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, 2000


       [ ]   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.)

 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 ____








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

<TABLE>
<CAPTION>


                                                                                March 31,          December 31,
                                                                                2000                  1999
                                                                             ----------------------------------
  ASSETS

  <S>                                                                        <C>                  <C>
  Equipment held for operating lease, at cost                                $  103,950           $  102,326
  Less accumulated depreciation                                                 (74,163)             (72,847)
                                                                             -----------------------------------
    Net equipment                                                                29,787               29,479

  Cash and cash equivalents                                                       1,405                4,188
  Restricted cash                                                                   465                  441
  Accounts receivable, net of allowance for doubtful
      accounts of $64 in 2000 and $47 in 1999                                     1,878                2,187
  Investments in unconsolidated special-purpose entities                          9,285                9,633
  Deferred charges, net of accumulated amortization of
      $165 in 2000 and $148 in 1999                                                  85                  101
  Prepaid expenses and other assets                                                  47                   54
                                                                             -----------------------------------

        Total assets                                                         $   42,952           $   46,083
                                                                             ===================================

  LIABILITIES AND PARTNERS' CAPITAL

  Liabilities:

  Accounts payable and accrued expenses                                      $      649           $      501
  Due to affiliates                                                                 825                  304
  Lessee deposits and reserve for repairs                                         3,000                2,788
  Note payable                                                                   13,200               15,484
                                                                             -----------------------------------
      Total liabilities                                                          17,674               19,077
                                                                             -----------------------------------

  Partners' capital:

  Limited partners (9,066,161 limited partnership units as of
      March 31, 2000 and 9,067,911 as of December 31, 1999)                      25,278               27,006
  General Partner                                                                    --                   --
                                                                             -----------------------------------
      Total partners' capital                                                    25,278               27,006
                                                                             -----------------------------------

        Total liabilities and partners' capital                              $   42,952           $   46,083
                                                                             ===================================

</TABLE>












                 See accompanying notes to financial statements.



<PAGE>






                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                              STATEMENTS OF INCOME
         (in thousands of dollars, except weighted-average unit amounts)

<TABLE>
<CAPTION>
                                                                                    For the Three Months
                                                                                       Ended March 31,
                                                                                    2000              1999
                                                                                --------------------------------
  REVENUES

  <S>                                                                           <C>               <C>
  Lease revenue                                                                 $     5,689       $     4,833
  Interest and other income                                                              39                46
  Net gain on disposition of equipment                                                   42                60
                                                                                --------------------------------
      Total revenues                                                                  5,770             4,939
                                                                                --------------------------------

  EXPENSES

  Depreciation and amortization                                                       2,043             2,262
  Repairs and maintenance                                                               675               475
  Equipment operating expenses                                                        1,311               519
  Insurance expenses                                                                     49               123
  Management fees to affiliate                                                          278               241
  Interest expense                                                                      269               365
  General and administrative expenses to affiliates                                     223               249
  Other general and administrative expenses                                             205               125
  Provision for (recovery of) bad debts                                                  27                (8)
                                                                                --------------------------------
      Total expenses                                                                  5,080             4,351
                                                                                --------------------------------

  Equity in net income (loss) of unconsolidated special-purpose entities                (23)            1,507
                                                                                --------------------------------

        Net income                                                              $       667       $     2,095
                                                                                ================================

  PARTNERS' SHARE OF NET INCOME

  Limited partners                                                              $       548       $     1,976
  General Partner                                                                       119               119
                                                                                --------------------------------
  Total                                                                         $       667       $     2,095
                                                                                ================================
  Net income per weighted-average limited partnership unit                      $      0.06       $      0.22
                                                                                ================================
  Cash distribution                                                             $     2,386       $     1,656
                                                                                ================================
  Cash distribution per weighted-average limited partnership unit               $      0.25       $      0.17
                                                                                ================================

</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, 1998 TO MARCH 31, 2000
                            (in thousands of dollars)

<TABLE>
<CAPTION>


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

  <S>                                                      <C>                   <C>                 <C>
    Partners' capital as of December 31, 1998              $   34,406            $    --             $   34,406

  Net income                                                      824                478                  1,302

  Purchase of limited partnership units                           (85)                --                    (85)

  Cash distribution                                            (8,139)              (478)                (8,617)
                                                           -------------------------------------------------------

    Partners' capital as of December 31, 1999                  27,006                 --                 27,006

  Net income                                                      548                119                    667

  Purchase of limited partnership units                            (9)               --                      (9)

  Cash distribution                                            (2,267)              (119)                (2,386)
                                                           -------------------------------------------------------

    Partners' capital as of March 31, 2000                 $   25,278            $    --             $   25,278
                                                           =======================================================

</TABLE>






























                 See accompanying notes to financial statements.



