FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                  For the quarterly period ended June 30, 2003
   --------------------------------------------------------------------------

                                       OR

             ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from _____________________ to _____________________


                             Commission file number
                                     0-19141
                     ---------------------------------------


                             CNL Income Fund V, Ltd.
-----------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


       Florida                                         59-2922869
--------------------------------              -------------------------------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)


450 South Orange Avenue
Orlando, Florida                                         32801
--------------------------------              -------------------------------
(Address of principal executive offices)              (Zip Code)


Registrant's telephone number
(including area code)                               (407) 540-2000
                                              -------------------------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by  Sections  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 _____

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act):Yes___ No X




<PAGE>


                                    CONTENTS





Part I                                                              Page
                                                                    ----

   Item 1.    Financial Statements:

                  Condensed Balance Sheets                           1

                  Condensed Statements of Income                     2

                  Condensed Statements of Partners' Capital          3

                  Condensed Statements of Cash Flows                 4

                  Notes to Condensed Financial Statements            5-6

   Item 2.    Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                7-9

   Item 3.    Quantitative and Qualitative Disclosures About
                  Market Risk                                        9

   Item 4.    Controls and Procedures                                9

Part II

   Other Information                                                 10-11




<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                             June 30,                December 31,
                                                                               2003                      2002
                                                                         ------------------       -------------------

 <c>
                               ASSETS

   Real estate properties with operating leases, net                         $   5,912,840             $   5,994,920
   Net investment in direct financing leases                                     1,179,371                 1,196,659
   Real estate held for sale                                                       387,625                   398,914
   Investment in joint ventures                                                  1,932,228                 1,933,290
   Cash and cash equivalents                                                       284,717                   456,266
   Receivables, less allowance for doubtful accounts
       of $20,110 and $8,040, respectively                                          21,274                    25,233
   Due from related parties                                                          2,624                        --
   Accrued rental income                                                           367,066                   358,503
   Other assets                                                                      7,099                     5,262
                                                                         ------------------       -------------------

                                                                             $  10,094,844             $  10,369,047
                                                                         ==================       ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable                                                           $     16,353              $     10,324
   Real estate taxes payable                                                         5,921                     6,935
   Distributions payable                                                           281,571                   351,233
   Due to related parties                                                          208,380                   207,291
   Rents paid in advance and deposits                                                8,561                    16,126
                                                                         ------------------       -------------------
       Total liabilities                                                           520,786                   591,909

   Partners' capital                                                             9,574,058                 9,777,138
                                                                         ------------------       -------------------

                                                                             $  10,094,844             $  10,369,047
                                                                         ==================       ===================
</TABLE>
           See accompanying notes to condensed financial statements.


<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                         CONDENSED STATEMENTS OF INCOME

<TABLE>
<CAPTION>

                                                                   Quarter Ended                  Six Months Ended
                                                                      June 30,                        June 30,
                                                               2003              2002           2003            2002
                                                           -------------     -------------  -------------- ---------------

 <c>
Revenues:
    Rental income from operating leases                      $  205,558         $ 213,717      $  411,142      $  423,807
    Earned income from direct financing leases                   32,372            33,224          64,965          66,647
    Contingent rental income                                     11,316             6,870          34,301          16,906
    Interest and other income                                        41             3,975           1,003           8,393
                                                           -------------     -------------  -------------- ---------------
                                                                249,287           257,786         511,411         515,753
                                                           -------------     -------------  -------------- ---------------

Expenses:
    General operating and administrative                         39,577            49,106          94,169         109,817
    Property related                                                 --            15,988           1,009          20,260
    State and other taxes                                         1,000             4,813           4,748           9,805
    Depreciation                                                 41,040            41,044          82,080          82,087
                                                           -------------     -------------  -------------- ---------------
                                                                 81,617           110,951         182,006         221,969
                                                           -------------     -------------  -------------- ---------------

Income Before Gain on Sale of Assets and Equity in
    Earnings of Joint Ventures                                  167,670           146,835         329,405         293,784

Gain on Sale of Assets                                               --                --              --         571,759

Equity in Earnings of Joint Ventures                             49,664            46,534          98,997          97,235
                                                           -------------     -------------  -------------- ---------------

Income from Continuing Operations                               217,334           193,369         428,402         962,778
                                                           -------------     -------------  -------------- ---------------

