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 September 30, 2001
   --------------------------------------------------------------------------

                                       OR

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

For the transition period from ______________________ to ____________________


                             Commission file 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 _________





<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                  7-12

   Item 3.    Quantitative and Qualitative Disclosures About
                  Market Risk                                          12

Part II

   Other Information                                                   13-14




<PAGE>

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

                                                                           September 30,             December 31,
                                                                               2001                      2000
                                                                         ------------------       -------------------

 <c>
                               ASSETS

   Land and buildings on operating leases, net                                 $ 8,552,871               $ 8,767,623
   Net investment in direct financing leases                                     1,236,058                 1,627,873
   Investment in joint ventures                                                  1,929,957                 1,939,860
   Mortgage note receivable, less deferred gain of
       $136,034 in 2000                                                                 --                   868,713
   Cash and cash equivalents                                                       452,589                 1,137,958
   Receivables, less allowance for doubtful accounts
       of $134,799 in 2000                                                          44,804                   139,772
   Due from related party                                                               --                    11,409
   Prepaid expenses                                                                  4,967                     2,810
   Accrued rental income                                                           392,037                   352,238
                                                                         ------------------       -------------------

                                                                              $ 12,613,283              $ 14,848,256
                                                                         ==================       ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable                                                             $   15,444                $   34,182
   Accrued real estate taxes payable                                                 7,200                     7,012
   Distributions payable                                                           430,258                   437,500
   Due to related parties                                                          132,288                   107,135
   Rents paid in advance                                                            14,378                     5,109
                                                                         ------------------       -------------------
       Total liabilities                                                           599,568                   590,938

   Partners' capital                                                            12,013,715                14,257,318
                                                                         ------------------       -------------------

                                                                              $ 12,613,283              $ 14,848,256
                                                                         ==================       ===================

</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                   Nine Months Ended
                                                                         September 30,                     September 30,
                                                                     2001              2000            2001             2000
                                                                 -------------     -------------   --------------   --------------

 <c>
Revenues:
    Rental income from operating leases                             $ 264,578         $ 265,980       $  796,540       $  803,649
    Earned income from direct financing leases                         34,525            30,498          105,797          109,919
    Contingent rental income                                           26,766            15,251           48,029           32,299
    Lease termination income                                           13,373                --           13,373               --
    Interest and other income                                           7,239            43,087          106,531          124,695
                                                                 -------------     -------------   --------------   --------------
                                                                      346,481           354,816        1,070,270        1,070,562
                                                                 -------------     -------------   --------------   --------------

Expenses:
    General operating and administrative                               30,764           105,066          169,530          190,841
    Professional services                                               8,649            46,097           35,530           62,189
    Bad debt expense                                                       --                --               --           18,673
    Real estate taxes                                                   4,586             6,887           12,178           27,370
    State and other taxes                                                  --               268            2,840            7,012
    Depreciation and amortization                                      57,807            57,059          173,986          172,521
    Transaction costs                                                      --                --               --           46,166
                                                                 -------------     -------------   --------------   --------------
                                                                      101,806           215,377          394,064          524,772
                                                                 -------------     -------------   --------------   --------------

Income Before Minority Interest in Loss of
    Consolidated Joint Venture, Equity in Earnings
    of Unconsolidated Joint Ventures, Gain on Sale of
    Assets and Provision for Loss on Assets                           244,675           139,439          676,206          545,790

Minority Interest in Loss of Consolidated Joint Venture                    --            37,236               --           45,479

Equity in Earnings of Unconsolidated Joint Ventures                    37,132            35,168          106,479          115,844

Gain on Sale of Assets                                                     --               116          171,130              793

Provision for Loss on Assets                                          (67,641 )         (32,454 )       (156,644 )        (32,454 )
                                                                --------------     -------------   -------------    -------------

Net Income                                                          $ 214,166         $ 179,505       $  797,171       $  675,452
                                                                 =============     =============   ==============   ==============

