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 (Fee Required)

For the year ended December 31, 1995

/ / Transition report pursuant to Section 13 or 15(d) of the 
Securities Exchange Act of 1934 (Fee Required)

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.)

7 E. Skippack Pike, Suite 275, Ambler, Pennsylvania       19002
_________________________________________________________________
     (Address of principal executive offices)          (Zip Code)   

                            (215) 619-2800                       
_________________________________________________________________
         (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, 1995 is 78,970.

There is no public market for these securities.

The index of Exhibits is located on page 11.

                                   1




PART I

Item 1.  BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the "Fund"), a 
Delaware limited partnership, was organized in 1988 and acquires 
equipment, primarily computer peripheral equipment, including 
printers, tape and disk storage devices, data communications 
equipment, computer terminals, data processing and office 
equipment, which is leased to third parties on a short-term 
basis.  The Fund's principal objective is to generate leasing 
revenues for distribution.  The Fund manages the equipment, 
releasing or disposing of equipment as it comes off lease in 
order to achieve its principal objective.  The Fund will not 
borrow funds to purchase equipment.

     The Fund generally acquires equipment subject to a lease.  
Purchases of equipment for lease are typically made through 
equipment leasing brokers, under a sale-leaseback arrangement 
directly from lessees owning equipment, 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 equipment leasing industry is highly competitive.  The 
Fund competes with leasing companies, equipment manufacturers and 
distributors, and entities similar to the Fund (including similar 
programs sponsored by the General Partner), some of which have 
greater financial resources than the Fund and more experience in 
the equipment leasing business than the General Partner.  Other 
leasing companies and equipment manufacturers and distributors 
may be in a position to offer equipment to prospective lessees on 
financial terms which are more favorable than those which the 
Fund can offer.  They may also be in a position to offer trade-
in-privileges, maintenance contracts and other services which the 
Fund may not be able to offer.  Equipment manufacturers and 
distributors may offer to sell equipment on terms and conditions 
(such as liberal financing terms and exchange privileges) which 
will afford benefits to the purchaser similar to those obtained 
through leases.  As a result of the advantages which certain of 
its competitors may have, the Fund may find it necessary to lease 
its equipment on a less favorable basis than certain of its 
competitors.

     The computer equipment industry is extremely competitive as 
well.  Competitive factors include pricing, technological 
innovation and methods of financing.  Certain manufacturer-
lessors maintain advantages through patent protection, where 
applicable, and through product protection by the use of a policy 
which combines service and hardware benefits with payment for 
such benefits accomplished through a single periodic charge.








                                    2




     The dominant factor in the marketplace is International 
Business Machines Corporation ("IBM").  Because of IBM's 
substantial resources and dominant position, revolutionary 
changes with respect to pricing, marketing practices, 
technological innovation and the availability of new and 
attractive financing plans could occur at almost any time.  
Significant action in any of these areas by IBM might materially 
adversely affect the General Partner's ability to identify and 
purchase appropriate equipment.  It is the belief of the General 
Partner that IBM will continue to make advances in the computer 
equipment industry which may result in revolutionary changes with 
respect to small, medium and large computer systems.

     A brief description of the types of equipment in which the 
Fund has invested as of December 31, 1995, together with 
information concerning the users of such equipment is contained 
in Item 2, following.

     The Fund does not have any employees.  All persons who work 
on the Fund are employees of the General Partner.

Item 2.  PROPERTIES

     The following schedules detail the type and aggregate 
purchase price of the various types of equipment acquired and 
leased by the Fund as of December 31, 1995, along with the 
percentage of total equipment represented by each type of 
equipment, a breakdown of equipment usage by industrial 
classification and the average initial term of leases:

                               Purchase Price       Percentage of
Type of Equipment Acquired      of Equipment       Total Equipment

Communication Controllers         $ 3,294,465            15.99%   
Disk Storage Systems               10,936,150            53.07    
Network Communications                290,004             1.41    
Personal Computers, Terminals
  and Display Stations              3,383,573            16.42    
Printers                              561,873             2.73    
Tape Storage Systems                1,306,989             6.34    
Other                                 833,311             4.04    
                                  ___________           ______    

