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




[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
    Act of 1934 For the fiscal quarter ended June 30, 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>


                                                                               June 30,          December 31,
                                                                                2000                  1999
                                                                             ----------------------------------


  <S>                                                                        <C>                  <C>
  ASSETS

  Equipment held for operating lease, at cost                                $  103,418           $  102,326
  Less accumulated depreciation                                                 (75,552)             (72,847)
                                                                             -----------------------------------
    Net equipment                                                                27,866               29,479

  Cash and cash equivalents                                                       2,249                4,188
  Restricted cash                                                                   486                  441
  Accounts receivable, net of allowance for doubtful
      accounts of $63 in 2000 and $47 in 1999                                     2,460                2,187
  Investments in unconsolidated special-purpose entities                          9,089                9,633
  Deferred charges, net of accumulated amortization of
      $181 in 2000 and $148 in 1999                                                  68                  101
  Prepaid expenses and other assets                                                  24                   54
                                                                             -----------------------------------

        Total assets                                                         $   42,242           $   46,083
                                                                             ===================================

  LIABILITIES AND PARTNERS' CAPITAL

  Liabilities:

  Accounts payable and accrued expenses                                      $      308           $      501
  Due to affiliates                                                               3,439                  304
  Lessee deposits and reserve for repairs                                         2,764                2,788
  Note payable                                                                   11,314               15,484
                                                                             -----------------------------------
      Total liabilities                                                          17,825               19,077
                                                                             -----------------------------------

  Partners' capital:

  Limited partners (9,065,911 limited partnership units as of
      June 30, 2000 and 9,067,911 as of December 31, 1999)                       24,417               27,006
  General Partner                                                                    --                   --
                                                                             -----------------------------------
      Total partners' capital                                                    24,417               27,006
                                                                             -----------------------------------

        Total liabilities and partners' capital                              $   42,242           $   46,083
                                                                             ===================================
</TABLE>


                 See accompanying notes to financial statements.






                           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                For the Six Months
                                                          Ended June 30,                     Ended June 30,
                                                         2000         1999               2000           1999
                                                    --------------------------------------------------------------


<S>                                                 <C>            <C>                <C>             <C>
  REVENUES

  Lease revenue                                     $   5,923      $   5,362          $ 11,613        $ 10,195
  Interest and other income                                34             54                73             100
  Net gain on disposition of equipment                     55             45                96             105
                                                    --------------------------------------------------------------
      Total revenues                                    6,012          5,461            11,782          10,400
                                                    --------------------------------------------------------------

  Expenses

  Depreciation and amortization                         2,032          2,296             4,075           4,559
  Repairs and maintenance                                 393            406             1,068             881
  Equipment operating expenses                          1,375            820             2,686           1,338
  Insurance expense                                        77             91               126             214
  Management fees to affiliate                            291            266               568             506
  Interest expense                                        270            316               539             681
  General and administrative expenses
        to affiliates                                     198            205               421             454
  Other general and administrative expenses               257            165               463             290
  Provision for (recovery of ) bad debts                   (1 )           33                26              25
                                                    --------------------------------------------------------------
      Total expenses                                    4,892          4,598             9,972           8,948
                                                    --------------------------------------------------------------

  Equity in net income (loss) of unconsolidated
        special-purpose entities                          406           (105 )             383           1,402
                                                    --------------------------------------------------------------

  Net income                                        $   1,526      $     758          $  2,193        $  2,854
                                                    ==============================================================

  PARTNERS' SHARE OF NET INCOME:

  Limited partners                                  $   1,407      $     639          $  1,954        $  2,615
  General Partner                                         119            119               239             239
                                                    --------------------------------------------------------------

  Total                                             $   1,526      $     758          $  2,193        $  2,854
                                                    ==============================================================

  Limited partners' net income per
      weighted-average limited partnership unit     $    0.16      $    0.07          $   0.22        $   0.29
                                                    ==============================================================

  Cash distribution                                 $   2,386      $   2,188          $  4,772        $  3,844
                                                    ==============================================================

  Cash distribution per weighted-average
      limited partnership unit                      $    0.25      $    0.23          $   0.50        $   0.40
                                                    ==============================================================
</TABLE>




                 See accompanying notes to financial statements.


