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, 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 0-17989
                                                -------

                       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,
1998.

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,
                                                          1998         1997
                                                          ----         ----
ASSETS

Cash and cash equivalents                                $ 237        $ 496

Accounts receivable, net                                    15           37

Equipment on operating leases and held
   for lease (net of accumulated
   depreciation of $0 and $56 at
   June 30, 1998 and December 31, 1997,
   respectively)                                           --           --

Investment in joint ventures                               117          130

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

     Total Assets                                        $ 371        $ 665
                                                         =====        =====

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses                 $  31        $  20
                                                         -----        -----

     Total Liabilities                                      31           20
                                                         -----        -----

Partners' Capital (Deficit)

   General Partner                                          (2)         (15)

   Limited Partners, 25,000 units
     authorized, 7,526 units issued
     and outstanding at June 30, 1998
     and December 31, 1997                                 342          660
                                                         -----        -----

     Total Partners' Capital (Deficit)                     340          645
                                                         -----        -----

     Total Liabilities and Partners'
       Capital (Deficit)                                 $ 371        $ 665
                                                         =====        =====

        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
               (Amounts in Thousands Except for Per Unit Amounts)
                                   (Unaudited)

                                        Three Months Ended   Six Months Ended
                                             June 30,            June 30,
                                         1998       1997     1998       1997
                                         ----       ----     ----       ----
INCOME

   Earned income, financing leases      $  --     $     1   $  --     $     5
   Gain on sale of securities               111      --         111        50
   Equity in losses from joint
     ventures, net                          (11)       (2)      (13)       (7)
   Other income                               8         8        11        19
                                        -------   -------   -------   -------

     Total Income                           108         7       109        67
                                        -------   -------   -------   -------

EXPENSES

   Amortization of acquisition fees        --           2      --           3
   Management fees to General Partner         4         2         4         5
   Reimbursed administrative costs to
     General Partner                          3         2         5         5
   Legal expense                           --           4      --           7
   General and administrative expenses        9         6        16        12
                                        -------   -------   -------   -------

     Total Expenses                          16        16        25        32
                                        -------   -------   -------   -------

NET INCOME (LOSS)                       $    92   $    (9)  $    84   $    35
                                        =======   =======   =======   =======


NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                     $ 10.10   $ (1.20)  $  9.01   $  3.05
                                        =======   =======   =======   =======

DISTRIBUTIONS PER LIMITED
   PARTNERSHIP UNIT                     $  --     $  --     $ 51.26   $153.79
                                        =======   =======   =======   =======

ALLOCATION OF NET INCOME (LOSS):
     General Partner                    $    16   $  --     $    16   $    12
     Limited Partners                        76        (9)       68        23
                                        -------   -------   -------   -------

                                        $    92   $    (9)  $    84   $    35
                                        =======   =======   =======   =======


        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,
                                                         1998           1997
                                                         ----           ----
Operating Activities:
     Net income                                        $    84       $    35

     Adjustments to reconcile net income
      to net cash provided by operating
      activities:
         Amortization of acquisition fees                 --               3
         Gain on sale of securities                       (111)          (50)
         Equity in losses from joint
          ventures, net                                     13             7
         Decrease in accounts receivable                    22            31
         Increase in accounts payable and
          accrued expenses                                  11             7
         Increase in other assets                         --              (1)
                                                       -------       -------

Net cash provided by operating activities                   19            32
                                                       -------       -------

Investing Activities:
     Principal payments, financing leases                 --              87
     Proceeds from sale of securities                      111            50
                                                       -------       -------

Net cash provided by investing activities                  111           137
                                                       -------       -------

Financing Activities:
     Distributions to partners                            (389)       (1,169)
                                                       -------       -------

Net cash used by financing activities                     (389)       (1,169)
                                                       -------       -------

Decrease in cash and cash equivalents                     (259)       (1,000)

Cash and cash equivalents, beginning of period             496         1,499
                                                       -------       -------

Cash and cash equivalents, end of period               $   237       $   499
                                                       =======       =======










        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  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.

