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 March 31, 1997.


       [  ]   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 33-32258
                             -----------------------



                           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.)

One Market, Steuart Street Tower
 Suite 800, San Francisco, CA                              94105-1301
   (Address of principal                                   (Zip code)
     executive offices)


        Registrant's telephone number, including area code (415) 974-1399
                             -----------------------


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



<PAGE>



                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)

                                 BALANCE SHEETS
                       (in thousands, except unit amounts)

                                     ASSETS
<TABLE>
<CAPTION>


                                                                             March 31,         December 31,
                                                                             1997                 1996
                                                                         -----------------------------------

   <S>                                                                   <C>                  <C>        
   Equipment held for operating leases                                   $   148,920          $   155,004
   Less accumulated depreciation                                             (81,195 )            (81,541 )
                                                                         -----------------------------------
                                                                              67,725               73,463
   Equipment held for sale                                                     1,658                   --
                                                                         -----------------------------------
     Net equipment                                                            69,383               73,463

   Cash and cash equivalents                                                   2,686                4,662
   Restricted cash                                                               592                  553
   Investments in unconsolidated special purpose entities                     11,101               12,673
   Accounts and note receivable, net of allowance for doubtful
     accounts of $575 in 1997 and $184 in 1996                                 3,774                3,508
   Net investment in direct finance lease                                      2,183                2,282
   Prepaid expenses and other assets                                             491                  557
   Deferred charges, net of accumulated amortization of
     $735 in 1997 and $684 in 1996                                               650                  721
                                                                         -----------------------------------

   Total assets                                                          $    90,860          $    98,419
                                                                         ===================================


                    LIABILITIES AND PARTNERS' CAPITAL


   Liabilities:

     Accounts payable and accrued expenses                               $     1,164          $     1,060  
     Due to affiliates                                                           405                  699
     Lessee deposits and reserve for repairs                                   4,277                3,901
     Short term note payable                                                   1,063                2,463
     Note payable                                                             36,500               38,000
                                                                         -----------------------------------
           Total liabilities                                                  43,409               46,123

   Partners' capital:

   Limited partners (9,123,174 depositary units at March 31,
     1997 and 9,169,019 at December 31, 1996)                                 47,451               52,296
   General Partner                                                                --                   --
                                                                         -----------------------------------
       Total partners' capital                                                47,451               52,296
                                                                         -----------------------------------

   Total liabilities and partner's capital                               $    90,860          $    98,419 
                                                                         ===================================

</TABLE>


                       See accompanying notes to financial
                                  statements.



<PAGE>



                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)

                            STATEMENTS OF OPERATIONS
                (in thousands of dollars except per unit amounts)
<TABLE>
<CAPTION>


                                                                             For the Three Months
                                                                                Ended March 31,
                                                                             1997             1996
                                                                         ------------------------------

   <S>                                                                   <C>              <C>       
   Revenues:

     Lease revenue                                                       $     7,868      $    7,961
     Interest and other income                                                   150             192
     Net gain on disposition of equipment                                         78              52
                                                                         ------------------------------
         Total revenues                                                        8,096           8,205

   Expenses:

     Depreciation and amortization                                             4,119           3,146
     Management fees to affiliate                                                376             406
     Repairs and maintenance                                                     667             588
     Interest expense                                                            667             690
     Marine equipment operating expenses                                       1,786           2,133
     Insurance expense to affiliate                                              259             198
     Other insurance expense                                                     196             341
     General and administrative expenses
       to affiliates                                                             248             149
     Other general and administrative expenses                                   135             136
     Bad debt expense                                                            338              26
                                                                         ------------------------------
                                                                         ------------------------------
                                                                               8,791           7,813
                                                                         ------------------------------

   Equity in net income (loss) of unconsolidated
     special purpose entities                                                    149            (344 )
                                                                         ------------------------------

   Net income (loss)                                                     $      (546 )    $       48
                                                                         ==============================

   Partners' share of net income (loss):

     Limited partners                                                    $      (739 )    $     (194 )
     General Partner                                                             193             242
                                                                         ------------------------------

   Total                                                                 $      (546 )    $       48
                                                                         ==============================

   Net income (loss) per weighted-average depositary unit
     (9,160,485 units at March 31, 1997,
      9,178,269 units at March 31, 1996)                                 $     (0.08)     $    (0.02 ) 
                                                                         ==============================

   Cash distributions                                                    $     3,861      $    4,829
                                                                         ==============================

   Cash distributions per weighted-average depositary unit               $      0.40      $     0.50
                                                                         ==============================
</TABLE>


                       See accompanying notes to financial
                                  statements.


