**UNITED
      STATES****SECURITIES
      AND EXCHANGE COMMISSION****Washington,
      D.C. 20549****____________________****FORM
      10-QSB****[X]
      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934****For
      the fiscal quarter ended March 31, 2005.****[
      ] 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)****Delaware
      94-3104548****(State
      or other jurisdiction of (I.R.S. Employer****incorporation
      or organization) Identification No.)********200
      Nyala Farms Road****.********Westport,
      CT 06880****(Address
      of principal executive offices) (Zip code)********Registrant's
      telephone number, including area code: (203)
    341-0555****_______________________**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. YesXNoTransitional
      Small Business Disclosure Format: YesNoXAggregate
      market value of voting stock: N/A
 
  - -
  
 **PLM
      EQUIPMENT GROWTH FUND V****(A
      Limited Partnership)****CONDENSED
      BALANCE SHEETS**(in
      thousands of dollars, except unit amounts)
 
 March
      31,
    
    December
      31,2005
    
    2004(unaudited)**Assets**Equipment
      held for operating leases, at cost
    
    $
    32,291
    
    $
    37,533Less
      accumulated depreciation
    
    
    (22,876
    )
    
    (27,645
    )Net
      equipment
    
    
    9,415
    
    
    9,888Cash
      and cash equivalents
    
    
    7,767
    
    
    5,736Restricted
      cash
    
    
    2,007
    
    
    1,998Accounts
      and other receivables, less allowance for doubtful accounts of $7 in 2005
      and $10 in 2004
    
    
    1,075
    
    
    1,289Equity
      investments in affiliated entities
    
    
    10,105
    
    
    11,161Other
      assets, net of accumulated amortization of $163 in 2005 and $121 in
      2004
    
    
    511
    
    
    493Total
      assets
    
    $
    30,880
    
    $
    30,565**Liabilities
      and partners’ capital**Liabilities:Accounts
      payable and accrued expenses
    
    $
    78
    
    $
    288Due
      to affiliates
    
    
    22
    
    
    23Non-recourse
      debt
    
    
    658
    
    
    732Reserve
      for repairs
    
    
    -
    
    
    500Lessee
      deposits
    
    
    413
    
    
    413Total
      liabilities
    
    
    1,171
    
    
    1,956Commitments
      and contingenciesPartners'
      capital:Limited
      partners (8,478,448 limited partnership units outstanding)
    
    
    29,709
    
    
    28,609General
      Partner
    
    
    -
    
    
    -Total
      partners' capital
    
    
    29,709
    
    
    28,609Total
      liabilities and partners’ capital
    
    $
    30,880
    
    $
    30,565
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  
 **PLM
      EQUIPMENT GROWTH FUND V****(A
      Limited Partnership)****CONDENSED
      STATEMENTS OF INCOME**(in
      thousands of dollars, except weighted-average limited partnership unit
      amounts)
 (unaudited)
 For
      the Three MonthsEnded
      March 31,2005
    
    2004**Revenues**Lease
      revenue
    
    $
    583
    
    $
    928Interest
      and other income
    
    
    51
    
    
    58Gain
      on disposition of equipment
    
    
    1,059
    
    
    287Total
      revenues
    
    
    1,693
    
    
    1,273**Expenses**Depreciation
      and amortization
    
    
    341
    
    
    556Operations
      support
    
    
    18
    
    
    229Management
      fees to affiliate
    
    
    38
    
    
    58Interest
      expense
    
    
    82
    
    
    19General
      and administrative expenses to affiliates
    
    
    36
    
    
    108Other
      general and administrative expenses
    
    
    88
    
    
    450Recovery
      of bad debts
    
    
    (4
    )
    
    (231Total
      expenses
    
    
    599
    
    
    1,189Equity
      in net income of equity investments
    
    
    6
    
    
    65Net
      income
    
    $
    1,100
    
    $
    149**Partners'
      share of net income**Limited
      partners
    
    $
    1,100
    
    $
    149General
      Partner
    
    
    -
    
    
    -Total
    
    $
    1,100
    
    $
    149Limited
      partners’ net income per weighted-average limited partnership
      unit
    
    $
    0.13
    
    $
    0.02
 
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  
 **PLM
      EQUIPMENT GROWTH FUND V****(
      A Limited Partnership)****CONDENSED
      STATEMENTS OF CHANGES IN PARTNERS' CAPITAL****For
      the Period from December 31, 2004 to March 31,
    2005**(in
      thousands of dollars)
 (unaudited)
 
 
 
 
 Limited
    
    GeneralPartners
    
    Partner
    
    TotalPartners’
      capital as of December 31, 2004
    
    $
    28,609
    
    $
    -
    
    $
    28,609Net
      income
    
    
    1,100
    
    
    -
    
    
    1,100Partners'
      capital as of March 31, 2005
    
    $
    29,709
    
    $
    -
    
    $
    29,709
  
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  
 **PLM
      EQUIPMENT GROWTH FUND V****(A
      Limited Partnership)****CONDENSED
      STATEMENTS OF CASH FLOWS****(in
      thousands of dollars)**(unaudited)
 
 For
      the Three MonthsEnded
      March 31,2005
    
    2004Net
      income
    
    $
    1,100
    
    $
    149Adjustments
      to reconcile net incometo
      net cash provided by (used in) operating activities:Depreciation
      and amortization
    
    
    341
    
    
    556Amortization
      of debt placement costs
    
    
    31
    
    
    1Recovery
      of bad debts
    
    
    (4
    )
    
    (231
    )Gain
      on disposition of equipment
    
    
    (1,059
    )
    
    (287
    )Equity
      in net income from equity investments
    
    
    (6
    )
    
    (65
    )Distributions
      from equity investments
    
    
    1,062
    
    
    170Changes
      in operating assets and liabilities:Accounts
      receivable and other receivables
    
    
    703
    
    
    1,921Other
      assets
    
    
    (80
    )
    
    (88
    )Accounts
      payable and accrued expenses
    
    
    (210
    )
    
    201Due
      to affiliates
    
    
    (1
    )
    
    49Lessee
      deposits
    
    
    --
    
    
    14Net
      cash provided by operating activities
    
    
    1,877
    
    
    2,390**Investing
      activities**(Refunds
      from) payments for purchaseof
      equipment and capitalized repairs
    
    
    9
    
    
    (3,260
    )Payments
      of acquisition fees to affiliate
    
    
    --
    
    
    (147
    )Payments
      of lease negotiation fees to affiliate
    
    
    --
    
    
    (32
    )(Increase)
      decrease in restricted cash
    
    
    (9
    )
    
    60Payments
      on finance lease receivable
    
    
    19
    
    
    --Proceeds
      from disposition of equipment
    
    
    209
    
    
    668Net
      cash provided by (used in) investing activities
    
    
    228
    
    
    (2,711
    )**Financing
      activities**Payments
      of non-recourse debt
    
    
    (74
    )
    
    (48
    )Net
      cash used in financing activities
    
    
    (74
    )
    
