ANNUAL REPORT FOR SMALL BUSINESS ISSUERS SUBJECT
    TO THE 1934 ACT REPORTING REQUIREMENTS

     U.S. SECURITIES AND EXCHANGE COMMISSION

             WASHINGTON, D.C.  20549

                   FORM 10-KSB

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF
    THE SECURITIES EXCHANGE ACT OF 1934 [Fee
    Required]

    For the Fiscal Year ended September 30, 2001

          Commission file number 0-8463

           PISMO COAST VILLAGE, INC.
  (Name of small business issuer in its charter)

       California              95-2990441
    (State or other       (IRS Employer ID Number)
     jurisdiction of
     incorporation or
     organization)

165 South Dolliver Street, Pismo Beach, CA  93449
(Address of Principal                   (Zip Code)
 Executive Offices)

    Issuer's telephone number (805)773-5649

Securities registered pursuant to Section 12(b) of
the Act:

  Title of Each Class      Name of Each Exchange
                           on Which Registered.
         N/A                        N/A

Securities registered pursuant to Section 12(g) of
the Act:

                   Common Stock
                 (Title of Class)
 Check whether the issuer (1) filed all reports
required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 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 90
days past. YES  XX  NO __

 Check if there is no disclosure of delinquent
filers in response to Item 405 of Regulation S-B
is not contained in this form, and no disclosure
will be contained, to the best of registrant's
knowledge, in definitive proxy or information
statements incorporated by reference in Part III
of this Form 10-KSB or any amendment to this Form
10-KSB.  XX

<PAGE>

 State issuer's revenues for its most recent
fiscal year. $3,298,663.

 State the aggregate market value of the voting
stock held by non-affiliates computed by reference
to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of
a specified date within the past 60 days (See
definition of affiliate in Rule 12b-2 of the
Exchange Act).  $19,503,000.00

 State the number of shares outstanding of each
of the issuer's classes of common equity, as of
the latest practicable date.  1,800

Statements in this Annual Report on Form 10-KSB
which express the "Belief," "Anticipation,"
"Intention" or "Expectation," as well as other
statements which are not historical fact, and
statements as to business opportunities, market
conditions, and operating performance insofar as
they may apply prospectively, are forward-looking
statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and
involve risks and uncertainties that could cause
actual results to differ materially from those
projected.

<PAGE>

               FORM 10-KSB PART I

ITEM 1 DESCRIPTION OF BUSINESS
(a) GENERAL DEVELOPMENT OF BUSINESS

Pismo Coast Village, Inc., the "Registrant" or the
"Company" was incorporated under the laws of the
State of California on April 2, 1975.  The
Company's sole business is owning and operating a
recreational vehicle resort (hereinafter the
"Resort") in Pismo Beach, California.  The Resort
has continued to enhance its business by upgrading
facilities and services to better serve customers.

(b) BUSINESS OF ISSUER
The Company is engaged in only one business,
namely, the ownership and operation of the Resort.
The Company generates revenue from rental of
camping sites, recreational vehicle storage,
recreational vehicle repair and retail sales from
a general store and recreational vehicle parts
store.  Accordingly, all of the revenues,
operating profit (loss) and identifiable assets of
the Company, are attributable to a single industry
segment.

Pismo Coast Village, Inc., is a full-service 400
space recreational vehicle resort.  Its resort
operations include site rentals, RV storage
business, video arcade, Laundromat, and other
income sources related to the operation.  The
retail operations include a general store, RV
parts store, and RV repair shop.  In addition, the
Company has a recreation department that provides
a youth program and recreational equipment
rentals.

PUBLIC AND SHAREHOLDER USERS
The present policy of the Company is to offer each
shareholder the opportunity for 45 days of free
use of sites at the Resort, 25 days may be used
during prime time and 20 days during non-prime
time.  The free use of sites by shareholders is
managed by designating the nights of the year as
prime time and non-prime time.  A prime time night
is one that is most in demand, for example
Memorial Day Weekend and the period from mid-June
until Labor Day.  Non-prime time is that time with
the least demand.  Each shareholder is furnished
annually a calendar that designates the prime and
non-prime time days; it also provides a schedule
of when reservations can be made and the procedure
for making reservations.  Shareholders' free use
of sites average approximately 20% to 23%
annually, refer to Item 6 Result of Operations
MD&A, page 9.

The Internal Revenue Service is conducting an
audit of the Corporation's taxable year ended
September 30, 1999.  In that audit, the Internal
Revenue Service has raised the question whether
either (a) shareholders of the Corporation should
be required to report a constructive dividend
equal to the value of the shareholder's free usage
of sites at the Corporation's property pursuant
to Section 9.4 of the Corporation's Bylaws, or,
alternatively, (b) the Corporation's expenses
associated with such "free" usage should be
disallowed for income tax purposes.  The
Corporation is contesting these issues in the
audit, and it currently is not possible to project
with certainty what the outcome of the audit will
be.

<PAGE>

SEASONAL ASPECTS OF BUSINESS
The business of the Company is seasonal and is
concentrated during prime days of the year which
are defined as follows:  President's Day Weekend,
Easter week, Memorial Day Weekend, summer vacation
months, Labor Day, Thanksgiving Weekend and
Christmas vacation.

WORKING CAPITAL REQUIREMENTS
By accumulating reserves during the prime seasons,
the Company is able generally to meet its working
capital needs during off-season.  Industry
practice is to accumulate funds during the prime
season and use such funds, as necessary, in the
off-season.  The Company has arranged, but not
used, a $500,000 line of credit to ensure funds
are available, if necessary, in the off-season.

COMPETITION
The Company is in competition with nine other RV
parks located within a five-mile radius.  Since
its property is the only property located adjacent
to the beach, it has a competitive edge.  The
Company is recognized as a recreational vehicle
resort rather than a park because of its upgraded
facilities and amenities which include 26 Channels
of Satellite TV, a heated pool, a miniature golf
course and a recreational program.  The Resort is
noted for its ability to provide full service
which includes RV storage and RV repair and
service.  The Resort is consistently given high
ratings by industry travel guides based on resort
appearance, facilities offered, and recreational
programs.  In Fiscal Year 1999, Pismo Coast
Village, Inc., was awarded the designation of RV
Park of the Year, Mega Park Category 1999, by the
California Travel Parks Association (CTPA).  In
November 1999, Pismo Coast Village, Inc. was
awarded the designation of RV Park of the Year,
Large Park Category 1999, by the National
Association of RV Parks and Campgrounds (ARVC)
which has a membership of more than 4,500
properties.  These factors allow the Resort to
price its site rental fees above most of its
competition based on perceived value received.

Competition for the tourist market is keen between
the cities on the Central Coast of California.
Resort management and staff are involved with the
City of Pismo Beach, Chamber of Commerce,
Conference and Visitors Bureau, and Business
Improvement Group and are major sponsors in
cooperative events and advertising.  The Resort
continues to market off-season discounts and place
advertisements in trade publications and industry
directories.  In addition, the Company places its
brochure with companies selling or renting
recreational vehicles and has found the Resort's
Internet web page to be very effective.  The
marketing program also targets groups and clubs by
offering group discounts, meeting facilities, and
catering services.  The Company's marketing plan
was funded by $54,204 for Fiscal Year 2001 which
was developed out of operating revenues.  The
major source of the Company's business is repeat
business, which has been developed by attention to
good customer service and providing quality
recreational facilities.

ENVIRONMENTAL REGULATION
The Company is affected by federal, state and
local antipollution laws and regulations.  Due to
the nature of its business operations (camping, RV
storage and small retail store sales) the
discharge of materials into the environment is not
considered to be of a significant concern, and the
EPA has not designated the Company as a
potentially responsible party for clean up of
hazardous waste.

<PAGE>

The main property of the Resort is located within
the boundaries of those lands under the review and
purview of the Coastal Commission of the State of
California and the City of Pismo Beach.  The water
and sewer systems are serviced by the City of
Pismo Beach.  The Company was subject to state and
federal regulations regarding the Fiscal Year 1996
reconstruction of an outflow structure that
empties into Pismo Creek at the north boundary of
the Resort.  Because the Resort is within the
wetlands area, the California Coastal Commission
required permits for repair and construction to be
reviewed by the following agencies:  City of Pismo
Beach, State Lands Commission, Regional Water
Quality Board, State of California, California
Department of Fish and Game, State Department of
Parks and Recreation and the Army Corps of
Engineers.  The requirement for these permits
involved the diversion of capital from operations,
but did not increase cost of debt financing.

