FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                        Quarterly or Transitional Report

                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                   For the quarterly period ended March 31, 2000


[ ] 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 0-11574

                              SHELTER PROPERTIES V

         (Exact name of small business issuer as specified in its charter)



         South Carolina                                         57-0721855
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                     (Address of principal executive offices)

                    Issuer's telephone number (864) 239-1000

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 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____

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                              SHELTER PROPERTIES V

                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                         (in thousands, except unit data)

                                 March 31, 2000

Assets

   Cash and cash equivalents                                        $  9,757
   Receivables and deposits                                              356
   Restricted escrows                                                    605
   Other assets                                                          753
   Investment properties:
      Land                                            $  4,242
      Buildings and related personal property           72,567
                                                        76,809

      Less accumulated depreciation                    (45,003)       31,806
                                                                    $ 43,277

Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                                  $   127
   Tenant security deposit liabilities                                   282
   Accrued property taxes                                                221
   Other liabilities                                                     655
   Mortgage notes payable                                             37,038

Partners' (Deficit) Capital

   General partners                                   $   (334)
   Limited partners (52,538 units
      issued and outstanding)                            5,288         4,954

                                                                    $ 43,277

            See Accompanying Notes to Consolidated Financial Statements


b)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                         (in thousands, except unit data)



                                    Three Months Ended      One Month Ended
                                        March 31,             December 31,
                                     2000       1999        1999        1998
Revenues:
   Rental income                    $3,410     $3,428      $ 1,143     $ 1,146
   Other income                        235        202           52          69
      Total revenues                 3,645      3,630        1,195       1,215

Expenses:
   Operating                         1,401      1,385         415          385
   General and administrative          115         93          22           29
   Depreciation                        686        712         241          251
   Interest                            762        676         256          226
   Property taxes                      172        219          77           74
      Total expenses                 3,136      3,085       1,011          965

      Net income                    $ 509       $ 545       $ 184       $ 250

Net income allocated to
   general partners (1%)             $ 5         $ 5         $ 2         $ 3
Net income allocated to
   limited partners (99%)              504        540         182          247

                                    $ 509       $ 545       $ 184       $ 250
Net income per limited
   partnership unit                 $ 9.59     $10.28      $ 3.46      $ 4.70


Distributions per limited

   partnership unit                  $ --      $35.80       $ --        $ --

            See Accompanying Notes to Consolidated Financial Statements

c)

                              SHELTER PROPERTIES V

         CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>


                                         Limited
                                       Partnership    General     Limited
                                          Units       Partners   Partners     Total

<S>                                       <C>        <C>         <C>        <C>
Original capital contributions           52,538      $     2    $ 52,538    $52,540
Partners' (deficit) capital at
  November 30, 1998                      52,538      $  (327)   $  5,696    $  5,369
Net income for the one month ended
  December 31, 1998                          --            3         247         250
Partners' (deficit) capital at
  December 31, 1998                      52,538         (324)      5,943       5,619
Net income for the three months
  ended March 31, 1999                       --            5         540         545
Distributions to partners                                (21)     (1,881)     (1,902)
Partners' (deficit) capital at
  March 31, 1999                         52,538      $  (340)   $  4,602    $  4,262

Partners' (deficit) capital
   at November 30, 1999                   52,538     $  (341)    $ 4,602    $ 4,261

Net income for the one month ended
   December 31, 1999                          --           2         182        184

Partners' (deficit) capital at
   December 31, 1999                      52,538        (339)      4,784      4,445

Net income for the three months
   ended March 31, 2000                       --           5         504         509

Partners' (deficit) capital
   at March 31, 2000                      52,538     $  (334)    $ 5,288    $ 4,954

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


d)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                  (in thousands)
<TABLE>
<CAPTION>

                                               Three Months Ended        One Month Ended
                                                    March 31,             December 31,
                                                2000        1999        1999        1998
Cash flows from operating activities:

<S>                                            <C>         <C>         <C>         <C>
  Net income                                   $   509     $   545     $   184     $   250
  Adjustments to reconcile net income
    to net cash (used in) provided by
      operating activities:
      Depreciation                                 686         712         241         251
      Amortization of discounts
       and loan costs                               50          45          17          15
      Change in accounts:
          Receivables and deposits                 410          46         316         211
          Other assets                            (147)       (125)         58          20
          Accounts payable                      (1,256)        (22)       (431)        (85)
          Tenant security deposit
           liabilities                               8           4           2           4
          Accrued property taxes                  (190)       (137)         30         (40)
          Other liabilities                       (309)         12        (122)         20
             Net cash (used in) provided
              by operating activities             (239)      1,080         295         646
Cash flows from investing activities:
  Property improvements and replacements          (528)       (185)       (320)        (59)
  Net withdrawals from restricted escrows           46          36         307          32
  Insurance proceeds received, net               1,867          --         502          --
             Net cash (used in) provided
               by investing activities           1,385        (149)        489         (27)
Cash flows from financing activities:
  Payments on mortgage notes payable              (170)       (125)        (38)        (42)
  Loan costs paid                                  (71)        (10)         --          --
  Partners' distributions                           --      (1,902)         --      (1,118)
             Net cash used in financing
               activities                         (241)     (2,037)        (38)     (1,160)
Net increase (decrease) in cash and cash
  equivalents                                      905      (1,106)        746        (541)
Cash and cash equivalents at beginning
  of period                                      8,852       2,892       8,106       3,433
Cash and cash equivalents at end
  of period                                    $ 9,757     $ 1,786     $ 8,852     $ 2,892
Supplemental disclosure of cash flow
  information:
  Cash paid for interest                       $   712     $   631     $   239     $   211

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)

                              SHELTER PROPERTIES V

                    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  V  (the   "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the  opinion of  Shelter  Realty V  Corporation  (the
"Corporate  General Partner"),  all adjustments  (consisting of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the one and three month periods  ended  December 31, 1999
and March 31, 2000, respectively,  are not necessarily indicative of the results
that  may be  expected  for the year  ending  December  31,  2000.  For  further
information,  refer  to the  consolidated  financial  statements  and  footnotes
thereto  included  in the  Partnership's  Annual  Report on Form  10-KSB for the
fiscal year ended November 30, 1999.

Change in Fiscal Year End:

On January 3, 2000, the  Partnership  elected to change its fiscal year end from
November 30 to December 31,  effective for the period ending  December 31, 1999,
as announced in its Form 8-K filed on January 3, 2000. This Quarterly  Report on
Form 10-QSB presents the unaudited results of the  Partnership's  operations for
the first fiscal  quarter ended March 31, 2000 and for the one month  transition
period covering December 1, 1999 through December 31, 1999.

Principles of Consolidation:

The financial statements include all the accounts of the Partnership and its two
99.99% owned  partnerships.  The Corporate  General Partner of the  consolidated
partnerships  is Shelter Realty V Corporation.  Shelter Realty V Corporation may
be  removed  as the  general  partner  of the  consolidated  partnership  by the
Registrant;   therefore,  the  consolidated   partnerships  are  controlled  and
consolidated by the Registrant.  All significant  interpartnership balances have
been eliminated.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the Corporate  General Partner.  The Corporate  General Partner does not believe
that this  transaction has had or will have a material effect on the affairs and
operations of the Partnership.

Note C - Reconciliation of Cash Flows

The  following  is  a  reconciliation   of  the  subtotal  on  the  accompanying
consolidated  statements of cash flows captioned "net cash provided by operating
activities"  to "net  cash  from  operations",  as  defined  in the  Partnership
Agreement.  However,  "net cash from  operations"  should not be  considered  an
alternative  to  net  income  as an  indicator  of the  Partnership's  operating
performance or to cash flows as a measure of liquidity.

<TABLE>
<CAPTION>

                                           Three Months Ended          One Month Ended
                                                March 31,                December 31,
                                             (in thousands)             (in thousands)
                                            2000         1999         1999         1998
Net cash (used in) provided by
<S>                                        <C>         <C>           <C>           <C>
   operating activities                    $ (239)     $ 1,080       $ 295         $ 646
  Payments on mortgage notes
   payable                                   (170)        (125)         (38)          (42)
  Property improvements and
   replacements                              (528)        (185)        (320)          (59)
  Change in restricted escrows, net            46           36          307            32
  Changes in reserves for net
     operating liabilities                  1,484          222          147          (130)
  Additional operating reserves              (593)          --         (391)           --

     Net cash used in operations            $ --       $ 1,028        $ --         $ 447
</TABLE>

The Corporate General Partner reserved an additional  $593,000 at March 31, 2000
and $391,000 at December 31, 1999 to fund  capital  improvements  and repairs at
the Partnership's seven investment properties.

