**UNITED
      STATES****SECURITIES
      AND EXCHANGE COMMISSION****Washington,
      D.C. 20549****____________________****FORM
      10-QSB****[X]
      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934****For
      the fiscal quarter ended March 31, 2005.****[
      ] 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.)********200
      Nyala Farms Road****.********Westport,
      CT 06880****(Address
      of principal executive offices) (Zip code)********Registrant's
      telephone number, including area code: (203)
    341-0555****_______________________**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. YesXNoTransitional
      Small Business Disclosure Format: YesNoXAggregate
      market value of voting stock: N/A
 
  
  
 **PROFESSIONAL
      LEASE MANAGEMENT INCOME FUND I, L.L.C.****(A
      Delaware Limited Liability Company)****CONDENSED
      BALANCE SHEETS**(in
      thousands of dollars, except unit amounts)
 
 March
      31,
    
    December
      31,2005
    
    2004(unaudited)**Assets**Equipment
      held for operating leases, at cost
    $
    90,370
    
    
    $
    91,773Less
      accumulated depreciation
    
    (55,586
    )
    
    
    (55,143
    )Net
      equipment
    
    34,784
    
    
    
    36,630Cash
      and cash equivalents
    
    10,114
    
    
    
    15,646Accounts
      and other receivables, less of allowance for doubtfulaccounts
      of $178 in 2005 and $73 in 2004
    
    3,348
    
    
    
    3,575Equity
      investments in affiliated entities
    
    759
    
    
    
    904Other
      assets, net of accumulated amortization of$177
      in 2005 and $141 in 2004
    
    867
    
    
    
    1,175Total
      assets
    $
    49,872
    
    
    $
    57,930**Liabilities
      and members’ equity**Liabilities:Accounts
      payable and accrued expenses
    $
    300
    
    
    $
    445Due
      to affiliates
    
    351
    
    
    
    284Reserves
      for repairs
    
    1,810
    
    
    
    1,756Lessee
      deposits and prepaid revenues
    
    906
    
    
    
    952Note
      payable
    
    --
    
    
    
    10,000Total
      liabilities
    
    3,367
    
    
    
    13,437Commitments
      and contingenciesMembers'
      equity:Class
      A members (4,971,311 units)
    
    46,505
    
    
    
    44,493Class
      B member
    
    --
    
    
    
    --Total
      members' equity
    
    46,505
    
    
    
    44,493Total
      liabilities and members' equity
    $
    49,872
    
    
    $
    57,930
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  
 **PROFESSIONAL
      LEASE MANAGEMENT INCOME FUND I, L.L.C.****(A
      Delaware Limited Liability Company)****CONDENSED
      STATEMENTS OF INCOME**(in
      thousands of dollars, except weighted-average Class A unit
      amounts)
 (unaudited)
 
 For
      the Three MonthsEnded
      March 31,2005
    
    
    
    2004**Revenues**Lease
      revenue
    $
    5,173
    
    
    $
    5,368Interest
      and other income
    
    39
    
    
    
    35Gain
      on disposition of equipment
    
    186
    
    
    
    223Total
      revenues
    
    5,398
    
    
    
    5,626**Expenses**Depreciation
    
    1,450
    
    
    
    1,791Operations
      support
    
    1,229
    
    
    
    1,959Management
      fees to affiliate
    
    287
    
    
    
    275Interest
      expense
    
    42
    
    
    
    245General
      and administrative expenses to affiliates
    
    163
    
    
    
    111Other
      general and administrative expenses
    
    251
    
    
    
    417Provision
      for (recovery of) bad debt expense
    
    101
    
    
    
    (269
    )Total
      expenses
    
    3,523
    
    
    
    4,529Equity
      in net income of equity investments
    
    137
    
    
    
    153Net
      income
    $
    2,012
    
    
    $
    1,250**Members'
      share of net income**Class
      A members
    $
    2,012
    
    
    $
    1,250Class
      B member
    
    --
    
    
    
    --Total
    $
    2,012
    
    
    $
    1,250Net
      income per weighted-average Class A unit
    $
    0.40
    
    
    $
    0.25
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
   **PROFESSIONAL
      LEASE MANAGEMENT INCOME FUND I, L.L.C.****(A
      Delaware Limited Liability Company)****CONDENSED
      STATEMENTS OF CHANGES IN MEMBERS' EQUITY****For
      the Period from December 31, 2004 to March 31,
    2005**(in
      thousands of dollars)
 (unaudited)
 
 
 Class
      A
    
    Class
      B
    
    TotalMembers'
      equity as of December 31, 2004
    $
    44,493
    
    
    $
    --
    
    
    $
    44,493Net
      income
    
    2,012
    
    
    
    --
    
    
    
    2,012Members'
      equity as of March 31, 2005
    $
    46,505
    
    
    $
    --
    
    
    $
    46,505
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  
 **PROFESSIONAL
      LEASE MANAGEMENT INCOME FUND I, L.L.C.****(A
      Delaware Limited Liability Company)****CONDENSED
      STATEMENTS OF CASH FLOWS**(in
      thousands of dollars)(unaudited)
 
 For
      the Three MonthsEnded
      March 31,2005
    
    2004**Operating
      activities**Net
      income
    
    $
    2,012
    
    $
    1,250Adjustments
      to reconcile net incometo
      net cash provided by (used in) operating activities:Depreciation
    
