<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-Q


             Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                     For the Quarterly Ended MARCH 31, 2001

                         Commission File Number 0-12438

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A California Limited Partnership)

                  I.R.S. Employer Identification No. 95-3768810

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CALIF. 90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191



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 twelve 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 [ ]


<PAGE>   2

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                      FOR THE QUARTER ENDED MARCH 31, 2001



<TABLE>
<S>                                                                                      <C>
PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

         Balance Sheets, March 31, 2001 and December 31, 2000 ....................        1

         Statements of Operations,
             Three Months Ended March 31, 2001 and 2000 ..........................        2

         Statement of Partners' Equity (Deficiency),
             Three Months Ended March 31, 2001 ...................................        3

         Statements of Cash Flows,
             Three Months Ended March 31, 2001 and 2000 ..........................        4

         Notes to Financial Statements ...........................................        5

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


PART II. OTHER INFORMATION

 Item 1. Legal Proceedings .......................................................       12

 Item 6. Exhibits and Reports on Form 8-K ........................................       12

 Signatures ......................................................................       13
</TABLE>


<PAGE>   3

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                      MARCH 31, 2001 AND DECEMBER 31, 2000

                                     ASSETS

<TABLE>
<CAPTION>
                                                                      2001                 2000
                                                                  (Unaudited)            (Audited)
                                                                  -----------           -----------
<S>                                                               <C>                   <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                      $   674,617           $   611,617

CASH AND CASH EQUIVALENTS (Note 1)                                    355,143               386,033
                                                                  -----------           -----------

          TOTAL ASSETS                                            $ 1,029,760           $   997,650
                                                                  ===========           ===========


                        LIABILITIES AND PARTNERS' EQUITY

LIABILITIES:
     Accounts payable                                             $     6,014           $    12,064
                                                                  -----------           -----------


COMMITMENTS AND CONTINGENCIES (Notes 3 and 4)


PARTNERS' EQUITY (DEFICIENCY):
     General partners                                                (147,106)             (147,488)
     Limited partners                                               1,170,852             1,133,074
                                                                  -----------           -----------

                                                                    1,023,746               985,586
                                                                  -----------           -----------

           TOTAL LIABILITIES AND PARTNERS'
                EQUITY                                            $ 1,029,760           $   997,650
                                                                  ===========           ===========
</TABLE>


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


                                       1
<PAGE>   4

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          2001               2000
                                                        --------           --------
<S>                                                     <C>                <C>
INTEREST INCOME                                         $  4,416           $  4,501
                                                        --------           --------

OPERATING EXPENSES:
    Legal and accounting                                  11,975             32,885
    Management fees - general partner (Note 3)            10,480             10,480
    Administrative  (Note 3)                               6,801              5,321
                                                        --------           --------

         Total operating expenses                         29,256             48,686
                                                        --------           --------

LOSS FROM OPERATIONS                                     (24,840)           (44,185)

EQUITY IN INCOME OF LIMITED
      PARTNERSHIP AND AMORTI-
      ZATION OF ACQUISITION
      COSTS (Note 2)                                      63,000              2,000
                                                        --------           --------

NET INCOME (LOSS)                                       $ 38,160           $(42,185)
                                                        ========           ========


NET INCOME (LOSS) PER LIMITED PARTNERSHIP
      INTEREST (Note 1)                                 $      5           $     (5)
                                                        ========           ========
</TABLE>


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


                                       2
<PAGE>   5

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)
                    FOR THE THREE MONTHS ENDED MARCH 31, 2001
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                General              Limited
                                                Partners             Partners              Total
                                               ----------           ----------          ----------
<S>                                            <C>                  <C>                 <C>
PARTNERSHIP INTERESTS                                                    7,808
                                                                    ==========

EQUITY (DEFICIENCY),
      January 1, 2001                          $ (147,488)          $1,133,074          $  985,586

      Net income for the three months
      ended March 31, 2001                            382               37,778              38,160
                                               ----------           ----------          ----------

EQUITY (DEFICIENCY),
      March 31, 2001                           $ (147,106)          $1,170,852          $1,023,746
                                               ==========           ==========          ==========
</TABLE>


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


                                       3
<PAGE>   6

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                   2001                2000
                                                                ---------           ---------
<S>                                                             <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net income (loss)                                        $  38,160           $ (42,185)
       Adjustments to reconcile net income (loss) to
          net cash used in operating activities:
             Equity in income of limited partnerships
                 and amortization of acquisition costs            (63,000)             (2,000)
             Increase in due from NAPICO                               --              (2,958)
             Decrease in accounts payable                          (6,052)             (4,816)
                                                                ---------           ---------

