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, 2001


[ ] 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____

<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                              SHELTER PROPERTIES V
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                                 March 31, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                            <C>          <C>
   Cash and cash equivalents                                                $  1,966
   Receivables and deposits                                                      680
   Restricted escrows                                                          2,641
   Other assets                                                                1,039
   Investment properties:
      Land                                                    $  4,242
      Buildings and related personal property                   74,931
                                                                79,173
      Less accumulated depreciation                            (47,938)       31,235
                                                                            $ 37,561

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                         $    191
   Tenant security deposit liabilities                                           281
   Accrued property taxes                                                        228
   Other liabilities                                                             700
   Due to Corporate General Partner                                              119
   Mortgage notes payable                                                     40,245

Partners' Deficit
   General partners                                           $   (374)
   Limited partners (52,538 units
      issued and outstanding)                                   (3,829)       (4,203)
                                                                            $ 37,561


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>




b)

                              SHELTER PROPERTIES V
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)



                                                         Three Months Ended
                                                              March 31,
                                                          2001        2000
Revenues:
   Rental income                                         $3,291      $3,410
   Other income                                             373         235
   Casualty gain                                            121          --
      Total revenues                                      3,785       3,645

Expenses:
   Operating                                              1,452       1,401
   General and administrative                               135         115
   Depreciation                                             732         686
   Interest                                                 770         762
   Property taxes                                           208         172
      Total expenses                                      3,297       3,136

      Net income                                         $  488      $  509

Net income allocated to
   general partners (1%)                                 $    5      $    5
Net income allocated to
   limited partners (99%)                                   483         504

                                                         $  488      $  509
Net income per limited
   partnership unit                                      $ 9.19      $ 9.59


Distributions per limited
   partnership unit                                      $14.41      $   --


            See Accompanying Notes to Consolidated Financial Statements

<PAGE>


                                SHELTER PROPERTIES V
               CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (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 at
   December 31, 2000                    52,538        $ (336)     $(3,555)   $(3,891)

Distributions to partners                   --           (43)        (757)      (800)

Net income for the three months
   ended March 31, 2001                     --             5          483        488

Partners' deficit at
   March 31, 2001                       52,538        $ (374)     $(3,829)   $(4,203)



            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
                                                                   March 31,
                                                               2001        2000
Cash flows from operating activities:
<S>                                                           <C>         <C>
  Net income                                                  $   488     $   509
  Adjustments to reconcile net income
    to net cash provided by (used in) operating
      activities:
      Depreciation                                                732         686
      Amortization of discounts
       and loan costs                                              38          50
      Casualty gain                                              (121)         --
      Change in accounts:
          Receivables and deposits                                409         410
          Other assets                                           (199)       (147)
          Accounts payable                                       (207)     (1,111)
          Tenant security deposit liabilities                      --           8
          Accrued property taxes                                  (32)       (190)
          Due to Corporate General Partner                        119          --
          Other liabilities                                       104        (309)
             Net cash provided by (used in) operating
              activities                                        1,331         (94)
Cash flows from investing activities:
  Property improvements and replacements                       (1,155)       (673)
  Net withdrawals from restricted escrows                         138          46
  Settlement for defective property improvements                  153          --
  Insurance proceeds received, net                                 95       1,867
             Net cash (used in) provided by investing
               activities                                        (769)      1,240
Cash flows from financing activities:
  Payments on mortgage notes payable                             (169)       (170)
  Loan costs paid                                                (171)        (71)
  Partners' distributions                                        (800)         --
             Net cash used in financing activities             (1,140)       (241)
Net (decrease) increase in cash and cash equivalents             (578)        905
Cash and cash equivalents at beginning of period                2,544       8,852
Cash and cash equivalents at end of period                    $ 1,966     $ 9,757
Supplemental disclosure of cash flow information:
  Cash paid for interest                                      $   727     $   712


At  December  31,  2000  and  1999,   approximately   $221,000   and   $145,000,
respectively,  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.  The general  partner  responsible  for management of the
Partnership's  business is Shelter Realty V Corporation (the "Corporate  General
Partner"),   a  subsidiary  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust. In the opinion of 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  month  period  ended  March 31,  2001 are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2001. 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 December 31, 2000.

Certain  reclassifications have been made to the 2000 balances to conform to the
2001 presentation.

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  partnerships  by the
Registrant;   therefore,  the  consolidated   partnerships  are  controlled  and
consolidated by the Registrant.  All significant  interpartnership balances have
been eliminated.

Segment Reporting:

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also establishes  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership  has only one  reportable  segment.  The Corporate  General  Partner
believes that  segment-based  disclosures  will not result in a more  meaningful
presentation than the consolidated financial statements as currently presented.


<PAGE>





Note B - 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.

