<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 ---------------

                                    FORM 10-Q

          [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        Securities Exchange Act of 1934

                  For the Quarterly Period Ended June 30, 2001.

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        Securities Exchange Act of 1934

                For the Transition Period From        to       .
                                               ------    ------

                            Commission File Numbers:
                                    333-75415
                                  333-75415-03

                               CC V Holdings, LLC*
        (formerly known as Avalon Cable LLC) CC V Holdings Finance, Inc.*
             (formerly known as Avalon Cable Holdings Finance, Inc.)
           ----------------------------------------------------------
           (Exact names of registrants as specified in their charters)

<TABLE>
<CAPTION>
                                    Delaware                                           13-4029965
                                    Delaware                                           13-4029969
                                    --------                                           ----------
<S>                                                                                <C>
                            (State or other jurisdiction of                         (I.R.S. Employer
                            incorporation or organization)                         Identification No.)

                                12405 Powerscourt Drive
                                 St. Louis, Missouri                                      63131
                      ----------------------------------------                          ---------
                      (Address of principal executive offices)                         (Zip Code)
</TABLE>

                                 (314) 965-0555
              ----------------------------------------------------
              (Registrants' telephone number, including area code)

Indicate by check mark whether the registrants: (1) have 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
registrants were required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days. Yes X No
                                                  ---   ---

Indicate the number of shares outstanding of each of the issuers' classes of
common stock, as of the latest practicable date:

    All of the issued and outstanding shares of capital stock of CC V Holdings
    Finance, Inc. are held by CC V Holdings, LLC. All of the limited liability
    company membership interests of CC V Holdings, LLC are held by Charter
    Communications Holdings, LLC, a reporting company under the Exchange Act.
    There is no public trading market for any of the aforementioned limited
    liability company membership interests or shares of capital stock.

*CC V Holdings, LLC and CC V Holdings Finance, Inc. meet the conditions set
forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and are therefore
filing this Form with the reduced disclosure format.


<PAGE>   2


                               CC V HOLDINGS, LLC
                           CC V HOLDINGS FINANCE, INC.

                                    FORM 10-Q
                           QUARTER ENDED JUNE 30, 2001

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              Page
                                                                                                              ----
<S>                                                                                                           <C>
             Part I.   Financial Information

                    Item 1. Financial Statements - CC V Holdings, LLC and Subsidiaries.                         3

                    Item 2. Management's Discussion and Analysis of Financial Condition and
                                       Results of Operations.                                                  10

             Part II.  Other Information

                    Item 6. Exhibits and Reports on Form 8-K.                                                  13

             Signatures.                                                                                       14
</TABLE>

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This report contains forward-looking statements within the meaning of the
Securities Exchange Act of 1934, as amended, and of the Securities Act of 1933,
as amended, and is subject to the safe harbors created by those acts. The
Company's actual results could differ materially from those discussed herein,
and its current business plans could be altered in response to market conditions
and other factors beyond the Company's control. The forward-looking statements
within this Form 10-Q are identified by words such as "believes," "anticipates,"
"expects," "intends," "may," "will" and other similar expressions. However,
these words are not the exclusive means of identifying such statements. In
addition, any statements that refer to expectations, projections or other
characterizations of future events or circumstances are forward-looking
statements. The Company undertakes no obligation to release publicly the results
of any revisions to these forward-looking statements that may be made to reflect
events or circumstances occurring subsequent to the filing of this Form 10-Q
with the SEC.

    Important factors that could cause actual results to differ materially from
the forward-looking statements contained herein include, but are not limited to,
the following:

        o   general economic and business conditions, both nationally and in the
            regions where the Company operates;

        o   anticipated capital expenditures for planned upgrades and the
            ability to fund these expenditures;

        o   technology changes;

        o   the Company's ability to effectively compete in a highly competitive
            environment;

        o   changes in business strategy or development plans;

        o   beliefs regarding the effects of governmental regulation on the
            Company's business;

        o   the ability to attract and retain qualified personnel; and

        o   liability and other claims asserted against the Company.

    Readers are urged to review and consider carefully the various disclosures
made by the Company in this Report and in the Company's other reports filed with
the SEC that attempt to advise interested parties of the risks and factors that
may affect the Company's business.

