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 fiscal quarter ended March 31, 2001

[ ]  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 0-28376

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



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
             (Exact name of registrant as specified in its charter)


                Delaware                                  94-3209289
     (State or other jurisdiction of                   (I.R.S. Employer
     incorporation or organization)                   Identification No.)

    One Market, Steuart Street Tower
      Suite 800, San Francisco, CA                        94105-1301
(Address of principal executive offices)                  (Zip code)


       Registrant's telephone number, including area code: (415) 974-1399

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

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>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                                 BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)


                                                          March 31, December 31,
                                                            2001       2000
                                                          --------   --------
Assets

Equipment held for operating leases                       $ 95,159   $ 92,921
Less accumulated depreciation                              (46,933)   (44,197)
                                                          --------   --------
                                                            48,226     48,724
Equipment held for sale                                       --        3,200
                                                          --------   --------
    Net equipment                                           48,226     51,924

Cash and cash equivalents                                   14,240     11,291
Restricted cash                                                846        813
Accounts receivable, less allowance for doubtful accounts
      of $58 in 2001 and $48 in 2000                         1,839      2,283
Investment in unconsolidated special-purpose entities        4,622      5,155
Debt placement fees, less accumulated amortization
      of $74 in 2001 and $70 in 2000                           103        107
Prepaid expenses and other assets                              111        110
                                                          --------   --------
      Total assets                                        $ 69,987   $ 71,683
                                                          ========   ========

Liabilities and members' equity

Liabilities:
Accounts payable and accrued expenses                     $    834   $    555
Due to affiliates                                              954        917
Lessee deposits and reserves for repairs                     4,282      4,541
Note payable                                                22,000     22,000
                                                          --------   --------
    Total liabilities                                       28,070     28,013
                                                          --------   --------

Members' equity:
Class A members (4,971,311 units as of March 31, 2001
      and December 31, 2000)                                41,917     43,670
Class B member                                                --         --
                                                          --------   --------
    Total members' equity                                   41,917     43,670
                                                          --------   --------

       Total liabilities and members' equity              $ 69,987   $ 71,683
                                                          ========   ========

                 See accompanying notes to financial statements.

                                      -1-
<PAGE>


<TABLE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                              STATEMENTS OF INCOME
         (in thousands of dollars, except weighted-average unit amounts)
<CAPTION>
                                                               For the Three Months
                                                                  Ended March 31,
                                                                  2001      2000
                                                                ------------------
<S>                                                             <C>        <C>
Revenues

Lease revenue                                                   $ 4,527    $ 5,789
Interest and other income                                           204        147
Net gain on disposition of equipment                                977       --
                                                                -------    -------
    Total revenues                                                5,708      5,936
                                                                -------    -------
Expenses

Depreciation and amortization                                     2,752      2,901
Repairs and maintenance                                             586        627
Equipment operating expenses                                        514        759
Interest expense                                                    403        463
Insurance expense                                                   197         83
Management fees to affiliate                                        240        312
General and administrative expenses to affiliates                   210        258
Other general and administrative expenses                           251        218
                                                                -------    -------
    Total expenses                                                5,153      5,621
                                                                -------    -------
Equity in net loss of unconsolidated special-purpose entities        (2)       (92)
                                                                -------    -------
      Net income                                                $   553    $   223
                                                                =======    =======
Members' share of net income (loss)

Class A members                                                 $   114    $  (216)
Class B member                                                      439        439
                                                                -------    -------
       Total                                                    $   553    $   223
                                                                =======    =======

Net income (loss) per weighted-average Class A unit             $  0.02    $ (0.04)
                                                                =======    =======
Cash distributions                                              $ 2,306    $ 2,785
                                                                =======    =======
Cash distributions per weighted-average Class A units           $  0.38    $  0.47
                                                                =======    =======
<FN>
                 See accompanying notes to financial statements.
</FN>
</TABLE>

                                      -2-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                  STATEMENTS OF CHANGES IN MEMBERS' EQUITY For
               the period from December 31, 1999 to March 31, 2001
                            (in thousands of dollars)



