FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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

                  For the Quarterly Period Ended March 31, 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 March 31, 1998: 96,600


                                  Page 1 of 14
<PAGE>

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

                                                          March 31, December 31,
                                                            1998        1997
                                                          --------    ---------
Assets
Investments in real estate:
  Rental property, net of accumulated depreciation of
   $17,324 and $16,911 at March 31, 1998 and
   December 31, 1997, respectively                         $ 33,118    $ 33,486
  Land held for development                                   2,691       7,980
  Land held for sale                                          6,209         920
                                                           --------    --------

    Total real estate investments                            42,018      42,386

Cash and cash equivalents                                     4,210       4,361
Pledged cash                                                    353         353
Accounts receivable                                             133         141
Note receivable                                               1,198       1,208
Deferred financing costs and other fees, net of accumulated
  amortization of $2,037 and $1,953 at March 31, 1998
  and December 31, 1997, respectively                         1,036       1,097
Prepaid expenses and other assets                               712         645
                                                           --------    --------

     Total assets                                          $ 49,660    $ 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)

                                                          March 31, December 31,
                                                             1998        1997
                                                          ---------   ---------
Liabilities and Partners' Equity (Deficit)
Liabilities:
  Notes payable                                            $ 13,646    $ 13,684
  Accounts payable and accrued expenses                         503         693
  Interest payable                                              103          74
                                                           --------    --------

     Total liabilities                                       14,252      14,451
                                                           --------    --------

Commitments and contingent liabilities (see Note 4)

Partners' equity (deficit):
  General partners                                             (957)       (954)
  Limited partners, 96,600 and 96,754 limited
   partnership units outstanding at March 31, 1998
   and December 31, 1997, respectively                       36,365      36,694
                                                           --------    --------

     Total partners' equity                                  35,408      35,740
                                                           --------    --------

     Total liabilities and partners' equity                $ 49,660    $ 50,191
                                                           ========    ========
















                 See accompanying notes to financial statements.





                                  Page 3 of 14
<PAGE>

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

                                                       Three months ended
                                                           March 31,
                                                       1998           1997
                                                   ---------       ---------
Revenue:
  Rental income                                    $   1,657       $   1,804
  Interest income                                         97              63
                                                   ---------       ---------

     Total revenue                                     1,754           1,867

Expenses:
  Operating                                              749             744
  Interest expense                                       322             326
  Depreciation and amortization                          484             486
  Expenses associated with undeveloped land              156             158
  General and administrative expenses                    319             302
                                                   ---------       ---------

     Total expenses                                    2,030           2,016
                                                   ---------       ---------

Net loss                                           $    (276)      $    (149)
                                                   =========       =========



Net loss per limited partnership unit              $   (2.82)      $   (1.48)
                                                   =========       =========

Weighted average number of limited partnership units
  outstanding during each period used to compute net loss
  per limited partnership unit                        96,710          99,765
                                                   =========       =========











                 See accompanying notes to financial statements.





                                  Page 4 of 14
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statements of Partners' Equity (Deficit)
               For the three months ended March 31, 1998 and 1997
                                 (in thousands)
                                   (Unaudited)



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

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

Retirement of limited partnership units          --           (56)         (56)

Net loss                                         (3)         (273)        (276)
                                          ---------     ---------     --------

Balance at March 31, 1998                 $    (957)    $  36,365     $ 35,408
                                          =========     =========     ========



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

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

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


















                 See accompanying notes to financial statements.





                                  Page 5 of 14
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

                                                             Three months ended
                                                                  March 31,
                                                               1998       1997
                                                            --------    -------
Cash flows from operating activities:
  Net loss                                                  $  (276)    $  (149)
  Adjustments to reconcile net loss to net cash
   provided by (used for) operating activities:
    Depreciation and amortization                               484         486
    Amortization of loan fees, included in interest expense      13          13
    Changes in certain assets and liabilities:
      Accounts receivable                                         8         (33)
      Note receivable                                            10          --
      Deferred financing costs and other fees                   (23)        (44)
      Prepaid expenses and other assets                         (67)         (4)
      Accounts payable and accrued expenses                    (190)        320
      Interest payable                                           29          --
                                                            -------     -------

    Net cash provided by (used for) operating activities        (12)        589
                                                            -------     -------

Cash flows from investing activities:
  Additions to real estate investments                          (45)        (19)
                                                            -------     -------

    Net cash used for investing activities                      (45)        (19)
                                                            -------     -------

Cash flows from financing activities:
  Notes payable principal payments                              (38)        (39)
  Purchase and retirement of limited partnership units          (56)         --
                                                            -------     -------

    Net cash used for financing activities                      (94)        (39)
                                                            -------     -------

Net increase (decrease) in cash and cash equivalents           (151)        531

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

Cash and cash equivalents at end of period                  $ 4,210     $ 5,538
                                                            =======     =======

Supplemental disclosure of cash flow information:
  Cash paid for interest                                    $   280     $   313
                                                            =======     =======


                 See accompanying notes to financial statements.



                                  Page 6 of 14
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 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")  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 March
31, 1998 and  December 31,  1997,  the related  statements  of  operations,  the
changes in partners'  equity and cash flows for the three months ended March 31,
1998 and 1997.

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 relations services. According 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) 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. Glenborough is not an affiliate of RFC or the Partnership.

