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, 2001


[ ]       Transition  Report  Pursuant to Section 13 or 15(d) of the  Securities
          Exchange Act of 1934 For the transition period from   to


                         Commission file number 01-19203
                             -----------------------



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


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

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


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


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes X No ____





<PAGE>





                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                            CONDENSED BALANCE SHEETS
                 (IN THOUSANDS OF DOLLARS, EXCEPT UNIT AMOUNTS)
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                             September 30,       December 31,
                                                                               2001                 2000
                                                                           -----------------------------------
<S>                                                                        <C>                  <C>
ASSETS

Equipment held for operating lease, at cost                                $    74,008          $    74,849
Less accumulated depreciation                                                  (61,876)             (58,086)
                                                                           -----------------------------------
                                                                                12,132               16,763
Equipment held for sale                                                             --                1,309
                                                                           ---------------------------------
  Net equipment                                                                 12,132               18,072

Cash and cash equivalents                                                        5,723                1,799
Restricted cash                                                                    510                  445
Accounts receivable, net of allowance for doubtful
    accounts of $45 in 2001 and $34 in 2000                                      1,068                1,578
Investments in unconsolidated special-purpose entities                           7,112                8,189
Deferred charges, net of accumulated amortization of
    $30 in 2001 and $127 in 2000                                                    17                   30
Prepaid expenses and other assets                                                   28                   39
                                                                           -----------------------------------

      Total assets                                                         $    26,590          $    30,152
                                                                           ===================================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:

Accounts payable and accrued expenses                                      $       148          $       245
Due to affiliates                                                                  178                  259
Lessee deposits and reserve for repairs                                          3,138                2,728
Note payable                                                                        --                5,474
                                                                           -----------------------------------
    Total liabilities                                                            3,464                8,706
                                                                           -----------------------------------

Partners' capital:

Limited partners (9,065,911 limited partnership units as of
    September 30, 2001 and December 31, 2000)                                   23,126               21,446
General Partner                                                                     --                   --
                                                                           -----------------------------------
    Total partners' capital                                                     23,126               21,446
                                                                           -----------------------------------

      Total liabilities and partners' capital                              $    26,590          $    30,152
                                                                           ===================================
</TABLE>










       See accompanying notes to unaudited condensed financial statements.



<PAGE>






                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                         CONDENSED STATEMENTS OF INCOME
         (IN THOUSANDS OF DOLLARS, EXCEPT WEIGHTED-AVERAGE UNIT AMOUNTS)
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                     For the Three Months               For the Nine Months
                                                      Ended September 30,               Ended September 30,
                                                       2001          2000              2001            2000
                                                   -------------------------------------------------------------
<S>                                                <C>            <C>               <C>             <C>
REVENUES

Lease revenue                                      $  2,719       $  5,255          $   8,392       $  16,868
Interest and other income                                48             43                194             116
Net gain on disposition of equipment                     29          1,096              1,203           1,193
                                                   -------------------------------------------------------------
    Total revenues                                    2,796          6,394              9,789          18,177
                                                   -------------------------------------------------------------

EXPENSES

Depreciation and amortization                         1,454          2,108              4,678           6,183
Repairs and maintenance                                 201            352                638           1,420
Equipment operating expenses                            (20 )        1,249                304           3,935
Insurance expense                                        41            117                163             243
Management fees to affiliate                            120            258                373             826
Interest expense                                         --            280                141             820
General and administrative expenses
      to affiliates                                      64            225                354             646
Other general and administrative expenses               122            237                428             699
Provision for bad debts                                  16             33                 13              59
                                                   -------------------------------------------------------------
    Total expenses                                    1,998          4,859              7,092          14,831
                                                   -------------------------------------------------------------

Equity in net income (loss) of unconsolidated
      special-purpose entities                         (143 )           57                702             440
                                                   -------------------------------------------------------------

Net income                                         $    655       $  1,592          $   3,399       $   3,786
                                                   =============================================================

PARTNERS' SHARE OF NET INCOME:

Limited partners                                   $    655       $  1,473          $   3,280       $   3,428
General Partner                                          --            119                119             358
                                                   -------------------------------------------------------------

Total                                              $    655       $  1,592          $   3,399       $   3,786
                                                   =============================================================

Limited partners' net income per
    weighted-average limited partnership unit      $   0.07       $   0.17          $    0.36       $    0.38
                                                   =============================================================

Cash distribution                                  $     --       $  2,386          $   1,719       $   7,158
                                                   =============================================================

Cash distribution per weighted-average
    limited partnership unit                       $     --       $   0.25          $    0.18       $    0.75
                                                   =============================================================
</TABLE>








       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, 1999 TO SEPTEMBER 30, 2001
                            (IN THOUSANDS OF DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>


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

<S>                                                       <C>                   <C>                 <C>
  Partners' capital as of December 31, 1999               $   27,006            $    --             $   27,006

Net income                                                     3,517                477                  3,994

Purchase of limited partnership units                            (10)                --                    (10)

Cash distribution                                             (9,067)              (477)                (9,544)
                                                          -------------------------------------------------------

  Partners' capital as of December 31, 2000                   21,446                 --                 21,446

Net income                                                     3,280                119                  3,399

Cash distribution                                             (1,600)              (119)                (1,719)
                                                          -------------------------------------------------------

  Partners' capital as of September 30, 2001              $   23,126            $    --             $   23,126
                                                          =======================================================

</TABLE>






























       See accompanying notes to unaudited condensed financial statements.



