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, 2002


     [ ]  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 01-19203
                             -----------------------



                           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.)

         120 Montgomery Street,
      Suite 1350, San Francisco, CA                           94104
          (Address of principal                            (Zip code)
           executive offices)


       Registrant's telephone number, including area code: (415) 445-3201
                             -----------------------


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 ____





<PAGE>





                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                            CONDENSED BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                               March 31,         December 31,
                                                                               2002                 2001
                                                                           -----------------------------------
ASSETS

<S>                                                                        <C>                  <C>
Equipment held for operating lease, at cost                                $    73,266          $    73,711
Less accumulated depreciation                                                  (62,931)             (62,572)
                                                                           -----------------------------------
  Net equipment                                                                 10,335               11,139

Cash and cash equivalents                                                        7,081                6,312
Restricted cash                                                                    929                   --
Accounts receivable, less allowance for doubtful
    accounts of $1,423 in 2002 and $664 in 2001                                    988                1,041
Investments in unconsolidated special-purpose entities                           5,016                5,703
Deferred charges, net of accumulated amortization of
    $36 in 2002 and $33 in 2001                                                     11                   14
Prepaid expenses and other assets                                                   76                   34
                                                                           -----------------------------------

      Total assets                                                         $    24,436          $    24,243
                                                                           ===================================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:

Accounts payable and accrued expenses                                      $       129          $       410
Due to affiliates                                                                  204                  194
Lessee deposits and reserve for repairs                                          3,140                3,149
                                                                           -----------------------------------
    Total liabilities                                                            3,473                3,753
                                                                           -----------------------------------

Partners' capital:

Limited partners (8,479,516 limited partnership units as of
    March 31, 2002 and 8,533,465 as of December 31, 2001)                       20,963               20,490
General Partner                                                                     --                   --
                                                                           -----------------------------------
    Total partners' capital                                                     20,963               20,490
                                                                           -----------------------------------

      Total liabilities and partners' capital                              $    24,436          $    24,243
                                                                           ===================================
</TABLE>















       See accompanying notes to unaudited condensed financial statements.



<PAGE>






                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                         CONDENSED STATEMENTS OF INCOME
         (in thousands of dollars, except weighted-average unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                                   For the Three Months
                                                                                      Ended March 31,
                                                                                   2002              2001
                                                                               --------------------------------
REVENUES

<S>                                                                            <C>              <C>
Lease revenue                                                                  $     2,611      $      2,881
Interest and other income                                                               34                59
Net gain on disposition of equipment                                                    42             1,156
                                                                               --------------------------------
    Total revenues                                                                   2,687             4,096
                                                                               --------------------------------

EXPENSES

Depreciation and amortization                                                          778             1,603
Repairs and maintenance                                                                187               222
Equipment operating expenses                                                             7               205
Insurance expenses                                                                      29               109
Management fees to affiliate                                                            76               122
Interest expense                                                                        --                99
General and administrative expenses to affiliates                                       58               189
Other general and administrative expenses                                              153               172
Provision for bad debts                                                                759                 4
                                                                               --------------------------------
    Total expenses                                                                   2,047             2,725
                                                                               --------------------------------

Equity in net income (loss) of unconsolidated special-purpose entities                (202)              377
                                                                               --------------------------------

      Net income                                                               $       438      $      1,748
                                                                               ================================

PARTNERS' SHARE OF NET INCOME

Limited partners                                                               $       438      $      1,629
General Partner                                                                         --               119
                                                                               --------------------------------

Total                                                                          $       438      $      1,748
                                                                               ================================

Limited partners' net income per weighted-average
     limited partnership unit                                                  $      0.05      $       0.18
                                                                               ================================

Cash distribution                                                              $        --      $      1,719
                                                                               ================================

Cash distribution per weighted-average limited partnership unit                $        --      $       0.18
                                                                               ================================

</TABLE>











       See accompanying notes to unaudited condensed financial statements.

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                            ( A Limited Partnership)
                  CONDENSED STATEMENTS OF CHANGES IN PARTNERS'
                CAPITAL For the period from December 31, 2000 to
                                 March 31, 2002
                            (in thousands of dollars)
                                   (unaudited)
<TABLE>
<CAPTION>


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

<S>                                                       <C>                   <C>                 <C>
  Partners' capital as of December 31, 2000               $   21,446            $    --             $   21,446

Net income                                                     3,149                119                  3,268

Purchase of limited partnership units                         (2,504)                --                 (2,504)

Cash distribution                                             (1,601)              (119)                (1,720)
                                                          -------------------------------------------------------

  Partners' capital as of December 31, 2001                   20,490                 --                 20,490

Net income                                                       438                 --                    438

Canceled purchase of limited partnership units                    35                 --                     35
                                                          -------------------------------------------------------

  Partners' capital as of March 31, 2002                  $   20,963            $    --             $   20,963
                                                          =======================================================
</TABLE>
































       See accompanying notes to unaudited condensed financial statements.