Note: Separate financial statements of CC V Holdings Finance, Inc. have not been
presented as this entity had no operations and substantially no assets or
equity. Accordingly, management has determined that such financial statements
are not material.


                                       2
<PAGE>   3


                         PART I. FINANCIAL INFORMATION.
                          ITEM 1. FINANCIAL STATEMENTS.

                       CC V HOLDINGS, LLC AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                          JUNE 30, 2001  DECEMBER 31, 2000
                                                          -------------  -----------------
                              ASSETS                               (UNAUDITED)
<S>                                                          <C>            <C>
CURRENT ASSETS:
   Cash and cash equivalents                                 $    8,361      $   11,232
   Accounts receivable, less allowance for doubtful
      accounts of $1,639 and $1,948, respectively                 9,139          12,464
   Receivable from manager - related party                       26,756              --
   Prepaid expenses and other                                     1,505           1,021
                                                             ----------      ----------

            Total current assets                                 45,761          24,717
                                                             ==========      ==========

INVESTMENT IN CABLE PROPERTIES:
   Property, plant and equipment, net of accumulated
      depreciation of $161,041 and $140,234, respectively       682,782         712,186
   Franchises, net of accumulated amortization of $308,188
      and $245,434, respectively                              3,194,153       3,812,341
                                                             ----------      ----------

                                                              3,876,935       4,524,527
                                                             ----------      ----------

OTHER ASSETS                                                      8,612           4,358
                                                             ----------      ----------

                                                             $3,931,308      $4,553,602
                                                             ==========      ==========

             LIABILITIES AND MEMBER'S EQUITY

CURRENT LIABILITIES:
   Accounts payable and accrued expenses                     $  154,442      $  221,469
   Payable to manager - related party                                --         896,277
                                                             ----------      ----------

            Total current liabilities                           154,442       1,117,746
                                                             ----------      ----------

LONG-TERM DEBT                                                1,140,095       1,058,224

OTHER LONG-TERM LIABILITIES                                      10,825          13,691

MINORITY INTEREST                                               648,390         640,526

MEMBER'S EQUITY                                               1,977,556       1,723,415
                                                             ----------      ----------

                                                             $3,931,308      $4,553,602
                                                             ==========      ==========
</TABLE>

  The accompanying notes are an integral part of these consolidated financial
                                  statements.


                                       3
<PAGE>   4


                       CC V HOLDINGS, LLC AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED THREE MONTHS ENDED
                                               JUNE 30, 2001     JUNE 30, 2000
                                            ------------------ -----------------
                                                        (UNAUDITED)
<S>                                             <C>                <C>
REVENUES                                        $ 128,031          $ 129,197
                                                ---------          ---------

OPERATING EXPENSES:
    Operating, general and administrative          66,819             69,441
    Depreciation and amortization                 113,983             98,579
    Corporate expense charges - related party       1,960              2,805
                                                ---------          ---------

                                                  182,762            170,825
                                                ---------          ---------

          Loss from operations                    (54,731)           (41,628)

OTHER INCOME (EXPENSE):
    Interest expense                              (23,451)           (23,358)
    Interest expense - related party                   --             (8,377)
    Interest income                                    87                 23
    Other, net                                        125                 12
                                                ---------          ---------

                                                  (23,239)           (31,700)

           Loss before minority interest          (77,970)           (73,328)

  Minority interest                                (3,196)            (3,139)
                                                ---------          ---------

           Net loss                             $ (81,166)         $ (76,467)
                                                =========          =========
</TABLE>


  The accompanying notes are an integral part of these consolidated financial
                                  statements.


                                       4
<PAGE>   5


                       CC V HOLDINGS, LLC AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                             SIX MONTHS ENDED   SIX MONTHS ENDED
                                               JUNE 30, 2001      JUNE 30, 2000
                                            ------------------ -----------------
                                                        (UNAUDITED)
<S>                                             <C>                 <C>
REVENUES                                        $ 249,092           $ 214,290
                                                ---------           ---------

OPERATING EXPENSES:
    Operating, general and administrative         131,966             114,613
    Depreciation and amortization                 230,118             170,473
    Corporate expense charges - related party       3,912               3,493
                                                ---------           ---------

                                                  365,996             288,579
                                                ---------           ---------

          Loss from operations                   (116,904)            (74,289)

OTHER INCOME (EXPENSE):
    Interest expense                              (49,279)            (45,783)
    Interest expense - related party                   --              (8,377)
    Interest income                                    88                  24
    Other, net                                         15                  24
                                                ---------           ---------

                                                  (49,176)            (54,112)

           Loss before minority interest         (166,080)           (128,401)

  Minority interest                                (6,355)             (4,691)
                                                ---------           ---------

           Net loss                             $(172,435)          $(133,092)
                                                =========           =========
</TABLE>

  The accompanying notes are an integral part of these consolidated financial
                                  statements.