EMPLOYEES
As of September 30, 2001, the Company employed
approximately 45 people with 20 of these on a part
time basis and 25 on full-time basis.  Due to the
seasonal nature of the business, additional staff
is needed during peak periods and fewer during the
off-season.  Staffing levels during the fiscal
year ranged from approximately 38 employees to 49
employees.  Management considers its labor
relations to be good.

ADDITIONAL INFORMATION
Beginning October 1, 1994, site rental rates at
the Resort remained constant in the range from $22
- $26 per night during the off-season and $32 -
$36 per night during prime time.  However,
following a local comparative rate study, the
Board voted to increase selected nightly rates
effective January 1, 2001.  These new rates ranged
from $26 - $29 per night during the off-season and
$33 - $37 per night during prime time.  In
response to increasing operational expenses,
especially utilities and labor, the Board voted to
increase all nightly rates by one dollar effective
October 1, 2001.  It is anticipated the proposed
rates will continue to market site usage at is
highest value and not negatively impact the
Company's ability to capture an optimum market
share.

The Board also voted to increase towing and set-up
fees for units coming out of RV storage from
$12.50 to $13.50, effective October 1, 2001.  The
rate increase was a result of increased
operational expenses and new prices remain within
the range of local competition.

On December 31, 1998, the Company closed escrow on
a parcel of property to be developed as an
additional RV storage facility.  With existing
storage operating at full capacity and
anticipating continued demand for this service,
the Company purchased 5.8 acres in Oceano,
California.  Construction has been completed and
upon receiving County approval on October 14,
1999, the Company began accepting new storage
customers.

ITEM 2 DESCRIPTION OF PROPERTIES

The Company's principal asset consists of the
Resort which is located at 165 South Dolliver
Street in Pismo Beach, California.  The Resort is
built on a 26-acre site and includes 400 campsites
with full hookups and nearby restrooms with
showers and common facilities, such as a video
arcade, recreation hall, general store, swimming
pool, Laundromat, and three playgrounds.

<PAGE>

In 1980 the Company purchased a 2.2 acre parcel of
real property located at 2250 22nd Street, Oceano,
California, at a price of $66,564.  The property
is being used by the Company as a storage facility
for recreational vehicles.  The storage capacity
of this lot is approximately 114 units.

In 1981 the Company exercised an option and
purchased a 3.5 acre parcel located at 300 South
Dolliver Street, Pismo Beach, California, at a
price of $300,000.  The property, which previously
had been leased by the Company, is used primarily
as a recreational vehicle storage yard.  The
storage capacity of this lot is approximately 223
units.

In 1988 the Company purchased approximately 0.8
acres of property at 180 South Dolliver Street,
Pismo Beach, California, across the street from
the main property, consisting of a large building
with a storefront and one large maintenance bay in
the rear.  Also, on the property is a smaller
garage-type building with three parking stalls.
The Company enlarged its recreational vehicle
repair operation, added RV storage for
approximately eleven units and developed the
storefront into a RV parts store.  The property
was purchased for $345,000, of which $300,000 was
financed and paid in full during Fiscal Year 1997.

On December 31, 1998, the Company closed escrow on
a parcel of property to be developed as an
additional RV storage facility.  The 5.8 acre
property is located in Oceano adjacent to existing
Company RV storage.  On October 14, 1999,
construction was completed and the Company
received County approval to occupy the premises.
The property was purchased for $495,000, of which
$395,000 was financed.  Development cost amounted
to $195,723 and was allocated from operational
cash flow.

There is no deferred maintenance on any of the
Resort's facilities.  The Company's facilities are
in good condition and adequate to meet the needs
of the shareholder users as well as the public
users.  The Company continues to develop
sufficient revenue from general public sites sales
to support a continued positive maintenance
program and to meet the demands of shareholders
use of free sites.

The Resort, RV Repair Shop and Parts Store and
three storage facilities constitute substantially
all the Company's property, and are owned in fee.
Two storage lots and beach access used by the
shareholders and general public visitors are
leased by the Company pursuant to the herein below
described leases.

1. TRAILER STORAGE YARDS.  In 1986 the Company
leased a parcel of land 100 feet wide by 1,600
feet long from the Union Pacific Railroad Corp.
The property is being used by the Company as a
storage facility for recreational vehicles.
Capital improvements in the amount of $40,000 were
made to this property, which provides storage for
approximately 183 units.  The property was leased
for $950 per month the first year, $1,400 per
month for the second year, with continuing years
tied to the "CPI" Index, or Fair Market Value of
the property according to the lease agreement.
During Fiscal Year 2001, lease payments were made
in the amount of $38,399, Fiscal Year 2002 lease
payments will be $39,738, and Fiscal Year 2003
lease payments will be $39,738 plus applicable
changes in index or valuation.

<PAGE>

In 1991 the Company developed a lease for a five-
acre RV storage lot at the Oceano Airport clear
zone as storage for approximately 337 RV's.  This
lot was developed to replace a 100-unit storage
lot that was closed when the lease was not
renewed.  The original lease on the storage lot
was for five years with an additional five-year
option which has been executed.  Construction was
completed in January 1992 and capital improvements
in the amount of $330,768 were made to this
property of which $300,000 was financed and paid
in full during Fiscal 1997.

Lease payments for the first year of control and
occupancy area were $1,500 per month, $2,000 for
the second year and continuing years are tied to
the "CPI" index.  During Fiscal Year 2001, lease
payments were made in the amount of $28,170,
Fiscal Year 2002 lease payments will be $28,170
plus applicable changes in index, and Fiscal Year
2003 lease payments will be $28,170 plus index
changes.

2. AMENDMENT NO. 4 TO CONTRACT PISMO STATE BEACH,
LOCATED IN SAN LUIS OBISPO COUNTY, PISMO COAST
VILLAGE, INC., DATED JULY 1976.  (Pertaining to
the Boardwalk Concession Contract for construction
and maintenance of three boardwalks to the beach
for pedestrians at Pismo State Beach and to
provide for continued access through the sand
dunes to the State Beach abutting the Resort.)
This contract is between the Company and the State
of California Department of Parks and has been
renewed annually since June 30, 1984.  The
contract was originally assigned by the former
owner to the Company by an assignment, dated
December 1, 1975.  Continued ocean access is
granted annually by payment of a license fee of
$400.


The Resort leases out areas to other companies to
insure that the best service and equipment are
available for guest use.  These areas are leased
from the Company pursuant to the herein below
described leases.

1. RECREATIONAL ARCADE AGREEMENT WITH COIN
AMUSEMENTS, INC.  This agreement is dated November
9, 2000 and pursuant to this agreement the Company
granted Coin Amusements, Inc., the concession to
operate various coin-operated game units at the
Resort.  The one year term expired on October 31,
2001.  This agreement has been subsequently
renewed for a one year term ending October 31,
2002; continued renewal is expected without
significant impact.

2. WEB SERVICE COMPANY, GOLETA, CA.  The five-year
lease expired on July 22, 1997, and was reissued
for a five-year period which will expire on July
22, 2002, and grants to Web Service Company the
right to place and service coin-operated laundry
machines at the Resort on a 50-50 basis for all
revenues derived from their use.  On April 23,
1998, Web replaced all 18 washers and 18 dryers
with new equipment.  Continued renewal is expected
without significant impact.

<PAGE>

ITEM 3 LEGAL PROCEEDINGS

No pending legal proceedings against the Company
other than routine litigation incidental to the
business.

ITEM 4 SUBMISSION OF MATTERS TO VOTE OF
SHAREHOLDERS

Paragraph inapplicable

                    PART II

ITEM 5 MARKET FOR COMMON STOCK AND RELATED
SHAREHOLDER MATTERS

(a.) There is no market for the Company's common
stock, and there are only limited or sporadic
transactions in its stock.  Ms. Jeanne E. Sousa, a
licensed broker/dealer, handled sales of the
Company shares as Pismo Coast Investments.  The
last transaction the Company is aware of occurred
on September 24, 2001, at a price of $11,000 for
one share conveyed.  This price was used for
computation of aggregate market value of Company
stock on page 2 of this Report.

(b.) The approximate number of holders of the
Company's common stock on September 30, 2001 was:
1,535.

(c.) The Company has paid no dividends since it
was organized in 1975, and although there is no
legal restriction impairing the right of the
Company to pay dividends, the Company does not
intend to pay dividends in the foreseeable future.
The Company selects to invest its available
working capital to enhance the facilities at the
Resort.

(d.) The Company has entered into an agreement
with Ms. Jeanne Sousa, a California Corporations
Licensed Broker for the lease of a 200 square foot
building at the Resort from which she will conduct
sales activities in the Company's stock.  The term
of the lease was for three years commencing on
January 1, 2001.  Termination or cancellation may
be made by either Lessor or Lessee by giving the
other party sixty (60) days written notice.

