UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                               -------------------
                                    FORM 10-Q




       [X]    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
              Exchange Act of 1934 For the fiscal quarter ended March 31, 1998


       [  ]   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 33-32258
                             -----------------------



                           PLM EQUIPMENT GROWTH FUND V
             (Exact name of registrant as specified in its charter)


California                                              94-3104548
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

One Market, Steuart Street Tower
Suite 800, San Francisco, CA                              94105-1301
(Address of principal                                     (Zip code)
executive offices)



       Registrant's telephone number, including area code: (415) 974-1399
                             -----------------------


       Indicate by check mark whether the  registrant  (1) has filed all reports
required to be filed by Section 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 ____







                           PLM EQUIPMENT GROWTH FUND V
                            (A Limited Partnership)
                                 BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)

<TABLE>
<CAPTION>



                                                                           March 31,             December 31,

                                                                            1998                 1997
                                                                      -------------------------------------
<S>                                                                     <C>                   <C>        
Assets

Equipment held for operating lease, at cost                             $   113,546           $   104,902
Less accumulated depreciation                                               (64,197)              (62,320 )
                                                                      ---------------------------------------
  Net equipment                                                              49,349                42,582

Cash and cash equivalents                                                     3,226                 9,884
Restricted cash                                                                 111                   111
Accounts and note receivable, net of allowance for doubtful
    accounts of $107 in 1998 and $113 in 1997                                 3,372                 3,229
Investments in unconsolidated special-purpose entities                       17,067                22,758
Prepaid expenses and other assets                                                60                   114
Deferred charges, net of accumulated amortization of
    $978 in 1998 and $948 in 1997                                               457                   435
Equipment acquisition deposit                                                    --                   920
                                                                      ---------------------------------------

      Total assets                                                      $    73,642           $    80,033
                                                                      =======================================


Liabilities and partners' capital


Liabilities:

Accounts payable and accrued expenses                                   $       950           $     1,826
Due to affiliates                                                               379                   477
Lessee deposits and reserve for repairs                                       1,752                 1,644
Note payable                                                                 30,000                32,000
                                                                      ---------------------------------------
    Total liabilities                                                        33,081                35,947
                                                                      ---------------------------------------

Partners' capital:

Limited partners (9,082,308 limited partnership units as of
    March 31, 1998 and 9,086,608 as of December 31, 1997)                    40,561                44,086
General Partner                                                                  --                    --
                                                                      ---------------------------------------
    Total partners' capital                                                  40,561                44,086
                                                                      ---------------------------------------

      Total liabilities and partners' capital                           $    73,642           $    80,033
                                                                      =======================================
</TABLE>











                       See accompanying notes to financial
                                  statements.








<PAGE>





                           PLM EQUIPMENT GROWTH FUND V
                            (A Limited Partnership)
                            STATEMENTS OF OPERATIONS
        (in thousands of dollars, except weighted-average unit amounts)

<TABLE>
<CAPTION>

                                                                              For the Three Months
                                                                                 Ended March 31,

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

<S>                                                                       <C>               <C>        
Revenues


Lease revenue                                                             $     5,212       $     7,868
Interest and other income                                                         161               150
Net gain on disposition of equipment                                              135                78
                                                                        ----------------------------------
    Total revenues                                                              5,508             8,096

Expenses

Depreciation and amortization                                                   2,641             4,119
Management fees to affiliate                                                      257               376
Repairs and maintenance                                                           325               667
Equipment operating expenses                                                      991             1,786
Interest expense                                                                  533               667
Insurance expense to affiliate                                                      9               259
Other insurance expense                                                            71               196
General and administrative expenses to affiliates                                 237               248
Other general and administrative expenses                                         140               135
Provision for bad debt                                                              6               338
                                                                        ----------------------------------
    Total expenses                                                              5,210             8,791
                                                                        ----------------------------------

Equity in net income of unconsolidated special-purpose entities                    36               149

    Net income (loss)                                                     $       334       $      (546)
                                                                        ==================================

Partners' share of net income (loss)

Limited partners                                                          $       143       $      (739)
General Partner                                                                   191               193
                                                                        ----------------------------------

    Total                                                                 $       334       $      (546)
                                                                        ==================================

Net income (loss) per weighted-average limited partnership unit 
    (9,084,809 units
    and 9,160,485 units as of March 31,
    1998 and 1997, respectively)                                          $      0.02       $     (0.08)
                                                                        ==================================

Cash distributions                                                        $     3,825       $     3,861
                                                                        ==================================

Cash distributions per  weighted-average limited partnership unit         $      0.40       $      0.40
                                                                        ==================================
</TABLE>



                       See accompanying notes to financial
                                  statements.



