U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

FORM 10-QSB

Quarterly Report Under Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2003
                           Commission File No. 0-19916

TMP INLAND EMPIRE V, LTD.
                        A CALIFORNIA LIMITED PARTNERSHIP
          (Name of small business issuer as specified in its charter)

CALIFORNIA           
             
             
             
             
             
             
             
             
         33-0368324
(State or other jurisdiction        
             
             
             
             
             
             
          
      (I.R.S.  Employer Identification No.) of
incorporation or organization)

801 North Parkcenter Drive, Suite 235
                           Santa Ana, California 92705
         (Address of principal executive offices, including Zip Code)

(714) 836-5503
                (Issuer's telephone number, including area code)

Check whether the issuer
[1] filed all reports required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 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 [ ]

Transitional Small Business Disclosure Format: ____Yes__X__No

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PART I  - FINANCIAL INFORMATION

Item 1.            
  Financial Statements

The following financial
statements are filed as a part of this form 10-QSB:

Balance Sheets as of
September 30, 2003 and December 31, 2002, Statements of Operations for the three
and nine months ended September 30, 2003 and 2002, and Statements of Cash Flows
for the nine months ended September 30, 2003 and 2002.

The interim financial
statements presented have been prepared by the Partnership without audit and in
the opinion of the management, reflect all adjustments of a normal recurring
nature necessary for a fair statement of (a) the results of operations for the
three and nine months ended September 30, 2003 and 2002 (b) the financial
position as of September 30, 2003 (c) the cash flows for the nine months ended
September 30, 2003 and 2002. Interim results are not necessarily indicative of
results for a full year.

The balance sheet presented
as of December 31, 2002 has been derived from the financial statements that have
been audited by the Partnerships independent public accountants. The
financial statements and notes are condensed as permitted by Form 10-QSB and do
not contain certain information included in the annual financial statements and
notes of the Partnership. The financial statements and notes included herein
should be read in conjunction with the financial statements and notes included
in the Partnerships Form 10-KSB.

2

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`TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership

                                 Balance Sheets



                                               September 30,        December 31,
                                                     2003             2002
                                                 (unaudited)        (audited)
                                               -------------     --------------
Assets

Cash                                          $    1,446,985   $            173
Investment in Unimproved Land,
net (Note 1)                                         293,455          2,717,351
                                                ------------       ------------

     Total Assets                             $1,740,440       $      2,717,524
                                              ==========       ================

                        Liabilities and Partners' Capital

Accounts Payable & Accrued Expenses           $        3,476   $         20,162
Due to Affiliates (Note 5 and 6)                       1,802            924,512
Property Taxes Payable                                 1,385             41,893
Franchise Tax Payable                                    800                800
Commission Payable to Affiliate (Note 6)               5,400              5,400
Notes Payable (Note 7)                                     0            315,000
                                                ------------       ------------

     Total Liabilities                                12,863          1,307,767
                                                ------------       ------------

General Partners                                     (71,905)           (75,083)
Limited Partners: 10,000 Equity Units
  Authorized and Outstanding                       1,799,482          1,484,840


    Total Partners' Capital                        1,727,577          1,409,757
                                                ------------          ---------

    Total Liabilities and Partners' Capital   $    1,740,440   $      2,717,524
                                              ==============   ================







                 See Accompanying Notes to Financial Statements`

3

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`TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership

                            Statements of Operations
                                   (Unaudited)


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


Property Sales                                $    2,863,450   $        225,000
Cost of Property Sales                            (2,163,247)          (235,103)
                                              ---------------   ----------------
  Total Gain (Loss) on Property Sales                700,203            (10,103)

Forgiveness of Debt Income                            50,000                  0
                                                ------------   ----------------

Total Income (Loss)                                  750,203            (10,103)

Expenses
     Accounting & Financial Reporting                  6,731              8,101
     Outside Professional Services                    11,803             13,242
     General  & Administrative                           436                693
      Participation Fee                              244,787                  0
     Interest                                          9,337             24,897
                                                ------------   ----------------

Total Expenses                                       273,094             46,933
                                                ------------   ----------------

Net Income (Loss)                             $      477,109   $        (57,036)
                                              ==============   =================


Allocation of Net Income (Loss)  (Note 4):

     General Partners, in the Aggregate:      $        4,771   $           (570)
                                              ==============   =================