                                            Class A     Class B      Total
                                            --------------------------------

  Members' equity as of December 31, 1999   $ 50,598    $   --      $ 50,598

Net income                                     3,066       1,755       4,821

Purchase of Class A units                        (48)       --           (48)

Cash distribution                             (9,946)     (1,755)    (11,701)
                                            --------    --------    --------

  Members' equity as of December 31, 2000     43,670        --        43,670

Net income                                       114         439         553

Cash distribution                             (1,867)       (439)     (2,306)
                                            --------    --------    --------

  Members' equity as of March 31, 2001      $ 41,917    $   --      $ 41,917
                                            ========    ========    ========

                 See accompanying notes to financial statements.


                                      -3-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                            STATEMENTS OF CASH FLOWS
                            (in thousands of dollars)


                                                            For the Three Months
                                                              Ended March 31,
                                                             2001        2000
                                                           --------------------
Operating activities

Net income                                                 $    553    $    223
Adjustments to reconcile net income to net cash
      provided by (used in) operating activities:
  Depreciation and amortization                               2,752       2,901
  Net gain on disposition of equipment                         (977)       --
  Equity in net loss of unconsolidated
        special-purpose entities                                  2          92
  Changes in operating assets and liabilities:
    Restricted cash                                             (33)       (253)
    Accounts receivable, net                                    444          86
    Prepaid expenses and other assets                            (1)         27
    Accounts payable and accrued expenses                       279         891
    Due to affiliates                                            37          62
    Lessee deposits and reserves for repairs                   (259)        358
                                                           --------    --------
        Net cash provided by operating activities             2,797       4,387
                                                           --------    --------

Investing activities

Payments for purchase of equipment and capitalized
      improvements                                           (2,261)     (5,605)
Proceeds from disposition of equipment                        4,188        --
Distributions from unconsolidated special-purpose
      entities                                                  531         562
                                                           --------    --------
      Net cash provided by (used in) investing activities     2,458      (5,043)
                                                           --------    --------

Financing activities

Cash distributions to Class A members                        (1,867)     (2,346)
Cash distributions to Class B Member                           (439)       (439)
Purchase of Class A units                                      --           (48)
                                                           --------    --------
      Net cash used in financing activities                  (2,306)     (2,833)
                                                           --------    --------

Net increase (decrease) in cash and cash equivalents          2,949      (3,489)
Cash and cash equivalents at beginning of period             11,291      11,597
                                                           --------    --------
Cash and cash equivalents at end of period                 $ 14,240    $  8,108
                                                           ========    ========

Supplemental information
Interest paid                                              $   --      $   --
                                                           ========    ========

                See accompanying notes to financial statements.

                                      -4-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001


1.   Opinion of Management

     In the opinion of the  management of PLM Financial  Services,  Inc. (FSI or
     the Manager),  the accompanying  unaudited financial statements contain all
     adjustments  necessary,  consisting primarily of normal recurring accruals,
     to present fairly the financial  position of Professional  Lease Management
     Income Fund I,  L.L.C.  (the Fund) as of March 31,  2001 and  December  31,
     2000,  the  statements  of income for the three months ended March 31, 2001
     and 2000, the statements of changes in members'  equity for the period from
     December 31, 1999 to March 31, 2001,  and the  statements of cash flows for
     the three months  ended March 31, 2001 and 2000.  Certain  information  and
     note  disclosures  normally  included in financial  statements  prepared in
     accordance  with  generally  accepted   accounting   principles  have  been
     condensed  or  omitted  from the  accompanying  financial  statements.  For
     further  information,  reference should be made to the financial statements
     and notes thereto included in the Fund's Annual Report on Form 10-K for the
     year ended  December  31,  2000,  on file at the  Securities  and  Exchange
     Commission.