                           PLM EQUIPMENT GROWTH FUND V
                            ( A Limited Partnership)
                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
             For the period from December 31, 1998 to June 30, 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                                                    1,954                239                  2,193

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

  Cash distribution                                            (4,533)              (239)                (4,772)
                                                           -------------------------------------------------------

    Partners' capital as of June 30, 2000                  $   24,417            $    --             $   24,417
                                                           =======================================================
</TABLE>





                 See accompanying notes to financial statements.




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

                                                                                     For the Six Months
                                                                                        Ended June 30,
                                                                                   2000           1999
                                                                               ----------------------------
 <S>                                                                                 <C>       <C>
 OPERATING ACTIVITIES

 Net income                                                                     $   2,193     $   2,854
 Adjustments to reconcile net income to net cash
   provided by (used in) operating activities:
   Depreciation and amortization                                                    4,075         4,559
   Net gain on disposition of equipment                                               (96)         (105)
   Equity in net income from unconsolidated
       special-purpose entities                                                      (383)       (1,402)
   Changes in operating assets and liabilities, net:
     Restricted cash                                                                  (45)           --
     Accounts receivable, net                                                        (255)         (649)
     Prepaid expenses and other assets                                                 30            57
     Accounts payable and accrued expenses                                           (193)         (139)
     Due to affiliates                                                                 35            67
     Lessee deposits and reserve for repairs                                          (24)         (163)
                                                                                ---------------------------
       Net cash provided by operating activities                                    5,337         5,079
                                                                                ---------------------------

 INVESTING ACTIVITIES

 Payments for purchase of equipment and capitalized improvements                   (2,677)       (1,255)
 Distribution from liquidation of unconsolidated special-purpose entity                --         3,553
 Distributions from unconsolidated special-purpose entities                           927           874
 Payments of acquisition fees to affiliate                                             --           (56)
 Payments of lease negotiation fees to affiliate                                       --           (13)
 Proceeds from disposition of equipment                                               326           415
                                                                                ---------------------------
       Net cash (used in) provided by investing activities                         (1,424)        3,518
                                                                                ---------------------------

 FINANCING ACTIVITIES

 Payments of note payable                                                          (4,170)       (4,233)
 Proceeds of short-term loan from affiliate                                         4,500            --
 Payments of short-term loan from affiliate                                        (1,400)           --
 Cash distributions paid to limited partners                                       (4,533)       (3,605)
 Cash distributions paid to General Partner                                          (239)         (239)
 Purchase of limited partnership units                                                (10)          (85)
                                                                                ---------------------------
       Net cash used in financing activities                                       (5,852)       (8,162)
                                                                                ---------------------------

 Net (decrease) increase in cash and cash equivalents                              (1,939)          435
 Cash and cash equivalents at beginning of period                                   4,188         1,774
                                                                                ---------------------------
 Cash and cash equivalents at end of period                                     $   2,249     $   2,209
                                                                                ===========================

 SUPPLEMENTAL INFORMATION
 Interest paid                                                                  $     570     $     730
                                                                                ===========================
</TABLE>



                 See accompanying notes to financial statements.



                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 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 June 30, 2000 and December 31, 1999, the statements of income
for the three months and six months ended June 30, 2000 and 1999, the statements
of changes in  partners'  capital for the period from  December 31, 1998 to June
30,  2000,  and the  statements  of cash flows for the six months ended June 30,
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,  which  commences on
January 1, 2001, 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

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 six months
ended June 30, 2000, the Partnership  purchased 2,000 limited  partnership units
for  $10,000.  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 June 30, 2000 and 1999, cash distributions totaled $2.4 million and
$2.2  million,  respectively.  For the six months  ended June 30, 2000 and 1999,
cash  distributions  totaled $4.8 million and $3.8 million,  respectively.  Cash
distributions  of $2.6 million and $1.0 million to the limited  partners  during
the six months ended June 30, 2000 and 1999,  respectively,  were deemed to be a
return of capital.

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

5. TRANSACTIONS WITH GENERAL PARTNER AND AFFILIATES

The balance due to affiliates as of June 30, 2000,  included $3.1 million due to
FSI for a short-term  loan,  $0.2 million due to its  affiliates  for management
fees  and  data  processing  services,   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 six months ended June 30, 2000, the Partnership borrowed $4.5 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 $41,000 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.