Totals                            $20,606,365           100.00%   
                                  ===========           ======    













                                    3

                      Breakdown of Equipment Usage
                      By Industrial Classification


                                  Purchase Price      Percentage of    
Type of Business                   of Equipment      Total Equipment   

Computers/Data Processing          $ 1,244,456             6.04%       
Diversified Financial/Banking/
  Insurance                          6,068,314            29.45        
Manufacturing/Refining               4,856,261            23.57        
Publishing/Printing                    299,197             1.45        
Retailing/Consumer Goods             3,371,210            16.36        
Telephone/Telecommunications         4,373,412            21.22        
Broadcasting/Entertainment             393,515             1.91
                                   ___________           ______        

Totals                             $20,606,365           100.00%       
                                   ===========           ======        

Average Initial Term of Leases (in months):  30

     All of the above equipment is currently leased under operating 
leases.



Item 3.  LEGAL PROCEEDINGS

     Not applicable.



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

     Not applicable.























                                     4 
                                   PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY 
         HOLDER MATTERS

     (a)  The Fund's limited partnership units are not publicly
     traded.  There is no market for the Fund's limited 
     partnership units and it is unlikely that any 
     will develop.

     (b)  Number of Equity Security Holders:

                                                 Number of Partners
               Title of Class                  as of December 31, 1995

               Limited Partnership Interests          2,604

               General Partnership Interest               1


<TABLE>
Item 6.  SELECTED FINANCIAL DATA
         <CAPTION>

                                   For the Years Ended December 31,              

                       1995         1994        1993         1992         1991   
<S>                 <C>          <C>          <C>         <C>           <C>        
Total Income         $6,821,697   $9,380,728   $8,847,285  $10,732,480   10,211,943
Net Income            1,884,603    1,532,102      500,268    1,610,088    1,424,561
Distributions to 
 Partners             6,760,990    5,530,243    8,147,849    6,103,127    6,012,599
Net Income per
 Equivalent Limited
 Partnership Unit         63.35        37.01         7.88        22.84        18.00
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year         29,077       39,545       53,295       67,837       75,790
</TABLE>
<TABLE>
                                              December 31,                       

                        1995        1994        1993         1992         1991  
<S>                 <C>         <C>          <C>          <C>          <C>      
Total Assets        $ 8,096,622  $12,968,181  $17,642,200  $26,840,514  $31,373,019
Equipment under 
 Operating Leases 
 and Equipment Held for 
 Sale or Lease (Net)  4,249,271    6,568,961   12,939,283   17,507,267   23,057,612
Net Investment in
 Direct Financing
 Leases                 280,779      782,651      914,701         -            -   
Limited Partnership
 Units                   78,970       79,679       83,010       88,198       89,051
Limited Partners          2,604        2,628        2,686        2,815        2,825
</TABLE>



                                     5

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

Results of Operations

     The Fund had revenues of $6,821,697, $9,380,728 and 
$8,847,285 for the years ended December 31, 1995, 1994 and 1993, 
respectively.  Rental income from the leasing of computer 
peripheral equipment accounted for 80%, 89% and 95% of total 
income in 1995, 1994 and 1993, respectively.  The fluctuation 
in total revenues in 1995 and 1994 is primarily attributable to 
the decrease in rental income.  In 1995, rental income decreased 
by approximately $3,848,000 due to renewals of leases at lower 
rates and lease terminations or sales of equipment.  This 
decrease, however, was offset by approximately $977,000 of rental 
income generated from equipment purchases made in 1995, as well 
as, rental income realized on 1994 equipment purchases for which 
a full year of rent was earned in 1995 and only a partial year 
was earned in 1994.  In 1994, rental income increased by approxi-
mately $833,000 because of rental income generated from equipment 
purchased in 1994, as well as, rental income realized on 1993 
equipment purchases for which a full year of rent was earned in 
1994 and only a partial year was earned in 1993 and $886,000 of 
rents recognized upon early termination of an equipment lease.  
During the third quarter of 1994, one of the Fund's lessees 
terminated its lease early and the Fund received an amount equal 
to the present value of future minimum rentals as payment for the 
early termination.  These increases, however, were offset by a 
decrease in rental income of approximately $1,828,000 due to 
renewals of leases at lower rates and lease terminations or 
sales of equipment.  The Fund recognized a net gain on sale of 
equipment of $1,041,128, $784,895 and $156,215 for the years 
ended December 31, 1995, 1994 and 1993, respectively, contri-
buting to the fluctuation in total revenues during these years.