2.   Schedule of Fund Phases

     Beginning in the Fund's  seventh  year of  operations,  which  commences on
     January 1, 2003,  the Manager will stop  purchasing  additional  equipment.
     Surplus cash, if any, less reasonable reserves,  will be distributed to the
     partners.  Between  the eighth and tenth years of  operations,  the Manager
     intends to orderly liquidate the Fund's assets.  The Fund will terminate on
     December 31, 2010, unless terminated earlier upon sale of all equipment and
     certain other events.

3.   Cash Distributions

     Cash distributions are recorded when paid and may include amounts in excess
     of net income that are considered to represent a return of capital. For the
     three months ended March 31, 2001 and 2000, cash distributions totaled $2.3
     million and $2.8 million,  respectively.  Cash distributions to the Class A
     unitholders  of $1.8  million and $2.3  million for the three  months ended
     March  31,  2001 and  2000,  respectively,  were  deemed  to be a return of
     capital.

     Cash  distributions  related to the results from the first quarter of 2001,
     of $0.8 million, will be paid during the second quarter of 2001.

4.   Transactions with Manager and Affiliates

     The balance due to  affiliates  as of March 31, 2001 and December 31, 2000,
     included $0.2 million due to FSI and its affiliates for management fees and
     $0.7  million due to  affiliated  unconsolidated  special-purpose  entities
     (USPEs).

     The Fund's  proportional share of  USPE-affiliated  management fees payable
     was  $40,000  and  $20,000  as of March 31,  2001 and  December  31,  2000,
     respectively.


                                      -5-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

4.   Transactions with Manager and Affiliates (continued)

     The Fund's  proportional share of the expenses incurred by the USPEs during
     2001 and 2000 is listed in the following table (in thousands of dollars):

                                                       For the Three Months
                                                          Ended March 31,
                                                        2001           2000
                                                     --------------------------

    Management fees                                  $      37      $     35
    Data processing and administrative
       expenses                                             19            12

5.   Equipment

     Owned equipment held for operating leases is stated at cost. Equipment held
     for sale is stated at the lower of the equipment's depreciated cost or fair
     value,  less cost to sell,  and is subject to a pending  contract for sale.
     The  components  of  owned  equipment  were as  follows  (in  thousands  of
     dollars):

                                          March 31,            December 31,
                                            2001                   2000
                                       ---------------------------------------

  Marine containers                     $   31,413             $    29,160
  Aircraft                                  20,605                  20,605
  Railcars                                  19,505                  19,520
  Marine vessels                            17,000                  17,000
  Trailers                                   6,636                   6,636
                                       ---------------------------------------
                                            95,159                  92,921
  Less accumulated depreciation            (46,933)                (44,197)
                                       ---------------------------------------
                                            48,226                  48,724
  Equipment held for sale                       --                   3,200
                                       ---------------------------------------
        Net equipment                   $   48,226             $    51,924
                                       =======================================

     As of March 31, 2001,  all owned  equipment in the Fund's  portfolio was on
     lease,  except for 61 railcars with a carrying value of $0.6 million. As of
     December 31, 2000,  all owned  equipment in the Fund portfolio was on lease
     except for 66 railcars with a net book value of $0.7 million.

     During the three months ended March 31, 2001, the Fund purchased 860 marine
     containers for a total cost of $2.3 million.  During the three months ended
     March 31, 2000, the Fund purchased 2,445 marine containers and ten trailers
     for a total cost of $5.6 million.

     During the three months ended March 31, 2001, the Fund disposed of a marine
     vessel that was held for sale at December 31, 2000, a marine  container and
     railcars  for an  aggregate  net book value of $3.2  million for  aggregate
     proceeds of $4.2 million. During the three months ended March 31, 2000, the
     Fund did not dispose of any owned equipment.

                                      -6-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

6.   Investments in Unconsolidated Special-Purpose Entities

     The net investments in USPEs included the following jointly-owned equipment
     (and related assets and liabilities) (in thousands of dollars):
<TABLE>
<CAPTION>

                                                                              March 31,              December 31,
                                                                                 2001                    2000
                                                                          ---------------------------------------------
<S>                                                                        <C>                    <C>
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                    $         3,320        $            3,534
     50% interest in an entity owning a container feeder vessel                        706                       700
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                                596                       921
                                                                          ---------------------------------------------
         Net investments                                                   $         4,622        $            5,155
                                                                          =============================================
</TABLE>

     As of March 31, 2001 and December 31, 2000, all jointly-owned  equipment in
     the Fund's USPE portfolio was on lease.

