AERO CALIFORNIA TRUST
                                    (A TRUST)

                              FINANCIAL STATEMENTS



<PAGE>


INDEPENDENT  AUDITORS'  REPORT






The  Owners
Aero  California  Trust  :

We have audited the accompanying balance sheet of the Aero California Trust (the
"Trust")  as  of  December  31,  2001, and the related statements of operations,
changes  in  owners'  equity,  and  cash  flows  for the year then ended.  These
financial  statements  are  the  responsibility  of the Trust's management.  Our
responsibility  is  to express an opinion on these financial statements based on
our  audit.

We  conducted our audit in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audit  provides  a
reasonable  basis  for  our  opinion.

In  our  opinion,  such  financial  statements  present  fairly, in all material
respects,  the  financial position of the Trust as of December 31, 2001, and the
results  of  its  operations  and  its  cash  flows  for  the year then ended in
conformity with accounting principles generally accepted in the United States of
America.




/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2002





<PAGE>
INDEPENDENT  AUDITORS'  REPORT






The  Owners
Aero  California  Trust

We  have  audited  the accompanying statements of operations, changes in owners'
equity, and cash flows for Aero California Trust for the year ended December 31,
2000.  These  financial  statements  are  the  responsibility  of  the  owner's
management.  Our  responsibility  is  to  express  an opinion on these financial
statements  based  on  our  audit.

We  conducted our audit in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audit  provides  a
reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects,  the  results  of  operations  and  cash  flows of Aero
California  Trust  for  the  year  ended  December  31, 2000, in conformity with
accounting  principles  generally  accepted in the United States of America. The
accompanying  2002  and  2001  financial  statements were not audited by us, and
accordingly,  we  express  no  opinion  or  any other form of assurance on them.




/s/  KPMG  LLP

SAN  FRANCISCO,  CALIFORNIA
March  2,  2001


<PAGE>

                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                                 BALANCE SHEETS
                                  DECEMBER 31,
                            (in thousands of dollars)




<TABLE>
<CAPTION>


                                                       2002    2001
                                                   (unaudited)
-------------------------------------------------------------------
ASSETS
<S>                                                   <C>     <C>
Receivable from affiliates . . . . . . . . . . . . .  $  420  $  420
Finance lease receivable . . . . . . . . . . . . . .   2,425   3,234
Deferred charges and other assets, less accumulated
      amortization of $500 in 2002 and $417 in 2001.     137     225
                                                      ------  ------
      Total assets . . . . . . . . . . . . . . . . .  $2,982  $3,879
                                                      ======  ======


LIABILITIES AND OWNERS' EQUITY

Liabilities:
Accounts payable and accrued expenses. . . . . . . .  $    1  $   --
Due to affiliates. . . . . . . . . . . . . . . . . .       2      39
Lessee deposits. . . . . . . . . . . . . . . . . . .     420     420
                                                      ------  ------
  Total liabilities. . . . . . . . . . . . . . . . .     423     459

Owners' equity . . . . . . . . . . . . . . . . . . .   2,559   3,420
                                                      ------  ------
      Total liabilities and owners' equity . . . . .  $2,982  $3,879
                                                      ======  ======
</TABLE>






















                 See accompanying notes to financial statements.

<PAGE>


<PAGE>

<PAGE>
                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                            STATEMENTS OF OPERATIONS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)

<TABLE>
<CAPTION>


                                        2002     2001     2000
                                    (unaudited)
---------------------------------------------------------------
REVENUES
<S>                                     <C>    <C>       <C>
Finance lease income . . . . . . . . .  $ 496  $ 1,335   $1,527
Interest income. . . . . . . . . . . .     --        1        1
                                        -----  --------  -------
  Total revenues . . . . . . . . . . .    496    1,336    1,528
                                        -----  --------  -------
EXPENSES

Amortization expense . . . . . . . . .     83       83       83
Management fees to affiliate . . . . .     24       44       50
Insurance expense. . . . . . . . . . .     24       16       19
Administrative expenses to affiliates.      5       --        1
Administrative expenses. . . . . . . .     17       22       29
Recovery of bad debts. . . . . . . . .     --       --       (5)
Impairment loss. . . . . . . . . . . .     --    4,069       --
                                        -----  --------  -------
  Total expenses . . . . . . . . . . .    153    4,234      177
                                        -----  --------  -------

      Net income (loss). . . . . . . .  $ 343  $(2,898)  $1,351
                                        =====  ========  =======
</TABLE>























                 See accompanying notes to financial statements.