Discontinued Operations:
    Income (Loss) from discontinued operations                  (17,731 )           8,312           1,321          14,588
    Gain on disposal of discontinued operations                      --           193,496              --         193,496
                                                           -------------     -------------  -------------- ---------------
                                                                (17,731 )         201,808           1,321         208,084
                                                           -------------     -------------  -------------- ---------------

Net Income                                                   $  199,603         $ 395,177      $  429,723     $ 1,170,862
                                                           =============     =============  ============== ===============

Income (Loss) Per Limited Partner Unit
    Continuing Operations                                     $    4.34          $   3.86       $    8.56      $    19.26
    Discontinued Operations                                       (0.35 )            4.04            0.03            4.16
                                                           -------------     -------------  -------------- ---------------

                                                              $    3.99          $   7.90       $    8.59      $    23.42
                                                           =============     =============  ============== ===============

Weighted Average Number of Limited Partner
    Units Outstanding                                            50,000            50,000          50,000          50,000
                                                           =============     =============  ============== ===============


</TABLE>
           See accompanying notes to condensed financial statements.
<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                    CONDENSED STATEMENTS OF PARTNERS' CAPITAL

<TABLE>
<CAPTION>

                                                                     Six Months Ended           Year Ended
                                                                         June 30,              December 31,
                                                                           2003                    2002
                                                                    --------------------     -----------------

 <c>
  General partners:
      Beginning balance                                                   $     514,026          $    514,026
      Net income                                                                     --                    --
                                                                    --------------------     -----------------
                                                                                514,026               514,026
                                                                    --------------------     -----------------
  Limited partners:
      Beginning balance                                                       9,263,112            11,218,233
      Net income                                                                429,723             1,622,451
      Distributions ($12.66 and $71.55 per
         limited partner unit, respectively)                                   (632,803 )          (3,577,572 )
                                                                    --------------------     -----------------
                                                                              9,060,032             9,263,112
                                                                    --------------------     -----------------

  Total partners' capital                                                $    9,574,058         $   9,777,138
                                                                    ====================     =================

</TABLE>
           See accompanying notes to condensed financial statements.


<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                       CONDENSED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>


                                                                                       Six Months Ended
                                                                                           June 30,
                                                                                    2003               2002
                                                                               ----------------    ---------------

 <c>
  Increase (Decrease) in Cash and Cash Equivalents

      Net Cash Provided by Operating Activities                                    $   530,916         $  514,883
                                                                               ----------------    ---------------

      Cash Flows from Investing Activities:
         Proceeds from sale of real estate properties                                       --          2,749,808
                                                                               ----------------    ---------------
            Net cash provided by investing activities                                       --          2,749,808
                                                                               ----------------    ---------------

      Cash Flows from Financing Activities:
         Distributions to limited partners                                            (702,465 )       (1,942,759 )
                                                                               ----------------    ---------------
            Net cash used in financing activities                                     (702,465 )       (1,942,759 )
                                                                               ----------------    ---------------

  Net Increase (Decrease) in Cash and Cash Equivalents                                (171,549 )        1,321,932

  Cash and Cash Equivalents at Beginning of Period                                     456,266            313,783
                                                                               ----------------    ---------------

  Cash and Cash Equivalents at End of Period                                       $   284,717        $ 1,635,715
                                                                               ================    ===============

  Supplemental Schedule of Non-Cash Investing and
      Financing Activities:

         Deferred real estate disposition fees incurred
            and unpaid at end of period                                               $     --         $   83,430
                                                                               ================    ===============

         Distributions declared and unpaid at end of
            period                                                                 $   281,571        $ 1,362,501
                                                                               ================    ===============
</TABLE>
           See accompanying notes to condensed financial statements.





<PAGE>

                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
              Quarters and Six Months Ended June 30, 2003 and 2002


1.       Basis of Presentation:

         The accompanying  unaudited  condensed  financial  statements have been
         prepared in accordance  with the  instructions  to Form 10-Q and do not
         include  all  of the  information  and  note  disclosures  required  by
         generally  accepted  accounting  principles.  The financial  statements
         reflect all adjustments,  consisting of normal  recurring  adjustments,
         which are, in the opinion of the general partners, necessary for a fair
         statement of the results for the interim periods  presented.  Operating
         results for the quarter and six months ended June 30, 2003,  may not be
         indicative  of the  results  that may be  expected  for the year ending
         December  31, 2003.  Amounts as of December  31, 2002,  included in the
         financial   statements,   have  been  derived  from  audited  financial
         statements as of that date.