<PAGE>






                           PLM EQUIPMENT GROWTH FUND V
                            ( A Limited Partnership)
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL For the period from December 31, 1996
                  to March 31, 1998 (in thousands of dollars)

<TABLE>
<CAPTION>



                                                            Limited              General
                                                           Partners              Partner                    Total
                                                        ----------------------------------------------------------


<S>                                                       <C>                    <C>                  <C>   
Partners' capital as of  December 31, 1996                $    52,296            $     --             $    52,296

Net income                                                      7,154                 767                   7,921

Repurchase of limited partnership units                          (785)                 --                    (785)

Cash distributions                                            (14,579)               (767)                (15,346)
                                                        ------------------------------------------------------------

  Partners' capital as of  December 31, 1997                   44,086                  --                  44,086

Net income                                                        143                 191                     334

Repurchase of limited partnership units                           (34)                 --                     (34)

Cash distributions                                             (3,634)               (191)                 (3,825)
                                                        ------------------------------------------------------------

  Partners' capital as of  March 31, 1998                 $    40,561            $     --             $    40,561
                                                        ============================================================
</TABLE>





























                       See accompanying notes to financial
                                  statements.


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                            (A Limited Partnership)
                            STATEMENTS OF CASH FLOWS
                           (in thousands of dollars)

<TABLE>
<CAPTION>

                                                                                   For the Three Months
                                                                                     Ended March 31,

                                                                                  1998          1997
                                                                              ---------------------------
<S>                                                                            <C>             <C>        
Operating activities:

Net income (loss)                                                              $      334      $     (546)
Adjustments to reconcile net income (loss) to net cash
  provided by (used in) operating activities:
  Depreciation and amortization                                                     2,641           4,119
  Net gain on disposition of equipment                                               (135 )           (78)
  Equity in net income from unconsolidated
      special-purpose entities                                                        (36 )          (149)
  Changes in operating assets and liabilities, net:
    Restricted cash                                                                    --             (39)
    Accounts and note receivable, net                                                (143 )          (174)
    Prepaid expenses and other assets                                                  54              66
    Accounts payable and accrued expenses                                            (876 )            88
    Due to affiliates                                                                 (98 )          (294)
    Lessee deposits and reserve for repairs                                           108             392
                                                                             -----------------
                                                                                             ---------------
      Net cash provided by operating activities                                     1,849           3,385
                                                                             -------------------------------

Investing activities:
Payments for equipment purchases and capital improvements                          (8,280 )           (73)
Payments of acquisition fees to affiliate                                            (414 )            --
Payments of lease negotiation fees to affiliate                                       (92 )            --
Liquidation proceeds from unconsolidated
    special-purpose entity                                                          3,724              --
Distributions from unconsolidated special-purpose entities                          2,003           1,720
Proceeds from disposition of equipment                                                411             192
                                                                             -------------------------------
      Net cash (used in) provided by investing activities                          (2,648 )         1,839
                                                                             -------------------------------

Financing activities:
Payments of short-term note payable                                                    --          (1,400)
Payments of note payable                                                           (2,000 )        (1,500)
Cash distributions paid to limited partners                                        (3,634 )        (3,668)
Cash distributions paid to General Partner                                           (191 )          (193)
Repurchase of limited partnership units                                               (34 )          (438)
Payment for loan costs                                                                 --              (1)
                                                                             -------------------------------
      Net cash used in financing activities                                        (5,859 )        (7,200)
                                                                             -------------------------------

Net decrease in cash and cash equivalents                                          (6,658 )        (1,976)
Cash and cash equivalents at beginning of period                                    9,884           4,662
                                                                             -------------------------------
Cash and cash equivalents at end of period                                     $    3,226      $    2,686
                                                                             ===============================

Supplemental information:
Interest paid                                                                  $      569      $      702
                                                                               =============================
Supplemental disclosure of noncash investing and financing activities:
  Sales proceeds included in accounts receivable                               $        4      $       --
                                                                             ===============================

</TABLE>






                       See accompanying notes to financial
                                  statements.