<PAGE>

ITEM 6 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULT OF OPERATIONS

Pismo Coast Village, Inc., operates as a 400 space
recreational vehicle resort.  The Corporation
includes additional business operations to provide
its users with a full range of services expected
of a recreational resort.  These services include
a store, video arcade, Laundromat, recreational
vehicle repair, RV parts shop and an RV storage
operation.

The Corporation is authorized to issue 1,800
shares, of one class, all with equal voting rights
and all being without par value.  Transfers of
shares are restricted by Company bylaws.  One such
restriction is that transferees must acquire
shares with intent to hold the same for the
purpose of enjoying camping rights and other
benefits to which a shareholder is entitled.  Each
share of stock is intended to provide the
shareholder with the opportunity for 45 days of
free site use per year.  However, if the
Corporation is unable to generate sufficient funds
from the public, the Company may be required to
charge shareholders for services.

Management is charged with the task of developing
sufficient funds to operate the Resort through
site sales to general public guests by allocating
a minimum of 175 sites to general public use and
allocating a maximum of 225 sites for shareholder
free use.  The other service centers are expected
to generate sufficient revenue to support
themselves and/or produce a profit.

Certain information included herein contains
statements that may be considered forward-looking
statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, such as
statements relating to anticipated expenses,
capital spending and financing sources.  Such
forward-looking information involves important
risks and uncertainties that could significantly
affect anticipated results in the future and,
accordingly, such results may differ from those
expressed in any forward-looking statements made
herein.  These risks and uncertainties include,
but are not limited to, those relating to
competitive industry conditions, California
tourism and weather conditions, dependence on
existing management, leverage and debt service,
the regulation of the recreational vehicle
industry, domestic or global economic conditions
and changes in federal or state tax laws or the
administration of such laws.

CURRENT OPERATING PLANS
The Board of Directors continues its previously
established policy by adopting a stringent,
conservative budget for Fiscal Year 2002, which
projects a positive cash flow of approximately
$650,614 from operations.  While the Company
projects a positive cash flow, this cannot be
assured for Fiscal Year 2002.  Capital
expenditures planned for 2002 include the
continued enhancement of RV sites and services,
road improvements, replacement of an existing
restroom, replacement of a storage building, and a
new fence along the border with the State
Campground.  These investments are projected to be
approximately $386,000, some of which can be
deferred, if necessary.  These proposed capital
improvements will be funded from cash from
operations, from existing working capital, and, if
necessary, from financing obtained by the Company.
Thus, budgeted cash flow for the year is expected
to be within the Company's capabilities based on
its present working capital position.

<PAGE>

FINANCIAL CONDITION
The business of the Company is seasonal and is
concentrated on prime days of the year which are
defined as follows:  President's Day Weekend,
Easter week, Memorial Day Weekend, summer vacation
months, Labor Day, Thanksgiving Weekend, and
Christmas vacation.  There are no known trends
which affect business or affect revenue.

The Company develops its income from two sources:
(a) Resort Operations, consisting of revenues
generated from RV site rentals, from RV storage
space operations, and from lease revenues from
Laundromat and arcade operations by third party
lessees; and (b) Retail Operations, consisting of
revenues from general store operations and from RV
parts and service operations.

The Company completed its plan to aggressively
reduce debt by eliminating, by early payoff, all
outstanding loan balances in September 1997.  With
the purchase of a new storage property in December
1998, the Company obtained financing from a local
institution.  As a result of the July 2000 Board
meeting, this note was paid off to eliminate any
current outstanding loan balances.  The Company
continues its policy to adopt conservative budgets
with managed capital outlays.

The Company has arranged a $500,000 line of credit
that has not been drawn on to date.  The Company
has no other liabilities to creditors other than
current accounts payable arising from its normal
day-to-day operations and advance Resort rental
reservation deposits, none of which are in
arrears.

The Company recognized extraordinary expense of
$54,383 due to damages suffered from local
flooding on March 5, 2001.  Excessive rainfall
created a flash flood during high tide and covered
most of the Company's resort property with water.
Expenses consisted of repairs to buildings, labor,
office supplies and furniture, computer and data
recovery, and telephone system repair.

The Company is currently undergoing an audit by
the Internal Revenue Service.  The outcome of the
audit cannot reasonably be determined.  Should the
Company have an unfavorable outcome, the impact to
the financial statements could be material.

LIQUIDITY
The Company's policy is to use its ability to
generate operating cash flow to meet its expected
future needs for internal growth.  The Company has
continued to maintain sufficient cash so as to not
require the use of a short-term line of credit
during the off-season period, and the Company
expects to be able to do so (although no assurance
of continued cash flow can be given).

Net cash provided by operating activities totaled
$609,147 in 2001, compared to $563,937 in 2000.
These fluctuations are primarily a result of
increased revenues, early payoff of long-term
debt, loss on disposal of fixed assets, and
increase in prepaid expenses.

<PAGE>

During Fiscal Year 2001, cash investments of
$431,251 included the construction of a new
restroom, road paving, drainage and repairs to A-
storage lot, electrical pedestals, a maintenance
truck, purchase of a used backhoe, rental bikes,
modification of a tow truck, and a new trailer tow
truck.  During Fiscal Year 2000, cash investments
of $154,830 included road paving, isolation of
part of the Resort's irrigation system from the
domestic water system, modification of a new
towing truck, grading of RV Storage Lot C, and
engineering costs for planned improvements.

The Company has continued to maintain sufficient
cash from operations to not require the addition
of long-term debt during 2000 or 2001.  With the
possibility of requiring additional funds for
planned capital improvements and winter season,
the Company established a $500,000 Line of Credit
to insure funds will be available if required.  In
anticipation of future large projects, the Board
of Directors has instructed management to build
operational cash balances.

Fiscal Year 2001's current ratio (current assets
to current liabilities) of 2.44 decreased from
Fiscal Year 2000's current ratio of 2.50.  The
decrease in current ratio is the result of
increased accrued vacation, accounts payable, and
rental deposits.

Working Capital increased to $763,775 at the end
of Fiscal Year 2001 compared with $696,551 at year
end Fiscal Year 2000.  This increase is a result
of eliminating all long-term debt, anticipating
planned capital improvements, development of cash
reserves, and deferment of capital projects that
have not detrimentally affected current
operations.

CAPITAL RESOURCES AND PLANNED EXPENDITURES
The Company plans capital expenditures of $386,000
in Fiscal Year 2002 to further enhance the resort
facilities and services, improve roads, demolish
and construct a restroom, replace electrical
pedestals, repairs to buildings in the core area,
improvements to the irrigation system, and replace
the fence along the border of the State
Campground.  Funding for these projects is
expected to be from normal operating cash flows
and, if necessary, supplemented with outside
financing. These capital expenditures are expected
to increase the Resort's value to its shareholders
and the general public.

<PAGE>

RESULTS OF OPERATIONS

YEAR TO YEAR COMPARISON

INCOME: Increased over the prior fiscal year ended
September 30, 2000, by $187,515, or 6.01%.

                INCOME BY SEGMENT

                             2001           2000
OCCUPANCY
% of Shareholder Site Use    22.2%          21.0%
% of Paid Site Rental        49.9%          50.9%
% Total Site Occupancy       72.1%          72.0%
% of Storage Rental*         91.9%          76.0%
Average Paid Site           $27.36         $26.21

*New Storage Lot Opened 10/1999

RESORT OPERATIONS
Site Rental             $1,991,638     $1,948,055
Storage Operations        $513,824       $446,222
Support Operations        $138,180       $122,153
Total                   $2,643,642     $2,516,430

RETAIL OPERATIONS
Store                     $417,630       $384,331
RV Repair/Parts store     $197,378       $173,431
Total                     $615,008       $557,762

INTEREST INCOME            $40,013        $36,956

TOTAL INCOME            $3,298,663     $3,111,148

<PAGE>

Occupancy rates on the above table are calculated
based on the quantity occupied as compared to the
total sites available for occupancy (i.e., total
occupied to number of total available).  Average
paid site is based on site revenue and paid sites.
Resort support operations include revenues
received from the arcade, Laundromat, recreational
activities, and other less significant sources.

2001 COMPARED WITH 2000
Resort operations income increased $127,212, or
5.0%, primarily due to a $67,602, or 15.1%
increase in RV storage and spotting activity.
Also, the Resort realized an increase of $43,583,
or 2.2%, in site revenue compared to the previous
year.  Site revenue increased regardless of a 2.1%
decrease in paid site occupancy, and reflects a
price increase implemented on January 1, 2001.
While the Company recognized flooding of the
Resort on March 5, 2001, had a negative impact on
occupancy and revenue, the total impact has not
been determined.  Occupancy projections continue
to look strong as the local region enjoys mild
weather and an ongoing positive trend of outdoor
recreation and camping.