                                       5
<PAGE>   6


                       CC V HOLDINGS, LLC AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)


<TABLE>
<CAPTION>
                                                                      SIX MONTHS ENDED SIX MONTHS ENDED
                                                                        JUNE 30, 2001   JUNE 30, 2000
                                                                      ---------------- ----------------
                                                                                (UNAUDITED)
<S>                                                                      <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss                                                             $  (172,435)   $  (133,092)
    Adjustments to reconcile net loss to net cash provided by
      operating activities:
           Depreciation and amortization                                     230,118        170,473
           Minority interest                                                   6,355          4,691
           Noncash interest expense                                            7,378          6,562
    Changes in assets and liabilities, net of effects from
         acquisitions and dispositions:
           Accounts receivable                                                 2,018        (14,087)
           Prepaid expenses and other                                         (6,677)          (861)
           Accounts payable and accrued expenses                             (34,108)        53,145
           Receivable from manager - related party                            (9,238)        (2,789)
    Other operating activities                                                (2,866)            --
                                                                         -----------    -----------

               Net cash from operating activities                             20,545         84,042
                                                                         -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Purchase of property, plant and equipment                            (159,679)       (78,602)
       Payments for acquisitions, net of cash acquired                            --        (13,196)
       Other investing activities                                             (1,567)          (205)
                                                                         -----------    -----------

                  Net cash from investing activities                        (161,246)       (92,003)
                                                                         -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
       Borrowings of long-term debt                                        1,093,000        181,000
       Repayments of long-term debt                                       (1,018,000)      (172,000)
       Loans to related party                                                     --        369,684
       Payments for debt issuance costs                                       (4,414)      (370,570)
       Distributions to manager - related party                              (16,159)            --
       Contributions from manager - related party                             83,403             --
                                                                         -----------    -----------

                 Net cash from financing activities                          137,830          8,114
                                                                         -----------    -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                          (2,871)           153

CASH AND CASH EQUIVALENTS, beginning of period                                11,232          6,806
                                                                         -----------    -----------

CASH AND CASH EQUIVALENTS, end of period                                 $     8,361    $     6,959
                                                                         ===========    ===========

CASH PAID FOR INTEREST                                                   $    59,672    $        --
                                                                         ===========    ===========

NON-CASH TRANSACTIONS:
   Transfer of cable systems to other Charter Holdings subsidiaries      $   578,448    $        --
                                                                         ===========    ===========

   Payment by parent company of intercompany  liabilities  recorded as
    equity contribution                                                  $   394,801    $   161,772
                                                                         ===========    ===========
</TABLE>



  The accompanying notes are an integral part of these consolidated financial
                                  statements.


                                       6
<PAGE>   7



                       CC V HOLDINGS, LLC AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                 (DOLLARS IN THOUSANDS, EXCEPT WHERE INDICATED)


1.  ORGANIZATION

    On November 15, 1999, Charter Communications Holding Company, LLC (Charter
Holdco), a direct subsidiary of Charter Communications, Inc. (Charter), acquired
all of the equity interests of Avalon Cable, LLC (now known as CC V Holdings or
the Company) and Avalon Cable Holdings Finance, Inc. Effective January 1, 2000,
these acquired interests were transferred to Charter Communications Holdings,
LLC (Charter Holdings), a wholly owned subsidiary of Charter Holdco.