Note D - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership. The following payments were
made to the Corporate  General  Partner and  affiliates  during the three months
ended March 31, 2000 and 1999 and one month period  ended  December 31, 1999 and
1998 (in thousands):

<TABLE>
<CAPTION>


                                                       March 31,       December 31,
                                                     2000     1999     1999     1998

Property management fees (included in
<S>                                                 <C>      <C>       <C>      <C>
  operating expense)                                $ 175    $ 182     $ 57     $ 59
Reimbursement for services of affiliates
  (included in operating, general and
 administrative expenses and investment                74       54       36       18
 properties)
</TABLE>

During  the  three  months  ended  March 31,  2000 and 1999 and one month  ended
December 31, 1999 and 1998,  affiliates  of the Corporate  General  Partner were
entitled to receive 5% of gross receipts from all of the Registrant's properties
for  providing  property  management  services.  The  Registrant  paid  to  such
affiliates  approximately $175,000 and $182,000 for the three months ended March
31,  2000 and 1999,  and  approximately  $57,000  and  $59,000 for the one month
periods ended December 31, 1999 and 1998, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $74,000 and
$54,000 for the three  months  ended March 31, 2000 and 1999,  respectively  and
approximately  $36,000 and $18,000 for the one month periods ended  December 31,
1999 and 1998, respectively.

AIMCO and its affiliates  currently own 33,480 limited  partnership units in the
Partnership  representing  63.73% of the  outstanding  units.  A number of these
units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
It is possible  that AIMCO or its  affiliates  will make one or more  additional
offers to acquire  additional limited  partnership  interests in the Partnership
for cash or in exchange for units in the operating  partnership of AIMCO.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled to take action with respect to a variety of matters. As a result of its
ownership  of  63.73%  of the  outstanding  units,  AIMCO  is in a  position  to
influence all voting  decisions with respect to the  Registrant.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the interest of the  Corporate  General  Partner  because of their
affiliation with the Corporate General Partner.

Note E - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The  Partnership  has  one  reportable  segment:   residential  properties.  The
Partnership's residential property segment consists of seven apartment complexes
located in Florida (2), South Carolina (1), Virginia (1), Georgia(1),  and North
Carolina (2). The  Partnership  rents  apartment units to tenants for terms that
are typically twelve months or less.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation.  The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the year ended November 30, 1999.

Factors management used to identify the enterprise's reportable segment:

The  Partnership's  reportable  segment  consists of investment  properties that
offer similar products and services.  Although each of the investment properties
is  managed  separately,  they have been  aggregated  into one  segment  as they
provide services with similar types of products and customers.

Segment information for the three month periods ended March 31, 2000 and 1999 is
shown  in  the  tables   below.   The  "Other"   column   includes   partnership
administration  related  items and  income  and  expense  not  allocated  to the
reportable segment.

            March 31, 2000              Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 3,410     $    --       $ 3,410
Other income                                  164          71           235
Interest expense                              762          --           762
Depreciation                                  686          --           686
General and administrative expense             --         115           115
Segment profit (loss)                         553         (44)          509
Total assets                               37,064       6,213        43,277
Capital expenditures for
  investment properties                       528          --           528

            March 31, 1999              Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 3,428         $ --      $ 3,428
Other income                                  191            11         202
Interest expense                              676            --         676
Depreciation                                  712            --         712
General and administrative expense             --            93          93
Segment profit (loss)                         627           (82)        545
Total assets                               35,682           710      36,392
Capital expenditures for
  investment properties                      185             --         185

Segment  information for the one month periods ended December 31, 1999 and 1998,
is shown in the tables below.