    (48
    )Net
      increase (decrease) in cash and cash equivalents
    
    
    2,031
    
    
    (369
    )Cash
      and cash equivalents at beginning of period
    
    
    5,736
    
    
    18,049Cash
      and cash equivalents at end of period
    
    $
    7,767
    
    $
    17,680**Supplemental
      information**Interest
      paid
    
    $
    51
    
    $
    18Non-cash
      item included in accounts receivable and otherreceivables
      resulting from equipment sales
    
    $
    485
    
    $
    --
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 1.  Basis
of Presentation
 
 The
unaudited financial statements presented herein are prepared in conformity with
generally accepted accounting principles in the United States of America and the
instructions for preparing Form 10-QSB under Rule 310 of Regulation S-B of the
Securities and Exchange Commission. Rule 310 provides that disclosures that
would substantially duplicate those contained in the most recent annual report
may be omitted from interim financial statements. The accompanying unaudited
condensed financial statements have been prepared on that basis and, therefore,
should be read in conjunction with the financial statements and notes presented
in the 2004 Annual Report (Form 10-KSB) of PLM Equipment Growth Fund V (the
Partnership) on file with the United States Securities and Exchange Commission.
Except as disclosed herein, there have been no material changes to the
information presented in the notes to the 2004 Annual Report in Form
10-KSB.
 
 In the
opinion of the management of PLM Financial Services, Inc. (FSI or the General
Partner) all adjustments necessary, consisting primarily of normal recurring
accruals, to present fairly the Partnership’s unaudited condensed balance sheets
at March 31, 2005 and December 31, 2004, condensed statements of income for the
three months ended March 31, 2005 and 2004, condensed statements of changes in
partners’ capital for the period from December 31, 2004 to March 31, 2005, and
the condensed statements of cash flows for the three months ended March 31, 2005
and 2004 have been made and are reflected.
 
 2.  Schedule
of Partnership Phases
 
 The
Partnership may not reinvest cash flow generated from operations after January
1, 2005 into additional equipment. The Partnership will terminate on December
31, 2010, unless terminated earlier upon the sale of all of the equipment or by
certain other events. Although the Partnership is scheduled to terminate on
December 31, 2010, the General Partner is managing the Partnership with the
objective of having all owned and partially owned equipment disposed of by
December 31, 2006.
 
 3.  Reclassifications
 
 Certain
amounts previously reported have been reclassified to conform to the 2005
presentation. These reclassifications did not have any effect on total assets,
total liabilities, partners’ capital, or net income.
 
 4.  Transactions
with General Partner and Affiliates
 
 The
balance due to affiliates as of March 31, 2005 and December 31, 2004 includes
$22,000 and $23,000, respectively, due to FSI and its affiliates for management
fees.
 
 During
the three months ended March 31, 2005 and 2004, the Partnership incurred
acquisition, lease negotiation, management fees and data processing and
administrative expenses to FSI or its affiliates. The components of these fees
and expenses incurred to FSI or its affiliates were as follows (in thousands of
dollars):
 
 Owned
      Equipment
    
    Equity
      Investments2005
    
    2004
    
    2005
    
    2004Acquisition
      fees
    
    $
    --
    
    $
    147
    
    $
    --
    
    $
    --Lease
      negotiation fees
    
    
    --
    
    
    32
    
    
    --
    
    
    --Management
      fees
    
    
    38
    
    
    58
    
    
    119
    
    
    26Data
      processing and administrativeexpenses
    
    
    36
    
    
    108
    
    
    109
    
    
    7
 
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 4.  Transactions
with General Partner and Affiliates (continued)
 
 During
the three months ended March 31, 2004, the Partnership purchased $3.3 million in
railcars from FSI or its affiliates and paid $0.1 million for acquisition fees
and $32,000 for lease negotiation fees. The Partnership's cost for these
railcars was the lower of FSI's or its affiliates cost or the fair market value
at the time of purchase. No equipment was purchased from FSI or its affiliates
during the three months ended March 31, 2005.
 
 5.  Equipment
 
 The
components of owned equipment were as follows (in thousands of
dollars):
  March
      31,
    
    December
      31,2005
    
    2004Aircraft
    
    $
    19,854
    
    $
    24,937Rail
      equipment
    
    
    11,001
    
    
    11,160Marine
      containers
    
    
    1,436
    
    
    1,43632,291
    
    
    37,533Less
      accumulated depreciation
    
    
    (22,876
    )
    
    (27,645
    )Net
      equipment
    
    $
    9,415
    
    $
    9,888
   Equipment
held for operating leases is stated at cost less depreciation and any
impairments to the carrying value.
 
 As of
March 31, 2005, all owned equipment in the Partnership’s portfolio was on lease
except for one aircraft and 3 railcars with an aggregate net book value of $0.1
million. As of December 31, 2004, all owned equipment in the Partnership’s
portfolio was on lease except for two aircraft and 22 railcars with an aggregate
net book value of $0.8 million.
 
 During
the three months ended March 31, 2004, the Partnership purchased a fleet of
railcars for $3.4 million including acquisition fees of $0.1 million. No
equipment was purchased during the three months ended March 31,
2005.
 
 During
the three months ended March 31, 2005, the Partnership disposed of parts from a
commercial aircraft, a commercial aircraft and railcars with an aggregate net
book value of $0.1 million for proceeds of $0.7 million, of which $0.5 million
is in receivables at March 31, 2005, and reversed $0.5 million of unused engine
reserves which resulted in a gain of $1.1 million. The receivable is expected to
be collected in the second quarter of 2005. During the three months ended March
31, 2004, the Partnership disposed of parts of a commercial aircraft, marine
containers and railcars with an aggregate net book value of $0.4 million for
proceeds of $0.7 million which resulted in a gain of $0.3 million.
 
 6.  Equity
Investment in Affiliated Entities
 
 The
Partnership owns equipment jointly with affiliated programs and non-affiliated
entities.
 
 Ownership
interest is based on the Partnership’s contribution towards the cost of the
assets in the equity investments. 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 is that certain fees such as management
fees, acquisition fees, lease and re-lease fees vary among the owners of the
equity investments. The Partnership’s investment in equity investments includes
acquisition fees, lease negotiation fees, and debt placement fees paid by the
Partnership to the General Partner or its affiliates.
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 6.  Equity
Investment in Affiliated Entities (continued)
 
 The
Partnership’s equity interest in the net income (loss) of equity investments is
reflected net of management fees incurred and the amortization of acquisition
fees, lease negotiation fees and debt placement fees.
 
