----

----

**UNITED        STATES**

**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**

**For        the fiscal year ended December 31, 2006**

** ̈**
**        Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange        Act        of 1934**

**For        the transition period from __________ to __________.**

**Commission        file number 01-19203**

**_______________________**

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

| **                       California     ** | **                     94-3104548   **        |
|-----------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
| (State                  or other jurisdiction of                                        | (I.R.S.                  Employer                                           |
| incorporation                  or organization)                                         | Identification                  No.)                                        |
|                                                                                    |                                                                        |
| **405                  Lexington Avenue, 67th floor**                                   |                                                                        |
| **                      New York, NY    **      | **                      10174    ** |
| (Address                  of principal executive offices)                               | (Zip                  code)                                                 |

**_______________________**

| Beneficial                  Interests  |                                 N/A             |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Title                  of class)           | (Name                  of each exchange on which                  registered)                                                                                           |

|                               N/A             |                               N/A             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Title                  of class)                                                                                                                                     | (Name                  of each exchange on which                  registered)                                                                                         |

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

|                      |                                                                                                                                                                    |                     |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
|                      |                                                                                                                                                                    | Page                     |
|                      | **PART                  I**                                                                                                                                             |                     |
|                      |                                                                                                                                                                    |                     |
| Item                  1.  | Description                  of Business                                                                                                                                | 2                        |
|                      |                                                                                                                                                                    |                     |
| Item                  2.  | Description                  of Property                                                                                                                                | 4                        |
|                      |                                                                                                                                                                    |                     |
| Item                  3.  | Legal                  Proceedings                                                                                                                                      | 4                        |
|                      |                                                                                                                                                                    |                     |
| Item                  4.  | Submission                  of Matters to a Vote of Security Holders                                                                                                    | 4                        |
|                      |                                                                                                                                                                    |                     |
|                      | **PART                  II**                                                                                                                                            |                     |
|                      |                                                                                                                                                                    |                     |
| Item                  5.  | Market                  for the Trust's Beneficial Units                                                                                                                | 5                        |
|                      |                                                                                                                                                                    |                     |
| Item                  6.  | Management's                  Discussion and Analysis or Plan of Operation                                                                                              | 5                        |
|                      |                                                                                                                                                                    |                     |
| Item                  7.  | Financial                  Statements                                                                                                                                   | 9                        |
|                      |                                                                                                                                                                    |                     |
| Item                  8.  | Changes                  in and Disagreements with Accountants on Accounting and                  Financial                                                             |                     |
|                      | Disclosure                                                                                                                                                              | 9                        |
|                      |                                                                                                                                                                    |                     |
| Item                  8a. | Controls                  and Procedures                                                                                                                                | 10                       |
|                      |                                                                                                                                                                    |                     |
| Item                  8b. | Other                  Information                                                                                                                                      | 10                       |
|                      |                                                                                                                                                                    |                     |
|                      | **PART                  III**                                                                                                                                           |                     |
|                      |                                                                                                                                                                    |                     |
| Item                  9.  | Directors,                  Executive Officers, Promoters, Control Persons and Corporate Governance;                  Compliance With Section 16(a) of the Exchange Act | 11                       |
|                      |                                                                                                                                                                    |                     |
| Item                  10. | Executive                  Compensation                                                                                                                                 | 12                       |
|                      |                                                                                                                                                                    |                     |
| Item                  11. | Security                  Ownership of Certain Beneficial Owners and Management and                  Related                                                            |                     |
|                      | Beneficial                  Interest Matters                                                                                                                            | 12                       |
|                      |                                                                                                                                                                    |                     |
| Item                  12. | Certain                  Relationships and Related Transactions, and Director                  Independence                                                             | 12                       |
|                      |                                                                                                                                                                    |                     |
| Item                  13. | Exhibits                                                                                                                                                                | 13                       |
|                      |                                                                                                                                                                    |                     |
| Item                  14. | Principal                  Accountant Fees and Services                                                                                                                 | 15                       |
|                      |                                                                                                                                                                    |                     |
|                      | 2006                  Annual Report                                                                                                                                     | 17                  - 32 |

----

**PART        I**

**TABLE          1**

|   |   |   |         |   | Realizable |   |
|--------|--------|--------|--------------|--------|------------|--------|
| Units  |   | Type   | Manufacturer |   | Amounts    |   |

| 0.48   |   | Double-hull                    product tanker                | Boelwerf-Temse | $      | 4,903 | 1      |
|--------|--------|--------------------------------------------------------------|----------------|--------|-------|--------|
| 0.40   |   | Two                    737-500 Stage III commercial aircraft | Boeing         |   | 2,469 | 2      |
|   |   |                                                         |           | $      | 7,372 |   |

----

----

----

**PART        II**

| ITEM                  5. | MARKET                  FOR THE TRUST'S BENEFICAL UNITS |
|--------------------------|---------------------------------------------------------|

| ITEM                  6. | MANAGEMENT'S                  DISCUSSION AND ANALYSIS OR PLAN OF                  OPERATION |
|--------------------------|---------------------------------------------------------------------------------------------|

----

----

| Increase                  in aircraft equipment net realizable value            | $      | 1,827  |   |
|---------------------------------------------------------------------------------|--------|--------|--------|
| Decrease                  in other non-equipment costs                          |   | 365    |   |
| Increase                  in machinery and other equipment net realizable value |   | 227    |   |
| Decrease                  in marketable securities net realizable value         |   | (72    | )      |
| Decrease                  in marine vessel net realizable value                 |   | (1,342 | )      |
| Total                  increase to liquidation values                           | $      | 1,005  |   |

----

----

| (A)   | Disagreements                with Accountants on Accounting and Financial                Disclosures |
|-----------------|------------------------------------------------------------------------------------------------------|

----

| (B)   | Changes                in Accountants |
|-----------------|---------------------------------------|

| 1.     | Form                  8-K dated June 30, 2006 announcing the dissolution and liquidation                  of the                  Partnership and the formation of PLM Equipment Growth Fund V Liquidating                  Trust.                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                  |
| 2.     | Form                  8-K/A dated June 30, 2006 announcing the dissolution and liquidation                  of                  the Partnership and the formation of PLM Equipment Growth Fund                  V                  Liquidating Trust. |
|   |                                                                                                                                                                                                                                                  |
| 3.     | Form                  8-K dated July 28, 2006 announcing the exercise of the purchase                  option by                  the lessee of equipment owned by CHFS Leasing, an entity owned                  20% by the                  Trust.  |