<PAGE>

                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                     STATEMENTS OF CHANGES IN OWNERS' EQUITY
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001, AND 2000
                            (in thousands of dollars)




<TABLE>
<CAPTION>

<S>                                               <C>


 Owners' equity at December 31, 1999 (unaudited)  $10,324

Net income . . . . . . . . . . . . . . . . . . .    1,351

Distributions paid . . . . . . . . . . . . . . .   (2,693)
                                                  --------
 Owners' equity at December 31, 2000 . . . . . .    8,982

Net loss . . . . . . . . . . . . . . . . . . . .   (2,898)

Distributions paid . . . . . . . . . . . . . . .   (2,664)
                                                  --------
  Owners' equity at December 31, 2001. . . . . .    3,420

Net income (unaudited) . . . . . . . . . . . . .      343

Distributions paid (unaudited) . . . . . . . . .   (1,204)
                                                  --------
Owners' equity at December 31, 2002 (unaudited).  $ 2,559
                                                  ========
</TABLE>

























                 See accompanying notes to financial statements.

<PAGE>

                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                            STATEMENTS OF CASH FLOWS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)

<TABLE>
<CAPTION>


                                                           2002      2001      2000
                                                        (unaudited)
------------------------------------------------------------------------------------
<S>                                                      <C>       <C>       <C>
OPERATING ACTIVITIES

Net income (loss) . . . . . . . . . . . . . . . . . . .  $   343   $(2,898)  $ 1,351
Adjustments to reconcile net income (loss) to net cash
    provided by (used in) operating activities:
  Amortization expense. . . . . . . . . . . . . . . . .       83        83        83
  Impairment loss . . . . . . . . . . . . . . . . . . .       --     4,069        --
  Changes in operating assets and liabilities:
    Accounts receivable . . . . . . . . . . . . . . . .       --       524        --
    Other assets. . . . . . . . . . . . . . . . . . . .        5        (7)       --
    Accounts payable and accrued expenses
          due to affiliates . . . . . . . . . . . . . .      (36)       14       (37)
                                                         --------  --------  --------
      Net cash provided by operating activities . . . .      395     1,785     1,397
                                                         --------  --------  --------

INVESTING ACTIVITIES

Principal payments received on direct finance lease . .      809       879     1,296
                                                         --------  --------  --------
      Net cash provided by investing activities . . . .      809       879     1,296
                                                         --------  --------  --------

FINANCING ACTIVITIES

Distributions paid. . . . . . . . . . . . . . . . . . .   (1,204)   (2,664)   (2,693)
                                                         --------  --------  --------
      Net cash used in financing activities . . . . . .   (1,204)   (2,664)   (2,693)
                                                         --------  --------  --------

Net change in cash and cash equivalents . . . . . . . .       --        --        --
Cash and cash equivalents at beginning of year. . . . .       --        --        --
                                                         --------  --------  --------
Cash and cash equivalents at end of year. . . . . . . .  $    --   $    --   $    --
                                                         ========  ========  ========

</TABLE>
















                 See accompanying notes to financial statements.

<PAGE>
                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS


1.     Summary  of  Significant  Accounting  Policies
       ----------------------------------------------

     Organization
     ------------

     In  December  1996,  PLM  Equipment  Growth  Fund IV (EGF IV), a California
limited  partnership,  PLM Equipment Growth Fund V (EGF V), a California limited
partnership,  and  PLM  Equipment  Growth Fund VI (EGF VI), a California limited
partnership (collectively the Owners or Partnerships), and Aero California Trust
(the  Trust)  entered  into  a  Trust  Agreement  under which PLM Transportation
Equipment  Corp.  (TEC),  a  wholly-owned subsidiary of PLM International, Inc.,
acts  as  trustee  for the benefit of the Owners as equal co-beneficiaries.  The
Trust  was  established  for  the  purpose  of  purchasing  two  DC-9  Stage III
commercial  aircraft.  The  Trust has no employees nor operations other than the
operation  of  the  two DC-9's.  The Trust is owned 35% by EGF IV, 25% by EGF V,
and  40%  by  EGF  VI.

