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 March 31, 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 13 pages.
<PAGE>


                         POLARIS AIRCRAFT INCOME FUND I

            FORM 10-Q - For the Quarterly Period Ended March 31, 2002




                                      INDEX



Part I.       Financial Information                                         Page

         Item 1.      Financial Statements

              a)  Balance Sheets - March 31, 2002 and
                  December 31, 2001...........................................3

              b)  Statements of Operations - Three Months
                  Ended March 31, 2002 and 2001...............................4

              c)  Statements of Changes in Partners' Capital
                  - Year Ended December 31, 2001
                  and Three Months Ended March 31, 2002.......................5

              d)  Statements of Cash Flows - Three Months
                  Ended March 31, 2002 and 2001...............................6

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

         Item 2.      Management's Discussion and Analysis of
                      Financial Condition and Results of Operations..........10



Part II.      Other Information

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

         Item 6.      Exhibits and Reports on Form 8-K.......................12

         Signature    .......................................................13


                                       2
<PAGE>


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

Item 1.       Financial Statements

                         POLARIS AIRCRAFT INCOME FUND I

                                 BALANCE SHEETS
                                   (Unaudited)

                                                         March 31,  December 31,
                                                           2002         2001
                                                           ----         ----
ASSETS:

CASH AND CASH EQUIVALENTS                               $1,241,937    $2,445,482
                                                        ----------    ----------

        Total Assets                                    $1,241,937    $2,445,482
                                                        ==========    ==========



LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                                   $   37,917    $   38,214

ACCOUNTS PAYABLE AND ACCRUED
   LIABILITIES                                             364,295       368,821
                                                        ----------    ----------

        Total Liabilities                                  402,212       407,035
                                                        ----------    ----------

PARTNERS' CAPITAL:

   General Partner                                          23,820       134,953
   Limited Partners, 168,729 units
      issued and outstanding                               815,905     1,903,494
                                                        ----------    ----------

        Total Partners' Capital                            839,725     2,038,447
                                                        ----------    ----------

        Total Liabilities and Partners' Capital         $1,241,937    $2,445,482
                                                        ==========    ==========

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

                                                       2002             2001
                                                       ----             ----

REVENUES:
   Interest                                          $  6,372         $ 23,051
   Lessee settlement (Note 5)                            --             76,770
                                                     --------         --------

           Total Revenues                               6,372           99,821
                                                     --------         --------

EXPENSES:
   Administration and other                            33,365           30,876
                                                     --------         --------

           Total Expenses                              33,365           30,876
                                                     --------         --------

NET INCOME (LOSS)                                    $(26,993)        $ 68,945
                                                     ========         ========

NET INCOME ALLOCATED
   TO THE GENERAL PARTNER                            $  6,040         $ 85,046
                                                     ========         ========

NET LOSS ALLOCATED TO
   LIMITED PARTNERS                                  $(33,033)        $(16,101)
                                                     ========         ========

NET LOSS PER LIMITED
   PARTNERSHIP UNIT                                  $  (0.20)        $  (0.10)
                                                     ========         ========

        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, 2001 and
                                           Three Months Ended March 31, 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                                 6,040       (33,033)      (26,993)

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

Balance, March 31, 2002                 $    23,820   $   815,905   $   839,725
                                        ===========   ===========   ===========


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

                                                         2002          2001
                                                         ----          ----
OPERATING ACTIVITIES:
   Net income (Loss)                                 $   (26,993)  $    68,945
   Adjustments to reconcile net income to
      net cash provided by operating activities:
      Changes in operating assets and liabilities:
        Decrease in other assets                            --           6,297
        Decrease in payable to affiliates                   (297)      (38,988)
        Decrease in accounts payable and
           accrued liabilities                            (4,526)       (8,263)
                                                     -----------   -----------

           Net cash provided (used) by operating
             activities                                  (31,816)       27,991
                                                     -----------   -----------

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                                        (1,203,545)     (909,392)

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

CASH AND CASH EQUIVALENTS AT
   END OF PERIOD                                     $ 1,241,937   $ 1,559,642
                                                     ===========   ===========

        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 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.


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, 2002      March 31, 2002
                                              --------------      --------------


Out-of-Pocket Operating Expense
    Reimbursement                                $ 2,272            $ 2,200

Out-of-Pocket Administrative Expense
    Reimbursement                                 35,942             35,717
                                                 -------            -------

                                                 $38,214            $37,917
                                                 =======            =======


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 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. An additional amount to be
determined will be paid to the Partnership  before the end of the second quarter
2002 or shortly thereafter, and will be recognized as income when received.


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  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 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.

7.       New Accounting Pronouncements

In June 2001, 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.

In August 2001, the FASB approved for issuance SFAS No. 144, "Accounting for the
Impairment  or  Disposal  of  Long-Lived  Assets."  SFAS No.  144  broadens  the
presentation  of  discontinued  operations  to  include  more  transactions  and
eliminates the need to accrue for future operating  losses.  Additionally,  SFAS
No. 144 prohibits the retroactive  classification of assets as held for sale and
requires  revisions  to  the  depreciable  lives  of  long-lived  assets  to  be
abandoned. SFAS No. 144 became effective January 1, 2002 for the Partnership and

                                       8
<PAGE>

has not had a material impact on the Partnership's balance sheet or statement 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.


                                       9
<PAGE>



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

Business Overview

At March 31,  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.


