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 March 31, 1998

                                       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           (I.R.S. Employer
of incorporation or organiza-          Identification No.)
tion)


400 E. South Street
Orlando, Florida                              32801
----------------------------            -----------------
(Address of principal                       (Zip Code)
executive offices)


Registrant's telephone number
(including area code)                      (407) 422-1574


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             5-7

  Item 2.  Management's Discussion and Analysis
             of Financial Condition and
             Results of Operations                      8-12


Part II

  Other Information                                     13


<PAGE>



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


                                           March 31,              December 31,
            ASSETS                           1998                     1997
                                          -----------             -----------

Land and buildings on operating
  leases, less accumulated
  depreciation of $1,695,706 and
  $1,944,358 and allowance for
  loss on land and building
  of $250,694 in 1998 and 1997            $10,732,835            $12,421,143
Net investment in direct financing
  leases                                    2,265,392              2,277,481
Investment in joint ventures                1,541,277              1,558,709
Mortgage note receivable, less
  deferred gain of $322,366
  and $323,157                              1,760,841              1,758,167
Cash and cash equivalents                   3,251,803              1,361,290
Receivables, less allowance for
  doubtful accounts of $134,798
  and $137,892                                 81,959                108,261
Prepaid expenses                                7,539                  9,307
Accrued rental income                         185,994                169,726
Other assets                                   54,346                 54,346
                                          -----------            -----------

                                          $19,881,986            $19,718,430
                                          ===========            ===========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                          $     8,611            $    24,229
Accrued construction costs payable                 -                 125,000
Accrued real estate taxes payable              64,299                 93,392
Distributions payable                       2,338,327                575,000
Due to related parties                        221,636                143,867
Rents paid in advance                          13,213                 13,479
                                          -----------            -----------
    Total liabilities                       2,646,086                974,967

Minority interest                             217,512                222,929

Partners' capital                          17,018,388             18,520,534
                                          -----------            -----------

                                          $19,881,986            $19,718,430
                                          ===========            ===========










            See accompanying notes to condensed financial statements.

                                        1

<PAGE>



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


                                                      Quarter Ended
                                                        March 31,
                                                 1998               1997
                                               --------           ---------

Revenues:
  Rental income from operating leases          $300,322           $370,514
  Earned income from direct financing
    leases                                       59,541             45,472
  Contingent rental income                       25,898             38,865
  Interest and other income                      92,358             66,917
                                               --------           --------
                                                478,119            521,768
                                               --------           --------

Expenses:
  General operating and administrative           38,554             38,143
  Professional services                           4,018              5,314
  Real estate taxes                               6,664             19,211
  State and other taxes                           7,747             11,729
  Depreciation                                   67,206             83,575
                                               --------           --------
                                                124,189            157,972
                                               --------           --------

Income Before Minority Interest in Loss
  of Consolidated Joint Venture, Equity
  in Earnings of Unconsolidated Joint
  Ventures and Gain on Sale of Land and
  Buildings                                     353,930            363,796

Minority Interest in Loss of Consolidated
  Joint Venture                                   5,417              5,450

Equity in Earnings of Unconsolidated Joint
  Ventures                                       35,221             11,023

Gain on Sale of Land and Buildings              441,613                246
                                               --------           --------

Net Income                                     $836,181           $380,515
                                               ========           ========

Allocation of Net Income:
  General partners                             $  7,089           $  3,805
  Limited partners                              829,092            376,710
                                               --------           --------

                                               $836,181           $380,515
                                               ========           ========

Net Income Per Limited Partner Unit            $  16.58           $   7.53
                                               ========           ========

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




            See accompanying notes to condensed financial statements.