     Limited Partners, in the Aggregate:      $      472,338   $        (56,466)
                                              ==============   =================

     Limited Partners, per Equity Unit:       $        47.23   $          (5.65)
                                              ==============   =================





                 See Accompanying Notes to Financial Statements`

4

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`TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership

                            Statements of Operations
                                   (Unaudited)

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

Property Sales                                $    3,248,450       $    225,000
Cost of Property Sales                            (2,593,859)          (235,103)
                                              ---------------       ------------
  Total Gain (Loss) on Property Sales                654,591         (10,103)

Forgiveness of Debt Income                            50,000                  0
                                                ------------       ------------

Total Income (Loss)                                  704,591           (10,103)

Expenses
     Accounting & Financial Reporting                 17,863             22,039
     Outside Professional Services                    38,066             36,238
     General  & Administrative                           736              1,149
      Decline in Market Value                         10,000                  0
      Participation Fee                              244,787                  0
     Interest                                         74,519           69,063
                                                ------------       ------------

Total Expenses                                       385,971            128,489
                                                ------------       ------------

Income (Loss) Before Taxes                           318,620           (138,592)

     State Franchise Tax                                (800)              (800)
                                                 ------------       ------------

Net Income (Loss)                             $      317,820   $       (139,392)
                                              ==============   =================


Allocation of Net Income (Loss)  (Note 4):

     General Partners, in the Aggregate:      $        3,178   $         (1,394)
                                              ==============   =================

     Limited Partners, in the Aggregate:      $      314,642   $       (137,998)
                                              ==============   =================

     Limited Partners, per Equity Unit:       $        31.46   $         (13.80)
                                              ==============   =================



                 See Accompanying Notes to Financial Statements`

5

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`TMP INLAND EMPIRE V, LTD
                        A California Limited Partnership
                             Statement of Cash Flows
                                   (unaudited)

                                                    Nine months Ended
                                              September 30,  September 30,
                                                   2003                2002
                                               ------------       ------------
Cash Flows from Operating Activities:
Net Income (Loss)                             $      317,820   $       (139,392)
  Adjustments to Reconcile Net Loss to Net
  Cash
     Provided By Operating Activities:
     Decline in Market Value                          10,000                  0
     Forgiveness of Debt                             (50,000)                 0
     (Gain) Loss on Property Sale                   (654,591)           (10,103)
Changes in Assets and Liabilities:
       (Decrease) Increase in Due to
       Affiliates                                   (872,710)           162,835
       Decrease in Prepaid & Other Expenses                0              3,498
       (Decrease) in A/P and Accrued Expenses        (16,686)            (8,952)
       (Decrease) in Property Taxes Payable          (40,508)           (20,884)
                                                 ------------   ----------------
       Net Cash (Used In) Operating Activities    (1,356,675)           (12,998)
                                                -------------   ----------------

Cash Flows from Investing Activities:
     Proceeds from Property Sale less Selling
     Expenses                                      3,148,838            225,000
     Increase in Investment in Unimproved Land       (80,350)          (125,386)
                                               --------------   -------
       Net Cash Provided By Investing
       Activities                                  3,068,487             99,614
                                              --------------    ---------------

Cash Flows from Financing Activities:
     Payment of Note Payable                        (315,000)          (125,000)
                                               --------------   ----------------
       Net Cash (Used In) Financing Activities      (315,000)          (125,000)
                                               --------------   ----------------

Net Increase (Decrease) in Cash                    1,446,812            (38,384)

Cash, Beginning of Period                               173              38,507
                                               ------------    ----------------

Cash, End of Period                           $    1,446,985   $            123
                                              ==============   ================

Supplemental Disclosure of Cash Flow Information:
-------------------------------------------------

Cash Paid for Taxes                           $          800   $            800
                                              ==============   ================

Cash Paid for Interest                        $      105,748   $         95,590
                                              ==============   ================



                 See Accompanying Notes to Financial Statements`

6

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 1 - General and Summary of Significant Accounting Policies

General - TMP
Inland Empire V, Ltd. (the Partnership) was organized in 1989 in accordance with
the provisions of the California Uniform Limited Partnership Act for the purpose
of acquiring, developing and operating real property in the Inland Empire area
of Southern California.

