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


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                                    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 March 31, 2000

                                       OR

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

                     For the transition period from ___ to ___


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                           Commission File No. 2-91762

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                         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, 2000




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements

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

              b)  Statements of Operations - Three Months Ended
                  March 31, 2000 and 1999.....................................4

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

              d)  Statements of Cash Flows - Three Months
                  Ended March 31, 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)

                                                         March 31,  December 31,
                                                           2000         1999
                                                           ----         ----
ASSETS:

CASH AND CASH EQUIVALENTS                               $3,508,360   $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 $93,750 in 2000 and $90,000 in 1999                  866,250      870,000
                                                        ----------   ----------

        Total Assets                                    $4,374,610   $5,090,421
                                                        ==========   ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                   $    9,952   $   11,216

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                             362,380      374,689

SECURITY DEPOSITS                                           45,000       45,000

MAINTENANCE RESERVES                                     1,774,168    1,704,715
                                                        ----------   ----------

        Total Liabilities                                2,191,500    2,135,620
                                                        ----------   ----------

PARTNERS' CAPITAL:

   General Partner                                         136,407      222,894
   Limited Partners, 168,729 units
      issued and outstanding                             2,046,703    2,731,907
                                                        ----------   ----------

        Total Partners' Capital                          2,183,110    2,954,801
                                                        ----------   ----------

        Total Liabilities and Partners' Capital         $4,374,610   $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 March 31,
                                                    ----------------------------

                                                         2000         1999
                                                         ----         ----

REVENUES:
   Rent from operating leases                         $ 90,000      $ 90,000
   Gain on sale of aircraft inventory                     --         196,858
   Interest                                             50,634        50,561
   Lessee settlement (Note 4)                           61,513          --
                                                      --------      --------

           Total Revenues                              202,147       337,419
                                                      --------      --------

EXPENSES:
   Depreciation                                          3,750         3,750
   Management fees to general partner                    4,500         4,500
   Administration and other                             28,205        25,784
                                                      --------      --------

           Total Expenses                               36,455        34,034
                                                      --------      --------

NET INCOME                                            $165,692      $303,385
                                                      ========      ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER                             $  7,251      $  3,034
                                                      ========      ========

NET INCOME ALLOCATED TO
   LIMITED PARTNERS                                   $158,441      $300,351
                                                      ========      ========

NET INCOME PER LIMITED
   PARTNERSHIP UNIT                                   $   0.94      $   1.78
                                                      ========      ========

        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
                                           Three Months Ended March 31, 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                                 7,251       158,441       165,692

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

Balance, March 31, 2000                 $   136,407   $ 2,046,703   $ 2,183,110
                                        ===========   ===========   ===========

        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,
                                                    ----------------------------

                                                        2000          1999
                                                        ----          ----
OPERATING ACTIVITIES:
   Net income                                       $   165,692   $   303,385
   Adjustments to reconcile net income to
      net cash provided by operating activities:
      Depreciation                                        3,750         3,750
      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                                    (1,264)        8,418
        Decrease in accounts payable and
           accrued liabilities                          (12,309)      (18,360)
        Increase in maintenance reserves                 69,453        93,198
                                                    -----------   -----------

           Net cash provided by operating
             activities                                 255,322       251,687
                                                    -----------   -----------

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                                         (682,061)   (2,513,594)

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

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                    $ 3,508,360   $ 3,904,988
                                                    ===========   ===========

        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
                                           March 31, 2000        March 31, 2000
                                           --------------        --------------

Aircraft Management Fees                       $ 4,500               $ 3,018

Out-of-Pocket Administrative Expense
    Reimbursement                               41,426                 6,934
                                               -------               -------

                                               $45,926               $ 9,952
                                               =======               =======


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.       CanAir Bankruptcy Settlement

On February 15, 2000, the  Partnership  received  $61,513 in connection with the
CanAir Bankruptcy Settlement,  which is comprised of amounts received for rents,
maintenance reserve obligations and accrued interest.  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 March 31, 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  are  leased  to Royal  Aviation  Inc.  and  Royal  Cargo,  Inc.  (Royal
Aviation).


Partnership Operations

The Partnership recorded net income of $165,692, or $.94 per limited partnership
unit,  for the three  months  ended  March 31,  2000,  compared to net income of
$303,385,  or $1.78  per  unit for the same  period  in  1999.  The  decline  in
operating  results  during the first  quarter of 2000,  as  compared to the same
period  in 1999,  was  primarily  the  result  of gains on the sale of  aircraft
inventory in 1999 of $196,858  offset by a settlement  in the CanAir  bankruptcy
proceedings in February 2000, of which the Partnership received $61,513.


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. The
net maintenance reserve balance was $1,774,168 as of March 31, 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 three
months  ended  March 31,  2000 and 1999  were  $843,645,  or $5.00  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 the Partnership's future cash requirements, including the receipt of
rental payments from Royal Aviation.


                                       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), 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 in Part III of the  Partnership's  1999  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.


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




          May 11, 2000               By:   /S/Marc A. Meiches
      --------------------                 --------------------------------
                                           Marc A. Meiches
                                           Chief Financial Officer
                                           (principal financial officer and
                                           principal accounting officer of
                                           Polaris Investment Management
                                           Corporation, General Partner of
                                           the Registrant)


                                       11