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1998

1.   Opinion of Management

In the opinion of the  management  of PLM Financial  Services,  Inc. (FSI or the
General Partner),  the accompanying  unaudited financial  statements contain all
adjustments  necessary,  consisting  primarily of normal recurring accruals,  to
present  fairly the  financial  position  of PLM  Equipment  Growth  Fund V (the
Partnership)  as of March 31, 1998 and  December  31, 1997,  the  statements  of
operations for the three months ended March 31, 1998 and 1997, the statements of
changes in partners'  capital for the period from December 31, 1996 to March 31,
1998, and the statements of cash flows for the three months ended March 31, 1998
and 1997.  Certain  information and footnote  disclosures  normally  included in
financial  statements  prepared in accordance with generally accepted accounting
principles  have been  condensed  or  omitted  from the  accompanying  financial
statements.  For further information,  reference should be made to the financial
statements and notes thereto included in the Partnership's Annual Report on Form
10-K for the year ended  December  31,  1997,  on file with the  Securities  and
Exchange Commission.

2.   Repurchase of Limited Partnership Units

In 1997,  the  Partnership  agreed to  repurchase  approximately  9,000  limited
partnership units for an aggregate purchase price of up to $0.1 million.  During
the three months ended March 31, 1998, the  Partnership  had  repurchased  4,300
limited  partnership  units for $34,000.  The General Partner may repurchase the
additional units in the future.

3.   Cash Distributions

Cash  distributions  are  recorded  when paid and totaled  $3.8 million and $3.9
million for the three months ended March 31, 1998 and 1997,  respectively.  Cash
distributions  to limited partners in excess of net income represent a return of
capital.  Cash  distributions  to the limited  partners of $3.5 million and $3.7
million for the three months ended March 31, 1998 and 1997,  respectively,  were
deemed to be a return of capital. Cash distributions of $2.7 million relating to
the results from the first  quarter of 1998 were paid during the second  quarter
of 1998.

4.   Transactions with General Partner and Affiliates

The Partnership's  proportional share of the affiliated expenses incurred by the
unconsolidated  special-purpose  entities (USPEs) during 1998 and 1997 is listed
in the following table (in thousands of dollars):

                                                      For the Three Months
                                                        Ended March 31,
                                                      1998            1997
                                                 ------------------------------

Management fees                                    $      91       $      77
Insurance expense                                          2              92
Data processing and administrative
   expenses                                               26              17


Transportation  Equipment  Indemnity  Company,  Ltd.  (TEI), an affiliate of the
General  Partner,  provided  certain marine  insurance  coverage for Partnership
equipment and other insurance  brokerage  services during 1998 and 1997. TEI did
not provide the same insurance  coverage during 1998 as had been provided during
1997. These services were provided by an unaffiliated third party.

The balance due to  affiliates as of March 31, 1998 includes $0.3 million due to
FSI and its  affiliate  for  management  fees and $0.1 million due to affiliated
USPEs.  The balance due to  affiliates  as of December  31, 1997  includes  $0.4
million due to FSI and its affiliate for management fees and $0.1 million due to
affiliated USPEs.

<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1998

4.   Transactions with General Partner and Affiliates (continued)

The Partnership's  proportional share of USPE-affiliated management fees of $0.1
million was payable as of March 31, 1998 and December 31, 1997.

During the three months ended March 31, 1998, the Partnership purchased a marine
vessel at a cost of $9.2 million and paid FSI $0.5 million for  acquisition  and
lease negotiation fees.

5.   Equipment

Owned  equipment  held for operating  lease is stated at cost. The components of
owned  equipment  held for  operating  leases are as follows  (in  thousands  of
dollars):

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

Aircraft                                      $   49,838           $    49,838
Marine vessels                                    25,890                16,276
Marine containers                                 16,634                17,592
Rail equipment                                    11,500                11,500
Trailers                                           9,684                 9,696
                                            -------------        --------------
                                                 113,546               104,902
Less accumulated depreciation                    (64,197 )             (62,320)
    Net equipment                             $   49,349           $    42,582
                                            =============        ==============

As of March 31, 1998 and December 31, 1997, all of the equipment was on lease or
operating in PLM-affiliated short-term trailer rental facilities.

