SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the quarterly period ended               September 30, 1996
                               -------------------------------------------------

                                       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                           0-18555
                       ---------------------------------------------------------

             Leastec Income Fund V, A California Limited Partnership
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          California                                  68-0136036
       ----------------                             --------------

(State of organization)                    (I.R.S. Employer Identification No.)

7175 West Jefferson Avenue, Suite 4000
          Lakewood, Colorado                              80235
---------------------------------------                 ----------
(Address of principal executive offices)                (Zip Code)



       Registrant's telephone number, including area code (303) 980-1000


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  13 or 15(d)  of the  Securities  Exchange  Act of 1934
during the preceding 12 months (or for such shorter  period that the  registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. Yes X No .
                                      ---  -

                        Exhibit Index Appears on Page 11

                               Page 1 of 12 Pages

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                          Quarterly Report on Form 10-Q
                              for the Quarter Ended
                               September 30, 1996


                                Table of Contents
                                -----------------

PART I.  FINANCIAL INFORMATION                                              PAGE
                                                                            ----

  Item 1.   Financial Statements (Unaudited)

            Balance Sheets-September 30, 1996 and December 31, 1995          3

            Statements of Income-Three and Nine months ended
            September 30, 1996 and 1995                                      4

            Statements of Cash Flows-Nine months ended
            September 30, 1996 and 1995                                      5

            Notes to Financial Statements                                    6

  Item 2.   Management's Discussion and Analysis of Financial Condition
            and Results of Operations                                       7-10


PART II.  OTHER INFORMATION


  Item 1.   Legal Proceedings                                                11

  Item 6.   Exhibits and Reports on Form 8-K                                 11

            Signature                                                        12
 

                                        2

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                                 BALANCE SHEETS
                                   (Unaudited)


                                             September 30,          December 31,
                                                  1996                  1995
                                             -------------          ------------

                                     ASSETS

Cash and cash equivalents                    $     853,714         $     446,663
Accounts receivable, net                            29,947               120,375
Equipment held for sale or lease                   141,823                59,534
Net investment in direct finance leases          1,293,410             1,803,274
Leased equipment, net                            1,179,125             2,989,764
                                             -------------         -------------

         Total assets                         $  3,498,019          $  5,419,610
                                              ============          ============


                        LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
  Accounts payable and accrued liabilities    $     165,634         $    235,847
  Payable to affiliates                              16,677               27,918
  Rents received in advance                          53,512               40,894
  Distributions payable to partners                 447,003              186,101
  Discounted lease rentals                          953,483            2,061,334
                                             --------------         ------------

     Total liabilities                            1,636,309            2,552,094
                                             --------------         ------------

PARTNERS' CAPITAL:
  General partner                                         -                    -
  Limited partners:
     Class A                                        690,966            1,729,272
     Class B                                      1,170,744            1,138,244
                                              -------------         ------------

     Total partners' capital                      1,861,710            2,867,516
                                              -------------         ------------

     Total liabilities and partners' capital   $  3,498,019          $ 5,419,610
                                               ============          ===========

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

                                        3

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                              STATEMENTS OF INCOME
                                   (Unaudited)
<TABLE>
<CAPTION>


                                                 Three months ended           Nine months ended
                                                    September 30,               September 30,
                                              ------------------------    -------------------------
                                                 1996           1995         1996           1995
                                              ----------     ---------    -----------    ----------
REVENUE:
<S>                                           <C>            <C>          <C>            <C>        
  Operating lease rentals                     $  535,335     $ 729,031    $ 1,820,376    $ 2,621,424
  Direct finance lease income                     39,125        56,591        135,821        189,022
  Equipment sales margin                         410,394        20,364        501,248        156,165
  Interest income                                  7,058         1,853         14,845          9,646
                                              ----------     ---------    -----------    -----------

         Total revenue                           991,912       807,839      2,472,290      2,976,257
                                              ----------     ---------    -----------    -----------