                                        2

<PAGE>



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


                                     Quarter Ended              Year Ended
                                       March 31,               December 31,
                                         1998                      1997
                                     -------------             --------

General partners:
  Beginning balance                   $   493,982             $   376,173
  Contributions                                -                  106,000
  Net income                                7,089                  11,809
                                      -----------             -----------
                                          501,071                 493,982
                                      -----------             -----------

Limited partners:
  Beginning balance                    18,026,552              18,606,446
  Net income                              829,092               1,720,106
  Distributions ($46.77 and
    $46.00 per limited partner
    unit, respectively)                (2,338,327)             (2,300,000)
                                      -----------             -----------
                                       16,517,317              18,026,552
                                      -----------             -----------

Total partners' capital               $17,018,388             $18,520,534
                                      ===========             ===========


            See accompanying notes to condensed financial statements.

                                        3

<PAGE>



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


                                                     Quarter Ended
                                                       March 31,
                                                1998                 1997
                                             ----------           ----------

Increase (Decrease) in Cash and
  Cash Equivalents:

    Net Cash Provided by Operating
      Activities                             $  460,505           $  404,443
                                             ----------           ----------

    Cash Flows from Investing
      Activities:
        Proceeds from sale of land and
          buildings                           2,125,220              960,741
        Additions to land and building
          on operating lease                   (125,000)                  -
        Collections on mortgage note
          receivable                              4,788                1,788
                                             ----------           ----------
            Net cash provided by
              investing activities            2,005,008              962,529
                                             ----------           ----------

    Cash Flows from Financing
      Activities:
        Distributions to limited
          partners                             (575,000)            (575,000)
                                             ----------           ----------
            Net cash used in
              financing activities             (575,000)            (575,000)
                                             ----------           ----------

Net Increase in Cash and Cash
  Equivalents                                 1,890,513              791,972

Cash and Cash Equivalents at
  Beginning of Quarter                        1,361,290              362,922
                                             ----------           ----------

Cash and Cash Equivalents at End of
  Quarter                                    $3,251,803           $1,154,894
                                             ==========           ==========

Supplemental Schedule of Non-Cash
  Investing and Financing Activities:

    Deferred real estate disposition
    fees incurred and unpaid at
    end of quarter                           $   65,400           $       -
                                             ==========           =========

    Distributions declared and unpaid
      at end of quarter                      $2,338,327           $  575,000
                                             ==========           ==========




            See accompanying notes to condensed financial statements.

                                        4

<PAGE>



                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                     Quarters Ended March 31, 1998 and 1997

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 ended March 31, 1998,  may not be indicative of the results
         that may be expected for the year ending December 31, 1998.  Amounts as
         of December 31, 1997, 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,
         1997.

         The Partnership  accounts for its 66.5% interest in CNL/Longacre  Joint
         Venture using the consolidation  method.  Minority interest  represents
         the minority joint venture partner's  proportionate share of the equity
         in  the  Partnership's  consolidated  joint  venture.  All  significant
         intercompany accounts and transactions have been eliminated.

2.       Land and Buildings on Operating Leases:

         During the  quarter  ended March 31,  1998,  the  Partnership  sold its
         properties in Port Orange, Florida, and Tyler, Texas to the tenants for
         a total of $2,180,000  and received net sales  proceeds of  $2,125,220,
         resulting in a total gain of $440,822 for financial reporting purposes.
         These  properties were  originally  acquired by the Partnership in 1988
         and 1989 and had costs totalling  approximately  $1,791,300,  excluding
         acquisition fees and miscellaneous acquisition expenses; therefore, the
         Partnership sold these properties for a total of approximately $333,920
         in excess of their original  purchase  prices.  In connection  with the
         sale   of  the   properties,   the   Partnership   incurred   deferred,
         subordinated, real estate disposition fees of $65,400. (See Note 4).



                                        5

<PAGE>



                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
               NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
                     Quarters Ended March 31, 1998 and 1997


3.       Allocations and Distributions:

         Generally, all net income and net losses of the Partnership,  excluding
         gains and losses from the sale of properties,  are allocated 99 percent
         to the  limited  partners  and one  percent  to the  general  partners.
         Distributions  of net  cash  flow are made 99  percent  to the  limited
         partners and one percent to the general  partners;  provided,  however,
         that the one percent of net cash flow to be  distributed to the general
         partners  is  subordinated  to receipt by the  limited  partners  of an
         aggregate,  ten percent,  cumulative,  noncompounded  annual  return on
         their adjusted capital contributions (the "10% Preferred Return").