7.   Operating Segments

<TABLE>
     The Fund  operates  in five  different  segments:  marine  vessel  leasing,
     aircraft  leasing,  railcar  leasing,  trailer leasing and marine container
     leasing.  Each equipment  leasing segment engages in short-term to mid-term
     operating leases to a variety of customers.  The following tables present a
     summary of the operating segments (in thousands of dollars):
<CAPTION>
                                            Marine                                    Marine
                                            Vessel    Aircraft   Railcar   Trailer    Container   All
    For the quarter ended March 31, 2001   Leasing    Leasing    Leasing   Leasing    Leasing    Other1      Total
    ------------------------------------   -------    -------    -------   -------    -------    ------      -----
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
    Revenues
      Lease revenue                        $ 1,023   $  1,014   $    835  $    261   $  1,394  $     --   $  4,527
      Interest income and other                 --         --         --        --         --       204        204
      Net gain on disposition of               965         --         11        --          1        --        977
    equipment
                                          -------------------------------------------------------------------------
        Total revenues                       1,988      1,014        846       261      1,395       204      5,708

    Costs and expenses
      Operations support                       948          8        160       102         19        60      1,297
      Depreciation and amortization            444        579        323       100      1,302         4      2,752
      Interest expense                          --         --         --        --         --       403        403
      Management fees to affiliate              51         51         56        13         69        --        240
      General and administrative expenses       26          6         15        30          9       375        461
                                          -------------------------------------------------------------------------
        Total costs and expenses             1,469        644        554       245      1,399       842      5,153
                                          -------------------------------------------------------------------------
    Equity in net income (loss) of USPEs       (45)        43         --        --         --        --         (2)
                                          -------------------------------------------------------------------------
        Net income (loss)                  $   474   $    413   $    292  $     16   $     (4) $   (638)  $    553
                                          =========================================================================

    Total assets as of March 31, 2001      $11,187   $  5,281   $  9,411  $  2,633   $ 27,021  $ 14,454   $ 69,987
                                          =========================================================================
<FN>
     -------------------------------------
     1    Includes  interest  income and costs not  identifiable to a particular
          segment,  such as amortization  expense,  interest expense and certain
          operations support and general and administrative expenses.
</FN>
</TABLE>

                                      -7-
<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001

7.   Operating Segments (continued)
<TABLE>
<CAPTION>
                                           Marine                                     Marine
                                           Vessel   Aircraft    Railcar   Trailer    Container   All
    For the quarter ended March 31, 2000  Leasing    Leasing    Leasing   Leasing    Leasing    Other1      Total
    ------------------------------------  -------    -------    -------   -------    -------    ------      -----
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
    Revenues
      Lease revenue                        $ 2,212   $  1,014   $    966  $  1,030   $    567  $     --   $  5,789
      Interest income and other                  1          2         --        --         --       144        147
                                          -------------------------------------------------------------------------
        Total revenues                       2,213      1,016        966     1,030        567       144      5,936

    Costs and expenses
      Operations support                     1,118          9        115       215          2        10      1,469
      Depreciation and amortization          1,155        579        376       369        417         5      2,901
      Interest expense                          --         --         --        --         --       463        463
      Management fees to affiliate             110         51         63        60         28        --        312
      General and administrative expenses       13          2         26       231         --       204        476
                                          -------------------------------------------------------------------------
        Total costs and expenses             2,396        641        580       875        447       682      5,621
                                          -------------------------------------------------------------------------
    Equity in net loss of USPEs                (64)       (23)        --        --         --        (5)       (92)
                                          -------------------------------------------------------------------------
        Net income (loss)                  $  (247)  $    352   $    386  $    155   $    120  $   (543)  $    223
                                          =========================================================================

