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 June 30, 1997

/ /  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 No.)

7004 W. Butler Pike, Ambler, Pennsylvania     19002
_______________________________________________________________________________
       (Address of principal executive offices)                  (Zip code)

                                (215) 619-2800
_______________________________________________________________________________
              (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 12
Part I:  Financial Information
Item 1:  Financial Statements

                        FIDELITY LEASING INCOME FUND V, L.P.

                                   BALANCE SHEETS

                                       ASSETS

                                          (Unaudited)              (Audited)  
                                            June 30,              December 31,
                                             1997                     1996    
                                         _____________            ____________

Cash and cash equivalents                  $3,438,980              $3,234,408

Accounts receivable                            90,862                 203,287

Due from related parties                          458                  13,627

Equipment under operating leases
(net of accumulated depreciation
of $8,622,859 and $8,893,982, 
respectively)                               3,593,385               3,902,843

Net investment in direct financing leases     171,289                 209,459

Equipment held for sale or lease               48,981                   6,182
                                           __________              __________
       Total assets                        $7,343,955              $7,569,806
                                           ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance           $  331,142              $  404,342

     Accounts payable - equipment                -                     19,800

     Accounts payable and
      accrued expenses                         76,498                  79,416

     Due to related parties                     9,992                  36,685
                                           __________              __________
       Total liabilities                      417,632                 540,243

Partners' capital                           6,926,323               7,029,563
                                           __________              __________
       Total liabilities and
        partners' capital                  $7,343,955              $7,569,806
                                           ==========              ==========







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       Six Months Ended
                                       June 30                 June 30    
                                 1997          1996      1997         1996
                                 ____          ____      ____         ____

Income:
     Rentals                   $763,288    $  958,732  $1,510,162  $1,979,377
     Earned income on direct 
      financing leases            4,028         5,707       8,491      11,811
     Interest                    41,026        61,327      83,076      92,723
     Gain on sale of equipment,
      net                          -          155,599        -        239,296
     Other                        3,163         2,781       7,747       3,623
                               ________    __________   _________  __________

                                811,505     1,184,146   1,609,476   2,326,830
                               ________    __________   _________  __________

Expenses:
     Depreciation and 
      amortization              555,640       602,989   1,109,123   1,262,051
     Write-down of equipment to
      net realizable value       13,457        94,145      60,868     176,787
     General and administrative  24,346        35,760      44,687      70,973
     General and administrative 
      to related party           42,784        56,265      84,329     106,179
     Management fee to 
      related party              46,497        58,223      92,009     120,162
     Loss on sale of equipment,
      net                         1,437          -         21,700        -   
                               ________    __________  __________  __________

                                684,161       847,382   1,412,716   1,736,152
                               ________    __________  __________  __________

Net income                     $127,344    $  336,764  $  196,760  $  590,678
                               ========    ==========  ==========  ==========

Net income per equivalent
  limited partnership unit     $   5.05    $    13.05  $     7.75  $    22.79
                               ========    ==========  ==========  ==========

Weighted average number of
  equivalent limited partner-
  ship units outstanding 
  during the period              24,929        25,619      24,989      25,712
                               ========    ==========  ==========  ==========






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 six months ended June 30, 1997

                                   (Unaudited)

                                  General     Limited Partners
                                  Partner     Units     Amount         Total
                                  _______     _____     ______         _____

Balance, January 1, 1997          $2,421     76,137    $7,027,142   $7,029,563

Cash distributions                (3,000)      -         (297,000)    (300,000)

Net income                         3,000       -          193,760      196,760
                                  ______     ______    __________   __________

Balance, June 30, 1997            $2,421     76,137    $6,923,902   $6,926,323
                                  ======     ======    ==========   ==========




































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 six months ended June 30, 1997 and 1996
                                  (Unaudited)
                                                      1997          1996    
                                                    ________      ________  
Cash flows from operating activities:
     Net income                                   $  196,760     $  590,678
                                                  __________     __________
     Adjustments to reconcile net income
      to net cash provided by operating activities:
     Depreciation and amortization                 1,109,123      1,262,051
     Write-down of equipment to net 
      realizable value                                60,868        176,787
     Proceeds from direct financing leases,
      net of earned income                            38,170         34,849
     (Gain) loss on sale of equipment, net            21,700       (239,296)
     (Increase) decrease in accounts receivable      112,425        (27,775)
     (Increase) decrease in due from related parties  13,169        150,869
     Increase (decrease) in lease rents paid 
      in advance                                     (73,200)        36,591
     Increase (decrease) in accounts payable-
      equipment                                      (19,800)          -   
     Increase (decrease) in accounts payable and
      accrued expenses                                (2,918)      (101,575)
     Increase (decrease) in due to related parties   (26,693)       (11,744)
                                                  __________     __________
                                                   1,232,844      1,280,757
                                                  __________     __________

