U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(MARK ONE)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                     Transition Period From ______ To ______


                        COMMISSION FILE NUMBER 333-32800


                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
             (Exact Name of Registrant as Specified in Its Charter)


           NEVADA                                                 88-0446244
(State or Other Jurisdiction of                                (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


                 2901 EL CAMINO AVENUE, LAS VEGAS, NEVADA 89102
               (Address Of Principal Executive Offices) (Zip Code)


                   Registrant's Telephone Number: 702.227.0965


                           DM MORTGAGE INVESTORS, LLC
         Former Name, Former Address and Former Fiscal Year, if Changed
                               Since Last Report.

Indicate by check whether the registrant:  (1) has filed all reports required to
be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

As of August 13, 2001, the Issuer had 10,129,510 of its Units outstanding.
<PAGE>
ITEM 1. FINANCIAL STATEMENTS

                                                                            PAGE
                                                                            ----
Balance sheets as of June 30, 2001 (unaudited) and December 31, 2000.......    3

Statements of income for the three and six months ended June 30, 2001
(unaudited) and 2000 (unaudited)...........................................    4

Statements of members' equity (unaudited)..................................    5

Statements of cash flows for the six months ended June 30, 2001
(unaudited) and 2000 (unaudited)...........................................    6

Notes to financial statements..............................................    7
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                            June 30, 2001       December 31,
                                                              (Unaudited)           2000
                                                             ------------       ------------
<S>                                                          <C>                <C>
                                     ASSETS

Cash                                                         $    114,343       $    370,304
Certificates of deposit                                         3,000,000          1,200,000
Due from Managing Member                                          147,823            199,396
Interest and other receivables                                  1,041,602            491,122
Investment in mortgage loans                                   97,794,230         39,376,619
                                                             ------------       ------------

       Total assets                                          $102,097,998       $ 41,637,441
                                                             ============       ============

                         LIABILITIES AND MEMBERS' EQUITY

Liabilities
   Deferred revenues                                         $     82,807       $    256,230
                                                             ------------       ------------
Total liabilities                                                  82,807            256,230

Members' equity                                               102,015,191         41,381,211
                                                             ------------       ------------
       Total members' equity                                  102,015,191         41,381,211
                                                             ------------       ------------

       Total liabilities and members' equity                 $102,097,998       $ 41,637,441
                                                             ============       ============
</TABLE>

The accompanying notes are an integral part of these statements

                                       3
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                              STATEMENTS OF INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                         For the three months ended     For the six months ended
                                                                   June 30,                      June 30,
                                                         --------------------------     ------------------------
                                                            2001              2000         2001            2000
                                                         ----------         -------     ----------       -------
<S>                                                      <C>                <C>         <C>              <C>
Revenues
  Interest income from investment in mortgage loans      $2,810,061         $    --      4,456,569       $    --
  Loan origination fees                                      86,711                        173,422
  Other interest income                                      48,762              --         91,785            --
                                                         ----------         -------     ----------       -------

       Total revenues                                     2,945,534              --      4,721,776            --

Operating expenses
  Management fees to Managing Member                             --              --          7,184            --
  Other                                                      24,870              --         45,995            --
                                                         ----------         -------     ----------       -------

       Total operating expenses                              24,870              --         53,179            --
                                                         ----------         -------     ----------       -------

Net income                                               $2,920,664         $    --     $4,668,597       $    --
                                                         ==========         =======     ==========       =======

Net income allocated to members                          $2,920,664         $    --     $4,668,597       $    --
                                                         ==========         =======     ==========       =======

Net income allocated to members per weighted
 average membership units                                $     0.34         $    --     $     0.68       $    --
                                                         ==========         =======     ==========       =======

Weighted average membership units                         8,620,078         115,500      6,835,964       115,500
                                                         ==========         =======     ==========       =======
</TABLE>

The accompanying notes are an integral part of these statements

                                       4
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                          STATEMENT OF MEMBERS' EQUITY


                                                     Units           Amount
                                                 -------------   -------------

Members' equity at December 31, 2000 (Audited)       4,173,991   $  41,381,211

Issuance of units (net of offering costs)            5,933,564      59,176,787

Distributions                                               --      (3,956,853)

Reinvestments of distributions                          74,545         745,449

Net income                                                  --       4,668,597
                                                 -------------   -------------

Members' equity at June 30, 2001 (Unaudited)        10,182,100   $ 102,015,191
                                                 =============   =============