    Total assets as of March 31, 2000      $26,079   $  9,771   $ 10,920  $  9,342   $ 13,611  $  9,511   $ 79,234
                                          =========================================================================
</TABLE>

8.   Net Income (Loss) Per Weighted-Average Class A Unit

     Net  income  (loss)  per  weighted-average  Class A unit  was  computed  by
     dividing  net  income  (loss)  attributable  to  Class  A  members  by  the
     weighted-average  number of Class A units  deemed  outstanding  during  the
     period.  The  weighted-average  number of Class A units deemed  outstanding
     during the three months ended March 31, 2001 and 2000 was 4,971,311 units.

9.   Subsequent Event

     During April 2001,  the Manager  entered into a joint $15.0 million  credit
     facility on behalf of the Fund, PLM Equipment  Growth Fund VI (EGF VI), PLM
     Equipment  Growth and Income Fund VII (EGF VII),  and Acquisub LLC (ACQ), a
     wholly owned subsidiary of PLM International which is the parent company of
     FSI. The facility provides interim financing of up to 100% of the aggregate
     book  value of  eligible  equipment  owned by the Fund,  as  defined in the
     credit  agreement.  The Fund,  EGF VI, EGF VII,  and ACQ  collectively  may
     borrow up to $15.0 million of this facility.  Outstanding borrowings by one
     borrower  reduce the amount  available to each of the other borrowers under
     the facility. Individual borrowings may be outstanding for no more than 270
     days, with all advances due no later than April 12, 2002.  Interest accrues
     at either the prime  rate or  adjusted  LIBOR  plus 2.0% at the  borrower's
     option  and is set at the time of an advance  of funds.  Borrowings  by the
     Fund are guaranteed by PLM International.


     -------------------------------------
     1    Includes  certain  interest  income  and costs not  identifiable  to a
          particular segment, such as amortization expense, interest expense and
          certain operations support and general and administrative expenses.


                                      -8-
<PAGE>

ITEM 2.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION  AND
          RESULTS OF OPERATIONS

(I)  RESULTS OF OPERATIONS

Comparison of the  Professional  Lease  Management  Income Fund I, L.L.C.'s (the
Fund's) Operating Results for the Three Months Ended March 31, 2001 and 2000

(A)   Owned Equipment Operations

Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the first  quarter of 2001,  compared  to the same  quarter of
2000. Gains or losses from the sale of equipment,  interest and other income and
certain   expenses  such  as  depreciation  and  amortization  and  general  and
administrative  expenses  relating to the operating  segments (see Note 7 to the
unaudited  financial  statements),  are  not  included  in the  owned  equipment
operation  discussion  because  they are  indirect in nature and not a result of
operations  but the result of owning a portfolio  of  equipment.  The  following
table presents  lease revenues less direct  expenses by segment (in thousands of
dollars):

                                           For the Three Months
                                              Ended March 31,
                                           2001             2000
                                        ----------------------------

  Marine containers                     $  1,375          $   565
  Aircraft                                 1,006            1,005
  Railcars                                   675              851
  Trailers                                   159              815
  Marine vessels                              75            1,094

Marine containers: Marine container lease revenues and direct expenses were $1.4
million and $19,000,  respectively,  for the first quarter of 2001,  compared to
$0.6  million  and $0,  respectively,  during the same  quarter of 2000.  Marine
container  contribution  increased  due to the purchase of marine  containers in
2000 and the first quarter of 2001.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $1.0 million and
$8,000,  respectively,  for the first quarter of 2001,  compared to $1.0 million
and $9,000, respectively, during the same quarter of 2000. Aircraft contribution
was nearly unchanged due to the stability of the aircraft fleet.