         These unaudited financial statements should be read in conjunction with
         the financial statements and notes thereto included in Form 10-K of CNL
         Income Fund V, Ltd. (the "Partnership") for the year ended December 31,
         2002.

         In January  2003,  FASB issued FASB  Interpretation  No. 46 ("FIN 46"),
         "Consolidation  of  Variable  Interest  Entities"  to  expand  upon and
         strengthen  existing  accounting guidance that addresses when a company
         should include the assets, liabilities and activities of another entity
         in  its  financial  statements.   To  improve  financial  reporting  by
         companies  involved  with variable  interest  entities  (more  commonly
         referred  to  as   special-purpose   entities  or   off-balance   sheet
         structures),  FIN  46  requires  that a  variable  interest  entity  be
         consolidated by a company if that company is subject to a majority risk
         of loss from the variable interest  entity's  activities or entitled to
         receive a majority of the entity's  residual  returns or both. Prior to
         FIN 46, a company generally included another entity in its consolidated
         financial  statements  only if it controlled  the entity through voting
         interests.  The consolidation  requirements of FIN 46 apply immediately
         to variable  interest  entities  created after January 31, 2003, and to
         older  entities,  in the first fiscal year or interim period  beginning
         after June 15,  2003.  The general  partners  believe  adoption of this
         standard may result in either  consolidation  or additional  disclosure
         requirements  with respect to the  Partnership's  unconsolidated  joint
         ventures,  which are currently  accounted for under the equity  method.
         However, such consolidation is not expected to significantly impact the
         Partnership's results of operations.

2.       Reclassification:

         Certain  items in the  prior  year's  financial  statements  have  been
         reclassified to conform to 2003 presentation.  These  reclassifications
         had no effect on total partners' capital or net income.

3.       Discontinued Operations:

         During 2002, the Partnership  identified and sold one property that was
         classified as  Discontinued  Operations in the  accompanying  financial
         statements.  As of June 30, 2003, the  Partnership  was  negotiating an
         agreement to sell its property in Livingston,  Texas.  The property was
         reclassified  from real estate properties with operating leases to real
         estate held for sale.  The financial  results for these  properties are
         reflected as  Discontinued  Operations  in the  accompanying  financial
         statements.


<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
              Quarters and Six Months Ended June 30, 2003 and 2002


3.       Discontinued Operations - Continued:

         The operating results of discontinued operations are as follows:
<TABLE>
<CAPTION>

                                                    Quarter Ended June 30,         Six Months Ended June 30,
                                                    2003              2002           2003           2002
                                                 ------------     -------------   -----------  ---------------

 <c>
         Rental revenues                         $        --         $  15,591      $ 23,044       $   30,194
         Expenses                                    (12,604 )          (7,279 )     (16,596 )        (15,606 )
         Provision for write-down of assets           (5,127 )              --        (5,127 )             --
                                                 ------------     -------------   -----------  ---------------

             Income (loss) from discontinued
                operations                         $ (17,731 )       $   8,312      $  1,321       $   14,588
                                                 ============     =============   ===========  ===============
</TABLE>



<PAGE>


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

         CNL  Income  Fund V, Ltd.  (the  "Partnership")  is a  Florida  limited
partnership  that was organized on August 17, 1988, to acquire for cash,  either
directly or through joint venture and tenancy in common arrangements, both newly
constructed  and existing  restaurants,  as well as land upon which  restaurants
were to be constructed,  which are leased primarily to operators of national and
regional  fast-food  and  family-style  restaurant  chains  (collectively,   the
"Properties").  The leases  generally are  triple-net  leases,  with the lessees
responsible  for all repairs and  maintenance,  property  taxes,  insurance  and
utilities.  As of June 30, 2002 and 2003,  the  Partnership  owned 12 Properties
directly and four  Properties  indirectly  through  joint  venture or tenancy in
common arrangements.

Capital Resources

         Cash from  operating  activities  was $530,916 and $514,883 for the six
months  ended  June 30,  2003 and  2002,  respectively.  At June 30,  2003,  the
Partnership had $284,717 in cash and cash equivalents as compared to $456,266 at
December 31, 2002.  At June 30,  2003,  these funds were held in demand  deposit
accounts at a commercial bank. Total liabilities at June 30, 2003, to the extent
they exceed cash and cash equivalents at June 30, 2003, will be paid from future
cash  from  operations,  and in the  event the  general  partners  elect to make
additional contributions, from general partners' contributions.

