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  SEPTEMBER  30,  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.)

           450 CARILLON PARKWAY, SUITE 200
                  ST. PETERSBURG, FL                       33716
                (Address of principal                   (Zip code)
                  executive offices)


       Registrant's telephone number, including area code: (727) 803-8200
                             _______________________


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>


<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                            CONDENSED BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)
                                   (unaudited)

<TABLE>
<CAPTION>

<S>                                                             <C>              <C>
                                                                  September 30,    December 31,
                                                                      2002            2001
                                                                ===============================
ASSETS

Equipment held for operating lease, at cost. . . . . . . . . .  $       72,507   $      73,711
Less accumulated depreciation. . . . . . . . . . . . . . . . .         (63,708)        (62,572)
                                                                ---------------  --------------
  Net equipment. . . . . . . . . . . . . . . . . . . . . . . .           8,799          11,139


Cash and cash equivalents. . . . . . . . . . . . . . . . . . .           9,408           6,312
Restricted cash. . . . . . . . . . . . . . . . . . . . . . . .             701              --
Accounts receivable, less allowance for doubtful
    accounts of $2,939 in 2002 and $664 in 2001. . . . . . . .           1,167           1,041
Investments in unconsolidated special-purpose entities . . . .           4,377           5,703
Deferred charges, net of accumulated amortization of
    $43 in 2002 and $33 in 2001. . . . . . . . . . . . . . . .               4              14
Prepaid expenses and other assets. . . . . . . . . . . . . . .             112              34
                                                                ---------------  --------------
      Total assets . . . . . . . . . . . . . . . . . . . . . .  $       24,568   $      24,243
                                                                ===============  ==============
LIABILITIES AND PARTNERS' CAPITAL

Liabilities:

Accounts payable and accrued expenses. . . . . . . . . . . . .  $          171   $         410
Due to affiliates. . . . . . . . . . . . . . . . . . . . . . .             163             194
Lessee deposits and reserve for repairs. . . . . . . . . . . .           3,140           3,149
                                                                ---------------  --------------
    Total liabilities. . . . . . . . . . . . . . . . . . . . .           3,474           3,753
                                                                ---------------  --------------
Commitments and contingencies

Partners' capital:

Limited partners (8,479,516 limited partnership units in 2002
    and 8,533,465 in 2001) . . . . . . . . . . . . . . . . . .          21,094          20,490
General Partner. . . . . . . . . . . . . . . . . . . . . . . .              --              --
                                                                ---------------  --------------
    Total partners' capital. . . . . . . . . . . . . . . . . .          21,094          20,490
                                                                ---------------  --------------

      Total liabilities and partners' capital. . . . . . . . .  $       24,568   $      24,243
                                                                ===============  ==============
</TABLE>















       See accompanying notes to unaudited condensed financial statements.

<PAGE>


<PAGE>

<PAGE>

<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                       CONDENSED STATEMENTS OF OPERATIONS
         (in thousands of dollars, except weighted-average unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>

<S>                                             <C>                     <C>                    <C>      <C>
                                                 For the Three Months    For the Nine Months
                                                  Ended September 30,     Ended September 30,
                                                2002             2001     2002          2001
                                               =============================================
REVENUES

Lease revenue. . . . . . . . . . . . . . . . .  $    2,352   $   2,719   $  7,335   $  8,392
Interest and other income. . . . . . . . . . .          35          48         99        194
Gain on disposition of equipment . . . . . . .         109          29        180      1,203
                                                -----------  ----------  ---------  --------
    Total revenues . . . . . . . . . . . . . .       2,496       2,796      7,614      9,789
                                                -----------  ----------  ---------  --------
EXPENSES

Depreciation and amortization. . . . . . . . .         735       1,454      2,272      4,678
Repairs and maintenance. . . . . . . . . . . .         216         201        564        638
Equipment operating expenses . . . . . . . . .           8        (20)         32        304
Insurance expense. . . . . . . . . . . . . . .          28          41         86        163
Management fees to affiliate . . . . . . . . .          44         120        148        373
Interest expense . . . . . . . . . . . . . . .          --          --         --        141
General and administrative expenses
      to affiliates. . . . . . . . . . . . . .          18          64        145        354
Other general and administrative expenses. . .         235         122        623        428
Provision for bad debts. . . . . . . . . . . .         770          16      2,282         13
                                                -----------  ----------  ---------  --------
    Total expenses . . . . . . . . . . . . . .       2,054       1,998      6,152      7,092
                                                -----------  ----------  ---------  --------
Equity in net income (loss) of unconsolidated
      special-purpose entities . . . . . . . .        (534)      (143)      (893)        702
                                                -----------  ----------  ---------  --------
Net income (loss). . . . . . . . . . . . . . .  $      (92)  $     655   $    569   $  3,399
                                                ===========  ==========  =========  ========
PARTNERS' SHARE OF NET INCOME (LOSS):

Limited partners . . . . . . . . . . . . . . .  $      (92)  $     655   $    569   $  3,280
General Partner. . . . . . . . . . . . . . . .           --         --         --        119
                                                -----------  ----------  ---------  --------
Total. . . . . . . . . . . . . . . . . . . . .  $      (92)  $     655   $    569   $  3,399
                                                ===========  ==========  =========  ========
Net income (loss) per weighted-average
    limited partnership unit . . . . . . . . .  $    (0.01)  $    0.07   $   0.07   $   0.36
                                                ===========  ==========  =========  ========
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 SEPTEMBER 30, 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 . . . . . . . . . . . . . . . . . .        569         --       569

Canceled purchase of limited partnership units         35         --        35
                                                ----------  ---------  --------
  Partners' capital as of September 30, 2002 .  $  21,094   $     --   $21,094
                                                ==========  =========  ========
</TABLE>
































       See accompanying notes to unaudited condensed financial statements.

<PAGE>
<TABLE>
<CAPTION>

<S>                                                          <C>                    <C>

<PAGE>

<PAGE>
                              PLM EQUIPMENT GROWTH FUND V
                               (A LIMITED PARTNERSHIP)
                          CONDENSED STATEMENTS OF CASH FLOWS
                              (IN THOUSANDS OF DOLLARS)
                                     (unaudited)
                                                               For the Nine Months
                                                               Ended September 30,
                                                               2002          2001
                                                              ======================
OPERATING ACTIVITIES

Net income. . . . . . . . . . . . . . . . . . . . . . . . .  $    569   $  3,399
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
  Depreciation and amortization . . . . . . . . . . . . . .     2,272      4,678
  Provision for bad debts . . . . . . . . . . . . . . . . .     2,282         13
  Gain on disposition of equipment. . . . . . . . . . . . .     (180)     (1,203)
  Equity in net (income) loss of unconsolidated
      special-purpose entities. . . . . . . . . . . . . . .       893       (702)
  Changes in operating assets and liabilities:
    Restricted cash . . . . . . . . . . . . . . . . . . . .     (701)        (65)
    Accounts receivable . . . . . . . . . . . . . . . . . .   (2,391)        489
    Prepaid expenses and other assets . . . . . . . . . . .      (78)         11
    Accounts payable and accrued expenses . . . . . . . . .      (25)        (97)
    Due to affiliates . . . . . . . . . . . . . . . . . . .      (31)        (81)
    Lessee deposits and reserve for repairs . . . . . . . .       (9)        410
                                                             ---------  ---------
      Net cash provided by operating activities . . . . . .     2,601      6,852
                                                             ---------  ---------