During March 1998,  the  Partnership  purchased a marine vessel for $9.6 million
including  acquisition  fees of $0.4 million paid to FSI. The Partnership made a
deposit of $0.9 million  toward this purchase in 1997,  which is included in the
balance sheet at December 31, 1997 as an equipment acquisition deposit.

During the three months ended March 31, 1998, the Partnership disposed of marine
containers  and trailers  with an  aggregate  net book value of $0.3 million for
$0.4 million.

During the three months ended March 31, 1997, the Partnership disposed of marine
containers,  trailers,  and a railcar,  with an aggregate net book value of $0.1
million for proceeds of $0.2 million.

6.   Investments in Unconsolidated Special-Purpose Entities

The net investments in USPEs include the following  jointly-owned equipment (and
related assets and liabilities) (in thousands of dollars):

<TABLE>
<CAPTION>

                                                                                 March 31,       December 31,

                                                                                     1998              1997

                                                                             ---------------------------------------
   <S>                                                                         <C>                  <C>         
   48% interest in an entity owning a product tanker                           $    7,849           $      8,266
   25% interest in a trust owning two commercial aircraft on direct
            finance lease                                                           2,870                  2,863
   17% interest in two trusts owning three commercial aircraft, two
            aircraft engines, and a portfolio of aircraft rotables                  2,552                  4,027
   50% interest in an entity owning a bulk carrier                                  2,260                  2,277
   50% interest in an entity owning a product tanker                                1,534                  1,547
   60% interest in a trust owning a commercial aircraft                                 2                  3,778
      Net investments                                                          $   17,067           $     22,758
                                                                             =============        ===============
</TABLE>

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1998

6.   Investments in Unconsolidated Special-Purpose Entities (continued)

During  the  three  months  ended  March  31,  1998,  the  Partnership  received
liquidating  proceeds of $3.7 million from the sale of its interest in an entity
that owned a commercial aircraft with a net book value of $3.7 million.

7.   Debt

The Partnership made the regularly  scheduled  installment payment to the lender
of the senior loan of $2.0  million  and $1.5  million  during the three  months
ended March 31, 1998 and 1997, respectively.

The General  Partner  entered  into a  short-term,  joint $50.0  million  credit
facility.  As of March 31, 1998,  American Finance Group,  Inc., a subsidiary of
PLM  International,  Inc.,  had borrowings of $38.7 million under the short-term
joint  $50.0  million  credit  facility.  No  other  eligible  borrower  had any
outstanding borrowings.

8.   Contingencies

PLM International, Inc. (the Company) and various of its affiliates are named as
defendants  in a lawsuit  filed as a class  action on  January  22,  1997 in the
Circuit Court of Mobile County,  Mobile,  Alabama,  Case No. CV-97-251 (the Koch
action).  The plaintiffs,  who filed the complaint on their own and on behalf of
all class members similarly situated, are six individuals who allegedly invested
in certain  California  limited  partnerships  for which FSI acts as the General
Partner, including the Partnership,  PLM Equipment Growth Fund IV, PLM Equipment
Growth Fund VI, and PLM Equipment  Growth & Income Fund VII (the Growth  Funds).
The complaint asserts eight causes of action against all defendants, as follows:
fraud and deceit,  suppression,  negligent  misrepresentation  and  suppression,
intentional breach of fiduciary duty, negligent breach of fiduciary duty, unjust
enrichment, conversion, and conspiracy. Additionally,  plaintiffs allege a cause
of action  against PLM Securities  Corp.  for breach of third-party  beneficiary
contracts in violation of the National  Association of Securities  Dealers rules
of fair practice.  Plaintiffs allege that each defendant owed plaintiffs and the
class certain  duties due to their status as  fiduciaries,  financial  advisors,
agents, general partner, and control persons. Based on these duties,  plaintiffs
assert  liability  against  the  defendants  for  improper  sales and  marketing
practices,  mismanagement of the Growth Funds, and concealing such mismanagement
from investors in the Growth Funds. Plaintiffs seek unspecified compensatory and
recissory damages, as well as punitive damages, and have offered to tender their
limited partnership units back to the defendants.

