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 June 30, 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>

                                      June   December
                                30,         31,
                                            
                                1997        1996
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                       255          70
Short-Term Investments               1,236       1,081
Receivable from Columbia-Delphi                       
V
  Productions (Note 2)                 313         247
Receivable from Tri-Star-Delphi                       
V
  Productions (Note 2)                                
                                        88         452
                     Total               $           $
Assets                               1,892       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                                   
                                     1,776       1,724
                                                      
                       Total                          
Partners' Capital                    1,842       1,789
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              1,892       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 (loss) per unit)
                          Unaudited

<TABLE>
<CAPTION>


For the Three Months      For the Six Months
                          Ended June 30,         Ended
June 30,

1997                    1996     1997               1996
<S>                      <C>    <C>     <C>    <C>
Interest Income               $       $      $       $
                             12      15     24      29
                                                      
Expenses:                                             
    Operating Expenses                                
                             93      76    172     140
                                                      
                             93      76    172     140
                                                      
Loss before Share of                                  
Profit
  in Motion Picture        (81)    (61)  (148)   (111)
Ventures
Share of Profit in                                    
Motion
  Picture Venture--                                   
Columbia-
   Delphi V Productions      33      11     93      58
Share of Profit in                                    
Motion
  Picture Venture--Tri-                               
Star-
   Delphi V Productions                               
                             56      38    108      57
                                                      
Net Profit (Loss)             $       $      $       $
                              8    (12)     53       4
                                                      
Net Profit (Loss) Per                                 
Unit of
  Limited Partnership                                 
Interest
   (8,000 units)              $       $      $       $
                              1     (1)      7       1



     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 Six Months Ended June 30,

1997                             1996
           <S>
<C>                           <C>
Cash Flow From Operating                                             
Activities:
Net Profit                                  $           $            
                                           53           4
Adjustments to reconcile Net                                         
Profit to net
   cash provided (used) by                                           
operating activities:
    Share of Profit in Motion           (201)       (115)            
Picture Ventures
    Distributions from Joint              201         115            
Ventures
    Changes in Assets and                                            
Liabilities:
        Decrease (Increase) in                                       
Receivables from
           Joint Ventures, net            298         (4)            
        Decrease in Accrued                                          
Expenses and
          Accounts Payable                                           
                                         (11)        (47)
                                                                     
        Net Cash Provided (Used)                                     
by Operating
           Activities                                                
                                          340        (47)
Cash Flow From Investing                                             
Activities:
Purchases of Short-Term               (1,230)     (1,535)            
Investments
Redemptions of Short-Term                                            
Investments                             1,075       1,521
                                                                     
       Net Cash Used by Investing                                    
Activities                              (155)        (14)
                                                                     
Increase (Decrease) In Cash               185        (61)            
Cash at beginning of period                                          
                                           70         191
Cash at end of period                       $           $            
                                          255         130
                              
                              
                              
                              
     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

June 30, 1997 and the results of operations and cash

flows for the periods ended June 30, 1997 and 1996.

Results of operations for the three and six month periods

ended June 30, 1997 are not necessarily indicative of the

results that may be expected for the entire fiscal year.

2.  Current Operations

    As of June 30, 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.

    The Partnership received approximately $409,000 in

June 1997 representing its share of the Tri-Star Joint

Venture's Additional Payment relating to one film.

    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 commitment to

contribute funds to the Joint Ventures for the production

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

30, 1997, the Partnership held cash of approximately

$255,000 and short-term investments of approximately

$1,236,000.

    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 Partnership's 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 such a 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 June 30,

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 June 30, 1997, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $33,000, 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 $56,000, due

primarily to the profitable results of certain films.  In

addition, the Partnership earned approximately $12,000 of

interest income from its short-term investments and

incurred approximately $93,000 of  expenses from its

operations, resulting in an overall net profit to the

Partnership of approximately $8,000.

    For the three months ended June 30, 1996, the

Columbia Joint Venture had

a net profit of which the Partnership's share was

approximately $11,000, 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 $38,000, due primarily to the profitable

results of certain films.  In addition, the Partnership

earned approximately $15,000 of interest income from its

short-term investments and incurred approximately $76,000

of  expenses from its operations, resulting in an overall

net loss to the Partnership of approximately $12,000.

   For the six months ended June 30, 1997, the Columbia

Joint Venture had a net profit of which the Partnership's

share was approximately $93,000, 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 $108,000, due primarily to the

profitable results of  certain films.  In addition, the

Partnership earned approximately $24,000 of interest

income from its short-term investments and incurred

approximately $172,000 of expenses from its operations,

resulting in an overall net profit to the Partnership of

approximately $53,000.

    For the six months ended June 30, 1996, the Columbia

Joint Venture had a net profit of which the Partnership's

share was approximately $58,000, 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 $57,000, due primarily to the

profitable results of certain films.  In addition, the

Partnership earned approximately $29,000 of interest

income from its short-term investments and incurred

approximately $140,000 of expenses from its operations,

resulting in an overall net profit to the Partnership of

approximately $4,000.

   Interest income for the three and six month periods

ended June 30, 1997 as compared with the corresponding

periods in 1996 was virtually unchanged.

