**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, 2006.****[
                  ] 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. Employerincorporation
                  or organization) Identification No.)**405
                    Lexington Avenue, 67th floor      New York,
                    NY      
                     10174**(Address
                  of principal executive
                  offices)           (Zip
                  code)Registrant's
                  telephone number, including area code: (212) 682-3344_______________________Securities
                  registered under Section 12(b) of the Exchange Act:Limited
                  Partnership Units(Title
                  of class)Check
                  whether the Registrant is not required to file reports pursuant
                  to Section
                  13 or 15(d) of the Exchange Act. [ ]Check
                  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 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 [ ]Check
                  if there is no disclosure of delinquent filers in response to Item
                  405 of
                  Regulation S-B contained in this form, and no disclosure will be
                  contained, to the best of the Registrant's knowledge, in definitive
                  proxy
                  or information statements incorporated by reference in Part III
                  of this
                  Form 10-QSB or any amendment to this Form 10-QSB. [ ]Indicate
                  by check mark whether the Registrant is a shell company (as defined
                  in
                  Rule 12b-2 of the Exchange Act). [ ]Registrant's
                  aggregate market value of voting stock: N/ARegistrant's
                  Limited Partnership units outstanding as of March 31, 2006 were
                  8,478,448.Registrant's
                  revenues for the period ended March 31, 2006 was
                  $388,000.Transitional
                  Small Business Disclosure Format: Yes [ ] No [X
                  ]
  -1-
  **PART
        I**
 
 
 
 **PLM
                  EQUIPMENT GROWTH FUND V****(A
                  Limited Partnership)****CONDENSED
                  BALANCE SHEETS**(in
                  thousands of dollars, except unit
                  amounts)
 (unaudited)
 March
                  31,
              
              
              December
                  31,**Assets**
              
              
              2006
              
              
              2005
 (As
        restated,
 see
        Note 1)
 Equipment
                  held for operating leases, at cost
              
              $
              19,304
              
              $
              19,393Less
                  accumulated depreciation
              
              
              (19,250
              )
              
              (19,337
              )Net
                  equipment
              
              
              54
              
              
              56Cash
                  and cash equivalents
              
              
              3,427
              
              
              1,926Marketable
                  securities
              
              
              747
              
              
              777Accounts
                  receivable, less allowance for doubtfulaccounts
                  of $40 in 2006 and $0 in 2005
              
              
              261
              
              
              214Equity
                  investments in affiliated entities
              
              
              6,170
              
              
              8,043Other
                  assets
              
              
              118
              
              
              137Assets
                  held for sale
              
              
              16
              
              
              12Total
                  assets
              
              $
              10,793
              
              $
              11,165**Liabilities
                  and partners’ capital**LiabilitiesAccounts
                  payable and accrued expenses
              
              $
              4
              
              $
              115Due
                  to affiliates
              
              
              13
              
              
              19Lessee
                  deposits
              
              
              210
              
              
              210Liabilities
                  held for sale
              
              
              66
              
              
              57Total
                  liabilities
              
              
              293
              
              
              401Commitments
                  and contingenciesPartners'
                  capitalLimited
                  partners (8,478,448 limited partnership units outstanding)
              
              
              10,500
              
              
              10,764General
                  Partner
              
              
              --
              
              
              --Total
                  partners' capital
              
              
              10,500
              
              
              10,764Total
                  liabilities and partners' capital
              
              $
              10,793
              
              $
              11,165
 
 
 
 
 
 
 See
        accompanying notes to unaudited condensed financial statements.
  -2-
  
 **PLM
                  EQUIPMENT GROWTH FUND V****(A
                  Limited Partnership)****CONDENSED
                  STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)
                  INCOME**(in
                  thousands of dollars, except weighted-average limited partnership
                  unit
                  amounts)
 (unaudited)
 For
                  the Three MonthsEnded
                  March 31,2006
              
              
              2005
 (As
        restated,
 see
        Note 1)
 **Revenues**Lease
                  revenue
              
              $
              243
              
              $
              240Interest
                  and other income
              
              
              87
              
              
              40Gain
                  on disposition of equipment
              
              
              58
              
              
              1,051Total
                  revenues
              
              
              388
              
              
              1,331**Expenses**Depreciation
                  and amortization
              
              
              6
              
              
              4Operations
                  support
              
              
              7
              
              
              4Management
                  fees to affiliate
              
              
              18
              
              
              14General
                  and administrative expenses to affiliates
              
              
              --
              
              
              11Other
                  general and administrative expenses
              
              
              151
              
              
              79Provision
                  for bad debts
              
              
              40
              
              
              --Total
                  expenses
              
              
              222
              
              
              112Equity
                  in net loss of equity investments
              
              
              (376
              )
              
              (121
              )(Loss)
                  income from continuing operations
              
              
              (210
              )
              
              1,098Discontinued
                  operations:(Loss)
                  income from operation of discontinued operations
              
              
              (24
              )
              
              2Net
                  (loss) income
              
              
              (234
              )
              
              1,100Other
                  comprehensive (loss) income:Unrealized
                  (losses) gains on marketable securities
              
              
              (30
              )
              
              37Comprehensive
                  (loss) income
              
              $
              (264
              )
              $
              1,137
 
 **Partners’
                  share of net (loss) income**Limited
                  partners
              
              $
              (234
              )
              $
              1,100General
                  Partner
              
              
              --
              
              
              --Total
              
              $
              (234
              )
              $
              1,100Limited
                  partners' basic earnings (loss) per weighted-averagelimited
                  partnership unit:(Loss)
                  income from continuing operations
              
              $
              (0.03
              )
              $
              0.13(Loss)
                  income from operation of discontinued operations
              
              
              --
              
              
              --$
              (0.03
              )
              $
              0.13
 
 See
        accompanying notes to unaudited condensed financial statements.
  -3-
  
 **PLM
                  EQUIPMENT GROWTH FUND V****(
                  A Limited Partnership)****CONDENSED
                  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL****For
                  the Period from December 31, 2005 to March 31,
                  2006**(in
                  thousands of dollars)
 (unaudited)
 
 
 
 
 Limited
              
              GeneralPartners
              
              Partner
              
              TotalPartners’
                  capital as of December 31, 2005(As
                  restated, see Note 1)
              
              $
              10,764
              
              $
              --
              
              $
              10,764Comprehensive
                  loss:Net
                  loss
              
              
              (234
              )
              
              --
              
              
              (234
              )Unrealized
                  losses from available-for-salesecurities
              
              
              (30
              )
              
              --
              
              
              (30
              )Comprehensive
                  loss
              
              
              (264
              )
              
              --
              
              
              (264
              )Partners'
                  capital as of March 31, 2006
              
              $
              10,500
              
              $
              --
              
              $
              10,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 See
        accompanying notes to unaudited condensed financial statements.
  -4-
  
 **PLM
                  EQUIPMENT GROWTH FUND V****(A
                  Limited Partnership)****CONDENSED
                  STATEMENTS OF CASH FLOWS**(in
                  thousands of dollars)(unaudited)
 
 For
                  the Three MonthsEnded
                  March 31,2006
              
              2005**Operating
                  activities**(Loss)
                  income from continuing operations
              
              $
              (210
              )
              $
              1,098Adjustments
                  to reconcile (loss) income from continuing operationsto
                  net cash provided by (used in) operating activities:Depreciation
              