 The
tables below set forth 100% of the lease revenues and interest and other income,
gain on disposition of equipment, depreciation and amortization expense,
interest expense, operations support 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
months ended March 31, 2005 and 2004 (in thousands of dollars):
 
 Aero
    
    PLMFor
      the three months ended
    
    Lion
    
    California
    
    WorldwideMarch
      31, 2005
    
    Partnership1
    
    Trust2
    
    Leasing3
 
 Lease
      revenues and interest and other income
    $
    3,163
    
    $
    7
    
    $
    312Gain
      on disposition of equipment
    
    --
    
    
    --
    
    
    5Less:
      Depreciation and amortization expense
    
    279
    
    
    --
    
    
    --Operations
      support
    
    1,291
    
    
    4
    
    
    --Indirect
      expenses
    
    176
    
    
    3
    
    
    308Net
      income
    $
    1,417
    
    $
    --
    
    $
    9Partnership’s
      share of net income
    $
    663
    
    $
    --
    
    $
    2
 
 For
      the three months ended
    
    PLM
      Rail
    
    PLM
      CAL I
    
    PLM
      CAL IIMarch
      31, 2005 (continued)
    
    Partners
      LLC4
    
    LLC5
    
    LLC6
    
    CFHS7
    
    Total
 
 Lease
      revenues and interest and other income
    $
    1,897
    
    $
    967
    
    $
    958
    
    $
    571Gain
      on disposition of equipment
    
    244
    
    
    --
    
    
    --
    
    
    --Less:
      Depreciation and amortization expense
    
    931
    
    
    1,235
    
    
    1,234
    
    
    1,380Interest
      expense
    
    (8
    )
    
    490
    
    
    489
    
    
    --Operations
      support
    
    463
    
    
    --
    
    
    --
    
    
    --Indirect
      expenses
    
    202
    
    
    27
    
    
    27
    
    
    24Net
      income (loss)
    $
    553
    
    $
    (785
    )
    $
    (792
    )
    $
    (833
    )Partnership’s
      share of net income (loss)
    $
    127
    
    $
    (313
    )
    $
    (316
    )
    $
    (157
    )
    
    $
    6
 
 
 AeroFor
      the three months ended
    
    Lion
    
    California
    
    ClementMarch
      31, 2004
    
    Partnership1
    
    Trust2
    
    Partnership8
    
    Total
 
 Lease
      revenues and interest and other income
    $
    1,372
    
    $
    49
    
    $
    --Less:
      Depreciation and amortization expense
    
    279
    
    
    --
    
    
    --Operations
      support
    
    911
    
    
    9
    
    
    3Indirect
      expenses
    
    80
    
    
    26
    
    
    (28
    )Net
      income (loss)
    $
    102
    
    $
    14
    
    $
    25Partnership’s
      share of net income (loss)
    $
    48
    
    $
    4
    
    $
    13
    
    
    $
    65
 
 1
    The
      Partnership owns a 48% interest in the Lion Partnership that was formed in
      1997 that owns a product tanker.
 2   The
Partnership owns a 25% interest in the Aero California Trust that was formed in
1996 that owned two stage III commercial aircraft on a direct finance
lease.
 3
    The
      Partnership owns a 25% interest in PLM Worldwide Leasing Corp. that was
      formed in 1995.
 4
    The
      Partnership owns a 23% interest in PLM Rail Partners, LLC that was formed
      in the third quarter of 2004 that owns various types of
      railcars.
 5
    The
      Partnership owns a 40% interest in the PLM CAL I LLC that was formed in
      the third quarter of 2004 that owns two Boeing 737-500 stage III
      commercial aircraft.
 6
    The
      Partnership owns a 40% interest in the PLM CAL II LLC that was formed in
      the fourth quarter of 2004 that owns two Boeing 737-500 stage III
      commercial aircraft.
 7
    The
      Partnership owns a 19% interest in CFHS that was formed in the third
      quarter of 2004 that owns various types of machinery and other
      equipment.
 8
    The
      Partnership owned a 50% interest in the Clement Partnership that was
      formed in 1991 that owned a product tanker which was sold during
      2003.
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 6.  Equity
Investments in Affiliated Entities (continued)
 
 As of
March 31, 2005, all jointly-owned assets in the Partnership’s equity investment
portfolio was on lease except for 121 railcars with a net book value of $0.8
million. As of December 31, 2004, all jointly owned assets in the Partnership’s
equity investment portfolio was on lease except for 101 railcars with a net book
value of $0.6 million.
 
 In the
first quarter of 2005, the lessee of the two stage III commercial aircraft on a
direct finance lease in which the Partnership had an interest, exercised its
purchase option for these aircraft in accordance with the lease agreement. The
aircraft were sold for their net book value.
 
 7.  Operating
Segments
 
 The
Partnership operates in six primary operating segments: marine vessel leasing,
aircraft leasing, railcar leasing, trailer leasing machinery and other equipment
leasing and marine container leasing. Each equipment leasing segment engages in
short-term to mid-term operating leases to a variety of customers. There were no
intersegment revenues for the three months ended March 31, 2005 and 2004. The
following tables present a summary of the operating segments (in thousands of
dollars):
 
 Marine
    
    
    
    
    
    
    
    Machinery
    
    MarineFor
      the three months ended
    
    Vessel
    
    Aircraft
    
    Railcar
    
    Trailer
    
    And
      Other
    
    ContainerMarch
      31, 2005
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Equipment
    
    Leasing
    
    Other1
    
    Total**Revenues**Lease
      revenue
    
    $
    --
    
    $
    240
    
    $
    342
    
    $
    --
    
    $
    --
    
    $
    1
    
    $
    --
    
    $
    583Interest
      income and other income
    
    
    --
    
    
    14
    
    
    11
    
    
    3
    
    
    --
    
    
    --
    
    
    23
    
    
    51Gain
      on disposition of equipment
    
    
    --
    
    
    1,051
    
    
    8
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    1,059Total
      revenues
    
    
    --
    
    
    1,305
    
    
    361
    
    
    3
    
    
    --
    
    
    1
    
    
    23
    
    
    1,693**Expenses**Depreciation
      and amortization
    
    
    --
    
    
    4
    
    
    337
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    341Operations
      support
    
    
    --
    
    
    4
    
    
    14
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    18Management
      fees to affiliate
    
    
    --
    
    
    10
    
    
    24
    
    
    4
    
    
    --
    
    
    --
    
    
    --
    
    
    38Interest
      expense
    
    
    --
    
    
    --
    
    
    82
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    82General
      and administrative expenses
    
    
    --
    
    
    11
    
    
    34
    
    
    --
    
    
    --
    
    
    --
    
    
    79
    
    
    124Recovery
      of bad debts
    
    
    --
    
    
    --
    
    
    (4
    )
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    (4
    )Total
      expenses
    
    
    --
    
    
    29
    
    
    487
    
    
    4
    
    
    --
    
    
    --
    
    
    79
    
    
    599Equity
      in net income (loss) of equityinvestments
    
    
    663
    
    
    (627
    )
    
    127
    
    
    --
    
    
    (157
    )
    
    --
    
    
    --
    
    
    6Net
      income (loss)
    
    $
    663
    
    $
    649
    
    $
    1
    
    $
    (1
    )
    $
    (157
    )
    $
    1
    
    $
    (56
    )
    $
    1,100Total
      assets as of March 31, 2005
    
    $
    2,668
    
    $
    4,820
    
    $
    11,798
    
    $
    165
    
    $
    3,491
    
    $
    39
    
    $
    7,899
    
    $
    30,880
 
 Marine
    
    
    