<PAGE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                       CONDENSED STATEMENTS OF CASH FLOWS
                            (in thousands of dollars)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                                 For the Three Months
                                                                                    Ended March 31,
                                                                                  2002          2001
                                                                              -----------------------------
 OPERATING ACTIVITIES

<S>                                                                            <C>           <C>
 Net income                                                                    $      438    $    1,748
 Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
   Depreciation and amortization                                                      778         1,603
   Provision for bad debts                                                            759             4
   Net gain on disposition of equipment                                               (42)       (1,156)
   Equity in net (income) loss from unconsolidated
       special-purpose entities                                                       202          (377)
   Changes in operating assets and liabilities, net:
     Restricted cash                                                                 (929)          (24)
     Accounts receivable, net                                                        (655)          392
     Prepaid expenses and other assets                                                (42)          (25)
     Accounts payable and accrued expenses                                            (67)          (88)
     Due to affiliates                                                                 10            10
     Lessee deposits and reserve for repairs                                           (9)          223
                                                                               ---------------------------
       Net cash provided by operating activities                                      443         2,310
                                                                               ---------------------------

 INVESTING ACTIVITIES

 Payments for capitalized repairs                                                      --            (4)
 Distributions from unconsolidated special-purpose entities                           485           736
 Proceeds from disposition of equipment                                                55         2,527
                                                                               ---------------------------
       Net cash provided by investing activities                                      540         3,259
                                                                               ---------------------------

 FINANCING ACTIVITIES

 Purchase of limited partnership units                                               (214)           --
 Payments of note payable                                                              --        (1,536)
 Cash distributions paid to limited partners                                           --        (1,600)
 Cash distributions paid to General Partner                                            --          (119)
                                                                               ---------------------------
       Net cash used in financing activities                                         (214)       (3,255)
                                                                               ---------------------------

 Net increase in cash and cash equivalents                                            769         2,314
 Cash and cash equivalents at beginning of period                                   6,312         1,799
                                                                               ---------------------------
 Cash and cash equivalents at end of period                                    $    7,081    $    4,113
                                                                               ===========================

 SUPPLEMENTAL INFORMATION
 Non cash cancellation of purchase of limited partnership units                $       35            --
                                                                               ===========================
 Interest paid                                                                 $       --    $      147
                                                                               ===========================
</TABLE>








       See accompanying notes to unaudited condensed financial statements.

<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)

1.   OPINION OF MANAGEMENT

In the opinion of the  management  of PLM Financial  Services,  Inc. (FSI or the
General Partner),  the accompanying  unaudited  condensed  financial  statements
contain all  adjustments  necessary,  consisting  primarily of normal  recurring
accruals,  to present fairly the unaudited  condensed  financial position of PLM
Equipment Growth Fund V (the  Partnership) as of March 31, 2002 and December 31,
2001,  the unaudited  condensed  statements of income for the three months ended
March 31,  2002 and 2001,  the  unaudited  condensed  statements  of  changes in
partners'  capital for the period from December 31, 2000 to March 31, 2002,  and
the  unaudited  condensed  statements  of cash flows for the three  months ended
March 31,  2002 and 2001.  Certain  information  and note  disclosures  normally
included  in  financial   statements  prepared  in  accordance  with  accounting
principles  generally  accepted  in the  United  States  of  America  have  been
condensed or omitted from the accompanying  condensed 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, 2001, on file at the Securities and Exchange Commission.

2.   SCHEDULE OF PARTNERSHIP PHASES

The  Partnership  is  currently  in  its  investment   phase  during  which  the
Partnership  uses a portion of the cash generated  from  operations and proceeds
from asset sales to purchase additional equipment.  The General Partner believes
these acquisitions may cause the Partnership to generate additional earnings and
cash flow for the Partnership.

The  Partnership  may reinvest its cash flow,  surplus cash and  equipment  sale
proceeds  in  additional  equipment,  consistent  with  the  objectives  of  the
Partnership, until December 31, 2004. The Partnership will terminate on December
31, 2010,  unless  terminated  earlier upon sale of all equipment and by certain
other events.