EXPENSES:
  Depreciation and amortization                  236,637       441,363        985,777      1,561,429
  Provision for losses                                 -             -              -              -
  Management fees paid to general partner         35,622        45,384        122,242        159,838
  Interest on discounted lease rentals            26,252        63,245        102,551        225,634
  Direct services from general partner            13,795        16,474         49,297         59,278
  General and administrative                      53,417        44,035        269,702        155,085
                                              ----------     ---------    -----------    -----------

         Total expenses                          365,723       610,501      1,529,569      2,161,264
                                              ----------     ---------    -----------    -----------

NET INCOME                                    $  626,189     $ 197,338    $   942,721   $    814,993
                                              ==========     =========    ===========   ============

NET INCOME ALLOCATED:
  To the general partner                      $   45,789     $  19,747    $    96,841   $     77,960
  To the Class A limited partners                558,100       170,767        813,380        708,714
  To the Class B limited partner                  22,300         6,824         32,500         28,319
                                              ----------     ---------    -----------   ------------

                                              $  626,189     $ 197,338    $   942,721   $    814,993
                                              ==========     =========    ===========   ============

  Net income per weighted average Class A
       limited partner unit outstanding       $     2.82     $    0.86    $      4.10   $       3.58
                                              ==========     =========    ===========   ============

  Weighted average Class A limited partner
       units outstanding                         198,025       198,475        198,214        197,831
                                              ==========     =========    ===========   ============
</TABLE>


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

                                        4

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                                         Nine months ended
                                                            September 30,
                                                     --------------------------
                                                         1996          1995
                                                     -----------    -----------

NET CASH PROVIDED BY OPERATING ACTIVITIES            $ 3,202,527    $ 3,049,440
                                                     -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

  Principal payments on discounted lease rentals      (1,107,851)    (1,723,531)
  Redemptions of Class A limited partner units           (11,685)        (9,909)
  Distributions to partners                           (1,675,940)    (1,782,685)
                                                     -----------    -----------

Net cash used in financing activities                 (2,795,476)    (3,516,125)
                                                     -----------    -----------

NET INCREASE (DECREASE) IN CASH AND CASH
  EQUIVALENTS                                            407,051       (466,685)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD         446,663        702,210
                                                     -----------    -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD           $   853,714    $   235,525
                                                     ===========    ===========

Supplemental disclosure of cash flow information:
  Interest paid on discounted lease rentals          $   102,551    $   225,634












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

                                        5

<PAGE>



                              LEASTEC INCOME FUND V
                        A California 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 and the instructions to Form 10-Q and Rule 10-01
         of  Regulation  S-X.  Accordingly,  they  do  not  include  all  of the
         information and disclosures  required by generally accepted  accounting
         principles  for  annual  financial  statements.  In the  opinion of the
         general partner,  all adjustments  (consisting only of normal recurring
         adjustments)  considered  necessary for a fair  presentation  have been
         included.  The balance sheet at December 31, 1995 has been derived from
         the audited financial  statements  included in the  Partnership's  1995
         Form 10-K. For further  information,  refer to the financial statements
         of  Leastec  Income  Fund  V, a  California  Limited  Partnership  (the
         "Partnership"),  and the related notes,  included in the  Partnership's
         Annual  Report on Form 10-K for the year ended  December  31, 1995 (the
         "1995 Form 10-K"),  previously  filed with the  Securities and Exchange
         Commission.


2.       Equipment Held for Sale or Re-lease
         -----------------------------------

         Equipment  held for sale or re-lease,  recorded at the lower of cost or
         market value expected to be realized,  consists of equipment previously
         leased  to end  users  which  has  been  returned  to  the  Partnership
         following lease expiration.