PLM  Financial Services Inc., (FSI) is the General Partner of EGF IV, EGF V, and
EGF  VI.  FSI  is  a  wholly-owned  subsidiary  of  PLM  International,  Inc.

The  two aircraft were purchased in December 1996 for $11.5 million.  The Owners
paid  acquisition  and  lease  negotiation fees of $0.6 million to PLM Worldwide
Management Services (WMS), a wholly-owned subsidiary of PLM International, Inc.,
based  on  the pro-rata share of the cost of the aircraft purchased.  A 91 month
lease  was signed upon the acquisition of the aircraft, which is being accounted
for  as  a  finance  lease,  expiring  July 2004.  In 2001 and 2002, the General
Partner  entered  into  a  series  of  lease  amendments  to  the original lease
agreement  that  extended  the  lease  to  November  2004  (see  Note  3).

     Estimates
     ---------

These  accompanying financial statements have been prepared on the accrual basis
of accounting in accordance with accounting principles generally accepted in the
United  States  of  America.  This  requires  management  to  make estimates and
assumptions  that  affect  the  reported  amounts  of  assets  and  liabilities,
disclosures  of  contingent  assets and liabilities at the date of the financial
statements,  and  the  reported  amounts  of  revenues  and  expenses during the
reporting  period.  Actual  results  could  differ  from  those  estimates.  All
amounts  as  of  and  for  the  year  ended  December  31,  2002  are unaudited.

     Operations
     ----------

The aircraft in the Trust are managed under a continuing management agreement by
PLM  Investment  Management,  Inc. (IMI), a wholly owned subsidiary of FSI.  IMI
receives a monthly management fee from the Trust for managing the aircraft (Note
2).  FSI,  in  conjunction with its subsidiaries, sells transportation equipment
to  investor  programs  and  third  parties,  manages  pools  of  transportation
equipment  under agreements with the investor programs, and is a general partner
in  limited  partnerships.

     Accounting  for  Leases
     -----------------------

In  December  1996,  PLM  Worldwide  Leasing  entered  into a sale and leaseback
transaction for two DC-9 aircraft with TEC as trustee for the Owners.  The lease
qualifies  as  a  finance  lease  in  accordance  with  Statement  of  Financial
Accounting  Standards  (SFAS)  No.  13,  "Accounting  for  Leases".

Under  the  direct  finance  lease  method  of  accounting,  the leased asset is
recorded  as  an investment in a direct finance lease and represents the minimum
net  lease payments receivable, including the unguaranteed residual value of the
equipment,  less  unearned  income.  Rental  payments  consist  of principal and
interest  on  the lease, principal payments reduce the investment in the finance
lease,  and  the  interest  is  recorded  as  revenue  over  the  lease  term.

<PAGE>

                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

     Accounting  for  Leases  -  continued
     -------------------------------------

In  accordance  with  SFAS No. 121, "Accounting for the Impairment of Long-Lived
Assets  and  for  Long-Lived Assets to Be Disposed Of", FSI reviews the carrying
value  of  the  assets  held  by  the  Trust  at  least  quarterly, and whenever
circumstances  indicate  that  the  carrying  value  of  an  asset  will  not be
recoverable due to expected future market conditions.  If projected undiscounted
future  cash flows and fair value are less than the carrying value of the asset,
an  impairment  loss  is recorded.  The Trust recorded a $4.1 million impairment
loss  on  assets  in  2001  (see  Note 3).  There were no revaluations of assets
required  in  2000.

In  October  2001, the Financial Accounting Standards Board issued SFAS No. 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets", (SFAS No. 144)
which  replaced  SFAS  No.  121.  In  accordance  with  SFAS  No. 144, the Trust
evaluates  long-lived  assets  for  impairment  whenever events or circumstances
indicated  that  the  carrying  values  of  such  assets may not be recoverable.
Losses  for impairment are recognized when the undiscounted cash flows estimated
to  be  realized  from  a  long-lived  asset  are determined to be less than the
carrying  value of the asset and the carrying amount of long-lived assets exceed
its  fair  value.  The  determination  of  net  realizable  value  for  a  given
investment requires several considerations, including but not limited to, income
expected  to  be  earned  from  the asset, estimated sales proceeds, and holding
costs excluding interest.  The Trust applied the new rules on accounting for the
impairment  or  disposal  of  long-lived  assets  beginning January 1, 2002.  No
reductions  were  required  to  the carrying value of the equipment during 2002.

