SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549
                                    FORM 10-K

/X/ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the year ended December 31, 2001

/ / 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 0-17658

                 Fidelity Leasing Income Fund V, L.P.
_________________________________________________________________
        (Exact name of registrant as specified in its charter)

        Delaware                            23-2496362
_________________________________________________________________
(State of Organization)      (I.R.S. Employer Identification No.)

 1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania 19103
_________________________________________________________________
     (Address of principal executive offices)        (Zip Code)

                            (215) 574-1636
_________________________________________________________________
         (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12 (b) of the Act:

                                            Name of Each Exchange
         Title of Each Class                 on Which Registered

               None                             Not applicable

Securities registered pursuant to Section 12 (g) of the Act:

                    Limited Partnership Interests

                            Title of Class

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 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 requirements for the past 90 days.             Yes __X__ No_____

The number of outstanding limited partnership units of the Registrant at
December 31, 2001 is 76,047.

There is no public market for these securities.

The index of Exhibits is located on page 8.



                                       1
<PAGE>

                                    PART I

Item 1.  BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the "Fund"), a Delaware limited
partnership, was organized in 1988 and acquired computer equipment, including
printers, tape and disk storage devices, data communications equipment,
computer terminals, technical workstations, networking equipment as well as
other electronic equipment, that was leased to third parties on a short-term
basis.  As of December 31, 2001, the Fund's equipment portfolio was liquidated.
The Fund's principal objective was to generate leasing revenues for distribu-
tion.  The Fund managed the equipment, released or disposed of equipment as it
came off lease in order to achieve its principal objective.  The Fund did not
borrow funds to purchase equipment.

     The Fund generally acquired equipment subject to a lease.  Purchases of
equipment for lease were typically made through equipment leasing brokers,
under a sale-leaseback arrangement directly from lessees owning equipment or
from the manufacturer either pursuant to a purchase agreement relating to
significant quantities of equipment or on an ad hoc basis to meet the needs
of a particular lessee.

     The Fund competed with leasing companies, equipment manufacturers and
distributors, and entities similar to the Fund (including similar programs
sponsored by the General Partner), some of which had greater financial re-
sources than the Fund.  Other leasing companies and equipment manufacturers
and distributors may have been in a position to offer equipment to prospective
lessees on financial terms which were more favorable than those which the Fund
could offer.  Equipment manufacturers and distributors may have offered to sell
equipment on terms and conditions (such as liberal financing terms and exchange
privileges) that would afford benefits to the purchaser similar to those ob-
tained through leases.  They may also have been in a position to offer trade-
in-privileges, maintenance contracts and other services which the Fund could
not offer.  As a result of the advantages that certain of its competitors had,
the Fund may have leased its equipment on a less favorable basis than certain
of its competitors.

     The Fund did not have any employees.  All persons who worked on the Fund
were employees of the General Partner.


Item 2.  PROPERTIES

     During 2001, the General Partner liquidated the remaining equipment under
operating leases and investments in direct financing leases owned by the Fund.


Item 3.  LEGAL PROCEEDINGS

     Not applicable.


Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Not applicable.





                                       2
<PAGE>

                                    PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS

     (a)  The Fund's limited partnership units were not publicly traded.  There
     was no market for the Fund's limited partnership units.

     (b)  Number of Equity Security Holders:

                                                 Number of Partners
               Title of Class                  as of December 31, 2001

               Limited Partnership Interests          2,589
               General Partnership Interest               1

<TABLE>
Item 6.  SELECTED FINANCIAL DATA
         <CAPTION>
                                       For the Years Ended December 31,
                            2001         2000         1999         1998         1997
<S>                      <C>          <C>          <C>          <C>          <C>
Total Income             $  384,776   $1,421,098   $2,093,718   $3,640,530   $3,442,545
Net Income                  102,589      637,094      336,717      232,105      634,505
Distributions to Partners 6,815,586      500,000      500,000      550,000      600,000
Net Income per Equivalent
 Limited Partnership Unit      5.05        24.27        13.59         9.05        25.07
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year             15,181       24,327       24,404       25,065       25,054
</TABLE>