<PAGE>




                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                            (in thousands of dollars)
<TABLE>
<CAPTION>

                                                                                      For the Three Months
                                                                                        Ended March 31,
                                                                                   2000          1999
                                                                               ----------------------------
OPERATING ACTIVITIES

 <S>                                                                            <C>           <C>
 Net income                                                                     $     667     $   2,095
 Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
   Depreciation and amortization                                                    2,043         2,262
   Net gain on disposition of equipment                                               (42)          (60)
   Equity in net (income) loss from unconsolidated
       special-purpose entities                                                        23        (1,507)
   Changes in operating assets and liabilities, net:
     Restricted cash                                                                  (24)           --
     Accounts receivable, net                                                         300          (240)
     Prepaid expenses and other assets                                                  7            39
     Accounts payable and accrued expenses                                            148           161
     Due to affiliates                                                                 21             4
     Lessee deposits and reserve for repairs                                          212          (125)
                                                                                ---------------------------
       Net cash provided by operating activities                                    3,355         2,629
                                                                                ---------------------------

 INVESTING ACTIVITIES

 Payments for purchase of equipment and capitalized improvements                   (2,463)           --
 Distribution from liquidation of unconsolidated special-purpose entity                --         3,553
 Distributions from unconsolidated special-purpose entities                           325           271
 Proceeds from disposition of equipment                                               179           225
                                                                                ---------------------------
       Net cash (used in) provided by investing activities                         (1,959)        4,049
                                                                                ---------------------------

 FINANCING ACTIVITIES

 Payments of note payable                                                          (2,284)       (1,966)
 Proceeds of short-term loan from affiliate                                         1,900            --
 Payments of short-term loan from affiliate                                        (1,400)           --
 Cash distributions paid to limited partners                                       (2,267)       (1,537)
 Cash distributions paid to General Partner                                          (119)         (119)
 Purchase of limited partnership units                                                 (9)          (32)
                                                                                ---------------------------
       Net cash used in financing activities                                       (4,179)       (3,654)
                                                                                ---------------------------

 Net (decrease) increase in cash and cash equivalents                              (2,783)        3,024
 Cash and cash equivalents at beginning of period                                   4,188         1,774
                                                                                ---------------------------
 Cash and cash equivalents at end of period                                         1,405     $   4,798
                                                                                ===========================

 SUPPLEMENTAL INFORMATION
 Interest paid                                                                  $     300     $     398
                                                                                ===========================




</TABLE>



                 See accompanying notes to financial statements.

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

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, 2000 and  December  31, 1999,  the  statements  of
income for the three months  ended March 31, 2000 and 1999,  the  statements  of
changes in partners'  capital for the period from December 31, 1998 to March 31,
2000, and the statements of cash flows for the three months ended March 31, 2000
and  1999.  Certain  information  and  note  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,  1999,  on file at the  Securities  and
Exchange Commission.

2.   SCHEDULE OF PARTNERSHIP PHASES

Beginning in the  Partnership's  seventh year of operations,  which commenced on
January 1, 1999, the General Partner stopped  purchasing  additional  equipment.
Surplus cash,  less  reasonable  reserves,  will be distributed to the partners.
Beginning in the  Partnership's  ninth year of operations,  the General  Partner
intends  to  begin an  orderly  liquidation  of the  Partnership's  assets.  The
Partnership will be terminated by December 31, 2010, unless  terminated  earlier
upon sale of all equipment and by certain other events.

3.   PURCHASE OF LIMITED PARTNERSHIP UNITS

In  1999,  the  Partnership  agreed  to  purchase  approximately  2,300  limited
partnership  units in 2000 for an  aggregate  purchase  price of up to  $12,500.
During the three months ended March 31, 2000, the  Partnership  purchased  1,750
limited  partnership  units for $9,000.  The General  Partner may  purchase  the
additional units in the future.

4.   CASH DISTRIBUTIONS

Cash  distributions  are recorded when paid and may include amounts in excess of
net income that are  considered to represent a return of capital.  For the three
months ended March 31, 2000 and 1999,  cash  distributions  totaled $2.4 million
and $1.7  million,  respectively.  Cash  distributions  of $1.7  million  to the
limited  partners during the three months ended March 31, 2000 were deemed to be
a return of capital None of the cash  distributions  to the limited partners for
the three months ended March 31, 1999, were deemed to be a return of capital.

