UNITED STATES
                              
             SECURITIES AND EXCHANGE COMMISSION

                   Washington, D.C.  20549
                              
                          FORM 10-Q
                              
       X Quarterly Report Under Section 13 or 15(d) of
             the Securities Exchange Act of 1934
            For the Quarter Ended March 31, 1997
                              
                             OR
                              
  ___ Transition Report Pursuant to Section 13 or 15(d) of
             the Securities Exchange Act of 1934
    For the transition period from __________to__________
                              
               Commission File Number 0-14409
                              
                  DELPHI FILM ASSOCIATES V
   (Exact name of registrant as specified in its charter)
                              
          New York                      13-3276727
      (State or other jurisdiction of              (IRS
                          Employer
   incorporation or organization)          Identification
                            No.)
                              
        666 Third Avenue, New York, New York    10017
   (Address of principal executive offices)     (Zip Code)

                       (212) 983-9040
    (Registrant's telephone number, including area code)


     Indicate by check mark whether the registrant (1)
has filed all reports
     required to be filed by Section 13 or 15(d) of the
Securities Exchange
     Act of 1934 during the preceding 12 months (or for
such shorter period
     that the registrant was required to file such
reports), and (2) has been
     subject to such filing requirements for the past 90
days.

                              Yes  X         No____

<PAGE>
                  DELPHI FILM ASSOCIATES V
              (A New York Limited Partnership)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>

                                    March    December
                                31,         31,
                                            
                                1997        1996
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                        93          70
Short-Term Investments                 994       1,081
Receivable from Columbia-Delphi                       
V
  Productions (Note 2)                 294         247
Receivable from Tri-Star-Delphi                       
V
  Productions (Note 2)                                
                                       503         452
                     Total               $           $
Assets                               1,884       1,850
                                                      
LIABILITIES AND PARTNERS'                             
CAPITAL
                                                      
Liabilities:                                          
  Accrued Expenses and Accounts          $           $
Payable                                 50          61
                      Total                           
Liabilities                             50          61
                                                      
Partners' Capital (Note 2):                           
  General Partner                       66          65
   Limited Partners                                   
                                     1,768       1,724
                                                      
                       Total                          
Partners' Capital                    1,834       1,789
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              1,884       1,850
                                                      

                              
                              
     See accompanying notes to the financial statements.

</TABLE>

<PAGE>
                  DELPHI FILM ASSOCIATES V
              (A New York Limited Partnership)
                  STATEMENTS OF OPERATIONS
         (000's Omitted, except net profit per unit)
                          Unaudited

<TABLE>
<CAPTION>

                                               For the
Three Months Ended March 31,

1997                    1996
<S>                      <C>    <C>
Interest Income               $       $
                             12      14
                                       
Expenses:                              
    Operating Expenses                 
                             79      64
                                       
                             79      64
                                       
Loss before Share of                   
Profit
  in Motion Picture        (67)    (50)
Ventures
Share of Profit in                     
Motion
  Picture Venture--                    
Columbia-
   Delphi V Productions      60      47
Share of Profit in                     
Motion
  Picture Venture--                    
TriStar-
   Delphi V Productions                
                             52      19
                                       
Net Profit                    $       $
                             45      16
                                       
Net Profit Per Unit of                 
  Limited Partnership                  
Interest
   (8,000 units)              $       $
                              6       2



     See accompanying notes to the financial statements.
                              

           </TABLE>

                              
<PAGE>
                              
                  DELPHI FILM ASSOCIATES V
              (A New York Limited Partnership)
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>

For the Three Months Ended March 31,

1997                             1996
           <S>
<C>                           <C>
Cash Flow From Operating                                 
Activities:
Net Profit                                  $           $
                                           45          16
Adjustments to reconcile Net                             
Profit to net
   cash used by operating                                
activities:
    Share of Profit in Motion           (112)        (66)
Picture Ventures
    Distributions from Joint              112          66
Ventures
    Changes in Assets and                                
Liabilities:
        Increase in Receivables                          
from Joint
           Ventures                      (98)        (40)
        Decrease in Accrued                              
Expenses and
          Accounts Payable                               
                                         (11)        (18)
                                                         
