<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 March 31, 2001

                                       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                         94402-1708
          ---------------------                         ----------
          (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 May 14, 2001: 94,130


                                  Page 1 of 17
<PAGE>   2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                           Consolidated Balance Sheets
                       (in thousands, except unit amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                 March 31,    December 31,
                                                                   2001           2000
                                                                 --------     ------------
<S>                                                              <C>          <C>
Assets
Investments in real estate:
    Rental property, net of accumulated depreciation of
      $20,105 and $19,744 at March 31, 2001 and December
      31, 2000, respectively .................................   $ 28,463       $ 28,563
    Land held for development ................................      2,382          2,382
                                                                 --------       --------
        Total real estate investments ........................     30,845         30,945
                                                                 --------       --------
    Cash and cash equivalents ................................     10,411         10,395
    Accounts receivable ......................................      1,232          1,265
    Deferred financing costs and other fees, net of
      accumulated amortization of $2,720 and $2,648
      at March 31, 2001 and December 31, 2000, respectively ..        784            856
    Prepaid expenses and other assets ........................        735            644
                                                                 --------       --------
         Total assets ........................................   $ 44,007       $ 44,105
                                                                 ========       ========
Liabilities and Partners' Equity
Liabilities:
    Notes payable ............................................   $ 13,048       $ 13,110
    Distribution payable -- General Partner ..................         --            145
    Accounts payable and other liabilities ...................        677            493
                                                                 --------       --------
         Total liabilities ...................................     13,725         13,748
                                                                 --------       --------
Commitments and contingent liabilities (Note 5)                        --             --
Partners' equity:
    General partners .........................................       (375)          (375)
    Limited partners, 94,215 and 94,451 limited partnership
      units outstanding at March 31, 2001 and
      December 31, 2000, respectively ........................     30,657         30,732
                                                                 --------       --------
        Total partners' equity ...............................     30,282         30,357
                                                                 --------       --------
         Total liabilities and partners' equity ..............   $ 44,007       $ 44,105
                                                                 ========       ========
</TABLE>


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


                                  Page 2 of 17

<PAGE>   3

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>
                                                                Three months ended
                                                                     March 31,
                                                              -----------------------
                                                                2001           2000
                                                              --------       --------
<S>                                                           <C>            <C>
Revenues:
    Rental income .........................................   $  1,792       $  1,758
    Interest and other income .............................        153             95
                                                              --------       --------
        Total revenues ....................................      1,945          1,853
                                                              --------       --------
Expenses:
    Operating .............................................        729            717
    Interest expense ......................................        305            306
    Depreciation and amortization .........................        423            467
    Expenses associated with undeveloped land .............         95             96
    General and administrative ............................        400            284
    Proposed dissolution costs ............................         --             18
                                                              --------       --------
       Total expenses .....................................      1,952          1,888
                                                              --------       --------
Net loss ..................................................   $     (7)      $    (35)
                                                              ========       ========

Net loss per limited partnership unit .....................   $  (0.07)      $  (0.36)
                                                              ========       ========
Distributions per limited partnership unit:
      From net income .....................................   $     --       $     --
      Representing return of capital ......................   $     --       $     --
                                                              --------       --------
        Total distributions per limited partnership unit ..   $     --       $     --
                                                              ========       ========
Weighted average number of limited partnership units
    outstanding during each period used to compute
    net loss per limited partnership unit .................     94,341         96,412
                                                              ========       ========
</TABLE>



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


                                  Page 3 of 17

<PAGE>   4

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

              Consolidated Statement of Partners' Equity (Deficit)
                   For the three months ended March 31, 2001
                                 (in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                               General          Limited
                                               Partners         Partners          Total
                                               --------         --------         --------
<S>                                            <C>              <C>              <C>
Balance at December 31, 2000 ................  $   (375)        $ 30,732         $ 30,357
Retirement of limited partnership units .....        --              (68)             (68)
Net loss ....................................        --               (7)              (7)
                                               --------         --------         --------
Balance at March 31, 2001 ...................  $   (375)        $ 30,657         $ 30,282
                                               ========         ========         ========
</TABLE>





