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, 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 No.)

3 North Columbus Boulevard, Philadelphia, Pennsylvania 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 _____











                                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,
                                             1998                     1997    
                                         _____________            ____________

Cash and cash equivalents                  $  835,184              $3,679,630

Accounts receivable                           521,735                 193,525

Due from related parties                        5,335                 158,700

Equipment under operating leases
(net of accumulated depreciation
of $6,375,750 and $7,078,588, 
respectively)                               4,326,067               3,423,328

Net investment in direct financing leases     305,699                    -

Equipment held for sale or lease            1,237,943                     182
                                           __________              __________

       Total assets                        $7,231,963              $7,455,365
                                           ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance           $  211,142              $  253,242

     Accounts payable and
      accrued expenses                         90,576                 109,888

     Due to related parties                       303                  28,167
                                           __________              __________
       Total liabilities                      302,021                 391,297

Partners' capital                           6,929,942               7,064,068
                                           __________              __________
       Total liabilities and
        partners' capital                  $7,231,963              $7,455,365
                                           ==========              ==========


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    
                                 1998          1997      1998         1997
                                 ____          ____      ____         ____

Income:
   Rentals                     $920,251    $763,288   $1,811,497   $1,510,162
   Earned income on direct 
    financing leases              9,139       4,028        9,139        8,491
   Interest                      23,918      41,026       68,703       83,076
   Gain on sale of equipment,
    net                           9,524        -          64,024         -  
   Other                          2,739       3,163        4,122        7,747
                               ________    ________    _________   __________

                                965,571     811,505    1,957,485    1,609,476
                               ________    ________    _________   __________

Expenses:
   Depreciation                 740,905     555,640    1,435,856    1,109,123
   Write-down of equipment to
    net realizable value        105,000      13,457      105,000       60,868
   General and administrative    22,533      24,346       55,117       44,687
   General and administrative 
    to related party             51,259      42,784       94,274       84,329
   Management fee to 
    related party                49,721      46,497      101,364       92,009
   Loss on sale of equipment,
    net                            -          1,437         -          21,700
                               ________    ________   __________   __________

                                969,418     684,161    1,791,611    1,412,716
                               ________    ________   __________    _________

Net income (loss)              $ (3,847)   $127,344   $  165,874   $  196,760
                               ========    ========   ==========   ==========

Net income (loss) per equivalent
 limited partnership unit      $   (.20)   $   5.05   $     6.46   $     7.75
                               ========    ========   ==========   ==========

Weighted average number of
 equivalent limited partner-
 ship units outstanding 
 during the period               25,267      24,929       25,267       24,989
                               ========    ========   ==========   ==========

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, 1998

                                   (Unaudited)

                                  General     Limited Partners
                                  Partner     Units     Amount         Total   
                                  _______     _____     ______         _____   

Balance, January 1, 1998          $2,766     76,137   $7,061,302    $7,064,068 

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

Net income                         2,750       -         163,124       165,874 
                                  ______     ______   __________    __________ 

Balance, June 30, 1998            $2,516     76,137   $6,927,426    $6,929,942 
                                  ======     ======   ==========    ========== 





























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, 1998 and 1997
                                  (Unaudited)
                                                      1998          1997    
                                                    ________      ________  
Cash flows from operating activities:
     Net income                                   $  165,874     $  196,760 
                                                  __________     __________ 
     Adjustments to reconcile net income
      to net cash provided by operating activities:
     Depreciation                                  1,435,856       1,109,123
     Write-down of equipment to net 
      realizable value                               105,000         60,868 
     Proceeds from direct financing leases,
      net of earned income                             9,281         38,170 
     (Gain) loss on sale of equipment, net           (64,024)        21,700 
     (Increase) decrease in accounts receivable     (328,210)       112,425 
     (Increase) decrease in due from related parties 153,365         13,169 
     Increase (decrease) in lease rents paid 
      in advance                                     (42,100)       (73,200)
     Increase (decrease) in accounts payable-
      equipment                                         -           (19,800)
     Increase (decrease) in accounts payable and
      accrued expenses                               (19,312)        (2,918)
     Increase (decrease) in due to related parties   (27,864)       (26,693)
                                                  __________     __________ 
                                                   1,221,992      1,232,844 
                                                  __________     __________ 

     Net cash provided by operating activities     1,387,866      1,429,604 
                                                  __________     __________ 
Cash flows from investing activities:
     Acquisition of equipment                     (4,007,513)    (1,023,941)
     Proceeds from sale of equipment                  75,201         98,909 
                                                  __________     __________ 

     Net cash used in investing activities        (3,932,312)      (925,032)
                                                  __________     __________ 
Cash flows from financing activities:
     Distributions                                  (300,000)      (300,000)
                                                  __________     __________ 

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

     Increase (decrease) in cash and cash 
      equivalents                                 (2,844,446)       204,572 

     Cash and cash equivalents, beginning
      of period                                    3,679,630      3,234,408 
                                                  __________     __________ 
     Cash and cash equivalents, end of period     $  835,184     $3,438,980 
                                                  ==========     ==========
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, 1998

                                  (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.