        Net Cash Used  by                                
Operating Activities                     (64)        (42)
                                                         
Cash Flow From Investing
Activities:
Purchases of Short-Term                     0        (99)
Investments
Redemptions of Short-Term                                
Investments                                87          85
                                                         
       Net Cash Used by Investing                        
Activities                                 87        (14)
                                                         
Increase (Decrease) In Cash                23        (56)
Cash at beginning of period                              
                                           70         191
Cash at end of period                       $           $
                                           93         135

                              
                              
                              
                              
                              
     See accompanying notes to the financial statements

</TABLE>
<PAGE>
                              


                  DELPHI  FILM ASSOCIATES V
              (A New York Limited Partnership)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change

in the information disclosed in the notes to financial

statements of the Partnership included in the Annual

Report on Form 10-K for the year ended December 31, 1996.

The information furnished includes all adjustments which

are, in the opinion of management, necessary to present

fairly the financial position of the Partnership as of

March 31, 1997 and the results of operations and cash

flows for the periods ended March 31, 1997 and 1996.

Results of operations for the three month period ended

March 31, 1997 are not necessarily indicative of the

results that may be expected for the entire fiscal year.

2.  Current Operations

    As of March 31, 1997, all twenty-five films in which

the Partnership has an interest have been released.  All

of these films have completed their theatrical release

and are being distributed in various ancillary markets.

    Based on the anticipated performance of one film

released through the Tri-Star Joint Venture, it is

expected that the Distributor of the Tri-Star Joint

Venture will be required to make an Additional Payment

with respect to that film.  Accordingly, distribution

fees earned and expected to be earned by the Distributor

of the Tri-Star Joint Venture as of March 31, 1997 of

approximately $353,000 have been accrued by the

Partnership as a receivable from the Tri-Star Joint

Venture.

    For the purpose of computing the net profit per unit,

the net profit for the period is allocated  99% to the

limited partners and 1% to the General Partner.

3.  Additional Information

    Additional information, including the audited year

end 1996 Financial Statements and the Summary of

Significant Accounting Policies, is included in the

Partnership's Annual Report on Form 10-K for the year

ended December 31, 1996 on file with the Securities and

Exchange Commission.

<PAGE>
Management's Discussion and Analysis of Financial
Condition
and Results of Operations

a.  Financial Condition


    The Partnership has satisfied its commitments to

contribute funds to the Joint Ventures for the production

of, and acquisition of interests in, films.  As of March

31, 1997, the Partnership held cash of approximately

$93,000 and short-term investments of approximately

$994,000.

    The Partnership has begun evaluating the value of its

interest in the film assets for the purpose of possibly

selling that interest and liquidating the Partnership.

The General Partner anticipates that the Partnership may

be liquidated in late 1997 or early 1998.  No assurance

can be provided that the film assets will be sucessfully

sold, or if sold, when such sale would occur.  Upon the

ultimate sale of the film assets, the Partnership will

commence taking steps to dissolve and liquidate.  Cash

distributions as a result of the liquidation may be made

to the partners to the extent, and only to the extent,

the proceeds from a sale of the Partnerships' interest in

the film assets in connection with the liquidation are in

excess of the Distributors' entitlement to the recoupment

of the Additional Payments and a reserve for the

Partnership's remaining obligations and operating

expenses.

    Since the Partnership's obligations to make

contributions to the Joint Ventures for the production

of, and acquisition of interests in, films have been

satisfied, all revenue received by the Partnership (for

other than Unrecouped Films) is used to pay operating

expenses of the Partnership and to make cash

distributions to partners.  The Partnership does not

currently anticipate significant future revenues and

accordingly, the Partnership does not currently

anticipate making cash distributions to partners on a

quarterly basis.  However, the Partnership may make

future distributions if it realizes proceeds from its

interest in films or from the sale of its interest in

films (should the sale occur) net of a reserve for the

Partnership's operating expenses.

    The Partnership commenced cash distributions to its

partners in October 1987.  Distributions through March

31, 1997 to the limited partners have aggregated $3,300

per unit (66% of the limited partners original investment

in the Partnership).

b.  Results of Operations

    The Partnership's operating results are primarily

dependent upon the operating results of the Joint

Ventures and are significantly impacted by the Joint

Ventures' policies.