<TABLE>
                                                  December 31,
                            2001         2000         1999         1998         1997
<S>                      <C>          <C>          <C>          <C>          <C>
Total Assets                   -      $6,889,023   $6,817,584   $7,047,755   $7,455,365
Equipment under
 Operating Leases
 and Equipment Held for
 Sale or Lease (Net)           -            -         969,503    2,354,710    3,423,510
Net Investment in
 Direct Financing
 Leases                        -       2,117,968    3,130,411    2,489,583         -
Limited Partnership
 Units                         -          76,047       76,047       76,137       76,137
Limited Partners              2,589        2,584        2,581        2,573        2,570
</TABLE>














                                       3
<PAGE>

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Results of Operations

     The significant decrease in revenues and expenses in 2001 and 2000 is
primarily due to the dissolution process of the Fund that commenced in 1996
and was completed during the fourth quarter of 2001.  Equipment was sold to
the end user at lease expiration or packaged and sold prior to lease expiration
for the present value of the remaining lease payments plus the forecasted
future residual value.

     The Fund had revenues of $384,776, $1,421,098 and $2,093,718 for the
years ended December 31, 2001, 2000 and 1999, respectively.  Rental income
from the leasing of equipment accounted for 41%, 54% and 75% of total income
in 2001, 2000 and 1999, respectively.  In 2001 and 2000, the decrease in total
revenues was primarily attributable to a decrease in rental income.  In 2001,
rental income decreased by approximately $603,000 because of equipment that
was sold as a result of a lease termination or the dissolution of the Fund.
In 2000, rental income decreased by approximately $811,000 because of equipment
that terminated and was sold.  The decrease in earned income on direct fi-
nancing leases also accounted for the decrease in total revenues in 2001 and
2000.  There were no investments made in direct financing leases in 2001 and
2000.  Therefore, the earned income on direct financing leases decreased in
2001 and 2000 in accordance with the recognition of income on these leases
using the interest method.  The overall decrease in revenues was also related
to the decrease in the net gain on sale of equipment in 2001 and was mitigated
by the increase in net gain on sale of equipment in 2000.  The Fund recorded
$22,753, $261,634 and $70,262 of net gain on sale of equipment for the years
ended December 31, 2001, 2000 and 1999, respectively.  In addition, interest
income decreased in 2001 resulting from lower cash balances available for
investment by the Fund during 2001.  The Fund paid a cash distribution of
$4,300,000 in February 2001 that caused the decrease in the cash balance.
The decrease in this account contributed to the decrease in total revenues
during the twelve months ended December 31, 2001.

     Expenses were $282,187, $784,004 and $1,757,001 for the years ended
December 31, 2001, 2000 and 1999, respectively.  There was no depreciation
expense in 2001.  Depreciation expense comprised 59% and 70% of total expenses
in 2000 and 1999, respectively.  The decrease in total expenses in 2001 and
2000 was primarily related to the decrease in depreciation expense because
of equipment that was sold.  The decrease in write-down of equipment to net
realizable value also contributed to the decrease in total expenses in 2000.
There was no write-down of equipment to net realizable value charged to opera-
tions in 2000 compared to approximately $92,000 of write-down of equipment to
net realizable value recorded during 1999.  The Fund's practice was to review
the recoverability of its undepreciated costs of rental equipment quarterly.
The Fund's policy, as part of this review, was to analyze such factors as
releasing of equipment, technological developments and information provided
in third party publications.  In accordance with accounting principles gen-
erally accepted in the United States of America, the Fund wrote down its rental
equipment to its estimated net realizable value when the amounts were reason-
ably estimated and only recognized gains, if any, upon actual sale of its
rental equipment.  Furthermore, the decrease in general and administrative
expense to related party and management fee to related party also accounted
for the overall decrease in expenses in both 2001 and 2000.  General and
administrative expense to related party decreased in 2001 and 2000 because
of the decrease in expenses charged by the General Partner or its parent


                                       4
<PAGE>

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS (Continued)

Results of Operations (Continued)

company for services and materials provided to the Fund.  Management fee to
related party decreased in 2001 and 2000 because of the decrease in rental
income during these years.

     The Fund's net income was $102,589, $637,094 and $336,717 for the years
ended December 31, 2001, 2000 and 1999, respectively.  The earnings per equiv-
alent limited partnership unit, after earnings allocated to the General
Partner, were $5.05, $24.27 and $13.59 for the years ended December 31, 2001,
2000 and 1999, respectively.  The weighted average number of equivalent
limited partnership units outstanding were 15,181, 24,327 and 24,404 for 2001,
2000 and 1999, respectively.

