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


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

                                    FORM 10-Q

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

                  For the quarterly period ended June 30, 2000

                                       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 June 30, 2000




                                      INDEX



Part I.   Financial Information                                             Page

          Item 1.      Financial Statements

              a)  Balance Sheets - June 30, 2000 and
                  December 31, 1999...........................................3

              b)  Statements of Operations - Three and Six Months
                  Ended June 30, 2000 and 1999................................4

              c)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 1999
                  and Six Months Ended June 30, 2000..........................5

              d)  Statements of Cash Flows - Six Months
                  Ended June 30, 2000 and 1999................................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.....................................10

          Item 6.      Exhibits and Reports on Form 8-K......................10

          Signature    ......................................................11


                                       2
<PAGE>

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

Item 1.  Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS
                                   (Unaudited)

                                                         June 30,   December 31,
                                                           2000         1999
                                                           ----         ----
ASSETS:

CASH AND CASH EQUIVALENTS                               $2,375,983   $4,190,421

RENT AND OTHER RECEIVABLES, net of allowance
   for credit losses of $30,365 in 1999                       --         30,000

AIRCRAFT ENGINES, net of accumulated depreciation
   of $97,500 in 2000 and $90,000 in 1999                  862,500      870,000
                                                        ----------   ----------

        Total Assets                                    $3,238,483   $5,090,421
                                                        ==========   ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                   $      479   $   11,216

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                             378,898      374,689

SECURITY DEPOSITS                                           45,000       45,000

MAINTENANCE RESERVES                                       548,640    1,704,715
                                                        ----------   ----------

        Total Liabilities                                  973,017    2,135,620
                                                        ----------   ----------

PARTNERS' CAPITAL:

   General Partner                                         137,230      222,894
   Limited Partners, 168,729 units
      issued and outstanding                             2,128,236    2,731,907
                                                        ----------   ----------

        Total Partners' Capital                          2,265,466    2,954,801
                                                        ----------   ----------

        Total Liabilities and Partners' Capital         $3,238,483   $5,090,421
                                                        ==========   ==========

        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                         Three Months Ended    Six Months Ended
                                              June 30,             June 30,
                                              --------             --------

                                            2000      1999      2000      1999
                                            ----      ----      ----      ----
REVENUES:
   Rent from operating leases             $ 90,000  $ 90,000  $180,000  $180,000
   Gain on sale of aircraft inventory         --        --        --     196,858
   Interest                                 42,111    45,649    92,745    96,210
   Lessee settlement (Note 4)                 --        --      61,513      --
                                          --------  --------  --------  --------

           Total Revenues                  132,111   135,649   334,258   473,068
                                          --------  --------  --------  --------

EXPENSES:
   Depreciation                              3,750     3,750     7,500     7,500
   Management fees to general partner        4,500     4,500     9,000     9,000
   Administration and other                 41,505    34,601    69,710    60,385
                                          --------  --------  --------  --------

           Total Expenses                   49,755    42,851    86,210    76,885
                                          --------  --------  --------  --------

NET INCOME                                $ 82,356  $ 92,798  $248,048  $396,183
                                          ========  ========  ========  ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER                 $    823  $    928  $  8,074  $  3,962
                                          ========  ========  ========  ========

NET INCOME ALLOCATED
   TO LIMITED PARTNERS                    $ 81,533  $ 91,870  $239,974  $392,221
                                          ========  ========  ========  ========

NET INCOME PER LIMITED
   PARTNERSHIP UNIT                       $   0.48  $   0.54  $   1.42  $   2.32
                                          ========  ========  ========  ========

        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, 1999 and
                                            Six Months Ended June 30, 2000
                                            ------------------------------

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

Balance, December 31, 1998              $   493,422   $ 4,626,641   $ 5,120,063

   Net income                                 6,000       594,019       600,019

   Cash distributions to partners          (276,528)   (2,488,753)   (2,765,281)
                                        -----------   -----------   -----------

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

   Net income                                 8,074       239,974       248,048

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

Balance, June 30, 2000                  $   137,230   $ 2,128,236   $ 2,265,466
                                        ===========   ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       5
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                      Six Months Ended June 30,
                                                      -------------------------

                                                          2000          1999
                                                          ----          ----
OPERATING ACTIVITIES:
   Net income                                         $   248,048   $   396,183
   Adjustments to reconcile net income to
      net cash provided by operating activities:
      Depreciation                                          7,500         7,500
      Gain on sale of aircraft inventory                     --        (196,858)
      Changes in operating assets and liabilities:
        Decrease in rent and other receivable              30,000        58,154
        Increase (decrease) in payable to affiliates      (10,737)        1,726
        Increase in deferred income                          --          30,000
        Increase (decrease) in accounts payable and
           accrued liabilities                              4,209       (11,447)
        Decrease in maintenance reserves               (1,156,075)     (242,437)
                                                      -----------   -----------

           Net cash provided by (used in) operating
             activities                                  (877,055)       42,821
                                                      -----------   -----------