<PAGE>



                           PLM EQUIPMENT GROWTH FUND V
                            ( A Limited Partnership)

                 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL For
               the period from December 31, 1995 to March 31, 1997
                                 (in thousands)
<TABLE>
<CAPTION>



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

   <S>                                                     <C>                   <C>                 <C>       
   Partners' capital at December 31, 1995                  $    58,017           $    --             $   58,017

   Net income                                                   11,524               917                 12,441

   Repurchase of depositary units                                  (79 )              --                    (79 )

   Cash distributions                                          (17,166 )            (917 )              (18,083 )
                                                           -------------------------------------------------------

   Partners' capital at December 31, 1996                       52,296                --                 52,296

   Net income (loss)                                              (739 )             193                   (546 )

   Repurchase of depositary units                                 (438 )              --                   (438 )

   Cash distributions                                           (3,668 )            (193 )               (3,861 )
                                                           -------------------------------------------------------

   Partners' capital at March 31, 1997                     $    47,451           $    --             $   47,451
                                                           =======================================================

</TABLE>



























                       See accompanying notes to financial
                                  statements.


<PAGE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                            STATEMENTS OF CASH FLOWS
                                 (in thousands)
<TABLE>
<CAPTION>
                                                                                    For the Three Months
                                                                                       Ended March 31,
                                                                                   1997          1996
                                                                               ------------------------------
  <S>                                                                           <C>           <C>       
  Operating activities:
  Net income (loss)                                                             $    (546 )   $       48
    Adjustments to reconcile net income (loss)
        to net cash provided by operating activities:
      Net gain on disposition of equipment                                            (78 )          (52 )
      Equity in net (income) loss from
         unconsolidated special purpose entities                                     (149 )          344
      Depreciation and amortization                                                 4,119          3,146
      Changes in operating assets and liabilities:
        Restricted cash                                                               (39 )           --
        Accounts and note receivable, net                                            (174 )         (144 )
        Prepaid expenses                                                               66            106
        Accounts payable and accrued expenses                                          88             47
        Due to affiliates                                                            (294 )            1
        Lessee deposits and reserve for repairs                                       392           (484 )
                                                                                -----------------------------
  Net cash provided by operating activities                                         3,385          3,012
                                                                                -----------------------------

  Investing activities:
    Payments for capital improvements                                                 (73 )          (64 )
    Investment in and equipment purchased and placed in
       unconsolidated special purpose entities                                         --         (5,610 )
    Distributions from unconsolidated special purpose entities                      1,720          1,567
    Principal payments received on direct finance lease                                --             76
    Proceeds from disposition of equipment                                            192            435
                                                                                -----------------------------
  Net cash provided (used in) by investing activities                               1,839         (3,596 )
                                                                                -----------------------------

  Financing activities:
    Payment for loan costs                                                             (1 )           --
    Proceeds from short-term note payable                                              --          5,610
    Payments of short-term note payable                                            (1,400 )           --
    Payments of note payable                                                       (1,500 )           --
    Cash distributions paid to General Partner                                       (193 )         (242 )
    Cash distributions paid to limited partners                                    (3,668 )       (4,587 )
    Repurchase of depositary units                                                   (438 )          (76 )
                                                                                -----------------------------
  Net cash used in financing activities                                            (7,200 )          705
                                                                                -----------------------------

  Net (decrease) increase in cash and cash equivalents                             (1,976 )          121
  Cash and cash equivalents at beginning of period                                  4,662          5,583
                                                                                =============================
  Cash and cash equivalents at end of period                                    $   2,686     $    5,704
                                                                                =============================

  Supplemental information:
    Interest paid                                                               $     702     $      722
                                                                                =============================

</TABLE>



                       See accompanying notes to financial
                                  statements.


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997

1.   Opinion of Management

     In the opinion of the  management of PLM Financial  Services,  Inc. (FSI or
the General Partner),  the accompanying  unaudited financial  statements contain
all adjustments necessary, consisting primarily of normal recurring accruals, to
present  fairly the  financial  position  of PLM  Equipment  Growth  Fund V (the
Partnership)  as of March 31, 1997 and  December  31, 1996,  the  statements  of
operations for the three months ended March 31, 1997 and 1996; the statements of
cash  flows  for the  three  months  ended  March  31,  1997 and  1996,  and the
statements of changes in partners'  capital for the period  December 31, 1995 to
March 31, 1997. Certain information and footnote  disclosures  normally included
in  financial   statements   prepared  in  accordance  with  generally  accepted
accounting  principles  have been  condensed  or omitted  from the  accompanying
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,  1996,  on file at the
Securities and Exchange Commission.