Cash distributions related to the results from the first quarter of 2000 of $1.7
million, will be paid during the second quarter of 2000.

5.   TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES

The balance due to affiliates as of March 31, 2000, included $0.5 million due to
FSI for a short-term loan, $0.2 million due to IMI for management fees, and $0.1
million due to affiliated  unconsolidated  special-purpose entities (USPEs). The
balance due to affiliates as of December 31, 1999,  included $0.2 million due to
FSI and its affiliates  for  management  fees and $0.1 million due to affiliated
USPEs.

During the three months  ended March 31, 2000,  the  Partnership  borrowed  $1.9
million from the General  Partner for a short-term  loan and repaid $1.4 million
to the General  Partner.  The General Partner charged the Partnership  $6,000 in
interest  using market  interest  rates.  The  Partnership  will pay the General
Partner market  interest rates on the remaining  balance of the short-term  loan
until the loan is fully paid.


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

5.   TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES (CONTINUED)

The Partnership's  proportional share of USPE-affiliated management fees of $0.1
million was payable as of March 31, 2000 and December 31, 1999.

The  Partnership's  proportional  share of the affiliated  expenses  incurred by
USPEs  during 2000 and 1999 is listed in the  following  table (in  thousands of
dollars):

                                                       For the Three Months
                                                         Ended March 31,
                                                         2000         1999
                                                    ---------------------------
  Management fees                                   $      73      $      84
  Data processing and administrative
     expenses                                              16             22

6.   Equipment

The components of owned equipment were as follows (in thousands of dollars):

                                                  March 31,         December 31,
                                                   2000                1999
                                               ---------------------------------

  Aircraft                                     $   54,861          $   52,402
  Marine vessels                                   20,276              20,276
  Railcars                                         11,329              11,328
  Trailers                                          9,235               9,245
  Marine containers                                 8,249               9,075
                                               -----------         -----------
                                                  103,950             102,326
  Less accumulated depreciation                   (74,163)            (72,847)
                                               -----------         -----------
      Net equipment                            $   29,787          $   29,479
                                               ===========         ===========

As of March 31, 2000,  all owned  equipment in the  Partnership's  portfolio was
either  on  lease or  operating  in  PLM-affiliated  short-term  trailer  rental
facilities except for a marine vessel with a net book value of $3.8 million.  As
of December 31, 1999,  all owned  equipment in the  Partnership's  portfolio was
either  on  lease or  operating  in  PLM-affiliated  short-term  trailer  rental
facilities.

During the three  months  ended  March 31,  2000,  the  Partnership  purchased a
hush-kit for one of the Partnership's McDonnell Douglas DC-9 commercial aircraft
for $2.5 million.  The  Partnership was required to install the hush-kit per the
Partnership's lease agreement.

During the three months ended March 31, 2000, the Partnership disposed of marine
containers  and a trailer with an aggregate net book value of $0.1 million,  for
$0.2  million.  During the three months ended March 31,  1999,  the  Partnership
disposed of marine  containers  with a net book value of $0.2 million,  for $0.2
million.





                      (This space intentionally left blank)


<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000

7.   INVESTMENTS IN UNCONSOLIDATED SPECIAL-PURPOSE ENTITIES

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

                                                                                    March 31,          December 31,
                                                                                       2000                1999
                                                                                 ----------------------------------
       <S>                                                                       <C>                 <C>
       48% interest in an entity owning a product tanker                         $     5,520         $     5,885
       25% interest in a trust owning two commercial aircraft on direct
                finance lease                                                          2,462               2,535
       50% interest in an entity owning a product tanker                               1,328               1,333
       50% interest in an entity that owned a bulk carrier                               (25)               (120)
                                                                                 ------------        ------------
         Net investments                                                         $     9,285         $     9,633
                                                                                 ============        ============
</TABLE>


As of March 31, 2000 and December 31, 1999, all  jointly-owned  equipment in the
Partnership's USPE portfolio was on lease.

