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 June 30, 2002

                                       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 14 pages.
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

            FORM 10-Q - For the Quarterly Period Ended June 30, 2002




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements (Unaudited)

              a)  Special Notice Regarding Financial Statements................3

              b)  Balance Sheets - June 30, 2002 and
                  December 31, 2001............................................4

              c)  Statements of Operations - Three and Six Months
                  Ended June 30, 2002 and 2001.................................5

              d)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2001
                  and Six Months Ended June 30, 2002...........................6

              e)  Statements of Cash Flows - Six Months
                  Ended June 30, 2002 and 2001.................................7

              f)  Notes to Financial Statements................................8

         Item 2.      Management's Discussion and Analysis of
                      Financial Condition and Results of Operations...........11



Part II.      Other Information

         Item 1.      Legal Proceedings.......................................13

         Item 6.      Exhibits and Reports on Form 8-K........................13

         Signature    ........................................................14



                                       2
<PAGE>


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

Item 1.       Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                  SPECIAL NOTICE REGARDING FINANCIAL STATEMENTS


The Polaris  Aircraft Income Fund I's (the  "Partnership")  Quarterly  Report on
Form 10-Q ("Form  10-Q") for the period ended June 30, 2002 is being filed on an
incomplete  basis as the  Partnership  has  been  unable  to  obtain  access  to
documents  in  the  possession  of  Arthur  Andersen,  the  previous  Certifying
Accountant,  in order to  provide  such  documents  to  Ernst & Young  LLP,  the
Partnership's  new  Certifying  Accountant.  As a  result,  Ernst & Young LLP is
unable to complete their timely  quarterly  review in accordance with Statements
of  Auditing  Standards  No.  71.  Once  Ernst & Young LLP has  completed  their
quarterly review of the financial  statements contained in the Form 10-Q for the
period ended June 30, 2002, the Partnership will file an amended Form 10-Q.


        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS
                                   (Unaudited)

                                                         June 30,   December 31,
                                                           2002         2001
                                                           ----         ----
ASSETS:

CASH AND CASH EQUIVALENTS                                $1,172,193   $2,445,482
                                                         ----------   ----------

        Total Assets                                     $1,172,193   $2,445,482
                                                         ==========   ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                    $   22,417   $   38,214

ACCOUNTS PAYABLE AND ACCRUED
LIABILITIES                                                 355,540      368,821
                                                         ----------   ----------

        Total Liabilities                                   377,957      407,035
                                                         ----------   ----------

PARTNERS' CAPITAL:

   General Partner                                           28,689      134,953
   Limited Partners, 168,707 units (168,729 in 2001)
      issued and outstanding                                765,547    1,903,494
                                                         ----------   ----------

        Total Partners' Capital                             794,236    2,038,447
                                                         ----------   ----------

        Total Liabilities and Partners' Capital          $1,172,193   $2,445,482
                                                         ==========   ==========



        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


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

                                          2002       2001      2002       2001
                                          ----       ----      ----       ----
REVENUES:
   Other income - Maintenance reserves  $   --     $631,316  $   --     $631,316
   Interest                                5,380     17,568    11,752     40,619
   Lessee settlements (Notes 5 & 6)         --        8,897      --       85,667
                                        --------   --------  --------   --------

           Total Revenues                  5,380    657,781    11,752    757,602
                                        --------   --------  --------   --------

EXPENSES:
   Operating expenses                       --        4,300      --        4,300
   Administration and other               50,869     35,246    84,234     66,122
                                        --------   --------  --------   --------

           Total Expenses                 50,869     39,546    84,234     70,422
                                        --------   --------  --------   --------

NET INCOME (LOSS)                       $(45,489)  $618,235  $(72,482)  $687,180
                                        ========   ========  ========   ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER               $  4,869   $  6,183  $ 10,909   $ 91,229
                                        ========   ========  ========   ========

NET INCOME (LOSS) ALLOCATED
   TO LIMITED PARTNERS                  $(50,358)  $612,052  $(83,391)  $595,951
                                        ========   ========  ========   ========

NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP UNIT                     $  (0.30)  $   3.63  $  (0.49)  $   3.53
                                        ========   ========  ========   ========


        The accompanying notes are an integral part of these statements.

                                       5
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   (Unaudited)


                                           Year Ended December 31, 2001 and
                                            Six Months Ended June 30, 2002
                                            ------------------------------

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


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

   Net income                                91,217       594,824       686,041

   Cash distributions to partners           (93,738)     (843,646)     (937,384)
                                        -----------   -----------   -----------

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

   Net income (loss)                         10,909       (83,391)      (72,482)

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

Balance, June 30, 2002                  $    28,689   $   765,547   $   794,236
                                        ===========   ===========   ===========


        The accompanying notes are an integral part of these statements.

