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 August 31, 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 - August 31, 2001 and May 31, 2001

                    Statements of Operations - Three months ended August 31,
                    2001; Three months ended August 31, 2000

                    Statements of Cash Flow - Three months ended August 31,
                    2001; Three months ended August 31, 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>


PART I         FINANCIAL INFORMATION

Item 1. Financial Statements


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

<TABLE>
<CAPTION>

                                                     August 31,        May 31,
Assets:                                                2001             2001
                                                   -------------    -------------

<S>                                               <C>              <C>

Cash, restricted                                   $  11,559,037    $  12,814,085
                                                   -------------    -------------
Direct Financing Leases:
         Minimum Lease Payments                      131,608,059      154,014,637
         Estimated Unguaranteed Residual Values       18,909,029       20,118,464
         Unearned Income                             (18,061,574)     (22,179,919)
         Allowance for Doubtful Accounts              (2,502,224)      (3,739,859)
                                                   -------------    -------------
         Net Investment in Direct Finance Leases     129,953,290      148,213,322
                                                   -------------    -------------
Capitalized Securitization Costs, net of
accumulated amortization                                 819,749          981,051
                                                   -------------    -------------
Total Assets                                       $ 142,332,076    $ 162,008,458
                                                   =============    =============
Liabilities:

Notes Payable                                      $ 126,061,783    $ 146,329,522
Accrued Interest                                         262,332          304,100
Due to Affiliate                                       1,623,687        1,448,529
                                                   -------------    -------------
Total Liabilities                                    127,947,802      148,082,151
                                                   -------------    -------------
Members' Equity:
Paid in Capital                                        8,022,411        8,022,411
Retained Earnings                                      6,361,863        5,903,896
                                                   -------------    -------------
Total Members' Equity                                 14,384,274       13,926,307
                                                   -------------    -------------
Total Liabilities and Members' Equity              $ 142,332,076    $ 162,008,458
                                                   =============    =============

</TABLE>

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


<PAGE>
<TABLE>
<CAPTION>


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



                                                            Three Months Ended August 31
                                                       -------------------------------------

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

<S>                                                   <C>                       <C>

         Direct Financing Leases                        $4,022,753                $6,686,807
         Interest Income                                   103,610                   141,849
         Gain on Termination of Leases                     288,800                   232,761
         Other Income                                      681,642                    24,216
                                                        ----------                ----------
         Total Revenues                                  5,096,805                 7,085,633
                                                        ----------                ----------
Expenses:

Interest Expense                                         2,570,708                 3,387,115
Selling, General and Administrative                        429,736                   653,259
                                                        ----------                ----------
Total Expenses                                           3,000,444                 4,040,374
                                                        ----------                ----------
Net Income                                              $2,096,360                $3,045,259
                                                        ==========                ==========

</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)



                                                            Three Months Ended August 31
                                                           ------------------------------
Cash Flows from Operating Activities:                           2001            2000
                                                           -------------    -------------

<S>                                                       <C>              <C>

Net Income                                                 $   2,096,360    $   3,045,259


         Adjustments to Reconcile Net Income to Net Cash
         Flows from Operating Activities:
                  Gain on Termination of Leases                 (288,800)        (232,761)
                  Amortization of Capitalized
                    Securitization Costs                         179,152          210,591
                  Increase in Due to Affiliate                   175,158        1,281,816
                  Increase in Accrued Interest                   (41,768)         433,421
                                                           -------------    -------------
         Net Cash Flows from Operating Activities              2,120,102        4,738,326
                                                           -------------    -------------

Cash Flows from Investing Activities:

         Purchase of Direct Financing Leases
              from Originator                                       --       (234,462,674)
         Repayment of Direct Financing Leases                 15,794,782       30,403,636
         Proceeds on Termination of Leases                     2,754,049        2,830,440

                                                           -------------    -------------
         Net Cash Flows from Investing Activities             18,548,831     (201,228,598)
                                                           -------------    -------------

