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, 1999

                                       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,
1999.

Transitional small business disclosure format:

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


                                  Page 1 of 10
<PAGE>

                          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,
                                                           1999        1998
                                                           ----        ----
ASSETS

Cash and cash equivalents                                  $  98       $ 108

Investment in joint ventures                                  97         105

Prepaid expense                                                1           2
                                                           -----       -----

     Total Assets                                          $ 196       $ 215
                                                           =====       =====

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses                   $  14       $  12
                                                           -----       -----

     Total Liabilities                                        14          12
                                                           -----       -----

Partners' Capital (Deficit)

   General Partner                                            (2)         (2)

   Limited Partners, 25,000 units authorized, 7,526
     units issued and outstanding at June 30, 1999
     and December 31, 1998                                   184         205
                                                           -----       -----

     Total Partners' Capital (Deficit)                       182         203
                                                           -----       -----

     Total Liabilities and Partners' Capital (Deficit)     $ 196       $ 215
                                                           =====       =====

        The accompanying notes are an integral part of these statements.

                                       2
<PAGE>

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

                                           Three Months Ended  Six Months Ended
                                                 June 30,          June 30,
                                             1999      1998     1999      1998
                                             ----      ----     ----      ----
INCOME

   Gain on sale of securities               $  --     $  111   $  --     $  111
   Other income                                  2         8        3        11
                                            ------    ------   ------    ------

     Total Income                                2       119        3       122
                                            ------    ------   ------    ------

EXPENSES

   Equity in losses from joint ventures, net     4        11        8        13
   Management fees to General Partner          --          4                  4
   Reimbursed administrative costs to
     General Partner                             4         3        7         5
   General and administrative expenses           6         9        9        16
                                            ------    ------   ------    ------

     Total Expenses                             14        27       24        38
                                            ------    ------   ------    ------

NET INCOME (LOSS)                              (12)       92      (21)       84

Other comprehensive income:
   Unrealized gains on securities:
     Unrealized holding gains arising
       during period                           --         86      --        111
     Less:  reclassification adjustment
            for gains included in net
            income                             --       (111)     --       (111)
                                            ------    ------   ------    ------
Other comprehensive income                     --        (25)     --        --
                                            ------    ------   ------    ------

COMPREHENSIVE INCOME                        $  (12)   $   67   $  (21)   $   84
                                            ======    ======   ======    ======


NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                         $(1.61)   $10.10   $(2.82)   $ 9.01
                                            ======    ======   ======    ======

DISTRIBUTIONS PER LIMITED
   PARTNERSHIP UNIT                         $  --     $  --    $  --     $51.26
                                            ======    ======   ======    ======

ALLOCATION OF NET INCOME (LOSS):
     General Partner                        $  --     $   16   $  --     $   16
     Limited Partners                          (12)       76      (21)       68
                                            ------    ------   ------    ------

                                            $  (12)   $   92   $  (21)   $   84
                                            ======    ======   ======    ======

        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>

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

                                                               Six Months Ended
                                                                    June 30,
                                                                 1999     1998
                                                                 ----     ----
Operating Activities:
--------------------
   Net income (loss)                                             $ (21)   $  84

   Adjustments to reconcile net income (loss) to net
     cash provided by (used in) operating activities:
       Gain on sale of securities                                 --       (111)
       Equity in losses from joint ventures, net                     8       13
       Decrease in accounts receivable                            --         22
       Increase in accounts payable and accrued expenses             2       11
       Decrease in other assets                                      1     --
                                                                 -----    -----

Net cash provided by (used in) operating activities                (10)      19
                                                                 -----    -----

Investing Activities:
--------------------
   Proceeds from sale of securities                               --        111
                                                                 -----    -----

Net cash provided by investing activities                         --        111
                                                                 -----    -----

Financing Activities:
--------------------
   Distributions to partners                                      --       (389)
                                                                 -----    -----

Net cash used in financing activities                             --       (389)
                                                                 -----    -----

Decrease in cash and cash equivalents                              (10)    (259)

Cash and cash equivalents, beginning of period                     108      496
                                                                 -----    -----

Cash and cash equivalents, end of period                         $  98    $ 237
                                                                 =====    =====

        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>

                       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.

