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, 1999

/ / 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.)

    3 North Columbus Blvd., Philadelphia, Pennsylvania 19106
_________________________________________________________________
     (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, 1999 is 76,097.

There is no public market for these securities.

The index of Exhibits is located on page 12.

                                         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 acquires computer equipment, including
printers, tape and disk storage devices, data communications equipment,
computer terminals, technical workstations, networking equipment as well as
other electronic 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 does 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.  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.

     A brief description of the types of equipment in which the Fund has
invested as of December 31, 1999, 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.














                                         2
<PAGE>

Item 2.  PROPERTIES

     The following schedules detail the type, aggregate purchase price and
percentage of the various types of equipment leased by the Fund under the
operating and direct financing methods as of December 31, 1999:

Operating Leases:
                                            Purchase Price      Percentage of
      Type of Equipment                      of Equipment      Total Equipment

      Technical Workstations and Terminals    $4,142,664            79.34%
      Disk Storage Systems                       393,515             7.54
      Network Communications                     338,060             6.48
      Printers                                   158,223             3.03
      Tape Storage Systems                       106,322             2.04
      Communication Controllers                   81,984             1.57
                                              __________           ______
      Totals                                  $5,220,768           100.00%
                                              ==========           ======

Direct Financing Leases:
                                            Purchase Price    Percentage of
      Type of Equipment                      of Equipment    Total Equipment

      Network Communications                  $2,515,973            55.81%
      Technical Workstations and Terminals     1,117,543            24.79
      PCB Assembly Equipment                     874,947            19.40
                                              __________           ______
      Totals                                  $4,508,463           100.00%
                                              ==========           ======

     The following schedules detail the type of business, aggregate purchase
price and percentage of equipment usage by industrial classification for equip-
ment leased by the Fund under the operating and direct financing methods as of
December 31, 1999:

Operating Leases:
                                            Purchase Price      Percentage of
      Type of Business                       of Equipment      Total Equipment

      Telephone/Telecommunications            $3,545,326            67.91%
      Computers/Data Processing                  810,213            15.52
      Broadcasting                               393,515             7.54
      Manufacturing/Refining                     234,013             4.48
      Retailing/Consumer Goods                   155,717             2.98
      Publishing/Printing                         81,984             1.57
                                              __________           ______
      Totals                                  $5,220,768           100.00%
                                              ==========           ======

Direct Financing Leases:
                                            Purchase Price      Percentage of
      Type of Business                       of Equipment      Total Equipment

      Retailing/Consumer Goods                $2,515,973            55.81%
      Telephone/Telecommunications             1,117,543            24.79
      Manufacturing/Refining                     874,947            19.40
                                              __________           ______
      Totals                                  $4,508,463           100.00%
                                              ==========           ======

                                         3
<PAGE>

Item 2.  PROPERTIES (Continued)

Average Initial Term of Leases (in months): 29


Item 3.  LEGAL PROCEEDINGS

     Not applicable.


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

     Not applicable.












































                                         4
<PAGE>

                                      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, 1999

               Limited Partnership Interests          2,581
               General Partnership Interest               1

<TABLE>
Item 6.  SELECTED FINANCIAL DATA
         <CAPTION>
                                       For the Years Ended December 31,
                            1999         1998         1997         1996         1995
<S>                      <C>          <C>          <C>          <C>          <C>
Total Income             $2,093,718   $3,640,530   $3,442,545   $4,269,938   $6,821,697
Net Income                  336,717      232,105      634,505      878,737    1,884,603
Distributions to Partners   500,000      550,000      600,000      960,000    6,760,990
Net Income per Equivalent
 Limited Partnership Unit     13.59         9.05        25.07        33.97        63.35
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year             24,404       25,065       25,054       25,610       29,077
</TABLE>

<TABLE>
                                                  December 31,
                            1999         1998         1997         1996         1995
<S>                      <C>          <C>          <C>          <C>          <C>
Total Assets             $6,817,584   $7,047,755   $7,455,365   $7,569,806   $8,096,622
Equipment under
 Operating Leases
 and Equipment Held for
 Sale or Lease (Net)        969,503    2,354,710    3,423,510    3,909,025    4,249,271
Net Investment in
 Direct Financing
 Leases                   3,130,411    2,489,583         -         209,459      280,779
Limited Partnership
 Units                       76,047       76,137       76,137       76,137       78,970
Limited Partners              2,581        2,573        2,570        2,558        2,604
</TABLE>










