UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                               ------------------

                                    FORM 10-Q

                               ------------------




            X  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           ---           SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2003

                                       OR

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

                     For the transition period from ___ to ___


                                -----------------

                           Commission File No. 2-91762

                                -----------------



                         POLARIS AIRCRAFT INCOME FUND I

                        State of Organization: California
                   IRS Employer Identification No. 94-2938977
                201 High Ridge Road, Stamford, Connecticut 06927
                           Telephone - (203) 357-3776

   Securities registered pursuant to Section 12(b) and 12(g) of the Act: None
                                                                         ----

Indicate  by check  mark  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,  and (2) has been  subject to such filing
requirements for the past 90 days.

                              Yes  X          No
                                  ---            ---

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in rule 12b-2 of the Exchange Act).  Yes      No  X
                                                 ---     ---

Number of units outstanding on March 31, 2003 was 168,697.






                       This document consists of 16 pages.
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

            FORM 10-Q - For the Quarterly Period Ended March 31, 2003




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements (Unaudited)

              a)  Condensed Balance Sheets - March 31, 2003 and
                  December 31, 2002...........................................3

              b)  Condensed Statements of Operations - Three Months
                  Ended March 31, 2003 and 2002...............................4

              c)  Condensed Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2002
                  and Three Months Ended March 31, 2003.......................5

              d)  Condensed Statements of Cash Flows - Three Months
                  Ended March 31, 2003 and 2002...............................6

              e)  Notes to Condensed Financial Statements.....................7

         Item 2.      Management's Discussion and Analysis of
                      Financial Condition and Results of Operations...........9

         Item 4.      Controls and Procedures.................................9



Part II.      Other Information

         Item 1.      Legal Proceedings......................................11

         Item 6.      Exhibits and Reports on Form 8-K.......................11

         Signature    .......................................................12

         Certifications Pursuant to Section 302 of the Sarbanes-Oxley
         Act of 2002.........................................................13



                                       2
<PAGE>

                          Part I. Financial Information
                          -----------------------------

Item 1.       Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                            CONDENSED BALANCE SHEETS
                                   (Unaudited)

                                                        March 31,   December 31,
                                                          2003          2002
                                                          ----          ----
ASSETS:

CASH AND CASH EQUIVALENTS                              $1,125,571    $1,112,318
                                                       ----------    ----------

        Total Assets                                   $1,125,571    $1,112,318
                                                       ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                  $   37,330    $    9,253

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                            366,713       367,929

DEPOSIT                                                    10,000          --
                                                       ----------    ----------

        Total Liabilities                                 414,043       377,182
                                                       ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                         37,240        37,476
   Limited Partners, 168,697 units
      issued and outstanding                              674,288       697,660
                                                       ----------    ----------

        Total Partners' Capital                           711,528       735,136
                                                       ----------    ----------

        Total Liabilities and Partners' Capital        $1,125,571    $1,112,318
                                                       ==========    ==========


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

                                       3
<PAGE>



                         POLARIS AIRCRAFT INCOME FUND I

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                     Three Months Ended March 31
                                                     ---------------------------

                                                        2003             2002
                                                        ----             ----

REVENUES:
   Interest                                           $  3,253         $  6,372
                                                      --------         --------

           Total Revenues                                3,253            6,372
                                                      --------         --------

EXPENSES:
   Administration and other                             26,861           33,365
                                                      --------         --------

           Total Expenses                               26,861           33,365
                                                      --------         --------

NET LOSS                                              $(23,608)        $(26,993)
                                                      ========         ========

NET INCOME (LOSS) ALLOCATED
   TO THE GENERAL PARTNER                             $   (236)        $  6,040
                                                      ========         ========

NET LOSS ALLOCATED TO
   LIMITED PARTNERS                                   $(23,372)        $(33,033)
                                                      ========         ========

NET LOSS PER LIMITED
   PARTNERSHIP UNIT                                   $  (0.14)        $  (0.20)
                                                      ========         ========

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

                                       4
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

              CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   (Unaudited)


                                           Year Ended December 31, 2002 and
                                           Three Months Ended March 31, 2003
                                           ---------------------------------

                                          General       Limited
                                          Partner       Partners       Total
                                          -------       --------       -----


Balance, December 31, 2001              $   134,953   $ 1,903,494   $ 2,038,447

   Net income (loss)                         19,696      (151,278)     (131,582)

   Cash distributions to partners          (117,173)   (1,054,556)   (1,171,729)
                                        -----------   -----------   -----------

