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 September 30, 2001

                                       OR

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

                     For the transition period from ___ to ___


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

                           Commission File No. 2-91762

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



                         POLARIS AIRCRAFT INCOME FUND I

                        State of Organization: California
                   IRS Employer Identification No. 94-2938977
                201 High Ridge Road, Stamford, Connecticut 06927
                           Telephone - (203) 357-3776



Indicate  by check  mark  whether  the  registrant:  (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  12 months,  and (2) has been  subject to such filing
requirements for the past 90 days.



                              Yes  X          No
                                  ---            ---





                       This document consists of 12 pages.
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

          FORM 10-Q - For the Quarterly Period Ended September 30, 2001




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements

              a)  Balance Sheets - September 30, 2001 and
                  December 31, 2000...........................................3

              b)  Statements of Operations - Three and Nine Months
                  Ended September 30, 2001 and 2000...........................4

              c)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2000
                  and Nine Months Ended September 30, 2001....................5

              d)  Statements of Cash Flows - Nine Months
                  Ended September 30, 2001 and 2000...........................6

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

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



Part II.      Other Information

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

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

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


                                       2
<PAGE>


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

Item 1.  Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS
                                   (Unaudited)

                                                     September 30,  December 31,
                                                         2001           2000
                                                         ----           ----
ASSETS:

CASH AND CASH EQUIVALENTS                              $2,435,384    $2,469,034

OTHER ASSETS                                                 --           6,297

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

        Total Assets                                   $2,435,384    $3,334,081
                                                       ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                  $    4,729    $   48,904

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                            368,044       364,071

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

        Total Liabilities                                 372,773     1,044,291
                                                       ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                        135,195       137,474
   Limited Partners, 168,729 units
      issued and outstanding                            1,927,416     2,152,316
                                                       ----------    ----------

        Total Partners' Capital                         2,062,611     2,289,790
                                                       ----------    ----------

        Total Liabilities and Partners' Capital        $2,435,384    $3,334,081
                                                       ==========    ==========


        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


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

                                            2001      2000      2001      2000
                                            ----      ----      ----      ----
REVENUES:
   Rent from operating leases             $   --    $ 60,000  $   --    $240,000
   Gain on Sale of Aircraft Engines         41,250      --      41,250      --
   Other income - Maintenance reserves        --        --     631,316      --
   Interest                                 19,389    41,002    60,008   133,747
   Lessee settlement (Notes 4, 5)             --        --      85,667    61,513
                                          --------  --------  --------  --------

           Total Revenues                   60,639   101,002   818,241   435,260
                                          --------  --------  --------  --------

EXPENSES:
   Depreciation                               --       3,750      --      11,250
   Management fees to general partner         --       3,000      --      12,000
   Operating expenses                        1,600      --       5,900      --
   Administration and other                 36,015    26,623   102,137    96,333
                                          --------  --------  --------  --------

           Total Expenses                   37,615    33,373   108,037   119,583
                                          --------  --------  --------  --------

NET INCOME                                $ 23,024  $ 67,629  $710,204  $315,677
                                          ========  ========  ========  ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER                 $    230  $    676  $ 91,459  $  8,750
                                          ========  ========  ========  ========

NET INCOME ALLOCATED
   TO LIMITED PARTNERS                    $ 22,794  $ 66,953  $618,745  $306,927
                                          ========  ========  ========  ========

NET INCOME PER LIMITED
   PARTNERSHIP UNIT                       $    .14  $   0.40  $   3.67  $   1.82
                                          ========  ========  ========  ========


        The accompanying notes are an integral part of these statements.


