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, 2001

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


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


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


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

  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>
<TABLE>

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

<CAPTION>

                                                                            March 31,      December 31,
                                                                              2001             2000
                                                                            --------         --------
<S>                                                                         <C>              <C>
Assets

Equipment held for operating lease, at cost                                 $ 74,400         $ 74,849
Less accumulated depreciation                                                (59,282)         (58,086)
                                                                            --------         --------
                                                                              15,118           16,763
Equipment held for sale                                                         --              1,309
                                                                            --------         --------
  Net equipment                                                               15,118           18,072

Cash and cash equivalents                                                      4,113            1,799
Restricted cash                                                                  469              445
Accounts receivable, net of allowance for doubtful
    accounts of $38 in 2001 and $34 in 2000                                    1,174            1,578
Investments in unconsolidated special-purpose entities                         7,830            8,189
Deferred charges, net of accumulated amortization of
    $135 in 2001 and $127 in 2000                                                 22               30
Prepaid expenses and other assets                                                 64               39
                                                                            --------         --------

      Total assets                                                          $ 28,790         $ 30,152
                                                                            ========         ========

Liabilities and partners' capital

Liabilities:

Accounts payable and accrued expenses                                       $    157         $    245
Due to affiliates                                                                269              259
Lessee deposits and reserve for repairs                                        2,951            2,728
Note payable                                                                   3,938            5,474
                                                                            --------         --------
    Total liabilities                                                          7,315            8,706
                                                                            --------         --------

Partners' capital:

Limited partners (9,065,911 limited partnership units as of
    March 31, 2001 and December 31, 2000)                                     21,475           21,446
General Partner                                                                 --               --
                                                                            --------         --------
    Total partners' capital                                                   21,475           21,446
                                                                            --------         --------

      Total liabilities and partners' capital                               $ 28,790         $ 30,152
                                                                            ========         ========
<FN>

                 See accompanying notes to financial statements.

</FN>
</TABLE>

                                      -1-

<PAGE>
<TABLE>

                                          PLM EQUIPMENT GROWTH FUND V
                                            (A Limited Partnership)
                                             STATEMENTS OF INCOME
                        (in thousands of dollars, except weighted-average unit amounts)
<CAPTION>

                                                                                     For the Three Months
                                                                                        Ended March 31,
                                                                                     2001           2000
                                                                                    -------        -------
<S>                                                                                 <C>            <C>
Revenues

Lease revenue                                                                       $ 2,881        $ 5,689
Interest and other income                                                                59             39
Net gain on disposition of equipment                                                  1,156             42
                                                                                    -------        -------
    Total revenues                                                                    4,096          5,770
                                                                                    -------        -------

Expenses

Depreciation and amortization                                                         1,603          2,043
Repairs and maintenance                                                                 222            675
Equipment operating expenses                                                            205          1,311
Insurance expenses                                                                      109             49
Management fees to affiliate                                                            122            278
Interest expense                                                                         99            269
General and administrative expenses to affiliates                                       189            223
Other general and administrative expenses                                               172            205
Provision for bad debts                                                                   4             27
                                                                                    -------        -------
    Total expenses                                                                    2,725          5,080
                                                                                    -------        -------

Equity in net income (loss) of unconsolidated special-purpose entities                  377            (23

      Net income                                                                    $ 1,748        $   667
                                                                                    =======        =======

Partners' share of net income

Limited partners                                                                    $ 1,629        $   548
General Partner                                                                         119            119
                                                                                    -------        -------

Total                                                                               $ 1,748        $   667
                                                                                    =======        =======

Limited partners' net income per weighted-average
     limited partnership unit                                                       $  0.18        $  0.06
                                                                                    =======        =======

Cash distribution                                                                   $ 1,719        $ 2,386
                                                                                    =======        =======

Cash distribution per weighted-average limited partnership unit                     $  0.18        $  0.25
                                                                                    =======        =======
<FN>

                 See accompanying notes to financial statements.

