  We present images and a color-magnitude diagram for And V, a new dwarf
spheroidal companion to M31 that was found using a digital filtering technique
applied to 1550 square degrees of the second Palomar Sky Survey. And V resolves
into stars easily in follow-up 4-m V- and I-band images, from which we deduce a
distance of 810 +/- 45 kpc using the tip of the red giant branch method. Within
the uncertainties, this distance is identical to the Population II distances
for M31 and, combined with a projected separation of 112 kpc, provides strong
support for a physical association between the two galaxies. There is no
emission from And V detected in H alpha, 1.4 GHz radio continuum, or IRAS
bandpasses, and there is no young population seen in the color-magnitude
diagram that might suggest that And V is an irregular. Thus, the classification
as a new dwarf spheroidal member of the Local Group seems secure. With an
extinction-corrected central surface brightness of 25.2 V mag per square
arcsec, a mean metal abundance of [Fe/H] approximately -1.5, and no evidence
for upper AGB stars, And V resembles And I & III.