Retail operations income increased $57,246, or
10.3%, due to a 8.7% increase in General Store
sales and a 13.8% increase in RV Shop activity.
These increases are a result of management's
continuing program to increase retail from
increased occupancy and efforts to stock more
appropriate items, more effectively merchandise,
and pay greater attention to customer service.

Interest Income increased 8.3% as a result of
carrying higher cash balances through most of the
year.  These increased cash balances are due to
the Company anticipating capital expenditures to
improve the Resort's facilities and services, and
the increase in advanced deposits for future
reservations.

Operating Expenses increased $207,953, or 10.2%,
as a result of payroll, employee benefits,
insurance, electricity, repairs and maintenance,
contracted services, and equipment expense.
Maintaining the conservative approach, most
expense items were managed well below Plan and in
many categories below the previous year.  The
Board of Directors have directed management to
continue maintenance projects as needed to provide
a first class resort for campers using
recreational vehicles.

Depreciation Expense increased 2.3% due to the
purchase of equipment, property improvements, and
elimination of the assets deemed to no longer have
a useful life.

Interest Expense decreased from $24,247 in 2000 to
$-0- in 2001 due to early payoff of the note
payable for the purchase of the RV storage
property.

Loss on Disposal of Fixed Assets for 2001 of
$66,973 represents the reclassification of certain
assets determined no longer to have a useful life
and were disposed of.

Income before provision for taxes on income of
$333,270 is reflective of the Company's current
pricing policies and continuing efforts to
maximize resort services and value.  Also
considered is the extraordinary expense of $54,583
resulting from the flood on March 5, 2001.  Income
exceeded management's plan of operations for
Fiscal Year 2001.

<PAGE>

Net income decreased by $71,713, or 28.1%,
primarily due to expenses resulting from the March
flood, loss on disposal of fixed assets,
depreciation and an increase in operating
expenses.  This is the twelfth consecutive year
of positive net income for the Company.

INFLATION has not had a significant impact on our
profit position.  Company has increased rates
which have more than compensated for the rate of
inflation.

FUTURE OPERATING RESULTS could be unfavorably
impacted to the extent that changing prices result
in lower discretionary income for customers and/or
increased transportation costs to the Resort.  In
addition, increasing prices affects operations and
liquidity by raising the replacement cost of
property and equipment.

The Internal Revenue Service is conducting an
audit of the Corporation's taxable year ended
September 30, 1999.  In that audit, the Internal
Revenue Service has raised the question whether
either (a) shareholders of the Corporation should
be required to report a constructive dividend equal
to the value of the shareholder's free usage of
sites at the Corporation's property pursuant to
Section 9.4 of the Corporation's Bylaws, or,
alternatively, (b) the Corporation's expenses
associated with such "free" usage should be
disallowed for income tax purposes.  The
Corporation is contesting these issues in the audit,
and it currently is not possible to project with
certainty what the outcome of the audit will be.

ITEM 7  FINANCIAL STATEMENTS

<PAGE>

          INDEPENDENT AUDITORS' REPORT


Board of Directors
Pismo Coast Village, Inc.
Pismo Beach, California 93449

We have audited the accompanying balance sheets of
Pismo Coast Village, Inc. (a California
corporation) as of September 30, 2001 and 2000,
and the related statements of operations and
retained earnings and cash flows for the years
then ended.  These financial statements are the
responsibility of the Company's management.  Our
responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with U. S.
generally accepted auditing standards.  Those
standards require that we plan and perform the
audits 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 audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements referred
to above present fairly, in all material respects,
the financial position of Pismo Coast Village,
Inc. as of September 30, 2001 and 2000, and the
results of its operations and its cash flows for
the years then ended, in conformity with U. S.
generally accepted accounting principles.

GLENN, BURDETTE, PHILLIPS & BRYSON

Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation

October 29, 2001

<page>

<TABLE>
                  PISMO COAST VILLAGE, INC.
                       BALANCE SHEETS
                 SEPTEMBER 30, 2001 AND 2000
<CAPTION>
<S>                               <C>           <C>
                                     2001          2000
                                  __________    __________

                            ASSETS
                       ________________
Current Assets
______________
Cash & Cash Equivalents           $1,121,965    $1,021,535
Accounts Receivable                    8,120         7,237
Inventory                             74,429        71,766
Current Deferred Taxes                26,000        30,000
Prepaid Expenses                      64,742        31,557
                                  __________    __________
   Total Current Assets            1,295,256     1,162,095

Pismo Coast Village Recreational
  Vehicle Resort and Related
  Assets - net                     5,873,417     5,748,008

Other Assets                           8,253         1,616
                                  __________    __________
  Total Assets                    $7,176,926    $6,911,719
                                  ==========    ==========

            LIABILITIES AND STOCKHOLDERS' EQUITY
            ____________________________________

Current Liabilities
___________________
Accounts Payable & Accrued
 Liabilities                         $99,039       $71,157
Accrued Salaries & Vacation          105,794        97,534
Rental Deposits                      326,648       289,853
Income Taxes Payable                                 7,000
                                  __________     _________
  Total Current Liabilities         $531,481      $465,544

Long-term Liabilities
_____________________
Long-term Deferred Taxes             111,000        95,000
                                  __________     _________

Total Liabilities                    642,481       560,544
                                  __________     _________
stockholders' Equity
____________________
Common Stock, No Par Value,
 Issued & Outstanding,
 1800 Shares                       5,647,708     5,647,708
Retained Earnings                    886,737       703,467
                                  __________    __________
  Total Stockholders' Equity       6,534,445     6,351,175
                                  __________    __________

    Total Liabilities &
    Stockholders' Equity           7,176,926    $6,911,719
                                  ==========    ==========
</TABLE>

The accompanying notes are an integral part
of these financial statements.


<PAGE>

<TABLE>
                PISMO COAST VILLAGE, INC.
      STATEMENTS OF OPERATIONS AND RETAINED
EARNINGS
          YEARS ENDED SEPTEMBER 30, 2001 AND 2000

<CAPTION>

<S>                                <C>           <C>
                                      2001          2000
                                   __________    __________

Income
______
Resort Operations                  $2,643,642    $2,516,430
Retail Operations                     615,008       557,762
Interest Income                        40,013        36,956
                                   __________    __________
  Total Income                      3,298,663     3,111,148
                                   __________    __________

Costs & Expenses
________________
Operating Expenses                  2,186,975     2,034,677
Cost of Goods Sold                    340,727       321,204
Depreciation                          316,335       309,269
Interest                                             24,247
Other Expense                          54,383
Loss on Sale of Fixed Assets           66,973           768
                                   __________    __________
  Total Costs & Expenses            2,965,393     2,690,165
                                   __________    __________

Income Before Provision
 for Taxes on Income                  333,270       420,983

Provision for Taxes on Income         150,000       166,000
                                   __________    __________

Net Income                            183,270       254,983
__________

Retained Earnings
_________________
Beginning of Year                     703,467       448,484
                                   __________    __________

End of Year                          $886,737      $703,467
                                   ==========    ==========

Earnings per Share                    $101.82      $141.66
__________________                    =======      =======

</TABLE>

The accompanying notes are an integral
part of these financial statements.

<PAGE>

<TABLE>
                   PISMO COAST VILLAGE, INC.
                   STATEMENTS OF CASH FLOWS
           YEARS ENDED SEPTEMBER 30, 2001 AND 2000

<CAPTION>
<S>                                <C>          <C>
                                       2001        2000
                                   __________   __________

Cash Flows from Operating
 Activities
Net Income                         $  183,270    $ 254,983
 Adjustments to Reconcile Net
  Income to Net Cash Provided
  by Operating Activities:
   Depreciation                       316,335      309,269
   Deferred Income Tax                 20,000        4,000
   Loss on Disposal of Fixed
    Assets                             66,973          768
   Decrease (Increase) in
    Accounts Receivable                  (883)       7,995
   Increase in Inventory               (2,663)      (5,088)
   Decrease (Increase) in
    Prepaid Expenses                  (33,185)      17,419
   Decrease (Increase) in Other
    Assets                             (6,637)         595
   Decrease (Increase) in Accounts
    Payable & Accrued Liabilities      27,882      (27,269)
   Increase in Accrued Salaries &
    Vacation                            8,260       35,568
   Increase in Rental Deposits         36,795       46,697
   Decrease in Income Taxes Payable    (7,000)     (81,000)
                                   ___________   __________
     Total Adjustments                425,877      308,954
                                   __________    __________

     Net Cash Provided by
      Operating Activities            609,147      563,937
                                   __________    __________

Cash Flows from Investing
 Activities
__________________________
Proceeds from Sale of Assets            5,900          135
Capital Expenditures                 (514,617)    (154,965)
                                   __________    __________
  Net Cash Used in Investing
   Activities                        (508,717)    (154,830)
                                   __________    __________

Cash Flows from Financing
 Activities Principle Payments
 on Loan Payable                                  (395,000)
                                                 __________
  Net Cash Used in Financing
   Activities                                     (395,000)
                                   __________    __________

  Net Increase in Cash & Cash
   Equivalents                        100,430       14,107

Cash & Cash Equivalents,
 Beginning of Year                  1,021,535    1,007,428
                                   __________    __________

Cash & Cash Equivalents,
 End of Year                       $1,121,965   $1,021,535
                                   ==========   ==========

Schedule of Payments of
 Interest & Taxes
_______________________
Payments for Interest              $             $  24,247
Payments for Income Tax            $  162,933     $155,000

</TABLE>

The accompanying notes are an integral
part of these financial statements.