    Effective in December 2000, Charter Holdings contributed all of its equity
interests in CC VIII, LLC (Bresnan) to CC V Holdings, resulting in CC V Holdings
becoming the parent company of Bresnan. The Company accounted for the
contribution of Bresnan as a reorganization of entities under common control in
a manner similar to a pooling of interests. Accordingly, the accounts of Bresnan
are included in the consolidated financial statements from February 15, 2000,
the date Bresnan was first acquired by Charter Holdco. The accompanying
consolidated financial statements include the accounts of CC V Holdings, its
wholly owned subsidiaries, and the accounts of Bresnan since February 15, 2000
(the date acquired by Charter Holdco). CC V Holdings is a Delaware limited
liability company. All significant intercompany accounts and transactions have
been eliminated in consolidation.

    Effective on January 2, 2001, the Company entered into certain cable system
swap transactions with other subsidiaries of Charter Holdings. Such cable
systems swaps were effected in order to increase operational efficiency by
swapping systems into the subsidiaries which are physically located closest to
them. The Company accounted for the systems transferred into the Company from
other Charter Holdings subsidiaries as a reorganization of entities under common
control in a manner similar to a pooling of interests. Accordingly, beginning on
November 15, 1999, the date the Company was acquired by Charter Holdco, the
consolidated financial statements of CC V Holdings include the accounts of four
systems that were transferred into the Company from other Charter Holdings
subsidiaries. Also, on January 2, 2001, the Company transferred five of its
systems to other Charter Holdings subsidiaries as part of the swap transactions.
The disposition of such systems by the Company was recorded as a noncash
transaction with related parties in the six months ended June 30, 2001.

    As of June 30, 2001, the Company owns and operates cable systems serving
approximately 917,000 customers. The Company currently offers a full array of
traditional analog cable services and advanced bandwidth services such as
digital cable television, interactive video programming, Internet access through
television-based service, dial-up telephone modems and high-speed cable modems,
and video-on-demand. The Company operates primarily in the states of Michigan,
Minnesota and Wisconsin and in the New England area.

2.  RESPONSIBILITY FOR INTERIM FINANCIAL STATEMENTS

    The accompanying consolidated financial statements of the Company have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and the rules and regulations of
the Securities and Exchange Commission. Accordingly, certain information and
footnote disclosures typically included in the Company's Annual Report on Form
10-K have been condensed or omitted for this Quarterly Report.

    The accompanying consolidated financial statements are unaudited; however,
in the opinion of management, such statements include all adjustments, which
consist of only normal recurring adjustments, necessary for a fair presentation
of the results for the periods presented. Interim results are not necessarily
indicative of results for a full year. For further information, see the
Company's Annual Report on Form 10-K for the year ended December 31, 2000.


                                       7
<PAGE>   8

3.  ACQUISITIONS

    In February 2000, Charter Holdings acquired certain cable systems for $13.0
million and contributed those assets to the Company, increasing equity by $13.0
million. The systems acquired served approximately 6,000 customers located in
Minnesota at December 31, 2000. In September 2000, Bresnan acquired cable
systems for a purchase price of $13.2 million. These systems acquired served
approximately 7,100 customers located in Minnesota at December 31, 2000. These
acquisitions were accounted for using the purchase method of accounting, and,
accordingly, results of operations of the acquired systems have been included in
the accompanying consolidated financial statements from the respective dates of
acquisition. The purchase prices were allocated to assets acquired based on
their fair values, including amounts assigned to property, plant and equipment
totaling $4.7 million and franchises totaling $21.5 million. No liabilities were
assumed in these acquisitions.

    In February 2000, Charter Holdco acquired the cable systems of Bresnan and
immediately transferred its equity in these cable systems to Charter Holdings
(the "Bresnan Acquisition"). In December 2000, Charter Holdings contributed all
of its equity interests in Bresnan to CC V Holdings (the "Bresnan/Avalon
Combination"), increasing equity by $1.4 billion (see Note 1). Charter Holdco
acquired these cable systems for a purchase price of approximately $1.1 billion,
net of cash acquired, excluding debt assumed of $963.0 million and equity issued
by Charter Holdco and preferred equity issued by a subsidiary of Charter
Holdings of $384.6 million and $629.5 million, respectively. Charter Holdco
allocated the purchase price to assets acquired and liabilities assumed based on
their relative fair values, including amounts assigned to property, plant and
equipment of $345.9 million, other assets of $2.3 million, franchises of $2.8
billion, and liabilities assumed of $2.0 billion. In connection with the
Bresnan/Avalon Combination, the company that issued the preferred equity became
a subsidiary of the Company.

