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 June 30, 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)

                                  June 30, 2000
<TABLE>
<CAPTION>

Assets

<S>                                                            <C>            <C>
   Cash and cash equivalents                                                $  2,559
   Receivables and deposits                                                      723
   Restricted escrows                                                            653
   Other assets                                                                  641
   Investment properties:
      Land                                                    $  4,242
      Buildings and related personal property                   73,382
                                                                77,624

      Less accumulated depreciation                            (45,671)       31,953
                                                                            $ 36,529

Liabilities and Partners' Deficit
Liabilities

   Accounts payable                                                         $    376
   Tenant security deposit liabilities                                           302
   Accrued property taxes                                                        391
   Other liabilities                                                             574
   Mortgage notes payable                                                     36,885

Partners' Deficit

   General partners                                           $   (345)
   Limited partners (52,538 units
      issued and outstanding)                                   (1,654)       (1,999)

                                                                            $ 36,529

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

b)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)

<TABLE>
<CAPTION>


                                          Three Months Ended      Six Months Ended
                                               June 30,               June 30,
                                           2000       1999        2000        1999
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 3,410     $ 3,416     $ 6,820     $ 6,844
   Other income                              333         225         568         427
      Total revenues                       3,743       3,641       7,388       7,271

Expenses:
   Operating                               1,354       1,372       2,755       2,757
   General and administrative                105         100         220         193
   Depreciation                              668         720       1,354       1,432
   Interest                                  762         681       1,524       1,357
   Property taxes                            215         216         387         435
      Total expenses                       3,104       3,089       6,240       6,174

      Net income                         $   639     $   552     $ 1,148     $ 1,097

Net income allocated to
   general partners (1%)                 $     6     $     6     $    11     $    11
Net income allocated to
   limited partners (99%)                    633         546       1,137       1,086
                                         $   639     $   552    $  1,148     $ 1,097
Net income per limited
   partnership unit                      $ 12.05     $ 10.39     $ 21.64     $ 20.67

Distributions per limited
   partnership unit                      $144.18     $    --     $144.18     $ 35.80

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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
   December 31, 1999                      52,538        (339)      4,784      4,445

Net income for the six months
   ended June 30, 2000                        --          11       1,137       1,148

Distributions to partners                     --         (17)     (7,575)    (7,592)

Partners' deficit at June 30, 2000        52,538     $  (345)    $(1,654)   $(1,999)

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                              Six Months Ended
                                                                  June 30,
                                                              2000        1999
Cash flows from operating activities:

<S>                                                          <C>         <C>
  Net income                                                 $ 1,148     $ 1,097
  Adjustments to reconcile net income
    to net cash provided by operating activities:
      Depreciation                                             1,354       1,432
      Amortization of discounts and loan costs                    99          91
      Change in accounts:
          Receivables and deposits                              (734)       (102)
          Other assets                                           (56)       (120)
          Accounts payable                                      (459)         (2)
          Tenant security deposit liabilities                     28           3
          Accrued property taxes                                 (20)         35
          Other liabilities                                     (390)        (30)
             Net cash provided by operating activities           970       2,404

Cash flows from investing activities:

  Property improvements and replacements                      (1,891)       (585)
  Net (deposit to) withdrawals from restricted escrows            (2)        176
  Insurance proceeds received, net                             2,644          --

             Net cash provided by (used in) investing
               activities                                        751        (409)

Cash flows from financing activities:

  Payments on mortgage notes payable                            (339)       (253)
  Loan costs paid                                                (83)        (10)
  Partners' distributions                                     (7,592)     (1,905)

             Net cash used in financing activities            (8,014)     (2,168)

Net decrease in cash and cash equivalents                     (6,293)       (173)

Cash and cash equivalents at beginning of period               8,852       2,892

Cash and cash equivalents at end of period                   $ 2,559     $ 2,719

Supplemental disclosure of cash flow information:

  Cash paid for interest                                     $ 1,425     $ 1,267

At  December  31, 1999  approximately  $548,000  of  property  improvements  and
replacements were included in accounts payable.

            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 three and six month  periods  ended June 30, 2000 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 three and six months ended June 30, 2000.

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.