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


                                  Page 4 of 17

<PAGE>   5

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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

<TABLE>
<CAPTION>
                                                          Three months ended
                                                               March 31,
                                                        -----------------------
                                                          2001           2000
                                                        --------       --------
<S>                                                     <C>            <C>
Cash flows from operating activities:
    Net loss .........................................  $     (7)      $    (35)
    Adjustments to reconcile net loss to net
      cash provided by operating activities:
        Depreciation and amortization ................       423            467
        Amortization of loan fees, included in
         interest expense ............................        10             13
        Changes in certain assets and liabilities:
         Accounts receivable .........................        33            (12)
         Deferred financing costs and other fees .....        --            (84)
         Prepaid expenses and other assets ...........       (91)           (74)
         Accounts payable and accrued expenses .......       184              6
                                                        --------       --------
         Net cash provided by operating activities ...       552            281
                                                        --------       --------
Cash flows from investing activities:
    Additions to real estate investments .............      (261)          (233)
    Deferred gain on sale ............................        --            114
                                                        --------       --------
         Net cash used for investing activities ......      (261)          (119)
                                                        --------       --------
Cash flows from financing activities:
    Notes payable principal payments .................       (62)           (51)
    Distributions to General Partner .................      (145)            --
    Retirement of limited partnership units ..........       (68)            --
                                                        --------       --------
         Net cash used for financing activities ......      (275)           (51)
                                                        --------       --------
Net increase in cash and cash equivalents ............        16            111
Cash and cash equivalents at beginning of period .....    10,395          5,413
                                                        --------       --------
Cash and cash equivalents at end of period ...........  $ 10,411       $  5,524
                                                        ========       ========
Supplemental disclosure of cash flow information:
      Cash paid for interest .........................  $    295       $    300
                                                        ========       ========
      Interest Capitalized ...........................  $     --       $      8
                                                        ========       ========
</TABLE>



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


                                  Page 5 of 17

<PAGE>   6

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


Note 1. ORGANIZATION

Rancon Realty Fund V, a California Limited Partnership, ("the Partnership"), was
organized in accordance with the provisions of the California Revised Limited
Partnership Act for the purpose of acquiring, developing, operating and
disposing of real property. The general partners of the Partnership are Daniel
L. Stephenson and Rancon Financial Corporation ("RFC"), hereinafter collectively
referred to as the Sponsor or the General Partner. RFC is wholly owned by Daniel
L. Stephenson. The Partnership reached final funding in February 1989.

In November 2000, the Partnership offered to redeem the units of limited
partnership interest (the "Units") in the Partnership held by each investor who
owns no more than four Units in total under any single registered title (the
"Small Investments") at a purchase price of $284 per Unit. During the three
months ended March 31, 2001, 236 Units were repurchased in connection with this
offer. As of March 31, 2001, there were 94,215 Units outstanding.

In the opinion of Rancon Financial Corporation ("RFC") and Daniel Lee Stephenson
(the "Sponsors" or "General Partner") and Glenborough Realty Trust Incorporated,
the Partnership's asset and property manager ("Glenborough"), the accompanying
unaudited financial statements contain all adjustments (consisting of only
normal accruals) necessary to present fairly the financial position of the
Partnership as of March 31, 2001 and December 31, 2000, and the related
statements of operations and cash flows for the three months ended March 31,
2001 and 2000.

Allocation of Net Income and Net Loss

Allocations of net income and net losses are made pursuant to the terms of the
Partnership Agreement. Generally, net income and net losses from operations are
allocated 90% to the limited partners and 10% to the general partners; however,
if the limited partners and the general partners have, as a result of an
allocation of net loss, a deficit balance in their capital accounts, net loss
shall not be allocated to the limited partners and general partners in excess of
the positive balance until the balances of the limited partners' and general
partners' capital accounts are reduced to zero. Capital accounts shall be
determined after taking into account the other allocations and distributions for
the fiscal year.