3.   RECLASSIFICATION

Certain  amounts in the 2001  financial  statements  have been  reclassified  to
conform to the 2002 presentations.

4.   CASH DISTRIBUTIONS

Cash  distributions  are recorded when paid and may include amounts in excess of
net income that are  considered a return of capital.  For the three months ended
March 31,  2001,  cash  distributions  totaled  $1.7  million.  None of the cash
distributions  to the limited partners for the three months ended March 31, 2001
were deemed to be a return of capital.  No cash  distributions  were paid to the
limited partners during the three months ended March 31, 2002.

5.   TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES

The  balance  due to  affiliates  as of March 31, 2002 and  December  31,  2001,
included $0.1 million due to FSI and its affiliates for management fees and $0.1
million due to affiliated unconsolidated special-purpose entities (USPEs).




<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)

5.   TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES (continued)

The  Partnership's  proportional  share of the affiliated  expenses  incurred by
USPEs  during 2002 and 2001 is listed in the  following  table (in  thousands of
dollars):

                                                     For the Three Months
                                                        Ended March 31,
                                                     2002            2001
                                                   --------------------------
Management fees                                    $     44       $     90
Data processing and administrative
   expenses                                              24             52

These affiliate  expenses reduced the  Partnership's  proportional  share of the
equity interest in the income in USPEs.

6.   EQUIPMENT

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

                                                 March 31,         December 31,
                                                 2002                 2001
                                             -----------------------------------

Aircraft                                     $    55,172          $   55,172
Rail equipment                                    11,174              11,265
Marine containers                                  4,705               5,059
Trailers                                           2,215               2,215
                                             ------------         -----------
                                                  73,266              73,711
Less accumulated depreciation                    (62,931)            (62,572)
                                             ------------         -----------
    Net equipment                            $    10,335          $   11,139
                                             ============         ===========

As of March 31, 2002, all owned equipment in the Partnership's  portfolio was on
lease  except  for 89  railcars  with a net book  value of $0.4  million.  As of
December 31, 2001, all owned  equipment was on lease except for 87 railcars with
a net book value of $0.5 million.

During the three months ended March 31, 2002, the Partnership disposed of marine
containers and railcars with an aggregate net book value of $29,000 for proceeds
of $0.1 million.  During the three months ended March 31, 2001, the  Partnership
disposed of a marine vessel that was held for sale at December 31, 2000,  marine
containers,  and a railcar with an aggregate  net book value of $1.4 million for
proceeds of $2.5 million.

7.   INVESTMENTS IN UNCONSOLIDATED SPECIAL-PURPOSE ENTITIES

The  Partnership  owns equipment  jointly with  affiliated  programs.  These are
single  purpose   entities  that  do  not  have  any  debt  or  other  financial
encumbrances.  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,
                                                                                       2002                2001
                                                                                 ----------------------------------
<S>                                                                              <C>                 <C>
       48% interest in an entity owning a product tanker                         $     3,991         $     4,248
       25% interest in a trust owning two stage III commercial aircraft
                on a direct finance lease                                                814                 855
       50% interest in an entity owning a product tanker                                 211                 600
                                                                                 ------------        ------------
         Net investments                                                         $     5,016         $     5,703
                                                                                 ============        ============

</TABLE>


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)

7.   INVESTMENTS IN UNCONSOLIDATED SPECIAL-PURPOSE ENTITIES (continued)


As of March 31, 2002 and December 31, 2001, all  jointly-owned  equipment in the
Partnership's USPE portfolio was on lease.

8.   Operating Segments

The Partnership operates in five primary operating segments: aircraft leasing,
marine vessel leasing, railcar leasing, marine container leasing, and trailer
leasing. Each equipment leasing segment engages in short-term to mid-term
operating leases to a variety of customers.