----

|   |                                                                                                                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.     | Form                  8-K dated September 11, 2006 announcing the sale of a McDonnell                  Douglas                  DC-9-32 aircraft                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                              |
| 5.     | Form                  8-K dated December 1, 2006 announcing the sale of a Boeing 737-500                  aircraft owned by PLM CAL I LLC, an entity in which the Trust owns                  a 40%                  interest.                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                              |
| 6.     | Form                  8-K dated December 6, 2006 announcing the sale of a Boeing 737-500                  aircraft owned by PLM CAL II LLC, an entity in which the Trust                  owns a 40%                  interest.                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                              |
| 7.     | Form                  8-K dated December 21, 2006 announcing an agreement by Cortes Vessel                  Limited Partnership (a.k.a. Lion Partnership) an entity owned 48%                  by the                  Trust, to sell a marine vessel.                                                                            |
|   |                                                                                                                                                                                                                                                                                                                              |
| 8.     | Form                  8-K dated December 22, 2006 announcing the sale of a DeHavilland                  DHC-8-301                  aircraft owned by the Trust.                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                              |
| 9.     | Form                  8-K dated December 22, 2006 announcing a cash distribution to the                  beneficial interest holders.                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                              |
| 10.    | Form                  8-K dated December 29, 2006 announcing the signing of a letter                  of intent                  to sell the owner participation interests in two owner trusts that                  each                  own a Boeing 737-500 aircraft in which the Trust owns a 40%                  interest. |
|   |                                                                                                                                                                                                                                                                                                                              |
| 11.    | Form                  8-K dated March 16, 2007 announcing the completion of the sale                  of a marine                  vessel owned by Cortes Vessel Limited Partnership (a.k.a. Lion                  Partnership) an entity in which the Trust owned a 48%                  interest.                               |

**PART        III**

| ITEM                  9. | DIRECTORS,                  EXECUTIVE OFFICERS, PROMOTERS, CONTROL PERSONS AND CORPORATE GOVERNANCE;                  COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT  |
|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name                                | Age    | Position                                                                                                                      |
|-------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|
|                                |   |                                                                                                                          |
| Paul                  M. Leand, Jr, | 40     | Chairman                  of the Board of Directors, President and Secretary of PLM                  Financial Services, Inc. |
|                                |   |                                                                                                                          |
| James                  G. Dolphin   | 39     | Director,                  PLM Financial Services, Inc.                                                                       |
|                                |   |                                                                                                                          |
| Richard                  K Brock    | 44     | Chief                  Financial Officer, PLM Financial Services, Inc.                                                        |

** **

----

| - | the                  integrity and values of FSI, including the ethical handling of                  actual or                  apparent conflicts of interest between personal and professional                  relationships; |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| - | compliance                  with applicable governmental laws, rules and                  regulations;                                                                                                                           |
| - | internal                  reporting of violations of the Code of Ethics to any member of                  FSI’s Board                  of Directors; and                                                                   |
| - | accountability                  for adherence to the Code of                  Ethics.                                                                                                                                            |

| ITEM                  11. | SECURITY                  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED                  BENEFICAL INTEREST MATTERS |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ITEM                  12. | CERTAIN                  RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR                  INDEPENDENCE |
|---------------------------|-------------------------------------------------------------------------------------------------------------|

----

| 4.     | Amended                  and Restated Limited Partnership Agreement of Partnership, incorporated                  by                  reference to the Partnership's Registration Statement on Form S-1                  (Reg. No. 33-32258), which became effective with the Securities                  and Exchange Commission on April 11, 1990.                                                                                                                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.1    | First                  Amendment to the Amended and Restated Limited Partnership Agreement                  dated                  August 24, 2001, incorporated by reference to the Partnership's                  Annual                  Report on Form 10-KSB dated December 31, 2001 filed with the Securities                  and Exchange Commission on March 28, 2002.                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.2    | Second                  Amendment to the Amended and Restated Limited Partnership Agreement                  dated                  June 29, 2004, incorporated by reference to the Partnership’s Form 10-QSB                  dated June 30, 2004 filed with the Securities and Exchange Commission                  on                  August 12, 2004.                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.3    | Plan                  of Dissolution and Liquidation dated as of June 30, 2006 between                  PLM                  Equipment Growth Fund V and PLM Financial Services, Inc. incorporated                  by                  reference to the Trust’s Form 8-K/A dated June 30, 2006 filed with the                  Securities and Exchange Commission on July 7, 2006.                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 4.4    | Liquidating                  Trust Agreement dated as of June 30, 2006 by and between PLM Equipment                  Growth Fund V as grantor and PLM Financial Services, Inc. as the                  Trustee                  for PLM Equipment Growth Fund V Liquidating Trust incorporated                  by                  reference to the Trust’s Form 8-K/A dated June 30, 2006 filed with the                  Securities and Exchange Commission on July 7, 2006. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.1   | Management                  Agreement between the Partnership and PLM Investment Management,                  Inc.  incorporated by reference to the PLM Equipment Growth Fund V's                  Registration Statement on Form S-1 (Reg. No. 33-32258) which                  became effective with the Securities and Exchange Commission on                  April                  11, 1990.                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.2   | PLM                  CAL I LLC operating agreement dated June 4, 2004, incorporated                  by                  reference to the Partnership’s Form 10-QSB dated September 30, 2004 filed                  with the Securities and Exchange Commission on November 15,                  2004.                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.3   | PLM                  CAL II LLC operating agreement dated June 4, 2004, incorporated                  by                  reference to the Partnership’s Form 10-QSB dated September 30, 2004 filed                  with the Securities and Exchange Commission on November 15,                  2004.                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.4   | PLM                  CAL I LLC equipment purchase agreement dated August 26, 2004, incorporated                  by reference to the Partnership’s Form 10-QSB dated September 30, 2004                  filed with the Securities and Exchange Commission on November 15,                  2004.                                                                                                                                                                               |

