SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-Q

                QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

/X/  Quarterly report pursuant to Section 13 or 15(d) of the Securities
     Exchange Act of 1934

For the quarterly period ended September 30, 1998

/ /  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:  0-17658

                        Fidelity Leasing Income Fund V, L.P.
_______________________________________________________________________________
              (Exact name of registrant as specified in its charter)

                Delaware                          23-2496362
_______________________________________________________________________________
        (State of organization)        (I.R.S. Employer Identification)        

                 3 North Columbus Boulevard, Philadelphia, PA 19106
_______________________________________________________________________________
                (Address of principal executive offices)   (Zip code)

                                   (215) 574-1636
_______________________________________________________________________________
                (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 regis-
trant was required to file such reports), and (2) has been subject to such fil-
ing requirements for the past 90 days.

Yes  __X__  No _____











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                      FIDELITY LEASING INCOME FUND V, L.P.

                   NOTES TO FINANCIAL STATEMENTS (Continued)

2.  RELATED PARTY TRANSACTIONS (Continued)

    Amounts due from related parties at September 30, 1998 and December 31, 
    1997 represent monies due the Fund from the General Partner and/or other
    affiliated funds for rentals and sales proceeds collected and not yet re-
    mitted to the Fund.

    Amounts due to related parties at September 30, 1998 and December 31, 1997 
    represents monies due to the General Partner for the fees and costs 
    mentioned above, as well as, rentals and sales proceeds collected by the 
    Fund on behalf of other affiliated funds.

3.  CASH DISTRIBUTION

    The General Partner declared and paid a cash distribution of $125,000 in 
    November 1998 for the three months ended September 30, 1998, to all 
    admitted partners as of September 30, 1998.

4.  YEAR 2000 COMPLIANCE

    The "Year 2000 Issue" addresses the ability of computer programs to 
    distinguish between the year 2000 and the year 1900.  Computer programs 
    were written using two digits rather than four digits for the year in a 
    date field.  This could ultimately result in miscalculations or inaccur-
    acies in processing data.

    The Fund is currently in the process of ensuring that all of its systems 
    are Year 2000 compliant.  The Fund's operating system is year 2000 
    capable.  Additionally, two of the three main software systems are Year 
    2000 compliant and in the testing phase.  The third software system is 
    expected to be year 2000 capable by July 1999.

    The costs incurred to make the software system Year 2000 compliant have 
    not been material as of September 30, 1998.  It is not anticipated that 
    any remaining costs incurred to complete this project will have a material 
    affect on the net income of the Fund.  

    Furthermore, all significant outside suppliers have been contacted to 
    ensure that their systems will be Year 2000 compliant.  All have indicated
    that their systems are in compliance or that Year 2000 Compliance programs
    will be completed in early 1999.  If the Fund determines that any of its 
    significant external suppliers are not in compliance, the Fund will not be
    materially adversely affected and will seek the services of another 
    supplier.








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                                   SIGNATURES

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

               FIDELITY LEASING INCOME FUND V, L.P.




                      By:  Freddie M. Kotek
         4/6/99            _____________________________
          Date             Freddie M. Kotek
                           President of F.L. Partnership Management, Inc.
                          (Principal Operating Officer)




                      By:  Marianne T. Schuster
         4/6/99            _____________________________
          Date             Marianne T. Schuster
                           Vice President of F.L. Partnership Management, Inc.
                           (Principal Financial Officer)































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