                                                     Three Months Ended
                                                          March 31,
                                                       (in thousands)
                                                       2001       2000
             Net cash provided by (used in)
                operating activities                 $ 1,331     $ (94)
               Payments on mortgage notes
                payable                                 (169)      (170)
               Property improvements and
                replacements                          (1,155)      (673)
               Change in restricted escrows, net         138         46
               Changes in reserves for net
                  operating liabilities                 (194)     1,339
               Releases from (additions to)
                  operating reserves                     659       (448)

                  Net cash from operations            $  610     $   --

The  Corporate   General   Partner   released   previously   reserved  funds  of
approximately $659,000 at March 31, 2001. The Corporate General Partner reserved
approximately  $448,000  at March  31,  2000 to fund  capital  improvements  and
repairs at the Partnership's seven investment properties.


<PAGE>



Note C - 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 amounts were
paid or accrued to the Corporate General Partner and affiliates during the three
months ended March 31, 2001 and 2000 (in thousands):

<TABLE>
<CAPTION>

                                                                     March 31,
                                                                   2001      2000

            Property management fees (included in
<S>                                                               <C>       <C>
              operating expense)                                  $ 179     $ 175
            Reimbursement for services of affiliates
              (included in operating, general and
             administrative expenses and investment                  99        74
             properties)
            Refinancing fees (included in capitalized loan
               costs)                                               170        --
            Due to Corporate General Partner                        119        --
</TABLE>

During  the three  months  ended  March 31,  2001 and  2000,  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  $179,000 and $175,000 for the
three months ended March 31, 2001 and 2000, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $99,000 and
$74,000 for the three months ended March 31, 2001 and 2000, respectively.

For  services  provided  in  connection  with  the  refinancing  of  two  of the
Partnership's  investment  properties,  the Corporate  General  Partner was paid
total commissions  related to the refinancings of approximately  $170,000 during
the three months ended March 31, 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates own 36,768 limited  partnership  units in
the Partnership  representing 69.98% 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 acquire  additional  limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating  partnership of AIMCO either through  private  purchases or tender
offers. 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  69.98% 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 its
affiliation with the Corporate General Partner.


<PAGE>



Note D - 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, 2001, insurance proceeds of approximately  $5,316,000
have been received to cover lost rents and damage to the property.  The property
is currently undergoing reconstruction.

In July 1999, Woodland Village Apartments  experienced a fire, which resulted in
the  destruction of eight  apartment  units.  The property  incurred  damages of
approximately  $448,000  and  estimated  lost  rents of  approximately  $36,000.
Insurance proceeds of approximately $332,000 were received during the year ended
December  31, 1999 to cover the damages and lost rents,  resulting in a casualty
gain in 1999 of $210,000.  The repairs were completed and an additional  gain of
approximately  $121,000  was  recorded  during the three  months ended March 31,
2001.

Note E - Distributions

During the three months ended March 31, 2001, cash distributions from operations
of  approximately  $800,000  were paid  (approximately  $757,000  to the limited
partners,  or $14.41 per  limited  partnership  unit).  In  connection  with the
transfer of funds from the majority  owned sub-tier  limited  partnership to the
Partnership, approximately $38,000 was distributed to the general partner of the
majority owned sub-tier limited  partnership.  No distributions were paid to the
partners  during the three months ended March 31, 2000.  Subsequent to March 31,
2001,  the  Partnership  declared and paid a  distribution  from  operations  of
approximately  $610,000  (approximately  $601,000  to the limited  partners,  or
$11.44 per limited partnership unit) to the partners.

Note F - 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 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 and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later than June 15, 2001. 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
three months ended March 31, 2001 and 2000:

                                                          March 31,
                     Property                           2001     2000

                     Foxfire Apartments
                        Atlanta, Georgia                94%       94%

                     Old Salem Apartments
                        Charlottesville, Virginia       98%       98%

                     Woodland Village Apartments
                        Columbia, South Carolina (2)    95%       92%

                     Lake Johnson Mews Apartments
                        Raleigh, North Carolina         92%       93%

                     The Lexington Green Apartments
                        Sarasota, Florida               98%       97%

                     Millhopper Village Apartments
                        Gainesville, Florida (2)        96%       93%

                     Tar River Estates
                        Greenville,   North  Carolina   54%       35%
                     (1)


(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
      expected that the costs  incurred will be fully covered by insurance.  The
      occupancy  for the units not damaged at the  property was 87% at March 31,
      2001.  The  Corporate  General  Partner is  currently  reconstructing  the
      property.

(2)   The Corporate  General  Partner  attributes  the increases in occupancy at
      Woodland Village Apartments and Millhopper Village Apartments to increased
      marketing efforts.