| 10.5 | PLM                  CAL II LLC equipment purchase agreement dated August 26, 2004,                  incorporated by reference to the Partnership’s Form 10-QSB dated September                  30, 2004 filed with the Securities and Exchange Commission on November                  15,                  2004. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6   | Trust                  Indenture and Mortgage 645 between First Security Bank, National                  Association and Wilmington Trust Company assumed by PLM CAL I,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.7   | Trust                  Indenture and Mortgage 646 between First Security Bank, National                  Association and Wilmington Trust Company assumed by PLM CAL I,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.8   | Trust                  Indenture and Mortgage 647 between First Security Bank, National                  Association and Wilmington Trust Company assumed by PLM CAL II,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.9   | Trust                  Indenture and Mortgage 648 between First Security Bank, National                  Association and Wilmington Trust Company assumed by PLM CAL II,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.10  | Trust                  Indenture and Mortgage 645 Supplement between First Security Bank,                  National Association and Wilmington Trust Company assumed by PLM                  CAL I,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.11  | Trust                  Indenture and Mortgage 646 Supplement between First Security Bank,                  National Association and Wilmington Trust Company assumed by PLM                  CAL I,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.12  | Trust                  Indenture and Mortgage 647 Supplement between First Security Bank,                  National Association and Wilmington Trust Company assumed by PLM                  CAL II,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.13  | Trust                  Indenture and Mortgage 648 Supplement between First Security Bank,                  National Association and Wilmington Trust Company assumed by PLM                  CAL II,                  incorporated by reference to the Partnership’s Form 10-KSB dated December                  31, 2004 filed with the Securities and Exchange Commission on March                  30,                  2005.                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.14  | Lease                  Agreement dated as of November 19, 2004 by and among CFHS Holdings,                  Inc.,                  CFHS Equipment Holdings Trust and CFHS Leasing, LLC. incorporated                  by                  reference to the Trust’s Form 8-K dated July 28, 2006 filed with the                  Securities and Exchange Commission on August 2, 2006.                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.15  | Aircraft                  Purchase Agreement (N48112) dated as of September 11, 2006 between                  PLM                  Financial Services, Inc., not in its individual capacity but solely                  as                  owner trustee, and Aero California S.A. de C.V., incorporated by                  reference                  to the Trust’s Form 8-K dated September 11, 2006 filed with the Securities                  and Exchange Commission on September 12, 2006. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.16  | Purchase                  Agreement (N14645) dated as of December 1, 2006 between PLM CAL                  I LLC and                  Dougherty Air Trustee, LLC incorporated by reference to the Trust’s Form                  8-K dated December 1, 2006 filed with the Securities and Exchange                  Commission on December 4, 2006.                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.17  | Purchase                  Agreement (N16648) dated as of December 6, 2006 between PLM CAL                  II LLC and                  Dougherty Air Trustee, LLC incorporated by reference to the Trust’s Form                  8-K dated December 6, 2006 filed with the Securities and Exchange                  Commission on December 6, 2006.                                                                                                                                                 |

----

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.18  | Aircraft                  Purchase Agreement dated as of December 22, 2006 between Wells                  Fargo Bank                  Northwest, National Association, acting on behalf of the Trustee,                  and                  Compass Capital Corporation, a California corporation, incorporated                  by                  reference to the Trust’s Form 8-K dated December 22, 2006 filed with the                  Securities and Exchange Commission on December 26,                  2006. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.19  | Memorandum                  of Agreement dated as of December 21, 2006 among Cortes Vessel                  Limited                  Partnership and Champion Shipping incorporated by reference to                  the Trust’s                  Form 8-K dated March 16, 2007 filed with the Securities and Exchange                  Commission on March 16, 2007.                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 14     | PLM                  Financial Services Inc. Code of Ethics.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 31.1   | Certification                  of President Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a),                  As                  Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of                  2002.                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 31.2   | Certification                  of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)                  and                  15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley                  Act of                  2002.                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 32.1   | Certification                  of President Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant                  to                  Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 32.2   | Certification                  of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,                  as Adopted                  Pursuant to Section 906 of the Sarbanes-Oxley Act of                  2002.                                                                                                                                                                                                                                                                                                           |

| ITEM                  14. | PRINCIPAL                  ACCOUNTANT FEES AND SERVICES |
|---------------------------|---------------------------------------------------------|

|   |   | Audit |   | Audit                         |   | Tax  |   | All                  Other |   |
|--------|--------|-------|--------|-------------------------------|--------|------|--------|----------------------------|--------|
|   |   | Fees  |   | Related                  Fees |   | Fees |   | Fees                       |   |

| For                  the period from June 30, 2006 (inception) through December 31,                  2006 | $ | -- |   | $ | -- |   | $ | -- |   | $ | -- |   |
|-----------------------------------------------------------------------------------------------------------|---|----|--------|---|----|--------|---|----|--------|---|----|--------|

----

| Dated:                  March 26, 2007 |   | PLM                  EQUIPMENT GROWTH FUND V LIQUIDATING                                                                                                                                                                      |
|----------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   |   | TRUST                                                                                                                                                                                                                         |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   | By: PLM                  Financial Services, Inc.,                                                                                                                                                                  |
|                                   |   | Trustee                                                                                                                                                                                                                       |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   | By: /s/                  Paul                  M.                  Leand                                        |
|                                   |   | Paul                  M. Leand                                                                                                                                                                                                |
|                                   |   | President                                                                                                                                                                                                                     |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   |                                                                                                                                                                                                                          |
|                                   |   | By: /s/                  Richard K                  Brock                                                                      |
|                                   |   | Richard                  K Brock                                                                                                                                                                                              |
|                                   |   | Chief                  Financial Officer                                                                                                                                                                                      |

| Name                                                                                                                                                                                                  | Capacity       | Date       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|------------------------------------------|
|                                                                                                                                                                                                                                               |                                         |                                     |
|                                                                                                                                                                                                                                               |                                         |                                     |
|                                                                                                                                                                                                                                               |                                         |                                     |
| /s/                  Paul                  M.                  Leand                                             |                                         |                                     |
| Paul                  M. Leand                                                                                                                                                                                                                     | Director,                  FSI               | March                  26, 2007          |
|                                                                                                                                                                                                                                               |                                         |                                     |
|                                                                                                                                                                                                                                               |                                         |                                     |
|                                                                                                                                                                                                                                               |                                         |                                     |
| /s/                  James                  G. Dolphin                                                                                                                                                                         |                                         |                                     |
| James                  G. Dolphin                                                                                                                                                                                                                  | Director,                  FSI               | March                  26, 2007          |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**INDEX        TO FINANCIAL STATEMENTS**

|                                                                                                      | Page                     |
|-----------------------------------------------------------------------------------------------------------|--------------------------|
|                                                                                                      |                     |
| Statements                  of Net Assets in Liquidation at December 31, 2006 and                         |                     |
| June                  30, 2006 (inception)                                                                | 18                       |
|                                                                                                      |                     |
| Statement                  of Changes in Net Assets in Liquidation                                        |                     |
| for                  the period from June 30, 2006 (inception) through December 31,                  2006 | 19                       |
|                                                                                                      |                     |
| Notes                  to financial statements                                                            | 20                  - 32 |
|                                                                                                      |                     |