     The increase in the Partnership's total expenses for

the three and six month periods ended June 30, 1997 as

compared with the corresponding periods 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>

                                             December
                                 June 30,    31,
                                             
                                 1997        1996
                                             
<S>                                  <C>     <C>
ASSETS                                                 
Motion Picture Production and                          
Advertising
   Costs, net of accumulated                           
amortization
    of $241,778 and $241,483,              $          $
respectively                             389        684
Receivable from Columbia                               
Pictures
   (Distributor)                                       
                                       1,288        803
                     Total                 $          $
Assets                                 1,677      1,487
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to Columbia Pictures             $          $
Industries, Inc.                         975        556
  Payable to Delphi Film                               
Associates V                             313        247
                                                       
                      Total                            
Liabilities                            1,288        803
                                                       
Venturers' Capital:                                    
  Columbia Pictures Industries,          389        684
Inc.
  Delphi Film Associates V                             
                                           0          0
                                                       
                       Total                           
Venturers' Capital                       389        684
                                                       
                       Total                           
Liabilities and Venturers'
                                           $          $
Capital                                1,677      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     For the Six Months
                          Ended June 30,        Ended
June 30,

1997                   1996      1997             1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
    Picture Exploitation      $       $      $       $
                            508      59  1,141     351
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
          Advertising                                 
Costs                       104      22    295     123
                                                      
Net Income                    $       $      $       $
                            404      37    846     228











                              
                              
                              
                              
     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 Six Months Ended June 30,

1997                      1996
<S>
<C>                           <C>
Cash Flow From Operating                                               
Activities:
Net Income                                   $           $             
                                           846         228
Adjustments to reconcile Net                                           
Income to
     net cash  provided by                                             
operating activities:
  Amortization of Motion Picture                                       
Production
    and Advertising Costs                  295         123             
  Accrued Distributions                  (485)         112             
toVenturers
  Changes in Assets and                                                
Liabilities:
     Increase in Payable to                                            
Delphi Film
         Associates V                       66          23             
     Increase in Payable to                                            
Columbia Pictures
         Industries, Inc.                  419          13             
     Increase in Receivable from                                       
Columbia
         Pictures (Distributor)                                        
                                         (485)        (36)
                                                                       
   Net Cash Provided by Operating                                      
Activities                                 656         463
                                                                       
Cash Flow From Financing                                               
Activities:
Distributions to Venturers                                             
                                         (656)       (463)
                                                                       
     Net Cash Used by Financing                                        
Activities                               (656)       (463)
                                                                       
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  June

30, 1997 and the results of its operations and cash flows

for the periods ended June 30, 1997 and 1996.  Results of

operations for the period ended June 30, 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 and six month periods ended June 30, 1997 the Joint

Venture is reporting net revenue from Motion Picture

Exploitation of $508,000 and $1,141,000, respectively,

due primarily to the performance of the films in the

worldwide free television and domestic home video

markets.

    For the three and six month periods ended June 30,

1996, the Joint Venture reported net revenue from Motion

Picture Exploitation of  $59,000 and $351,000,

respectively, 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>

                                             December
                                 June 30,    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                  0          728
Receivable from TriStar                                
Pictures, Inc.
    (Distributor)                                      
                                       672          650
                     Total               $            $
Assets                                 677        1,383
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to TriStar Pictures,           $            $
Inc.                                   584          926
  Payable to Delphi Film                               
Associates V                            88          452
                                                       
                      Total                            
Liabilities                            672        1,378
                                                       
Venturers' Capital:                                    
  TriStar Pictures, Inc.                 5            5
   Delphi Film Associates V                            
                                         0            0
                                                       
                       Total                           
Venturers' Capital                       5            5
                                                       
                       Total                           
Liabilities and Venturers'
                                  $    677            $
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     For the Six Months

Ended June 30,              Ended June 30,

1997                  1996     1997            1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
Picture
    Exploitation              $       $      $       $
                             93     144    209     241
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
          Advertising                                 
Costs                         0      16      0      36
                                                      
Income from Operations       93     128    209     205
                                                      
Additional Payments                                   
Recapture                     0    (60)      0   (116)
                                                      
Net Income                    $       $      $       $
                             93      68    209      89



                              
                              
                              
                              
                              
                              
     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 Six Months Ended June 30,

1997                 1996
<S>
<C>                           <C>
Cash Flow From Operating                                               
Activities:
Net Income                                   $           $             
                                           209          89
Adjustments to reconcile Net                                           
Income to
    net cash provided by                                               
operating activities:
  Amortization of Motion Picture                                       
Production
     and Advertising Costs                   0          36             
  Accrued Distributions                  (112)         169             
toVenturers
  Changes in Assets and                                                
Liabilities:
        Decrease in Payable to                                         
Delphi Film
          Associates V                   (364)        (19)             
        Decrease in Payable to           (342)       (150)             
TriStar Pictures, Inc.
       (Increase) Decrease in                                          
Receivable from
            TriStar Pictures,             (22)          53             
Inc. (Distributor)
       Decrease in Motion Picture                                      
Costs
           Recoverable from                                            
Additional Payments                        728         116
                                                                       
        Net Cash Provided  by                                          
Operating Activities                        97         294
                                                                       
Cash Flow From Financing
Activities:
Distributions to Venturers                                             
                                          (97)       (294)
                                                                       
        Net Cash Used by                                               
Financing Activities                      (97)       (294)
                                                                       
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 June

30, 1997 and the results of its operations and cash flows

for the periods ended June 30, 1997 and 1996.  Results of

operations for the period ended June 30, 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 and six month periods ended June 30, 1997, the

Joint Venture is reporting net revenue of $93,000 and

$209,000, respectively, due primarily to the performance

of certain films in the worldwide free television market.

    For the three and six month periods ended June 30,

1996 the Joint Venture reported net revenue of $144,000

and $241,000, respectively, due primarily to the

performance of  certain films in the pay television and

worldwide free television markets.  For the six month

periods ended June 30, 1996, the Joint Venture recorded a

decrease in the Additional Payment accrual of $116,000

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




August 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)



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

Director and Vice President of the

Managing Partner of the General Partner