<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


                         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 August 9, 2001: 94,112




                                  Page 1 of 16
<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>
                                                                   June 30,     December 31,
                                                                     2001            2000
                                                                   --------     -----------
<S>                                                                <C>          <C>
Assets
Investments in real estate:
  Rental property, net of accumulated depreciation of $20,474
    and $19,744 at June 30, 2001 and December 31, 2000,
    respectively                                                   $ 28,710      $ 28,433
  Land held for development                                           2,514         2,512
                                                                   --------      --------

            Total real estate investments                            31,224        30,945

  Cash and cash equivalents                                           9,860        10,395
  Accounts receivable                                                 1,233         1,265
  Deferred financing costs and other fees, net of accumulated
    amortization of $2,793 and $2,648 at June 30, 2001 and
    December 31, 2000, respectively                                     798           856
  Prepaid expenses and other assets                                     738           644
                                                                   --------      --------

           Total assets                                            $ 43,853      $ 44,105
                                                                   ========      ========

Liabilities and Partners' Equity
Liabilities:
  Notes payable                                                    $ 12,991      $ 13,110
  Distribution payable-General Partner                                   --           145
  Accounts payable and other liabilities                                502           493
                                                                   --------      --------

           Total liabilities                                         13,493        13,748
                                                                   --------      --------

Commitments and contingent liabilities (Note 5)                          --            --

Partners' Equity:
  General partners                                                     (365)         (375)
  Limited partners 94,130 and 94,451 limited partnership units
    outstanding at June 30, 2001 and December 31, 2000,
    respectively                                                     30,725        30,732
                                                                   --------      --------

           Total partners' equity                                    30,360        30,357
                                                                   --------      --------

           Total liabilities and partners' equity                  $ 43,853      $ 44,105
                                                                   ========      ========
</TABLE>



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



                                  Page 2 of 16
<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              Six months ended
                                                    June 30,                       June 30,
                                             ----------------------        ----------------------
                                               2001         2000           2001         2000
                                             -------        -------        -------        -------
<S>                                          <C>            <C>            <C>            <C>
Revenues:
   Rental income                             $ 1,794        $ 1,819        $ 3,586        $ 3,577
   Gain on sale of real estate                    --          3,891             --          3,891
   Interest and other income                     136            143            289            238
                                             -------        -------        -------        -------

              Total revenues                   1,930          5,853          3,875          7,706
                                             -------        -------        -------        -------

Expenses:
   Operating                                     723            753          1,452          1,470
   Interest expense                              305            302            610            608
   Depreciation and amortization                 432            482            855            949
   Expenses associated with
     undeveloped land                             74              7            169            103
   General and administrative                    294            338            694            622
   Proposed dissolution costs                     --             17             --             35
                                             -------        -------        -------        -------

              Total expenses                   1,828          1,899          3,780          3,787
                                             -------        -------        -------        -------

Net income                                   $   102        $ 3,954        $    95        $ 3,919
                                             =======        =======        =======        =======

Net income per limited partnership
   unit                                      $  0.97        $ 38.96        $  0.90        $ 38.60
                                             =======        =======        =======        =======

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                           94,168         96,391         94,254         96,402
                                             =======        =======        =======        =======
</TABLE>


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



                                  Page 3 of 16
<PAGE>   4


                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Consolidated Statement of Partners' Equity
                     For the six months ended June 30, 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           --              (92)             (92)

Net income                                        10               85               95
                                               -----         --------         --------

Balance at June 30, 2001                       $(365)        $ 30,725         $ 30,360
                                               =====         ========         ========
</TABLE>


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



                                  Page 4 of 16
<PAGE>   5

                              RANCON REALTY FUND V,
                        A CALIFORNIA LIMITED PARTNERSHIP

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


<TABLE>
<CAPTION>
                                                                     Six months ended
                                                                         June 30,
                                                                  -----------------------
                                                                    2001           2000
                                                                  --------       --------
<S>                                                               <C>            <C>
Cash flows from operating activities:
   Net income                                                     $     95       $  3,919
   Adjustments to reconcile net income
     to net cash provided by operating activities:
      Gain on sale of real estate                                       --         (3,891)
      Depreciation and amortization                                    855            949
      Amortization of loan fees, included in
        interest expense                                                20             27
      Changes in certain assets and liabilities:
        Accounts receivable                                             32              4
        Deferred financing costs and other fees                        (87)          (137)
        Prepaid expenses and other assets                              (94)           (62)
        Accounts payable and other liabilities                           9           (117)
                                                                  --------       --------