Results of Operations

The  Registrant's  net  income for the three  months  ended  March 31,  2001 was
approximately  $488,000 compared to approximately  $509,000 for the three months
ended March 31,  2000.  The  decrease in net income for the three  months  ended
March 31,  2001 is due to an  increase  in total  expenses  which was  partially
offset by an increase in total revenues.  Total expenses increased primarily due
to increases in operating,  depreciation,  and property tax  expenses,  and to a
lesser extent,  increases in general and  administrative  and interest expenses.
The  increase in  operating  expenses is  primarily  due to increases in payroll
expenses at most of the Partnership's investment properties and utility expenses
at Old Salem Apartments. The increase in operating expenses was partially offset
by a decrease in maintenance  expenses at most of the  Partnership's  investment
properties.  Depreciation  expense  increased  as a  result  of  recent  capital
improvements performed at all of the Partnership's  investment  properties.  The
increase  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.
Interest  expense  increased  as  a  result  of  the  refinancing  of  the  debt
encumbering The Lexington Green  Apartments which increased the debt balance (as
discussed below).

General and administrative  expenses  increased  primarily due to an increase in
the costs of services  included in  management  reimbursements  to the Corporate
General  Partner as allowed under the  Partnership  Agreement.  Also included in
general  and  administrative  expense at both March 31,  2001 and 2000 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.

Total revenues  increased due to an increase in other income and the recognition
of a gain  resulting  from the  casualty  at  Woodland  Village  Apartments  (as
discussed below).  Other income increased primarily due to an increase in tenant
reimbursements, which was partially offset by a decrease in interest income as a
result of lower average cash balances invested in interest bearing accounts. The
increase  in total  revenues  was  partially  offset by a decrease in the rental
income.  The  decrease  in rental  income is  primarily  due to the  receipt  of
insurance  proceeds  in 2000 to cover lost rents as a result of the  casualty at
Tar River  Estates (as  discussed  below),  which more than offset  increases in
occupancy at three of the Partnership's  investment  properties and increases in
the average rental rates at six of the Partnership's investment properties.

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, 2001, insurance proceeds of approximately  $5,316,000
have been received to cover lost rents and damage to the property.  The property
is currently undergoing reconstruction.

In July 1999, Woodland Village Apartments  experienced a fire, which resulted in
the  destruction of eight  apartment  units.  The property  incurred  damages of
approximately  $448,000  and  estimated  lost  rents of  approximately  $36,000.
Insurance proceeds of approximately $332,000 were received during the year ended
December  31, 1999 to cover the damages and lost rents,  resulting in a casualty
gain in 1999 of $210,000.  The repairs were completed and an additional  gain of
approximately  $121,000  was  recorded  during the three  months ended March 31,
2001.

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, 2001, the Registrant had cash and cash equivalents of approximately
$1,966,000  as compared  to  approximately  $9,757,000  at March 31,  2000.  The
decrease in cash and cash  equivalents of  approximately  $578,000 for the three
months ended March 31, 2001, from the Partnership's calendar year end, is due to
approximately  $1,140,000 of cash used in financing activities and approximately
$769,000 of cash used in  investing  activities  which was  partially  offset by
approximately $1,331,000 of cash provided by operating activities.  Cash used in
financing  activities consisted primarily of partner  distributions,  loan costs
related to the refinancing of the mortgages encumbering Old Salem Apartments and
Foxfire  Apartments and payments of principal made on the mortgages  encumbering
the  Registrant's  properties.  Cash used in investing  activities  consisted of
property  improvements  and  replacements,  partially  offset  by  a  settlement
received for defective materials used in a construction project at The Lexington
Green Apartments,  net receipts from escrow accounts  maintained by the mortgage
lender,  and  insurance  proceeds  received  for the  fire at  Woodland  Village
Apartments.  The Partnership  invests its working  capital  reserves in interest
bearing 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,  and  local,  legal,  and  regulatory   requirements.   Capital
improvements planned for each of the Registrant's properties are detailed below.

Millhopper   Village   Apartments:   For  2001,  the  Partnership  has  budgeted
approximately  $40,000 for capital  improvements,  consisting primarily of floor
covering and air  conditioning  unit  replacements.  The  Partnership  completed
approximately  $32,000 in capital  expenditures at Millhopper Village Apartments
for the  three  months  ended  March 31,  2001,  consisting  primarily  of floor
covering  replacements.  These  improvements  were  funded from  operations  and
replacement reserves.

Foxfire Apartments: For 2001, the Partnership has budgeted approximately $73,000
for capital  improvements,  consisting primarily of floor covering  replacement.
The  Partnership  completed  approximately  $26,000 in capital  expenditures  at
Foxfire  Apartments  for the  three  months  ended  March 31,  2001,  consisting
primarily of floor covering  replacements.  These  improvements were funded from
operations.