Allocation of Net Income:
    General partners                                                   $   --            $   --          $    --          $    --
    Limited partners                                                  214,166           179,505          797,171          675,452
                                                                 -------------     -------------   --------------   --------------

                                                                    $ 214,166         $ 179,505       $  797,171       $  675,452
                                                                 =============     =============   ==============   ==============

Net Income Per Limited Partner Unit                                  $   4.28          $   3.59        $   15.94        $   13.51
                                                                 =============     =============   ==============   ==============

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>

                                                      Nine Months Ended             Year Ended
                                                        September 30,              December 31,
                                                             2001                      2000
                                                   -------------------------     -----------------

 <c>
General partners:
    Beginning balance                                          $    514,026            $  514,026
    Net income                                                           --                    --
                                                   -------------------------     -----------------
                                                                    514,026               514,026
                                                   -------------------------     -----------------
Limited partners:
    Beginning balance                                            13,743,292            15,148,722
    Net income                                                      797,171               969,570
    Distributions ($60.82 and $47.50 per
       limited partner unit, respectively)                       (3,040,774 )          (2,375,000 )
                                                   -------------------------     -----------------
                                                                 11,499,689            13,743,292
                                                   -------------------------     -----------------

Total partners' capital                                      $   12,013,715          $ 14,257,318
                                                   =========================     =================
</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>
                                                                      Nine Months Ended
                                                                        September 30,
                                                                   2001               2000
                                                              ----------------    ---------------

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

    Net Cash Provided by Operating Activities                     $ 1,074,380          $ 664,751
                                                              ----------------    ---------------

    Cash Flows from Investing Activities:
       Proceeds from sale of land and buildings                       300,386            126,947
       Liquidating distribution from joint venture                         --            440,689
       Investment in joint venture                                         --            (91,851 )
       Collections on mortgage note receivable                        987,881              5,764
                                                              ----------------    ---------------
          Net cash provided by investing activities                 1,288,267            481,549
                                                              ----------------    ---------------

    Cash Flows from Financing Activities:
       Distributions to limited partners                           (3,048,016 )       (1,500,000 )
                                                              ----------------    ---------------
          Net cash used in financing activities                    (3,048,016 )       (1,500,000 )
                                                              ----------------    ---------------

Net Decrease in Cash and Cash Equivalents                            (685,369 )         (353,700 )

Cash and Cash Equivalents at Beginning of Period                    1,137,958          1,984,879
                                                              ----------------    ---------------

Cash and Cash Equivalents at End of Period                         $  452,589         $1,631,179
                                                              ================    ===============

Supplemental Schedule of Non-Cash Investing and
    Financing Activities:

       Deferred real estate disposition fees incurred
          and unpaid at end of period                               $   9,750           $  4,050
                                                              ================    ===============

       Distributions declared and unpaid at end of
          period                                                   $  430,258          $ 937,500
                                                              ================    ===============

</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 Nine Months Ended September 30, 2001 and 2000


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 management,  necessary to a fair statement
         of the results for the interim periods presented. Operating results for
         the  quarter and nine  months  ended  September  30,  2001,  may not be
         indicative  of the  results  that may be  expected  for the year ending
         December  31, 2001.  Amounts as of December  31, 2000,  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,
         2000.

2.       Reclassification:

         Certain  items in the  prior  years'  financial  statements  have  been
         reclassified to conform to 2001 presentation.  These  reclassifications
         had no effect on total partners' capital or net income.

3.       Land and Buildings on Operating Leases:

         During the nine months ended September 30, 2001, the  Partnership  sold
         its property in Daleville,  Indiana,  to a third party for $325,000 and
         received net sales proceeds of $300,386  resulting in a gain of $35,096
         for  financial  reporting  purposes.  The  Partnership  had  previously
         recorded provisions for loss of $234,589 relating to this property.  In
         connection  with  the  sale,  the  Partnership   incurred  a  deferred,
         subordinated, real estate disposition fee of $9,750 (see Note 6).