    Unaudited pro forma operating results as though the 2000 acquisitions
discussed above, the Bresnan/Avalon Combination, and the dispositions of five
cable systems to other Charter Holdings subsidiaries as discussed in Note 1,
with adjustments to give effect to amortization of franchises, interest expense
and certain other adjustments, are as follows:

<TABLE>
<CAPTION>
                                                SIX MONTHS ENDED
                                                  JUNE 30, 2000
                                                ----------------
<S>                                             <C>
                Revenues.........................  $ 254,545
                Loss from operations.............    (87,596)
                Net loss.........................   (153,735)
</TABLE>

    The unaudited pro forma financial information presented for comparative
purposes and does not purport to be indicative of the results of operations had
these transactions been completed as of the assumed date or which may be
obtained in the future.

4.  LONG-TERM DEBT

    In connection with the Bresnan/Avalon combination in January 2001, all
amounts due under the Avalon credit facilities were repaid using borrowings from
the Bresnan credit facilities and the Avalon credit facilities were terminated.
In addition, the Bresnan credit facilities were amended and restated to, among
other things, increase borrowing availability by $550.0 million.

    Long-term debt consists of the following:

<TABLE>
<CAPTION>
                                               JUNE 30,    DECEMBER 31,
                                                 2001         2000
                                              ----------   -----------
<S>                                           <C>          <C>
CCVIII Operating credit facility (Bresnan)    $1,000,000   $  712,400
CCV Holdings senior discount notes (Avalon)      138,713      131,273
Avalon credit facility                                --      213,000
Other                                              1,382        1,551
                                              ----------   ----------

                                              $1,140,095   $1,058,224
                                              ==========   ==========
</TABLE>


                                       8
<PAGE>   9

5. LITIGATION

    In connection with the Company's acquisition of Mercom, Inc. (Mercom),
former Mercom shareholders holding approximately 731,894 Mercom common shares
(approximately 15.3% of all outstanding Mercom common shares) gave notice of
their election to exercise appraisal rights as provided by Delaware law. On July
2, 1999, former Mercom shareholders holding 535,501 shares of Mercom common
stock filed a petition for appraisal of stock in the Delaware Chancery Court.
With respect to 209,893 of the total number of shares for which the Company
received notice, the notice provided to the Company was received from beneficial
holders of Mercom shares who were not holders of record. The Company believes
that the notice with respect to these shares did not comply with Delaware law
and is ineffective.

    The Company cannot predict at this time the effect of the elections to
exercise appraisal rights on the Company since the Company does not know the
extent to which these former Mercom shareholders will continue to pursue
appraisal rights under Delaware law or choose to abandon these efforts and seek
to accept the consideration payable in the Mercom merger. If these former Mercom
shareholders continue to pursue their appraisal rights, and if a Delaware court
were to find that the fair value of the Mercom common shares, exclusive of any
element of value arising from the acquisition of Mercom, exceeded $12.00 per
share, the Company would have to pay the additional amount for each Mercom
common share subject to the appraisal proceedings together with a fair rate of
interest. The Company could be ordered by the Delaware court also to pay
reasonable attorney's fees and the fees and expenses of experts for the
shareholders. In addition, the Company would have to pay its own litigation
costs. The Company has already provided for the consideration of $12.00 per
Mercom common share due under the terms of the merger with Mercom with respect
to these shares but has not provided for any additional amounts or costs. The
Company can provide no assurance as to what a Delaware court would find in any
appraisal proceeding or when this matter will be resolved. Accordingly, the
Company cannot assure that the ultimate outcome would have no material adverse
impact on the consolidated financial condition or results of operations of the
Company.

6.  NEW ACCOUNTING STANDARDS

    In July 2001, the Financial Accounting Standards Board adopted Statements of
Financial Accounting Standards (SFAS) No. 141 "Business Combinations" and No.
142, "Goodwill and Other Intangible Assets." SFAS No. 141 requires all business
combinations initiated after June 30, 2001 to be accounted for using the
purchase method of accounting. SFAS No. 141 is required to be implemented for
all acquisitions initiated after June 30, 2001 and all business combinations
accounted for using the purchase method for which the date of acquisition is
July 1, 2001 or later. Adoption of SFAS No. 141 will not impact the consolidated
financial statements of the Company.