Lake  Johnson  Mews   Apartments:   For  2001,  the   Partnership  has  budgeted
approximately  $66,000 for capital  improvements,  consisting primarily of floor
covering  replacements  and  interior  building  improvements.  The  Partnership
completed  approximately  $18,000 in capital  expenditures  at Lake Johnson Mews
Apartments  for the three months ended March 31, 2001,  consisting  primarily of
interior   building   improvement   and  floor  covering   replacements.   These
improvements were funded from replacement reserves.

Woodland   Village   Apartments:   For  2001,  the   Partnership   has  budgeted
approximately  $238,000 for capital improvements,  consisting primarily of floor
covering and appliance  replacements.  The Partnership  completed  approximately
$168,000 in capital  expenditures at Woodland  Village  Apartments for the three
months ended March 31, 2001, consisting primarily of repairs related to the fire
which occurred July 1999,  interior  building  improvements,  and floor covering
replacements.  These  improvements  were funded from  operations  and  insurance
proceeds.

The  Lexington  Green  Apartments:   For  2001,  the  Partnership  has  budgeted
approximately  $332,000 for capital improvements,  consisting primarily of floor
covering and air conditioning unit repairs and interior  building  improvements.
The Partnership  completed  approximately $35,000 in capital expenditures at The
Lexington Green Apartments for the three months ended March 31, 2001, consisting
primarily  of  cabinet  replacements  and  floor  covering  replacements.  These
improvements were funded from operations.

Tar  River  Estates   Apartments:   For  2001,  the   Partnership  has  budgeted
approximately  $441,000 for capital  improvements,  consisting  primarily of air
conditioning  upgrades,  floor  covering  replacements,  and other  exterior and
interior  building  improvements  associated with repairs required due to severe
flood damage which occurred during  September  1999. The  Partnership  completed
approximately  $617,000  in capital  expenditures  at Tar River  Estates for the
three  months  ended March 31,  2001,  consisting  primarily  of floor  covering
replacements and other exterior and interior  building  improvements  associated
with repairs required due to severe flood damage which occurred during September
1999. These  improvements  were funded from  replacement  reserves and insurance
proceeds.

Old Salem  Apartments:  For 2001,  the  Partnership  has budgeted  approximately
$154,000 for capital  improvements,  consisting  primarily  of air  conditioning
upgrades, floor covering replacements,  and interior building improvements.  The
Partnership completed approximately $38,000 in capital expenditures at Old Salem
Apartments  for the three months ended March 31, 2001,  consisting  primarily of
floor covering  replacements and HVAC upgrades.  These  improvements were funded
from 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  $40,245,000  net of discount,  is amortized over
varying periods with required balloon payments ranging from November 15, 2002 to
January 1, 2021.  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.

On December 15,  2000,  the  Partnership  refinanced  the mortgage  notes at The
Lexington Green  Apartments.  Gross proceeds from refinancing were $7,020,000 of
which approximately $3,272,000 was used to pay off the existing first and second
mortgage notes. The new note requires monthly principal and interest payments at
a fixed interest rate of 7.22% and matures January 1, 2021. The old debt carried
fixed interest rates of 7.60% with maturities of November 15, 2002.

During the three months ended March 31, 2001, cash distributions from operations
of  approximately  $800,000  were paid  (approximately  $757,000  to the limited
partners,  or $14.41 per  limited  partnership  unit).  In  connection  with the
transfer of funds from the majority  owned sub-tier  limited  partnership to the
Partnership, approximately $38,000 was distributed to the general partner of the
majority owned sub-tier limited  partnership.  No distributions were paid to the
partners  during the three months ended March 31, 2000.  Subsequent to March 31,
2001,  the  Partnership  declared and paid a  distribution  from  operations  of
approximately  $610,000  (approximately  $601,000  to the limited  partners,  or
$11.44 per limited partnership unit) to the partners.  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 required capital  improvement
expenditures,  to permit any additional distributions to its partners during the
remainder of 2001 or subsequent  periods.  In addition,  the  Partnership may be
restricted  from  making  distributions  by the  requirement  to  deposit in the
reserve  account  maintained  by the  mortgage  lender  for Tar River  Estates a
minimum  of $400 and a  maximum  of  $1,000  per  apartment  unit for a total of
$160,800  to  $402,000.  As of March  31,  2001,  the  reserve  account  totaled
approximately $162,000.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates own 36,768 limited  partnership  units in
the Partnership  representing 69.98% 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 acquire  additional  limited
partnership  interests in the  Partnership  for cash or in exchange for units in
the operating  partnership of AIMCO either through  private  purchases or tender
offers. 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  69.98% 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 its
affiliation with the Corporate General Partner.



<PAGE>


                           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. ("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 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 and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later than June 15, 2001. 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:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended March 31, 2001.


<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:  May 15, 2001