SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


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

                  For the Quarterly Period Ended June 30, 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 June 30, 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)

                                                             June 30,   December 31,
                                                               1997        1996
<S>                                                         <C>          <C>
Assets
Investments in real estate:
    Rental property, net of accumulated depreciation
     of $16,030 and $15,180 at June 30, 1997 and
     December 31, 1996, respectively                        $ 35,328     $ 35,999
    Land held for development                                  9,583        9,586
    Land held for sale                                         1,005        1,005
                                                            --------     --------

     Total real estate investments                            45,916       46,590

Cash and cash equivalents                                      5,356        5,007
Pledged cash                                                     353          353
Accounts receivable                                              122          145
Deferred financing costs and other fees, net of accumulated
    amortization of $1,746 and $1,565 at June 30, 1997
    and December 31, 1996, respectively                        1,219        1,301
Prepaid expenses and other assets                                784          797
                                                            --------     --------

     Total assets                                           $ 53,750     $ 54,193
                                                            ========     ========

</TABLE>














                                  - continued -



                                  Page 2 of 13
<PAGE>



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

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

                                                             June 30,   December 31,
                                                               1997        1996

<S>                                                         <C>          <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
     Notes payable                                          $ 13,766     $ 13,845
     Accounts payable and other liabilities                      308          276
     Interest payable                                             75           75
                                                            --------     --------

     Total liabilities                                        14,149       14,196
                                                            --------     --------

Commitments and contingent liabilities
  (see Note 3)

Partners' equity (deficit):
    General partners                                            (925)        (921)
    Limited partners, 99,763 and 99,767 limited
     partnership units outstanding at June 30, 1997
     and December 31, 1996, respectively                      40,526       40,918
                                                            --------     --------

     Total partners' equity                                   39,601       39,997
                                                            --------     --------

     Total liabilities and partners' equity                 $ 53,750     $ 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         Six months ended
                                               June 30,                 June 30,
                                         -------------------       ------------------
                                           1997       1996           1997      1996
                                         --------   --------       -------   -------
<S>                                      <C>        <C>            <C>       <C>
 Revenue:
   Rental income                         $  1,712   $  1,731       $ 3,516   $ 3,438
   Interest income                             67         22           130        31
                                         --------   --------       -------   -------

        Total revenue                       1,779      1,753         3,646     3,469
                                         --------   --------       -------   -------

Expenses:
   Operating                                  769        749         1,513     1,612
   Interest expense                           325        321           651       553
   Depreciation and amortization              518        615         1,004     1,169
   Expenses associated with
    undeveloped land                           89        209           247       365
   General and administrative expenses        325        312           627       637
                                          -------    -------       -------    ------

        Total expenses                      2,026      2,206         4,042     4,336
                                          -------    -------       -------    ------

Net loss                                  $  (247)   $  (453)      $  (396)   $ (867)
                                          =======    =======       =======    ======

Net loss per limited partnership unit     $ (2.45)   $ (4.49)      $ (3.93)   $(8.60)
                                          =======    =======       =======    ======

Weighted average number of limited
   partnership units outstanding during
   each period used to compute net loss
   per limited partnership unit            99,763     99,767        99,765     99,767
                                          =======    =======       =======    =======

</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 six months ended June 30, 1997 and 1996
                                 (in thousands)
                                   (Unaudited)



                                       General      Limited
                                       Partners     Partners         Total

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

     Net loss                               (4)          (392)         (396)
                                      --------      ---------      --------

     Balance at June 30, 1997         $   (925)     $  40,526      $ 39,601
                                      ========      =========      ========




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

     Net loss                               (9)          (858)         (867)
                                      --------      ---------      --------

     Balance at June 30, 1996         $   (917)     $  41,354      $ 40,437
                                      ========      =========      ========



















                 See accompanying notes to financial statements.





                                  Page 5 of 13
<PAGE>

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

                      Consolidated Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)

                                                                      Six months ended
                                                                          June 30,
                                                                      1997        1996
                                                                    --------    --------
<S>                                                                 <C>         <C>
Cash flows from operating activities:
     Net loss                                                       $   (396)   $   (867)
     Adjustments to reconcile net loss to net cash
       provided by (used for) operating activities:
         Depreciation and amortization                                 1,004       1,169
         Amortization of loan fees, included in interest expense          27           9
         Changes in certain assets and liabilities:
             Accounts receivable                                          23          22
             Prepaid expenses and other assets                            13         (88)
             Accounts payable and other liabilities                       32          16
             Interest payable                                             --          75
             Deferred financing costs and other fees                     (99)       (382)
                                                                    --------    --------

         Net cash provided by (used for) operating activities            604         (46)
                                                                    --------    --------

Cash flows from investing activities:
     Pledged cash released                                                --         349
     Additions to real estate investments                               (176)       (590)
                                                                    --------    --------

         Net cash used for investing activities:                        (176)       (241)
                                                                    --------    --------

Cash flows from financing activities:
     Net loan proceeds                                                    --       6,836
     Notes payable principal payments                                    (79)        (35)
                                                                    --------    --------

         Net cash provided by (used for) financing activities            (79)      6,801
                                                                    --------    --------

Net increase in cash and cash equivalents                                349       6,514

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

Cash and cash equivalents at end of period                          $  5,356    $  7,190
                                                                    ========    ========

Supplemental disclosure of cash flow information:
     Cash paid for interest                                         $    624    $    469
                                                                    ========    ========
</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

                                  June 30, 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   Corporation   (successor  by  merger  with
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 June 30,  1997 and
December 31, 1996,  the related  statements of operations  for the three and six
months  ended  June 30,  1997 and 1996,  and the  changes  in  partners'  equity
(deficit) and cash flows for the six months ended June 30, 1997 and 1996.