Railcars:  Railcar lease revenues and direct expenses were $0.8 million and $0.2
million,  respectively,  for the first quarter of 2001, compared to $1.0 million
and $0.1 million,  respectively,  during the same quarter of 2000. Lease revenue
decreased  due to a group of  railcars  being off lease in the first  quarter of
2001 that were on lease in the first quarter of 2000.  Expenses increased due to
running repairs  required on certain of the railcars during the first quarter of
2001, that were not needed during the same period in 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.3 million and $0.1
million,  respectively,  for the first quarter of 2001, compared to $1.0 million
and $0.2 million,  respectively,  during the same quarter of 2000. Lease revenue
decreased  $0.6 million in the first quarter of 2001 compared to the same period
in 2000 due to the sale of 39% of the Fund's  trailers during 2000. In addition,
lease revenue  decreased $0.1 million due to lower  utilization on the remaining
trailer fleet.  Expenses  decreased in the first quarter of 2001 compared to the
same period in 2000 due to the sale of the Fund's trailers during 2000.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.0
million and $0.9 million,  respectively, for the first quarter of 2001, compared
to $2.2 million and $1.1 million, respectively, during the same quarter of 2000.
Lease  revenue  decreased  $1.2 million in the first quarter of 2001 compared to
the same  period in 2000 due to the sale of a total of three  marine  vessels in
2000 and the first quarter of 2001.  Direct expenses  decreased $0.3 million due
to the sale of a total of three marine  vessels in 2000 and the first quarter of
2001.  This decrease was offset,  in part, a $0.1 million  increase in operating
expenses  for one of the  Fund's  marine  vessels  in the first  quarter of 2001
compared to the same period in 2000.

                                      -9-
<PAGE>

(B)   Interest and Other Income

Interest and other  income  increased  $0.1  million due to higher  average cash
balances in the first quarter of 2001, compared to the same period in 2000.

(C)   Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $3.9  million for the quarter  ended March 31, 2001
decreased from $4.2 million for the same period in 2000.

     (i) A $0.1 million decrease in depreciation and amortization  expenses from
2000  levels  resulted  from  a $0.1  million  decrease  due  to the  use of the
double-declining   balance   depreciation   method  which   results  in  greater
depreciation  the first years an asset is owned and a decrease  of $0.9  million
resulting from the sale of equipment.  These decreases were partially  offset by
an  increase  of $0.9  million in  depreciation  expense  from the  purchase  of
equipment during 2000 and the first quarter of 2001.

     (ii)A $0.1 million  decrease in  management  fees to  affiliate  was due to
lower lease revenues on owned equipment in 2001 compared to 2000.

     (iii) A $0.1 million  decrease in interest expense was due to lower average
borrowings  outstanding during the quarter ended March 31, 2001, compared to the
same period in 2000. In December 2000, the Fund paid the first annual  principal
payment of $3.0 million of the outstanding debt.

     (iv)A $15,000  decrease in general and  administrative  expenses during the
three  months  ended  March  31,  2001  was due to lower  costs of $0.1  million
resulting from the sale of the Fund's  trailers during 2000 compared to the same
period of 2000 offset,  in part, by an increase of $0.1 million  resulting  from
allocations by the Manager due to severance costs related to staff reductions.

(D)  Net Gain on Disposition of Owned Equipment

Net gain on  disposition of equipment for the first quarter of 2001 totaled $1.0
million which resulted from the sale or disposition of a marine vessel, a marine
container and railcars  with an aggregate  net book value of $3.2  million,  for
proceeds of $4.2 million.  There were no  dispositions of equipment in the first
quarter of 2000.

(E)   Equity in Net Income (Loss) of Unconsolidated Special-Purpose Entities

Net income (loss) generated from the operation of jointly-owned assets accounted
for under the equity  method is shown in the following  table by equipment  type
(in thousands of dollars).

                                                       For the Three Months
                                                          Ended March 31,
                                                       2001             2000
                                                    ----------------------------

  Aircraft                                          $     43            $ (23)
  Marine vessel                                          (45)             (64)
  Other                                                   --               (5)
                                                    ----------------------------
         Equity in net loss of USPEs                $     (2)           $ (92)
                                                    ============================

Aircraft:  As of March 31, 2001 and 2000, the Fund owned interests in two trusts
that each owns a commercial aircraft. During the first quarter of 2001 and 2000,
aircraft lease revenues were $0.5 million offset by expenses of $0.5 million.