INVESTING ACTIVITIES

Payments for capitalized improvements . . . . . . . . . . .        --         (4)
Distributions from unconsolidated special-purpose entities.       433      1,779
Payments of acquisition fees to affiliate . . . . . . . . .        --       (101)
Payments of lease negotiation fees to affiliate . . . . . .        --        (22)
Proceeds from disposition of equipment. . . . . . . . . . .       241      2,613
                                                             ---------  ---------
      Net cash provided by investing activities . . . . . .       674      4,265
                                                             ---------  ---------

FINANCING ACTIVITIES

Payment for limited partnership units . . . . . . . . . . .     (214)         --
Canceled purchase of limited partnership units. . . . . . .        35         --
Payments of note payable. . . . . . . . . . . . . . . . . .        --     (5,474)
Cash distributions paid to limited partners . . . . . . . .        --     (1,600)
Cash distributions paid to General Partner. . . . . . . . .        --       (119)
                                                             ---------  ---------
      Net cash used in financing activities . . . . . . . .     (179)     (7,193)
                                                             ---------  ---------
Net increase in cash and cash equivalents . . . . . . . . .     3,096      3,924
Cash and cash equivalents at beginning of period. . . . . .     6,312      1,799
                                                             ---------  ---------
Cash and cash equivalents at end of period. . . . . . . . .  $  9,408   $  5,723
                                                             =========  =========

SUPPLEMENTAL INFORMATION
Interest paid . . . . . . . . . . . . . . . . . . . . . . .  $     --   $    224
                                                             =========  =========
</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 September 30, 2002 and December
31,  2001,  the  unaudited  condensed statements of operations for the three and
nine  months  ended  September  30,  2002  and  2001,  the  unaudited  condensed
statements of changes in partners' capital for the period from December 31, 2000
to  September 30, 2002, and the unaudited condensed statements of cash flows for
the nine months ended September 30, 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  cash  generated  from  operations  and  proceeds  from  asset
dispositions  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
disposition  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.

No  cash  distributions  were  paid to the limited partners during the three and
nine  months  ended  September  30,  2002.  For  the three and nine months ended
September  30,  2001,  cash  distributions  totaled  $-0-  and  $1.7  million,
respectively.

5.     Transactions  with  General  Partner  and  Affiliates
       -----------------------------------------------------

The  balance  due  to affiliates as of September 30, 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):
<TABLE>
<CAPTION>


                                    For the Three Months       For the Nine Months
                                     Ended September 30,       Ended September 30,
                                     2002           2001       2002          2001
                                    ==============================================
<S>                                 <C>         <C>           <C>        <C>
Management fees. . . . . . . . . .  $      (4)  $      65     $     112  $     257
Data processing and administrative
   expenses. . . . . . . . . . . .           3         26            57        124
</TABLE>


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

The  Partnership  paid  FSI  $-0- and $0.1 million for equipment acquisition and
lease negotiation fees during the nine months ended September 30, 2002 and 2001,
respectively.

6.     Equipment
       ---------

Owned  equipment held for operating leases is stated at cost.  The components of
<TABLE>
<CAPTION>



                                 September 30,    December 31,
                                     2002             2001
                               ===============================
<S>                            <C>              <C>
Aircraft. . . . . . . . . . .  $       55,172   $      55,172
Rail equipment. . . . . . . .          11,047          11,265
Marine containers . . . . . .           4,089           5,059
Trailers. . . . . . . . . . .           2,199           2,215
                               ---------------  --------------
                                       72,507          73,711
Less accumulated depreciation         (63,708)        (62,572)
                               ---------------  --------------
    Net equipment . . . . . .  $        8,799   $      11,139
                               ===============  ==============
</TABLE>
owned  equipment  were  as  follows  (in  thousands  of  dollars):

As of September 30, 2002, all owned equipment in the Partnership's portfolio was
on  lease  except  for 84 railcars with a net book value of $0.3 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  nine  months  ended September 30, 2002, the Partnership disposed of
marine  containers,  railcars, and a trailer with an aggregate net book value of
$0.1  million  for  proceeds  of  $0.3  million.  During  the  nine months ended
September  30,  2001,  the  Partnership  disposed  of  a  marine  vessel, marine
containers,  and  a railcar with an aggregate net book value of $1.4 million for
proceeds  of  $2.6  million.





                      (This space intentionally left blank)

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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.  Ownership  interest  is  based  on the Partnership's contribution
towards  the cost of the equipment in the USPEs.  The Partnership's proportional
share  of equity and income (loss) in each entity is not necessarily the same as
its  ownership  interest.  The primary reason for this difference has to do with
certain  fees  such  as  management  and  acquisition and lease negotiation fees
varying  among  the  owners  of  the  USPEs.

The  tables  below  set forth 100% of the assets, liabilities, and equity of the
entities  in  which  the  Partnership  has  an  interest  and  the Partnership's
proportional  share  of  equity  in  each  entity  as  of September 30, 2002 and
December  31,  2001  (in  thousands  of  dollars):

                                         .            Aero
                                         Clement   California   Lion
As of September 30, 2002               Partnership1  Trust2  Partnership3 Total
                                      =========================================
<TABLE>
<CAPTION>

<S>                                        <C>   <C>     <C>     <C>
Assets
-----------------------------------------
  Equipment less accumulated depreciation   $   672    $    --    $ 7,724
  Receivables . . . . . . . . . . . . . .        16        420        110
  Finance lease receivable. . . . . . . .        --      2,763         --
  Other assets. . . . . . . . . . . . .          --          6         --
                                            -------    -------    -------
    Total assets. . . . . . . . . . . .  .  $   688    $ 3,189    $ 7,834
                                            =======    =======    =======
Liabilities
  Accounts payable. . . . . . . . . . .  .  $   198    $     1    $   320
  Due to affiliates . . . . . . . . . .          --          2         31
  Lessee deposits and reserve for repairs        --        420        224
                                            -------    -------    -------
    Total liabilities . . . . . . . . .         198        423        575
                                            -------    -------    -------

Equity. . . . . . . . . . . . . . . . .         490      2,766      7,259
                                            -------    -------    -------
    Total liabilities and equity. . . .     $   688    $ 3,189    $ 7,834
                                            =======    =======    =======

Partnership's share of equity . . . . .     $   230    $   691    $ 3,456    $ 4,377
                                            =======    =======    =======    =======
</TABLE>


                                         .            Aero
                                         Clement   California   Lion
As of December 31, 2001                Partnership1  Trust2  Partnership3 Total
                                      =========================================
<TABLE>
<CAPTION>

<S>                                        <C>     <C>     <C>     <C>
Assets
-----------------------------------------
  Equipment less accumulated depreciation  $ 1,239    $    --    $ 8,827
  Receivables . . . . . . . . . . . . . .      302        420        776
  Finance lease receivable. . . . . . . .       --      3,449         --
  Other assets. . . . . . . . . . . . . .       --         10         --
                                           -------    -------    -------
    Total assets. . . . . . . . . . . . .  $ 1,541    $ 3,879    $ 9,603
                                           =======    =======    =======
Liabilities
  Accounts payable. . . . . . . . . . .    $   248    $    --    $   111
  Due to affiliates . . . . . . . . . . .       48         39         51
  Lessee deposits and reserve for repairs       --        420        514
                                           -------    -------    -------
    Total liabilities . . . . . . . . . .      296        459        676
                                           -------    -------    -------

Equity. . . . . . . . . . . . . . . . . .    1,245      3,420      8,927
                                           -------    -------    -------
    Total liabilities and equity. . . .    $ 1,541    $ 3,879    $ 9,603
                                           =======    =======    =======

Partnership's share of equity . . . . . .  $   600    $   855    $ 4,248    $ 5,703
                                           =======    =======    =======    =======
</TABLE>




1     The Partnership owns a 50% interest of the Clement Partnership that owns a
product  tanker.
2     The Partnership owns a 25% interest in the Aero California Trust that owns
two  stage  III  commercial  aircraft  on  a  direct  finance  lease.
3     The  Partnership  owns  a 48% interest in the Lion Partnership that owns a
product  tanker.