    
    1,450
    
    
    1,791Amortization
      of debt placement costs
    
    
    36
    
    
    4Provision
      for (recovery of) bad debts
    
    
    101
    
    
    (269
    )Gain
      on disposition of equipment
    
    
    (186
    )
    
    (223
    )Equity
      in net income from equity investments
    
    
    (137
    )
    
    (153
    )Distributions
      from equity investments
    
    
    282
    
    
    281Changes
      in operating assets and liabilities:Accounts
      and other receivables
    
    
    126
    
    
    220Other
      assets
    
    
    202
    
    
    (48
    )Accounts
      payable and accrued expenses
    
    
    (145
    )
    
    551Due
      to affiliates
    
    
    67
    
    
    43Reserve
      for repairs
    
    
    54
    
    
    (85
    )Lessee
      deposits and prepaid revenues
    
    
    (46
    )
    
    (34
    )Net
      cash provided by operating activities
    
    
    3,816
    
    
    3,328**Investing
      activities**Decrease
      in restricted cash
    
    
    --
    
    
    60Payments
      on finance lease receivable
    
    
    70
    
    
    --Proceeds
      from disposition of equipment
    
    
    582
    
    
    466Net
      cash provided by investing activities
    
    
    652
    
    
    526**Financing
      activities**Payments
      of notes payable
    
    
    (10,000
    )
    
    --Net
      cash used in financing activities
    
    
    (10,000
    )
    
    --Net
      (decrease) increase in cash and cash equivalents
    
    
    (5,532
    )
    
    3,854Cash
      and cash equivalents at beginning of period
    
    
    15,646
    
    
    4,238Cash
      and cash equivalents at end of period
    
    $
    10,114
    
    $
    8,092**Supplemental
      information**Interest
      paid
    
    $
    6
    
    $
    --
 
 
 
 
 See
accompanying notes to unaudited condensed financial statements.
  
  **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 1.  Basis
of Presentation
 
 The
unaudited financial statements presented herein are prepared in conformity with
generally accepted accounting principles in the United States of America and the
instructions for preparing Form 10-QSB under Rule 310 of Regulation S-B of the
Securities and Exchange Commission. Rule 310 provides that disclosures that
would substantially duplicate those contained in the most recent annual report
may be omitted from interim financial statements. The accompanying unaudited
condensed financial statements have been prepared on that basis and, therefore,
should be read in conjunction with the financial statements and notes presented
in the 2004 Annual Report (Form 10-KSB) of Professional Lease Management Income
Fund I, L.L.C. (the Fund) on file with the United States Securities and Exchange
Commission. Except as disclosed herein, there have been no material changes to
the information presented in the notes to the 2004 Annual Report in Form
10-KSB.
 
 In the
opinion of the management of PLM Financial Services, Inc. (FSI or the Manager)
all adjustments necessary, consisting primarily of normal recurring accruals, to
present fairly the Fund’s unaudited condensed balance sheets at March 31, 2005
and December 31, 2004, condensed statements of income for the three months ended
March 31, 2005 and 2004, condensed statements of changes in member’ equity for
the period from December 31, 2004 to March 31, 2005, and the condensed
statements of cash flows for the three months ended March 31, 2005 and 2004 have
been made and are reflected.
 
 2.  Schedule
of Fund Phases
 
 The Fund
may no longer use cash generated form operations or proceeds from asset
dispositions to purchase additional equipment.
 
 The Fund
will terminate on December 31, 2010, unless terminated earlier upon sale of all
equipment or by certain other events.
 
 3.  Reclassifications
 
 Certain
amounts previously reported have been reclassified to conform to the 2005
presentation. These reclassifications did not have any effect on total assets,
total liabilities, members’ equity, or net income.
 
 4.  Transactions
with Manager and Affiliates
 
 The
balance due to affiliates as of March 31, 2005 and December 31, 2004 represented
$0.4 million and $0.3 million, respectively, due to the Manager and its
affiliates for management fees.
 
 During
the three months ended March 31, 2005 and 2004, the Fund incurred management
fees and data processing and administrative expenses to FSI or its affiliates.
The components of these fees and expenses incurred to FSI or its affiliates were
as follows (in thousands of dollars):
 
 Owned
      Equipment
    
    Equity
      Investments2005
    
    2004
    
    2005
    
    2004Management
      fees
    
    $
    287
    
    $
    275
    
    $
    15
    
    $
    16Data
      processing and administrativeexpenses
    
    
    163
    
    
    111
    
    
    3
    
    
    2
 
  
  **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 5.  Equipment
 
 The
components of owned equipment were as follows (in thousands of
dollars):
 
 March
      31,
      2005
    
    
    December
      31,
      2004Railcars
    $
    32,675
    
    $
    33,865Marine
      containers
    
    30,201
    
    
    30,414Marine
      vessel
    
    17,000
    
    
    17,000Aircraft
    
    10,494
    
    
    10,49490,370
    
    
    91,773Less
      accumulated depreciation
    
    (55,586
    
    
    (55,143Net
      equipment
    $
    34,784
    
    $
    36,630
 
 Equipment
held for operating leases is stated at cost less depreciation and any
impairments to the carrying value.
 
 As of
March 31, 2005, all owned equipment in the Fund’s portfolio was on lease except
for eight railcars with a net book value of $0.1 million. As of December 31,
2004, all owned equipment in the Fund's portfolio was on lease except for 64
railcars with a net book value of $0.4 million.
 