Marine  vessel:  As of March 31,  2001 and 2000,  the Fund had an interest in an
entity that owns a marine vessel.  Marine vessel revenues and expenses were $0.2
million and $0.2 million, respectively, for the first quarter of 2001 and 2000.

(F)  Net Income

                                      -10-
<PAGE>

As a result of the  foregoing,  the Fund had net income of $0.6  million for the
first  quarter of 2001,  compared to net income of $0.2 million  during the same
period of 2000.  The Fund's  ability to acquire,  operate and liquidate  assets,
secure leases,  and re-lease those assets whose leases expire is subject to many
factors.  Therefore,  the Fund's performance in the first quarter of 2001 is not
necessarily indicative of future periods. In the first quarter of 2001, the Fund
distributed $1.9 million to Class A members, or $0.38 per weighted-average Class
A unit.

(II)  FINANCIAL CONDITION -- CAPITAL RESOURCES AND LIQUIDITY

For the three months ended March 31, 2001, the Fund generated  operating cash of
$3.3 million (net cash provided by operating  activities,  plus  non-liquidating
distributions   from  USPEs)  to  meet  its  operating   obligations   and  make
distributions  (total of $2.3  million for three months ended March 31, 2001) to
the partners.

During the three  months  ended March 31, 2001,  the Fund  purchased  860 marine
containers for a total cost of $2.3 million.

During the three  months  ended March 31,  2001,  the Fund  disposed of a marine
vessel,  a marine container and railcars for an aggregate net book value of $3.2
million for aggregate proceeds of $4.2 million.

Accounts  receivable  decreased $0.4 million during the three months ended March
31, 2001 due to the timing of cash receipts.

Investments in USPEs decreased $0.5 million primarily due to cash  distributions
to the Fund from USPEs in the three months ended March 31, 2001.

Accounts payable  increased $0.3 million during the three months ended March 31,
2001  compared to December 31, 2000 due to the $0.4 million  accrual of interest
expense for the Fund's  outstanding note which is paid semi annually offset,  in
part, by a decrease of $0.1 million in trade accounts payable resulting from the
timing of payments of invoices to the vendors.

Lessee deposits and reserve for repairs  decreased $0.3 million during the three
months ended March 31, 2001. Marine vessel  dry-docking  reserves decreased $0.4
million due to the payment of dry docking expenses. This decrease was offset, in
part, by an increase of $0.1 million in reserves for aircraft engine repairs due
to additional lessee payments.

During  April  2001,  the Manager  entered  into a joint  $15.0  million  credit
facility on behalf of the Fund, PLM Equipment  Growth VI (EGF VI), PLM Equipment
Growth & Income  Fund VII (EGF VII),  and  Acquisub  LLC (ACQ),  a wholly  owned
subsidiary of PLM International which is the parent company of FSI. The facility
provides interim financing of up to 100% of the aggregate book value of eligible
equipment owned by the Fund, as defined in the credit  agreement.  The Fund, EGF
VI,  EGF VII,  and ACQ  collectively  may  borrow  up to $15.0  million  of this
facility.  Outstanding borrowings by one borrower reduce the amount available to
each of the other  borrowers  under the facility.  Individual  borrowings may be
outstanding for no more than 270 days, with all advances due no later than April
12, 2002.  Interest accrues at either the prime rate or adjusted LIBOR plus 2.0%
at  the  borrower's  option  and is set at the  time  of an  advance  of  funds.
Borrowings by the Fund are guaranteed by PLM International.

(III)    OUTLOOK FOR THE FUTURE

Several factors may affect the Fund's operating  performance in the remainder of
2001 and beyond,  including  changes in the markets for the Fund's equipment and
changes in the regulatory environment in which the equipment operates.

The Fund's  operation of a  diversified  equipment  portfolio in a broad base of
markets is intended to reduce its exposure to volatility in individual equipment
sectors.