         Generally,  net  sales  proceeds  from the sale of  properties,  to the
         extent  distributed,  will be distributed first to the limited partners
         in an  amount  sufficient  to  provide  them with  their 10%  Preferred
         Return,  plus the return of their adjusted capital  contributions.  The
         general   partners  will  then  receive,   to  the  extent   previously
         subordinated   and  unpaid,   a  one  percent  interest  in  all  prior
         distributions   of  net  cash  flow  and  a  return  of  their  capital
         contributions.  Any remaining  sales  proceeds will be  distributed  95
         percent  to the  limited  partners  and  five  percent  to the  general
         partners.

         During the  quarters  ended  March 31, 1998 and 1997,  the  Partnership
         declared  distributions  to the  limited  partners  of  $2,338,327  and
         $575,000,  respectively. This represents distributions for the quarters
         ended  March  31,  1998  and  1997  of  $46.77  and  $11.50  per  unit,
         respectively.  The  distribution  for the quarter ended March 31, 1998,
         includes  $1,838,327  as a  result  of the  distribution  of net  sales
         proceeds  from the 1997 and 1998  sale of the  Properties  in Tampa and
         Port Orange, Florida, respectively.  This amount was applied toward the
         limited partners' 10% Preferred Return. No distributions have been made
         to the general partners to date.

4.       Related Party Transactions:

         Certain  affiliates  are  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  affiliates
         provide a substantial  amount of services in connection  with the sale.
         Payment of the real estate  disposition  fee is subordinated to receipt
         by the limited  partners of their  aggregate,  ten  percent,  preferred
         return,  plus their  adjusted  capital  contributions.  For the quarter
         ended March 31, 1998, the Partnership incurred $65,400


                                        6

<PAGE>



                             CNL INCOME FUND V, LTD.
                         (A Florida Limited Partnership)
               NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
                     Quarters Ended March 31, 1998 and 1997


4.       Related Party Transactions - Continued:

         in deferred,  subordinated, real estate disposition fees as a result of
         the sale of properties.  (See Note 2) No deferred,  subordinated,  real
         estate  disposition  fees were incurred for the quarter ended March 31,
         1997.

5.       Concentration of Credit Risk:

         The  following  schedule  presents  total rental and earned income from
         individual  lessees,  each  representing  more than ten  percent of the
         Partnership's   total   rental  and  earned   income   (including   the
         Partnership's  share of total  rental  and  earned  income  from  joint
         ventures), for at least one of the quarters ended March 31:

                                                       1998            1997
                                                     --------        ------

                  Golden Corral Corporation          $ 48,878        $ 48,878
                  Slaymaker Group, Inc.                46,400              -
                  Shoney's, Inc.                       40,183          72,158
                  London Development Corporation       10,597          51,603

         Although  the  Partnership's   properties  are  geographically  diverse
         throughout the United States and the  Partnership's  lessees  operate a
         variety of restaurant  concepts,  default by any one of these  lessee's
         could   significantly   impact  the  results  of   operations   of  the
         Partnership.  However,  the general  partners  believe that the risk of
         such a default is reduced due to the  essential or important  nature of
         these properties for the on-going operations of the lessees.

6.       Subsequent Event:

         In May 1998, the Partnership entered into a joint venture  arrangement,
         RTO Joint Venture,  with an affiliate of the Partnership  which has the
         same general partners,  to construct and hold one restaurant  property,
         at a total cost of $1,420,379. The Partnership has agreed to contribute
         approximately $754,500 to the joint venture for an estimated 53 percent
         interest in the profits and losses of the joint venture.


                                        7

<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  arrangements,  both newly  constructed  and
existing restaurant  properties,  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 are generally triple-net leases, with the lessees responsible for all
repairs and maintenance,  property taxes,  insurance and utilities.  As of March
31,  1998,  the  Partnership  owned 24  Properties,  including  interests in two
Properties owned by joint ventures in which the Partnership is a co-venturer and
two Properties owned with affiliates as tenants-in-common.