     The Fund generated cash from operations of $79,836, $836,633 and
$1,583,430 for the purpose of determining cash available for distribution
during the years ended December 31, 2001, 2000 and 1999, respectively.  The
Fund distributed $2,515,586, $375,000 and $375,000 to partners during the
periods from April 1 through December 31, 2001, 2000 and 1999, respectively,
for the years ended December 31, 2001, 2000 and 1999, respectively.  During the
first quarter of 2001 and 2000, the Fund distributed $4,300,000 and $125,000,
respectively, for the quarter ended December 31, 2000 and 1999, respectively.
The Fund liquidated in December 2001 and distributed all of its cash to part-
ners in December 2001.  For financial statement purposes, the Fund recorded
cash distributions to partners on a cash basis in the period in which they were
paid.

Analysis of Financial Condition

     The Fund's equipment portfolio was liquidated as of December 31, 2001.

     The cash position of the Fund was reviewed daily and cash was invested on
a short-term basis.


Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The response to this Item is submitted as a separate section of this
report commencing on page F-1.


Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     Not applicable.












                                      5
<PAGE>

                                   PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     In December 2001, the General Partner's Certificate of Incorporation was
amended to change the name of the General Partner of the Fund from F.L.
Partnership Management, Inc. to LEAF Financial Corporation (LEAF).  LEAF
Financial Corporation is a wholly owned subsidiary of Resource Leasing, Inc.
which is a wholly owned subsidiary of Resource America, Inc. (Resource
America).  The Directors and Executive Officers of LEAF are:

     CRIT S. DEMENT, age 49, Chairman, President and Chief Executive Officer
     of LEAF since November 2001.  President of Fidelity Leasing, Inc. and its
     successor, the Technology Finance Group of CitiCapital Vendor Finance from
     1996 to 2001.  Vice President of Marketing for Tokai Financial Services
     from 1987 through 1996.

     EDWARD E. COHEN, age 62, Director of LEAF since November 2001.  Chairman
     of the Board of Resource America since 1990, President of Resource America
     since 2000 and Chief Executive Officer and a Director of Resource America
     since 1988.  Chairman of the Managing Board of Directors of Atlas Pipeline
     Partners GP, LLC (a wholly owned subsidiary of Resource America that is
     the general partner of a publicly traded limited partnership that owns and
     operates natural gas pipelines) since its formation in 1999.  Chairman of
     the Board of Directors of Brandywine Construction & Management, Inc. (a
     property management company) since 1994.  Mr. Cohen is the father of
     Jonathan Z. Cohen.

     JONATHAN Z. COHEN, age 31, Director of LEAF since November 2001.  Execu-
     tive Vice President of Resource America since 2001, Senior Vice President
     of Resource America from 1999 to 2001.  Vice Chairman of the Managing
     Board of Atlas Pipeline Partners GP, LLC since its formation in 1999.
     Trustee and Secretary of RAIT Investment Trust (a publicly traded real
     estate investment trust) since 1997.  Mr. Cohen is the son of Edward E.
     Cohen.

     MILES HERMAN, age 42, Vice President and a Director of LEAF since November
     2001.  Held various senior operational offices with Fidelity Leasing, Inc.
     and its successor from 1998 to 2001.  Held several management positions in
     sales, marketing and operations at Tokai Financial Services from 1983 to
     1998.

     FREDDIE M. KOTEK, age 46, Director of LEAF since 1996.  Senior Vice
     President of Resource America since 1995.  President of Resource Leasing,
     Inc. since 1995.

     MARIANNE T. SCHUSTER, age 43, Vice President and Treasurer of LEAF
     since 1984.












                                       6
<PAGE>

Item 11.  EXECUTIVE COMPENSATION

     The following table sets forth information relating to the aggregate
compensation earned by the General Partner of the Fund during the year ended
December 31, 2001:

               Name of Individual or      Capacities in
                  Number in Group         Which Served      Compensation

               LEAF Financial
                Corporation              General Partner     $110,132(1)
                                                             ========
                 (1)  This amount does not include the General Partner's share
                 of cash distributions made to all partners.

Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a)  As of December 31, 2001, there was no person or group known to the
     Fund that owned more than 5% of the Fund's outstanding securities either
     beneficially or of record.