2.   Reclassification

Certain  amounts in the 1996  financial  statements  have been  reclassified  to
conform to the 1997 presentation.

3.   Repurchase of Depositary Units

Pursuant  to  the  Partnership   repurchase  plan  at  December  31,  1996,  the
Partnership agreed to repurchase  approximately  120,000 depositary units for an
aggregate purchase price of $1.2 million.  As of March 31, 1997, the Partnership
has repurchased  46,000  depositary units for $0.4 million.  The General Partner
anticipates  that the remaining units will be repurchased  during the next three
months.

4.   Cash Distributions

Cash distributions are recorded when paid and totaled $3.9 million for the three
months ended March 31, 1997. Cash distributions to limited partners in excess of
net income are considered to represent a return of capital.  Cash  distributions
to the limited  partners of $3.7  million  and $4.6 for the three  months  ended
March 31,  1997 and 1996,  respectively,  were deemed to be a return of capital.
Cash  distributions  related to the results from the first  quarter of 1997,  of
$2.7 million,  were paid or are payable during April and May 1997,  depending on
whether the individual limited partner elected to receive a monthly or quarterly
distribution check.

5.   Investments in Unconsolidated Special Purpose Entities

The net investments in  unconsolidated  special purpose entities (USPEs) include
the following  jointly-owned  equipment (and related assets and liabilities) (in
thousands):
<TABLE>
<CAPTION>

                                                                                      March 31,        December 31,
                                                                                         1997             1996
    ---------------------------------------------------------------------------------------------------------------
       <S>                                                                          <C>               <C>       
       50% interest in an entity owning a bulk carrier                              $    2,960        $    3,196
       50% interest in an entity owning a product tanker                                 1,839             2,144
       25% interest in two commercial aircraft on direct finance lease                   2,887             2,768
       17% interest in two trusts owning three commercial aircraft, two
                aircraft engines, and a portfolio of aircraft rotables                   3,415             4,565
                                                                                    -----------       -----------
       Net investments                                                              $   11,101        $   12,673
                                                                                    ===========       ===========

</TABLE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997

6.   General Partner and Transactions with Affiliates

Partnership  management fees payable to an affiliate of the General Partner were
$658,000 and $952,000 at March 31, 1997 and December 31, 1996, respectively. The
Partnership's  proportional share of USPE-affiliated management fees of $(7,000)
and  $26,000  were  payable  as  of  March  31,  1997  and  December  31,  1996,
respectively. The Partnership's proportional share of USPE-affiliated management
fees  expense  during the three months ended March 31, 1997 and 1996 was $77,000
and $67,000,  respectively.  The Partnership's  proportional  share of USPE data
processing  and  administrative  expenses to affiliates  was $17,000 and $11,000
during  the three  months  ended  March 31,  1997 and  1996,  respectively.  The
Partnership's  proportional  share of USPEs paid $92,000 and $58,000  during the
three  months  ended March 31, 1997 and 1996,  respectively,  to  Transportation
Equipment Indemnity Company, Ltd. (TEI) which provides marine insurance coverage
for Partnership equipment and other insurance brokerage services.
TEI is an affiliate of the General Partner.

     The  Partnership's   proportional  share  of  USPE  lease  negotiation  and
equipment  acquisition  fees of $0.3  million  were  incurred  to PLM  Worldwide
Management Services (WMS) during the three months ended March 31, 1996, and none
were incurred  during the same period of 1997. WMS is a wholly owned  subsidiary
of PLM International, Inc.

     The balance due to affiliates at March 31, 1997,  includes $0.7 million due
to FSI and its  affiliates  for  management  fees  and  $0.3  million  due  from
affiliated  USPEs. The balance due to affiliates at December 31, 1996,  includes
$1.0 million due to FSI and its affiliates for management  fees and $0.3 million
due from affiliated USPEs.

