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                     June 30, 1997
                               -------------------------------------------------

                                       OR

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

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

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

             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
                                  June 30, 1997


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


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

              Balance Sheets-June 30, 1997 and December 31, 1996             3

              Statements of Income-Three and Six months ended
              June 30, 1997 and 1996                                         4

              Statements of Cash Flows-Six months ended
              June 30, 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
                                                         June 30,   December 31,
                                                          1997         1996
                                                       ----------   ------------
Cash and cash equivalents                              $  357,757     $  465,217
Accounts receivable, net                                   11,229        122,357
Equipment held for sale or re-lease                       128,696        128,696
Net investment in direct finance leases                   758,254      1,105,111
Leased equipment, net                                     723,696      1,011,332
                                                       ----------     ----------
Total assets                                           $1,979,632     $2,832,713
                                                       ==========     ==========

LIABILITIES AND PARTNERS' CAPITAL

LIABILITIES:
  Accounts payable and accrued liabilities             $  163,575     $  283,321
  Payable to affiliates                                    12,012         31,361
  Rents received in advance                                     -         34,242
  Distributions payable to partners                       136,894        225,019
  Discounted lease rentals                                478,083        721,550
                                                       ----------     ----------
  Total liabilities                                       790,564      1,295,493
                                                       ----------     ----------

PARTNERS' CAPITAL:
  General partner                                               -              -
  Limited partners:
    Class A                                                   367        360,500
    Class B                                             1,188,701      1,176,720
                                                       ----------     ----------
  Total partners' capital                               1,189,068      1,537,220
                                                       ----------     ----------

  Total liabilities and partners' capital              $1,979,632     $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)

<TABLE>
<CAPTION>


                                                         Three months ended                   Six months ended
                                                              June 30,                           June 30,
                                                  -----------------------------         -----------------------------
                                                     1997               1996               1997               1996
                                                  ----------         ----------         ----------         ----------
<S>                                              <C>                <C>                <C>                <C>       
REVENUE:
  Operating lease rentals                         $  312,251         $  641,909         $  627,409         $1,285,041
  Direct financing lease income                       23,872             45,630             51,531             96,696
  Equipment sales margin                              56,775             89,564            121,950             90,854
  Interest income                                      2,918              2,154              7,093              7,787
                                                  ----------         ----------         ----------         ----------

    Total revenue                                    395,816            779,257            807,983          1,480,378
                                                  ----------         ----------         ----------         ----------

EXPENSES:
  Depreciation and amortization                      137,683            362,956            242,484            749,140
  Provision for losses                                     -                  -                  -                  -
  Management fees paid to general partner             25,063             43,439             48,645             86,620
  Interest on discounted lease rentals                13,228             33,318             29,043             76,299
  Direct services from general partner                18,470             18,141             32,744             35,502
  General and administrative                          66,047            173,700            108,482            216,285
                                                  ----------         ----------         ----------         ----------

    Total expenses                                   260,491            631,554            461,398          1,163,846
                                                  ----------         ----------         ----------         ----------

NET INCOME                                        $  135,325         $  147,703         $  346,585         $  316,532
                                                  ==========         ==========         ==========         ==========

NET INCOME ALLOCATED:
  To the general partner                          $   11,053         $   11,581         $   34,737         $   51,052
  To the Class A limited partners                    119,498            130,892            299,867            255,280
  To the Class B limited partner                       4,774              5,230             11,981             10,200
                                                  ----------         ----------         ----------         ----------

                                                  $  135,325         $  147,703         $  346,585         $  316,532
                                                  ==========         ==========         ==========         ==========

Net income per weighted average Class A
limited partner unit outstanding                  $      .60         $      .66         $     1.51         $     1.29
                                                  ==========         ==========         ==========         ==========

Weighted average Class A limited partner
units outstanding                                    198,025            198,151            198,025            198,308
                                                  ==========         ==========         ==========         ==========

</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)



                                                          Six months ended
                                                              June 30,
                                                     --------------------------
                                                        1997           1996
                                                     -----------    -----------

NET CASH PROVIDED BY OPERATING ACTIVITIES            $   918,869    $ 1,754,148
                                                     -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Principal payments on discounted lease rentals        (243,467)      (835,015)
  Redemptions of Class A limited partner units                 -        (10,248)
  Distributions to partners                             (782,862)    (1,017,558)
                                                     -----------    -----------