In December  1994, RFC entered into an agreement  with  Glenborough  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 first half of 1997, a total of four units were  abandoned as a result
of partners desiring to no longer receive Partnership 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 June 30,  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
RRF  V,  Inc.,  a  corporation  wholly  owned  by  the  Partnership.  Since  the
Partnership



                                  Page 7 of 13
<PAGE>



                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                  June 30, 1997
                                   (Unaudited)


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 and account balances have been eliminated in consolidation.

Reclassification  - Certain 1996 balances have been  reclassified  to conform to
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 June  30,  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 June 30, 1997, the  Partnership had cash of $5,356,000 (net of pledged cash).
The remainder of the  Partnership's  assets consist primarily of its investments
in real estate, totaling approximately $45,916,000.

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 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 building           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.  Development  of the  unimproved  land will coincide with market
demand.

Additionally,  the Partnership owns the Rancon Center Ontario property  (245,000
square  feet  of  leasable   industrial  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 June 30, 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 six months  ended June 30, 1997  increased  $78,000 or 2%
from the six months ended June 30, 1996, due largely to the  commencement of the
Outback Steakhouse lease in the fourth quarter of 1996.

Occupancy  rates at the  Partnership's  properties  as of June 30, 1997 and 1996
were as follows:

                                             June 30,
                                        1997          1996

    One Carnegie Plaza                   88%           87%
    Two Carnegie Plaza                   81%           86%
    Carnegie Business Center II          74%           65%
    Lakeside Tower                       83%           78%
    Santa Fe                            100%          100%
    One Parkside                         66%           92%
    Rancon Centre Ontario                80%          100%
    Bally's Health Club                 100%          100%
    Outback Steakhouse                  100%          n/a

The 26 percentage point drop in occupancy from June 30, 1996 to June 30, 1997 at
One Parkside is due to MacLachlan,  Burford and Arias  ("MBA"),  a 18,531 square
foot tenant,  vacating  their space prior to the lease  termination  date due to
financial  difficulties.  MBA filed for Chapter 11 bankruptcy  protection in May
1997.Management  intends  to market  this space as soon as legal  possession  is
obtained.

As of June 30,  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, the Atchison,
Topeka and Santa Fe Rail Company,  Sterling Software,  Chicago Title and Bally's
Health  Club,  with  leases  expiring  at various  dates  between  July 1998 and
December 2010.  These eight  tenants,  in the  aggregate,  occupy  approximately
200,000  square feet of the 473,000 total  leasable  square feet at Tri-City and
account for 51% of the rental income  generated at Tri-City and 46% 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 28% of the rental  income  generated at Rancon  Centre
Ontario  and  3% of the  total  rental  income  generated  by  the  Partnership.
Management believes that this tenant will vacate upon their lease expiration due
to  their  need  for a space  in  close  proximity  to rail  service  which  the
Partnership  is unable to  provide.  Management  intends to market this space as
early as the current lease agreement allows.




                                 Page 10 of 13
<PAGE>



Interest  and other  income for the six and three  months  ended  June 30,  1997
increased $99,000 and $45,000 from the six and three months ended June 30, 1996,
respectively,  due to the increase in cash  reserves as a result of the proceeds
of the permanent financing obtained by the Partnership in May 1996.

Expenses

Operating  expenses decreased $99,000 or 6% during the six months ended June 30,
1997  from  the  six  months  ended  June  30,  1996  due to  lower  maintenance
association dues in 1997, the special appraisals  performed on the Partnership's
properties  in  first  quarter  of 1996 and the  costs  incurred  in March  1996
relating to flooding damage at Two Carnegie Plaza.

Interest expense  increased  $98,000 or 18% during the six months ended June 30,
1997 over the same period in 1996 as a result of additional debt obtained in May
1996.

Depreciation  and  amortization  decreased  $165,000  or 14% and  $97,000 or 16%
during  the six and  three  months  ended  June 30,  1997 from the six and three
months  ended  June 30,  1996 as a result of  tenant  improvements  and  leasing
commissions becoming fully depreciated and amortized in 1996.

Expenses associated with undeveloped land decreased $118,000 or 32% and $120,000
or 57% during the six and three months  ended June 30, 1997  compared to the six
and three  months  ended  June 30,  1996,  respectively,  due to the  receipt of
property tax refunds in 1997 for parcels  associated with  undeveloped  land and
the  reduction  of property  taxes in 1997  resulting  from a  reduction  of the
assessed property values by the Assessor's office.




                                 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: August 13, 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>