Accounting Method -
The Partnerships policy is to prepare its financial statements on the
accrual basis of accounting.

Investment in Unimproved
Land - Investment in unimproved land is stated at the lower of cost or fair
value. All costs associated with the acquisition of a property are capitalized.
Additionally, the Partnership capitalizes all direct carrying costs (such as
interest expense and property taxes). These costs are added to the cost of the
properties and are deducted from the sales prices to determine gains when
properties are sold.

Syndication Costs -
Syndication costs (such as commissions, printing, and legal fees) totaling
$1,081,818 represent costs incurred to raise capital and, accordingly, are
recorded as a reduction in partners capital (see Note 3).

Cash, Cash Equivalents
and Credit Risk  The Partnership considers all unrestricted highly
liquid investments purchased with maturities of three months or less to be cash
equivalents. The carrying value of cash equivalents approximates fair value. The
Partnership maintains its cash accounts at institutions that are insured by the
Federal Deposit Insurance Corporation. At times, the Partnership may maintain
cash balances that exceed the insurance limits of $100,000 per bank. However,
the Partnership considers its credit risk associated with cash and cash
equivalents to be minimal.

Use of Estimates -
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.

Concentration - All
unimproved land parcels held for investment are located in the Inland Empire
area of Southern California. The eventual sales price of all parcels is highly
dependent on the real estate market condition in that geographical area. The
Partnership attempts to mitigate any potential risk by continually monitoring
the market conditions and holding the land parcels through any periods of
declining market conditions.

7

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 1 - General and Summary of Significant Accounting Policies (continued)

Income Taxes - The
entity is treated as a partnership for income tax purposes and any income or
loss is passed through and taxable to the individual partners. Accordingly,
there is no provision for federal income taxes in the accompanying financial
statements. However, the minimum California Franchise Tax payable annually by
the Partnership is $800.

Recent Authoritative
Pronouncements- In October 2001, the FASB issued SFAS No. 144
Accounting for the Impairment or Disposal of Long-Lived Assets. This
statement establishes the accounting model for long-lived assets to be disposed
of by sale and applies to all long-lived assets, including discontinued
operations. This new statement requires that those long-lived assets be measured
at the lower of carrying amount or fair value less cost to sell, whether
reported in continuing operations or in discontinued operations. The Partnership
adopted SFAS No. 144 beginning January 1, 2002. There was no impact to the
financial statements since the long-lived assets had previously been recorded at
the lower of cost or market value, less disposal costs.

In September 2002, the FASB
issued SFAS No. 145, Rescission of FASB Statements No. 4, 44, and 64,
Amendment of FASB Statement No. 13, and Technical Corrections. This
statement requires the classification of gains or losses from the
extinguishments of debt to meet the criteria of APB Opinion No. 30
Reporting the Results of Operations-Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions before they can be classified as extraordinary in
the income statement. The rescission of SFAS No. 4 is effective January 1, 2003.
The amendment of SFAS No. 13 is effective for transactions occurring on or after
May 15, 2002. The Partnership does not anticipate the adoption of this statement
will have a material effect on the Partnerships financial position or
results of operations.

In
September 2002, the FASB issued SFAS No. 146, Accounting for Costs
Associated with Exit or Disposal Activities. This statement addresses
financial accounting and reporting for costs associated with exit or disposal
activities. This statement requires that a liability for a cost associated with
an exit or disposal activity be recognized when the liability is incurred. The
provisions of this statement are effective for activities that are initiated
after December 31, 2002. The Partnership does not anticipate the adoption of
this statement will have a material effect on the Partnerships financial
position or results of operations.

8

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 1 - General and Summary of Significant Accounting Policies (continued)

Recent  Authoritative  Pronouncements- In October 2002, the FASB issued SFAS No.
147, Acquisitions of Certain Financial Institutions, an Amendment to SFAS No. 72
and 144, and FASB  Interpretation No. 9. This FASB relates to the acquisition of
financial   institutions   and  is  not  expected  to  have  an  impact  on  the
Partnership's  financial position or results of operations since the Partnership
has no intention of acquiring financial institutions.

