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, 1995

/ /  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)        

                  250 King of Prussia Road, Radnor, PA       19087
_______________________________________________________________________________
                (Address of principal executive offices)   (Zip code)

                                   (610) 964-7102
_______________________________________________________________________________
                (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 _____



















                                    Page 1 of 11
Part I:  Financial Information
Item 1:  Financial Statements

                        FIDELITY LEASING INCOME FUND V, L.P.

                                   BALANCE SHEETS

                                       ASSETS

                                          (Unaudited)               (Audited)   
                                         September 30,             December 31, 
                                             1995                      1994     
                                         _____________            _____________ 

Cash and cash equivalents                 $4,038,223                $ 4,776,517 

Investment securities held to maturity          -                       495,991 

Accounts receivable                          142,437                    271,585 

Interest receivable                            1,404                     24,920 

Due from related parties                      22,252                     47,556 

Equipment under operating leases
(net of accumulated depreciation
of $16,051,553 and $22,658,526,
respectively)                              4,771,568                  6,008,750 

Net investment in direct financing leases    297,618                    782,651 

Equipment held for sale or lease              23,039                    560,211 
                                          __________                ___________ 

       Total assets                       $9,296,541                $12,968,181 
                                          ==========                =========== 

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $  521,589                $   351,854 

     Accounts payable - equipment            532,667                       -    

     Accounts payable and
      accrued expenses                       263,673                    275,955 

     Due to related parties                   21,029                      4,411 
                                          __________                ___________ 

       Total liabilities                   1,338,958                    632,220 

Partners' capital                          7,957,583                 12,335,961 
                                          __________                ___________ 
           Total liabilities and
            partners' capital             $9,296,541                $12,968,181 
                                          ==========                =========== 


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



                                         2
                        FIDELITY LEASING INCOME FUND V, L.P.

                              STATEMENTS OF OPERATIONS

                                    (Unaudited)

                                    Three Months Ended      Nine Months Ended 
                                       September 30            September 30   
                                     1995        1994        1995        1994 
                                     ____        ____        ____        ____ 

Income:
     Rentals                     $1,382,282  $2,709,164  $4,239,127  $6,695,084
     Earned income on direct
      financing leases               24,944      18,748      58,502      58,500
     Interest                        53,801      43,850     176,606     106,227
     Gain on sale of equipment,
      net                           743,166     695,116   1,023,022     787,768
     Other                              574      13,139       6,183      29,044
                                 __________  __________  __________  __________

                                  2,204,767   3,480,017   5,503,440   7,676,623
                                 __________  __________  __________  __________

Expenses:
     Depreciation                   878,741   1,452,623   3,015,620   4,843,537
     Write-down of equipment to
      net realizable value            6,161     150,000     114,931     150,000
     General and administrative       6,251      61,081      43,009     225,533
     General and administrative to
      related party                  24,268      56,689     111,323     194,052
     Management fee to related
      party                          94,487     162,528     265,855     401,641
                                 __________  __________  __________  __________

                                  1,009,908   1,882,921   3,550,738   5,814,763
                                 __________  __________  __________  __________

Net income                       $1,194,859  $1,597,096  $1,952,702  $1,861,860
                                 ==========  ==========  ==========  ==========

Net income per equivalent
  limited partnership unit       $    43.73  $    41.53  $    64.86  $    45.21
                                 ==========  ==========  ==========  ==========

Weighted average number of
  equivalent limited partner-
  ship units outstanding
  during the period                  27,205      38,131      29,484      40,271
                                 ==========  ==========  ==========  ==========









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


                                          3

                        FIDELITY LEASING INCOME FUND V, L.P.

                           STATEMENT OF PARTNERS' CAPITAL

                    For the nine months ended September 30, 1995

                                    (Unaudited)

                                  General     Limited Partners
                                  Partner     Units     Amount         Total
                                  _______     _____     ______         _____

Balance, January 1, 1995         $28,230     79,679  $12,307,731   $12,335,961 

Redemptions                         -          (629)     (76,387)      (76,387)

Cash distributions               (62,546)      -      (6,192,147)   (6,254,693)

Net income                        40,300       -       1,912,402     1,952,702 
                                 _______     ______  ___________   ___________ 

Balance, September 30, 1995      $ 5,984     79,050  $ 7,951,599   $ 7,957,583 
                                 =======     ======  ===========   =========== 




































