FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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

                  For the Quarterly Period Ended March 31, 1997

                                       OR

              [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


                         Commission file number 0-16467

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)



                 California                             33-0098488
       (State or other jurisdiction of               (I.R.S. Employer
        incorporation or organization)              Identification No.)


    400 South El Camino Real, Suite 1100
            San Mateo, California                          94402
            (Address of principal                       (Zip Code)
             executive offices)

                                 (415) 343-9300
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                Yes  X   No __




         Total number of units outstanding as of March 31, 1997: 99,763




                                  Page 1 of 13
<PAGE>


PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements
<TABLE>
<CAPTION>
                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                           Consolidated Balance Sheets
                    (in thousands, except units outstanding)
                                   (Unaudited)

                                                               March 31,   December 31,
                                                                 1997         1996
<S>                                                          <C>            <C>
Assets
Investments in real estate:
  Rental property, net of accumulated depreciation of
   $15,595 and $15,180 at March 31, 1997 and
   December 31, 1996, respectively                           $  35,602      $ 35,999
   Land held for development                                     9,587         9,586
   Land held for sale                                            1,005         1,005
                                                             ---------      --------

    Total real estate investments                               46,194        46,590

Cash and cash equivalents                                        5,538         5,007
Pledged cash                                                       353           353
Accounts receivable                                                178           145
Deferred financing costs and other fees, net of accumulated
  amortization of $1,649 and $1,565 at March 31, 1997
  and December 31, 1996, respectively                            1,261         1,301
Prepaid expenses and other assets                                  801           797
                                                             ---------      --------

    Total assets                                             $  54,325      $ 54,193
                                                             =========      ========

</TABLE>











                                  - continued -



                                  Page 2 of 13
<PAGE>


<TABLE>
<CAPTION>
                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                     Consolidated Balance Sheets - continued
                    (in thousands, except units outstanding)
                                   (Unaudited)

                                                               March 31,   December 31,
                                                                 1997         1996

<S>                                                          <C>            <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
  Notes payable                                              $  13,806      $ 13,845
  Accounts payable and accrued expenses                            596           276
  Interest payable                                                  75            75
                                                             ---------      --------

  Total liabilities                                             14,477        14,196
                                                             ---------      --------

Commitments and contingent liabilities (see Note 3)

Partners' equity (deficit):
  General partners                                                (922)          (921)
  Limited partners, 99,763 and 99,767 limited
   partnership units outstanding at March 31, 1997
   and December 31, 1996, respectively                          40,770         40,918
                                                             ---------      ---------

  Total partners' equity                                        39,848         39,997
                                                             ---------      ---------

  Total liabilities and partners' equity                     $  54,325      $  54,193
                                                             =========      =========

</TABLE>




                 See accompanying notes to financial statements.



                                  Page 3 of 13
<PAGE>

<TABLE>
<CAPTION>
                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                      Consolidated Statements of Operations
          (in thousands, except per unit amounts and units outstanding)
                                   (Unaudited)

                                                                 Three months ended
                                                                     March 31,
                                                                1997          1996

<S>                                                          <C>            <C>
Revenue:
  Rental income                                              $   1,804      $  1,707
  Interest income                                                   63             9
                                                             ---------      --------

    Total revenue                                                1,867         1,716

Expenses:
  Operating                                                        744           863
  Interest expense                                                 326           226
  Depreciation and amortization                                    486           560
  Expenses associated with undeveloped land                        158           156
  General and administrative expenses                              302           325
                                                             ---------      --------

    Total expenses                                               2,016         2,130
                                                             ---------      --------

Net (loss)                                                   $    (149)     $  (414)
                                                             =========      ========



Net loss per limited partnership unit                        $   (1.48)     $  (4.11)
                                                             =========      =========

Weighted average number of limited partnership units
  outstanding during each period used to compute net loss
  per limited partnership unit                                  99,765         99,783
                                                              ========       ========

</TABLE>



                 See accompanying notes to financial statements.



                                  Page 4 of 13
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statements of Partners' Equity (Deficit)
               For the three months ended March 31, 1997 and 1996
                                 (in thousands)
                                   (Unaudited)



                                        General       Limited
                                        Partners     Partners         Total

     Balance at December 31, 1996     $    (921)     $  40,918      $ 39,997

     Net loss                                (1)          (148)         (149)
                                      ---------      ---------      --------

     Balance at March 31, 1997        $    (922)     $  40,770      $ 39,848
                                      =========      =========      ========




     Balance at December 31, 1995     $    (908)     $  42,212      $ 41,304

     Net loss                                (4)          (410)         (414)
                                      ---------      ---------      --------

     Balance at March 31, 1996        $    (912)     $  41,802      $ 40,890
                                      =========      =========      ========



                 See accompanying notes to financial statements.