                Net cash used in operating activities             (30,892)            (51,959)
                                                                ---------           ---------


NET DECREASE IN CASH AND CASH EQUIVALENTS                         (30,892)            (51,959)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                    386,033             398,889
                                                                ---------           ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $ 355,143           $ 346,930
                                                                =========           =========
</TABLE>


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


                                       4
<PAGE>   7

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       GENERAL

       The information contained in the following notes to the financial
       statements is condensed from that which would appear in the annual
       audited financial statements; accordingly, the financial statements
       included herein should be reviewed in conjunction with the financial
       statements and related notes thereto contained in the annual report for
       the year ended December 31, 2000 prepared by Real Estate Associates
       Limited V (the "Partnership"). Accounting measurements at interim dates
       inherently involve greater reliance on estimates than at year end. The
       results of operations for the interim period presented are not
       necessarily indicative of the results for the entire year.

       In the opinion of the Partnership, the accompanying unaudited financial
       statements contain all adjustments (consisting primarily of normal
       recurring accruals) necessary to present fairly the financial position as
       of March 31, 2001, and the results of operations and changes in cash
       flows for the three months then ended.

       The general partners have a 1 percent interest in profits and losses of
       the Partnership. The limited partners have the remaining 99 percent
       interest which is allocated in proportion to their respective individual
       investments. National Partnership Investments Corp. (NAPICO) is the
       corporate general partner of the Partnership. Casden Properties Inc. owns
       a 95.25% economic interest in NAPICO, with the balance owned by Casden
       Investment Corporation ("CIC"). CIC, which is wholly owned by Alan I.
       Casden, owns 95% of the voting common stock of NAPICO.

       BASIS OF PRESENTATION

       The accompanying financial statements have been prepared in conformity
       with accounting principles generally accepted in the United States of
       America.

       USE OF ESTIMATES

       The preparation of financial statements in conformity with accounting
       principles generally accepted in the United States of America requires
       management to make estimates and assumptions that affect the reported
       amounts of assets and liabilities and disclosure of contingent assets and
       liabilities at the date of the financial statements and reported amounts
       of revenues and expenses during the reporting period. Actual results
       could differ from those estimates.

       METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS

       The investment in limited partnerships is accounted for on the equity
       method. Acquisition, selection and other costs related to the acquisition
       of the projects are capitalized as part of the investment balance and are
       being amortized on a straight line basis over the estimated lives of the
       underlying assets, which is generally 30 years.


                                       5
<PAGE>   8

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

       NET INCOME PER LIMITED PARTNERSHIP INTEREST

       Net income per limited partnership interest was computed by dividing the
       limited partners' share of net income by the number of limited
       partnership interests outstanding during the period. The number of
       limited partnership interests was 7,808 for the periods presented.

       CASH AND CASH EQUIVALENTS

       Cash and cash equivalents consist of cash and bank certificates of
       deposit with an original maturity of three months or less. The
       Partnership has its cash and cash equivalents on deposit primarily with
       two high credit quality financial institutions. Such cash and cash
       equivalents are in excess of the FDIC insurance limit.

       INCOME TAXES

       No provision has been made for income taxes in the accompanying financial
       statements since such taxes, if any, are the liability of the individual
       partners.

       IMPAIRMENT OF LONG-LIVED ASSETS

       The Partnership reviews long-lived assets to determine if there has been
       any permanent impairment whenever events or changes in circumstances
       indicate that the carrying amount of the asset may not be recoverable. If
       the sum of the expected future cash flows is less than the carrying
       amount of the assets, the Partnership recognizes an impairment loss.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

       As of March 31, 2001, the Partnership holds limited partnership interests
       in 3 limited partnerships. The limited partnerships owned as of March 31,
       2001, residential low income rental projects consisting of 228 apartment
       units. The mortgage loans of these projects are payable to or insured by
       various governmental agencies.

       The Partnership, as a limited partner, is entitled to 99 percent of the
       profits and losses in these limited partnerships.

       Equity in losses of limited partnerships is recognized in the financial
       statements until the limited partnership investment account is reduced to
       a zero balance. Losses incurred after the limited partnership investment
       account is reduced to zero are not recognized.


