UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                               ___________________
                                    FORM 10-Q




     [X]     QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
             EXCHANGE  ACT  OF  1934
             FOR  THE  FISCAL  QUARTER  ENDED  JUNE  30,  2002


     [  ]    TRANSITION  REPORT  PURSUANT  TO  SECTION  13  OR  15(D) OF THE
             SECURITIES  EXCHANGE  ACT  OF  1934
             FOR  THE  TRANSITION  PERIOD  FROM     TO


                         COMMISSION FILE NUMBER 01-19203
                             _______________________



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


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

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


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


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




<PAGE>


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

<TABLE>
<CAPTION>

                                                                  June 30,              December 31,
                                                                    2002                     2001
                                                                  -------                  ---------
<S>                                                     <C>       <C>        <C>           <C>
ASSETS

Equipment held for operating lease, at cost                       $ 72,929                 $ 73,711
Less accumulated depreciation                                      (63,367)                 (62,572)
                                                                  ---------                ---------
  Net equipment                                                      9,562                   11,139


Cash and cash equivalents                                            9,335                    6,312
Restricted cash                                                         81                       --
Accounts receivable, less allowance for doubtful
    accounts of $2,176 in 2002 and $664 in 2001                        855                    1,041
Investments in unconsolidated special-purpose entities               4,710                    5,703
Deferred charges, net of accumulated amortization of
    $39 in 2002 and $33 in 2001                                          7                       14
Prepaid expenses and other assets                                       54                       34
                                                                  ---------                ---------
      Total assets                                                $ 24,604                 $ 24,243
</TABLE>


<TABLE>
<CAPTION>

LIABILITIES AND PARTNERS' CAPITAL
<S>                                                             <C>      <C>
Liabilities:

Accounts payable and accrued expenses                           $   110  $   410
Due to affiliates                                                   160      194
Lessee deposits and reserve for repairs                           3,148    3,149
                                                                -------  -------
    Total liabilities                                             3,418    3,753

Partners' capital:

Limited partners (8,479,516 limited partnership units in 2002
    and 8,533,465 in 2001)                                       21,186   20,490
General Partner                                                      --       --
                                                                -------  -------
    Total partners' capital                                      21,186   20,490

                                                                -------  -------
      Total liabilities and partners' capital                   $24,604  $24,243
                                                                =======  =======
</TABLE>













       See accompanying notes to unaudited condensed financial statements.

<PAGE>


<PAGE>

<PAGE>

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


                                                                       For the Three Months           For the Six Months
                                                                           Ended June 30,                Ended June 30,
                                                                      2002              2001        2002              2001
                                                                    -------            -------     -------          -------
<S>                                            <C>                   <C>      <C>                 <C>      <C>      <C>
REVENUES

Lease revenue                                                        $2,372           $2,791        $4,983          $5,672
Interest and other income                                                30               88            64             147
Net gain on disposition of equipment                                     29               18            71           1,174
                                                                     ------           ------        ------          -------
    Total revenues                                                    2,431            2,897         5,118           6,993

EXPENSES

Depreciation and amortization                                           759            1,621         1,537           3,224
Repairs and maintenance                                                 161              215           348             437
Equipment operating expenses                                             17              119            24             324
Insurance expense                                                        29               13            58             122
Management fees to affiliate                                             28              131           104             253
Interest expense                                                         --               42            --             141
General and administrative expenses
      to affiliates                                                      69              101           127             290
Other general and administrative expenses                               235              134           388             306
Provision for (recovery of) bad debts                                   753              (7)         1,512              (3)
                                                                     ------           ------        ------          -------
    Total expenses                                                    2,051            2,369         4,098           5,094

Equity in net income (loss) of unconsolidated
      special-purpose entities                                         (157)             468          (359)            845
                                                                     ------           ------        ------          -------
Net income                                                           $  223           $  996        $  661          $2,744

PARTNERS' SHARE OF NET INCOME:

Limited partners                                                     $  223           $  996        $  661          $2,625
General Partner                                                          --               --            --             119
                                                                     ------           ------        ------          -------
Total                                                                $  223           $  996        $  661          $2,744
                                                                     ------           ------        ------          -------
Net income per weighted-average
    limited partnership unit                                         $ 0.03           $ 0.11        $ 0.08          $ 0.29
                                                                     ------           ------        ------          -------
Cash distribution                                                    $   --           $   --        $   --          $1,719
                                                                     ------           ------        ------          -------
Cash distribution per weighted-average
    limited partnership unit                                         $   --           $   --        $   --          $ 0.18
                                                                     ======           =======       =======         =======
</TABLE>







       See accompanying notes to unaudited condensed financial statements.


                           PLM EQUIPMENT GROWTH FUND V
                            ( A LIMITED PARTNERSHIP)
              CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
             FOR THE PERIOD FROM DECEMBER 31, 2000 TO JUNE 30, 2002
                            (in thousands of dollars)
                                   (unaudited)

<TABLE>
<CAPTION>

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

Net income                                                  3,149           119               3,268

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

Cash distribution                                          (1,601)         (119)             (1,720)
                                                          --------        ------            --------
  Partners' capital as of December 31, 2001                20,490            --              20,490

Net income                                                    661            --                 661

Canceled purchase of limited partnership units                 35            --                  35
                                                          --------        ------            --------
  Partners' capital as of June 30, 2002                   $21,186         $  --             $21,186
                                                          ========        ======            ========
</TABLE>



















       See accompanying notes to unaudited condensed financial statements.