Short-Term Liquidity

         The Partnership's  investment strategy of acquiring Properties for cash
and  leasing  them  under  triple-net  leases to  operators  who meet  specified
financial standards minimizes the Partnership's  operating expenses. The general
partners  believe that the leases will  continue to generate cash flow in excess
of operating expenses.

         The Partnership's  short-term liquidity  requirements consist primarily
of the operating expenses of the Partnership.

         The general  partners have the right,  but not the obligation,  to make
additional capital  contributions if they deem it appropriate in connection with
the operations of the Partnership.

         The Partnership  generally  distributes cash from operations  remaining
after the payment of operating  expenses of the Partnership,  to the extent that
the general partners determine that funds are available for distribution.  Based
on current and anticipated  future cash from operations,  and for the six months
ended June 30, 2002, net sales proceeds from the sale of several Properties, the
Partnership  declared  distributions  to the limited  partners  of $632,803  and
$2,875,002  for the six  months  ended  June 30,  2003 and  2002,  respectively,
($281,571  and  $1,362,501  for the  quarters  ended  June 30,  2003  and  2002,
respectively).  This represents  distributions of $12.66 and $57.50 per unit for
the six months ended June 30, 2003 and 2002, respectively, ($5.63 and $27.25 per
unit  for the  quarters  ended  June  30,  2003  and  2002,  respectively).  The
distribution  for the six months ended June 30, 2002  included  $2,150,000  in a
special distribution, as a result of the distribution of net sales proceeds from
the 2002 sale of several  Properties.  This special  distribution during the six
months ended June 30, 2002 was  effectively a return of a portion of the limited
partners'  investment,  although in accordance with the  partnership  agreement,
$979,322 was applied toward the limited  partners' 10% Preferred  Return and the
balance  of  $1,170,678  was  treated  as a return of capital  for  purposes  of
calculating  the limited  partners'  10%  Preferred  Return.  As a result of the
return  of  capital,  the  amount  of the  limited  partners'  invested  capital
contributions  (which generally is the limited partners' capital  contributions,
less  distributions  from the sale of  Properties  that are  considered  to be a
return of capital) was decreased; therefore, the amount of the limited partners'
invested  capital  contributions on which the 10% Preferred Return is calculated
was lowered accordingly.  As a result of the sales of the Properties in previous
years, the Partnership's total revenues have declined and are expected to remain
reduced in subsequent periods, while the majority of the Partnership's operating
expenses have remained fixed and are expected to remain fixed.  Due to the above
mentioned  sales  of  Properties,  and to  current  and  anticipated  cash  from
operations,  distributions  of net cash flow were adjusted during the six months
ended June 30, 2003 and 2002. No distributions were made to the general partners
for the quarters and six months  ended June 30, 2003 and 2002.  The  Partnership
intends to continue to make  distributions of cash available for distribution to
the limited partners on a quarterly basis.

         Total liabilities of the Partnership were $520,786 at June 30, 2003, as
compared  to  $591,909  at  December  31,  2002.   The  decrease  was  primarily
attributable to a decrease in distributions  payable.  Total liabilities at June
30, 2003, to the extent they exceed cash and cash  equivalents at June 30, 2003,
will be paid from  future  cash  from  operations  and in the event the  general
partners  elect  to  make  additional  contributions,   from  general  partners'
contributions.

Long-Term Liquidity

         The  Partnership  has no long-term  debt or other  long-term  liquidity
requirements.

Results of Operations

         Total rental  revenues were  $476,107  during the six months ended June
30, 2003, as compared to $490,454  during the same period of 2002,  $237,930 and
$246,941  of which  were  earned  during  the  second  quarter of 2003 and 2002,
respectively.  The decrease in rental revenues during the quarter and six months
ended June 30, 2003 was  attributable to the sales of two Properties  during the
six months ended June 30, 2002.

         The Partnership also earned $34,301 in contingent  rental income during
the six months  ended June 30,  2003,  as  compared  to $16,906  during the same
period of 2002,  $11,316  and  $6,870 of which  were  earned  during  the second
quarters  of 2003 and 2002,  respectively.  The  increase in  contingent  rental
income during the quarter and six months ended June 30, 2003, as compared to the
same period of 2002, was primarily due to an increase in reported gross sales by
certain  restaurant  Properties,  the  leases of which  require  the  payment of
contingent rent.