<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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

The  tables  below  set forth 100% of the revenues, direct and indirect expenses
and  net income (loss) of the entities in which the Partnership has an interest,
and the Partnership's proportional share of income (loss) in each entity for the
three  and  nine  months  ended  September  30,  2002  and 2001 (in thousands of
dollars):

                                         .            Aero
For the three months ended               Clement   California   Lion
 September 30, 2002                   Partnership1  Trust2  Partnership3 Total
                                      =========================================
<TABLE>
<CAPTION>

<S>                                     <C>     <C>   <C>      <C>
  Revenues . . . . . . . . . . . . . . . $   191    $   119    $ 1,013
  Less: Direct expenses. . . . . . . . .     762          5        977
            Indirect expenses. . . . .       173         29        427
                                         --------   --------   --------
    Net income (loss). . . . . . . . .  $  (744)    $    85    $  (391)
                                         ========   ========   ========

Partnership's share of net income (loss) $ (381)    $    22    $  (175)    $ (534)
                                         ========   ========   ========    =======
</TABLE>


                                         .            Aero
For the three months ended               Clement   California   Lion
 September 30, 2001                   Partnership1  Trust2  Partnership3 Total
                                      =========================================
<TABLE>
<CAPTION>

<S>                                     <C>      <C>   <C>     <C>
  Revenues . . . . . . . . . . . . . .    $   570    $  328    $ 2,097
  Less: Direct expenses. . . . . . . .      1,075         6      1,151
            Indirect expenses. . . . .        222        39        600
                                          -------    ------    -------
    Net income (loss). . . . . . . . .    $ (727)    $  283    $   346
                                          =======    ======    =======

Partnership's share of net income (loss)  $ (378)    $   71    $   164    $ (143)
                                          =======    ======    =======    =======
</TABLE>


                                         .            Aero
For the nine months ended               Clement   California   Lion
 September 30, 2002                   Partnership1  Trust2  Partnership3 Total
                                      =========================================
<TABLE>
<CAPTION>

<S>                                     <C>       <C>   <C>      <C>
  Revenues . . . . . . . . . . . . . .    $  1,876    $  384    $ 4,009
  Less: Direct expenses. . . . . . . .       2,601        17      3,101
            Indirect expenses. . . . .         654       101      1,429
                                          --------    ------    --------
    Net income (loss). . . . . . . . .    $(1,379)    $  266    $  (521)
                                          ========    ======    ========

Partnership's share of net income (loss)  $  (723)    $   67    $  (237)    $ (893)
                                          ========    ======    ========    =======
</TABLE>


                                         Aero
For the nine months ended   Clement   California   Lion       Montgomery
   September 30, 2001     Partnership1  Trust2  Partnership3 Partnership4  Total
                          ======================================================
<TABLE>
<CAPTION>

<S>                           <C>      <C>     <C>     <C>    <C>
  Revenues . . . . . . . . . .$ 2,913    $ 1,011    $ 7,613      $   --
  Less: Direct expenses. . . .  3,056         14      3,591          67
            Indirect expenses     773        119      1,892           1
                              -------    -------    -------      -------
    Net income (loss). . . .. $ (916)    $   878    $ 2,130      $  (68)
                              =======    =======    =======      =======

Partnership's share of net    $ (495)    $   219    $ 1,012      $  (34)    $ 702
      income (loss)           =======    =======    =======      =======    =====
</TABLE>


As  of  September 30, 2002 and December 31, 2001, all jointly-owned equipment in
the  Partnership's  USPE  portfolio  was  on  lease.





1     The Partnership owns a 50% interest in the Clement Partnership that owns a
product  tanker.
2     The Partnership owns a 25% interest in the Aero California Trust that owns
two  stage  III  commercial  aircraft  on  a  direct  finance  lease.
3     The  Partnership  owns  a 48% interest in the Lion Partnership that owns a
product  tanker.
4     The  Partnership  owned  a 50% interest in the Montgomery Partnership that
owned  a  bulk  carrier.

<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

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
September 30, 2002                           Leasing     Leasing    Leasing    Leasing     Leasing    Other 1    Total
----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>         <C>        <C>        <C>         <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $   1,865   $     --   $    386   $       23  $     78   $     --   $ 2,352
  Interest income and other. . . . . . . .         --         --         --           --        --         35        35
  Gain (loss) on disposition of equipment.         --         --         74           30         5         --       109
                                            ----------  ---------  ---------  ----------  ---------  ---------  --------
     Total revenues. . . . . . . . . . . .      1,865         --        460           53        83         35     2,496
                                            ----------  ---------  ---------  ----------  ---------  ---------  --------

COSTS AND EXPENSES
  Operations support . . . . . . . . . . .         10         --        161           --        66         15       252
  Depreciation and amortization. . . . . .        529         --        131           41        31          3       735
  Management fees to affiliates. . . . . .         24         --         17           --         3         --        44
  General and administrative expenses. . .        (34)        --         30           --        16        241       253
  Provision for bad debts. . . . . . . . .        779         --        (10)          --         1         --       770
                                            ----------  ---------  ---------  ----------  ---------  ---------  --------
      Total costs and expenses . . . . . .      1,308         --        329           41       117        259     2,054
                                            ----------  ---------  ---------  ----------  ---------  ---------  --------
Equity in net income (loss) of USPEs . . .         22       (556)        --           --        --         --      (534)
                                            ----------  ---------  ---------  ----------  ---------  ---------  --------
Net income (loss). . . . . . . . . . . . .  $     579   $   (556)  $    131   $       12  $    (34)  $   (224)  $   (92)
                                            ==========  =========  =========  ==========  =========  =========  ========

Total assets as of September 30, 2002. . .  $   8,715   $  3,685   $  1,995   $      168  $    481   $  9,524   $24,568
                                            ==========  =========  =========  ==========  =========  =========  ========
</TABLE>


<TABLE>
<CAPTION>


                                            .       Marine       .        Marine
For the three months ended              Aircraft    Vessel    Railcar    Container    Trailer
September 30, 2001                       Leasing    Leasing   Leasing     Leasing     Leasing    Other 2    Total
-----------------------------------------------------------------------------------------------------------------
<S>                                     <C>        <C>        <C>       <C>          <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . .  $   2,145  $     --   $    448  $       32   $     94   $     --   $2,719
  Interest income and other. . . . . .          1        --         --          --         --         47       48
  Gain on disposition of equipment . .         --        --         --          29         --         --       29
                                        ---------  ---------  --------  -----------  ---------  ---------  -------
     Total revenues. . . . . . . . . .      2,146        --        448          61         94         47    2,796
                                        ---------  ---------  --------  -----------  ---------  ---------  -------