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 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 June 30, 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):
<TABLE>
<CAPTION>

                                                       For the Three Months                For the Six Months
                                                          Ended June 30,                     Ended June 30,
                                                       2000           1999               2000           1999
                                                    --------------------------------------------------------------

<S>                                                 <C>            <C>                <C>              <C>
  Management fees                                   $      87      $      13          $    161         $    26
  Data processing and administrative
     expenses                                              15             16                31              38
</TABLE>

6. EQUIPMENT

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

                                                  June 30,         December 31,
                                                   2000                1999
                                               ---------------------------------

  Aircraft                                     $   55,071          $   52,402
  Marine vessels                                   20,276              20,276
  Railcars                                         11,304              11,328
  Trailers                                          9,225               9,245
  Marine containers                                 7,542               9,075
                                               -----------         -----------
                                                  103,418             102,326
  Less accumulated depreciation                   (75,552)            (72,847)
                                               -----------         -----------
      Net equipment                            $   27,866          $   29,479
                                               ===========         ===========

As of June 30, 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 six railcars and a marine vessel with a net book value of
$3.7 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 six months ended June 30, 2000, the Partnership  purchased a hush-kit
for one of the Partnership's McDonnell Douglas DC-9 commercial aircraft for $2.7
million.   The  Partnership  was  required  to  install  the  hush-kit  per  the
Partnership' lease agreement for this aircraft.

During the six months ended June 30, 2000,  the  Partnership  disposed of marine
containers,  trailers,  and a railcar with an  aggregate  net book value of $0.2
million,  for $0.3  million.  During the six months  ended  June 30,  1999,  the
Partnership  disposed of marine  containers  and trailers  with an aggregate net
book value of $0.3 million, for $0.4 million.

On May 24,  2000,  FSI,  on behalf  of the  Partnership,  entered  into an asset
purchase  agreement  to sell the  refrigerated  and dry  trailer  assets  of the
Partnership. Closing of the transaction is contingent on numerous conditions. If
the sale is completed, the General Partner estimates that the Partnership's sale
proceeds  to be  approximately  $3.3  million  and  will  result  in a  gain  of
approximately  $1.1 million.  Since the sale of the trailers is contingent  upon
certain  conditions being met, the  Partnership's  refrigerated and dry trailers
are not classified as assets held for sale.



                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 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>
                                                                                    June 30,           December 31,
                                                                                       2000                1999
                                                                                 ----------------------------------
       <S>                                                                       <C>                 <C>
       48% interest in an entity owning a product tanker                         $     5,185         $     5,885
       25% interest in a trust owning two commercial aircraft on direct
                finance lease                                                          2,385               2,535
       50% interest in an entity owning a product tanker                               1,519               1,333
       50% interest in an entity that owned a bulk carrier                                --                (120)
                                                                                 ------------        ------------
         Net investments                                                         $     9,089         $     9,633
                                                                                 ============        ============
</TABLE>

As of June 30, 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
     For the  quarter  ended  June 30, 2000     Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>   Total
     --------------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------


     <S>                                       <C>       <C>        <C>       <C>        <C>       <C>        <C>
     REVENUES
       Lease revenue                           $  2,165  $  2,411   $    602  $    108   $    637  $     --   $  5,923
       Interest income and other                      2        --         --        --         --        32         34
       Gain on disposition of equipment              --        --         19        29          7        --         55
                                               ------------------------------------------------------------------------
         Total revenues                           2,167     2,411        621       137        644        32      6,012

     COSTS AND EXPENSES
       Operations support                            21     1,465        122         1        227         9      1,845
       Depreciation and amortization              1,251       371        139       113        144        14      2,032
       Interest expense                              --        --         --        --         --       270        270
       Management fees to affiliate                  83       121         42         5         40        --        291
       General and administrative expenses           56        22         16        --        124       237        455
       Provision for (recovery of) bad debts         --        --         (2 )      --          1        --         (1 )
                                               ------------------------------------------------------------------------
         Total costs and expenses                 1,411     1,979        317       119        536       530      4,892
                                               ------------------------------------------------------------------------
     Equity in net income of USPEs                   87       319         --        --         --        --        406
                                               ------------------------------------------------------------------------
                                               ========================================================================
     Net income (loss)                         $    843  $    751   $    304  $     18   $    108  $   (498 ) $  1,526
                                               ========================================================================