              
              2
              
              
              3Amortization
              
              
              3
              
              
              1Provision
                  for bad debts
              
              
              40
              
              
              --Gain
                  on disposition of equipment
              
              
              (58
              )
              
              (1,051
              )Equity
                  in net loss from equity investments
              
              
              376
              
              
              121Distributions
                  from equity investments
              
              
              1,497
              
              
              1,062Changes
                  in operating assets and liabilities:Accounts
                  receivable
              
              
              (87
              )
              
              539Other
                  assets
              
              
              16
              
              
              (81
              )Accounts
                  payable and accrued expenses
              
              
              (111
              )
              
              (53
              )Due
                  to affiliates
              
              
              (6
              )
              
              (6
              )Lessee
                  deposits
              
              
              --
              
              
              (1
              )Cash
                  provided by operating activities of continuing operations
              
              
              1,462
              
              
              1,632Cash
                  (used in) provided by operating activities of discontinued
                operations
              
              
              (19
              )
              
              245Net
                  cash provided by operating activities
              
              
              1,443
              
              
              1,877**Investing
                  activities**Collections
                  on finance lease receivable
              
              
              --
              
              
              19Proceeds
                  from disposition of equipment
              
              
              58
              
              
              66Cash
                  provided by investing activities of continuing operations
              
              
              58
              
              
              85Cash
                  provided by investing activities of discontinued
                  operations
              
              
              --
              
              
              143Net
                  cash provided by investing activities
              
              
              58
              
              
              228**Financing
                  activities**Cash
                  used in financing activities of discontinued operations
              
              
              --
              
              
              (74
              )Net
                  cash used in financing activities
              
              
              --
              
              
              (74
              )Net
                  increase in cash and cash equivalents
              
              
              1,501
              
              
              2,031Cash
                  and cash equivalents at beginning of period
              
              
              1,926
              
              
              5,736Cash
                  and cash equivalents at end of period
              
              $
              3,427
              
              $
              7,767**Supplemental
                  information**Interest
                  paid by discontinued operations
              
              $
              --
              
              $
              51Non-cash
                  item included in accounts receivable and otherreceivables
                  resulting from equipment sales
              
              $
              --
              
              $
              485
 
 
 
 See
        accompanying notes to unaudited condensed financial statements.
  -5-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 1.  Restatement
        of Financial Statements
 
 In
        October 2004 and June 2005, PLM Equipment Growth Fund V (the Partnership),
        in
        settlement of an unsecured bankruptcy claim, received Canadian dollar
        denominated marketable securities in a publicly traded Canadian entity. The
        Partnership did not reflect the fair market value of these securities in
        its
        statements of operation or balance sheet as of the date of receipt nor did
        it
        reflect the fair value of such securities in subsequent financial statements
        for
        each subsequent quarter through and including December 31, 2005. On May 10,
        2006, PLM Financial Services, Inc. (FSI or the General Partner) determined
        that
        the proper accounting treatment for such securities was to account for them
        as
        available-for-sale securities and to include the value of the securities
        in
        income during the quarter that they were received and to reflect subsequent
        changes in the fair value of the securities as a component of comprehensive
        income or loss and to reflect foreign currency transaction gains of losses,
        if
        any, within net income (loss). Since the determination was made prior to
        the
        filing of the Partnership's Form 10-QSB for the quarter ended March 31, 2006,
        these changes were reflected in the financial statements for the three months
        ended March 31, 2006. As a result, the condensed statement of operations
        for the
        three month period ended March 31, 2005 and the condensed balance sheet as
        of
        December 31, 2005 have been restated from the amounts previously reported.
        The
        principal effects of this restatement were to increase comprehensive income
        (loss), total assets and partners' capital for such periods.
 
 A
        summary
        of the significant effects of the restatement is as follows:
 
 As
        of December 31,
        2005
 AsPreviously
              
              
              
              AsReported
              
              Adjustment
              
              RestatedMarketable
                  securities
              
              $
              --
              
              $
              777
              
              $
              777Total
                  assets
              
              
              10,388
              
              
              777
              
              
              11,165Limited
                  partners’ capital
              
              
              9,987
              
              
              777
              
              
              10,764Total
                  partners’ capital
              
              
              9,987
              
              
              777
              
              
              10,764Total
                  liabilities and partners’ capital
              
              
              10,388
              
              
              777
              
              
              11,165
 
 For
        the Three Months
        Ended March 31, 2005
 AsPreviously
              
              
              
              AsReported
              
              Adjustment
              
              RestatedOther
                  comprehensive income:Unrealized
                  gains on marketable securities
              
              $
              --
              
              $
              37
              
              $
              37Comprehensive
                  income
              
              
              1,100
              
              
              37
              
              
              1,137
 
 
 As
        a part
        of the review of this transaction, the Partnership adopted the following
        accounting policies:
 
 Marketable
        Securities
 
 The
        Partnership’s marketable securities are considered available-for-sale and are
        reported at fair value with unrealized gains and losses recorded as accumulated
        other comprehensive income or loss in partners' capital. Realized gains and
        losses are calculated based on the specific identification method.
        Other-than-temporary declines in market value from original cost are charged
        to
        other expense in the period in which the loss occurs. In determining whether
        an
        other-than-temporary decline in the market value has occurred, the Partnership
        considers the duration that, and extent to which, market value is below original
        cost. Realized gains and losses and other than temporary declines in market
        value from original cost are included in other income and expense in the
        statement of income.
  -6-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 1.  Restatement
        of Financial Statements (continued)
 
 Comprehensive
        (Loss) Income
 
 Components
        of comprehensive (loss) income includes net (loss) income and unrealized
        losses
        or gains on available-for-sale securities.
 
 Foreign
        Currency Transactions
 
 Any
        gains
        or losses on foreign currency transactions consist of those related to Canadian
        denominated marketable securities and are included in other income.
 
 2.  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 2005 Annual Report (Form 10-KSB) of 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 2005 Annual Report in Form 10-KSB.
 
 In
        the
        opinion of the management of 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, 2006 and December
        31, 2005, condensed statements of operations for the three months ended March
        31, 2006 and 2005, condensed statements of changes in partners’ capital for the
        period from December 31, 2005 to March 31, 2006, and the condensed statements
        of
        cash flows for the three months ended March 31, 2006 and 2005 have been made
        and
        are reflected.
 
 During
        the second and third quarters of 2005, respectively, the Partnership sold
        its
        remaining marine container portfolio and railcar portfolio including an
        investment entity in which the Partnership had an interest that owned a
        portfolio of railcars. Consequently, the results from these operations have
        been
        classified as assets held for sale and discontinued operations and prior
        periods
        have been restated. (See Note 6 to the unaudited condensed financial
        statements)
 
 3.  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. The General Partner is currently reviewing the strategic
        alternatives for the Partnership’s remaining assets. These alternatives include
        selling the Partnership’s remaining assets and assets in entities in which the
        Partnership has an equity interest.
 
 4.  Reclassifications
 
 Certain
        amounts previously reported have been reclassified to conform to the 2006
        presentation. These reclassifications did not have any effect on total assets,
        total liabilities and net (loss) income.
 