COSTS AND EXPENSES
  Operations support . . . . . . . . .         40       (14)       126          --         55         15      222
  Depreciation and amortization. . . .      1,203        --        135          77         31          8    1,454
  Management fees to affiliates. . . .         82        --         31           3          4         --      120
  General and administrative expenses.          2         1         19          --         19        145      186
  Provision for bad debts. . . . . . .         --        --         16          --         --         --       16
                                        ---------  ---------  --------  -----------  ---------  ---------  -------
      Total costs and expenses . . . .      1,327       (13)       327          80        109        168    1,998
                                        ---------  ---------  --------  -----------  ---------  ---------  -------
Equity in net income (loss) of USPEs .         71      (214)        --          --         --         --     (143)
                                        ---------  ---------  --------  -----------  ---------  ---------  -------
Net income (loss). . . . . . . . . . .  $     890  $   (201)  $    121  $      (19)  $    (15)  $   (121)  $  655
                                        =========  =========  ========  ===========  =========  =========  =======
</TABLE>



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

<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

8.     Operating  Segments  (continued)
       -------------------
<TABLE>
<CAPTION>


                                                .       Marine        .        Marine
For the nine months ended                   Aircraft    Vessel     Railcar   Container    Trailer
September 30, 2002                           Leasing    Leasing    Leasing    Leasing     Leasing    Other 1    Total
---------------------------------------------------------------------------------------------------------------------
<S>                                         <C>        <C>        <C>        <C>         <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $   5,772  $     --   $  1,170   $      145  $    248   $     --   $7,335
  Interest income and other. . . . . . . .         --        --          4           --        --         95       99
  Gain (loss) on disposition of equipment.         --        --         71          104         5         --      180
                                            ---------  ---------  ---------  ----------  ---------  ---------  -------
     Total revenues. . . . . . . . . . . .      5,772        --      1,245          249       253         95    7,614
                                            ---------  ---------  ---------  ----------  ---------  ---------  -------

COSTS AND EXPENSES
  Operations support . . . . . . . . . . .         36        --        433            1       165         47      682
  Depreciation and amortization. . . . . .      1,601        --        395          173        94          9    2,272
  Management fees to affiliates. . . . . .         71        --         62            5        10         --      148
  General and administrative expenses. . .         65        --         84           --        48        571      768
  Provision for bad debts. . . . . . . . .      2,285        --        (10)          --         7         --    2,282
                                            ---------  ---------  ---------  ----------  ---------  ---------  -------
      Total costs and expenses . . . . . .      4,058        --        964          179       324        627    6,152
                                            ---------  ---------  ---------  ----------  ---------  ---------  -------
Equity in net income (loss) of USPEs . . .         67      (960)        --           --        --         --     (893)
                                            ---------  ---------  ---------  ----------  ---------  ---------  -------
Net income (loss). . . . . . . . . . . . .  $   1,781  $   (960)  $    281   $       70  $    (71)  $   (532)  $  569
                                            =========  =========  =========  ==========  =========  =========  =======
</TABLE>


<TABLE>
<CAPTION>


                                                        Marine               Marine
For the nine months ended                   Aircraft    Vessel    Railcar   Container    Trailer
September 30, 2001                           Leasing   Leasing    Leasing    Leasing     Leasing    Other 1   Total
-------------------------------------------------------------------------------------------------------------------
<S>                                         <C>        <C>       <C>        <C>         <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $   6,435  $     --  $  1,431   $      249  $    277   $     --   $8,392
  Interest income and other. . . . . . . .         34        --        --           --        --        160      194
  Gain (loss) on disposition of equipment.         --     1,116        (4)          91        --         --    1,203
                                            ---------  --------  ---------  ----------  ---------  ---------  ------
     Total revenues. . . . . . . . . . . .      6,469     1,116     1,427          340       277        160    9,789
                                            ---------  --------  ---------  ----------  ---------  ---------  ------

COSTS AND EXPENSES
  Operations support . . . . . . . . . . .         69       334       460           --       149         93    1,105
  Depreciation and amortization. . . . . .      3,887        --       418          246        95         32    4,678
  Interest expense . . . . . . . . . . . .         --        --        --           --        --        141      141
  Management fees to affiliates. . . . . .        247        --        99           13        14         --      373
  General and administrative expenses. . .         20        24        41           --        50        647      782
  Recovery of bad debts. . . . . . . . . .         --        --        16           --        (3)        --       13
                                            ---------  --------  ---------  ----------  ---------  ---------  ------
      Total costs and expenses . . . . . .      4,223       358     1,034          259       305        913    7,092
                                            ---------  --------  ---------  ----------  ---------  ---------  ------
Equity in net income of USPEs. . . . . . .        219       483        --           --        --         --      702
                                            ---------  --------  ---------  ----------  ---------  ---------  ------
Net income (loss). . . . . . . . . . . . .  $   2,465  $  1,241  $    393   $       81  $    (28)  $   (753)  $3,399
                                            =========  ========  =========  ==========  =========  =========  ======
</TABLE>












1     Includes  certain  interest  income  and  costs  not  identifiable  to  a
particular segment, such as 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  (Loss)  Per  Weighted-Average  Limited  Partnership  Unit
       ----------------------------------------------------------------------

Net  income (loss) per weighted-average limited partnership unit was computed by
dividing  net  income  (loss)  attributable  to  limited  partners  by  the
weighted-average  number  of limited partnership units deemed outstanding during
the  period.  The  weighted-average  number  of limited partnership units deemed
outstanding  during  the  three  and  nine  months ended September 30, 2002, was
8,479,516  and  8,485,642, respectively.  The weighted-average number of limited
partnership  units  deemed  outstanding  during  the three and nine months ended
September  30,  2001  was  9,065,911.

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  532,446  units as of December 31, 2001 and an
additional  53,949  units during the nine months ended September 30, 2002, 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  received  a  $35,000  refund from the
purchasing  agent.

11.     Debt
        ----

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by the Partnership, 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.  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 June 30, 2003.  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.

As  of September 30, 2002, there were no outstanding borrowings on this facility
by  any  of  the  eligible  borrowers.

12.     Commitments  and  Contingencies
        -------------------------------

In  October  2002, PLM Transportation Equipment Corp. Inc. (TEC), a wholly owned
subsidiary  of  FSI,  arranged  for  the  lease  or purchase of a total of 1,050
pressurized  tank railcars by (i) partnerships and managed programs in which FSI
serves  as  the  general  partner  or  manager  and  holds an ownership interest
(Program  Affiliates)  or  (ii)  partnerships  or  managed programs in which FSI
provides  management  services  but does not hold an ownership interest or third
parties  (Non-Program  Affiliates).  These  railcars  will be delivered over the
next  three  years.  A  leasing  company  affiliated  with the manufacturer will
acquire  approximately  70%  of  the  railcars  and  lease them to a Non-Program
Affiliate.  The  remaining  approximately  30% will either be purchased by other
third parties to be managed by PLMI, or by the Program Affiliates.  An affiliate
of  TEC  will  manage  the  leased  and purchased railcars.  Neither TEC nor its
affiliate will be liable for these railcars.  TEC estimates that the total value
of  purchased  railcars  will  not  exceed  $26.0  million with one third of the
railcars  being purchased in each of 2002, 2003, and 2004.  Although the General
Partner  has  neither  determined  which  Program  Affiliates  will purchase the
railcars  nor  the  timing  of any purchases, it is possible the Partnership may
purchase  some  of  the  railcars.