          December 31, 1999             Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 1,143     $    --       $ 1,143
Other income                                   34          18            52
Interest expense                              256          --           256
Depreciation                                  241          --           241
General and administrative expense             --          22            22
Segment profit (loss)                         188          (4)          184
Total assets                               38,012       6,655        44,667
Capital expenditures for
  investment properties                       320          --           320


          December 31, 1998             Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 1,146         $ --      $ 1,146
Other income                                   58            11          69
Interest expense                              226            --         226
Depreciation                                  251            --         251
General and administrative expense             --            29          29
Segment profit (loss)                         268           (18)        250
Total assets                               36,663         1,337      38,000
Capital expenditures for
  investment properties                       59             --          59

Note F - Casualty Event

In September 1999, Tar River Estates Apartments,  was damaged by severe flooding
which  affected  certain  areas  of North  Carolina.  It is  estimated  that the
property has incurred  approximately  $6,323,000  in damages as a result of this
flooding.  As of March 31, 2000, insurance proceeds of approximately  $2,464,000
have been  received  to cover  lost  rents and  damage  to the  property.  It is
anticipated  that the costs  incurred  to  restore  the  property  will be fully
covered by insurance.

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the Partnership,  the Corporate  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999.  Prior to the  December  10,  1999  hearing  the  Court  received  various
objections to the settlement,  including a challenge to the Court's  preliminary
approval based upon the alleged lack of authority of class  plaintiffs'  counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Corporate  General Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment  properties consist of seven apartment  complexes.
The following  table sets forth the average  occupancy of the properties for the
three months ended March 31, 2000 and 1999 and for the one month  periods  ended
December 31, 1999 and 1998:

<TABLE>
<CAPTION>

                                             March 31,             December 31,
Property                                 2000        1999        1999        1998

Foxfire Apartments

<S>                                       <C>         <C>         <C>         <C>
   Atlanta, Georgia                       94%         94%         95%         94%

Old Salem Apartments

   Charlottesville, Virginia              98%         96%         97%         95%

Woodland Village Apartments

   Columbia, South Carolina (2)           92%         95%         91%         95%

Lake Johnson Mews Apartments

   Raleigh, North Carolina                93%         94%         94%         96%

The Lexington Green Apartments

   Sarasota, Florida                      97%         98%         97%         96%

Millhopper Village Apartments

   Gainesville, Florida (3)               93%         95%         96%         92%

Tar River Estates Apartments

   Greenville, North Carolina (1)         35%         96%         36%         97%

</TABLE>

(1)   During  September  1999, Tar River Estates was damaged by severe  flooding
      which affected certain areas of North Carolina.  The property has incurred
      extensive  damage  as a result of the  flooding  causing  portions  of the
      property to be  unavailable  for  occupancy  since  September  1999. It is
      anticipated  that the costs incurred to restore the property will be fully
      covered  by  insurance.  The  occupancy  for the units not  damaged at the
      property was 93% at March 31, 2000 and  approximately  97% at December 31,
      1999. The Corporate General Partner has completed  discussions relating to
      the  redevelopment  of the  property and has begun  reconstruction  of the
      property.

(2)   The decrease in occupancy at Woodland Village  Apartments for both periods
      is attributed to tenants  purchasing new homes at the current low mortgage
      interest rates.

(3)   Millhopper   Village  is  located  in  a  very  competitive  market  area.
      Fluctuations   in  occupancy  are   attributed  to  the  timing  of  lease
      expirations  and the degree to which  concessions are being offered by the
      property and its competitors.

Results of Operations

The  Registrant's  net  income for the three  months  ended  March 31,  2000 was
approximately  $509,000 compared to approximately  $545,000 for the three months
ended March 31,  1999.  The  decrease in net income for the three  months  ended
March 31,  2000 is due to an  increase  in total  expenses  which was  partially
offset by an increase in total  revenues.  The increase in total expenses is due
primarily  to an increase  in  interest  expense  and,  to a lesser  extent,  an
increase in general and administrative expense. The increase in interest expense
is due primarily to the refinancing of the debt encumbering Old Salem Apartments
and Foxfire Apartments (as discussed below). General and administrative expenses
increased  primarily  as a  result  of an  increase  in  audit  fees  and  costs
associated with the Partnership's communications with investors.