The accompanying notes are an integral part of these statements

                                       5
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                               For the six months ended June 30,
                                                               ---------------------------------
                                                                   2001                  2000
                                                               ------------          -----------
<S>                                                            <C>                   <C>
Cash flows from operating activities:
  Net income                                                   $  4,668,597          $        --
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Decrease in due from Managing Member                             51,573                   --
    Increase in interest and other receivables                     (550,480)                  --
    Decrease in deferred revenues                                  (173,423)                  --
                                                               ------------          -----------
          Net cash provided by operating activities               3,996,267                   --

Cash flows from investing activities:
  Purchase of investments in mortgage loans                     (71,330,693)                  --
  Proceeds from loan payoffs                                     12,913,082                   --
  Investment in certificates of deposit                          (1,800,000)                  --
                                                               ------------          -----------
          Net cash used by investing activities                 (60,217,611)                  --

Cash flows from financing activities:
  Proceeds from issuance of membership units                     59,176,787                   --
  Members' distribution reinvestments                               745,449                   --
  Members' distributions                                         (3,956,853)                  --
                                                               ------------          -----------
          Net cash provided by financing activities              55,965,383                   --
                                                               ------------          -----------

Net decrease in cash                                               (255,961)                  --

Cash, beginning of period                                           370,304                   --
                                                               ------------          -----------

Cash, end of period                                            $    114,343          $        --
                                                               ============          ===========
</TABLE>

The accompanying notes are an integral part of these statements

                                       6
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                          NOTES TO FINANCIAL STATEMENTS
                                 JUNE 30, 2001
                                  (Unaudited)

NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION

Vestin Fund I, LLC  (Formerly  known as DM Mortgage  Investors,  LLC),  a Nevada
Limited Liability Company, (the Company) is primarily engaged in the business of
mortgage  lending.  The Company  invests in loans secured by real estate through
deeds of trust and  mortgages.  The Company was  organized  on December 14, 1999
(date of formation) and will continue  until December 31, 2019 unless  dissolved
prior or extended  thereto under the provisions of the Operating  Agreement.  On
July 9, 2001, the Company  changed its name from DM Mortgage  Investors,  LLC to
Vestin Fund I, LLC.

Prior to September 1, 2000,  the Company was a  development  stage  company.  On
August 23,  2000,  the  Company's  Form  S-11/A  filed with the  Securities  and
Exchange  Commission  became  effective  for  the  initial  public  offering  of
10,000,000 units at $10 per unit. Consequently, the Company commenced operations
on September 1, 2000.  During June 2001, the Company sold all remaining units of
the  $100  million  set  forth  in  the  Company's  registration  statement.  No
additional  units  will  be  sold,  however  current  members  may  continue  to
participate in the Company's Distribution Reinvestment Plan whereby the member's
distribution may be applied to additional units at $10.00 per unit.

The  Manager  of the  Company is Vestin  Mortgage,  Inc.,  a Nevada  corporation
engaged in the business of  brokerage,  placement  and  servicing of  commercial
loans  secured by real  property.  The Manager is a  wholly-owned  subsidiary of
Vestin Group, Inc., a Delaware Corporation,  whose common stock is publicly held
and is traded on the NASDAQ  under the symbol  "VSTN." The  Operating  Agreement
provides  that the  Manager  has  exclusive  control  over the  business  of the
Company;  including the power to assign  duties,  to determine how to invest the
Company's  assets,  to sign  bills  of sale,  title  documents,  leases,  notes,
security agreements, mortgage investments and contracts, and to assume direction
of the business operations.

The  financial  statements  have been  prepared in  accordance  with  Securities
Exchange Commission  requirements for interim financial  statements.  Therefore,
they do not include all of the information and footnotes  required by accounting
principles  generally  accepted  in the  United  States for  complete  financial
statements. The financial statements should be read in conjunction with the Form
10-K for the fiscal year ended December 31, 2000 of the Company.

The results of operations  for the interim  periods shown in this report are not
necessarily  indicative  of results  to be  expected  for the full year.  In the
opinion of management, the information contained herein reflects all adjustments
necessary  to make the  results of  operations  for the  interim  periods a fair
statement of such  operation.  All such  adjustments  are of a normal  recurring
nature.