The following tables present a summary of the operating segments (in thousands
of dollars):
<TABLE>
<CAPTION>

                                                      Marine              Marine
     For the three months ended            Aircraft   Vessel    Railcar   Container  Trailer
             March 31, 2002                Leasing   Leasing    Leasing   Leasing    Leasing    Other(1)    Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------

     REVENUES
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
       Lease revenue                       $  2,040  $     --   $    392  $     73   $    106  $     --   $  2,611
       Interest income and other                 --        --          4        --         --        30         34
       Gain (loss) on disposition of             --        --         (1)       43         --        --         42
     equipment
                                           ------------------------------------------------------------------------
         Total revenues                       2,040        --        395       116        106        30      2,687
                                           ------------------------------------------------------------------------

     COSTS AND EXPENSES
       Operations support                         9        --        141        --         57        16        223
       Depreciation and amortization            543        --        133        68         31         3        778
       Management fees to affiliate              33        --         34         4          5        --         76
       General and administrative expenses       68        --         22        --         16       105        211
       Provision for bad debts                  753        --         --        --          6        --        759
                                           ------------------------------------------------------------------------
         Total costs and expenses             1,406        --        330        72        115       124      2,047
                                           ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs        25      (227)        --        --         --        --       (202)
                                           ------------------------------------------------------------------------
     Net income (loss)                     $    659  $   (227)  $     65  $     44   $     (9) $    (94)  $    438
                                           ========================================================================

     Total assets as of March 31, 2002     $  9,994  $  4,201   $  2,120  $    354   $    564  $  7,203   $ 24,436
                                           ========================================================================
</TABLE>
<TABLE>
<CAPTION>

                                                      Marine              Marine
     For the three months ended            Aircraft   Vessel    Railcar   Container  Trailer
             March 31, 2001                Leasing   Leasing    Leasing   Leasing    Leasing    Other(2)    Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------

     REVENUES
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
       Lease revenue                       $  2,145  $     --   $    536  $    109   $     91  $     --   $  2,881
       Interest income and other                 --        --         --        --         --        59         59
       Gain (loss) on disposition of             --     1,116         (4)       44         --        --      1,156
     equipment
                                           ------------------------------------------------------------------------
         Total revenues                       2,145     1,116        532       153         91        59      4,096
                                           ------------------------------------------------------------------------

     COSTS AND EXPENSES
       Operations support                        18       277        140        --         40        61        536
       Depreciation and amortization          1,342        --        135        88         32         6      1,603
       Interest expense                          --        --         --        --         --        99         99
       Management fees to affiliate              76        --         36         5          5        --        122
       General and administrative expenses       14        19         13        --         10       305        361
       Provision for (recovery of) bad           --        --          7        --         (3)       --          4
     debts
                                           ------------------------------------------------------------------------
         Total costs and expenses             1,450       296        331        93         84       471      2,725
                                           ------------------------------------------------------------------------
     Equity in net income of USPEs               74       303         --        --         --        --        377
                                           ------------------------------------------------------------------------
     Net income (loss)                     $    769  $  1,123   $    201  $     60   $      7  $   (412)  $  1,748
                                           ========================================================================
</TABLE>



(1)  Includes  certain  assets not  identifiable  to a specific  segment such as
     cash, certain accounts  receivable,  deferred charges and prepaid expenses.
     Also  includes  certain  interest  income and costs not  identifiable  to a
     particular   segment,   such   as   certain   amortization,   general   and
     administrative and operations support expenses.
(2)  Includes  interest  income  and  costs  not  identifiable  to a  particular
     segment,  such as interest  expense and certain  amortization,  general and
     administrative and operations support expenses.


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)

9.   NET INCOME PER WEIGHTED-AVERAGE PARTNERSHIP UNIT

Net income per  weighted-average  Partnership  unit was computed by dividing net
income  attributable  to  limited  partners  by the  weighted-average  number of
Partnership units deemed  outstanding  during the period.  The  weighted-average
number of  Partnership  units deemed  outstanding  during the three months ended
March 31, 2002 and 2001, was 8,498,098 and 9,065,911, respectively.

10.  LIMITED PARTNERSHIP UNITS

During 2001, the General Partner agreed to purchase 594,820 limited  partnership
units and paid $2.5 million to the purchasing agent for this purchase.

The purchasing  agent purchased 53,949 units during the three months ended March
31, 2002 and 532,446  units as of December  31,  2001,  which is  reflected as a
reduction in Partnership units. Under the terms of the purchase agreement,  only
the units held by the owner on the date of the  agreement  were  eligible  to be
purchased. The General Partner has not been able to purchase the remaining 8,425
units due to the  eligible  owners  selling  the units in the open  market.  The
General  Partner has determined  that the remaining  units will not be purchased
and has submitted a $35,000  refund  request from the  purchasing  agent that is
included in accounts receivable on the accompanying  unaudited condensed balance
sheet as of March 31, 2002.