<PAGE>

<TABLE>
<CAPTION>


<PAGE>

<PAGE>
                          PLM EQUIPMENT GROWTH FUND V
                            (A LIMITED PARTNERSHIP)
                       CONDENSED STATEMENTS OF CASH FLOWS
                           (IN THOUSANDS OF DOLLARS)
                                  (unaudited)

                                                                                 For the Six Months
                                                                                    Ended June 30,
                                                                                   2002      2001
                                                                                  -----------------
<S>                                                          <C>                 <C>       <C>
OPERATING ACTIVITIES

Net income                                                                       $   661   $ 2,744
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
  Depreciation and amortization                                                    1,537     3,224
  Provision for (recovery of) bad debts                                            1,512        (3)
  Net gain on disposition of equipment                                               (71)   (1,174)
  Equity in net (income) loss from unconsolidated
      special-purpose entities                                                       359      (845)
  Changes in operating assets and liabilities:
    Restricted cash                                                                  (81)      (48)
    Accounts receivable                                                           (1,308)      655
    Prepaid expenses and other assets                                                (20)       (8)
    Accounts payable and accrued expenses                                            (86)     (136)
    Due to affiliates                                                                (34)      (45)
    Lessee deposits and reserve for repairs                                           (1)      360
                                                                                 --------  --------
      Net cash provided by operating activities                                    2,468     4,724


INVESTING ACTIVITIES

Payments for capitalized repairs                                                      --        (3)
Distributions from unconsolidated special-purpose entities                           634     1,352
Proceeds from disposition of equipment                                               100     2,561
                                                                                 --------  --------
      Net cash provided by investing activities                                      734     3,910


FINANCING ACTIVITIES

Payment for limited partnership units                                               (214)       --
Canceled purchase of limited partnership units                                        35        --
Payments of note payable                                                              --    (5,474)
Cash distributions paid to limited partners                                           --    (1,600)
Cash distributions paid to General Partner                                            --      (119)
                                                                                 --------  --------
      Net cash used in financing activities                                         (179)   (7,193)

Net increase in cash and cash equivalents                                          3,023     1,441
Cash and cash equivalents at beginning of period                                   6,312     1,799
                                                                                 --------  --------
Cash and cash equivalents at end of period                                       $ 9,335   $ 3,240
                                                                                 ========  ========

SUPPLEMENTAL INFORMATION
Interest paid                                                                    $    --   $   224
                                                                                 ========  ========
</TABLE>








       See accompanying notes to unaudited condensed financial statements.

<PAGE>

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

1.     Opinion  of  Management
       -----------------------

In  the  opinion  of  the management of PLM Financial Services, Inc. (FSI or the
General  Partner),  the  accompanying  unaudited  condensed financial statements
contain  all  adjustments  necessary,  consisting  primarily of normal recurring
accruals,  to  present  fairly the unaudited condensed financial position of PLM
Equipment  Growth  Fund V (the Partnership) as of June 30, 2002 and December 31,
2001,  the unaudited condensed statements of income for the three and six months
ended  June  30, 2002 and 2001, the unaudited condensed statements of changes in
partners'  capital  for  the period from December 31, 2000 to June 30, 2002, and
the  unaudited  condensed statements of cash flows for the six months ended June
30,  2002  and 2001.  Certain information and note disclosures normally included
in  financial  statements  prepared  in  accordance  with  accounting principles
generally  accepted  in  the  United  States  of  America have been condensed or
omitted  from  the  accompanying  condensed  financial  statements.  For further
information,  reference  should  be  made  to the financial statements and notes
thereto  included  in  the Partnership's Annual Report on Form 10-K for the year
ended  December  31,  2001,  on  file at the Securities and Exchange Commission.

2.     Schedule  of  Partnership  Phases
       ---------------------------------

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

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

3.     Reclassification
       ----------------

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

4.     Cash  Distributions
       -------------------

Cash  distributions  are recorded when paid and may include amounts in excess of
net  income  that  are considered a return of capital.  For the six months ended
June  30,  2001,  cash  distributions  totaled  $1.7  million.  None of the cash
distributions  to  the  limited  partners for the six months ended June 30, 2001
were  deemed  to be a return of capital.  No cash distributions were paid to the
limited  partners  during  the  six  months  ended  June  30,  2002.

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

The  balance  due  to  affiliates  as  of  June  30, 2002 and December 31, 2001,
included $0.1 million due to FSI and its affiliates for management fees and $0.1
million  due  to  affiliated  unconsolidated  special-purpose  entities (USPEs).



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

5.     Transactions  with  General  Partner  and  Affiliates  (continued)
       -----------------------------------------------------

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


                                                          For the Three Months        For the Six Months
                                                              Ended June 30,            Ended June 30,
                                                          2002            2001        2002          2001
                                                          ====================        ==================
<S>                                 <C>                   <C>    <C>                 <C>    <C>    <C>
Management fees                                           $  71          $ 103        $ 116        $ 193
Data processing and administrative
   expenses                                                  30             32           53           84
</TABLE>



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

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

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

<TABLE>
<CAPTION>


                                         June 30,              December 31,
                                           2002                     2001
                                         -------                  ---------
<S>                            <C>       <C>        <C>           <C>
Aircraft                                 $ 55,172                 $ 55,172
Rail equipment                             11,154                   11,265
Marine containers                           4,388                    5,059
Trailers                                    2,215                    2,215
                                          -------                  --------
                                           72,929                   73,711
Less accumulated depreciation             (63,367)                 (62,572)
                                          -------                  --------
    Net equipment                        $  9,562                 $ 11,139
                                         ========                 =========
</TABLE>



As  of  June 30, 2002, all owned equipment in the Partnership's portfolio was on
lease  except  for  98  railcars  with  a net book value of $0.4 million.  As of
December  31, 2001, all owned equipment was on lease except for 87 railcars with
a  net  book  value  of  $0.5  million.