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 (loss) and distributions, and
the weighted  average  number of units  outstanding  of 7,526 for the six months
ended June 30, 1998 and 1997.  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 System Joint Ventures
--------------------------------------

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

                                             June 30,    December 31,
                                               1998         1997
                                               ----         ----
                                             (Amounts in Thousands)

           Assets                             $ 832        $ 909
           Liabilities                          238          240
           Partners' Capital                    594          669


                                Three Months Ended            Six Months Ended
                                      June 30,                    June 30,
                                 1998          1997          1998          1997
                                 ----          ----          ----          ----
                                             (Amounts in Thousands)

           Revenue              $  22         $ 103         $ 123         $ 203
           Expenses                87           118           198           241
           Net Loss               (65)          (15)          (75)          (38)



                                        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 net income of $92,000 for the three months ended June 30,
1998, as compared to net loss of $9,000 for the same period in 1997. For the six
months  ended June 30,  1998,  the  Partnership  reported  net income of $84,000
compared to net income of $35,000 for the same period in 1997.  The  improvement
in earnings  for both the three and six months  ended June 30, 1998  compared to
1997 is  attributable  to a gain on sale of securities of $111,000.  The gain on
sale of  securities,  for which the  Partnership  received  proceeds of $111,000
during the quarter ended June 30, 1998, is due to the exercise and sale of stock
warrants held by the Partnership.  The increase in management fees of $2,000 for
the quarter  ended June 30,  1998 is a result of an  increase in gross  revenues
attributable to the proceeds received from the sale of securities.

     The absence of an amortization  of acquisition  fees and legal expenses for
both the three and six months ended June 30, 1998,  compared to the same periods
in 1997, also contributed to increasing net income.  The absence of amortization
of  acquisition  fees  and  legal  expenses  are a result  of the  Partnership's
remaining  equipment  being sold and the remaining  net  investment in financing
leases coming to the end of their term during the third quarter of 1997.

     Additionally as a result of the Partnership selling its remaining equipment
and the net  investment in financing  leases having reached the end of its term,
the  Partnership  is  experiencing a decrease in cash generated from leasing and
financing activities for the six months ended June 30, 1998 compared to the same
period in 1997.  This decrease in cash  generated has resulted in a reduction in
interest income earned on the Partnership's  cash balance.  The decline in other
income of $8,000 for the six months ended June 30, 1998 is  attributable  to the
decrease in interest income.

      The  increase  in loss from  joint  ventures  of $9,000 and $6,000 for the
three and six months  ended June 30,  1998,  respectively,  compared to the same
periods  in 1997,  is due to a loss on sale of assets  in one of the  foreclosed
cable system joint ventures in which the Partnership has an investment.

Liquidity and Capital Resources

     The cash  generated by leasing and financing  activities was $19,000 during
the six months  ended June 30,  1998,  as compared  to $119,000  during the same
period in 1997.  The  decrease in net cash  generated  by leasing and  financing
activities  for the six  months  ended  June 30,  1998 is due  primarily  to the
absence of principal payments from financing leases, compared to $87,000 for the
prior year.

     The cash  distributed  to partners was $389,000 and  $1,169,000 for the six
months  ended  June 30,  1998 and 1997,  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 $385,000 and $1,157,000 in distributions
during the period  ended June 30, 1998 and 1997,  respectively.  The  cumulative
cash distributions to limited partners are $7,380,000 and $6,995,000 at June 30,
1998 and 1997, respectively. The General Partner received $4,000 and $12,000 for


                                        7

<PAGE>



its share of the cash  distributions  during the period  ended June 30, 1998 and
1997, respectively.

     Distributions for the six months ended June 30, 1997 were higher than usual
as a result of 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 term of the  Partnership  expires on December  31, 1999.  However,  the
General Partner  anticipates  liquidating  the remaining  assets by December 31,
1998.


                                        8

<PAGE>



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

                                  June 30, 1998

                           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 L.P.,
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  seeks  declaratory and other relief  including  accounting,
receivership,  imposition of  constructive  trust and judicial  dissolution  and
winding up of the Partnerships,  and damages based on fraud, breach of fidicuary
duty and  breach  of  contract  by the  Companies  as  general  partners  of the
Partnerships.  Plaintiffs  are expected to serve an amended  complaint on August
14, 1998. 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 12, 1998       Executive Vice President,            /S/ GARY W. MARTINEZ
-----------------     Chief Operating Officer              --------------------
                      and a Director of                    (Gary W. Martinez) 
                      Phoenix Leasing Incorporated 
                      General Partner              
                     


August 12, 1998       Chief Financial Officer,             /S/ HOWARD SOLOVEI
-----------------     Treasurer and a Director of          --------------------
                      Phoenix Leasing Incorporated         (Howard Solovei)
                      General Partner             
                     


August 12, 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                





                                       10