<PAGE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                       CONDENSED STATEMENTS OF CASH FLOWS
                            (IN THOUSANDS OF DOLLARS)
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                  For the Nine Months
                                                                                  Ended September 30,
                                                                                  2001          2000
                                                                              -----------------------------
<S>                                                                            <C>           <C>
 OPERATING ACTIVITIES

 Net income                                                                    $    3,399    $    3,786
 Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
   Depreciation and amortization                                                    4,678         6,183
   Net gain on disposition of equipment                                            (1,203)       (1,193)
   Equity in net income from unconsolidated
       special-purpose entities                                                      (702)         (440)
   Changes in operating assets and liabilities, net:
     Restricted cash                                                                  (65)           21
     Accounts receivable, net                                                         502            93
     Prepaid expenses and other assets                                                 11            45
     Accounts payable and accrued expenses                                            (97)         (176)
     Due to affiliates                                                                (81)           12
     Lessee deposits and reserve for repairs                                          410            27
                                                                               ---------------------------
       Net cash provided by operating activities                                    6,852         8,358
                                                                               ---------------------------

 INVESTING ACTIVITIES

 Payments for purchase of equipment and capitalized improvements                       (4)       (2,679)
 Distributions from unconsolidated special-purpose entities                         1,779         1,296
 Payments of acquisition fees to affiliate                                           (101)           --
 Payments of lease negotiation fees to affiliate                                      (22)           --
 Proceeds from disposition of equipment                                             2,613         3,678
                                                                               ---------------------------
       Net cash provided by investing activities                                    4,265         2,295
                                                                               ---------------------------

 FINANCING ACTIVITIES

 Payments of note payable                                                          (5,474)       (6,055)
 Proceeds of short-term loan from affiliate                                            --         4,500
 Payments of short-term loan from affiliate                                            --        (4,500)
 Cash distributions paid to limited partners                                       (1,600)       (6,800)
 Cash distributions paid to General Partner                                          (119)         (358)
 Purchase of limited partnership units                                                 --           (10)
                                                                               ---------------------------
       Net cash used in financing activities                                       (7,193)      (13,223)
                                                                               ---------------------------

 Net increase (decrease) in cash and cash equivalents                               3,924        (2,570)
 Cash and cash equivalents at beginning of period                                   1,799         4,188
                                                                               ---------------------------
 Cash and cash equivalents at end of period                                    $    5,723    $    1,618
                                                                               ===========================

 Supplemental information
 Interest paid                                                                 $      224    $      876
                                                                               ===========================
</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 condensed  financial  position of PLM Equipment
Growth Fund V (the  Partnership) as of September 30, 2001 and December 31, 2000,
the condensed statements of income for the three and nine months ended September
30, 2001 and 2000, the condensed  statements of changes in partners' capital for
the period from  December 31, 1999 to  September  30,  2001,  and the  condensed
statements of cash flows for the nine months ended  September 30, 2001 and 2000.
Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
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, 2000,
on file at the Securities and Exchange Commission.

2. SCHEDULE OF PARTNERSHIP PHASES

As of September 30, 2001,  pursuant to the equitable  settlement  related to the
Koch  and  Romei  actions  (see  Note 10 to the  unaudited  condensed  financial
statements), the Partnership phases have been amended. The amendment extends the
period in which the Partnership will be able to reinvest its cash flow,  surplus
cash,  and equipment  sale proceeds in additional  equipment  until December 31,
2004. During that time, the General Partner may purchase  additional  equipment,
consistent  with  the  objectives  of  the  Partnership.  The  Partnership  will
terminate on December 31, 2010, unless  terminated  earlier upon the sale of all
equipment or by certain other events.

3. CASH DISTRIBUTIONS

Cash  distributions  are recorded when paid and may include amounts in excess of
net income that are  considered to represent a return of capital.  For the three
months  ended  September  30, 2001 and 2000,  cash  distributions  totaled  $-0-
million and $2.4 million,  respectively. For the nine months ended September 30,
2001 and  2000,  cash  distributions  totaled  $1.7  million  and $7.2  million,
respectively.  None of the cash distributions to the limited partners during the
nine months ended  September  30,  2001,  were deemed to be a return of capital.
Cash  distributions  of $3.4 million to the limited partners for the nine months
ended September 30, 2000, were deemed to be a return of capital.

During 2001, the General  Partner made the decision to temporarily  suspend cash
distributions to the partners.

4. TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES

The balance due to affiliates  as of September  30, 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). The balance due to
affiliates  as of December  31, 2000,  included  $0.2 million due to FSI and its
affiliates for management fees and $0.1 million due to affiliated USPEs.



<PAGE>


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

4. TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES (continued)

The Partnership's  proportional share of USPE-affiliated management fees of $0.1
million  was  payable to FSI and its  affiliate  as of  September  30,  2001 and
December 31, 2000.

The  Partnership's  proportional  share of the affiliated  expenses  incurred by
USPEs  during 2001 and 2000 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,
                                                     2001            2000              2001            2000
                                                   -------------------------------------------------------------

<S>                                                <C>            <C>               <C>             <C>
Management fees                                    $     65       $     68          $     257       $     228
Data processing and administrative
   expenses                                              26             21                124              48
</TABLE>

The  Partnership  paid FSI $0.1 million and $-0- for equipment  acquisition  and
lease negotiation fees during the nine months ended September 30, 2001 and 2000,
respectively.

5. EQUIPMENT

Owned equipment held for operating leases is stated at cost.  Equipment held for
sale is stated at the lower of the equipment's  depreciated  cost or fair value,
less cost to sell, and is subject to a pending contract for sale. The components
of owned equipment were as follows (in thousands of dollars):
<TABLE>
<CAPTION>

                                               September 30,       December 31,
                                                 2001                 2000
                                             -----------------------------------

<S>                                          <C>                  <C>
Aircraft                                     $    55,171          $   55,071
Rail equipment                                    11,265              11,288
Marine containers                                  5,327               6,245
Trailers                                           2,245               2,245
                                             ------------         -----------
                                                  74,008              74,849
Less accumulated depreciation                    (61,876)            (58,086)
                                             ------------         -----------
                                                  12,132              16,763
Equipment held for sale                               --               1,309
                                             ------------         -----------
    Net equipment                            $    12,132          $   18,072
                                             ============         ===========
</TABLE>

As of September 30, 2001, all owned equipment in the Partnership's portfolio was
on lease  except for 87 railcars  with a net book value of $0.5  million.  As of
December 31, 2000, all owned equipment was on lease except for 6 railcars with a
net book value of $26,000.

