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                  March 31, 1997
                               -------------------------------------------------

                                       OR

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

For the transition period from                       to
                               ---------------------    ------------------------

Commission file number                             0-18555
                      ----------------------------------------------------------

             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
                                 March 31, 1997


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


PART I.    FINANCIAL INFORMATION                                           PAGE
                                                                           ----
     Item 1.  Financial Statements (Unaudited)

              Balance Sheets-March 31, 1997 and December 31, 1996           3

              Statements of Income-Three months ended
              March 31, 1997 and 1996                                       4

              Statements of Cash Flows-Three months ended
              March 31, 1997 and 1996                                       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)

                                     ASSETS
                                                         March 31,  December 31,
                                                            1997         1996
                                                        ----------- ------------

Cash and cash equivalents                               $  373,022   $  465,217
Accounts receivable, net                                     1,945      122,357
Equipment held for sale or re-lease                        128,696      128,696
Net investment in direct finance leases                    945,944    1,105,111
Leased equipment, net                                      857,795    1,011,332
                                                        ----------   ----------
          Total assets                                  $2,307,402   $2,832,713
                                                        ==========   ==========

                        LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
     Accounts payable and accrued liabilities           $  160,215   $  283,321
     Payable to affiliates                                  17,302       31,361
     Rents received in advance                               4,000       34,242
     Distributions payable to partners                     263,350      225,019
     Discounted lease rentals                              587,739      721,550
                                                        ----------   ----------
        Total liabilities                                1,032,606    1,295,493
                                                        ----------   ----------

Partners' capital:
     General partner                                             -            -
     Limited partners:
         Class A                                            90,869      360,500
         Class B                                         1,183,927    1,176,720
                                                        ----------   ----------
        Total partners' capital                          1,274,796    1,537,220
                                                        ----------   ----------

          Total liabilities and partners' capital       $2,307,402   $2,832,713
                                                        ==========   ==========







   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)

                                                             Three Months Ended
                                                                  March 31,
                                                            --------------------
                                                              1997        1996
                                                            --------    --------
Revenue:
  Operating lease rentals                                   $315,158    $643,132
  Direct finance lease income                                 27,659      51,066
  Equipment sales margin                                      65,175       1,290
  Interest income                                              4,175       5,633
                                                            --------    --------

         Total revenue                                       412,167     701,121
                                                            --------    --------

Expenses:
  Depreciation and amortization                              104,801     386,184
  Provision for losses                                             -           -
  Management fees paid to general partner                     23,582      43,181
  Interest on discounted lease rentals                        15,815      42,981
  Direct services from general partner                        14,274      17,361
  General and administrative                                  42,435      42,585
                                                            --------    --------

         Total expenses                                      200,907     532,292
                                                            --------    --------

Net income                                                  $211,260    $168,829
                                                            ========    ========

Net income allocated:
  To the general partner                                    $ 23,684    $ 39,471
  To the Class A limited partners                            180,369     124,388
  To the Class B limited partner                               7,207       4,970
                                                            --------    --------
                                                            $211,260    $168,829
                                                            ========    ========

  Net income per weighted average Class A
       limited partner unit outstanding                     $   0.91    $   0.63
                                                            ========    ========

  Weighted average Class A limited partner
       units outstanding                                     198,025     198,465
                                                            ========    ========


   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)





                                                           Three months ended
                                                                March 31,
                                                     ---------------------------
                                                         1997           1996
                                                     -----------    -----------

Net cash provided by operating activities            $   476,970    $ 1,031,899
                                                     -----------    -----------

Cash flows from financing activities:

  Principal payments on discounted lease rentals        (133,811)      (437,034)
  Redemptions of Class A limited partner units                 -         (2,165)
  Distributions to partners                             (435,354)      (571,133)
                                                     -----------    -----------

         Net cash used in financing activities          (569,165)    (1,010,332)
                                                     -----------    -----------