                                                        Six Months Ended
                                                            June 30,
                                                         (in thousands)
                                                        2000         1999
               Net cash provided by operating
                activities                              $ 970      $ 2,404
               Payments on mortgage notes
                payable                                  (339)        (253)
               Property improvements and
                replacements                           (1,891)        (585)
               Change in restricted escrows, net           (2)         176
               Changes in reserves for net
                  operating liabilities                 2,179          216
               Additional operating reserves             (917)        (958)

                  Net cash provided by operations       $ --       $ 1,000

The Corporate  General Partner  reserved an additional  $917,000 and $958,000 at
June 30, 2000 and 1999,  respectively,  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 six months ended
June 30, 2000 and 1999 (in thousands):

                                                       June 30,
                                                     2000     1999
Property management fees (included in
  operating expense)                                $ 358    $ 368
Reimbursement for services of affiliates
  (included in operating, general and
 administrative expenses and investment               155      109
 properties)

During the six months ended June 30, 2000 and 1999,  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  $358,000 and $368,000 for the
six months ended June 30, 2000 and 1999, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $155,000 and
$109,000 for the six months ended June 30, 2000 and 1999, respectively. Included
in  these  expenses  for  the  six  months  ended  June  30,  2000  and  1999 is
approximately   $23,000  and  $2,000,   respectively,   in  reimbursements   for
construction oversight costs.

AIMCO and its affiliates  currently own 33,627 limited  partnership units in the
Partnership  representing  64.01% 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  64.01%  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 and six month periods ended June 30, 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.

   Three Months Ended June 30, 2000     Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 3,410     $    --       $ 3,410
Other income                                  261          72           333
Interest expense                              762          --           762
Depreciation                                  668          --           668
General and administrative expense             --         105           105
Segment profit (loss)                         672         (33)          639

    Six Months Ended June 30, 2000      Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 6,820     $    --       $ 6,820
Other income                                  425         143           568
Interest expense                            1,524          --         1,524
Depreciation                                1,354          --         1,354
General and administrative expense             --         220           220
Segment profit (loss)                       1,225         (77)        1,148
Total assets                               36,337         192        36,529
Capital expenditures for
  investment properties                     1,343          --         1,343

  Three Months Ended March 31, 1999     Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 3,416         $ --      $ 3,416
Other income                                  219             6         225
Interest expense                              681            --         681
Depreciation                                  720            --         720
General and administrative expense             --           100         100
Segment profit (loss)                         646           (94)        552

    Six Months Ended June 30, 1999      Residential      Other       Totals
                                                   (in thousands)
Rental income                             $ 6,844         $ --      $ 6,844
Other income                                  410            17         427
Interest expense                            1,357            --       1,357
Depreciation                                1,432            --       1,432
General and administrative expense             --           193         193
Segment profit (loss)                       1,273          (176)      1,097
Total assets                               36,385           594      36,979
Capital expenditures for
  investment properties                       585            --         585

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 June 30, 2000,  insurance proceeds of approximately  $3,242,000
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,  its 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  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 owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  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 prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying them from the case. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on  August  21,  2000 to  address  the issue of  appointing  lead  counsel.  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
six months ended June 30, 2000 and 1999:

                                                         June 30,
             Property                                2000        1999

             Foxfire Apartments

                Atlanta, Georgia                      95%         94%

             Old Salem Apartments

                Charlottesville, Virginia             97%         95%

             Woodland Village Apartments

                Columbia, South Carolina              92%         94%

             Lake Johnson Mews Apartments

                Raleigh, North Carolina               93%         95%

             The Lexington Green Apartments

                Sarasota, Florida                     97%         98%

             Millhopper Village Apartments

                Gainesville, Florida                  94%         95%

             Tar River Estates Apartments

                Greenville, North Carolina (1)        35%         95%


(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 June 30,  2000.  The  Corporate  General  Partner  is
      currently in discussions concerning the redevelopment of the property.

Results of Operations

The Registrant's net income for the three and six months ended June 30, 2000 was
approximately   $639,000   and   $1,148,000,   respectively,   as   compared  to
approximately  $552,000 and  $1,097,000  for the three and six months ended June
30, 1999.  The increase in net income for the three and six month periods is due
to an increase in total revenues,  which was partially  offset by an increase in
total  expenses.  Total  revenues  increased due to an increase in other income.
Other income  increased  primarily due to an increase in interest  income,  as a
result of higher cash balances  maintained  in interest  bearing  accounts.  The
increase in other  income was  partially  offset by a slight  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.

Total expenses  increased  primarily due to an increase in interest expense and,
to a lesser  extent,  an  increase in general and  administrative  expense.  The
increase in interest  expense is primarily the result of the  refinancing of the
debt  encumbering  Old Salem  Apartments  and Foxfire  Apartments  (as discussed
below). General and administrative expenses increased primarily due to increases
in audit fees and management reimbursements to the Corporate General Partner.

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

In addition,  included in general and  administrative  expenses at both June 30,
2000 and 1999 are costs associated with the quarterly and annual  communications
with  investors  and  regulatory   agencies  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 June 30, 2000, the Registrant had cash and cash  equivalents of approximately
$2,559,000  as  compared  to  approximately  $2,719,000  at June 30,  1999.  The
decrease in cash and cash  equivalents of  approximately  $6,293,000 for the six
months ended June 30, 2000, from the Partnership's year ended December 31, 1999,
is due to approximately  $8,014,000 of cash used in financing activities,  which
was  partially  offset by  approximately  $751,000 of cash provided by investing
activities and approximately  $970,000 of cash provided by operating activities.
Cash  provided by  investing  activities  consisted  of the receipt of insurance
proceeds,  which was partially offset by property  improvements and replacements
and net deposits to escrow accounts maintained by the mortgage lender. Cash used
in financing activities  consisted primarily of partner  distributions and, to a
lesser  extent,  payments of principal  made on the  mortgages  encumbering  the
Registrant's  properties  and  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.