                                       6
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                       Six Months Ended June 30,

                                                          2002          2001
                                                          ----          ----
OPERATING ACTIVITIES:
   Net income (Loss)                                  $   (72,482)  $   687,180
   Adjustments to reconcile net income (loss) to
      net cash provided by (used in) operating
      activities:
      Changes in operating assets and liabilities:
        Decrease in other assets                             --           6,297
        Decrease in payable to affiliates                 (15,797)      (31,856)
        Increase (decrease) in accounts payable and
           accrued liabilities                            (13,281)        6,359
        Decrease in maintenance reserves                     --        (631,316)
                                                      -----------   -----------

           Net cash provided by (used in) operating
             activities                                  (101,560)       36,664
                                                      -----------   -----------

FINANCING ACTIVITIES:
   Cash distributions to partners                      (1,171,729)     (937,383)
                                                      -----------   -----------

           Net cash used in financing activities       (1,171,729)     (937,383)
                                                      -----------   -----------

CHANGES IN CASH AND CASH
   EQUIVALENTS                                         (1,273,289)     (900,719)

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                  2,445,482     2,469,034
                                                      -----------   -----------

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                      $ 1,172,193   $ 1,568,315
                                                      ===========   ===========


        The accompanying notes are an integral part of these statements.

                                       7
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

                          NOTES TO 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.

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 & 4.

At June 30, 2002, the  Partnership  owned certain  inventoried  aircraft  parts,
which includes one engine, out of its original portfolio of eleven aircraft. The
remaining  inventory  of spare  parts,  including  one  engine,  has  been  made
available for sale such that the  Partnership  plans to liquidate all its assets
in an orderly manner and make a final distribution thereafter. These spare parts
are carried at a value of zero as of June 30, 2002.


2.    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 the Partnership's  financial  position,  results of operations,
and cash flows.  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 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, 2001,
2000,  and 1999 included in the  Partnership's  2001 Annual Report to the SEC on
Form 10-K.


3.    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,  PIMC, in
connection with services rendered or payments made on behalf of the Partnership:

                                       8
<PAGE>


                                        Payments made during the
                                           Three Months Ended       Payable at
                                              June 30, 2002        June 30, 2002
                                              -------------        -------------


Out-of-Pocket Operating Expense
    Reimbursement                                $ 6,981              $  --

Out-of-Pocket Administrative Expense
    Reimbursement                                 69,063               22,417
                                                 -------              -------

                                                 $76,044              $22,417
                                                 =======              =======


4.       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.

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.       CanAir Bankruptcy Settlement

On June 27, 2001, the Partnership  received $8,897 in connection with the CanAir
Bankruptcy  Settlement,  which is  comprised  of  amounts  received  for  rents,
maintenance reserve obligations and accrued interest. Two additional settlements
have been made to GECAS that will amount to approximately  $175 and $279 for the
Partnership,  and will be recognized as income when received by the Partnership.
These payments are expected in the quarter ending September 30, 2002 and will be
the final payments on this matter.


6.       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 PIMC,
of which $76,770 was allocated to the Partnership based on its pro rata share of
the total claims.


7.       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 a security  deposit of $45,000 was  refunded to Royal

                                       9
<PAGE>

Aviation on November 21, 2000. The Partnership ceased  depreciating these assets
and  reported  these  assets at the lower of carrying  amount or fair value less
cost to sell as of  December  31,  2000.  Due to the fact  that the  Partnership
decided to sell the engines in an as-is-where-is condition in June 2001, the net
maintenance reserve balance of $631,316 was taken into income during the quarter
ended  June  30,  2001.  The  Partnership   subsequently  sold  the  engines  to
Aeroturbine, Inc. on an as-is-where-is basis in July 2001, as discussed below.


8.       New Accounting Pronouncements

In June 2001, the Financial Accounting Standards Board (the "FASB") approved for
issuance   Statement  of  Financial   Accounting   Standard  ("SFAS")  No.  143,
"Accounting for Asset  Retirement  Obligations."  SFAS No. 143 requires that the
fair value of a liability  for an asset  retirement  obligation be recognized in
the period in which it is  incurred  and that the  associated  asset  retirement
costs be  capitalized  as part of the carrying  value of the related  long-lived
asset.  SFAS No.  143 will be  effective  January  1, 2003 for the  Partnership.
Management  does not  expect  this  standard  to have a  material  impact on the
Partnership's balance sheet or statement of operations.


9.       Sale of Engines

On July 19, 2001 the  Partnership  sold the three  remaining  JT8D-9A engines to
Aeroturbine,  Inc., on an  as-is-where-is  basis for $900,000.  The  Partnership
received the proceeds for these engines in the third quarter of 2001.  This sale
resulted in a gain of $41,250.



                                       10
<PAGE>


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

Business Overview

At June 30,  2002,  Polaris  Aircraft  Income Fund I (the  "Partnership")  owned
certain  inventoried  aircraft  parts,  which  includes  one engine,  out of its
original portfolio of eleven aircraft.  The remaining  inventory of spare parts,
including one engine, has been made available for sale such that the Partnership
plans  to  liquidate  all its  assets  in an  orderly  manner  and  make a final
distribution thereafter.  These spare parts are carried at a value of zero as of
June 30, 2002.