                                       6
<PAGE>   9

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

       Distributions from the limited partnerships are accounted for as a return
       of capital until the investment balance is reduced to zero or to a
       negative amount equal to further capital contributions required.
       Subsequent distributions received are recognized as income.

       The following is a summary of the investment in limited partnerships for
       the three months ended March 31, 2001:

<TABLE>
<S>                                                          <C>
       Balance, beginning of period                          $ 611,617
       Amortization of acquisition costs                        (3,000)
       Equity in income of limited partnerships                 66,000
                                                             ---------

       Balance, end of period                                $ 674,617
                                                             =========
</TABLE>

       The following are unaudited combined estimated statements of operations
       for the three months ended March 31, 2001 and 1999 for the limited
       partnerships in which the Partnership has investments:

<TABLE>
<CAPTION>
                              Three months      Three months
                                  ended             ended
                             March 31, 2001    March 31, 2000
                             --------------    --------------
<S>                          <C>               <C>
       REVENUES
         Rental income          $793,000          $782,000
                                --------          --------

       EXPENSES
         Depreciation             81,000            78,000
         Interest                300,000           303,000
         Operating               310,000           283,000
                                --------          --------

                                 691,000           664,000
                                --------          --------

         Net income             $102,000          $120,000
                                ========          ========
</TABLE>

       NAPICO, or one of its affiliates, is the general partner and property
       management agent for certain of the limited partnerships included above.


                                       7
<PAGE>   10

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)

       Under recent adopted law and policy, the United States Department of
       Housing and Urban Development ("HUD") has determined not to renew the
       Housing Assistance Payment ("HAP") Contracts on a long term basis on the
       existing terms. In connection with renewals of the HAP Contracts under
       such new law and policy, the amount of rental assistance payments under
       renewed HAP Contracts will be based on market rentals instead of above
       market rentals, which was generally the case under existing HAP
       Contracts. The payments under the renewed HAP Contracts may not be in an
       amount that would provide sufficient cash flow to permit owners of
       properties subject to HAP Contracts to meet the debt service requirements
       of existing loans insured by the Federal Housing Administration of HUD
       ("FHA") unless such mortgage loans are restructured. In order to address
       the reduction in payments under HAP Contracts as a result of this new
       policy, the Multi-family Assisted Housing Reform and Affordability Act of
       1997 ("MAHRAA"), which was adopted in October 1997, provides for the
       restructuring of mortgage loans insured by the FHA with respect to
       properties subject to the Section 8 program. Under MAHRAA, an FHA-insured
       mortgage loan can be restructured into a first mortgage loan which will
       be amortized on a current basis and a low interest second mortgage loan
       payable to FHA which will only be payable on maturity of the first
       mortgage loan. This restructuring results in a reduction in annual debt
       service payable by the owner of the FHA-insured mortgage loan and is
       expected to result in an insurance payment from FHA to the holder of the
       FHA-insured loan due to the reduction in the principal amount. MAHRAA
       also phases out project-based subsidies on selected properties serving
       families not located in rental markets with limited supply, converting
       such subsidies to a tenant-based subsidy.

       When the HAP Contracts are subject to renewal, there can be no assurance
       that the local limited partnerships in which the Partnership has an
       investment will be permitted to restructure its mortgage indebtedness
       under MAHRAA. In addition, the economic impact on the Partnership of the
       combination of the reduced payments under the HAP Contracts and the
       restructuring of the existing FHA-insured mortgage loans under MAHRAA is
       uncertain.

       On December 30, 1998, after obtaining consents of the limited partners,
       the Partnership sold its limited partnership interests in 16 local
       limited partnerships to affiliates of Casden Properties Inc. The sale
       resulted in cash proceeds to the Partnership of $1,063,235, which was
       collected in 1999. In March 1999, the Partnership made cash distributions
       of $2,042,603 to the limited partners and $20,632 to the general
       partners, which included using proceeds from the sale of the partnership
       interests.

NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER

       Under the terms of the Restated Certificate and Agreement of Limited
       Partners, the Partnership is obligated to NAPICO for an annual management
       fee equal to 0.4 percent of the invested assets of the limited
       partnerships. Invested assets are defined as the costs of acquiring
       project interests, including the proportionate amount of the mortgage
       loans related to the Partnership's interests in the capital accounts of
       the respective partnerships. The fee was approximately $10,000 and
       $10,000 for the three months ended March 31, 2001 and 2000, respectively.


