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 September 30, 1998

                                       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)

                                 (650) 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 September 30, 1998: 96,450




                                         Page 1 of 14
<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)

                                                           September 30,    December 31,
                                                                1998            1997
<S>                                                          <C>             <C>
Assets
Investments in real estate:
  Rental property, net of accumulated depreciation
    of  $16,309 and $16,911 at September 30, 1998
    and December 31, 1997, respectively                      $    28,704     $        33,486
  Rental property held for sale, net                               3,959                  --
  Land held for development                                        2,691               7,980
  Land held for sale                                               6,209                 920
                                                             -----------     ---------------

   Total real estate investments                                  41,563              42,386

Cash and cash equivalents                                          4,065               4,361
Pledged cash                                                         353                 353
Accounts receivable                                                  122                 141
Notes receivable                                                   1,175                1,208
Deferred financing costs and other fees,net of
  accumulated  amortization of $2,180 and $1,953
  at September 30, 1998 and December 31, 1997,
  respectively                                                       989               1,097
Prepaid expenses and other assets                                    730                 645
                                                             -----------     ---------------

   Total assets                                              $    48,997   $           50,191
                                                             ===========   ==================














                                         - continued -



                                         Page 2 of 14
<PAGE>




                                     RANCON REALTY FUND V,
                               A CALIFORNIA LIMITED PARTNERSHIP

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



                                                           September 30,   December 31,
                                                               1998            1997

Liabilities and Partners' Equity (Deficit)
Liabilities:
   Notes payable                                             $    13,553    $    13,684
   Accounts payable and other liabilities                            710            693
   Interest payable                                                   73             74
                                                             -----------    -----------

   Total liabilities                                              14,336         14,451
                                                             -----------    -----------

Commitments and contingent liabilities                                __             __
   (see Note 4)

Partners' equity (deficit):
   General partners                                                 (964)          (954)
   Limited partners, 96,450 and 96,754 limited
    partnership units outstanding at September 30, 1998
    and December 31, 1997, respectively                           35,625         36,694
                                                             -----------     ----------

     Total partners' equity                                       34,661         35,740
                                                             -----------     ----------

     Total liabilities and partners' equity                  $    48,997     $   50,191
                                                             ===========     ==========
</TABLE>
















                 See accompanying notes to financial statements.




                                         Page 3 of 14
<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            Nine months ended
                                              September 30,                 September 30,
                                         -----------------------      -----------------------
                                            1998           1997          1998          1997
                                         ---------     ---------      ---------     ---------
<S>                                      <C>           <C>            <C>           <C>
Revenue:
 Rental income                           $   1,602     $   1,768      $   4,837     $   5,284
 Interest and other income                      81            67            260           197
                                         ---------     ---------      ---------     ---------

    Total revenue                            1,683         1,835          5,097         5,481
                                         ---------     ---------      ---------     ---------

Expenses:
 Operating                                     807           843          2,340         2,356
 Interest expense                              320           324            963           975
 Depreciation and amortization                 423           583          1,331         1,587
 Expenses associated with
  undeveloped land                             113           153            428           400
 General and administrative expenses           343           318          1,010           945
                                         ---------     ---------      ---------     ---------

    Total expenses                           2,006         2,221          6,072         6,263
                                         ---------     ---------      ---------     ---------

Net loss                                 $    (323)    $    (386)     $    (975)    $    (782)
                                         =========     =========      =========     =========

Net loss per limited partnership unit    $   (3.32)    $   (3.83)     $   (9.99)    $   (7.76)
                                         =========     ==========     =========     =========

Weighted average number of limited
 partnership units outstanding during
 each period used to compute net loss
 per limited partnership unit               96,478        99,762         96,582        99,764
                                         =========     =========      =========     =========
</TABLE>












                 See accompanying notes to financial statements.