Partnership Operations

The  Partnership  recorded  a net loss of  $(26,993),  or  $(0.20)  per  limited
partnership  unit,  for the three months  ended March 31, 2001,  compared to net
income of $68,945,  or $(0.10) per unit for the same period in 2001. The decline
in operating  results was primarily due to decreases in Lessee settlement income
and Interest income, and an increase in Administration and other expense.

Interest  income  decreased  during the three months  ended March 31,  2002,  as
compared to the same period in 2001  primarily due to lower interest rates and a
decrease in the cash reserves primarily due to distributions.

Lessee  settlement  decreased  during the three months ended March 31, 2002,  as
compared to the same period in 2001,  primarily due to the receipt of $76,770 on
January  16,  2001  related to the  Braniff  bankruptcy  for which  there was no
corresponding receipt in 2002.

Administration  and other  expenses  increased  primarily  due to  increases  in
printing and postage costs.


Liquidity and Cash Distributions

Liquidity - 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 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 three
months  ended  March  31,  2002  and  2001  were   $1,054,556,   and   $843,645,
respectively.  Cash  distributions  per Limited  Partnership  unit for the three
months ended March 31, 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 it's remaining  inventory of
spare parts including one engine.

                                       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) 2001 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.  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 12, 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  $2,066  U.S.  Dollars)  to be  delivered  to GE Capital
Aviation Services,  Inc., as agent for Polaris Holding Company, General Electric
Capital Leasing  Canada,  Inc. and the Partnership  ("the GECAS  Parties").  The
Partnership will receive its pro-rata share of this amount before the end of the
second quarter or shortly  thereafter.  Prior to the end of the second  quarter,
the receiver  intends to deliver the remaining  amount of 5,168 Canadian Dollars
(approximately $3,285 U.S. Dollars), less the costs and fees associated with its
services, to the GECAS Parties.

Other  Proceedings  - Item 10 in Part III of the  Partnership's  2001  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.  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.

Sara J.  Bishop,  et al. v.  Kidder,  Peabody & Co., et al.,  Superior  Court of
California,  County of Sacramento;  Wilson et al. v. Polaris  Holding Company et
al.,  Superior  Court  of  California,  County  of  Sacramento,  and  ten  other
California  Actions(1) - In the California actions filed in 1996,  approximately
4000  plaintiffs who purchased  limited  partnership  units in Polaris  Aircraft
Income Funds I through VI and other limited partnerships sold by Kidder, Peabody
named Kidder,  Peabody,  KP Realty  Advisors,  Inc.,  Polaris  Holding  Company,
Polaris Aircraft Leasing Corporation, Polaris Investment Management Corporation,
Polaris  Securities  Corporation,  Polaris Jet Leasing,  Inc., Polaris Technical
Services,  Inc., General Electric Company,  General Electric Financial Services,
Inc.,  General  Electric  Capital  Corporation,   and  General  Electric  Credit
Corporation  and Does 1-100 as defendants.  The  Partnership  was not named as a
defendant in these actions. The complaints all allege violations of state common
law, including fraud, negligent misrepresentation, breach of fiduciary duty, and
violations of the rules of the National  Association of Securities Dealers.  The
complaints  seek to recover  compensatory  damages  and  punitive  damages in an
unspecified  amount,  interest,  and rescission with respect to Polaris Aircraft
Income Funds III-VI and all other limited partnerships alleged to have been sold
by Kidder Peabody to the plaintiffs. The California actions have been settled.


--------
1 The ten other actions are Abrams,  et al. v. Polaris Holding Company,  et al.,
Elphick,  et al. v. Kidder  Peabody & Co., et al.,  Johnson,  et al. v.  Polaris
Holding  Company,  et al.,  Kuntz, et al. v. Polaris  Holding  Company,  et al.,
McDevitt, et al. v. Polaris Holding Company, et al., Ouellette, et al. v. Kidder
Peabody & Co., et al., Rolph, et al. v. Polaris Holding  Company,  et al., Self,
et al. v. Polaris Holding Company,  et al.,  Tarrer,  et al. v. Kidder Peabody &
Co., et al.,  Zicos,  et al. v. Polaris  Holding  Company,  et al., all filed in
Superior Court of California, County of Sacramento.



                                       11
<PAGE>

An  additional  settlement  was entered  into with  certain  plaintiffs  who had
refused to participate in the first settlement.  Plaintiffs' counsel advised the
Court that they would  withdraw from  representing  the remaining  plaintiffs --
approximately 330 -- who refused to participate in either of the settlements. In
July, 2000,  plaintiffs'  counsel  submitted to the Court motions to withdraw as
counsel  of record for all of the  actions.  The Court  indicated  that it would
grant such motions and thereafter would consider  dismissing each of the actions
if no  plaintiff  came  forward  to  prosecute.  On  August 2,  2001,  the Court
conducted a series of status  conferences in connection  with each of the twelve
California  actions  and at the  conferences  dismissed  most  of the  remaining
plaintiffs in those actions.  On November 9, 2001,  defendants moved for summary
judgment  against most of the remaining  plaintiffs  based upon a settlement and
bar order entered in a  multi-district  litigation in 1997. On March 1, 2002 the
judge granted the defendants'  summary  judgment  motions.  This action does not
have a material adverse effect on the Partnership.


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.


                                       12
<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 13, 2002              By: /S/Stephen E. Yost
        ----------------                ----------------------------------------
                                        Stephen E. Yost, Chief Financial Officer



                                       13