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, 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           5-7

   Item 2.    Management's Discussion and Analysis of Financial
                  Condition and Results of Operations               8-11

   Item 3.    Quantitative and Qualitative Disclosures About
                  Market Risk                                       11

   Item 4.    Controls and Procedures                               11

Part II

   Other Information                                                12-13




<PAGE>

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

<TABLE>
<CAPTION>

                                                                           September 30,             December 31,
                                                                               2003                      2002
                                                                         ------------------       -------------------

 <c>
                               ASSETS

   Real estate properties with operating leases, net                         $   5,702,015             $   5,825,135
   Net investment in direct financing leases                                     1,170,388                 1,196,659
   Real estate held for sale                                                       484,676                   568,699
   Investment in joint ventures                                                  1,926,867                 1,933,290
   Cash and cash equivalents                                                       262,778                   456,266
   Receivables, less allowance for doubtful accounts
       of $47,951 and $8,040, respectively                                           9,370                    25,233
   Accrued rental income                                                           370,818                   358,503
   Other assets                                                                      9,869                     5,262
                                                                         ------------------       -------------------

                                                                             $   9,936,781             $  10,369,047
                                                                         ==================       ===================

                  LIABILITIES AND PARTNERS' CAPITAL

   Accounts payable and accrued expenses                                       $     9,773              $     10,324
   Real estate taxes payable                                                         8,252                     6,935
   Distributions payable                                                           281,571                   351,233
   Due to related parties                                                          206,367                   207,291
   Rents paid in advance and deposits                                               12,807                    16,126
                                                                         ------------------       -------------------
       Total liabilities                                                           518,770                   591,909

   Commitment (Note 5)

   Partners' capital                                                             9,418,011                 9,777,138
                                                                         ------------------       -------------------

                                                                             $   9,936,781             $  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                  Nine Months Ended
                                                                   September 30,                    September 30,
                                                               2003              2002           2003            2002
                                                           -------------     -------------  -------------- ---------------

 <c>
Revenues:
    Rental income from operating leases                      $  194,604         $ 204,184      $  605,746      $  627,991
    Earned income from direct financing leases                   32,144            33,019          97,109          99,666
    Contingent rental income                                     13,394            16,105          47,695          33,011
    Interest and other income                                     1,004             1,486           2,007           9,879
                                                           -------------     -------------  -------------- ---------------
                                                                241,146           254,794         752,557         770,547
                                                           -------------     -------------  -------------- ---------------

Expenses:
    General operating and administrative                         41,481            41,558         135,650         151,418
    Property related                                              4,673             3,834           5,682          24,094
    State and other taxes                                           200                --           4,948           9,805
    Depreciation                                                 41,040            41,043         123,120         123,130
    Provision for write-down of assets                           72,734                --          72,734              --
                                                           -------------     -------------  -------------- ---------------
                                                                160,128            86,435         342,134         308,447
                                                           -------------     -------------  -------------- ---------------

Income Before Gain on Sale of Assets and Equity in
    Earnings of Joint Ventures                                   81,018           168,359         410,423         462,100

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

Equity in Earnings of Joint Ventures                             49,162            50,763         148,159         147,998
                                                           -------------     -------------  -------------- ---------------

Income from Continuing Operations                               130,180           219,122         558,582       1,181,857
                                                           -------------     -------------  -------------- ---------------

Discontinued Operations:
    Income (Loss) from discontinued operations                   (4,656 )          19,563          (3,335 )        34,194
    Gain on disposal of discontinued operations                      --                --              --         193,496
                                                           -------------     -------------  -------------- ---------------
                                                                 (4,656 )          19,563          (3,335 )       227,690
                                                           -------------     -------------  -------------- ---------------

Net Income                                                   $  125,524         $ 238,685      $  555,247     $ 1,409,547
                                                           =============     =============  ============== ===============

Income (Loss) Per Limited Partner Unit
    Continuing Operations                                     $    2.60          $   4.38       $   11.17      $    23.64
    Discontinued Operations                                       (0.09 )            0.39           (0.07 )          4.55
                                                           -------------     -------------  -------------- ---------------

                                                              $    2.51          $   4.77       $   11.10      $    28.19
                                                           =============     =============  ============== ===============