                                         Page 4 of 14
<PAGE>




                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statement of Partners' Equity (Deficit)
                  For the nine months ended September 30, 1998
                                 (in thousands)
                                   (Unaudited)



                                           General       Limited
                                          Partners      Partners          Total

Balance at December 31, 1997             $    (954)    $   36,694    $   35,740

Retirement of limited partnership units         --           (104)         (104)

Net loss                                       (10)          (965)         (975)
                                         ---------     ----------    ----------

Balance at September 30, 1998            $    (964)    $   35,625    $   34,661
                                         =========     ==========    ==========



























                 See accompanying notes to financial statements.




                                         Page 5 of 14
<PAGE>



<TABLE>
<CAPTION>

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

                                                                     Nine months ended
                                                                        September 30,
                                                                     1998          1997
<S>                                                               <C>           <C>
Cash flows from operating activities:
  Net loss                                                        $   (975)     $   (782)
   Adjustments to reconcile net loss to net cash
    provided by operating activities:
     Depreciation and amortization                                   1,331         1,587
     Amortization of loan fees, included in interest expense            40            40
     Changes in certain assets and liabilities:
       Accounts receivable                                              19           (82)
       Notes receivable                                                 33            --
       Deferred financing costs and other fees                        (119)         (154)
       Prepaid expenses and other assets                               (85)         (184)
       Accounts payable and other liabilities                           17           343
       Interest payable                                                 (1)           (1)
                                                                  --------      --------

     Net cash provided by operating activities                         260           767
                                                                  --------      --------

Cash flows from investing activities:
  Additions to real estate investments                                (321)         (239)
                                                                  --------      --------

Cash flows from financing activities:
  Notes payable principal payments                                    (131)         (120)
  Purchase and retirement of limited partnership units                (104)           --
                                                                  --------      --------

     Net cash used for financing activities                           (235)         (120)
                                                                  --------      --------

Net increase (decrease) in cash and cash equivalents                  (296)          408

Cash and cash equivalents at beginning of period                     4,361         5,007
                                                                  --------      --------

Cash and cash equivalents at end of period                        $  4,065      $  5,415
                                                                  ========      ========

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $    924      $    936
                                                                  ========      ========
</TABLE>




                 See accompanying notes to financial statements.



                                         Page 6 of 14
<PAGE>


 

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                               September 30, 1998
                                   (Unaudited)


Note 1.    THE PARTNERSHIP AND ITS SIGNIFICANT ACCOUNTING POLICIES

In the opinion of Rancon Financial Corporation ("RFC") and Daniel Lee Stephenson
(the "Sponsors" or "General Partner") and Glenborough  Corporation (successor by
merger  with  Glenborough  Inland  Realty  Corporation)   ("Glenborough"),   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
September 30, 1998 and December 31, 1997,  the related  statements of operations
for the three and nine months ended September 30, 1998 and 1997, and the changes
in partners' equity (deficit) and cash flows for the nine months ended September
30, 1998 and 1997.

Allocation of profits,  losses and cash  distributions  from operations and cash
distributions  from  sale or  financing  are made  pursuant  to the terms of the
Partnership Agreement.  Generally,  net income and distributions from operations
are allocated 90% to the limited partners and 10% to the general  partners.  Net
losses from  operations are allocated 99% to the limited  partners and 1% to the
general  partners  until  such time as a  partner's  account is reduced to zero.
Additional  losses will be allocated  entirely to those  partners  with positive
account  balances until such balances are reduced to zero. In no event shall the
general  partner  be  allocated  less  than 1% of net  losses  for  any  period.

Effective  January 1, 1995,  RFC  entered  into an  agreement  with  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.  Effective  January 1, 1998,  the
agreement was amended to eliminate  Glenborough's  responsibility  for providing
investor relation services and Preferred Partnership  Services,  Inc. ("PPS"), a
California Corporation  unaffiliated with the Partnership,  contracted to assume
these services.  Pursuant to the contract,  the Partnership will pay Glenborough
for its services as follows:  (i) a specified asset administration fee, which is
fixed for five years  subject to  reduction  in the year  following  the sale of
assets ($820,000 in 1998); (ii) sales fees of 2% for improved  properties and 4%
for land;  (iii) a refinancing fee of 1% and (iv) management fees equal to 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.  Glenborough is not an affiliate of RFC or the Partnership.