                                       4
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   (Unaudited)


                                            Year Ended December 31, 2000 and
                                          Nine Months Ended September 30, 2001
                                          ------------------------------------

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


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

   Net income                                 8,318       264,054       272,372

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

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

   Net income                                91,459       618,745       710,204

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

Balance, September 30, 2001             $   135,195   $ 1,927,416   $ 2,062,611
                                        ===========   ===========   ===========

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

                                                       2001          2000
                                                       ----          ----

OPERATING ACTIVITIES:
   Net income                                      $   710,204   $   315,677
   Adjustments to reconcile net income to
      net cash provided by operating
      activities:
      Depreciation                                        --          11,250
      Gain on Sale of Aircraft Engines                 (41,250)         --
      Changes in operating assets and
        liabilities:
        Decrease in rent and other receivable             --          30,000
        Decrease (Increase) in other assets              6,297        (4,273)
        Decrease in payable to affiliates              (44,175)       (6,297)
        Increase in accounts payable and
           accrued liabilities                           3,973        34,889
        Decrease in maintenance reserves              (631,316)   (1,073,399)
                                                   -----------   -----------

           Net cash provided by (used in)
             operating activities                        3,733      (692,153)
                                                   -----------   -----------

INVESTING ACTIVITIES:
   Proceeds from Sale of Aircraft Engines              900,000          --
                                                   -----------   -----------

           Net cash provided by investing
             activities                                900,000          --
                                                   -----------   -----------

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

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

CHANGES IN CASH AND CASH
   EQUIVALENTS                                         (33,650)   (1,629,536)

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

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                   $ 2,435,384   $ 2,560,885
                                                   ===========   ===========

        The accompanying notes are an integral part of these statements.


                                       6
<PAGE>

                         POLARIS AIRCRAFT INCOME FUND I

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


1.    Accounting Principles and Policies

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


2.    Related Parties

Under the Limited Partnership  Agreement,  the Partnership paid or agreed to pay
the following  amounts for the current quarter to the general  partner,  Polaris
Investment  Management  Corporation,  in connection  with  services  rendered or
payments made on behalf of the Partnership:

                                         Payments for
                                       Three Months Ended        Payable at
                                       September 30, 2001    September 30, 2001
                                       ------------------    ------------------

Aircraft Management Fees                     $  --                 $  --
Out-of-Pocket Administrative Expense
    Reimbursement                             52,319                 4,729
                                             -------               -------

                                             $52,319               $ 4,729
                                             =======               =======


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.

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

                                       7
<PAGE>

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 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.  This settlement may prove
to be the final  settlement  if certain  additional  claims are made  before the
statutory period expires.


5.       Braniff Bankruptcy Settlement

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


6.       Engine Lease Expiration

The lease for the three JT8D-9A engines to Royal Aviation, Inc. and Royal Cargo,
Inc. (Royal  Aviation)  expired on August 31, 2000. The engines were redelivered
on  September  7, 2000 and  security  deposit of $45,000  was  refunded to Royal
Aviation on November 21, 2000. The Partnership has subsequently sold the engines
to Aeroturbine,  Inc. as discussed  below. 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.


7.       New Accounting Pronouncements

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


8.       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 which is reflected in the Statement of Operations.

                                       8
<PAGE>



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

At September 30, 2001,  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 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  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.  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.

Partnership Operations

The  Partnership  recorded  a net  income  of  $23,024,  or  $0.14  per  limited
partnership unit, for the three months ended September 30, 2001, compared to net
income  of  $67,629,  or  $0.40  per  unit for the  same  period  in  2000.  The
Partnership  recorded  net income of $710,204  or $3.67 per limited  partnership
unit for the nine months ended  September  30,  2001,  compared to net income of
$315,677,  or $1.82 per limited  partnership  unit,  for the nine  months  ended
September 30, 2000. For the nine months ended September 30, 2001 the increase in
net income was primarily due to the  reduction in  maintenance  reserves and the
gain resulting from the sale of the three remaining  JT8D-9A  engines.  This was
supplemented by lower  depreciation  and management fees and partially offset by
the Partnership  receiving no income from operating  leases during 2001. For the
three months ended  September 30, 2001, the decrease in income was due partially
to the  Partnership  receiving no rent from operating  leases during 2001 due to
the  expiration  of the engine  leases to Royal  Aviation  in August  2000,  and
partially due to a decrease in interest  income.  These  factors were  partially
offset by the gain on sale of the three remaining JT8D-9A engines.