Net income other than net income from operations shall be allocated as follows:
(i) first, to the partners who have a deficit balance in their capital account,
provided that, in no event shall the general partners be allocated more than 5%
of the net income other than net income from operations until the earlier of
sale or disposition of substantially all of the assets or the distribution of
cash (other than cash from operations) equal to the Unitholder's original
invested capital; (ii) second, to the limited partners in proportion to and to
the extent of the amounts required to increase their capital accounts to an
amount equal to the sum of the adjusted invested capital of their units plus an
additional cumulative non-compounded 12% return per annum (plus additional
amounts depending on the date Units were purchased); (iii) third, to the
partners in the


                                  Page 6 of 17

<PAGE>   7

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


minimum amount required to first equalize their capital accounts in proportion
to the number of units owned, and then, to bring the sum of the balances of the
capital accounts of the limited partners and the general partners into the ratio
of 4 to 1; and (iv) the balance, if any, 80% to the limited partners and 20% to
the general partners. In no event shall the general partners be allocated less
than 1% of the net income other than net income from operations for any period.

Net losses other than net losses from operations are allocated 99% to the
limited partners and 1% to the general partners. Such net losses will be
allocated among limited partners as necessary to equalize their capital accounts
in proportion to their Units, and thereafter will be allocated in proportion to
their Units.

The terms of the Partnership agreement call for the general partner to restore
any deficit that may exist in its capital account after allocation of gains and
losses from the sale of the final property owned by the Partnership, but prior
to any liquidating distributions being made to the partners.

General Partner and Management Matters

Effective January 1, 1995, Glenborough Corporation ("GC") entered into an
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 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 GC's
responsibilities for providing investor relation services. Preferred Partnership
Services, Inc., a California corporation unaffiliated with the Partnership,
contracted to assume the investor relation services. In October 2000, GC merged
into Glenborough.

The Partnership will pay Glenborough for its services as follows: (i) a
specified asset administration fee ($162,000 & $190,000 in the first quarter of
2001 and 2000); (ii) sales fees of 2% for improved properties and 4% for land
($8,000 in the first quarter of 2001); (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 duties for the General Partner of the Rancon
Partnerships. RFC agreed to cooperate with Glenborough, should Glenborough
attempt to obtain a majority vote of the limited partners to substitute itself
as the Sponsor for the Rancon Partnerships. Glenborough is not an affiliate of
RFC or the Partnership.

Risks and Uncertainties

The Partnership's ability to (i) achieve positive cash flow from operations,
(ii) meet its debt obligations, (iii) provide distributions either from
operations or the ultimate disposition of the Partnership's properties or (iv)
continue as a going concern may be impacted by changes in interest rates,
property values, local and regional economic conditions, or the entry of other


                                  Page 7 of 17

<PAGE>   8

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


competitors into the market. The accompanying consolidated financial statements
do not provide for adjustments with regard to these uncertainties.

Note 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting - The accompanying financial statements have been prepared
on the accrual basis of accounting in accordance with accounting principles
generally accepted in the United States. They include the accounts of certain
wholly owned subsidiaries. All significant intercompany transactions and
balances have been eliminated in consolidation.

Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States 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 the reported results of operations
during the reporting period. Actual results could differ from those estimates.

Consolidation - In May 1996, the Partnership formed Rancon Realty Fund V
Tri-City Limited Partnership, a Delaware limited partnership ("RRF V Tri-City").
The limited partner of RRF V Tri-City is the Partnership and the general partner
is Rancon Realty Fund V, Inc. ("RRF V, Inc."), a corporation wholly owned by the
Partnership. Since the Partnership owns 100% of RRF V, Inc. and indirectly owns
100% of RRF V Tri-City, the financial statements of RRF V, Inc. and RRF V
Tri-City have been consolidated with those of the Partnership. All intercompany
balances and transactions have been eliminated in consolidation.