     Expenses were $4,937,094, $7,848,626 and $8,347,017 for the 
years ended December 31, 1995, 1994 and 1993, respectively.  
Depreciation expense comprised 77%, 78% and 82% of total expenses 
in 1995, 1994 and 1993, respectively.  The decrease in expenses 
during 1995 and 1994 was directly related to the decrease in 
depreciation expense because of equipment which came off lease 
and was terminated or sold.  Additionally, the Fund recorded a 
write-down of equipment to net realizable value of approximately 
$422,000, $763,000 and $495,000 during 1995, 1994 and 1993, 
respectively.  Currently, the Fund's practice is to review the 
recoverability of its undepreciated costs of rental equipment 
quarterly.  The Fund's policy, as part of this review, is to 
analyze such factors as releasing of equipment, technological 
developments and information provided in third party 
publications.  In accordance with Generally Accepted Accounting 
Principles, the Fund writes down its rental equipment to its 
estimated net realizable value when the amounts are reasonably 
estimated and only recognizes gains upon actual sale of its 
rental equipment.  The General Partner believes, after analyzing 
the current equipment portfolio, that there are impending gains 
to be recognized upon the sale of certain equipment in future 
years.  The change in equipment remarketing expenses which are 



                                  6
Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
         CONDITION AND RESULTS OF OPERATIONS (Continued)

Results of Operations (Continued)

included in general and administrative expenses also contributed 
to the fluctuation in total expenses in 1995 and 1994.  
Furthermore, management fee to related party decreased in 
proportion to the decrease in rental income which also accounts 
for the decrease in overall expenses in 1995 and 1994.

     The Fund's net income was $1,884,603, $1,532,102 and 
$500,268 for the years ended December 31, 1995, 1994 and 1993, 
respectively.  The earnings per equivalent limited partnership 
unit, after earnings allocated to the General Partner, were 
$63.35, $37.01 and $7.88 for the years ended December 31, 1995, 
1994 and 1993, respectively.  The weighted average number of 
equivalent limited partnership units outstanding were 29,077, 
39,545 and 53,295 for 1995, 1994 and 1993, respectively.

     The Fund generated funds from operations of $5,071,673, 
$7,595,581 and $7,707,611 for the purpose of determining cash 
available for distribution and declared distributions of 
$4,270,041, $6,838,803 and $8,049,295 to partners for the years 
ended December 31, 1995, 1994 and 1993, respectively.  For 
financial statement purposes, the Fund records cash distributions 
to partners on a cash basis in the period in which they are paid.  
During the fourth quarter of 1995, the General Partner revised 
its policy regarding cash distributions so that the distributions 
more accurately reflect the net income of the Fund over the most 
recent twelve months.

Analysis of Financial Condition

     The Fund continues to purchase computer equipment for lease 
with cash available from operations and sales proceeds which are 
not distributed to partners.  During the years ended December 31, 
1995, 1994 and 1993, the Fund purchased $3,237,087, $1,358,457 
and $3,889,031, respectively, of equipment.  

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

     The Fund's cash from operations is expected to continue to 
be adequate to cover all operating expenses and contingencies 
during the next fiscal year.


Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

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


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

     Not applicable.