In November 2002, the FASB
issued Interpretation No. 45 (FIN), Guarantors Accounting and
Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others, an interpretation of SFAS No. 5, 57 and 107 and
rescission of FIN No. 34, which addresses disclosures to be made by a guarantor
in its interim and annual financial statements about its obligations under
certain guarantees that is has issued. Provisions of FIN No. 45 related to
recognition and initial measurement are to be applied on a prospective basis to
guarantees issued or modified after December 31, 2002. Provisions of FIN NO. 45
related to disclosure requirements are effective for financial statements of
interim and annual periods ending after December 15, 2002. The
Partnerships adoption of this pronouncement in January 2003 did not have a
material effect on its financial position or results of operations.

In December 2002, the FASB
issued SFAS No. 148, accounting for Stock-Based Compensation-Transition
and Disclosure, an amendment to SFAS No. 123, Accounting for
Stock-Based Compensation and APB Opinion No. 28, Interim Financial
Reporting. SFAS No. 148 provides for alternative methods of transition for
an entity that voluntarily changes to the fair value based method of accounting
for stock-based employee compensation. In addition, SFAS No. 148 (i) amends the
disclosure provision of SFAS No. 123 to require prominent disclosure about the
effects on reported net income of an entitys accounting policy decisions
with respect to stock-based employee compensation; and (ii) amends APB Opinion
No. 28 to require disclosure about those effects in interim financial
information. Provisions of SFAS No. 148 relating to amendments to SFAS No. 123
are effective for financial statements for fiscal years ending after December
31, 2002. Provisions of SFAS No. 148 relating to amending APB Opinion No. 28 are
effective for financial reports for interim periods beginning after December 15,
2002. In January 2003, the Partnership adopted the disclosure requirements of
SFAS No. 148. The adoption of the disclosure provisions of this statement will
not have a material effect on the Partnerships financial position or
results of operations.

9

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 1 - General and Summary of Significant Accounting Policies (continued)

In May 2003, the FASB
issued SFAS No. 150, Accounting for Certain Financial Instruments with
Characteristics of both Liabilities and Equity, which establishes
standards of how an issuer classifies and measures certain financial instruments
with characteristics of both liabilities and equity for purposes of the
issuers statement of financial position. Provisions of SFAS No. 150 are
(i) effective for financial instruments entered into or modified after May 31,
2003, and otherwise are effective at the beginning of the first interim period
beginning after September 15, 2003, and (ii) to be implemented by reporting the
cumulative effect of a change in accounting principle for financial instruments
created before the issuance date of SFAS No. 150 and still existing at the
beginning of the interim period of adoption. The Partnership does not anticipate
the adoption of this statement will have a material effect on the
Partnerships financial position or results of operations.

Note 2 - Organization of the Partnership

The Partnership was originally  formed in 1989 with TMP Properties (A California
General partnership) and TMP Investments, Inc. (A California Corporation) as the
general partners.  The partners' of TMP Properties are William O. Passo, Anthony
W. Thompson and Scott E. McDaniel. William O. Passo and Anthony W. Thompson were
the shareholders of TMP Investments,  Inc. until October 1, 1995, when they sold
their shares to TMP Group,  Inc. and then became the  shareholders of TMP Group,
Inc.

The Partnership originally
acquired ten separate parcels of unimproved real property in Riverside and San
Bernardino Counties, California. The properties were to be held for investment,
appreciation, and ultimate sale and/or improvement of all or portion thereof,
either alone or in conjunction with a joint venture partner. A portion of one
parcel was sold in 1992 and the proceeds were retained for working capital.

The partnership agreement
provides for two types of investments: Individual Retirement Accounts (IRA) and
others. The IRA minimum purchase requirement was $2,000 and all others were a
minimum purchase requirement of $5,000. The maximum liability of the limited
partners is the amount of their capital contribution.

10

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 3 - Partners Contributions

The Partnership offered for
sale 10,000 units at $1,000 each to qualified investors. As of December 31,
1990, all 10,000 units had been sold for total limited partner contributions of
$10,000,000. There have been no contributions made by the general partners since
its formation. As described in Note 1, syndication costs have been recorded as a
reduction in partners capital.

Note 4 - Allocation of Profits, Losses and Cash Distributions

Profits, losses, and cash
distributions are allocated 99 percent to the limited partners and one percent
to the General Partners until the limited partners have received an amount equal
to their capital contributions plus a cumulative, non-compounded return of six
percent per annum based on their adjusted capital account balances. At that
point, remaining profits, losses and cash distributions are allocated 85 percent
to the Limited Partners and 15 percent to the General Partners. There were no
distributions in 2003 or 2002.