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



                                         4
                        FIDELITY LEASING INCOME FUND V, L.P.
                              STATEMENTS OF CASH FLOWS
                For the nine months ended September 30, 1995 and 1994
                                     (Unaudited)
                                                      1995          1994   
                                                      ____          ____   
Cash flows from operating activities:
     Net income                                   $1,952,702    $1,861,860 
                                                  __________    __________ 
     Adjustments to reconcile net income
      to net cash provided by operating activities:
     Depreciation                                  3,015,620     4,843,537 
     Write down of equipment to 
      net realizable value                           114,931       150,000 
     Proceeds from direct financing leases,
      net of earned income                           485,033        98,628 
     Gain on sale of equipment, net               (1,023,022)     (787,768)
     (Increase) decrease in accounts receivable      129,148      (133,968)
     (Increase) decrease in due from
      related parties                                 25,304       271,538 
     Increase (decrease) in lease rents paid 
      in advance                                     169,735       (94,011)
     Increase (decrease) in accounts payable -
      equipment                                      532,667          -    
     Increase (decrease) in accounts payable and
      accrued expenses                               (12,282)      (28,587)
     Increase (decrease) in due to related parties    16,618        35,693 
     Increase (decrease) in other, net                23,516         2,470 
                                                  __________    __________ 
                                                   3,477,268     4,357,532 
                                                  __________    __________ 
     Net cash provided by operating activities     5,429,970     6,219,392 
                                                  __________    __________ 

Cash flows from investing activities:
     Acquisition of equipment                     (2,641,328)     (585,540)
     Maturity of investment securities held
      to maturity                                    495,991       501,664 
     Proceeds from sale of equipment               2,308,153     1,588,611 
                                                  __________    __________ 

     Net cash provided by investing activities       162,816     1,504,735 
                                                  __________    __________ 

Cash flows from financing activities:
     Distributions                                (6,254,693)   (4,162,344)
     Redemptions of capital                          (76,387)     (592,303)
                                                  __________    __________ 

     Net cash used in financing activities        (6,331,080)   (4,754,647)
                                                  __________    __________ 

     Increase (decrease) in cash and 
      cash equivalents                              (738,294)    2,969,480 

     Cash and cash equivalents, beginning
      of period                                    4,776,517     2,290,588 
                                                  __________    __________ 

     Cash and cash equivalents, end of period     $4,038,223    $5,260,068 
                                                  ==========    ========== 
     The accompanying notes are an integral part of these financial statements. 

                                         5
                        FIDELITY LEASING INCOME FUND V, L.P.

                            NOTES TO FINANCIAL STATEMENTS

                                 September 30, 1995

                                     (Unaudited)

The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with generally accepted accounting principles,
pursuant to the rules and regulations of the Securities and Exchange Commis-
sion.  In the opinion of Management, all adjustments (consisting of normal 
recurring accruals) considered necessary for a fair presentation have been
included.  Certain amounts on the 1994 financial statements have been
reclassified to conform to the presentation adopted in 1995.

1.  EQUIPMENT LEASED

    Equipment on lease consists primarily of computer peripheral equipment
    under operating leases.  A majority of the equipment was manufactured by
    IBM.  The lessees have agreements with the manufacturer to provide main-
    tenance for the leased equipment.  The Fund's operating leases are for
    initial lease terms of 9 to 60 months.  Generally, operating leases will
    not recover all of the undepreciated cost and related expenses of its 
    rental equipment during the initial lease terms and the Fund is prepared to
    remarket the equipment in future years.  Fund policy is to review quarterly
    the expected economic life of its rental equipment in order to determine
    the recoverability of its undepreciated cost.  Recent and anticipated
    technological developments affecting computer equipment and competitive 
    factors in the marketplace are considered among other things, as part of 
    this review.  In accordance with Generally Accepted Accounting Principles,
    the Fund writes down its rental equipment to its estimated net realizable
    value when the amounts are reasonably estimated and only recognizes gains
    upon actual sale of its rental equipment.  As a result, $114,931 and 
    $150,000 was charged to write-down of equipment to net realizable value for 
    the nine months ended September 30, 1995 and 1994, respectively.  The 
    General Partner believes, after analyzing the current equipment portfolio, 
    that there are impending gains to be recognized upon the sale of certain of 
    its equipment in future years.  Any future losses are dependent upon 
    unanticipated technological developments affecting the computer equipment 
    industry in subsequent years.

    The Fund also has equipment leased under the direct financing method in
    accordance with Statement of Financial Accounting Standards No. 13.  This
    method provides for recognition of income (the excess of the aggregate
    future rentals and estimated additional amounts recoverable upon expiration
    of the lease over the related equipment cost) over the life of the lease
    using the interest method.