 During
the three months ended March 31, 2005, the Fund disposed of marine containers
and railcars with a net book value of $0.4 million for proceeds of $0.6 million
which resulted in a gain of $0.2 million. During the three months ended March
31, 2004, the Fund disposed of marine containers and railcars with a net book
value of $0.2 million for proceeds of $0.5 million which resulted in a gain of
$0.2 million.
 
 6.  Equity
Investments in Affiliated Entities
 
 The Fund
owns equipment jointly with affiliated programs. These are single purpose
entities that do not have any debt or other financial encumbrances.
 
 Ownership
interest is based on the Fund’s contribution towards the cost of the asset in
the equity investments. The Fund’s proportional share of equity and income
(loss) in each entity is not necessarily the same as its ownership interest. The
primary reason for this difference has to do with certain fees such as
management and acquisition and lease negotiation fees varying among the owners
of the equity investments. The Fund’s equity interest in the net income (loss)
of equity investments is reflected net of management fees
incurred.
  
  **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 6.  Equity
Investments in Affiliated Entities (continued)
 
 The
tables below set forth 100% of the lease revenues and interest and other income,
gain on disposition of equipment, indirect expenses, and net income (loss) of
the entities in which the Fund has an interest, and the Fund‘s proportional
share of income (loss) in each entity for the three months ended March 31, 2005
and 2004 (in thousands of dollars):
 
 TWA
    
    TWA
    
    PLMFor
      the three months ended
    
    S/N
      49183
    
    MD-82
    
    WorldwideMarch
      31, 2005
    
    Trust1
    
    Trust2
    
    Leasing3
    
    Total
 
 Lease
      revenues and interest and other income
    $
    308
    
    $
    308
    
    $
    312Gain
      on disposition of equipment
    
    --
    
    
    --
    
    
    5Less:
      Depreciation
    
    --
    
    
    314
    
    
    --Indirect
      expenses
    
    19
    
    
    20
    
    
    308Net
      income (loss)
    $
    289
    
    $
    (26
    )
    $
    9Fund’s
      share of net income (loss)
    $
    144
    
    $
    (9
    )
    $
    2
    
    $
    137
 
 
 TWA
    
    TWAFor
      the three months ended
    
    S/N
      49183
    
    MD-82March
      31, 2004
    
    Trust1
    
    Trust2
    
    Total
 
 Lease
      revenues and interest and other income
    $
    326
    
    $
    326Less:
      Depreciation
    
    --
    
    
    314Indirect
      expenses
    
    20
    
    
    20Net
      income (loss)
    $
    306
    
    $
    (8
    )Fund’s
      share of net income
    $
    153
    
    $
    --
    
    
    $
    153
 
 As of
March 31, 2005 and December 31, 2004, all jointly-owned equipment in the Fund’s
equity investment portfolio was on lease.
  
 1
    The
      Fund owns a 50% interest in the TWA S/N 49183 Trust that owns an MD-82
      stage III commercial aircraft.
 2  The Fund
owns a 50% interest in the TWA MD-82 Trust that owns an MD-82 stage III
commercial aircraft.
 3 .  The Fund
owns a 25% interest in PLM Worldwide Leasing Corp.
  
  **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 7.
    Operating
      Segments
 
 The Fund
operates in five different segments: marine container leasing, aircraft leasing,
railcar leasing, marine vessel leasing and trailer leasing. Each equipment
leasing segment engages in short-term to mid-term operating leases to a variety
of customers. There were no intersegment revenues for the three months ended
March 31, 2005 and 2004.
 
 The
following tables present a summary of the operating segments (in thousands of
dollars):
 
 Marine
    
    
    
    
    
    
    
    MarineFor
      the three months ended
    
    Vessel
    
    Aircraft
    
    Railcar
    
    Trailer
    
    ContainerMarch
      31, 2005
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Other1
    
    TotalRevenuesLease
      revenue
    
    $
    2,714
    
    $
    252
    
    $
    1,002
    
    $
    --
    
    $
    1,205
    
    $
    --
    
    $
    5,173Interest
      income and other income
    
    
    --
    
    
    9
    
    
    2
    
    
    --
    
    
    --
    
    
    28
    
    
    39Gain
      on disposition of equipment
    
    
    --
    
    
    --
    
    
    64
    
    
    --
    
    
    122
    
    
    --
    
    
    186Total
      revenues
    
    
    2,714
    
    
    261
    
    
    1,068
    
    
    --
    
    
    1,327
    
    
    28
    
    
    5,398ExpensesDepreciation
    
    
    237
    
    
    --
    
    
    650
    
    
    --
    
    
    563
    
    
    --
    
    
    1,450Operations
      support
    
    
    1,061
    
    
    7
    
    
    148
    
    
    --
    
    
    13
    
    
    --
    
    
    1,229Management
      fees to affiliate
    
    
    136
    
    
    6
    
    
    71
    
    
    14
    
    
    60
    
    
    --
    
    
    287Interest
      expense
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    42
    
    
    42General
      and administrative expenses
    
    
    29
    
    
    10
    
    
    193
    
    
    --
    
    
    --
    
    
    182
    
    
    414Provision
      for (recovery of) bad debts
    
    
    --
    
    
    170
    
    
    (69
    )
    
    --
    
    
    --
    
    
    --
    
    
    101Total
      expenses
    
    
    1,463
    
    
    193
    
    
    993
    
    
    14
    
    
    636
    
    
    224
    
    
    3,523Equity
      in net income of equityinvestments
    
    
    --
    
    
    137
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    137Net
      income (loss)
    