     (b)  In 1988, the General Partner contributed $1,000 to the capital of the
     Fund but it does not own any of the Fund's outstanding securities.  No
     individual director or officer of LEAF Financial Corporation nor such
     directors or officers as a group, owned more than one percent of the
     Fund's outstanding securities.  The General Partner owned a general
     partnership interest which entitled it to receive 1% of cash distributions
     until the Limited Partners have received an amount equal to the purchase
     price of their units plus a 10% cumulative compounded priority return;
     thereafter 10%.  The General Partner also shared in net income equal to
     the greater of its cash distributions or 1% of net income or to the extent
     there were losses, 1% of such losses.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the year ended December 31, 2001, the Fund was charged $110,132 of
management fees by the General Partner.  The General Partner received 6% or 3%
of rental payments on equipment under operating leases or full pay-out leases,
respectively, for administrative and management services performed on behalf
of the Fund.  Full pay-out leases are noncancellable leases with initial lease
terms in excess of 42 months for which rental payments during the initial term
are at least sufficient to recover the purchase price of the equipment, in-
cluding acquisition fees.  A majority of the direct financing leases in which
the Fund invested met the criteria for a full pay-out lease and paid a 3%
management fee to the General Partner.  This management fee was paid quarterly
only if and when the Limited Partners received distributions for the period
from January 1, 1989 through the end of the most recent quarter equal to a
return for such period at a rate of 12% per year on the aggregate amount paid
for their units.

     The General Partner also received 1% of cash distributions.  During the
year ended December 31, 2001, the General Partner received $70,264 of cash
distributions.

     The Fund incurred $70,898 of reimbursable costs to the General Partner
and its parent company for services and materials provided in connection with
the administration of the Fund during 2001.




                                      7
<PAGE>

                                      PART IV

Item 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

     (a)  (1) and (2) The response to this portion of Item 14 is submitted
     as a separate section of this report commencing on page F-1.

     (a)  (3) and (c) Exhibits (numbered in accordance with Item 601 of
     Regulation S-K)

                Exhibit Numbers             Description            Page Number

                   3(a) & (4)      Amended and Restated Agreement       *
                                       of Limited Partnership

                       (9)                 not applicable

                       (10)                not applicable

                       (11)                not applicable

                       (12)                not applicable

                       (13)                not applicable

                       (18)                not applicable

                       (19)                not applicable

                       (22)                not applicable

                       (23)                not applicable

                       (24)                not applicable

                       (25)                not applicable

                       (28)                not applicable


*  Incorporated by reference.






















                                      8
<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.

                  FIDELITY LEASING INCOME FUND V, L.P.
                  A Delaware limited partnership

                  By:  LEAF FINANCIAL CORPORATION

                       /s/ Crit S. DeMent
                  By:  ___________________________
                       Crit S. DeMent, Chairman and President

Dated March 28, 2002

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
annual report has been signed below by the following persons, on behalf of the
Registrant and in the capacities and on the date indicated:


          Signature                     Title                            Date



/s/ Crit S. DeMent
____________________________  Chairman of the Board of Directors        3-28-02
Crit S. DeMent                 and President of LEAF Financial
                               Corporation
                               (Principal Executive Officer)



/s/ Miles Herman
____________________________  Vice President and Director of            3-28-02
Miles Herman                   LEAF Financial Corporation



/s/ Freddie M. Kotek
____________________________  Director of LEAF Financial Corporation    3-28-02
Freddie M. Kotek



/s/ Marianne T. Schuster
____________________________  Vice President and Treasurer of           3-28-02
Marianne T. Schuster           LEAF Financial Corporation
                               (Principal Financial Officer)













                                      9
<PAGE>

                   INDEX TO FINANCIAL STATEMENTS AND SCHEDULES



                                                                      Pages

          Report of Independent Certified Public Accountants           F-2

          Balance Sheets as of December 31, 2001 and 2000              F-3

          Statements of Operations for the years ended
           December 31, 2001, 2000 and 1999                            F-4

          Statements of Partners' Capital for the years ended
           December 31, 2001, 2000 and 1999                            F-5

          Statements of Cash Flows for the years ended
           December 31, 2001, 2000 and 1999                            F-6

          Notes to Financial Statements                             F-7 - F-12



























All schedules have been omitted because the required information is not
applicable or is included in the Financial Statements or Notes thereto.











                                      F-1
<PAGE>

Report of Independent Certified Public Accountants


The Partners
Fidelity Leasing Income Fund V, L.P.


     We have audited the accompanying balance sheets of Fidelity Leasing
Income Fund V, L.P. as of December 31, 2001 and 2000, and the related state-
ments of operations, partners' capital and cash flows for each of the three
years in the period ending December 31, 2001.  These financial statements are
the responsibility of the Fund's management.  Our responsibility is to express
an opinion on these financial statements based on our audits.

