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 March 31, 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)
                                           March 31,              December 31,
                                             1998                     1997
                                          __________              ____________

Cash and cash equivalents                 $2,955,794              $3,679,630

Accounts receivable                          367,245                 193,525
 
Due from related parties                     123,349                 158,700

Equipment under operating leases
(net of accumulated depreciation
of $7,574,185 and $7,078,588, 
respectively)                              4,837,930               3,423,328

Equipment held for sale or lease                 182                     182
                                          __________              __________

       Total assets                       $8,284,500              $7,455,365
                                          ==========              ==========

                       LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

     Lease rents paid in advance          $  236,867              $  253,242

     Accounts payable - equipment            692,514                    -

     Accounts payable and
      accrued expenses                       254,163                 109,888

     Due to related parties                   17,167                  28,167
                                          __________              __________

       Total liabilities                   1,200,711                 391,297

Partners' capital                          7,083,789               7,064,068
                                          __________              __________
       Total liabilities and
        partners' capital                 $8,284,500              $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

                For the three months ended March 31, 1998 and 1997

                                   (Unaudited)

                                                    1998               1997  
                                                  ________          _________

Income:
     Rentals                                      $891,246           $746,874
     Earned income on direct financing leases         -                 4,463
     Interest                                       44,785             42,050
     Gain on sale of equipment, net                 54,500               -   
     Other                                           1,383              4,584
                                                  ________           ________

                                                   991,914            797,971
                                                  ________           ________

Expenses:
     Depreciation                                  694,951            553,483
     Write-down of equipment to net
      realizable value                                -                47,411
     General and administrative                     32,584             20,341
     General and administrative to related
      party                                         43,015             41,545
     Management fee to related party                51,643             45,512
     Loss on sale of equipment, net                   -                20,263
                                                  ________           ________

                                                   822,193            728,555
                                                  ________           ________

Net income                                        $169,721           $ 69,416
                                                  ========           ========

Net income per equivalent
  limited partnership unit                        $   6.65           $   2.71
                                                  ========           ========

Weighted average number of
  equivalent limited partnership
  units outstanding during the period               25,267             25,048
                                                  ========           ========












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 three months ended March 31, 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                (1,500)      -        (148,500)     (150,000)

Net income                         1,697       -         168,024       169,721
                                  ______     ______   __________    __________

Balance, March 31, 1998           $2,963     76,137   $7,080,826    $7,083,789
                                  ======     ======   ==========    ==========




































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 three months ended March 31, 1998 and 1997
                                  (Unaudited)

                                                      1998          1997   
                                                    ________      ________ 
Cash flows from operating activities:
     Net income                                    $ 169,721    $   69,416
                                                   _________    __________
     Adjustments to reconcile net income
      to net cash provided by operating
      activities:
     Depreciation                                    694,951       553,483
     Write-down of equipment to net 
      realizable value                                  -           47,411
     Proceeds from direct financing leases,
      net of earned income                              -           18,868
     (Gain) loss on sale of equipment, net           (54,500)       20,263
     (Increase) decrease in accounts receivable     (173,720)       96,567
     (Increase) decrease in due from related parties  35,351      (217,188)
     Increase (decrease) in lease rents paid 
      in advance                                     (16,375)       (4,449)
     Increase (decrease) in accounts payable-
      equipment                                      692,514       962,652 
     Increase (decrease) in accounts payable and
      accrued expenses                               144,275        40,343
     Increase (decrease) in due to related parties   (11,000)      (23,885)
                                                  __________    __________
                                                   1,311,496     1,494,065
                                                  __________    __________ 

     Net cash provided by operating activities     1,481,217     1,563,481
                                                  __________    __________ 

Cash flows from investing activities:
     Acquisition of equipment                     (2,109,553)   (1,023,759)
     Proceeds from sale of equipment                  54,500        59,950
                                                  __________    __________

     Net cash provided by (used in)
      investing activities                        (2,055,053)     (963,809)
                                                  __________    __________

Cash flows from financing activities:
     Distributions                                  (150,000)     (150,000)
                                                  __________    __________

     Net cash used in financing activities          (150,000)     (150,000)
                                                  __________    __________

     Increase (decrease) in cash and 
      cash equivalents                              (723,836)      449,672

     Cash and cash equivalents, beginning
      of period                                    3,679,630     3,234,408
                                                  __________    __________

     Cash and cash equivalents, end of period     $2,955,794    $3,684,080
                                                  ==========    ==========

The accompanying notes are an integral part of these financial statements. 
                                      5


                      FIDELITY LEASING INCOME FUND V, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                                March 31, 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 of the equipment
    to provide maintenance for the leased equipment.  The Fund's operating
    leases are for initial lease terms of 9 to 52 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 consists
    primarily of computer equipment under operating leases. 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,
    $47,411 was charged to write-down of equipment to net realizable value for
    the three months ended March 31, 1997.  There was no charge to write-down
    of equipment to net realizable value for the three months ended March 31,
    1998.  Any future losses are dependent upon unanticipated technological
    developments affecting the computer equipment industry in subsequent years.