    $
    1,251
    
    $
    205
    
    $
    75
    
    $
    (14
    )
    $
    691
    
    $
    (196
    )
    $
    2,012Total
      assets as of March 31, 2005
    
    $
    6,845
    
    $
    1,152
    
    $
    18,252
    
    $
    536
    
    $
    12,819
    
    $
    10,268
    
    $
    49,872
 
 
 Marine
    
    
    
    
    
    
    
    MarineFor
      the three months ended
    
    Vessel
    
    Aircraft
    
    Railcar
    
    Trailer
    
    ContainerMarch
      31, 2004
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Leasing
    
    Other2
    
    TotalRevenuesLease
      revenue
    
    $
    2,584
    
    $
    341
    
    $
    930
    
    $
    279
    
    $
    1,234
    
    $
    --
    
    $
    5,368Interest
      income and other income
    
    
    --
    
    
    20
    
    
    --
    
    
    --
    
    
    --
    
    
    15
    
    
    35Gain
      on disposition of equipment
    
    
    --
    
    
    --
    
    
    190
    
    
    --
    
    
    33
    
    
    --
    
    
    223Total
      revenues
    
    
    2,584
    
    
    361
    
    
    1,120
    
    
    279
    
    
    1,267
    
    
    15
    
    
    5,626ExpensesDepreciation
    
    
    257
    
    
    --
    
    
    757
    
    
    91
    
    
    686
    
    
    --
    
    
    1,791Operations
      support
    
    
    1,627
    
    
    10
    
    
    136
    
    
    167
    
    
    19
    
    
    --
    
    
    1,959Management
      fees to affiliate
    
    
    129
    
    
    7
    
    
    62
    
    
    15
    
    
    62
    
    
    --
    
    
    275Interest
      expense
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    245
    
    
    245General
      and administrative expenses
    
    
    17
    
    
    109
    
    
    132
    
    
    34
    
    
    --
    
    
    236
    
    
    528Recovery
      of bad debts
    
    
    --
    
    
    (264
    )
    
    (4
    )
    
    (1
    )
    
    --
    
    
    --
    
    
    (269
    )Total
      expenses
    
    
    2,030
    
    
    (138
    )
    
    1,083
    
    
    306
    
    
    767
    
    
    481
    
    
    4,529Equity
      in net income of equityinvestments
    
    
    --
    
    
    153
    
    
    --
    
    
    --
    
    
    --
    
    
    --
    
    
    153Net
      income (loss)
    
    $
    554
    
    $
    652
    
    $
    37
    
    $
    (27
    )
    $
    500
    
    $
    (466
    )
    $
    1,250
 
 
 1
    Includes
      certain assets not identifiable to a specific segment such as cash and
      certain other assets. Also includes certain interest income and costs not
      identifiable to a particular segment, such as interest expense, and
      certain general and administrative and operations support
      expenses.
 2
    Includes
      certain interest income and costs not identifiable to a particular
      segment, such as interest expense, and certain general and administrative
      and operations support expenses.
  
  **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 8.  Net
Income Per Weighted-Average Class A Unit
 
 Net
income per weighted-average Class A unit was computed by dividing net income
attributable to the 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, 2005 and 2004
was 4,971,311 units.
 
 9.  Accounts
and Other Receivables
 
 Accounts
and other receivables represent balances due from current or former lessees for
unpaid balances incurred from leasing Fund owned equipment. The components of
accounts and other receivables were as follows (in thousands of
dollars):
  March
      31,
    
    December
      31,2005
    
    2004Trade
      accounts receivable
    
    $
    3,163
    
    $
    2,786Other
      receivable
    
    
    363
    
    
    862Allowance
      for doubtful accounts
    
    
    (178
    )
    
    (73
    )$
    3,348
    
    $
    3,575
 At March
31, 2005 and December 31, 2004, the balance in other receivable was due from a
former aircraft lessee for past due lease payments and in settlement for
returning aircraft not in accordance with the lease agreement. The other
receivable is scheduled to be fully paid by April 2005. Interest accrues at a
rate of 5% on the outstanding other receivable balance.
 
 At March
31, 2005, the bankruptcy of a lessee that leased two owned aircraft indicated to
the Manager that the outstanding receivables from this lessee of $0.2 million
may be uncollectible. At March 31, 2005, the Manager reserved this balance as a
bad debt.
 
 10.  Other
Assets
 
 The
components of the other assets, net, were as follows (in thousands of
dollars):
  March
      31,
    
    December
      31,2005
    
    2004Finance
      lease receivable
    
    $
    469
    
    $
    538Prepaid
      expenses
    
    
    209
    
    
    343Inventory
    
    
    184
    
    
    253Debt
      placement fees, net
    
    
    -
    
    
    36Other
      assets
    
    
    5
    
    
    5$
    867
    
    $
    1,175
 
 11.  Debt
 
 During
January 2005, the Fund prepaid its outstanding note payable plus accrued
interest. There was no pre-payment penalty associated with the payment of the
note payable.
  
  
 **PROFESSIONAL
LEASE MANAGEMENT INCOME FUND I, L.L.C.**
 **(A
Delaware Limited Liability Company)**
 **NOTES
TO CONDENSED FINANCIAL STATEMENTS**
 **(unaudited)**
 
 12.  Concentrations
of Credit Risk
 
 For the
three months ended March 31, 2005 and 2004 , the
Fund’s customer that accounted for 10% or more of the total revenues for the
owned equipment and jointly owned equipment was Capital Leasing (15% in 2005 and
2004).
 
