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 September 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 13 pages.

<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

          FORM 10-Q - For the Quarterly Period Ended September 30, 2000




                                      INDEX



Part I.  Financial Information                                              Page

         Item 1.      Financial Statements

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

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

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

              d)  Statements of Cash Flows - Nine Months
                  Ended September 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......................................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)

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

CASH AND CASH EQUIVALENTS                             $2,560,885    $4,190,421

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

OTHER ASSETS                                               6,297          --

AIRCRAFT ENGINES, net of accumulated depreciation
   of $101,250 in 2000 and $90,000 in 1999               858,750       870,000
                                                      ----------    ----------

        Total Assets                                  $3,425,932    $5,090,421
                                                      ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                 $    6,943    $   11,216

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                           409,578       374,689

SECURITY DEPOSITS                                         45,000        45,000

MAINTENANCE RESERVES                                     631,316     1,704,715
                                                      ----------    ----------

        Total Liabilities                              1,092,837     2,135,620
                                                      ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                       137,906       222,894
   Limited Partners, 168,729 units
      issued and outstanding                           2,195,189     2,731,907
                                                      ----------    ----------

        Total Partners' Capital                        2,333,095     2,954,801
                                                      ----------    ----------

        Total Liabilities and Partners' Capital       $3,425,932    $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  Nine Months Ended
                                          September 30,       September 30,
                                          -------------       -------------
                                         2000      1999      2000      1999
                                         ----      ----      ----      ----
REVENUES:
   Rent from operating leases          $ 60,000  $ 90,000  $240,000  $270,000
   Gain on sale of aircraft inventory      --        --        --     196,858
   Interest                              41,002    47,935   133,747   144,145
   Lessee settlement (Note 4)              --        --      61,513      --
                                       --------  --------  --------  --------

           Total Revenues               101,002   137,935   435,260   611,003
                                       --------  --------  --------  --------

EXPENSES:
   Depreciation                           3,750     3,750    11,250    11,250
   Management fees to general partner     3,000     4,500    12,000    13,500
   Administration and other              26,623    26,989    96,333    87,374
                                       --------  --------  --------  --------

           Total Expenses                33,373    35,239   119,583   112,124
                                       --------  --------  --------  --------

NET INCOME                             $ 67,629  $102,696  $315,677  $498,879
                                       ========  ========  ========  ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER              $    676  $  1,027  $  8,750  $  4,989
                                       ========  ========  ========  ========

NET INCOME ALLOCATED
   TO LIMITED PARTNERS                 $ 66,953  $101,669  $306,927  $493,890
                                       ========  ========  ========  ========

NET INCOME PER LIMITED
   PARTNERSHIP UNIT                    $   0.40  $   0.60  $   1.82  $   2.93
                                       ========  ========  ========  ========


        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
                                         Nine Months Ended September 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                                 8,750       306,927       315,677

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

Balance, September 30, 2000             $   137,906   $ 2,195,189   $ 2,333,095
                                        ===========   ===========   ===========

        The accompanying notes are an integral part of these statements.

                                       5
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                 Nine Months Ended September 30,
                                                 -------------------------------

                                                       2000          1999
                                                       ----          ----
OPERATING ACTIVITIES:
   Net income                                      $   315,677   $   498,879
   Adjustments to reconcile net income to
      net cash provided by operating activities:
      Depreciation                                      11,250        11,250
      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 in other assets                        (6,297)         --
        Decrease in payable to affiliates               (4,273)         (417)
        Increase in deferred income                       --          60,000
        Increase (decrease) in accounts payable
           and accrued liabilities                      34,889       (16,581)
        Decrease in maintenance reserves            (1,073,399)     (157,557)
                                                   -----------   -----------

           Net cash provided by (used in)
             operating activities                     (692,153)      256,870
                                                   -----------   -----------

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                                      (1,629,536)   (2,508,411)

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

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                   $ 2,560,885   $ 3,910,171
                                                   ===========   ===========

        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
                                       September 30, 2000    September 30, 2000
                                       ------------------    ------------------

Aircraft Management Fees                     $ 3,000              $   -

Out-of-Pocket Administrative Expense
    Reimbursement                             52,348                6,943
                                             -------              -------

                                             $55,348              $ 6,943
                                             =======              =======


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 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.


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. 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 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 September 30, 2000. 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.

                                       8
<PAGE>

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

At September 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 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 $67,629, or $0.40 per limited partnership
unit, for the three months ended  September 30, 2000,  compared to net income of
$102,696,  or  $0.60  per  unit for the same  period  in 1999.  The  Partnership
recorded net income of $315,677,  or $1.82 per limited  partnership unit for the
nine months ended  September  30, 2000,  compared to net income of $498,879,  or
$2.93 per limited  partnership  unit,  for the nine months ended  September  30,
1999.  The  decline  in  operating  results  was  primarily  due to lower  rents
received, an increase in administration  expenses, as well as a gain on the sale
of  aircraft  inventory  recognized  in  1999,  partially  offset  by  a  lessee
settlement.

Rent from  operating  leases  decreased  during the three and nine months  ended
September  20,  2000,  as  compared  to the  same  periods  in  1999  due to the
expiration of the engine leases to Royal Aviation in August 2000.

Gain on sale of  aircraft  inventory  decreased  during  the nine  months  ended
September  30,  2000,  as  compared  to the same period in 1999 as a result of a
$196,858  gain on the sale of  aircraft  inventory  in 1999.  There were no such
sales in 2000.

Lessee settlements increased during the nine months ended September 30, 2000, as
compared to the same period in 1999 due to a settlement in the CanAir bankruptcy
proceedings in February 2000, of which the Partnership received $61,513.

Administration  expenses  increased  during the nine months ended  September 30,
2000,  as compared to the same period in 1999,  primarily  due to an increase in
printing and postage costs.


Liquidity and Cash Distributions

Liquidity - The Partnership  received  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 $631,316 as of  September  30, 2000.  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.

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 order to remarket the engines for sale

                                       9
<PAGE>

that were redelivered from Royal Aviation and for other contingencies, including
expenses of the Partnership.  The Partnership's  cash reserves will be monitored
and may be revised until a final distribution is made.

Cash  Distributions  - Cash  distributions  to limited  partners during the nine
months  ended  September  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 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) 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 June 30,  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 June 30,
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.


                                       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




       November 13, 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)


                                       12