 5.  Marketable
        Securities (as
        restated)
 
 As
        of
        March 31, 2006 and December 31, 2005, the Partnership held marketable securities
        in a publicly traded Canadian company. During the three months ended March
        31,
        2006 and 2005, the Partnership did not sell nor purchase any securities.
        The
        change in the carrying value of marketable securities is primarily due to
        changes in the market price of the securities.
  -7-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 6.  Discontinued
        Operations
 
 Net
        income (loss) from discontinued operations are as follows (in thousands of
        dollars):
 
 For
        the Three Months
        Ended
 March
        31,
 2006
              
              2005RevenuesLease
                  revenue
              
              $
              --
              
              $
              343Interest
                  and other income
              
              
              2
              
              
              11Gain
                  on disposition of equipment
              
              
              --
              
              
              8Total
                  revenues
              
              
              2
              
              
              362ExpensesDepreciation
                  and amortization
              
              
              --
              
              
              337Operations
                  support
              
              
              --
              
              
              14Management
                  fees to affiliate
              
              
              --
              
              
              24Interest
                  expense
              
              
              --
              
              
              82General
                  and administrative expenses to affiliates
              
              
              --
              
              
              25General
                  and administrative expenses
              
              
              26
              
              
              9Recovery
                  of bad debts
              
              
              --
              
              
              (4
              )Total
                  expenses
              
              
              26
              
              
              487Equity
                  in net income of equity investment
              
              
              --
              
              
              127(Loss)
                  income from operation of discontinued
                operations
              
              $
              (24
              )
              $
              2
 
 Assets
        and liabilities held for sale are as follows (in thousands of
        dollars):
 
 March
                    31,
                
                
                December
                    31,**Assets**
                
                
                2006
                
                
                2005
 Accounts
                    receivable, net
                
                $
                16
                
                $
                12Total
                    assets held for sale
                
                $
                16
                
                $
                12**Liabilities**Account
                    payable and other liabilities
                
                $
                66
                
                $
                57Total
                    liabilities held for sale
                
                $
                66
                
                $
                57
 
 Transactions
        with General Partner and Affiliates - Discontinued Operations
 
 During
        the three months ended March 31, 2005, the Partnership's discontinued operations
        incurred management fees and data processing and administrative expenses
        to FSI
        or its affiliates. No similar types of fees or expenses were incurred from
        discontinued operations during the three months ended March 31, 2006. The
        components of these fees and expenses incurred to FSI or its affiliates were
        as
        follows (in thousands of dollars):
 
 Owned
                  Equipment
              
              Equity
                  Investments2005
              
              2005Management
                  fees
              
              $
              24
              
              $
              23Data
                  processing and administrativeexpenses
              
              
              25
              
              
              24
 
 
  -8-
  
 **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 7.  Transactions
        with General Partner and Affiliates
 
 The
        balance due to affiliates as of March 31, 2006 and December 31, 2005 includes
        $13,000 and $19,000, respectively, due to FSI for management fees. During
        the
        three months ended March 31, 2006 and 2005, the Partnership incurred 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
                  InvestmentsFor
                  the three months ended March 31,
              
              2006
              
              2005
              
              2006
              
              2005Management
                  fees
              
              $
              18
              
              $
              14
              
              $
              70
              
              $
              96Data
                  processing and administrativeexpenses
              
              
              --
              
              
              11
              
              
              --
              
              
              17
 
 8.  Equipment
 
 The
        components of owned equipment were as follows (in thousands of
        dollars):
 
 March
                  31,
              
              December
                  31,2006
              
              
              2005Aircraft
              
              $
              19,304
              
              $
              19,393Less
                  accumulated depreciation
              
              
              (19,250
              )
              
              (19,337
              )Net
                  equipment
              
              $
              54
              
              $
              56
 
 Equipment
        held for operating leases is stated at cost less depreciation and any
        impairments to the carrying value.
 
 As
        of
        March 31, 2006 and December 31, 2005, all owned equipment in the Partnership’s
        equipment portfolio was on lease except for one aircraft with a net book
        value
        of $-0-. The aircraft that is off-lease is in the process of being sold for
        parts.
 
 During
        the three months ended March 31, 2006, the Partnership disposed of parts
        from a
        commercial aircraft with a net book value of $-0- for proceeds of $0.1 million
        which resulted in a gain on disposition of $0.1 million.
 
 During
        the three months ended March 31, 2005, the Partnership disposed of parts
        from a
        commercial aircraft and a commercial aircraft with an aggregate net book
        value
        of $-0- million for proceeds of $0.6 million, of which $0.5 million was
        collected during the second quarter of 2005, and reversed $0.5 million of
        unused
        engine reserves resulting in a gain on disposition of $1.1 million.
 
 9.  Equity
        Investments in Affiliated Entities
 
 The
        Partnership owns equipment jointly with affiliated programs and non-affiliated
        third parties.
 
  -9-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 9.  Equity
        Investments in Affiliated Entities (continued)
 
 The
        tables below set forth 100% of the lease revenues and interest and other
        income,
        depreciation and amortization expense, interest expense, operations support
        and
        administrative 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, 2006 and 2005
        (in
        thousands of dollars):
 
 For
                  the three months ended
              
              LionMarch
                  31, 2006
              
              Partnership1
              
              CFHS2Lease
                  revenues and interest and other income
              
              $
              2,060
              
              $
              790Less:
                  Depreciation and amortization expense
              
              
              279
              
              
              998Operations
                  support
              
              
              1,440
              
              
              --General
                  and administrative expenses
              
              
              127
              
              
              27Net
                  income (loss)
              
              $
              214
              
              $
              (235
              )Partnership’s
                  share of net income (loss)
              
              $
              102
              
              $
              (45
              )
 
 For
                  the three months ended
              
              PLM
                  CAL I
              
              PLM
                  CAL IIMarch
                  31, 2006 (continued)
              
              LLC3
              
              LLC4
              
              TotalLease
                  revenues and interest and other income
              
              $
              977
              
              $
              968Less:
                  Depreciation and amortization expense
              
              
              1,030
              
              
              1,029Interest
                  expense
              
              
              456
              
              
              455General
                  and administrative expenses
              
              
              23
              
              
              23Net
                  loss
              
              $
              (532
              )
              $
              (539
              )Partnership’s
                  share of net loss
              
              $
              (215
              )
              $
              (218
              )
              $
              (376
              )
 
 For
                  the three months ended
              
              LionMarch
                  31, 2005
              
              Partnership1
              
              CFHS2
 
 Lease
                  revenues and interest and other income
              $
              3,163
              
              $
              571Less:
                  Depreciation and amortization expense
              
              279
              
              
              1,380Operations
                  support
              
              1,291
              
              
              --General
                  and administrative expenses
              
              176
              
              
              24Net
                  income (loss)
              $
              1,417
              
              $
              (833
              )Partnership’s
                  share of net income (loss)
              $
              663
              
              $
              (157
              )
 
 PLMFor
                  the three months ended
              
              
              PLM
                  CAL I
              
              
              PLM
                  CAL II
              
              
              WorldwideMarch
                  31, 2005 (continued)
              
              
              LLC3
              
              
              LLC4
              
              
              Leasing
                  Corp.5
              
              
              Total
 
 Lease
                  revenues and interest and other income
              
              $
              967
              
              $
              958
              
              $
              317Less:
                  Depreciation and amortization expense
              
              
              1,235
              
              
              1,234
              
              
              --Interest
                  expense
              
              
              490
              
              
              489
              
              
              --General
                  and administrative expenses
              
              
              27
              
              
              27
              
              
              308Net
                  (loss) income
              
              $
              (785
              )
              $
              (792
              )
              $
              9Partnership’s
                  share of net (loss) income
              
              $
              (313
              )
              $
              (316
              )
              $
              2
              
              $
              (121
              )
 
 As
        of
        March 31, 2006 and December 31, 2005, all jointly-owned assets in the
        Partnership’s equity investment portfolio were on lease.
 