----

| **PLM                  EQUIPMENT GROWTH FUND V LIQUIDATING TRUST** |
|--------------------------------------------------------------------|
| **(A                  Trust)**                                     |
|                                                                    |
| **STATEMENTS                  OF NET ASSETS IN LIQUIDATION**       |
| (in                  thousands of dollars)                         |

|   |  December                    31, 2006 |   |   | June                    30, 2006(inception) |   |
|--------|--------------------------------------------|--------|--------|---------------------------------------------|--------|

| **Assets**                                                                   |   |   |   |   |   |   |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                         |   |   |   |   |   |   |   |
| Cash                    and cash equivalents                                 | $      | 24     |   |   | $      | 5,088  |   |
|                                                                         |   |   |   |   |   |   |   |
| Aircraft                                                                     |   | --     |   |   |   | 3,389  |   |
|                                                                         |   |   |   |   |   |   |   |
| Equity                    investments in affiliated entities                 |   | 7,372  |   |   |   | 14,052 |   |
|                                                                         |   |   |   |   |   |   |   |
| Accounts                    receivable, net of allowance for doubtful        |   |   |   |   |   |   |   |
|                        account of $0 at December 31, 2006 and |   |   |   |   |   |   |   |
|                        $64 at June 30, 2006                   |   | --     |   |   |   | 16     |   |
|                                                                         |   |   |   |   |   |   |   |
| Marketable                    securities                                     |   | --     |   |   |   | 715    |   |
|                                                                         |   |   |   |   |   |   |   |
|                        Total assets                           | $      | 7,396  |   |   | $      | 23,260 |   |
|                                                                         |   |   |   |   |   |   |   |
| **Liabilities                    and Net Assets in Liquidation**             |
|                                                                         |   |   |   |   |   |   |   |
| Liabilities                                                                  |   |   |   |   |   |   |   |
|                                                                         |   |   |   |   |   |   |   |
| Accounts                    payable and accrued expenses                     | $      | 797    |   |   | $      | 1,146  |   |
|                                                                         |   |   |   |   |   |   |   |
| Due                    to affiliates                                         |   | 1      |   |   |   | 10     |   |
|                                                                         |   |   |   |   |   |   |   |
|                        Total liabilities                      |   | 798    |   |   |   | 1,156  |   |
|                                                                         |   |   |   |   |   |   |   |
|                        Net assets in liquidation              | $      | 6,598  |   |   | $      | 22,104 |   |
|                                                                         |   |   |   |   |   |   |   |

----

| **PLM                  EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**                                            |
|---------------------------------------------------------------------------------------------------------------|
| **(A                  Trust)**                                                                                |
| **STATEMENT                  OF CHANGES IN NET ASSETS IN LIQUIDATION**                                        |
| **For                  the Period from June 30, 2006 (inception) through December 31,                  2006** |
| (in                  thousands of dollars)                                                                    |

|                                                                    |   | Non-Trustee                                 |    |          |   |        |   |
|-------------------------------------------------------------------------|--------|---------------------------------------------|---------|---------------|--------|-------------|--------|
|                                                                    |   | BeneficialInterest                  Holders |    |  Trustee |   |  Total |   |
| Net                  assets at June 30, 2006                            |   | $                                           | --      |          | $      | --          |   | $ | -- |   |
|                                                                    |   |                                        |    |          |   |        |   |   |   |   |
| Transfer                  of net assets in liquidation on June 30, 2006 |   |                                        | 20,999  |          |   | 1,105       |   |   | 22,104 |   |
|                                                                    |   |                                        |    |          |   |        |   |   |   |   |
| Net                  increase in liquidation value                      |   |                                        | 955     |          |   | 50          |   |   | 1,005 |   |
|                                                                    |   |                                        |    |          |   |        |   |   |   |   |
| Cash                  distribution                                      |   |                                        | (15,685 | )             |   | (826        | )      |   | (16,511 | ) |
|                                                                    |   |                                        |    |          |   |        |   |   |   |   |
| Net                  assets in liquidation at December 31, 2006         |   | $                                           | 6,269   |          | $      | 329         |   | $ | 6,598 |   |

| Non-Trustee                  beneficial interest holders’ net increase in liquidation |   |   |   |   |
|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| value                  per non-trustee beneficial unit:                                     |   | $      | 0.11   |   |
|                                                                                        |   |   |   |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

| Adjustment                  of assets from historical costs to net |   |   |   |
|--------------------------------------------------------------------|--------|--------|--------|
| realizable                  value, less costs to dispose           | $      | 13,450 |   |
| Adjustment                  to accrued expenses                    |   | (1,050 | )      |
| Total                  adjustment to liquidation basis             | $      | 12,400 |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

| Increase                  in aircraft equipment net realizable value            | $      | 1,827  |   |
|---------------------------------------------------------------------------------|--------|--------|--------|
| Decrease                  in other non-equipment costs                          |   | 365    |   |
| Increase                  in machinery and other equipment net realizable value |   | 227    |   |
| Decrease                  in marketable securities net realizable value         |   | (72    | )      |
| Decrease                  in marine vessel net realizable value                 |   | (1,342 | )      |
| Total                  increase to liquidation values                           | $      | 1,005  |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

| As                    of December 31, 2006                 |   | LionPartnership                    1 |   | PLM                    CAL ILLC                    2 |   | PLM                    CAL IILLC                    3 |   | Total  |   |
|------------------------------------------------------------|--------|--------------------------------------|--------|------------------------------------------------------|--------|-------------------------------------------------------|--------|--------|--------|
|                                                       |   |                                 |   |                                                 |   |                                                  |   |   |   |
| Assets                                                     |   |                                 |   |                                                 |   |                                                  |   |   |   |   |   |   |   |
| Equipment                    less accumulated depreciation |   | $                                    | 2,773  |                                                 | $      | 10,237                                                |   | $      | 10,220 |   |   |   |   |
| Accounts                    receivable                     |   |                                 | 394    |                                                 |   | 517                                                   |   |   | 246    |   |   |   |   |
| Other                    assets                            |   |                                 | 328    |                                                 |   | --                                                    |   |   | --     |   |   |   |   |
| Total                    assets                            |   | $                                    | 3,495  |                                                 | $      | 10,754                                                |   | $      | 10,466 |   |   |   |   |
| Liabilities                                                |   |                                 |   |                                                 |   |                                                  |   |   |   |   |   |   |   |
| Accounts                    payable and accrued expenses   |   | $                                    | 305    |                                                 | $      | 215                                                   |   | $      | 214    |   |   |   |   |
| Due                    to affiliates                       |   |                                 | 38     |                                                 |   | 41                                                    |   |   | 26     |   |   |   |   |
| Reserve                    for repairs                     |   |                                 | 997    |                                                 |   | --                                                    |   |   | --     |   |   |   |   |
| Notes                    payable                           |   |                                 | --     |                                                 |   | 11,414                                                |   |   | 11,409 |   |   |   |   |
| Total                    liabilities                       |   |                                 | 1,340  |                                                 |   | 11,670                                                |   |   | 11,649 |   |   |   |   |
|                                                       |   |                                 |   |                                                 |   |                                                  |   |   |   |   |   |   |   |
| Equity                                                     |   |                                 | 2,155  |                                                 |   | (916                                                  | )      |   | (1,183 | ) |   |   |   |
| Total                    liabilities and equity            |   | $                                    | 3,495  |                                                 | $      | 10,754                                                |   | $      | 10,466 |   |   |   |   |
|                                                       |   |                                 |   |                                                 |   |                                                  |   |   |   |   |   |   |   |
| Trust’s                    share of equity           |   | $                                    | 1,028  |                                                 | $      | (362                                                  | )      | $      | (469   | ) | $ | 197 |   |