                                       7
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                  (Unaudited)


NOTE B -- INVESTMENT IN MORTGAGE LOANS

Investment in mortgage loans as of June 30, 2001 are as follows:

        Bridge                                  $14,500,714        14.83%
        Commercial                               14,550,679        14.88%
        Construction                             20,119,000        20.57%
        Acquisition and development              34,291,983        35.07%
        Land                                     14,331,854        14.65%
        Residential                                      --         0.00%
                                                -----------      -------

                                                $97,794,230       100.00%
                                                ===========      =======

        First mortgages                         $97,318,538        99.51%
        Second mortgages                            475,692         0.49%
                                                -----------      -------

                                                $97,794,230       100.00%
                                                ===========      =======

The following is a schedule of maturities of investment in mortgage  loans as of
June 30, 2001:

For The Years Ended December 31,:
        2001                                    $62,584,205
        2002                                     32,545,025
        2003                                             --
        2004                                             --
        2005                                      2,340,000
        2006                                        325,000
                                                -----------

                                                $97,794,230
                                                ===========

The  following is a schedule by  geographic  location of  investment in mortgage
loans as of June 30, 2001:

      Arizona                                   $ 3,500,000        3.58%
     California                                  15,416,090       15.76%
       Hawaii                                     9,457,485        9.67%
     Louisiana                                    1,768,269        1.81%
     New Mexico                                     923,000        0.94%
       Nevada                                    29,823,293       30.50%
       Oregon                                     4,785,450        4.89%
       Texas                                     20,504,928       20.97%
        Utah                                     10,015,715       10.24%
     Washington                                   1,600,000        1.64%
                                                -----------     -------

                                                $97,794,230      100.00%
                                                ===========     =======

                                       8
<PAGE>
                               VESTIN FUND I, LLC
                 (FORMERLY KNOWN AS DM MORTGAGE INVESTORS, LLC)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                  (Unaudited)


NOTE B -- INVESTMENT IN MORTGAGE LOANS (continued)

As of June 30, 2001,  substantially  all mortgage  loan payments are current and
all loans are  performing  in  accordance  with their  terms.  Accordingly,  the
Company's  management  estimates that an allowance for loan losses is not deemed
necessary.

The Company has six mortgage  loan products  consisting  of bridge,  commercial,
construction,  acquisition and development, land, and residential. Substantially
all mortgage  loans have similar  effective  interest  rates ranging from 13% to
15%.  Revenue by product will fluctuate based upon relative  balances during the
period.  Due to the similar nature of the effective  interest rates, the Company
does not report revenues by product type.

NOTE C -- REVOLVING LINE OF CREDIT

The Company has a revolving  line of credit,  which provides for borrowing up to
$400,000.  There is no  outstanding  balance  as of June 30,  2001.  The line of
credit, which is secured by the Company's certificates of deposit, is payable in
monthly installments of interest only at 7.25%, maturing June 25, 2002.

                                       9
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

BACKGROUND

Vestin  Fund  I,  LLC  (formerly  known  as DM  Mortgage  Investors,  LLC)  (the
"Company") was organized in December 1999 as a Nevada limited  liability company
for the purpose of investing  in mortgage  loans.  The Company  invests in loans
secured by real estate through deeds of trust and mortgages.  Prior to September
1, 2000, the Company was a development stage company.

The Company's  manager is Vestin Mortgage,  Inc., a licensed mortgage company in
the  State  of  Nevada  (the  "Manager").  Vestin  Mortgage  is  a  wholly-owned
subsidiary of Vestin Group, Inc., a Delaware corporation,  whose common stock is
publicly held and traded on the NASDAQ under the ticker symbol "VSTN."

The following financial review and analysis is the Company's financial condition
and results of operations for the three-month  period ended June 30, 2001. Prior
to  September  1, 2000,  the Company were a  development  stage  company with no
operational activities.  This information should be read in conjunction with the
Company's  financial  statements  and  accompanying  notes  and  other  detailed
information  regarding the Company appearing elsewhere in this Form 10-Q and the
annual Form 10-K for the year ended December 31, 2000.

OVERVIEW

On August 23,  2000,  the  Company's  Registration  Statement  as filed with the
Securities  and Exchange  Commission  became  effective  for the initial  public
offering  of up to  10,000,000  units at $10 per  unit.  The  Company  commenced
operations  on  September  1, 2000.  During  June  2001,  the  Company  sold all
remaining  units of the $100  million  set forth in the  Company's  registration
statement.  No  additional  units  will be sold,  however  current  members  may
continue to participate in the Company's Distribution  Reinvestment Plan whereby
the member's distribution may be applied to additional units at $10.00 per unit.
Additionally, the Company issued 100,000 units to its Manager for offering costs
paid by them on the Company's behalf.

