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, 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)

                                 (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, 1997: 99,761




                                  Page 1 of 15
<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,
                                                                1997            1996
                                                             ----------      ----------
<S>                                                           <C>             <C>
Assets
Investments in real estate:
    Rental property, net of accumulated depreciation
     of  $16,521 and $15,180 at September 30, 1997
     and December 31, 1996, respectively                      $ 34,901        $ 35,999
    Land held for development                                    9,583           9,586
    Land held for sale                                           1,005           1,005
                                                              --------        --------

     Total real estate investments                              45,489          46,590

Cash and cash equivalents                                        5,415           5,007
Pledged cash                                                       353             353
Accounts receivable                                                227             145
Deferred financing costs and other fees, net of
    accumulated amortization of $1,852 and $1,565
    at September 30, 1997 and December 31, 1996,
    respectively                                                 1,168           1,301
Prepaid expenses and other assets                                  981             797
                                                              --------        --------

     Total assets                                             $ 53,633        $ 54,193
                                                              ========        ========

</TABLE>













                                  - continued -



                                  Page 2 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
                     Consolidated Balance Sheets - continued
                    (in thousands, except units outstanding)
                                   (Unaudited)



                                                            September 30,   December 31,
                                                                1997            1996
                                                             ----------      ----------
<S>                                                           <C>             <C>
Liabilities and Partners' Equity (Deficit)
Liabilities:
     Notes payable                                            $ 13,725        $ 13,845
     Accounts payable and other liabilities                        619             276
     Interest payable                                               74              75
                                                              --------        --------

     Total liabilities                                          14,418          14,196
                                                              --------        --------

Commitments and contingent liabilities (see Note 4)

Partners' equity (deficit):
    General partners                                              (929)           (921)
    Limited partners, 99,761 and 99,767 limited
     partnership units outstanding at September 30, 1997
     and December 31, 1996, respectively                        40,144          40,918
                                                              --------        --------

     Total partners' equity                                     39,215          39,997
                                                              --------        --------

     Total liabilities and partners' equity                   $ 53,633        $ 54,193
                                                              ========        ========


</TABLE>














                 See accompanying notes to financial statements.




                                  Page 3 of 15
<PAGE>



                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
                      Consolidated Statements of Operations
          (in thousands, except per unit amounts and units outstanding)
                                   (Unaudited)

                                            Three months ended        Nine months ended
                                               September 30,            September 30,
                                           --------------------     --------------------
                                             1997        1996         1997        1996
                                           --------    --------     --------   ---------
<S>                                        <C>         <C>          <C>         <C>
 Revenue:
   Rental income                           $  1,768    $  1,753     $  5,284    $  5,191
   Interest income                               67          49          197          80
                                           --------    --------     --------    --------

        Total revenue                         1,835       1,802        5,481       5,271
                                           --------    --------     --------    --------

Expenses:
   Operating                                    843         853        2,356       2,465
   Interest expense                             324         366          975         919
   Depreciation and amortization                583         574        1,587       1,743
   Expenses associated with
    undeveloped land                            153         160          400         525
   General and administrative expenses          318         272          945         909
                                           --------    --------     --------    --------

        Total expenses                        2,221       2,225        6,263       6,561
                                           --------    --------     --------    --------

Net loss                                   $   (386)   $   (423)    $   (782)   $ (1,290)
                                           ========    ========     ========    ========

Net loss per limited partnership unit      $  (3.83)   $  (4.20)    $  (7.76)   $ (12.80)
                                           ========    ========     ========    ========

Weighted average number of limited
  partnership units outstanding during
  each period used to compute net loss
  per limited partnership unit               99,762      99,765       99,764      99,765
                                           ========    ========     ========    ========

</TABLE>











                 See accompanying notes to financial statements.





                                  Page 4 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statements of Partners' Equity (Deficit)
              For the nine months ended September 30, 1997 and 1996
                                 (in thousands)
                                   (Unaudited)



                                       General      Limited
                                       Partners     Partners       Total
                                      ---------     --------      --------

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

Net loss                                     (8)         (774)        (782)
                                      ---------     ---------     --------

Balance at September 30, 1997         $    (929)    $  40,144     $ 39,215
                                      =========     =========     ========




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

Net loss                                    (13)       (1,277)      (1,290)
                                      ---------     ---------     --------

Balance at September 30, 1996         $    (921)    $  40,935     $ 40,014
                                      =========     =========     ========





















                 See accompanying notes to financial statements.