  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 19% interest in CFHS that was formed in 2004
                  that owns
                  various types of machinery and other
                  equipment.
 3
              The
                  Partnership owns a 40% interest in the PLM CAL I LLC that was formed
                  in
                  2004 that owns two Boeing 737-500 stage III commercial
                  aircraft.
 4
              The
                  Partnership owns a 40% interest in the PLM CAL II LLC that was
                  formed in
                  2004 that owns two Boeing 737-500 stage III commercial
                  aircraft.
 5
              The
                  Partnership owned a 25% interest in PLM Worldwide Leasing Corp.
                  that was
                  formed in 1995 and dissolved in 2005 that owned aircraft related
                  assets.
  -10-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 10.  Operating
        Segments
 
 The
        Partnership operates in three primary operating segments: marine vessel leasing,
        aircraft leasing, and machinery and other equipment leasing. Each equipment
        leasing segment engages in operating leases to a variety of customers.
 
 The
        General Partner evaluates the performance of each segment based on profit
        or
        loss from operations before allocation of interest expense, general and
        administrative expenses, and certain other expenses. The segments are managed
        separately due to different business strategies for each operation. There
        were
        no intersegment revenues for the three months ended March 31, 2006 and 2005.
 
 The
        following tables present a summary of the operating segments (in thousands
        of
        dollars):
 
 Marine
              
              
              
              MachineryFor
                  the three months ended
              
              Vessel
              
              Aircraft
              
              And
                  OtherMarch
                  31, 2006
              
              Leasing
              
              Leasing
              
              Equipment
              
              Other1
              
              TotalRevenuesLease
                  revenue
              
              $
              --
              
              $
              243
              
              $
              --
              
              $
              --
              
              $
              243Interest
                  and other income
              
              
              --
              
              
              51
              
              
              --
              
              
              36
              
              
              87Gain
                  on disposition of equipment
              
              
              --
              
              
              58
              
              
              --
              
              
              --
              
              
              58Total
                  revenues
              
              
              --
              
              
              352
              
              
              --
              
              
              36
              
              
              388ExpensesDepreciation
                  and amortization
              
              
              --
              
              
              2
              
              
              --
              
              
              3
              
              
              5Operations
                  support
              
              
              --
              
              
              7
              
              
              --
              
              
              --
              
              
              7Management
                  fees to affiliate
              
              
              --
              
              
              8
              
              
              --
              
              
              10
              
              
              18General
                  and administrative expenses
              
              
              --
              
              
              4
              
              
              --
              
              
              148
              
              
              152Provision
                  for bad debts
              
              
              --
              
              
              40
              
              
              --
              
              
              --
              
              
              40Total
                  expenses
              
              
              --
              
              
              61
              
              
              --
              
              
              161
              
              
              222Equity
                  in net income (loss) of equityinvestments
              
              
              102
              
              
              (433
              )
              
              (45
              )
              
              --
              
              
              (376
              )Income
                  (loss) from continuing operations
              
              $
              102
              
              $
              (142
              )
              $
              (45
              )
              $
              (125
              )
              $
              (210
              )Total
                  assets as of March 31, 2006
              
              $
              1,568
              
              $
              2,697
              
              $
              2,967
              
              $
              3,561
              
              $
              10,793
 
 Marine
              
              
              
              MachineryFor
                  the three months ended
              
              Vessel
              
              Aircraft
              
              And
                  OtherMarch
                  31, 2005
              
              Leasing
              
              Leasing
              
              Equipment
              
              Other1
              
              TotalRevenuesLease
                  revenue
              
              $
              --
              
              $
              240
              
              $
              --
              
              $
              --
              
              $
              240Interest
                  and other income
              
              
              --
              
              
              14
              
              
              --
              
              
              26
              
              
              40Gain
                  on disposition of equipment
              
              
              --
              
              
              1,051
              
              
              --
              
              
              --
              
              
              1,051Total
                  revenues
              
              
              --
              
              
              1,305
              
              
              --
              
              
              26
              
              
              1,331ExpensesDepreciation
                  and amortization
              
              
              --
              
              
              4
              
              
              --
              
              
              --
              
              
              4Operations
                  support
              
              
              --
              
              
              4
              
              
              --
              
              
              --
              
              
              4Management
                  fees to affiliate
              
              
              --
              
              
              10
              
              
              --
              
              
              4
              
              
              14General
                  and administrative expenses
              
              
              --
              
              
              11
              
              
              --
              
              
              79
              
              
              90Total
                  expenses
              
              
              --
              
              
              29
              
              
              --
              
              
              83
              
              
              112Equity
                  in net income (loss) of equityinvestments
              
              
              663
              
              
              (627
              )
              
              (157
              )
              
              --
              
              
              (121
              )Income
                  (loss) from continuing operations
              
              $
              663
              
              $
              649
              
              $
              (157
              )
              $
              (57
              )
              $
              1,098
  1
              Includes
                  certain assets not identifiable to a specific segment such as cash
                  and
                  certain other assets and assets held for sale. Also includes certain
                  interest income and interest income related to trailer leasing,
                  management
                  fees related to trailer leasing and costs not identifiable to a
                  particular
                  segment, such as certain amortization general and administrative
                  expenses.
  -11-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 11.  Basic
        (Loss) Earnings Per Weighted-Average Limited Partnership Unit
 
 Basic
        loss or earnings per weighted-average limited partnership unit was computed
        by
        dividing loss or income from continuing operations and loss or income from
        operations of discontinued operations 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, 2006 and 2005 was
        8,478,448.
 
 Any
        special allocations of income to the General Partner are included in the
        calculation of basic earnings (loss) from continuing operations.
 
 Basic
        loss or earnings per weighted average limited partnership unit from continuing
        operations and operation of discontinued operations, and any special allocations
        to the limited partners are based on the following for the three months ended
        March 31 (in thousands of dollars, except weighted-average limited partnership
        unit amounts):
 
 2006
              
              
              2005Attributable
                  to limited partners:Basic
                  (loss) income from continuing operations
              
              $
              (210
              )
              $
              1,098Special
                  allocation of income
              
              
              --
              
              
              --(Loss)
                  income from continuing operationsattributable
                  to limited partners
              
              
              (210
              )
              
              1,098(Loss)
                  income from operation of discontinued
                operations
              
              
              (24
              )
              
              2Net
                  (loss) income
              
              $
              (234
              )
              $
              1,100Weighted
                  average limited partnership unitsoutstanding
              
              
              8,478,448
              
              
              8,478,448Basic
                  earnings per weighted average limited
                partnership
                  unit:(Loss)
                  income from continuing operations
              
              $
              (0.03
              )
              $
              0.13Loss
                  from operation of discontinued operations
              
              
              --
              
              
              --Net
                  (loss) income per weighted average limitedpartnership
                  unit
              
              $
              (0.03
              )
              $
              0.13
 
 12.  Accounts
        Receivable
 
 Accounts
        receivable represents balances due from current or former lessees for unpaid
        balances incurred from leasing Partnership owned equipment. The components
        of
        accounts receivable were as follows (in thousands of dollars):
 
 March
                  31,
              
              December
                  31,2006
              
              2005Trade
                  accounts receivable
              
              $
              301
              
              $
              214Allowance
                  for doubtful accounts
              
              
              (40
              )
              
              --$
              261
              
              $
              214
 
  -12-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 13.  Other
        Assets
 
 As
        of
        March 31, 2006 and December 31, 2005, other assets consisted of prepaid expenses
        and deposits.
 
