The fifth Trainline locomotive release is the second all new tooling effort for the line. Walthers Trainline introduces an EMD F40PH diesel in 1998. At least two variations are presented for the F40PH: dynamic brake equipped and non-dynamic. Seven roadnames made up the introductory group: Amtrak (Phase III w/two roadnumbers), Chicago METRA, Boston MBTA, NJ Transit, San Francisco Caltrain, San Diego Coaster, VIA Rail Canada. The models had a $49.98 retail. The model is a Phase II example of EMD's passenger diesel and is correct for Amtrak use as that road's 230-400 numbered units. A review of the Trainline F40PH is included in Model Railroader's May 1998 issue.

A second release of Trainline F40PH models is included in Walthers 1999 annual catalog reference book. The new roads are: GO Transit, Southern California's Metro Link, and Miami's Tri-Rail. Two roadnumbers are offered for Amtrak in Phase II scheme for the first time, plus a third roadnumber is added to the Phase III Amtrak models.

Late 2012 delivers a run of Walthers Trainline HO-scale EMD F40PH diesels. Amtrak Phase II, Phase III, and Phase V schemes are present, plus a Coaster example. The 2012 edition retailed for $59.98.