3.       Bankrupt Lessee
         ---------------

         Anchor Glass filed for  protection  under Chapter 11 of the  bankruptcy
         code on September  13,  1996.  The  aggregate  net book value under two
         leases with this lessee was $598,525 at September  30, 1996.  Potential
         outcomes  are (i) the lessee  affirms  its  leases and the  Partnership
         collects all rents due under the leases or (ii) the lessee  rejects the
         leases and returns the underlying equipment to the Partnership.  If the
         leases are rejected and the equipment is returned to the Partnership or
         sold to a third party, it is possible that remarketing proceeds will be
         less than the net book value of the equipment.  However,  if the lessee
         affirms the leases, the Partnership would not be subject to a loss. The
         lessee has not made its intentions known at this time and, accordingly,
         the amount of loss,  if any,  cannot be  determined as of September 30,
         1996.  Regardless  of the  lessee's  decision  to accept or reject  the
         leases, the general partner believes that the ultimate outcome will not
         have a material adverse impact on the Partnership's  financial position
         or results of operations.


                                        6

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

Results of Operations
---------------------

Presented below are schedules  (prepared  solely to facilitate the discussion of
results of  operations  that  follows)  showing  condensed  statements of income
categories and analyses of changes in those  condensed  categories  derived from
the Statements of Income:
<TABLE>
<CAPTION>


                                 Condensed Statements of                          Condensed Statements of             
                               Income for the three months    The effect on      Income for the nine months    The effect on
                                   ended September 30,        net income of           ended September 30,      net income of        
                               ---------------------------   changes between    ---------------------------   changes between
                                   1996           1995           periods            1996           1995           periods
                               ------------   ------------   ----------------   ------------   ------------   ---------------

<S>                            <C>            <C>            <C>                <C>            <C>              <C>          
Leasing margin                 $    311,571   $    281,014   $     30,557       $    867,869   $  1,023,383     $   (155,514)
Equipment sales margin              410,394         20,364        390,030            501,248        156,165          345,083
Interest income                       7,058          1,853          5,205             14,845          9,646            5,199
Management fees paid to
   general partner                  (35,622)       (45,384)         9,762           (122,242)      (159,838)          37,596
Direct services from general
    partner                         (13,795)       (16,474)         2,679            (49,297)       (59,278)           9,981
General and administrative          (53,417)       (44,035)        (9,382)          (269,702)      (155,085)        (114,617)
Provision for losses                      -              -              -                  -              -                -
                               ------------   ------------   ------------       ------------   ------------     ------------

Net income                     $    626,189   $    197,338   $    428,851       $    942,721   $    814,993     $    127,728
                               ============   ============   ============       ============   ============     ============
</TABLE>


The  Partnership is in its  liquidation  period,  as defined in the  Partnership
Agreement,  and  as  expected,  the  Partnership  is not  purchasing  additional
equipment,  initial  leases are expiring and the  equipment is being  remarketed
(i.e.,  re-leased,  renewed  or  sold).  As a  result,  both  the  size  of  the
Partnership's  leasing portfolio and the amount of leasing revenue are declining
(referred to in this discussion as "portfolio run-off").

LEASING MARGIN

Leasing margin consists of the following:
<TABLE>
<CAPTION>


                                                                     Three months ended                  Nine months ended
                                                                        September 30,                      September 30,
                                                                ------------------------------      -----------------------------
                                                                    1996              1995              1996              1995
                                                                ------------      ------------      ------------      -----------  

<S>                                                              <C>              <C>               <C>               <C>        
Operating lease rentals                                          $   535,335      $   729,031       $ 1,820,376       $ 2,621,424
Direct financing lease income                                         39,125           56,591           135,821           189,022
Depreciation and amortization                                       (236,637)        (441,363)         (985,777)       (1,561,429)
Interest expense on related discounted lease rentals                 (26,252)         (63,245)         (102,551)         (225,634)
                                                                 -----------      -----------       -----------       -----------

   Leasing margin                                                $   311,571      $   281,014       $   867,869       $ 1,023,383
                                                                 ===========      ===========       ===========       ===========

   Leasing margin ratio                                                   54%              36%               44%               36%
                                                                 ===========      ===========       ===========       ===========
</TABLE>


                                        7

<PAGE>


                              LEASTEC INCOME FUND V
                        A California Limited Partnership

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

                                   (continued)

LEASING MARGIN, (continued)

All components of leasing  margin for the nine months ended  September 30, 1996,
compared to the  comparable  period of 1995,  have  declined and are expected to
decline further, due to portfolio run-off.