<PAGE>

            PISMO COAST VILLAGE, INC.
         NOTES TO FINANCIAL STATEMENTS
        SEPTEMBER 30, 2001 AND 2000

Note 1 - Summary of Significant Accounting
         Policies
__________________________________________

A.  Nature of Business
______________________
Pismo Coast Village, Inc. (Company) is a
recreational vehicle camping resort.  Its business
is seasonal in nature with the fourth quarter, the
summer, being its busiest and most profitable.

B.  Inventory
_____________
Inventory has been valued at the lower of cost or
market on a first-in, first-out basis.

C.  Depreciation and Amortization
_________________________________
Depreciation of property and equipment is computed
using an accelerated method based on the cost of
the assets, less allowance for salvage value,
where appropriate.  Depreciation rates are based
upon the following estimated useful lives:

Building and park improvements   5 to 40 years
Furniture, fixtures, equipment
 and leasehold improvements      5 to 31.5 years
Transportation equipment         5 to 10 years

D.  Earnings Per Share
______________________
The earnings per share are based on the 1,800
shares issued and outstanding.

E.  Cash and Cash Equivalents
_____________________________
For purposes of the statements of cash flows, the
Company considers all highly liquid investments
including certificates of deposit with a maturity
of three months or less when purchased, to be cash
equivalents.

F.  Use of Estimates
____________________
The preparation of financial statements in
conformity with generally accepted accounting
principles requires management to make estimates
and assumptions that affect certain reported
amounts and disclosures.  Accordingly, actual
results could differ from those estimates.

G.  Revenue and Cost Recognition
________________________________
The Company's revenue is recognized on the accrual
basis as earned based on the date of stay.
Expenditures are recorded on the accrual basis
whereby expenses are recorded when incurred,
rather than when paid.

<PAGE>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001 AND 2000
PAGE 2

Note 1 - Summary of Significant Accounting
         Policies (Continued)
__________________________________________

H.  Advertising
_______________
The Company follows the policy of charging the
costs of advertising to expense as incurred.
Advertising expense was $52,282 and $54,204 for
the years ended September 30, 2001 and 2000,
respectively.

Note 2 - Pismo Coast Village Recreational Vehicle
         Resort and Related Assets
_________________________________________________
At September 30, 2001 and 2000, property and
equipment, which are recorded at cost, included
the following:

<TABLE>
<CAPTION>
<S>                               <C>          <C>
                                      2001         2000
                                  ___________  ___________
  Land                            $ 3,208,617   $3,384,420
  Building & park improvements      6,486,043    5,823,728
  Furniture, fixtures, equipment
   & Leasehold improvements           413,687      660,958
  Transportation equipment            338,110      231,707
  Construction in progress              2,441       20,192
                                  ___________  ___________
                                  $10,448,898  $10,121,005
  Less: accumulated depreciation   (4,575,481)  (4,372,997)
                                  ___________  ___________
                                  $ 5,873,417   $5,748,008
                                  ===========  ===========
</TABLE>

Note 3 - Line of Credit
_______________________
The Company has a revolving line of credit for
$500,000.  The interest rate is variable at one
percent over prime, with an initial rate of 8.0
percent expiring March 2002.  The purpose of the
loan is to augment operating cash needs in off-
Season months.  There were no outstanding amounts
as of September 30, 2001 or 2000.

Note 4 - Common Stock
_____________________
Each share of stock is intended to provide the
shareholder with a maximum free use of the park
for 45 days per year.  If the Company is unable to
generate sufficient funds from the public, the
Company may be required to charge shareholders for
services.

A shareholder is entitled to a pro rata share of
any dividends as well as a pro rata share of the
assets of the Company in the event of its
liquidation or sale.  The shares are personal
property and do not constitute an interest in real
property.  The ownership of a share does not
entitle the owner to any interest in any
particular site or camping spot.

<PAGE>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001 AND 2000
PAGE 3

Note 5 - Income Taxes
_____________________
The provision for income taxes consists of the
following components:

                              2001         2000
                            ________     ________
Current:
  Federal                   $102,000     $119,000
  State                       28,000       36,000
                            ________     ________
                             130,000      155,000

Deferred:
  Federal                     19,000       10,000
  State                        1,000        1,000
                            ________     ________
                            $150,000     $166,000
                            ========     ========

The deferred tax assets (liabilities) are
comprised of the following:

                              2001          2000
                           _________     ________
Depreciation               $(111,000)    $(95,000)
                           _________     ________
 Total gross deferred
   tax liabilities          (111,000)     (95,000)
                           _________     ________

Vacation accrual              10,000       12,000
Miscellaneous                 16,000       18,000
                           _________     ________
Total gross deferred
 tax assets                  $26,000      $30,000
                           _________     ________

                           $ (85,000)    $(65,000)
                           =========     ========

The above deferred tax assets (liabilities)
consist of the following temporary differences:

<TABLE>
<CAPTION>
                            2001               2000
                     _________________ ____________________
<S>                 <C>      <C>         <C>      <C>
                    Current  Long-term   Current  Long-term

Deferred tax assets:
 Federal            $24,000  $           $28,000  $
 State                2,000                2,000

Deferred tax liabilities
 Federal                       (89,000)           (74,000)
 State                         (22,000)           (21,000)
                    _______   ________   _______  _______
                    $26,000  $(111,000)  $30,000  $95,000
                    =======  ==========  =======  =======
</TABLE>

<PAGE>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001 AND 2000
PAGE 4

Note 5 - Income Taxes (Continued)
_________________________________
The effective income tax rate varies from the
statutory federal income tax rate as follows:

                                  2001       2000
                                 ______     ______

Statutory federal
 income tax rate                  34.0%      34.0%
Increase (decrease)
 State income taxes, net of
  federal benefit                  5.9        5.8
 Effective rate change on
  deferred taxes                  (0.2)       1.5
 Miscellaneous                               (1.7)
                                 ______     ______
   Effective income tax rate      39.7%      39.6%
                                 ======     ======

Note 6 - Operating Expenses
___________________________
Operating expenses for the years ended September
30, 2001 and 2000, consisted of the following:

                              2001         2000
                           __________   __________

Direct Labor               $  675,022   $  587,279
Administrative Salaries       216,233      214,048
Insurance                     148,166      133,639
Payroll Tax Expense            76,509       65,247
Employee Travel & Training     18,205       18,592
Property Taxes                 54,655       53,097
Taxes and Licenses              4,591        6,686
Corporation Expense            41,750       45,930
Advertising & Promotion        52,282       54,204
Telephone                      28,610       28,640
Security                       82,411       76,181
Office Supplies & Expense      46,494       45,448
Custodial Supplies             11,948        7,985
Recreational Supplies           9,283       10,831
Professional Supplies          28,955       27,454
Retail Operating Supplies       6,402        2,914
Repairs & Maintenance          93,764       97,471
Contract Services             105,241      101,298
Equipment Lease                 1,686        1,975
Utilities                     258,317      249,306

<PAGE>

PISMO COAST VILLAGE, INC.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2001 AND 2000
PAGE 5

Note 6 - Operating Expenses (Continued)
_______________________________________

                              2001         2000
                           __________   __________

Auto & Truck Expense       $   39,580   $   40,021
Rent - Storage Lots            66,568       66,880
Bad Debts                       1,448          234
Service Charges                53,886       42,874
Uniforms                       14,535       12,873
Miscellaneous                  50,434       43,570
                           __________   __________
 Total Operating Expenses  $2,186,975   $2,034,677
                           ==========   ==========

Note 7 - Operating Leases
_________________________
The Company leases two pieces of property to use
as storage lots.  One is leased under a cancelable
month-to-month lease.  The other was renewed
effective January 1, 1997, for five years with an
option to extend for an additional five years.
Monthly lease payments are currently $2,410 and
are increased annually based on the Consumer Price
Index.  Future minimum lease payments under the
second lease and an obligation to lease equipment
are as follows:

Year Ended September 30,
________________________
          2002                        $21,690
                                      =======

Rent expense under these agreements was $66,568
and $66,880 for the year ended September 30, 2001
and 2000, respectively.