     Total assets as of June 30, 2000          $ 18,751  $ 12,679   $  3,162  $  1,405   $  3,418  $  2,827   $ 42,242
                                               ========================================================================

<FN>
<F1>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>



                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2000

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

                                                           Marine               Marine
                                                Aircraft   Vessel    Railcar   Container  Trailer
     For the  quarter  ended  June 30, 1999     Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>   Total
     ---------------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------


<S>                                             <C>       <C>        <C>       <C>        <C>       <C>        <C>
     REVENUES
       Lease revenue                            $  2,052  $  1,900   $    606  $    188   $    616  $     --   $  5,362
       Interest income and other                       8         2         --         5         --        39         54
       Gain (loss) on disposition of equipment        --        --         --        62        (17)       --         45
                                                ------------------------------------------------------------------------
         Total revenues                            2,060     1,902        606       255        599        39      5,461

     COSTS AND EXPENSES
       Operations support                             17       970        117         1        199        13      1,317
       Depreciation and amortization               1,308       466        154       156        166        46      2,296
       Interest expense                               --        --         --        --         --       316        316
       Management fees to affiliate                   80        95         41         9         41        --        266
       General and administrative expenses             6        11         11        --        149       193        370
       Provision for bad debts                        --        --         13         1         19        --         33
                                                ------------------------------------------------------------------------
         Total costs and expenses                  1,411     1,542        336       167        574       568      4,598
                                                ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs             99      (204)        --        --         --        --       (105)
                                                ------------------------------------------------------------------------
                                                ========================================================================
     Net income (loss)                          $    748  $    156   $    270  $     88   $     25  $   (529)  $    758
                                                ========================================================================

     Total assets as of June 30, 1999           $ 22,230  $ 20,658   $  3,752  $  2,506   $  3,709  $  2,978   $ 55,833
                                                ========================================================================



                                                           Marine               Marine
     For the six months ended                   Aircraft   Vessel    Railcar   Container  Trailer
           June 30, 2000                        Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>   Total
     ----------------------------------         --------- ---------  --------- ---------  --------- ---------  -----------

     REVENUES
       Lease revenue                            $  4,018  $  4,982   $  1,216  $    194   $  1,203  $     --   $ 11,613
       Interest income and other                       7         3         --        --         --        63         73
       Gain on disposition of equipment               --        --         19        74          3        --         96
                                                ------------------------------------------------------------------------
         Total revenues                            4,025     4,985      1,235       268      1,206        63     11,782

     COSTS AND EXPENSES
       Operations support                            239     2,932        277         3        411        18      3,880
       Depreciation and amortization               2,497       742        280       240        288        28      4,075
       Interest expense                               --        --         --        --         --       539        539
       Management fees to affiliate                  145       249         91         9         74        --        568
       General and administrative expenses           111        30         27        --        265       451        884
       Provision for bad debts                        --        --          2        --         24        --         26
                                                ------------------------------------------------------------------------
         Total costs and expenses                  2,992     3,953        677       252      1,062     1,036      9,972
                                                ------------------------------------------------------------------------
     Equity in net income of USPEs                   222       161         --        --         --        --        383
                                                ------------------------------------------------------------------------
                                                ========================================================================
     Net income (loss)                          $  1,255  $  1,193   $    558  $     16   $    144  $   (973 ) $  2,193
                                                ========================================================================

     Total assets as of June 30, 2000           $ 18,751  $ 12,679   $  3,162  $  1,405   $  3,418  $  2,827   $ 42,242
                                                ========================================================================


<FN>
<F1>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>


                           PLM EQUIPMENT GROWTH FUND V
                             (A Limited Partnership)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2000

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

                                                      Marine               Marine
     For the six months ended              Aircraft   Vessel    Railcar   Container  Trailer
           June 30, 1999                   Leasing   Leasing    Leasing   Leasing    Leasing    Other<F1>   Total
     ----------------------------------    --------- ---------  --------- ---------  --------- ---------  -----------


     <S>                                   <C>       <C>        <C>       <C>        <C>       <C>        <C>
     REVENUES
       Lease revenue                       $  4,244  $  3,041   $  1,208  $    447   $  1,255  $     --   $ 10,195
       Interest income and other                 17         2         --         5         --        76        100
       Gain (loss) on disposition of             --        --         --       124        (19)       --        105
     equipment
                                           ------------------------------------------------------------------------
         Total revenues                       4,261     3,043      1,208       576      1,236        76     10,400