                                       8
<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2001

NOTE 3 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER (CONTINUED)

       The Partnership reimburses NAPICO for certain expenses. The reimbursement
       paid to NAPICO was approximately $1,400 and $1,600 for the three months
       ended March 31, 2001 and 2000, respectively, and is included in
       administrative expenses.

NOTE 4 - CONTINGENCIES

       On August 27, 1998, two investors holding an aggregate of eight units of
       limited partnership interests in Real Estate Associates Limited III (an
       affiliated partnership in which NAPICO is the managing general partner)
       and two investors holding an aggregate of five units of limited
       partnership interest in Real Estate Associates Limited VI (another
       affiliated partnership in which NAPICO is the managing general partner)
       commenced an action in the United States District Court for the Central
       District of California against the Partnership, NAPICO and certain other
       affiliated entities. The complaint alleges that the defendants breached
       their fiduciary duty to the limited partners of certain NAPICO managed
       partnerships and made materially false and misleading statements in the
       consent solicitation statements sent to the limited partners of such
       partnerships relating to approval of the transfer of partnership
       interests in limited partnerships, owning certain of the properties, to
       affiliates of Casden Properties Inc., organized by an affiliate of
       NAPICO. The plaintiffs seek equitable relief, as well as compensatory
       damages and litigation related costs. On August 4, 1999, one investor
       holding one unit of limited partnership interest in Housing Programs
       Limited (another affiliated partnership in which NAPICO is the managing
       general partner) commenced a virtually identical action in the United
       States District Court for the Central District of California against the
       Partnership, NAPICO and certain other affiliated entities. The second
       action has been subsumed in the first action, which has been certified as
       a class action. The managing general partner of such NAPICO managed
       partnerships and the other defendants believe that the plaintiffs' claims
       are without merit and intend to contest the actions vigorously.

       The corporate general partner of the Partnership is involved in various
       lawsuits arising from transactions in the ordinary course of business. In
       the opinion of management and the corporate general partner, the claims
       will not result in any material liability to the Partnership.

NOTE 5 - FAIR VALUE OF FINANCIAL INSTRUMENTS

       Statement of Financial Accounting Standards No. 107, "Disclosure about
       Fair Value of Financial Instruments," requires disclosure of fair value
       information about financial instruments. The carrying amount of assets
       and liabilities reported on the balance sheets that require such
       disclosure approximates fair value due to their short-term maturity.


                                       9
<PAGE>   12

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001


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

       LIQUIDITY AND CAPITAL RESOURCES

       The Partnership's primary sources of funds include interest income earned
       from investing available cash and distributions from limited partnerships
       in which the Partnership has invested. The Partnership made a
       distribution to investors in March 1999, which included using proceeds
       from the disposition of its investments in certain limited partnerships.

       RESULTS OF OPERATIONS

       Partnership revenues consist primarily of interest income earned on
       certificates of deposit and other temporary investment of funds not
       required for investment in local partnerships.

       Operating expenses consist primarily of recurring general and
       administrative expenses and professional fees for services rendered to
       the Partnership. In addition, an annual Partnership management fee in an
       amount equal to .4 percent of invested assets is payable to the corporate
       general partner.

       The Partnership accounts for its investments in the local limited
       partnerships on the equity method, thereby adjusting its investment
       balance by its proportionate share of the income or loss of the local
       limited partnerships. Losses incurred after the limited partnership
       investment account is reduced to zero are not recognized in accordance
       with the equity accounting method.

       Distributions received from limited partnerships are recognized as return
       of capital until the investment balance has been reduced to zero or to a
       negative amount equal to future capital contributions required.
       Subsequent distributions received are recognized as income.

       Except for certificates of deposit and money market funds, the
       Partnership's investments are entirely interests in other limited
       partnerships primarily owning government-assisted projects. Available
       cash is invested in these funds earning interest income as reflected in
       the statement of operations. These funds can be converted to cash to meet
       obligations as they arise. The Partnership intends to continue investing
       available funds in this manner.