    The performance of each film is based upon the amount

expended for production and other costs associated with a

film and the revenue generated by a film.  The amount and

timing of revenue generated by each film is dependent

upon the degree of acceptance by the consumer public and

the particular ancillary market in which the film is then

being exhibited.

    Additionally, each Joint Venture has recorded income

with respect to Additional Payments, to the extent

available, which has allowed it to recover its investment

in films.

    For the three months ended March 31, 1997, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $60,000, due

primarily to the profitable results of one film.  The Tri-

Star Joint Venture had a net profit of which the

Partnership's share was approximately $52,000, due

primarily to the profitable results of one film.  In

addition, the Partnership earned approximately $12,000 of

interest income from its short-term investments and

incurred approximately $79,000 of  expenses from its

operations, resulting in an overall net profit to the

Partnership of approximately $45,000.

     For the three months ended March 31, 1996, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $47,000, due

primarily to the profitable results of one film.  The Tri-

Star Joint Venture had a net profit of which the

Partnership's share was approximately $19,000, due

primarily to the profitable results of  certain films.

In addition, the Partnership earned approximately $14,000

of interest income from its short-term investments and

incurred approximately $64,000 of expenses from its

operations, resulting in an overall net profit to the

Partnership of approximately $16,000.

   Interest income for the three month period ended March

31, 1997 as compared with the corresponding periods in

1996 was virtually unchanged.

     The increase in the Partnership's total expenses for

the three month period ended March 31, 1997 as compared

with the corresponding period in 1996 is primarily

attributable to an increase in Operating Expenses.  The

increase in Operating Expenses is primarily attributable

to an increase in professional fees.

<PAGE>

                COLUMBIA-DELPHI V PRODUCTIONS
                      (A Joint Venture)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>

                                      March  December
                                 31,         31,
                                             
                                 1997        1996
                                             
<S>                                  <C>     <C>
ASSETS                                                 
Motion Picture Production and                          
Advertising
   Costs, net of accumulated                           
amortization
    of $241,674 and $241,483,              $          $
respectively                             493        684
Receivable from Columbia                               
Pictures
   (Distributor)                                       
                                       1,306        803
                     Total                 $          $
Assets                                 1,799      1,487
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to Columbia Pictures             $          $
Industries, Inc.                       1,012        556
  Payable to Delphi Film                               
Associates V                             294        247
                                                       
                      Total                            
Liabilities                            1,306        803
                                                       
Venturers' Capital:                                    
  Columbia Pictures Industries,          493        684
Inc.
  Delphi Film Associates V                             
                                           0          0
                                                       
                       Total                           
Venturers' Capital                       493        684
                                                       
                       Total                           
Liabilities and Venturers'
                                           $          $
Capital                                1,799      1,487

     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
               COLUMBIA - DELPHI V PRODUCTIONS
                      (A Joint Venture)
                  STATEMENTS OF OPERATIONS
                       (000's Omitted)
                          Unaudited

<TABLE>
<CAPTION>
                                               For the
Three Months Ended March 31,

1997                   1996
<S>                      <C>    <C>
Net Revenues From Motion               
    Picture Exploitation      $       $
                            633     292
                                       
Less: Amortization of                  
Motion
          Picture                      
Production and
          Advertising                  
Costs                       191     101
                                       
Net Income                    $       $
                            442     191











                              
                              
                              
                              
                              
                              
                              
                              
                              
                              
     See accompanying notes to the financial statements.

</TABLE>

<PAGE>
               COLUMBIA - DELPHI V PRODUCTIONS
                      (A Joint Venture)
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)
                          Unaudited

<TABLE>
<CAPTION>

For the Three Months Ended March 31,

1997                         1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                           442         191
Adjustments to reconcile Net                              
Income to
     net cash  provided by                                
operating activities:
  Amortization of Motion Picture                          
Production
    and Advertising Costs                  191         101
  Accrued Distributions                  (503)       (104)
toVenturers
  Changes in Assets and                                   
Liabilities:
     Increase in Payable to                               
Delphi Film
         Associates V                       47          25
     Increase in Payable to                               
Columbia
         Pictures Industries,              456         131
Inc.
     Increase in Receivable from                          
Columbia
         Pictures (Distributor)                           
                                         (503)       (156)
                                                          