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,
                                                              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                                                   555,247             1,622,451
      Distributions ($18.29 and $71.55 per
         limited partner unit, respectively)                      (914,374 )          (3,577,572 )
                                                      ---------------------     -----------------
                                                                 8,903,985             9,263,112
                                                      ---------------------     -----------------

  Total partners' capital                                  $     9,418,011         $   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>

                                                                                       Nine Months Ended
                                                                                         September 30,
                                                                                    2003               2002
                                                                               ----------------    ---------------

 <c>
  Net Cash Provided by Operating Activities                                        $   790,548         $  793,251
                                                                               ----------------    ---------------

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

  Cash Flows from Financing Activities:
      Distributions to limited partners                                               (984,036 )       (3,305,365 )
                                                                               ----------------    ---------------
         Net cash used in financing activities                                        (984,036 )       (3,305,365 )
                                                                               ----------------    ---------------

  Net Increase (Decrease) in Cash and Cash Equivalents                                (193,488 )          237,694

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

  Cash and Cash Equivalents at End of Period                                       $   262,778         $  551,477
                                                                               ================    ===============

  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         $  351,233
                                                                               ================    ===============

</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, 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 nine months ended  September 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,  the Financial  Accounting  Standards  Board  ("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  ending after  December  15,  2003.  The
         general partners believe adoption of this standard may result in either
         consolidation   or   additional   disclosure    requirements   of   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.

         In May 2003,  the FASB issued FASB Statement No. 150,  "Accounting  for
         Certain Financial  Instruments with Characteristics of both Liabilities
         and Equity"  ("FAS  150").  FAS 150  establishes  standards  for how an
         issuer  classifies  and measures  certain  financial  instruments  with
         characteristics  of both  liabilities and equity.  FAS 150 will require
         issuers to classify  certain  financial  instruments as liabilities (or
         assets  in some  circumstances)  that  previously  were  classified  as
         equity.  One  requirement  of FAS 150 is that  minority  interests  for
         majority  owned finite lived  entities be classified as a liability and
         recorded at fair market value. FAS 150 initially applied immediately to
         all financial  instruments entered into or modified after May 31, 2003,
         and  otherwise  was  effective at the  beginning  of the first  interim
         period beginning after June 15, 2003.  Effective  October 29, 2003, the
         FASB  deferred  implementation  of FAS 150 as it  applies  to  minority
         interests  of  finite  lived   Partnerships.   The  deferral  of  these
         provisions  is expected to remain in effect while these  interests  are
         addressed  in either  Phase II of the  FASB's  Liabilities  and  Equity
         project  or  Phase  II of the  FASB's  Business  Combinations  project;
         therefore,   no  specific  timing  for  the   implementation  of  these
         provisions  has  been  stated.  The  implementation  of  the  currently
         effective   aspects   of  FAS  150  did  not  have  an  impact  on  the
         Partnership's results of operations.


<PAGE>


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


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.       Real Estate Properties with Operating Leases

         As of September 30, 2003,  the  Partnership  identified for sale excess
         land in Connorsville, Indiana which was not needed for the operation of
         its restaurant. As a result, the Partnership reclassified the parcel of
         land from real estate  properties with operating  leases to real estate
         held for sale. The reclassified  asset was recorded at the lower of its
         carrying amount or fair value,  less cost to sell and as a result,  the
         Partnership   recorded  a  provision   for   write-down  of  assets  of
         approximately   $72,700  during  the  quarter  and  nine  months  ended
         September 30, 2003.

4.       Discontinued Operations

         During 2002, the Partnership  identified and sold one property that was
         classified as  Discontinued  Operations in the  accompanying  financial
         statements.  As of September 30, 2003, the  Partnership  had identified
         for  sale  the  property  in  Livingston,   Texas.   The  property  was
         reclassified  from real estate properties with operating leases to real
         estate held for sale. The reclassified  asset was recorded at the lower
         of its carrying amount or fair value, less cost to sell.