During  the  six  months ended June 30, 2002, the Partnership disposed of marine
containers and railcars with an aggregate net book value of $46,000 for proceeds
of  $0.1  million.  During  the  six months ended June 30, 2001, the Partnership
disposed  of a marine vessel that was held for sale at December 31, 2000, marine
containers,  and  a railcar with an aggregate net book value of $1.4 million for
proceeds  of  $2.6  million.










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

7.     Investments  in  Unconsolidated  Special-Purpose  Entities
       ----------------------------------------------------------

The  Partnership  owns  equipment  jointly  with  affiliated programs. These are
single  purpose  entities  that  do  not  have  any  debt  or  other  financial
encumbrances.  The  net investments in USPEs include the following jointly-owned
equipment  and  related  assets  and  liabilities  (in  thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                                                               <C>       <C>            <C>
                                                                          June 30, December 31,
                                                                           2002         2001
                                                                         =========   ==========
48% interest in an entity owning a product tanker                        $  3,647        $4,248
25% interest in a trust owning two stage III commercial aircraft
         on a direct finance lease                                            742           855
50% interest in an entity owning a product tanker                             321           600
                                                                         --------        ------
    Net investments                                                      $  4,710        $5,703
                                                                         ========        ======
</TABLE>



As  of  June  30, 2002 and December 31, 2001, all jointly-owned equipment in the
Partnership's  USPE  portfolio was on lease except the Partnership's interest in
an  entity  owning  a  product  tanker  with  a  net investment of $0.3 million.

8.     Operating  Segments
       -------------------

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

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


                                                        Marine                 Marine
For the three months ended                  Aircraft    Vessel     Railcar   Container    Trailer
      June 30, 2002                          Leasing    Leasing    Leasing    Leasing     Leasing   Other 1    Total
<S>                                         <C>        <C>        <C>        <C>         <C>        <C>       <C>

REVENUES
  Lease revenue                             $   1,867  $     --   $    392   $       49  $     64   $     --  $ 2,372
  Interest income and other                        --        --         --           --        --         30       30
  Gain (loss) on disposition of equipment          --        --         (2)          31        --         --       29
                                            ---------  --------   ---------  ----------  --------   --------  --------
     Total revenues                             1,867        --        390           80        64         30    2,431


COSTS AND EXPENSES
  Operations support                               17        --        131            1        42         16      207
  Depreciation and amortization                   529        --        131           64        32          3      759
  Management fees to affiliates                    14        --         11            1         2         --       28
  General and administrative expenses              31        --         32           --        16        225      304
  Provision for bad debts                         753        --         --           --        --         --      753
                                            ---------  --------   ---------  ----------  --------   --------  --------
      Total costs and expenses                  1,344        --        305           66        92        244    2,051
                                            ---------  --------   ---------  ----------  --------   --------  --------
Equity in net income (loss) of USPEs               20      (177)        --           --        --         --     (157)
                                            ---------  --------   ---------  ----------  --------   --------  --------
Net income (loss)                           $     543  $   (177)  $     85   $       14  $    (28)  $   -214  $   223
                                            =========  =========  =========  ==========  =========  ========  ========

Total assets as of June 30, 2002            $   8,470  $  3,969   $  1,972   $      257  $    512   $  9,424  $24,604
                                            =========  =========  =========  ==========  =========  ========  ========
</TABLE>





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

<PAGE>

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


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


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

REVENUES
  Lease revenue                         $   2,145  $     --  $    447   $      107  $     92  $     --  $2,791
  Interest income and other                    33        --        --           --        --        55      88
  Gain on disposition of equipment             --        --        --           18        --        --      18
                                        ---------  --------  --------   ----------  --------  --------  -------
     Total revenues                         2,178        --       447          125        92        55   2,897


COSTS AND EXPENSES
  Operations support                           11        71       194           --        54        17     347
  Depreciation and amortization             1,342        --       148           81        32        18   1,621
  Interest expense                             --        --        --           --        --        42      42
  Management fees to affiliates                89        --        32            5         5        --     131
  General and administrative expenses           4         4         9           --        21       197     235
  Provision for bad debts                     753        --        (7)          --        --        --      (7)
                                        ---------  --------  --------   ----------  --------  --------  -------
      Total costs and expenses              1,446        75       376           86       112       274   2,369
                                        ---------  --------  --------   ----------  --------  --------  -------
Equity in net income (loss) of USPEs           74       394        --           --        --        --     468
                                        ---------  --------  --------   ----------  --------  --------  -------
Net income (loss)                       $     806  $    319  $     71   $       39  $    (20) $   (219) $  996
                                        =========  ========  =========  ==========  ========= ========= =======
</TABLE>


<TABLE>
<CAPTION>


                                                        Marine                 Marine
For the six months ended                    Aircraft    Vessel     Railcar   Container    Trailer
      June 30, 2002                          Leasing    Leasing    Leasing    Leasing     Leasing    Other 1    Total
<S>                                         <C>        <C>        <C>        <C>         <C>        <C>        <C>