    The net investment in direct financing leases as of September 30, 1995 is 
    as follows:

          Net minimum lease payments to be received        $350,000 
          Less unearned income                               52,000 
          Add expected future residuals                        -    
                                                           ________ 

                                                           $298,000 
                                                           ======== 




                                         6
                        FIDELITY LEASING INCOME FUND V, L.P.
                      NOTES TO FINANCIAL STATEMENTS (Continued)

1.  EQUIPMENT LEASED (Continued)

    The future approximate minimum rentals to be received on noncancellable
    operating leases as of September 30, 1995 are as follows:
                                                             Direct  
            Years Ending December 31       Operating        Financing
            ________________________       _________        _________

                      1995                $1,096,000         $ 23,000
                      1996                 2,953,000           93,000
                      1997                 1,703,000           93,000
                      1998                   438,000           93,000
                      1999                      -              48,000
                                          __________         ________
                                          $6,190,000         $350,000
                                          ==========         ========

2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 6% or 3% of gross rental payments from equip-
    ment under operating leases and full pay-out leases, respectively, for
    administrative and management services performed on behalf of the Fund.
    Full pay-out leases are noncancellable leases with terms in excess of 42
    months and for which rental payments during the initial term are at least
    sufficient to recover the purchase price of the equipment, including acqui-
    sition fees.  This management fee is paid quarterly after the Limited
    Partners have received distributions at a rate of 12% per year on the 
    aggregate amnount paid for their units.

    Additionally, the General Partner and its affiliates are reimbursed by the
    Fund for certain costs of services and materials used by or for the Fund
    except those items covered by the above-mentioned fees.  Following is a
    summary of fees and costs of services and materials charged by the General
    Partner or its affiliates during the three and nine months ended Sep-
    tember 30:
                              Three Months Ended            Nine Months Ended
                                 September 30                  September 30  
                              1995          1994             1995        1994
                              ____          ____             ____        ____

      Management fee        $94,487      $162,528          $265,855    $401,641
      Reimbursable costs     24,268        56,689           111,323     194,052

    Amounts due from related parties at September 30, 1995 and December 31, 
    1994 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 the Fund.

    Amounts due to related parties at September 30, 1995 and December 31, 1994
    represent monies due to the General Partner for the fees and costs men-
    tioned above, as well as, rentals and sales proceeds collected by the Fund
    on behalf of other affiliated funds.

3.  SUBSEQUENT EVENT

    Cash Distribution:

    The General Partner declared and paid a cash distribution of $506,295 in 
    November 1995 for the three months ended September 30, 1995, to all 
    admitted partners as of September 30, 1995.
                                          7
                        FIDELITY LEASING INCOME FUND V, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

    Fidelity Leasing Income Fund V, L.P. had revenues of $2,204,767 and 
$3,480,017 for the three months ended September 30, 1995 and 1994, 
respectively, and $5,503,440 and $7,676,623 for the nine months ended September
30, 1995 and 1994, respectively.  Rental income from the leasing of computer 
peripheral equipment accounted for 63% and 78% of total revenues for the third 
quarter of 1995 and 1994, respectively and 77% and 87% for the nine months 
ended September 30, 1995 and 1994, respectively.  The decrease in revenues is 
primarily attributable to a decrease in rental income.  In 1995, rental income 
decreased by approximately $3,128,000 because of equipment which came off 
lease and was re-leased at lower rental rates or sold.  This decrease, however, 
was offset by approximately $672,000 of rents generated from equipment 
purchased since the third quarter of 1994.  The overall decrease in total 
revenues was offset by an increase in the net gain on sale of equipment and 
interest income.  The Fund recognized a net gain on sale of equipment of 
$1,023,022 for the nine months ended September 30, 1995 compared to $787,768 
for the nine months ended September 30, 1994.  Interest income increased in 
1995 because of the rise in interest rates since September of 1994.

