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 September 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)

                               September 30, 2000
<TABLE>
<CAPTION>

Assets

<S>                                                         <C>             <C>
   Cash and cash equivalents                                                $  3,076
   Receivables and deposits                                                    2,913
   Restricted escrows                                                            612
   Other assets                                                                  652
   Investment properties:
      Land                                                  $  4,242
      Buildings and related personal property                 73,195
                                                              77,437
      Less accumulated depreciation                          (46,514)         30,923
                                                                            $ 38,176

Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                                          $ 224
   Tenant security deposit liabilities                                           288
   Accrued property taxes                                                        449
   Other liabilities                                                             560
   Mortgage notes payable                                                     36,734

Partners' (Deficit) Capital

   General partners                                         $   (327)
   Limited partners (52,538 units
      issued and outstanding)                                    248             (79)

                                                                            $ 38,176

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>




b)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                          Three Months Ended     Nine Months Ended
                                            September 30,          September 30,
                                           2000       1999        2000        1999
Revenues:
<S>                                      <C>         <C>         <C>         <C>
   Rental income                         $ 3,442     $ 3,450     $10,262     $10,294
   Other income                              253         197         821         624
   Casualty gain                           1,662          --       1,662          --
      Total revenues                       5,357       3,647      12,745      10,918

Expenses:
   Operating                               1,381       1,471       4,136       4,228
   General and administrative                219         116         439         309
   Depreciation                              894         732       2,248       2,164
   Interest                                  760         665       2,284       2,022
   Property taxes                            181         211         568         646
      Total expenses                       3,435       3,195       9,675       9,369

      Net income                         $ 1,922      $ 452      $ 3,070     $ 1,549

Net income allocated to
   general partners (1%)                   $ 19        $ 4        $ 31        $ 15
Net income allocated to
   limited partners (99%)                  1,903         448       3,039       1,534

                                         $ 1,922      $ 452      $ 3,070     $ 1,549
Net income per limited
   partnership unit                      $ 36.22     $ 8.53      $ 57.84     $ 29.20


Distributions per limited

   partnership unit                        $ --      $ 12.62     $144.18     $ 48.42


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


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 nine months
   ended September 30, 2000                   --          31       3,039       3,070

Distributions to partners                     --         (19)     (7,575)    (7,594)

Partners' (deficit) capital at
   September 30, 2000                     52,538     $  (327)    $   248    $   (79)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


d)

                              SHELTER PROPERTIES V

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
<TABLE>
<CAPTION>

                                                              Nine Months Ended
                                                                September 30,
                                                              2000        1999
Cash flows from operating activities:

<S>                                                          <C>         <C>
  Net income                                                 $ 3,070     $ 1,549
  Adjustments to reconcile net income to net cash
   provided by operating activities:
      Depreciation                                             2,248       2,164
      Amortization of discounts and loan costs                   147         138
      Casualty gain                                           (1,662)         --
      Change in accounts:
          Receivables and deposits                            (2,056)       (275)
          Other assets                                           (97)       (127)
          Accounts payable                                      (611)         60
          Tenant security deposit liabilities                     14         (31)
          Accrued property taxes                                  38         246
          Other liabilities                                     (404)        (24)

             Net cash provided by operating activities           687       3,700

Cash flows from investing activities:

  Property improvements and replacements                      (2,641)     (1,225)
  Net withdrawals from restricted escrows                         39         265
  Insurance proceeds received, net                             4,324          --

             Net cash provided by (used in) investing
               activities                                      1,722        (960)

Cash flows from financing activities:

  Payments on mortgage notes payable                            (508)       (384)
  Loan costs paid                                                (83)        (10)
  Partners' distributions                                     (7,594)     (2,573)

             Net cash used in financing activities            (8,185)     (2,967)

Net decrease in cash and cash equivalents                     (5,776)       (227)

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

Cash and cash equivalents at end of period                   $ 3,076     $ 2,665

Supplemental disclosure of cash flow information:

  Cash paid for interest                                     $ 2,138     $ 1,884

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>

<PAGE>

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 nine month periods ended September 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 nine months ended September 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.


<PAGE>




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.

                                                        Nine Months Ended
                                                          September 30,
                                                         (in thousands)
                                                        2000         1999
         Net cash provided by operating
          activities                                 $   687       $ 3,700
         Payments on mortgage notes
          payable                                       (508)         (384)
         Property improvements and
          replacements                                (2,641)       (1,225)
         Change in restricted escrows, net                39           265
         Changes in reserves for net
            operating liabilities                      3,116           151
         Additional operating reserves                  (231)       (2,007)

            Net cash provided by operations          $   462       $   500

The Corporate General Partner reserved an additional  $231,000 and $2,007,000 at
September  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 nine months
ended September 30, 2000 and 1999 (in thousands):

                                                               September 30,
                                                               2000     1999
Property management fees (included in
  operating expense)                                          $ 539    $ 552
Reimbursement for services of affiliates
  (included in operating, general and
 administrative expenses and investment
 properties)                                                    343      190