REVENUES
  Lease revenue                             $   3,907  $     --   $    784   $      122  $    170   $     --   $4,983
  Interest income and other                        --        --          4           --        --         60       64
  Gain (loss) on disposition of equipment          --        --         (3)          74        --         --       71
                                            ---------  --------   ---------  ----------  --------   --------   -------
     Total revenues                             3,907        --        785          196       170         60    5,118


COSTS AND EXPENSES
  Operations support                               26        --        272            1        99         32      430
  Depreciation and amortization                 1,072        --        264          132        63          6    1,537
  Management fees to affiliates                    47        --         45            5         7         --      104
  General and administrative expenses              99        --         54           --        32        330      515
  Provision for bad debts                       1,506        --         --           --         6         --    1,512
                                            ---------  --------   ---------  ----------  --------   --------   -------
      Total costs and expenses                  2,750        --        635          138       207        368    4,098
                                            ---------  --------   ---------  ----------  --------   --------   -------
Equity in net income (loss) of USPEs               45      (404)        --           --        --         --     (359)
                                            ---------  --------   ---------  ----------  --------   --------   -------
Net income (loss)                           $   1,202  $   (404)  $    150   $       58  $    (37)  $   (308)  $  661
                                            =========  =========  =========  ==========  =========  =========  =======
</TABLE>







1     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such  as  interest  expense  and  certain  amortization,  general  and
administrative  and  operations  support  expenses.

2     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such  as  interest  expense  and  certain  amortization,  general  and
administrative  and  operations  support  expenses.

<PAGE>

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

8.     Operating  Segments  (continued)
       -------------------

<TABLE>
<CAPTION>


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

REVENUES
  Lease revenue                             $   4,290  $     --  $    983   $      216  $    183   $     --   $5,672
  Interest income and other                        33        --        --           --        --        114      147
  Gain (loss) on disposition of equipment          --     1,116        (4)          62        --         --    1,174
                                            ---------  --------  ---------  ----------  --------   --------   -------
     Total revenues                             4,323     1,116       979          278       183        114    6,993


COSTS AND EXPENSES
  Operations support                               29       348       334           --        94         78      883
  Depreciation and amortization                 2,684        --       283          169        64         24    3,224
  Interest expense                                 --        --        --           --        --        141      141
  Management fees to affiliates                   165        --        68           10        10         --      253
  General and administrative expenses              18        23        22           --        31        502      596
  Recovery of bad debts                            --        --        --           --        (3)        --       (3)
                                            ---------  --------  ---------  ----------  --------   --------   -------
      Total costs and expenses                  2,896       371       707          179       196        745    5,094
                                            ---------  --------  ---------  ----------  --------   --------   -------
Equity in net income of USPEs                     148       697        --           --        --         --      845
                                            ---------  --------  ---------  ----------  --------   --------   -------
Net income (loss)                           $   1,575  $  1,442  $    272   $       99  $    (13)  $   (631)  $2,744
                                            =========  ========  =========  ==========  =========  =========  =======
</TABLE>




9.     Net  Income  Per  Weighted-Average  Limited  Partnership  Unit
       --------------------------------------------------------------

Net  income  per  weighted-average  limited  partnership  unit  was  computed by
dividing  net  income  attributable  to limited partners by the weighted-average
number  of  limited partnership units deemed outstanding during the period.  The
weighted-average  number  of limited partnership units deemed outstanding during
the  three  and  six  months  ended  June 30, 2002, was 8,479,516 and 8,488,756,
respectively.  The  weighted-average  number of limited partnership units deemed
outstanding  during  the three and six months ended June 30, 2001 was 9,065,911.








                      (This space intentionally left blank)











1     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such  as  interest  expense  and  certain  amortization,  general  and
administrative  and  operations  support  expenses.

<PAGE>

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

10.     Limited  Partnership  Units
        ---------------------------

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

The purchasing agent purchased 53,949 units during the six months ended June 30,
2002  and  532,446  units  as  of  December  31,  2001,  which is reflected as a
reduction in Partnership units.  Under the terms of the purchase agreement, only
the  units  held  by  the owner on the date of the agreement were eligible to be
purchased.  The  General  Partner  has  not  been able to purchase the remaining
8,425  units  due  to  the eligible owners selling the units in the open market.
The  General  Partner  has  determined  that  the  remaining  units  will not be
purchased  and  has  received  a  $35,000  refund  from  the  purchasing  agent.

11.     Subsequent  Event
        -----------------

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by the Partnership, PLM Equipment Growth Fund VI, PLM Equipment Growth &
Income  Fund  VII, Professional Lease Management Income Fund I, LLC and Acquisub
LLC,  a wholly owned subsidiary of PLMI.  The facility provides for financing up
to  100%  of  the cost of the equipment.  Outstanding borrowings by one borrower
reduce  the  amount available to each of the other borrowers under the facility.
Individual  borrowings  may  be  outstanding for no more than 270 days, with all
advances  due no later than June 30, 2003.  Interest accrues either at the prime
rate  or  LIBOR  plus 2.0% at the borrower's option and is set at the time of an
advance  of  funds.  Borrowings  by the Partnership are guaranteed by PLMI.  The
Partnership  is  not  liable  for  the  advances  made  to  the other borrowers.












