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 November 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 number:      333-34842

              GreatAmerica Leasing Receivables 2000-1, L.L.C.
              .............................................................
              (Exact name of registrant as specified in its charter)

              Delaware                            42-1502818
              .................................. ..........................
               (State or other jurisdiction of    (I.R.S. Employer
                incorporation or organization)     Identification No.)


              625 First SE, Suite 701
               Cedar Rapids, Iowa                       52401
              ..................................        ...................
               (Address of principal executive offices)  (Zip Code)

               (319) 365-8449
              ..................................
               (Registrant's telephone number, including area code)



                    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
               (or for such shorter period that the registrant was required to
               file such reports), and (2) has been subject to such filing
               requirements for the past 90 days.

               Yes...X.... No.........


<PAGE>


                                      INDEX


                 GREATAMERICA LEASING RECEIVABLES 2000-1, L.L.C.

Part I--Financial Information

     Item 1. Financial Statements (Unaudited)

               Balance Sheets--November 30, 2001 and May 31, 2001

               Statements of Operations--Six months ended November 30, 2001; Six
               months ended November 30, 2000 and Three months ended November
               30, 2001; Three months ended November 30, 2000

               Statements of Cash Flow-Six months ended November 30, 2001; Six
               months ended November 30, 2000

               Notes to financial statements

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

     Item 3. Quantitative and Qualitative Disclosures About Market Risk

Part II--Other Information

     Item 6. Exhibits and Reports on Form 8-K


<PAGE>
<TABLE>
<CAPTION>


PART I          FINANCIAL INFORMATION

Item 1. Financial Statements

                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                                 Balance Sheets
                                   (Unaudited)

                                                    November 30,        May 31,
Assets:                                                2001              2001
                                                   -------------     ------------

<S>                                               <C>              <C>

Cash, restricted                                   $  10,269,048    $  12,814,085
                                                   -------------    -------------
Direct Financing Leases:
         Minimum Lease Payments                      112,095,822      154,014,636
         Estimated Unguaranteed Residual Values       17,571,085       20,118,464
         Unearned Income                             (14,593,184)     (22,179,919)
         Allowance for Doubtful Accounts              (1,856,580)      (3,739,859)
                                                   -------------    -------------
         Net Investment in Direct Finance Leases     113,217,143      148,213,322
                                                   -------------    -------------
Capitalized Securitization Costs, net of
accumulated amortization of $1,190,323                   663,177          981,051
                                                   -------------    -------------
Total Assets                                       $ 124,149,368    $ 162,008,458
                                                   =============    =============
Liabilities:

Notes Payable                                      $ 108,147,879    $ 146,329,522
Accrued Interest                                         225,415          304,100
Due to Affiliate                                       1,423,521        1,448,529
                                                   -------------    -------------
Total Liabilities                                    109,796,815      148,082,151
                                                   -------------    -------------
Members' Equity:
Paid in Capital                                        8,022,411        8,022,411
Retained Earnings                                      6,330,142        5,903,896
                                                   -------------    -------------
Total Members' Equity                                 14,352,553       13,926,307
                                                   -------------    -------------
Total Liabilities and Members' Equity              $ 124,149,368    $ 162,008,458
                                                   =============    =============

</TABLE>


The accompanying notes are an integral part of these financial statements.


<PAGE>
<TABLE>
<CAPTION>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                            Statements of Operations
                                   (Unaudited)



                                       Six Months Ended November 30
                                         -------------------------

Revenues:                                    2001          2000
                                         -----------   -----------

<S>                                     <C>           <C>

         Direct Financing Leases         $ 7,499,226   $12,643,982
         Interest Income                     181,159       339,916
         Gain on Termination of Leases       468,005       476,674
         Other Income                      1,422,759       189,673
                                         -----------   -----------
         Total Revenues                    9,571,149    13,650,245
                                         -----------   -----------
Expenses:

Interest Expense                           4,787,909     7,113,217
Selling, General and Administrative          801,245     1,265,176
                                         -----------   -----------
Total Expenses                             5,589,154     8,378,393
                                         -----------   -----------
Net Income                               $ 3,981,995   $ 5,271,852
                                         ===========   ===========


<CAPTION>

                                      Three Months Ended November 30
                                         -----------------------
Revenues:                                   2001          2000
                                         -----------   -----------

