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 March 31, 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

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 March
31, 2003 and December 31, 2002, Statements of Operations for the three months
ended March 31, 2003 and 2002, and Statements of Cash Flows for the three months
ended March 31, 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 months ended March 31, 2003 and 2002 (b) the financial position as of
March 31, 2003 (c) the cash flows for the three months ended March 31, 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

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

                                 Balance Sheets



                                                   March 31,       December 31,
                                                       2003              2002
                                                 (unaudited)         (audited)
                                               -------------      --------------
Assets

Cash                                           $      1,062       $         173
Investment in Unimproved Land, net (Note 1)       2,760,595           2,717,351
                                               ------------        ------------

     Total Assets                              $  2,761,657       $   2,717,524
                                               ============        ============

                        Liabilities and Partners' Capital

Accounts Payable & Accrued Expenses            $     24,255       $      20,162
Due to Affiliates (Note 5 and 6)                  1,028,611             924,512
Escrow Deposits (Note 11)                            16,000                  0
Property Taxes Payable (Note 8)                      13,981              41,893
Franchise Tax Payable                                   800                 800
Commission Payable to Affiliate (Note 6)              5,400               5,400
Notes Payable (Note 7)                              315,000             315,000
                                               ------------        ------------

     Total Liabilities                            1,404,047           1,307,767
                                               ------------        ------------

General Partners                                    (75,604)            (75,083)
Limited Partners: 10,000 Equity Units
  Authorized and Outstanding                      1,433,214           1,484,840
                                                  ---------           ---------


    Total Partners' Capital                       1,357,610           1,409,757
                                               ------------           ---------

    Total Liabilities and Partners' Capital    $  2,761,657       $   2,717,524
                                               ============        ============







                 See Accompanying Notes to Financial Statements`

3

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

                            Statements of Operations
                                   (Unaudited)


                                                    Three Months Ended
                                                  March 31,          March 31,
                                                   2003                2002
                                               ------------     --------------

Income
     Other                                     $          0       $           0
                                                -----------        ------------
Total Income                                              0                   0
                                               ------------       -------------

Expenses
     Accounting & Financial Reporting                 2,986               6,371
     Outside Professional Services                   10,384              13,342
     General  & Administrative                          184                 180
      Decline in Market Value                        10,000                   0
     Interest                                        27,793              20,108
                                               ------------       -------------

Total Expenses                                       51,347              40,001
                                               ------------       -------------

Loss Before Taxes                                  (51,347)             (40,001)

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

Net Loss                                       $    (52,147)       $    (40,801)
                                               =============       =============


Allocation of Net Loss  (Note 4):

     General Partners, in the Aggregate:       $       (521)      $        (408)
                                               =============      ==============

     Limited Partners, in the Aggregate:       $    (51,626)      $     (40,393)
                                               =============      ==============

     Limited Partners, per Equity Unit:        $      (5.16)      $       (4.04)
                                               =============      ==============





                 See Accompanying Notes to Financial Statements`

4

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

                                                    Three months Ended

                                                March 31,      March 31,
                                                   2003                2002
                                               ------------       ------------
Cash Flows from Operating Activities:

Net Loss                                       $   (52,147)       $     (40,801)
  Adjustments to Reconcile Net Loss to Net
 Cash
     Provided By Operating Activities:
     Decline in Market Value
     Changes in Assets and Liabilities:              10,000                   0
       Increase in Due to Affiliates                104,099              43,716
       Decrease in Prepaid & Other Expenses               0               3,498
       Increase (Decrease) in A/P and Accrued
       Expenses                                       4,093             (12,680)
       (Decrease) Increase in Property Taxes
        Payable                                     (27,912)             12,067
                                                ------------       ------------
       Net Cash Provided By Operating
       Activities                                    38,133               5,800
                                               ------------       -------------

Cash Flows from Investing Activities:
     Proceeds from Escrow Deposits                   16,000                   0
     Increase in Investment in Unimproved Land      (53,244)            (43,757)
                                               -------------       -------------
       Net Cash Used In Investing Activities        (37,244)            (43,757)
                                               -------------       -------------

Net Increase (Decrease) in Cash                         889             (37,957)

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

Cash, End of Period                            $      1,062       $         550
                                               ============       =============

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

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

Cash Paid for Interest                         $     31,548       $      33,683
                                               ============       =============





                 See Accompanying Notes to Financial Statements`

5

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 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.

6

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 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 June 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.

7

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 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.

Liquidity and Going
Concern- As shown in the accompanying financial statements, the Partnership
does not have sufficient current assets to satisfy liabilities that arise in the
normal course of business. PacWest Inland Empire, through its loan agreement
with the TMP partnerships, provided a source of funds by which the Partnership
could satisfy the liabilities arising from partnership operations and the
development and maintenance of undeveloped land held by the Partnership. The
loan agreement originally stated that PacWest could loan up to $2,500,000 to the
TMP partnerships. Subsequently, the agreement was amended to allow PacWest to
loan beyond $2,500,000. Currently, PacWest has loaned approximately $1,033,300
to the TMP partnerships, of which approximately $1,028,600 has been loaned to
the Partnership. There is no assurance that PacWest will continue to loan
additional funds to the Partnership.

The Partnership is actively
attempting to sell the undeveloped land it presently owns. However, there is no
assurance that the Partnership will be able to sell the land in a timely manner
at a price sufficient to generate funds to maintain Partnership operations and
satisfy the PacWest debt and the existing trust deeds.