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
                                           Aircraft   Vessel    Railcar   Container  Trailer     All
For the  quarter  ended March 31, 2000     Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>    Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------

     REVENUES
       <S>                                 <C>       <C>        <C>       <C>        <C>       <C>        <C>
       Lease revenue                       $  1,853  $  2,571   $    614  $     85   $    566  $     --   $  5,689
       Interest income and other                  5         3         --        --         --        31         39
       Gain (loss) on disposition of             --        --         --        45         (3 )      --         42
        equipment
                                           ------------------------------------------------------------------------
         Total revenues                       1,858     2,574        614       130        563        31      5,770

     COSTS AND EXPENSES
       Operations support                       218     1,467        155         2        184         9      2,035
       Depreciation and amortization          1,246       371        141       127        144        14      2,043
       Interest expense                          --        --         --        --         --       269        269
       Management fees to affiliate              62       129         49         4         34        --        278
       General and administrative expenses       55         8         11        --        141       213        428
       Provision for bad debts                   --        --          4        --         23        --         27
                                           ------------------------------------------------------------------------
         Total costs and expenses             1,581     1,975        360       133        526       505      5,080
                                           ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs       135      (158)        --        --         --        --        (23)
                                           ------------------------------------------------------------------------
     Net income (loss)                     $    412  $    441   $    254  $     (3)  $     37  $   (474)  $    667
                                           ========================================================================

     Total assets as of March 31, 2000     $ 19,726  $ 12,730   $  3,274  $  1,686   $  3,535  $  2,001   $ 42,952
                                           ========================================================================



<FN>
     -----------------------------
<F1> 1  Includes  certain  interest  income  and  costs  not  identifiable  to a
     particular segment, such as interest expense, certain amortization, general
     and administrative and operations support expenses.

</FN>
</TABLE>

<PAGE>


                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

8.   OPERATING SEGMENTS (CONTINUED)
<TABLE>
<CAPTION>

                                                      Marine               Marine
                                           Aircraft   Vessel    Railcar   Container  Trailer     All
For the quarter ended March 31, 1999       Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>1   Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------

     REVENUES
       <S>                                 <C>       <C>        <C>       <C>        <C>       <C>        <C>
       Lease revenue                       $  2,192  $  1,140   $    602  $    260   $    639  $     --   $  4,833
       Interest income and other                  9        --         --        --         --        37         46
       Gain (loss) on disposition of             --        --         --        61         (1 )      --         60
        equipment
                                           ------------------------------------------------------------------------
         Total revenues                       2,201     1,140        602       321        638        37      4,939

     COSTS AND EXPENSES
       Operations support                        15       791        117         1        180        13      1,117
       Depreciation and amortization          1,281       466        154       164        167        30      2,262
       Interest expense                          --        --         --        --         --       365        365
       Management fees to affiliate              96        57         31        13         44        --        241
       General and administrative expenses        7         8         10        --        152       197        374
       Provision for (recovery of) bad           --        --          3        (4)        (7)       --         (8)
        debts
                                           ------------------------------------------------------------------------
         Total costs and expenses             1,399     1,322        315       174        536       605      4,351
                                           ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs     1,571       (64)        --        --         --        --      1,507
                                           ------------------------------------------------------------------------
     Net income (loss)                     $  2,373  $   (246)  $    287  $    147   $    102  $   (568)  $  2,095
                                           ========================================================================

     Total assets as of March 31, 1999     $ 22,236  $ 21,272   $  3,906  $  2,814   $  3,897  $  5,762   $ 59,887
                                           ========================================================================
<FN>
<F1>
-------------------------
1 Includes  certain  interest income and costs not  identifiable to a particular
segment,   such  as  interest  expense,   certain   amortization,   general  and
administrative and operations support expenses.

</FN>
</TABLE>

9.   DEBT

The Partnership made the regularly scheduled installment payment of $1.9 million
to the lender of the note payable  during the three months ended March 31, 2000,
and accrued or paid the quarterly  interest payment at a rate of LIBOR plus 1.2%
per annum (7.3% at March 31, 2000 and December 31, 1999).  The Partnership  also
paid the lender of the senior note an  additional  $0.4 million  from  equipment
sales proceeds, as required by the loan agreement.

10.  NET INCOME PER WEIGHTED-AVERAGE PARTNERSHIP UNIT

Net income per  weighted-average  Partnership  unit was computed by dividing net
income  attributable  to  limited  partners  by the  weighted-average  number of
Partnership units deemed  outstanding  during the period.  The  weighted-average
number of  Partnership  units deemed  outstanding  during the three months ended
March 31, 2000 and 1999, was 9,067,727 and 9,080,730, respectively.