     We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the finan-
cial statements are free of material misstatement.  An audit includes examin-
ing, on a test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the accounting princi-
ples used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

     In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Fidelity Leasing
Income Fund V, L.P. as of December 31, 2001 and 2000, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 2001 in conformity with accounting principles generally accepted
in the United States of America.



Grant Thornton LLP
Philadelphia, Pennsylvania
February 14, 2002
























                                      F-2
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                                      BALANCE SHEETS

<TABLE>
                                         ASSETS
                                     <CAPTION>
                                                                    December 31,

                                                               2001             2000
<S>                                                         <C>              <C>
     Cash and cash equivalents                              $     -          $4,402,821

     Accounts receivable                                          -             360,139

     Due from related parties                                     -               8,095

     Equipment under operating leases (net of
      accumulated depreciation of $-
      and $1,606,050, respectively)                               -                -

     Net investment in direct financing leases                    -           2,117,968

                                                            __________       __________

             Total assets                                   $     -          $6,889,023
                                                            ==========       ==========


                            LIABILITIES AND PARTNERS' CAPITAL
     Liabilities:

           Lease rents paid in advance                      $     -          $   76,032

           Accounts payable and accrued expenses                  -              79,894

           Due to related parties                                 -              20,100
                                                            __________       __________

             Total liabilities                                    -             176,026

     Partners' capital                                            -           6,712,997
                                                            __________       __________

              Total liabilities and partners' capital       $     -          $6,889,023
                                                            ==========       ==========
</TABLE>







The accompanying notes are an integral part of these financial statements.










                                      F-3
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                    STATEMENTS OF OPERATIONS
                            <CAPTION>



                                                    For the years ended December 31,

                                                  2001            2000           1999
   Income:
   <S>                                           <C>           <C>            <C>
     Rentals                                     $159,428      $  762,386     $1,573,547
     Earned income on direct financing
      leases                                      109,244         223,187        285,617
     Interest                                      48,479         134,530        131,668
     Gain on sale of equipment, net                22,753         261,634         70,262
     Other                                         44,872          39,361         32,624
                                                 ________      __________     __________

                                                  384,776       1,421,098      2,093,718
                                                 ________      __________     __________

   Expenses:
     Depreciation                                    -            461,173      1,224,996
     Write-down of equipment to net
      realizable value                               -               -            91,979
     General and administrative                   101,157          90,393         87,681
     General and administrative to
      related party                                70,898         118,219        156,874
     Management fee to related party              110,132         114,219        195,471
                                                 ________      __________     __________

                                                  282,187         784,004      1,757,001
                                                 ________      __________     __________


   Net income                                    $102,589      $  637,094     $  336,717
                                                 ========      ==========     ==========

   Net income per equivalent limited
    partnership unit                             $   5.05      $    24.27     $    13.59
                                                 ========      ==========     ==========


   Weighted average number of equivalent
    limited partnership units outstanding
    during the year                                15,181          24,327         24,404
                                                 ========      ==========     ==========
</TABLE>h






The accompanying notes are an integral part of these financial statements.









                                      F-4
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

<TABLE>
                                 STATEMENT OF PARTNERS' CAPITAL
                                 <CAPTION>
                       For the years ended December 31, 2001, 2000 and 1999


                                       General        Limited Partners
                                       Partner       Units       Amount           Total
                                       _______       ___________________          _____

<S>                                    <C>           <C>      <C>             <C>
Balance, January 1, 1999               $ 2,516      $76,137   $6,743,657      $6,746,173

Cash distributions                      (5,000)        -        (495,000)       (500,000)

Redemptions                               -            (90)       (6,987)         (6,987)

Net income                               5,000         -         331,717         336,717
                                       _______       ______   __________      __________

Balance, December 31, 1999               2,516       76,047    6,573,387       6,575,903

Cash distributions                      (5,000)        -        (495,000)       (500,000)

Net income                              46,750         -         590,344         637,094
                                       _______       ______   __________      __________

Balance, December 31, 2000              44,266       76,047    6,668,731       6,712,997

Cash distributions                     (70,264)     (76,047)  (6,745,322)     (6,815,586)

Net income                              25,998         -          76,591         102,589
                                       _______       ______   __________      __________

Balance, December 31, 2001             $  -            -      $     -         $     -
                                       =======       ======   ==========      ==========
</TABLE>
















The accompanying notes are an integral part of this financial statement.