     COSTS AND EXPENSES
       Operations support                        32     1,761        235         2        378        25      2,433
       Depreciation and amortization          2,589       932        308       320        334        76      4,559
       Interest expense                          --        --         --        --         --       681        681
       Management fees to affiliate             175       152         82        22         75        --        506
       General and administrative expenses       13        19         22        --        301       389        744
       Provision for (recovery of) bad           --        --         16        (3)        12        --         25
     debts
                                           ------------------------------------------------------------------------
         Total costs and expenses             2,809     2,864        663       341      1,100     1,171      8,948
                                           ------------------------------------------------------------------------
     Equity in net income (loss) of USPEs     1,670      (268)        --        --         --        --      1,402
                                           ------------------------------------------------------------------------
                                           ========================================================================
     Net income (loss)                     $  3,122  $    (89)  $    545  $    235   $    136  $ (1,095)  $  2,854
                                           ========================================================================

     Total assets as of June 30, 1999      $ 22,230  $ 20,658   $  3,752  $  2,506   $  3,709  $  2,978   $ 55,833
                                           ========================================================================
<FN>
<F1>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 $3.8 million
to the lender of the note payable during the six months ended June 30, 2000, and
accrued or paid the quarterly  interest payment at a rate of LIBOR plus 1.2% per
annum (7.95% at June 30, 2000 and 7.30% 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 and six months
ended  June  30,  2000,   was  9,066,094  and   9,066,877,   respectively.   The
weighted-average number of Partnership units deemed outstanding during the three
and six months ended June 30, 1999, was 9,073,779 and 9,076,014, 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  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 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.










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ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

(I) RESULTS OF OPERATIONS

Comparison  of PLM  Equipment  Growth  Fund  V's (the  Partnership's)  Operating
Results for the Three Months Ended June 30, 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
increased during the three months ended June 30, 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 June 30,
                                                      2000             1999
                                                    ---------------------------
  Aircraft                                          $ 2,144          $ 2,035
  Marine vessels                                        946              930
  Railcars                                              480              489
  Trailers                                              410              417
  Marine containers                                     107              187

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.2 million and
$21,000,  respectively,  for the three months  ended June 30, 2000,  compared to
$2.1  million and  $17,000,  respectively,  during the same period of 1999.  The
increase in aircraft  lease  revenues  of $0.1  million was due to two  aircraft
being on-lease three months during the quarter ended June 30, 2000,  compared to
the same period of 1999, when these aircraft were on-lease for two months.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $2.4
million and $1.5  million,  respectively,  for the three  months  ended June 30,
2000, compared to $1.9 million and $1.0 million,  respectively,  during the same
period of 1999.

The increase in marine vessel lease  revenues of $0.5 million during the quarter
ended June 30, 2000 was due to one marine  vessel  that  earned $1.2  million in
additional  voyage lease revenues due to higher lease rates when compared to the
same period of 1999,  offset in part,  by a decrease of $0.6  million  caused by
another marine vessel that was off-lease  during the three months ended June 30,
2000 compared to the same period of 1999, when it was on-lease.

As a result of the  additional  voyage  lease  revenues,  direct  expenses  also
increased  $0.5 million  during the quarter ended June 30, 2000 when compared to
the same period of 1999.

Railcars:  Railcar lease revenues and direct expenses were $0.6 million and $0.1
million, respectively, for the three months ended June 30, 2000 and 1999.

Trailers:  Trailer lease revenues and direct expenses were $0.6 million and $0.2
million, respectively, for the three months ended June 30, 2000 and 1999.