11.  CONTINGENCIES

PLM International (the Company) and various of its wholly-owned subsidiaries are
named as defendants  in a lawsuit  filed as a purported  class action in January
1997 in the Circuit Court of Mobile County, Mobile,  Alabama, Case No. CV-97-251
(the Koch action).  The named plaintiffs are six individuals who invested in PLM
Equipment  Growth Fund IV (Fund IV), PLM  Equipment  Growth Fund V (Fund V), PLM
Equipment  Growth Fund VI (Fund VI), and PLM Equipment  Growth & Income Fund VII
(Fund VII) (the Funds),  each a  California  limited  partnership  for which the
Company's  wholly-owned  subsidiary,  FSI,  acts  as the  General  Partner.  The
complaint  asserts causes of action against all defendants for fraud and deceit,
suppression, negligent misrepresentation,  negligent and intentional breaches of
fiduciary duty, unjust enrichment, conversion, and conspiracy. Plaintiffs allege
that each  defendant  owed  plaintiffs and the class certain duties due to their
status as fiduciaries, financial advisors, agents, and control persons. Based on
these duties,  plaintiffs assert liability against defendants for improper sales
and  marketing  practices,  mismanagement  of the  Funds,  and  concealing  such
mismanagement from investors in the



                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

11.  CONTINGENCIES (CONTINUED)

Funds.  Plaintiffs seek unspecified  compensatory  damages,  as well as punitive
damages,  and have offered to tender their limited partnership units back to the
defendants.

In March 1997,  the  defendants  removed the Koch action 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)  (the  court)  based on the  court's
diversity jurisdiction. In December 1997, the court granted defendants motion to
compel  arbitration of the named  plaintiffs'  claims,  based on an agreement to
arbitrate  contained in the limited  partnership  agreement of each Partnership.
Plaintiffs appealed this decision,  but in June 1998 voluntarily dismissed their
appeal pending settlement of the Koch action, as discussed below.

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

In February 1999 the parties to the Koch and Romei actions  agreed to settle the
lawsuits,  with  no  admission  of  liability  by any  defendant,  and  filed  a
Stipulation  of Settlement  with the court.  The  settlement is divided into two
parts,  a  monetary  settlement  and  an  equitable  settlement.   The  monetary
settlement  provides  for  a  settlement  and  release  of  all  claims  against
defendants  in  exchange  for payment for the benefit of the class of up to $6.6
million.  The final settlement  amount will depend on the number of claims filed
by class members,  the amount of the administrative costs incurred in connection
with the  settlement,  and the amount of attorneys' fees awarded by the court to
plaintiffs'  attorneys.  The Company will pay up to $0.3 million of the monetary
settlement,  with  the  remainder  being  funded  by an  insurance  policy.  For
settlement  purposes,  the monetary  settlement class consists of all investors,
limited partners, assignees, or unit holders who purchased or received by way of
transfer or assignment  any units in the Funds between May 23, 1989 and June 29,
1999.  The monetary  settlement,  if  approved,  will go forward  regardless  of
whether the equitable settlement is approved or not.

The equitable  settlement  provides,  among other things, for: (a) the extension
(until  January 1, 2007) of the date by which FSI must complete  liquidation  of
the Funds' equipment,  (b) the extension (until December 31, 2004) of the period
during which FSI can reinvest the Funds' funds in additional  equipment,  (c) an
increase of up to 20% in the amount of front-end fees (including acquisition and
lease  negotiation  fees)  that  FSI  is  entitled  to  earn  in  excess  of the
compensatory   limitations   set   forth  in  the  North   American   Securities
Administrator's  Association's Statement of Policy; (d) a one-time repurchase by
each of Funds V, VI and VII of up to 10% of that partnership's outstanding units
for 80% of net asset  value per unit;  and (e) the  deferral of a portion of the
management fees paid to an affiliate of FSI until, if ever, certain  performance
thresholds have been met by the Funds.  Subject to final court  approval,  these
proposed  changes  would be made as  amendments  to each  Partnership's  limited
partnership  agreement  if  less  than  50%  of the  limited  partners  of  each
Partnership vote against such amendments.  The limited partners will be provided
the  opportunity  to vote against the  amendments by following the  instructions
contained  in  solicitation  statements  that will be mailed to them after being
filed with the Securities and Exchange Commission. The equitable settlement also
provides for payment of additional attorneys' fees



                           PLM EQUIPMENT GROWTH FUND V
                             (A LIMITED PARTNERSHIP)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

11.  CONTINGENCIES (CONTINUED)

to the plaintiffs'  attorneys from Partnership funds in the event, if ever, that
certain  performance  thresholds  have  been  met by the  Funds.  The  equitable
settlement class consists of all investors,  limited partners, assignees or unit
holders who on June 29,  1999 held any units in Funds V, VI, and VII,  and their
assigns and successors in interest.