         The Partnership  also earned $98,997  attributable to net income earned
by joint  ventures  during the six months  ended June 30,  2003,  as compared to
$97,235 during the same period of 2002, $49,664 and $46,534 of which were earned
during the quarters ended June 30, 2003 and 2002, respectively.

         Operating  expenses,  including  depreciation  expense,  were  $182,006
during the six months  ended June 30, 2003,  as compared to $221,969  during the
same period of 2002,  $81,617 and  $110,951  of which were  incurred  during the
quarters ended June 30, 2003 and 2002,  respectively.  The decrease in operating
expenses  during the quarter and six months ended June 30, 2003,  as compared to
the same periods of 2002 was primarily  due to a decrease in costs  incurred for
administrative  expenses  for  servicing  the  Partnership  and its  Properties.
Operating  expenses were higher during the quarter and six months ended June 30,
2002 because the  Partnership  incurred  expenses such as legal fees and repairs
and  maintenance  related to the Property in West Lebanon,  New  Hampshire.  The
Partnership will not incur expenses related to this Property in the future.

         During the year ended December 31, 2002, the Partnership identified and
sold  one  Property  that  was  classified  as  Discontinued  Operations  in the
accompanying  financial  statements.  During the six months ended June 30, 2003,
the  Partnership  identified an additional  Property for sale.  The  Partnership
recognized net rental income (rental revenues less Property related expenses) of
$1,321  and  $14,588  during  the six  months  ended  June 30,  2003  and  2002,
respectively,  in connection with these Properties. The Partnership recognized a
net rental loss of $17,731 and net rental  income of $8,312  during the quarters
ended June 30, 2003 and 2002,  respectively.  In June 2002, the Partnership sold
its Property in  Lawrenceville,  Georgia to the tenant and  recognized a gain on
disposal of discontinued operations of $193,496.

         As a  result  of the  sale  of the  Properties  in  West  Lebanon,  New
Hampshire and  Bountiful,  Utah,  during the six months ended June 30, 2002, the
Partnership  recognized gains of $571,759.  These Properties had been identified
for sale as of  December  31,  2001 and were not  subject  to be  classified  as
Discontinued Operations.

         In January  2003,  FASB issued FASB  Interpretation  No. 46 ("FIN 46"),
"Consolidation  of Variable  Interest  Entities"  to expand upon and  strengthen
existing  accounting  guidance that  addresses when a company should include the
assets,   liabilities   and  activities  of  another  entity  in  its  financial
statements.  To improve financial  reporting by companies involved with variable
interest  entities (more  commonly  referred to as  special-purpose  entities or
off-balance sheet  structures),  FIN 46 requires that a variable interest entity
be  consolidated  by a company if that company is subject to a majority  risk of
loss from the variable  interest  entity's  activities  or entitled to receive a
majority of the entity's  residual  returns or both.  Prior to FIN 46, a company
generally included another entity in its consolidated  financial statements only
if  it  controlled  the  entity  through  voting  interests.  The  consolidation
requirements of FIN 46 apply  immediately to variable  interest entities created
after  January 31,  2003,  and to older  entities,  in the first  fiscal year or
interim  period  beginning  after June 15, 2003.  The general  partners  believe
adoption  of this  standard  may result in either  consolidation  or  additional
disclosure  requirements with respect to the Partnership's  unconsolidated joint
ventures,  which are currently  accounted for under the equity method.  However,
such  consolidation  is not expected to significantly  impact the  Partnership's
results of operations.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.


ITEM 4.  CONTROLS AND PROCEDURES

         The  general  partners  maintain  a  set  of  disclosure  controls  and
procedures  designed to ensure that information  required to be disclosed in the
Partnership's  filings  under the  Securities  Exchange Act of 1934 is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
Securities and Exchange  Commission's  rules and forms. The principal  executive
and  financial  officers of the  corporate  general  partner have  evaluated the
Partnership's  disclosure  controls and  procedures  as of the end of the period
covered  by this  Quarterly  Report on Form 10-Q and have  determined  that such
disclosure controls and procedures are effective.