        Net cash provided by operating activities                      830            692
                                                                  --------       --------

Cash flows from investing activities:
   Additions to real estate investments                             (1,009)          (614)
   Principal receipts on notes receivable                               --          5,922
                                                                  --------       --------

        Net cash (used for) provided by investing activities        (1,009)         5,308
                                                                  --------       --------

Cash flows from financing activities:
   Notes payable principal payments                                   (119)          (103)
   Distributions to General Partner                                   (145)            --
   Retirement of limited partnership units                             (92)           (15)
                                                                  --------       --------

        Net cash used for financing activities                        (356)          (118)
                                                                  --------       --------

Net (decrease) increase in cash and cash equivalents                  (535)         5,882

Cash and cash equivalents at beginning of period                    10,395          5,413
                                                                  --------       --------

Cash and cash equivalents at end of period                        $  9,860       $ 11,295
                                                                  ========       ========

Supplemental disclosure of cash flow information:
    Cash paid for interest                                        $    590       $    599
                                                                  ========       ========
    Interest capitalized                                          $     --       $     18
                                                                  ========       ========
</TABLE>


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



                                  Page 5 of 16
<PAGE>   6
                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


Note 1. THE PARTNERSHIP AND ITS SIGNIFICANT ACCOUNTING POLICIES

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 six months
ended June 30, 2001, 321 Units were repurchased in connection with this offer.
As of June 30, 2001, there were 94,130 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 June 30, 2001 and December 31, 2000, and the related
statements of operations for the three and six months ended June 30, 2001 and
2000, and cash flows for the six months ended June 30, 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 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



                                  Page 6 of 16
<PAGE>   7
                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


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 Agreement

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 ($325,000 & $426,000 as of June 30, 2001 and
2000); (ii) sales fees of 2% for improved properties and 4% for land; (iii) a
refinancing fee of 1% and (iv) a management fee of 5% of gross rental receipts.
As part of this agreement, Glenborough will perform certain 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
competitors into the market. The accompanying consolidated financial statements
do not provide for adjustments with regard to these uncertainties.



                                  Page 7 of 16
<PAGE>   8
                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


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 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.




                                  Page 8 of 16
<PAGE>   9
                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


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 six months ended June 30, 2001.

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 Form 10-K.

Note 3. INVESTMENTS IN REAL ESTATE

Rental property consists of the following at June 30, 2001 and December 31, 2000
(in thousands):


                                  Page 9 of 16
<PAGE>   10

                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                      2001               2000
                                                    --------           --------
<S>                                                 <C>                <C>
Land                                                $  5,698           $  5,698
Buildings                                             28,678             28,627
Leasehold and other improvements                      14,808             13,852
                                                    --------           --------
                                                      49,184             48,177
Less:  accumulated depreciation                      (20,474)           (19,744)
                                                    --------           --------
Total rental property                               $ 28,710           $ 28,433
                                                    ========           ========
</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 June 30, 2001 and
December 31, 2000 (in thousands):


<TABLE>
<CAPTION>
                                                                 2001          2000
                                                                -------       -------
<S>                                                             <C>           <C>
14 acres at Tri-City Corporate Centre, San Bernardino, CA       $ 2,514       $ 2,512
                                                                =======       =======
</TABLE>


Note 4. NOTES PAYABLE

The following notes payable were outstanding as of June 30, 2001 and December
31, 2000 (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                                    $ 8,989      $ 9,063

Note payable, secured by first deed of trust on
One Carnegie Plaza with a fixed rate of 8.25%,
monthly principal and interest payments of $34,
and a maturity date of December 1, 2001                       4,002        4,047
                                                            -------      -------

      Total notes payable                                   $12,991      $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.