The court preliminarily  approved the monetary and equitable settlements in June
1999. The monetary settlement remains subject to certain  conditions,  including
notice to the monetary class and final  approval by the court  following a final
fairness  hearing.   The  equitable   settlement   remains  subject  to  certain
conditions, including: (a) notice to the equitable class, (b) disapproval of the
proposed  amendments  to the  partnership  agreements  by less  than  50% of the
limited  partners  in one or more of  Funds V, VI,  and  VII,  and (c)  judicial
approval  of the  proposed  amendments  and  final  approval  of  the  equitable
settlement by the court following a final fairness  hearing.  No hearing date is
currently  scheduled for the final fairness  hearing.  The Company  continues to
believe  that the  allegations  of the Koch and  Romei  actions  are  completely
without  merit and intends to continue to defend this matter  vigorously  if the
monetary settlement is not consummated.

The  Partnership  has initiated  litigation in various  official forums in India
against the defaulting Indian airline lessees to repossess  Partnership property
and to recover  damages for  failure to pay rent and  failure to  maintain  such
property in accordance  with  relevant  lease  contracts.  The  Partnership  has
repossessed its property previously leased to such airline,  and the airline has
ceased  operations.  In response to the Partnership's  collection  efforts,  the
airline  filed   counter-claims   against  the  Partnership  in  excess  of  the
Partnership's  claims against the airline. The General Partner believes that the
airlines'  counterclaims  are completely  without merit, and the General Partner
will vigorously defend against such counterclaims.  The General Partner believes
the likelihood of an unfavorable outcome from the counterclaims is remote.

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










                      (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 March 31, 2000 and 1999

(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 March 31,  2000,  when  compared to the
same period of 1999.  Gains or losses from the sale of  equipment,  interest and
other income,  and certain  expenses such as depreciation  and  amortization and
general and administrative expenses relating to the operating segments (see Note
8 to  the  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):

                                            For the Three Months
                                              Ended March 31,
                                            2000             1999
                                         ----------------------------
  Aircraft                                $  1,635       $    2,177
  Marine vessels                             1,104              349
  Railcars                                     459              485
  Trailers                                     382              459
  Marine containers                             83              259

Aircraft: Aircraft lease revenues and direct expenses were $1.9 million and $0.2
million,  respectively,  for the three months ended March 31, 2000,  compared to
$2.2  million  and  $15,000,  respectively,  during the same  period of 1999.  A
decrease in aircraft  lease  revenues of $0.1  million was due to the release of
two  aircraft  at a lower  lease  rate  than  had  been in  place  during  1999.
Additionally, a commercial aircraft that went off-lease during the first quarter
of 2000,  required repairs of $0.2 million before it could start a new lease. As
a result of the required  repairs to this commercial  aircraft,  it did not earn
any lease  revenues  during the period it was undergoing  repairs in 2000,  when
compared  to the same  period of 1999,  this  commercial  aircraft  earned  $0.3
million in lease revenues.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $2.6
million and $1.5  million,  respectively,  for the three  months ended March 31,
2000, compared to $1.1 million and $0.8 million,  respectively,  during the same
period of 1999. The increase in marine vessel lease revenues of $1.4 million was
due to one marine  vessel that earned three months lease  revenues when compared
to the same period of 1999, this marine vessel was in dry-dock for approximately
six weeks not earning lease revenues. Accordingly, direct expenses for this same
marine  vessel also  increased  $0.7  million in 2000 when  compared to the same
period of 1999 for the same reason.

Railcars:  Railcar lease revenues and direct expenses were $0.6 million and $0.2
million,  respectively,  for the three months ended March 31, 2000,  compared to
$0.6 million and $0.1 million, respectively, during the same period of 1999. The
decrease  in railcar  contribution  was due to  additional  required  repairs to
certain railcars in 2000 that were not needed during the same period of 1999.

Trailers:  Trailer lease revenues and direct expenses were $0.6 million and $0.2
million,  respectively,  for the three  months  ended  March 31,  2000 and 1999.
Trailer contribution decreased $0.1 million during the first quarter of 2000 due
to lower lease  revenues  resulting  from trailer  dispositions  during 2000 and
1999.

Marine containers: Marine container lease revenues and direct expenses were $0.1
million and $2,000,  respectively,  for the three  months  ended March 31, 2000,
compared to $0.3  million and  $1,000,  respectively,  during the same period of
1999.  The  number  of  marine  containers  owned  by the  Partnership  has been
declining  due to sales and  dispositions  during 2000 and 1999  resulting  in a
decrease to marine container contribution.