Other  factors  affecting the Fund's  contribution  in the remainder of 2001 and
beyond include:

                                      -11-
<PAGE>

1. Marine vessel freight rates are dependent  upon the overall  condition of the
international  economy.  Freight rates earned by the Fund's marine vessels began
to  increase  during the later half of 2000 and would be expected to continue to
show improvement,  in the absence of new additional orders, would be expected to
continue and stabilize over the next one to two years.

2. Railcar  loadings in North  America for the first  quarter of 2001 were below
those of 2000. This decrease has led to lower utilization and lower contribution
to the Fund as existing leases expire and renewal leases are negotiated.

3. The cost of new marine  containers  have been at  historic  lows for the past
several  years  which has caused  downward  pressure on per diem lease rates for
this type of equipment.  Although,  there was some upward  pressure on container
prices  during the fourth  quarter of 2000,  this trend was reversed  during the
first quarter of 2001.

The ability of the Fund to realize  acceptable  lease rates on its  equipment in
the different equipment markets is contingent on many factors,  such as specific
market  conditions  and  economic  activity,   technological  obsolescence,  and
government or other regulations.  The unpredictability of some of these factors,
or of their  occurrence,  makes it difficult  for the Manager to clearly  define
trends or influences  that may impact the  performance of the Fund's  equipment.
The Manager continually  monitors both the equipment markets and the performance
of the Fund's  equipment in these markets.  The Manager may decide to reduce the
Fund's  exposure to equipment  markets if it determines  that it cannot  operate
equipment to achieve acceptable rates of return. Alternatively,  the Manager may
make  a  determination  to  enter  equipment   markets  in  which  it  perceives
opportunities  to  profit  from  supply/demand  instabilities  or  other  market
imperfections.

The Fund  intends to use excess cash flow,  if any,  after  payment of operating
expenses, the maintenance of working capital reserves, and cash distributions to
the members,  to acquire additional  equipment during the first six years of the
Fund's  operations  which ends on December 31, 2002. The Manager  believes these
acquisitions may cause the Fund to generate additional earning and cash flow for
the Fund.

(IV)  FORWARD-LOOKING INFORMATION

Except for the historical  information  contained herein, the discussion in this
Form  10-Q   contains   forward-looking   statements   that  involve  risks  and
uncertainties, such as statements of the Fund's plans, objectives, expectations,
and intentions.  The cautionary statements made in this Form 10-Q should be read
as being  applicable  to all related  forward-looking  statements  wherever they
appear in this Form 10-Q. The Fund's actual results could differ materially from
those discussed here.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Fund's  primary market risk exposure is that of currency  devaluation  risk.
During the three  months  ended March 31,  2001,  75% of the Fund's  total lease
revenues from wholly-and  partially-owned  equipment came from non-United States
domiciled  lessees.  Most of the leases require  payment in United States (U.S.)
currency.  If these lessee's  currency  devalues  against the U.S.  dollar,  the
lessees could encounter  difficulty in making the U.S. dollar  denominated lease
payment.

                                      -12-
<PAGE>

                          PART II -- OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

10.1     Warehousing  Credit  Agreement  among  PLM  International,   Inc.,  PLM
         Equipment  Growth  Fund VI,  PLM  Equipment  Growth & Income  Fund VII,
         Professional  Lease  Management  Income Fund I, LLC., and Imperial Bank
         and PFF Bank and trust dated April 13, 2001.

         (b)  Reports on Form 8-K

              None.





                                      -13-
<PAGE>

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.


                                            PROFESSIONAL LEASE MANAGEMENT
                                            INCOME FUND I, L.L.C.
                                            By: PLM Financial Services, Inc.
                                                Manager




Date: May 7, 2001                           By:
                                                -------------------------------
                                                Richard K Brock
                                                Chief Financial Officer


                                      -14-
<PAGE>

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.


                                            PROFESSIONAL LEASE MANAGEMENT
                                            INCOME FUND I, L.L.C.
                                            By: PLM Financial Services, Inc.
                                                Manager




Date: May 7, 2001                           By: /s/ Richard K Brock
                                                -------------------------------
                                                Richard K Brock
                                                Chief Financial Officer