Liquidity and Capital Resources

         During the  quarters  ended  March 31, 1998 and 1997,  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 $460,505 and $404,443,  respectively. The increase in
cash from operations for the quarter ended March 31, 1998, is primarily a result
of changes in income and expenses, as described below in "Results of Operations"
and changes in the Partnership's working capital.

         Other  sources and uses of capital  included the  following  during the
quarter ended March 31, 1998.

         In July 1997, the Partnership entered into a new lease for the Property
in Connersville, Indiana, with a new tenant to operate the Property as an Arby's
restaurant.  In connection  therewith,  during the quarter ended March 31, 1998,
the Partnership paid $125,000 in renovation  costs,  which had been incurred and
accrued as construction costs payable at December 31, 1997.

         During the  quarter  ended March 31,  1998,  the  Partnership  sold its
Properties in Port Orange,  Florida, and Tyler, Texas to the tenants for a total
of  $2,180,000  and received net sales  proceeds of  $2,125,220,  resulting in a
total gain of $466,322 for financial reporting  purposes.  These Properties were
originally  acquired by the Partnership in 1988 and 1989 and had costs totalling
approximately   $1,791,300,   excluding   acquisition  fees  and   miscellaneous
acquisition  expenses;  therefore,  the  Partnership  sold  the  Properties  for
approximately   $333,920  in  excess  of  their  original  purchase  prices.  In
connection with the sales, the Partnership incurred deferred, subordinated, real
estate disposition fees of $65,400.  The Partnership  distributed  $1,838,327 of
the net sales  proceeds from the 1997 and 1998 sales of the  Properties in Tampa
and Port Orange, Florida, respectively as a


                                        8

<PAGE>



Liquidity and Capital Resources - Continued

special  distribution  of net sales  proceeds from the sale of Properties to the
limited  partners.  The  Partnership  will use the remaining net sales proceeds,
along with the net sales proceeds from the sale of the Property in Tyler, Texas,
to reinvest in additional Properties.

         In May 1998, the Partnership entered into a joint venture  arrangement,
RTO Joint  Venture,  with an  affiliate  of the  Partnership  which has the same
general partners, to construct and hold one restaurant Property, at a total cost
of $1,420,379.  The Partnership has agreed to contribute  approximately $754,500
to the joint  venture for an  estimated  53 percent  interest in the profits and
losses of the joint venture.

         Currently,  rental income from the Partnership's Properties is invested
in money market accounts or other short-term,  highly liquid investments pending
the  Partnership's  use of such  funds to pay  Partnership  expenses  or to make
distributions to the partners. At March 31, 1998, the Partnership had $3,251,803
invested in such  short-term  investments  as compared to $1,361,290 at December
31, 1997. The increase in cash and cash  equivalents for the quarter ended March
31,  1998,  is  primarily  attributable  to the  receipt  of net sales  proceeds
relating  to the sales of the  Properties  in Port  Orange,  Florida  and Tyler,
Texas, as described  above.  The funds remaining at March 31, 1998, will be used
to  reinvest  in  additional   Properties,   as  described  above,  and  to  pay
distributions and other liabilities.

         Total  liabilities of the Partnership  increased to $2,646,086 at March
31,  1998,  from  $974,967 at December  31,  1997,  primarily as a result of the
Partnership's  accruing a special  distribution of net sales proceeds  totalling
$1,838,327  from the 1997 and 1998  sales of the  Properties  in Tampa  and Port
Orange,  Florida,  respectively,  payable to the  limited  partners at March 31,
1998.  The  increase  in  liabilities  was  partially  offset by a  decrease  in
construction  costs payable as a result of the payment  during the quarter ended
March 31,  1998,  of  construction  costs  accrued at  December  31,  1997,  for
renovation costs relating to the Partnership's Property located in Connorsville,
Indiana,  as described  above. The general partners believe that the Partnership
has sufficient cash on hand to meet its current working capital needs.