                                    7

                                 PART III


Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Effective September 1, 1995, The Fidelity Mutual Life 
Insurance Company (in Rehabilitation) sold Fidelity Leasing 
Corporation (FLC), the General Partner of the Fund, to Resource 
Leasing, Inc., a wholly owned subsidiary of Resource America, Inc.  
The Directors and Executive Officers of FLC are:

     FREDDIE M. KOTEK, age 39, Chairman of the Board of Directors, 
     President and Chief Executive Officer of FLC since September 
     1995 and Senior Vice President of Resource America, Inc. 
     since 1995.  President of Resource Leasing, Inc. since 
     September 1995.  Executive Vice President of Resource 
     Properties, Inc. (a wholly owned subsidiary of Resource 
     America, Inc.) since 1993.  First Vice President of Royal 
     Alliance Associates from 1991 to 1993.  Senior Vice President 
     and Chief Financial Officer of Paine Webber Properties from 
     1990 to 1991.

     MICHAEL L. STAINES, age 46, Director and Secretary of FLC 
     since September 1995 and Senior Vice President and Secretary 
     of Resource America, Inc. since 1989.

     SCOTT F. SCHAEFFER, age 33, Director of FLC since September 
     1995 and Senior Vice President of Resource America, Inc. 
     since 1995.  Vice President-Real Estate of Resource America, 
     Inc. and President of Resource Properties, Inc. (a wholly 
     owned subsidiary of Resource America, Inc.) since 1992.  
     Vice President of the Dover Group, Ltd. (a real estate 
     investment company) from 1985 to 1992.

     MARK A. MAYPER, age 42, Senior Vice President of FLC 
     overseeing the lease syndication business since 1987.

     Others:

     STEPHEN P. CASO, age 40, Vice President and Counsel of FLC 
     since 1992.

     MARIANNE T. SCHUSTER, age 37, Vice President and Controller 
     of FLC since 1984.

     KRISTIN L. CHRISTMAN, age 28, Portfolio Manager of FLC since 
     December 1995 and Equipment Brokerage Manager since 1993.













                                   8


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, 1995:

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

     Fidelity Leasing
     Corporation                General Partner     $338,489(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, 1995, 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 
     Fidelity Leasing Corporation nor such directors or officers as a 
     group, owns more than one percent of the Fund's outstanding 
     securities.  The General Partner owns a general partnership 
     interest which entitles 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 will also 
     share in net income equal to the greater of its cash distribu-
     tions or 1% of net income or to the extent there are losses, 1% 
     of such losses.

     (c)  There are no arrangements known to the Fund that would, at 
     any subsequent date, result in a change in control of the Fund.


Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the year ended December 31, 1995, the Fund was charged 
$338,489 of management fees by the General Partner.  The General 
Partner will continue to receive 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, including acquisition fees.  
This management fee is paid quarterly only if and when the Limited 
Partners have 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.




                                  9


Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
          (Continued)

     The General Partner also receives 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, the General Partner will receive 
10% of cash distributions.  During the year ended December 31, 
1995, the General Partner received $67,609 of cash distributions.

     The Fund incurred $237,303 of reimbursable costs to the 
General Partner for services and materials provided in connection 
with the administration of the Fund during 1995.














































                                  10

                                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.















                                  11





                               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:  FIDELITY LEASING CORPORATION

                       Freddie M. Kotek
                  By:  ___________________________
                       Freddie M. Kotek, Chairman
                       and President

Dated March 26, 1996

     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

Freddie M. Kotek                
_________________________  Chairman of the Board of Directors  3-26-96
Freddie M. Kotek           and President of Fidelity Leasing 
                           Corporation (Principal Executive 
                           Officer)



Michael L. Staines            
_________________________  Director of Fidelity Leasing        3-26-96
Michael L. Staines         Corporation



Marianne T. Schuster          
__________________________ Vice President and Controller       3-26-96
Marianne T. Schuster       of Fidelity Leasing Corporation
                           (Principal Financial Officer)















                                 12


               INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

                                                          Pages

Report of Independent Certified Public Accountants        F-2 

Balance Sheets as of December 31, 1995 and 1994           F-3

Statements of Operations for the years ended              F-4
     December 31, 1995, 1994 and 1993

Statements of Partners' Capital for the years             F-5
     ended December 31, 1995, 1994 and 1993

Statements of Cash Flows for the years ended              F-6
     December 31, 1995, 1994 and 1993

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


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, 1995 and 1994, and the related
statements of operations, changes in partners' capital and cash flows for
each of the three years in the period ended December 31, 1995.  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 generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles 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, 1995 and 1994, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 1995 in conformity with generally accepted accounting principles.