SUMMARY OF FINANCIAL RESULTS

<TABLE>
<CAPTION>
                                                           Three months ended   Six months ended
                                                              June 30, 2001       June 30, 2001
                                                              -------------       -------------
<S>                                                        <C>                  <C>
Total revenues                                                 $2,946,000          $4,722,000
Total expenses                                                 $   25,000          $   53,000
Net income                                                     $2,921,000          $4,669,000
Earnings per unit:
  Net income allocated to members per weighted average
  membership units                                             $     0.34          $     0.68
Annualized net interest yield to members (a)                        13.60%              13.60%
Weighted average membership units                               8,620,078           6,835,964
</TABLE>

----------
(a)  The annualized net interest yield to unit holders is calculated  based upon
     the net income  allocated to unit holders per weighted  average units as of
     June 30, 2001 divided by 6 (number of months from January 2001 through June
     2001) and  multiplied  by twelve (12) months,  then divided by ten (the $10
     cost per unit).

Net income for the three months ended June 30, 2001 was derived  primarily  from
interest income on mortgage loans approximating $2.8 million, interest income of
approximately  $49  thousand  earned on cash and cash  equivalents  held at bank
institutions  and  approximately  $87 thousand  from mortgage  origination  fees
earned.

Net income for the six months  ended June 30,  2001 was derived  primarily  from
interest income on mortgage loans approximating $4.5 million, interest income of
approximately  $92  thousand  earned on cash and cash  equivalents  held at bank
institutions and $173 thousand from mortgage origination fees earned.

                                       10
<PAGE>
INVESTMENT IN MORTGAGE LOANS SECURED BY REAL ESTATE PORTFOLIO

As of June 30,  2001,  the Company  invested in mortgage  loans  secured by real
estate approximating $97,794,000. Such loans consisted of forty-eight (48) loans
of which  forty-six (46) loans are secured  through first deeds of trust and two
(2) loan is secured through second deeds of trust. The following is a summary of
the Company's investment in mortgage loans as of June 30, 2001:

<TABLE>
<CAPTION>
                                   LOAN      LOAN AMOUNT
                                  AMOUNT      COMMITTED/
                                  FUNDED      FUNDED BY      LOAN TO                        LOAN
                                BY VESTIN       OTHER       APPRAISED   VALUE   INTEREST   LENGTH       LOAN
       BORROWER                   FUND I      INVESTORS       VALUE     RATIO     RATE    (IMONTHS)     TYPE          COLLATERAL
       --------                -----------  ------------  ------------  -----     ----    ---------     ----          ----------
<S>                            <C>          <C>           <C>           <C>     <C>       <C>        <C>           <C>
LAS VEGAS & LAMB, LTD          $    71,000  $  5,095,000  $  6,770,000  75.26%   13.50%      12      Construction  Land and Building
EMERALD SUITES, LLC            $ 6,973,696  $ 15,045,000  $ 24,625,000  60.18%   13.50%      12      Construction  Land and Building
CAR SPA NORCO, LLC             $ 3,345,000  $  3,695,000  $  6,400,000  57.73%   14.00%      12      Commercial    Land and Building
LAS VEGAS LODGING
 DEVELOP, LLC                  $ 1,232,084  $  5,345,000  $  7,600,000  70.33%   14.00%      12      Construction  Land and Building
BLOOMFIELD HILLS DEVELOP
 GRP, LLC                      $    55,500  $    995,000  $  1,552,000  67.69%   14.00%      12      Construction  Land and Building
ENCHANTMENT II, LLC            $    22,225  $  1,755,000  $  2,615,500  67.10%   13.50%      12      Construction  Land and Building
THE RANCHES, LLC               $ 3,115,000  $  3,115,000  $  7,150,000  43.57%   15.00%      12      Land          Land
ARVADA RANCH, LLC              $ 3,500,000  $  3,500,000  $ 16,200,000  21.60%   12.00%      12      Commercial    Land
M 643, LLC                     $ 2,610,483  $  7,495,000  $ 14,000,000  53.54%   14.00%      12      A/D           Land
Q SUMMERLIN, LLC               $    74,317  $  8,745,000  $ 12,600,000  69.40%   14.00%      12      Construction  Land and Building
BRIDGE AINA LE'A, LLC          $ 5,300,000  $  5,300,000  $ 21,750,000  26.50%   13.00%      24      A/D           Land
GOLDEN NUGGET HOLDINGS, LLC    $ 1,600,000  $  1,600,000  $  7,400,000  21.62%   14.00%      12      Commercial    Land and Building
SOUTH MOUNTAIN, LC, a
 Utah LLC                      $ 6,900,715  $  7,000,000  $ 19,690,000  35.60%   14.00%      12      Land          Land
ART COLLECTION, INC            $12,500,000  $ 12,500,000  $ 24,790,000  50.44%   14.00%      12      A/D           Land
PEACE PLAZA, LLC               $   219,051  $  3,700,000  $  6,425,000  57.59%   14.00%      12      Commercial    Land and Building
MALIBU DEVELOPMENT
 CORPORATION                   $   250,000  $    250,000  $ 18,000,000   1.39%   15.00%      12      Commercial    Land and Building
LAKESIDE VILLAGE, LLC          $ 1,790,527  $  2,850,000  $  5,500,000  51.82%   14.00%      12      A/D           Land
BRUGNARA PROPERTIES V, LLC     $    22,248  $ 20,000,000  $ 60,000,000  33.33%   14.75%      14      Commercial    Land
INTERCAPITAL DEVELOP OF TEXAS  $ 1,346,111  $  1,596,000  $  2,300,000  69.39%   14.50%      12      Commercial    Land and Building
ART COLLECTION, INC            $ 2,500,000  $  2,495,000  $ 15,645,000   8.93%   14.00%      12      Land          Land
LV - RV RESORT, LLC            $ 5,658,731  $ 17,500,000  $ 33,900,000  51.62%   14.00%      12      Construction  Land
CORONA PARTNERSHIP             $   386,088  $  4,275,000  $  6,850,000  62.41%   14.00%      12      Construction  Land and Building
SUNSET-PECOS LP                $    34,083  $    995,000  $  3,750,000  26.53%   14.00%      12      Land          Land
RTA DESERT                     $   997,400  $  2,700,000  $  6,000,000  60.00%   15.00%      12      Bridge        Land and Building
HHG PARTNERS, LLC              $ 4,158,817  $ 13,995,000  $ 20,900,000  66.96%   14.00%      12      Construction  Land and Building
RED HILLS OASIS, LLC           $ 1,592,810  $  3,045,000  $  4,690,000  64.93%   14.00%      12      A/D           Land
BRIDGE AINA LE'A, LLC          $ 1,657,485  $  2,000,000  $ 20,000,000  10.00%   14.00%       9      Land          Land
CALIFORNIA PROPERTIES          $ 8,000,000  $  9,000,000  $ 21,000,000  42.86%   14.00%       6      Bridge        Land and Building
TALLE HOE, INC                 $ 1,768,269  $  3,095,000  $  5,925,000  52.24%   14.00%      12      Commercial    Land and Building
ANDRE TATIBOUET                $ 2,500,000  $  6,500,000  $ 12,000,000  54.17%   14.00%      12      Commercial    Land and Building
MESQUITE 643, LLC              $ 1,029,850  $  4,365,000  $  7,839,000  54.98%   14.00%      12      A/D           Land
RANCO CAPITAL, LLC             $ 1,283,163  $  1,573,000  $  3,300,000  47.67%   14.00%      12      A/D           Land
MDS DEVELOPMENT, INC           $ 4,785,500  $  5,320,000  $ 11,500,000  46.26%   14.00%      12      A/D           Land
HORIZON HOMES                  $   225,470  $    365,000  $    528,000  69.13%   14.00%      12      Construction  Residential
HORIZON HOMES                  $   112,381  $    365,000  $    528,000  69.13%   14.00%      12      Construction  Residential
HORIZON HOMES                  $ 1,054,563  $  1,295,000  $  2,250,000  57.56%   14.00%      12      Bridge        Residential
ASTON-NEVADA, LLC              $   124,571  $    625,000  $  1,140,000  54.82%   15.00%      12      Land          Land
EMERALD SUITES, LLC            $   225,692  $  1,135,000  $ 25,000,000   7.54%   15.00%       3      Construction  Land and Building
DAVID WECKERLY, INC            $   923,000  $  1,195,000  $  1,900,000  62.89%   14.00%      12      Construction  Land and Building
LA JOLLA PLAZA II, LLC         $   768,700  $    768,700  $  1,295,000  59.36%    9.50%      12      Bridge        Land and Building
FALCON HOSPITALITY             $   388,700  $  6,695,000  $ 11,000,000  60.86%   14.00%      12      A/D           Land and Building
CUSTON STONE, LTD              $   325,000  $    325,000  $    410,000  79.27%   10.00%      60      A/D           Land and Building
GARY A. WEXLER                 $ 2,340,000  $  2,340,000  $  3,400,000  68.82%    8.00%      48      A/D           Land and Building
HARRY SHULL                    $   110,000  $    110,000  $    147,000  74.83%   14.00%      12      A/D           Land and Building
HARRY SHULL                    $   120,000  $    120,000  $    172,000  69.77%   14.00%      12      A/D           Land and Building
HARRY SHULL                    $   116,000  $    116,000  $    166,000  69.88%   14.00%      12      A/D           Land and Building
ARROYO HEIGHTS GOLF CLUB, LLC  $ 3,680,000  $ 10,000,000  $ 33,500,000  29.85%   14.00%      12      Bridge        Land and Building
                               -----------  ------------  ------------  -----
                               $97,794,230  $213,551,650  $521,990,500  51.77%
                               ===========  ============  ============  =====
</TABLE>
                                       11
<PAGE>
As of June 30, 2001,  investment in loans secured by real estate are invested in
loans with a weighted  average interest yield of 13.70% maturing within the next
one to sixty (60) months.