<PAGE>



During the nine months  ended  September  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  $539,000 and $552,000 for the
nine months ended September 30, 2000 and 1999, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $343,000 and
$190,000 for the nine months ended  September  30, 2000 and 1999,  respectively.
Included in these expenses for the nine months ended September 30, 2000 and 1999
is  approximately  $32,000  and  $6,000,  respectively,  in  reimbursements  for
construction oversight costs.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 34,813 limited partnership
units in the Partnership  representing 66.26% 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,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the Corporate General Partner.  As a
result  of its  ownership  of  66.26% 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 - Distributions

During  the  nine  months  ended  September  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   $1,417,000
(approximately  $1,398,000  of which was paid to the limited  partners or $26.61
per limited partnership unit) were paid from operations. Subsequent to September
30, 2000, a distribution of approximately  $462,000  (approximately  $457,000 of
which was paid to the limited  partners or $8.70 per limited  partnership  unit)
was paid from operations.  During the nine months ended September 30, 1999, cash
distributions of approximately $2,573,000 (approximately $2,544,000 of which was
paid to the limited partners or $48.42 per limited  partnership  unit) were paid
from operations.


<PAGE>



Note F - 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 nine month periods  ended  September 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 September 30, 2000    Residential      Other       Totals
                                                      (in thousands)
Rental income                                $ 3,442     $    --       $ 3,442
Other income                                     246           7           253
Casualty gain                                  1,662          --         1,662
Interest expense                                 760          --           760
Depreciation                                     894          --           894
General and administrative expense                --         219           219
Segment profit (loss)                          2,134        (212)        1,922


<PAGE>



  Nine Months Ended September 30, 2000     Residential      Other       Totals
                                                      (in thousands)
Rental income                                $10,262     $    --       $10,262
Other income                                     671         150           821
Casualty gain                                  1,662          --         1,662
Interest expense                               2,284          --         2,284
Depreciation                                   2,248          --         2,248
General and administrative expense                --         439           439
Segment profit (loss)                          3,359        (289)        3,070
Total assets                                  38,039         137        38,176
Capital expenditures for
  investment properties                        2,093          --         2,093

  Three Months Ended September 30, 1999    Residential      Other       Totals
                                                      (in thousands)
Rental income                                $ 3,450         $ --      $ 3,450
Other income                                     192             5         197
Interest expense                                 665            --         665
Depreciation                                     732            --         732
General and administrative expense                --           116         116
Segment profit (loss)                            563          (111)        452

  Nine Months Ended September 30, 1999     Residential      Other       Totals
                                                      (in thousands)
Rental income                                $10,294         $ --      $10,294
Other income                                     602            22         624
Interest expense                               2,022            --       2,022
Depreciation                                   2,164            --       2,164
General and administrative expense                --           309         309
Segment profit (loss)                          1,836          (287)      1,549
Total assets                                  35,874         1,021      36,895
Capital expenditures for
  investment properties                        1,225            --       1,225


<PAGE>



Note G - 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  $6,320,000  in damages as a result of this
flooding.  As  of  September  30,  2000,  insurance  proceeds  of  approximately
$5,316,000  have been  received to cover lost rents and damage to the  property,
resulting in a casualty gain of approximately $1,662,000.

In July 1999, Woodland Village Apartments  experienced a fire, which resulted in
the  destruction  of six  apartment  units.  The  property  incurred  damages of
approximately  $324,000 and estimated lost rents of approximately $13,000. It is
anticipated  that the costs  incurred  to  restore  the  property  will be fully
covered by insurance.

Note H - 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. ("Insignia") 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 is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. 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.


<PAGE>




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
nine months ended September 30, 2000 and 1999:

                                                       September 30,
             Property                                2000        1999

             Foxfire Apartments

                Atlanta, Georgia                      95%         94%

             Old Salem Apartments

                Charlottesville, Virginia             97%         95%

             Woodland Village Apartments

                Columbia, South Carolina              93%         94%

             Lake Johnson Mews Apartments

                Raleigh, North Carolina               93%         95%

             The Lexington Green Apartments

                Sarasota, Florida                     97%         97%

             Millhopper Village Apartments

                Gainesville, Florida                  94%         96%

             Tar River Estates Apartments

                Greenville, North Carolina (1)        35%         94%


(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 97% at September 30, 2000. The Corporate  General  Partner is
      currently in discussions concerning the redevelopment of the property.


