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 September 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>

                                September    December
                                30,         31,
                                            
                                1997        1996
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                       114          70
Short-Term Investments               1,342       1,081
Receivable from Columbia-Delphi                       
V
  Productions (Note 2)                 256         247
Receivable from Tri-Star-Delphi                       
V
  Productions (Note 2)                                
                                       160         452
                                                      
                     Total               $           $
Assets                               1,872       1,850
                                                      
LIABILITIES AND PARTNERS'                             
CAPITAL
                                                      
Liabilities:                                          
  Accrued Expenses and Accounts          $           $
Payable                                 54          61
                      Total                           
Liabilities                             54          61
                                                      
Partners' Capital (Note 2):                           
  General Partner                       65          65
   Limited Partners                                   
                                     1,753       1,724
                                                      
                       Total                          
Partners' Capital                    1,818       1,789
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              1,872       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 (loss) profit per unit)
                          Unaudited

<TABLE>
<CAPTION>


For the Three Months     For the Nine Months
                                    Ended September 30,
Ended September 30,

1997                    1996     1997               1996
<S>                      <C>    <C>     <C>    <C>
Interest Income               $       $      $       $
                             16      13     40      42
                                                      
Expenses:                                             
    Operating Expenses                                
                             81      77    253     217
                                                      
                             81      77    253     217
                                                      
Loss before Share of                                  
Profit
  in Motion Picture        (65)    (64)  (213)   (175)
Ventures
Share of (Loss) Profit                                
in Motion
  Picture Venture--                                   
Columbia-
   Delphi V Productions    (46)      26     47      84
Share of Profit in                                    
Motion
  Picture Venture--Tri-                               
Star-
   Delphi V Productions                               
                             87       9    195      66
                                                      
Net (Loss) Profit             $       $      $       $
                           (24)    (29)     29    (25)
                                                      
Net (Loss) Profit Per                                 
Unit of
  Limited Partnership                                 
Interest
   (8,000 units)              $       $      $       $
                            (3)     (4)      4     (3)



     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 Nine Months Ended September 30,

1997                             1996
           <S>
<C>                           <C>
Cash Flow From Operating                                 
Activities:
Net Profit (Loss)                           $           $
                                           29        (25)
Adjustments to reconcile Net                             
Profit (Loss) to net
   cash provided (used) by                               
operating activities:
    Share of Profit in Motion           (242)       (150)
Picture Ventures
    Distributions from Joint              242         150
Ventures
    Changes in Assets and                                
Liabilities:
        Decrease in Receivables                          
from Joint
           Ventures, net                  283          14
        Decrease in Accrued                              
Expenses and
          Accounts Payable                               
                                          (7)        (54)
                                                         
        Net Cash Provided (Used)                         
by Operating
           Activities                                    
                                          305        (65)
                                                         
Cash Flow From Investing                                 
Activities:
Purchases of Short-Term               (2,120)     (2,722)
Investments
Redemptions of Short-Term                                
Investments                             1,859       2,708
                                                         
       Net Cash Used by Investing                        
Activities                              (261)        (14)
                                                         
Increase (Decrease) In Cash                44        (79)
Cash at beginning of period                              
                                           70         191
Cash at end of period                       $           $
                                          114         112
                              
                              
                              
     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

September 30, 1997 and the results of operations and cash

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

Results of operations for the three and nine month

periods ended September 30, 1997 are not necessarily

indicative of the results that may be expected for the

entire fiscal year.

2.  Current Operations

    As of September 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

September 30, 1997, the Partnership held cash of

approximately $114,000 and short-term investments of

approximately $1,342,000.

    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  early 1998.  No assurance can be

provided that the Partnership's film assets will be

sucessfully sold, or if sold, when such sale would occur.

Upon the ultimate sale of the film Partnership's 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

September 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 September 30, 1997, the

Columbia Joint Venture had a net profit; however, the

Partnership reported a net loss from that Joint Venture

of approximately $46,000, due primarily to the

unprofitable results of one film.  The Tri-Star Joint

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

was approximately $87,000, due primarily to the

profitable results of one film.  In addition, the

Partnership earned approximately $16,000 of interest

income from its short-term investments and incurred

approximately $81,000 of  expenses from its operations,

resulting in an overall net loss to the Partnership of

approximately $24,000.

    For the three months ended September 30, 1996, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $26,000, 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 $9,000, due

primarily to the profitable results of one film.  In

addition, the Partnership earned approximately $13,000 of

interest income from its short-term investments and

incurred approximately $77,000 of  expenses from its

operations, resulting in an overall net loss to the

Partnership of approximately $29,000.

   For the nine months ended September 30, 1997, 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 $195,000, due

primarily to the profitable results of  certain films.

In addition, the Partnership earned approximately $40,000

of interest income from its short-term investments and

incurred approximately $253,000 of expenses from its

operations, resulting in an overall net profit to the

Partnership of approximately $29,000.

    For the nine months ended September 30, 1996, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $84,000, 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 $66,000, due

primarily to the profitable results of certain films.  In

addition, the Partnership earned approximately $42,000 of

interest income from its short-term investments and

incurred approximately $217,000 of expenses from its

operations, resulting in an overall net loss to the

Partnership of approximately $25,000.

   Interest income for the three and nine month periods

ended September 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 nine month periods ended September 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 expenses

incurred in 1997 as a result of costs incurred in

association with the appraisals of the Partnership's film

assets in preparation for a sale thereof.