                                      F-5
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                      STATEMENTS OF CASH FLOWS
                                  <CAPTION>
                                                      For the years ended December 31,
                                                      2001          2000          1999
Cash flows from operating activities:
<S>                                                <C>           <C>           <C>
  Net income                                       $  102,589    $  637,094    $  336,717
                                                   __________    __________    __________
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                           -          461,173     1,224,996
  Write-down of equipment to net
   realizable value                                      -             -           91,979
  (Gain) loss on sale of equipment, net               (22,753)     (261,634)      (70,262)
  (Increase) decrease in accounts receivable          360,139      (223,866)       96,333
  (Increase) decrease in due from related
   parties                                              8,095        47,782        92,053
  Increase (decrease) in lease rents paid
   in advance                                         (76,032)      (70,016)       (9,830)
  Increase (decrease) in accounts payable
   and accrued expenses                               (79,894)        7,700       (12,025)
  Increase (decrease) in due to related
   parties                                            (20,100)       (3,339)      (38,046)
                                                   __________    __________    __________
   Total adjustments                                  169,455       (42,200)    1,375,198
                                                   __________    __________    __________
  Net cash provided by operating activities           272,044       594,894     1,711,915
                                                   __________    __________    __________
Cash flows from investing activities:
  Investment in direct financing leases                  -            -        (2,515,974)
  Proceeds from direct financing leases,
   net of earned income                             2,117,968     1,012,443     1,875,146
  Proceeds from sale of equipment                      22,753       769,964       138,494
                                                   __________    __________    __________
  Net cash provided by (used in)
   investing activities                             2,140,721     1,782,407      (502,334)
                                                   __________    __________    __________

Cash flows from financing activities:
  Distributions                                    (6,815,586)     (500,000)     (500,000)
  Redemptions of capital                                 -             -           (6,987)
                                                   __________    __________    __________
  Net cash used in financing activities            (6,815,586)     (500,000)     (506,987)
                                                   __________    __________    __________
  Increase (decrease) in cash and cash
   equivalents                                     (4,402,821)    1,877,301       702,594

  Cash and cash equivalents, beginning of year      4,402,821     2,525,520     1,822,926
                                                   __________    __________    __________

  Cash and cash equivalents, end of year           $     -       $4,402,821    $2,525,520
                                                   ==========    ==========    ==========
</TABLE>

The accompanying notes are an integral part of these financial statements.









                                      F-6
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                             NOTES TO FINANCIAL STATEMENTS

1.  ORGANIZATION AND NATURE OF BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the Fund) was formed in January
1988.  In December 2001, the General Partner's Certificate of Incorporation
was amended to change the name of the General Partner of the Fund from F.L.
Partnership Management, Inc. to LEAF Financial Corporation (LEAF).  LEAF
Financial Corporation is a wholly owned subsidiary of Resource Leasing, Inc.
which is a wholly owned subsidiary of Resource America, Inc. (Resource Amer-
ica).  The Fund was managed by the General Partner.  The Fund's limited part-
nership interests were not publicly traded.  There was no market for the
Fund's limited partnership interests.  During 2001, the General Partner com-
pleted the dissolution process of the Fund.  The remaining lease portfolio was
sold during the year and all cash was distributed to the partners.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Concentration of Credit Risk

     Financial instruments that potentially subject the Fund to concentrations
of credit risk consisted principally of temporary cash investments.  The Fund
placed its temporary investments in money market savings accounts.

     Concentrations of credit risk with respect to accounts receivables were
limited due to the dispersion of the Fund's lessees over different industries
and geographies.

Impairment of Long-Lived Assets

     The Fund reviewed its assets to determine if it had any long-lived assets
that was carried on the books for an amount that may not be recoverable.  If it
was determined that an asset's estimated future cash flows were not sufficient
to recover its carrying amount, an impairment charge was recorded.

Use of Estimates

     In preparing financial statements in conformity with accounting principles
generally accepted in the United States of America, management is required to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements and revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

Accounting for Leases

     The Fund's leasing operations consisted of both operating and direct
financing leases.  Under the operating method of accounting for leases, the
cost of the leased equipment was recorded as an asset and depreciated on a
straight-line basis over its estimated useful life, up to six years.  Acqui-
sition fees associated with lease placements were allocated to equipment when
purchased and depreciated as part of equipment cost.  Rental income consisted
primarily of monthly periodic rentals due under the terms of the leases.
Upon sale or other disposition of assets, the cost and related accumulated
depreciation were removed from the accounts and the resulting gain or loss, if
any, was reflected in income.