</FN>
</TABLE>

                                      -2-

<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                            ( A Limited Partnership)
                   STATEMENTS  OF CHANGES IN  PARTNERS'  CAPITAL
             For the period from December 31, 1999 to March 31, 2001

                            (in thousands of dollars)



                                               Limited      General
                                               Partners     Partner      Total

                                              ----------   ---------   --------

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

Net income                                         3,517         477      3,994

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

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

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

Net income                                         1,629         119      1,748

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

  Partners' capital as of March 31, 2001      $   21,475     $  --     $ 21,475
                                              ==========     =======   ========


                 See accompanying notes to financial statements.

                                      -3-

<PAGE>
<TABLE>

                                         PLM EQUIPMENT GROWTH FUND V
                                           (A Limited Partnership)
                                           STATEMENTS OF CASH FLOWS
                                          (in thousands of dollars)
<CAPTION>

                                                                        For the Three Months
                                                                          Ended March 31,
                                                                        2001            2000
                                                                       -------         -------
<S>                                                                    <C>             <C>
 Operating activities

Net income                                                             $ 1,748         $   667
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
  Depreciation and amortization                                          1,603           2,043
  Net gain on disposition of equipment                                  (1,156)            (42)
  Equity in net (income) loss from unconsolidated
      special-purpose entities                                            (377              23
  Changes in operating assets and liabilities, net:
    Restricted cash                                                        (24)            (24)
    Accounts receivable, net                                               396             300
    Prepaid expenses and other assets                                      (25)              7
    Accounts payable and accrued expenses                                  (88)            148
    Due to affiliates                                                       10              21
    Lessee deposits and reserve for repairs                                223             212
                                                                       -------         -------
      Net cash provided by operating activities                          2,310           3,355
                                                                       -------         -------

Investing activities

Payments for purchase of equipment and capitalized improvements             (4)         (2,463)
Distributions from unconsolidated special-purpose entities                 736             325
Proceeds from disposition of equipment                                   2,527             179
                                                                       -------         -------
      Net cash provided by (used in) investing activities                3,259          (1,959
                                                                       -------         -------

Financing activities

Payments of note payable                                                (1,536)         (2,284)
Proceeds of short-term loan from affiliate                                --             1,900
Payments of short-term loan from affiliate                                --            (1,400)
Cash distributions paid to limited partners                             (1,600)         (2,267)
Cash distributions paid to General Partner                                (119            (119)
Purchase of limited partnership units                                     --                (9)
                                                                       -------         -------
      Net cash used in financing activities                             (3,255)         (4,179)
                                                                       -------         -------

Net increase (decrease) in cash and cash equivalents                     2,314          (2,783)
Cash and cash equivalents at beginning of period                         1,799           4,188
                                                                                       -------
Cash and cash equivalents at end of period                             $ 4,113         $ 1,405
                                                                                       =======

Supplemental information

Interest paid                                                          $   147         $   300
<FN>

                 See accompanying notes to financial statements.

</FN>
</TABLE>

                                      -4-
<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

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, 2001 and  December  31, 2000,  the  statements  of
income for the three months  ended March 31, 2001 and 2000,  the  statements  of
changes in partners'  capital for the period from December 31, 1999 to March 31,
2001, and the statements of cash flows for the three months ended March 31, 2001
and  2000.  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,  2000,  on file at the  Securities  and
Exchange Commission.

2.   Schedule of Partnership Phases

The Partnership,  in accordance with its limited partnership agreement,  entered
its  liquidation  phase  on  January  1,  2001,  and has  commenced  an  orderly
liquidation  of the  Partnership's  assets.  The  Partnership  will terminate on
December 31, 2010, unless  terminated  earlier upon the sale of all equipment or
by certain other events.  The General  Partner may no longer reinvest cash flows
and surplus funds in equipment. All future cash flows and surplus funds, if any,
are to be used for  distributions  to  partners,  except to the  extent  used to
maintain  reasonable  reserves.  During the liquidation phase, the Partnership's
assets will continue to be recorded at the lower of the carrying  amount or fair
value less cost to sell.