1.  EQUIPMENT LEASED

    Equipment on lease consists primarily of computer equipment under operating
    leases.  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 36 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, $105,000 and 
    $60,868 was charged to write-down of equipment to net realizable value for 
    the six months ended June 30, 1998 and 1997, 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, 1998 is as
    follows:

          Net minimum lease payments to be received       $424,000 
          Less unearned income                             118,000 
          Add expected future residual                        -    
                                                          ________ 
                                                          $306,000 
                                                          ======== 


                                       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 and direct financing leases as of June 30, 1998 are as follows:

                                                             Direct  
            Years Ending December 31       Operating        Financing
            ________________________       _________        _________

                      1998                $1,319,000         $111,000
                      1999                 2,704,000          221,000
                      2000                   831,000           92,000
                      2001                                   
                                          __________         ________
                                          $4,854,000         $424,000
                                          ==========         ========

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, 1998 and 1997:

                                Three Months Ended       Six Months Ended
                                      June 30                June 30
                                1998          1997       1998        1997
                                ____          ____       ____        ____

          Management fee      $49,721       $46,497    $101,364    $92,009
          Reimbursable costs   51,259        42,784      94,274     84,329

    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.


                                        7

                      FIDELITY LEASING INCOME FUND V, L.P.

                    NOTES TO FINANCIAL STATEMENTS (Continued)

2.  RELATED PARTY TRANSACTIONS (Continued)

    Amounts due from related parties at June 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 June 30, 1998 and December 31, 1997
    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.  CASH DISTRIBUTION

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


































                                      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 $965,571 and 
$811,505 for the three months ended June 30, 1998 and 1997, respectively 
and $1,957,485 and $1,609,476 for the six months ended June 30, 1998 and 1997,
respectively.  Rental income from the leasing of equipment accounted for 95% 
and 94% of total revenues for the second quarter of 1998 and 1997, respectively 
and 93% and 94% of total revenues for the six months ended June 30, 1998 and 
1997, respectively.  The increase in revenues is primarily attributable to an 
increase in rental income.  In 1998, rental income increased by approximately 
$490,000 because of rents recognized on equipment purchased since the second 
quarter of 1997 as well as rents generated from 1997 equipment purchases for 
which a full six months of rent was earned in 1998 and only a portion of the 
six months was earned in 1997.  This increase in rent was reduced by approxi-
mately $189,000 resulting from equipment which came off lease and was re-leased 
at lower rental rates or sold.  Additionally, the Fund recognized a net gain on 
sale of equipment of $64,024 for the six months ended June 30, 1998.  There was 
no gain on sale of equipment for the six months ended June 30, 1997.  The 
increase in this account also contributed to the overall increase in revenues 
in 1998.

    Expenses were $969,418 and $684,161 during the three months ended June 
30, 1998 and 1997, respectively and $1,791,611 and $1,412,716 during the six 
months ended June 30, 1998 and 1997, respectively.  Depreciation expense 
comprised 76% and 81% of total expenses during the second quarter of 1998 and 
1997, respectively and 80% and 79% of total expenses during the first six 
months of 1998 and 1997, respectively.  The increase in expenses between 1998 
and 1997 is primarily attributable to an increase in depreciation expense 
because of equipment purchased since June 1997.  Additionally, the increase in 
write-down of equipment to net realizable value contributed to the overall 
increase in expenses in 1998.  Based upon the review of the recoverability of 
the undepreciated cost of rental equipment, $105,000 was charged to operations 
to write down equipment to its estimated net realizable value for the six 
months ended June 30, 1998 compared to $60,868 for the six months ended June 
30, 1997.  Any future losses are dependent upon unanticipated technological 
developments affecting the computer equipment industry in subsequent years.  
The decrease in net loss on sale of equipment in 1998 reduced the overall 
increase in expenses for this year.  There was no loss incurred for the six 
months ended June 30, 1998 compared to a net loss on sale of equipment of 
$21,700 for the six months ended June 30, 1997.









                                   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)

    For the three months ended June 30, 1998 and 1997, the Fund had net income
(loss) of ($3,847) and $127,344, respectively.  For the six months ended 
June 30, 1998 and 1997, the Fund had net income of $165,874 and $196,760, 
respectively.  The earnings (loss) per equivalent limited partnership unit, 
after earnings (loss) allocated to the General Partner were ($0.20) and $5.05 
based on a weighted average number of equivalent limited partnership units 
outstanding of 25,267 and 24,929 for the quarter ended June 30, 1998 and 1997, 
respectively.  The earnings per equivalent limited partnership unit, after 
earnings allocated to the General Partner, were $6.46 and $7.75 based on a 
weighted average number of equivalent limited partnership units outstanding of 
25,267 and 24,989 for the six months ended June 30, 1998 and 1997, respec-
tively.

    The Fund generated cash from operations of $832,534 and $697,878, for the 
purpose of determining cash available for distribution for the quarter ended 
June 30, 1998 and 1997, respectively and distributed $125,000 and $150,000 to 
partners in August 1998 and 1997, respectively.  For the six months ended June 
30, 1998 and 1997, the Fund generated cash from operations of $1,642,706 and 
$1,388,451 and distributed $150,000 to partners during the six months ended 
June 30, 1998 and 1997, respectively and $125,000 and $150,000 in August 1998 
and 1997, 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 equipment with cash 
available from operations which was not distributed to partners for terms
consistent with the plan of dissolution.  The Fund purchased $4,007,513 and
$1,023,941 of equipment during the six months ended June 30, 1998 and 1997,
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, 1998

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.




            8-13-98     By:  Freddie M. Kotek
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





            8-13-98    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:
            8-  -98          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





                        By:
            8-  -98          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)


























                                         12