    
    
    
    
    MarineFor
      the three months ended
    
    Vessel
    
    Aircraft
    
    Railcar
    
    Trailer
    
    ContainerMarch
      31, 2004
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Other2
    
    Total**Revenues**Lease
      revenue
    
    $
    --
    
    $
    332
    
    $
    472
    
    $
    97
    
    $
    27
    
    $
    --
    
    $
    928Interest
      income and other income
    
    
    --
    
    
    18
    
    
    --
    
    
    --
    
    
    --
    
    
    40
    
    
    58Gain
      on disposition of equipment
    
    
    --
    
    
    --
    
    
    211
    
    
    --
    
    
    76
    
    
    --
    
    
    287Total
      revenues
    
    
    --
    
    
    350
    
    
    683
    
    
    97
    
    
    103
    
    
    40
    
    
    1,273**Expenses**Depreciation
      and amortization
    
    
    --
    
    
    284
    
    
    239
    
    
    31
    
    
    --
    
    
    2
    
    
    556Operations
      support
    
    
    --
    
    
    50
    
    
    124
    
    
    54
    
    
    1
    
    
    --
    
    
    229Management
      fees to affiliate
    
    
    --
    
    
    15
    
    
    38
    
    
    4
    
    
    1
    
    
    --
    
    
    58Interest
      expense
    
    
    --
    
    
    --
    
    
    19
    
    
    --
    
    
    --
    
    
    --
    
    
    19General
      and administrative expenses
    
    
    --
    
    
    269
    
    
    40
    
    
    12
    
    
    --
    
    
    237
    
    
    558Recovery
      of bad debts
    
    
    --
    
    
    (229
    )
    
    (2
    )
    
    --
    
    
    --
    
    
    --
    
    
    (231
    )Total
      expenses
    
    
    --
    
    
    389
    
    
    458
    
    
    101
    
    
    2
    
    
    239
    
    
    1,189Equity
      in net income of equityinvestments
    
    
    61
    
    
    4
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    65Net
      income (loss)
    
    $
    61
    
    $
    (35
    )
    $
    225
    
    $
    (4
    )
    $
    101
    
    $
    (199
    )
    $
    149Equipment
      purchases andcapitalized
      repairs
    
    $
    --
    
    $
    --
    
    $
    3,260
    
    $
    --
    
    $
    --
    
    $
    --
    
    $
    3,260Acquisition
      fees to affiliate
    
    $
    --
    
    $
    --
    
    $
    147
    
    $
    --
    
    $
    --
    
    $
    --
    
    $
    147
 
 1
    Includes
      certain assets not identifiable to a specific segment such as cash and
      certain other assets. Also includes certain interest income and costs not
      identifiable to a particular segment, such as certain general and
      administrative and operations support
expenses.
 2
    Includes
      interest income and costs not identifiable to a particular segment, such
      as certain amortization, general and administrative and operations support
      expenses.
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 8.  Net
Income Per Weighted-Average Limited Partnership Unit
 
 Net
income per weighted-average limited partnership unit was computed by dividing
net income 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 months ended March 31, 2005 and 2004 was 8,478,448.
 
 9.  Accounts
and Other Receivables
 
 Accounts
and other receivables represent balances due from current or former lessees for
unpaid balances incurred from leasing and selling Partnership owned equipment.
The components of accounts and other receivables were as follows (in thousands
of dollars):
 March
      31,
    
    December
      31,2005
    
    2004Trade
      accounts receivable
    
    $
    199
    
    $
    362Other
      receivable
    
    
    883
    
    
    937Allowance
      for doubtful accounts
    
    
    (7
    )
    
    (10
    )$
    1,075
    
    $
    1,289
 At March
31, 2005, the balance in other receivable was due from a former aircraft lessee
for past due lease payments, the purchase of an owned commercial aircraft and in
settlement for returning aircraft not in accordance with the lease agreement. At
December 31, 2004, the balance in other receivable was due from a former
aircraft lessee for past due lease payments and in settlement for returning
aircraft not in accordance with the lease agreement. The other receivable is
scheduled to be fully paid during the second quarter of 2005. Interest accrues
at a rate of 5% on the outstanding other receivable balance.
 
 10.  Other
Assets
 
 The
components of the other assets, net, were as follows (in thousands of
dollars):
 March
      31,
    
    December
      31,2005
    
    2004Debt
      placement fee, net
    
    $
    143
    
    $
    174Finance
      lease receivable
    
    
    143
    
    
    162Prepaid
      expenses and deposits
    
    
    132
    
    
    52Lease
      negotiation fees to affiliate, net
    
    
    93
    
    
    105$
    511
    
    $
    493
 11.  Debt
 
 The
Partnership made the regularly scheduled principal payments totaling $74,000 to
the lender of the non-recourse debt during the three months ended March 31,
2005.
 
 12.  Concentrations
of Credit Risk
 
 No single
Partnership lessee accounted for 10% or more of the total consolidated revenues
for the owned equipment and partially owned equipment during the three months
ended March 31, 2005 or 2004. In 2005, however, Varig South America purchased a
commercial aircraft from the Partnership and the gain from the sale accounted
for 21% of total revenues from owned equipment and jointly owned equipment. No
single lessee accounted for more than 10% of the consolidated revenues for the
owned equipment and jointly owned equipment during the three months ended March
31, 2004.
 
  
  **PLM
EQUIPMENT GROWTH FUND V**
 **(A
Limited Partnership)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 12.  Concentrations
of Credit Risk (continued)
 
 As of
March 31, 2005 and December 31, 2004, the Partnership’s customers that accounted
for 10% or more of the total accounts receivable for the owned equipment and
jointly owned equipment was Varig South America (54% in 2005 and 42% in 2004),
Stena Bulk LLC (35% in 2005 and 28% in 2004) and Continental Airlines, Inc. (21%
in 2005).
 
 As of
March 31, 2005 and December 31, 2004, the General Partner believes the
Partnership had no other significant concentrations of credit risk that could
have a material adverse effect on the Partnership.
 
 13.  Commitments
and Contingencies
 
 In 2004,
the General Partner signed a legally binding commitment on behalf of the
Partnership to purchase 28 newly constructed tank railcars for $2.0 million. The
funds to purchase these railcars were placed in an escrow account with an
unaffiliated third party as escrow agent during December 2004 and are included
in restricted cash on the accompanying balance sheets. These railcars are
expected to be purchased during the second and third quarters of
2005.
 
 Contingencies
 
 The
Partnership is involved as plaintiff or defendant in various legal actions
incidental to its business. The General Partner does not believe that any of
these actions will be material to the financial condition or results of
operations of the Partnership.
 
