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, 2001

                                       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



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
                                  ---            ---





                       This document consists of 12 pages.
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

            FORM 10-Q - For the Quarterly Period Ended March 31, 2001




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements

              a)  Balance Sheets - March 31, 2001 and
                  December 31, 2000...........................................3

              b)  Statements of Operations - Three Months
                  Ended March 31, 2001 and 2000...............................4

              c)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2000
                  and Three Months Ended March 31, 2001.......................5

              d)  Statements of Cash Flows - Three Months
                  Ended March 31, 2001 and 2000...............................6

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

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



Part II.      Other Information

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

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

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



                                       2
<PAGE>

                          Part 1. Financial Information
                          -----------------------------

Item 1.       Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS
                                   (Unaudited)

                                                       March 31,    December 31,
                                                         2001          2000
                                                         ----          ----
ASSETS:

CASH AND CASH EQUIVALENTS                             $1,559,642    $2,469,034

OTHER ASSETS                                                --           6,297

AIRCRAFT ENGINES, held for sale                          858,750       858,750
                                                      ----------    ----------

        Total Assets                                  $2,418,392    $3,334,081
                                                      ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                 $    9,916    $   48,904

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                           355,808       364,071

MAINTENANCE RESERVES                                     631,316       631,316
                                                      ----------    ----------

        Total Liabilities                                997,040     1,044,291
                                                      ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                       128,782       137,474
   Limited Partners, 168,729 units
      issued and outstanding                           1,292,570     2,152,316
                                                      ----------    ----------

        Total Partners' Capital                        1,421,352     2,289,790
                                                      ----------    ----------

        Total Liabilities and Partners' Capital       $2,418,392    $3,334,081
                                                      ==========    ==========

        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)




                                                    Three Months Ended March 31,
                                                    ----------------------------
                                                        2001            2000
                                                        ----            ----

REVENUES:
   Rent from operating leases                         $   --         $ 90,000
   Interest                                             23,051         50,634
   Lessee settlement (Note 4)                           76,770         61,513
                                                      --------       --------

           Total Revenues                               99,821        202,147
                                                      --------       --------

EXPENSES:
   Depreciation                                           --            3,750
   Management fees to general partner                     --            4,500
   Administration and other                             30,876         28,205
                                                      --------       --------

           Total Expenses                               30,876         36,455
                                                      --------       --------

NET INCOME                                            $ 68,945       $165,692
                                                      ========       ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER                             $ 85,046       $  7,251
                                                      ========       ========

NET INCOME (LOSS) ALLOCATED TO
   LIMITED PARTNERS                                   $(16,101)      $158,441
                                                      ========       ========

NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                                   $  (0.10)      $   0.94
                                                      ========       ========

        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   (Unaudited)


                                            Year Ended December 31, 2000 and
                                            Three Months Ended March 31, 2001
                                            ---------------------------------

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


Balance, December 31, 1999              $   222,894   $ 2,731,907   $ 2,954,801

   Net income                                 8,318       264,054       272,372

   Cash distributions to partners           (93,738)     (843,645)     (937,383)
                                        -----------   -----------   -----------

Balance, December 31, 2000                  137,474     2,152,316     2,289,790

   Net income                                85,046       (16,101)       68,945

   Cash distributions to partners           (93,738)     (843,645)     (937,383)
                                        -----------   -----------   -----------

Balance, March 31, 2001                 $   128,782   $ 1,292,570   $ 1,421,352
                                        ===========   ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       5
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                    Three Months Ended March 31,
                                                    ----------------------------
                                                         2001          2000
                                                         ----          ----
OPERATING ACTIVITIES:
   Net income                                        $    68,945   $   165,692
   Adjustments to reconcile net income to
      net cash provided by operating activities:
      Depreciation                                          --           3,750
      Changes in operating assets and liabilities:
        Decrease in rent and other receivable               --          30,000
        Decrease in other assets                           6,297          --
        Decrease in payable to affiliates                (38,988)       (1,264)
        Decrease in accounts payable and
           accrued liabilities                            (8,263)      (12,309)
        Decrease in maintenance reserves                    --          69,453
                                                     -----------   -----------

           Net cash provided by operating activities      27,991       255,322
                                                     -----------   -----------

FINANCING ACTIVITIES:
   Cash distributions to partners                       (937,383)     (937,383)
                                                     -----------   -----------