                                      F-7
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Accounting for Leases (Continued)

     Under the direct financing method of accounting for leases, income (the
excess of the aggregate future rentals and estimated unguaranteed residuals
upon expiration of the lease over the related equipment cost) was recognized
over the life of the lease using the interest method.

Income Taxes

     Federal and State income tax regulations provide that taxes on the income
or benefits from losses of the Fund 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.

Statements of Cash Flows

     For purposes of the statements of cash flows, the Fund considers all
highly liquid debt instruments purchased with a maturity of three months or
less to be cash equivalents.

Net Income per Equivalent Limited Partnership Unit

     Net income per equivalent limited partnership unit is computed by
dividing net income allocated to limited partners by the weighted average
number of equivalent limited partnership units outstanding during the year.
The weighted average number of equivalent units outstanding during the year
is computed based on the weighted average monthly limited partners' capital
account balances, converted into equivalent units at $500 per unit.

3.  ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS

     Cash distributions, if any, were made quarterly as follows: 99% to the
Limited Partners and 1% to the General Partner, until the Limited Partners have
received an amount equal to the purchase price of their units, plus a 10%
compounded priority return (an amount equal to 10% compounded annually on the
portion of the purchase price not previously distributed); thereafter, 90% to
the Limited Partners and 10% to the General Partner.

     Net Losses were allocated 99% to the Limited Partners and 1% to the
General Partner.  The General Partner was allocated Net Income equal to its
cash distributions, but not less than 1% of Net Income, with the balance allo-
cated to the Limited Partners.

     Net Income (Losses) allocated to the Limited Partners were allocated
to individual limited partners based on the ratio of the daily weighted average
partner's net capital account balance (after deducting related commission
expense) to the total daily weighted average of the Limited Partners' net
capital account balances.






                                      F-8
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

4.  EQUIPMENT LEASED

     Equipment on lease consisted of equipment under operating leases.  The
lessees have agreements with the manufacturer of the equipment to provide
maintenance for the leased equipment.

     In accordance with accounting principles generally accepted in the United
States of America, the Fund writes down its rental equipment to its esti-
mated net realizable value when the amounts are reasonably estimated and
only recognizes gains upon actual sale of its rental equipment.  As a result,
there was no write-down of equipment to net realizable value recorded during
2001 and 2000.  In 1999, approximately $92,000 was charged to write-down
of equipment to net realizable value.

     Unguaranteed residuals for direct financing leases represent the estimated
amounts recoverable at lease termination from lease extensions or disposition
of the equipment.  The Fund reviews these residual values quarterly.  If the
equipment's fair market value at lease expiration is below the estimated
residual value, an adjustment is made.

5.  RELATED PARTY TRANSACTIONS

     The General Partner received 6% or 3% of rental payments on equipment
under operating leases and full pay-out leases, respectively, for adminis-
trative and management services performed on behalf of the Fund.  Full
pay-out leases are noncancellable leases with terms in excess of 42 months
and for which rental payments during the initial term are at least sufficient
to recover the purchase price of the equipment, including acquisition fees.
This management fee was paid quarterly only if and when the Limited Partners
received distributions for the period from January 1, 1989 through the end of
the most recent quarter equal to a return for such period at a rate of 12% per
year on the aggregate amount paid for their units.

     Additionally, the General Partner and its parent company were reimbursed
by the Fund for certain costs of services and materials used by or for the
Fund except those items covered by the above-mentioned fees.  Following is
a summary of fees and costs charged by the General Partner or its parent
company during the years ended December 31:

                                             2001        2000         1999

             Management fee                $110,132    $114,219     $195,471
             Reimbursable costs              70,898     118,219      156,874

     During 2001, the Fund transferred its checking and investment accounts
from Hudson United Bank to The Bancorp.com, Inc. (TBI).  The son and the spouse
of the Chairman of Resource America, Inc. are the Chairman and Chief Executive
Officer, respectively, of TBI.  The Fund maintained a normal banking relation-
ship with TBI.

     Amounts due from related parties at December 31, 2000 represented monies
due to the Fund from the General Partner and/or other affiliated funds for
rentals and sales proceeds collected and not yet remitted to the Fund.