Net cash used in financing activities                 (1,026,329)    (1,862,821)
                                                     -----------    -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS               (107,460)      (108,673)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD         465,217        446,663
                                                     -----------    -----------

CASH AND CASH EQUIVALENTS AT END OF PERIOD           $   357,757    $   337,990
                                                     ===========    ===========

Supplemental disclosure of cash flow information:
Interest paid on discounted lease rentals            $    29,043    $    76,299









   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:

<TABLE>
<CAPTION>



                                                Condensed Statements                          Condensed Statements
                                                   of Income for           The effect on         of Income for         The effect on
                                                  the three months           net income          the six months          net income
                                                   ended June 30,            of changes          ended June 30,          of changes
                                             --------------------------       between      --------------------------     between 
                                                 1997          1996           periods         1997          1996          periods
                                             ------------  ------------    -------------   ------------  ------------  -------------

<S>                                          <C>           <C>              <C>            <C>           <C>            <C>       
Leasing margin                                $ 185,212     $ 291,265        $(106,053)     $ 407,413     $ 556,298      $(148,885)
Equipment sales margin                           56,775        89,564          (32,789)       121,950        90,854         31,096
Interest income                                   2,918         2,154              764          7,093         7,787           (694)
Management fees paid to general partner         (25,063)      (43,439)          18,376        (48,645)      (86,620)        37,975
Direct services from general partner            (18,470)      (18,141)            (329)       (32,744)      (35,502)         2,758
General and administrative                      (66,047)     (173,700)         107,653       (108,482)     (216,285)       107,803
Provision for losses                                  -             -                -              -             -              -
                                              ---------     ---------        ---------      ---------     ---------      ---------

Net income                                    $ 135,325     $ 147,703        $ (12,378)     $ 346,585     $ 316,532      $  30,053
                                              =========     =========        =========      =========     =========      =========

</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              Six months ended
                                                                   June 30,                        June 30,
                                                        ---------------------------      ------------------------------
                                                            1997           1996              1997              1996
                                                        ------------   ------------      ------------      ------------ 

<S>                                                    <C>            <C>               <C>               <C>        
Operating lease rentals                                 $   312,251    $   641,909       $   627,409       $ 1,285,041
Direct financing lease income                                23,872         45,630            51,531            96,696
Depreciation and amortization                              (137,683)      (362,956)         (242,484)         (749,140)
Interest expense on related discounted lease rentals        (13,228)       (33,318)          (29,043)          (76,299)
                                                        -----------    -----------       -----------       -----------

Leasing margin                                          $   185,212    $   291,265       $   407,413       $   556,298
                                                        ===========    ===========       ===========       ===========

Leasing margin ratio                                             55%            42%               60%               40%
                                                        ===========    ===========       ===========       ===========
</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)

Results of Operations, continued
---------------------

LEASING MARGIN, (continued)

All  components  of leasing  margin for the three and six months  ended June 30,
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 and six months ended June 30, 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,  as well as  future
equipment  values and on-going  lessee  creditworthiness.  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          Six months ended
                                     June 30,                   June 30,
                              ---------------------    ------------------------
                                1997         1996         1997          1996
                              ---------   ---------    ----------    ---------- 


Equipment sales revenue       $ 56,775    $ 163,208    $ 157,950     $  451,498
Cost of equipment sales              -      (73,644)     (36,000)      (360,644)
                              --------    ---------    ---------     ----------
   Equipment sales margin     $ 56,775    $  89,564    $ 121,950     $   90,854
                              ========    =========    =========     ==========

                                        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)

Results of Operations, continued
---------------------

PROVISION FOR LOSSES

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.

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 six months ended June 30, 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.  General and  administrative  expenses for the three and six
months ended June 30, 1996 included  $107,928  reimbursed to the general partner
for insurance costs related to prior years.


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  six  months  ended  June  30,  1997,   the   Partnership   declared
distributions  to the  partners of $694,737  ($136,894 of which was paid in July
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.

                                        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  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).

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 June 30, 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:    August 12, 1997              By:  /s/Anthony M. DiPaolo
                                            ---------------------
                                            Anthony M. DiPaolo
                                            Senior Vice President


                                       12