A marine vessel, subject to a pending contract for sale, was held for sale as of
December  31,  2000 at the  lower of the  equipment's  depreciated  cost or fair
value, less cost to sell.

During  the  nine  months  ended  September  30,  2001,  the  Partnership   paid
acquisition  fees of $0.1 million to FSI for the hush-kit that was purchased for
the Partnership's McDonnell Douglas DC-9 during 2000.

During the nine months ended September 30, 2001, the  Partnership  disposed of a
marine  vessel that was held for sale at December 31, 2000,  marine  containers,
and a railcar with an  aggregate  net book value of $1.4 million for proceeds of
$2.6 million.  During the nine months ended  September 30, 2000, the Partnership
disposed of marine containers, trailers, and railcars with an aggregate net book
value of $2.5 million, for $3.7 million.



<PAGE>


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

6. INVESTMENTS IN UNCONSOLIDATED SPECIAL-PURPOSE ENTITIES

The net investments in USPEs include the following  jointly-owned equipment (and
related assets and liabilities) (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                                  September 30,       December 31,
                                                                                       2001                2000
                                                                                 ----------------------------------
<S>                                                                              <C>                 <C>
       48% interest in an entity owning a product tanker                         $     4,346         $     4,961
       25% interest in a trust owning two commercial aircraft on direct
                finance lease                                                          2,033               2,245
       50% interest in an entity owning a product tanker                                 733                 983
                                                                                 ------------        ------------
         Net investments                                                         $     7,112         $     8,189
                                                                                 ============        ============
</TABLE>

As of September 30, 2001 and December 31, 2000, all  jointly-owned  equipment in
the Partnership's USPE portfolio was on lease.

7.   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, 2001                Leasing   Leasing    Leasing   Leasing    Leasing    Other(1)   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 affiliate              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
                                           ========================================================================

     Total assets as of September 30, 2001 $ 12,061  $  5,110   $  2,476  $    530   $    645  $  5,768   $ 26,590
                                           ========================================================================


(1)  Includes certain assets not identifiable to a particular  segment,  such as
     cash, prepaid expenses, and deferred charges. Also includes interest income
     and costs not identifiable to a particular  segment,  such as amortization,
     general and administrative, and operations support expenses.
</TABLE>


<PAGE>


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

7.   OPERATING SEGMENTS (continued)
<TABLE>
<CAPTION>
                                                      Marine               Marine
     For the three months ended            Aircraft   Vessel    Railcar   Container  Trailer
         September 30, 2000                Leasing   Leasing    Leasing   Leasing    Leasing    Other(2)    Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
     REVENUES
       Lease revenue                       $  1,935  $  2,008   $    562  $    112   $    638  $     --   $  5,255
       Interest income and other                  1        --         --        --         --        42         43
       Gain on disposition of equipment          --        --         16        30      1,050        --      1,096
                                           ------------------------------------------------------------------------
         Total revenues                       1,936     2,008        578       142      1,688        42      6,394

     COSTS AND EXPENSES
       Operations support                       (40)    1,359        117         2        270        10      1,718
       Depreciation and amortization          1,337       370        139       104        144        14      2,108
       Interest expense                          --        --         --        --         --       280        280
       Management fees to affiliate              81       100         33         6         38        --        258
       General and administrative expenses       40        13         10        --        155       244        462
       Provision for bad debts                    9        --         --        --         24        --         33
                                           ------------------------------------------------------------------------
         Total costs and expenses             1,427     1,842        299       112        631       548      4,859
                                           ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs        82       (25)        --        --         --        --         57
                                           ------------------------------------------------------------------------
     Net income (loss)                     $    591  $    141   $    279  $     30   $  1,057  $   (506)  $  1,592
                                           ========================================================================

     Total assets as of September 30, 2000 $ 17,319  $ 12,484   $  3,078  $  1,144   $    806  $  1,678   $ 36,509
                                           ========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                                      Marine               Marine
     For the nine 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                       $  6,435  $     --   $  1,431  $    249   $    277  $     --   $  8,392
       Interest income and other                 34        --         --        --         --       160        194
       Gain (loss) on disposition of             --     1,116         (4)       91         --        --      1,203
     equipment
                                           ------------------------------------------------------------------------
         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 affiliate             247        --         99        13         14        --        373
       General and administrative expenses       20        24         41        --         50       647        782
       Provision for (recovery of) bad           --        --         16        --         (3)       --         13
     debts
                                           ------------------------------------------------------------------------
         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
                                           ========================================================================

     Total assets as of September 30, 2001 $ 12,061  $  5,110   $  2,476  $    530   $    645  $  5,768   $ 26,590
                                           ========================================================================


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


<PAGE>



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

7.   OPERATING SEGMENTS (continued)
<TABLE>
<CAPTION>
                                                      Marine               Marine
     For the nine months ended             Aircraft   Vessel    Railcar   Container  Trailer
         September 30, 2000                Leasing   Leasing    Leasing   Leasing    Leasing    Other(2)    Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
     REVENUES
       Lease revenue                       $  5,953  $  6,990   $  1,778  $    306   $  1,841  $     --   $ 16,868
       Interest income and other                  8         3         --        --         --       105        116
       Gain on disposition of equipment          --        --         35       104      1,054        --      1,193
                                           ------------------------------------------------------------------------
         Total revenues                       5,961     6,993      1,813       410      2,895       105     18,177

