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, 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 March 31,
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)
                                                       March 31,  December 31,
                                                         1999        1998
                                                         ----        ----
ASSETS

Cash and cash equivalents                                $ 105       $ 108

Investment in joint ventures                               101         105

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

     Total Assets                                        $ 208       $ 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 March 31, 1999
     and December 31, 1998                                 196         205
                                                         -----       -----

     Total Partners' Capital (Deficit)                     194         203
                                                         -----       -----

     Total Liabilities and Partners' Capital (Deficit)   $ 208       $ 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
                                                                March 31,
                                                            1999        1998
                                                            ----        ----
INCOME

   Interest income                                        $    1      $    3
                                                          ------      ------

     Total Income                                              1           3
                                                          ------      ------

EXPENSES

   Equity in losses from joint ventures, net                   4           2
   Reimbursed administrative costs to General Partner          3           3
   General and administrative expenses                         3           6
                                                          ------      ------

     Total Expenses                                           10          11
                                                          ------      ------

NET LOSS                                                      (9)         (8)

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

COMPREHENSIVE INCOME                                      $   (9)     $   17
                                                          ======      ======


NET LOSS PER LIMITED PARTNERSHIP UNIT                     $(1.21)     $(1.09)
                                                          ======      ======

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

ALLOCATION OF NET LOSS:
     General Partner                                      $  --       $  --
     Limited Partners                                         (9)         (8)
                                                          ------      ------

                                                          $   (9)     $   (8)
                                                          ======      ======

        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)

                                                              Three Months Ended
                                                                   March 31,
                                                                1999      1998
                                                                ----      ----
Operating Activities:
--------------------
   Net loss                                                     $  (9)    $  (8)

   Adjustments to reconcile net loss to net cash
     provided by (used in) operating activities:
       Equity in losses from joint ventures, net                    4         2
       Decrease in accounts receivable                           --          22
       Increase in accounts payable and accrued expenses            2         1
                                                                -----     -----

Net cash provided by (used in) operating activities                (3)       17
                                                                -----     -----


Financing Activities:
--------------------
   Distributions to partners                                     --        (390)
                                                                -----     -----

Net cash used in financing activities                            --        (390)
                                                                -----     -----

Decrease in cash and cash equivalents                              (3)     (373)

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

Cash and cash equivalents, end of period                        $ 105     $ 123
                                                                =====     =====

        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 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 three months ended March
31,  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 System Joint Ventures
--------------------------------------

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

                                                    March 31,  December 31,
                                                      1999        1998
                                                      ----        ----
                                                    (Amounts in Thousands)

         Assets                                       $610        $626
         Liabilities                                    99          97
         Partners' Capital                             511         529


                                                     Three Months Ended
                                                          March 31,
                                                      1999        1998
                                                      ----        ----
                                                    (Amounts in Thousands)

         Revenue                                      $ 60        $100
         Expenses                                       79         110
         Net Loss                                      (19)        (10)

         Phoenix  Pacific North West Cable Joint Venture has accepted and agreed
to the terms  stated on a Letter  of Intent  dated  April 5, 1999 to sell all or
substantially  all of its assets on or before the closing  date of July 1, 1999.
Cash,  accounts  receivables and certain other  miscellaneous  items,  currently
owned by Phoenix  Pacific  North West Cable Joint Venture are excluded from this
sale. This Letter of Intent is subject to a definitive asset purchase  agreement
which is currently being negotiated with the potential buyer.

                                       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 $9,000  and  $8,000  for the three
months ended March 31, 1999 and 1998, respectively.

         Total income  decreased  by $2,000  during the three months ended March
31,  1999,  compared to the same period in the  previous  year.  The decrease in
total income during the three months ended March 31, 1999,  compared to 1998, is
attributable  to a decline in interest income due to a decrease in the amount of
cash being generated by the Partnership.

         Total expenses  remained  virtually the same for the three months ended
March 31, 1999, compared to the same period in the prior year.

Liquidity and Capital Resources

         The cash used by leasing and financing activities was $3,000 during the
three  months  ended March 31,  1999,  as compared to cash  generated of $17,000
during the same period in 1998.  The  decrease in net cash  generated by leasing
and  financing  activities  for the three  months  ended  March 31,  1999 is due
primarily to the decline in accounts  receivable of $22,000 for the three months
ended March 31, 1999, compared to 1998.

         The cash  distributed  to partners  was $0 and  $390,000  for the three
months  ended  March 31, 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 $386,000 in distributions  during
the period  ended March 31, 1999 and 1998,  respectively.  The  cumulative  cash
distributions  to limited  partners are  $7,519,000  and $7,381,000 at March 31,
1999 and 1998, respectively.  The General Partner received $0 and $4,000 for its
share of the cash distributions during the period ended March 31, 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.

         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 software and hardware is
planned to be completed by September 15, 1999.

                                       7
<PAGE>


         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

                                 March 31, 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 "Marin  Action").  Plaintiffs  then dismissed the remaining
claims in  Sacramento  Superior  Court and  refiled  them in a separate  lawsuit
making similar allegations (the"Sacramento Action").

         Plaintiffs have amended the Marin Action twice. Defendants have not yet
answered the complaint and may file a demurrer to dismiss the claims.  Discovery
has not commenced. The Companies intend to vigorously defend the Complaint.

         In February  1999,  plaintiffs  requested a transfer of the  Sacramento
Action  to Marin  County.  The  Court  granted  that  request,  and the case was
transferred in March 1999.  Defendants  have not yet responded to the Complaint.
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
      ----                      -----                           ---------


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


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


May 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