    Under SFAS No. 142, goodwill is no longer subject to amortization over its
useful life, rather, it is subject to at least annual assessments of impairment.
Also, under SFAS No. 142, an intangible asset should be recognized if the
benefit of the intangible is obtained through contractual or other legal rights
or if the intangible asset can be sold, transferred, licensed, rented or
exchanged. Such intangibles will be amortized over their useful lives. Certain
intangibles have indefinite useful lives and will not be amortized. SFAS No. 142
will be implemented by the Company on January 1, 2002. All goodwill and
intangible assets acquired after June 30, 2001 will be immediately subject to
the provisions of SFAS No. 142. The Company is currently in the process of
assessing the future impact of adoption of SFAS No. 142.


                                        9
<PAGE>   10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

RESULTS OF OPERATIONS

    The following table summarizes amounts and the percentages of total revenues
for certain items for the periods indicated (dollars in thousands):

<TABLE>
<CAPTION>
                                                                  SIX MONTHS ENDED JUNE 30,
                                                        ---------------------------------------------
                                                               2001                     2000
                                                        ---------------------  ----------------------
                                                                       % OF                    % OF
                                                         AMOUNT      REVENUES    AMOUNT      REVENUES
                                                        ---------    --------   ---------    --------
<S>                                                     <C>          <C>        <C>           <C>
Revenues                                                $ 249,092     100.0%    $ 214,290     100.0%
                                                        ---------     -----     ---------     -----

Operating expenses:
   Operating, general and administrative                  131,966      53.0%      114,613      53.5%
   Depreciation and amortization                          230,118      92.4%      170,473      79.6%
   Corporate expense charges - related party                3,912       1.5%        3,493       1.6%
                                                        ---------     -----     ---------     -----
                                                          365,996     146.9%      288,579     134.7%
                                                        ---------     -----     ---------     -----

Loss from operations                                     (116,904)    (46.9)%     (74,289)    (34.7)%

Other income (expense):
   Interest expense                                       (49,279)    (19.7)%     (45,783)    (21.3)%
   Interest expense - related party                            --        --        (8,377)     (3.9)%
   Other, net                                                 103        --            48        --
                                                        ---------     -----     ---------     -----
                                                          (49,176)    (19.7)%     (54,112)    (25.2)%
                                                        ---------     -----     ---------     -----

Loss before minority interest                            (166,080)    (66.6)%    (128,401)    (59.9)%

   Minority interest                                       (6,355)     (2.6)%      (4,691)     (2.2)%
                                                        ---------     -----     ---------     -----

Net loss                                                $(172,435)    (69.2)%   $(133,092)    (62.1)%
                                                        =========     =====     =========     =====
</TABLE>

    Other financial data is as follows for the periods indicated (dollars in
thousands, except Average Monthly Revenue per Basic Customer):

<TABLE>
<CAPTION>
                                                           SIX MONTHS ENDED JUNE 30,
                                                          ----------------------------
                                                              2001            2000
                                                          ------------    ------------
<S>                                                       <C>             <C>
Cash flows from operating activities                      $    20,545     $    84,042
Cash flows from investing activities                         (161,246)        (92,003)
Cash flows from financing activities                          137,830           8,114
EBITDA (a)                                                     96,232
                                                                              113,317
Adjusted EBITDA (b)                                           117,126          99,677
Homes passed (at period end) (c)                            1,446,364       1,518,699
Basic customers (at period end) (d)                           917,185         955,262
Basic penetration (at period end) (e)                            63.4%           62.9%
Average Monthly Revenue per Basic Customer (quarter)(f)   $     46.53     $     45.08

</TABLE>

(a) EBITDA represents earnings (loss) before interest, income taxes,
depreciation and amortization. EBITDA is presented because it is a widely
accepted financial indicator of a cable company's ability to service
indebtedness. However, EBITDA should not be considered as an alternative to
income from operations or to cash flows from operating, investing or financing
activities, as determined in accordance with generally accepted accounting
principles. EBITDA should also not be construed as an indication of a company's
operating performance or as a measure of liquidity. In addition, because all
companies do not calculate EBITDA identically, the presentation here may not be
comparable to other similarly titled measures of other companies. Management's
discretionary use of funds depicted by EBITDA may be limited by working capital,
debt service and capital expenditure requirements and by restrictions related to
legal requirements, commitments and uncertainties.