3.   Cash Distributions

Cash  distributions  are recorded when paid and may include amounts in excess of
net income that are  considered to represent a return of capital.  For the three
months ended March 31, 2001 and 2000,  cash  distributions  totaled $1.7 million
and $2.4 million,  respectively.  Cash distributions of $29,000 and $1.7 million
to the limited  partners  during the three months ended March 31, 2001 and 2000,
respectively, were deemed to be a return of capital.

4.   Transactions with General Partner and Affiliates

The balance due to affiliates as of March 31, 2001, included $0.1 million due to
FSI and its affiliates for management fees, $38,000 for administrative expenses,
and $0.1  million  due to  affiliated  unconsolidated  special-purpose  entities
(USPEs).  The balance due to affiliates  as of December 31, 2000,  included $0.2
million due to FSI and its affiliates  for management  fees and $0.1 million due
to affiliated USPEs.


                                      -5-
<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

4.   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, 2001 and December 31, 2000.

The  Partnership's  proportional  share of the affiliated  expenses  incurred by
USPEs  during 2001 and 2000 is listed in the  following  table (in  thousands of
dollars):

                                                For the Three Months
                                                  Ended March 31,
                                                  2001         2000
                                             ---------------------------
  Management fees                            $      90      $      73
  Data processing and administrative
     expenses                                       52             16

5.   Equipment

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

                                                  March 31,         December 31,
                                                   2001                2000
                                               ---------------------------------

  Aircraft                                     $   55,071          $   55,071
  Rail equipment                                   11,265              11,288
  Marine containers                                 5,819               6,245
  Trailers                                          2,245               2,245
                                               -----------         -----------
                                                   74,400              74,849
  Less accumulated depreciation                   (59,282)            (58,086)
                                               -----------         -----------
                                                   15,118              16,763
  Equipment held for sale                              --               1,309
                                               -----------         -----------
      Net equipment                            $   15,118          $   18,072
                                               ===========         ===========

As of March 31, 2001, all owned equipment in the Partnership's  portfolio was on
lease  except  for 32  railcars  with a net book  value of $0.2  million.  As of
December 31, 2000, all owned equipment was on lease except for 6 railcars with a
net book value of $26,000.

During the three  months  ended March 31, 2001,  the  Partnership  disposed of a
marine  vessel that was held for sale at December 31, 2000,  marine  containers,
and a railcar with an  aggregate  net book value of $1.4 million for proceeds of
$2.5  million.  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 proceeds of $0.2 million.


                                      -6-
<PAGE>

                                            PLM EQUIPMENT GROWTH FUND V
                                              (A Limited Partnership)
                                           NOTES TO FINANCIAL STATEMENTS
                                                  March 31, 2001

6.   Investments in Unconsolidated Special-Purpose Entities

The net investments in USPEs include the following  jointly-owned equipment (and
related assets and liabilities) (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                                    March 31,     December 31,
                                                                                       2001            2000
                                                                                 ------------    ------------
<S>                                                                              <C>             <C>
       48% interest in an entity owning a product tanker                         $     5,046     $     4,961
       25% interest in a trust owning two commercial aircraft on direct
                finance lease                                                          2,191           2,245
       50% interest in an entity owning a product tanker                                 593             983
                                                                                 ------------    ------------
         Net investments                                                         $     7,830     $     8,189
                                                                                 ============    ============
</TABLE>
As of March 31, 2001,  all  jointly-owned  equipment in the  Partnership's  USPE
portfolio was on lease except for a product tanker with a net  investment  value
of $0.6 million that was off-lease due to dry docking.  As of December 31, 2000,
all jointly-owned equipment in the Partnership's USPE portfolio was on lease.