         The Partnership  Agreement  stipulates the methods by which income will
be allocated to the General Partner and the limited  partners.  Such allocations
will be made using income or loss calculated under Generally Accepted Accounting
Principles  for book purposes,  which varies from income or loss  calculated for
tax purposes.

         The  calculation  of items of income and loss for book and tax purposes
may result in book basis  capital  accounts that vary from the tax basis capital
accounts. The requirement to restore any deficit capital balances by the General
Partner  will  be  determined  based  on the  tax  basis  capital  accounts.  At
liquidation  of the  Partnership,  the General  Partner's  remaining  book basis
capital  account  will be reduced to zero  through the  allocation  of income or
loss.

Note 2.  Reclassification.
         ----------------

         Reclassification  - Certain  1998  amounts  have been  reclassified  to
conform to the 1999 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 (loss) 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,  1999 and 1998.  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.


                                       5
<PAGE>

Note 5.  Investment in Joint Ventures.
         ----------------------------

Foreclosed Cable Systems Joint Venture
--------------------------------------

         The aggregate  financial  information of the  foreclosed  cable systems
joint venture is presented below:

                                               June 30,     December 31,
                                                 1999          1998
                                                 ----          ----
                                               (Amounts in Thousands)

          Assets                                 $596          $626
          Liabilities                             104            97
          Partners' Capital                       492           529

                                    Three Months Ended         Six Months Ended
                                         June 30,                  June 30,
                                     1999        1998          1999        1998
                                     ----        ----          ----        ----
                                               (Amounts in Thousands)

           Revenue                   $ 63        $ 22          $123        $123
           Expenses                    82          87           160         198
           Net Loss                   (19)        (65)          (37)        (75)

Note 6.  Subsequent Event.
         ----------------

         In July  1999,  Phoenix  Pacific  North  West  Cable  Joint  Venture (a
foreclosed  cable  television  joint  venture)  sold all of its assets  owned or
leased used in its  business  and  operations,  with the  exception  of cash and
similar investments,  marketable  securities and other assets as mutually agreed
upon for $602,000.  The net carrying value of the assets as of June 30, 1999 was
$511,000.



                                       6
<PAGE>


                       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

         Phoenix High  Tech/High  Yield Fund, a California  limited  partnership
("the Partnership") reported a net loss of $12,000 and $21,000 for the three and
six months ended June 30, 1999, respectively,  compared to a net gain of $92,000
and $84,000 for the three and six months ended June 30, 1998, respectively.

     Total income  decreased  by $117,000 and $119,000  during the three and six
months  ended June 30, 1999,  compared to the same period in the previous  year.
The  decrease is  attributable  to the  absence of a gain on sale of  securities
during 1999,  compared to a gain on $111,000 on sale of securities for the three
and  six  months  ended  June  30,  1998,  respectively.  The  decline  is  also
attributable  to a decline in interest income due to a decrease in the amount of
cash being generated by the Partnership.

     Total expenses  decreased  $13,000 and $14,000 for the three and six months
ended June 30,  1999,  compared to the same  period in the prior year,  due to a
decrease in losses from joint ventures.  This decrease in expenses is due to one
of the two cable system joint ventures the  partnership  participates in closing
during 1998.

Liquidity and Capital Resources

     The cash used by leasing and financing  activities  was $10,000  during the
six months ended June 30, 1999, as compared to cash  generated of $19,000 during
the same  period in 1998.  The  decrease  in net cash  generated  by leasing and
financing  activities for the six months ended June 30, 1999 is due primarily to
the decline in accounts  receivable of $22,000 for the six months ended June 30,
1999, compared to 1998.

     The cash  distributed  to partners  was $0 and  $389,000 for the six months
ended June 30, 1999 and 1998,  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 $0 and $385,000 in distributions  during the period ended June
30, 1999 and 1998,  respectively.  The cumulative cash  distributions to limited
partners are $7,519,000 and $7,380,000 at June 30, 1999 and 1998,  respectively.
The  General  Partner  received  $0  and  $4,000  for  its  share  of  the  cash
distributions during the period ended June 30, 1999 and 1998, respectively.  The
Partnership plans to make its next distribution to partners in December 1999.