     Net cash provided by operating activities     1,429,604      1,871,435
                                                  __________     __________

Cash flows from investing activities:
     Acquisition of equipment                     (1,023,941)    (1,613,582)
     Proceeds from sale of equipment                  98,909        458,360
                                                  __________     __________

     Net cash used in investing activities          (925,032)    (1,155,222)
                                                  __________     __________

Cash flows from financing activities:
     Redemptions of capital                             -          (267,260)
     Distributions                                  (300,000)      (480,000)
                                                  __________     __________

     Net cash used in financing activities          (300,000)      (747,260)
                                                  __________     __________

     Increase (decrease) in cash and cash 
      equivalents                                    204,572        (31,047)

     Cash and cash equivalents, beginning
      of period                                    3,234,408      3,068,308
                                                  __________     __________

     Cash and cash equivalents, end of period     $3,438,980     $3,037,261
                                                  ==========     ==========


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

                                      5
                      FIDELITY LEASING INCOME FUND V, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                                June 30, 1997

                                  (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 1996 financial statements have been 
reclassified to conform to the presentation in 1997.

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 48 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 deter-
    mine 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, $60,868 and 
    $176,787 was charged to write-down of equipment to net realizable value for 
    the six months ended June 30, 1997 and 1996, respectively.  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 June 30, 1997 is as
    follows:

          Net minimum lease payments to be received       $187,000 
          Less unearned income                              15,000 
          Add expected future residual                        -    
                                                          ________ 
                                                          $172,000 
                                                          ======== 








                                       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 June 30, 1997 are as follows:

                                                             Direct  
            Years Ending December 31       Operating        Financing
            ________________________       _________        _________

                      1997                $1,291,000         $ 47,000
                      1998                 1,462,000           93,000
                      1999                   273,000           47,000
                      2000                    10,000             -   
                                          __________         ________
                                          $3,036,000         $187,000
                                          ==========         ========

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 only if and when the 
    Limited Partners have received distributions for the period from January 1, 
    1989 through the end of the most recent quarter equal to a return for such 
    period at a rate of 12% per year on the aggregate amount paid for their 
    units.

    Additionally, the General Partner and its parent company 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 parent company during the three and six months ended
    June 30:

                                Three Months Ended       Six Months Ended
                                      June 30                June 30
                                1997          1996       1997        1996
                                ____          ____       ____        ____

          Management fee      $46,497       $58,223     $92,009    $120,162
          Reimbursable costs   42,784        56,265      84,329     106,179

    The Fund maintains its checking and investment accounts in Jefferson Bank, 
    a subsidiary of JeffBanks, Inc. in which the chairman of Resource America, 
    Inc. serves as a director.

    Amounts due from related parties at June 30, 1997 and December 31, 1996
    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 June 30, 1997 and December 31, 1996
    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.
                                         7

                       FIDELITY LEASING INCOME FUND V, L.P.

                     NOTES TO FINANCIAL STATEMENTS (Continued)


3.  CASH DISTRIBUTION

    The General Partner declared and paid a cash distribution of $150,000 in 
    August 1997 for the three months ended June 30, 1997, to all admitted 
    partners as of June 30, 1997.


















































                                         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

    Fidelity Leasing Income Fund V, L.P. had revenues of $811,505 and 
$1,184,146 for the three months ended June 30, 1997 and 1996, respectively 
and $1,609,476 and $2,326,830 for the six months ended June 30, 1997 and 1996,
respectively.  Rental income from the leasing of computer equipment accounted 
for 94% and 81% of total revenues for the second quarter of 1997 and 
1996, respectively and 94% and 85% of total revenues for the six months ended 
June 30, 1997 and 1996, respectively.  The decrease in revenues is primarily 
attributable to a decrease in rental income.  In 1997, rental income decreased 
by approximately $1,076,000 because of equipment which came off lease and was 
re-leased at lower rental rates or sold.  This decrease, however, was reduced 
by approximately $607,000 of rents generated from equipment purchased since the 
second quarter of 1996 as well as rental income recognized on 1996 equipment 
purchases for which a full six months was earned in 1997 but only a portion of 
the six months was earned in 1996.  Additionally, the Fund recognized a net 
gain on sale of equipment of $-0- for the six months ended June 30, 1997 as 
compared to $239,296 for the six months ended June 30, 1996 which also 
contributed to the decrease in total revenues in 1997.