                      (This space intentionally left blank)

<PAGE>
ITEM  2.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
             -------------------------------------------------------------------
RESULTS  OF  OPERATIONS
    -------------------

(I)     RESULTS  OF  OPERATIONS

Comparison  of  PLM  Equipment  Growth  Fund  V's  (the Partnership's) Operating
--------------------------------------------------------------------------------
Results  for  the  Three  Months  Ended  June  30,  2002  and  2001
-------------------------------------------------------------------

(A)     Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repairs  and maintenance,
equipment  operating,  and asset-specific insurance expenses) on owned equipment
decreased  during  the  three  months  ended June 30, 2002, compared to the same
period  of 2001.  Gains or losses from the sale of equipment, interest and other
income,  and certain expenses such as management fees to affiliate, depreciation
and  amortization  and  general  and  administrative  expenses  relating  to the
operating segments (see Note 8 to the unaudited condensed financial statements),
are  not  included  in the owned equipment operation discussion because they are
indirect  in  nature  and not a result of operations, but the result of owning a
portfolio of equipment.  The following table presents lease revenues less direct
expenses  by  segment  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                          For the Three Months
                                              Ended June 30,
                                          2002            2001
                                          ====================
<S>                <C>                   <C>     <C>   <C>
Aircraft                                 $1,850        $2,134
Railcars                                    261           253
Marine containers                            48           107
Trailers                                     22            38
Marine vessel                                --           (71)
</TABLE>


Aircraft:     Aircraft  lease revenues and direct expenses were $1.9 million and
$17,000,  respectively,  for  the  three months ended June 30, 2002, compared to
$2.1  million  and  $11,000,  respectively, during the same period of 2001.  The
decrease in aircraft lease revenues of $0.3 million during the second quarter of
2002  was  due  to  the  reduction in the lease rate on two of the Partnership's
owned  aircraft  compared  to  2001.

Railcars:  Railcar lease revenues and direct expenses were $0.4 million and $0.1
million,  respectively,  for  the  three months ended June 30, 2002, compared to
$0.4  million  and  $0.2  million, respectively, during the same period of 2001.
Railcar  lease  revenues  decreased $39,000 due to the increase in the number of
off-lease railcars during the three months ended June 30, 2002 compared to 2001.
A decrease of $11,000 was due to certain railcars being released at a lower rate
in  2002 than the rate that was in place during 2001.  An additional decrease in
lease  revenues of $5,000 was due to the disposition of railcars during 2001 and
2002.

Marine  containers:     Marine container lease revenues and direct expenses were
$49,000  and  $1,000,  respectively,  for  the three months ended June 30, 2002,
compared to $0.1 million and $-0-, respectively, during the same period of 2001.
The  decrease in marine container contribution was due to the disposal of marine
containers  during  2002  and  2001.

Trailers:     Trailer  lease  revenues and direct expenses were $0.1 million and
$42,000,  respectively,  for  the  three months ended June 30, 2002, compared to
$0.1  million  and  $0.1  million, respectively, during the same period of 2001.

Marine  vessel:  The  Partnership  sold the remaining owned marine vessel during
2001.  Marine  vessel  lease  revenues  and  direct  expenses were $-0- and $0.1
million,  respectively,  for  the  three  months  ended  June  30,  2001.

(B)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total indirect expenses of $1.8 million for the three months ended June 30, 2002
decreased  from $2.0 million for the same period in 2001.  Significant variances
are  explained  as  follows:

     (i)     A  $0.9  million decrease in depreciation and amortization expenses
from  2001  levels  reflects the decrease of $0.8 million resulting from certain
assets  being fully depreciated during 2001 and a decrease of approximately $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;

     (ii)     A  $0.1  million  decrease  in management fees was the result of a
decrease of $30,000 due to lower lease revenues earned and a decrease of $28,000
due to higher provision for bad debts during the second quarter of 2002 compared
to  2001;

     (iii)     A  $42,000  decrease in interest expense from 2001 levels was due
to  the  payoff  of  all of the Partnership's outstanding debt during the second
quarter  of  2001;

     (iv)     A  $0.1  million  increase  in general and administrative expenses
during  the three months ended June 30, 2002 resulted from higher administrative
and  professional  services;  and

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

(C)     Interest  and  Other  Income

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

(D)     Net  Gain  on  Disposition  of  Owned  Equipment

The  net  gain  on  the  disposition of equipment for the second quarter of 2002
totaled  $29,000,  and  resulted from the sale of marine containers and railcars
with  an  aggregate  net book value of $18,000 for proceeds of $47,000.  The net
gain  on  the  disposition  of  equipment for the second quarter of 2001 totaled
$18,000,  and  resulted from the sale of marine containers with a net book value
of  $15,000  for  proceeds  of  $33,000.

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

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


                                                              For the Three Months
                                                                  Ended June 30,
                                                               2002           2001
                                                               ===================
<S>                                       <C>                   <C>     <C>   <C>
Aircraft                                                        $  20         $ 74
Marine vessels                                                   (177)         394
                                                                ------        ----
    Equity in net income (loss) of USPEs                        $(157)        $468
                                                                ======        ====
</TABLE>


Aircraft:  As  of  June  30, 2002 and 2001, the Partnership had an interest in a
trust  owning  two  commercial  aircraft  on a direct finance lease.  During the
three  months  ended  June  30, 2002, the contribution from this trust decreased
$0.1  million due to the leases for the aircraft in the trust being renegotiated
at  a  lower  rate.