Partnership Operations

The Partnership  recorded net loss of $45,489,  or $0.30 per limited partnership
unit,  for the three  months  ended  June 30,  2002,  compared  to net income of
$618,235,  or $3.63  per unit,  for the same  period  in 2001.  The  Partnership
recorded net loss of $72,482, or $0.49 per limited partnership unit, for the six
months  ended June 30, 2002,  compared to net income of  $687,180,  or $3.53 per
limited partnership unit, for the six months ended June 30, 2001. The decline in
operating  results was  primarily  due to a reduction  in  maintenance  reserves
recognized as income,  decreases in lessee settlement  income,  interest income,
and increased  administrative  and other expenses partially offset by a decrease
in operating expenses.

Other income  decreased for both the three and six months ended June 30, 2002 as
compared to the same periods in 2001 primarily due to maintenance  reserves that
were recognized as income during the three months ended June 30, 2001. There was
no similar income in 2002. The  Partnership  held engines that were marketed for
sale on an  as-is-where-is  basis  and  there  was no  further  need to hold the
maintenance  reserves.  As a result, the maintenance reserves were recognized as
income during the three months ended June 30, 2001.

Interest income  decreased  during the three and six months ended June 30, 2002,
as compared to the same periods in 2001  primarily due to lower  interest  rates
and a decrease in the cash balance primarily due to distributions.

Lessee settlement decreased during the three and six months ended June 30, 2002,
as compared to the same periods in 2001, primarily due to the receipt of $76,770
on January 16, 2001  related to the  Braniff  bankruptcy  and $8,897 on June 27,
2001  related to the CanAir  bankruptcy  for which  there were no  corresponding
receipts in 2002.

Operating expenses decreased during the three and six months ended June 30, 2002
as compared to the same periods in 2001,  primarily due to expenses  incurred in
the second quarter of 2001 in connection with marketing the engines for sale.

Administrative  and other  expenses  increased  during  the three and six months
ended June 30, 2002,  as compared to the same periods in 2001,  primarily due to
an increase in legal fees during 2002  primarily  incurred to comply with an SEC
prompted  court order related to transfers of units to entities  owned by George
Hoffman.


                                       11
<PAGE>


Liquidity and Cash Distributions

Liquidity - PIMC,  the General  Partner,  has  determined  that the  Partnership
maintain cash reserves as a prudent  measure to ensure that the  Partnership has
available  funds for  winding up the  affairs of the  Partnership  and for other
contingencies.  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, 2002 and 2001 were $1,054,556 and $843,646,  respectively.
Cash  distributions  per Limited  Partnership unit for the six months ended June
30, 2002 and 2001 were $6.25, and $5.00  respectively.  The timing and amount of
the final cash  distribution  to  partners is not yet known and will depend upon
the Partnership's future cash requirements and the timing of the sale and amount
of proceeds  from the sale of its remaining  inventory of spare parts  including
one engine.


                                       12
<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")  2001 Annual  Report to the  Securities  and Exchange  Commission
("SEC") on Form 10-K ("Form 10-K") and in Item 1 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, 2002, 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 20, 2002,  the receiver  appointed by the Ontario  Court of
Justice  on  behalf of  CanAir's  creditors  issued a check  for 3,250  Canadian
Dollars  (approximately  $2,053 U.S.  Dollars) to the GECAS  Parties (GE Capital
Aviation Services,  Inc., as agent for Polaris Holding Company, General Electric
Capital  Leasing  Canada,  Inc. and the  Partnership),  and of this amount,  277
Canadian  Dollars  (approximately  $175  U.S.  Dollars)  will  be  paid  to  the
Partnership  prior to the end of the  third  quarter.  Additionally,  the  GECAS
Parties  received a final payment from the receiver on May 7, 2002 in the amount
of 5,188  Canadian  Dollars  (approximately  $3,278 U.S.  Dollars),  and of this
amount, 442 Canadian Dollars  (approximately  $279 U.S. Dollars) will be paid to
the Partnership prior to the end of the quarter ending September 30, 2002.

Other Proceedings - Item 10 of Part III of the Partnership's  2001 Form 10-K and
Item 1 of Part II of the Partnership's Quarterly Reports to the SEC on Form 10-Q
for the period  ended March 31, 2002  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)

         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.  As described in greater detail in Item
         4 of the  Current  Report  on Form 8-K  dated  August 1, 2002 and first
         filed by the  Partnership on or about August 2, 2002,  the  Partnership
         adopted a resolution dismissing Arthur Andersen LLP ("Andersen") as the
         Partnership's  auditors  and  appointed  Ernst & Young  LLP to  replace
         Andersen.


                                       13
<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
                              (Registrant)
                              By:  Polaris Investment
                                   Management Corporation,
                                   General Partner




      August 19 , 2002             By:  /S/Stephen E. Yost
    --------------------                ----------------------------------------
                                        Stephen E. Yost, Chief Financial Officer




                                       14