Rental Property - Rental properties, including the related land, are stated at
cost unless events or circumstances indicate that cost cannot be recovered, in
which case, the carrying value of the property is reduced to its estimated fair
value. Estimated fair value: (i) is based upon the Partnership's plans for the
continued operations of each property; and (ii) is computed using estimated
sales price, as determined by prevailing market values for comparable properties
and/or the use of capitalization rates multiplied by annualized rental income
based upon the age, construction and use of the building. The fulfillment of the
Partnership's plans related to each of its properties is dependent upon, among
other things, the presence of economic conditions which will enable the
Partnership to continue to hold and operate the properties prior to their
eventual sale. Due to uncertainties inherent in the valuation process and in the
economy, it is reasonably possible that the actual results of operating and
disposing of the Partnership's properties could be materially different than
current expectations.

Depreciation is provided using the straight line method over five to forty years
of the useful lives of the respective assets.

Land Held for Development - Land held for development is stated at cost, unless
events or circumstances indicate that cost cannot be recovered, in which case
the carrying value is reduced to


                                  Page 8 of 17

<PAGE>   9

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


estimated fair value. Estimated fair value: (i) is based on the Partnership's
plans for the development of each property; (ii) is computed using estimated
sales price, based upon market values for comparable properties, and (iii)
considers the cost to complete and the estimated fair value of the completed
project. The fulfillment of the Partnership's plans related to each of its
properties is dependent upon, among other things, the presence of economic
conditions which will enable the Partnership to either hold the properties for
eventual sale or obtain financing to further develop the properties.

Interest and property taxes related to property constructed by the Partnership
are capitalized during the period of construction.

Cash and Cash Equivalents - The Partnership considers certificates of deposit
and money market funds with original maturities of less than ninety days to be
cash equivalents.

Fair Value of Financial Instruments - Statement of Financial Accounting
Standards No. 107 requires disclosure about fair value for all financial
instruments. Based on the borrowing rates currently available to the
Partnership, the carrying amount of debt approximates fair value. Cash and cash
equivalents consist of demand deposits, certificates of deposit and short-term
investments with financial institutions. The carrying amount of cash and cash
equivalents approximates fair value.

Deferred Financing Costs and Other Fees - Deferred loan fees are amortized on a
straight-line basis over the life of the related loan and deferred lease
commissions are amortized over the initial fixed term of the related lease
agreement.

Rental Income - Rental income is recognized as earned over the life of the
respective leases.

Net Income (Loss) Per Limited Partnership Unit - Net income (loss) per limited
partnership unit is calculated using the weighted average number of limited
partnership units outstanding during the period and the Limited Partners'
allocable share of the net income (loss).

Income Taxes - No provision for income taxes is included in the accompanying
consolidated financial statement, as the Partnership's results of operations are
allocated to the partners for inclusion in their respective income tax returns.
Net income (loss) and partners' equity for financial reporting purposes will
differ from the Partnership income tax return because of different accounting
methods used for certain items, including depreciation expense, capitalization
of development period interest, income recognition and provisions for impairment
of investments in real estate.

Concentration risk -- No single tenant or affiliated group of tenants occupied
more than 10 percent of total rentable square feet or represented more than 10
percent of rental income for the three months ended March 31, 2001.


                                  Page 9 of 17

<PAGE>   10

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


Reference to 2000 audited consolidated financial statements - These unaudited
consolidated financial statements should be read in conjunction with the notes
to audited consolidated financial statements included in the December 31, 2000
audited consolidated financial statements on Form10-K.

Note 3. INVESTMENTS IN REAL ESTATE

Rental property consists of the following at March 31, 2001 and December 31,
2000 (in thousands):

<TABLE>
<CAPTION>
                                               2001           2000
                                             --------       --------
<S>                                          <C>            <C>
Land                                         $  5,698       $  5,698
Buildings                                      28,757         28,757
Leasehold and other improvements               14,113         13,852
                                                            --------
                                               48,568         48,307
Less:  accumulated depreciation               (20,105)       (19,744)
                                             --------       --------
Total rental property                        $ 28,463       $ 28,563
                                             ========       ========
</TABLE>

The Partnership's rental property includes six office and three retail projects,
aggregating approximately 484,000 rentable square feet, at the Tri-City
Corporate Centre in San Bernardino, California.