Leasing  margin ratio for both  periods and leasing  margin for the three months
ended  September 30, 1996 increased  compared to the  comparable  period of 1995
primarily  because  of (a)  remarketing  activities,  and (b) a  portion  of the
Partnership's  portfolio consists of operating leases financed with non-recourse
debt.  Leasing margin and leasing  margin ratio for an operating  lease financed
with  non-recourse  debt increases  during the term of the lease since rents and
depreciation  are typically fixed while interest expense declines as the related
non-recourse debt is repaid.

The ultimate rate of return on leases depends,  in part, on the general level of
interest  rates at the time the leases  are  originated.  Because  leasing is an
alternative to financing equipment purchases with debt, lease rates tend to rise
and fall with  interest  rates  (although  lease rate  movements  generally  lag
interest rate  movements in the capital  market).  Interest  rates declined from
1990 until the early part of 1994. The lease rates on equipment purchased by the
Partnership during that period reflect that low interest rate environment.  This
will  result in  corresponding  reductions  in the  ultimate  overall  yields to
partners.

EQUIPMENT SALES MARGIN

Equipment sales margin consists of the following:
<TABLE>
<CAPTION>


                                                                      Three months ended                 Nine months ended
                                                                         September 30,                     September 30,
                                                                ----------------------------        ---------------------------
                                                                      1996          1995                1996            1995
                                                                ------------    ------------        ------------    -----------  


<S>                                                              <C>            <C>               <C>               <C>        
Equipment sales revenue                                          $   775,840    $    44,102       $ 1,227,338       $   317,034
Cost of equipment sales                                             (365,446)       (23,738)         (726,090)         (160,869)
                                                                 -----------    -----------       -----------       -----------
   Equipment sales margin                                        $   410,394    $    20,364       $   501,248       $   156,165
                                                                 ===========    ===========       ===========       ===========
</TABLE>


The Partnership is in its liquidation period.  During the liquidation period, as
initial leases terminate, equipment is being remarketed (i.e., re-leased or sold
to either the original lessee or a third party) and, accordingly, the timing and
amount of equipment sales cannot be projected accurately.

PROVISION FOR LOSSES

The  remarketing  of  equipment  for an amount  greater  than its book  value is
reported as equipment  sales margin (if the equipment is sold) or leasing margin
(if the equipment is re-leased). The realization of less than the carrying value
of equipment (which is typically not known until  remarketing  subsequent to the
initial lease termination has occurred) is recorded as provision for losses.

                                       8

<PAGE>


                              LEASTEC INCOME FUND V
                        A California Limited Partnership

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations
                                   (continued)

PROVISION FOR LOSSES, continued

Residual values are established equal to the estimated value to be received from
the equipment following termination of the lease. In estimating such values, the
Partnership considers all relevant facts regarding the equipment and the lessee,
including,  for  example,  the  likelihood  that the lessee  will  re-lease  the
equipment.  The nature of the  Partnership's  leasing  activities is that it has
credit  exposure and residual value exposure and,  accordingly,  in the ordinary
course of business,  it will incur losses from those exposures.  The Partnership
performs   ongoing   quarterly   assessments  of  its  assets  to  identify  any
other-than-temporary losses in value.

No provision  for losses were  recorded  during either the three and nine months
ended  September  30,  1996 or the  corresponding  periods  in 1995  because  no
other-than-temporary  losses in the value of equipment  were  identified  in the
quarterly assessments of the Partnership's assets.