 14.  Recent
Accounting Pronouncements ****
 
 In March
2004, Financial Accounting Standards Board's (FASB's) Emerging Issues Task Force
(EITF) released Issue No. 03-1, “The Meaning of Other-Than-Temporary Impairment
and Its Application to Certain Investments" (EITF 03-1).”  EITF 03-1
provides guidance for determining whether impairment for certain debt and equity
investments is other-than-temporary and the measurement of an impaired loss.
Certain disclosure requirements of EITF 03-1 were adopted in 2003 and the
Partnership has complied with the new disclosure requirements in its
consolidated financial statements. The recognition and measurement requirements
of EITF 03-1 were initially effective for reporting periods beginning after June
15, 2004. In September 2004, the FASB Staff issued FASB Staff Position (FSP)
EITF 03-1-1 that delayed the effective date for certain measurement and
recognition guidance contained in EITF 03-1.  The FSP requires that
entities continue to apply previously existing “other-than-temporary” guidance
until a final consensus is reached. The General Partner does not anticipate that
issuance of a final consensus will materially impact the Partnership’s financial
condition or results of operations.
 
 In
December 2004, FASB issued Statement 153, "Exchanges of Non-monetary Assets"
(Statement 153), an amendment of Accounting Principles Board Opinion No. 29.
Statement 153 is effective for non-monetary asset exchanges occurring in fiscal
periods beginning after June 15, 2005. Statement 153 eliminates the exception to
fair value for exchanges of similar productive assets and replaces it with a
general exception for exchange transactions that do not have commercial
substance - that is, transactions that are not expected to result in significant
changes in the cash flows of the reporting entity.  The General Partner
does not believe that the adoption of Statement 153 will have a significant
effect on its financial statements.
 
 15.  Subsequent
Event
 
 During
April 2005, the General Partner declared a cash distribution of $0.50 per
limited partnership unit to be paid on May 20, 2005 to the record holders as of
that date. The total cash distribution to the limited partners and the General
Partner is $4.2 million and $0.2 million, respectively.
  ITEM
2.  MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
 
 (I)  RESULTS
OF OPERATIONS
 
 Comparison
of PLM Equipment Growth Fund V’s (the Partnership’s) Operating Results for the
Three Months Ended March 31, 2005 and 2004
 
 (A)  Owned
Equipment Operations
 
 Lease
revenues less operations support on owned equipment decreased during the three
months ended March 31, 2005, compared to the same period of 2004. Gains from the
disposition of equipment, interest and other income, and certain expenses such
as management fees to affiliate, depreciation and amortization, general and
administrative expenses, and recovery of bad debts relating to the operating
segments (see Note 7 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 operations
support by segment (in thousands of dollars):
 
 For
      the Three Months
      Ended
      March 31,2005
    
    2004Railcars
    
    $
    328
    
    $
    348Aircraft
    
    
    236
    
    
    282Marine
      containers
    
    
    1
    
    
    26Trailers
    
    
    --
    
    
    43
 
 Railcars:
Railcar lease revenues and operations support were $0.3 million and $14,000,
respectively, for the three months ended March 31, 2005, compared to $0.5
million and $0.1 million, respectively, during the same period of 2004. Railcar
lease revenues decreased $0.1 million due to the transfer of certain of the
Partnership's owned railcar portfolio into an equity investment during
2004.
 
 Aircraft:  Aircraft
lease revenues and operations support were $0.2 million and $4,000,
respectively, for the three months ended March 31, 2005, compared to $0.3
million and $0.1 million, respectively, during the same period of 2004. A
decrease in aircraft lease revenues of $0.1 million was due to the sale of owned
aircraft during 2005 that was on-lease during the first quarter of 2004. A
decrease in aircraft operations support of $0.1 million was due lower
professional services needed for the sale of aircraft.
 
 Marine
containers:  Marine
container lease revenues and operations support were $1,000 and $-0-,
respectively, for the three months ended March 31, 2005, compared to $27,000 and
$1,000, respectively, during the same period of 2004, respectively. The decrease
in marine container contribution was due to the lower utilization of the marine
containers.
 
 Trailers:  Trailer
operating lease revenues and operations support decreased in the first quarter
of 2005 due to all of the Partnership trailers being placed on a direct finance
lease in 2004.
 
 (B)  Indirect
expenses Related to Owned Equipment Operations
 
 Total
indirect expenses of $0.6 million for the three months ended March 31, 2005
decreased from $1.0 million for the same period in 2004. Significant variances
are explained as follows:
 
 (i)  General
and administrative expenses decreased $0.4 million during the first quarter of
2005 compared to the same period 2004. A decrease of $0.2 million resulted from
lower costs being charged to the Partnership for certain professional services
associated with the search for potential equipment acquisitions and a decrease
of $0.1 million was due to administrative cost associated with the return of
aircraft and collection of bad debts from lessees incurred in the first quarter
of 2004. A similar event did not occur in the same period of 2005;
 
 (ii)  Depreciation
and amortization expenses decreased $0.2 million from 2004 levels reflecting the
decrease of $0.2 million caused by the transfer of certain of the Partnership's
owned railcar portfolio into an equity investment, a decrease of $0.3 million
due to certain assets being fully depreciated at the end of 2004, and a decrease
of $30,000 caused by the Partnership's trailer portfolio being placed in a
direct finance lease in 2004. These decreases were partially offset by an
increase of $0.2 million caused by the purchase of railcars during the third
quarter of 2004;
 
 (iii)  Recovery
of bad debts decreased $0.2 million in the first three months of 2005 compared
to the same period of 2004. During 2004 recovery of bad debts of $0.2 million
was due to the collection of an receivable primarily from one former aircraft
lessee that had been previously reserved for as a bad debt; a similar event did
not occur during 2005; and
 
 (iv)  Interest
expense increased $0.1 million due to the amortization of debt placement fees
from the debt facility put in place in the third quarter of 2004.
 
 (C)  Gain on
Disposition of Owned Equipment
 
 The gain
on the disposition of equipment for the first quarter of 2005 totaled $1.1
million, and resulted from the sale of parts from a commercial aircraft, a
commercial aircraft and railcars with a net book value of $0.1 million for
proceeds of $0.7 million and the reversal of $0.5 million of unused engine
reserves. The gain on the disposition of equipment for the first quarter of 2004
totaled $0.3 million, and resulted from the sale of parts of a commercial
aircraft, marine containers and railcars with a net book value of $0.4 million
for proceeds of $0.7 million.
 
 (D)  Equity in
Net Income of Equity Investments
 
 Equity in
net income (loss) of equity investments 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. The following table
presents equity in net income (loss) by equipment type (in thousands of
dollars):
 
 For
      the Three Months
      Ended
      March 31,2005
    
    2004Marine
      vessel
    
    $
    663
    
    $
    61Railcars
    
    
    127
    
    
    --Machinery
      and other equipment
    
    
    (157
    )
    
    --Aircraft
    
    
    (627
    )
    
    4Equity
      in net income of equity investments
    
    $
    6
    
    $
    65
 
 The
following equity investment discussion by equipment type is based on the
Partnership's proportional share of revenues, gain on equipment dispositions,
depreciation expense, operations support, interest expenses, and administrative
expenses of the equity investments:
 
 Marine
vessel:  As of
March 31, 2005 and 2004, the Partnership had an interest in an entity owning a
marine vessel. During the first quarter of 2005, lease revenues of $1.5 million
were partially offset by depreciation expense, operations support and
administrative expenses of $0.8 million. During the first quarter of 2004, lease
revenues of $0.7 million were partially offset by depreciation expense,
operations support and administrative expenses of $0.6 million.
 