       Under recent adopted law and policy, the United States Department of
       Housing and Urban Development ("HUD") has determined not to renew the
       Housing Assistance Payment ("HAP") Contracts on a long- term basis on the
       existing terms. In connection with renewals of the HAP Contracts under
       such new law and policy, the amount of rental assistance payments under
       renewed HAP Contracts will be based on market rentals instead of above
       market rentals, which was generally the case under existing HAP
       Contracts. The payments under the renewed HAP Contracts may not be in an
       amount that would provide sufficient cash flow to permit owners of
       properties subject to HAP Contracts to meet the debt service requirements
       of existing loans insured by the Federal Housing Administration of HUD


                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001


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

       RESULTS OF OPERATIONS (CONTINUED)

       ("FHA") unless such mortgage loans are restructured. In order to address
       the reduction in payments under HAP Contracts as a result of this new
       policy, the Multi-family Assisted Housing Reform and Affordability Act of
       1997 ("MAHRAA"), which was adopted in October 1997, provides for the
       restructuring of mortgage loans insured by the FHA with respect to
       properties subject to the Section 8 program. Under MAHRAA, an FHA-insured
       mortgage loan can be restructured into a first mortgage loan which will
       be amortized on a current basis and a low interest second mortgage loan
       payable to FHA which will only be payable on maturity of the first
       mortgage loan. This restructuring results in a reduction in annual debt
       service payable by the owner of the FHA-insured mortgage loan and is
       expected to result in an insurance payment from FHA to the holder of the
       FHA-insured loan due to the reduction in the principal amount. MAHRAA
       also phases out project-based subsidies on selected properties serving
       families not located in rental markets with limited supply, converting
       such subsidies to a tenant-based subsidy.

       When the HAP Contracts are subject to renewal, there can be no assurance
       that the local limited partnerships in which the Partnership has an
       investment will be permitted to restructure its mortgage indebtedness
       under MAHRAA. In addition, the economic impact on the Partnership of the
       combination of the reduced payments under the HAP Contracts and the
       restructuring of the existing FHA-insured mortgage loans under MAHRAA is
       uncertain.

       On December 30, 1998, after obtaining the consents of the limited
       partners, the Partnership sold its limited partnership interests in 16
       local limited partnerships to affiliates of Casden Properties Inc. The
       sale resulted in cash proceeds to the Partnership of $1,063,235, which
       was collected subsequent to year-end. In March 1999, the Partnership made
       cash distributions of $2,042,603 to the limited partners and $20,632 to
       the general partners, primarily using proceeds from the sale of the
       partnership interests.


                                       11
<PAGE>   14

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001


PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership interests in Real Estate Associates Limited III (an affiliated
partnership in which NAPICO is the managing general partner) and two investors
holding an aggregate of five units of limited partnership interest in Real
Estate Associates Limited VI (another affiliated partnership in which NAPICO is
the managing general partner) commenced an action in the United States District
Court for the Central District of California against the Partnership, NAPICO and
certain other affiliated entities. The complaint alleges that the defendants
breached their fiduciary duty to the limited partners of certain NAPICO managed
partnerships and made materially false and misleading statements in the consent
solicitation statements sent to the limited partners of such partnerships
relating to approval of the transfer of partnership interests in limited
partnerships, owning certain of the properties, to affiliates of Casden
Properties Inc., organized by an affiliate of NAPICO. The plaintiffs seek
equitable relief, as well as compensatory damages and litigation related costs.
On August 4, 1999, one investor holding one unit of limited partnership interest
in Housing Programs Limited (another affiliated partnership in which NAPICO is
the managing general partner) commenced a virtually identical action in the
United States District Court for the Central District of California against the
Partnership, NAPICO and certain other affiliated entities. The second action has
been subsumed in the first action, which has been certified as a class action.
The managing general partner of such NAPICO managed partnerships and the other
defendants believe that the plaintiffs' claims are without merit and intend to
contest the actions vigorously.

The corporate general partner is involved in various lawsuits. None of these are
related to REAL V.


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

       (a)    No exhibits are required per the provision of Item 6 of regulation
              S-K and no reports on Form 8-K were filed during the quarter ended
              March 31, 2001.


                                       12
<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED V
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 MARCH 31, 2001


                                   SIGNATURES


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


                                   REAL ESTATE ASSOCIATES LIMITED V
                                   (a California limited partnership)


                                   By:  National Partnership Investments Corp.
                                        General Partner


                                        /s/ BRUCE NELSON
                                        ----------------------------------------
                                        Bruce Nelson
                                        President



                                   Date:  MAY 15, 2001
                                        ----------------------------------------


                                        /s/ BRIAN H. SHUMAN
                                        ----------------------------------------
                                        Brian H. Shuman
                                        Chief Financial Officer



                                   Date:  MAY 15, 2001
                                        ----------------------------------------


                                       13