UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 5 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). ( ) Form 3 Holdings Reported ( ) Form 4 Transactions Reported 1. Name and Address of Reporting Person REAL, WILLIAM J ALVARADO SQUARE M. S. 2840 ALBUQUERQUE, NM 87158 BERNALILLO 2. Issuer Name and Ticker or Trading Symbol PNM RESOURCES, INC. PNM 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year 12/31/01 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other (specify below) EXECUTIVE VICE PRESIDENT-POWER PRODUCTION & ENERGY SERVICES 7. Individual or Joint/Group Reporting (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person ___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | |Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership | |Date |Code| | Beneficially |(D)or | | | | | | A/| | Owned at |Indir | | | | | Amount | D | Price | End of Year |ect(I)| | ___________________________________________________________________________________________________________________________________| COMMON STOCK |01/05/|L |5.7798 |A |25.9274 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |02/06/|L |4.1026 |A |24.35 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |03/06/|L |3.8330 |A |26.0645 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |04/05/|L |3.3462 |A |29.86 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |05/04/|L |2.7560 |A |36.26 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |06/6/0|L |2.7776 |A |35.9776 | | | | |1 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |07/06/|L |4.6018 |A |32.5707 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |08/06/|L |3.3770 |A |29.5872 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |09/06/|L |3.4508 |A |28.9541 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |10/04/|L |4.0283 |A |24.7992 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |11/06/|L |4.0636 |A |24.584 |(1) (2) 4,709 | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| COMMON STOCK |12/05/|L |5.6323 |A |26.6071 | | | | |01 | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity | | | Amount | |ble | | | |Year |(I)| | ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________| Explanation of Responses: (1) INCLUDES 1.7422 SHARES ACQUIRED UNDER PNM RESOURCES, INC.'S DIVIDEND REINVESTMENT PLAN. (2) BETWEEN MAY 30, 2001 AND DECEMBER 31, 2001 THE REPORTING PERSON ACQUIRED 3,621 SHARES OF PNM COMMON STOCK UNDER THE PNM RESOURECES, INC.'S 401 (K) PLAN. THE INFORMATION IN THIS REPORT IS BASED ON A PLAN STATEMENT DATED AS OF DECEMBER 31,2001.