(B)  Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $3.0  million for the quarter  ended March 31, 2000
decreased from $3.2 million for the same period in 1999.  Significant  variances
are explained as follows:

     (i) A $0.2 million decrease in depreciation and amortization  expenses from
1999  levels was caused  primarily  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 interest expense was due to a lower average
outstanding  debt balance in the first quarter of 2000 when compared to the same
period of 1999.

     (iii) A $0.1 million  increase in general and  administrative  expenses was
due primarily to additional  cost  associated  with the re-lease of a commercial
aircraft during 2000 when compared to the same period of 1999.

(C)  Net Gain on Disposition of Owned Equipment

The net gain on the  disposition  of  equipment  for the first  quarter  of 2000
totaled $42,000, which resulted from the sale of marine containers and a trailer
with a net book value of $0.1  million,  for proceeds of $0.2  million.  The net
gain on the  disposition of equipment for the first quarter of 1999 totaled $0.1
million, which resulted from the sale of marine containers with a net book value
of $0.2 million, for proceeds of $0.2 million.

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

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

                                                         For the Three Months
                                                            Ended March 31,
                                                          2000            1999
                                                       -------------------------
  Aircraft, rotable components, and aircraft engines   $    135        $  1,571
  Marine vessels                                           (158)            (64)
                                                       ------------------------
      Equity in net income (loss) of USPEs             $    (23)       $  1,507
                                                       ========================

Aircraft,  rotable  components,  and aircraft engines:  As of March 31, 2000 and
1999,  the  Partnership  had an  interest  in an entity  owning  two  commercial
aircraft on a direct  finance  lease.  During the three  months  ended March 31,
2000,  revenues of $0.1 were supplemented by direct expenses and  administrative
expenses of $(35,000).  During the same period of 1999, revenues of $0.1 million
and the gain from the sale of the  Partnership's  interest  in two  trusts  that
owned  a total  of  three  commercial  aircraft,  two  aircraft  engines,  and a
portfolio  of aircraft  rotables  of $1.6  million  were offset by  depreciation
expense,  direct expenses, and administrative  expenses of $0.1 million.  Direct
expenses and  administrative  expenses  decreased  $0.1 million during the three
months ended March 31, 2000 due to the sale of the Partnership's interest in two
trusts  and the  recovery  of a  $47,000  accounts  receivable  in 2000 that had
previously been reserved as a bad debt.

Marine vessels:  As of March 31, 2000, the Partnership  owned an interest in two
entities  owning a total  of two  marine  vessels.  As of March  31,  1999,  the
Partnership  owned an interest in three entities  owning a total of three marine
vessels.  During the first quarter of 2000,  lease revenues of $1.5 million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$1.6  million.  During the same period of 1999,  lease  revenues of $1.6 million
were  offset  by  depreciation  expense,  direct  expenses,  and  administrative
expenses of $1.7 million.  The sale of a marine vessel during the fourth quarter
of 1999 caused lease revenues to decrease $0.2 million and depreciation expense,
direct expenses, and administrative expenses to decrease $0.4 million during the
three months ended March 31, 2000. The decrease in depreciation expense,  direct
expenses, and administrative expenses caused by the sale of one marine vessel of
$0.4 million was offset in part, by higher operating expenses of $0.3 million on
the two remaining marine vessels.


<PAGE>


(E)  Net Income

As a result of the foregoing,  the Partnership's net income for the three months
ended March 31, 2000 was $0.7  million,  compared to net income of $2.1  million
during the same period in 1999.  The  Partnership's  ability to operate  assets,
liquidate assets,  secure leases,  and re-lease those assets whose leases expire
is subject  to many  factors,  and the  Partnership's  performance  in the first
quarter of 2000 is not necessarily  indicative of future  periods.  In the first
quarter  of 2000,  the  Partnership  distributed  $2.3  million  to the  limited
partners, or $0.25 per weighted-average limited partnership unit.

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

For the three  months  ended March 31,  2000,  the  Partnership  generated  $3.7
million in  operating  cash (net cash  provided  by  operating  activities  plus
non-liquidating  distributions from USPEs) to meet its operating obligations and
maintain the current  level of  distributions  (total for the three months ended
March 31, 2000 of $2.4 million) to the partners.

During  the three  months  ended  March 31,  2000,  the  Partnership  sold owned
equipment and received aggregate proceeds of $0.2 million.

During the three months  ended March 31, 2000,  the  Partnership  borrowed  $1.9
million from the General  Partner for a short-term  loan and repaid $1.4 million
to the General  Partner.  The General Partner charged the Partnership  $6,000 in
interest using market interest rates.

