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 September 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 September 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)
                                                      September 30, December 31,
                                                          1999          1998
                                                          ----          ----
ASSETS

Cash and cash equivalents                                $ 215         $ 108

Investment in joint ventures                              --             105

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

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

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses                 $   8         $  12
                                                         -----         -----

     Total Liabilities                                       8            12
                                                         -----         -----

Partners' Capital (Deficit)

   General Partner                                          (2)           (2)

   Limited Partners, 25,000 units authorized, 7,526
     units issued and outstanding at September 30,
     1999 and December 31, 1998                            209           205
                                                         -----         -----

     Total Partners' Capital (Deficit)                     207           203
                                                         -----         -----

     Total Liabilities and Partners' Capital (Deficit)   $ 215         $ 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   Nine Months Ended
                                            September 30,       September 30,
                                           1999      1998      1999      1998
                                           ----      ----      ----      ----
INCOME

   Rental income                          $  --     $     7  $  --     $     7
   Gain on sale of securities                   2      --          2       111
   Equity in earnings (losses) from joint
      ventures, net                            19         3       11       (10)
   Other income                                 4         4        7        15
                                          -------   -------  -------   -------

     Total Income                              25        14       20       123
                                          -------   -------  -------   -------

EXPENSES

   Management fees to General Partner        --        --       --           4
   Reimbursed administrative costs to
     General Partner                         --           3        3         8
   Provision for losses on receivables       --           6     --           6
   General and administrative expenses       --           5       13        21
                                          -------   -------  -------   -------

     Total Expenses                          --          14       16        39
                                          -------   -------  -------   -------

NET INCOME                                     25      --          4        84

Other comprehensive income:
   Unrealized gains on securities:
     Unrealized holding gains arising
       during period                            2      --          2       111
     Less: reclassification adjustment
           for gains included in net
           income                              (2)     --         (2)     (111)
                                          -------   -------  -------   -------
Other comprehensive income                   --        --       --        --
                                          -------   -------  -------   -------
COMPREHENSIVE INCOME                      $    25   $  --    $     4   $    84
                                          =======   =======  =======   =======


NET INCOME PER LIMITED
   PARTNERSHIP UNIT                       $  3.29   $  --    $   .47   $  9.01
                                          =======   =======  =======   =======

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

ALLOCATION OF NET INCOME:
     General Partner                      $  --     $  --    $  --     $    16
     Limited Partners                          25      --          4        68
                                          -------   -------  -------   -------
                                          $    25   $  --    $     4   $    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)


                                                               Nine Months Ended
                                                                 September 30,
                                                                1999       1998
                                                                ----       ----
Operating Activities:
--------------------
   Net income                                                   $   4     $  84

   Adjustments to reconcile net income to net cash
    provided by (used in) operating activities:
     Gain on sale of securities                                    (2)     (111)
     Equity in losses (gains) from joint ventures, net            (11)       10
     Provision for losses on accounts receivable                 --           6
     Decrease in accounts receivable                             --          31
     Increase (decrease) in accounts payable and
       accrued expenses                                            (4)        1
     Decrease in other assets                                       2      --
                                                                -----     -----

Net cash provided by (used in) operating activities               (11)       21
                                                                -----     -----

Investing Activities:
--------------------
   Proceeds from sale of securities                                 2       111
   Distributions from joint ventures                              116        15
                                                                -----     -----

Net cash provided by investing activities                         118       126
                                                                -----     -----

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

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

Increase (decrease) in cash and cash equivalents                  107      (242)

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

Cash and cash equivalents, end of period                        $ 215     $ 254
                                                                =====     =====

        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 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 nine months ended September
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:

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

              Assets                       $ -                 $ 626
              Liabilities                    -                    97
              Partners' Capital              -                   529

                                    Three Months Ended         Nine Months Ended
                                       September 30,             September 30,
                                    1999          1998        1999         1998
                                    ----          ----        ----         ----
                                               (Amounts in Thousands)

              Revenue              $121          $ 96         $245         $219
              Expenses               26            77          187          275
              Net Income (Loss)      95            19           58          (56)



                                       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 $25,000 and $4,000 for the three and nine
months  September  30,  1999,  respectively,  compared  to net  income of $0 and
$84,000 for the three and nine months ended September 30, 1998, respectively.

     Total income  decreased by $103,000  during the nine months ended September
30,  1999,  compared to the same period in the  previous  year.  The decrease is
attributable  to a decrease in gain on sale of  securities.  The gain on sale of
securities for the nine months ended September 30, 1999 was $2,000,  compared to
a gain on sale of securities of $111,000 for the nine months ended September 30,
1998,  respectively.   The  decline  in  total  revenues  during  1999  is  also
attributable  to a decline in other  income  which is a result of a reduction in
interest  income from the  Partnership's  bank  account due to a decrease in the
amount of cash being generated by the Partnership.

     Total income  increased by $11,000 during the three months ended  September
30, 1999,  compared to the same period in the previous year. The increase is due
to increased earnings from a cable system joint venture that was sold during the
three months ended September 30, 1999.

     Total expenses  decreased $14,000 and $23,000 for the three and nine months
ended September 30, 1999,  compared to the same period in the prior year, due to
an overall reduction in most expense items.

Liquidity and Capital Resources

     The cash used in leasing and financing  activities  was $11,000  during the
nine months ended  September 30, 1999, as compared to cash  generated of $21,000
during the same period in 1998.  The  decrease in cash  generated is a result of
the liquidation of the Partnership's assets.

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


                                       7
<PAGE>

Impact of the Year 2000 Issue

         ReSourcePhoenix.com ("ReSourcePhoenix"),  an affiliate of the parent to
the General Partner does all local computer  processing for the General Partner.
And as such  ResourcePhoenix  manages  the Year  2000  project  on behalf of the
General Partner.

         ResourcePhoenix  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.  ReSourcePhoenix  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 was completed on November 5, 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.



                                       8
<PAGE>

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

                               September 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 filed a demurrer to the Ash Complaint, which plaintiffs
amended  three times.  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
      ----                      -----                           ---------


November 10, 1999     Executive Vice President,            /S/ GARY W. MARTINEZ
-----------------     Chief Operating Officer              --------------------
                      and a Director of                    (Gary W. Martinez)
                      Phoenix Leasing Incorporated
                      General Partner



November 10, 1999     Chief Financial Officer,             /S/ HOWARD SOLOVEI
-----------------     Treasurer and a Director of          --------------------
                      Phoenix Leasing Incorporated         (Howard Solovei)
                      General Partner



November 10, 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