During  the nine  months  ended  September  30,  1998,  a total  of 304  limited
partnership  units were repurchased and retired as a result of the Partnership's
offer to redeem limited partnership units. As



                                         Page 7 of 14
<PAGE>




                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                               September 30, 1998
                                   (Unaudited)


of September 30, 1998,  there were 96,450 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  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.

Note 2.    REFERENCE TO 1997 AUDITED FINANCIAL STATEMENTS

These  unaudited  financial  statements  should be read in conjunction  with the
Notes  to  Financial  Statements  included  in the  December  31,  1997  audited
financial statements.

Note 3.    INVESTMENTS IN REAL ESTATE

The  Partnership  owns five buildings  known as Rancon Centre Ontario (the " RCO
Buildings),  consisting of 245,000 square feet of leasable  industrial  space in
Ontario, California.  Additionally,  the Partnership owns approximately 38 acres
of unimproved  land (the  "Ontario  Land") also in Ontario,  California.  During
October  1998,  the  Partnership  executed a Letter of Intent with a third party
buyer to sell both the RCO Buildings  and the Ontario Land for a total  purchase
price  of  $14,720,000.  The  sale  is  expected  to  close  in  December  1998.
Accordingly,  both the RCO  Buildings  and the Ontario  Land are  classified  as
properties  held for sale as of September 30, 1998.  Since the net book value of
the  RCO  Buildings  and  the  Ontario  Land  are  $3,959,000  and   $5,289,000,
respectively,  no  provision  for  impairment  in  investment  in real estate is
required.  This sale is subject to the  completion  of due  diligence,  property
inspection and other  contingencies.  Thus,  there is no assurance that the sale
will be completed.

Note 4.    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  September  30,  1998.  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 14
<PAGE>




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

LIQUIDITY AND CAPITAL RESOURCES

At  September  30,  1998,  the  Partnership  had cash and  cash  equivalents  of
$4,065,000  (exclusive  of pledged  cash).  The  remainder of the  Partnership's
assets  consist   primarily  of  its   investments  in  real  estate,   totaling
approximately  $41,563,000 which includes  $28,704,000 in rental properties held
for investment,  $3,959,000 in rental property held for sale, $2,691,000 of land
held for development and $6,209,000 of land held for sale.

The  Partnership's  primary  source of funds  consists  of cash  provided by its
rental  activities.  Other  sources of funds may  include  permanent  financing,
property sales and interest income on certificates of deposit and other deposits
of funds  invested  temporarily.  Cash  generated  from  property  sales  may be
utilized in the development of other properties or distributed to the partners.

All of the  Partnership's  assets  are  located  within  the  Inland  Empire,  a
submarket of Southern California, which, despite recent overall economic growth,
has been affected by the  relocation of various  California  state agencies into
state  owned  buildings,  recent  business  mergers  and the  completion  of new
buildings  within the  neighboring  area.  Management  believes that while these
external  pressures exist,  demand for office and industrial space in the Inland
Empire should  improve due to less expensive  labor,  lower cost of living and a
good transportation and distribution infrastructure.

Tri-City

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

Property                                 Type                        Square Feet
One Carnegie Plaza              Two, two story office buildings          107,276
Two Carnegie Plaza              Two story office building                 68,956
Carnegie Business Center II     Two R&D buildings                         50,867
Santa Fe                        One story office building                 36,288
Lakeside Tower                  Six story office building                112,717
One Parkside                    Four story office building                70,069
Bally's Health Club             Health club facility                      25,000
Outback Steakhouse              Restaurant                                 6,500

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

The Partnership's  General Partner is currently in the process of evaluating the
fair market value of the Tri-City assets. The General Partner and management are
evaluating  appraisals  prepared  by CB  Commercial  as  well  as  other  market
information  in an effort to determine the optimal time to dispose of its assets
and realize maximum value.