EGF VI's 40% interest in the Trust is used as collateral against the senior loan
of  EGF  VI.

     Cash  and  Cash  Equivalents
     ----------------------------

All  cash  generated from operations is distributed to the owners.  Accordingly,
the  Trust  has  no  cash  balance  at  December  31,  2002  and  2001.

     Repairs  and  Maintenance
     -------------------------

Repairs  and  maintenance  for  the  aircraft  are usually the obligation of the
lessee.

     Net  Income  (Loss)  and  Cash  Distributions  to  Owners
     ---------------------------------------------------------

The  net  income (loss) and cash distributions of the Trust are allocated to the
Owners  based  on  their  percentage  of  ownership  in  the  Trust.

     Comprehensive  Income  (Loss)
     -----------------------------

The  Trust's  net  income (loss) is equal to comprehensive income (loss) for the
years  ended  December  31,  2002,  2001,  and  2000.

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

Under  the  equipment  management  agreement,  the  Trust  pays  IMI  a  monthly
management  fee  equal  to 2% of the lease payments.  The Trust's management fee
expense  to  affiliate was $24,000, $44,000, and $0.1 million during 2002, 2001,
and  2000,  respectively.

The  Trust  reimbursed  FSI  and  its affiliates $5,000, $-0-, and $1,000 during
2002,  2001,  and  2000,  respectively,  for  data processing and administrative
expenses  directly  attributable  to  the  Trust.

The  balance  due  to affiliates as of December 31, 2002 and 2001 was $2,000 and
$39,000,  respectively,  for  management  fees  to  IMI.

<PAGE>

                              AERO CALIFORNIA TRUST
                                    (A TRUST)
                          NOTES TO FINANCIAL STATEMENTS

3.     Net  Investment  in  a  Direct  Finance  Lease
       ----------------------------------------------

During  1996, the Trust entered into a direct finance lease for the two aircraft
owned  by  the  Trust.  Gross lease payments were to be received over 91 months,
which commenced in December 31, 1996.  In 2001 and 2002, the Partnership entered
into  a series of lease amendments to the original lease agreement that extended
the  lease  to  November  2004.

The  components  of  the  net  investment  in the finance lease receivable as of
December  31,  are  as  follows  (in  thousands  in  dollars):
<TABLE>
<CAPTION>

<S>                                     <C>      <C>

                                          2002      2001
---------------------------------------------------------
Total minimum lease payments . . . . .  $2,496   $ 3,799
Estimated unguaranteed residual values     573       482
Less unearned income . . . . . . . . .    (644)   (1,047)
                                        -------  --------
                                        $2,425   $ 3,234
                                        =======  ========
</TABLE>


In  2001  and  2002, the aircraft lease agreements for the aircraft in the Trust
were  amended  to extend the lease four months to November 2004.  The amendments
allowed  five  interest  only payments from September 2001 through January 2002.
Additionally,  the  amendments  lowered the required monthly lease payments from
February 2002 until lease expiration from $105,000 to $50,000 per aircraft.  The
General  Partner  believed it was in the Trust's best interest to enter into the
amendments  in order that the lessee would be able to continue operations.  As a
result  of  these amendments, a $4.1 million loss on revaluation was recorded in
2001.

Future  minimum rentals receivable under the direct finance lease as of December
31,  2002 are approximately $1.3 million in 2003, $1.2 million in 2004, and $-0-
thereafter.

4.     Geographic  Information
       -----------------------

The  aircraft  are  leased  and  operating  in  Mexico.

5.     Income  Taxes
       -------------

The  Trust  is not subject to income taxes, as any income or loss is included in
the tax return of the individual partners owning the Partnerships.  Accordingly,
no  provision  for income taxes has been made in the financial statements of the
Trust.

As  of  December  31,  2002,  there  were  no  differences between the financial
statement  carrying amounts of assets and liabilities and the federal income tax
basis  of  such  assets  and  liabilities.

6.          Concentrations  of  Credit  Risk
            --------------------------------

Financial  instruments, which potentially subject the Trust to concentrations of
credit  risk,  consist  principally  of  lease receivables.  The aircraft in the
Trust  were  on  finance lease to only one customer during 2002, 2001, and 2000.

As of December 31, 2002, the manager believes the Trust had no other significant
concentrations  of  credit risk that could have a material adverse effect on the
Trust.