<S>                                     <C>          <C>

         Direct Financing Leases         $ 3,476,473   $ 5,957,175
         Interest Income                      77,549       198,067
         Gain on Termination of Leases       179,205       243,913
         Other Income                        741,117       165,457
                                         -----------   -----------
         Total Revenues                    4,474,344     6,564,612
                                         -----------   -----------

Expenses:

Interest Expense                           2,217,200     3,726,102
Selling, General and Administrative          371,509       611,917
                                         -----------   -----------
Total Expenses                             2,588,709     4,338,019
                                         -----------   -----------
Net Income                               $ 1,885,635   $ 2,226,593
                                         ===========   ===========


</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>
<TABLE>
<CAPTION>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                            Statements of Cash Flows
                                   (Unaudited)


                                                            Six Months Ended November 30
                                                           ------------------------------
Cash Flows from Operating Activities:                           2001             2000
                                                           -------------    -------------

<S>                                                       <C>              <C>

Net Income                                                 $   3,981,995    $   5,271,852

         Adjustments to Reconcile Net Income to Net Cash
         Flows from Operating Activities:
              Gain on Termination of Leases                     (468,005)        (476,674)
              Amortization of Capitalized
                 Securitization Costs                            335,724          444,670
              Decrease in Due to Affiliate                       (25,008)       1,242,074
              Decrease in Accrued Interest                       (78,685)         388,128
                                                           -------------    -------------
         Net Cash Flows from Operating Activities              3,746,021        6,870,050
                                                           -------------    -------------

Cash Flows from Investing Activities:

         Purchase of Direct Financing Leases
              from Originator                                       --       (234,462,674)
         Repayment of Direct Financing Leases                 30,226,265       49,374,817
         Proceeds on Termination of Leases                     5,237,919        5,076,885
                                                           -------------    -------------
         Net Cash Flows from Investing Activities             35,464,184     (180,010,972)
                                                           -------------    -------------

Cash Flows from Financing Activities:

         Proceeds from Notes Payable                                --        235,195,755
         Repayment on Notes Payable                          (38,181,643)     (46,339,076)
         Payment of Securitization Costs                         (17,850)      (1,768,199)
         Distributions to Parent                              (3,555,749)      (1,142,880)
                                                           -------------    -------------
         Net Cash Flows from Financing Activities            (41,755,242)     185,945,600
                                                           -------------    -------------
Net Increase (Decrease) in Cash                               (2,545,037)      12,804,678
Cash at the Beginning of the Period                           12,814,085            1,000
                                                           -------------    -------------
Cash at the End of the Period                              $  10,269,048    $  12,805,678
                                                           =============    =============

Supplemental Disclosures:
         Cash Paid during the Period for Interest          $   4,857,669    $   6,725,087
         Non Cash Investing and Financing Activity--
              Contribution of Lease Receivable Contracts            --      $   8,022,411


</TABLE>

The accompanying notes are an integral part of the financial statements.


<PAGE>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                          Notes to Financial Statements
                                   (UNAUDITED)


The accompanying unaudited financial statements have been prepared by
GreatAmerica Leasing Receivables 2000-1, L.L.C., (the "Company") in accordance
with accounting principles generally accepted in the United States of America
pursuant to the rules and regulations of the Securities and Exchange Commission.
In the opinion of management, all adjustments, consisting of normal recurring
entries, considered necessary have been included. The balance sheet information
as of May 31, 2001 has been derived from the Company's audited financial
statements.


1.   Nature of Operations and Significant Accounting Policies

     Nature of Operations-The Company is a limited purpose limited liability
     company established under laws of the state of Delaware and was formed by
     GreatAmerica Leasing Corporation (the "Originator") who holds a 99%
     membership interest, and GreatAmerica Leasing Receivables 2000 Corporation
     (the "Special Purpose Member), who holds a 1% membership interest, pursuant
     to the Limited Liability Company Agreement dated April 12, 2000 between the
     Originator and the Special Purpose Member (the "Limited Liability
     Agreement"). The Special Purpose Member is wholly owned by the Originator.
     The activities of the Company are limited by the terms of the Limited
     Liability Agreement to purchasing equipment leases and lease receivables
     (including equipment), loan agreements and other financing agreements,
     issuing notes collateralized by such assets and other activities related
     thereto. The leases, loans, and other agreements purchased are originated
     throughout the United States of America. Prior to June 16, 2000 the Company
     did not conduct any activities.