| As                    of June 30, 2006 (inception)         |   | LionPartnership                    1 |   | PLM                    CAL ILLC                    2 |   | PLM                    CAL IILLC                    3 |   |  CFHS                    4 |   | Total  |   |
|------------------------------------------------------------|--------|--------------------------------------|--------|------------------------------------------------------|--------|-------------------------------------------------------|--------|---------------------------------|--------|--------|--------|
|                                                       |   |                                 |   |                                                 |   |                                                  |   |                            |   |   |   |
| Assets                                                     |   |                                 |   |                                                 |   |                                                  |   |                            |   |   |   |   |   |   |   |   |
| Equipment                    less accumulated depreciation |   | $                                    | 3,344  |                                                 | $      | 22,521                                                |   | $                               | 22,490 |   | $      | 11,498 |   |   |   |   |
| Accounts                    receivable                     |   |                                 | 511    |                                                 |   | 17                                                    |   |                            | --     |   |   | 4,085 |   |   |   |   |
| Due                    from affiliate                      |   |                                 | --     |                                                 |   | --                                                    |   |                            | --     |   |   | -- |   |   |   |   |
| Other                    assets                            |   |                                 | 231    |                                                 |   | 446                                                   |   |                            | 446    |   |   | 32 |   |   |   |   |
| Total                    assets                            |   | $                                    | 4,086  |                                                 | $      | 22,984                                                |   | $                               | 22,936 |   | $      | 15,615 |   |   |   |   |
| Liabilities                                                |   |                                 |   |                                                 |   |                                                  |   |                            |   |   |   |   |   |   |   |   |
| Accounts                    payable and accrued expenses   |   | $                                    | 527    |                                                 | $      | 426                                                   |   | $                               | 426    |   | $      | -- |   |   |   |   |
| Due                    to affiliates                       |   |                                 | 25     |                                                 |   | 6                                                     |   |                            | 6      |   |   | 124 |   |   |   |   |
| Lessee                    deposits and reserve for repairs |   |                                 | 826    |                                                 |   | 35                                                    |   |                            | 58     |   |   | -- |   |   |   |   |
| Notes                    payable                           |   |                                 | --     |                                                 |   | 22,828                                                |   |                            | 22,818 |   |   | -- |   |   |   |   |
| Total                    liabilities                       |   |                                 | 1,378  |                                                 |   | 23,295                                                |   |                            | 23,308 |   |   | 124 |   |   |   |   |
|                                                       |   |                                 |   |                                                 |   |                                                  |   |                            |   |   |   |   |   |   |   |   |
| Equity                                                     |   |                                 | 2,708  |                                                 |   | (311                                                  | )      |                            | (372   | )      |   | 15,491 |   |   |   |   |
| Total                    liabilities and equity            |   | $                                    | 4,086  |                                                 | $      | 22,984                                                |   | $                               | 22,936 |   | $      | 15,615 |   |   |   |   |
|                                                       |   |                                 |   |                                                 |   |                                                  |   |                            |   |   |   |   |   |   |   |   |
| Trust’s                    share of equity           |   | $                                    | 1,298  |                                                 | $      | (118                                                  | )      | $                               | (142   | )      | $      | 2,892 |   | $ | 3,930 |   |

| 1 | The                  Trust owns a 48% interest in the Lion Partnership that was formed                  in 1997                  that owns a product tanker. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The                  Trust owns a 40% interest in the PLM CAL I LLC that was formed                  in 2004                  that owns a Boeing 737-500 stage III commercial aircraft at December                  31,                  2006 and disposed of an aircraft during the fourth quarter of                  2006. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3  | The                  Trust owns a 40% interest in the PLM CAL II LLC that was formed                  in 2004                  that owns a Boeing 737-500 stage III commercial aircraft at December                  31,                  2006 and disposed of an aircraft during the fourth quarter of                  2006. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4  | The                  Partnership owned a 19% interest in CFHS that was formed in 2004                  and                  dissolved in the third quarter of 2006 that owned various types                  of                  machinery and other equipment. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

|                                                                      |   | LionPartnership                    1 |   | PLM                    CAL ILLC                    2 |   | PLM                    CAL IILLC                    3 |   |  CFHS4 |   | Total  |   |
|---------------------------------------------------------------------------|--------|--------------------------------------|--------|------------------------------------------------------|--------|-------------------------------------------------------|--------|-------------|--------|--------|--------|
|                                                                      |   |                                 |   |                                                 |   |                                                  |   |        |   |   |   |
| Lease                    revenues and interest and other income           |   | $                                    | 4,276  |                                                 | $      | 1,803                                                 |   | $           | 1,786  |   | $      | 902 |   |   |   |   |
| Gain                    on disposition of equipment                       |   |                                 | --     |                                                 |   | 4,010                                                 |   |        | 3,972  |   |   | 6,996 |   |   |   |   |
| Less:  Depreciation                    and amortization expense |   |                                 | 557    |                                                 |   | 2,130                                                 |   |        | 2,127  |   |   | 32 |   |   |   |   |
| Interest                    expense                                       |   |                                 | --     |                                                 |   | 973                                                   |   |        | 973    |   |   | -- |   |   |   |   |
| Operations                    support                                     |   |                                 | 2,736  |                                                 |   | --                                                    |   |        | --     |   |   | -- |   |   |   |   |
| General                    and administrative expenses                    |   |                                 | 268    |                                                 |   | 101                                                   |   |        | 100    |   |   | 47 |   |   |   |   |
| Net                    income                                             |   | $                                    | 715    |                                                 | $      | 2,609                                                 |   | $           | 2,558  |   | $      | 7,819 |   |   |   |   |
|                                                                      |   |                                 |   |                                                 |   |                                                  |   |        |   |   |   |   |   |   |   |   |
| Trust’s                    share of net income                      |   | $                                    | 333    |                                                 | $      | 1,052                                                 |   | $           | 1,032  |   | $      | 1,466 |   | $ | 3,883 |   |

| 1 | The                  Trust owns a 48% interest in the Lion Partnership that was formed                  in 1997                  that owns a product tanker. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | The                  Trust owns a 40% interest in the PLM CAL I LLC that was formed                  in 2004                  that owns a Boeing 737-500 stage III commercial aircraft at December                  31,                  2006 and disposed of an aircraft during the fourth quarter of                  2006. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3  | The                  Trust owns a 40% interest in the PLM CAL II LLC that was formed                  in 2004                  that owns a Boeing 737-500 stage III commercial aircraft at December                  31,                  2006 and disposed of an aircraft during the fourth quarter of                  2006. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4  | The                  Partnership owned a 19% interest in CFHS that was formed in 2004                  and                  dissolved in the third quarter of 2006 that owned various types                  of                  machinery and other equipment. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