11.  SUBSEQUENT EVENT

In April  2002,  PLM  International,  Inc.  (PLMI)  extended  the $10.0  million
warehouse facility and added the Partnership as an additional borrower which was
shared by PLM Equipment  Growth Fund VI, PLM Equipment Growth & Income Fund VII,
Professional  Lease  Management  Income Fund I, LLC and  Acquisub  LLC, a wholly
owned  subsidiary  of PLMI which is the  parent  company  of FSI.  The  facility
provides  for  financing  up to 100% of the cost of the  equipment.  Outstanding
borrowings  by one  borrower  reduce the amount  available  to each of the other
borrowers  under the facility.  Individual  borrowings may be outstanding for no
more than 270 days, with all advances due no later than July 11, 2002.  Interest
accrues either at the prime rate or LIBOR plus 2.0% at the borrower's option and
is set at the time of an advance of funds.  Borrowings  by the  Partnership  are
guaranteed by PLMI.  The  Partnership is not liable for the advances made to the
other borrowers.  This facility expires on July 11, 2002. The General Partner is
currently in the process of renewing the warehouse facility.



<PAGE>


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

(I)  RESULTS OF OPERATIONS

COMPARISON  OF PLM  EQUIPMENT  GROWTH  FUND  V'S (THE  PARTNERSHIP'S)  OPERATING
RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001

(A)  Owned Equipment Operations

Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
remained  approximately  the same during the three  months ended March 31, 2002,
compared to the same period of 2001. Gains or losses from the sale of equipment,
interest and other  income,  and certain  expenses  such as  management  fees to
affiliate, depreciation and amortization and general and administrative expenses
relating  to the  operating  segments  (see  Note 8 to the  unaudited  condensed
financial  statements),  are  not  included  in the  owned  equipment  operation
discussion  because they are indirect in nature and not a result of  operations,
but the result of owning a portfolio of equipment.  The following table presents
lease revenues less direct expenses by segment (in thousands of dollars):

                                                  For the Three Months
                                                    Ended March 31,
                                                 2002             2001
                                               ---------------------------
Aircraft                                       $ 2,031          $ 2,127
Railcars                                           251              396
Marine containers                                   73              109
Trailers                                            49               51
Marine vessel                                       --             (277)

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.0 million and
$9,000,  respectively,  for the three months  ended March 31, 2002,  compared to
$2.1  million and  $18,000,  respectively,  during the same period of 2001.  The
decrease in aircraft  lease revenues of $0.1 million during the first quarter of
2002 was due to the  reduction  in the  lease  rate on two of the  Partnership's
owned aircraft compared to 2001.

Railcars:  Railcar lease revenues and direct expenses were $0.4 million and $0.1
million,  respectively,  for the three months ended March 31, 2002,  compared to
$0.5 million and $0.1 million, respectively, during the same period of 2001. The
decrease in railcar  lease  revenues of $0.1  million was due to the increase in
the number of  off-lease  railcars  during the three months ended March 31, 2002
compared to 2001.

Marine containers: Marine container lease revenues and direct expenses were $0.1
million and $-0-,  respectively,  for the three months ended March 31,  2002,and
2001. The decrease in marine  container  contribution was due to the disposal of
marine containers during 2002 and 2001.

Trailers:  Trailer lease revenues and direct expenses were $0.1 million and $0.1
million,  respectively,  for the three months ended March 31, 2002,  compared to
$0.1 million and $40,000, respectively, during the same period of 2001.

Marine vessel: The Partnership sold the remaining owned marine vessel during the
first  quarter of 2001.  Marine vessel lease  revenues and direct  expenses were
$-0- and $0.3 million, respectively, for the three months ended March 31, 2001.

(B)  Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $1.8  million for the three  months ended March 31,
2002  decreased  from $2.2  million  for the same  period  in 2001.  Significant
variances are explained as follows:

     (i) A $0.8 million decrease in depreciation and amortization  expenses from
2001 levels was due to certain assets being fully depreciated during 2001;

     (ii) A $0.1 million  decrease in interest  expense from 2001 levels was due
to the payoff of all of the  Partnership's  outstanding  debt  during the second
quarter of 2001;

     (iii) A $0.2 million decrease in general and administrative expenses during
the three months ended March 31, 2002  resulted  from lower  allocations  by the
General Partner for office services and data processing services of $0.1 million
and lower bank service charges of $19,000;

     (iv) A  $46,000  decrease  in  management  fees  was due to a  lower  lease
revenues earned during the first quarter of 2002 compared to 2001;and