7.   Operating Segments

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

The following  tables present a summary of the operating  segments (in thousands
of dollars):
<TABLE>
<CAPTION>
                                                      Marine               Marine
     For the three months ended            Aircraft   Vessel    Railcar   Container  Trailer
         March 31, 2001                    Leasing   Leasing    Leasing   Leasing    Leasing    Other1      Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
     Revenues

       Lease revenue                       $  2,145  $     --   $    536  $    109   $     91  $     --   $  2,881
       Interest income and other                 --        --         --        --         --        59         59
       Gain (loss) on disposition of             --     1,116         (4)       44         --        --      1,156
     equipment

                                           ------------------------------------------------------------------------
         Total revenues                       2,145     1,116        532       153         91        59      4,096

     Costs and expenses

       Operations support                        18       277        140        --         40        61        536
       Depreciation and amortization          1,342        --        135        88         32         6      1,603
       Interest expense                          --        --         --        --         --        99         99
       Management fees to affiliate              76        --         36         5          5        --        122
       General and administrative expenses       14        19         13        --         10       305        361
       Provision for (recovery of) bad           --        --          7        --         (3)       --          4
     debts

                                           ------------------------------------------------------------------------
         Total costs and expenses             1,450       296        331        93         84       471      2,725
                                           ------------------------------------------------------------------------
     Equity in net income of USPEs               74       303         --        --         --        --        377
                                           ------------------------------------------------------------------------
     Net income (loss)                     $    769  $  1,123   $    201  $     60   $      7  $   (412)  $  1,748
                                           ========================================================================

     Total assets as of March 31, 2001     $ 14,432  $  5,891   $  2,801  $    766   $    701  $  4,199   $ 28,790
                                           ========================================================================
<FN>
------------------------------
1 Includes  interest income and costs not identifiable to a particular  segment,
such as interest expense, and certain amortization,  general and administrative,
and
</FN>
</TABLE>


                                      -7-
<PAGE>
                                            PLM EQUIPMENT GROWTH FUND V
                                              (A Limited Partnership)
                                           NOTES TO FINANCIAL STATEMENTS
                                                  March 31, 2001
<TABLE>

7.   Operating Segments (continued)
<CAPTION>
                                                      Marine               Marine
     For the three months ended            Aircraft   Vessel    Railcar   Container  Trailer
         March 31, 2000                    Leasing   Leasing    Leasing   Leasing    Leasing    Other1      Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
     Revenues

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

8.   Debt

The Partnership made the regularly scheduled installment payment of $1.4 million
to the lenders of the note payable during the three months ended March 31, 2001,
and accrued or paid the quarterly  interest payment at a rate of LIBOR plus 1.2%
per annum (6.61% at March 31, 2001 and 8.00% December 31, 2000). The Partnership
also made an additional  principal  payment of $0.2 million from the proceeds of
equipment sales.

9.   Net Income Per Weighted-Average Partnership Unit

Net income per  weighted-average  Partnership  unit was computed by dividing net
income  attributable  to  limited  partners  by the  weighted-average  number of
Partnership units deemed  outstanding  during the period.  The  weighted-average
number of  Partnership  units deemed  outstanding  during the three months ended
March 31, 2001 and 2000, was 9,065,911 and 9,067,727, respectively.

10.  Contingencies

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


                                      -8-
<PAGE>
                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

10.  Contingencies (continued)

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

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

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

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


                                      -9-
<PAGE>

                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

10.  Contingencies (continued)

The court  preliminarily  approved  the monetary and  equitable  settlements  in
August 2000, and information regarding each of the settlements was sent to class
members in September  2000. The monetary  settlement  remains subject to certain
conditions,  including  final  approval by the court  following a final fairness
hearing.  The  equitable  settlement  remains  subject  to  certain  conditions,
including judicial approval of the proposed amendments and final approval of the
equitable settlement by the court following a final fairness hearing.

A final  fairness  hearing was held on November 29, 2000,  and on April 25, 2001
the  federal  magistrate  judge  assigned  to the  case  entered  a  Report  and
Recommendation  recommending  final  approval  of  the  monetary  and  equitable
settlements to the federal  district court judge. Any objector to the settlement
may  file  objections  to  the  Report  and   Recommendation.   The  Report  and
Recommendation,  along with any  objections,  will be reviewed  by the  district
court judge,  who may approve,  reject or modify any of the  magistrate  judge's
findings  or  recommendations,  and who may also  receive  further  evidence  or
recommit  the matter to the  magistrate  judge.  The parties  await the district
court's  ruling on the Report  and  Recommendation.  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 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 Partnership.