         There was no change in internal  control over financial  reporting that
occurred during the most recent fiscal quarter that has materially affected,  or
is  reasonably  likely to materially  affect,  internal  control over  financial
reporting.



<PAGE>


                           PART II. OTHER INFORMATION


Item 1.     Legal Proceedings.   Inapplicable.
            ------------------

Item 2.     Changes in Securities.   Inapplicable.
            ----------------------

Item 3.     Default upon Senior Securities.   Inapplicable.
            -------------------------------

Item 4.     Submission of Matters to a Vote of Security Holders.  Inapplicable.
            ----------------------------------------------------

Item 5.     Other Information.   Inapplicable.
            ------------------

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

            (a)   Exhibits

                    3.1    Amended and Restated  Affidavit  and  Certificate  of
                           Limited  Partnership  of  CNL  Income  Fund  V,  Ltd.
                           (Included  as Exhibit 3.1 to Form 10-K filed with the
                           Securities and Exchange Commission on March 31, 1994,
                           and incorporated herein by reference.)

                    4.1    Amended and Restated  Affidavit  and  Certificate  of
                           Limited  Partnership  of  CNL  Income  Fund  V,  Ltd.
                           (Included  as Exhibit 3.1 to Form 10-K filed with the
                           Securities and Exchange Commission on March 31, 1994,
                           and incorporated herein by reference.)

                    4.2    Amended and  Restated  Certificate  and  Agreement of
                           Limited  Partnership  of  CNL  Income  Fund  V,  Ltd.
                           (Included  as Exhibit 4.2 to Form 10-K filed with the
                           Securities and Exchange Commission on March 31, 1994,
                           and incorporated herein by reference.)

                    10.1   Management  Agreement  (Included  as Exhibit  10.1 to
                           Form 10-K  filed  with the  Securities  and  Exchange
                           Commission on March 31, 1994, and incorporated herein
                           by reference.)

                    10.2   Assignment   of   Management   Agreement   from   CNL
                           Investment Company to CNL Income Fund Advisors,  Inc.
                           (Included as Exhibit 10.2 to Form 10-K filed with the
                           Securities and Exchange Commission on March 30, 1995,
                           and incorporated herein by reference.)

                    10.3   Assignment  of Management  Agreement  from CNL Income
                           Fund  Advisors,  Inc.  to  CNL  Fund  Advisors,  Inc.
                           (Included as Exhibit 10.3 to Form 10-K filed with the
                           Securities and Exchange  Commission on April 1, 1996,
                           and incorporated herein by reference.)

                    10.4   Assignment  of  Management  Agreement  from  CNL Fund
                           Advisors,  Inc. to CNL APF Partners, LP. (Included as
                           Exhibit  10.4 to Form 10-Q filed with the  Securities
                           and  Exchange  Commission  on  August  9,  2001,  and
                           incorporated herein by reference.)

                    10.5   Assignment  of  Management  Agreement  from  CNL  APF
                           Partners, LP to CNL Restaurants XVIII, Inc. (Included
                           as   Exhibit   10.5  to  Form  10-Q  filed  with  the
                           Securities  and  Exchange  Commission  on August  13,
                           2002, and incorporated herein by reference.)

                    31.1   Certification of Chief Executive Officer of Corporate
                           General  Partner  Pursuant  to Rule 13a-14 as Adopted
                           Pursuant to Section 302 of the  Sarbanes-Oxley Act of
                           2002. (Filed herewith.)

                    31.2   Certification of Chief Financial Officer of Corporate
                           General  Partner  Pursuant  to Rule 13a-14 as Adopted
                           Pursuant to Section 302 of the  Sarbanes-Oxley Act of
                           2002. (Filed herewith.)

                    32.1   Certification of Chief Executive Officer of Corporate
                           General Partner Pursuant to 18 U.S.C. Section 1350 as
                           Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                           Act of 2002. (Filed herewith.)

                    32.2   Certification of Chief Financial Officer of Corporate
                           General Partner Pursuant to 18 U.S.C. Section 1350 as
                           Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                           Act of 2002. (Filed herewith.)

            (b)   Reports on Form 8-K

                  No  reports on Form 8-K were filed  during the  quarter  ended
                  June 30, 2003.



<PAGE>



                                   SIGNATURES


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

         DATED this 8th day of August, 2003.

                                 CNL INCOME FUND V, LTD.