         In addition,  during the nine months  ended  September  30,  2001,  the
         Partnership  established  an provision for loss on assets in the amount
         of $156,644,  relating to its property in Huron,  Ohio.  The tenant for
         this property terminated its lease due to financial  difficulties.  The
         provision  represented the difference between the net carrying value of
         the property at September 30, 2001 and the general partner's  estimated
         net realizable value of the property.


<PAGE>


                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
           Quarters and Nine Months Ended September 30, 2001 and 2000


4.       Net Investment in Direct Financing Leases:

         During the nine months  ended  September  30,  2001,  the tenant of the
         Denny's  property in Huron,  Ohio terminated its lease due to financial
         difficulties.  As a result, the Partnership reclassified the asset from
         net  investment  in direct  financing  leases to land and  buildings on
         operating leases. In accordance with Statement of Financial  Accounting
         Standards No. 13, "Accounting for Leases," the Partnership recorded the
         reclassified  asset at the lower of original cost,  present fair value,
         or present carrying amount.

5.       Mortgage Note Receivable:

         During 1995, the  Partnership  accepted a promissory note in connection
         with the 1995 sale of its  property in Myrtle  Beach,  South  Carolina.
         During the nine  months  ended  September  30,  2001,  the  Partnership
         collected the outstanding  principal and interest balance of $1,004,747
         relating  to this  promissory  note and in  connection  therewith,  the
         Partnership  recognized the remaining gain of $136,034 relating to this
         property,   in  accordance  with  Statement  of  Financial   Accounting
         Standards No. 66, "Accounting for Sales of Real Estate."


6.       Related Party Transactions:

         An  affiliate  of the  Partnership  is  entitled to receive a deferred,
         subordinated real estate  disposition fee, payable upon the sale of one
         or more  properties  based on the lesser of one-half  of a  competitive
         real  estate  commission  or three  percent  of the sales  price if the
         affiliate  provides a substantial amount of services in connection with
         the  sale.  However,  if the net sales  proceeds  are  reinvested  in a
         replacement  property,  no such real  estate  disposition  fees will be
         incurred  until  such  replacement  property  is sold and the net sales
         proceeds are  distributed.  The payment of the real estate  disposition
         fee is  subordinated  to  receipt  by the  limited  partners  of  their
         aggregate   10%  preferred   return,   plus  their   adjusted   capital
         contributions.  During the nine months ended  September  30, 2001,  the
         Partnership incurred a deferred,  subordinated, real estate disposition
         fee of $9,750 as a result of the sale of a property (see Note 3).


<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 September 30, 2001, the Partnership owned 20 Properties,  which
included  interests  in two  Properties  owned by joint  ventures  in which  the
Partnership  is a co-venturer  and two Properties  owned with  affiliates of the
general partners as tenants-in-common.

Capital Resources

         During  the  nine  months  ended  September  30,  2001  and  2000,  the
Partnership  generated cash from  operations  (which includes cash received from
tenants,  distributions  from joint  ventures,  and  interest  and other  income
received,  less cash paid for expenses) of $1,074,380 and $664,751. The increase
in cash from  operations  for the nine  months  ended  September  30, 2001 was a
result  of  changes  in  income  and  expenses,  as  described  in  "Results  of
Operations" below, and changes in the Partnership's working capital.

         Other  sources and uses of capital  included the  following  during the
quarter and nine months ended September 30, 2001.

         During the nine months ended September 30, 2001, the  Partnership  sold
its  Property in  Daleville,  Indiana to a third party for $325,000 and received
net sales  proceeds of  $300,386  resulting  in a gain of $35,096 for  financial
reporting  purposes.  In connection  with the sale, the  Partnership  incurred a
deferred,  real estate disposition fee of $9,750. Payment of the disposition fee
is  subordinated  to  receipt by the  limited  partners  of their 10%  Preferred
Return,  as defined in the Partnership  agreement,  plus their adjusted  capital
contributions.  The Partnership  distributed the net sales proceeds as a special
distribution  to the limited  partners,  as  described  below.  The  Partnership
distributed amounts sufficient to enable the limited partners to pay federal and
state  income  taxes,  if any  (at a level  reasonably  assumed  by the  general
partners), resulting from the sale.