Marine containers: Marine container lease revenues and direct expenses were $0.1
million and $1,000,  respectively,  for the three  months  ended June 30,  2000,
compared to $0.2  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 June 30, 2000
decreased from $3.3 million for the same period in 1999.  Significant  variances
are explained as follows:

     (i) A $0.3 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 $46,000  decrease  in interest  expense  was due to a lower  average
outstanding debt balance in the second 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  costs  associated with the re-lease of a commercial
aircraft during 2000 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 second  quarter of 2000
totaled $0.1  million,  which  resulted  from the sale of marine  containers,  a
railcar,  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  second
quarter  of 1999  totaled  $45,000,  which  resulted  from  the  sale of  marine
containers  and trailers 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 June 30,
                                                        2000             1999
                                                      --------------------------
  Marine vessels                                      $   319         $   (204)
  Aircraft                                                 87               99
                                                      ==========================
      Equity in net income (loss) of USPEs            $   406         $   (105)
                                                      ==========================

Marine vessels:  As of June 30, 2000, the  Partnership  owned an interest in two
entities  owning  a total  of two  marine  vessels.  As of June  30,  1999,  the
Partnership  owned an interest in three entities  owning a total of three marine
vessels.  During the second quarter of 2000, lease revenues of $1.7 million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$1.4  million.  During the same period of 1999,  lease  revenues of $1.2 million
were  offset  by  depreciation  expense,  direct  expenses,  and  administrative
expenses of $1.4 million.

Lease  revenues  increased  $0.6 million  during the three months ended June 30,
2000 when compared to the same period of 1999. The increase in lease revenues is
due to the following:

1. One marine vessel that was on voyage  charter  during the quarters ended June
30,  2000 and 1999,  earned  $0.9  million in higher  lease  revenues  due to an
increase in voyage lease rates when compared to the same period of 1999.

2. The other marine vessel, while on time charter during the quarters ended June
30, 2000 and 1999,  earned a lower  lease rate which  caused  lease  revenues to
decrease  $0.1 million  during the quarter  ended June 30, 2000  compared to the
same period of 1999.

3. The sale of the  Partnership's  interest in a marine vessel during the fourth
quarter of 1999 caused lease  revenues to also decrease $0.1 million  during the
three months ended June 30, 2000 compared to the same period of 1999.

Depreciation  expense,  direct expenses,  and  administrative  expenses remained
relatively the same,  however  certain direct  expenses for the marine vessel on
voyage  charter  increased  $0.3 million due to  increased  usage of this marine
vessel  during the quarter  ended June 30, 2000 when compared to the same period
of 1999. The increase caused by this marine vessel was offset by the sale of the
Partnership's  interest in a marine  vessel  during the fourth  quarter of 1999,
which caused depreciation expense,  direct expenses, and administrative expenses
to decrease $0.3 million during the three months ended June 30, 2000.

Aircraft:  As of June 30, 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 June 30, 2000,  revenues of $0.1 were offset by  amortization
expense,  direct expenses,  and administrative  expenses of $10,000.  During the
same  period of 1999,  revenues  of $0.1  million  were  offset by  amortization
expense, direct expenses, and administrative expenses of $9,000.

(E) Net Income

As a result of the foregoing,  the Partnership's net income for the three months
ended June 30, 2000 was $1.5  million,  compared  to net income of $0.8  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 second
quarter of 2000 is not necessarily  indicative of future periods.  In the second
quarter  of 2000,  the  Partnership  distributed  $2.3  million  to the  limited
partners, or $0.25 per weighted-average limited partnership unit.

COMPARISON OF THE PARTNERSHIP'S  OPERATING RESULTS FOR THE SIX MONTHS ENDED JUNE
30, 2000 AND 1999

(A) Owned Equipment Operations

Lease revenues less direct expenses on owned equipment  decreased during the six
months  ended June 30,  2000,  when  compared  to the same  period of 1999.  The
following  table  presents  lease  revenues less direct  expenses by segment (in
thousands of dollars):

                                                         For the Six Months
                                                           Ended June 30,
                                                      2000             1999
                                                    ---------------------------
  Aircraft                                          $ 3,779         $  4,212
  Marine vessels                                      2,050            1,280
  Railcars                                              939              973
  Trailers                                              792              877
  Marine containers                                     191              445

Aircraft: Aircraft lease revenues and direct expenses were $4.0 million and $0.2
million,  respectively, for the six months ended June 30, 2000, compared to $4.2
million and $32,000, respectively, during the same period of 1999. A decrease in
aircraft lease  revenues of $0.2 million was due to a commercial  aircraft being
off-lease  for two months  during the six  months  ended June 30,  2000 that was
on-lease  for six  months  during  the  same  period  of 1999.  Direct  expenses
increased $0.2 million during the six months ended June 30, 2000 due to required
repairs to the off-lease commercial aircraft. A similar expense was not required
during the same period of 1999.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $5.0
million and $2.9 million,  respectively, for the six months ended June 30, 2000,
compared to $3.0 million and $1.8 million, respectively,  during the same period
of 1999.