                                      F-9
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

5.  RELATED PARTY TRANSACTIONS (Continued)

     Amounts due to related parties at December 31, 2000 represented monies
due to the General Partner for the fees and costs mentioned above, as well as,
rentals and sales proceeds collected by the Fund on behalf of other affiliated
funds.

6.  MAJOR CUSTOMERS

     For the year ended December 31, 2001, three customers accounted for ap-
proximately 58%, 22% and 12% of the Fund's rental income.  For the year ended
December 31, 2000, four customers accounted for approximately 46%, 22%, 10% and
10% of the Fund's rental income.  For the year ended December 31, 1999, three
customers accounted for approximately 36%, 21% and 19% of the Fund's rental
income.

7.  CASH DISTRIBUTIONS

     Below is a summary of the quarterly cash distributions paid to partners
during the years ended December 31:

<TABLE>
             Month of Distribution               2001           2000           1999
<CAPTION>
<S>                                         <C>              <C>            <C>
                    February                $4,300,000       $125,000       $125,000
                    May                        125,000        125,000        125,000
                    August                     125,000        125,000        125,000
                    November                 2,266,000        125,000        125,000
                                            __________       ________       ________

                                            $6,816,000       $500,000       $500,000
                                            ==========       ========       ========
</TABLE>
























                                     F-10
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

8.  SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

     The following table summarizes the results of operations on a quarterly
basis during 2001 and 2000:

<TABLE>

                                                                  2001
                                                 ----------------------------------------
                                                 Fourth      Third     Second      First
                                                 Quarter    Quarter    Quarter    Quarter
                                                 -------    -------    -------    -------
   Income:
   <S>                                         <C>        <C>        <C>        <C>
     Rentals                                   $    190   $ 23,540   $ 23,790   $ 47,933
     Earned income on direct financing
      leases                                     64,165     31,124     36,388     41,542
     Interest                                    11,411      8,874      6,378     21,816
     Gain on sale of equipment, net              13,908       -         8,845       -
     Other                                       36,874      5,356      1,375      1,267
                                               ________   ________   ________   ________

   Total income                                 126,548     68,894     76,776    112,558
                                               ________   ________   ________   ________

   Expenses:

     General and administrative                  21,013     27,024     34,035     19,085
     General and administrative to
      related party                              14,450     13,544     15,552     27,352
     Management fee to related party             57,204     17,150     17,165     18,613
                                               ________   ________   ________   ________

   Total expenses                                92,667     57,718     66,752     65,050
                                               ________   ________   ________   ________

   Net income                                  $ 33,881   $ 11,176   $ 10,024   $ 47,508
                                               ========   ========   ========   ========

   Net income per equivalent limited
    partnership unit                           $   1.14   $    .64   $    .55   $   2.45
                                               ========   ========   ========   ========
</TABLE>

















                                     F-11
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

8.  SUMMARY OF QUARTERLY RESULTS (UNAUDITED) (Continued)

<TABLE>

                                                                  2000
                                                 ----------------------------------------
                                                 Fourth      Third     Second      First
                                                 Quarter    Quarter    Quarter    Quarter
                                                 -------    -------    -------    -------
   Income:
   <S>                                         <C>        <C>        <C>        <C>
     Rentals                                   $ 53,574   $152,523   $213,869   $342,420
     Earned income on direct financing
      leases                                     46,590     51,532     57,936     67,129
     Interest                                    35,641     31,990     28,539     38,360
     Gain on sale of equipment, net                -       255,963       -        27,287
     Other                                       35,594      1,376      1,405        986
                                               ________   ________   ________   ________

   Total income                                 171,399    493,384    301,749    476,182
                                               ________   ________   ________   ________

   Expenses:

     Depreciation                                 2,221     60,157    160,913    237,882
     General and administrative                  27,806     17,762     18,257     26,568
     General and administrative to
      related party                              35,943     29,269     25,959     27,048
     Management fee to related party             18,952     24,889     30,780     39,598
     Loss on sale of equipment, net                -          -        21,616       -
                                               ________   ________   ________   ________

   Total expenses                                84,922    132,077    257,525    331,096
                                               ________   ________   ________   ________

   Net income                                  $ 86,477   $361,307   $ 44,224   $145,086
                                               ========   ========   ========   ========

   Net income per equivalent limited
    partnership unit                           $   1.89   $  14.67   $   1.78   $   5.93
                                               ========   ========   ========   ========
</TABLE>


















                                     F-12
<PAGE>

24