                                  Page 5 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP
<TABLE>
<CAPTION>
                      Consolidated Statements of Cash Flows
                                 (in thousands)
                                   (Unaudited)

                                                                    Nine months ended
                                                                       September 30,
                                                                     1997         1996
                                                                  --------      --------
<S>                                                               <C>           <C>
Cash flows from operating activities:
     Net loss                                                     $   (782)     $ (1,290)
     Adjustments to reconcile net loss to net cash
       provided by operating activities:
         Depreciation and amortization                               1,587         1,743
         Amortization of loan fees, included in interest expense        40            22
         Changes in certain assets and liabilities:
             Accounts receivable                                       (82)          (14)
             Deferred financing costs and other fees                  (154)         (449)
             Prepaid expenses and other assets                        (184)         (154)
             Accounts payable and other liabilities                    343           412
             Interest payable                                           (1)           75
                                                                  --------      --------

         Net cash provided by operating activities                     767           345
                                                                  --------      --------

Cash flows from investing activities:
     Pledged cash released                                             ---           349
     Additions to real estate investments                             (239)       (1,185)
                                                                  --------      --------

         Net cash used for investing activities:                      (239)         (836)
                                                                  --------      --------

Cash flows from financing activities:
     Net loan proceeds                                                 ---        13,911
     Notes payable principal payments                                 (120)       (8,643)
                                                                  --------      --------

         Net cash provided by (used for) financing activities         (120)        5,268
                                                                  --------      --------

Net increase in cash and cash equivalents                              408         4,777

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

Cash and cash equivalents at end of period                        $  5,415      $  5,453
                                                                  ========      ========

Supplemental disclosure of cash flow information:
     Cash paid for interest                                       $    936      $    822
                                                                  ========      ========
</TABLE>



                 See accompanying notes to financial statements.



                                  Page 6 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                               September 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 September 30, 1997 and
December 31, 1996,  the related  statements of operations for the three and nine
months ended  September 30, 1997 and 1996,  and the changes in partners'  equity
(deficit) and cash flows for the nine months ended September 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 nine  months  ended  September  30,  1997,  a total of six 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 September 30, 1997,  there were 99,761
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



                                  Page 7 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                               September 30, 1997
                                   (Unaudited)


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.

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.  REAL ESTATE INVESTMENTS

On September 30, 1997, the  Partnership  entered into a definitive  agreement to
sell all of its real estate  assets to  Glenborough  Realty  Trust  Incorporated
("GLB"),  a  publicly  traded  real  estate  investment  trust  and  Glenborough
Properties,  L.P.  ("Properties"),  the  operating  partnership  of GLB,  for an
aggregate price of  $44,765,000.  This sale is subject to approval by a majority
vote of the limited  partners of the Partnership.  Accordingly,  there can be no
assurance that this transaction will be completed.

If the sale to GLB and Properties is completed,  management intends to liquidate
the Partnership as soon as possible  following the sale. A Consent  Solicitation
Statement  (the  "Solicitation")  sent to the  Unitholders  on October 17, 1997,
detailing  these two  transactions  is hereby  incorporated  by reference to the
Definitive Schedule 14A - Proxy Statement filed with the Securities and Exchange
Commission  on October  17,  1997 The  General  Partner  estimates  that the net
proceeds from the sale of the real estate assets to GLB and Properties  together
with the net cash  proceeds  from the  payment  by the  General  Partner  of its
negative capital account will equal  approximately $340 per limited  partnership
unit.

On October 17,  1997,  a  Solicitation  was sent to the limited  partners of the
Partnership  proposing to sell all of its real estate assets and then  liquidate
the Partnership. See Note 3 for further detail of the proposed transactions.  As
of November 13, 1997,  57,976  Unitholders or 58% of the total outstanding Units
have responded with 50,394  Unitholders or 51% of the total outstanding Units in
favor,  5,965 Unitholders or 6% against,  919 Unitholders or 1% abstaining,  and
698 Unitholders or less than 1% pending.  Final tabulation of the results of the
Solicitation will be made on November 21, 1997,  unless the Solicitation  period
is extended.




                                  Page 8 of 15
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                               September 30, 1997
                                   (Unaudited)



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,  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 ("priority return").  If the Partnership  completes the sale as
described in Note 3 and liquidates,  the Limited Partners will not have received
their priority return and the subordinated  real estate  commissions will not be
paid.




                                  Page 9 of 15
<PAGE>





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

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1997,  the  Partnership  had cash of  $5,415,000  (exclusive of
pledged cash). The remainder of the  Partnership's  assets consist  primarily of
its investments in real estate investments, totaling approximately $45,489,000.

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.

On September 30, 1997, the  Partnership  entered into a definitive  agreement to
sell all of its real estate  assets to  Glenborough  Realty  Trust  Incorporated
("GLB"),  a real estate  investment  trust publicly traded on the New York Stock
Exchange and Glenborough Properties, L.P., the operating partnership of GLB, for
an  aggregate  price of  $44,765,000.  This sale is  subject  to  approval  by a
majority vote of the limited partners of the Partnership. Accordingly, there can
be no assurance that this transaction will be completed.

On  October  17,  1997,  the  Partnership   sent  a  proxy  to  its  Unitholders
(incorporated  by reference  to the  Definitive  Schedule 14A - Proxy  Statement
filed on October 17, 1997),  requesting the Unitholders' consent to the proposed
bulk  sale  of its  real  estate  assets  and a  subsequent  liquidation  of the
Partnership.  The General Partner  estimates that the net proceeds from the sale
together with the net cash  proceeds from the payment by the General  Partner of
its  negative  capital  account  will  equal   approximately  $340  per  limited
partnership  unit.  As of November 13, 1997,  57,976  Unitholders  or 58% of the
total  outstanding  Units have responded  with 50,394  Unitholders or 51% of the
total  outstanding  Units  in  favor,  5,965  Unitholders  or  6%  against,  919
Unitholders  or 1%  abstaining,  and 698  Unitholders  or less than 1%  pending.
However,  there is no  assurance  that  the  contemplated  transactions  will be
completed.