11.  Liquidation and Special Distributions

On January 1, 2001,  the  General  Partner  began the  liquidation  phase of the
Partnership  with  the  intent  to  commence  an  orderly   liquidation  of  the
Partnership  assets.  The General  Partner is actively  marketing  the remaining
equipment portfolio with the intent of maximizing sale proceeds. The Partnership
is not permitted to reinvest sales proceeds from equipment dispositions. As sale
proceeds are  received,  the General  Partner  intends to  periodically  declare
special  distributions  to distribute the sale proceeds in excess of operational
cash requirements,  to the partners.  No special  distributions were paid in the
first quarter of 2001.

During the liquidation phase of the Partnership,  the equipment will continue to
be leased under operating leases until sold.  Sales and liquidations  occur when
the  General  Partner  has  determination  that  it is the  appropriate  time to
maximize the return on an asset through the sale of that asset,  when the lessee
has the ability to exercise  purchase options on the equipment being leased,  or
when the equipment is damaged.

Operating  cash  flows,  to the extent they exceed  Partnership  expenses,  will
continue to be  distributed  on a monthly or quarterly  basis to  partners.  The
amounts  reflected for assets and liabilities of the  Partnership  have not been
adjusted to reflect  liquidation values. The equipment portfolio continues to be
carried at the lower of  depreciated  cost or fair  value less cost to  dispose.
Although the General Partner  estimates that there will be  distributions  after
liquidation  of  assets  and  liabilities,  the  amounts  cannot  be  accurately
determined  prior to actual  liquidation of the equipment.  Any excess  proceeds
over  expected  Partnership  obligations  will be  distributed  to the  Partners
throughout the liquidation period. Upon final liquidation,  the Partnership will
be dissolved.


                                      -10-
<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, 2001 and 2000

(A)  Owned Equipment Operations

Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the three months  ended March 31,  2001,  compared to the same
period of 2000.  Gains or losses from the sale of equipment,  interest and other
income,  and certain  expenses such as depreciation and amortization and general
and  administrative  expenses relating to the operating  segments (see Note 7 to
the 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,
                                        2001             2000
                                     ----------------------------
  Aircraft                           $  2,127         $  1,635
  Railcars                                396              459
  Marine containers                       109               83
  Trailers                                 51              382
  Marine vessels                         (277)           1,104

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.1 million and
$18,000,  respectively,  for the three months ended March 31, 2001,  compared to
$1.9 million and $0.2 million, respectively, during the same period of 2000. The
increase in aircraft  lease  revenues  of $0.3  million was due to one  aircraft
being  on-lease  for the three  months  ended March 31, 2001 that was  off-lease
during most of the first quarter of 2000. Direct expenses decreased $0.2 million
during the first  quarter  of 2001 due to  repairs  to one of the  Partnership's
aircraft  during the three  months  ended March 31,  2000 that  wasn't  required
during the same period 2001.

Railcars:  Railcar lease revenues and direct expenses were $0.5 million and $0.1
million,  respectively,  for the three months ended March 31, 2001,  compared to
$0.6 million and $0.2 million, respectively, during the same period of 2000. The
decrease in railcar  lease  revenues of $0.1  million was due to the increase in
the number of off-lease  railcars  during the three months ended March 31, 2001,
compared to the same period of 2000.

Marine containers: Marine container lease revenues and direct expenses were $0.1
million and $-0-,  respectively,  for the three  months  ended  March 31,  2001,
compared to $0.1  million and  $2,000,  respectively,  during the same period of
2000. Marine container lease revenues  increased $24,000 during the three months
ended  March 31,  2001 due to the receipt of $0.1  million in  additional  lease
revenues from a prior period. A similar payment was not received during the same
period of 2000.  The increase in lease revenues  caused by the additional  lease
revenue  payment  was  partially  offset  by a  decrease  of  $45,000  caused by
dispositions of marine containers during 2001 and 2000.