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

                                                         Quarter Ended                 Nine Months Ended
                                                         September 30,                   September 30,
                                                    2003              2002           2003           2002
                                                 ------------     -------------   -----------  ---------------

 <c>
         Rental revenues                             $   693         $  32,349      $ 23,737       $   62,543
         Expenses                                     (5,349 )         (12,786 )     (21,945 )        (28,349 )
         Provision for write-down of assets               --                --        (5,127 )             --
                                                 ------------     -------------   -----------  ---------------

             Income (loss) from discontinued
                operations                         $  (4,656 )       $  19,563      $ (3,335 )     $   34,194
                                                 ============     =============   ===========  ===============
</TABLE>

5.       Concentration of Credit Risk

         The following  schedule  presents total rental revenues from individual
         lessees  each  representing  more than 10% of the  Partnership's  total
         rental  revenues  (including  the  Partnership's  share of total rental
         revenues from unconsolidated  joint ventures and the properties held as
         tenants-in-common  with affiliates of the general partners) for each of
         the nine months ended September 30:

                                                   2003              2002
                                              ---------------    -------------

               Slaymaker Group, Inc.              $  133,675       $  135,008
               IHOP Properties, Inc.                 104,591          104,591
               Golden Corral Corporation              99,113           99,113
               Captain D's Realty, LLC                93,410              N/A



<PAGE>


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


5.       Concentration of Credit Risk - Continued

         In addition, the following schedule presents total rental revenues from
         individual  restaurant  chains,  each representing more than 10% of the
         Partnership's  total rental revenues (including the Partnership's share
         of total rental  revenues from  unconsolidated  joint  ventures and the
         properties  held as  tenants-in-common  with  affiliates of the general
         partners) for each of the nine months ended September 30:

                                                     2003            2002
                                                -------------    -------------

               Tony Roma's                        $  133,675       $  135,008
               Golden Corral Family Steakhouse
                    Restaurants                      118,909          149,473
               IHOP                                  104,591          104,591
               Arby's                                 95,731           98,412
               Captain D's                            93,410              N/A

         The  information   denoted  by  N/A  indicates  that  for  each  period
         presented,  the tenant or restaurant  chain did not represent more than
         10% of the Partnership's total rental revenues.

         Although the Partnership's properties have some geographic diversity in
         the United States and the  Partnership's  lessees  operate a variety of
         restaurant concepts,  default by any one of these lessees or restaurant
         chains  will  significantly  impact the  results of  operations  of the
         Partnership  if the  Partnership is not able to re-lease the properties
         in a timely manner.

6.       Commitment

         In August 2003,  the  Partnership  entered into two separate  contracts
         with third  parties to sell the  property  in  Livingston,  Texas and a
         parcel of land in Connorsville, Indiana.

7.       Subsequent Events

         In  October  2003,  Chevy's,  Inc.,  the  tenant  of  the  property  in
         Vancouver,  Washington which the Partnership owns as  tenants-in-common
         with  affiliates  of  the  general  partners,   filed  for  Chapter  11
         bankruptcy  protection.  The Partnership owns a 27.78% interest in this
         property.  As of November 7, 2003,  Chevy's,  Inc. had neither rejected
         nor affirmed the lease related to this property.

         In  November  2003,  the  Partnership   sold  the  parcel  of  land  in
         Connorsville,  Indiana for $150,000 and received net sales  proceeds of
         approximately $97,000. Because the Partnership recorded a provision for
         write-down  of assets for this  property in September  2003, no gain or
         loss was recognized in November 2003 relating to this sale.



<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,  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 $790,548 and $793,251 for the nine
months ended September 30, 2003 and 2002,  respectively.  At September 30, 2003,
the  Partnership  had  $262,778  in cash and cash  equivalents  as  compared  to
$456,266 at December 31, 2002. At September  30, 2003,  these funds were held in
demand deposit  accounts at a commercial  bank. The funds remaining at September
30, 2003 will be used toward the payment of distributions and other liabilities.

         In  October  2003,  Chevy's,  Inc.,  the  tenant  of  the  Property  in
Vancouver,  Washington  which the  Partnership  owns as  tenants-in-common  with
affiliates of the general partners,  filed for Chapter 11 bankruptcy protection.
The Partnership owns a 27.78% interest in this Property. As of November 7, 2003,
Chevy's,  Inc.  had neither  rejected  nor  affirmed  the lease  related to this
Property.  The lost revenues that would result if the lease were rejected,  will
have an  adverse  effect on the  equity in  earnings  of joint  ventures  of the
Partnership  if the  tenancy  in  common  is not  able to  re-lease  or sell the
Property in a timely manner.