 As of
March 31, 2005 and December 31, 2004, the Fund’s customers that accounted for
10% or more of the total accounts receivable for the owned equipment and jointly
owned equipment were Capital Leasing (18% in 2005 and 28% in 2004), Stena Bulk
LLC (48% in 2005 and 27% in 2004), Varig South America (11% in 2005 and 21% in
2004) and Cronos Group (12% in 2005 and 10% in 2004).
 
 As of
March 31, 2005 and December 31, 2004, the Manager believed the Fund had no other
significant concentrations of credit risk that could have a material adverse
effect on the Fund
 
 13.  Recent
Accounting Pronouncements
 
 In March
2004, Financial Accounting Standards Board's (FASB's) Emerging Issues Task Force
(EITF) released Issue No. 03-1, “The Meaning of Other-Than-Temporary Impairment
and Its Application to Certain Investments" (EITF 03-1). EITF 03-1 provides
guidance for determining whether impairment for certain debt and equity
investments is other-than-temporary and the measurement of an impaired loss.
Certain disclosure requirements of EITF 03-1 were adopted in 2003 and the Fund
has complied with the new disclosure requirements in its consolidated financial
statements. The recognition and measurement requirements of EITF 03-1 were
initially effective for reporting periods beginning after June 15, 2004. In
September 2004, the FASB Staff issued FASB Staff Position (FSP) EITF 03-1-1 that
delayed the effective date for certain measurement and recognition guidance
contained in EITF 03-1.  The FSP requires that entities continue to apply
previously existing “other-than-temporary” guidance until a final consensus is
reached. The Manager does not anticipate that issuance of a final consensus will
materially impact the Fund’s financial condition or results of
operations.
 
 In
December 2004, FASB issued Statement 153, "Exchanges of Non-monetary Assets"
(Statement 153), an amendment of Accounting Principles Board Opinion No. 29.
Statement 153 is effective for non-monetary asset exchanges occurring in fiscal
periods beginning after June 15, 2005. Statement 153 eliminates the exception to
fair value for exchanges of similar productive assets and replaces it with a
general exception for exchange transactions that do not have commercial
substance - that is, transactions that are not expected to result in significant
changes in the cash flows of the reporting entity.  The Manager does not
believe that the adoption of Statement 153 will have a significant effect on its
financial statements.
 
 14. Subsequent
Event
 
 During
April 2005, the Manager declared a cash distribution of $0.50 per Class A
unitholder to be paid on May 20, 2005 to the record holders as of that date. The
total cash distribution to the Class A unitholders and the Manager is $2.5
million and $0.4 million, respectively.
 
 
  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, 2005 and
2004
 
 (A)  Owned
Equipment Operations
 
 Lease
revenues less operations support on owned equipment increased during the three
months ended March 31, 2005, compared to the same period of 2004. Gains from the
sale of equipment, interest and other income and certain expenses such as
management fees to affiliate, depreciation, interest expense and general and
administrative expenses relating to the operating segments (see Note 7 to the
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 operations support by segment (in thousands of
dollars):
 
 For
      the Three MonthsEnded
      March 31,2005
    
    2004Marine
      vessel
    $
    1,653
    
    
    $
    957Marine
      containers
    
    1,192
    
    
    
    1,215Railcars
    
    854
    
    
    
    794Aircraft
    
    245
    
    
    
    331Trailers
    
    --
    
    
    
    112
 
 Marine
vessel:  Marine
vessel lease revenues and operations support were $2.7 million and $1.1 million,
respectively, for the three months ended March 31, 2005, compared to $2.6
million and $1.6 million, respectively, during the same period of 2004. Lease
revenues increased $0.1 million in the three months ended March 31, 2005
compared to the same period of 2004 due to a higher lease rate being earned on
the Fund’s marine vessel. Direct operating expenses decreased $0.4 million due
to lower voyage expenses and decreased $0.2 million due to fewer repairs and
maintenance requirements during the three months ended March 31, 2005 compared
to the same period of 2004.
 
 Marine
containers:  Marine
container lease revenues and operations support were $1.2 million and $13,000,
respectively, for the three months ended March 31, 2005, compared to $1.2
million and $19,000, respectively, during the same period of 2004. The Fund's
marine containers currently on a fixed rate lease will be switching to a lease
based on utilization starting the second quarter of 2005. The Manager expects
that this will result in a significant decrease in lease revenues.
 
 Railcars:  Railcar
lease revenues and operations support were $1.0 million and $0.1 million,
respectively, for the three months ended March 31, 2005, compared to $0.9
million and $0.1 million, respectively, during the same period of 2004. An
increase in railcar lease revenues of $0.1 million during the three months ended
March 31, 2005 was due an increase in utilization of the Fund's owned railcars
compared to 2004.
 
 Aircraft:  Aircraft
lease revenues and operations support were $0.3 million and $7,000,
respectively, for the three months ended March 31, 2005, compared to $0.3
million and $10,000, respectively, during the same period of 2004. A decrease in
contribution of $0.1 million was due to the sale of one of the Fund's owned
aircraft in 2004 that was on lease for the entire first quarter of
2004.
 
 Trailers:  Trailer
operating lease revenues and operations support decreased in the first quarter
of 2005 due to all of the Fund's trailers being placed on a direct finance lease
in 2004.
  