     (v) A $0.8 million increase in the provision for bad debts was based on the
Manager's  evaluation of the collectability of receivables compared to 2001. The
provision  for bad debt  expense  recorded in the first  quarter of 2002 of $0.8
million was primarily related to one aircraft lessee

(C)  Net Gain on Disposition of Owned Equipment

The net gain on the  disposition  of  equipment  for the first  quarter  of 2002
totaled  $42,000,  and resulted from the sale of marine  containers and railcars
with an aggregate  net book value of $29,000 for proceeds of $0.1  million.  The
net gain on the  disposition  of equipment for the first quarter of 2001 totaled
$1.2 million, and resulted from the sale of a marine vessel,  marine containers,
and a  railcar  with a net book  value of $1.4  million,  for  proceeds  of $2.5
million.

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

Equity in net income (loss) of USPEs represents the  Partnership's  share of the
net income (loss) generated from the operation of jointly owned assets accounted
for under the equity method of accounting. These entities are single purpose and
have no debt or other  financial  encumbrances.  The  following  table  presents
equity in net income (loss) by equipment type (in thousands of dollars):

                                                         For the Three Months
                                                          Ended March 31,
                                                       2002             2001
                                                     ---------------------------
Aircraft                                             $    25          $    74
Marine vessels                                          (227)             303
                                                     ---------------------------
    Equity in net income (loss) of USPEs             $  (202)         $   377
                                                     ===========================

Marine vessels:  As of March 31, 2002 and 2001, the Partnership  owned interests
in two entities owning a total of two marine  vessels.  During the first quarter
of 2002,  lease  revenues of $1.0 million were offset by  depreciation  expense,
direct  expenses and  administrative  expenses of $1.2 million.  During the same
period of 2001,  lease  revenues of $1.8  million  were  offset by  depreciation
expense, direct expenses and administrative expenses of $1.5 million.

Lease  revenues  decreased  $0.8 million during the three months ended March 31,
2002  primarily due to a decrease in voyage  charter lease rates compared to the
same period of 2001.

Depreciation  expense,  direct expenses,  and administrative  expenses decreased
$0.2 million  during the three months ended March 31, 2002  compared to the same
period of 2001. A decrease in direct expenses of $0.2 million was due to the one
marine vessel  incurring lower operating costs of $0.1 million and lower repairs
and maintenance of $0.1 million.

Aircraft:  As of March 31, 2002 and 2001, the  Partnership  had an interest in a
trust owning two commercial aircraft on a direct finance lease. During the three
months ended March 31, 2002, the contribution  from this trust decreased $49,000
due to the leases for the  aircraft in the trust being  renegotiated  at a lower
rate.

(E)  Net Income

As a result of the foregoing,  the Partnership's net income for the three months
ended March 31, 2002 was $0.4  million,  compared to net income of $1.7  million
during the same period in 2001. The Partnership's  ability to acquire,  operate,
and liquidate  assets,  secure  leases,  and re-lease  those assets whose leases
expire is subject to many factors.  Therefore, the Partnership's  performance in
the first quarter of 2002 is not necessarily indicative of future periods.


<PAGE>



(II) CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires the General Partner
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.  On a regular basis,  the General  Partner reviews
these estimates including those related to asset lives and depreciation methods,
impairment  of long-lived  assets,  allowance  for doubtful  accounts,  reserves
related to legally mandated  equipment repairs and contingencies and litigation.
These estimates are based on the General Partner's historical  experience and on
various other  assumptions  believed to be reasonable  under the  circumstances.
Actual results may differ from these estimates  under  different  assumptions or
conditions. The General Partner believes, however, that the estimates, including
those for the  above-listed  items,  are reasonable and that actual results will
not vary significantly from the estimated amounts.

The General Partner believes the following critical  accounting  policies affect
the more  significant  judgments and estimates  used in the  preparation  of the
Partnership's financial statements:

Asset  lives  and  depreciation  methods:  The  Partnership's  primary  business
involves the purchase and  subsequent  lease of  long-lived  transportation  and
related  equipment.  The General Partner has chosen asset lives that it believes
correspond to the economic life of the related  asset.  The General  Partner has
chosen  a  deprecation  method  that it  believes  matches  the  benefit  to the
Partnership from the asset with the associated costs.  These judgments have been
made based on the General Partner's expertise in each equipment segment that the
Partnership  operates. If the asset life and depreciation method chosen does not
reduce the book value of the asset to at least the  potential  future cash flows
from the asset to the Partnership, the Partnership would be required to record a
loss on revaluation. Likewise, if the net book value of the asset was reduced by
an amount greater than the economic value has deteriorated,  the Partnership may
record a gain on sale upon final disposition of the asset.