The  increase in marine  vessel lease  revenues of $2.0  million  during the six
months ended June 30, 2000 was due to one marine vessel that earned $2.6 million
in  additional  voyage  lease  revenues due to an increase in voyage lease rates
when compared to the same period of 1999,  offset in part, by a decrease of $0.6
million  caused by another  marine  vessel that was  off-lease  for three months
during the six months ended June 30, 2000,  compared to the same period of 1999,
when it was on-lease six months.

As a result of the  additional  voyage,  direct  expenses  also  increased  $1.1
million  during the six months  ended June 30,  2000 when  compared  to the same
period of 1999.

Railcars:  Railcar lease revenues and direct expenses were $1.2 million and $0.3
million,  respectively, for the six months ended June 30, 2000, compared to $1.2
million and $0.2  million,  respectively,  during the same  period of 1999.  The
decrease in railcar  contribution was due to repairs to certain railcars in 2000
that were not needed during the same period of 1999.

Trailers:  Trailer lease revenues and direct expenses were $1.2 million and $0.4
million,  respectively, for the six months ended June 30, 2000, compared to $1.3
million and $0.4 million, respectively,  during the same period of 1999. Trailer
contribution  decreased  $0.1 million  during the six months ended June 30, 2000
due to lower lease revenues of $0.1 million  resulting from lower utilization on
the  trailers in the  short-term  rental  facilities  when  compared to the same
period of 1999.

Marine containers: Marine container lease revenues and direct expenses were $0.2
million  and  $3,000,  respectively,  for the six months  ended  June 30,  2000,
compared to $0.4  million and  $2,000,  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 $6.1 million for the six months ended June 30, 2000
decreased from $6.5 million for the same period in 1999.  Significant  variances
are explained as follows:

     (i) A $0.5 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 during the six months ended June 30, 2000 when compared
to the same period of 1999.

     (iii) A $0.1 million  increase in  management  fees to affiliate was due to
increased lease revenues during the six months ended June 30, 2000 when compared
to the same period of 1999.

     (iv) A $0.1  million  increase in general and  administrative  expenses was
primarily due to additional  costs  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 six months ended June 30,
2000 totaled $0.1 million,  which  resulted from the sale of marine  containers,
trailers,  and a railcar with a net book value of $0.2 million,  for proceeds of
$0.3 million.  The net gain on the  disposition  of equipment for the six months
ended June 30, 1999 totaled $0.1 million, which resulted from the sale of marine
containers  and trailers with an aggregate  net book value of $0.3 million,  for
proceeds of $0.4 million.

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

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 Six Months
                                                             Ended June 30,
                                                        2000             1999
                                                      --------------------------
  Aircraft, rotable components, and aircraft engines  $   222         $  1,670
  Marine vessels                                          161             (268)
                                                      ==========================
      Equity in net income of USPEs                   $   383         $  1,402
                                                      ==========================

Aircraft,  rotable  components,  and aircraft  engines:  As of June 30, 2000 and
1999,  the  Partnership  had an  interest  in an entity  owning  two  commercial
aircraft on a direct finance  lease.  During the six months ended June 30, 2000,
revenues of $0.2 were offset by direct expenses and  administrative  expenses of
$25,000.  During the same period of 1999,  revenues of $0.2 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 six months ended June 30, 2000 due to
the sale of the  Partnership's  interest  in two  trusts and the  recovery  of a
$48,000  accounts  receivable in 2000 that had previously been reserved as a bad
debt. A similar recovery did not occur during the same period of 1999.

Marine vessels:  As of June 30, 2000, the  Partnership  owned an interest in two
entities  owning  a total  of two  marine  vessels.  As of June  30,  1999,  the
Partnership  owned an interest in three entities  owning a total of three marine
vessels.  During the six months  ended June 30,  2000,  lease  revenues  of $3.2
million were offset by depreciation expense, direct expenses, and administrative
expenses of $3.0 million. During the same period of 1999, lease revenues of $2.8
million were offset by depreciation expense, direct expenses, and administrative
expenses of $3.1 million.