Note 5 - Agreements with PacWest

In March 1998, the General
Partners entered into an agreement (the Financing Agreement) with PacWest,
whereby PacWest paid a total of $300,000 to the General Partners and ten other
related partnerships (the TMP Land Partnerships). In addition, PacWest agreed to
pay up to an additional $300,000 for any deficit capital accounts for these 11
partnerships in exchange for the rights to the General Partners
distributions; referred to as a distribution fee as defined by the
Financing Agreement.

In addition, PacWest has
agreed to loan and/or secure a loan for the TMP Land Partnerships in the amount
of $2,500,000. Loan proceeds will be allocated among the TMP Land Partnerships,
based on partnership needs, from recommendations made by PacWest, and under the
approval and/or direction of the general partners. A portion of these funds will
be loaned to the Partnership at 12% simple interest beginning April 1, 1998. The
borrowings are secured by the Partnerships properties, and funds will be
loaned, as needed, in the opinion of the General Partners. These funds are not
to exceed 50% of the 1997 appraised value of the properties, and will primarily
be used to pay for on-going property maintenance, pay down existing debt, back
property taxes and appropriate entitlement costs.

PacWest, can, at their
option, make additional advances with the agreement of the TMP General Partners;
however, the aggregate amount of cash loaned to the TMP Land

11

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 5 - Agreements with PacWest (continued)

Partnerships are limited to
a maximum of $2,500,000.

Effective August 1, 2000,
the Partnership entered into the First Amendment to the Management Agreement
(First Amendment). The purpose of the First Amendment is to clarify
and define certain language and the terms of the provisions of the Management
Agreement. The Management Agreement, in its entirety, remains in effect apart
from specific items discussed in the First Amendment.

Certain items disclosed in
the First Amendment include 1) Revision of the Asset Administration
Fee schedule and its reduction upon the sale of any property, 2)
Participation Fee wording is altered to read Manager Profit
Participation and its calculation is defined, 3) the maximum amount of the
PacWest loan to any Partnership shall not exceed fifty percent (50%) of the fair
market value of all real properties owned by the Partnership, and the maximum
amount of the PacWest loan secured against each specific parcel shall not exceed
a loan-to-value ratio of fifty percent of the fair market value of that parcel,
4) The maximum Total PacWest loan amount shall be $2,500,000 allocated between
the Partnerships and each borrowing Partnership shall execute a Promissory Note
(as attached to the First Amendment) and a Trust Deed (as attached to the First
Amendment). PacWest and the TMP Land Partnerships shall be entitled to enter
into a separate written agreement to provide for a short-term gap loan to cover
emergency shortfalls, and 5) If the Partnerships need funds in excess of the
$2,500,000, PacWest shall be entitled to obtain third party loans at market
interest, secured against the real property of each Partnership to whom such
loan(s) is made. No such loan(s) shall be made without the written consent of
the General Partners.

Pursuant to the Financing
Agreement, PacWest has acquired the General Partners unsubordinated 1%
interest in the Partnership and assumed responsibility for all partnership
administration while not replacing any of the General Partners.

In April 1998, PacWest
entered into the Management Agreement with the General Partners to provide the
Partnership with overall management, administrative and consulting services.
PacWest currently contracts with third party service providers to perform
certain of the financial, accounting, and investor relations services for
the Partnership. PacWest will charge a fee for its administrative services equal
to an amount not to exceed the average reimbursements to the General Partners
for such services over the past five years. As of September 30, 2003 and
December 31, 2002 the TMP Land Partnerships owe PacWest approximately $5,000 and
$924,500, respectively, including advances & interest related to the
aforementioned agreements.

12

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 6 - Related Party Transactions

Syndication costs (see
Notes 1 and 3) netted against partners capital contributions include
$1,000,000 of selling commissions paid in prior years to TMP Capital Corp. for
the sale of partnership units of which a portion was then paid to unrelated
registered representatives. William O. Passo and Anthony W. Thompson were the
shareholders of TMP Capital Corp. until October 1, 1995, when they sold their
shares to TMP Group, Inc.