 14.  Concentrations
        of Credit Risk
 
 For
        the
        three months ended March 31, 2006 and 2005, the Partnership’s customers that
        accounted for 10% or more of the total revenues for the owned equipment and
        jointly owned equipment were Continental Airlines, Inc. (34% in 2006 and
        20% in
        2005) and Varig South America (26% in 2005) both of which are in the aircraft
        leasing segment and Tankship International (35% in 2006) which is in the
        marine
        vessel leasing segment.
 
 As
        of
        March 31, 2006 and December 31, 2005, the Partnership’s customers that accounted
        for 10% or more of the total accounts receivables for owned equipment and
        jointly owned equipment were Continental Airlines (39% in 2006) and Aero
        California (12% in 2006) both of which are in the aircraft leasing segment,
        Stena Bulk LLC (12% in 2006 and 65% in 2005) which is in the marine vessel
        leasing segment and CHFS Leasing (30% in 2006 and 24% in 2005) which is in
        the
        machinery and other equipment leasing segment. CFHS trade accounts receivable
        represents straight-line rents receivable and is fully payable at the end
        of the
        existing lease which is in November 2006. If the lessee extends the lease
        in
        accordance with the lease agreement, the lessee can remain up to two years
        in
        arrears of its lease payments.
 
 As
        of
        March 31, 2006 and December 31, 2005, the General Partner believes the
        Partnership had no other significant concentrations of credit risk that could
        have a material adverse effect on the Partnership.
 
 15.  Contingencies
 
 On
        April
        10, 2006 the General Partner received first notice of a “Supplemental Petition”
pending in Houston, Texas in the matter of Kenneth L. Adams, et al v. Union
        Pacific RR Co. doing business as Union Pacific Corporation; Neches Industrial
        Park, Inc.; Continental Nitrogen and Resources, Corp.; PLM International
        doing
        business as and formerly known as PLM Investment Management, Inc.; and Seaboard
        Railcar Repair and Cleaning filed in Harris County, Texas, 61 st Judicial
        District, No. 2006-1875. The General Partner’s preliminary investigation
        indicates this action involves a limited spill of an ammonia solution on
        April
        4, 2004 in a Houston rail yard from a railcar owned by the Partnership. The
        General Partner expects that this action will be amended at some point and
        that
        the Partnership will also be named as a defendant. The General Partner has
        not
        yet responded in the action, but is in the process of obtaining Houston defense
        counsel and is actively investigating the claims for a response due on May
        22,
        2006. There are approximately 600 plaintiffs named in the single case, all
        represented by a single law firm, whose responsible attorney describes his
        clients’ injuries primarily as “passing respiratory” in nature. The Supplemental
        Petition alleges negligence on the part of all defendants in their respective
        duties to exercise reasonable care in the maintenance, design, manufacture,
        marketing of the railcar as well as a failure to adequately secure the hazardous
        substance, train employees in handling, warn the plaintiffs and adopt and
        enforce a safety plan for transport of the ammonia solution. There is no
        allegation of a specific amount of damages and plaintiffs’ counsel has indicated
        an interest in an early alternative dispute resolution in order to get the
        claims settled. He has also indicated that he will make early and voluntary
        disclosure of medical records in order to facilitate discussion of alternative
        dispute resolution.
 
 The
        General Partner believes that all of the actions discussed above will not
        have a
        material effect on the financial condition of the Partnership, are substantially
        without merit and will vigorously defend against the actions.
 
 The
        Partnership's policy is to expense legal fees as incurred.
 
  -13-
  **PLM
        EQUIPMENT GROWTH FUND V**
 **(A
        Limited Partnership)**
 **NOTES
        TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 16.  Recent
        Accounting Pronouncements
 
 At
        the
        June 15 -16, 2005 Emerging Issues Task Force (EITF) meeting, the EITF reached
        a
        consensus on Issue No. 04-05 entitled "Determining Whether a General Partner,
        or
        the General Partners as a Group, Controls a Limited Partnership or Similar
        Entity When the Limited Partners Have Certain Rights" (Issue 04-05). The
        consensus provides a framework for addressing when a general partner, or
        general
        partners as a group, controls a limited partnership or similar entity.
        Additionally, on July 14, 2005, the Financial Accounting Standards Board
        issued
        a Staff Position FSP-78-1, “Interaction of AICPA Statement of Position 78-9 and
        EITF Issue No. 04-05” which amends the guidance in AICPA Statement of Position
        78-9, “Accounting for Investments in Real Estate Ventures”, to be consistent
        with EITF Issue No. 04-05. The effective dates of this issue and technical
        position depend on whether the partnership agreement is new or modified,
        and is
        therefore effective for the Partnership no later than the beginning of the
        first
        quarter of 2006. The adoption of EITF Issue No. 04-05 did not have a material
        impact on the Partnership’s financial position and results of operations.
 
 At
        the
        April 19, 2006 Financial Accounting Standards Board (FASB) meeting, discussions
        continued of plans to issue a FASB Staff Position (FSP) on planned major
        maintenance activities. The planned FSP would eliminate the accrued-in-advance
        method of accounting and would become effective for financial statements
        issued
        for the fiscal periods beginning after December 15, 2006. The proposed FSP
        has
        not yet been issued and, accordingly, the General Partner is unable to conclude
        on the impact such proposed FSP will have on the Partnership.
 
 17.  Subsequent
        Event
 
 In
        the
        second quarter of 2006, the Mexican government suspended the operating license
        of the lessee of the Partnership's DC-9 commercial aircraft and the airline
        has
        been grounded. The Partnership is currently reviewing its alternatives in
        this
        matter which include repossessing the aircraft. As of March 31, 2006, this
        lessee has outstanding receivables of $0.3 million and the Partnership holds
        a
        security deposit from this lessee of $0.2 million.
  -14-
  
 ITEM
        2.  MANAGEMENT'S
        DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
        OPERATIONS
 
 Restatement
        of Financial Statements
 
 In
        October 2004 and June 2005, PLM Equipment Growth Fund V (the Partnership),
        in
        settlement of an unsecured bankruptcy claim, received Canadian dollar
        denominated marketable securities in a publicly traded Canadian entity. The
        Partnership did not reflect the fair market value of these securities in
        its
        statements of operations or balance sheets as of the date of receipt nor
        did it
        reflect the fair value of such securities in subsequent financial statements
        for
        each subsequent quarter through and including December 31, 2005. (See Note
        1 to
        the unaudited condensed financial statements)
 
 A
        summary
        of the significant effects of the restatement is as follows:
 
 As
        of December 31,
        2005
 AsPreviously
              
              
              