         Based on current and anticipated  future cash from operations,  and for
the  quarter  ended  March  31,  1998,  proceeds  received  from  the  sales  of
Properties,  the  Partnership  declared  distributions  to limited  partners  of
$2,338,327  and  $575,000  for the  quarters  ended  March  31,  1998 and  1997,
respectively.  This  represents  distributions  for the quarters ended March 31,
1998 and 1997 of $46.77 and $11.50 per unit, respectively. Distributions for the
quarter ended March 31, 1998, include $1,838,327 as a result of the distribution
of net sales proceeds from the sale of Properties, as


                                        9

<PAGE>



Liquidity and Capital Resources - Continued

described  above. As a result of the sale 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
for the quarter  ended March 31, 1998 and are  expected to remain at this level.
This special  distribution  was effectively a return of a portion of the limited
partners' investment, although, in accordance with the Partnership agreement, it
was applied to the limited  partners' unpaid preferred  return. No distributions
were made to the  general  partners  for the  quarters  ended March 31, 1998 and
1997.  No amounts  distributed  to the limited  partners for the quarters  ended
March  31,  1998 and  1997,  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.

         The Partnership's  investment strategy of acquiring Properties for cash
and  leasing  them under  triple-net  leases to  operators  who  generally  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.

Results of Operations

         During the  quarter  ended  March 31,  1997,  the  Partnership  and its
consolidated  joint venture,  CNL/Longacre  Joint  Venture,  owned and leased 26
wholly owned  Properties  (including six Properties which were sold during 1997)
and during the quarter ended March 31, 1998, the  Partnership  and  CNL/Longacre
Joint  Venture  owned and  leased  22 wholly  owned  Properties  (including  one
Property in Port Orange, Florida which was sold in January 1998 and one Property
in Tyler,  Texas, which was sold in February 1998) to operators of fast-food and
family-style  restaurant  chains. In connection  therewith,  during the quarters
ended March 31, 1998 and 1997, the  Partnership and  CNL/Longacre  Joint Venture
earned  $359,863 and $415,986,  respectively,  in rental  income from  operating
leases and earned income from direct financing leases.  Rental and earned income
decreased  approximately  $163,000  during the quarter  ended March 31, 1998, as
compared to the quarter  ended March 31,  1997,  as a result of the sales of six
Properties  during 1997 and the sales of the Properties in Port Orange,  Florida
and Tyler, Texas during 1998.





                                       10

<PAGE>



Results of Operations - Continued

         The decrease in rental  income was  partially  offset by an increase of
approximately  $81,300  during the  quarter  ended  March 31,  1998,  due to the
reinvestment  of a portion of net sales  proceeds in two  Properties in Houston,
Texas and Sandy,  Utah,  in January 1998 and  February  1998,  respectively.  In
addition,  rental and earned income was lower during the quarter ended March 31,
1997 by  approximately  $22,000 due to the Partnership  increasing its allowance
for doubtful  accounts for the Properties  located in Connorsville and Richmond,
Indiana, which were leased by the same tenant, due to financial difficulties the
tenant was experiencing. No such allowance was recorded during the quarter ended
March 31, 1998,  due to the fact that during 1997, a new tenant began  operating
the Connorsville  Property and the Partnership  sold the Richmond  Property to a
third party.

         Rental and earned income  during the quarters  ended March 31, 1998 and
1997,  continued  to  remain  at  reduced  amounts  due to  the  fact  that  the
Partnership  is not receiving any rental  income  relating to the  Properties in
Belding,  Michigan,  and Lebanon,  New  Hampshire.  Rental and earned income are
expected  to remain  at  reduced  amounts  until  such  time as the  Partnership
executes new leases for the  Properties  in Belding,  Michigan and Lebanon,  New
Hampshire.

