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, 1996

/ /  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)        

               Seven East Skippack Pike, Ambler, PA     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)   
                                         September 30,             December 31, 
                                             1996                      1995     
                                         _____________            _____________ 

Cash and cash equivalents                 $2,490,246                $3,068,308 

Accounts receivable                          172,148                   263,855 

Interest receivable                           41,826                    10,366 

Due from related parties                     267,724                   224,043 

Equipment under operating leases
(net of accumulated depreciation
of $8,246,274 and $16,370,416,
respectively)                              4,635,611                 4,235,949 

Net investment in direct financing leases    227,903                   280,779 

Equipment held for sale or lease              11,946                    13,322 
                                          __________                __________ 

       Total assets                       $7,847,404                $8,096,622 
                                          ==========                ========== 

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $  444,975                $  464,730 

     Accounts payable and
      accrued expenses                       114,495                   241,637 

     Due to related parties                     -                       12,170 
                                          __________                __________ 

       Total liabilities                     559,470                   718,537 

Partners' capital                          7,287,934                 7,378,085 
                                          __________                __________ 
           Total liabilities and
            partners' capital             $7,847,404                $8,096,622 
                                          ==========                ========== 




     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   
                                    1996         1995       1996         1995
                                    ____         ____       ____         ____

Income:
     Rentals                     $  864,394  $1,382,282  $2,843,772  $4,239,127
     Earned income on direct
      financing leases                5,302      24,944      17,113      58,502
     Interest                        24,698      53,801     117,421     176,606
     Gain on sale of equipment,
      net                           193,637     743,166     432,934   1,023,022
     Other                           57,538         574      61,162      45,068
                                 __________  __________  __________  __________

                                  1,145,569   2,204,767   3,472,402   5,542,325
                                 __________  __________  __________  __________

Expenses:
     Depreciation                   569,860     878,741   1,831,911   3,015,620
     Write-down of equipment to
      net realizable value          109,044       6,161     285,831     114,931
     General and administrative      63,411       6,251     139,665      81,894
     General and administrative to
      related party                  44,261      24,268     145,159     111,323
     Management fee to related
      party                          52,564      94,487     172,726     265,855
                                 __________  __________  __________  __________

                                    839,140   1,009,908   2,575,292   3,589,623
                                 __________  __________  __________  __________

Net income                       $  306,429  $1,194,859  $  897,110  $1,952,702
                                 ==========  ==========  ==========  ==========

Net income per equivalent
  limited partnership unit       $    11.89  $    43.73  $    34.67  $    64.86
                                 ==========  ==========  ==========  ==========

Weighted average number of
  equivalent limited partner-
  ship units outstanding
  during the period                  25,570      27,205      25,665      29,484
                                 ==========  ==========  ==========  ==========









     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, 1996

                                    (Unaudited)

                                  General     Limited Partners
                                  Partner     Units     Amount         Total
                                  _______     _____     ______         _____

Balance, January 1, 1996         $ 3,321     78,970   $7,374,764    $7,378,085 

Redemptions                         -        (2,833)    (267,261)     (267,261)

Cash distributions                (7,200)      -        (712,800)     (720,000)

Net income                         7,200       -         889,910       897,110 
                                 _______     ______  ___________   ___________ 

Balance, September 30, 1996      $ 3,321     76,137   $7,284,613    $7,287,934 
                                 =======     ======   ==========    ========== 




































     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, 1996 and 1995
                                     (Unaudited)
                                                      1996          1995   
                                                      ____          ____   
Cash flows from operating activities:
     Net income                                   $  897,110    $1,952,702 
                                                  __________    __________ 
     Adjustments to reconcile net income
      to net cash provided by operating activities:
     Depreciation                                  1,831,911     3,015,620 
     Write down of equipment to 
      net realizable value                           285,831       114,931 
     Proceeds from direct financing leases,
      net of earned income                            52,876       485,033 
     Gain on sale of equipment, net                 (432,934)   (1,023,022)
     (Increase) decrease in accounts receivable       91,707       129,148 
     (Increase) decrease in interest receivable      (31,460)         -    
     (Increase) decrease in due from
      related parties                                (43,681)       25,304 
     Increase (decrease) in lease rents paid 
      in advance                                     (19,755)      169,735 
     Increase (decrease) in accounts payable -
      equipment                                         -          532,667 
     Increase (decrease) in accounts payable and
      accrued expenses                              (127,142)      (12,282)
     Increase (decrease) in other, net               (12,170)       40,134 
                                                  __________    __________ 
                                                   1,595,183     3,477,268 
                                                  __________    __________ 
     Net cash provided by operating activities     2,492,293     5,429,970 
                                                  __________    __________ 

Cash flows from investing activities:
     Acquisition of equipment                     (3,053,333)   (2,641,328)
     Maturity of investment securities held
      to maturity                                       -          495,991 
     Proceeds from sale of equipment                 970,239     2,308,153 
                                                  __________    __________ 

     Net cash provided by (used in)
      investing activities                        (2,083,094)      162,816 
                                                  __________    __________ 

Cash flows from financing activities:
     Redemptions of capital                         (267,261)      (76,387)
     Distributions                                  (720,000)   (6,254,693)
                                                  __________    __________ 

     Net cash used in financing activities          (987,261)   (6,331,080)
                                                  __________    __________ 

     Decrease in cash and cash equivalents          (578,062)     (738,294)

     Cash and cash equivalents, beginning
      of period                                    3,068,308     4,776,517 
                                                  __________    __________ 

     Cash and cash equivalents, end of period     $2,490,246    $4,038,223 
                                                  ==========    ========== 
     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, 1996

                                     (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 1995 financial statements have been 
reclassified to conform to the presentation in 1996.