   Net Cash Provided by Operating                         
Activities                                 130         188
                                                          
Cash Flow From Financing                                  
Activities:
Distributions to Venturers                                
                                         (130)       (188)
                                                          
     Net Cash Used by Financing                           
Activities                               (130)       (188)
                                                          
Net Change in Cash                           0           0
                                                          
Cash at beginning of period                               
                                             0           0
                                                          
Cash at end of period                        $           $
                                             0           0

     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
              COLUMBIA - DELPHI  V PRODUCTIONS
                      (A Joint Venture)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change

in the information disclosed in the notes to financial

statements of the Joint Venture included in the Annual

Report on Form 10-K of Delphi Film Associates V (the

"Partnership") for the year ended December 31, 1996.  The

information furnished includes all adjustments which are,

in the opinion of management, necessary to present fairly

the financial position of the Joint Venture as of  March

31, 1997 and the results of its operations and cash flows

for the periods ended March 31, 1997 and 1996.  Results

of operations for the period ended March 31, 1997 are not

necessarily indicative of the results that may be

expected for the entire fiscal year.

2.  Current Operations

    All eleven films in which the Joint Venture has an

interest have completed their theatrical release and are

being distributed in various ancillary markets.  For the

three month period ended March 31, 1997 the Joint Venture

is reporting net revenue from Motion Picture Exploitation

of $633,000, due primarily to the performance of the

films in the worldwide free television and domestic home

video markets.

    For the three month period ended March 31, 1996, the

Joint Venture reported net revenue from Motion Picture

Exploitation of  $292,000, due primarily to the

performance of the films in the worldwide free television

market and one film's performance in the international

video market.

3.  Additional Information

    Additional information, including the audited year

end 1996 Financial Statements and the Summary of

Significant Accounting Policies, is included in the

Annual Report on Form 10-K of the Partnership for the

year ended December 31, 1996.


<PAGE>
               TRI-STAR -DELPHI V PRODUCTIONS
                      (A Joint Venture)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
                              
<TABLE>
<CAPTION>

                                     March   December
                                 31,         31,
                                             
                                 1997        1996
                                 
<S>                                    <C>       <C>
ASSETS                                                 
Motion Picture Production and                          
Advertising
    Costs, net of accumulated                          
amortization of
    $57,803 and $57,803,                 $            $
respectively                             5            5
Motion Picture Costs Recoverable                       
from
    Additional Payments                728          728
Receivable from TriStar                                
Pictures, Inc.
    (Distributor)                                      
                                       805          650
                     Total        $  1,538            $
Assets                                            1,383
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to TriStar Pictures,    $  1,030            $
Inc.                                                926
  Payable to Delphi Film                               
Associates V                           503          452
                                                       
                      Total          1,533             
Liabilities                                       1,378
                                                       
Venturers' Capital:                                    
  TriStar Pictures, Inc.                 5            5
   Delphi Film Associates V                            
                                         0            0
                                                       
                       Total                           
Venturers' Capital                       5            5
                                                       
                       Total                           
Liabilities and Venturers'
                                  $  1,538            $
Capital                                           1,383

     See accompanying notes to the financial statements.
</TABLE>
<PAGE>
                              
                TRI-STAR-DELPHI V PRODUCTIONS
                      (A Joint Venture)
                  STATEMENTS OF OPERATIONS
                       (000's Omitted)
                          Unaudited
                              
<TABLE>
<CAPTION>

                                               For the
Three Months Ended March 31,

1997                  1996
<S>                      <C>    <C>
Net Revenues From Motion               
Picture
    Exploitation              $       $
                            116      97
                                       
Less: Amortization of                  
Motion
          Picture                      
Production and
          Advertising                  
Costs                         0      20
                                       
Income from Operations      116      77
                                       
Additional Payments                    
Recapture                     0    (56)
                                       
Net Income                    $       $
                            116      21



                              
                              
                              
                              
                              
                              
     See accompanying notes to the financial statements.