Land held for development consists of the following at March 31, 2001 and
December 31, 2000 (in thousands):

<TABLE>
<CAPTION>
                                                     2001         2000
                                                   -------      -------
<S>                                                <C>          <C>
Tri-City Corporate Centre, San Bernardino, CA
  (14 acres in March 31, 2001 and December
    31, 2000, respectively)                        $ 2,382      $ 2,382
                                                   =======      =======
</TABLE>



                                  Page 10 of 17

<PAGE>   11

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


Note 4. NOTES PAYABLE

Notes payable as of March 31, 2001 and December 31, 2000, were as follows (in
thousands):

<TABLE>
<CAPTION>
                                                                   2001         2000
                                                                  -------      -------
<S>                                                               <C>          <C>
Note payable, secured by first deed of trust on Lakeside
Tower, One Parkside and Two Carnegie Plaza. The loan,
which matures August 1, 2006, is a 10-year, 9.39%
fixed rate loan with a 25-year amortization requiring
monthly principal and interest payments of $83.                   $ 9,027      $ 9,063

Note payable, secured by first deed of trust on One Carnegie
Plaza. The note bears interest at a fixed rate of 8.25%,
provides for monthly principal andinterest
payments of $34 and matures on December 1, 2001.                    4,021        4,047
                                                                  -------      -------


Total notes payable                                               $13,048      $13,110
                                                                  =======      =======
</TABLE>

Note 5. COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters - The Partnership follows a policy of monitoring its
properties for the presence of hazardous or toxic substances. The Partnership is
not aware of any environmental liability with respect to the properties that
would have a material environmental liability does not exist. The existence of
any such material environmental liability could have an adverse effect on the
Partnership's results of operations and cash flows.

General Uninsured Losses - The Partnership carries comprehensive liability,
fire, flood, extended coverage and rental loss insurance with policy
specifications, limits and deductibles customarily carried for similar
properties. There are, however, certain types of extraordinary losses, which may
be either uninsurable, or not economically insurable. Further, certain of the
properties are located in areas that are subject to earthquake activity. Should
a property sustain damage as a result of an earthquake, the Partnership may
incur losses due to insurance deductibles, co-payments on insured losses or
uninsured losses. Should an uninsured loss occur, the Partnership could lose its
investment in, and anticipated profits and cash flows from, a property.

Other Matters - On March 7, 2000, The Burlington Northern and Santa Fe Railway
Company, the sole tenant at the Partnership's Santa Fe property, filed a lawsuit
alleging the Partnership had breached a right of first refusal contained in its
lease. According to the filing, the alleged breach arose in connection with a
letter dated November 29, 1999, whereby the tenant was notified of the
Partnership's intention to sell the property. The Partnership intends to dispute
the claims in the complaint. It is the Partnership's position that the tenant
has only a right of first refusal under


                                  Page 11 of 17

<PAGE>   12

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 March 31, 2001
                                   (Unaudited)


its lease, not an option to purchase the property, and the terms of the possible
sale of the premises which are referenced in the letter dated November 29, 1999
were never finalized, and therefore, the tenant did not have the right to
purchase the property. The Partnership has aggressively defended the case. As a
precaution, however, the Partnership is also exploring settlement negotiations
to resolve the lawsuit. It is the opinion of management that this will not have
a material adverse effect on the Partnership's financial position or results of
operations.

The Partnership is contingently liable for subordinated real estate commissions
payable to the General Partner in the amount of $102,000 at March 31, 2001 for
sales that occurred in previous years. 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. Since the circumstances
under which these commissions would be payable are limited, the liability has
not been recognized in the accompanying consolidated financial statements;
however, the amount will be recorded when and if it becomes payable.