Note 8 - Employee Retirement Plans
__________________________________
The Company is the sponsor of a 401(k)
profit-sharing pension plan, which covers
substantially all full-time employees.  Employer
contributions are discretionary and are determined
on an annual basis. The contribution to the
pension plan for the year ended September 30, 2001
and 2000, was $11,041 and $11,700 respectively.

Note 9 - Contingent Liability
_____________________________
The Company is currently undergoing an audit by
the Internal Revenue Service.  The outcome of the
audit cannot reasonably be determined.  Should the
Company have an unfavorable outcome, the impact to
the financial statements could be material.

<PAGE>

GLENN, BURDETTE, PHILLIPS & BRYSON
CERTIFIED PUBLIC ACCOUNTANTS
1150 PALM STREET
SAN LUIS OBISPO, CA 93401




         INDEPENDENT AUDITORS' REPORT
           ON ADDITIONAL INFORMATION


Board of Directors
Pismo Coast Village, Inc.
Pismo Beach, California 93449

Our report on our audits of the basic financial
statements of Pismo Coast Village, Inc. as of
September 30, 2001 and 2000, appears on page 3.
Those audits were made for the purpose of forming
an opinion on the basic financial statements taken
as a whole.  The statements of operations
(unaudited) for the three months ended September
30, 2001 and 2000, are presented for purposes of
additional analysis and are not a required part of
the basic financial statements.  Such information
has not been subjected to the auditing procedures
applied in the audits of the basic financial
statements, and, accordingly we express no opinion
on it.


GLENN, BURDETTE, PHILLIPS & BRYSON

Glenn, Burdette, Phillips & Bryson
Certified Public Accountants
A Professional Corporation

October 29, 2001

<PAGE>

            PISMO COAST VILLAGE, INC.
       STATEMENTS OF OPERATIONS (UNAUDITED)
  THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000

                               2001        2000
                            __________  __________

Income
______
Resort Operations           $1,009,592  $  962,154
Retail Operations              245,732     206,586
Interest Income                 12,485      13,660
                            __________  __________
 Total Income                1,267,809   1,182,400
                            __________  __________

Cost & Expenses
Operating Expenses             622,271     595,130
Cost of Goods Sold             137,048     115,210
Depreciation                    84,000      78,000
Other Expense                  (33,171)        917
Loss on Sale of
  Fixed Assets                  72,173         903
                            __________  __________
 Total Cost & Expenses         882,320     790,160
                            __________  __________

Income Before Provision
 for Taxes On Income           385,489     392,240

Provision for Taxes
 on Income                     164,500     141,000
                            __________  __________

Net Income                    $220,989    $251,240
__________                  ==========  ==========

Earnings per Share             $122.77     $139.58
__________________             =======     =======

<PAGE>

ITEM 8  CHANGES IN AND DISAGREEMENT WITH
        ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
        DISCLOSURE

Inapplicable.

                         PART III

ITEM 9  DIRECTORS, EXECUTIVE OFFICERS, AND CONTROL
        PERSONS; COMPLIANCE WITH SECTION 16(a) OF
        THE EXCHANGE ACT

(a) The Company's Directors were chosen at the
Shareholder's Annual Meeting on January 20, 2001.
Director Emily Barton passed away in October 2001
and her seat is to remain unfilled until the next
election at the Annual Shareholders' Meeting set
for January 19, 2002.  The Directors serve for one
year, or until their successors are elected.  The
names, ages, background and other information
concerning the Directors, including other offices
held by the Directors with the Company, are set
forth below.

(b) The following is a list of the Company's
Directors and Executive Officers setting forth
their functions and experience.  There is no
familial relationship between the Directors nor
between the Directors and the Officers.  There is
no understanding or agreement under which the
Directors hold office.

HOWARD ALLARD, Director
Howard Allard, age 76, resides at 5161 Diablo
Drive, Sacramento, California  95842.  He has a
Master's degree in education administration from
California State University, Sacramento.  He was
an elementary school principal in the Rio Linda
Union School District for 29 years prior to
retirement in 1985.  He has been a partner since
1978 in Allard Enterprises which maintains rental
properties, and he has also been a partner since
1982 in Allard Limousine.  Mr. Allard has served
on the Board for 21 years, including three years
as President, two years as Secretary, and one year
as Vice President - Administration.

ALBERT BROWN, Director
Albert Brown is 78 years old.  He resides at 22718
Lone Eagle Road, Apple Valley, California  92308.
He was employed at Hughes Aircraft for 20 years,
from 1945 to 1965, TRW Systems for 3.5 years, from
1965 to 1968, and Rohr Industry, Inc., for 11.5
years, from 1968 until retirement in 1979.  He
worked his way up from being an assembler to a
senior industrial engineer, reporting directly to
the manager of industrial engineering.  He has
completed extensive continued education in the
field of industrial engineering at U.S.C.  He has
served on the Board of Directors for 17 years,
including two years as Vice President -
Administration.

<PAGE>

HARRY BUCHAKLIAN, Director
Harry Buchaklian is 69 years old.  He resides at
1361 E. Ticonderoga Drive, Fresno California
93720.  He has a B.A. degree from C.S.U.F. in
industrial arts, and a secondary level teaching
credential in laboratory electronics and small
engine repair.  His career has included employment
as an assistant manager with Western Auto Stores,
electronics instructor at Fresno Technical College
and technical supervisor for Sears Roebuck.  He
retired from Sears Roebuck in 1994.  He has served
on the Board for 17 accumulative years, including
most recently from September 1995 to present, and
served one year as Executive Vice President.

FRANK DRAKE, Director and Executive Vice President
Frank Drake is 60 years old.  He resides at 9511
Birch Creek Court, Bakersfield, California 93312.
Mr. Drake has an A.A. degree from Bakersfield
College, and holds an administration of justice
lifetime vocational teaching credential from
U.C.L.A.  Mr. Drake retired after 20 years with
the Kern County Sheriffs Department where he was
commander of detective, administration and jail
facilities.  Following his retirement from the
Sheriff's Department in 1988, he was employed as a
safety consultant with State Compensation
Insurance Fund assisting clients in complying with
OSHA and other safety standards.  He retired from
this position in December 1995.  Mr. Drake has
served on the Board for six years, including one
year as Vice President - Policy, and is currently
serving a third year as Executive Vice President.

NORMAN GOULD, Director
Norman Gould is 82 years old.  He resides at 10597
Road 30, Madera, California  93637.  He has a B.A.
in education and an M.A. in administration.  His
occupation prior to retirement in 1987 was as the
superintendent of schools for Madera County.  He
was a member of the board of directors of
Kingsview, Inc., from 1968 to 1980 and held the
positions of vice chairman and chairman of the
board.  He is currently on the board of directors
of Valley Teen Ranch, Inc.  Mr. Gould is currently
president of the California Retired Teachers
Association, a nonprofit corporation.  He has
served on the Board for 24 accumulative years,
including most recently from March 1993 to
present, serving nine years as President, one year
as Treasurer and two years as Secretary.

R. ELAINE HARRIS, Director
R. Elaine Harris is 63 years old and resides at
3418 El Potrero Lane, Bakersfield, California
93304.  She commenced her 31-year career with
Pacific Telephone in the business office and was
facility administrator during the last ten years
prior to her retirement in 1990.  Mrs. Harris
thoroughly enjoys having more time to spend with
her grandchildren, and she is looking forward to
serving as a member of the Board of Directors for
Pismo Coast Village.  Mrs. Harris has served on
the Board of Directors for two years.

GLENN HICKMAN, Director
Glenn Hickman is 68 years old.  He resides at 3584
W. Wathen Avenue, Fresno, California 93711.  He
has a B. A. in Business and a secondary teaching
credential from Fresno State University.  His
occupation prior to retirement in 1995 was as a
financial analyst and office supervisor for Cal
Resources, a subsidiary of Shell Oil Company.  Mr.
Hickman has served on the Board for three years.

<PAGE>

EDWARD HINDS, JR., Director and Vice President -
Secretary
Edward (Dee) Hinds, Jr., age 74, resides at 3416
West Magill Avenue, Fresno, California 93711.
Prior to his retirement in 1988, he was employed
for more than 38 years by Bank of America serving
as a branch officer, vice president, manager and
regional credit administrator.  He has served on
the Board for 21 years, and is currently serving
an ninth year as Vice President - Secretary.