                                 By:  CNL REALTY CORPORATION
                                      General Partner


                                       By:/s/ James M. Seneff, Jr.
                                          ------------------------------
                                          JAMES M. SENEFF, JR.
                                          Chief Executive Officer
                                          (Principal Executive Officer)


                                       By:/s/ Robert A. Bourne
                                          ------------------------------
                                          ROBERT A. BOURNE
                                          President and Treasurer
                                          (Principal Financial and
                                          Accounting Officer)




<PAGE>


                                  EXHIBIT INDEX

Exhibit Number

            (c)   Exhibits

                    3.1     Amended and Restated  Affidavit and  Certificate  of
                            Limited  Partnership  of CNL  Income  Fund  V,  Ltd.
                            (Included as Exhibit 3.1 to Form 10-K filed with the
                            Securities  and  Exchange  Commission  on March  31,
                            1994, and incorporated herein by reference.)

                    4.1     Amended and Restated  Affidavit and  Certificate  of
                            Limited  Partnership  of CNL  Income  Fund  V,  Ltd.
                            (Included as Exhibit 3.1 to Form 10-K filed with the
                            Securities  and  Exchange  Commission  on March  31,
                            1994, and incorporated herein by reference.)

                    4.2     Amended and Restated  Certificate  and  Agreement of
                            Limited  Partnership  of CNL  Income  Fund  V,  Ltd.
                            (Included as Exhibit 4.2 to Form 10-K filed with the
                            Securities  and  Exchange  Commission  on March  31,
                            1994, and incorporated herein by reference.)

                    10.1    Management  Agreement  (Included  as Exhibit 10.1 to
                            Form 10-K filed  with the  Securities  and  Exchange
                            Commission  on  March  31,  1994,  and  incorporated
                            herein by reference.)

                    10.2    Assignment   of   Management   Agreement   from  CNL
                            Investment Company to CNL Income Fund Advisors, Inc.
                            (Included  as  Exhibit  10.2 to Form 10-K filed with
                            the Securities and Exchange  Commission on March 30,
                            1995, and incorporated herein by reference.)

                    10.3    Assignment of Management  Agreement  from CNL Income
                            Fund  Advisors,  Inc.  to CNL  Fund  Advisors,  Inc.
                            (Included  as  Exhibit  10.3 to Form 10-K filed with
                            the Securities  and Exchange  Commission on April 1,
                            1996, and incorporated herein by reference.)

                    10.4    Assignment  of  Management  Agreement  from CNL Fund
                            Advisors, Inc. to CNL APF Partners, LP. (Included as
                            Exhibit 10.4 to Form 10-Q filed with the  Securities
                            and  Exchange  Commission  on  August 9,  2001,  and
                            incorporated herein by reference.)

                    10.5    Assignment  of  Management  Agreement  from  CNL APF
                            Partners,   LP  to  CNL  Restaurants   XVIII,   Inc.
                            (Included  as  Exhibit  10.5 to Form 10-Q filed with
                            the Securities and Exchange Commission on August 13,
                            2002, and incorporated herein by reference.)

                    31.1    Certification   of  Chief   Executive   Officer   of
                            Corporate General Partner Pursuant to Rule 13a-14 as
                            Adopted    Pursuant    to   Section   302   of   the
                            Sarbanes-Oxley Act of 2002. (Filed herewith.)

                    31.2    Certification   of  Chief   Financial   Officer   of
                            Corporate General Partner Pursuant to Rule 13a-14 as
                            Adopted    Pursuant    to   Section   302   of   the
                            Sarbanes-Oxley Act of 2002. (Filed herewith.)

                    32.1    Certification   of  Chief   Executive   Officer   of
                            Corporate  General  Partner  Pursuant  to 18  U.S.C.
                            Section  1350 as Adopted  Pursuant to Section 906 of
                            the Sarbanes-Oxley Act of 2002. (Filed herewith.)

                    32.2    Certification   of  Chief   Financial   Officer   of
                            Corporate  General  Partner  Pursuant  to 18  U.S.C.
                            Section  1350 as Adopted  Pursuant to Section 906 of
                            the Sarbanes-Oxley Act of 2002. (Filed herewith.)



<PAGE>


                                  EXHIBIT 31.1
<PAGE>


                                  EXHIBIT 31.2

<PAGE>


                                  EXHIBIT 32.1
<PAGE>


                                  EXHIBIT 32.2