On March 6, 1997, the defendants removed the Koch action from the state court to
the United States District Court for the Southern District of Alabama,  Southern
Division (Civil Action No. 97-0177-BH-C) based on the district court's diversity
jurisdiction,  following which plaintiffs filed a motion to remand the action to
the state court.  On September 24, 1997, the district  court denied  plaintiffs'
motion and dismissed  without  prejudice the individual claims of the California
class  representative,  reasoning  that he had  been  fraudulently  joined  as a
plaintiff.  On October 3, 1997,  plaintiffs  filed a motion  requesting that the
district  court  reconsider  its ruling or, in the  alternative,  that the court
modify its order  dismissing the California  plaintiff's  claims so that it is a
final  appealable  order,  as well as  certify  for an  immediate  appeal to the
Eleventh  Circuit  Court of Appeals that part of its order  denying  plaintiffs'
motion to remand.  On October 7, 1997,  the district  court denied each of these
motions.  In responses to such denial,  plaintiffs  filed a petition for writ of
mandamus  with the Eleventh  Circuit,  which was denied on November 18, 1997. On
November 24,  1997,  plaintiffs  filed with the Eleventh  Circuit a petition for
rehearing and  consideration by the full court of the order denying the petition
for a writ of mandamus, which petition was supplemented by plaintiffs on January
27, 1998.



<PAGE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1998

8.   Contingencies (continued)

On  October  10,  1997,  defendants  filed a motion  to  compel  arbitration  of
plaintiffs' claims,  based on an agreement to arbitrate contained in the limited
partnership  agreement  of each Growth  Fund,  and to stay  further  proceedings
pending the outcome of such arbitration. Notwithstanding plaintiffs' opposition,
the district court granted the motion on December 8, 1997. On December 15, 1997,
plaintiffs  filed with the Eleventh Circuit a notice of appeal from the district
court's order granting  defendants' motion to compel arbitration and to stay the
proceedings,  and of the  district  court's  September  24,  1997 order  denying
plaintiffs'  motion to  remand  and  dismissing  the  claims  of the  California
plaintiff.  Plaintiffs  filed an amended  notice of appeal on December 31, 1997.
Appellate  briefs have not yet been filed in this matter.  The Company  believes
that the allegations of the Koch action are completely without merit and intends
to continue to defend this matter vigorously.

On June 5, 1997, the Company and the  affiliates who are also  defendants in the
Koch action were named as defendants in another  purported class action filed in
the San Francisco  Superior Court,  San Francisco,  California,  Case No. 987062
(the Romei action).  The plaintiff is an investor in the Partnership,  and filed
the  complaint  on her own behalf and on behalf of all class  members  similarly
situated who invested in certain California  limited  partnerships for which FSI
acts as the General Partner,  including the Growth Funds. The complaint  alleges
the same facts and the same nine  causes of action as in the Koch  action,  plus
five  additional  causes of action  against all of the  defendants,  as follows:
violations of California  Business and Professions  Code Sections 17200, et seq.
for  alleged  unfair  and  deceptive   practices,   constructive  fraud,  unjust
enrichment, violations of California Corporations Code Section 1507, and a claim
for treble damages under California Civil Code Section 3345.

On July 31, 1997, the defendants  filed with the district court for the Northern
District of California  (Case No.  C-97-2847  WHO) a petition  under the Federal
Arbitration Act seeking to compel  arbitration of plaintiff's  claims and for an
order  staying  the  state  court   proceedings   pending  the  outcome  of  the
arbitration.  In connection with this motion,  plaintiff agreed to a stay of the
state court  action  pending the  district  court's  decision on the petition to
compel arbitration. By memorandum and order dated October 23, 1997, the district
court denied the Company's petition to compel arbitration.  On November 5, 1997,
the  Company  filed  an  expedited  motion  for  leave  to  file  a  motion  for
reconsideration  of this order,  which  motion was granted on November 14, 1997.
The parties have agreed to have oral argument on the reconsideration  motion set
for July 22, 1998.  The state court action has been stayed  pending the district
court's decision on this motion.