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.
During 1993, the

8

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 2003
                                   (Unaudited)

Note 2 - Organization of the Partnership (continued)

Partnership foreclosed on property underlying a note receivable and subsequently
sold the property. During 1995, the Partnership sold a portion of one parcel and
received a note for $141,000.

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.

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.

9

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 2003
                                   (Unaudited)

Note 5 - Agreements with PacWest (continued)

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 General Partners;
however, the aggregate amount of cash loaned to the TMP Land Partnerships is
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.

10

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 2003
                                   (Unaudited)

Note 5 - Agreements with PacWest (continued)

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 March 31, 2003 and December
31, 2002 the TMP Land Partnerships owe PacWest approximately $1,033,300 and
$924,500, respectively, including advances & interest related to the
aforementioned agreements.

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 March 31, 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 March 31, 2003, the limited partners had not received such
a return and therefore this amount is not currently due.

11

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 2003
                                   (Unaudited)

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 March 31, 2003 and December 31, 2002,
$44,800 and $40,600 of interest had been capitalized to investment in unimproved
land.

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 March 31, 2003 and
December 31, 2002 $59,062 and $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 - Property Taxes Payable

The property taxes payable
of $13,981 relates to current property taxes that were due in April and December
2001, 2002 and 2003, not yet paid.

Note 9 - Decline in Market Value

During the period ended
March 31, 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.

12

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                        Notes to the Financial Statements
                                 March 31, 2003
                                   (Unaudited)

Note 10 - Subsequent Events

Southern California Edison
Company (SCE) had filed a Complaint in Eminent Domain against the
Partnership relating to the 283 acres located at Rancho Road in Victorville. SCE
was seeking to obtain an easement of approximately 8.75 acres for the
installation of high power lines. An agreement in principal was reached between
SCE and the Partnership on March 6, 2003 whereby SCE will pay $275,000 to the
Partnership for the easement. The agreement was not signed as of March 31, 2003.

On April 11, 2003 the
Partnership closed escrow on one of its properties for a sales price of
$420,000. Escrow deposits of $16,000 were received relating to this sale and are
recorded in the Balance Sheet as of March 31, 2003. Approximately $175,000 and
$166,639, of the sale proceeds were used to pay off the loan (see Note 7) and
pay down the PacWest loan, respectively.

13

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                                 March 31, 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.

Fiscal Periods Ended March 31, 2003 and 2002

No revenues were recorded
during the three-month periods ended March 31, 2003 and 2002.

14

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                                 March 31, 2003

Total expenses for the
three-month period ended March 31, 2003 compared with the three-month period
ended March 31, 2002 increased by $11,346 due primarily to an increase in
Decline in Market Value of $10,000 and Interest Expense of $7,685. These
increases were partially offset by a $3,385 decrease in Accounting &
Financial Reporting and a $2,958 decrease in Outside Professional Services.

Liquidity and Capital Resources

At March 31, 2003, the
Partnership had available cash of $1,062. Operations during the three-month
period ended March 31, 2003 provided cash of approximately $38,000. Investing
activities utilized approximately $37,250 of cash. Escrow deposit proceeds of
$16,000 were offset by the payment of development and carrying costs of
unimproved land held for investment of approximately $53,250. Advances from
PacWest increased by approximately $104,100 during the three-month period ended
March 31, 2003.

During the three-month
period ended March 31, 2002 operations provided cash of approximately $5,800
while investing activities associated with the payment of development and
carrying costs of unimproved land held for investment utilized cash of
approximately $43,800. Advances from PacWest increased by approximately $43,700
during the three-month period ended March 31, 2003.

As shown in the
accompanying financial statements, the Partnership does not have sufficient
current assets to satisfy liabilities that arise in the normal course of
business. PacWest Inland Empire, through its loan agreement with the TMP
partnerships, provided a source of funds by which the Partnership could satisfy
the liabilities arising from partnership operations and the development and
maintenance of undeveloped land held by the Partnership. The loan agreement
originally stated that PacWest could loan up to $2,500,000 to the TMP
partnerships. Subsequently, the agreement was amended to allow PacWest to loan
beyond $2,500,000. Currently, PacWest has loaned approximately $1,033,300 to the
TMP partnerships, of which approximately $1,028,600 has been loaned to the
Partnership. There is no assurance that PacWest will continue to loan additional
funds to the Partnership.

15

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                                 March 31, 2003

The Partnership had seven
properties as of March 31, 2003 that are being held for appreciation and resale.
One of the properties was sold and closed escrow on April 11, 2003 for $420,000.
Southern California Edison Company (SCE) had filed a Complaint in
Eminent Domain against the Partnership relating to the 283 acres located at
Rancho Road in Victorville. SCE was seeking to obtain an easement of
approximately 8.75 acres for the installation of high power lines. An agreement
in principal was reached between SCE and the Partnership on March 6, 2003
whereby SCE will pay $275,000 to the Partnership for the easement. The agreement
was not signed as of March 31, 2003.

The
remaining 274.25 acres is currently in escrow for $2,350,000 contingent on the
completion of the complaint. In addition, five properties are listed for sales
prices

16

TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership
                                 March 31, 2003

ranging from $42,500 to
$250,000. 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

`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: May 13, 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`