</TABLE>

<PAGE>
               TRI-STAR - DELPHI V PRODUCTIONS
                      (A Joint Venture)
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)
                          Unaudited

<TABLE>
<CAPTION>

For the Three Months Ended March 31,

1997                 1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                           116          21
Adjustments to reconcile Net                              
Income to
   net cash (used) provided by                            
operating activities:
  Amortization of Motion Picture                          
Production
     and Advertising Costs                   0          20
  Accrued Distributions                  (155)           3
toVenturers
  Changes in Assets and                                   
Liabilities:
       Increase in Payable to                             
Delphi Film
          Associates V                      51          15
       Increase (Decrease) in                             
Payable to TriStar
          Pictures, Inc.                   104        (18)
       Increase in Receivable                             
from TriStar
           Pictures, Inc.                (155)        (53)
(Distributor)
       Decrease in Motion Picture                         
Costs
           Recoverable from                               
Additional Payments                          0          56
                                                          
        Net Cash (Used) Provided                          
by Operating
           Activities                                     
                                          (39)          44
                                                          
Cash Flow From Financing                                  
Activities:
Distributions to Venturers                                
                                            39        (44)
                                                          
        Net Cash Provided (Used)                          
by Financing
          Activities                                      
                                            39        (44)
                                                          
Net Change in Cash                           0           0
Cash at beginning of period                               
                                             0           0
Cash at end of period                        $           $
                                             0           0
                              
     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
               TRI-STAR - DELPHI V PRODUCTIONS
                      (A Joint Venture)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change

in the information disclosed in the notes to financial

statements of the Joint Venture included in the Annual

Report on Form 10-K of Delphi Film Associates V (the

"Partnership") for the year ended December 31, 1996.  The

information furnished includes all adjustments which are,

in the opinion of management, necessary to present fairly

the financial position of the Joint Venture as of March

31, 1997 and the results of its operations and cash flows

for the periods ended March 31, 1997 and 1996.  Results

of operations for the period ended March 31, 1997 are not

necessarily indicative of the results that may be

expected for the entire fiscal year.

2.  Current Operations

    All fourteen films in which the Joint Venture has an

interest have completed their theatrical release and are

being distributed in various ancillary markets.  For the

three month period ended March 31, 1997, the Joint

Venture is reporting net revenue of $116,000, due

primarily to the performance of certain films in the

worldwide free television market.

    For the three month period ended March 31, 1996 the

Joint Venture reported net revenue of $97,000, due

primarily to the performance of  certain films in the pay

television and worldwide free television markets.  For

the three month period ended March 31, 1996, the Joint

Venture recorded a decrease in the Additional Payment

accrual of $56,000 due to a change in the estimated

distribution fee to be earned by its Distributor.

3.  Additional Information

    Additional information, including the audited year

end 1996 Financial Statements and the Summary of

Significant Accounting Policies, is included in the

Annual Report on Form 10-K of the Partnership for the

year ended December 31, 1996.




<PAGE>
                           PART II
                              

Item 1.      Legal Proceedings

     None

Item 2.  Changes in Securities

     None

Item 3.Defaults Upon Senior Securities

     None

Item 4.Submission of Matters to a Vote of Security Holders

     None

Item 5.      Other Information

     None

Item 6.Exhibits and Reports on Form 8-K

     A).  Exhibits

                     <TABLE>
                     <CAPTION>

                      EXHIBIT
                      NUMBERDESCRIPTIONPAGE NUMBER

               <S>                 <C>
<C>

                  27                 Financial Data
Schedule
                       </TABLE>

     B).  Reports on Form 8-K

                     None


<PAGE>
                              
                         SIGNATURES
                              

   Pursuant to the requirements 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.


                                                 DELPHI
FILM ASSOCIATES V
                                                A New
York Limited Partnership

                                                By:
DELPHI MANAGEMENT ASSOCIATES,

General Partner

                                                 By:  ML
Film Entertainment Inc.,

Managing Partner




May 13, 1997                                      /s/
Roger F. Castoral, Jr.
       Date
Roger F. Castoral, Jr.
                                                   Vice
President and Treasurer of the

Managing Partner of the General Partner

(principal financial officer and principal

accounting officer of the Registrant)



May 13, 1997                                     /s/
Steven N. Baumgarten
       Date
Steven N. Baumgarten

Director and Vice President of the

Managing Partner of the General Partner