                                         5
<PAGE>

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

Results of Operations

     The Fund had revenues of $2,093,718, $3,640,530 and $3,442,545 for the
years ended December 31, 1999, 1998 and 1997, respectively.  Rental income
from the leasing of equipment accounted for 75%, 90% and 94% of total income
in 1999, 1998 and 1997, respectively.  The decrease in total revenues in 1999
was attributable to a decrease in rental income.  In 1998, the increase in
total revenues was partially caused by the increase in rental income.  In 1999,
rental income decreased by approximately $1,519,000 because of equipment that
terminated or sold.  This decrease was mitigated by rental income of $117,000
generated on 1998 equipment purchases for which a full year of rent was recog-
nized in 1999 and only a partial year was recognized in 1998.  Additionally,
the Fund entered into a transaction in which it collected the remaining rents
owed on certain leases resulting in the recognition of $315,000 of rental
income in 1998.  This also contributed to the decrease in rental income in 1999
as well as the increase in rental income in 1998.  Further, in 1998, rental
income increased by approximately $1,156,000 due to purchases of equipment for
lease in 1998, as well as rental income realized on 1997 equipment purchases
for which a full year of rent was earned in 1998 but only a partial year was
earned in 1997.  This increase in rents, however, was reduced by approximately
$1,410,000 because of equipment that came off lease and was released at lower
rental rates or sold.  The Fund invested in approximately $2.5 million of
direct financing leases during 1999 compared to $2.7 million during 1998.
There were no investments made in direct financing leases in 1997.  As a
result, the Fund recognized earned income on direct financing leases of
$285,617, $184,283 and $15,927 in 1999, 1998 and 1997, respectively, which
reduced the overall decrease in revenues in 1999 and contributed to the overall
increase in revenues in 1998.  Furthermore, the increase in interest income
resulting from higher cash balances available for investment by the Fund during
a significant part of 1999 compared to 1998 served to lower the decrease in
total revenues in 1999.  In 1998, however, the decrease in interest income
resulting from lower cash balances available for investment by the Fund com-
pared to 1997 reduced the increase in total revenues in 1998.  The Fund recog-
nized a net gain on sale of equipment of $70,262 and $53,323 during the twelve
months ended December 31, 1999 and 1998, respectively.  There was no net gain
on sale of equipment earned in 1997.  The increase in this account in both 1999
and 1998 lowered the decrease in total revenues in 1999 and accounted for a
portion of the increase in total revenues in 1998.

     Expenses were $1,757,001, $3,408,425 and $2,808,040 for the years ended
December 31, 1999, 1998 and 1997, respectively.  Depreciation expense com-
prised 70%, 76% and 75% of total expenses in 1999, 1998 and 1997, respectively.
The decrease in total expenses in 1999 and the increase in total expenses in
1998 was partially related to the change in depreciation expense.  In 1999,
depreciation expense decreased because of equipment that terminated or sold.
In 1998, however, the increase in depreciation expense resulted from equipment
purchases made during the year, as well as depreciation recorded on equipment
purchased in 1997 for which a full year of depreciation expense was taken in
1998 and only a partial year was taken in 1997.  The fluctuation in write-down
of equipment to net realizable value also affected the change in total expenses
in 1999 and 1998.  The Fund recorded approximately $92,000, $247,000 and
$62,000 of write-down of equipment to net realizable value during 1999, 1998
and 1997, respectively, which contributed to the overall decrease in expenses

                                         6
<PAGE>

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

Results of Operations (Continued)

in 1999 and increase in expenses in 1998.  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.  Any future
losses are dependent upon unanticipated technological developments affecting
the types of equipment in the portfolio in subsequent years.  Furthermore,
general and administrative expenses decreased in 1999 and increased in 1998
primarily because the Fund incurred more fees to remarket equipment in 1998.
The fluctuation in this account also contributed to the fluctuation in total
expenses between 1999, 1998 and 1997.  The Fund incurred no net loss on sale
of equipment during 1999 and 1998.  However, the Fund incurred $178,961 of net
loss on sale of equipment during the year ended December 31, 1997.  The
decrease in this account in 1998 lowered the overall increase in expenses in
1998.