 Marine
vessel lease revenues increased $0.8 million during the three months ended March
31, 2005 compared to the same period 2004. The increase of $0.7 million was
primarily due to higher lease rates being earned compared to the same period of
2004. In addition, the marine vessel earned an additional $0.1 million due to
being on hire the full first quarter of 2005 compared to the first quarter 2004
when the marine vessel was off-hire approximately 10 days due to being off-lease
while undergoing dry docking. A similar event did not occur in the first three
months of 2005.
 
 Marine
vessel operations support and administrative expenses increased $0.2 million due
to higher operating expenses resulting from being on-lease during all of the
first quarter of 2005 compared to 2004 when the marine vessel was undergoing
scheduled dry docking for 10 days.
 
 Railcars:
As of March 31, 2005, the Partnership owned an interest in an entity that owned
railcars. These railcars were transferred into this entity on July 1, 2004 from
the Partnership's owned equipment portfolio. During 2005, lease revenues of $0.4
million and the gain on the disposition of equipment of $0.1 million were
partially offset by depreciation expense, operations support, interest expense
and administrative expenses of $0.4 million. The Partnership had no equity
investments that owned railcars in the same period of 2004.
 
 Machinery
and other equipment: As of March 31, 2005, the Partnership owned an interest in
an entity that owned machinery and other equipment that was formed in the fourth
quarter of 2004. During the three months ended March 31, 2005, lease revenues of
$0.1 million were offset by depreciation expense, operations support, and
administrative expenses of $0.3 million. The Partnership had no equity
investments that owned machinery and other equipment in the same period of 2004.
 
 Aircraft:
As of March 31, 2005, the Partnership owned an interest in two entities each
owning two Boeing 737-500 commercial aircraft that was formed in the third
quarter of 2004 and an interest in an entity owning other aircraft related
assets. As of March 31, 2004, the Partnership owned an interest in an entity
owning two commercial aircraft on a direct finance lease and an interest in an
entity owning other aircraft related assets. In the first quarter of 2005, the
lessee of the two commercial aircraft on a direct finance lease in which the
Partnership had an interest, exercised its purchase option for these aircraft.
The aircraft were sold for their net book value.
 
 During
the three months ended March 31, 2005, revenues of $0.8 million were offset by
depreciation expense, operations support, interest expenses and administrative
expenses of $1.5 million. During the same period of 2004, revenues of $13,000
were partially offset by operations support and administrative expenses of
$9,000.
 
 Aircraft
revenues increased $0.8 million due to the Partnership's investment into two
entities during the third quarter of 2004 that each own two Boeing 737-500
commercial aircraft.
 
 Depreciation
expense, operations support, interest expense and administrative expenses
increased $1.5 million during the three months ended March 31, 2005 compared to
the same period of 2004 resulting from an increase in depreciation expense of
$1.0 million caused by the Partnership's investment into two entities each
owning two Boeing 737-500 commercial aircraft during the third quarter of 2004
and an increase in operations support of $0.4 million caused by interest expense
from the non-recourse debt financing the two Boeing 737-500 commercial aircraft
in each of the entities the Partnership invested in during the third quarter of
2004. Equity investments during the same period of 2004 did not have any debt or
interest expense.
 
 (E)  Net
Income
 
 As a
result of the foregoing, the Partnership’s net income for the three months ended
March 31, 2005 was $1.1 million, compared to net income of $0.1 million during
the same period in 2004. 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
three months ended March 31, 2005 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 PLM Financial
Services, Inc. (FSI or 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:
 
 Revenue
recognition: Revenues are generally earned by placing the equipment under
operating leases. Rental payments are recorded as revenue on a straight-line
basis over the lease term as earned. The Partnership's marine containers are
leased to operators of utilization-type leasing pools, which include equipment
owned by unaffiliated parties. In such instances, revenues received by the
Partnership consist of a specified percentage of revenues generated by leasing
the pooled equipment to sublessees, after deducting certain direct operating
expenses of the pooled equipment. Rents for all other equipment are based on
fixed rates.
 
 The
Partnership has an equity investment that owns aircraft jointly with other
affiliated programs. These aircraft are leased on a direct finance lease. The
Partnership also has owned trailers that were transferred into a direct finance
lease. The Partnership's revenues and equity investment’s revenues from the
direct finance lease are primarily interest income and are based on a monthly
amortization schedule.
 
 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. Depreciation is computed
using the double-declining balance method, taking a full month's depreciation in
the month of acquisition based upon estimated useful lives of 15 years for
railcars, 12 years for all other transportation equipment and 7 years for
machinery and other equipment. The depreciation method changes to straight line
when annual depreciation expense using the straight-line method exceeds that
calculated by the double-declining balance method. 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
an impairment loss. Likewise, if the net book value of the asset was less than
the fair value, the Partnership may record a gain on sale upon final disposition
of the asset.
 
 Impairment
of long-lived assets: Whenever circumstances indicate that an impairment may
exist such as when cash-flows decrease, there are unexpected maintenance issues
or when economic conditions deteriorate in the market the equipment operates,
the General Partner reviews the carrying value of its equipment and equity
investments in affiliated entities to determine if the carrying value of the
assets may not be recoverable, in consideration of the 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
disclosed if considered possible and accrued if considered probable after
consultation with outside counsel. If estimates of potential losses increase or
the related facts and circumstances change in the future, the Partnership may be
required to record additional litigation expense.
  
  
 (III)  FINANCIAL
CONDITION - CAPITAL RESOURCES, LIQUIDITY, AND DISTRIBUTIONS
 
 For the
three months ended March 31, 2005, the Partnership generated cash from
operations of $1.9 million to meet its operating obligations, pay debt and
interest, and maintain working capital reserves.
 
 During
the first quarter of 2005, the Partnership disposed of owned equipment and
received aggregate proceeds of $0.7 million, of which $0.5 million has not been
collected and is included in notes receivable at March 31, 2005, and reversed
$0.5 million of unused engine reserves which is included in the gain on disposal
of equipment. The receivable is expected to be collected in the second quarter
of 2005.
 
 Accounts
and other receivable decreased $0.2 million in the three months ended March 31,
2005. Decreases due to the timing of cash receipts of $0.2 million and the
collection of $0.5 million from the notes receivable were partially offset by an
increase in notes receivable of $0.5 million as discussed above.
 
 Equity
investments in affiliated entities decreased $1.1 million during the three
months ended March 31, 2005 due to operating cash distributions of $1.1 million
from the equity investments.
 
 Accounts
payable decreased $0.2 million during the three months ended March 31, 2005 due
to the timing of payments to vendors.
 
 Reserve
for repairs decreased $0.5 million due to the sale of a commercial aircraft and
the unused engine reserves for this aircraft totaling $0.5 million being
reversed and included as additional gain on disposition.
 