Marine  vessels:  As  of June 30, 2002 and 2001, the Partnership owned interests
in two entities each owning a marine vessel.  During the second quarter of 2002,
lease  revenues  of  $1.3  million  were  offset by depreciation expense, direct
expenses and administrative expenses of $1.4 million.  During the same period of
2001, lease revenues of $2.0 million were offset by depreciation expense, direct
expenses  and  administrative  expenses  of  $1.6  million.

Lease  revenues  decreased  $0.8  million during the three months ended June 30,
2002  primarily  due to a decrease in voyage charter lease rates compared to the
same  period  of  2001.



Depreciation  expense,  direct  expenses,  and administrative expenses decreased
$0.2  million  during  the three months ended June 30, 2002 compared to the same
period  of 2001.  The decrease in direct expenses of $0.2 million was due to the
marine vessels incurring lower repairs and maintenance of $0.3 million partially
offset  by  higher  operating  costs  of  $0.1  million.

(F)     Net  Income

As  a result of the foregoing, the Partnership's net income for the three months
ended  June  30,  2002  was $0.2 million, compared to net income of $1.0 million
during  the same period in 2001.  The Partnership's ability to acquire, operate,
and  liquidate  assets,  secure  leases,  and re-lease those assets whose leases
expire  is subject to many factors.  Therefore, the Partnership's performance in
the  second  quarter  of  2002  is not necessarily indicative of future periods.

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

(A)     Owned  Equipment  Operations

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


                                         For the Six Months
                                            Ended June 30,
                                        2002            2001
                                        ====================
<S>                <C>                 <C>     <C>   <C>
Aircraft                               $3,881        $4,261
Railcars                                  512           649
Marine containers                         121           216
Trailers                                   71            89
Marine vessel                              --          (348)
</TABLE>


Aircraft:     Aircraft  lease revenues and direct expenses were $3.9 million and
$26,000,  respectively, for the six months ended June 30, 2002, compared to $4.3
million and $29,000, respectively, during the same period of 2001.  The decrease
in  aircraft lease revenues of $0.4 million during the six months ended June 30,
2002  was  due  to  the  reduction in the lease rate on two of the Partnership's
owned  aircraft  compared  to  2001.

Railcars:  Railcar lease revenues and direct expenses were $0.8 million and $0.3
million,  respectively, for the six months ended June 30, 2002, compared to $1.0
million  and  $0.3  million,  respectively,  during  the same period of 2001.  A
decrease  in railcar lease revenues of approximately $0.1 million was due to the
increase  in  the  number of off-lease railcars during the six months ended June
30,  2002  compared  to  2001.  Additionally,  a  decrease of approximately $0.1
million  was due to certain railcars being released at a lower rate in 2002 than
the  rate  that  was  in  place  during  2001.

Marine  containers:     Marine container lease revenues and direct expenses were
$0.1  million  and $1,000, respectively, for the six months ended June 30, 2002,
compared to $0.2 million and $-0-, respectively, during the same period of 2001.
The  decrease in marine container contribution was due to the disposal of marine
containers  during  2002  and  2001.

Trailers:     Trailer  lease  revenues and direct expenses were $0.2 million and
$0.1  million,  respectively,  for  the six months ended June 30, 2002 and 2001.

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

(B)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses of $3.7 million for the six months ended June 30, 2002
decreased  from $4.2 million for the same period in 2001.  Significant variances
are  explained  as  follows:

     (i)     A  $1.7  million decrease in depreciation and amortization expenses
from  2001 levels was due to certain assets being fully depreciated during 2001;

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

     (iii)     A  $0.1  million  decrease in general and administrative expenses
during the six months ended June 30, 2002 resulted from lower allocations by the
General  Partner  for  office  services  and  data  processing  services;

     (iv)     A  $0.1  million  decrease  in management fees was the result of a
decrease  of  $0.1  million due to lower lease revenues earned and a decrease of
$0.1  million  due to higher provision for bad debts during the six months ended
June  30,  2002  compared  to  2001;  and

     (v)     A $1.5 million increase in the provision for bad debts was based on
the  General  Partner's evaluation of the collectability of receivables compared
to  2001.  The provision for bad debts recorded in the six months ended June 30,
2002  of  $1.5  million  was  primarily  related  to  one  aircraft  lessee.

(C)     Interest  and  Other  Income

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

(D)     Net  Gain  on  Disposition  of  Owned  Equipment

The net gain on the disposition of owned equipment for the six months ended June
30,  2002  totaled $0.1 million, and resulted from the sale of marine containers
and  railcars  with  an aggregate net book value of $46,000 for proceeds of $0.1
million.  The  net gain on the disposition of owned equipment for the six months
ended June 30, 2001 totaled $1.2 million, and resulted from the sale of a marine
vessel,  marine containers, and a railcar with a net book value of $1.4 million,
for  proceeds  of  $2.6  million.

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

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


                                                              For the Six Months
                                                                 Ended June 30,
                                                              2002          2001
                                                              ==================
<S>                                       <C>                 <C>     <C>   <C>
Aircraft                                                      $  45         $148
Marine vessels                                                 (404)         697
                                                              ------        ----
    Equity in net income (loss) of USPEs                      $(359)        $845
                                                              ======        ====
</TABLE>


Aircraft:  As  of  June  30, 2002 and 2001, the Partnership had an interest in a
trust  owning two commercial aircraft on a direct finance lease.  During the six
months  ended  June  30,  2002,  the contribution from this trust decreased $0.1
million  due to the leases for the aircraft in the trust being renegotiated at a
lower  rate.