                                         Page 9 of 14
<PAGE>



Rancon Centre Ontario

The  Partnership  owns five buildings  known as Rancon Centre Ontario (the " RCO
Buildings),  consisting of 245,000 square feet of leasable  industrial  space in
Ontario, California.  Additionally,  the Partnership owns approximately 38 acres
of unimproved  land (the  "Ontario  Land") also in Ontario,  California.  During
October  1998,  the  Partnership  executed a Letter of Intent with a third party
buyer to sell both the RCO Buildings  and the Ontario Land for a total  purchase
price  of  $14,720,000.  The  sale  is  expected  to  close  in  December  1998.
Accordingly,  both the RCO  Buildings  and the Ontario  Land are  classified  as
properties  held for sale as of September 30, 1998.  This sale is subject to the
completion of due diligence, property inspections and other contingencies. Thus,
there is no assurance that the sale will be completed. The RCO Buildings and the
Ontario Land are unsecured assets. The net proceeds from the sale would be added
to the cash reserves of the Partnership.

Perris-Ethanac and Nuevo

The Partnership owns 23.8 acres of unimproved land referred to as Perris-Ethanac
Road and 78.1 acres of undeveloped  land referred to as  Perris-Nuevo  Road. The
parcel map reverting the land to acreage has been recorded for the  Perris-Nuevo
Road.  There has been no development to date at either of these  projects.  Both
properties are unencumbered and are being marketed for sale by the Partnership.
General Matters

The $4,782,000 or 14% decrease in rental property at September 30, 1998 compared
to  December  31,  1997  is due to the  reclassification  of the  RCO  Buildings
($3,959,000 net book value) to rental property held for sale and depreciation of
$1,144,000, offset by $321,000 of additions.

The  $5,289,000  or 66% decrease in land held for  development  at September 30,
1998 compared to December 31, 1997 is due to the reclassification of the Ontario
Land to land held for sale.

The Partnership knows of no unrecorded demands, commitments or events that 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.

Management  believes  that the  Partnership's  cash balances as of September 30,
1998, together with the net cash from operations,  permanent financing and sales
proceeds,  will be sufficient to fund the Partnership's continued operations and
planned capital improvement needs.

RESULTS OF OPERATIONS

Revenue

Rental  income  decreased  $447,000 or 8% and $166,000 or 9% during the nine and
three  months  ended  September  30, 1998  compared to the nine and three months
ended  September  30,  1997,  respectively,  due  to  tenants  lost  due  to the
relocation of various state agency tenants into recently  completed  state owned
buildings and office suite consolidations resulting from business mergers.




                                         Page 10 of 14
<PAGE>


Occupancy rates at the Partnership's properties as of September 30, 1998 and
1997 were as follows:

                                                September 30,
                                             1998            1997

  One Carnegie Plaza                          47%             87%
  Two Carnegie Plaza                          82%             81%
  Carnegie Business Center II                 83%             74%
  Lakeside Tower                              85%             84%
  Santa Fe                                   100%            100%
  One Parkside                                79%             66%
  Rancon Centre Ontario                       69%            100%
  Bally's Health Club                        100%            100%
  Outback Steakhouse                         100%            100%

The 40 percentage  point drop in occupancy  from September 30, 1997 to September
30, 1998 at One Carnegie Plaza is primarily a result of one tenant, who occupied
an aggregate  space of 35,306 square feet,  relocating to a state owned building
in February 1998.  Management has been conducting  tours to prospective  tenants
marketing this space for lease.

As of September 30, 1998, tenants at Tri-City occupying  substantial portions of
leased space  included:  (i) the Atchison  Topeka and Santa Fe Railway  Company,
with a lease through  September 1999;  (ii) Chicago Title,  with a lease through
February 2004; (iii) Sterling Software,  with a lease through November 2000; and
(iv) Holiday Spa Health Club,  with a lease through  December  2010.  These four
tenants, in the aggregate, occupy approximately 116,821 square feet of the total
478,000 total leasable square feet at Tri-City and account for approximately 34%
of the rental income  generated at Tri-City and  approximately  29% of the total
income for the Partnership.