         During 1995, the  Partnership  accepted a promissory note in connection
with the 1995 sale of one of its  Property  in  Myrtle  Beach,  South  Carolina.
During the nine months ended  September  30,  2001,  the  Partnership  collected
approximately  $990,000  representing the outstanding principal balance relating
to the  promissory  note accepted in connection  with the sale of this Property.
The Partnership  distributed the amounts collected as a special  distribution to
the limited partners, as described below.

         Currently,  rental income from the Partnership's Properties is invested
in money market accounts or other short-term, highly liquid investments, such as
demand  deposit  accounts  at  commercial  banks,   money  market  accounts  and
certificates  of deposit  with less than a 90-day  maturity  date,  pending  the
Partnership's  use  of  such  funds  to pay  Partnership  expenses  and to  make
distributions  to the  partners.  At September  30, 2001,  the  Partnership  had
$452,589 invested in such short-term  investments,  as compared to $1,137,958 at
December 31, 2000.  The decrease in cash and cash  equivalents  at September 30,
2001,  was  primarily  a  result  of  the  Partnership's  payment  of a  special
distribution of $1,750,000 to the limited  partners during the nine months ended
September 30, 2001, as described below in "Short-Term  Liquidity".  The decrease
was  partially  offset  by the  fact  that in  February  2001,  the  Partnership
collected  approximately  $990,000 from the promissory note, as described above.
The funds  remaining at September 30, 2001,  will be used towards the payment of
distributions to the limited partners or used to meet the Partnership's  working
capital needs.

Short-Term Liquidity

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

         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 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 such funds are available for  distribution.
Based on current and  anticipated  future cash from  operations,  sales proceeds
from the 2001 sale of several  Properties and proceeds received from collections
of promissory  notes,  the  Partnership  declared  distributions  to the limited
partners of $3,040,774 and  $1,937,500  for the nine months ended  September 30,
2001 and 2000,  respectively  ($430,258  and  $937,500  for the  quarters  ended
September 30, 2001 and 2000,  respectively).  This represents  distributions  of
$60.82 and $38.75 per unit for the nine  months  ended  September  30,  2001 and
2000,  respectively  ($8.61 and $18.75 per unit for the quarters ended September
30, 2001 and 2000,  respectively).  The  distribution  for the nine months ended
September 30, 2001, included a special distribution of $1,750,000 as a result of
the  distribution  of net  sales  proceeds  from  the  sale of the  Property  in
Daleville, Indiana and the payoff of the promissory notes accepted in connection
with the sales of the Properties in Myrtle Beach,  South Carolina and St. Cloud,
Florida.  Distributions for the nine months ended September 30, 2000, included a
special  distribution  of $500,000 as a result of the  distribution of net sales
proceeds from the sales of the Properties in Belding, Michigan; Hall, Tennessee;
Ithaca, New York and St. Cloud,  Florida.  The special  distribution during 2001
was  effectively  a return of a portion  of the  limited  partners'  investment,
although in accordance  with the partnership  agreement,  $1,336,152 was applied
toward the limited  partners' 10%  Preferred  Return and the balance of $413,848
was  treated as a return of capital  for  purposes  of  calculating  the limited
partners' 10% Preferred Return. The special distribution of $500,000 during 2000
was applied towards the limited  partners' 10% Preferred  Return. As a result of
the return of capital in 2001,  the  amount of the  limited  partners'  invested
capital   contributions  (which  generally  is  the  limited  partners'  capital
contributions,  less  distributions  from  the  sale  of  a  Property  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,  the Partnership's total revenue was reduced,  while the majority of
the Partnership's operating expenses remained fixed. Therefore, distributions of
net cash flow were adjusted  commencing during the quarter ended March 31, 2001.
No  distributions  were made to the general  partners  for the quarters and nine
months ended September 30, 2001 and 2000. No amounts  distributed to the limited
partners for the nine months ended September 30, 2000 are required to be or have
been  treated  by the  Partnership  as a  return  of  capital  for  purposes  of
calculating   the   limited   partners'   return  on  their   adjusted   capital
contributions. 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 increased to $599,568 at September
30, 2001, from $590,938 at December 31, 2000. Liabilities at September 30, 2001,
to the extent they exceed cash and cash  equivalents at September 30, 2001, will
be paid from future cash from  operations,  net sales proceeds from the sales of
Properties  or  in  the  event  the  general  partners  elect  to  make  capital
contributions, from future general partner contributions.