  
 (B)  Indirect
expenses Related to Owned Equipment Operations
 
 Total
indirect expenses of $2.3 million for the three months ended March 31, 2005
decreased from $2.6 million for the same period in 2004. Significant variances
are explained as follows:
 
 (i)  A $0.3
million decrease in depreciation expense from 2004 levels reflecting a decrease
of $0.2 million caused by the double-declining balance method of depreciation
which results in greater depreciation in the first years an asset is owned and a
decrease of $0.1 million caused by the Fund's trailer portfolio being placed in
a direct finance lease in 2004;
 
 (ii)  A $0.2
million decrease in interest expense was due to lower average borrowings
outstanding during the three months ended March 31, 2005 compared to the same
period in 2004;
 
 (iii)  A $0.1
million decrease in general and administrative expenses during the three months
ended March 31, 2005 was due to lower administrative cost associated with the
return of aircraft and collection of bad debts from lessees incurred in 2004.
Similar events did not occur in 2005; and
 
 (iv)  Provision
for (recovery of) bad debts decreased $0.4 million in the first three months of
2005 compared to the same period of 2004. During 2005, provision for bad debts
of $0.1 million was based on the Manager’s evaluation of the collectability of
receivables. During 2004, recovery of bad debts of $0.3 million was due to the
collection of receivables that had been previously reserved for as a bad
debt.
 
 (C)  Gain on
Disposition of Owned Equipment
 
 Gain on
disposition of owned equipment for the first quarter of 2005 totaled $0.2
million which resulted from the sale of marine containers and railcars with a
net book value of $0.4 million for proceeds of $0.6 million. Gain on disposition
of owned equipment for the three months ended March 31, 2004 totaled $0.2
million which resulted from the disposition of marine containers and railcars
with a net book value of $0.2 million for proceeds of $0.5 million.
 
 (D)  Equity in
Net Income of Equity Investment
 
 Equity in
net income of equity investments represents the Fund's share of the net income
generated from the operation of jointly owned assets accounted for under the
equity method of accounting. These entities are single purpose and have no debt
or other financial encumbrances.
 
 The
following equity investments discussion is based on the Fund's proportional
share of revenues, depreciation expense, operations support, and administrative
expenses in the equity investments:
 
 As of
March 31, 2005 and 2004, the Fund owned interests in two trusts that each own a
commercial aircraft and an interest in an entity owning other aircraft related
assets. During the three months ended March 31, 2005 and 2004, lease revenues of
$0.3 million were partially offset by depreciation expense, operations support,
and administrative expenses of $0.2 million.
 
 (E)  Net
Income
 
 As a
result of the foregoing, the Fund had net income of $2.0 million for the three
months ended March 31, 2005, compared to net income of $1.3 million during the
same period of 2004. The Fund's ability to 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 three months ended March 31,
2005 is not necessarily indicative of future periods.
 
 (II)  CRITICAL
ACCOUNTING POLICIES AND ESTIMATES
 
 The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires PLM Financial
Services, Inc. (FSI or the Manager) to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. On a
regular basis, the Manager reviews these estimates, including those related to
asset lives and depreciation methods, impairment of long-lived assets, allowance
for doubtful accounts, reserves related to legally mandated equipment
repairs ** and
contingencies and litigation. These estimates are based on the Manager's
historical experience and on various other assumptions believed to be reasonable
under the circumstances. Actual results may differ from these estimates under
different assumptions or conditions. The Manager believes, however, that the
estimates, including those for the above-listed items, are reasonable and that
actual results will not vary significantly from the estimated
amounts.
 
 The
Manager believes the following critical accounting policies affect the more
significant judgments and estimates used in the preparation of the Fund's
financial statements:
 
 Revenue
recognition: Revenues are generally earned by placing the equipment under
operating leases. A portion of the Fund's marine containers are leased to
operators of utilization-type leasing pools that include equipment owned by
unaffiliated parties. In such instances, revenues earned by the Fund consist of
a specified percentage of the total revenues generated by leasing the pooled
equipment to sublessees after deducting certain direct operating expenses of the
pooled equipment. The Fund’s marine vessel is operating on short-term leases
which usually have a duration of less than one year. Rents for the remaining
equipment are based on fixed rates.
 
 The Fund
has owned trailers that were transferred into a direct finance lease during
2004. The revenues from the direct finance lease are primarily interest income
and are based on a monthly amortization schedule.
 
 Asset
lives and depreciation methods: The Fund’s primary business involves the
purchase and subsequent lease of long-lived transportation and related
equipment. The Manager has chosen asset lives that it believes correspond to the
economic life of the related asset. Depreciation is computed using the
double-declining balance method, taking a full month's depreciation in the month
of acquisition based upon estimated useful lives of 15 years for railcars and 12
years for all other equipment. The depreciation method changes to straight line
when annual depreciation expense using the straight-line method exceeds that
calculated by the double-declining balance method. The Manager has chosen a
deprecation method that it believes matches the benefit to the Fund from the
asset with the associated costs. These judgments have been made based on the
Manager’s expertise in each equipment segment that the Fund operates. If the
asset life and depreciation method chosen does not reduce the book value of the
asset to at least the potential future cash flows from the asset to the Fund,
the Fund would be required to record an impairment loss. Likewise, if the net
book value of the asset was less than the fair value, the Fund may record a gain
on sale upon final disposition of the asset.
 
 Impairment
of long-lived assets: Whenever there is an indicator that an impairment may
exist such as when cash-flows decrease, there are unexpected maintenance issues
or when economic conditions deteriorate in the market the equipment operates,
the Manager reviews the carrying value of its equipment and equity investments
in affiliated entities to determine if the carrying value of the assets may not
be recoverable in consideration of the current economic conditions. This
requires the Manager to make estimates related to future cash flows from each
asset as well as the determination if the deterioration is temporary or
permanent. If these estimates or the related assumptions change in the future,
the Fund may be required to record additional impairment charges.
 