Trailers:  Trailer  lease  revenues  and direct  expenses  were $0.1 million and
$40,000,  respectively,  for the three months ended March 31, 2001,  compared to
$0.6 million and $0.2 million, respectively, during the same period of 2000. The
decrease in trailer contribution was due to the sale of 76% of the Partnership`s
trailers during 2000.

Marine  vessels:  Marine vessel lease revenues and direct expenses were $-0- and
$0.3 million,  respectively, for the three months ended March 31, 2001, compared
to $2.6 million and $1.5 million,


                                      -11-
<PAGE>
respectively,  during the same period of 2000.  The  decrease  in marine  vessel
contribution was caused by the sale of all the Partnership's wholly-owned marine
vessels during 2001 and 2000.

(B)  Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $2.2  million for the three  months ended March 31,
2001  decreased  from $3.0  million  for the same  period  in 2000.  Significant
variances are explained as follows:

     (i) A $0.4 million decrease in depreciation and amortization  expenses from
2000 levels was caused by the sale of 76% of the  Partnership`s  trailers during
2000 and the sale of two of the Partnership's wholly-owned marine vessels during
2001 and 2000.

     (ii) A $0.2 million decrease in interest expense was due to a lower average
outstanding  debt  balance  in the first  quarter of 2001  compared  to the same
period of 2000.

     (iii) A $0.2 million  decrease in management  fees was due to a lower lease
revenues  earned during the first quarter of 2001 compared to the same period of
2000.

     (iv) A $0.1 million decrease in general and administrative  expenses during
the three  months  ended March 31,  2001 was due to an increase of $0.1  million
resulting from allocations by the General Partner due to severance costs related
to staff  reductions  and $45,000 due to higher  professional  costs,  offset by
lower costs of $0.1 million  resulting from the sale of 76% of the Partnership's
trailers during 2000 compared to the same period of 2000.

(C)  Net Gain on Disposition of Owned Equipment

The net gain on the  disposition  of  equipment  for the first  quarter  of 2001
totaled $1.2  million,  and resulted  from the sale of a marine  vessel,  marine
containers, and a railcar with a net book value of $1.4 million, for proceeds of
$2.5 million. The net gain on the disposition of equipment for the first quarter
of 2000 totaled $42,000,  and resulted from the sale of marine  containers and a
trailer with an aggregate net book value of $0.1  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,
                                                    2001             2000
                                                 ----------------------------
  Marine vessels                                 $    303         $   (158)
  Aircraft                                             74              135
                                                 ----------------------------
      Equity in net income (loss) of USPEs       $    377         $    (23)
                                                 ============================

Marine vessels:  As of March 31, 2001 and 2000, the Partnership  owned interests
in two entities owning a total of two marine  vessels.  During the first quarter
of 2001,  lease  revenues of $1.8 million were offset by  depreciation  expense,
direct expenses,  and administrative  expenses of $1.5 million.  During the same
period of 2000,  lease  revenues of $1.5  million  were  offset by  depreciation
expense, direct expenses, and administrative expenses of $1.6 million.

Lease  revenues  increased  $0.3 million during the three months ended March 31,
2001 compared to the same period of 2000. The increase in lease revenues was due
to the following:


                                      -12-
<PAGE>
     (i) One marine vessel that was on voyage  charter during the quarters ended
March 31, 2001 and 2000,  earned $0.9 million in higher lease revenues due to an
increase in voyage charter lease rates compared to the same period of 2000.

     (ii) Lease revenues for the other marine vessel decreased $0.5 million as a
result of being in dry dock for two months  during the three months ending March
31, 2001. During this time, the marine vessel did not earn any lease revenues.

Depreciation  expense,  direct expenses,  and administrative  expenses decreased
$0.2 million  during the three months ended March 31, 2001  compared to the same
period of 2000. A decrease in direct expenses of $0.4 million was due to the one
marine vessel not incurring any operating  costs while in dry dock. The decrease
caused by the dry docking of a marine vessel was partially offset by an increase
of $0.2 million caused by the remaining marine vessel incurring higher operating
cost.