| For                      the period from June 30, 2006(inception)                      through December 31, 2006 |   | AircraftLeasing |   | MarineVesselLeasing |    | MachineryAnd                        OtherEquipment |   | OtherNon-Equipment |     | Total  |
|------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|---------------------|---------|----------------------------------------------------|--------|--------------------|----------|--------|
|                                                                                                             |   |            |   |                |    |                                               |   |               |     |   |   |   |   |   |   |
| Total                    increase (decrease) in liquidation values                                               |   | $               | 2,415  |                | $       | (1,342                                             | )      | $                  | 221      |   | $ | (289 | )  | $ | 1,005 |   |
|                                                                                                             |   |            |   |                |    |                                               |   |               |     |   |   |   |   |   |   |
|  Total                  assets at December 31, 2006                                                         |   |  $         | 2,469  |                |  $ | 4,903                                              |   | $                  | --  |   |  $ | 24  |   |  $ | 7,396 |   |

| Region |   | Equity                  Interest |
|--------|--------|----------------------------------|

| United                  States        |   | $      | 2,469 |   |
|---------------------------------------|--------|--------|-------|--------|
| Rest                  of the world    |   |   | 4,903 |   |
| Net                  realizable value |   | $      | 7,372 |   |

|                                               |   |                            |   | June                    30, |   |
|----------------------------------------------------|--------|---------------------------------|--------|-----------------------------|--------|
|                                               |   | December                    31, |   | 2006                        |   |
|                                               |   | 2006                            |   | (inception)                 |   |
| Trade                    accounts receivable       |   | $                               | --     |                        | $      | 80 |   |
| Allowance                    for doubtful accounts |   |                            | --     |                        |   | (64 | ) |
|                                                    |   | $                               | --     |                        | $      | 16 |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

|                                           |   |                            |   | June                    30, |   |
|------------------------------------------------|--------|---------------------------------|--------|-----------------------------|--------|
|                                           |   | December                    31, |   | 2006                        |   |
|                                           |   | 2006                            |   | (inception)                 |   |
| Accounts                    payable            |   | $                               | 187    |                        | $      | 96 |   |
| Litigation                    settlement costs |   |                            | 60     |                        |   | 500 |   |
| Liquidation                    costs           |   |                            | 550    |                        |   | 550 |   |
|                                           |   | $                               | 797    |                        | $      | 1,146 |   |

|                               |   |                            |   | June                    30, |   |
|------------------------------------|--------|---------------------------------|--------|-----------------------------|--------|
|                               |   | December                    31, |   | 2006                        |   |
|                               |   | 2006                            |   | (inception)                 |   |
| Management                    fees |   | $                               | 1      |                        | $      | 10 |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

| **Assets**                                                                    |   | 2006   |   | 2005   |   |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
| Aircraft                  held for operating leases, at cost                  |   | $      | --     |   | $      | 19,393 |   |
| Less                  accumulated depreciation                                |   |   | --     |   |   | (19,337 | ) |
| Net                  equipment                                                |   |   | --     |   |   | 56 |   |
|                                                                          |   |   |   |   |   |   |   |
| Cash                  and cash equivalents                                    |   |   | 24     |   |   | 1,926 |   |
| Marketable                  securities                                        |   |   | --     |   |   | 777 |   |
| Accounts                  receivable, less allowance for doubtful accounts of |   |   |   |   |   |   |   |
|                      $0 in 2006 and $24 in 2005                |   |   | --     |   |   | 226 |   |
| Equity                  investments in affiliated entities                    |   |   | 197    |   |   | 8,043 |   |
| Other                  assets, net of accumulated amortization of             |   |   |   |   |   |   |   |
| $0                  in 2006 and $19 in 2005                                   |   |   | 11     |   |   | 137 |   |
| Total                  assets                                                 |   | $      | 232    |   | $      | 11,165 |   |
|                                                                          |   |   |   |   |   |   |   |
| **Liabilities                  and capital**                                  |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |
| Liabilities                                                                   |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |
| Accounts                  payable and accrued expenses                        |   | $      | 247    |   | $      | 172 |   |
| Due                  to affiliates                                            |   |   | 1      |   |   | 19 |   |
| Lessee                  deposits                                              |   |   | --     |   |   | 210 |   |
| Total                  liabilities                                            |   |   | 248    |   |   | 401 |   |
|                                                                          |   |   |   |   |   |   |   |
| Commitments                  and contingencies                                |   |   |   |   |   |   |   |
|                                                                          |   |   |   |   |   |   |   |
| Capital                  (deficit)                                            |   |   | (16    | )      |   | 10,764 |   |
|                                                                          |   |   |   |   |   |   |   |
| Total                  liabilities and capital                                |   | $      | 232    |   | $      | 11,165 |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

|                                                                      |   | 2006   |   |   |   | 2005   |   |
|---------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| **Revenues**                                                              |   |   |   |   |   |   |   |
|                    Lease revenue                                     | $      | 508    |   |   | $      | 1,853  |   |
|                    Interest and other income                         |   | 495    |   |   |   | 428    |   |
|                    Gain on disposition of equipment                  |   | 3,015  |   |   |   | 2,750  |   |
|                    Loss on the sale of marketable securities         |   | (72    | )      |   |   | --     |   |
|                      Total revenues                        |   | 3,946  |   |   |   | 5,031  |   |
|                                                                      |   |   |   |   |   |   |   |
| **Expenses**                                                              |   |   |   |   |   |   |   |
|                    Depreciation and amortization                     |   | 10     |   |   |   | 933    |   |
|                    Operations support                                |   | 42     |   |   |   | 37     |   |
|                    Management fees to affiliate                      |   | 21     |   |   |   | 99     |   |
|                    Interest expense                                  |   | --     |   |   |   | 261    |   |
|                    General and administrative expenses to affiliates |   | --     |   |   |   | 145    |   |
|                    Other general and administrative expenses         |   | 831    |   |   |   | 674    |   |
|                    Provision for (recovery of) bad debts             |   | 72     |   |   |   | 14     |   |
|                     Total expenses                              |   | 976    |   |   |   | 2,163  |   |
|                                                                      |   |   |   |   |   |   |   |
| Equity                  in net income of equity investments               |   | 2,854  |   |   |   | 1,252  |   |
|                                                                      |   |   |   |   |   |   |   |
|                      Net income                            |   | 5,824  |   |   |   | 4,120  |   |
|                                                                      |   |   |   |   |   |   |   |
| Other                  comprehensive (loss) income:                       |   |   |   |   |   |   |   |
|                    Unrealized (loss) gain on marketable securities   |   | (93    | )      |   |   | 32     |   |
|                                                                      |   |   |   |   |   |   |   |
|                      Comprehensive income                  | $      | 5,731  |   |   | $      | 4,152  |   |