Lease revenues  increased $0.4 million during the six months ended June 30, 2000
when compared to the same period of 1999.  The increase in lease revenues is due
to the following:

1. One marine vessel that was on voyage charter during the six months ended June
30,  2000 and 1999,  earned  $1.0  million in higher  lease  revenues  due to an
increase in voyage lease rates when compared to the same period of 1999.

2. The other marine  vessel,  while on time charter  during the six months ended
June 30, 2000 and 1999, earned a lower lease rate which caused lease revenues to
decrease  $0.2 million  during the quarter  ended June 30, 2000  compared to the
same period of 1999.

3. The sale of the  Partnership's  interest in a marine vessel during the fourth
quarter of 1999 caused lease  revenues to also decrease $0.4 million  during the
six months ended June 30, 2000 when compared to the same period of 1999.

Depreciation  expense,  direct expenses,  and administrative  expenses decreased
$0.1 million during the six months ended June 30, 2000 when compared to the same
period of 1999.  Certain  direct  expenses,  however,  for the marine  vessel on
voyage  charter  increased  $0.5 million due to  increased  usage of this marine
vessel  during the six  months  ended June 30,  2000 when  compared  to the same
period of 1999. The increase caused by this marine vessel was offset by the sale
of the  Partnership's  interest in a marine vessel during the fourth  quarter of
1999, which caused  depreciation  expense,  direct expenses,  and administrative
expenses to decrease $0.7 million during the six months ended June 30, 2000.

(E) Net Income

As a result of the foregoing,  the  Partnership's  net income for the six months
ended June 30, 2000 was $2.2  million,  compared  to net income of $2.9  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 six months
ended June 30, 2000 is not necessarily  indicative of future periods. In the six
months  ended June 30, 2000,  the  Partnership  distributed  $4.5 million to the
limited partners, or $0.50 per weighted-average limited partnership unit.

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

For the six months ended June 30, 2000, the  Partnership  generated $6.3 million
in   operating   cash  (net  cash   provided  by   operating   activities   plus
non-liquidating  distributions from USPEs) to meet its operating obligations and
pay cash  distributions  (total for the six months  ended June 30,  2000 of $4.8
million) to the partners.

During the six months ended June 30, 2000, the Partnership  sold owned equipment
and received aggregate proceeds of $0.3 million.

During the six months ended June 30, 2000, the Partnership  purchased a hush-kit
for one of the Partnership's McDonnell Douglas DC-9 commercial aircraft for $2.7
million.   The  Partnership  was  required  to  install  the  hush-kit  per  the
Partnership's lease agreement for this aircraft.

Accounts receivable  increased $0.3 million during the six months ended June 30,
2000 due to an increase in unpaid  outstanding  invoices from one lessee of $0.2
million and an increase of $0.4  million due from the ship manager of the marine
vessel on voyage  charter.  The increases  caused by the additional  amounts due
from these two  customers  were offset in part, by the timing of $0.3 million in
cash receipts.

Investments  in USPEs  decreased $0.5 million due to cash  distribution  of $0.9
million to the Partnership from the USPEs offset in part, by $0.4 million income
that was recorded as the  Partnership's  from operations of USPEs during the six
months ended June 30, 2000.

Accounts  payable  decreased  $0.2 million  during the six months ended June 30,
2000 due to the timing of payments.

During the six months ended June 30, 2000, the Partnership borrowed $4.5 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 $41,000 in interest
using market interest rates.

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 six months ended June 30,
2000, the Partnership made the regularly  scheduled  installment payment of $3.8
million  to the  lender  of the  note  payable.  The  Partnership  also  made an
additional  principal  payment of $0.4  million  from the  proceeds of equipment
sales.

(III) 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 is
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  have  continued  to be high,  however a
softening  in the  market  in the last  quarter  of 1999,  is  leading  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.

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.

(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 $0.1  million  for the  remaining  six  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 $0.1 million for the remaining six months
of 2000 and $0.1 million in 2001.

During the six months ended June 30, 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.






                      (This space intentionally left blank)





                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)    Exhibits

                  None.

           (b)    Reports on Form 8-K

                  None.




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



                                            PLM EQUIPMENT GROWTH FUND V

                                            By:     PLM Financial Services, Inc.
                                                    General Partner



Date:   August 7, 2000                      By:      /s/ Richard K Brock
                                                     Richard K Brock
                                                     Vice President and
                                                     Chief Financial Officer