                                       10
<PAGE>   11

(b) Adjusted EBITDA means EBITDA before corporate expense charges and other
income (expense). Adjusted EBITDA is presented because it is a widely accepted
financial indicator of a cable company's ability to service indebtedness.
However, adjusted EBITDA should not be considered as an alternative to income
from operations or to cash flows from operating, investing or financing
activities, as determined in accordance with generally accepted accounting
principles. Adjusted EBITDA should also not be construed as an indication of a
company's operating performance or as a measure of liquidity. In addition,
because adjusted EBITDA is not calculated identically by all companies, the
presentation here may not be comparable to other similarly titled measures of
other companies. Management's discretionary use of funds depicted by adjusted
EBITDA may be limited by working capital, debt service and capital expenditure
requirements and by restrictions related to legal requirements, commitments and
uncertainties.

(c) Homes passed are the number of living units, such as single residence homes,
apartments and condominium units, passed by the cable distribution network in a
given cable system service area.

(d) Basic customers are customers who receive basic cable service.

(e) Basic penetration represents basic customers as a percentage of homes
passed.

(f) Average monthly revenue per basic customer represents revenues divided by
the number of months in the period divided by the number of basic customers at
period end.

COMPARISON OF RESULTS

    As a result of the Bresnan/Avalon combination, the Company's financial
statements were restated beginning on February 15, 2000, the date of Charter
Holdco's acquisition of Bresnan. In addition, on January 2, 2001, the Company
transferred five of its cable systems to other Charter Holdings subsidiaries in
the cable system swap transactions discussed in Note 1 to the interim unaudited
financial statements. Therefore, the financial results for the periods presented
above are not comparable as the six months ended June 30, 2000 only include
Bresnan results for approximately four and a half months, beginning February 15,
2000 and the six months ended June 30, 2001 do not include the results of the
five cable systems transferred to other Charter Holdings subsidiaries.

    Revenues. Revenues increased $34.8 million, or 16.2%, to $249.1 million for
the six months ended June 30, 2001, from $214.3 million for the six months ended
June 30, 2000. Approximately $30.6 million of the increase was due to six full
months of Bresnan revenues during the six months ended June 30, 2001 as compared
with four and a half months of Bresnan revenues during the six months ended June
30, 2000. In addition, increases in digital and cable modem revenues of $16.8
million resulted from increased marketing efforts and strong demand for these
services. Advertising revenues increased $5.0 million primarily due to internal
growth. As a result of our rebuild efforts, we experienced increased capacity
due to expanded channel line-ups. In addition, the level of advertising
purchased by programmers to promote their channels added as part of our
expansion of channel line-ups, increased during 2001 compared to the
corresponding period in 2000. These increases were offset partially by a
decrease of approximately $27.4 million due to the transfer of five cable
systems to other Charter Holdings subsidiaries on January 2, 2001.

    Operating, general and administrative expenses. Operating, general and
administrative expenses increased $17.4 million, or 15.2%, to $132.0 million for
the six months ended June 30, 2001, from $114.6 million for the six months ended
June 30, 2000. An increase of $16.8 million was primarily due to internal growth
and increases in digital and cable modem customers, continued inflationary
increases in license fees paid for programming, and an increased number of
channels provided to customers. In addition, an increase of $16.5 million was
due to six full months of Bresnan operating, general and administrative expenses
during the six months ended June 30, 2001 as compared with four and a half
months of Bresnan operating, general and administrative expenses during the six
months ended June 30, 2000. These increases were partially offset by a decrease
of approximately $15.9 million due to the transfer of five cable systems to
other Charter Holdings subsidiaries on January 2, 2001.

    Depreciation and amortization expense. Depreciation and amortization expense
increased $59.6 million, or 35.0%, to $230.1 million for the six months ended
June 30, 2001, from $170.5 million for the six months ended June 30, 2000. An
increase of approximately $48.0 million was the result of capital expenditures
for upgrade and rebuild activities during the last half of 2000 and throughout
2001. In addition, an increase of $31.4 million was due to six full months of
Bresnan depreciation and amortization during the six months ended June 30, 2001
as compared with four and a half months of Bresnan depreciation and amortization
during the six months ended June 30, 2000. These increases were partially offset
by a decrease of $19.8 million due to the transfer of five cable systems to
other Charter Holdings subsidiaries on January 2, 2001.