Grant Thornton, LLP
Philadelphia, Pennsylvania
February 2, 1996






















                                  F-2

FIDELITY LEASING INCOME FUND V, L.P.

                                BALANCE SHEETS

<TABLE>
                                     ASSETS
                                     <CAPTION>
                                                          December 31,       

                                                     1995             1994   
<S>                                               <C>             <C>        
Cash and cash equivalents                         $3,068,308      $ 4,776,517

Investment securities held to maturity                  -             495,991

Accounts receivable                                  263,855          271,585

Interest receivable                                   10,366           24,920

Due from related parties                             224,043           47,556

Equipment under operating leases
(net of accumulated depreciation 
 of $16,370,416 and $22,658,526,
 respectively)                                     4,235,949        6,008,750

Net investment in direct
 financing leases                                    280,779          782,651

Equipment held for sale or lease                      13,322          560,211
                                                  __________      ___________

        Total assets                              $8,096,622      $12,968,181
                                                  ==========      ===========


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

      Lease rents paid in advance                 $  464,730      $   351,854

      Accounts payable and
       accrued expenses                              241,637          275,955

      Due to related parties                          12,170            4,411
                                                  __________      ___________

        Total liabilities                            718,537          632,220

Partners' capital                                  7,378,085       12,335,961
                                                  __________      ___________

         Total liabilities and
          partners' capital                       $8,096,622      $12,968,181
                                                  ==========      ===========
</TABLE>

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




                                  F-3
                     FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                            STATEMENTS OF OPERATIONS
                            <CAPTION>



                                                For the years ended December 31,     

                                               1995           1994           1993    
Income:
<S>                                           <C>             <C>           <C>         
  Rentals                                     $5,438,038      $8,308,854     $8,418,189 
  Earned income on direct
   financing leases                               64,993          76,476         39,387 
  Interest                                       236,762         180,500        213,061 
  Gain on sale of equipment, net               1,041,128         784,895        156,215 
  Other                                           40,776          30,003         20,433 
                                              __________      __________     __________ 

                                               6,821,697       9,380,728      8,847,285 
                                              __________      __________     __________ 

Expenses:
  Depreciation                                 3,806,321       6,085,616      6,868,866 
  Write-down of equipment to net
   realizable value                              421,877         762,758        494,692 
  General and administrative	                     133,104         264,464        176,956 
  General and administrative to related party    237,303         237,342        304,689 
  Management fee to related party                338,489         498,446        501,814 
                                              __________      __________     __________ 

                                               4,937,094       7,848,626      8,347,017 
                                              __________      __________     __________ 


Net income                                    $1,884,603      $1,532,102     $  500,268 
                                              ==========      ==========     ========== 

Net income per equivalent
 limited partnership unit                     $    63.35      $    37.01     $     7.88 
                                              ==========      ==========     ========== 


Weighted average number of
 equivalent limited partnership
 units outstanding during the year               29,077          39,545         53,295 
                                              ==========      ==========     ========== 
</TABLE>





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






                                     F-4

                             FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                STATEMENTS OF PARTNERS' CAPITAL
                                <CAPTION>
                      For the years ended December 31, 1995, 1994 and 1993                


                                    General        Limited Partners                       
                                    Partner       Units        Amount         Total   
                                    _______       ___________________         _____   

<S>                                  <C>         <C>       <C>            <C>         
Balance, January 1, 1993             $16,130     88,198    $26,100,460    $26,116,590 

Redemptions                             -        (5,188)	    (1,523,528)	    (1,523,528)

Cash distributions                   (81,478)      -        (8,066,371)	    (8,147,849)

Net income                            80,493       -           419,775        500,268 
                                     _______      ______   ___________    ___________ 

Balance, December 31, 1993            15,145      83,010    16,930,336     16,945,481 