Investment in unimproved
land includes acquisition fees of $617,562 paid in prior years to TMP
Properties, TMP Investments, Inc., and the general partners, for services
rendered in connection with the acquisition of the properties.

As of September 30, 2003
and December 31, 2002, $5,400 is payable to Regal Realty, a company wholly owned
by Scott E. McDaniel, for services rendered relating to sales of properties
prior to 1990. Mr. McDaniel is a partner of TMP Properties and he was a
shareholder of TMP Investments, Inc. until September 1993 when he sold his
shares to Mr. Passo and Mr. Thompson. Ultimate payment of this amount is
contingent on the Limited Partners receiving an amount equal to their capital
contributions plus a cumulative, non-compounded return of 6% per annum on their
adjusted capital contributions. As of September 30, 2003, the limited partners
had not received such a return and therefore this amount is not currently due.

Note 7 - Notes Payable

On July 11, 2000, the
Partnership borrowed $140,000 from a private party. The note is secured by a
deed of trust on a parcel of land owned by the Partnership in Victorville,
California. The note is due on August 8, 2003. Fees for the origination of the
note were paid by the Partnership in the amount of approximately $4,260.
Interest accrues at 12 percent per annum payable in monthly installments of
$1,400 starting September 8, 2000. As of September 30, 2003 and December 31,
2002, $50,400 and $40,600 of interest had been capitalized to investment in
unimproved land. The Partnership closed escrow on this property on August 22,
2003 for a sales price of $250,000 and the note was paid in full.

On August 10, 2000, the
Partnership borrowed $175,000 from a private party. The note is secured by a
deed of trust on a parcel of land owned by the Partnership in Victorville,
California. The note is due on October 1, 2003. Fees for the origination of the
note were paid by the Partnership in the amount of approximately $11,660.
Interest accrues at 13.5 percent per annum payable in monthly installments of
approximately $1,969 starting November 1, 2000. As of September 30, 2003 and
December 31, 2002 $59,062 and

13

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                               September 30, 2003
                                   (Unaudited)

Note 7 - Notes Payable (continued)

$53,156, respectively, of
interest had been capitalized to investment in unimproved land. On April 11,
2003 this note was paid in full from the sale proceeds of this parcel of land in
Victorville, California (See Note 10).

Note 8 - Decline in Market Value

During the nine month
period ended September 30, 2003, the Partnership experienced a loss due to the
write-down in value of the Partnership land of $10,000. During the year ended
December 31, 2002, the Partnership experienced a loss due to the write-down in
value of the Partnership land of $50,000. The decline in land value was mainly
due to the downturn in the real estate market applicable to the location of
certain properties.

14

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                               September 30, 2003

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

The following discussion
and analysis provides information that the Partnerships management
believes is relevant to an assessment and understanding of the
Partnerships results of operations and financial condition. This
discussion should be read in conjunction with the financial statements and
footnotes, which appear elsewhere in this report.

This Quarterly Report on
Form 10-QSB contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934, which are subject to the safe harbor created by that
section. Words such as expects, anticipates,
intends, plans, believes, seeks,
estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the exclusive means
of identifying forward-looking statements in this report. Additionally,
statements concerning future matters such as the features, benefits and
advantages of the Partnerships property regarding matters that are not
historical are forward-looking statements. The Partnerships actual future
results could differ materially from those projected in the forward-looking
statements. The Partnership assumes no obligation to update the forward-looking
statements.

Readers are urged to review
and consider carefully the various disclosures made by the Partnership in this
report, which attempts to advise interested parties of the risks and factors
that may affect the Partnerships business, financial condition and results
of operations.

Results of Operations

The following discussion
should be read in conjunction with the attached financial statements and notes
thereto and with the Partnerships audited financial statements and notes
thereto for the fiscal year ended December 31, 2002.

The Partnerships
management believes that inflation has not had a material effect on the
Partnerships results of operations or financial condition.

15

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                               September 30, 2003

Fiscal Periods Ended September 30, 2003 and 2002

On April 11, 2003 the
Partnership closed escrow on one of its properties for $385,000. In September
2003 an additional $70,000 was received increasing the original sales price to
$455,000. The increase in sales price resulted in a gain of $24,388, rather than
a loss of $45,612 as originally reported. Of the sale proceeds, $175,000 was
used to pay off the loan (see Note 7) and $236,639 to pay down the PacWest loan.

