SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                   FORM 10-Q
(Mark One)
  X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
-----
     EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 1999
                               --------------
                                      OR

     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 0-13233
                       -------

                        BALCOR PENSION INVESTORS-V
          -------------------------------------------------------
          (Exact name of registrant as specified in its charter)

          Illinois                                      36-3254673
-------------------------------                     -------------------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)

2355 Waukegan Road
Bannockburn, Illinois                                    60015
----------------------------------------            -------------------
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code (847) 267-1600
                                                   --------------
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
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes   X    No
    -----     -----

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                                BALANCE SHEETS
                      June 30, 1999 and December 31, 1998
                                  (Unaudited)

                                    ASSETS

                                                 1999           1998
                                            -------------- ---------------
Cash and cash equivalents                   $   2,323,883  $    2,413,870
Accrued interest receivable                        11,626           7,065
                                            -------------- ---------------
                                            $   2,335,509  $    2,420,935
                                            ============== ===============


                       LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                            $      15,844  $       35,254
Due to affiliates                                  74,074          71,108
                                            -------------- ---------------
     Total liabilities                             89,918         106,362
                                            -------------- ---------------
Commitments and contingencies

Limited Partners' capital (439,305
  Interests issued and outstanding)             2,260,726       2,329,708
General Partner's deficit                         (15,135)        (15,135)
                                            -------------- ---------------
     Total partners' capital                    2,245,591       2,314,573
                                            -------------- ---------------
                                            $   2,335,509  $    2,420,935
                                            ============== ===============

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

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                for the six months ended June 30, 1999 and 1998
                                  (Unaudited)


                                                 1999           1998
                                            -------------- ---------------
Income:
  Interest on short-term investments        $      59,051  $       74,930
                                            -------------- ---------------
    Total income                                   59,051          74,930
                                            -------------- ---------------
Expenses:
  Loss from operations of real
    estate held for sale                                           16,603
  Administrative                                  128,033         224,415
                                            -------------- ---------------
    Total expenses                                128,033         241,018
                                            -------------- ---------------
Net loss                                    $     (68,982) $     (166,088)
                                            ============== ===============
Net loss allocated to General Partner                None            None
                                            ============== ===============
Net loss allocated to Limited Partners      $     (68,982) $     (166,088)
                                            ============== ===============
Net loss per Limited Partnership Interest
  (439,305 issued and outstanding)
  - Basic and Diluted                       $       (0.16) $        (0.38)
                                            ============== ===============
Distribution to General Partner                      None  $      138,137
                                            ============== ===============
Distribution to Limited Partners                     None  $    1,243,233
                                            ============== ===============
Distribution per Limited Partnership
  Interest                                           None  $         2.83
                                            ============== ===============

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

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                 for the quarters ended June 30, 1999 and 1998
                                  (Unaudited)

                                                 1999           1998
                                            -------------- ---------------
Income:
  Interest on short-term investments        $      28,707  $       34,690
                                            -------------- ---------------
    Total income                                   28,707          34,690
                                            -------------- ---------------
Expenses:
  Loss from operations of real
    estate held for sale                                           16,603
  Administrative                                   77,952          93,814
                                            -------------- ---------------
    Total expenses                                 77,952         110,417
                                            -------------- ---------------
Net loss                                    $     (49,245) $      (75,727)
                                            ============== ===============
Net loss allocated to General Partner                None            None
                                            ============== ===============
Net loss allocated to Limited Partners      $     (49,245) $      (75,727)
                                            ============== ===============
Net loss per Limited Partnership Interest
  (439,305 issued and outstanding)
  - Basic and Diluted                       $       (0.11) $        (0.17)
                                            ============== ===============

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

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                for the six months ended June 30, 1999 and 1998
                                  (Unaudited)

                                                 1999           1998
                                            -------------- ---------------