Due to the marketing and sale of the engines on an as-is-where-is  basis,  there
was no further need to hold the  maintenance  reserves to pay future  repair and
maintenance  costs.  Maintenance  reserves were  therefore  recognized as income
during the three  months ended June 30,  2001.  In  addition,  a gain on sale of
engines of $41,250 was  recognized  during the three months ended  September 30,
2001.

Interest  income  decreased  during the nine months ended  September 30, 2001 as
compared  to the same  period  in 2000,  primarily  due to  lower  average  cash
reserves and lower average interest rates over the same period.

Lessee settlement  increased during the nine months ended September 30, 2001, as
compared to the same period in 2000,  primarily due to the receipt of $76,770 in
January  2001  related to the Braniff  bankruptcy,  as  discussed  in Note 5 and
$8,897 received from the CanAir bankruptcy as discussed in Note 4, compared to a
$61,513 settlement in the CanAir bankruptcy proceedings, received in 2000.

Depreciation  expense decreased during the three and nine months ended September
30, 2001,  as compared to the same  periods in 2000,  as a result of the engines
being off lease and subsequently sold.

                                       9
<PAGE>


Management  fees decreased  during the three and nine months ended September 30,
2001,  as  compared  to the same  periods in 2000 due to the  expiration  of the
engine leases to Royal Aviation in August 2000.


Liquidity and Cash Distributions

Liquidity  - When the  Partnership  had  aircraft  and  engines  on  lease,  the
Partnership  received  maintenance reserve payments from the lessee.  During the
terms of the lease, such maintenance  reserves could be applied to reimburse the
lessee or pay directly 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.  Due to the fact that the Partnership decided to sell its
three  JT8D-9A  engines  in an  as-is-where-is  condition,  the net  maintenance
reserve  balance of $631,316 from the lease to Royal  Aviation was recognized as
income during the quarter ended June 30, 2001.  These engines were  subsequently
sold by the Partnership on July 19, 2001.

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  to  cover  expenses   incurred  by  the
Partnership.  Since  the  General  Partner  has  sold  the  Partnership's  three
remaining engines in July 2001, final  distributions  will be made after Polaris
Investment Management  Corporation,  the general partner, has sold the remaining
inventory  of spare  parts and  determined  what costs will be  incurred  in the
liquidation of the Partnership.

Cash  Distributions  - Cash  distributions  to limited  partners during the nine
months  ended  September  30,  2001 and 2000  were  $843,645  or $5 per  limited
partnership  unit.  Since the General Partner has sold the  Partnership's  three
remaining engines in July 2001, final  distributions  will be made after Polaris
Investment Management  Corporation,  the general partner, has sold the remaining
inventory  of spare  parts and  determined  what costs will be  incurred  in the
liquidation of the Partnership. The timing and amount of the final distributions
to partners  are not yet known and will depend  upon  circumstances  such as the
costs incurred in the liquidation of the  Partnership and the proceeds  received
from the sale of the remaining inventory of spare parts.


                                       10
<PAGE>

                           Part II. Other Information
                           --------------------------


Item 1.       Legal Proceedings

As  discussed  in Item 3 of Part I of  Polaris  Aircraft  Income  Fund  I's (the
Partnership) 2000 Annual Report to the Securities and Exchange  Commission (SEC)
on Form 10-K (Form 10-K) 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 June 30,  2001,
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  2000 Form 10-K and
Item 1 of Part II of the  Partnership's  Form 10-Q for the period ended June 30,
2001 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)

           None.

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




          November 7, 2001                     By:     /S/Keith Helming
-----------------------------------                    -------------------------
                                                       Keith Helming
                                                       Chief Financial Officer


                                       12