                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)


13.     Accounting  Pronouncements
        --------------------------

In April 2002, the Financial Accounting Standards Board (FASB) adopted Statement
of Financial Accounting Standards (SFAS) No. 145, "Rescission of FASB Statements
No.  4,  44, and 64, Amendment of FASB No. 13, and Technical Corrections" ("SFAS
No.  145").  The  provisions  of  SFAS  No.  145  are effective for fiscal years
beginning  after  May  15,  2002.  As  permitted  by  the  pronouncement,  the
Partnership  has elected early adoption of SFAS No. 145 and, accordingly, if the
Partnership  has a loss on extinguishment of long-term debt, it will be reported
as  a  loss  in  "Other  general  and  administrative  expenses".

The  Accounting  Standards  Executive  Committee  of  the  American Institute of
Certified  Public  Accountants  has  issued  an  exposure  draft  of  a proposed
statement  of  position  ("SOP")  entitled  "Accounting  for  Certain  Costs and
Activities  Related  to  Property,  Plant  and  Equipment".  The Partnership has
historically  accrued  legally  mandated  maintenance  such  as  marine  vessel
dry-docking  and  aircraft  engine  maintenance  over  the  periods prior to the
required  maintenance  date.  If the SOP is adopted as proposed, the Partnership
and  USPEs  would  reverse all previously accrued maintenance reserves.  If this
proposed  change were in effect at September 30, 2002, the Partnership and USPEs
would  have  been required to reverse maintenance reserves of approximately $2.4
million.  Maintenance  reserves  will change in 2002 as maintenance is performed
and past maintenance reserves are depleted and additional reserves are recorded.
If adopted in its present form, charges related to this proposed change would be
taken  in the first quarter of 2003 and would be reported as a cumulative effect
of  an  accounting  change,  in  the  statements  of  operations.















                      (This space intentionally left blank)

<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  September  30,  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
decreased during the three months ended September 30, 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,  general  and  administrative expenses, and provision for bad
debts  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):
<TABLE>
<CAPTION>

<S>                <C>                    <C>
                   For the Three Months
                    Ended September 30,
                    2002          2001
                   ====================
Aircraft. . . . .  $   1,855  $   2,105
Railcars. . . . .        225        322
Marine containers         23         32
Trailers. . . . .         12         39
Marine vessel . .         --         14
</TABLE>


Aircraft:     Aircraft  lease revenues and direct expenses were $1.9 million and
$10,000,  respectively,  for the three months ended September 30, 2002, compared
to  $2.1 million and $40,000, respectively, during the same period of 2001.  The
decrease  in aircraft lease revenues of $0.3 million during the third quarter of
2002  was  due  to the reduction in the lease rate on three of the Partnership's
owned  aircraft  compared  to  2001.

Railcars:  Railcar lease revenues and direct expenses were $0.4 million and $0.2
million,  respectively,  for the three months ended September 30, 2002, compared
to  $0.4 million and $0.1 million, respectively, during the same period of 2001.
Railcar lease revenues decreased $39,000 due to certain railcars being re-leased
at a lower rate in 2002 than the rate that was in place during 2001.  A decrease
of  $13,000  was  due to the increase in the number of off-lease railcars during
the  three  months  ended  September  30,  2002 compared to 2001.  An additional
decrease  in  lease  revenues  of  $9,000 was due to the disposition of railcars
during  2001 and 2002.  An increase in railcar direct expenses of $35,000 in the
third  quarter  of 2002 was due to an increase in the repairs and maintenance of
railcars  compared  to  the  same  period  of  2001

Marine  containers:     Marine container lease revenues were $23,000 and $32,000
for  the  three  months  ended  September  30, 2002 and 2001, respectively.  The
decrease  in  marine  container lease revenues 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 September 30, 2002 and
2001,  respectively.  The decrease in trailer contribution of $27,000 during the
third  quarter 2002 was due to a decrease in lease revenues of $16,000 caused by
lower  lease  rates  earned  on  the  Partnership's  trailers and an increase of
$11,000  in  repairs  and  maintenance  compared  to  the  same  period of 2001.

Marine  vessel:  The  Partnership  sold the remaining owned marine vessel during
2001.  Marine vessel lease revenues and direct expenses were $-0- and $(14,000),
respectively,  for  the  three  months  ended  September  30,  2001.

<PAGE>

(B)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  remained  relatively the same at $1.8 million for the
three  months  ended  September  30,  2002  and 2001.  Significant variances are
explained  as  follows:

     (i)     A  $0.7  million decrease in depreciation and amortization expenses
from  2001  levels  was  caused by certain assets being fully depreciated during
2001;

     (ii)     A  $0.1  million  decrease  in management fees was the result of a
decrease  of  $37,000 due to lower lease revenues earned in the third quarter of
2002 compared to the same period of 2001 and a decrease of $39,000 due to higher
provision  for  bad  debts during the third quarter of 2002 compared to the same
period  of  2001;

     (iii)     A  $0.1  million  increase in general and administrative expenses
during  the  three  months  ended  September  30,  2002  resulted  from  higher
professional  service  costs;  and

     (v)     A $0.8 million increase in the provision for bad debts was based on
PLM  Financial Services, Inc.'s (FSI or the General Partner's) evaluation of the
collectability  of  receivables  compared  to 2001.  The provision for bad debts
recorded  in  the  third  quarter  of 2002 was primarily related to two aircraft
lessees.

(C)     Gain  on  Disposition  of  Owned  Equipment

The  gain  on the disposition of equipment for the third quarter of 2002 totaled
$0.1  million,  and resulted from the sale of marine containers, railcars, and a
trailer  with  an  aggregate  net  book  value  of  $31,000 for proceeds of $0.1
million.  The gain on the disposition of equipment for the third quarter of 2001
totaled $29,000, and resulted from the sale of marine containers with a net book
value  of  $24,000,  for  $0.1  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  or  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):
<TABLE>
<CAPTION>

<S>                              <C>                     <C>
                                For the Three Months
                                 Ended September 30,
                                 2002         2001
                                ===================
Aircraft. . . . . . . . . . . .  $    22   $    71
Marine vessels. . . . . . . . .    (556)      (214)
                                 -------   --------
    Equity in net loss of USPEs  $ (534)     $(143)
                                 =======   ========
</TABLE>


Aircraft:  As of September 30, 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  September  30,  2002,  the  Partnership's  share  of  the
contribution  from  this  trust  decreased  $49,000  due  to  the leases for the
aircraft  in  the  trust  being  renegotiated  at  a lower rate during the first
quarter  of  2002.

Marine  vessels:  As  of  September  30,  2002  and  2001, the Partnership owned
interests in two entities each owning a marine vessel.  During the third quarter
of  2002,  the Partnership's share of lease revenues of $0.6 million were offset
by  the  Partnership's  share  of  depreciation  expense,  direct  expenses  and
administrative  expenses  of  $1.1 million.  During the same period of 2001, the
Partnership's  share  of  lease  revenues  of  $1.3  million  were offset by the
Partnership's share of depreciation expense, direct expenses, and administrative
expenses  of  $1.5  million.

Marine  vessels  lease  revenues  decreased $0.7 million during the three months
ended  September  30,  2002  due  to:

(i)     One  marine  vessel's  lease  revenues decreased $0.2 million due to the
increase  in  the  number  days  it was off-lease during the third quarter ended
September  30,  2002  compared  to  2001;  and

(ii)     Lease  revenues for another marine vessel decreased $0.3 million due to
a  decrease  in  voyage charter lease rates compared to the same period of 2001.
Additionally,  lease  revenues  decreased $0.2 million due to this marine vessel
being  in  dry-dock  and off-lease for three weeks of the third quarter 2002.  A
similar  event  did  not  take  place  during  the  same  period  of  2001.