Operating activities:
Net loss                                    $     (68,982) $     (166,088)
  Adjustments to reconcile net loss to
    net cash used in operating activities:
    Net change in:
      Accounts and accrued interest
        receivable                                 (4,561)         30,071
      Accounts and accrued interest payable       (19,410)        (40,376)
      Due to affiliates                             2,966          35,949
                                            -------------- ---------------
  Net cash used in operating activities           (89,987)       (140,444)
                                            -------------- ---------------

Financing activities:
  Distribution to Limited Partners                             (1,243,233)
  Distribution to General Partner                                (138,137)
                                                           ---------------
  Cash used in financing activities                            (1,381,370)
                                                           ---------------
Net change in cash and cash equivalents           (89,987)     (1,521,814)
Cash and cash equivalents at beginning
  of year                                       2,413,870       4,034,425
                                            -------------- ---------------
Cash and cash equivalents at end of period  $   2,323,883  $    2,512,611
                                            ============== ===============

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

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

1. Accounting Policy:

In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the six months and quarter
ended June 30, 1999, and all such adjustments are of a normal and recurring
nature.

2. Partnership Termination:

The partnership agreement provides for the dissolution of the Partnership upon
the occurrence of certain events. The Partnership sold its final real estate
investment in June 1997. The Partnership has retained a portion of the cash
from property sales to satisfy obligations of the Partnership as well as to
establish a reserve for contingencies. As previously reported, the Sandra Dee
case was dismissed by the Illinois Supreme Court in April 1999. The Madison
Avenue litigation was filed in May 1999. See Note 4 of Notes to Financial
Statements for additional information regarding the Madison Avenue litigation.
Despite the existence of the Madison Avenue litigation, the Partnership
currently plans to dissolve in December 1999 and distribute remaining cash
reserves to the partners in accordance with the partnership agreement. In the
event that a new contingency (such as a lawsuit) arises during 1999, the
Partnership may not be dissolved and may continue in existence until such new
contingency is resolved. The Partnership does not consider the Madison Avenue
case to be a matter that would preclude the dissolution of the Partnership in
1999.

3. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates for the six
months and quarter ended June 30, 1999 are:

                                              Paid
                                   -------------------------
                                     Six Months     Quarter    Payable
                                    ------------   --------- ----------

   Reimbursement of expenses to
     the General Partner, at cost   $  20,242      $ 9,528    $ 74,074


4. Contingency:

In May 1999, a lawsuit was filed against the Partnership, Madison Partnership
Liquidity Investors XX, et al. vs. The Balcor Company, et al. whereby the
Partnership and certain affiliates have been named as defendants. The
plaintiffs are entities that initiated tender offers to purchase and, in fact,
purchased units in eleven affiliated partnerships. The complaint alleges breach
of fiduciary duties and breach of contract under the partnership agreement and

seeks the winding up of the affairs of the Partnership, the establishment of a
liquidating trust, the appointment of an independent trustee for the trust and
the distribution of a portion of the cash reserves to limited partners. The
defendants intend to vigorously contest this action. The Partnership believes
that it has meritorious defenses to contest the claims. It is not determinable
at this time how the outcome of this action will impact the remaining cash
reserves of the Partnership.

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS

Balcor Pension Investors-V (the "Partnership") is a limited partnership formed
in 1983 to invest in wrap-around mortgage loans, first mortgage loans and, to a
lesser extent, junior mortgage loans. The Partnership raised $219,652,500 from
sales of Limited Partnership Interests and utilized these proceeds to fund
thirty-five loans. As of June 30, 1999, the Partnership has no loans
outstanding or properties remaining in its portfolio.

Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1998 for a more complete understanding of
the Partnership's financial position.