Balance, December 31, 2002                   37,476       697,660       735,136

   Net loss                                    (236)      (23,372)      (23,608)
                                        -----------   -----------   -----------

Balance, March 31, 2003                 $    37,240   $   674,288   $   711,528
                                        ===========   ===========   ===========

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


                                       5
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                    Three Months Ended March 31

                                                        2003          2002
                                                        ----          ----
OPERATING ACTIVITIES:
   Net Loss                                          $   (23,608)  $   (26,993)
   Adjustments to reconcile net loss to
      net cash provided (used) by operating
        activities:
      Changes in operating assets and liabilities:
        Increase (decrease) in payable to
          affiliates                                      28,077          (297)
        Decrease in accounts payable and
           accrued liabilities                            (1,216)       (4,526)
        Increase in deposits                              10,000          --
                                                     -----------   -----------

           Net cash provided (used) by operating
             activities                                   13,253       (31,816)
                                                     -----------   -----------

FINANCING ACTIVITIES:
   Cash distributions to partners                           --      (1,171,729)
                                                     -----------   -----------

           Net cash used in financing activities            --      (1,171,729)
                                                     -----------   -----------

CHANGES IN CASH AND CASH
   EQUIVALENTS                                            13,253    (1,203,545)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                 1,112,318     2,445,482
                                                     -----------   -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                     $ 1,125,571   $ 1,241,937
                                                     ===========   ===========

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


                                       6
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)


1.    Organization and the Partnership

Polaris Aircraft Income Fund I (the Partnership) was formed on June 27, 1984 for
the purpose of acquiring and leasing  aircraft.  It will terminate no later than
December  2010.  Upon  organization,  both the  General  Partner and the initial
Limited  Partner  contributed  $500. The offering of Limited  Partnership  units
terminated on December 31, 1985, at which time the  Partnership had sold 168,729
units of $500, representing  $84,364,500.  All unit holders were admitted to the
Partnership on or before January 1, 1986.  During 2002, 32 units were abandoned.
At March 31, 2003, there were 168,697 units outstanding.

Polaris Investment  Management  Corporation  (PIMC), the sole General Partner of
the Partnership (the General Partner),  supervises the day-to-day  operations of
the Partnership.  PIMC is a wholly-owned  subsidiary of Polaris Aircraft Leasing
Corporation (PALC). Polaris Holding Company (PHC) is the parent company of PALC.
General  Electric  Capital  Corporation  (GE  Capital),  an affiliate of General
Electric Company,  owns 100% of PHC's outstanding common stock. PIMC has entered
into a  services  agreement  dated as of July 1, 1994 with GE  Capital  Aviation
Services,  Inc.  (GECAS).  Amounts paid and  allocations to related  parties are
described in Notes 3 and 4.

At March 31, 2003, the  Partnership  owned certain  inventoried  aircraft parts,
which  includes one engine,  out of its original  portfolio of eleven  aircraft.
These spare parts are carried at a book value of zero as of March 31,  2003.  On
March  21,  2003,  the  Partnership  signed a letter of intent to sell the spare
parts in  inventory,  including  the engine,  to Amtec  Corporation  for $52,500
subject to the purchaser  inspecting  the  inventory and on April 22, 2003,  the
sale was  completed  and payment was received.  Given that the  Partnership  has
liquidated  all of its  assets,  the  General  Partner  intends  to make a final
distribution and terminate the Partnership in June of 2003.


2.    Accounting Principles and Policies

In the opinion of  management,  the  condensed  financial  statements  presented
herein  include all  adjustments,  consisting  only of normal  recurring  items,
necessary to summarize fairly the Partnership's  financial  position and results
of operations.  The financial  statements  have been prepared in accordance with
the  instructions  of the  Quarterly  Report  to  the  Securities  and  Exchange
Commission (SEC) Form 10-Q. The condensed consolidated balance sheet at December
31, 2002 has been derived from the audited financial statements at that date but
does not  include  all of the  information  and  note  disclosures  required  by
accounting  principles  generally  accepted in the United States  (GAAP).  These
statements should be read in conjunction with the financial statements and notes
thereto for the years ended  December  31, 2002,  2001 and 2000  included in the
Partnership's 2002 Annual Report to the SEC on Form 10-K.