              AsReported
              
              Adjustment
              
              RestatedMarketable
                  securities
              
              $
              --
              
              $
              777
              
              $
              777Total
                  assets
              
              
              10,388
              
              
              777
              
              
              11,165Limited
                  partners’ capital
              
              
              9,987
              
              
              777
              
              
              10,764Total
                  partners’ capital
              
              
              9,987
              
              
              777
              
              
              10,764Total
                  liabilities and partners’ capital
              
              
              10,388
              
              
              777
              
              
              11,165
 
 For
        the
        Three Months Ended March 31, 2005
 AsPreviously
              
              
              
              AsReported
              
              Adjustment
              
              RestatedOther
                  comprehensive income:Unrealized
                  gains on marketable securities
              
              $
              --
              
              $
              37
              
              $
              37Comprehensive
                  income
              
              
              1,100
              
              
              37
              
              
              1,137
 
 Discontinued
        Operations
 
 During
        the second quarter of 2005, the Partnership sold all of its remaining marine
        containers and during the third quarter of 2005, the Partnership and an
        investment entity in which the Partnership had an interest, sold all of their
        remaining railcars. Consequently, the results from these operations have
        been
        classified as discontinued operations and prior periods have been restated.
        (See
        Note 6 to the unaudited condensed financial statements)
 
 (I)  RESULTS
        OF OPERATIONS
 
 Comparison
        of PLM Equipment Growth Fund V’s (the Partnership’s) Operating Results for the
        Three Months Ended March 31, 2006 and 2005
 
 (A)  Owned
        Equipment Operations
 
 Lease
        revenues less operations support on owned equipment remained the same during
        the
        three months ended March 31, 2006, compared to the same period of 2005. 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 provision for bad debts relating
        to the
        operating segments (see Note 10 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 31,2006
              
              
              2005Aircraft
              
              $
              236
              
              $
              236
 
 Aircraft:  Aircraft
        lease revenues and operations support were $0.2 million and $7,000,
        respectively, for the three months ended March 31, 2006, compared to $0.2
        million and $4,000, respectively, during the same period of 2005.
 
 (B)  Interest
        and Other Income
 
 Interest
        and other income increased $47,000 in the three months ended March 31, 2006
        due
        to a cash dividend from stock owned by the Partnership that it received as
        part
        of the bankruptcy settlement from a former lessee. A similar event did not
        occur
        during the same period of 2006.
 
 (C)  Indirect
        Expenses Related to Owned Equipment Operations
 
 Total
        indirect expenses of $0.2 million for the three months ended March 31, 2006
        increased from $0.1 million for the same period in 2005. Significant variances
        are explained as follows:
 
 (i)  A
        $0.1
        million increase in general and administrative expenses during the three
        months
        ended March 31, 2006 was due to higher professional services costs.
 
 (ii)  Provision for bad debts increased $40,000 in the three months ended March
        31,
        2006 due to the General Partner's determining the accounts receivable related
        to
        one aircraft lessee was uncollectible and thus reserving the outstanding
        receivable less a security deposit from this lessee as a bad debt. A similar
        event did not occur during the same period of 2005.
 
 (D)  Gain
        on
        Disposition of Owned Equipment
 
 The
        gain
        on the disposition of equipment for the three months ended March 31, 2006
        totaled $0.1 million, and resulted from the sale of parts from a commercial
        aircraft with a net book value of $-0- for proceeds of $0.1 million. The
        gain on
        the disposition of equipment for the three months ended March 31, 2005 totaled
        $1.1 million, and resulted from the sale of parts from a commercial aircraft
        and
        a commercial aircraft with a net book value of $-0- for proceeds of $0.6
        million
        and the reversal of $0.5 million of unused engine reserves.
 
 (E)  Equity
        in
        Net Loss of Equity Investments
 
 Equity
        in
        net (loss) income of equity investments represents the Partnership's share
        of
        the net loss or income generated from the operation of jointly owned assets
        accounted for under the equity method of accounting. The following table
        presents equity in net (loss) income by equipment type (in thousands of
        dollars):
 
 For
                  the Three Months
                Ended
                  March 31,2006
              
              2005Marine
                  vessel
              
              $
              102
              
              $
              663Machinery
                  and other equipment
              
              
              (45
              )
              
              (157
              )Aircraft
              
              
              (433
              )
              
              (627
              )Equity
                  in net loss of equity investments
              
              $
              (376
              )
              $
              (121
              )
 
 The
        following equity investment discussion by equipment type is based on the
        Partnership's proportional share of revenues, depreciation and amortization
        expenses, operations support, interest expense and administrative
        expenses:
 
 Marine
        vessel:  As
        of
        March 31, 2006 and 2005, the Partnership owned an interest in an entity that
        owned a marine vessel. During the three months ended March 31, 2006, lease
        revenues of $1.0 million were partially offset by depreciation expense,
        operations support, and administrative expenses of $0.9 million. During the
        same
        period of 2005, lease revenues of $1.5 million were partially offset by
        depreciation expense, operations support, and administrative expenses of
        $0.8
        million.
 
 Marine
        vessel lease revenues decreased $0.5 million during the three months ended
        March
        31, 2006 compared to the same period 2005. A decrease of $0.1 million was
        due to
        a lower lease rate being earned on this equipment in the quarter ended March
        31,
        2006 compared to the same period of 2005 and decreased $0.4 million due to
        being
        off-lease for 20 days during the first three months of 2006 compared to the
        same
        period of 2005, during which this marine vessel was on-lease the entire
        quarter.
 
 Marine
        vessel operations support and administrative expenses increased $0.1 million
        during the three months ended March 31, 2006 compared to the same period
        2005.
        The increase of $0.1 million was due to higher operating expenses.
 
 Machinery
        and other equipment: As of March 31, 2006 and 2005, the Partnership owned
        an
        interest in an entity that owns machinery and other equipment. During the
        three
        months ended March 31, 2006, lease revenues of $0.1 million were offset by
        depreciation and amortization expense and administrative expenses of $0.2
        million. During the same period of 2005, lease revenues of $0.1 million were
        offset by depreciation and amortization expense, and administrative expenses
        of
        $0.3 million.
 
 Machinery
        and other equipment depreciation and amortization expense decreased $0.1
        million
        caused by the double-declining balance method of depreciation which results
        in
        greater depreciation in the first years an asset is owned.
 
 Aircraft:
        As of March 31, 2006, the Partnership owned an interest in two trusts each
        owning two Boeing 737-500 commercial aircraft. As of March 31, 2005, the
        Partnership owned an interest in two trusts each owning two Boeing 737-500
        commercial aircraft and an interest in an entity owning other aircraft related
        assets. In the fourth quarter of 2005, the entity owning other aircraft related
        assets was dissolved.
 
 During
        the three months ended March 31, 2006, entities owning aircraft equipment
        generated revenues of $0.8 million offset by depreciation and amortization
        expense, operations support, interest expense and administrative expenses
        of
        $1.2 million. During the three months ended March 31, 2005, entities owning
        aircraft equipment generated revenues of $0.9 million which were offset by
        depreciation and amortization expense, interest expense, direct expenses
        and
        administrative expenses of $1.5 million.
 
 Aircraft
        lease revenues decreased $0.1 million in the three months ended March 31,
        2006
        compared to the same period of 2005 due to the entity owning other aircraft
        related assets being dissolved.
 
 Depreciation
        and amortization expense, operations support, interest expense and
        administrative expenses decreased $0.2 million during the three months ended
        March 31, 2006 compared to the same period of 2005 resulting from a decrease
        in
        depreciation expense of $0.2 million caused by the double-declining balance
        method of depreciation which results in greater depreciation in the first
        years
        an asset is owned.
 