     The Fund's net income was $336,717, $232,105 and $634,505 for the years
ended December 31, 1999, 1998 and 1997, respectively.  The earnings per equiv-
alent limited partnership unit, after earnings allocated to the General
Partner, were $13.59, $9.05 and $25.07 for the years ended December 31, 1999,
1998 and 1997, respectively.  The weighted average number of equivalent
limited partnership units outstanding were 24,404, 25,065 and 25,054 for 1999,
1998 and 1997, respectively.

     The Fund generated cash from operations of $1,583,430, $3,019,439 and
$2,981,370 for the purpose of determining cash available for distribution and
declared distributions of $500,000, $525,000 and $600,000 to partners for the
years ended December 31, 1999, 1998 and 1997, respectively.  For financial
statement purposes, the Fund records cash distributions to partners on a
cash basis in the period in which they are paid.

Analysis of Financial Condition

     The Fund is currently in the process of dissolution.  As provided in
the Restated Limited Partnership Agreement, the assets of the Fund shall be
liquidated as promptly as is consistent with obtaining their fair value.
During this time, the Fund will continue to purchase equipment for lease with
cash available from operations and sales proceeds which were not distributed
to partners.  During the years ended December 31, 1998 and 1997, the Fund
purchased $2,335,867 and $2,143,926, respectively, of equipment subject to
operating leases.  Additionally, the Fund invested in $2,515,973 and $2,713,393
of direct financing leases during the years ended December 31, 1999 and 1998,
respectively.

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



                                         7
<PAGE>

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

Analysis of Financial Condition (Continued)

     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.






































                                         8
<PAGE>

                                      PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     F.L. Partnership Management, Inc. (FLPMI) is a wholly owned subsidiary of
Resource Leasing, Inc., a wholly owned subsidiary of Resource America, Inc.
(Resource America).  The Directors and Executive Officers of FLPMI are:

     FREDDIE M. KOTEK, age 44, Chairman of the Board of Directors, President,
     and Chief Executive Officer of FLPMI since September 1995 and Senior Vice
     President of Resource America since 1995.  President of Resource Leasing,
     Inc. since September 1995.  Executive Vice President of Resource
     Properties, Inc. (a wholly owned subsidiary of Resource America) since
     1993.

     MICHAEL L. STAINES, age 50, Director and Secretary of FLPMI since
     September 1995.  Director of Resource America since 1989 and Senior Vice
     President of Resource America since 1989.

     SCOTT F. SCHAEFFER, age 37, Director of FLPMI since September 1995.  Vice
     Chairman of the Board of Resource America since 1998 and Executive Vice
     President of Resource America since 1997.  Prior thereto, Senior Vice
     President of Resource America since 1995.  Vice President-Real Estate of
     Resource America and President of Resource Properties, Inc. (a wholly
     owned subsidiary of Resource America) since 1992.

     Others:

     MARIANNE T. SCHUSTER, age 41, Vice President and Controller of FLPMI
     since 1984.

     KRISTIN L. CHRISTMAN, age 32, Portfolio Manager of FLPMI since December
     1995 and Equipment Brokerage Manager since 1993.
























                                         9
<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, 1999:

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

               F.L. Partnership
                Management, Inc.          General Partner     $195,471(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, 1999, 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 F.L. Partnership Management, Inc.
     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 distri-
     butions until the Limited Partners have received an amount equal to the
     purchase price of their Units plus a 10% cumulative compounded priority
     return; hereafter 10%.  The General Partner will also share in net income
     equal to the greater of its cash distributions 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 sub-
     sequent date, result in a change in control of the Fund.

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the year ended December 31, 1999, the Fund was charged $195,471 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.  A majority of the direct financ-
ing leases in which the Fund has invested meet the criteria for a full pay-
out lease and pay a 3% management fee to the General Partner.  This manage-
ment 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.






                                        10
<PAGE>

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, 1999, the General Partner received $5,000 of cash distri-
butions.

     The Fund incurred $156,874 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 1999.













































                                        11
<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

                       (27)            Financial Data Schedule

                       (28)                not applicable


*  Incorporated by reference.

















                                        12
<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:  F.L. PARTNERSHIP MANAGEMENT, INC.