                                 Page 10 of 16
<PAGE>   11

                              RANCON REALTY FUND V
                        A CALIFORNIA LIMITED PARTNERSHIP

                   Notes to Consolidated Financial Statements

                                 June 30, 2001
                                  (Unaudited)


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 - The Partnership is contingently liable for subordinated real
estate commissions payable to the General Partner in the amount of $102,000 at
June 30, 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 11 of 16
<PAGE>   12


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 June 30, 2001, the Partnership had cash of $9,860,000. The remainder of
the Partnership's assets consist primarily of its net investments in real
estate, totaling approximately $31,224,000 which includes $28,710,000 in rental
properties and $2,514,000 of land held for development within the Tri-City area.

The Partnership's primary liabilities include notes payable, totaling
approximately $12,991,000 at June 30, 2001, which consist of two secured fixed
rate loans encumbering properties with an aggregate net book value of
approximately $20,914,000 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 June 30, 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 six months ended June 30, 2001, the Partnership's cash provided by
operating activities totaled $830,000.

The $32,000 decrease in accounts receivable at June 30, 2001, compared to
December 31, 2000, was primarily due to the collection of tenant rents.

The $87,000 increase in deferred financing costs and other fees at June 30,
2001, compared to December 31, 2000, was primarily due to lease commissions paid
for new and renewal leases.

The $94,000 increase in prepaid expenses and other assets at June 30, 2001,
compared to December 31, 2000, was primarily due to an increase in mortgage
impound reserve accounts, and prepayments of the third quarter investor services
fee.

The $9,000 increase in accounts payable and other liabilities at June 30, 2001,
compared to December 31, 2000, was primarily due to accruals for building
operating expenses.



                                 Page 12 of 16
<PAGE>   13

Investing Activities

During the six months ended June 30, 2001, the Partnership's cash used for
investing activities totaled $1,009,000 of capital expenditures for roof
replacements at Carnegie Business Center II and One Carnegie Plaza, and tenant
improvements at Lakeside Tower.

Financing Activities

During the six months ended June 30, 2001, the Partnership's cash used for
financing activities totaled $356,000, which consisted of $119,000 in principal
payments on its two notes payable, $145,000 of distributions to the General
Partner, and $92,000 paid to redeem 321 limited partnership units ("Units").

RESULTS OF OPERATIONS

Revenues

Rental income varied slightly for the three and six months ended June 30, 2001,
compared to the three and six months ended June 30, 2000, respectively,
primarily due to the occupancy changes at One Carnegie Plaza, Carnegie Business
Center II, and Palm Court Retail #3.

Occupancy rates at the Partnership's Tri-City properties as of June 30, 2001 and
2000 were as follows:

<TABLE>
<CAPTION>
                                                                 June 30,
                                                         ------------------------
                                                          2001              2000
                                                         ------            ------
<S>                                                      <C>               <C>
One Carnegie Plaza                                         63%               85%
Two Carnegie Plaza                                         78%               79%
Carnegie Business Center II                                69%               62%
Lakeside Tower                                             96%               96%
Santa Fe                                                  100%              100%
One Parkside                                              100%              100%
Bally's Health Club                                       100%              100%
Outback Steakhouse                                        100%              100%
Palm Court Retail #3                                       80%              N/A
</TABLE>

As of June 30, 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 (Sterling Software) with
a lease through November 2005; (iv) Holiday Spa Health Club with a lease through
December 2010, (v) New York Life Insurance with a lease through May 2004, and
(vi) Paychex Inc. with a lease through July 2004. These six tenants, in the
aggregate, occupy approximately 152,000 square feet of the 484,000 total
rentable square feet at Tri-City and account for approximately 36% of the rental
income generated at Tri-City for the Partnership during the second quarter of
2001.

The 22% decrease in occupancy from June 30, 2000 to June 30, 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, offset by an
existing tenant expanding 5,000 square feet of their office in the second
quarter of 2001. Management is aggressively marketing the space.