Redemptions                             _         (3,331)     (611,379)	      (611,379)

Cash distributions                   (55,302)       -       (5,474,941)	    (5,530,243)

Net income                            68,387        -        1,463,715      1,532,102 
                                     _______      ______   ___________    ___________ 

Balance, December 31, 1994            28,230      79,679    12,307,731     12,335,961 

Redemptions                             -           (709)      (81,489)       (81,489)

Cash distributions                   (67,609)       -       (6,693,381)    (6,760,990)

Net income                            42,700        -        1,841,903      1,884,603 
                                     _______      ______   ___________    ___________ 
Balance, December 31, 1995           $ 3,321      78,970   $ 7,374,764    $ 7,378,085 
                                     =======      ======   ===========    =========== 
</TABLE>









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







  


                                     F-5


                           FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                  STATEMENTS OF CASH FLOWS                                   
                                  <CAPTION>
                                                        For the years ended December 31      
                                                        1995           1994          1993    
Cash flows from operating activities:
<S>                                                   <C>           <C>           <C>        
  Net income                                          $1,884,603    $1,532,102    $  500,268 
                                                      __________    __________    __________ 
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                         3,806,321     6,085,616     6,868,866 
  Write-down of equipment to net realizable value        421,877       762,758       494,692 
  Proceeds from direct financing leases,
   net of earned income                                  501,872       132,050        57,639 
  Gain on sale of equipment, net                      (1,041,128)     (784,895)     (156,215)
  (Increase) decrease in accounts receivable               7,730       (52,282)      305,443 
  (Increase) decrease in due from related parties       (176,487)      227,447      (167,464)
  Increase (decrease) in lease rents paid in advance     112,876      (167,968)       52,062 
  Increase (decrease) in accounts payable
   and accrued expenses                                  (34,318)      122,121       (39,920)
  Increase (decrease) in due to related parties            7,759       (18,139)      (36,276)
  Increase (decrease) in other, net                       14,554       (13,647)       43,109
                                                      __________    __________    __________ 

   Total adjustments                                   3,621,056     6,293,061     7,421,936 
                                                      __________    __________    __________ 

  Net cash provided by operating activities            5,505,659     7,825,163     7,922,204 
                                                      __________    __________    __________ 

Cash flows from investing activities:
  Acquisition of equipment                            (3,237,087)   (1,358,457)   (3,889,031)
  Investment in direct financing leases                     -             -         (972,342)
  Purchase of investment securities held to maturity        -       (1,722,869)         -    
  Maturity of investment securities held to maturity     495,991     2,218,414     3,395,131 
  Proceeds from sale of equipment                      2,369,707     1,665,300     1,250,840 
                                                      __________    __________    __________ 

  Net cash provided by (used in)
   investing activities                                 (371,389)      802,388      (215,402)
                                                      __________    __________    __________ 

Cash flows from financing activities:
  Distributions                                       (6,760,990)   (5,530,243)   (8,147,849)
  Redemptions of capital                                 (81,489)     (611,379)   (1,523,528)
                                                      __________    __________    __________ 

  Net cash used in financing activities               (6,842,479)   (6,141,622)   (9,671,377)
                                                      __________    __________    __________ 

  Increase (decrease) in cash and cash equivalents    (1,708,209)    2,485,929    (1,964,575)

  Cash and cash equivalents, beginning of year         4,776,517     2,290,588     4,255,163 
                                                      __________    __________    __________ 

  Cash and cash equivalents, end of year              $3,068,308    $4,776,517    $2,290,588 
                                                      ==========    ==========    ========== 
</TABLE>
   The accompanying notes are an integral part of these financial statements.

                                     F-6
                   FIDELITY LEASING INCOME FUND V, L.P.