Losses may be  expected  to occur when  funding  mortgage  loans.  The amount of
losses  will  vary as the  loan  portfolio  is  affected  by  changing  economic
conditions and the financial  position of borrowers.  There is no precise method
of predicting potential losses.

The conclusion that the Company's loans may become uncollectible, in whole or in
part,  is a  matter  of  professional  judgment.  Conventional  lenders  such as
traditional  banks and savings and loan  institutions are subject to federal and
state regulations that require such lenders to perform ongoing analyses of their
loan  portfolios,  loan to value ratios,  reserves,  etc., and to obtain current
information  regarding  their  borrowers  and  the  securing  properties.  As  a
non-conventional  lender, the Company is not subject to such regulations and has
not adopted these practices. Rather, in connection with the quarterly and annual
closing of the Company's accounting records and the preparation of the Company's
financial  statements,  the Manager evaluates  investments in mortgage loans and
determines  whether  the  allowance  for loan  losses is  adequate  to cover the
Company's  potential losses. As of June 30, 2001 the Manager  determined that no
allowances for loan losses was necessary.

The Manager's professional judgment of the adequacy of allowance for loan losses
may  include:  considerations  of  economic  conditions,   borrower's  financial
condition,  evaluation  of  industry  trends,  review  and  evaluation  of loans
identified as having loss potential,  and quarterly review by the Manager's loan
committee.

CAPITAL AND LIQUIDITY

Liquidity  is  a  measure  of  a  company's   ability  to  meet  potential  cash
requirements,  including ongoing  commitments to fund lending activities and for
general operation purposes.  The Company believes that interest earned from both
investment  loans and cash held at bank  institutions  in the next twelve months
will be sufficient to meet the Company's capital requirements.  The Company does
not anticipate the need for hiring any employees, acquiring fixed assets such as
office equipment or furniture,  or incurring material office expenses during the
next twelve months  because the Manager will manage the Company's  affairs.  The
Company  may pay the  Manager  an  annual  management  fee of up to 0.25% of the
Company's aggregate capital  contributions.  Pursuant to the Company's Operating
Agreement  the maximum  amount of  management  fees the manager was  entitled to
receive  during the six  months  ended June 30,  2001 was  $91,388.  For the six
months ended,  the Company paid the Manager  approximately  $7,000 in management
fees.

During the six months  ended June 30,  2001,  cash flows  provided by  operating
activities   approximated  $4.0  million.   Investing  activities  consisted  of
investment  in loans  secured by real estate in the amount of $58.4 million (net
of proceeds from payoffs of mortgage  loans),  and  investment in certificate of
deposits of $1.8 million.  Financing  activities  consisted of proceeds from the
sale of units in the amount of $59.2 million,  and distributions of $3.2 million
(net of reinvestments).