                                       7
<PAGE>



3.    Related Parties

Under the Limited Partnership Agreement (the Agreement), the Partnership paid or
agreed to pay the  following  amounts  for the  current  quarter to the  General
Partner, Polaris Investment Management Corporation,  in connection with services
rendered or payments made on behalf of the Partnership:

                                               Payments for
                                            Three Months Ended     Payable at
                                              March 31, 2003     March 31, 2003
                                              --------------     --------------


Out-of-Pocket Operating Expense
    Reimbursement                                $  --               $  --

Out-of-Pocket Administrative Expense
    Reimbursement                                   --                37,330
                                                 -------             -------

                                                 $  --               $37,330
                                                 =======             =======


4.    Partners' Capital

The Agreement  stipulates  different  methods by which revenue,  income and loss
from  operations and gain or loss on the sale of aircraft are to be allocated to
the General Partner and the Limited  Partners.  Such  allocations are made using
income or loss calculated under GAAP for book purposes, which varies from income
or loss calculated for tax purposes.

Cash  available  for  distributions,  including  the  proceeds  from the sale of
aircraft,  is  distributed  10% to the  General  Partner  and 90% to the Limited
Partners.

The different methods of allocating items of income, loss and cash available for
distribution  combined with the calculation of items of income and loss for book
and  tax  purposes  result  in  book  basis  capital   accounts  that  may  vary
significantly  from tax basis capital  accounts.  The ultimate  liquidation  and
distribution  of remaining cash will be based on the tax basis capital  accounts
following liquidation, in accordance with the Agreement.

5.    Subsequent Events

Markair Settlement

On April 14, 2003,  the  Partnership  received a payment in connection  with the
Markair, Inc. Bankruptcy in the amount of $102,490. No further distributions are
expected to be made from the bankrupt estate to the Partnership.

Sale of Assets

On April  22,  2003,  the  Partnership  completed  the sale of the  spare  parts
inventory, including the remaining engine, to Amtec Corporation for $52,500. All
payments have been received.

                                       8
<PAGE>


Item 2.       Management's  Discussion  and Analysis of Financial  Condition and
              Results of Operations

Business Overview

At March 31,  2003,  Polaris  Aircraft  Income  Fund I (the  Partnership)  owned
certain  inventoried  aircraft  parts,  which  includes  one engine,  out of its
original  portfolio of eleven aircraft.  These spare parts are carried at a book
value of zero as of March 31, 2003. On March 21, 2003, the Partnership  signed a
letter of intent to sell the spare parts in inventory,  including the engine, to
Amtec Corporation for $52,500 subject to the purchaser  inspecting the inventory
and on April 22, 2003,  the sale was completed  and payment was received.  Given
that the  Partnership  has  liquidated  all of its assets,  the General  Partner
intends to make a final  distribution  and terminate the  Partnership in June of
2003.


Partnership Operations

The Partnership recorded a net loss of $23,608, or $0.14 per limited partnership
unit,  for the three  months  ended  March  31,  2003,  compared  to net loss of
$26,993,  or $0.20 per unit for the same  period  in 2002.  The  improvement  in
operating  results was primarily due to a decrease in  Administration  and other
expenses partially offset by a decrease in interest income.

Interest  income  decreased  during the three months  ended March 31,  2003,  as
compared to the same period in 2002  primarily due to lower interest rates and a
decrease in the average cash  reserves  primarily  due to  distributions  during
2002.

Administration  and other  expenses  decreased  primarily  due to  decreases  in
printing  and postage  costs  partially  offset by  increases  in legal fees and
auditing fees.


Liquidity and Cash Distributions

Liquidity - Polaris Investment Management Corporation,  the General Partner, has
determined that the  Partnership  maintain cash reserves as a prudent measure to
insure that the  Partnership  has available  funds for winding up the affairs of
the Partnership and for other contingencies.

Cash  Distributions - There were no cash  distributions  to the Limited Partners
during the three  months  ended March 31, 2003.  Cash  distributions  to Limited
Partners  during the three  months  ended March 31, 2002 were  $1,054,556.  Cash
distributions per Limited  Partnership unit for the three months ended March 31,
2002 were $6.25.  The amount of the final cash  distribution  to partners is not
yet  known.  With the sale of the  Partnership's  remaining  inventory  of spare
parts,  as  discussed  above,  the  General  Partner  intends to make such final
distribution and terminate the Partnership in June of 2003.