In  connection  with  her  opposition  to  the  Company's   petition  to  compel
arbitration,  on August 22, 1997 the plaintiff  filed an amended  complaint with
the  state  court  alleging  two new  causes  of action  for  violations  of the
California  Securities Law of 1968 (California  Corporations Code Sections 25400
and 25500),  and for violation of California  Civil Code Sections 1709 and 1710.
Plaintiff has also served certain discovery  requests on defendants.  Because of
the stay, no response to the amended  complaint or to the discovery is currently
required.  The Company believes that the allegations of the amended complaint in
the Romei action are completely  without merit and intends to defend this matter
vigorously.

9.   Subsequent Event

During May 1998,  the  Partnership  borrowed  $1.6 million from the  short-term,
joint $50.0 million credit facility.



<PAGE>





Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

(I)      RESULTS OF OPERATIONS

Comparison  of the  Partnership's  Operating  Results for the Three Months Ended
March 31, 1998 and 1997

(A)       Owned Equipment Operations

Lease revenues less direct expenses on owned equipment  (defined as expenses for
repair and  maintenance,  equipment  operating,  and  asset-specific  insurance)
decreased during the three months ended March 31, 1998 when compared to the same
period of 1997. The following table presents lease revenues less direct expenses
by owned equipment type (in thousands of dollars):

<TABLE>
<CAPTION>

                                                                           For the Three Months
                                                                              Ended March 31,
                                                                          1998               1997
                                                                      -------------------------------
<S>                                                                     <C>               <C>     
Aircraft and aircraft engines                                           $  2,206          $  2,438
Rail equipment                                                               586               584
Marine containers                                                            526               471
Trailers                                                                     515               423
Marine vessels                                                                (2)            1,055

</TABLE>

Aircraft and aircraft engines:  Aircraft lease revenues and direct expenses were
$2.2  million and  $21,000,  respectively,  for the three months ended March 31,
1998, compared to $2.5 million and $20,000, respectively, during the same period
of  1997.  The  decrease  in  aircraft  contribution  was due to the sale of two
commuter aircraft and an aircraft engine during 1997.

Rail  equipment:  Rail equipment  lease  revenues and direct  expenses were $0.6
million and $40,000, respectively, for the three months ended March 31, 1998 and
1997.

Marine containers: Marine container lease revenues and direct expenses were $0.5
million and $3,000,  respectively,  for the three  months  ended March 31, 1998,
compared to $0.5  million and  $5,000,  respectively,  during the same period of
1997.

Trailers:  Trailer lease revenues and direct expenses were $0.7 million and $0.1
million,  respectively,  for the three months ended March 31, 1998,  compared to
$0.6  million and $0.2  million,  respectively,  during the same period of 1997.
Trailer  contribution  increased  during the first  quarter of 1998 due to fewer
maintenance repairs needed to trailers that transitioned into the PLM affiliated
rental yards.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.2
million and $1.2  million,  respectively,  for the three  months ended March 31,
1998, compared to $3.7 million and $2.6 million,  respectively,  during the same
period of 1997. The decrease in marine vessel  contribution  was due to the sale
of two marine  vessels  during the fourth  quarter of 1997.  The  purchase of an
additional  marine  vessel on the last day of the first  quarter of 1998 did not
have a material impact on lease revenues or direct expenses.

(B) Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $3.8  million for the quarter  ended March 31, 1998
decreased from $5.9 million for the same period in 1997.  Significant  variances
are explained as follows:

(1) A $1.5 million decrease in depreciation and amortization  expenses from 1997
levels was caused by the sale of two marine  vessels and two  commuter  aircraft
during 1997,  along with the  double-declining  balance method of  depreciation.
These decreases were partially  offset by the purchase of a marine vessel during
the first quarter of 1998.

(2) A $0.3  million  decrease in bad debt  expenses was due to a decrease in the
estimate of the uncollectable amounts due from certain lessees.

(3) A $0.1  million  decrease  in interest  expense  was due to a lower  average
balance  outstanding  on the notes  payable when  compared to the same period of
1997.

(4) A $0.1 million  decrease in  management  fees to affiliate  was due to lower
lease revenues.