    Expenses were $1,009,908 and $1,882,921 for the three months ended Septem-
ber 30, 1995 and 1994, respectively and $3,550,738 and $5,814,763 for the nine
months ended September 30, 1995 and 1994, respectively.  Depreciation expense 
comprised 87% and 77% of total expenses during the third quarter of 1995 and 
1994, respectively and 85% and 83% of total expenses during the first nine 
months of 1995 and 1994, respectively.  The decrease in expenses between 1995 
and 1994 is primarily attributable to a decrease in depreciation expense 
because of equipment which came off lease and was terminated or sold since 
September of 1994.  In addition, equipment expenses incurred by the Fund for 
remarketing of equipment, which are included in general and administrative 
expenses, decreased in 1995 as compared to 1994.  During 1995, management fee 
to related party decreased proportionate to the decrease in rental income which 
also accounts for the decrease in total expenses.  Furthermore, general and 
administrative expenses to related party decreased in 1995 because of a decline 
in the reimbursable costs incurred to the General Partner for remarketing of 
eequipment.  Finally, based upon the review of the recoverability of the 
undepreciated cost of rental equipment, $114,931 was charged to operations to 
write down equipment to its net realizable value for the nine months ended 
September 30, 1995 as compared to $150,000 for the nine months ended Sep-
tember 30, 1994 which also accounts for the decrease in total expenses.  The 
General Partner believes, after analyzing the current equipment portfolio, that 
there are impending gains to be recognized upon the sale of certain of its 
equipment in future years.  Any future losses are dependent upon unanticipated 
technological developments affecting the computer equipment industry in 
subsequent years.

    For the three months ended September 30, 1995 and 1994, the Fund had net 
income of $1,194,859 and $1,597,096, respectively.  For the nine months ended 
September 30, 1995 and 1994, the Fund had net income of $1,952,702 and 
$1,861,860, respectively.  The earnings per equivalent limited partnership 
unit, after earnings allocated to the General Partner were $43.73 and $41.53 
based on a weighted average number of equivalent limited partnership units 
outstanding of 27,205 and 38,131 for the quarter ended September 30, 1995 and 
1994, respectively.  The earnings per equivalent limited partnership unit, 
after earnings allocated to the General Partner, were $64.86 and $45.21 based 
on a weighted average number of equivalent limited partnership units outstand-
ing of 29,484 and 40,271 for the nine months ended September 30, 1995 and 1994, 
respectively.
                                         8
                        FIDELITY LEASING INCOME FUND V, L.P.

Item 2:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS (Continued)

    The Fund generated funds from operations of $1,336,595 and $2,504,603, for 
the purpose of determining cash available for distribution and distributed 
$506,295 and $1,367,899 to partners in November 1995 and 1994, respectively.  
For the nine months ended September 30, 1995 and 1994, the Fund generated funds 
from operations of $4,060,231 and $6,067,629 and distributed $3,523,744 and 
$2,739,955 to partners during the nine months ended September 30, 1995 and 
1994, respectively and $506,295 and $1,367,899 in November 1995 and 1994,
respectively.

ANALYSIS OF FINANCIAL CONDITION

    The Fund continues to purchase computer peripheral equipment, with cash 
available from operations and sales proceeds which were not distributed to 
partners.  The Fund purchased $2,641,328 and $585,540 of equipment during the 
nine months ended September 30, 1995 and 1994, respectively

    The cash position of the Fund is reviewed daily and cash is invested on a
short-term basis.

    The Fund's cash from operations is expected to continue to be adequate to
cover all operating expenses and contingencies during the next twelve month 
period.

































                                          9

Part II:  Other Information


                        FIDELITY LEASING INCOME FUND V, L.P.

                                 September 30, 1995

Item 1.  Legal Proceedings:  Inapplicable.

Item 2.  Changes in Securities:  Inapplicable.

Item 3.  Defaults Upon Senior Securities:  Inapplicable.

Item 4.  Submission of Matters to a Vote of Securities Holders:  Inapplicable.

Item 5.  Other Information:  Inapplicable.

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

          a) Exhibits:  EX-27

          b) Reports on Form 8-K:   A report on Form 8-K was filed on October 
              12, 1995 with the Securities and Exchange Commission reporting
              under Item 1.







































                                         10
                                     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.




            11-14-95    By:  P. Donald Mooney
            ________         _____________________________
            Date             P. Donald Mooney
                             President of
                             Fidelity Leasing Corporation
                             (Principal Operating Officer)




            11-14-95    By:  Marianne T. Schuster
            ________         _____________________________
            Date             Marianne T. Schuster
                             Vice President of
                             Fidelity Leasing Corporation
                             (Principal Financial Officer)




































                                         11
                                     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.




            _______          _____________________________
            Date             P. Donald Mooney
                             President of
                             Fidelity Leasing Corporation
                             (Principal Operating Officer)




            _______          _____________________________
            Date             Marianne T. Schuster
                             Vice President of
                             Fidelity Leasing Corporation
                             (Principal Financial Officer)




































                                         11