 (F)  Loss
        from
        Operation of Discontinued Operations
 
 During
        the three months ended March 31, 2006, the Partnership's railcar and marine
        container operations, which are being accounted for as discontinued operations,
        generated a loss from operations of $24,000 compared to income of $2,000
        during
        the same period of 2005.
 
 (G)  Net
        (Loss) Income
 
 As
        a
        result of the foregoing, the Partnership’s net loss for the three months ended
        March 31, 2006 was $0.2 million, compared to net income of $1.1 million during
        the same period in 2005. The Partnership’s ability to 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, 2006 is not necessarily indicative of future periods.
 
 (II)  FINANCIAL
        CONDITION - CAPITAL RESOURCES, LIQUIDITY, AND DISTRIBUTIONS
 
 At
        March
        31, 2006, the Partnership had unrestricted cash of $3.4 million.
 
 For
        the
        three months ended March 31, 2006, the Partnership generated cash from
        operations of $1.4 million which included cash used in discontinued operations
        of $19,000, to meet its operating obligations and maintain working capital
        reserves.
 
 During
        the three months ended March 31, 2006, the Partnership disposed of owned
        equipment and received aggregate proceeds of $0.1 million.
 
 Marketable
        securities decreased $30,000 in the three months ended March 31, 2006 due
        to the
        change in the fair market value of the securities.
 
 Accounts
        receivable increased $47,000 in the three months ended March 31, 2006 due
        to the
        timing of lessee payments.
 
 Equity
        investments in affiliated entities decreased $1.9 million during the three
        months ended March 31, 2006 due to cash distributions of $1.5 million from
        the
        equity investments to the Partnership and by the loss of $0.4 million that
        was
        recorded by the Partnership for its interests in the equity
        investments.
 
 Accounts
        payable decreased $0.1 million during the three months ended March 31, 2006
        due
        to the timing of payments to vendors.
 
 The
        General Partner has not planned any expenditures nor is it aware of any
        contingencies that would cause it to require additional capital.
 
 CONTINGENCIES
        AND LITIGATION
 
 On
        April
        10, 2006 the General Partner received first notice of a “Supplemental Petition”
pending in Houston, Texas in the matter of Kenneth L. Adams, et al v. Union
        Pacific RR Co. doing business as Union Pacific Corporation; Neches Industrial
        Park, Inc.; Continental Nitrogen and Resources, Corp.; PLM International
        doing
        business as and formerly known as PLM Investment Management, Inc.; and Seaboard
        Railcar Repair and Cleaning filed in Harris County, Texas, 61 st Judicial
        District, No. 2006-1875. The General Partner’s preliminary investigation
        indicates this action involves a limited spill of an ammonia solution on
        April
        4, 2004 in a Houston rail yard from a railcar owned by the Partnership. The
        General Partner expects that this action will be amended at some point and
        that
        the Partnership will also be named as a defendant. The General Partner has
        not
        yet responded in the action, but is in the process of obtaining Houston defense
        counsel and is actively investigating the claims for a response due on May
        22,
        2006. There are approximately 600 plaintiffs named in the single case, all
        represented by a single law firm, whose responsible attorney describes his
        clients’ injuries primarily as “passing respiratory” in nature. The Supplemental
        Petition alleges negligence on the part of all defendants in their respective
        duties to exercise reasonable care in the maintenance, design, manufacture,
        marketing of the railcar as well as a failure to adequately secure the hazardous
        substance, train employees in handling, warn the plaintiffs and adopt and
        enforce a safety plan for transport of the ammonia solution. There is no
        allegation of a specific amount of damages and plaintiffs’ counsel has indicated
        an interest in an early alternative dispute resolution in order to get the
        claims settled. He has also indicated that he will make early and voluntary
        disclosure of medical records in order to facilitate discussion of alternative
        dispute resolution.
 
 The
        General Partner believes that all of the actions discussed above will not
        have a
        material effect on the financial condition of the Partnership, are substantially
        without merit and will vigorously defend against the actions.
 
 The
        Partnership's policy is to expense legal fees as incurred.
 
 (III)  RECENT
        ACCOUNTING PRONOUNCEMENTS
 
 At
        the
        June 15 -16, 2005 Emerging Issues Task Force (EITF) meeting, the EITF reached
        a
        consensus on Issue No. 04-05 entitled "Determining Whether a General Partner,
        or
        the General Partners as a Group, Controls a Limited Partnership or Similar
        Entity When the Limited Partners Have Certain Rights" (Issue 04-05). The
        consensus provides a framework for addressing when a general partner, or
        general
        partners as a group, controls a limited partnership or similar entity.
        Additionally, on July 14, 2005, the Financial Accounting Standards Board
        issued
        a Staff Position FSP-78-1, “Interaction of AICPA Statement of Position 78-9 and
        EITF Issue No. 04-05” which amends the guidance in AICPA Statement of Position
        78-9, “Accounting for Investments in Real Estate Ventures”, to be consistent
        with EITF Issue No. 04-05. The effective dates of this issue and technical
        position depend on whether the partnership agreement is new or modified,
        and is
        therefore effective for the Partnership no later than the beginning of the
        first
        quarter of 2006. The adoption of EITF Issue No. 04-05 did not have a material
        impact on the Partnership’s financial position and results of operations.
 
 At
        the
        April 19, 2006 Financial Accounting Standards Board (FASB) meeting, discussions
        continued of plans to issue a FASB Staff Position (FSP) on planned major
        maintenance activities. The planned FSP would eliminate the accrued-in-advance
        method of accounting and would become effective for financial statements
        issued
        for the fiscal periods beginning after December 15, 2006. The proposed FSP
        has
        not yet been issued and, accordingly, the General Partner is unable to conclude
        on the impact such proposed FSP will have on the Partnership.
 
 (IV)  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 and make cash distributions to the partners.
 
 The
        Partnership may 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. The General Partner is currently reviewing the strategic
        alternatives for the Partnership’s remaining assets. These alternatives include
        selling the Partnership’s remaining assets.
 
 Disposition
        of the Partnership's equipment and investments in entities owning equipment
        may
        result in a reduction of cash flows from operations to the
        Partnership.
 
 Factors
        affecting the Partnership’s contribution during the year 2006 and beyond
        include:
 
 (1)  The
        Partnership has an investment in an entity owning 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 voyage charter markets, carrying mostly gasoline, jet fuel, gas oils
        ,
        similar petroleum distillates or simple chemicals, and vegetable and palm
        oils
        an approach that provides the flexibility to adapt to changes in market
        conditions.
 
 Recently,
        the Partnership's product tanker received "vetting approval" from an oil
        major.  Receiving this approval will enhance this marine vessel's
        marketability in the future.  The phase-out of a number of uncertified
        marine vessels in the vegetable oil trade commencing in 2007 should further
        enhance this product tanker's demand from charterers and operators in those
        trades.
 
 The
        marine vessel owned by an entity in which the Partnership has an interest
        is
        over 20 years old  which may hinder  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.  The recent
        "vetting approval" should help mitigate this to some extent;
 
 (2)  While
        the
        financial condition of both international and domestic United States airlines
        have shown improvement over the last 12 months, continuing increases in the
        price of oil poses a very significant risk to both the airlines and aircraft
        equipment lessors.
 