(C) Net Gain on Disposition of Owned Equipment

The net gain on the  disposition  of  equipment  for the first  quarter  of 1998
totaled $0.1  million,  which  resulted from the sale of marine  containers  and
trailers, with an aggregate net book value of $0.3 million, for proceeds of $0.4
million.  Net gain on  disposition  of equipment  for the first  quarter of 1997
totaled  $0.1  million,  which  resulted  from  the sale of  marine  containers,
trailers,  and a railcar,  with an aggregate net book value of $0.1 million, for
proceeds of $0.2 million.

(D) Equity in Net Income of Unconsolidated Special-Purpose Entities (USPEs)

Net income (loss) generated from the operation of jointly-owned assets accounted
for under the equity  method is shown in the following  table by equipment  type
(in thousands of dollars):

<TABLE>
<CAPTION>

                                                                           For the Three Months
                                                                              Ended March 31,
                                                                          1998               1997
                                                                      -------------------------------
<S>                                                                     <C>               <C>     
Aircraft, rotable components, and aircraft engines                      $     65          $    308
Marine vessels                                                               (29)             (159 )
    Equity in net income of USPEs                                       $     36          $    149
                                                                      ===============================
</TABLE>

Aircraft,  rotable  components,  and aircraft engines:  As of March 31, 1998 and
1997, the  Partnership  had an interest in two trusts that own three  commercial
aircraft,  two aircraft engines, and a portfolio of aircraft rotables,  and also
had an interest in an entity owning two commercial  aircraft on a direct finance
lease. During the first quarter of 1998, revenues of $0.3 million were offset by
depreciation and administrative expenses of $0.2 million. During the same period
of 1997,  lease  revenues  of $0.6  million  were  offset  by  depreciation  and
administrative  expenses of $0.3 million.  The decrease in lease revenues is due
to the  renewal  of the  leases  for three  commercial  aircraft,  two  aircraft
engines,  and a portfolio of aircraft rotables at a lower rate than was in place
during the same period of 1997.

Marine vessels: As of March 31, 1998, the Partnership owned an interest in three
marine vessels.  As of March 31, 1997, the Partnership  owned an interest in two
marine vessels. During the first quarter of 1998, lease revenues of $1.6 million
were offset by depreciation and administrative  expenses of $1.6 million. During
the same  period  of  1997,  lease  revenues  of $0.8  million  were  offset  by
depreciation and administrative expenses of $1.0 million. The primary reason for
the increase in lease  revenues and  depreciation  and  administrative  expenses
during  1998 was the  purchase  of an  interest  in an entity that owns a marine
vessel in the third quarter of 1997.

(E)      Net Income (Loss)

As a result of the foregoing, the Partnership's net income for the quarter ended
March 31, 1998 was $0.3 million,  compared to a net loss of $0.5 million  during
the same period in 1997.  The  Partnership's  ability to operate  and  liquidate
assets,  secure leases, and re-lease those assets whose leases expire is subject
to many factors, and the Partnership's  performance in the first quarter of 1998
is not necessarily  indicative of future periods.  In the first quarter of 1998,
the Partnership  distributed $3.6 million to the limited partners,  or $0.40 per
weighted-average limited partnership unit.

(II)      FINANCIAL CONDITION - CAPITAL RESOURCES, LIQUIDITY, AND DISTRIBUTIONS

For the three  months  ended March 31,  1998,  the  Partnership  generated  $3.9
million in  operating  cash (net cash  provided  by  operating  activities  plus
distributions  from USPEs) to meet its  operating  obligations  and maintain the
current level of distributions  (total for the three months ended March 31, 1998
of $3.8 million) to the partners.

During the three  months ended March 31,  1998,  the General  Partner sold owned
equipment  and  investments  in USPEs and  received  aggregate  proceeds of $4.1
million.  The Partnership  purchased a marine vessel for $9.7 million  including
acquisition  and  lease  negotiation  fees of  $0.5  million  paid  to FSI.  The
Partnership made a $0.9 million deposit on this marine vessel in 1997.

The Partnership made the regularly  scheduled  installment payment to the lender
of the senior loan of $2.0 million during the three months ended March 31, 1998.
The  Partnership is scheduled to make quarterly  installments of $2.0 million to
the lender through the year 2001.