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

Dated March 23, 2000

     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         3-23-00
Freddie M. Kotek               and President of F.L. Partnership
                               Management, Inc.
                               (Principal Executive Officer)



Michael L. Staines
____________________________  Director of F.L. Partnership               3-23-00
Michael L. Staines             Management, Inc.



Marianne T. Schuster
____________________________  Vice President and Controller              3-23-00
Marianne T. Schuster           of F.L. Partnership Management, Inc.
                               (Principal Financial Officer)















                                        13
<PAGE>

                   INDEX TO FINANCIAL STATEMENTS AND SCHEDULES



                                                                      Pages

          Report of Independent Certified Public Accountants           F-2

          Balance Sheets as of December 31, 1999 and 1998              F-3

          Statements of Operations for the years ended
           December 31, 1999, 1998 and 1997                            F-4

          Statements of Partners' Capital for the years ended
           December 31, 1999, 1998 and 1997                            F-5

          Statements of Cash Flows for the years ended
           December 31, 1999, 1998 and 1997                            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, 1999 and 1998, and the related state-
ments of operations, partners' capital and cash flows for each of the three
years in the period ending December 31, 1999.  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 signifi-
cant 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, 1999 and 1998, and the results of its
operations and its cash flows for each of the three years in the period ended
December 31, 1999 in conformity with generally accepted accounting principles.




Grant Thornton LLP
Philadelphia, Pennsylvania
February 11, 2000





















                                        F-2
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                                      BALANCE SHEETS

<TABLE>
                                         ASSETS
                                     <CAPTION>
                                                                    December 31,

                                                               1999             1998
<S>                                                         <C>              <C>
     Cash and cash equivalents                              $2,525,520       $1,822,926

     Accounts receivable                                       136,273          232,606

     Due from related parties                                   55,877          147,930

     Equipment under operating leases (net of
      accumulated depreciation of $4,251,734
      and $4,559,234, respectively)                            969,034        2,294,009

     Net investment in direct financing leases               3,130,411        2,489,583

     Equipment held for sale or lease                              469           60,701
                                                            __________       __________

             Total assets                                   $6,817,584       $7,047,755
                                                            ==========       ==========


                            LIABILITIES AND PARTNERS' CAPITAL
     Liabilities:

           Lease rents paid in advance                      $  146,048       $  155,878

           Accounts payable and accrued expenses                72,194           84,219

           Due to related parties                               23,439           61,485
                                                            __________       __________

             Total liabilities                                 241,681          301,582

     Partners' capital                                       6,575,903        6,746,173
                                                            __________       __________

              Total liabilities and partners' capital       $6,817,584       $7,047,755
                                                            ==========       ==========
</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,

                                                  1999            1998           1997
   Income:
   <S>                                         <C>             <C>            <C>
     Rentals                                   $1,573,547      $3,290,957     $3,230,211
     Earned income on direct financing
      leases                                      285,617         184,283         15,927
     Interest                                     131,668          97,204        182,934
     Gain on sale of equipment, net                70,262          53,323           -
     Other                                         32,624          14,763         13,473
                                               __________      __________     __________

                                                2,093,718       3,640,530      3,442,545
                                               __________      __________     __________

   Expenses:
     Depreciation                               1,224,996       2,593,989      2,106,041
     Write-down of equipment to net
      realizable value                             91,979         246,668         61,863
     General and administrative                    87,681         142,000         88,166
     General and administrative to
      related party                               156,874         206,109        172,435
     Management fee to related party              195,471         219,659        200,574
     Loss on sale of equipment, net                  -               -           178,961
                                               __________      __________     __________

                                                1,757,001       3,408,425      2,808,040
                                               __________      __________     __________


   Net income                                  $  336,717      $  232,105     $  634,505
                                               ==========      ==========     ==========

   Net income per equivalent limited
    partnership unit                           $    13.59      $     9.05     $    25.07
                                               ==========      ==========     ==========


   Weighted average number of equivalent
    limited partnership units outstanding
    during the year                                24,404          25,065         25,054
                                               ==========      ==========     ==========
</TABLE>






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




                                        F-4
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

<TABLE>
                                 STATEMENTS OF PARTNERS' CAPITAL
                                <CAPTION>
                         For the years ended December 31, 1999, 1998 and 1997


                                       General        Limited Partners
                                       Partner       Units       Amount           Total
                                       _______       ___________________          _____