 The
        Partnership owns a DHC-8-102 commuter aircraft with a net book value of $-0-
        which is on consignment to a vendor who is parting out the aircraft. Due
        to the
        poor market demand for parts from this type of aircraft, it is taking 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 through June 2007.
 
 The
        Partnership owns a DC-9-32 Stage III commercial aircraft which is on lease
        to a
        Mexican carrier through June 2007. In the second quarter of 2006, the Mexican
        government suspended the operating license of the lessee of this aircraft
        and
        the airline was grounded. As this aircraft is over 25 years old and the re-lease
        or sale opportunities for this type of aircraft are very limited, the
        Partnership has left the aircraft with the lessee while it attempts to regain
        its operating license. This lessee has outstanding account receivables of
        $0.3
        million at March 31, 2006 and the Partnership holds a security deposit from
        this
        lessee of $0.2 million.
 
 The
        Partnership has an equity interest in entities owning a total of four aircraft
        on lease to a major US airline. While the General Partner is not aware of
        any
        specific liquidity problems in regards to this lessee, the poor financial
        condition of the US airline industry, which has included several bankruptcies
        in
        the last twelve months, indicate there could be collection issues related
        to
        this lessee in the future;
 
 (3)  While
        the
        Partnership is scheduled to terminate on December 31, 2010, the General Partner
        is currently reviewing the strategic alternatives for the Partnership’s
        remaining assets. These alternatives include selling the Partnership’s remaining
        assets and assets owned by entities in which the Partnership has an equity
        interest;
 
 (4)  The
        timing and amount of future cash distributions to the limited partners and
        the
        General Partner will be based on the cash position of the Partnership and
        operational requirements; and
 
 (5)  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, in 2006 the General Partner began limiting 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
        2006 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
        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.
 
 (V)  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.
 
 
 Quarterly
        Evaluation of the Partnership’s Disclosure Controls and Internal
        Controls
 
 As
        of the
        end of the 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 on the review of the Partnership’s
        internal controls, the General Partner concluded that in light of certain
        weaknesses described below, as of March 31, 2006, the Partnership’s controls and
        procedures were not effective.
 
 As
        a
        result of these control deficiencies, the General Partner performed additional
        procedures to ensure that the Partnership’s condensed financial statements are
        prepared in accordance with generally accepted accounting principles.
        Accordingly, the General Partner believes that the financial statements included
        in this report fairly present in all material respects the Partnership’s
        financial condition, results of operations and cash flows for the periods
        presented in accordance with GAAP.
  A
        material weakness is a control deficiency, or combination of control
        deficiencies, that results in more than a remote likelihood that a material
        misstatement of the annual or interim financial statements will not be prevented
        or detected. As a result of the errors described in Note 1 to the unaudited
        condensed financial statements that resulted in the restatement of the
        Partnership’s financial statements for the years ended December 31, 2005 and
        quarter ended March 31, 2005, the General Partner identified the following
        material weaknesses in its internal controls:
 
 1) 
The
        Partnership did
        not ensure that there was adequate communication between General Partner’s
        accounting personnel and the Partnership’s third party equipment managers.
        Specifically, theaccounting department
        personnel at the
        General Partner did not know of a settlement of a bankruptcy claim for which
        the
        Partnership received securities in a publicly traded company and thus their
        receipt was not recorded appropriately. This control deficiency contributed
        to
        the restatement of the Partnership’s financial statements as of December 31,
        2005 and March 31, 2005.
 
 2)  Once
        received, the Partnership did not perform an adequate review of the bankruptcy
        settlement. Specifically, once the documentation was received related to
        the
        receipt of the securities, the appropriate accounting entries were not
        recorded.
 
 Prior
        to
        issuance of these condensed financial statements in May 2006, the following
        changes were made in our internal control over financial reporting in an
        effort
        to remediate the material weaknesses described above:
 
 1)
            On
                a regular basis and no less than quarterly, the appropriate accounting
                personnel will discuss with the third party equipment managers all
                material transactions that occurred during the
                period. 2)
            All
                material source documentation related to equipment transactions will
                be
                reviewed by at least two accounting department personnel to determine
                the
                appropriate accounting treatment. 
 Although
        the General Partner believes the steps taken to date have improved the
        effectiveness of our control over the accounting for equipment related
        transactions, we have note completed our review and testing of the corrective
        processes and procedures. Accordingly, the General Partner will continue
        to
        monitor the effectiveness over the Partnership’s internal controls over
        equipment transactions.
  -15-
  **PART
        II - OTHER INFORMATION**
 
 ITEM
        1.  LEGAL
        PROCEEDINGS
 
 On
        April
        10, 2006 the General Partner received first notice of a “Supplemental Petition”
pending in Houston, Texas in the matter of Kenneth L. Adams, et al v. Union
        Pacific RR Co. doing business as Union Pacific Corporation; Neches Industrial
        Park, Inc.; Continental Nitrogen and Resources, Corp.; PLM International
        doing
        business as and formerly known as PLM Investment Management, Inc.; and Seaboard
        Railcar Repair and Cleaning filed in Harris County, Texas, 61 st Judicial
        District, No. 2006-1875. The General Partner’s preliminary investigation
        indicates this action involves a limited spill of an ammonia solution on
        April
        4, 2004 in a Houston rail yard from a railcar owned by the Partnership. The
        General Partner expects that this action will be amended at some point and
        that
        the Partnership will also be named as a defendant. The General Partner has
        not
        yet responded in the action, but is in the process of obtaining Houston defense
        counsel and is actively investigating the claims for a response due on May
        22,
        2006. There are approximately 600 plaintiffs named in the single case, all
        represented by a single law firm, whose responsible attorney describes his
        clients’ injuries primarily as “passing respiratory” in nature. The Supplemental
        Petition alleges negligence on the part of all defendants in their respective
        duties to exercise reasonable care in the maintenance, design, manufacture,
        marketing of the railcar as well as a failure to adequately secure the hazardous
        substance, train employees in handling, warn the plaintiffs and adopt and
        enforce a safety plan for transport of the ammonia solution. There is no
        allegation of a specific amount of damages and plaintiffs’ counsel has indicated
        an interest in an early alternative dispute resolution in order to get the
        claims settled. He has also indicated that he will make early and voluntary
        disclosure of medical records in order to facilitate discussion of alternative
        dispute resolution.
 
 ITEM
        2.  UNREGISTERED
        SALE OF EQUITY SECURITIES AND USE OF PROCEEDS
 
 None.
 
 ITEM
        3.  DEFAULTS
        UPON SENIOR SECURITIES
 
 None.
 
 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 of 2002.
 
 31.2
              Certificate
                  of Chief Financial Officer of the General Partner pursuant to Section
                  302
                  of Sarbanes - Oxley Act of 2002.
 
 32.1
              Certificate
                  of President of the General Partner pursuant to Section 906 of
                  Sarbanes -
                  Oxley Act of 2002.
 
 32.2
              Certificate
                  of Chief Financial Officer of the General Partner pursuant to Section
                  906
                  of Sarbanes - Oxley Act of 2002.
 
 (b)  Reports
        of Form 8-K
 
 Report
        on
        Form 8-K dated May 10, 2006 announcing restatement of the Partnership’s
        financial statements for the years ended December 31, 2005 and
        2004.
  -16-
  
 
 
 
 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
        11,
        2006  By:  /s/
        Richard K Brock
 Richard
        K
        Brock
 Chief
        Financial Officer