Marine  vessels  depreciation  expense,  direct  expenses,  and  administrative
expenses decreased $0.4 million during the three months ended September 30, 2002
compared  to  the  same period of 2001.  The decrease in direct expenses of $0.4
million was due to the marine vessels incurring lower repairs and maintenance of
$0.1  million,  lower operating costs of $0.1 million, and lower management fees
of  $0.1  million.

(E)     Net  Income  (Loss)

As  a  result  of the foregoing, the Partnership's net loss for the three months
ended  September  30,  2002  was  $0.1  million,  compared to net income of $0.7
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 third quarter of 2002 is not necessarily indicative of future
periods.

Comparison  of  the  Partnership's  Operating  Results for the Nine Months Ended
--------------------------------------------------------------------------------
September  30,  2002  and  2001
-------------------------------

(A)     Owned  Equipment  Operations

Lease revenues less direct expenses on owned equipment decreased during the nine
months  ended  September  30,  2002,  compared  to the same period of 2001.  The
following  table  presents  lease  revenues  less direct expenses by segment (in
thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                <C>                   <C>
                   For the Nine Months
                   Ended September 30,
                    2002         2001
                   ===================
Aircraft. . . . .  $  5,736  $  6,366
Railcars. . . . .       737       971
Marine containers       144       249
Trailers. . . . .        83       128
Marine vessel . .        --      (334)
</TABLE>


Aircraft:     Aircraft  lease revenues and direct expenses were $5.8 million and
$36,000, respectively, for the nine months ended September 30, 2002, compared to
$6.4  million  and  $0.1  million, respectively, during the same period of 2001.
The  decrease  in aircraft lease revenues of $0.7 million during the nine months
ended  September 30, 2002 was due to the reduction in the lease rate on three of
the  Partnership's  owned  aircraft  compared  to  2001.

Railcars:  Railcar lease revenues and direct expenses were $1.2 million and $0.4
million, respectively, for the nine months ended September 30, 2002, compared to
$1.4  million  and  $0.5  million, respectively, during the same period of 2001.
Railcars  lease  revenues  decreased  $0.3  million during the nine months ended
September  30,  2002 compared to the same period of 2001.  A decrease in railcar
lease  revenues of $0.2 million was due to certain railcars being re-leased at a
lower rate in 2002 than the rate that was in place during 2001.  Additionally, a
decrease  of  $0.1  million  was  due to the increase in the number of off-lease
railcars  during  the  nine  months  ended  September 30, 2002 compared to 2001.

Marine  containers:     Marine container lease revenues and direct expenses were
$0.1  million  and $1,000, respectively, for the nine months ended September 30,
2002, compared to $0.2 million and $-0-, respectively, during the same period of
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 $0.2 million and
$0.2  million,  respectively,  for  the  nine  months  ended  September 30, 2002
compared  to $0.3 million and $0.1 million, respectively, during the same period
of 2001.  The decrease in trailer contribution of $45,000 during the nine months
ended  September  30,  2002  was  due to a decrease in lease revenues of $29,000
caused by lower lease rates earned on the Partnership's trailers and an increase
of  $16,000  in  repairs  and  maintenance  compared to the same period of 2001.

Marine  vessel:  The  Partnership  sold the remaining owned marine vessel during
the  nine  months  ended  September  30, 2001.  Marine vessel lease revenues and
direct  expenses  were  $-0- and $0.3 million, respectively, for the nine months
ended  September  30,  2001.

(B)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect expenses of $5.5 million for the nine months ended September 30,
2002  decreased  from  $6.1  million  for  the same period in 2001.  Significant
variances  are  explained  as  follows:

     (i)     A  $2.4  million decrease in depreciation and amortization expenses
from 2001 levels reflects a decrease of $2.3 million due to certain assets being
fully  depreciated during 2001 and a decrease of $0.1 million due to the sale of
certain  equipment  during  2002  and  2001;

     (ii)     A  $0.2  million  decrease  in management fees was the result of a
decrease  of  $0.1 million due to lower lease revenues earned in the nine months
ended September 30, 2002 compared to the same period of 2001, a decrease of $0.1
million  resulting  from  the  decrease  in  the management fee rate paid by the
Partnership,  and  a  decrease of $0.1 million due to a higher provision for bad
debts  during  the  nine  months  ended  September  30,  2002  compared to 2001;

     (iii)     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 third
quarter  of  2001;  and

     (iv)     A  $2.3  million increase in the provision for bad debts was based
on  the  General  Partner's  evaluation  of  the  collectability  of receivables
compared to 2001.  The provision for bad debts recorded in the nine months ended
September  30,  2002  was  primarily  related  to  two  aircraft  lessees.

(C)     Interest  and  Other  Income

Interest  and  other income decreased $0.1 million during 2002 due to a decrease
in  the  interest  rate  earned  on  average  cash  balances.

(D)     Gain  on  Disposition  of  Owned  Equipment

The  gain  on  the  disposition  of  owned  equipment  for the nine months ended
September  30,  2002  totaled $0.2 million, and resulted from the sale of marine
containers,  railcars  and  a  trailer  with an aggregate net book value of $0.1
million  for proceeds of $0.3 million.  The gain on the disposition of equipment
for  the  nine  months  ending  September  30,  2001 totaled $1.2 million, which
resulted from the sale of a marine vessel, marine containers, and a railcar with
a  net  book  value  of  $1.4  million,  for  $2.6  million.

(E)     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  or  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):
<TABLE>
<CAPTION>

<S>                                       <C>                    <C>
                                          For the Nine Months
                                          Ended September 30,
                                           2002        2001
                                         ===================
Aircraft . . . . . . . . . . . . . . . .  $    67   $    219
Marine vessels . . . . . . . . . . . .      (960)        483
                                          -------   --------
    Equity in net income (loss) of USPEs  $ (893)   $    702
                                          =======   ========
</TABLE>


Aircraft:  As of September 30, 2002 and 2001, the Partnership had an interest in
a  trust  owning  two commercial aircraft on a direct finance lease.  During the
nine  months  ended  September  30,  2002,  the  Partnership's  share  of  the
contribution  from  this  trust decreased $0.2 million due to the leases for the
aircraft  in  the  trust  being  renegotiated  at  a  lower  rate.

Marine  vessels:  As  of  September  30,  2002  and  2001, the Partnership owned
interests  in  two entities each owning a marine vessel.  During the nine months
ended  September  30,  2002,  the  Partnership's share of lease revenues of $2.8
million  were  offset by the Partnership's share of depreciation expense, direct
expenses and administrative expenses of $3.8 million.  During the same period of
2001,  the  Partnership's share of lease revenues of $5.1 million were offset by
the  Partnership's  share  of  depreciation  expense,  direct  expenses,  and
administrative  expenses  of  $4.6  million.

Marine  vessels  lease  revenues  decreased  $1.7 million during the nine months
ended  September  30,  2002  due  to  a  decrease  in voyage charter lease rates
compared  to  the  same  period  of  2001  and decreased $0.5 million due to the
increase  in  the  number  days  one marine vessel was off-lease during the nine
months  ended  September  30,  2002  compared  to  2001.

Marine  vessels  depreciation  expense,  direct  expenses,  and  administrative
expenses  decreased $0.8 million during the nine months ended September 30, 2002
compared  to  the  same  period  of 2001.  A decrease in direct expenses of $0.8
million was due to the marine vessels incurring lower repairs and maintenance of
$0.4 million, lower management fees of $0.1 million due to lower lease revenues,
lower  administrative  expenses  of $0.1 million, and a decrease if $0.1 million
caused  by  the double-declining balance method of depreciation which results in
greater  depreciation  in  the  first  years  an  asset  is  owned.