                                  Page 5 of 13
<PAGE>

<TABLE>
<CAPTION>
                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                      Consolidated Statements of Operations
          (in thousands, except per unit amounts and units outstanding)
                                   (Unaudited)

                                                                  Three months ended
                                                                       March 31,
                                                                 1997          1996
<S>                                                          <C>            <C>
Cash flows from operating activities:
  Net loss                                                   $    (149)     $   (414)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
    Depreciation and amortization                                  486           560
    Amortization of loan fees, included in interest expense         13             6
    Changes in certain assets and liabilities:
      Accounts receivable                                          (33)           12
      Prepaid expenses and other assets                             (4)           95
      Accounts payable and accrued expenses                        320           335
      Interest payable                                             ---            49
      Deferred financing costs and other fees                      (44)          (77)
                                                             ---------      --------

     Net cash provided by operating activities                     589           566
                                                             ---------      --------

Cash flows from investing activities:
   Additions to real estate investments                            (19)         (334)
                                                             ---------      --------

     Net cash used for investing activities:                       (19)         (334)
                                                             ---------      --------

Cash flows from financing activities:
   Notes payable principal payments                                (39)          (16)
                                                             ---------      --------
  Net cash used for financing activities                           (39)          (16)
                                                             ---------      --------

Net increase in cash and cash equivalents                          531           216

Cash and cash equivalents at beginning of period                 5,007           676
                                                              --------      --------

Cash and cash equivalents at end of period                   $   5,538      $    892
                                                             =========      ========

Supplemental disclosure of cash flow information:
  Cash paid for interest                                     $     313      $    172
                                                             =========      ========

</TABLE>



                 See accompanying notes to financial statements.



                                  Page 6 of 13
<PAGE>



                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 1997
                                   (Unaudited)


Note 1.  THE PARTNERSHIP AND ITS SIGNIFICANT ACCOUNTING POLICIES

In the opinion of Rancon Financial Corporation ("RFC") and Daniel Lee Stephenson
(the  "Sponsors") and Glenborough  Inland Realty  Corporation,  the accompanying
unaudited  financial  statements  contain all  adjustments  (consisting  of only
normal  accruals)  necessary to present fairly the financial  position of Rancon
Realty Fund V, A California Limited  Partnership (the "Partnership") as of March
31, 1997 and  December 31,  1996,  the related  statements  of  operations,  the
changes in partners'  equity and cash flows for the three months ended March 31,
1997 and 1996.

In December 1994, RFC entered into an agreement with  Glenborough  Inland Realty
Corporation  ("Glenborough")  whereby RFC sold to  Glenborough  the  contract to
perform  the  rights  and  responsibilities   under  RFC's  agreement  with  the
Partnership   and  other  related   Partnerships   (collectively,   the  "Rancon
Partnerships")  to  perform  or  contract  on  the  Partnership's   behalf,  for
financial,  accounting,  data processing,  marketing, legal, investor relations,
asset and development management and consulting services for the Partnership for
a period of ten years or until the  liquidation  of the  Partnership,  whichever
comes first. Pursuant to the contract,  the Partnership will pay Glenborough for
its services as follows:  (i) a specified asset  administration  fee of $967,000
per  year,  which is fixed  for five  years  subject  to  reduction  in the year
following the sale of assets;  (ii) sales fees of 2% for improved properties and
4% for land;  (iii) a refinancing  fee of 1% and (iv) a management  fee of 5% of
gross  rental  receipts.  As part of this  agreement,  Glenborough  will perform
certain tasks for the General Partner of the Rancon  Partnerships and RFC agreed
to cooperate with Glenborough,  should Glenborough  attempt to obtain a majority
vote of the limited partners to substitute itself as the General Partner for the
Rancon   Partnerships.   This  agreement  became  effective   January  1,  1995.
Glenborough is not an affiliate of RFC or the Partnership.

During the quarter ended March 31, 1997, a total of 4 units were  abandoned as a
result of partners  desiring to no longer receive  Partneship  K-1's and to give
them the ability to write off  investments  for income tax purposes.  The equity
(deficit)  balance  of the  abandoned  units  was  allocated  to  the  remaining
outstanding  units. As of March 31, 1997, there were 99,763 limited  partnership
units issued and outstanding.