Long-Term Liquidity

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

Results of Operations

         During the nine months ended  September 30, 2000, the  Partnership  and
its consolidated joint venture,  CNL/Longacre Joint Venture, owned and leased 18
wholly owned  Properties  (including  one Property which was sold in March 2000)
and during the nine months ended September 30, 2001, the  Partnership  owned and
leased 17 wholly owned  Properties  (including  one  Property  which was sold in
March 2001), to operators of fast-food and family-style  restaurant  chains.  In
connection  therewith,  during the nine months ended  September  30,  2001,  the
Partnership  earned,  and during the nine months ended  September 30, 2000,  the
Partnership and CNL/Longacre  Joint Venture,  which was dissolved  subsequent to
September 30, 2000, earned $902,337 and $913,568, respectively, in rental income
from operating leases and earned income from direct financing  leases,  $299,103
and $296,478 of which was earned  during the quarters  ended  September 30, 2001
and 2000, respectively.

         The decrease in rental and earned  income  during the nine months ended
September 30, 2001, as compared to the nine months ended September 30, 2000, was
partially  due to the fact that in February  2001 the tenant of the  Property in
Huron, Ohio terminated its lease and ceased restaurant operations. In connection
therewith,  the Partnership  received  $150,000 as satisfaction  for outstanding
receivable amounts and in consideration for the Partnership releasing the tenant
from its obligations  under the lease.  The decrease in rental and earned income
during the nine  months  ended  September  30, 2001 was  partially  offset by an
increase  in  rental  income  as a  result  of the  Partnership  collecting  and
recording  as  income  past due  rental  amounts  for  which  it had  previously
established  an  allowance  for  doubtful  accounts.  The  Partnership  will not
recognize  any rental income  relating to this  Property  until such time as the
Partnership  executes a new lease or until the Property is sold and the proceeds
from such sale are  reinvested  in an  additional  Property.  The lost  revenues
resulting  from the vacant  Property could have an adverse effect on the results
of operations of the  Partnership if the Partnership is not able to re-lease the
Property in a timely manner.  The Partnership is currently  seeking a new tenant
or purchaser for this Property.

         Rental and earned  income  were  higher  during the nine  months  ended
September 30, 2000, as compared to the nine months ended September 30, 2001, due
to the  fact  that  during  the  nine  months  ended  September  30,  2000,  the
Partnership  collected,  and  recognized  as  income,  past due  rental  amounts
relating to the Property in New Castle,  Indiana for which the  Partnership  had
previously  established an allowance for doubtful accounts. No such amounts were
collected during the nine months ended September 30, 2001.

         Rental and earned  income  during the nine months ended  September  30,
2001 and 2000  continued  to remain at reduced  amounts due to the fact that the
Partnership  is not  receiving  any rental  income  relating to the  Property in
Lebanon,  New  Hampshire.  Rental and earned  income are  expected  to remain at
reduced amounts until such time as the Partnership executes a new lease or until
the  Property  is sold and the  proceeds  from  such sale are  reinvested  in an
additional Property. The Partnership is currently seeking either a new tenant or
purchaser for this Property.