7.   Equipment

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

                                                  March 31,         December 31,
       Equipment held for operating leases         1997                1996
   ------------------------------------------------------------------------------
   <S>                                         <C>                 <C>        
   Aircraft                                    $   51,353          $    57,205
   Marine vessels                                  52,259               52,259
   Trailers                                         9,667                9,683
   Marine containers                               24,189               24,451
   Rail equipment                                  11,452               11,406
                                               -----------         ------------
                                                  148,920              155,004
   Less accumulated depreciation                  (81,195 )            (81,541 )
                                               -----------         ------------
                                                   67,725               73,463
   Equipment held for sale                          1,658                   --
                                               -----------         ------------
     Net equipment                             $   69,383          $    73,463
                                               ===========         ============

</TABLE>

     As of March 31,  1997,  all of the  equipment  was on lease or operating in
PLM-affiliated  short-term trailer rental facilities,  except for a railcar.  At
December  31,  1996,  all  of  the  equipment  was  on  lease  or  operating  in
PLM-affiliated short-term trailer rental facilities, except for 14 railcars. The
net book value of the  equipment off lease was $15,000 and $0.2 million at March
31, 1997 and December 31, 1996, respectively.

     At March  31,  1997,  an  aircraft  engine,  with a net book  value of $1.7
million,  is currently on lease and subject to a pending sale for $2.0  million.
This aircraft engine is classified as held for sale.


<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997

7.   Equipment (continued)

     During the three months ended March 31, 1997, the  Partnership  disposed of
marine  containers,  railcars and trailers  with an aggregate  net book value of
$114,000 for $192,000.

     During the three months ended March 31, 1996, the  Partnership  disposed of
marine  containers and railcars with an aggregate net book value of $383,000 and
received proceeds of $435,000.

8.   Debt

As of March 31, 1997,  the  Partnership  had borrowings of $1.1 million with the
short-term  joint $50 million credit facility and American  Finance Group,  Inc.
had $22.5 million in outstanding  borrowings.  Neither PLM Equipment Growth Fund
IV, PLM  Equipment  Growth  Fund VI,  PLM  Equipment  Growth & Income  Fund VII,
Professional Lease Management Income Fund I, L.L.C., nor TEC Acquisub,  Inc. had
any outstanding borrowings.

9.   Contingencies

As more fully  described by the  Partnership in its Form 10-K for the year ended
December 31, 1996,  PLM  International,  Inc. and various of its  affiliates are
named as  defendants in a lawsuit filed as a class action on January 22, 1997 in
the Circuit Court of Mobile County,  Mobile,  Alabama (Case No.  CV-97-251).  On
February 3, 1997,  the state court filed an Order  conditionally  certifying the
class  pursuant  to the  provisions  of Rule 23 of the  Alabama  Rules  of Civil
Procedure  (ARCP),  as  requested by  plaintiffs  in an ex parte motion filed on
January 22, 1997.  Defendants were not given notice of the motion, nor were they
given an  opportunity  to be heard  regarding  the  issue of  conditional  class
certification. The Order specifies that the class shall consist of (with certain
narrow   exceptions)  all  purchasers  of  limited   partnership  units  in  the
Partnership, PLM Equipment Growth Fund IV, PLM Equipment Growth Fund VI, and PLM
Equipment  Growth & Income Fund VII. In issuing the Order,  the court emphasized
that the certification is conditional in accordance with Rule 23(d) of the ARCP,
and that the plaintiffs  will bear the burden of proving each requisite  element
of  Rule  23 at the  time of the  evidentiary  hearing  on the  issue  of  class
certification.  To date, no such hearing date has been set. The defendants filed
a Notice of Removal of the  lawsuit  from the state  court to the United  States
District Court for the Southern  District of Alabama,  Southern  Division (Civil
Action No.  97-0177-BH-C)  on March 6, 1997,  arguing that the parties are fully
diverse for the purposes of diversity jurisdiction pursuant to 28 U.S.C. Section
1441.  The  plaintiffs  filed a motion to remand  the class  action to the state
court,  and defendants have responded to this motion.  Defendants do not need to
respond to the  complaint  until after the federal  court  decides the motion to
remand.  PLM  International,  Inc.  believes the  allegations  to be  completely
without merit and intends to defend this matter vigorously.