     COSTS AND EXPENSES
       Operations support                       199     4,291        394         5        681        28      5,598
       Depreciation and amortization          3,834     1,112        419       344        432        42      6,183
       Interest expense                          --        --         --        --         --       820        820
       Management fees to affiliate             226       349        124        15        112        --        826
       General and administrative expenses      151        43         37        --        420       694      1,345
       Provision for bad debts                    9        --          2        --         48        --         59
                                           ------------------------------------------------------------------------
         Total costs and expenses             4,419     5,795        976       364      1,693     1,584     14,831
                                           ------------------------------------------------------------------------
     Equity in net income of USPEs              304       136         --        --         --        --        440
                                           ------------------------------------------------------------------------
     Net income (loss)                     $  1,846  $  1,334   $    837  $     46   $  1,202  $ (1,479)  $  3,786
                                           ========================================================================

     Total assets as of September 30, 2000 $ 17,319  $ 12,484   $  3,078  $  1,144   $    806  $  1,678   $ 36,509
                                           ========================================================================

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

</TABLE>

8. DEBT

The Partnership made the regularly scheduled installment payment of $1.4 million
and an additional  required  principal payment of $0.2 million from the proceeds
of  equipment  sales  during the nine  months  ended  September  30,  2001.  The
Partnership also prepaid the remaining balance of $3.9 million to the lenders.

9. NET INCOME PER WEIGHTED-AVERAGE PARTNERSHIP UNIT

Net income per  weighted-average  Partnership  unit was computed by dividing net
income  attributable  to  limited  partners  by the  weighted-average  number of
Partnership units deemed  outstanding  during the period.  The  weighted-average
number of Partnership units deemed  outstanding during the three and nine months
ended  September  30,  2001  was  9,065,911.   The  weighted-average  number  of
Partnership  units  deemed  outstanding  during the three and nine months  ended
September 30, 2000 was 9,065,911 and 9,066,552, respectively.

10. CONTINGENCIES

PLM  International   Inc.,  (the  Company)  and  various  of  its  wholly  owned
subsidiaries  are defendants in a class action lawsuit filed in January 1997 and
which is pending in the United States  District Court for the Southern  District
of Alabama,  Southern Division (Civil Action No.  97-0177-BH-C) (the court). The
named  plaintiffs are six individuals who invested in PLM Equipment  Growth Fund
IV (Fund IV), PLM Equipment Growth Fund V (Fund V), PLM Equipment Growth Fund VI
(Fund VI), and PLM Equipment  Growth & Income Fund VII (Fund VII),  collectively
(the  Funds),  each a California  limited  partnership  for which the  Company's
wholly owned subsidiary, PLM Financial Services, Inc. (FSI), acts as the General
Partner.






<PAGE>


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

10.  CONTINGENCIES (continued)

The complaint  asserts  causes of action  against all  defendants  for fraud and
deceit,  suppression,  negligent  misrepresentation,  negligent and  intentional
breaches of fiduciary  duty,  unjust  enrichment,  conversion,  and  conspiracy.
Plaintiffs  allege that each  defendant  owed  plaintiffs  and the class certain
duties due to their  status as  fiduciaries,  financial  advisors,  agents,  and
control persons.  Based on these duties,  plaintiffs  assert  liability  against
defendants  for improper  sales and marketing  practices,  mismanagement  of the
Funds, and concealing such mismanagement from investors in the Funds. Plaintiffs
seek unspecified compensatory damages, as well as punitive damages.

In June 1997, the Company and the affiliates who are also defendants in the Koch
action were named as defendants in another  purported  class action filed in the
San Francisco  Superior Court,  San Francisco,  California,  Case No.987062 (the
Romei  action).  The plaintiff is an investor in Fund V, and filed the complaint
on her own  behalf and on behalf of all class  members  similarly  situated  who
invested in the Funds. The complaint  alleges the same facts and the same causes
of action as in the Koch action, plus additional causes of action against all of
the defendants,  including alleged unfair and deceptive practices and violations
of  state  securities  law.  In July  1997,  defendants  filed a  petition  (the
petition) in federal district court under the Federal Arbitration Act seeking to
compel  arbitration of plaintiff's  claims.  In October 1997, the district court
denied  the  Company'  s  petition,  but in  November  1997,  agreed to hear the
Company's  motion for  reconsideration.  Prior to  reconsidering  its order, the
district court dismissed the petition pending settlement of the Romei action, as
discussed  below.  The state court action  continues  to be stayed  pending such
resolution.

In February 1999 the parties to the Koch and Romei actions  agreed to settle the
lawsuits,  with  no  admission  of  liability  by any  defendant,  and  filed  a
Stipulation  of Settlement  with the court.  The  settlement is divided into two
parts,  a  monetary  settlement  and  an  equitable  settlement.   The  monetary
settlement  provides  for  a  settlement  and  release  of  all  claims  against
defendants  in  exchange  for payment for the benefit of the class of up to $6.6
million.  The final settlement  amount will depend on the number of claims filed
by class members,  the amount of the administrative costs incurred in connection
with the  settlement,  and the amount of attorneys' fees awarded by the court to
plaintiffs'  attorneys.  The Company will pay up to $0.3 million of the monetary
settlement,  with  the  remainder  being  funded  by an  insurance  policy.  For
settlement  purposes,  the monetary  settlement class consists of all investors,
limited partners, assignees, or unit holders who purchased or received by way of
transfer or  assignment  any units in the Funds  between May 23, 1989 and August
30, 2000. The monetary  settlement,  if approved,  will go forward regardless of
whether the equitable settlement is approved or not.