 Allowance
for doubtful accounts: The Fund maintains allowances for doubtful accounts for
estimated losses resulting from the inability of the lessees to make the lease
payments. These estimates are primarily based on the amount of time that has
lapsed since the related payments were due as well as specific knowledge related
to the ability of the lessees to make the required payments. If the financial
condition of the Fund’s lessees were to deteriorate, additional allowances could
be required that would reduce income. Conversely, if the financial condition of
the lessees were to improve or if legal remedies to collect past due amounts
were successful, the allowance for doubtful accounts may need to be reduced and
income would be increased.
 
 Reserves
for repairs: The Fund accrues for legally required repairs to equipment such as
dry docking for marine vessels and engine overhauls to aircraft engines over the
period prior to the required repairs. The amount that is reserved is based on
the Manager’s expertise in each equipment segment, the past history of such
costs for that specific piece of equipment and discussions with independent,
third party equipment brokers. If the amount reserved is not adequate to cover
the cost of such repairs or if the repairs must be performed earlier than the
Manager estimated, the Fund would incur additional repair and maintenance or
equipment operating expenses.
 
 Contingencies
and litigation: The Fund is subject to legal proceedings involving ordinary and
routine claims related to its business. The ultimate legal and financial
liability with respect to such matters cannot be estimated with certainty and
requires the use of estimates in recording liabilities for potential litigation
settlements. Estimates for losses from litigation are disclosed if considered
possible and accrued if considered probable after consultation with outside
counsel. If estimates of potential losses increase or the related facts and
circumstances change in the future, the Fund may be required to record
additional litigation expense.
 
 (III)  FINANCIAL
CONDITION - CAPITAL RESOURCES AND LIQUIDITY
 
 For the
three months ended March 31, 2005, the Fund generated cash from operations of
$3.8 million to meet its operating obligations, and pay debt and interest on the
Fund's debt and maintain working capital reserves.
 
 During
the three months ended March 31, 2005, the Fund disposed of owned equipment for
proceeds of $0.6 million.
 
 Accounts
and other receivables decreased $0.2 million in the three months ended March 31,
2005. The decrease from the collection of $0.5 million from the other receivable
was partially offset by an increase of $0.3 million due to the timing of lease
receipts.
 
 Equity
investments in affiliated entities decreased $0.1 million during the three
months ended March 31, 2005 due to cash distributions of $0.3 million from the
equity investments to the Fund being partially offset by income of $0.1 million
that was recorded by the Fund for its interests in the equity
investments.
 
 Other
assets decreased $0.3 million during the three months ended March 31, 2005. A
decrease of $0.1 million was caused by the amortization of insurance expenses
during the first three months of 2005, a decrease of $0.1 million was due to the
cash payments received on the finance lease receivable and a decrease of $0.1
million was due to lower fuel inventory on the Fund's owned marine
vessel.
 
 Accounts
payable decreased $0.1 million during the three months ended March 31, 2005 due
to the timing of payments to vendors.
 
 Due to
affiliates increased $0.1 million during the three months ended March 31, 2005
due to timing of payments to affiliates.
 
 Reserve
for repairs increased $0.1 million during the three months ended March 31, 2005
due to the accrual of marine vessel dry-docking reserves.
 
 Notes
payable decreased $10.0 million during the three months ended March 31, 2005. In
January 2005, the Fund prepaid its outstanding note payable plus accrued
interest. There was no pre-payment penalty associated with the payment of the
note payable.
 
 In April
2005, the Manager declared a cash distribution of $0.50 per Class A unitholder
to be paid on May 20, 2005 to the record holders as of that date. The total cash
distribution to the Class A unitholders and the Manager is $2.5 million and $0.4
million, respectively.
 
 (IV)  RECENT
ACCOUNTING PRONOUNCEMENTS
 
 In March
2004, Financial Accounting Standards Board's (FASB's) Emerging Issues Task Force
(EITF) released Issue No. 03-1, “The Meaning of Other-Than-Temporary Impairment
and Its Application to Certain Investments" (EITF 03-1). EITF 03-1 provides
guidance for determining whether impairment for certain debt and equity
investments is other-than-temporary and the measurement of an impaired loss.
Certain disclosure requirements of EITF 03-1 were adopted in 2003 and the Fund
has complied with the new disclosure requirements in its consolidated financial
statements. The recognition and measurement requirements of EITF 03-1 were
initially effective for reporting periods beginning after June 15, 2004. In
September 2004, the FASB Staff issued FASB Staff Position (FSP) EITF 03-1-1 that
delayed the effective date for certain measurement and recognition guidance
contained in EITF 03-1.  The FSP requires that entities continue to apply
previously existing “other-than-temporary” guidance until a final consensus is
reached. The Manager does not anticipate that issuance of a final consensus will
materially impact the Fund’s financial condition or results of
operations.
 
 In
December 2004, FASB issued Statement 153, "Exchanges of Non-monetary Assets"
(Statement 153), an amendment of Accounting Principles Board Opinion No. 29.
Statement 153 is effective for non-monetary asset exchanges occurring in fiscal
periods beginning after June 15, 2005. Statement 153 eliminates the exception to
fair value for exchanges of similar productive assets and replaces it with a
general exception for exchange transactions that do not have commercial
substance - that is, transactions that are not expected to result in significant
changes in the cash flows of the reporting entity.  The Manager does not
believe that the adoption of Statement 153 will have a significant effect on its
financial statements.
 