                                       11
<PAGE>   12

    Corporate expense charges - related party. These charges for the six
months ended June 30, 2001 and 2000, represent costs incurred by Charter
Investment, Inc. and Charter Communications, Inc. on our behalf.

    Interest expense. Interest expense increased by $3.5 million, or 7.6%, to
$49.3 million for the six months ended June 30, 2001, from $45.8 million for the
six months ended June 30, 2000. The increase was primarily due to an increase in
the weighted average debt outstanding of $344.2 million, from $797.7 million
during the six months ended June 30, 2000 to $1.1 billion during the six months
ended June 30, 2001.

    Interest expense - related party. Interest expense - related party
decreased $8.4 million to $0 for the six months ended June 30, 2001 from $8.4
million for the six months ended June 30, 2000. The decrease was due to the
payment of intercompany liabilities of $394.8 million by the parent on January
1, 2001 on behalf of the Company. Such transaction was treated as a non-cash
capital contribution from the parent to the Company.

    Minority interest. Minority interest represents the accretion of the
preferred membership units in an indirect subsidiary of Charter Holdings issued
to certain Bresnan sellers. These membership units are exchangeable on a
one-for-one basis for shares of Class A common stock of Charter Communications,
Inc.

    Net loss. Net loss increased by $39.3 million for the six months ended June
30, 2001, compared to the six months ended June 30, 2000 as a result of the
combination of factors discussed above.

    NEW ACCOUNTING STANDARDS

    In July 2001, the Financial Accounting Standards Board adopted Statements of
Financial Accounting Standards (SFAS) No. 141 "Business Combinations" and No.
142, "Goodwill and Other Intangible Assets." SFAS No. 141 requires all business
combinations initiated after June 30, 2001 to be accounted for using the
purchase method of accounting. SFAS No. 141 is required to be implemented for
all acquisitions initiated after June 30, 2001 and all business combinations
accounted for using the purchase method for which the date of acquisition is
July 1, 2001 or later. Adoption of SFAS No. 141 will not impact the consolidated
financial statements of the Company.

    Under SFAS No. 142, goodwill is no longer subject to amortization over its
useful life, rather, it is subject to at least annual assessments of impairment.
Also, under SFAS No. 142, an intangible asset should be recognized if the
benefit of the intangible is obtained through contractual or other legal rights
or if the intangible asset can be sold, transferred, licensed, rented or
exchanged. Such intangibles will be amortized over their useful lives. Certain
intangibles have indefinite useful lives and will not be amortized. SFAS No. 142
will be implemented by the Company on January 1, 2002. All goodwill and
intangible assets acquired after June 30, 2001 will be immediately subject to
the provisions of SFAS No. 142. The Company is currently in the process of
assessing the future impact of adoption of SFAS No. 142.


                                        12
<PAGE>   13

                           PART II. OTHER INFORMATION.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

    (a)   Exhibits.

          None.

    (b)   Reports on Form 8-K.

          No reports on Form 8-K were filed during the quarter ended June 30,
2001.


                                        13
<PAGE>   14

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.


                                        CC V HOLDINGS, LLC


Date: August 13, 2001                   By:   CHARTER COMMUNICATIONS, INC.,
                                              -----------------------------
                                              its Manager

                                              By: /s/ Kent D. Kalkwarf
                                              Name: Kent D. Kalkwarf
                                              Title:   Executive Vice President
                                              and Chief Financial Officer
                                              (Principal Financial Officer and
                                              Principal Accounting Officer) of
                                              Charter Communications, Inc.
                                              (Manager) And CC V Holdings, LLC


                                        CCV HOLDINGS FINANCE, INC.

  Date: August 13, 2001                 By:   /s/ Kent D. Kalkwarf
                                              ---------------------
                                              Name: Kent D. Kalkwarf
                                              Title:   Executive Vice President
                                              and Chief Financial Officer
                                              (Principal Financial Officer and
                                              Principal Accounting Officer) of
                                              Charter Communications, Inc.
                                              (Manager) And CC V Holdings, LLC


                                       14