                      (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 the Partnership's Operating Results for the Three Months Ended 
March 31, 1997 and 1996

(A)  Owned Equipment Operations

Lease revenues less direct expenses (defined as repairs and maintenance,  marine
equipment operation,  and asset-specific  insurance expenses) on owned equipment
decreased  during the three months ended March 31,  1997,  when  compared to the
same quarter of 1996. The following table presents revenues less direct expenses
by owned equipment type (in thousands):
<TABLE>
<CAPTION>

                                                                            For the Three Months
                                                                               Ended March 31,
                                                                            1997             1996
                                                                         ----------------------------
   <S>                                                                   <C>             <C>      
   Aircraft and aircraft engines                                         $  2,438        $   1,305
   Marine vessels                                                           1,055              970
   Trailers                                                                   423              335
   Rail equipment                                                             584              482
   Mobile offshore drilling unit                                               --              651
   Marine containers                                                          471              975

</TABLE>

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.5 million and
$20,000,  respectively,  for the three months ended March 31, 1997,  compared to
$1.3  million and  $12,000,  respectively,  during the same period of 1996.  The
increase  in aircraft  contribution  was due to the  transfer of two  commercial
aircraft into the  Partnership  from  unconsolidated  special  purpose  entities
(USPEs) and the purchase of three  commercial  aircraft and a commuter  aircraft
during the second and third quarters of 1996.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $3.7
million and $2.6  million,  respectively,  for the three  months ended March 31.
1997, compared to $4.0 million and $3.1 million,  respectively,  during the same
period of 1996. The increase in marine vessel  contribution was primarily due to
lower  voyage  costs and lower  drydock  expenses,  offset in part by the marine
vessels  earning  lower  lease  rates  during the first  quarter  of 1997,  when
compared to the same period of 1996.

Trailers:  Trailer lease revenues and direct expenses were $0.6 million and $0.2
million,  respectively,  for the three months ended March 31, 1997,  compared to
$0.4  million and  $34,000,  respectively  during the same  period of 1996.  The
number of trailers that  transitioned to the  PLM-affiliated  short-term  rental
yards  increased  during 1996 resulting in a larger number of the  Partnership's
trailers  operating in the rental yards during 1997,  when  compared to the same
period of 1996.  Trailers  earned  higher  lease rates  while in the  affiliated
short-term  rental  yard than they  earned  during the same period of 1996 while
they were on term lease;  however, the trailers also incurred higher maintenance
costs due to the standards set for a rental-ready unit.

Rail  equipment:  Rail equipment  lease  revenues and direct  expenses were $0.6
million and  $42,000,  respectively,  for the three months ended March 31, 1997,
compared to $0.6 million and $0.1 million, respectively,  during the same period
of 1996.  Although the railcar fleet remained  relatively the same size for both
quarters,  the  increase  in railcar  contribution  resulted  from a decrease in
running repairs required on certain of the railcars in the fleet during 1997.

Mobile offshore  drilling unit: The elimination of the mobile offshore  drilling
unit  contribution  during 1997 was due to the sale of this equipment during the
second quarter of 1996.

Marine containers: Marine container lease revenues and direct expenses were $0.5
million and $5,000,  respectively,  for the three  months  ended March 31, 1997,
compared to $1.0  million and $7,000,  respectively  during the same  quarter of
1996.  The  number  of  marine  containers  owned  by the  Partnership  has been
declining over the past 12 months due to sales and  dispositions.  The result of
this declining fleet has been a decrease in marine container contribution.


(B)  Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $5.9  million for the quarter  ended March 31, 1997
increased  from  $4.6  million  for the same  period  in 1996.  The  significant
variances are explained as follows:

     (a) A $1.0 million increase in depreciation and amortization  expenses from
1996 levels  reflects the purchase of three  commercial  aircraft and a commuter
aircraft,  and the transfer of two  commercial  aircraft from USPEs during 1996,
offset in part by the double-declining balance method of depreciation.

     (b) A $0.1  million  increase  in  administrative  expenses  was due to the
additional  allocation of rental yard costs incurred due to the increased number
of trailers in the PLM-affiliated short-term rental yards.

     (c) A $0.3 million  increase in bad debt expenses was due to an increase in
uncollectable amounts due from certain lessees.

(C)  Net Gain on Disposition of Owned Equipment

The net gain on the  disposition  of  equipment  for the first  quarter  of 1997
totaled $78,000,  which resulted from the sale of marine containers and trailers
with an aggregate net book value of $114,000,  for proceeds of $192,000. For the
first  quarter of 1996,  the $52,000 net gain on the  disposition  of  equipment
resulted  from the sale or disposal of marine  containers  and railcars  with an
aggregate net book value of $383,000, for proceeds of $435,000.

(D)  Interest and Other Income

Interest and other income  decreased  $42,000  during the first quarter of 1997,
and was due primarily to lower average cash  balances  available for  investment
throughout most of the quarter when compared to the same period of 1996.