The  Company  will rely upon the cash flow from  operations  to provide  for its
capital  requirements.  The Manager believes that cash generated from operations
will be sufficient to provide for its capital requirements for at least the next
12 months.

At June 30,  2001,  the  Company  had $114  thousand  in cash,  $3.0  million in
certificates  of deposit  and $102  million in total  assets.  On the same date,
total liabilities approximated $83 thousand. Accordingly, it appears the Company
has sufficient working capital to meet its operating needs in the near term.

The Company  maintains  working  capital  reserves  of at least 3% of  aggregate
members'  capital  accounts in cash and cash  equivalents,  and  certificates of
deposits.  This  reserve is  available  to pay  expenses in excess of  revenues,
satisfy obligations of underlying security  properties,  expend money to satisfy
unforeseen  obligations  and for other  permitted  uses of the working  capital.
Working capital reserves of up to 3% are included in the funds committed to loan

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investments  in  determining  what  proportion  of  the  offering  proceeds  and
reinvested distributions have been invested in mortgage loans.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to market risk, primarily from changes in interest rates.
The  Company  does  not  deal in any  foreign  currencies  and  does not own any
options, futures or other derivative instruments.  The Company does not have any
debt.

Most of the Company's  assets consist of investments in mortgage  loans. At June
30, 2001, the Company's aggregate investment in mortgage loans was approximately
$97,794,000 with a weighted  average  effective  interest rate of 13.70%.  These
mortgage  loans  have a term of 6  months  to 5  years.  All of the  outstanding
mortgage loans at June 30, 2001 were fixed rate loans. All of the mortgage loans
are held for investment  purposes;  none are held for sale. Most of the mortgage
loans do not have prepayment penalties.

Changes in  interest  rates  would not affect the asset  value of the  Company's
investment in mortgage loans.  However,  a significant  change in interest rates
could  affect  the  Company's  operating  results.  If  interest  rates  decline
significantly,  some of the borrowers could prepay their loans with the proceeds
of a  refinancing  at lower  interest  rates.  This would  reduce the  Company's
earnings and funds  available for  distribution  to unit  holders.  On the other
hand,  a  significant  increase in interest  rates could result in a slowdown in
real estate  development  activity  which would reduce the demand for commercial
mortgage loans. As a result,  the Company might encounter greater  difficulty in
identifying appropriate borrowers.  The Company is not in a position to quantify
the potential impact on its operating results from a material change in interest
rates.

For the six months  ended June 30,  2001,  the Company  invested  $1,800,000  in
certificates  of deposit  and other  short-term  deposit  accounts.  The Company
anticipates  that at least 3% of its assets  will be held in such  accounts as a
cash  reserve;  additional  deposits in such  accounts will be made as funds are
received by the Company from new  investors  and  repayment of loans pending the
deployment of such funds in new mortgage loans.  The Company believes that these
financial assets do not give rise to significant interest rate risk due to their
short term nature.

                                     PART II

                                OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Not Applicable.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

The registration  statement (Commission file number 333-32800) registering up to
10,000,000 of the Company's  units valued at  $100,000,000,  with the Securities
and Exchange Commission became effective on August 23, 2000. The offering of the
Company's units commenced on September 1, 2000. As of June 30, 2001, the Company
had sold all units  available  from the  offering.  There is no  public  trading
market for the Company's  units. The Company's units are sold where permitted by
the  Manager  and/or  by  Vestin  Capital,  Inc.,  a  registered  broker/dealer.
Investors in the Company must satisfy  applicable state requirements in order to
purchase units in the Company.

In exchange for services provided by the Manager, it has received  approximately
$7,000 in management fees.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter was submitted to a vote of security holders,  through the solicitation
of proxies or otherwise, during the second quarter 2001.

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ITEM 5. OTHER INFORMATION

On June 29, 2001,  Vestin Fund I, LLC (the "Company")  filed an amendment to its
Articles of Organization which changed the name of the Company from "DM Mortgage
Investors, LLC" to "Vestin Fund I, LLC."

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a)  Exhibits

          2.1       Articles of Organization*

          10.1      Operating Agreement*

----------
* Previously filed.

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

VESTIN FUND I, LLC

By: Vestin Mortgage, Inc., its sole manager

    By: /s/ Lance K. Bradford
        -------------------------------------
        Lance K. Bradford
        Director, Secretary and Treasurer
        (Chief Accounting Officer of the
        Manager and Duly Authorized Officer)

Dated: July 31, 2001

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