Consolidation  - In  order  to  satisfy  certain  lender  requirements  for  the
Partnership's  1996 loan secured by Two Carnegie  Plaza,  Lakeside Tower and One
Parkside, Rancon Realty Fund V Tri-City Limited Partnership,  a Delaware limited
partnership  ("RRF V Tri-City") was formed in May,  1996.  The three  properties
securing the loan were  contributed  to RRF V Tri-City by the  Partnership.  The
limited  partner of RRF V Tri-City is the Partnership and the general partner is
Rancon Realty Fund V, Inc., a corporation wholly owned by the Partnership. Since
the Partnership indirectly owns 100% of RRF V Tri-City, the financial statements
of RRF V Tri-City  have been  consolidated  with those of the  Partnership.  All
intercompany transactions have been eliminated in consolidation.





                                  Page 7 of 13
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 1997
                                   (Unaudited)

Reclassification  - Certain 1996 balances have been reclassified to conform with
the current period presentation.

Note 2.  REFERENCE TO 1996 AUDITED FINANCIAL STATEMENTS

These  unaudited  financial  statements  should be read in conjunction  with the
Notes  to  Financial  Statements  included  in the  December  31,  1996  audited
financial statements.

Note 3.  COMMITMENTS AND CONTINGENT LIABILITIES

The Partnership is contingently  liable for subordinated real estate commissions
payable  to the  Sponsor  in the  amount  of  $102,000  at March 31,  1997.  The
subordinated real estate commissions are payable only after the Limited Partners
have received  distributions  equal to their  original  invested  capital plus a
cumulative  non-compounded  return of six  percent  per annum on their  adjusted
invested capital.





                                  Page 8 of 13
<PAGE>


Item 2. Management's Discussion and Analysis of Financial Conditions and Results
         of Operations

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1997, the Partnership had cash of $5,538,000 (net of pledged cash).
The remainder of the  Partnership's  assets consist primarily of its investments
in real estate, totaling approximately $46,194,000.

The  Partnership's  primary  sources of funds  consist of cash  provided  by its
rental activities. Other sources of funds include permanent financing,  property
sales, and interest income on certificates of deposit.

All of the  Partnership's  assets  are  located  within  the  Inland  Empire,  a
submarket  of  Southern  California,  and have  been  directly  affected  by the
economic weakness of the region.  Management believes,  however, that the market
has  flattened and is no longer  falling in terms of sales prices.  While prices
have not increased  significantly,  the Southern  California  real estate market
appears to be  improving.  Management  continues  to  evaluate  the real  estate
markets in which the Partnership's  assets are located in an effort to determine
the optimal time to dispose of them and realize their maximum value.

The  Partnership  currently  owns  the  following  properties  in  the  Tri-City
Corporate  Center  area  within  the Inland  Empire  submarket  of the  Southern
California region:
<TABLE>
<CAPTION>

      Property                                      Type                     Square Feet
     ----------                 -----------------------------------------    -----------
<S>                             <C>                                             <C>
One Carnegie Plaza              Two, two story garden-style office buildings    102,693
Two Carnegie Plaza              Two story garden-style office buildings          68,925
Carnegie Business Center II     Two light industrial buildings                   50,804
Santa Fe                        One story office building                        36,288
Lakeside Tower                  Six story office building                       112,814
One Parkside                    Four story office building                       70,069
Bally's Health Club             Health club facility                             25,000
Outback Steakhouse              Restaurant                                        6,500
</TABLE>

The  Partnership  also owns  approximately  14 acres of  unimproved  land in the
Tri-City area.

Additionally,  the Partnership owns the Rancon Center Ontario property  (245,000
square feet of leasable office space) in Ontario,  California plus approximately
34  acres  of  unimproved  land  in  Ontario,  California.  Development  of  the
unimproved land will coincide with market demand.

The  Partnership  also  owns  23.8  acres  of  unimproved  land  referred  to as
Perris-Ethanac  Road  and  60.41  acres  of  undeveloped  land  referred  to  as
Perris-Nuevo  Road.  There has been no development to date at the  Partnership's
Perris-Ethanac   Road  or  Perris-Nuevo  Road  projects.   Both  properties  are
unencumbered and are being marketed for sale by the Partnership.

The Partnership knows of no demands, commitments,  events or uncertainties which
might effect its  liquidity or capital  resources in any material  respect.  The
effect of inflation on the Partnership's  business should be no greater than its
effect on the economy as a whole.


                                  Page 9 of 13
<PAGE>


Management  believes that the  Partnership's  cash balance as of March 31, 1997,
together with the cash from  operations,  property sales and financing,  will be
sufficient to finance the Partnership's and the properties' continued operations
and development plans.