The General  Partner has entered into a short-term  joint $50.0  million  credit
facility.  As of May 12, 1998, the  Partnership  had $1.6 million in outstanding
borrowings and American  Finance Group,  Inc., a wholly owned  subsidiary of PLM
International,  Inc.,  had $37.6  million in  outstanding  borrowings.  No other
eligible borrower had any outstanding borrowings.

(III) YEAR 2000 COMPLIANCE

The General  Partner is currently  addressing  the year 2000  computer  software
issue and is creating a timetable  for  carrying  out any program  modifications
that may be required.  The General  Partner does not anticipate that the cost of
those modifications allocable to the Partnership will be material.

(IV)  ACCOUNTING PRONOUNCEMENTS

In  June  1997,  the  Financial   Accounting  Standards  Board  issued  two  new
statements:  SFAS No. 130,  "Reporting  Comprehensive  Income,"  which  requires
enterprises to report,  by major  component and in total,  all changes in equity
from  nonowner  sources;  and SFAS No. 131,  "Disclosures  about  Segments of an
Enterprise  and  Related  Information,"  which  establishes  annual and  interim
reporting  standards  for a public  company's  operating  segments  and  related
disclosures about its products, services, geographic areas, and major customers.
Both statements are effective for the  Partnership's  fiscal year ended December
31, 1998. The effect of adoption of these statements will be limited to the form
and  content  of  the   Partnership's   disclosures  and  will  not  impact  the
Partnership's results of operations, cash flow, or financial position.

(V)   OUTLOOK FOR THE FUTURE

Several factors may affect the Partnership's  operating  performance in 1998 and
beyond,  including  changes in the markets for the  Partnership's  equipment and
changes in the regulatory environment in which that equipment operates.

The Partnership's operation of a diversified equipment portfolio in a broad base
of markets is  intended  to reduce its  exposure  to  volatility  in  individual
equipment sectors.

The  ability  of the  Partnership  to  realize  acceptable  lease  rates  on its
equipment in the different equipment markets is contingent on many factors, such
as specific market conditions and economic activity, technological obsolescence,
and  government  or other  regulations.  The  unpredictability  of some of these
factors,  or of their occurrence,  makes it difficult for the General Partner to
clearly  define  trends or  influences  that may impact the  performance  of the
Partnership's  equipment.  The General  Partner  continually  monitors  both the
equipment  markets and the performance of the  Partnership's  equipment in these
markets. The General Partner may decide to reduce the Partnership's  exposure to
those equipment  markets in which it determines that it cannot operate equipment
and achieve acceptable rates of return.  Alternatively,  the General Partner may
make  a  determination  to  enter  equipment   markets  in  which  it  perceives
opportunities  to  profit  from  supply/demand  instabilities  or  other  market
imperfections.

The  Partnership  intends to use  excess  cash flow,  if any,  after  payment of
expenses, loan principal, and cash distributions to acquire additional equipment
during the first seven years of Partnership operations, which concludes December
31, 1998. The General  Partner  believes that these  acquisitions  may cause the
Partnership to generate additional earnings and cash flow for the Partnership.




(VI)      FORWARD-LOOKING INFORMATION

Except for the historical  information contained herein, this Form 10-Q contains
forward-looking  statements  that  involve  risks  and  uncertainties,  such  as
statements of the Partnership's plans, objectives, expectations, and intentions.
The  cautionary  statements  made in this  Form  10-Q  should  be read as  being
applicable  to all related  forward-looking  statements  wherever they appear in
this Form 10-Q. The  Partnership's  actual results could differ  materially from
those discussed here.





























                      (this space intentionally left blank)



<PAGE>






                           PART II - OTHER INFORMATION


Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  None.

         (b)      Reports on Form 8-K

                  None.




<PAGE>


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.



                                            PLM EQUIPMENT GROWTH FUND V

                                            By:     PLM Financial Services, Inc.
                                                    General Partner



Date:  May 13, 1998                         By:     /s/ Richard K Brock
                                                    -------------------
                                                    Richard K Brock
                                                    Vice President and
                                                    Corporate Controller
























<PAGE>