Impairment of long-lived assets: On a regular basis, the General Partner reviews
the carrying value of its equipment and investments in USPEs to determine if the
carrying  value of the assets  may not be  recoverable  due to current  economic
conditions.  This  requires  the General  Partner to make  estimates  related to
future  cash  flows  from  each  asset  as  well  as  the  determination  if the
deterioration  is  temporary  or  permanent.  If these  estimates or the related
assumptions  change in the  future,  the  Partnership  may be required to record
additional impairment charges.

Allowance  for doubtful  accounts:  The  Partnership  maintains  allowances  for
doubtful  accounts for  estimated  losses  resulting  from the  inability of the
lessees to make the lease  payments.  These estimates are primarily based on the
amount of time that has lapsed  since the related  payments  were due as well as
specific  knowledge  related to the ability of the lessees to make the  required
payments.  If the  financial  condition  of the  Partnership's  lessees  were to
deteriorate,  additional  allowances could be required that would reduce income.
Conversely,  if the  financial  condition  of the lessees  were to improve or if
legal  remedies to collect past due amounts were  successful,  the allowance for
doubtful accounts may need to be reduced and income would be increased.

Reserves for repairs:  The Partnership  accrues for legally  required repairs to
equipment  such as dry  docking  for  marine  vessels  and engine  overhauls  to
aircraft engines over the period prior to the required repairs.  The amount that
is reserved for is based on the General  Partner's  expertise in each  equipment
segment, the past history of such costs for that specific piece of equipment and
discussions  with  independent,  third party  equipment  brokers.  If the amount
reserved for is not adequate to cover the cost of such repairs or if the repairs
must be performed  earlier than the General Partner  estimated,  the Partnership
would incur additional repair and maintenance or equipment operating expenses.

Contingencies  and litigation:  The Partnership is subject to legal  proceedings
involving  ordinary and routine  claims  related to its  business.  The ultimate
legal and financial  liability  with respect to such matters cannot be estimated
with  certainty and requires the use of estimates in recording  liabilities  for
potential litigation settlements.  Estimates for losses from litigation are made
after  consultation  with outside  counsel.  If  estimates  of potential  losses
increase  or the  related  facts and  circumstances  change in the  future,  the
Partnership may be required to record additional litigation expense.

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

For the three  months  ended March 31,  2002,  the  Partnership  generated  $0.9
million in operating cash (net cash provided by operations plus  non-liquidating
distributions from USPEs) to meet its operating obligations and maintain working
capital reserves.

During the three months ended March 31, 2002, the Partnership  disposed of owned
equipment and received aggregate proceeds of $0.1 million.

Restricted  cash  increased  during the three months ended March 31, 2002 due to
the deposit of $0.9 million into an escrow account related to collection efforts
from an aircraft lessee.

Accounts  receivable  decreased $0.1 million during the three months ended March
31, 2002 due to the timing of cash receipts.

Investments in USPEs  decreased $0.7 million during the three months ended March
31, 2002 due to cash  distributions  of $0.5 million to the Partnership from the
USPEs and a $0.2  million  loss that was  recorded  by the  Partnership  for its
equity interests in the USPEs.

Accounts payable  decreased $0.3 million during the three months ended March 31,
2002 due to the payment of $0.2 million to the purchasing agent for the purchase
of  Partnership  units that was accrued at  December  31, 2001 and a decrease of
$0.1 million due to the timing of payments to vendors.

In April  2002,  PLM  International,  Inc.  (PLMI)  extended  the $10.0  million
warehouse facility and added the Partnership as an additional borrower which was
shared by PLM Equipment  Growth Fund VI, PLM Equipment Growth & Income Fund VII,
Professional  Lease  Management  Income Fund I, LLC and  Acquisub  LLC, a wholly
owned subsidiary of PLMI which is the parent company of PLM Financial  Services,
Inc..  The  facility  provides  for  financing  up to  100%  of the  cost of the
equipment. Outstanding borrowings by one borrower reduce the amount available to
each of the other  borrowers  under the facility.  Individual  borrowings may be
outstanding  for no more than 270 days, with all advances due no later than July
11, 2002.  Interest  accrues  either at the prime rate or LIBOR plus 2.0% at the
borrower's  option and is set at the time of an advance of funds.  Borrowings by
the  Partnership  are guaranteed by PLMI. The  Partnership is not liable for the
advances made to the other  borrowers.  This facility  expires on July 11, 2002.
The  General  Partner is  currently  in the process of  renewing  the  warehouse
facility.