The 7% increase in occupancy from June 30, 2000 to June 30, 2001 at Carnegie
Business Center II was due to leasing 7,509 square feet of vacant space. The
increase was offset by a decrease of 6,896 square feet due to a tenant moving
out upon their lease expiration in the second quarter of 2001. In addition,
2,760 square feet of previously vacant space was converted to a building amenity
in March 2001.



                                 Page 13 of 16
<PAGE>   14

Palm Court Retail #3 was placed in service in April 2001, and 4,804 square feet
was leased to two tenants in April and May 2001.

Interest and other income decreased $7,000 for the three months ended June 30,
2001, compared to the three months ended June 30, 2000, primarily due to a lower
average invested cash balance resulting from the investment in improvements of
the rental properties. Interest and other income increased $51,000 for the six
months ended June 30, 2001, compared to the six months ended June 30, 2000,
primarily due to a higher average invested cash balance resulting from the
proceeds from the payoff of notes receivable in April 2000 and September 2000.

Expenses

Operating expenses decreased $30,000, or 4%, and $18,000, or 1%, for the three
and six months ended June 30, 2001, compared to the three and six months ended
June 30, 2000, respectively, primarily due to the payment of tax appeal fees in
2000.

Interest expense increased slightly during the three and six months ended June
30, 2001, compared to the three and six months ended June 30, 2000,
respectively, primarily due to the capitalization of interest during the
development of Palm Court Retail #3 in 2000.

Depreciation and amortization decreased $50,000, or 10%, and $94,000, or 10%,
for the three and six months ended June 30, 2001, compared to the three and six
months ended June 30, 2000, respectively, primarily due to certain assets that
are now fully depreciated.

Expenses associated with undeveloped land increased $67,000, or 957%, and
$66,000, or 64%, for the three and six months ended June 30, 2001, compared to
the three and six months ended June 30, 2000, respectively, primarily due to the
refund of property taxes received in the second quarter of 2000, and
capitalization of property taxes during construction in 2000.

General and administrative expenses decreased $44,000, or 13%, for the three
months ended June 30, 2001, compared to the three months ended June 30, 2000,
respectively, primarily due to a decrease in asset management fees resulting
from an amendment to the Management Agreement. The decrease was slightly offset
by an increase in legal expenses resulting from the pending litigation with the
sole tenant at the Santa Fe property. General and administrative expenses
increased $72,000, or 12%, for the six months ended June 30, 2001, compared to
the six months ended June 30, 2000, respectively, 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 increase was slightly offset by a decrease in asset
management fees resulting from an amendment to the Management Agreement.

The proposed dissolution costs of $17,000 and $35,000 during the three and six
months ended June 30, 2000, respectively, 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 14 of 16
<PAGE>   15

PART II.       OTHER INFORMATION

ITEM 1.        LEGAL PROCEEDINGS

               On March 7, 2000, the Burlington Northern and Santa Fe Railway
               Company ("BNSF"), 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 BNSF's lease. As of the date
               of this report, a final settlement of this litigation has not
               been reached, but the parties have agreed in principle to a
               settlement whereby the Partnership would sell the Property to
               BNSF for a price, net of prorations and other costs, of
               approximately $4,450,000, with escrow to close on or before
               August 31, 2001; there would be no brokerage commissions in
               connection with the sale. The lawsuit alleges that a 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 has aggressively defended the lawsuit
               and raised various legal defenses, including the defense that the
               tenant has only a right of first refusal under its lease, not an
               option to purchase the property, and also the defense that the
               terms of the possible sale referenced in the November 29, 1999
               letter were never finalized into a contract. Concurrently with
               its defense, the Partnership has discussed with BNSF the
               possibility of a settlement, which has led to the agreement in
               principle described above. Under the proposed settlement, the
               Partnership would sell the property to BNSF and BNSF would
               dismiss the lawsuit. It is the opinion of management that neither
               the litigation nor the proposed settlement will 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.        OTHER INFORMATION

               None.

ITEM 6.        EXHIBITS AND REPORTS ON FORM 8-K

               (a)  Exhibits:

               None

               (b)  Reports on Form 8-K (incorporated herein by reference):

               None.



                                 Page 15 of 16
<PAGE>   16

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

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



                                 Page 16 of 16