         In June 2001,  the lease for the Property in Livingston,  Texas,  which
was scheduled to expire in January 2002, was terminated by the  Partnership  and
the tenant.  In connection  therewith,  the Partnership  received  approximately
$13,373  in  lease  termination  income  in  consideration  for the  Partnership
releasing  the tenant  from its  obligations  under the lease.  The  Partnership
re-leased this Property to a new tenant with terms substantially the same as the
Partnership's  other leases.  Rents due under the new lease are lower than rents
under the previous lease  therefore,  the  Partnership  anticipates  that rental
income in future periods will  decrease.  However,  the general  partners do not
anticipate  that any  decrease in rental  income  relating to the new lease with
lower rents will have a material adverse affect on the  Partnership's  financial
position or results of operations.

         For the nine months ended  September 30, 2001 and 2000, the Partnership
owned and leased two Properties  indirectly  through joint venture  arrangements
and two Properties as tenants-in-common with affiliates of the general partners.
In addition,  during the nine months ended  September 30, 2000, the  Partnership
owned and leased an additional Property indirectly through Duluth Joint Venture,
a joint venture  arrangement  entered into in December  1999.  The joint venture
Property did not  generate  any  revenues  prior to the October 2000 sale of the
Partnership's  interest  in the joint  venture to CNL Income Fund VII,  Ltd.,  a
Florida limited partnership and an affiliate of the general partners, due to the
fact that the  Property was not  operational  during the quarter and nine months
ended September 30, 2000. In connection therewith,  during the nine months ended
September  30, 2001 and 2000,  the  Partnership  earned  $106,479 and  $115,844,
respectively,  $37,132 and $35,168 of which was earned during the quarters ended
September  30,  2001  and  2000,   respectively,   from  net  income  earned  by
unconsolidated joint ventures.  The decrease in net income earned by these joint
ventures  during the nine months ended  September  30, 2001,  as compared to the
nine months ended  September 30, 2000,  was primarily  attributable  to the fact
that in 1998,  the  tenant  of the  Property  in  Mesa,  Arizona,  in which  the
Partnership  owns an  approximate  42 percent  interest with an affiliate of the
general  partners as  tenants-in-common,  filed for bankruptcy and in June 2000,
rejected the lease  relating to the only  Property  leased by this tenant.  As a
result,  this tenant  discontinued making rental payments on the rejected lease.
The  Partnership and CNL Income Fund II, Ltd., as  tenants-in-common,  re-leased
the Property to a new tenant in September 2001 with terms substantially the same
as the Partnership's other leases.

         During  the  nine  months  ended  September  30,  2001  and  2000,  the
Partnership  earned $106,531 and $124,695,  respectively,  in interest and other
income,  $7,239  and  $43,087  of which was earned  during  the  quarters  ended
September  30, 2001 and 2000,  respectively.  The decrease in interest and other
income  during the quarter and nine months ended  September 30, 2001 as compared
to the  quarter  and  nine  months  ended  September  30,  2000,  was  primarily
attributable  to the fact that in February  2001 the  Partnership  collected the
outstanding  principal and interest  balance of the promissory  note accepted in
connection with the 1995 sale of its Property in Myrtle Beach, South Carolina.

         Operating expenses,  including  depreciation expense, were $394,064 and
$524,772 for the nine months ended September 30, 2001 and 2000, respectively, of
which $101,806 and $215,377 were incurred for the quarters  ended  September 30,
2001 and 2000,  respectively.  Operating expenses were higher during the quarter
and nine months ended  September  30, 2000,  as compared to the quarter and nine
months ended  September  30,  2001,  due to the fact that during the quarter and
nine  months  ended  September  30,  2000   CNL/Longacre   Joint  Venture,   the
Partnership's  consolidated joint venture prior to October 2000, paid $60,000 as
settlement for a lawsuit against the consolidated joint venture. Even though the
Partnership and  CNL/Longacre  Joint Venture  believed there was no merit to the
lawsuit, they elected to pay a settlement to avoid incurring large legal fees to
defend the lawsuit.  Operating  expenses  were also higher due to an increase in
fees related to settling the lawsuit.  No  additional  costs have been  incurred
during 2001 relating to this lawsuit.