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

                                  September  December
                                 30,         31,
                                             
                                 1997        1996
                                             
<S>                                  <C>     <C>
ASSETS                                                 
Motion Picture Production and                          
Advertising
   Costs, net of accumulated                           
amortization
    of $241,819 and $241,483,              $          $
respectively                             348        684
Receivable from Columbia                               
Pictures
   (Distributor)                                       
                                       1,280        803
                     Total                 $          $
Assets                                 1,628      1,487
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to Columbia Pictures             $          $
Industries, Inc.                       1,024        556
  Payable to Delphi Film                               
Associates V                             256        247
                                                       
                      Total                            
Liabilities                            1,280        803
                                                       
Venturers' Capital:                                    
  Columbia Pictures Industries,          348        684
Inc.
  Delphi Film Associates V                             
                                           0          0
                                                       
                       Total                           
Venturers' Capital                       348        684
                                                       
                       Total                           
Liabilities and Venturers'
                                           $          $
Capital                                1,628      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 Nine Months
                             Ended September 30,   Ended
September 30,

1997                   1996      1997             1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
    Picture Exploitation      $  $1,263      $       $
                            122          1,263     454
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
          Advertising                                 
Costs                        41      17    336     140
                                                      
Net Income                    $       $      $       $
                             81      86    927     314











                              
                              
                              
                              
     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 Nine Months Ended September 30,

1997                      1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                           927         314
Adjustments to reconcile Net                              
Income to
     net cash  provided by                                
operating activities:
  Amortization of Motion Picture                          
Production
    and Advertising Costs                  336         140
  Accrued Distributions                  (477)         193
toVenturers
  Changes in Assets and                                   
Liabilities:
     Increase in Payable to                               
Delphi Film
         Associates V                        9          37
     Increase in Payable to                               
Columbia Pictures
         Industries, Inc.                  468          10
     Increase in Receivable from                          
Columbia
         Pictures (Distributor)                           
                                         (477)        (47)
                                                          
   Net Cash Provided by Operating                         
Activities                                 786         647
                                                          
Cash Flow From Financing                                  
Activities:
Distributions to Venturers                                
                                         (786)       (647)
                                                          
     Net Cash Used by Financing                           
Activities                               (786)       (647)
                                                          
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

September 30, 1997 and the results of its operations and

cash flows for the periods ended September 30, 1997 and

1996.  Results of operations for the period ended

September 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 nine month periods ended September 30, 1997 the

Joint Venture is reporting net revenue from Motion

Picture Exploitation of $122,000 and $1,263,000,

respectively, due primarily to the performance of the

films in the worldwide free television and domestic home

video markets.

    For the three and nine month periods ended September

30, 1996, the Joint Venture reported net revenue from

Motion Picture Exploitation of  $103,000 and $454,000,

respectively, due primarily to the performance of the

films in the worldwide free television and home video

markets.

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>

                                  September  December
                                 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)                                      
                                       832          650
                     Total               $            $
Assets                                 837        1,383
                                                       
LIABILITIES AND VENTURERS'                             
CAPITAL
                                                       
Liabilities:                                           
  Payable to TriStar Pictures,           $            $
Inc.                                   672          926
  Payable to Delphi Film                               
Associates V                           160          452
                                                       
                      Total                            
Liabilities                            832        1,378
                                                       
Venturers' Capital:                                    
  TriStar Pictures, Inc.                 5            5
   Delphi Film Associates V                            
                                         0            0
                                                       
                       Total                           
Venturers' Capital                       5            5
                                                       
                       Total                           
Liabilities and Venturers'
                                  $    837            $
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 Nine Months

Ended September 30,   Ended September 30,

1997                  1996     1997            1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
Picture
    Exploitation              $       $      $       $
                            194      36    403     277
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
          Advertising                                 
Costs                         0       6      0      42
                                                      
Income from Operations      194      30    403     235
                                                      
Additional Payments                                   
Recapture                     0    (16)      0   (132)
                                                      
Net Income                    $       $      $       $
                            194      14    403     103



                              
                              
                              
                              
                              
                              
     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 Nine Months Ended September 30,

1997                 1996
<S>
<C>                           <C>
Cash Flow From Operating                                    
Activities:
Net Income                                   $           $
                                           403         103
Adjustments to reconcile Net                              
Income to
    net cash provided by                                  
operating activities:
  Amortization of Motion Picture                          
Production
     and Advertising Costs                   0          42
  Accrued Distributions                  (272)         368
toVenturers
  Changes in Assets and                                   
Liabilities:
        Decrease in Payable to                            
Delphi Film
          Associates V                   (292)        (51)
        Decrease in Payable to           (254)       (317)
TriStar Pictures, Inc.
       (Increase) Decrease in                             
Receivable from
            TriStar Pictures,            (182)         236
Inc. (Distributor)
       Decrease in Motion Picture                         
Costs
           Recoverable from                               
Additional Payments                        728         132
                                                          
        Net Cash Provided  by                             
Operating Activities                       131         513
                                                          
Cash Flow From Financing                                  
Activities:
Distributions to Venturers                                
                                         (131)       (513)
                                                          
        Net Cash Used by                                  
Financing Activities                     (131)       (513)
                                                          
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

September 30, 1997 and the results of its operations and

cash flows for the periods ended September 30, 1997 and

1996.  Results of operations for the period ended

September 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 nine month periods ended September 30, 1997,

the Joint Venture is reporting net revenue of $194,000

and $403,000, respectively, due primarily to the

performance of certain films in the worldwide free

television market.

    For the three and nine month periods ended September

30, 1996 the Joint Venture reported net revenue of

$36,000 and $277,000, respectively, due primarily to the

performance of  certain films in the pay television and

worldwide free television markets.  For the nine month

period ended September 30, 1996, the Joint Venture

recorded a decrease in the Additional Payment accrual of

$132,000 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




November 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)



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

Director and Vice President of the

Managing Partner of the General Partner