The increase in total expenses was partially offset by decreases in property tax
and  depreciation  expenses.  The decrease in property tax expense is due to the
timing of the receipt of tax bills which affected the tax accruals  recorded for
the respective periods. The decrease in depreciation expense is due primarily to
the  write-off of a building and the related  depreciation  at Tar River Estates
Apartments  due to damage  sustained as a result of flooding in 1999.  Operating
expenses remained relatively constant for the comparable period.

Total  revenues  increased  as a result of an  increase in other  income.  Other
income increased as a result of an increase in interest income as a result of an
increase in cash maintained in interest bearing accounts.  The increase in other
income  was  partially  offset by a decrease  in rental  income as a result of a
decrease in occupancy at five of the Partnership's  investment  properties which
more than offset the increase in average rental rates at all of the properties.

The Registrant's net income for the one month period ended December 31, 1999 was
approximately  $184,000  compared to  approximately  $250,000  for the one month
period ended  December  31,  1998.  The decrease in net income for the one month
period  ended  December  31, 1999 is due to an increase in total  expenses and a
decrease in total revenues. The increase in total expenses is due to an increase
in  interest  and  operating   expenses   partially  offset  by  a  decrease  in
depreciation and general and administrative expenses. Interest expense increased
as a result of the refinancing of the debt  encumbering Old Salem Apartments and
Foxfire  Apartments (as discussed  below).  The increase in operating expense is
due primarily to an increase in payroll  related  expenses at the  Partnership's
investment properties. Property tax expense remained relatively constant for the
comparable periods. The decrease in depreciation expense is due primarily to the
write-off  of a  building  and the  related  depreciation  at Tar River  Estates
Apartments due to damage sustained as a result of flooding in 1999.  General and
administrative  expenses  decreased  primarily  due to a  decrease  in  expenses
related to the  Partnership's  communications  with  investors.  Total  revenues
decreased for the comparable  period due to a decrease in  miscellaneous  income
received at the properties.  Rental income remained  relatively constant for the
comparable periods.

Included in general and  administrative  expense at both the three  months ended
March 31, 2000 and 1999 and at both the one month  periods  ended  December  31,
1999 and 1998 are management  reimbursements  to the Corporate  General  Partner
allowed under the Partnership Agreement. In addition,  costs associated with the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audits and appraisals required by the Partnership  Agreement are also
included.

As part of the ongoing  business plan of the Registrant,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expense. As part of this plan, the Corporate General Partner attempts to protect
the Partnership  from the burden of  inflation-related  increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market  conditions,  which can result in the use of rental  concessions
and  rental  reductions  to  offset  softening  market  conditions,  there is no
guarantee  that the  Corporate  General  Partner  will be able to sustain such a
plan.

Liquidity and Capital Resources

At March 31, 2000, the Registrant had cash and cash equivalents of approximately
$9,757,000  as compared  to  approximately  $1,786,000  at March 31,  1999.  The
increase in cash and cash  equivalents of  approximately  $905,000 for the three
months ended March 31, 2000, from the Partnership's year ended December 31, 1999
is  primarily  due to  approximately  $1,385,000  of cash  provided by investing
activities, which was partially offset by approximately $239,000 of cash used in
operating  activities  and  approximately  $241,000  of cash  used in  financing
activities.  Cash provided by investing  activities  consisted of the receipt of
insurance  proceeds and to a lesser extent, net withdrawals from escrow accounts
maintained  by the  mortgage  lender  which was  partially  offset  by  property
improvements  and  replacements.  Cash used in  financing  activities  consisted
primarily  of  payments  of  principal  made on the  mortgages  encumbering  the
Registrant's  properties,  and to a lesser  extent,  loan  costs  related to the
refinancing  of the  mortgages  encumbering  Old Salem  Apartments  and  Foxfire
Apartments. The Partnership invests its working capital reserves in money market
accounts.

At  December  31,  1999,  the  Registrant  had  cash  and  cash  equivalents  of
approximately $8,852,000 as compared to approximately $2,892,000 at December 31,
1998. The increase in cash and cash  equivalents of  approximately  $746,000 for
the one month ended December 31, 1999, from the Partnership's former fiscal year
end,  November 30,  1999,  is primarily  due to  approximately  $295,000 of cash
provided by  operating  activities  and  $489,000 of cash  provided by investing
activities,  which was partially offset by approximately $38,000 of cash used in
financing  activities.  Cash provided by investing  activities  consisted of the
receipt  of  insurance   proceeds  and  net  withdrawals  from  escrow  accounts
maintained  by the  mortgage  lender  which was  partially  offset  by  property
improvements and replacements.  Cash used in financing  activities  consisted of
payments  of  principal  made  on the  mortgages  encumbering  the  Registrant's
properties.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other  operating needs of the Registrant and to comply with
Federal,   state,  and  local,  legal  and  regulatory   requirements.   Capital
improvements planned for each of the Registrant's properties are detailed below.