Aircraft:  As of March 31, 2001 and 2000, the  Partnership  had an interest in a
trust owning two commercial aircraft on a direct finance lease. During the three
months ended March 31, 2001,  the  contribution  from this trust  decreased $0.1
million due to higher  expenses  of $46,000  due to the  recovery of an accounts
receivable  in 2000 that had  previously  been reserved as a bad debt. A similar
recovery did not occur in 2001.

(E)  Net Income

As a result of the foregoing,  the Partnership's net income for the three months
ended March 31, 2001 was $1.7  million,  compared to net income of $0.7  million
during the same period in 2000.  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 2001 is not necessarily  indicative of future  periods.  In the first
quarter  of 2001,  the  Partnership  distributed  $1.6  million  to the  limited
partners, or $0.18 per weighted-average limited partnership unit.

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

Since the Partnership is in its active liquidation phase, the General Partner is
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.

For the three  months  ended March 31,  2001,  the  Partnership  generated  $3.0
million in operating cash (net cash provided by operations plus  non-liquidating
distributions  from  USPEs)  to meet  its  operating  obligations  and pay  cash
distributions  (total for the three months ended March 31, 2001 of $1.7 million)
to the partners.

During  the three  months  ended  March 31,  2001,  the  Partnership  sold owned
equipment and received aggregate proceeds of $2.5 million.

Accounts  receivable  decreased $0.4 million during the three months ended March
31, 2001 due to the timing of cash receipts.

Investments in USPEs  decreased $0.4 million due to cash  distributions  of $0.7
million to the  Partnership  from the USPEs  offset in part,  by $0.4 million of
income that was  recorded by the  Partnership's  from the USPEs during the three
months ended March 31, 2001.

Accounts payable  decreased $0.1 million during the three months ended March 31,
2001 due to the timing of payments to vendors.

During the three months ended March 31, 2001, the Partnership made the regularly
scheduled installment payment of $1.4 million to the holder of the note payable.
The Partnership also made an additional  principal  payment of $0.2 million from
the proceeds of equipment  sales. The Partnership is scheduled to make quarterly
installment  payments  of $1.3  million  through  the  year  2001  and,  in some
instances, a percentage of equipment sale proceeds.


                                      -13-
<PAGE>
(III)    OUTLOOK FOR THE FUTURE

The  Partnership  entered its  liquidation  phase on January 1 2001. The General
Partner is 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  2001  and  beyond,  including  changes  in the  markets  for  the
Partnership's  equipment and changes in the regulatory environment in which that
equipment operates.

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

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

1. The cost of new marine  containers  have been at  historic  lows for the past
several  years  which has caused  downward  pressure on per diem lease rates for
this type of equipment.  Although,  there was some upward  pressure on container
prices  during the fourth  quarter of 2000,  this trend was reversed  during the
first  quarter of 2001.  In  addition,  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 on containers with this problem.

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

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 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  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.

(IV) FORWARD-LOOKING INFORMATION

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

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The  Partnership's  primary  market risk exposures are that of 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  $20,000  for the  remaining  nine  months  of  2001.  The
Partnership  estimates a two


                                      -14-
<PAGE>
percent  increase  or  decrease in the  Partnership's  variable  rate debt would
result in an increase or decrease,  respectively, in interest expense of $39,000
for the remaining nine months of 2001.

During the three  months ended March 31, 2001,  85% of the  Partnership's  total
lease revenues from wholly- and  partially-owned  equipment came from non-United
States domiciled  lessees.  Most of the Partnership's  leases require payment in
United States (U.S.) currency.  If these lessees  currency  devalues against the
U.S. dollar,  the lessees could potentially  encounter  difficulty in making the
U.S. dollar denominated lease payments.


                                      -15-
<PAGE>
                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)    Exhibits

                  None.

           (b)    Reports on Form 8-K

                  None.



                                      -16-
<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 7, 2001                         By:     /s/ Richard K Brock
                                                    ---------------------------
                                                    Richard K Brock
                                                    Vice President and
                                                    Chief Financial Officer



                                      -17-
<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 7, 2001                        By:
                                                    ---------------------------
                                                    Richard K Brock
                                                    Vice President and
                                                    Chief Financial Officer


                                      -18-