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.  If the sale to GLB described  above is not  completed,
management  intends to continue  evaluating 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.


                                 Page 10 of 15
<PAGE>


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>    
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.  If the  contemplated  sale  described  above is not  completed,
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.  If the
contemplated  sale  described  above  is  not  completed,   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.


RESULTS OF OPERATIONS

Revenues

Rental income for the nine months ended September 30, 1997 increased  $93,000 or
2%  from  the  nine  months  ended  September  30,  1996,  due  largely  to  the
commencement of the Outback  Steakhouse lease at the end of the third quarter of
1996.  Other  factors  increasing  rental  income  during the nine months  ended
September  30, 1997  compared to the nine months  ended  September  30, 1996 are
increases in average occupancy at Carnegie Business Center II and Lakeside Tower
(see table below). These increases are offset by a decrease in average occupancy
at One Parkside  (described  below) and lower  average  rental rates at Lakeside
Tower in 1997 compared to 1996.


                                 Page 11 of 15
<PAGE>


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

                                                       September 30,
                                                  1997               1996
                                                 -----               ----
         One Carnegie Plaza                        87%                87%
         Two Carnegie Plaza                        81%                83%
         Carnegie Business Center II               74%                65%
         Lakeside Tower                            84%                77%
         Santa Fe                                 100%               100%
         One Parkside                              66%                92%
         Rancon Centre Ontario                    100%               100%
         Bally's Health Club                      100%               100%
         Outback Steakhouse                       100%               100%

The  26-percentage  point drop in occupancy from September 30, 1996 to September
30, 1997 at One Parkside is due to an 18,531 square foot tenant  vacating  their
space prior to the lease  termination date due to financial  difficulties.  This
tenant filed for Chapter 11  bankruptcy  protection  in May 1997.  Management is
currently marketing this space for lease.

As of September 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  and USCO  Distribution  Services  ("USCO"),  with  lease
expiration  dates of April 1998 and June 1998,  respectively,  occupy a total of
124,850 square feet of the 245,000 total  leasable  square feet at Rancon Centre
Ontario and  account for 34% of the rental  income  generated  at Rancon  Centre
Ontario and 4% of the total rental income  generated by the  Partnership.  Since
USCO's lease  commenced  July 1, 1997, the effect of this lease on rental income
does not  correspond  with the  increase  in  occupancy  percentage.  Management
believes that United  Pacific Mills will vacate upon their lease  expiration due
to  their  need  for a space  in  close  proximity  to  rail  service  that  the
Partnership  is unable to provide.  Management is currently  negotiating  with a
prospective tenant to lease this space while it plans to negotiate with USCO for
renewal in the near future.

Interest and other income for the nine and three months ended September 30, 1997
increased  $117,000  or 146% and  $18,000 or 37% from the nine and three  months
ended September 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  $109,000  or 4%  during  the nine  months  ended
September  30, 1997 from the nine months ended  September  30, 1996 due to lower
maintenance  association dues in


                                 Page 12 of 15
<PAGE>


1997, the special  appraisals  performed on the
Partnership's  properties  in first  quarter of 1996 and the costs  incurred  in
March 1996 related to flood damage at Two Carnegie Plaza.

Interest expense  increased $56,000 or 6% during the nine months ended September
30, 1997  compared to the same period in 1996 largely as a result of  additional
debt obtained in May 1996. Meanwhile,  interest expense decreased $42,000 or 11%
during the three months ended  September  30, 1997  compared to the three months
ended  September 30, 1996 due to a September 1996  $1,500,000  note pay down and
reduction  in the  stated  interest  rate on its  note  payable  secured  by One
Carnegie Plaza.

Depreciation  and amortization  decreased  $156,000 or 9% during the nine months
ended  September  30, 1997 from the nine months  ended  September  30, 1996 as a
result of tenant improvements and leasing commissions becoming fully depreciated
and amortized in 1996.

Expenses  associated with undeveloped land decreased  $125,000 or 24% during the
nine months ended September 30, 1997 compared to the nine months ended September
30, 1996 due to the receipt of  property  tax refunds for current  year taxes in
1997 relating to 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.

General and  administrative  expenses  increased $46,000 or 17% during the three
months ended September 30, 1997 compared to the three months ended September 30,
1996  due to the  costs  incurred  in 1997  related  to the  proposed  sale  and
liquidation of the Partnership.





                                 Page 13 of 15
<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

         Incorporated  by  reference  to Note 3 of the  Notes  to  Consolidated
          Financial Statements.

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 14 of 15
<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:  November 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 15 of 15
<PAGE>