                      NOTES TO FINANCIAL STATEMENTS

1.  ORGANIZATION AND NATURE OF OPERATIONS

Fidelity Leasing Income Fund V, L.P. (the "Fund") was formed in January 
1988 with Fidelity Leasing Corporation ("FLC") as the General Partner.  
FLC is a wholly owned subsidiary of Resource Leasing, Inc., a wholly 
owned subsidiary of Resource America, Inc.  The Fund is managed by the 
General Partner.  The Fund's limited partnership interests are not 
publicly traded.  There is no market for the Fund's limited partnership 
interests and it is unlikely that any will develop.  The Fund acquires 
computer equipment including printers, tape and disk storage devices, 
data communications equipment, computer terminals, data processing and 
office equipment which is leased to third parties throughout the 
United States on a short-term basis.


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investment Securities Held to Maturity

The Fund adopted Statement of Financial Accounting Standard (SFAS) No. 
115, "Accounting for Certain Investments in Debt and Equity Securities" 
on January 1, 1994.  This new standard requires investments in 
securities to be classified in one of three categories:  held to 
maturity, trading and available for sale.  Debt securities that the 
Fund has the positive intent and ability to hold to maturity are 
classified as held to maturity and are reported at amortized cost.  As 
the Fund does not engage in security trading, the balance, if any, of 
its debt securities and equity securities are classified as available 
for sale.  Net unrealized gains and losses for securities available for 
sale are required to be recognized as a separate component of partners' 
capital and excluded from the determination of net income.  The Fund 
adopted this new standard for the year ended December 31, 1994 with no 
resulting financial statement impact on the Fund.  Prior to the 
adoption of SFAS No. 115, investment securities were carried at cost 
which approximates market.

Concentration of Credit Risk

Financial instruments which potentially subject the Fund to 
concentrations of credit risk consist principally of temporary cash 
investments.  The Fund places its temporary investments in securities 
backed by the United States Government, commercial paper with high 
credit quality institutions, bank money market funds and time deposits 
and certificates of deposit.

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

Equipment Held for Sale or Lease

Equipment held for sale or lease is carried at its estimated net 
realizable value.




                                  F-7
                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Use of Estimates

In preparing financial statements in conformity with generally accepted 
accounting principles, 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 consist primarily of operating leases 
whereby the cost of the leased equipment is recorded as an asset and 
depreciated on a straight-line basis over its estimated useful life, up 
to six years.  Acquisition fees associated with lease placements are 
allocated to equipment when purchased and depreciated as part of 
equipment cost.  Rental income consists primarily of monthly periodic 
rentals due under the terms of the leases plus deferred revenue 
recognized.  Generally, during the remaining terms of existing 
operating leases, the Fund will not recover all of the undepreciated 
cost and related expenses of its rental equipment and is prepared to 
remarket the equipment in future years.  Upon sale or other disposition 
of assets, the cost and related accumulated depreciation are removed 
from the accounts and the resulting gain or loss, if any, is reflected 
in income.

The Fund does have direct financing leases, as well.  Under the direct 
financing method, income (the excess of the aggregate future rentals 
and estimated additional amounts recoverable upon expiration of the 
lease over the related equipment cost) is 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 



                                    F-8
                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Net Income per Equivalent Limited Partnership Unit (Continued)

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.

Significant Fourth Quarter Adjustments

Currently, the Fund's practice is to review the recoverability of its 
undepreciated costs of rental equipment quarterly.  The Fund's policy, 
as part of this review, is to analyze such factors as releasing of 
equipment, technological developments and information provided in 
third party publications.  Based upon this review, the Fund recorded an 
adjustment of approximately $307,000, $613,000 and $495,000 or $10.56, 
$15.50 and $9.29 per unit to write down its rental equipment in 1995, 
1994 and 1993, respectively.

Reclassification

Certain amounts on the 1994 and 1993 financial statements have been 
reclassified to conform to the presentation adopted in 1995.


3.  ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS

Cash distributions, if any, are 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 are allocated 99% to the Limited Partners and 1% to the 
General Partner.  The General Partner is allocated Net Income equal to 
its cash distributions, but not less than 1% of Net Income, with the 
balance allocated to the Limited Partners.

Net Income (Losses) allocated to the Limited Partners are 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.

4.  EQUIPMENT LEASED

Equipment on lease consists primarily of computer peripheral equipment 
under operating leases.  The majority of the equipment was manufactured 
by IBM.  The lessees have agreements with the manufacturer to provide 
maintenance for the leased equipment.  The Fund's operating leases are 
for initial lease terms of 9 to 60 months.