Item 4.       Controls and Procedures

PIMC  management,  including  the Chief  Executive  Officer and Chief  Financial
Officer,  have  conducted  an  evaluation  of the  effectiveness  of  disclosure
controls and  procedures  pursuant to Exchange  Act Rule  13a-14.  Based on that
evaluation,  the Chief Executive  Officer and Chief Financial  Officer concluded

                                       9
<PAGE>

that the  disclosure  controls and procedures are effective in ensuring that all
material information required to be filed in this quarterly report has been made
known to them in a timely  fashion.  There have been no  significant  changes in
internal  controls,  or in factors  that  could  significantly  affect  internal
controls, subsequent to the date the Chief Executive Officer and Chief Financial
Officer completed their evaluation.



                                       10
<PAGE>


                           Part II. Other Information
                           --------------------------

Item 1.       Legal Proceedings

As  discussed  in Item 3 of Part I of  Polaris  Aircraft  Income  Fund  I's (the
Partnership) 2002 Annual Report to the Securities and Exchange  Commission (SEC)
on Form 10-K (Form 10-K), there are several pending legal actions or proceedings
involving  the  Partnership.  Except  as  described  below,  there  have been no
material developments with respect to any such actions or proceedings during the
period  covered  by  this  report  or  subsequent  thereto.  No  material  legal
proceedings are currently  pending against the Partnership or against any of its
assets.   The  following  is  a  discussion  of  legal  matters   involving  the
Partnership,  but which do not represent  claims against the  Partnership or its
assets.

Markair, Inc. (Markair) Bankruptcy - On April 14, 2003, the Partnership received
a payment  in  connection  with this  matter in the  amount of One  Hundred  Two
Thousand Four Hundred Eighty Nine Dollars and Sixty Five Cents ($102,489.65). No
further  distributions  are expected to be made from the bankrupt  estate to the
Partnership.

Other  Proceedings  - Item 10 in Part III of the  Partnership's  2002  Form 10-K
discusses  certain  actions  which have been filed  against  Polaris  Investment
Management  Corporation  and others in connection  with the sale of interests in
the Partnership and the management of the Partnership.  The Partnership is not a
party to these actions. There have been no material developments with respect to
any of the actions described therein during the period covered by this report or
subsequent thereto.


Item 6.       Exhibits and Reports on Form 8-K

a)    Exhibits (numbered in accordance with Item 601 of Regulation S-K)

         99.1 Certification of President.

         99.2 Certification of Chief Financial Officer.

b)    Reports on Form 8-K

         No reports on Form 8-K were filed by the Registrant  during the quarter
         for which this report is filed.



                                       11
<PAGE>

                                    SIGNATURE



Pursuant to the  requirements of section 13 or 15(d) 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.

                                    POLARIS AIRCRAFT INCOME FUND I
                                    A California Limited Partnership
                                    (Registrant)
                                    By: Polaris Investment
                                        Management Corporation,
                                        General Partner




          May 14, 2003              By: /S/Stephen E. Yost
     -----------------------            -------------------
                                        Stephen E. Yost, Chief Financial Officer



                                       12
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                           CERTIFICATIONS PURSUANT TO
                                 SECTION 302 OF
                         THE SARBANES-OXLEY ACT OF 2002


CERTIFICATION

I, William R. Carpenter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Polaris Aircraft Income
Fund I;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

              a) designed such disclosure controls and procedures to ensure that
              material  information  relating to the registrant is made known to
              us by  others,  particularly  during  the  period  in  which  this
              quarterly report is being prepared;

              b) evaluated  the  effectiveness  of the  registrant's  disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this quarterly report (the Evaluation Date); and

              c) presented in this quarterly  report our  conclusions  about the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

              a) all  significant  deficiencies  in the design or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

              b) any fraud, whether or not material, that involves management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and


<PAGE>


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 14, 2003

By:    Polaris Investment Management Corporation,
       General Partner

/s/ William R. Carpenter
------------------------
William R. Carpenter
President



<PAGE>



CERTIFICATION
-------------

I, Stephen E. Yost, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Polaris Aircraft Income
Fund I;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

              a) designed such disclosure controls and procedures to ensure that
              material  information  relating to the registrant is made known to
              us by  others,  particularly  during  the  period  in  which  this
              quarterly report is being prepared;

              b) evaluated  the  effectiveness  of the  registrant's  disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this quarterly report (the Evaluation Date); and

              c) presented in this quarterly  report our  conclusions  about the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

              a) all  significant  deficiencies  in the design or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

              b) any fraud, whether or not material, that involves management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and


<PAGE>


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 14, 2003

By:    Polaris Investment Management Corporation,
       General Partner

/s/ Stephen E. Yost
-------------------
Stephen E. Yost
Chief Financial Officer