Lessee deposits and reserve for repairs  increased $0.2 million during the three
months ended March 31, 2000.  Lessee deposits  increased $0.1 million due to the
receipt of a payment of an  accounts  receivable  invoice  that was due in April
2000.  Reserve for repairs  increased  $0.1 million due to monthly  accruals for
aircraft engine repairs and marine vessel dry-docking.

The  Partnership  is scheduled to make  quarterly  installments  of $1.9 million
under  its  notes  payable  through  the year 2001  and,  in some  instances,  a
percentage of equipment sale  proceeds.  During the three months ended March 31,
2000, the Partnership made the regularly  scheduled  installment payment of $1.9
million to the lender of the note payable.  The Partnership also paid the senior
lender an additional $0.4 million from the proceeds of equipment sales.

(III)  EFFECTS OF YEAR 2000

To date, the Partnership has not experienced any material Year 2000 (Y2K) issues
with  either  its  internally  developed  software  or  purchased  software.  In
addition,  to date,  the  Partnership  has not been impacted by any Y2K problems
that may have impacted our customers and suppliers.  The amount allocated to the
Partnership by the General  Partner related to Y2K issues has not been material.
The General  Partner  continues  to monitor its  systems for any  potential  Y2K
issues.

(IV) OUTLOOK FOR THE FUTURE

Since the  Partnership  is in its  holding or  passive  liquidation  phase,  the
General  Partner will be seeking to  selectively  re-lease or sell assets as the
existing leases expire.  Sale decisions will cause the operating  performance of
the Partnership to decline over the remainder of its life.

Several factors may affect the Partnership's  operating  performance  during the
remainder  of  2000  and  beyond,  including  changes  in the  markets  for  the
Partnership's  equipment and changes in the regulatory environment in which that
equipment operates.

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

Factors  affecting the Partnership's  contribution  during the remainder of 2000
and beyond include:

1. The cost of new  marine  containers  has been at  historic  lows for the past
several  years  which has caused  downward  pressure  on per diem  lease  rates.
Recently,  the cost of marine containers have started to increase which, if this
trend  continues,  should  translate into rising per diem lease rates.  However,
some  of  the   Partnership's   refrigerated   marine   containers  have  become
delaminated.  This condition lowers the demand for these marine containers which
has lead to declining lease rates and lower utilization.

2.  Depressed  economic  conditions  in Asia  during  most  of  1999  has led to
declining freight rates for dry bulk marine vessels. As Asia begins its economic
recovery  and in the absence of new  additional  orders,  this  market  would be
expected to stabilize and improve over the next one to two years.

3. The Partnership owns an anchor handling supply marine vessel that has a fixed
lease rate that expired in the first  quarter of 2000 and is now  off-lease.  If
the economic  conditions  remain the same,  the General  Partner would expect to
re-lease  this  marine  vessel  at a rate  lower  than the rate  that was in the
previous lease.

4.  Railcar  loading  in North  America  has  continued  to be high,  however  a
softening  in the  market  in the  last  quarter  of  1999,  may  lead to  lower
utilization and lower  contribution to the Partnership as existing leases expire
and renewal leases are negotiated.

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.

The  Partnership  intends  to use cash  flow  from  operations  to  satisfy  its
operating  requirements,  pay loan  principal and interest on debt, and pay cash
distributions to the partners.

(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 interest  rate and
currency  risk.  The  Partnership's  note payable is a variable  rate debt.  The
Partnership  estimates a one percent  increase or decrease in the  Partnership's
variable  rate debt would  result in an increase or decrease,  respectively,  in
interest  expense of $0.1  million  for the  remaining  nine  months of 2000 and
$37,000 in 2001. The Partnership estimates a two percent increase or decrease in
the  Partnership's  variable  rate debt would result in an increase or decrease,
respectively,  in interest expense of $0.2 million for the remaining nine months
of 2000 and $0.1 million in 2001.

During the three  months ended March 31, 2000,  84% of the  Partnership's  total
lease revenues from wholly- and  partially-owned  equipment came from non-United
States domiciled  lessees.  Most of the Partnership's  leases require payment in
United States (U.S.) currency.  If these lessees  currency  devalues against the
U.S. dollar,  the lessees could potentially  encounter  difficulty in making the
U.S. dollar denominated lease payments.





<PAGE>



                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)    Exhibits

                  None.

           (b)    Reports on Form 8-K

                  None.




<PAGE>









<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 4, 2000                    By:      /s/ Richard K Brock
                                               ------------------------
                                                Richard K Brock
                                                Vice President and
                                                Chief Financial Officer