         In August 2003, the Partnership  entered into a contract to sell excess
land in  Connorsville,  Indiana  which was not needed for the  operation  of its
restaurant.  In  November  2003,  the  Partnership  sold the  parcel of land and
received net sales proceeds of  approximately  $97,000.  Because the Partnership
recorded a provision  for  write-down  of assets for this  Property in September
2003, no gain or loss was recognized in November 2003 relating to this sale. The
Partnership  intends  to  use  the  proceeds  received  from  the  sale  to  pay
Partnership liabilities, including distributions to the Limited Partners.

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 nine months
ended  September  30,  2002,  net  sales  proceeds  from  the  sale  of  several
Properties,  the Partnership  declared  distributions to the limited partners of
$914,374 and $3,226,340  for the nine months ended  September 30, 2003 and 2002,
respectively,  ($281,571 and $351,233 for the quarters ended  September 30, 2003
and 2002, respectively).  This represents distributions of $18.29 and $64.53 per
unit for the nine months ended September 30, 2003 and 2002, respectively, ($5.63
and  $7.02  per  unit for the  quarters  ended  September  30,  2003  and  2002,
respectively).  The  distribution  for the nine months ended  September 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 nine months ended  September 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 nine months  ended  September  30, 2003 and 2002.  No
distributions were made to the general partners for the quarters and nine months
ended September 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  were $518,770 at September 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 September 30, 2003, to
the extent they exceed cash and cash  equivalents at September 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  $702,855  during the nine  months  ended
September  30,  2003,  as compared  to $727,657  during the same period of 2002,
$226,748 and $237,203 of which were earned  during the third quarter of 2003 and
2002, respectively.  The decrease in rental revenues during the quarter and nine
months ended  September  30, 2003,  as compared to the same period of 2002,  was
primarily  the  result  of  a  lease  amendment   related  to  the  Property  in
Connorsville,  Indiana.  The general  partners do not believe that the amendment
will  have a  material  adverse  effect  on the  results  of  operations  of the
Partnership.  The decrease in rental revenues during the quarter and nine months
ended  September  30,  2003 was  also  partially  attributable  to the sale of a
Property during the nine months ended September 30, 2002.

         The Partnership also earned $47,695 in contingent  rental income during
the nine months ended September 30, 2003, as compared to $33,011 during the same
period of 2002,  $13,394  and  $16,105  of which  were  earned  during the third
quarters  of 2003 and 2002,  respectively.  The  increase in  contingent  rental
income during the nine months ended  September 30, 2003, as compared to the same
period of 2002,  was  partially  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 $148,159  attributable to net income earned
by joint ventures  during the nine months ended  September 30, 2003, as compared
to $147,998  during the same  period of 2002,  $49,162 and $50,763 of which were
earned during the quarters ended September 30, 2003 and 2002, respectively.  Net
income earned by joint ventures during the nine months ended September 30, 2003,
as compared to the same period of 2002, remained constant as there was no change
in the leased  Property  portfolio  owned by the joint ventures and tenancies in
common.

         During the nine months ended  September  30, 2003,  four lessees of the
Partnership,  Slaymaker  Group,  Inc.,  IHOP  Properties,  Inc.,  Golden  Corral
Corporation,  and Captain D's Realty,  LLC each contributed more than 10% of the
Partnership's total rental revenues (including the Partnership's share of rental
revenues  from  Properties  owned by joint  ventures and  Properties  owned with
affiliates of the general partners as tenants-in-common). It is anticipated that
based on the minimum rental payments required by the leases,  these four lessees
will  continue to  contribute  more than 10% of the  Partnership's  total rental
revenues.  In addition,  during the nine months ended  September 30, 2003,  five
restaurant  chains,  Tony Roma's,  Golden Corral Family Steakhouse  Restaurants,
IHOP,  Arby's  and  Captain  D's  each  accounted  for  more  than  10%  of  the
Partnership's total rental revenues (including the Partnership's share of rental
revenues from the Properties  owned by joint ventures and Properties  owned with
affiliates as  tenants-in-common).  It is anticipated that these five restaurant
chains  will each  continue  to  account  for more than 10% of the total  rental
revenues to which the Partnership is entitled under the terms of the leases. Any
failure  of these  lessees  or  restaurant  chains  will  materially  affect the
Partnership's  operating  results if the Partnership is not able to re-lease the
Properties in a timely manner.