 During
the three months ended March 31, 2005, the Partnership made the regularly
scheduled principal payments of $0.1 million to the lender of the non-recourse
debt.
 
 In 2004
the General Partner signed a legally binding commitment on behalf of the
Partnership to purchase 28 newly constructed tank railcars for $2.0 million. The
funds to purchase these railcars were placed in an escrow account with an
unaffiliated third party as escrow agent as of December 31, 2004 and are
included in restricted cash on the accompanying balance sheets. These railcars
are expected to be purchased in the second and third quarter of
2005.
 
 In April
2005, the General Partner declared a cash distribution of $0.50 per limited
partnership unit to be paid on May 20, 2005 to the record holders as of that
date. The total cash distribution to the limited partners and the General
Partner is $4.2 million and $0.2 million, respectively.
 
 Commitment
and contingencies as of March 31, 2005 are as follows (in thousands of
dollars):
 
 Partnership
      Obligations:
    
    Total
    
    Less
      than
      1
      Year
    
    1
      -3
      YearsNon-recourse
      debt
    
    $
    658
    
    $
    658
    
    $
    -Commitment
      to purchase railcars
    
    $
    1,998
    
    $
    1,998
    
    $
    -
 
 (IV)  RECENT
ACCOUNTING PRONOUNCEMENTS
 
 In March
2004, Financial Accounting Standards Board's (FASB's) Emerging Issues Task Force
(EITF) released Issue No. 03-1, “The Meaning of Other-Than-Temporary Impairment
and Its Application to Certain Investments" (EITF 03-1).”  EITF 03-1
provides guidance for determining whether impairment for certain debt and equity
investments is other-than-temporary and the measurement of an impaired loss.
Certain disclosure requirements of EITF 03-1 were adopted in 2003 and the
Partnership has complied with the new disclosure requirements in its
consolidated financial statements. The recognition and measurement requirements
of EITF 03-1 were initially effective for reporting periods beginning after June
15, 2004. In September 2004, the FASB Staff issued FASB Staff Position (FSP)
EITF 03-1-1 that delayed the effective date for certain measurement and
recognition guidance contained in EITF 03-1.  The FSP requires that
entities continue to apply previously existing “other-than-temporary” guidance
until a final consensus is reached. The General Partner does not anticipate that
issuance of a final consensus will materially impact the Partnership’s financial
condition or results of operations.
 
 In
December 2004, FASB issued Statement 153, "Exchanges of Non-monetary Assets"
(Statement 153), an amendment of Accounting Principles Board Opinion No. 29.
Statement 153 is effective for non-monetary asset exchanges occurring in fiscal
periods beginning after June 15, 2005. Statement 153 eliminates the exception to
fair value for exchanges of similar productive assets and replaces it with a
general exception for exchange transactions that do not have commercial
substance - that is, transactions that are not expected to result in significant
changes in the cash flows of the reporting entity.  The General Partner
does not believe that the adoption of Statement 153 will have a significant
effect on its financial statements.
 
 (V)  OUTLOOK
FOR THE FUTURE
 
 The
Partnership's operation of a diversified equipment portfolio in a broad base of
markets is intended to reduce its exposure to volatility in individual equipment
sectors.
 
 The
ability of the Partnership to realize acceptable lease rates on its equipment in
the different equipment markets is contingent upon many factors, such as
specific market conditions and economic activity, technological obsolescence,
and government or other regulations. The unpredictability of these factors 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
continuously monitors both the equipment markets and the performance of the
Partnership's equipment in these markets. The General Partner may make an
evaluation to reduce the Partnership's exposure to those equipment markets in
which it determines that it cannot operate equipment and achieve acceptable
rates of return.
 
 The
Partnership intends to use future cash flow from operations to satisfy its
operating requirements, pay principal and interest on debt and make cash
distributions to the partners.
 
 The
Partnership will not reinvest cash flows generated from operations after January
1, 2005 into additional equipment. The Partnership will terminate on December
31, 2010, unless terminated earlier upon sale of all equipment and by certain
other events. Although the Partnership is scheduled to terminate on December 31,
2010, the General Partner is managing the Partnership with the objective of
having all owned and partially owned equipment disposed of by December 31, 2006.
 
 In April
2005, the General Partner declared a cash distribution of $0.50 per limited
partnership unit to be paid on May 20, 2005 to the record holders as of that
date. The total amount of the cash distribution is $4.5 million.
 
 Factors
affecting the Partnership’s operations in the remainder of 2005 and beyond
include:
 
 (1)  The
Partnership’s marine containers are in excess of 15 years of age and are no
longer suitable for use in international commerce either due to their specific
physical condition or lessees’ preferences for newer equipment. Demand for these
marine containers will continue to be weak due to their age;
 
 (2)  Economic
recovery in the railcar segment continues to be strong. Overall railcar loadings
are forecast to grow approximately 6% in 2005. Railcar manufacturers now have
full production schedules until the first quarter of 2006 for tank railcars
similar to the tank railcars that the Partnership owns and the tank railcars in
PLM Rail Partners, LLC (Rail Partners) in which the Partnership has an equity
interest.
 
 The
Partnership's railcar fleet is largely used by a broadly defined chemical
sector. Chemical and petroleum railcar loadings are projected to grow at a
substantially higher rate this year than the 3% per year long run average. The
continuation of high steel prices have resulted in increases in the price of a
new tank railcars and lease rates have now increased in response this price
increase. While this improves returns for railcar lessors in the short run,
reduced railcar availability and higher lease costs along with railroad
operating inefficiencies may cause the chemical industry growth to slow and
perhaps cause chemical producers to shift to other forms of transportation.
Also, there are a number of potential new railroad operating requirements and
regulations which, if adopted, could increase the cost of railcar ownership. At
present, the Partnership's tank railcar fleet is highly utilized and appears to
be in a position to remain so for the foreseeable future.
 
 The
General Partner believes that the market for the Partnership's railcars and
those in Rail Partners will remain strong for several years. The General Partner
has engaged an investment banking firm to explore strategic alternatives with
respect to its railcar operations which could include the sale of the
Partnership owned and partially owned railcars;
 
 (3)  The
Partnership has an investment in a double-hull product tanker constructed in
1985, which operates in international markets carrying a variety of clean
product/chemical liquid cargoes. Demand for product/chemical shipping is
closely tied to worldwide economic growth patterns, which can affect demand by
causing changes in specific grade volume on trade routes. The General Partner
operates the Partnership’s product tanker in the spot charter markets, carrying
mostly gasoline, jet fuel, gas oils and similar petroleum distillates or simple
chemicals or vegetable oils, an approach that provides the flexibility to adapt
to changes in market conditions.
 