The equitable  settlement  provides,  among other things, for: (a) the extension
(until  January 1, 2007) of the date by which FSI must complete  liquidation  of
the Funds' equipment,  (b) the extension (until December 31, 2004) of the period
during which FSI can reinvest the Funds' funds in additional  equipment,  (c) an
increase of up to 20% in the amount of front-end fees (including acquisition and
lease  negotiation  fees)  that  FSI  is  entitled  to  earn  in  excess  of the
compensatory   limitations   set   forth  in  the  North   American   Securities
Administrator's  Association's Statement of Policy; (d) a one-time repurchase by
each  of  Fund  V,  Fund  VI and  Fund  VII of up to 10% of  that  partnership's
outstanding units for 80% of net asset value per unit; and (e) the deferral of a
portion of the  management  fees paid to an  affiliate  of FSI  until,  if ever,
certain  performance  thresholds  have been met by the  Funds.  Subject to final
court  approval,  these  proposed  changes  would be made as  amendments to each
Fund's limited partnership agreement if less than 50% of the limited partners of
each Fund vote against such amendments.  The equitable  settlement also provides
for payment of additional attorneys' fees to the plaintiffs' attorneys from Fund
funds in the event, if ever, that certain  performance  thresholds have been met
by the Funds. The equitable settlement class consists of all investors,  limited
partners,  assignees  or unit  holders  who on August 30, 2000 held any units in
Fund V, Fund VI, and Fund VII, and their assigns and successors in interest.



<PAGE>


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

10. CONTINGENCIES (continued)

The court  preliminarily  approved  the monetary and  equitable  settlements  in
August 2000, and information regarding each of the settlements was sent to class
members in  September  2000. A final  fairness  hearing was held on November 29,
2000,  and on April 25, 2001 the federal  magistrate  judge assigned to the case
entered a Report and Recommendation  recommending final approval of the monetary
and equitable settlements to the federal district court judge. On July 24, 2001,
the federal  district  court judge  adopted the Report and  Recommendation,  and
entered a final judgment  approving both  settlements.  No appeal has been filed
and the time for filing an appeal has expired. Therefore, monetary class members
who submitted  claims will be paid their  settlement  amount out of the monetary
fund by the third-party  claims  administrator once the final settlement amounts
are calculated pursuant to the formula set forth in the settlement agreement and
court order.  Similarly the equitable  settlement will be implemented  promptly.
For  those  equitable  class  members  who  submitted  timely  requests  for the
repurchase of their limited partnership units, the respective  partnerships will
repurchase such units by December 31, 2001.

The  Partnership  is involved as plaintiff  or defendant in various  other legal
actions  incidental  to its  business.  Management  does not believe that any of
these  actions  will be  material  to the  financial  condition  or  results  of
operations of the Partnership.

















                      (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, 2001 AND 2000

(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, 2001, compared to the same
period of 2000.  Gains or losses from the sale of equipment,  interest and other
income,  and certain  expenses such as depreciation and amortization and general
and  administrative  expenses 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 direct  expenses by segment (in
thousands of dollars):
<TABLE>
<CAPTION>
                                                  For the Three Months
                                                  Ended September 30,
                                                 2001             2000
                                               ---------------------------
<S>                                            <C>              <C>
Aircraft                                       $ 2,105          $ 1,975
Railcars                                           322              445
Trailers                                            39              368
Marine containers                                   32              110
Marine vessels                                      14              649
</TABLE>

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.1 million and
$40,000,  respectively,  for the three months ended September 30, 2001, compared
to $1.9 million and ($40,000), respectively, during the same period of 2000. The
increase in aircraft  lease  revenues  of $0.2  million was due to one  aircraft
being on-lease for the three months ended  September 30, 2001 that was off-lease
for two months during the same period of 2000.  Direct  expenses  increased $0.1
million during the third quarter of 2001 due to the receipt of $0.1 million from
a lessee  during  the same  period of 2000 to pay the  Partnership  for  certain
repairs. A similar event did not occur in 2001.

Railcars:  Railcar lease revenues and direct expenses were $0.4 million and $0.1
million,  respectively,  for the three months ended September 30, 2001, compared
to $0.6 million and $0.1 million, respectively,  during the same period of 2000.
The decrease in railcar lease revenues of $0.2 million was due to an increase in
the number of off-lease  railcars  during the three months ended  September  30,
2001, compared to the same period of 2000.

Marine  containers:  Marine  container  lease revenues and direct  expenses were
$32,000 and $-0-,  respectively,  for the three months ended September 30, 2001,
compared to $0.1  million and  $2,000,  respectively,  during the same period of
2000. The decrease in marine  container  contribution was due to the disposal of
marine containers during 2001 and 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.1 million and $0.1
million,  respectively,  for the three months ended September 30, 2001, compared
to $0.6 million and $0.3 million, respectively,  during the same period of 2000.
The  decrease  in  trailer  contribution  was  due  to  the  sale  of 76% of the
Partnership`s trailers during 2000.

Marine  vessels:  Marine vessel lease revenues and direct expenses were $-0- and
$(14,000), respectively, for the three months ended September 30, 2001, compared
to $2.0 million and $1.4 million, respectively,  during the same period of 2000.
The  decrease in marine  vessel  contribution  was caused by the sale of all the
Partnership's wholly-owned marine vessels during 2001 and 2000.


<PAGE>


(B) Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $1.8 million for the three months ended September 30,
2001  decreased  from $3.1  million  for the same  period  in 2000.  Significant
variances are explained as follows:

     (i) Depreciation and  amortization  expenses  decreased $0.7 million during
the three months ended September 30, 2001 compared to the same period of 2000. A
decrease  of $0.4  million  was  caused by the sale of two of the  Partnership's
wholly-owned  marine vessels during 2001 and 2000 and a decrease of $0.1 million
resulted  from  the  sale  of 76% of the  Partnership`s  trailers  during  2000.
Additionally,  a decrease  of $0.1  million  was caused by the  double-declining
balance method of depreciation that results in greater  depreciation  during the
first years an asset is owned.

     (ii) A $0.3 million  decrease in interest  expense from 2000 levels was due
to the payoff of all of the  Partnership's  outstanding  debt  during the second
quarter of 2001.

