Partner's success in collecting the contractual amounts owed, as well as
re-leasing and selling the Partnership's equipment as it comes off lease.

         The  Partnership  reported net cash generated by equipment  leasing and
financing  activities of $3,482,000 and $4,812,000 during the three months ended
March 31, 1998 and 1997, respectively. The net decrease in cash generated is due
to a decrease in rental income and payments on financing  leases,  as previously
discussed above in the Results of Operations.

         The  Partnership  received cash  distributions  from joint  ventures of
$239,000  during the three  months  ended  March 31,  1998,  as compared to cash
distributions  of  $624,000  during the same  period in 1997.  The  decrease  in
distributions  from joint ventures is attributable to a decline in the amount of
cash available for distribution  from one equipment joint venture as a result of
a decrease in rental income and proceeds from sale of equipment.

         The total cash distributed to partners for the three months ended March
31, 1998 was $3,924,000,  as compared to $3,947,000 for the same period in 1997.
In accordance with the partnership agreement,  the limited partners are entitled
to 95% of the  cash  available  for  distribution  and the  General  Partner  is
entitled  to 5%. As a result,  the  limited  partners  received  $3,727,000  and
$3,750,000  in  distributions  during the three  months ended March 31, 1998 and
1997,  respectively.  The General Partner received $197,000 for its share of the
cash  available  for  distribution  during both the three months ended March 31,
1998 and 1997. The  Partnership  anticipates  making  distributions  to partners
during the remainder of 1998 at the same rate as distributions made during 1997.
Distributions  to partners are  anticipated to be made at a lower rate beginning
with the January 15, 1999 distribution.

         The cash to be  generated  from  leasing and  financing  operations  is
anticipated to be sufficient to meet the  Partnership's  continuing  operational
expenses and to provide for distributions to partners.



                                        9

<PAGE>



                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP

                                 March 31, 1998

                           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


                                       10

<PAGE>







                                   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 LEASING CASH DISTRIBUTION FUND IV,
                                           A CALIFORNIA LIMITED PARTNERSHIP
                                     -------------------------------------------
                                                   (Registrant)


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


May 13, 1998         Executive Vice President,             /S/ GARY W. MARTINEZ
---------------      Chief Operating Officer               --------------------
                     and a Director of                     (Gary W. Martinez)
                     Phoenix Leasing Incorporated  
                     General Partner               
                     


May 13, 1998         Chief Financial Officer,              /S/ HOWARD SOLOVEI
--------------       Treasurer and a Director of           --------------------
                     Phoenix Leasing Incorporated          (Howard Solovei)
                     General Partner               
                     


May 13, 1998         Senior Vice President,                /S/ BRYANT J. TONG
--------------       Financial Operations                  --------------------
                     (Principal Accounting Officer)        (Bryant J. Tong)
                     and a Director of              
                     Phoenix Leasing Incorporated   
                     General Partner                
                     
















                                       11