         In  addition,  for the  quarters  ended  March 31,  1998 and 1997,  the
Partnership  owned and leased two  Properties  indirectly  through  other  joint
venture arrangements.  In addition, during the quarter ended March 31, 1998, the
Partnership owned and leased two Properties as tenants-in-common with affiliates
of the general partners. In connection therewith, the Partnership earned $35,221
and $11,023,  respectively,  attributable to net income earned by unconsolidated
joint ventures in which the  Partnership  is a co-venturer.  The increase in net
income earned by these joint  ventures  during the quarter ended March 31, 1998,
as compared to the quarter  ended March 31, 1997, is primarily  attributable  to
the fact that in October and December 1997, the Partnership reinvested a portion
of the net sales proceeds it received from the 1997 sales of several  Properties
in two Properties in Mesa, Arizona and Vancouver, Washington, with affiliates of
the general partners as tenants-in-common.

         During the quarter ended March 31, 1998, two lessees of the Partnership
and its  consolidated  joint venture,  Slaymaker  Group,  Inc. and Golden Corral
Corporation,  each contributed more than ten percent of the Partnership's  total
rental income (including rental income from the Partnership's consolidated joint
venture,  the Partnership's share of the rental income from two Properties owned
by  unconsolidated  joint ventures in which the Partnership is a co-venturer and
two  Properties  owned with  affiliates as  tenants-in-common).  As of March 31,
1998,  Slaymaker  Group,  Inc.  was the  lessee  under a lease  relating  to one
restaurant  and  Golden  Corral  Corporation  was the  lessee  under the  leases
relating to two restaurants. It is anticipated that, based on the minimum rental


                                       11

<PAGE>



Results of Operations - Continued

payments required by the leases,  these lessees will continue to contribute more
than ten percent of the  Partnership's  total rental income during the remainder
of 1998 and  subsequent  years.  Any failure of these lessees  could  materially
affect the Partnership's income.

         Operating expenses,  including  depreciation expense, were $124,189 and
$157,972  for the  quarters  ended  March 31, 1998 and 1997,  respectively.  The
decrease in  operating  expenses  during the quarter  ended March 31,  1998,  as
compared to the quarter ended March 31, 1997,  was partially  attributable  to a
decrease in depreciation  expense due to the sales of several  Properties during
1998  and  1997.   The  decrease  in  operating   expenses  was  also  partially
attributable  to the fact that,  during the quarter  ended March 31,  1997,  the
Partnership recorded  approximately $8,100 for real estate taxes relating to the
Properties  located in  Connorsville  and  Richmond,  Indiana,  due to continued
financial  difficulties  the  tenant was  experiencing.  No such  expenses  were
recorded  during the  quarter  ended  March 31, 1998 due to the fact that during
1997, the Partnership  entered into a new lease for the  Connorsville  Property,
with a new tenant to operate the Property  and sold the  Richmond  Property to a
third party.

         Due to the  tenants  defaulting  during  1995  under the terms of their
lease  agreements  for the  Property in Belding,  Michigan,  and the Property in
Lebanon,  New Hampshire,  the  Partnership and its  consolidated  joint venture,
CNL/Longacre  Joint  Venture,  expect to  continue to incur  operating  expenses
relating to such Properties  until such time as a new lease is executed for each
Property.

         As a result  of the  sale of the  Properties  in  Myrtle  Beach,  South
Carolina and St. Cloud,  Florida in August 1995 and October 1996,  respectively,
and  recording  the gains  from such sales  using the  installment  method,  the
Partnership  recognized gains for financial reporting purposes of $791 and $246,
during the quarters ended March 31, 1998 and 1997, respectively.

         As a result of the sales during 1998 of the  Properties in Port Orange,
Florida  and  Tyler,  Texas,  as  described  above  in  "Liquidity  and  Capital
Resources,"  the  Partnership  recognized a total gain of $440,822 for financial
reporting purposes during the quarter ended March 31, 1998.



                                       12

<PAGE>



                           PART II. OTHER INFORMATION


Item 1.           Legal Proceedings.  Inapplicable.

Item 2.           Changes in Securities.  Inapplicable.

Item 3.           Defaults 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 - None.

                  (b)      No reports on Form 8-K were filed  during the quarter
                           ended March 31, 1998.

                                       13

<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 May, 1998.


                             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)