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

Net income (loss) generated from the operation of jointly-owned assets accounted
for under the equity  method is shown in the following  table by equipment  type
(in thousands):
<TABLE>
<CAPTION>

                                                                            For the Three Months
                                                                               Ended March 31,
                                                                            1997             1996
                                                                         ----------------------------
   <S>                                                                   <C>              <C>        
   Aircraft                                                              $    308         $   (116 ) 
   Marine vessels                                                            (159 )           (228 )

</TABLE>

Aircraft:  As of March 31, 1997, the  Partnership  has an interest in two trusts
that own three commercial  aircraft,  two aircraft  engines,  and a portfolio of
aircraft  rotables  and also has an  interest  in two  commercial  aircraft on a
direct finance lease. As of March 31, 1996, the  Partnership  owned the interest
in the two trusts which own three commercial aircraft, two aircraft engines, and
a  portfolio  of  aircraft  rotables,  an  interest  in a trust which held seven
commercial  aircraft;  and had just  purchased  an interest in a trust that held
five  commercial  aircraft.  During the first quarter of 1997,  revenues of $0.6
million were offset by depreciation and administrative expenses of $0.3 million.
During the same period of 1996,  lease  revenues of $0.7  million were offset by
depreciation and administrative  expenses of $0.8 million. The decrease in lease
revenues and  administrative  expenses was due to the transfer of two commercial
aircraft  from  the  USPEs to the  Partnership,  and was  offset  in part by the
revenue earned from the direct finance lease.

Marine vessels: As of March 31, 1997 and 1996, the Partnership owned an interest
in two marine  vessels.  During  the first  quarter  of 1997,  revenues  of $0.8
million were offset by depreciation and administrative expenses of $1.0 million.
During  the same  period  of 1996,  revenues  of $0.8  million  were  offset  by
depreciation and administrative expenses of $1.1 million. The primary reason for
the  decrease  in  depreciation  and  administrative  expenses  was  due  to the
double-declining balance method of depreciation.

(F)  Net Income (Loss)

As a result of the foregoing,  the  Partnership's  net loss for the period ended
March 31, 1997 was $0.5 million,  compared to a net income of $48,000 during the
same period in 1996. The Partnership's  ability to operate and liquidate assets,
secure leases,  and re-lease those assets whose leases expire during the life of
the Partnership is subject to many factors and the Partnership's  performance in
the first quarter of 1997 is not necessarily  indicative of future  periods.  In
the first  quarter of 1997,  the  Partnership  distributed  $3.7  million to the
limited partners, or $0.40 per weighted-average depositary unit.

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

For the three months ended March 31, 1997, the Partnership  generated sufficient
operating  cash (net cash provided by operating  activities  plus  distributions
from unconsolidated  special purpose entities) to meet its operating obligations
and  maintain  the current  level of  distributions  (total for the three months
ended March 31, 1997 of approximately $3.9 million) to the partners.  During the
three months  ended March 31,  1997,  the General  Partner  sold  equipment  and
received proceeds of $0.2 million.

     The General Partner had entered into a short-term  joint $50 million credit
facility.  As of May 13, 1997, the  Partnership  had $1.1 million in outstanding
borrowings  and American  Finance  Group,  Inc. had $22.5  million.  Neither PLM
Equipment  Growth Fund IV, PLM Equipment  Growth Fund VI, PLM Equipment Growth &
Income Fund VII,  Professional  Lease Management Income Fund I, L.L.C.,  nor TEC
Acquisub, Inc. had any outstanding borrowings.

(III)    Outlook for the Future

Several factors may affect the Partnership's  operating  performance in 1997 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.

     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  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  equipment  markets in which it  determines  that it cannot  operate
equipment and achieve  acceptable  rates of return.  Alternatively,  the General
Partner  may  make a  determination  to  enter  equipment  markets  in  which it
perceives  opportunities  to profit from  supply/demand  instabilities  or other
market imperfections.

     The  Partnership  intends to use excess cash flow, if any, after payment of
expenses, loan principal, and cash distributions to acquire additional equipment
during the first  seven years of  Partnership  operations.  The General  Partner
believes  that  these   acquisitions  may  cause  the  Partnership  to  generate
additional earnings and cash flow for the Partnership.










<PAGE>



                           PART II - OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  None.

         (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:  May 13, 1997        By: /s/ David J. Davis
                               ------------------
                               David J. Davis
                               Vice President and
                               Corporate Controller