|                                                             |   | First   |   |   | Second  |   |   | Third   |   |   | Fourth  |   |   |   |   |
|------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
|                                                             |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Total  |   |
|                                                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
| **Revenues**                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                    Lease revenue                            | $      | 243     |   | $      | 93      |   | $      | 82      |   | $      | 90      |   | $      | 508    |   |
|                    Interest income and other income         |   | 89      |   |   | 107     |   |   | 144     |   |   | 155     |   |   | 495    |   |
|                    Gain on disposition of equipment         |   | 58      |   |   | 23      |   |   | 283     |   |   | 2,651   |   |   | 3,015  |   |
|                    Loss on sale of marketable securities    |   | --      |   |   | --      |   |   | (72     | )      |   | --      |   |   | (72    | )      |
|                     Total revenues                     |   | 390     |   |   | 223     |   |   | 437     |   |   | 2,896   |   |   | 3,946  |   |
|                                                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
| **Expenses**                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                    Depreciation and amortization            |   | 6       |   |   | 3       |   |   | 1       |   |   | --      |   |   | 10     |   |
|                    Operations support                       |   | 7       |   |   | 27      |   |   | 10      |   |   | (2      | )      |   | 42     |   |
|                    Management fees to affiliate             |   | 18      |   |   | 1       |   |   | --      |   |   | 2       |   |   | 21     |   |
|                    General and administrative expenses      |   | 177     |   |   | 271     |   |   | 101     |   |   | 282     |   |   | 831    |   |
|                    Provision for bad debts                  |   | 40      |   |   | --      |   |   | 32      |   |   | --      |   |   | 72     |   |
|                     Total expenses                     |   | 248     |   |   | 302     |   |   | 144     |   |   | 282     |   |   | 976    |   |
| Equity                  in net (loss) income of equity           |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                    investments                              |   | (376    | )      |   | (653    | )      |   | 696     |   |   | 3,187   |   |   | 2,854  |   |
|                                                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                      Net (loss) income            |   | (234    | )      |   | (732    | )      |   | 989     |   |   | 5,801   |   |   | 5,824  |   |
|                                                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
| Other                  comprehensive loss:                       |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                    Unrealized loss on marketable securities |   | (30     | )      |   | (63     | )      |   | --      |   |   | --      |   |   | (93    | )      |
|                                                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |
|                      Comprehensive (loss) income  | $      | (264    | )      | $      | (795    | )      | $      | 989     |   | $      | 5,801   |   | $      | 5,731  |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

|                                                                                                    |   | 2006    |   |   |   | 2005    |   |
|---------------------------------------------------------------------------------------------------------|--------|---------|--------|--------|--------|---------|--------|
| **Operating                  activities**                                                               |   |    |   |   |   |    |   |
| Net                  income                                                                             | $      | 5,824   |   |   | $      | 4,120   |   |
| Adjustments                  to reconcile net income                                                    |   |    |   |   |   |    |   |
|                      to net cash provided by (used in) operating                  activities: |   |    |   |   |   |    |   |
|                    Depreciation                                                                    |   | 7       |   |   |   | 812     |   |
|                    Amortization                                                                    |   | 3       |   |   |   | 121     |   |
|                    Amortization on debt placement costs                                            |   | --      |   |   |   | 174     |   |
|                    Provision for bad debts                                                         |   | 72      |   |   |   | 14      |   |
|                    Non-cash interest and other income                                              |   | (32     | )      |   |   | (73     | )      |
|                    Gain on disposition of equipment                                                |   | (3,015  | )      |   |   | (2,750  | )      |
|                    Loss on sale of marketable securities                                           |   | 72      |   |   |   | --      |   |
|                    Equity in net income from equity investments                                    |   | (2,854  | )      |   |   | (1,252  | )      |
|                    Distributions from equity investments                                           |   | 4,626   |   |   |   | 1,929   |   |
|                    Changes in operating assets and liabilities:                                    |   |    |   |   |   |    |   |
|                    Accounts receivables                                                            |   | 154     |   |   |   | 1,049   |   |
|                    Other assets                                                                    |   | 123     |   |   |   | (83     | )      |
|                    Accounts payable and accrued expenses                                           |   | 75      |   |   |   | (116    | )      |
|                    Due to affiliates                                                               |   | (18     | )      |   |   | (4      | )      |
|                    Lessee deposit                                                                  |   | (210    | )      |   |   | (204    | )      |
|                      Net cash provided by operating activities                           |   | 4,827   |   |   |   | 3,737   |   |
|                                                                                                    |   |    |   |   |   |    |   |
| **Investing                  activities**                                                               |   |    |   |   |   |    |   |
| Payments                  to purchase equipment                                                         |   | --      |   |   |   | (1,870  | )      |
| Payments                  of acquisition fees to affiliate                                              |   | --      |   |   |   | (84     | )      |
| Payments                  of lease negotiation fees to affiliate                                        |   | --      |   |   |   | (19     | )      |
| Proceeds                  from liquidations of equity investments                                       |   | 6,074   |   |   |   | 2,441   |   |
| Decrease                  in restricted cash                                                            |   | --      |   |   |   | 1,998   |   |
| Proceeds                  from sale of marketable securities                                            |   | 644     |   |   |   | --      |   |
| Collections                  on finance lease receivable                                                |   | --      |   |   |   | 162     |   |
| Proceeds                  from disposition of equipment                                                 |   | 3,064   |   |   |   | 13,225  |   |
|                      Net cash provided by investing activities                           |   | 9,782   |   |   |   | 15,853  |   |
|                                                                                                    |   |    |   |   |   |    |   |
| **Financing                  activities**                                                               |   |    |   |   |   |    |   |
| Payment                  of notes payable                                                               |   | --      |   |   |   | (732    | )      |
| Cash                  distributions paid to limited partners and                                        |   |    |   |   |   |    |   |
|                    non-Trustee beneficial interest holders                                         |   | (15,685 | )      |   |   | (21,535 | )      |
| Cash                  distributions paid to General Partner and Trustee                                 |   | (826    | )      |   |   | (1,134  | )      |
|                      Net cash used in financing activities                               |   | (16,511 | )      |   |   | (23,401 | )      |
|                                                                                                    |   |    |   |   |   |    |   |
| Net                  increase (decrease) in cash and cash equivalents                                   |   | 1,902   |   |   |   | (3,810  | )      |
| Cash                  and cash equivalents at beginning of period                                       |   | 1,926   |   |   |   | 5,736   |   |
| Cash                  and cash equivalents at end of period                                             | $      | 24      |   |   | $      | 1,926   |   |
|                                                                                                    |   |    |   |   |   |    |   |
| **Supplemental                  information**                                                           |   |    |   |   |   |    |   |
| Interest                  paid                                                                          | $      | --      |   |   | $      | 87      |   |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**NOTES        TO FINANCIAL STATEMENTS**