                                    F-9
                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


4.  EQUIPMENT LEASED (Continued)

In accordance with Generally Accepted Accounting Principles, the Fund 
writes down its rental equipment to its estimated net realizable value 
when the amounts are reasonably estimated and only recognizes gains 
upon actual sale of its rental equipment.  As a result, in 1995, 1994 
and 1993, approximately $422,000, $763,000 and $495,000, respectively 
was charged to write-down of equipment to net realizable value.  
However, the General Partner believes, after analyzing the current 
equipment portfolio, that there are impending gains to be recognized 
upon the sale of certain of its equipment in future years.

During the year ended December 31, 1995, the Fund acquired equipment 
and leased it under the direct financing method in accordance with SFAS 
No. 13.  This method provides for recognition of income (the excess of 
the aggregate future rentals and estimated additional amounts 
recoverable upon expiration of the lease over the related equipment 
cost) over the life of the lease using the interest method.

The net investment in direct financing leases as of December 31, 1995 
is as follows:

        Net minimum lease payments to be received      $326,000  
        Less unearned income                            (45,000) 
        Add expected future residuals                      -     
                                                       _________ 
                                                       $281,000  
                                                       ========= 

The future approximate minimum rentals to be received on noncancellable 
operating and direct financing leases as of December 31 are as follows:

                                                 Direct  
                                Operating       Financing

          1996                  $3,036,215       $ 93,000
          1997                   1,004,583         93,000
          1998                     252,684         93,000
          1999                        -            47,000
                                __________       ________
                                $4,293,482       $326,000
                                ==========       ========


5.  RELATED PARTY TRANSACTIONS

The General Partner receives 6% or 3% of rental payments on equipment 
under operating leases and full pay-out leases, respectively, for 
administrative 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, 




                                    F-10

                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


5.  RELATED PARTY TRANSACTIONS (Continued)

including acquisition fees. This management fee is paid quarterly only 
if and when the Limited Partners have 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 may also receive up to 3% of the proceeds from the 
sale of the Fund's equipment for services and activities to be 
performed in connection with the disposition of equipment.  The payment 
of this sales fee is deferred until the Limited Partners have received 
cash distributions equal to the purchase price of their units plus a 
10% cumulative compounded Priority Return.  Based on current estimates, 
it is not expected that the Fund will be required to pay the General 
Partner a sales fee.

Additionally, the General Partner and its affiliates are 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 
affiliates during the years ended December 31:

                                1995        1994         1993  

Management fee                $338,489    	$498,446     $501,814
Reimbursable costs             237,303     237,342      304,689

Amounts due from related parties at December 31, 1995 and 1994 
represent monies due to the Fund from the General Partner and/or other 
affiliated funds for rentals and sales proceeds collected and not yet 
remitted the Fund.

Amounts due to related parties at December 31, 1995 and 1994 represent 
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, 1995, three customers accounted for 
approximately 21%, 16% and 11% of the Fund's rental income.  For 
the year ended December 31, 1994, four customers accounted for 
approximately 16%, 15%, 12% and 11% of the Fund's rental income.  For 
the year ended December 31, 1993, one customer accounted for 
approximately 12% of the Fund's rental income and two customers 
accounted for approximately 11% each of the Fund's rental income. 







                                     F-11

                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


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               1995          1994          1993   
<CAPTION>
<S>                              <C>           <C>           <C>       
       February                  $2,730,949    $1,422,389    $1,520,943
       May                        2,168,996     1,370,215     2,316,534
       August                     1,354,750     1,369,740     2,887,982
       November                     506,295     1,367,899     1,422,390
                                 __________    __________    __________

                                 $6,760,990    $5,530,243    $8,147,849
                                 ==========    ==========    ==========
</TABLE>
In addition, the General Partner declared a cash distribution of 
$240,000 in February 1996 for the three months ended December 31, 
1995, to all admitted partners as of December 31, 1995.

































                               F-12