RESULTS OF OPERATIONS

Revenues

Rental income for the three months ended March 31, 1997 increased  $97,000 or 6%
from the three  months ended March 31, 1996 due largely to the  commencement  of
the Outback  Steakhouse lease in the fourth quarter of 1996, slight increases in
rental  rates,  and the  increased  occupancy at all but two of the  Partnership
properties at March 31, 1997  compared to March 31, 1996 (see table  below).  Of
the  two  properties  experiencing  a  decline  in  occupancy  rates,  the  most
significant was the twenty  percentage point decline in occupancy rate at Rancon
Centre  Ontario from March 31, 1996 to March 31, 1997.  This change was due to a
50,000  square foot tenant  vacating on February 28,  1997,  which had a minimal
impact on rental revenue for the three months ended March 31, 1997.

Occupancy  rates at the  Partnership's  properties as of March 31, 1997 and 1996
were as follows:

                                                 March 31,
                                              1997        1996
                                             -----       -----
         One Carnegie Plaza                    88%         93%
         Two Carnegie Plaza                    83%         80%
         Carnegie Business Center II           74%         65%
         Lakeside Tower                        83%         76%
         Santa Fe                             100%        100%
         One Parkside                          92%         83%
         Rancon Centre Ontario                 80%        100%
         Bally's Health Club                  100%        100%
         Outback Steakhouse                   100%         n/a

As of March 31,  1997,  tenants at Tri-City  occupying  substantial  portions of
leased space include Medisco Pharmacy,  New York Life Insurance,  the California
Department of Transportation,  State of California Health Services,  MacLachlan,
Burford and Arias,  the  Atchison,  Topeka and Santa Fe Rail  Company,  Sterling
Software, Chicago Title and Bally's Health Club, with leases expiring at various
dates  between  June,  1997 and  December,  2010.  These  nine  tenants,  in the
aggregate,  occupy  approximately  217,000  square  feet  of the  473,000  total
leasable  square  feet at  Tri-City  and  account  for 55% of the rental  income
generated at Tri-City and 49% of the total rental income for the Partnership.

United Pacific Mills,  with a lease  expiration  date of April,  1998,  occupies
74,850  square feet of the 245,000 total  leasable  square feet at Rancon Centre
Ontario and accounts  for 25% of the rental  income  generated at Rancon  Centre
Ontario and 3% of the total rental income generated by the Partnership.

Interest and other  income for the three  months ended March 31, 1997  increased
$54,000  from the three  months ended March 31, 1996 due to the increase in cash
reserves as a result of the proceeds of the permanent  financing obtained by the
Partnership in May, 1996.





                                 Page 10 of 13
<PAGE>



Expenses

Operating expenses decreased $119,000 or 14% during the three months ended March
31, 1997 from the three  months  ended  March 31,  1996 due to lowered  required
association dues in 1997, the special appraisals  performed on the Partnership's
properties in 1996 and the costs incurred in 1996 relating to flooding damage at
Two Carnegie Plaza.

Interest expense  increased  $100,000 or 44% during the three months ended March
31, 1997 over the same period in 1996 as a result of additional debt obtained in
May, 1996.

Depreciation and amortization  decreased $74,000 or 13% during the first quarter
of 1997 from the first  quarter of 1996 as a result of tenant  improvements  and
leasing commissions becoming fully depreciated and amortized in 1996.

The $23,000 or 7% decrease in general  and  administrative  expenses  during the
three months ended March 31, 1997 from the three months ended March 31, 1996 was
due to a payment  of $26,000  for  professional  services  in 1996  rendered  in
connection with the valuation of the limited partner interests; such payment was
not incurred in 1997.






                                 Page 11 of 13
<PAGE>



PART II. OTHER INFORMATION


Item 1.           Legal Proceedings

                  None.

Item 2.           Changes in Securities

                  Not applicable.

Item 3.           Defaults Upon Senior Securities

                  Not applicable.

Item 4.           Submission of Matters to a Vote of Security Holders

                  None.

Item 5.           Other Information

                  None.

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits:

                  #27 - Financial Data Schedule

         (b)      Reports on Form 8-K:

                  None.




                                 Page 12 of 13
<PAGE>



                                    SIGNATURE



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


                            RANCON REALTY FUND V,
                            a California Limited Partnership
                            (Registrant)






Date: May 14, 1997          By: /s/ Daniel L. Stephenson
                                ------------------------
                                Daniel L. Stephenson, General Partner
                                and Director, President, Chief Executive Officer
                                and Chief Financial Officer of
                                Rancon Financial Corporation,
                                General Partner of Rancon Realty Fund V,
                                a California Limited Partnership

                                 Page 13 of 13
<PAGE>