As of May 8, 2002,  the  Partnership  had no borrowings  outstanding  under this
facility and there were no other borrowings  outstanding  under this facility by
any other eligible borrower.

(IV) OUTLOOK FOR THE FUTURE

Several factors may affect the Partnership's  operating  performance  during the
remainder  of  2002  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.

Other factors affecting the Partnership's  contribution  during the remainder of
2002 and beyond include:

(1) The cost of new marine  containers  have been at historic  lows for the past
several  years  which has caused  downward  pressure on per diem lease rates for
this type of  equipment.  In addition,  some of the  Partnership's  refrigerated
marine containers have become delaminated.  This condition lowers the demand for
these  marine  containers  and has  lead to  declining  lease  rates  and  lower
utilization on containers with this problem;

(2) Railcar  loadings in North  America for the first quarter of 2002 were below
those of 2001. This decrease has led to lower utilization and lower contribution
to the Partnership as existing leases expire and renewal leases are negotiated;

(3) Marine vessel freight rates are dependent upon the overall  condition of the
international  economy.  Freight rates earned by the Partnership's marine vessel
began to  decrease  during the later half of 2001.  This  trend is  expected  to
continue through the first half of 2002;

(4) Industry wide utilization of inter-modal  trailers decreased 8% in the first
quarter of 2002  compared to the first  quarter of 2001.  This may lead to lower
utilization of the Partnership's trailers as existing leases expire; and

(5) The airline  industry began to see lower  passenger  travel during 2001. The
tragic events on September 11, 2001 worsened the situation.  As a result of this
and general  uncertainty in the airline  industry,  the  Partnership  has had to
renegotiate  leases on its owned  aircraft  and  partially  owned  aircraft on a
direct  finance  lease  during  2001 that will  result in a decrease in revenues
during 2002. During 2001, the lessee of three Stage II Boeing 737-200 commercial
aircraft notified the General Partner of its intention to return these aircraft.
As of March 31, 2002,  the lessee has not remitted  seven lease  payments due to
the  Partnership.  The Partnership has a security  deposit from this lessee that
could be used to pay a portion of the  amount  due.  During  October  2001,  the
General Partner sent a notification of default to the lessee. The lease, with an
expiration date of October 2002, has certain return  condition  requirements for
each aircraft.  The General  Partner has recorded an allowance for bad debts for
the amount due less the security deposit.

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
equipment  markets in which it determines it cannot operate equipment to 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  may reinvest its cash flow,  surplus cash,  and equipment sale
proceeds  in  additional  equipment,  consistent  with  the  objectives  of  the
Partnership,  until December 31, 2004. The General  Partner  believes that these
acquisitions may cause the Partnership to generate  additional earnings and cash
flow for the Partnership.  Surplus funds, if any, less reasonable reserves,  may
be distributed to the partners.  The Partnership  will terminate on December 31,
2010, unless terminated  earlier upon sale of all equipment and by certain other
events.

(V)  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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Partnership's  primary market risk exposure is that of currency  devaluation
risk.  During the three months ended March 31,  2002,  87% of the  Partnership's
total lease  revenues  from  wholly-  and  partially-owned  equipment  came from
non-United States domiciled lessees'.  Most of the Partnership's  leases require
payment in United States (U.S.)  currency.  If these lessees  currency  devalues
against the U.S. dollar, the lessees could potentially  encounter  difficulty in
making the U.S. dollar denominated lease payments.


<PAGE>



                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits

     10.1 Warehousing  Credit  Agreement  among  PLM  International,  Inc.,  PLM
          Equipment  Growth  Fund VI, PLM  Equipment  Growth & Income  Fund VII,
          Professional  Lease Management  Income Fund I, LLC., and Imperial Bank
          and PFF Bank and Trust dated April 13, 2001.

     10.2 First amendment to the Warehouse  Credit  Agreement dated December 21,
          2001.

     10.3 Second  amendment to the Warehouse Credit  Agreement,  dated April 12,
          2002.

     (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 8, 2002          By:   /s/ Stephen M. Bess
                                  -----------------------------------
                                  Stephen M. Bess
                                  President and Current Chief Accounting Officer