                                  Page 12 of 17

<PAGE>   13

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

The following discussion should be read in conjunction with the Partnership's
December 31, 2000 audited consolidated financial statements and the notes
thereto.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2001, the Partnership had cash of $10,411,000. The remainder of
the Partnership's assets consist primarily of its net investments in real
estate, totaling approximately $30,845,000 which includes $28,463,000 in rental
properties and $2,382,000 of land held for development within the Tri-City area.

The Partnership's primary liabilities include notes payable, totaling
approximately $13,048,000 at March 31, 2001, which consist of two secured fixed
rate loans encumbering properties with an aggregate net book value of
approximately $20,942,000 and maturity dates of December 1, 2001 and August 1,
2006. These notes require monthly principal and interest payments, and bear
fixed interest rates of 8.25% and 9.39%, respectively.

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. Cash generated from property sales is
generally added to the Partnership's cash reserves, pending use in development
of other properties or distribution to the partners.

Management believes that the Partnership's cash balance at March 31, 2001,
together with cash from operations, sales and financings will be sufficient to
finance the Partnership's and the properties' continued operations and
development plans on a short-term basis and for the reasonably foreseeable
future. 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.

The Partnership knows of no demands, commitments, events or uncertainties, which
might affect its capital resources in any material respect. In addition, the
Partnership is not subject to any covenants pursuant to its secured debt that
would constrain its ability to obtain additional capital.

Operating Activities

For the period ended March 31, 2001, the Partnership's cash provided by
operating activities totaled $552,000.

The $33,000 decrease in accounts receivable at March 31, 2001, compared to
December 31, 2000, was primarily due to the collection of tenant rents.

The $91,000 increase in prepaid expenses and other assets at March 31, 2001,
compared to December 31, 2000, was due primarily to an increase in mortgage
impound reserve accounts, and prepayments of the second quarter investor
services fee.


                                  Page 13 of 17

<PAGE>   14

The $184,000 increase in accounts payable and other liabilities at March 31,
2001, compared to December 31, 2000, was primarily due to accruals for building
operating expenses and property taxes.

Investing Activities

During the period ended March 31, 2001, the Partnership's cash used for
investing activities totaled $261,000 used for capital additions to real estate.

Financing Activities

During the period ended March 31, 2001, the Partnership's cash used for
financing activities totaled $275,000, which consisted of $62,000 in principal
payments on its two notes payable, $145,000 of distributions to the General
Partner, and $68,000 paid to redeem 236 limited partnership units ("Units").

RESULTS OF OPERATIONS

Revenues

Rental income of $1,792,000 for the three months ended March 31, 2001 varied
slightly from $1,758,000 for the three months ended March 31, 2000.

Occupancy rates at the Partnership's Tri-City properties as of March 31, 2001
and 2000 were as follows:

<TABLE>
<CAPTION>
                                                     March 31,
                                                -------------------
                                                 2001         2000
                                                ------       ------
<S>                                             <C>          <C>
    One Carnegie Plaza                            59%          77%
    Two Carnegie Plaza                            85%          85%
    Carnegie Business Center II                   77%          62%
    Lakeside Tower                                98%          96%
    Santa Fe                                     100%         100%
    One Parkside                                 100%         100%
    Bally's Health Club                          100%         100%
    Outback Steakhouse                           100%         100%
</TABLE>

As of March 31, 2001, tenants at Tri-City Corporate Centre occupying substantial
portions of leased rental space included: (i) Atchison, Topeka and Santa Fe
Railway Company with a lease through September 2004; (ii) Chicago Title with a
lease through February 2004; (iii) Computer Associates with a lease through
November 2005; (iv) Holiday Spa Health Club with a lease through December 2010,
and (v) New York Life Insurance with a lease through May 2004. These five
tenants, in the aggregate, occupy approximately 130,000 square feet of the
484,000 total rentable square feet at Tri-City and account for approximately 31%
of the rental income generated at Tri-City for the Partnership during the first
quarter of 2001.