Cash Flows from Financing Activities:

         Proceeds from Notes Payable                                --        235,195,755
         Repayment on Notes Payable                          (20,267,739)     (23,299,936)
         Payment of Securitization Costs                         (17,850)      (1,711,419)
         Distributions to Parent                              (1,638,392)            --
                                                           -------------    -------------
         Net Cash Flows from Financing Activities            (21,923,981)     210,184,400
                                                           -------------    -------------
Net Increase in Cash                                          (1,255,048)      13,694,128
Cash at the Beginning of the Year                             12,814,085            1,000
                                                           -------------    -------------
Cash at the End of the Year                                $  11,559,037    $  13,695,128
                                                           =============    =============

Supplemental Disclosures:
         Cash Paid during the Period for Interest          $   2,608,014    $   2,953,692
         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, and retail trade industries,
     representing approximately 42%, 12% and 10% of the Company's minimum lease
     payments receivable at August 31, 2001.

     Restricted Cash-The Company is required to maintain a reserve fund equal to
     $2,412,264 at August 31, 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                    $ 51,609,630                    $  4,924,160
            2003                      46,439,810                       6,702,341
            2004                      24,576,505                       3,800,760
            2005                       8,654,990                       3,357,926
            2006                         242,510                         122,821

            Thereafter                    84,614                           1,021
                                    ------------                    ------------
                                    $131,608,059                    $ 18,909,029
                                    ============                    ============

</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 May 31, 2001                $  3,739,859
         Additions                                             152,578
         Charge-offs                                          (363,577)
         Defaulted leases                                   (1,072,472)
         Recoveries                                             45,836
                                                          ------------
         Ending Balance at August 31, 2001                $  2,502,224
                                                          ============

</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 cash payments for the quarters
     ended August 31, 2001 and 2000 totaling $268,039 and $442,667 in servicing
     fees, respectively. Also, the servicer has not been reimbursed for advances
     of $1,623,687 as of August 31, 2001 which are reflected on the balance
     sheet as due to affiliate.

5.   Notes Payable

      Notes payable at August 31, 2001 consisted of :
      Six classes of Receivable-Backed Notes at rates of
      7.36% to 8.14% maturing through November 2005              $ 126,061,783
                                                                 =============


<PAGE>


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


     The aggregate maturities of the notes payable as of August 31, 2001 are as
     follows:


        Years Ending May 31,
        --------------------
                2002                    $ 51,310,860
                2003                      43,617,336
                2004                      22,068,091
                2005                       9,065,496
                                        ------------
               Total                    $126,061,783
                                        ============



     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 $4,022,753 and $6,686,807 for the three months ended
          August 31, 2001 and 2000, respectively. For these periods, revenues
          from leasing equipment under direct financing leases accounted for 79%
          and 94% 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 will continue
          throughout the remaining term of the leases.

               Other income increased by $657,426 as a result of the number of
          customers renewing their lease contracts at the end of their
          contractual payment period. In general, once a customer has 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 $3,000,444 and $4,040,374 during the three months
          ended August 31, 2001 and 2000, respectively. Interest expense
          comprised 86% and 84% of total expenses during these periods. The
          decrease in interest expense was wholly 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 operations 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>


     Item 3. Quantitative And Qualitative Disclosures About Market Risk

          The 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 August
          31, 2001:

<TABLE>
<CAPTION>

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

<S>                               <C>                        <C>

         2002                       $       51,310,860                 7.50%
         2003                               43,617,336                 7.54%
         2004                               22,068,091                 7.55%
         2005                                9,065,496                 7.55%
                                    ------------------
         Total                      $      126,061,783
                                    ==================

</TABLE>


PART II           OTHER INFORMATION


     Item 6. Exhibits and Reports on Form 8-K

         (A) Reports on Form 8-K

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

               On July 25, 2001 the Registrant filed a report on Form 8-K to
               file under Item 5 of the Form, Servicer report information.

               On August 24, 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: October 15, 2001