TERRIS HUGHES, Director and Vice President -
Policy
Terris (Terry) Hughes, is 52 years old and resides
at 2426 Sunset, Wasco, California 93280.  Mr.
Hughes holds an A.A. degree from Bakersfield
Junior College in police science.  He was employed
by Cal Resources LLC for 23 years, from 1973 to
1997, holding the position of senior training
technician for the last 10 years of that time.
Mr. Hughes is currently employed as an internal
consultant for Aera Energy LLC, an oil industry
company formed in 1997 between the Shell Oil and
Mobil Oil Corporations.  His duties are to serve
as a behavior-base safety advisor and provide
safety training to Aera Energy LLC employees.  Mr.
Hughes has served on the Board for six years and
is currently serving as Vice President - Policy.

LARRY KELLER, Director
Larry Keller, age 48, resides at 3807 Mesa Grande,
Bakersfield California 93304.  Mr. Keller founded
and operated Nooner Food Service from 1979 until
1992, providing on-site food service of up to
13,000 meals per day at fire camps for the U. S.
Forest Service throughout 11 western states.  He
also served as president, vice president and
secretary/treasurer of the Western Forest Fire
Catering Association.  Since 1992 Mr. Keller has
been self-employed at Presidio Business Center, a
commercial real estate management company he owns
and manages.  He is currently a director, but is
not standing for reelection at this year's annual
meeting.  Mr. Keller has served on the Board for
six years.

RONALD NUNLIST, Director
Ronald Nunlist, age 63, resides at 1105 Minter
Avenue, Shafter, California  93263.  Mr. Nunlist
was employed in the oil business for many years.
From 1995 to June 1997 he was employed as an
operations foreman by Cal Resources LLC, an oil
industry company owned by Shell Oil Corporation.
Mr. Nunlist was then employed as a logistics
specialist by Aera Energy LLC, an oil industry
company formed between the Shell Oil and Mobil Oil
Corporations from June 1997 until his retirement
in June 1999.  He has served on the Board for 16
years, including five years as President.

JERALD PETTIBONE, Director and President
Jerry Pettibone, age 75, resides at 4179 Court
Drive, Santa Cruz, California  95062.  He sold and
retired from his company, Pettibone Signs, in
Santa Cruz in October 1988.  He started the
company which operated statewide in 1960.  Active
in trade associations, he served on the board of
directors of the National Electric Sign
Association, and on the board of directors of the
World Sign Association, serving as national
president in 1985-1986.  He served on the board of
directors of the California Electric Sign
Association for 22 years and was elected a
director emeritus.  Also active in Rotary Club, he
is a charter member and past president of the
Capitola/Aptos Club.  He has served on the Board
for nine years, including three years as Chief
Financial Officer, and is currently serving a
fifth year as President.

<PAGE>

RICHARD PROSCHOLD, Director
Richard Proschold, age 72, resides at 5717 Maywood
Drive, Foresthill, California 95631.  Mr.
Proschold worked his entire career in and for the
printing and communications industry. In 1969, he
became President/CEO of Graphic Arts Credit Union
in Sacramento, California, which served the
families of the industry with their financial
needs. At the time he took the helm, the credit
union had 400 members. In 1989, he completed a
merger of Graphic Arts Credit Union and its 5,000
active members into S.A.F.E. Federal Credit Union,
also in Sacramento, to benefit the membership with
more expanded services. Mr. Proschold remained
with S.A.F.E. until 1992 when he retired, and has
since enjoyed traveling. In 1996, he became
involved as a volunteer with the Foresthill
Community Cemetery, a not-for-profit corporation.
In January 1997, Mr. Proschold was appointed by
their board to serve as a director and is now
currently serving a two-year term as their
President. He is currently a director, but is not
standing for reelection at this year's annual
meeting.  Mr. Proschold has served on the Board
for five years.

THOMAS ROURKE, Director
Thomas Rourke is 64 years old. He resides at 899
Stagi Lane, Los Altos, California 94024. Mr.
Rourke graduated from the University of
Massachusetts in 1965 with a B.B.A. degree. He was
vice president of operations at Lynch
Communications, Inc., in Reno, Nevada from
1980-1982, and president of Lynch Circuits, Inc.,
in Sunnyvale, California from 1982-1987. He is
currently president and chairman of the board of
Startech Electronics, Inc., a management
consulting company, in Mountain View, California,
a position he has held since 1988. Mr. Rourke has
served on the board for six years, Including two
years as Vice President - Policy.

GARY WILLEMS, Director
Gary Willems is 47 years old. He resides at 479
South Oak Drive, Reedley, California 93654. He
holds a B.A. degree in Music Education and a
California Life Teaching Credential from Fresno
Pacific University. Mr. Willems has been teaching
music since 1977, and since 1985 has been the
Director of Bands at Reedley High School. He is an
active member of the California Band Directors'
Association and is the President of Fresno and
Madera Counties Music Educators' Association. Mr.
Willems has served on the Board of Directors for
one year.

JACK WILLIAMS, Director, Vice President - Finance,
and Chief Financial Officer
Jack Williams is 51 years old. He resides at 7801
Revelstoke Way, Bakersfield, California  93309.
Mr. Williams graduated from San Diego State
University in 1974 with a B.S. in accounting.
Following that, he has been employed in the field
of accounting in a variety of industries,
including agriculture, construction, heavy
equipment sales, and manufacturing. Mr. Williams
established his own C.P.A. practice in 1983. He
was employed as a Financial Analyst by Texaco Oil
Corporation in the Bakersfield area from 1997
until March 1999. Mr. Williams has been employed
with Goodwill Industries of South Central
California as a Director of Business Services
since March 2000. He has served on the Board of
Directors for seven years, and is currently
serving a fifth year as Chief Financial Officer
and Vice President - Finance.

<PAGE>

CHARLES ZAHKA, Director
Charles Zahka, age 75, resides at 6300 Alonzo
Avenue, Encino, California  91316.  He retired as
vice president of the Broadway Department Stores
in 1990 after 20 years.  He presently serves as a
private management consultant.  Mr. Zahka is
president of the Stroke Association of Southern
California and vice chairman of the Better
Business Bureau of the Southland.  He has served
on the Board for thirteen years, including one
year as Secretary and one year as President.

EMILY BARTON, Director
Emily Barton was 68 years old.  She resided at
4008 Glenbrook Avenue, Bakersfield, California
93306.  She held an inactive B-1 California
Contractors License and a supplemental Swimming
Pool License C-53.  Since 1967 Ms. Barton was
active in the rental business. Her specialty was
buying foreclosures.  She was active in the
building business for many years and in the
remodeling and rehabilitation of her properties.
She held an inactive life and disability insurance
license.  She was a past president of B'nai B'rith
Women Bakersfield Chapter #69.  Under her
leadership, B'nai B'rith Women received many
community service awards.  Ms. Barton passed away
in October 2001, having served on the Board for
nine years.

       Other Officers and Key Employees:

JAY JAMISON, Assistant Corporate Secretary and
General Manager
Jay Jamison, 47 years old, has been employed by
the Company since June 1997 as General Manager and
serves as Assistant Corporate Secretary. He
resides at 17105 Oak Road, Atascadero, California
93422. He has a B.S. degree in agricultural
management from Cal Poly San Luis Obispo,
graduating in 1976. Mr. Jamison was raised on his
family's guest ranch, Rancho Oso, in Santa Barbara
County, which included a recreational vehicle
park, resident summer camp, equestrian facilities
and numerous resort amenities. He worked on the
ranch throughout his childhood and after college.
The family business was sold in 1983 at which time
Mr. Jamison was hired by Thousand Trails, Inc., a
private membership resort, as a Resort Operations
Manager. His last ten years at Thousand Trails
were spent managing a 200-acre, 518 site,
full-service resort located near Hollister,
California. He also managed resorts in Acton and
Idyllwild in Southern California.  Prior to his
employment with the Company, Mr. Jamison was a
General Manager with Skycrest Enterprises in
Redding and managed Sugarloaf Marina and Resort on
Lake Shasta in Northern California between January
1995 and June 1997. He is active in the Resort and
Commercial Recreation Association and is also a
member of the American Quarter Horse Association.
Mr. Jamison was appointed to and has served as a
commissioner on the Pismo Beach Conference and
Visitors Bureau since February 1998, and in August
1999 was elected as Chair.  At the National
Association of RV Parks and Campgrounds Annual
Convention in November 1999, Mr. Jamison was
appointed to the ARVC Board of Directors
representing the ten western states. Mr. Jamison
was recently appointed to serve as a business
community representative on the
interagency/stakeholder Technical Review Team for
the Oceano Dunes State Vehicular Recreation Area.
Mandated by the California Coastal Commission,
this team provides ongoing management
recommendations to the Park Superintendent.