Millhopper   Village   Apartments:   For  2000,  the  Partnership  has  budgeted
approximately  $44,000  for  capital   improvements,   consisting  primarily  of
appliance  and  floor  covering  replacements  and HVAC unit  replacements.  The
Partnership completed approximately $19,000 and $ 30,000 in capital expenditures
for the one month ended  December  31, 1999 and the three months ended March 31,
2000,  respectively.  These  improvements were funded primarily from partnership
reserves and operations.  The capital expenditures  incurred consisted primarily
of electrical improvements,  pool upgrades, major landscaping and floor covering
replacements.

Foxfire  Apartments:  For  2000,  the  Partnership  has  budgeted  approximately
$134,000  for capital  improvements,  consisting  primarily  of parking area and
swimming pool improvements,  floor covering and appliance replacements and other
interior building improvements. The Partnership completed approximately $100,000
and $60,000 in capital  expenditures  for the one month ended  December 31, 1999
and the three months ended March 31, 2000, respectively. These improvements were
funded  primarily  from  partnership   reserves  and  operations.   The  capital
expenditures  incurred  consisted  primarily  of exterior  painting,  structural
upgrades,   floor  covering  and  appliance   replacements  and  other  interior
improvements.

Lake  Johnson  Mews   Apartments:   For  2000,  the   Partnership  has  budgeted
approximately  $105,000  for  capital  improvements,   consisting  primarily  of
structural  improvements,   HVAC  upgrades  and  floor  covering  and  appliance
replacements.  The  Partnership  completed  approximately  $6,000 and $27,000 in
capital  expenditures  for the one month ended  December  31, 1999 and the three
months  ended  March 31,  2000,  respectively.  These  improvements  were funded
primarily from operations. The capital expenditures incurred consisted primarily
of appliance and floor covering replacements.

Woodland   Village   Apartments:   For  2000,  the   Partnership   has  budgeted
approximately  $286,000  for  capital  improvements,   consisting  primarily  of
exterior painting,  floor covering  replacements and other interior and exterior
building  improvements.  The  Partnership  completed  approximately  $34,000 and
$132,000 in capital  expenditures  for the one month ended December 31, 1999 and
the three months ended March 31, 2000,  respectively.  These  improvements  were
funded  primarily  from  Partnership   reserves  and  operations.   The  capital
expenditures  incurred  consisted  primarily of floor covering  replacements and
other exterior building improvements.

The  Lexington  Green  Apartments:   For  2000,  the  Partnership  has  budgeted
approximately  $224,000  for  capital  improvements,   consisting  primarily  of
plumbing  improvements,  swimming pool  upgrades,  floor  covering and appliance
replacements   and   structural   improvements.    The   Partnership   completed
approximately  $81,000  and  $75,000 in capital  expenditures  for the one month
ended December 31, 1999 and the three months ended March 31, 2000, respectively.
These   improvements   were  funded  primarily  from  operations.   The  capital
expenditures   incurred  consisted  primarily  of  plumbing  and  swimming  pool
upgrades,  recreation  facilities  upgrades,  and floor  covering and  appliance
replacements.

Tar  River  Estates   Apartments:   For  2000,  the   Partnership  has  budgeted
approximately  $135,000 for capital  improvements,  consisting primarily of HVAC
unit  upgrades and floor  covering and  appliance  replacements  and  structural
improvements.  The Partnership  completed  approximately  $36,000 and $91,000 in
capital  expenditures  for the one month ended  December  31, 1999 and the three
months  ended  March 31,  2000,  respectively.  These  improvements  were funded
primarily from operations. The capital expenditures incurred consisted primarily
of floor  covering and appliance  replacements  and other  exterior and interior
building  improvements  associated  with the repairs  required due to the severe
flood damage which occurred during September 1999.