Marine  vessels:  As  of June 30, 2002 and 2001, the Partnership owned interests
in  two  entities each owning a marine vessel.  During the six months ended June
30,  2002,  lease  revenues of $2.3 million were offset by depreciation expense,
direct  expenses  and  administrative expenses of $2.7 million.  During the same
period  of  2001,  lease  revenues  of  $3.8 million were offset by depreciation
expense,  direct  expenses  and  administrative  expenses  of  $3.1  million.

Lease  revenues decreased $1.5 million during the six months ended June 30, 2002
primarily  due  to a decrease in voyage charter lease rates compared to the same
period  of  2001.

Depreciation  expense,  direct  expenses,  and administrative expenses decreased
$0.4  million  during  the  six  months ended June 30, 2002 compared to the same
period  of  2001.  A  decrease in direct expenses of $0.4 million was due to the
marine  vessels incurring lower repairs and maintenance of $0.3 million and $0.1
million  caused  by  the  double-declining  balance method of depreciation which
results  in  greater  depreciation  in  the  first  years  an  asset  is  owned.

(F)     Net  Income

As  a  result  of the foregoing, the Partnership's net income for the six months
ended  June  30,  2002  was $0.7 million, compared to net income of $2.7 million
during  the same period in 2001.  The Partnership's ability to acquire, operate,
and  liquidate  assets,  secure  leases,  and re-lease those assets whose leases
expire  is subject to many factors.  Therefore, the Partnership's performance in
the  six  months  ended  June  30,  2002 is not necessarily indicative of future
periods.

(II)     CRITICAL  ACCOUNTING  POLICIES  AND  ESTIMATES

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

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

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

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

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

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

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

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

For  the  six months ended June 30, 2002, the Partnership generated $3.1 million
in  operating  cash  (net  cash  provided  by  operations  plus  non-liquidating
distributions from USPEs) to meet its operating obligations and maintain working
capital  reserves.

During  the  six  months  ended June 30, 2002, the Partnership disposed of owned
equipment  and  received  aggregate  proceeds  of  $0.1  million.

Restricted  cash  increased during the six months ended June 30, 2002 due to the
deposit  of  $0.1  million  into an escrow account related to collection efforts
from  an  aircraft  lessee.

Accounts  receivable  decreased  $0.2  million  in the six months ended June 30,
2002.  This  decrease was due to increase in the allowance for bad debts of $1.5
million  due  to  the  General  Partner's  evaluation  of  the collectibility of
accounts  receivable.  This decrease was partially offset by an increase of $1.3
million  during  the  six  months  ended June 30, 2002 due to the timing of cash
receipts.

Investments in USPEs decreased $1.0 million during the six months ended June 30,
2002 due to cash distributions of $0.6 million to the Partnership from the USPEs
and  a  $0.4  million  loss  that was recorded by the Partnership for its equity
interests  in  the  USPEs.

Accounts  payable  decreased  $0.3  million during the six months ended June 30,
2002 due to the payment of $0.2 million to the purchasing agent for the purchase
of  Partnership  units  that  was accrued at December 31, 2001 and a decrease of
$0.1  million  due  to  the  timing  of  payments  to  vendors.

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by the Partnership, PLM Equipment Growth Fund VI, PLM Equipment Growth &
Income  Fund  VII, Professional Lease Management Income Fund I, LLC and Acquisub
LLC,  a wholly owned subsidiary of PLMI.  The facility provides for financing up
to  100%  of  the cost of the equipment.  Outstanding borrowings by one borrower
reduce  the  amount available to each of the other borrowers under the facility.
Individual  borrowings  may  be  outstanding for no more than 270 days, with all
advances  due no later than June 30, 2003.  Interest accrues either at the prime
rate  or  LIBOR  plus 2.0% at the borrower's option and is set at the time of an
advance  of  funds.  Borrowings  by the Partnership are guaranteed by PLMI.  The
Partnership  is  not  liable  for  the  advances  made  to  the other borrowers.

As  of August 13, 2002, the Partnership had no borrowings outstanding under this
facility  and  there were no other borrowings outstanding under this facility by
any  other  eligible  borrower.

(IV)     OUTLOOK  FOR  THE  FUTURE

Several  factors  may  affect the Partnership's operating performance during the
remainder  of  2002  and  beyond,  including  changes  in  the  markets  for the
Partnership's  equipment and changes in the regulatory environment in which that
equipment  operates.




The Partnership's operation of a diversified equipment portfolio in a broad base
of  markets  is  intended  to  reduce  its  exposure to volatility in individual
equipment  sectors.

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

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

(2)     Railcar loadings in North America for the six months ended June 30, 2002
were  below those of 2001.  This decrease has led to lower utilization and lower
contribution to the Partnership as existing leases expire and renewal leases are
negotiated;

(3)     Marine  vessel freight rates are dependent upon the overall condition of
the  international  economy.  Freight  rates  earned by the Partnership's marine
vessel  began  to  decrease during the latter half of 2001 and through the first
six  months of 2002.  This trend is expected to continue through the latter half
of  2002  or  until  international  economies  stabilize  and  begin to improve;

(4)     Industry  wide  utilization of inter-modal trailers decreased 12% during
the  six  months  ended  June  30, 2002 compared to 2001.  This has led to lower
utilization of the Partnership's trailers as existing leases expire and may lead
to  lower  utilization  during  the  remainder  of  2002;  and

(5)     The  airline  industry  began to see lower passenger travel during 2001.
The  tragic events on September 11, 2001 worsened the situation.  As a result of
this and the general turmoil in the airline industry, the Partnership has had to
renegotiate  leases  on  its  owned  aircraft  and partially owned aircraft on a
direct  finance  lease  during  2001  that will result in a decrease in revenues
during  2002.