Operations
----------

Summary of Operations
---------------------

The operations of the Partnership in 1999 and 1998 consisted primarily of
administrative expenses which were partially offset by interest income earned
on short-term investments. In addition, during the second quarter of 1998, the
Partnership paid certain expenditures related to the Harbor Bay Office
Building, which was sold in 1997. As a result of lower administrative expenses
in 1999 and the payment of expenditures related to the Harbor Bay Office
Building in 1998, the Partnership's net loss decreased during the six months
and quarter ended June 30, 1999 as compared to the same periods in 1998.
Further discussion of the Partnership's operations is summarized below.

1999 Compared to 1998
---------------------

Unless otherwise noted, discussions of fluctuations between 1999 and 1998 refer
to both the six months and quarters ended June 30, 1999 and 1998.

As a result of lower interest rates and lower average cash balances due in part
to a distribution to Limited Partners in January 1998, interest income on
short-term investments decreased during 1999 when compared to 1998.

During the second quarter of 1998, the Partnership paid certain expenditures
related to the Harbor Bay office building, which was sold in 1997. As a result,
the Partnership recognized a loss from operations of real estate held for sale
for the six months and quarter ended June 30, 1998.

Primarily due to a decrease in accounting and portfolio management fees,
administrative expenses decreased during 1999 as compared to 1998.

Liquidity and Capital Resources
-------------------------------

The cash position of the Partnership decreased by approximately $90,000 as of
June 30, 1999 as compared to December 31, 1998 due to cash used in operating
activities for the payment of administrative expenses, which was partially
offset by interest income earned on short-term investments.

The partnership agreement provides for the dissolution of the Partnership upon
the occurrence of certain events. The Partnership sold its final real estate
investment in June 1997. The Partnership has retained a portion of the cash
from property sales to satisfy obligations of the Partnership as well as to
establish a reserve for contingencies. As previously reported, the Sandra Dee
case was dismissed by the Illinois Supreme Court in April 1999. The Madison
Avenue litigation, described in Part II, Item 1, of this report, was filed in
May 1999. Despite the existence of the Madison Avenue litigation, the
Partnership currently plans to dissolve in December 1999 and distribute
remaining cash reserves to the partners in accordance with the partnership
agreement. In the event that a new contingency (such as a lawsuit) arises
during 1999, the Partnership may not be dissolved and may continue in existence
until such new contingency is resolved. The Partnership does not consider the
Madison Avenue case to be a matter that would preclude the dissolution of the
Partnership in 1999.  As a result of the pending dissolution of the
Partnership, the general partner has suspended transfer of limited partnership
interests in the Partnership. Certain transfers which are not for value (such
as death, divorce, change of custodian or other estate planning) will continue
to be permitted. Limited Partners should contact the Partnership if the
suspension of transfers causes any extraordinary hardships. In the event that
dissolution of the Partnership does not occur during 1999, the Partnership will
allow transfers of limited partnership interests to occur commencing in January
2000.

Limited Partners have received cash distributions totaling $784.93 per $500
Interest. Of this amount, $427.95 has been Cash Flow from operations and
$356.98 represents a return of Original Capital. No additional distributions
are anticipated to be made prior to the termination of the Partnership.
However, after paying final partnership expenses, any remaining cash reserves
will be distributed. Amounts allocated to the Early Investment Incentive Fund
will also be distributed at that time.

In 1997, the Partnership discontinued the repurchase of Interests from Limited
Partners. As of June 30, 1999, there were 28,466 Interests and cash of
$5,222,246 in the Early Investment Incentive Fund.

The Partnership sold all of its remaining real property investments and
distributed a majority of the proceeds from these sales to Limited Partners in
1996 and 1997. Since the Partnership no longer has any operating assets, the
number of computer systems and programs necessary to operate the Partnership
has been significantly reduced. The Partnership relies on third party vendors
to perform most of its functions and has implemented a plan to determine the
Year 2000 compliance status of these key vendors. The Partnership is within its
timeline for having these plans completed prior to the year 2000.