EXPENSES

General  and  administrative   expenses  increased  primarily  due  to  $107,928
reimbursed to the general  partner  during the second quarter 1996 for insurance
costs related to prior years.

Management fees paid to the general partner decreased due to portfolio run-off.


Liquidity and Capital Resources
-------------------------------

The Partnership funds its activities  principally with cash from rents, interest
income and sale of off-lease equipment.  Available cash and cash reserves of the
Partnership  are invested in interest  bearing cash accounts and short-term U.S.
government securities pending distributions to the partners.

During the three  months ended  September  30, 1996,  the  Partnership  declared
distributions to the partners of $915,818 ($447,003 of which was paid in October
1996),  all of which  constituted  a return  of  capital.  Distributions  may be
characterized for tax,  accounting and economic purposes as a return of capital,
a return  on  capital  or both.  The  total  return  on  capital  over a leasing
partnership's  life can only be determined at the termination of the Partnership
after all residual cash flows (which  include  proceeds from the  re-leasing and
sale of equipment after initial lease terms expire) have been realized. However,
as the  general  partner  has  represented  for  the  last  several  years,  all
distributions to the partners are expected to be a return of capital.




                                        9

<PAGE>


                              LEASTEC INCOME FUND V
                        A California Limited Partnership

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations
                                   (continued)

Liquidity and Capital Resources, continued
-------------------------------

The general partner  currently  anticipates  that the Partnership  will generate
cash flow from rentals and  equipment  sales during the remainder of 1996 which,
when added to cash and cash equivalents on hand, should provide  sufficient cash
to enable the Partnership to meet its current operating requirements and to fund
distributions  to the Class A limited  partners.  The general partner  currently
anticipates  that  the  remaining  1996  distributions  to the  Class A  limited
partners  are expected to be in the range of an  annualized  rate of 1% to 3% of
their  capital  contributions  (all of  which  is  expected  to be a  return  of
capital).  Because  the  Partnership  is  in  liquidation,  as  defined  in  the
Partnership  Agreement,  cash distributions to the Class A limited partners will
be based upon cash availability and will vary.

The  Partnership  is required to dissolve  and  distribute  all of its assets no
later than December 31, 1998. However,  the general partner anticipates that all
equipment  will be sold  prior to that  date and  that the  Partnership  will be
liquidated earlier.

The Class B distributions  of cash from operations are subordinated to the Class
A limited partners receiving distributions of cash from operations, as scheduled
in the Partnership Agreement (i.e., 15%). Therefore,  because of the decrease in
the  distributions  to the Class A limited  partners  effective as of June 1994,
CAII, the sole Class B limited partner,  ceased receiving  distributions of cash
from  operations  as of March 1994 and, as a result of this  subordination,  the
general  partner  currently  anticipates  that CAII will not  receive any future
Class B distributions  related to the $1.2 million of Class B limited  partner's
capital shown on the accompanying Balance Sheets.


                                       10

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                                    PART II.

                                OTHER INFORMATION


Item 1.   Legal Proceedings

          The Partnership is involved in routine legal proceedings incidental to
          the conduct of its  business.  The general  partner  believes  none of
          these legal  proceedings  will have a material  adverse  effect on the
          financial condition or operations of the Partnership.


Item 6.   Exhibits and Reports on Form 8-K

          (a)    None
          (b)    The Partnership did not file any reports on Form 8-K during the
                 quarter ended September 30, 1996.

                                       11

<PAGE>



                              LEASTEC INCOME FUND V
                        A California Limited Partnership

                                    Signature



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Partnership  has duly  caused  this  report to be  signed  on its  behalf by the
undersigned thereunto duly authorized.



                                 LEASTEC INCOME FUND V
                                 A California Limited Partnership

                                 By:   CAI Partners Management Company


Dated: October 30, 1996          By:   /s/John E. Christensen
                                       ----------------------
                                       John E. Christensen
                                       Senior Vice President,
                                       Chief Administrative Officer and Director


                                       12