 The
Partnership’s product tanker has continued to operate with very little idle time
between charters.  Freight rates for marine vessels continued to improve
due to the demand for sea transportation resulting from improving economies
worldwide. The demand is expected to continue until additional new tonnage
starts coming on line in late 2005 through 2006. Demand for refined products
worldwide and home heating oil on United States due to cold weather and East
Coast helped to keep the charter rates up at or near 2004 highs during the first
quarter of 2005. Ongoing rates are expected to begin to show sign of decreasing
during the spring and summer months of 2005, as high gasoline prices are
expected to slow down demand. The marine vessel in which the Partnership owns an
interest is not scheduled to undergo major maintenance until September 2006.
 
 The
marine vessel owned by an entity in which the Partnership has an interest is 20
plus years old which may limit its future marketability.  Marine vessels of
this age typically earn a lower charter rate than newer more efficient marine
vessels and may have increased off-hire time;
 
 (4)  Market
demand for new and used aircraft has been severely impacted by the poor
financial condition of the airline industry.
 
 The
General Partner believes that the commercial aviation industry is recovering
from several years of reduced travel; however, the General Partner views the
recovery with caution as major increases in the cost of fuel has added another
factor to further weakening yields. The General Partner believes that
stabilization of fuel prices will be critical for the recovery in the airline
industry to continue.
 
 The
General Partner also believes that there is a significant oversupply of
commercial aircraft available that has caused a decrease in aircraft fair market
values.
 
 In the
first quarter of 2005, the lessee of the two aircraft on direct finance lease in
which the Partnership owned an interest, exercised its purchase option on these
aircraft. Accordingly, revenues from these aircraft will decrease in
2005.
 
 In the
first quarter of 2005, the Partnership sold its remaining Boeing 737-200 which
will result in further decreases in lease revenues in 2005.
 
 The
Partnership owns a DHC-8-102 commuter aircraft which is on consignment to a
vendor who will part-out the aircraft. Due to the poor market demand for parts
from this aircraft, it may take a considerable period of time to complete the
sale of this aircraft. The Partnership also owns a DHC-8-300 that is on a lease
that is scheduled to expire during 2008;
 
 (5)  The
Partnership is expected to continue to have increased general and administrative
costs as the General Partner liquidates other investments programs that
currently share certain general and administrative expenses;
 
 (6)  While the
Partnership is scheduled to terminate on December 31, 2010, the General Partner
is managing the Partnership with the objective of having all owned and partially
owned equipment disposed of by December 31, 2006; and
 
 (7)  Beginning
in 2006, in order to prevent the Partnership from being considered publicly
traded and to avoid taxation of the Partnership as an association treated as a
corporation under the Internal Revenue Code, the General Partner will limit the
number of limited partnership units to be traded to 2% per year of the total
outstanding units.
 
 Several
other factors may affect the Partnership's operating performance in the year
2005 and beyond, including changes in the markets for the Partnership's
equipment and changes in the regulatory environment in which that equipment
operates.
 
 The
General Partner may elect to sell certain underperforming equipment, equipment
whose continued operation may become prohibitively expensive, or has a greater
strategic value to others. The General Partner intends to re-lease or sell
equipment at prevailing market rates; however, the General Partner cannot
predict these future rates with any certainty at this time and cannot accurately
assess the effect of such activity on future Partnership performance. The
proceeds from the sold or liquidated equipment will be used to fund operations,
make principal and interest payments on outstanding debt and make cash
distributions to the partners.
 
 Cash
distributions when paid to the limited partners generally consist of both a
return of and a return on capital. Cash distributions do not represent and are
not indicative of yield on investment. Actual yield on investment cannot be
determined with any certainty until conclusion of the Partnership and will be
dependent upon the collection of all future contracted rent, the generation of
renewal and/or re-lease rents and the residual value realized for each asset at
its disposal.
 
 (VI)  FORWARD-LOOKING
INFORMATION
 
 Except
for the historical information contained herein, this Form 10-QSB 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-QSB should be read as being
applicable to all related forward-looking statements wherever they appear in
this Form 10-QSB. There are a number of important factors that could cause
actual results to differ materially from those expressed in any forward-looking
statements made herein. These factors include, but are not limited to, the
collection of the Partnership’s contracted rents, the realization of residual
proceeds, and future economic conditions.
 
 ITEM
3.  CONTROLS
AND PROCEDURES
 
 Limitations
on the Effectiveness of Controls
 
 The
General Partner’s management, including it’s President and Chief Financial
Officer (CFO), does not expect that our internal controls or disclosure control
will prevent all errors and all fraud. A control system, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met. Further, the design of a
control system must reflect the fact that there are resource constraints, and
the benefits of controls must be considered relative to their
costs.
 
 Because
of the inherent limitations in all control systems, no evaluation of control can
provide absolute assurance that all control issues and instances of fraud, if
any, within the Partnership have been detected. These inherent limitations
include the realities that judgments in decision-making can be faulty and that
breakdowns can occur because of a simple error or mistake. Additionally,
controls can be circumvented by the individual acts of some persons, collusion
of two or more people, or by management override of the control. The design of
any system of controls also is based partly on certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions.
 
 Notwithstanding
the forgoing limitations, we believe that our internal controls and disclosure
controls provide reasonable assurances that the objectives of our control system
are met.
 
 Quarterly
Evaluation of the Partnership’s Disclosure Controls and Internal
Controls
 
 (1)  Within
the 90-day period prior to the filing of this report, the General Partner
carried out an evaluation, under the supervision and with the participation of
the General Partner’s management, including it’s President and CFO, of the
effectiveness of the design and operation of the Partnership’s disclosure
controls and procedures pursuant to Rule 13a-14 under the Securities Exchange
Act of 1934 (the “Exchange Act”). Based upon that evaluation, the President and
CFO concluded that the Partnership’s disclosure controls and procedures are
effective in timely alerting them to material information relating to the
Partnership’s required to be included in the Partnership’s exchange act filings.
 
 (2)  There
have been no significant changes in the Partnership’s internal controls or in
other factors which could significantly affect internal controls subsequent to
the date the General Partner carried out its evaluations.
 
  
  
 **PART
II - OTHER INFORMATION**
 
 ITEM
4.  SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 None.
 
 ITEM
5.  OTHER
INFORMATION
 
 None.
 
 ITEM
6.  EXHIBITS
AND REPORTS ON FORM 8-K
 
 (a)  Exhibits
 
 31.1
    Certificate
      of President of the General Partner pursuant to Section 302 of Sarbanes -
      Oxley Act.
 
 31.2
    Certificate
      of Chief Financial Officer of the General Partner pursuant to Section 302
      of Sarbanes - Oxley Act.
 
 32.1
    Certificate
      of President of the General Partner pursuant to Section 906 of Sarbanes -
      Oxley Act.
 
 32.2
    Certificate
      of Chief Financial Officer of the General Partner pursuant to Section 906
      of Sarbanes - Oxley Act.
 
 (b)  Reports
on Form 8-K
 
 None.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (This
space intentionally left blank)
  
  
 
 
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
 
 
 
 PLM
EQUIPMENT GROWTH FUND V
 
 By:  PLM
Financial Services, Inc.
 General
Partner
 
 
 
 Date:  May 10,
2005  By:  /s/
Richard K Brock
 Richard K
Brock
 Chief
Financial Officer