     (iii) General and administrative expenses decreased $0.3 million during the
three months ended  September  30, 2001.  The decrease was due to lower costs of
$0.1 million resulting from the sale of 76% of the Partnership's trailers during
2000 and lower professional services of $0.1 million compared to the same period
of 2000.

     (iv) A $0.1  million  decrease  in  management  fees was due to lower lease
revenues  earned during the third quarter of 2001 compared to the same period of
2000.

(C) Net Gain on Disposition of Owned Equipment

The net 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. The net gain on the disposition of equipment
for the third quarter of 2000 totaled $1.1 million, which resulted from the sale
of marine containers,  trailers,  and a railcar with an aggregate net book value
of $2.2 million, for $3.3 million.

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

Net income (loss) generated from the operation of jointly-owned assets accounted
for under the equity method of  accounting  is shown in the  following  table by
equipment type (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                           For the Three Months
                                                                           Ended September 30,
                                                                          2001             2000
                                                                        ---------------------------
<S>                                                                     <C>              <C>
Aircraft                                                                $    71          $    82
Marine vessels                                                             (214)             (25)
                                                                        ---------------------------
    Equity in net income (loss) of USPEs                                $  (143)         $    57
                                                                        ===========================
</TABLE>

Aircraft:  As of September 30, 2001 and 2000, the Partnership had an interest in
a trust owning two commercial  aircraft on a direct  finance  lease.  During the
three months ended  September 30, 2001,  revenues of $0.1 million were offset by
amortization expense,  direct expenses, and administrative  expenses of $11,000.
During the three months ended September 30, 2000,  revenues of $0.1 million were
offset by amortization expense,  direct expenses, and administrative expenses of
$12,000.

Marine  vessels:  As of  September  30,  2001 and 2000,  the  Partnership  owned
interests in two entities owning a total of two marine vessels. During the third
quarter of 2001,  lease  revenues of $1.3  million  were offset by  depreciation
expense,  direct expenses, and administrative  expenses of $1.5 million.  During
the same  period  of  2000,  lease  revenues  of $1.3  million  were  offset  by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $1.3
million.

During the three months ended September 30, 2001,  depreciation expense,  direct
expenses, and administrative  expenses increased $0.2 million.  During the third
quarter of 2001, direct expenses  increased $0.1 million due to higher operating
costs and repairs and  maintenance  increased  $0.1 million due to higher repair
costs compared to the same period of 2000.


<PAGE>



(E) Net Income

As a result of the foregoing,  the Partnership's net income for the three months
ended  September  30,  2001 was $0.7  million,  compared  to net  income of $1.6
million  during the same period in 2000. 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,  and the Partnership's  performance in
the third quarter of 2001 is not necessarily indicative of future periods.

COMPARISON  OF THE  PARTNERSHIP'S  OPERATING  RESULTS FOR THE NINE MONTHS  ENDED
SEPTEMBER 30, 2001 AND 2000

(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 nine months ended September 30, 2001,  compared to the same
period of 2000. The following table presents lease revenues less direct expenses
by segment (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                           For the Nine Months
                                                                           Ended September 30,
                                                                          2001             2000
                                                                        ---------------------------
<S>                                                                     <C>              <C>
Aircraft                                                                $ 6,366          $ 5,754
Railcars                                                                    971            1,384
Marine containers                                                           249              301
Trailers                                                                    128            1,160
Marine vessels                                                             (334)           2,699
</TABLE>

Aircraft: Aircraft lease revenues and direct expenses were $6.4 million and $0.1
million, respectively, for the nine months ended September 30, 2001, compared to
$6.0 million and $0.2 million, respectively, during the same period of 2000. The
increase in aircraft  lease  revenues  of $0.5  million was due to one  aircraft
being  on-lease for the nine months ended  September 30, 2001 that was off-lease
for four months during the same period of 2000.  Direct expenses  decreased $0.1
million  during  the  first  nine  months of 2001 due to  repairs  to one of the
Partnership's  aircraft  during the nine months  ended  September  30, 2000 that
wasn't required during the same period 2001.

Railcars:  Railcar lease revenues and direct expenses were $1.4 million and $0.5
million, respectively, for the nine months ended September 30, 2001, compared to
$1.8 million and $0.4 million, respectively, during the same period of 2000. The
decrease in railcar  lease  revenues of $0.3  million was due to the increase in
the number of  off-lease  railcars  during the nine months ended  September  30,
2001,  compared to the same  period of 2000.  The  increase  of $0.1  million in
direct  expenses  was due to higher  repair  costs  during the nine months ended
September 30, 2001 compared to the same period of 2000.

Marine containers: Marine container lease revenues and direct expenses were $0.2
million and $-0-,  respectively,  for the nine months ended  September 30, 2001,
compared to $0.3  million and  $5,000,  respectively,  during the same period of
2000. The decrease in marine  container  contribution was due to the disposal of
marine containers during 2001 and 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.3 million and $0.1
million, respectively, for the nine months ended September 30, 2001, compared to
$1.8 million and $0.7 million, respectively, during the same period of 2000. The
decrease in trailer contribution was due to the sale of 76% of the Partnership`s
trailers during 2000.

Marine  vessels:  Marine vessel lease revenues and direct expenses were $-0- and
$0.3  million,  respectively,  for the nine months  ended  September  30,  2001,
compared to $7.0 million and $4.3 million, respectively,  during the same period
of 2000.  The decrease in marine vessel  contribution  was caused by the sale of
all the Partnership's wholly-owned marine vessels during 2001 and 2000.