The 18% decrease in occupancy from March 31, 2000 to March 31, 2001 at One
Carnegie Plaza was due to two existing tenants downsizing 26,800 square feet of
space upon their lease expirations in the first quarter of 2001. Management is
aggressively marketing the space. The decrease was


                                  Page 14 of 17

<PAGE>   15

slightly offset by an increase from the leasing of 2,700 square feet of
previously vacant space to a new tenant.

The 15% increase in occupancy from March 31, 2000 to March 31, 2001 at Carnegie
Business Center II was due to leasing 4,829 square feet to a new and an existing
tenant. In addition, 2,760 square feet of previously vacant space was converted
to a building amenity in March 2001.

Interest and other income increased $58,000 for the three months ended March 31,
2001, compared to the three months ended March 31, 2000, primarily due to an
increase in interest income on a higher average invested cash balance resulting
from the proceeds from the payoff of notes receivable in April 2000 and eptember
2000.

Expenses

Operating expenses of $729,000 for the three months ended March 31, 2001 varied
only slightly from $717,000 compared to the three months ended March 31, 2000.

Interest expense varied less than 1% during the three months ended March 31,
2001, compared to the three months ended March 31, 2000, due to stability in the
Partnership's debt structure.

Depreciation and amortization decreased $44,000, or 9%, for the three months
ended March 31, 2001, compared to the three months ended March 31, 2000,
primarily due to certain assets that are now fully depreciated.

General and administrative expenses increased $116,000, or 41%, for the three
months ended March 31, 2001, compared to the three months ended March 31, 2000,
primarily due to an increase in legal expenses resulting from the pending
litigation with the sole tenant at the Santa Fe property, and an increase in
investor service expenses related to the redemption program.

The proposed dissolution costs of $18,000 during the three months ended March
31, 2000 consisted of expenses incurred related to the Partnership's plan to
sell the properties and dissolve the Partnership. The plan was discontinued in
June 2000.



                                  Page 15 of 17

<PAGE>   16

PART II.       OTHER INFORMATION

ITEM 1.        LEGAL PROCEEDINGS

               On March 7, 2000, The Burlington Northern and Santa Fe Railway
               Company, the sole tenant at the Partnership's Santa Fe property,
               filed a lawsuit alleging the Partnership has breached a right of
               first refusal contained in its lease. According to the filing,
               the alleged breach arose in connection with a letter dated
               November 29, 1999, whereby the tenant was notified of the
               Partnership's intention to sell the property. The Partnership
               intends to dispute the claims in the complaint. It is the
               Partnership's position that the tenant has only a right of first
               refusal under its lease, not an option to purchase the property,
               and the terms of the possible sale of the premises which are
               referenced in the letter dated November 29, 1999 were never
               finalized, and therefore, the tenant did not have the right to so
               purchase the property. The Partnership has aggressively defended
               the case. As a precaution, however, the Partnership is also
               exploring settlement negotiations to resolve the lawsuit. It is
               the opinion of management that this will not have a material
               adverse effect on the Partnership's financial position or results
               of operations.

ITEM 2.        CHANGES IN SECURITIES AND USE OF PROCEEDS

               Not applicable.

ITEM 3.        DEFAULTS UPON SENIOR SECURITIES

               Not applicable.

ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               None.

ITEM 5.        O7THER INFORMATION

               None.

ITEM 6.        EXHIBITS AND REPORTS ON FORM 8-K

               (a)  Exhibits:
               None

               (b)  Reports on Form 8-K:
               None


                                  Page 16 of 17

<PAGE>   17

                                   SIGNATURES


Pursuant to the requirements of Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, the Partnership 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

                                    By     Rancon Financial Corporation
                                           a California corporation,
                                           its General Partner



Date:   May 14, 2001                         By: /s/ DANIEL L. STEPHENSON
                                                 ------------------------------
                                                 Daniel L. Stephenson, President

Date:   May 14, 2001                  By:  /s/ DANIEL L. STEPHENSON
                                           ----------------------------
                                           Daniel L. Stephenson, General Partner






                                  Page 17 of 17