The 31  percentage  point  decrease in occupancy at Rancon  Centre  Ontario from
September  30, 1997 to  September  30,  1998 is the result of two tenants  (with
leases totaling  77,000 square feet) moving out upon their lease  expirations of
June 30, 1998. A holdover tenant,  who occupied 74,850 square feet,  vacated its
suite on September 30, 1998 due to its need for space in close proximity to rail
service. This tenant accounted for 28% of the rental income generated at Ontario
and 4% of the total rental income generated by the  Partnership.  Management has
been marketing this space for lease,  as well as the 77,000 square feet of space
vacated earlier in the year. Management is negotiating lease terms with a tenant
(currently  leasing 39,150 square feet) for a possible  relocation and expansion
into a 124,850 square foot suite at Rancon Centre Ontario.

Interest and other income increased $63,000 or 32% and $14,000 or 21% during the
nine  months  ended  September  30,  1998  compared  to the same period in 1997,
respectively,  due  primarily to interest  earned on a tenant  improvement  note
receivable.





                                         Page 11 of 14
<PAGE>




Expenses

Operating  expenses and interest  expense  remained  stable  during the nine and
three  months  ended  September  30, 1998  compared to the nine and three months
ended  September 30, 1997.  The decrease in occupancy at One Carnegie  Plaza and
Rancon Centre Ontario contributed to a decrease in operating expenses;  however,
this  decrease  was offset by: (i) an  increase  in space  planning  and leasing
expenses at Carnegie  Business Center II and One Parkside;  and (ii) an increase
in general repairs at One Parkside and One Carnegie Plaza.

Depreciation  and  amortization  decreased  $256,000 or 16% and  $160,000 or 27%
during the nine and three months ended  September  30, 1998 compared to the nine
and  three  months  ended  September  30,  1997,  respectively,  due  to  tenant
improvements  becoming fully depreciated in 1998 and the ceasing of depreciation
for Rancon  Centre  Ontario  upon  reclassification  of the property as held for
sale.

Expenses  associated with  undeveloped  land increased  $28,000 or 7% during the
nine months ended September 30, 1998 compared to the nine months ended September
30,  1997 due to the  receipt of $91,000 of real estate tax refunds in May 1997,
and a $3,000 increase in maintenance association dues. The receipt of $66,000 of
real estate tax  refunds in  September  1998  partially  offset the  increase in
expenses associated with undeveloped land.

General and  administrative  expenses  increased $65,000 or 7% and $25,000 or 7%
during the nine and three months ended  September  30, 1998 compared to the nine
and three months ended  September 30, 1997,  respectively,  due to  professional
fees incurred for  appraisals,  analysis and forecast  services  provided to the
Partnership to assist in the  determination of the marketing  strategies for the
properties.

Year 2000 Compliance

The Partnership  utilizes a number of computer  software  programs and operating
systems across its entire organization, including applications used in financial
business systems and various  administrative  functions.  To the extent that the
Partnership's  software  applications  contain  a source  code that is unable to
appropriately interpret the upcoming calendar year "2000" and beyond, some level
of  modification,  or replacement of such  applications  will be necessary.  The
Partnership has completed its  identification  of applications  that are not yet
"Year 2000"  compliant and has commenced  modification  or  replacement  of such
applications,  as necessary.  Given the information known at this time about the
Partnership's  systems that are  non-compliant,  coupled with the  Partnership's
ongoing,  normal  course-of-business  efforts to  upgrade  or  replace  critical
systems,  as necessary,  management does not expect "Year 2000" compliance costs
to have any material  adverse impact on the  Partnership's  liquidity or ongoing
results of  operations.  No  assurance  can be given,  however,  that all of the
Partnership's  systems will be "Year 2000" compliant or that compliance costs or
the  impact of the  Partnership's  failure to achieve  substantial  "Year  2000"
compliance will not have a material adverse effect on the  Partnership's  future
liquidity or results of operations.




                                         Page 12 of 14
<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 13 of 14
<PAGE>




                                   SIGNATURES



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: November 13, 1998   
                          
                          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 14 of 14
<PAGE>