(F)     Net  Income

As  a  result of the foregoing, the Partnership's net income for the nine months
ended  September  30,  2002  was  $0.6  million,  compared to net income of $3.4
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  nine  months  ended  September 30, 2002 is not necessarily
indicative  of  future  periods.

(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  nine  months  ended September 30, 2002, the Partnership generated $3.0
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  nine  months  ended September 30, 2002, the Partnership disposed of
owned  equipment  and  received  aggregate  proceeds  of  $0.2  million.

Restricted cash increased during the nine months ended September 30, 2002 due to
the deposit of $0.7 million into an escrow account related to collection efforts
for  an  aircraft  lessee.

Accounts  receivable  increased  $0.1 million in the nine months ended September
30,  2002.  This increase was due to an increase of $2.4 million during the nine
months  ended  September  30,  2002  due  to  the timing of cash receipts.  This
increase  was  partially offset by an increase in the allowance for bad debts of
$2.3  million  due  to the General Partner's evaluation of the collectibility of
accounts  receivable.

Investments  in  USPEs  decreased  $1.3  million  during  the  nine months ended
September  30, 2002 due to cash distributions of $0.4 million to the Partnership
from  the USPEs and a $0.9 million loss that was recorded by the Partnership for
its  equity  interests  in  the  USPEs.

Accounts  payable  decreased $0.2 million during the nine months ended September
30,  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.

In  July  2002,  PLM  International,  Inc.  (PLMI) reached an agreement with the
lenders of the $10.0 million warehouse facility to extend the expiration date of
the  facility  to  June  30,  2003.  The  warehouse  facility  is  shared by the
Partnership,  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.  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 June 30, 2003.  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.

As  of  November  13,  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.

In  October  2002, PLM Transportation Equipment Corp. Inc. (TEC), a wholly owned
subsidiary  of  FSI,  arranged  for  the  lease  or purchase of a total of 1,050
pressurized  tank railcars by (i) partnerships and managed programs in which FSI
serves  as  the  general  partner  or  manager  and  holds an ownership interest
(Program  Affiliates)  or  (ii)  partnerships  or  managed programs in which FSI
provides  management  services  but does not hold an ownership interest or third
parties  (Non-Program  Affiliates).  These  railcars  will be delivered over the
next  three  years.  A  leasing  company  affiliated  with the manufacturer will
acquire  approximately  70%  of  the  railcars  and  lease them to a Non-Program
Affiliate.  The  remaining  approximately  30% will either be purchased by other
third parties to be managed by PLMI, or by the Program Affiliates.  An affiliate
of  TEC  will  manage  the  leased  and purchased railcars.  Neither TEC nor its
affiliate will be liable for these railcars.  TEC estimates that the total value
of  purchased  railcars  will  not  exceed  $26.0  million with one third of the
railcars  being purchased in each of 2002, 2003, and 2004.  Although the General
Partner  has  neither  determined  which  Program  Affiliates  will purchase the
railcars  nor  the  timing  of any purchases, it is possible the Partnership may
purchase  some  of  the  railcars.

(IV)     ACCOUNTING  PRONOUNCEMENTS

In April 2002, the Financial Accounting Standards Board (FASB) adopted Statement
of Financial Accounting Standards (SFAS) No. 145, "Rescission of FASB Statements
No.  4,  44, and 64, Amendment of FASB No. 13, and Technical Corrections" ("SFAS
No.  145").  The  provisions  of  SFAS  No.  145  are effective for fiscal years
beginning  after  May  15,  2002.  As  permitted  by  the  pronouncement,  the
Partnership  has elected early adoption of SFAS No. 145 and, accordingly, if the
Partnership  has a loss on extinguishment of long-term debt, it will be reported
as  a  loss  in  "Other  general  and  administrative  expenses".

The  Accounting  Standards  Executive  Committee  of  the  American Institute of
Certified  Public  Accountants  has  issued  an  exposure  draft  of  a proposed
statement  of  position  ("SOP")  entitled  "Accounting  for  Certain  Costs and
Activities  Related  to  Property,  Plant  and  Equipment".  The Partnership has
historically  accrued  legally  mandated  maintenance  such  as  marine  vessel
dry-docking  and  aircraft  engine  maintenance  over  the  periods prior to the
required  maintenance  date.  If the SOP is adopted as proposed, the Partnership
and  USPEs  would  reverse all previously accrued maintenance reserves.  If this
proposed  change were in effect at September 30, 2002, the Partnership and USPEs
would  have  been required to reverse maintenance reserves of approximately $2.4
million.  Maintenance  reserves  will change in 2002 as maintenance is performed
and past maintenance reserves are depleted and additional reserves are recorded.
If adopted in its present form, charges related to this proposed change would be
taken  in the first quarter of 2003 and would be reported as a cumulative effect
of  an  accounting  change,  in  the  statements  of  operations.

(V)     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 has been at historic lows for the past
several  years,  which  has caused downward pressure on per diem lease rates for
this  type  of  equipment.  A  significant  number  of  the Partnership's marine
containers  are  in excess of twelve years of age and are no longer suitable for
use  in  international commerce either due to its specific physical condition or
lessees preference for newer equipment.  Demand for these marine containers will
continue  to  be  weak due to their age.  In addition, some of the Partnership's
refrigerated  marine  containers have become delaminated.  This condition lowers
the  demand for these marine containers and has led to declining lease rates and
lower  utilization  on  containers  with  this  problem;

(2)     Railcar  freight  loadings  in the United States and Canada decreased 1%
and  3%,  respectively,  through the first nine months of 2002.  There has been,
however,  a  recent  increase  for some of the commodities that drive demand for
those  types  of  railcars  owned  by  the  Partnership.  It  will be some time,
however,  before  this translates into new leasing demand by shippers since most
shippers  have  idle  railcars  in  their  fleets;

(3)     Marine  vessel freight rates are dependent upon the overall condition of
the  international economy.  Freight rates earned by the Partnership's partially
owned  marine  vessels  began  to  decrease  during  the latter half of 2001 and
through  the  first  nine  months  of  2002.  This trend is expected to continue
through the remainder 2002.  In addition, one of the marine vessels in which the
Partnership  own  an interest was manufactured in 1976 and is nearing the end of
its economic life.  This marine vessel is also single hulled which restricts the
ports  which  it may enter.  These conditions severely limit the marine vessel's
marketability;

(4)     Utilization  of  intermodal  trailers owned by the Partnership decreased
15%  in  the  nine  months  ended September 30, 2002 compared to the nine months
ended  September  30, 2001.  This decline was similar to the decline in industry
wide  utilization.  As the Partnership's trailers are smaller than many shippers
prefer,  the  General Partner expects continued declines in utilization over the
next  few  years.  Additionally,  one  of  the  major  shippers  that leased the
Partnership's  trailers  has  entered bankruptcy.  While the Partnership did not
have  any  outstanding  receivables from the company, its bankruptcy may cause a
further  decline  in  performance  of  the  trailer  fleet  in  the  future; and

(5)     The  airline  industry  began to see lower passenger travel during 2001.
The  events  of  September 11, 2001, along with a recession in the United States
have  continued  to  adversely  affect  the  market demand for both new and used
commercial  aircraft  and to significantly weaken the financial position of most
major  domestic  airlines.  As  a  result  of  this,  the Partnership has had to
renegotiate  leases  on  its  owned aircraft and partially owned aircraft during
2001  that  will  result  in  a  decrease  in revenues during 2002.  The General
Partner  believes  that there is a significant oversupply of commercial aircraft
available  and  that  this  oversupply  will  continue  for  some  time.