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 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, $285,831 and 
    $114,931 was charged to write-down of equipment to net realizable value for 
    the nine months ended September 30, 1996 and 1995, 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 September 30, 1996 is 
    as follows:

          Net minimum lease payments to be received        $257,000 
          Less unearned income                               29,000 
          Add expected future residuals                        -    
                                                           ________ 

                                                           $228,000 
                                                           ======== 







                                         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, 1996 are as follows:

                                                             Direct  
            Years Ending December 31       Operating        Financing
            ________________________       _________        _________

                      1996                $  805,000         $ 24,000
                      1997                 2,162,000           93,000
                      1998                 1,040,000           93,000
                      1999                   234,000           47,000
                                          __________         ________
                                          $4,241,000         $257,000
                                          ==========         ========

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 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  
                              1996          1995             1996        1995
                              ____          ____             ____        ____

      Management fee        $52,564       $94,487          172,726    $265,855
      Reimbursable costs     44,261        24,268          145,159     111,323

    Amounts due from related parties at September 30, 1996 and December 31, 
    1995 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.

    The amount due to related parties at December 31, 1995 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.




                                   7
                        FIDELITY LEASING INCOME FUND V, L.P.

                      NOTES TO FINANCIAL STATEMENTS (Continued)

3.  SUBSEQUENT EVENT

    Cash Distribution:

    The General Partner declared and paid a cash distribution of $240,000 in 
    November 1996 for the three months ended September 30, 1996, to all 
    admitted partners as of September 30, 1996.











































                                        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 $1,145,569 and 
$2,204,767 for the three months ended September 30, 1996 and 1995, 
respectively, and $3,472,402 and $5,542,325 for the nine months ended September
30, 1996 and 1995, respectively.  Rental income from the leasing of computer 
peripheral equipment accounted for 75% and 63% of total revenues for the third 
quarter of 1996 and 1995, respectively and 82% and 76% of total revenues for 
the nine months ended September 30, 1996 and 1995, respectively.  The decrease 
in revenues is primarily attributable to a decrease in rental income.  In 1996, 
rental income decreased by approximately $1,968,000 because of equipment which 
came off lease and was re-leased at lower rental rates or sold.  This decrease, 
however, was reduced by approximately $573,000 of rents generated from 
equipment purchased since the third quarter of 1995 as well as rental income 
earned on 1995 equipment purchases for which a full nine months was earned in 
1996 but only a portion of the nine months was earned in 1995.  Additionally, 
the Fund recognized a net gain on sale of equipment of $432,934 for the nine 
months ended September 30, 1996 compared to $1,023,022 for the nine months 
ended September 30, 1995 which also accounts for the decrease in total revenues 
in 1996.  Furthermore, interest income decreased in 1996 because of lower cash 
balances available for investment during 1996 as compared to 1995.

    Expenses were $839,140 and $1,009,908 for the three months ended Septem-
ber 30, 1996 and 1995, respectively and $2,575,292 and $3,589,623 for the nine
months ended September 30, 1996 and 1995, respectively.  Depreciation expense 
comprised 68% and 87% of total expenses during the third quarter of 1996 and 
1995, respectively and 71% and 84% of total expenses during the first nine 
months of 1996 and 1995, respectively.  The decrease in expenses between 1996 
and 1995 is primarily attributable to a decrease in depreciation expense 
because of equipment which came off lease and was terminated or sold.  Addi-
tionally, during 1996, management fee to related party decreased proportion-
ately to the decrease in rental income which also accounts for the decrease in 
total expenses.  The overall decrease in expenses was reduced by an increase in 
the write-down of equipment to net realizable value.  Based upon the quarterly 
review of the recoverability of the undepreciated cost of rental equipment, 
$285,831 was charged to operations to write down equipment to its estimated net 
realizable value for the nine months ended September 30, 1996 as compared to 
$114,931 for the nine months ended September 30, 1995.  Any future losses are 
dependent upon unanticipated technological developments affecting the computer 
equipment industry in subsequent years.

    For the three months ended September 30, 1996 and 1995, the Fund had net 
income of $306,429 and $1,194,859, respectively.  For the nine months ended 
September 30, 1996 and 1995, the Fund had net income of $897,110 and 
$1,952,702, respectively.  The earnings per equivalent limited partnership 
unit, after earnings allocated to the General Partner were $11.89 and $43.73 
based on a weighted average number of equivalent limited partnership units 
outstanding of 25,570 and 27,205 for the quarter ended September 30, 1996 and 
1995, respectively.  The earnings per equivalent limited partnership unit, 
after earnings allocated to the General Partner, were $34.67 and $64.86 based 
on a weighted average number of equivalent limited partnership units outstand-
ing of 25,665 and 29,484 for the nine months ended September 30, 1996 and 1995, 
respectively.





                                         9

                        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 $791,696 and $1,336,595, for 
the purpose of determining cash available for distribution and distributed 
$240,000 and $506,295 to partners in November 1996 and 1995, respectively.  
For the nine months ended September 30, 1996 and 1995, the Fund generated funds 
from operations of $2,581,918 and $4,060,231 and distributed $480,000 and 
$3,523,744 to partners during the nine months ended September 30, 1996 and 
1995, respectively and $240,000 and $506,295 in November 1996 and 1995,
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 to purchase computer peripheral equipment, with cash 
available from operations and sales proceeds which were not distributed to 
partners.  The Fund purchased $3,053,333 and $2,641,328 of equipment during the 
nine months ended September 30, 1996 and 1995, 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.

                                 September 30, 1996

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.




        11-12-96      By:  Freddie M. Kotek
        ________           _____________________________
        Date               Freddie M. Kotek
                           President of F.L. Partnership Management, Inc.
                           (Principal Operating Officer)




        11-12-96      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.




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




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




































                                         12