The Partnership's plan to determine the Year 2000 compliance status of its key
vendors involves soliciting information from these vendors through the use of
surveys, follow-up discussions and review of data where needed. The Partnership
has received the surveys from these vendors. While the Partnership cannot
guarantee Year 2000 compliance by its key vendors, and in many cases will be
relying on statements from these vendors without independent verification,
these surveys and discussions with the key vendors performing services for the
Partnership indicate that the key vendors are substantially Year 2000 compliant
as of June 30, 1999. The Partnership will continue to monitor the Year 2000
compliance of its key vendors during the third quarter of 1999. In addition,
the Partnership has developed a contingency plan in the event of non-compliance
by these key vendors in the Year 2000 which will be updated by September 30,
1999 based on the results of further surveys, discussions and testing of
systems, where applicable. The Partnership does not believe that failure by any
of its key vendors to be Year 2000 compliant by the year 2000 would have a
material effect on the business, financial position or results of operations of
the Partnership.

                          BALCOR PENSION INVESTORS-V
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION

Item 1. Legal Proceedings
-------------------------

Madison Partnership Liquidity Investors XX, et al. vs. The Balcor Company,
-------------------------------------------------------------------------
et al.
------

On May 7, 1999, a proposed class action complaint was filed and on May 13, 1999
was served on the defendants, Madison Partnership Liquidity Investors XX, et
al. vs. The Balcor Company, et al. (Circuit Court, Chancery Division, Cook
County, Illinois, Docket No. 99CH08972). The Partnership, twenty-one additional
limited partnerships which were sponsored by The Balcor Company (together with
the Partnership, the "Affiliated Partnerships"), The Balcor Company, other
affiliated entities and one individual are named defendants in this action.
Plaintiffs are entities that initiated tender offers to purchase units and, in
fact, purchased units in eleven of the Affiliated Partnerships. The complaint
alleges breach of fiduciary duties and breach of contract under the partnership
agreements for each of the Affiliated Partnerships. The complaint seeks the
winding up of the affairs of the Affiliated Partnerships, the establishment of
a liquidating trust for each of the Affiliated Partnerships until a resolution
of all contingencies occurs, the appointment of an independent trustee for each
such liquidating trust and the distribution of a portion of the cash reserves
to limited partners. The complaint also seeks compensatory damages, punitive
and exemplary damages, and costs and expenses in pursuing the litigation. On
July 14, 1999, the defendants filed a Motion to Dismiss the complaint. A
briefing schedule on this motion has not yet been set.

The defendants intend to vigorously contest this action. No class has been
certified as of this date. The Partnership believes it has meritorious defenses
to contest the claims. It is not determinable at this time how the outcome of
this action will impact the remaining cash reserves of the Partnership.

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

(a) Exhibits:

(4) Form of Subscription Agreement set forth as Exhibit 4.1 to Amendment No. 1
dated January 16, 1984 to the Partnership's Registration Statement on Form S-11
(Registration No. 2-87662) and Form of Confirmation regarding Interests in the
Registrant set forth as Exhibit 4.2 to the Partnership's Report on Form 10-Q
for the quarter ended June 30, 1992 (Commission File No. 0-13233) are
incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the six months ending June
30, 1999 is attached hereto.

(b) Reports on Form 8-K:  No reports were filed on Form 8-K during the quarter
ended June 30, 1999.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                              BALCOR PENSION INVESTORS-V



                              By: /s/Thomas E. Meador
                                  ----------------------------------------
                                  Thomas E. Meador
                                  President and Chief Executive Officer
                                  (Principal Executive Officer) of Balcor
                                  Mortgage Advisors-V, the General Partner



                              By: /s/Jayne A. Kosik
                                  ----------------------------------------
                                  Jayne A. Kosik
                                  Senior Managing Director and Chief
                                  Financial Officer (Principal Accounting
                                  and Financial Officer) of Balcor Mortgage
                                  Advisors-V, the General Partner


Date: August 10, 1999
      ----------------