<PAGE>


(B) Indirect Expenses Related to Owned Equipment Operations

Total indirect  expenses of $6.0 million for the nine months ended September 30,
2001  decreased  from $9.2  million  for the same  period  in 2000.  Significant
variances are explained as follows:

     (i) Depreciation and  amortization  expenses  decreased $1.5 million during
the nine months ended  September 30, 2001 compared to the same period of 2000. A
decrease  of $1.1  million  was  caused by the sale of two of the  Partnership's
wholly-owned  marine vessels during 2001 and 2000 and a decrease of $0.3 million
resulted  from  the  sale  of 76% of the  Partnership`s  trailers  during  2000.
Additionally,  a decrease  of $0.1  million  was caused by the  double-declining
balance method of depreciation that results in greater  depreciation  during the
first years an asset is owned.

     (ii) A $0.7 million decrease in interest expense was due to a lower average
outstanding  debt  balance  during the nine  months  ended  September  30,  2001
compared to the same period of 2000.

     (iii) A $0.6 million decrease in general and administrative expenses during
the nine months ended  September  30, 2001 was due to a decrease of $0.4 million
in  costs  resulting  from  the  sale of 76% of the  Partnership's  trailers,  a
decrease of $0.1 million due to lower professional services, and $0.1 million in
lower inspection costs on equipment.  These decreases were offset in part, by an
increase of $0.1 million  resulting from  allocations by the General Partner due
to  severance  costs  related to staff  reductions  during the nine months ended
September 30, 2001.

     (iv) A $0.5  million  decrease  in  management  fees was due to lower lease
revenues  earned during the nine months ended September 30, 2001 compared to the
same period of 2000.

(C) Net Gain on Disposition of Owned Equipment

The  net  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. The net gain on the disposition of equipment for the
nine months ended  September 30, 2000 totaled $1.2 million,  which resulted from
the sale of marine containers,  railcars,  and trailers with a net book value of
$2.5 million, for $3.7 million.

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

Net income  generated from the operation of  jointly-owned  assets accounted for
under  the  equity  method  of  accounting  is shown in the  following  table by
equipment type (in thousands of dollars):
<TABLE>
<CAPTION>
                                                           For the Nine Months
                                                           Ended September 30,
                                                          2001             2000
                                                        ---------------------------
<S>                                                     <C>              <C>
Marine vessels                                          $   483          $   136
Aircraft                                                    219              304
                                                        ---------------------------
    Equity in net income of USPEs                       $   702          $   440
                                                        ===========================
</TABLE>

Marine  vessels:  As of  September  30,  2001 and 2000,  the  Partnership  owned
interests in two entities owning a total of two marine vessels.  During the nine
months ending  September 30, 2001, lease revenues of $5.1 million were offset by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $4.6
million.  During the same period of 2000,  lease  revenues of $4.5  million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$4.4 million.

Lease revenues increased $0.6 million during the nine months ended September 30,
2001 compared to the same period of 2000. The increase in lease revenues was due
to the following:

     (i) One marine  vessel  that was on voyage  charter  during the nine months
ending September 30, 2001, was on voyage charter and fixed rate lease during the
same period of 2000.  During  2001,  this marine  vessel  earned $2.0 million in
higher lease  revenues due to higher lease rates earned while on voyage  charter
compared to the same period of 2000.

     (ii) This increase was partially  offset by the other marine vessel earning
lower lease revenues of $1.4 million compared to the same period of 2000. During
the nine months ended September 30, 2001,  lease revenues for this marine vessel
decreased $0.5 million  resulting  from being  off-lease for  approximately  two
months while  completing its dry docking and decreased $0.6 million due to being
off-lease for an additional  two months.  Lease  revenues for this marine vessel
then  decreased  $0.2  million  due to being on a fixed  rate lease for over one
month before  returning to voyage charter.  During the same period of 2000, this
marine vessel was on voyage charter the entire nine months.

Depreciation  expense,  direct expenses,  and administrative  expenses increased
$0.2 million  during the nine months ended  September  30, 2001  compared to the
same period of 2000.  An increase of $0.3  million was caused by higher  repairs
and  maintenance  during 2001 compared to the same period of 2000. This increase
was  partially  offset by a decrease  in  depreciation  expense of $0.1  million
caused by the  double-declining  balance method of depreciation  that results in
greater depreciation during the first years an asset is owned.

Aircraft:  As of September 30, 2001 and 2000, the Partnership had an interest in
a trust owning two commercial  aircraft on a direct  finance  lease.  During the
nine months ended  September  30, 2001,  revenues of $0.3 million were offset by
depreciation expense,  direct expenses, and administrative  expenses of $33,000.
During the nine months ended  September 30, 2000,  revenues of $0.3 million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$(13,000).

During the nine months ended  September  30, 2001,  the  contribution  from this
trust  decreased  $0.1  million.  Revenues  decreased  $38,000  due  to a  lower
outstanding  principal  balance on the finance lease compared to the same period
of 2000.

Direct expenses increased $46,000 due to the recovery of accounts  receivable in
2000 that had previously been reserved as a bad debt. A similar recovery did not
occur in 2001.

(E) Net Income

As a result of the foregoing,  the  Partnership's net income for the nine months
ended  September  30,  2001 was $3.4  million,  compared  to net  income of $3.8
million  during the same period in 2000. 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,  and the Partnership's  performance in
the nine months ended September 30, 2001 is not necessarily indicative of future
periods.   In  the  nine  months  ended  September  30,  2001,  the  Partnership
distributed $1.6 million to the limited partners,  or $0.18 per weighted-average
limited partnership unit.

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

For the nine months ended  September 30, 2001,  the  Partnership  generated $8.6
million in operating cash (net cash provided by operations plus  non-liquidating
distributions  from  USPEs)  to meet  its  operating  obligations  and pay  cash
distributions  (total  for the nine  months  ended  September  30,  2001 of $1.7
million) to the partners.

During the nine months ended  September  30, 2001,  the  Partnership  sold owned
equipment and received aggregate proceeds of $2.6 million.

Restricted  cash increased  $0.1 million during the nine months ended  September
30, 2001 due to the receipt of an additional security deposit from a lessee.