Impact of the Year 2000 Issue

         ReSource/Phoenix, Inc. ("ReSource/Phoenix"), an affiliate of the parent
to the  General  Partner  does all local  computer  processing  for the  General
Partner. And as such Resource/Phoenix manages the Year 2000 project on behalf of
the General Partner.

                                       7
<PAGE>


         Resource/Phoenix  has a Year 2000 project plan in place.  The Year 2000
project team has identified  risks, and has implemented  remediation  procedures
for its Year  2000  issues.  ReSource/Phoenix  has  budgeted  for the  necessary
changes,  built  contingency  plans,  and has  progressed  along  the  scheduled
timeline.  Installation  of all  remediation  changes to critical  software  and
hardware is planned to be completed by October 31, 1999.

         Costs incurred by the Partnership  will be expensed as incurred and are
not currently anticipated to be material to the Partnership's financial position
or results of operations.

         The  Partnership's  customers  consist of lessees  and  borrowers.  The
Partnership  does  not have  exposure  to any  individual  customer  that  would
materially impact the Partnership  should the customer  experience a significant
Year 2000 problem, however, cumulative exposure to multiple individual customers
could materially impact the Partnership should multiple  customers  experience a
significant Year 2000 problem.


                                       8
<PAGE>


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

                                  June 30, 1999

                           Part II. Other Information
                                    -----------------


Item 1.  Legal Proceedings.
         -----------------

         On October 28, 1997, a Class Action Complaint was filed against Phoenix
Leasing  Incorporated,  Phoenix  Leasing  Associates,  II and III  LP.,  Phoenix
Securities  Inc.  and  Phoenix  American   Incorporated   (the  "Companies")  in
California  Superior Court for the County of Sacramento by eleven individuals on
behalf of investors in Phoenix Leasing Cash Distribution  Funds I through V (the
"Partnerships").  The  Companies  were served with the  Complaint on December 9,
1997. The Complaint sought  declaratory and other relief  including  accounting,
receivership,  imposition of a constructive  trust and judicial  dissolution and
winding up of the Partnerships,  and damages based on fraud, breach of fiduciary
duty and  breach  of  contract  by the  Companies  as  general  partners  of the
Partnerships.

         Plaintiffs  severed  one cause of action  from the  Complaint,  a claim
related to the marketing and sale of CDF V, and  transferred  it to Marin County
Superior Court (the "Berger  Action").  Plaintiffs  then dismissed the remaining
claims in  Sacramento  Superior  Court and  refiled  them in a separate  lawsuit
making similar  allegations (the "Ash Action").  That complaint was subsequently
transferred to Marin County as well.

         Plaintiffs  have amended the Berger Action twice.  Defendants  recently
answered the complaint.  Discovery has recently commenced.  The Companies intend
to vigorously defend the Complaint.

         Defendants  have  not  yet  responded  to  the  Ash  Complaint,   which
plaintiffs amended twice.  Discovery has not commenced.  The Companies intend to
vigorously defend the Complaint.

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

                                       9
<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 HIGH TECH/HIGH YIELD FUND,
                                          ---------------------------------
                                          A CALIFORNIA LIMITED PARTNERSHIP
                                          --------------------------------
                                                      (Registrant)

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


August 13, 1999       Executive Vice President,            /S/ GARY W. MARTINEZ
---------------       Chief Operating Officer              --------------------
                      and a Director of                    (Gary W. Martinez)
                      Phoenix Leasing Incorporated
                      General Partner



August 13, 1999       Chief Financial Officer,             /S/ HOWARD SOLOVEI
---------------       Treasurer and a Director of          --------------------
                      Phoenix Leasing Incorporated         (Howard Solovei)
                      General Partner



August 13, 1999       Senior Vice President,               /S/ BRYANT J. TONG
---------------       Financial Operations                 --------------------
                      (Principal Accounting Officer)       (Bryant J. Tong)
                      and a Director of
                      Phoenix Leasing Incorporated
                      General Partner

                                       10