<S>                                     <C>          <C>      <C>             <C>
Balance, January 1, 1997                $2,421       76,137   $7,027,142      $7,029,563

Cash distributions                      (6,000)        -        (594,000)       (600,000)

Net income                               6,345         -         628,160         634,505
                                        ______       ______   __________      __________

Balance, December 31, 1997               2,766       76,137    7,061,302       7,064,068

Cash distributions                      (5,500)        -        (544,500)       (550,000)

Net income                               5,250         -         226,855         232,105
                                        ______       ______   __________      __________

Balance, December 31, 1998               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
                                        ======       ======   ==========      ==========
</TABLE>















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






                                        F-5
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                      STATEMENTS OF CASH FLOWS
                                  <CAPTION>
                                                      For the years ended December 31,
                                                      1999          1998          1997
Cash flows from operating activities:
<S>                                                <C>           <C>           <C>
  Net income                                       $  336,717    $  232,105    $  634,505
                                                   __________    __________    __________
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                      1,224,996     2,593,989     2,106,041
  Write-down of equipment to net
   realizable value                                    91,979       246,668        61,863
  (Gain) loss on sale of equipment, net               (70,262)      (53,323)      178,961
  (Increase) decrease in accounts receivable           96,333       (39,081)        9,762
  (Increase) decrease in due from related
   parties                                             92,053        10,770      (145,073)
  Increase (decrease) in lease rents paid
   in advance                                          (9,830)      (97,364)     (151,100)
  Increase (decrease) in accounts payable
   and accrued expenses                               (12,025)      (25,669)       30,472
  Increase (decrease) in due to related
   parties                                            (38,046)       33,318       (28,318)
                                                   __________    __________    __________
   Total adjustments                                1,375,198     2,669,308     2,062,608
                                                   __________    __________    __________
  Net cash provided by operating activities         1,711,915     2,901,413     2,697,113
                                                   __________    __________    __________
Cash flows from investing activities:
  Acquisition of equipment                               -       (2,335,867)   (2,143,926)
  Investment in direct financing leases            (2,515,974)   (2,731,393)         -
  Proceeds from direct financing leases,
   net of earned income                             1,875,146       556,790       209,459
  Proceeds from sale of equipment                     138,494       302,353       282,576
                                                   __________    __________    __________
  Net cash used in investing activities              (502,334)   (4,208,117)   (1,651,891)
                                                   __________    __________    __________

Cash flows from financing activities:
  Distributions                                      (500,000)     (550,000)     (600,000)
  Redemptions of capital                               (6,987)         -             -
                                                   __________    __________    __________
  Net cash used in financing activities              (506,987)     (550,000)     (600,000)
                                                   __________    __________    __________
  Increase (decrease) in cash and cash
   equivalents                                        702,594    (1,856,704)      445,222

  Cash and cash equivalents, beginning of year      1,822,926     3,679,630     3,234,408
                                                   __________    __________    __________

  Cash and cash equivalents, end of year           $2,525,520    $1,822,926    $3,679,630
                                                   ==========    ==========    ==========
</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.  The General Partner of the Fund is F.L. Partnership Management, Inc.
("FLPMI") which 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 equip-
ment, computer terminals, technical workstations, networking equipment as well
as other electronic equipment that is leased to third parties throughout the
United States on a short-term basis.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 bank repurchase agreements and jumbo
savings accounts.

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

Impairment of Long-Lived Assets

     The Fund reviews its assets to determine if it has any long-lived assets
that are carried on the books for an amount that may not be recoverable.  If
it is determined that an asset's estimated future cash flows will not be suf-
ficient to recover its carrying amount, an impairment charge will be recorded.

Equipment Held for Sale or Lease

     Equipment held for sale or lease is carried at its estimated net realiz-
able value.

Use of Estimates

     In preparing financial statements in conformity with Generally Accepted
Accounting Principles, management is required to make estimates and assump-
tions that affect the reported amounts of assets and liabilities and the dis-
closure 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 of both operating and direct
financing leases.  Under the operating method of accounting for leases, the
cost of the leased equipment is recorded as an asset and depreciated on a

                                        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)

straight-line basis over its estimated useful life, up to six years.  Acqui-
sition 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.
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.