During the quarter  ended  March 31,  1998,  a total of 154 limited  partnership
units were  repurchased  and retired as a result of the  Partnership's  offer to
redeem the partners limited  partnership units. As of March 31, 1998, there were
96,600 limited partnership units issued and outstanding.

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


                                  Page 7 of 14
<PAGE>


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 1998
                                   (Unaudited)

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

During April 1998, the  Partnership  entered into a contract to sell 41 acres of
unimproved land,  known as Rancon Centre Ontario land, for $5,787,000.  The sale
is expected to close in June, 1998.  Accordingly,  the Partnership  reclassified
the Rancon Centre  Ontario land from land held for  development to land held for
sale as of March 31, 1998.

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 March 31,  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 Conditions and Results
         of Operations

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 1998, the Partnership had cash of $4,210,000  (exclusive of pledged
cash).  The  remainder  of the  Partnership's  assets  consist  primarily of its
investments in real estate,  totaling  approximately  $42,018,000 which includes
$33,118,000 in rental  properties,  $7,980,000 of land held for  development and
$920,000 of land held for sale.

Operationally,  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, interest income on certificates of deposit and other
deposits of funds invested temporarily,  pending their use in the development of
properties.

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

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.

Management is currently in the process of evaluating  the potential  sale of the
Tri-City  assets.  Management  has ordered  appraisals  from CB  Commercial,  an
econometric forecast of future value from CB Commercial and an analysis by Arlen
Capital of the Real Estate  Investment  Trust ("REIT") market to determine if it
is better to offer the Tri-City assets for sale in 1998 or 1999.




                                  Page 9 of 14
<PAGE>


Rancon Center Ontario

Additionally,  the Partnership owns the Rancon Center Ontario property  (245,000
square  feet  of  leasable   industrial  space)  in  Ontario,   California  plus
approximately 41 acres of unimproved land in Ontario,  California.  This land is
currently in contract to be sold in June 1998 for $5,787,000.  Accordingly,  the
Partnership  has  classified  this  property  as land held for sale.  Management
anticipates  offering the 245,000  square foot  industrial  space (the  improved
property) for sale in the latter part of 1998.

Perris-Ethanac and Nuevo

The  Partnership  also  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.  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.

Management  believes that the  Partnership's  cash balance as of March 31, 1998,
together with the cash from operations,  sales and financing, will be sufficient
to finance  the  Partnership's  and the  properties'  continued  operations  and
development  plans.  However,  there can be no assurance that the  Partnership's
results of  operations  will not fluctuate in the future and at times affect its
ability to meet its operating requirements.

RESULTS OF OPERATIONS

Revenues

Rental income for the three months ended March 31, 1998 decreased $147,000 or 8%
from the three months ended March 31, 1997 due in large part to the  significant
decreases in occupancy at One Carnegie  Plaza and One Parkside.  The decrease in
occupancy  at  One  Carnegie  Plaza  is a  result  of  a  tenant,  who  occupied
approximately 35,300 square feet, exercising its right to terminate its lease as
of February 1, 1998.  The  26-percentage  point drop in occupancy from March 31,
1997 to March 31, 1998 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 these spaces for lease.





                                 Page 10 of 14
<PAGE>


Occupancy  rates at the  Partnership's  properties as of March 31, 1998 and 1997
were as follows:

                                                   March 31,
                                            1998               1997
                                          -------             -------

     One Carnegie Plaza                      57%                88%
     Two Carnegie Plaza                      82%                83%
     Carnegie Business Center II             74%                74%
     Lakeside Tower                          85%                83%
     Santa Fe                               100%               100%
     One Parkside                            66%                92%
     Rancon Centre Ontario                  100%                80%
     Bally's Health Club                    100%               100%
     Outback Steakhouse                     100%               100%

The Atchison Topeka and Santa Fe Railway  Company,  Sterling  Software,  Chicago
Title and Holiday Spa Health Club, occupy  substantial  portions of leased space
at Tri-City with leases  expiring at various dates  between  September  1999 and
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 28% of the total rental income for the Partnership.

Two tenants,  United Pacific Mills and USCO Distribution Services,  Inc., occupy
significant  square  footage of Rancon  Centre  Ontario  ("Ontario").  These two
tenants  occupy an aggregate  124,850  square feet or 51% of Ontario and account
for 39% of the rental income  generated at Ontario and 6% of total rental income
of the Partnership.

Interest and other income  increased  $34,000 or 54% from the three months ended
March 31,  1997 to the three  months  ended  March 31, 1998 due to interest on a
tenant improvement note receivable in 1998.

Expenses

All expense categories  remained  consistent during the three months ended March
31, 1998  compared to the three  months  ended March 31,  1997.  The decrease in
occupancy at One Carnegie  Plaza and One Parkside  contributed  to a decrease in
operating expenses, however this decrease was offset primarily by an increase in
maintenance association dues paid. This increase in maintenance association dues
paid was due to a decrease in maintenance association dues paid during the three
months ended March 31, 1997  resulting  from excess  operating  cash held by the
associations  at December 31, 1996.  Also  offsetting  the decrease in operating
expenses  during the three  months  ended  March 31,  1998  compared to the same
period in 1997 were  increases  resulting  from general  repairs at One Carnegie
Plaza and the recognition of prior year bad debt in the first quarter of 1998.





                                 Page 11 of 14
<PAGE>


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>


                                    SIGNATURE



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


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






Date: May 14, 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>