         Operating expenses,  including  depreciation  expense and provision for
write-down of assets,  were $342,134  during the nine months ended September 30,
2003,  as  compared to $308,447  during the same  period of 2002,  $160,128  and
$86,435 of which were incurred  during the quarters ended September 30, 2003 and
2002,  respectively.  The increase in operating  expenses during the quarter and
nine months ended  September  30, 2003,  as compared to the same periods of 2002
was a result of the  Partnership  recording a provision for write-down of assets
of approximately $72,700 related to the parcel of land in Connorsville, Indiana,
in anticipation of its sale. The increase during the nine months ended September
30,2003 was partially offset by a decrease in costs incurred for  administrative
expenses for servicing the Partnership and its Properties.  In addition,  during
the nine months ended September 30, 2002, the Partnership incurred expenses such
as legal  fees and  repairs  and  maintenance  related to the  Property  in West
Lebanon, New Hampshire, which was sold during 2002.

         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 nine months ended September 30,
2003,  the  Partnership   identified  an  additional   Property  for  sale.  The
Partnership  recognized net rental income (rental revenues less Property related
expenses and  provision  for  write-down  of assets) of $34,194  during the nine
months ended  September 30, 2002, in connection with these  Properties.  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.  The
Partnership  recognized  net rental  income of $19,563  during the quarter ended
September 30, 2002 and net rental losses of $4,656 and $3,335 during the quarter
and nine months ended September 30, 2003, respectively, relating to the Property
in Livingston, Texas. The net rental loss during the nine months ended September
30, 2003 was a result of the Partnership recording a provision for write-down of
assets of approximately $5,100. The provision represented the difference between
the carrying value of the Property and its estimated fair value.  As of November
13, 2003, the Property in Livingston, Texas had not yet been sold.

         As a  result  of the  sale  of the  Properties  in  West  Lebanon,  New
Hampshire and Bountiful,  Utah, during the nine months ended September 30, 2002,
the Partnership  recognized gains of $571,759.  These Properties were identified
for sale as of December 31, 2001.  Because these  Properties were identified for
sale  prior  to the  January  2002  implementation  of  Statement  of  Financial
Accounting  Standards  No. 144  "Accounting  for the  Impairment  or Disposal of
Long-Lived Assets",  the results of operations relating to these Properties were
included as Income from  Continuing  Operations  in the  accompanying  financial
statements.

         In January 2003,  the Financial  Accounting  Standards  Board  ("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 ending after December 15,
2003.  The general  partners  believe  adoption of this  standard  may result in
either consolidation or additional disclosure  requirements of 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.

         In May 2003,  the FASB issued FASB Statement No. 150,  "Accounting  for
Certain  Financial  Instruments  with  Characteristics  of both  Liabilities and
Equity" ("FAS 150"). FAS 150 establishes  standards for how an issuer classifies
and  measures  certain  financial   instruments  with  characteristics  of  both
liabilities  and  equity.  FAS 150 will  require  issuers  to  classify  certain
financial  instruments as  liabilities  (or assets in some  circumstances)  that
previously  were  classified  as  equity.  One  requirement  of FAS  150 is that
minority  interests for majority  owned finite lived entities be classified as a
liability  and  recorded  at  fair  market  value.  FAS  150  initially  applied
immediately to all financial  instruments entered into or modified after May 31,
2003,  and otherwise was effective at the beginning of the first interim  period
beginning  after June 15, 2003.  Effective  October 29, 2003,  the FASB deferred
implementation  of FAS 150 as it applies to minority  interests  of finite lived
Partnerships.  The deferral of these  provisions is expected to remain in effect
while these interests are addressed in either Phase II of the FASB's Liabilities
and  Equity  project or Phase II of the FASB's  Business  Combinations  project;
therefore,  no specific timing for the  implementation  of these  provisions has
been stated.  The  implementation of the currently  effective aspects of FAS 150
did not have an impact on 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
              September 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 13th day of November, 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