FINANCING ACTIVITIES:
   Cash distributions to partners                        (937,383)   (2,765,281)
                                                      -----------   -----------

           Net cash used in financing activities         (937,383)   (2,765,281)
                                                      -----------   -----------

CHANGES IN CASH AND CASH
   EQUIVALENTS                                         (1,814,438)   (2,722,460)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                  4,190,421     6,418,582
                                                      -----------   -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                      $ 2,375,983   $ 3,696,122
                                                      ===========   ===========

        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, 1999,
1998 and 1997  included in the  Partnership's  1999 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
                                              June 30, 2000       June 30, 2000
                                              -------------       -------------

Aircraft Management Fees                       $    7,518          $     --

Out-of-Pocket Administrative Expense
    Reimbursement                                  30,242                 479

Out-of-Pocket Operating Expense
    Reimbursement                               1,341,703                --
                                               ----------          ----------

                                               $1,379,463          $      479
                                               ==========          ==========


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>


<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.       CanAir Bankruptcy Settlement

On February 15, 2000, the Partnership  received an initial settlement of $61,513
in  connection  with the CanAir  Bankruptcy  Settlement,  which is  comprised of
amounts  received  for  rents,   maintenance  reserve  obligations  and  accrued
interest.  This  settlement  may prove to be the  final  settlement  if  certain
additional claims are made before the statutory period expires. A portion of the
proceeds was treated as a recovery of previously reserved rents receivable.  The
allowance  for credit  losses of $30,365 was reversed and is included in "Lessee
Settlement" in the statement of operations.



                                       8
<PAGE>

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

At June 30, 2000,  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 are leased to Royal Aviation Inc. and Royal Cargo,  Inc.  (Royal
Aviation),  are due to be redelivered to the  Partnership in August,  2000. Upon
redelivery, the engines will be made available for sale.


Partnership Operations

The Partnership recorded net income of $82,356, or $0.48 per limited partnership
unit,  for the three  months  ended  June 30,  2000,  compared  to net income of
$92,798, or $0.54 per unit for the same period in 1999. The Partnership recorded
net income of $248,048, or $1.42 per limited partnership unit for the six months
ended June 30, 2000,  compared to net income of  $396,183,  or $2.32 per limited
partnership  unit,  for the six  months  ended  June 30,  1999.  The  decline in
operating  results  was  primarily  the result of gains on the sale of  aircraft
inventory  in 1999 of $196,858 and increase in  administration  expenses  during
2000,  partially offset by a settlement in the CanAir bankruptcy  proceedings in
February 2000, of which the Partnership received $61,513.

Administration expenses increased during the three and six months ended June 30,
2000,  as compared  to the same  periods in 1999,  primarily  due an increase in
printing and postage costs.


Liquidity and Cash Distributions

Liquidity - The Partnership  receives  maintenance  reserve  payments from Royal
Aviation 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.  On
May 5,  2000,  the  Partnership  reimbursed  $1,341,703  to  Polaris  Investment
Management  Corporation,  the General  Partner,  for maintenance  claims paid on
behalf of the Partnership  related to two engines.  The net maintenance  reserve
balance was $548,640 as of June 30, 2000.

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 in the event that the engines  presently on
lease  to  Royal  Aviation  require  remarketing  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 as further  information  becomes
available in the future.

Cash  Distributions  - Cash  distributions  to limited  partners  during the six
months ended June 30, 2000 and 1999 were $843,645, or $5 per limited partnership
unit and $2,488,753, or $14.75 per unit, respectively.  The timing and amount of
future cash  distributions  to  partners  are not yet known and will depend upon
circumstances such as the Partnership's future cash requirements, the receipt of
rental payments from Royal Aviation,  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  will be
redelivered in August.  The  Partnership  will make these engines  available for
sale along with the remaining  inventory of spare parts such that all the assets
of the Partnership are liquidated and a final distribution made thereafter.


                                       9
<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) 1999 Annual Report to the Securities and Exchange  Commission (SEC)
on Form 10-K (Form 10-K) and in Item I of Part II of the Partnership's Quarterly
Report to the SEC on Form 10-Q (Form 10-Q) for the period  ended March 31, 2000,
there  are  several   pending  legal  actions  or   proceedings   involving  the
Partnership.  There have been no material  developments with respect to any such
actions or proceedings during the period covered by this report.

Other Proceedings - Item 10 of Part III of the Partnership's  1999 Form 10-K and
Item 1 of Part II of the Partnership's  Form 10-Q for the period ended March 31,
2000 discuss 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.


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.


                                       10
<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




        August 10, 2000               By:   /S/Stephen E. Yost
      --------------------                 --------------------------------
                                           Stephen E. Yost
                                           Chief Financial Officer
                                           (principal financial officer and
                                           principal accounting officer of
                                           Polaris Investment Management
                                           Corporation, General Partner of
                                           the Registrant)


                                       11