         Operating  expenses were higher during the nine months ended  September
30, 2000,  as compared to the nine months ended  September 30, 2001, as a result
of the  fact  that  during  the  nine  months  ended  September  30,  2000,  the
Partnership  incurred  $46,166  in  transaction  costs  related  to the  general
partners retaining financial and legal advisors to assist them in evaluating and
negotiating the proposed merger with CNL American Properties Fund, Inc. ("APF").
On March 1, 2000, the general  partners and APF mutually agreed to terminate the
merger.  No such expenses were incurred during the quarter and nine months ended
September 30, 2001. In addition,  operating expenses were higher during the nine
months ended  September 30, 2000, as compared to the nine months ended September
30, 2001, due to the  Partnership  recording  approximately  $18,700 in bad debt
expense relating to the Property in Huron,  Ohio for which the tenant terminated
its lease, as described above. The amounts were collected and recorded as income
in February 2001, as described above. The decrease in operating  expenses during
the nine months ended September 30, 2001 was partially  offset by an increase in
the costs incurred for administrative expenses for servicing the Partnership and
its Properties, as permitted by the Partnership agreement.

         Due to the tenant  default in a prior year under the terms of its lease
agreement  for the  Property in Lebanon,  New  Hampshire,  the  Partnership  has
incurred and expects to continue to incur operating expenses such as repairs and
maintenance,  insurance, and real estate tax expenses,  relating to the Property
until the  Property is sold or  re-leased to a new tenant.  The  Partnership  is
currently seeking a new tenant or purchaser for this Property.

         As a result  of the sales of the  Properties  in  Myrtle  Beach,  South
Carolina and St. Cloud,  Florida in 1995 and 1996,  respectively,  and recording
the gains  from  such  sales  using  the  installment  method,  the  Partnership
recognized  gains for financial  reporting  purposes of $136,034 and $793 during
the nine months ended September 30, 2001 and 2000,  respectively,  $116 of which
was recognized  during the quarter ended September 30, 2000. The gain recognized
during the nine months ended  September 30, 2001 was higher due to the fact that
during the nine months ended September 30, 2001, the  Partnership  collected the
remaining  outstanding balance relating to the promissory note collateralized by
the Property in Myrtle Beach,  South  Carolina,  which the  Partnership  sold in
1995,  which  accelerated  the  recognition of the gain for financial  reporting
purposes.  In addition,  as a result of the sale of the  Property in  Daleville,
Indiana,  the Partnership  recognized a gain of $35,096, for financial reporting
purposes during the nine months ended September 30, 2001.

         During the  quarter and nine  months  ended  September  30,  2000,  the
Partnership  recorded a provision for loss of approximately  $32,500 relating to
the anticipated loss on liquidation of its joint venture interest resulting from
the  acquisition of the other joint venture  partner's  interest in CNL/Longacre
Joint  Venture in October  2000,  and the  subsequent  liquidation  of the joint
venture. No such provision was recorded during the quarter and nine months ended
September 30, 2001.

         During the nine  months  ended  September  30,  2001,  the  Partnership
established a provision for loss on assets in the amount of $89,003, relating to
its Property in Huron,  Ohio. During the quarter and nine months ended September
30, 2001, the Partnership recorded an additional provision for loss on assets of
$67,641 relating to this Property.  The tenant for this Property  terminated its
lease due to financial  difficulties  and vacated the  Property.  The  provision
represented  the  difference  between the net carrying  value of the Property at
September 30, 2001 and the general  partner's  estimated net realizable value of
the Property.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.


<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 8, 2001, and  incorporated  herein by
                      reference.)

                (b)   Reports on Form 8-K

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



<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 2nd of November, 2001

                                  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)