<PAGE>



Results of Operations

The  Registrant's  net income for the three and nine months ended  September 30,
2000 was approximately $1,922,000 and $3,070,000,  respectively,  as compared to
approximately  $452,000  and  $1,549,000  for the  three and nine  months  ended
September  30,  1999.  The increase in net income is due to an increase in total
revenues,  which was partially  offset by an increase in total  expenses.  Total
revenues  increased  primarily due to a gain  resulting from the casualty at Tar
River Estates (as discussed below), and to a lesser extent, 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 four 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 increases in interest,  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).  Depreciation  expense increased as a result of
recent capital  improvements  performed at all of the  Partnership's  investment
properties.  The increase in  depreciation  expense was partially  offset by the
write-off of a building and the related  accumulated  depreciation  at Tar River
Estates due to damage  sustained  as a result of  flooding in 1999.  General and
administrative  expenses  increased  primarily due to an increase in the cost of
services  included in the  management  reimbursements  to the Corporate  General
Partner and its affiliates allowed under the Partnership Agreement and increased
professional  fees  associated  with the  management  of the  Partnership.  Also
included in general and  administrative  expenses at both September 30, 2000 and
1999 are costs  associated  with the  quarterly and annual  communications  with
investors and regulatory  agencies and the annual audits and appraisals required
by the Partnership Agreement.

The increase in total  expenses was  partially  offset by decreases in operating
and property tax expenses.  The decrease in operating  expenses is due primarily
to a decrease in maintenance  expenses at most of the Partnership's  properties,
partially  offset by an increase in payroll  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 property tax
expense  was  partially  offset by an  increase  in the tax  assessment  at Lake
Johnson Mews Apartments.

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.


<PAGE>



Liquidity and Capital Resources

At  September  30,  2000,  the  Registrant  had  cash and  cash  equivalents  of
approximately  $3,076,000 as compared to  approximately  $2,665,000 at September
30, 1999. The decrease in cash and cash equivalents of approximately  $5,776,000
for the nine months ended September 30, 2000, from the Partnership's  year ended
December 31, 1999, is due to approximately  $8,185,000 of cash used in financing
activities,  which was  partially  offset by  approximately  $1,722,000  of cash
provided by investing activities and approximately  $687,000 of cash provided by
operating  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
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  $109,000  in  budgeted  and  non-budgeted
capital  expenditures  for the nine months ended September 30, 2000. The capital
expenditures  incurred consisted  primarily of balcony  replacements,  and floor
covering replacements. These improvements were funded primarily from operations.

Foxfire  Apartments:  For  2000,  the  Partnership  has  budgeted  approximately
$201,000  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 $224,000
in budgeted  and  non-budgeted  capital  expenditures  for the nine months ended
September 30, 2000. The capital  expenditures  incurred  consisted  primarily of
exterior painting, plumbing upgrades, air conditioning unit replacements,  floor
covering and appliance  replacements.  These  improvements were funded primarily
from operations.

Lake  Johnson  Mews   Apartments:   For  2000,  the   Partnership  has  budgeted
approximately  $131,000  for  capital  improvements,   consisting  primarily  of
structural  improvements,   HVAC  upgrades  and  floor  covering  and  appliance
replacements.  The Partnership completed  approximately $132,000 in budgeted and
non-budgeted  capital expenditures for the nine months ended September 30, 2000.
The capital expenditures incurred consisted primarily of parking lot repairs and
cabinet  and  floor  covering  replacements.   These  improvements  were  funded
primarily from operations.

Woodland   Village   Apartments:   For  2000,  the   Partnership   has  budgeted
approximately  $326,000  for  capital  improvements,   consisting  primarily  of
exterior painting,  floor covering  replacements and other interior and exterior
building  improvements.  The  Partnership  completed  approximately  $313,000 in
capital  expenditures  for the nine months ended September 30, 2000. The capital
expenditures  incurred  consisted  primarily of floor covering  replacements and
interior building  improvements.  These  improvements were funded primarily from
operations.  In addition  approximately  $339,000  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  $261,000  in  capital  expenditures  for the  nine  months  ended
September 30, 2000. The capital  expenditures  incurred  consisted  primarily of
exterior   painting,   plumbing   upgrades,   structural   improvements,   sewer
replacements,  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 $430,000 in budgeted and
non-budgeted  capital expenditures for the nine months ended September 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  $285,000 in capital  expenditures  for the nine months
ended September 30, 2000. The capital expenditures  incurred consisted primarily
of  structural  improvements,  parking  lot  improvements,  and floor  covering,
heating upgrades,  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  $36,734,000  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  nine  months  ended  September  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   $1,417,000
(approximately  $1,398,000  of which was paid to the limited  partners or $26.61
per limited partnership unit) were paid from operations. Subsequent to September
30, 2000, a distribution of approximately  $462,000  (approximately  $457,000 of
which was paid to the limited  partners or $8.70 per limited  partnership  unit)
was paid from operations.  During the nine months ended September 30, 1999, cash
distributions of approximately $2,573,000 (approximately $2,544,000 of which was
paid to the limited partners or $48.42 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 September 30, 2000, the reserve  accounts were fully
funded with approximately $508,000 on deposit with the mortgage lender.


<PAGE>


                           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,  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. ("Insignia") 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 is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. The Corporate  General Partner does not anticipate  that costs  associated
with this case will be material to the Partnership's overall operations.


<PAGE>



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 September 30, 2000.


<PAGE>



                                   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:   November 14, 2000