In addition, these events have had a negative impact on the fair market value of
the  Partnership's owned and partially owned aircraft.  Although no revaluations
were required during 2002 to these aircraft, the General Partner does not expect
these  aircraft  values  to  return  to  their previous value in the foreseeable
future.

During  2001,  the  lessee of three Stage II Boeing 737-200 commercial aircraft,
notified  the  General  Partner  of its intention to return these aircraft.  The
lessee  is  located  in  Brazil,  a  country  currently  experiencing  economic
difficultly.  As  of  June  30,  2002,  the  lessee  has  not remitted ten lease
payments  due  to  the Partnership.  The Partnership has a security deposit from
this  lessee  that  could  be  used  to pay a portion of the amount due.  During
October  2001, the General Partner sent a notification of default to the lessee.
The lease, with an expiration date of October 2002, has certain return condition
requirements  for  each aircraft.  The General Partner has recorded an allowance
for  bad  debts for the amount due less the security deposit and is uncertain of
the  collectibility  of  this  receivable.

The  Partnership  also  owns  two  DHC-8-102  commuter aircraft on lease through
February  2003  to  Allegheny  Airlines,  Inc.,  a wholly owned subsidiary of US
Airways, both of which declared bankruptcy on August 11, 2002. At June 30, 2002,
Allegheny  Airlines, Inc. has no outstanding receivables due to the Partnership.
The  General  Partner  is  unable  to determine the impact this will have on the
Partnership  at  this  time.


The  ability  of  the  Partnership  to  realize  acceptable  lease  rates on its
equipment in the different equipment markets is contingent on many factors, such
as specific market conditions and economic activity, technological obsolescence,
and  government  or  other  regulations.  The  unpredictability of some of these
factors,  or  of their occurrence, makes it difficult for the General Partner to
clearly  define  trends  or  influences  that  may impact the performance of the
Partnership's  equipment.  The  General  Partner  continually  monitors both the
equipment  markets  and  the performance of the Partnership's equipment in these
markets.  The General Partner may decide to reduce the Partnership's exposure to
equipment  markets in which it determines it cannot operate equipment to achieve
acceptable  rates  of  return.  Alternatively,  the  General  Partner may make a
determination  to enter equipment markets in which it perceives opportunities to
profit  from  supply/demand  instabilities  or  other  market  imperfections




The  Partnership  may  reinvest  its cash flow, surplus cash, and equipment sale
proceeds  in  additional  equipment,  consistent  with  the  objectives  of  the
Partnership,  until  December 31, 2004.  The General Partner believes that these
acquisitions  may cause the Partnership to generate additional earnings and cash
flow  for the Partnership.  Surplus funds, if any, less reasonable reserves, may
be  distributed to the partners.  The Partnership will terminate on December 31,
2010,  unless terminated earlier upon sale of all equipment and by certain other
events.

(V)     FORWARD-LOOKING  INFORMATION

Except  for the historical information contained herein, this Form 10-Q contains
forward-looking  statements  that  involve  risks  and  uncertainties,  such  as
statements of the Partnership's plans, objectives, expectations, and intentions.
The  cautionary  statements  made  in  this  Form  10-Q  should be read as being
applicable  to  all  related  forward-looking statements wherever they appear in
this  Form  10-Q.  The Partnership's actual results could differ materially from
those  discussed  here.

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

The  Partnership's  primary market risk exposure is that of currency devaluation
risk.  During the six months ended June 30, 2002, 89% of the Partnership's total
lease  revenues  from wholly- and partially-owned equipment came from non-United
States  domiciled  lessees.  Most of the Partnership's leases require payment in
United  States (U.S.) currency.  If these lessees' currency devalues against the
U.S.  dollar,  the  lessees could potentially encounter difficulty in making the
U.S.  dollar  denominated  lease  payments.


<PAGE>

                           PART II - OTHER INFORMATION


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

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


10.1     Third amendment to the Warehouse Credit Agreement, dated July 11, 2002.

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

None.



<PAGE>

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.



                                     PLM  EQUIPMENT  GROWTH  FUND  V

                                     By: PLM  Financial  Services,  Inc.
                                         General  Partner



Date:     August  13,  2002              By: /s/  Stephen  M.  Bess
                                            -----------------------
                                            Stephen  M.  Bess
                                            President  and
                                            Current  Chief  Accounting  Officer




CERTIFICATION

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



                                   PLM  EQUIPMENT  GROWTH  FUND  V

                                   By: PLM  Financial  Services,  Inc.
                                       General  Partner



Date:  August  13,  2002               By: /s/  Stephen  M.  Bess
                                           ----------------------
                                           Stephen  M.  Bess
                                           President  and
                                           Current  Chief  Accounting  Officer




Date:  August  13,  2002               By: /s/  James  A.  Coyne
                                           ---------------------
                                           James  A.  Coyne
                                           Chief  Financial  Officer