Old Salem  Apartments:  For 2000,  the  Partnership  has budgeted  approximately
$213,000  for  capital   improvements,   consisting  primarily  of  parking  lot
improvements,   floor   covering   and   appliance   replacements,    structural
improvements,  and other  interior and exterior  improvements.  The  Partnership
completed approximately $44,000 and $113,000 in capital expenditures for the one
month  ended  December  31,  1999 and the three  months  ended  March 31,  2000,
respectively. These improvements were funded primarily from Partnership reserves
and operations.  The capital expenditures  incurred consisted primarily of major
landscaping, floor covering and appliance replacements,  structural improvements
and other exterior and interior building improvements.

The additional  capital  expenditures will be incurred only if cash is available
from operations and from Partnership  reserves. To the extent that such budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of  approximately  $37,038,000  net of discount,  is amortized over
varying periods with required balloon payments ranging from November 15, 2002 to
December 1, 2019. The Corporate  General  Partner will attempt to refinance such
indebtedness  and/or sell the properties  prior to such maturity  dates.  If the
properties cannot be refinanced or sold for a sufficient  amount, the Registrant
will risk losing such properties through foreclosure.

During October and November 1999, the Partnership  refinanced the mortgage notes
at Foxfire  and Old Salem  Apartments,  respectively.  Gross  proceeds  from the
refinancings   were   $7,200,000  and   $10,157,000,   respectively,   of  which
approximately  $4,519,000  and $6,287,000  respectively  was used to pay off the
existing  mortgage notes.  The new notes require monthly  principal and interest
payments at fixed interest  rates of 7.79% for Foxfire  Apartments and 8.02% for
Old Salem  Apartments.  The old debt carried fixed  interest  rates of 7.50% and
10.375% with maturities beginning in May 1999.

During  the  three  months  ended  March  31,  1999,   cash   distributions   of
approximately  $1,902,000  ($1,881,000 of which was paid to the limited partners
which was $35.80 per limited partnership unit) was paid from operations. For the
one month ended  December 31, 1998,  $1,118,000  was paid to the partners  which
related to a payable at November 30, 1998. No cash  distributions  were made for
the three  months  ended March 31, 2000 and one month ended  December  31, 1999.
Future cash  distributions  will depend on the levels of net cash generated from
operations,   the  availability  of  cash  reserves,  and  the  timing  of  debt
maturities,  refinancings and/or property sales. The Partnership's  distribution
policy is reviewed on a quarterly  basis.  There can be no  assurance,  however,
that the  Partnership  will generate  sufficient  funds from  operations,  after
planned capital improvement expenditures,  to permit additional distributions to
its partners  during the remainder of 2000 or subsequent  periods.  In addition,
the Partnership may be restricted from making distributions if the amount in the
reserve  account for each  property  maintained  by the mortgage  lender for The
Lexington  Green  Apartments and Tar River Estates  Apartments is less than $400
per apartment unit for each respective  property for a total of $267,600.  As of
March 31,  1999,  the reserve  accounts  were fully  funded  with  approximately
$339,800 on deposit with the mortgage lender.

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the Partnership,  the Corporate  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Part I - Financial Information, Item I. Financial Statements, Note B - Transfer
of  Control").  The  plaintiffs  seek  monetary  damages and  equitable  relief,
including  judicial  dissolution  of the  Partnership.  On June  25,  1998,  the
Corporate  General  Partner filed a motion seeking  dismissal of the action.  In
lieu  of  responding  to the  motion,  the  plaintiffs  have  filed  an  amended
complaint.  The  Corporate  General  Partner  filed  demurrers  to  the  amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999.  Prior to the  December  10,  1999  hearing  the  Court  received  various
objections to the settlement,  including a challenge to the Court's  preliminary
approval based upon the alleged lack of authority of class  plaintiffs'  counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Corporate  General Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  Current  Report on Form 8-K dated  January 3,  2000,  filed on
                  January 12,  2000,  disclosing  change in fiscal year end from
                  November to December.

                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                              SHELTER PROPERTIES V

                                 By:     Shelter Realty V Corporation
                                         Corporate General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                               Date:    May 15, 2000