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, 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 $87,000 in budgeted and non budgeted capital
expenditures  for the six months ended June 30, 2000.  The capital  expenditures
incurred  consisted  primarily  of  balcony   replacements,   major  landscaping
improvements,  and floor covering  replacements.  These improvements were funded
primarily from Partnership reserves and operations.

Foxfire Apartments: For 2000, the Partnership has budgeted approximately $34,000
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  $122,000 in
capital  expenditures  for the six  months  ended  June 30,  2000.  The  capital
expenditures  incurred  consisted  primarily  of exterior  painting,  structural
upgrades,  HVAC, floor covering and appliance  replacements.  These improvements
were funded primarily from operations.

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  $62,000  in  capital
expenditures  for the six months ended June 30, 2000.  The capital  expenditures
incurred  consisted  primarily  of  appliance,   cabinet,   and  floor  covering
replacements. These improvements were funded primarily from Partnership reserves
and operations.

Woodland   Village   Apartments:   For  2000,  the   Partnership   has  budgeted
approximately $47,000 for capital improvements, consisting primarily of exterior
painting,  floor covering  replacements and other interior and exterior building
improvements.   The  Partnership  completed  approximately  $64,000  in  capital
expenditures  for the six months ended June 30, 2000.  The capital  expenditures
incurred  consisted  primarily of floor covering and appliance  replacements and
structural   improvements.   These   improvements  were  funded  primarily  from
operations.  In addition  approximately  $331,000  has been spent during 2000 on
structural improvements required after a fire which occurred in July 1999. These
improvements were funded from insurance proceeds.

The  Lexington  Green  Apartments:   For  2000,  the  Partnership  has  budgeted
approximately  $420,000  for  capital  improvements,   consisting  primarily  of
plumbing  improvements,  swimming pool  upgrades,  floor  covering and appliance
replacements   and   structural   improvements.    The   Partnership   completed
approximately $193,000 in capital expenditures for the six months ended June 30,
2000.  The  capital  expenditures   incurred  consisted  primarily  of  exterior
painting,  plumbing upgrades and floor covering replacement.  These improvements
were funded primarily from operations.

Tar  River  Estates   Apartments:   For  2000,  the   Partnership  has  budgeted
approximately  $135,000 for capital improvements excluding costs associated with
repairing the damage incurred from flooding,  consisting  primarily of HVAC unit
upgrades  and  floor   covering  and  appliance   replacements   and  structural
improvements.  The  Partnership  completed  approximately  $265,000  in  capital
expenditures  for the six months ended June 30, 2000.  The capital  expenditures
incurred  consisted  primarily of floor covering  replacement and other exterior
and interior building  improvements  associated with the repairs required due to
the severe flood damage which occurred during September 1999. These improvements
were funded primarily from Partnership reserves and insurance proceeds.

Old Salem  Apartments:  For 2000,  the  Partnership  has budgeted  approximately
$438,000  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  $219,000  in capital  expenditures  for the six months
ended June 30, 2000. The capital  expenditures  incurred consisted  primarily of
structural  improvements  parking  lot  improvements,  and  floor  covering  and
appliance   replacements.   These   improvements   were  funded  primarily  from
Partnership reserves and operations.

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  $36,885,000  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 six months ended June 30, 2000, cash  distributions  of approximately
$6,177,000 were paid to the limited  partners  ($117.57 per limited  partnership
unit) from refinancing proceeds and approximately $1,398,000 ($26.61 per limited
partnership  unit) was paid  from  operations.  The  general  partners  received
approximately $17,000 from operations during the six months ended June 30, 2000.
During the six months ended June 30, 1999, cash  distributions  of approximately
$1,905,000  ($1,881,000 of which was paid to the limited  partners or $35.80 per
limited  partnership unit) were paid from operations.  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 June 30, 2000, the
reserve accounts were fully funded with  approximately  $383,000 on deposit with
the mortgage lender.

                           PART II - OTHER INFORMATION

ITEM 1.     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,  its 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 of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  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 owned  units as of November 3, 1999.  Preliminary
approval of the settlement  was obtained on November 3, 1999 from the Court,  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 prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying them from the case. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on  August  21,  2000 to  address  the issue of  appointing  lead  counsel.  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:

                  None filed during the quarter ended June 30, 2000.

                                   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:      August 14, 2000