On July 31, 2003 the
Partnership received sale proceeds of $275,000 from SCE relating to the sale of
an easement.

On August 25, 2003 the
Partnership closed escrow on one of its properties for a sales price of
$250,000. Approximately $140,000 and $90,417, of the sale proceeds were used to
pay off the loan (see Note 7) and pay down the PacWest loan, respectively. A
gain of $62,722 was recorded relating to this sale.

On August 27, 2003 the
Partnership closed escrow on one of its properties for a sales price of $42,000.
Approximately $40,114 of the sale proceeds were used to pay down the PacWest
loan. A gain of $12,317 was recorded relating to this sale.

On September 10, 2003 the
Partnership closed escrow on one of its properties for a sales price of
$2,225,450. A participation fee of $244,787 was paid to PacWest relating to this
sale and $451,707 of the sale proceeds was used to pay down the PacWest loan. In
addition, PacWest forgave $50,000 of debt due by the Partnership due to an
accelerated closing date. A gain of $280,164 was recorded relating to this sale.

Total expenses for the
three-month period ended September 30, 2003 compared with the three-month period
ended September 30, 2002 increased by $226,161 due primarily to an increase in
Participation Fee of $244,787. This increase was partially offset by a decrease
in Interest Expense of $15,560 due to the pay down of the PacWest loan.

Total
expenses for the nine-month period ended September 30, 2003 compared with the
nine-month period ended September 30, 2002 increased by $257,482 due primarily
to an increase in Participation Fee of $244,787, Decline in Market Value of
$10,000 and Interest Expense of $5,456.

16

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TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                               September 30, 2003

Liquidity and Capital Resources

At September 30, 2003, the
Partnership had available cash of $1,446,985. Operations during the nine-month
period ended September 30, 2003 utilized cash of $1,306,675. Investing
activities provided $3,068,487. Property Sale proceeds of $3,248,450 were offset
by the payment of development and carrying costs of unimproved land held for
investment of $80,350 and $99,612 of selling expenses relating to the property
sales.

Financing activities
utilized $315,000 to payoff note payables with the proceeds from the property
sales discussed above. Advances from PacWest decreased by $922,710 during the
nine-month period ended September 30, 2003.

During the nine-month
period ended September 30, 2002 operations utilized cash of $12,998. Investing
activities provided $99,614. Property Sale proceeds of $225,000 were offset by
the payment of development and carrying costs of unimproved land held for
investment of $125,386. Financing activities utilized $125,000 to payoff a note
payable with the proceeds from the property sale discussed above. Advances from
PacWest increased by $162,835 during the nine-month period ended September 30,
2002.

The Partnership had three
properties as of September 30, 2003 that are being held for appreciation and
resale. One of the properties is currently being negotiated for sale at $106,000
to close escrow by 12/12/03. One other property closed escrow for $322,250 on
November 3, 2003. The Partnership will be receiving a note for a portion of the
sales price. The note of $222,250 will bear interest at 8%. Interest payments
will be made quarterly with the principal due three years from the close of
escrow date. In addition, the last property is listed for sale at $38,000. Upon
the sale of each property, the Partnership intends to payback PacWest loans,
including interest, and then distribute the sales proceeds, less any reserves
needed for operations, to the partners.

17

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`Signatures

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

Date: October 28, 2003

                        TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership


             By:      TMP Investments, Inc., A California Corporation as
                      Co-General Partner


                                 By:      \s\ William O. Passo
                                       -------------------------------------
                                          William O. Passo, President


                                 By:       \s\ Anthony W. Thompson
                                       -------------------------------------
                                       Anthony W. Thompson, Exec. Vice President

               By:      TMP Properties, A California General Partnership as
                        Co-General Partner


                                 By:      \s\ William O. Passo
                                       -------------------------------------
                                          William O. Passo, Partner

                                 By:       \s\ Anthony W. Thompson
                                       -------------------------------------
                                       Anthony W. Thompson, Partner

                                 By:       \s\ Scott E. McDaniel
                                       -------------------------------------
                                         Scott E. McDaniel Partner

                By:    JAFCO, Inc., A California Corporation as Chief Accounting
                      Officer

                                 By:      \s\ John A. Fonseca
                                       -------------------------------------
                                          John A. Fonseca, President`