           Net cash used in financing activities        (937,383)     (937,383)
                                                     -----------   -----------

CHANGES IN CASH AND CASH
   EQUIVALENTS                                          (909,392)     (682,061)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                 2,469,034     4,190,421
                                                     -----------   -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                     $ 1,559,642   $ 3,508,360
                                                     ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       6
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


1.    Accounting Principles and Policies

In the opinion of management,  the financial statements presented herein include
all  adjustments,  consisting  only of  normal  recurring  items,  necessary  to
summarize fairly Polaris Aircraft Income Fund I's (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  and  do  not  include  all  of the
information  and note  disclosures  required by  generally  accepted  accounting
principles  (GAAP).  These  statements  should be read in  conjunction  with the
financial  statements  and notes thereto for the years ended  December 31, 2000,
1999 and 1998  included in the  Partnership's  2000 Annual  Report to the SEC on
Form 10-K.


2.    Related Parties

Under the Limited Partnership  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, 2001       March 31, 2001
                                        --------------       --------------


Out-of-Pocket Operating Expense
    Reimbursement                            36,238               --

Out-of-Pocket Administrative Expense
    Reimbursement                            37,886              9,916
                                            -------            -------
                                            $74,124            $ 9,916
                                            =======            =======


3.       Partners' Capital

The Partnership  Agreement (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.


                                       7
<PAGE>

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.


4.       Braniff Bankruptcy Settlement

On January  16,  2001,  Braniff's  bankrupt  estate  made a $110,890  payment in
respect of the  unsecured  claims of the  Partnership  and other  affiliates  of
Polaris  Management   Corporation,   of  which  $76,770  was  allocated  to  the
Partnership based on its pro rata share of the total claims.


5.       Engine Lease Expiration

The lease for the three JT8D-9A engines to Royal Aviation, Inc. and Royal Cargo,
Inc. (Royal  Aviation)  expired on August 31, 2000. The engines were redelivered
on  September  7, 2000 and  security  deposit of $45,000  was  refunded to Royal
Aviation on November 21, 2000. The Partnership has made these engines  available
for sale along with the  remaining  inventory  of spare  parts such that all the
assets of the  Partnership  will be  liquidated  and a final  distribution  made
thereafter.  The  Partnership  has  ceased  depreciating  these  assets  and  is
currently  reporting  these assets at the lower of carrying amount or fair value
less cost to sell. The net maintenance  reserve balance was $631,316 as of March
31, 2001. The  Partnership is currently  assessing the return  conditions of the
engines to determine how much, if any, of the maintenance reserve balance may be
recognized as revenue.


6.       New Accounting Pronouncements

On January 1, 2001, the Partnership  adopted  Statement of Financial  Accounting
Standard No. 133, "Accounting for Derivative Instruments and Hedging Activities"
(SFAS 133), as amended by SFAS 138, which  establishes  accounting and reporting
standards  requiring  that  every  derivative   instrument   (including  certain
derivative  instruments  embedded in other contracts) be recorded in the balance
sheet  as  either  an  asset  or  liability  measured  at its  fair  value.  The
Partnership  does  not  own  any  derivative  instruments,   and  as  such,  the
implementation  of  this  statement  did  not  have  a  material  impact  on the
Partnership's financial position or result of operations.

                                       8
<PAGE>


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

At March 31, 2001,  Polaris Aircraft Income Fund I (the Partnership) owned three
JT8D-9A  engines and certain  inventoried  aircraft  parts,  which  includes one
engine,  out of its original  portfolio of eleven  aircraft.  The three  JT8D-9A
engines,  which were leased to Royal Aviation Inc. and Royal Cargo,  Inc. (Royal
Aviation),  were  redelivered  to the  Partnership  on  September  7, 2000.  The
Partnership  has made these engines  available for sale along with the remaining
inventory  of spare  parts such that all the assets of the  Partnership  will be
liquidated and a final distribution made thereafter.


Partnership Operations

The  Partnership  recorded  net  income  of  $68,945,  or  $(0.10)  per  limited
partnership  unit,  for the three months  ended March 31, 2001,  compared to net
income of $165,692,  or $0.94 per unit for the same period in 2000.  The decline
in  operating  results  was  primarily  due to a decrease  in rent and  interest
revenue,  partially offset by decreased management fees and depreciation expense
as well as an increase in Lessee settlement.