Net increase (decrease) in cash and cash equivalents     (92,195)        21,567

Cash and cash equivalents at beginning of period         465,217        446,663
                                                     -----------    -----------

Cash and cash equivalents at end of period           $   373,022    $   468,230
                                                     ===========    ===========

Supplemental disclosure of cash flow information:
  Interest paid on discounted lease rentals          $    15,815    $    42,981










   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, 1996 has been derived from
         the audited financial  statements  included in the  Partnership's  1996
         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, 1996 (the
         "1996 Form 10-K"),  previously  filed with the  Securities and Exchange
         Commission.




                                        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:

                                              Condensed
                                         Statements of Income
                                         for the three months     The effect on
                                           ended March 31,        net income of
                                       ----------------------    changes between
                                          1997         1996          periods
                                       ---------    ---------    ---------------

Leasing margin                         $ 222,201    $ 265,033      $ (42,832)
Equipment sales margin                    65,175        1,290         63,885
Interest income                            4,175        5,633         (1,458)
Management fees paid to
  general partner                        (23,582)     (43,181)        19,599
Direct services from
  general partner                        (14,274)     (17,361)         3,087
General and administrative
  expenses                               (42,435)     (42,585)           150
Provision for losses                           -            -              -
                                       ---------    ---------      ---------
  Net income                           $ 211,260    $ 168,829      $  42,431
                                       =========    =========      =========

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:

                                                          Three months ended
                                                               March 31,
                                                       -----------------------
                                                          1997         1996
                                                       ---------     ---------

Operating lease rentals                                $ 315,158     $ 643,132
Direct finance lease income                               27,659        51,066
Depreciation and amortization                           (104,801)     (386,184)
Interest expense on related discounted lease rentals     (15,815)      (42,981)
                                                       ---------     ---------
     Leasing margin                                    $ 222,201     $ 265,033
                                                       =========     =========

     Leasing margin ratio                                     65%           38%
                                                              ==            ==

                                        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 three  months  ended March 31, 1997,
compared to the  comparable  period of 1996,  have  declined and are expected to
decline further, due to portfolio run-off.

Leasing  margin  ratio for the three  months  ended  March  31,  1997  increased
compared  to the  comparable  period of 1996  primarily  because of  remarketing
activities.

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.  Annual average 5-year U.S.  Treasury  yields for the past seven years
were as follows:

Annual average 5-year U.S. Treasury Yield

         Year                               Yield
         ----                               -----

         1990                                8.37
         1991                                7.37
         1992                                6.19
         1993                                5.14
         1994                                6.69
         1995                                6.53
         1996                                6.18

EQUIPMENT SALES MARGIN

Equipment sales margin consists of the following:

                                                          Three months ended
                                                               March 31,
                                                       -----------------------
                                                          1997         1996
                                                       ---------     ---------

Equipment sale revenue                                 $ 101,175      $ 288,290
Cost of equipment sales                                  (36,000)      (287,000)
                                                       ---------      ---------
     Equipment sales margin                            $  65,175      $   1,290
                                                       =========      =========

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.

                                        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

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.

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 the three months ended March 31,
1997 or the corresponding periods in 1996 because no other-than-temporary losses
in the value of equipment  were  identified in the quarterly  assessments of the
Partnership's assets.

EXPENSES

Management fees paid to the general partner  decreased  primarily as a result of
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  March  31,  1997,  the  Partnership  declared
distributions  to the partners of $473,684  ($263,350 of which was paid in April
1997),  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.

The general partner  currently  anticipates  that the Partnership  will generate
cash flow from rentals and  equipment  sales during the remainder of 1997 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.  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 for
the remainder of 1997 (all of which is 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  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 March 31, 1997.

                                       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:    May 5, 1997         By:      /s/Anthony M. DiPaolo
                                       ---------------------
                                       Anthony M. DiPaolo
                                       Senior Vice President


                                       12