<PAGE>

ROGER C. LYON, JR., Assistant Corporate Secretary
and General Counsel
Roger C. Lyon, Jr., is a practicing attorney in
the State of California and owns his law firm,
Lyon and Carmel, Attorneys-at-Law.  His business
address is 1104 Palm Street, Post Office Box 922,
San Luis Obispo, California  93406.  Mr. Lyon has
acted as outside general counsel to the
Corporation since 1984.

FURTHER INFORMATION CONCERNING EXECUTIVE OFFICERS
AND DIRECTORS

To the knowledge of the Company, none of the
officers or directors have been personally
involved in any bankruptcy or insolvency
proceedings.  To the knowledge of the Company,
none of the directors or officers have been
convicted in any criminal proceedings (excluding
traffic violations and other minor offenses) or
are the subject of a criminal proceeding which is
presently pending, nor have such persons been the
subject of any order, judgment, or decree of any
court of competent jurisdiction, permanently or
temporarily enjoining them from acting as an
investment advisor, underwriter, broker or dealer
in securities, or as an affiliated person,
director or insurance company, or from engaging in
or continuing in any conduct or practice in
connection with any such activity or in connection
with the purchase or sale of any security, nor
were any of such persons the subject of a federal
or state authority barring or suspending, for more
than 60 days, the right of such person to be
engaged in any such activity, which order has not
been reversed or suspended.

ITEM 10  EXECUTIVE COMPENSATION

No Officer or Director was paid more than $100,000
during the past fiscal year.

REMUNERATION OF DIRECTORS

The directors received no cash remuneration for
their service.  However, the directors are
entitled to mileage reimbursement for travel to
and from meetings upon request.  In addition, they
are entitled to use of the Resort for attending
meetings and are provided with food and
refreshments in connection with Board Meetings.
The aggregate value of the foregoing during the
fiscal year ended September 30, 2001, was
estimated at $18,751.

OPTIONS, WARRANTS OR RIGHTS

The Company has no outstanding options, warrants
or rights to purchase any of its securities.

INDEBTEDNESS OF MANAGEMENT

No member of management was indebted to the
Company during its last fiscal year.

<PAGE>

ITEM 11  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
         OWNERS MANAGEMENT

(a)  No person owns beneficially of record more
than 5% of the Company's securities.

SECURITY OWNERSHIP OF MANAGEMENT

(b)  The following sets forth the securities
beneficially owned, directly, by all directors and
officers as a group as of September 30, 2001:

<TABLE>
<CAPTION>

<S>                     <c>             <c>        <c>
                                        Amount of  Percent
Board Member            Title of Class  Ownership  of Class

Howard Allard           Common Stock     1 Share    0.056%
5161 Diablo Ave
Sacramento CA 95842

Emily Barton            Common Stock     2 Shares   0.111%
4008 Glenbrook Ave
Bakersfield CA 93306

Albert Brown            Common Stock     2 Shares   0.111%
22718 Lone Eagle Rd.
Apple Valley CA 92308

Harry Buchaklian        Common Stock     1 Share    0.056%
1361 E Ticonderoga Dr.
Fresno, CA 93720

Frank Drake             Common Stock     1 Share    0.056%
9511 Birch Creek Ct.
Bakersfield CA 93312

Norman Gould            Common Stock     1 Share    0.056%
10597 Road 30
Madera CA 93637

R. Elaine Harris        Common Stock     4 Shares   0.222%
3418 El Potrero Lane
Bakersfield CA 93304

Glenn Hickman           Common Stock     1 Share    0.056%
3584 W Wathen Ave
Fresno CA 93711

Edward Hinds, Jr.       Common Stock     1 Share    0.056%
3416 W Magill Ave
Fresno CA 93711

<PAGE>

                                         Amount of  Percent
Board Member            Title of Class   Ownership  of Class

Terris Hughes           Common Stock     1 Share     0.056%
2426 Sunset
Wasco CA 93280

Larry Keller            Common Stock     2 Shares    0.111%
3807 Mesa Grande
Bakersfield CA 93304

Ronald Nunlist          Common Stock     4 Shares    0.222%
1105 Minter Ave
Shafter CA 93263

Jerald Pettibone        Common Stock     2 Shares    0.056%
4179 Court Dr.
Santa Cruz CA 95062

Richard Proschold       Common Stock     1 Share     0.056%
5717 Maywood Dr.
Foresthill CA 95631-9636

Thomas Rourke           Common Stock     2 Shares    0.111%
899 Stagi Ln
Los Altos CA 94024

Gary Willems            Common Stock     1 Share     0.056%
479 South Oak Drive
Reedley CA 93654

Jack Williams           Common Stock     1 Share     0.056%
7801 Revelstoke Way
Bakersfield CA 93309

Charles Zahka           Common Stock     2 Shares    0.111%
6300 Alonzo Way
Encino CA 91316

All Officers and
Directors as a Group    Common Stock    30 Shares    1.666%
</TABLE>

All such shares are owned beneficially and of
record, there are no additional shares known to
the Company for which the listed beneficial owner
has the right to acquire beneficial ownership as
specified in Rule 13D-3(d)(1) of the Exchange Act.

CHANGES IN CONTROL
                Not applicable

<PAGE>

ITEM 12  CERTAIN RELATIONSHIPS AND RELATED
         TRANSACTIONS

There have been no transactions during the past
two years, or proposed transactions, to which the
Company was or is to be a party, in which any of
the officers, directors, nominees, named
shareholders, or family members of any such
persons, had or is to have a direct or indirect
material interest, other than transactions where
competitive bids determine the rates or charges
involved, or where the amount involved does not
exceed $60,000, or where the interest of the party
arises solely from the ownership of securities of
the Company and the party received no extra or
special benefit that was not shared by all
shareholders.

                     PART IV

ITEM 13 EXHIBITS AND REPORTS ON FORM 8-K

(a.) Documents Filed as Part of the Report:

     Independent Auditor's Report

     Balance Sheets as of September 30, 2001
      and 2000

     Statements of Operations and Retained
      Earnings (Deficit) for the years ended
      September 30, 2001 and 2000

     Statements of Cash Flows for the years ended
      September 30, 2001 and 2000

     Notes to Financial Statements

(b.) Reports on Form 8-K:  None have been filed
      during the last quarter of the period
      covered by this report.

<PAGE>

                   SIGNATURES

Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly
authorized.

PISMO COAST VILLAGE, INC.

By: JERALD PETTIBONE       Date: November 10, 2001
    Jerald Pettibone, President
      and Chairman of the Board

Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the
Company and in the capacities and on the dates
indicated.

By: KITTY KARSTETTER       Date: November 10, 2001
    Kitty Karstetter, Accounting Supervisor
      and Principal Accounting Officer

By: JERALD PETTIBONE       Date: November 10, 2001
    Jerald Pettibone, President
      and Chairman of the Board

By: FRANK DRAKE            Date: November 10, 2001
    Frank Drake, Executive Vice President
      and Director

By: EDWARD HINDS, JR.      Date: November 10, 2001
    Edward Hinds, Jr., Vice President - Secretary
      and Director

By: JACK WILLIAMS          Date: November 10, 2001
    Jack Williams, Chief Financial Officer,
      Vice President - Finance and Director

By: TERRIS HUGHES          Date: November 10, 2001
    Terris Hughes, Vice President - Policy
      and Director

By: HOWARD ALLARD          Date: November 10, 2001
    Howard Allard, Director

By: ALBERT BROWN           Date: November 10, 2001
    Albert Brown, Director

<PAGE>

By: HARRY BUCHAKLIAN       Date: November 10, 2001
    Harry Buchaklian, Director

By: NORMAN GOULD           Date: November 10, 2001
    Norman Gould, Director

By: R. ELAINE HARRIS       Date: November 10, 2001
    R. Elaine Harris, Director

By: GLENN HICKMAN          Date: November 10, 2001
    Glenn Hickman, Director

By: LARRY KELLER           Date: November 10, 2001
    Larry Keller, Director

By: RONALD NUNLIST         Date: November 10, 2001
    Ronald Nunlist, Director

By: RICHARD PROSCHOLD      Date: November 10, 2001
    Richard Proschold, Director

By: THOMAS ROURKE          Date: November 10, 2001
    Thomas Rourke, Director

By: GARY WILLEMS           Date: November 10, 2001
    Gary Willems, Director

By: CHARLES ZAHKA          Date: November 10, 2001
    Charles Zahka, Director

<PAGE>