Accounts  receivable  decreased  $0.5  million  during  the  nine  months  ended
September 30, 2001, primarily due to the collection of lease receivables of $0.6
million from the lessee of a sold marine vessel that was outstanding on December
31, 2000. .

Investments in USPEs  decreased $1.1 million due to cash  distributions  of $1.8
million to the  Partnership  from the USPEs offset,  in part, by $0.7 million of
income that was  recorded by the  Partnership's  from the USPEs  during the nine
months ended September 30, 2001.

Accounts  payable  decreased $0.1 million during the nine months ended September
30, 2001 due to the timing of payments to vendors.

Lessee  deposits and reserve for repairs  increased $0.4 million during the nine
months ended  September  30, 2001 due to  increases  in engine  reserves of $0.3
million and lessee's security deposits of $0.1 million.

During the nine months  ended  September  30,  2001,  the  Partnership  made the
regularly  scheduled  installment  payment  of $1.4  million  and an  additional
required principal payment of $0.2 million from the proceeds of equipment sales.
The  Partnership  also  prepaid  the  remaining  balance of $3.9  million to the
lenders.

The lessee of three Boeing 737-200 commercial  aircraft has notified the General
Partner of their intention to return these aircraft. The lessee has not remitted
the  September  and October  2001 lease  payments  due to the  Partnership.  The
Partnership has a security  deposit from this lessee that could be used to pay a
portion of the amount due.  During  October  2001,  the General  Partner  sent a
notification  of default to the lessee.  The lease,  with an expiration  date of
October  2002,  has  certain  return  condition  requirements  for  each  of the
remaining  aircraft.  As of November 9, 2001, the General  Partner does not know
the condition of the aircraft.

As a result of the  settlement in the Koch and Romei actions (see Note 10 to the
unaudited condensed financial  statements),  the Partnership will purchase up to
10% of the  Partnership's  limited  partnership  units  for 80% of the net asset
value per unit during the fourth quarter of 2001. The General Partner, on behalf
of the Partners,  expects to purchase 616,916 limited partnership units for $2.6
million.  The cash for this purchase will come from  available cash at September
30, 2001.

(III) OUTLOOK FOR THE FUTURE

Pursuant to the equitable  settlement related to the Koch and Romei actions (see
Note 10 to the unaudited  condensed financial  statements),  as of September 30,
2001, the Partnership phases have been amended. The amendment extends the period
in which the Partnership  will be able to reinvest its cash flow,  surplus cash,
and equipment  sale proceeds in additional  equipment  until  December 31, 2004.
During  that time,  the  General  Partner  may  purchase  additional  equipment,
consistent with the objectives of the Partnership.

The primary  objective of the  Partnership,  through the end of the reinvestment
phase,  is to maximize the  long-term  return on the partner's  investment.  The
General  Partner  believes  this  can  be  achieved  through  making  additional
investments  with cash flow generated  from  operations in equipment that can be
readily leased or has the possibility for appreciation in value.

Until  completion  of the Koch and Romei  matters  related  to the  purchase  of
Partnership units (see note 10 to the unaudited condensed financial statements),
the Partnership will not make cash distributions to the partners.

Several factors may affect the Partnership's  operating  performance  during the
remainder  of  2001  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.

Factors  affecting the Partnership's  contribution  during the remainder of 2001
and beyond include:

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

2.  Railcar  loadings  in North  America  for the first nine months of 2001 were
below  those of 2000.  This  decrease  has led to lower  utilization  and  lower
contribution to the Partnership as existing leases expire and renewal leases are
negotiated.

3. The tragic  events of  September  11, 2001 have  significantly  impacted  the
commercial airline industry and consequently the demand for commercial aircraft.
The General  Partner  expects the  Partnership to be affected as a result of the
excess supply of off-lease  aircraft now available in the market, as well as the
weakened  financial  strength of the Partnership's  aircraft lessees.  No direct
damage occurred to any of the Partnership's aircraft as a result of these events
and the General Partner is currently unable to determine the long-term  effects,
if any, these events may have on the Partnership's aircraft. As of September 30,
2001,  substantially all of the Partnership's  lease receivables  remain current
for  owned  aircraft  and  the  Partnership's  interest  in a  trust  that  owns
commercial aircraft.

4. Marine vessel freight rates are dependent  upon the overall  condition of the
international economy.  Freight rates earned by the Partnership's marine vessels
began to  increase  during  the  later  half of 2000 and  would be  expected  to
stabilize  over the next one to two  years,  in the  absence  of new  additional
orders

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  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  intends to use  excess  cash flow,  if any,  after  payment of
operating  expenses,  principal and interest on debt,  redemption of Partnership
units, and cash distributions to the partners,  to acquire additional  equipment
through the end of the  reinvestment  phase on December  31,  2004.  The General
Partner  believes that these  acquisitions may cause the Partnership to generate
additional earnings and cash flow for the Partnership.

(IV) 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  exposures  are that of currency  risk.
During the nine months ended September 30, 2001, 85% of the Partnership's  total
lease revenues from wholly- and  partially-owned  equipment came from non-United
States domiciled  lessees.  Most of the Partnership's  leases require payment in
United States (U.S.) currency.  If these lessees  currency  devalues against the
U.S. dollar,  the lessees could potentially  encounter  difficulty in making the
U.S. dollar denominated lease payments.












<PAGE>



                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)    Exhibits

                  None.

           (b)    Reports on Form 8-K

                  Report dated  September 5, 2001  announcing  the engagement of
                  Deloitte & Touche LLP as the  Partnership's  auditors  and the
                  dismissal of KPMG, LLP.




<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 12, 2001             By:      /s/ Stephen M. Bess
                                               ---------------------------------
                                               Stephen M. Bess
                                               President and
                                               Current Chief Accounting Officer