|                                                                        |   | Total   |   |
|-----------------------------------------------------------------------------|--------|---------|--------|
| Capital                  as of December 31, 2004                            | $      | 29,281  |   |
|                                                                        |   |    |   |
| Comprehensive                  income                                       |   |    |   |
|                                                                        |   |    |   |
|                    Net income                                          |   | 4,120   |   |
|                    Unrealized gains from available for sale securities |   | 32      |   |
|                      Comprehensive income                    |   | 4,152   |   |
|                                                                        |   |    |   |
| Cash                  distributions                                         |   | (22,669 | )      |
|                                                                        |   |    |   |
| Capital                  as of December 31, 2005                            |   | 10,764  |   |
|                                                                        |   |    |   |
| Comprehensive                  income                                       |   |    |   |
|                                                                        |   |    |   |
|                    Net income                                          |   | 5,824   |   |
|                    Unrealized loss from available for sale securities  |   | (93     | )      |
|                      Comprehensive income                    |   | 5,731   |   |
|                                                                        |   |    |   |
| Cash                  distributions                                         |   | (16,511 | )      |
|                                                                        |   |    |   |
| Capital                  (deficit) as of December 31, 2006                  | $      | (16     | )      |

----

**PLM        EQUIPMENT GROWTH FUND V LIQUIDATING TRUST**

**(A        Trust)**

**INDEX        OF EXHIBITS**

| Exhibit |   | Page                                                                                                                                                                                                                                                                                                          |
|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 4       |   | Amended                    and Restated Limited Partnership Agreement of Partnership.                                                                                                                                                                                                                         | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 4       | 1      | First                    Amendment to the Amended and Restated Limited Partnership                    Agreement.                                                                                                                                                                                              | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 4.      | 2      | Second                    Amendment to the Amended and Restated Limited Partnership                    Agreement.                                                                                                                                                                                             | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 4.      | 3      | Plan                    of Dissolution and Liquidation dated as of June 30, 2006 between                    PLM                    Equipment Growth Fund V and PLM Financial Services, Inc..                                                                                                                  |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 4.      | 4      | Liquidating                    Trust Agreement dated as of June 30, 2006 by and between PLM                    Equipment                    Growth Fund V as grantor and PLM Financial Services, Inc. as                    the Trustee                    for PLM Equipment Growth Fund V Liquidating Trust. |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 1      | Management                    Agreement between Trust and PLM Investment Management,                    Inc..                                                                                                                                                                                                 | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 2      | PLM                    CAL I LLC operating agreement dated June 4, 2004.                                                                                                                                                                                                                                      | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 3      | PLM                    CAL II LLC operating agreement dated June 4, 2004.                                                                                                                                                                                                                                     | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 4      | PLM                    CAL I LLC equipment purchase agreement dated August 26,                    2004.                                                                                                                                                                                                       | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 5      | PLM                    CAL II LLC equipment purchase agreement dated August 26,                    2004.                                                                                                                                                                                                      | * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 6      | Trust                    Indenture and Mortgage 645 between First Security Bank, National                    Association and Wilmington Trust Company assumed by PLM CAL                    I.                                                                                                                |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 7      | Trust                    Indenture and Mortgage 646 between First Security Bank, National                    Association and Wilmington Trust Company assumed by PLM CAL                    I.                                                                                                                |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 8      | Trust                    Indenture and Mortgage 647 between First Security Bank, National                    Association and Wilmington Trust Company assumed by PLM CAL                    II.                                                                                                               |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 9      | Trust                    Indenture and Mortgage 648 between First Security Bank, National                    Association and Wilmington Trust Company assumed by PLM CAL                    II.                                                                                                               |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 10     | Trust                    Indenture and Mortgage 645 Supplement between First Security                    Bank,                    National Association and Wilmington Trust Company assumed by                    PLM CAL                    I.                                                               |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 11     | Trust                    Indenture and Mortgage 646 Supplement between First Security                    Bank,                    National Association and Wilmington Trust Company assumed by                    PLM CAL                    I.                                                               |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 12     | Trust                    Indenture and Mortgage 647 Supplement between First Security                    Bank,                    National Association and Wilmington Trust Company assumed by                    PLM CAL                    II.                                                              |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 13     | Trust                    Indenture and Mortgage 648 Supplement between First Security                    Bank,                    National Association and Wilmington Trust Company assumed by                    PLM CAL                    II.                                                              |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 14     | Lease                    Agreement dated as of November 19, 2004 by and among CFHS Holdings,                    Inc.,                    CFHS Equipment Holdings Trust and CFHS Leasing, LLC.                                                                                                                 |  * |
|    |   |                                                                                                                                                                                                                                                                                                          |   |
| 10.     | 15     | Aircraft                    Purchase Agreement (N48112) dated as of September 11, 2006 between                    PLM                    Financial Services, Inc., not in its individual capacity but                    solely as                    owner trustee, and Aero California S.A. de C.V..        |  * |

----

|   |   |                                                                                                                                                                                                                                                                                                            |          |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| 10.    | 16     | Purchase                    Agreement (N14645) dated as of December 1, 2006 between PLM CAL                    I LLC and                    Dougherty Air Trustee, LLC.                                                                                                                                         |  *       |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 10.    | 17     | Purchase                    Agreement (N16648) dated as of December 6, 2006 between PLM CAL                    II LLC and                    Dougherty Air Trustee, LLC.                                                                                                                                        |  *       |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 10.    | 18     | Aircraft                    Purchase Agreement dated as of December 22, 2006 between Wells                    Fargo Bank                    Northwest, National Association, not in its individual capacity                    but solely                    as owner trustee, and Compass Capital Corporation. |   * |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 10.    | 19     | Memorandum                    of Agreement dated as of December 21, 2006 among Cortes Vessel                    Limited                    Partnership and Champion Shipping.                                                                                                                                   |  *       |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 14.    |   | PLM                    Financial Services Inc. Code of Ethics.                                                                                                                                                                                                                                                  | 35            |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 31.    | 1      | Certification                    of President Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a),                    As                    Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of                    2002.                                                                            |  36      |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 31.    | 2      | Certification                    of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)                    and                    15d-14(a), As Adopted Pursuant to Section 302 of the Sarbanes-Oxley                    Act of                    2002.                                           |  37      |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 32.    | 1      | Certification                    of President Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant                    to                    Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                   |  38      |
|   |   |                                                                                                                                                                                                                                                                                                            |          |
| 32.    | 2      | Certification                    of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,                    as Adopted                    Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                     |  39      |