     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) 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 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, techno-
logical developments and information provided in third party publications.
Based upon this review, there were no significant fourth quarter adjustments
made in 1999 and 1997.  However, the Fund recorded an adjustment of approx-
imately $32,000 or $1.27 per equivalent limited partnership unit to write down
its rental equipment in the fourth quarter of 1998.

                                        F-8
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

3.  YEAR 2000 COMPLIANCE

     The "Year 2000 Issue" addresses the ability of computer programs to
distinguish between the year 2000 and the year 1900.  Computer programs were
written using two digits rather than four digits for the year in a date field.
This could ultimately result in miscalculations or inaccuracies in processing
data.

     The Fund's operating system is Year 2000 capable.  Additionally, all of
the main software systems used to generate information for the Fund are Year
2000 compliant.

     The costs incurred to make the software systems Year 2000 compliant were
not material as of December 31, 1999.

     Furthermore, all significant outside suppliers have been contacted to
ensure that their systems were Year 2000 compliant.  The Fund has not experi-
enced any problems with outside suppliers regarding Year 2000 compliance
issues.

4.  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 allo-
cated 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.

5.  EQUIPMENT LEASED

     Equipment on lease consists of equipment under operating leases.  The
lessees have agreements with the manufacturer of the equipment to provide
maintenance for the leased equipment.  The Fund's operating leases are for
initial lease terms of 10 to 36 months.

     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 1999, 1998 and 1997, approxi-
mately $92,000, $247,000 and $62,000, respectively was charged to write-down

                                        F-9
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

5.  EQUIPMENT LEASED (Continued)

of equipment to net realizable value.  Any future losses are dependent upon
technological developments affecting the equipment in subsequent years.

     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.

     The net investment in direct financing leases as of December 31, 1999 is
as follows:

              Minimum lease payments to be received            $3,156,000
              Unguaranteed residuals                              387,000
              Unearned rental income                             (334,000)
              Unearned residual income                            (79,000)
                                                               __________
                                                               $3,130,000
                                                               ==========

     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

                      2000                 $590,000            $1,236,000
                      2001                     -                1,144,000
                      2002                     -                  660,000
                      2003                     -                  116,000
                                           ________            __________
                                           $590,000            $3,156,000
                                           ========            ==========

6.  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 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 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.







                                        F-10
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

6.  RELATED PARTY TRANSACTIONS (Continued)

     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 parent company 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 parent
company during the years ended December 31:

                                             1999        1998         1997

             Management fee                $195,471    $219,659     $200,574
             Reimbursable costs             156,874     206,109      172,435

     During 1999, the Fund maintained its checking and investment accounts in
Jefferson Bank, a subsidiary of JeffBanks, Inc. in which the Chairman of
Resource America, Inc. served as a director.  In November 1999, Hudson United
Bancorp acquired JeffBanks, Inc.  The Fund maintains its banking relationship
with Hudson United Bancorp.  The Chairman of Resource America, Inc. does not
hold a position with Hudson United Bancorp.

     Amounts due from related parties at December 31, 1999 and 1998 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 to the
Fund.

     Amounts due to related parties at December 31, 1999 and 1998 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.

7.  MAJOR CUSTOMERS

     For the year ended December 31, 1999, three customers accounted for
approximately 36%, 21% and 19% of the Fund's rental income.  For the year
ended December 31, 1998, three customers accounted for approximately 34%,
17% and 10% of the Fund's rental income.  For the year ended December 31, 1997,
one customer accounted for approximately 26% and two customers accounted for
14% each of the Fund's rental income.







                                        F-11
<PAGE>

                          FIDELITY LEASING INCOME FUND V, L.P.

                        NOTES TO FINANCIAL STATEMENTS (Continued)

8.  CASH DISTRIBUTIONS

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

<TABLE>
             Month of Distribution               1999           1998           1997
<CAPTION>
<S>                                           <C>            <C>            <C>
                    February                  $125,000       $150,000       $150,000
                    May                        125,000        150,000        150,000
                    August                     125,000        125,000        150,000
                    November                   125,000        125,000        150,000
                                              ________       ________       ________

                                              $500,000       $550,000       $600,000
                                              ========       ========       ========
</TABLE>

     In addition, the General Partner declared and paid a cash distribution of
$125,000 in February 2000 for the three months ended December 31, 1999, to all
admitted partners as of December 31, 1999.
































                                        F-12
<PAGE>

0