There was no rent  recognized  during the three months ended March 31, 2001,  as
compared to the same period in 2000 due to the  expiration  of the engine leases
to Royal Aviation in August 2000.

Interest  income  decreased  during the three months  ended March 31,  2001,  as
compared  to the same  period  in 2000 as a  result  of a  decrease  in the cash
reserves  due to  distributions  as well as a  reduction  in  rental  income  in
connection with the expiration of the engine leases to Royal Aviation.

Other income increased during the three months ended March 31, 2001, as compared
to the same period in 2000,  primarily  to the receipt of $76,770 on January 16,
2001 related to the Braniff bankruptcy, as discussed in Note 4.

No  management  fees were paid during the three months ended March 31, 2001,  as
compared to the same period in 2000 due to the  expiration  of the engine leases
to Royal Aviation in August 2000.

No depreciation  expense was recognized  during the three months ended March 31,
2001,  as compared to the same period in 2000,  since the engines were off lease
and held-for-sale.


Liquidity and Cash Distributions

Liquidity - The  Partnership  received  maintenance  reserve  payments  from its
lessee that may be  reimbursed  to the lessee or applied  against  certain costs
incurred by the Partnership for maintenance work performed on the  Partnership's
aircraft or engines,  as specified in the leases.  Maintenance  reserve balances
remaining  at  the  termination  of the  lease,  if  any,  may  be  used  by the
Partnership to offset future maintenance  expenses or recognized as revenue. The
net maintenance  reserve balances  aggregate  $631,316 as of March 31, 2001. The
Partnership  is  currently  assessing  the return  conditions  of the engines to
determine how much, if any, of the maintenance reserve balance may be recognized
as revenue.

                                       9
<PAGE>


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 the remarketing of the engines  returned
from Royal  Aviation  and for other  contingencies,  including  expenses  of the
Partnership.  The  Partnership's  cash  reserves  will be  monitored  and may be
revised from time to time until further information becomes available.

Cash  Distributions - Cash  distributions  to limited  partners during the three
months  ended  March  31,  2001  and  2000  were  $843,645,  or $5  per  limited
partnership unit. The timing and amount of a final cash distribution to partners
is not yet known and will depend upon  circumstances  such as the  Partnership's
future cash  requirements,  and the timing and proceeds  related to the ultimate
liquidation of the Partnership's assets.

As stated above,  the three engines on lease to Royal Aviation were  redelivered
on September 7, 2000. The Partnership has made these engines  available for sale
along with the  remaining  inventory  of spare parts such that all the assets of
the Partnership will be liquidated and a final distribution made thereafter.

                                       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) 2000 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.

CanAir Cargo Ltd. (CanAir) Order under the Companies' Creditors  Arrangement Act
of Canada - On March 29, 2001,  the receiver  appointed by the Ontario  Court of
Justice on behalf of  CanAir's  creditors  issued a check for  620,116  Canadian
Dollars  (approximately  $397,122  U.S.  Dollars  converted as of 4/24/01) to GE
Capital Aviation Services,  Inc. (GECAS) on behalf of the GECAS Parties (GECAS ,
as agent for Polaris Holding  Company,  General Electric Capital Leasing Canada,
Inc.  and the  Partnership).  Including  this latest  amount,  the  receiver has
distributed  to the  GECAS  Parties  a  total  amount  in  this  liquidation  of
approximately $1,138,822 U.S. Dollars, of which the Partnership's pro rata share
is approximately  $95,874 U.S. Dollars.  The Partnership's pro rata share of the
latest  distribution  of $397,122  U.S.  Dollars is  approximately  $34,361 U.S.
Dollars.  After  deducting  the legal fees  related to this  matter,  out of the
latest  distribution,  the  Partnership  will  receive  a net pro rata  share of
approximately $9,020 U.S. Dollars.

Other  Proceedings  - Item 10 in Part III of the  Partnership's  2000  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.

As  discussed  in Item 3 of Part I of  Polaris  Aircraft  Income  Fund  I's (the
Partnership) 2000 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.


Item 6.       Exhibits and Reports on Form 8-K

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

           27.  Financial Data Schedule (in electronic format only).

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, 2001                        By:   /S/Edwin Forti
-------------------------------                     ----------------------
                                                    Edwin Forti, President


                                       12