These  events  have  had  a  negative  impact  on  the  fair market value of the
Partnership's owned and partially owned aircraft.  Although no revaluations were
required  during  2002  to  these  aircraft, the General Partner does not expect
these  aircraft  to  return  to  their  September  11,  2001  values.

During  2001,  the  lessee  of three Stage II Boeing 737-200 commercial aircraft
notified  the  General  Partner  of  its intention to return this aircraft.  The
lessee is located in Brazil, a country experiencing severe economic difficultly.
As  of  September 30, 2002, the lessee was thirteen lease payments in arrears 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  the  aircraft.  The General Partner recorded an allowance for bad debts for
the  amount  due  less  the  security deposit.  During October 2002, the General
Partner  reached  an agreement with the lessee of this aircraft for the past due
lease payments and agreed to re-lease two of these aircraft to this lessee until
March  2003  at a lower lease rate.  In order to give the lessee an incentive to
make  timely payments in accordance with the agreement, the General Partner gave
the  lessee  a  discount on the total amount due.  If the lessee fails to comply
with  the  payment  schedule  in  the  agreement, the discount provision will be
waived  and  the  full amount again becomes payable.  The lessee made an initial
payment  during  October  2002,  to be followed by 23 equal monthly installments
beginning  in November 2002.  Unpaid outstanding amounts will accrue interest at
a  rate  of  5%.  Due  to  the  uncertainty  of ultimate collection, the General
Partner  will continue to fully reserve the unpaid outstanding balance from this
lessee.

The  Partnership  owns  two  DHC-8-102  commuter  aircraft  that were on a lease
through  February 2003 to Allegheny Airlines, Inc., a wholly owned subsidiary of
US  Airways  Inc.,  both  of  which  declared bankruptcy on August 11, 2002.  At
September 30, 2002, Allegheny Airlines, Inc. was three lease payments in arrears
to  the  Partnership.  On  October  9,  2002,  the  General  Partner  received
notification  that  the  leases  for  the two aircraft had been rejected and the
aircraft would be returned.  The aircraft are currently in storage and are being
remarketed  for  lease or sale.  Given the current oversupply of aircraft, these
aircraft  may  remain off-lease for the foreseeable future.  The General Partner
recorded  an  allowance  for  bad  debts  for  the  amount  due.

(6)     The  General  Partner  has seen an increase in its insurance premiums on
its  equipment  portfolio  and is finding it more difficult to find an insurance
carrier  with which to place the coverage.  Premiums for aircraft have increased
over 50% and for other types of equipment the increases have been over 25%.  The
increase  in  insurance  premiums caused by the increased rate will be partially
mitigated by the reduction in the value of the Partnership's equipment portfolio
caused  by  the  events  of  September 11, 2001 and other economic factors.  The
General  Partner  has also experienced an increase in the deductible required to
obtain  coverage.  This  may  have  a  negative impact on the Partnership in the
event  of  an  insurance  claim

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.

(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.

ITEM  3.     QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK
             ----------------------------------------------------------------

The  Partnership's  primary market risk exposure is that of currency devaluation
risk.  During the nine months ended September 30, 2002, 88% 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.

ITEM  4.     CONTROLS  AND  PROCEDURES
             -------------------------

Within  the  90-day  period prior to the filing of this report, evaluations were
carried  out  under  the  supervision  and with the participation of the General
Partner's  management,  including  its President and Chief Financial Officer, of
the  effectiveness  of  the  design and operation of our disclosure controls and
procedures  (as  defined  in Rule 13a-14(c) under the Securities Exchange Act of
1934).  Based  upon those evaluations, the President and Chief Financial Officer
concluded  that  the  design  and  operation  of  these  disclosure controls and
procedures  were  effective.  No  significant  changes  have  been  made  in the
Partnership's  internal  controls  or  in other factors that could significantly
affect  these  controls  subsequent  to  the  date  of  the  evaluations.






















                      (This space intentionally left blank)



<PAGE>

                           PART II - OTHER INFORMATION


ITEM  6.     EXHIBITS  AND  REPORTS  ON  FORM  8-K
             -------------------------------------

     (a)     Exhibits
             --------

1.     November  2002  purchase  agreement  between PLM Transportation Equipment
Corp.,  Inc.  and  Trinity  Tank  Car,  Inc.

2.     Settlement  Agreement  between PLM Worldwide Leasing Corp. and Varig S.A.
dated  October  11,  2002.

     (b)     Reports  on  Form  8-K
             ----------------------

None.




















                      (This space intentionally left blank)

<PAGE>
------
CONTROL  CERTIFICATION
----------------------



I,  James  A.  Coyne,  certify  that:

1.     I  have  reviewed  this  quarterly  report  on Form 10-Q of PLM Equipment
Growth  Fund  V.

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this quarterly report is prepared;

b)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

c)     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.




Date:  November  13,  2002     By:     /s/  James  A.  Coyne
                                       ---------------------
     James  A.  Coyne
     President








<PAGE>
------
CONTROL  CERTIFICATION
----------------------



I,  Richard  K  Brock,  certify  that:

1.     I  have  reviewed  this  quarterly  report  on Form 10-Q of PLM Equipment
Growth  Fund  V.

2.     Based  on my knowledge, this quarterly report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not misleading with respect to the period covered by this quarterly
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this quarterly report, fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods presented in this quarterly report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this quarterly report is prepared;

b)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of  a  date  within  90  days  prior  to the filing date of this
quarterly  report  (the  "Evaluation  Date");  and

c)     presented  in  this  quarterly  report  our  conclusions  about  the
effectiveness  of the disclosure controls and procedures based on our evaluation
as  of  the  Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
quarterly  report  whether  or  not  there  were significant changes in internal
controls  or  in other factors that could significantly affect internal controls
subsequent  to  the date of our most recent evaluation, including any corrective
actions  with  regard  to  significant  deficiencies  and  material  weaknesses.




Date:  November  13,  2002     By:     /s/  Richard  K  Brock
                                       ----------------------
     Richard  K  Brock
     Chief  Financial  Officer
     (Principal  Financial  Officer)






<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:     November  13,  2002     By:     /s/  Richard  K  Brock
                                          ----------------------
     Richard  K  Brock
Chief  Financial  Officer




CERTIFICATION

The undersigned hereby certifies, in their capacity as an officer of the General
Partner  of  PLM  Equipment  Growth Fund V (the Partnership), that the Quarterly
Report  of the Partnership on Form 10-Q for the period ended September 30, 2002,
fully complies with the requirements of Section 13(a) of the Securities Exchange
Act  of  1934 and that the information contained in such report fairly presents,
in  all material respects, the financial condition of the Partnership at the end
of such period and the results of operations of the Partnership for such period.



     PLM  EQUIPMENT  GROWTH  FUND  V

     By:     PLM  Financial  Services,  Inc.
     General  Partner




Date:  November  13,  2002     By:     /s/  James  A.  Coyne
                                       ---------------------
     James  A.  Coyne
     President




Date:  November  13,  2002     By:     /s/  Richard  K  Brock
                                       ----------------------
     Richard  K  Brock
     Chief  Financial  Officer