     Use of Estimates - The preparation of financial statements in conformity
     with accounting principles generally accepted in the United States of
     America requires management to make estimates and assumptions that affect
     the reported amounts of assets and liabilities and disclosures of
     contingent assets and liabilities at the date of the financial statements
     and the reported amounts of revenues and expenses during the reporting
     period. Actual results could differ significantly from those estimated.
     Material estimates that are particularly susceptible to significant change
     in the near-term relate to the determination of the allowance for doubtful
     accounts and the estimated unguaranteed residual values on the lease
     receivable contracts purchased.

     Although the Originator attempts to mitigate credit risk through the use of
     a variety of commercial credit reporting agencies when processing customer
     applications, failure of the customers to make scheduled payments under
     their equipment lease contracts could have a material near-term impact on
     the allowance for doubtful accounts.


<PAGE>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                          Notes to Financial Statements
                                   (Continued)


     Realization of unguaranteed residual values depends on many factors,
     several of which are not within the Company's control, including general
     market conditions at the time of the original lease contract's expiration,
     whether there has been unusual wear and tear on, or use of, the equipment,
     the cost of comparable new equipment and the extent, if any, to which the
     equipment has become technologically or economically obsolete during the
     contract term. These factors, among others, could have a material near-term
     impact on the estimated unguaranteed residual values.

     Certain Risk Concentrations-The Company's direct financing leases are
     concentrated in the services, manufacturing, retail trade and finance,
     insurance and real estate industries, representing approximately 44%, 14%,
     12% and 10% of the Company's minimum lease payments receivable at November
     30, 2001.

     Restricted Cash-The Company is required to maintain a reserve fund equal to
     $2,412,264 at November 30, 2001. The remaining available amounts are
     required to be distributed in accordance with the securitization agreement.

2.   Direct Financing Leases

     Equipment leases are primarily true leases and finance leases for
     predominantly office equipment. The length of the lease term on the leases
     initially purchased ranged from 2 to 80 months. The assets were conveyed
     from the Originator, with funds that were obtained through the issuance of
     notes payable that were publicly offered, as described in a prospectus,
     dated June 13, 2000 previously filed with the Securities and Exchange
     Commission pursuant to Rule 424 A(b) 4. The schedule of remaining annual
     minimum payments from lessees are as scheduled below:

<TABLE>
<CAPTION>

                                                                     Unguaranteed
         Years Ending  May 31,           Minimum Lease Payment      Residual Values
         ---------------------           ---------------------      ---------------

         <S>                             <C>                        <C>

                 2002                    $ 32,814,313                $  4,031,783
                 2003                      45,764,181                   6,392,881
                 2004                      24,468,375                   3,651,358
                 2005                       8,686,604                   3,333,177
                 2006                         277,735                     143,378
                 Thereafter                    84,614                      18,508
                                         ------------                ------------
                                         $112,095,822                $ 17,571,085
                                         ============                ============

</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                          Notes to Financial Statements
                                   (Continued)


        <S>                                          <C>

3.   Allowance for Doubtful Accounts

         Beginning balance at August 31, 2001         $      2,502,224
         Charge-offs                                          (714,219)
         Defaulted leases                                        ---
         Recoveries                                             68,575
                                                      ----------------
         Ending balance at November 30, 2001          $      1,856,580
                                                      ================

</TABLE>

     Upon purchase of the leases from the Originator, the Company established a
     3% allowance for doubtful accounts. Once a contract becomes charged-off or
     defaulted, the Originator has the option, but is not obligated, to
     substitute for that contract another contract or contracts having similar
     characteristics. The Originator may only substitute up to 10% of the
     initial aggregate discounted contract balance for all such contracts. The
     substitutions are accounted for as an equity contribution.

4.   Related Party Transactions

     The Originator also serves as the contract servicer. In this function as
     servicer, it is responsible for collecting, enforcing, and administering
     the contracts. For performing the servicer function it is entitled to a
     monthly fee equal to 1/12 of .75% of the aggregate discounted contract
     balance of the contracts pledged to the indenture trustee as of the
     beginning of the related collection period. Also in its function as
     servicer, the Originator has the right to elect, but is not obligated, to
     advance unpaid scheduled payments with respect to the contracts.