    Expenses were $684,161 and $847,382 during the three months ended June 
30, 1997 and 1996, respectively and $1,412,716 and $1,736,152 during the six 
months ended June 30, 1997 and 1996, respectively.  Depreciation expense 
comprised 81% and 71% of total expenses during the second quarter of 1997 and 
1996, respectively and 79% and 73% of total expenses during the first six 
months of 1997 and 1996, respectively.  The decrease in expenses between 1997 
and 1996 is primarily attributable to a decrease in depreciation expense 
because of equipment which came off lease and was terminated or sold since June 
of 1996.  Additionally, the decrease in write-down of equipment to net
realizable value contributed to the overall decrease in expenses in 1997.
Based upon the review of the recoverability of the undepreciated cost of rental
equipment, $60,868 was charged to operations to write down equipment to its
estimated net realizable value for the six months ended June 30, 1997 as
compared to $176,787 for the six months ended June 30, 1996.  Any future losses
are dependent upon unanticipated technological developments affecting the
computer equipment industry in subsequent years.  During 1997, management fee
to related party decreased proportionate to the decrease in rental income which
also accounts for the decrease in total expenses.  The overall amount of
decrease in expenses was mitigated by the net loss on sale of equipment
incurred of $21,700 for the six months ended June 30, 1997 as compared to $-0-
for the six months ended June 30, 1996.

    For the three months ended June 30, 1997 and 1996, the Fund had net income
of $127,344 and $336,764, respectively.  For the six months ended June 30, 1997 
and 1996, the Fund had net income of $196,760 and $590,678, respectively.  The 
earnings per equivalent limited partnership unit, after earnings allocated to 
the General Partner were $5.05 and $13.05 based on a weighted average number 
of equivalent limited partnership units outstanding of 24,929 and 25,619 for 
the quarter ended June 30, 1997 and 1996, respectively.  The earnings per 
equivalent limited partnership unit, after earnings allocated to the General 
Partner, were $7.75 and $22.79 based on a weighted average number of 
equivalent limited partnership units outstanding of 24,989 and 25,712 for the 
six months ended June 30, 1997 and 1996, respectively.



                                   9

                      FIDELITY LEASING INCOME FUND V, L.P.

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

RESULTS OF OPERATIONS (Continued)

    The Fund generated funds from operations of $697,878 and $878,299, for 
the purpose of determining cash available for distribution and distributed 
$150,000 and $240,000 to partners in August 1997 and 1996, respectively.  
For the six months ended June 30, 1997 and 1996, the Fund generated funds from
operations of $1,388,451 and $1,790,220 and distributed $150,000 and $240,000
to partners during the six months ended June 30, 1997 and 1996, respectively 
and $150,000 and $240,000 in August 1997 and 1996, respectively.  For financial
statement purposes, the Fund records cash distributions to partners on a cash
basis in the period in which they are paid.

ANALYSIS OF FINANCIAL CONDITION

    The Fund continues the process of dissolution during 1997.  As provided in
the Restated Limited Partnership Agreement, the assets of the Fund shall be
liquidated as promptly as is consistent with obtaining their fair value.
During this time, the Fund will continue to purchase computer equipment with
cash available from operations which was not distributed to partners for terms
consistent with the plan of dissolution.  The Fund purchased $1,023,941 and
$1,613,582 of equipment during the six months ended June 30, 1997 and 1996,
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.





























                                      10


Part II:  Other Information


                       FIDELITY LEASING INCOME FUND V, L.P.

                                 June 30, 1997

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:  None







































                                       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.




            8-13-97     By:  Freddie M. Kotek
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





            8-13-97    By:  Marianne T. Schuster
            _______          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)

































                                         12


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:
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





                        By:
            _______          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)

































                                         12