    The future approximate minimum rentals to be received on noncancellable
    operating leases as of March 31, 1998 are as follows:

                                                            
            Years Ending December 31             
            ________________________

                      1998                $1,765,000        
                      1999                 1,083,000        
                      2000                   429,000        
                                          __________        
                                          $3,277,000        
                                          ==========        

    Subsequent to March 31, 1998, the Fund purchased $671,898 of equipment   
    subject to an operating lease with an initial lease term of 24 months.  The 
    future approximate minimum rentals to be received on this noncancellable 
    operating lease are $213,543 in 1998, $284,724 in 1999 and $71,181 in 2000.



                                       6



                      FIDELITY LEASING INCOME FUND V, L.P.

                    NOTES TO FINANCIAL STATEMENTS (Continued)


2.  RELATED PARTY TRANSACTIONS

    The General Partner receives 6% or 3% of rental payments from equipment
    under operating leases and full pay-out leases, respectively, for
    administrative and management services performed on behalf of the Fund.
    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 months ended 
    March 31:

                                               1998                 1997  
                                             ________             ________

          Management fee                     $51,643               $45,512
          Reimbursable costs                  43,015                41,545

    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 March 31, 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 March 31, 1998 and December 31, 1997
    represent monies due to the General Partner and/or its parent company for 
    the fees and costs mentioned above, as well as, rentals and sales proceeds 
    collected by the Fund on behalf of other affiliated funds.


3.  CASH DISTRIBUTION

    The General Partner declared and paid a cash distribution of $150,000 
    in May 1998 for the three months ended March 31, 1998, to all admitted 
    partners as of March 31, 1998.












                                         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 $991,914 and 
$797,971 for the three months ended March 31, 1998 and 1997, respectively. 
Rental income from the leasing of computer equipment accounted for 
90% and 94% of total revenues for the first quarter of 1998 and 1997, respec-
tively.  The increase in revenues is primarily attributable to the increase in 
rental income.  In 1998, rental income increased by approximately $320,000
because of rents generated from equipment purchased since the first quarter of
1997.  This increase, however, was reduced by approximately $175,000 because of
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 $54,500
for the quarter ended March 31, 1998 compared to no gain on sale of equipment
for the quarter ended March 31, 1997, which also contributed to the increase in
revenues in 1998.

    Expenses were $822,193 and $728,555 during the three months ended March 
31, 1998 and 1997, respectively.  Depreciation expense comprised 85% and 76% of 
total expenses during the first quarter 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 March
1997.  However, the decrease in write-down of equipment to net realizable value
helped mitigate the overall increase in expenses.  Based upon the review of the
recoverability of the undepreciated cost of rental equipment, there was no
charge to operations to write down equipment to its estimated net realizable
value for the three months ended March 31, 1998 as compared to $47,411 charged 
to write-down of equipment to net realizable value for the three months ended 
March 31, 1997.  Any future losses are dependent upon unanticipated 
technological developments affecting the computer equipment industry in
subsequent years.  Additionally, the Fund recognized a net gain on sale of 
equipment for the quarter ended March 31, 1998 as discussed above but incurred 
a net loss on sale of equipment of $20,263 for the quarter ended March 31, 1997 
which also reduced the increase in overall expenses in 1998.

	For the three months ended March 31, 1998 and 1997, the Fund's net income
was $169,721 and $69,416, respectively.  The earnings per equivalent limited
partnership unit, after earnings allocated to the General Partner were $6.65
and $2.71 based on a weighted average number of equivalent limited partnership
units outstanding of 25,267 and 25,048 for the quarter ended March 31, 1998 and
1997, respectively.

    The Fund generated cash from operations of $810,172 and $690,573, for 
the purpose of determining cash available for distribution and distributed 
$150,000 to partners in both May 1998 and 1997 for the first quarter of 1998
and 1997.  A cash distribution of $150,000 was paid to partners during the 
first quarter of 1998 for the three months ended December 31, 1997.  For 
financial statement purposes, the Fund records cash distributions to partners 
on a cash basis in the period in which they are paid.






                                         8


                      FIDELITY LEASING INCOME FUND V, L.P.

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

ANALYSIS OF FINANCIAL CONDITION

    The Fund continues the process of dissolution during 1998.  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.  During the quarter ended March 31, 
1998 and 1997, the Fund purchased $2,109,553 and $1,023,759 of equipment, 
respectively.

    Subsequent to March 31, 1998, the Fund purchased $671,898 of equipment for 
lease.

    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.

                                 March 31, 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:  None

          b) Reports on Form 8-K:  None






































                                       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.




            5-14-98     By:  Freddie M. Kotek
            _______          ___________________________
            Date             Freddie M. Kotek
                             President of
                             F.L. Partnership Management, Inc.
                             (Principal Operating Officer)





            5-14-98     By:  Marianne T. Schuster
            _______          ___________________________
            Date             Marianne T. Schuster
                             Vice President of
                             F.L. Partnership Management, Inc.
                             (Principal Financial Officer)

































                                         11