     As the servicer, the Originator received servicing fees for the quarters
     and six months ended November 30, 2001 and 2000 totaling $219,400,
     $474,447, $377,838 and $820,506, respectively. Also, the servicer has not
     been reimbursed for advances of $1,423,521 as of November 30, 2001 which
     are reflected on the balance sheet as due to affiliate.

5.   Notes Payable

     Notes payable at November 30, 2001 consisted of :
     Six classes of Receivable-Backed Notes at rates of 7.36%
     to 8.14% maturing through November 2005                     $ 108,147,879
                                                                 =============


<PAGE>


                 GreatAmerica Leasing Receivables 2000-1, L.L.C.
                          Notes to Financial Statements
                                   (Continued)


The aggregate maturities of the notes payable as of November 30, 2001 are as
follows:

         Years Ending May 31,
         --------------------
                  2002                                   $  32,828,148
                  2003                                      43,949,236
                  2004                                      21,054,414
                  2005                                      10,316,081
                                                         -------------
                  Total                                  $ 108,147,879
                                                         =============


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

     RESULTS OF OPERATIONS

          GreatAmerica Leasing Receivables 2000-1, L.L.C. (the "Company") had
     revenues of $7,499,226 and $12,643,982 for the six months ended November
     30, 2001 and 2000, respectively. For these periods, revenues from leasing
     equipment under direct financing leases accounted for 78% and 93% of total
     revenues. The decrease in revenues was primarily attributable to the
     decline in the lease receivables outstanding due to scheduled payments and
     early terminations which trend will continue throughout the remaining term
     of the leases.

          Other income increased by $1,233,086 as a result of the number of
     customers renewing their lease contracts at the end of their contractual
     payment period. In general, once customers, with true leases, have made all
     of their scheduled payments, they have the option to either return the
     equipment, purchase the equipment, or to continue using the equipment by
     renewing their lease contract on a month-to-month basis.

          Expenses were $5,589,154 and $8,378,393 during the six months ended
     November 30, 2001 and 2000, respectively. Interest expense comprised 86%
     and 85% of total expenses during these periods. The decrease in interest
     expense was entirely related to the decline in the notes outstanding.

     ANALYSIS OF FINANCIAL CONDITION

          The cash position of the Company is reviewed daily and cash is
     invested on a short-term basis. The Company's cash from operating and
     investing activities is expected to continue to be adequate to cover all
     operating and investing expenses and debt service requirements under the
     notes payable during the next twelve month period.


<PAGE>


          The Company's liquidity comes primarily from lease repayments. A
     substantial increase in delinquencies and defaults could deplete the
     pledged assets such that payments on the contacts could be insufficient to
     make payments on the notes.

Item 3. Quantitative And Qualitative Disclosures About  Market Risk

     The lease contracts and notes issued by the Company have fixed rates,
     therefore, the Company is not sensitive to changes in interest rates. The
     following table shows the expected maturity of the outstanding notes at
     November 30, 2001:

<TABLE>
<CAPTION>

    Years Ending May 31,                                  Average Interest Rate
    -------------------                                   ---------------------

   <S>                          <C>                     <C>

         2002                     $       32,828,148             7.52%
         2003                             43,949,236             7.54%
         2004                             21,054,414             7.55%
         2005                             10,316,081             7.55%
                                  ------------------
         Total                    $      108,147,879
                                  ==================

</TABLE>

PART II           OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

         (A) Reports on Form 8-K

               On September 26, 2001 the Registrant filed a report on Form 8-K
               to file under Item 5 of the Form, Servicer report information.

               On November 1, 2001 the Registrant filed a report on Form 8-K to
               file under Item 5 of the Form, Servicer report information.

               On November 28, 2001 the Registrant filed a current report on
               Form 8-K to file under Item 5 of the Form, Servicer report
               information

         (B) Exhibits

               Exhibits required by item 601 that are not incorporated by
               reference to Form 8-K are available in Form S-1 filed on April
               14, 2000 by the Registrant, with amendments subsequently filed on
               June 2, 2000 and June 12, 2000 and incorporated by reference
               hereto.


<PAGE>


                                   SIGNATURES


Pursuant to the requirements 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.


                              GREATAMERICA LEASING RECEIVABLES 2000-1 L.L.C.


                              BY: /s/Stan Herkelman
                                  ------------------------------------------
                                  Chief Financial Officer




Date: January 11, 2002