 (V)  OUTLOOK
FOR THE FUTURE
 
 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.
 
 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 these factors 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.
 
 The Fund
intends to use future cash flow from operations to satisfy the operating
requirements and make cash distributions to the Members.
 
 In April
2005, the Manager declared a cash distribution of $0.50 per Class A unitholder
to be paid on May 20, 2005 to the record holders as of that date. The total cash
distribution to the Class A unitholders and the Manager is $2.5 million and $0.4
million, respectively.
 
 Factors
affecting the Fund’s operations in the remainder of 2005 and beyond
include:
 
 (1)  Demand
for marine containers is closely tied to worldwide economic conditions.
Utilization of the Fund's marine containers is expected to be in the 90 - 95%
range in 2005 with lease rates increasing slightly.
 
 Approximately
5,800 or 41% of the Fund's marine containers, are currently on a fixed lease
that will convert to a utilization based lease in 2005. As the market for marine
containers is softer than the period during which they were placed on the fixed
rate lease and the marine containers are several years older, lease revenues on
these marine containers is expected to decrease up to 20% when the fixed rate
lease expires;
 
 (2)  Economic
recovery in the railcar segment continues to be strong. Overall railcar loadings
are forecast to grow approximately 6% in 2005. Railcar manufacturers now have
full production schedules until the first quarter of 2006 for tank railcars
similar to the tank railcars that the Fund owns.
 
 The
Fund's railcar fleet is largely used by a broadly defined chemical sector.
Chemical and petroleum railcar loadings are projected to grow at a substantially
higher rate this year than the 3% per year long run average. The continuation of
high steel prices have resulted in increases in the price of a new tank railcars
and lease rates have now increased in response this price increase. While this
improves returns for railcar lessors in the short run, reduced railcar
availability and higher lease costs along with railroad operating inefficiencies
may cause the chemical industry growth to slow and perhaps cause chemical
producers to shift to other forms of transportation. Also, there are a number of
potential new railroad operating requirements and regulations which, if adopted,
could increase the cost of railcar ownership. At present, the Fund's tank
railcar fleet is highly utilized and appears to be in a position to remain so
for the foreseeable future.
 
 The
Manager believes that the market for the Fund's railcars will remain strong for
several years. The Manager has engaged an investment banking firm to explore
strategic alternatives with respect to its railcar operations which could
include the sale of the Fund owned railcars;
 
 (3)  The
Fund’s product tanker marine ** vessel
is designated as a Clean Product Carrier and as such transports and trades on
voyage and term charters with Clean Petroleum Products such as gasoline, jet
fuel, clean diesel oil, condensate, etc. and on occasion clean chemicals in
liquid form, an
approach that provides the flexibility to adapt to changes in market
conditions *.* Demand
for commodity-based shipping is closely tied to worldwide economic growth
patterns, which can affect demand by causing changes in specific grade volume on
trade routes.
 
 The
Fund’s product tanker has continued to operate with very little idle time
between charters.  Freight rates for marine vessels continued to improve
due to the demand for sea transportation resulting from improving economies
worldwide. The demand is expected to continue until additional new tonnage
starts coming on line in late 2005 through 2006. Demand for refined products
worldwide and home heating oil on United States due to cold weather and East
Coast helped to keep the charter rates up at or near 2004 highs during the first
quarter of 2005. Ongoing rates are expected to begin to show sign of decreasing
during the spring and summer months of 2005, as high gasoline prices are
expected to slow down demand.
 
 The
marine vessel owned by the Fund is almost 20 years old which may limit its
future marketability. Marine vessels 20 years of age typically earn a lower
lease rate than newer marine vessels and may have increased off-hire time;
 
 (4)  Market
demand for new and used aircraft has been severely impacted by the poor
financial condition of the airline industry.
 
 The
Manager believes that the commercial aviation industry is recovering from
several years of reduced travel; however, the Manager views the recovery with
caution as major increases in the cost of fuel has added another factor to
further weakening yields. The Manager believes that stabilization of fuel prices
will be critical for the recovery in the airline industry to continue.
 
 The
Manager also believes that there is a significant oversupply of commercial
aircraft available that has caused a decrease in aircraft fair market values.
 
 In March
2005, the lessee of the Fund’s two Boeing 737-200 aircraft declared bankruptcy.
At this point, the Manger is reviewing it options, which include repossessing
the aircraft. Given that the aircraft are in excess of 25 years old and that the
aircraft leasing market for equipment of this age is weak, if the Fund takes
possession of the aircraft, it may take a considerable period of time to release
or sell them;
 
 (5)  The Fund
is expected to continue to have increased general and administrative costs as
the Manager liquidates other investments programs that currently share certain
general and administrative expenses; and
 
 (6)  Beginning
in 2006, in order to prevent the Fund from being considered publicly traded and
to avoid taxation of the Fund as an association treated as a corporation under
the Internal Revenue Code, the Manager will limit the number of Class A units to
be traded to 2% per year of the total outstanding units.
 
 Several
other factors may affect the Fund's operating performance in the remainder of
2005 and beyond, including changes in the markets for the Fund's equipment and
changes in the regulatory environment in which the equipment
operates.
 
 The
Manager may elect to sell certain underperforming equipment, equipment whose
continued operation may become prohibitively expensive, or has a greater
strategic value to others. The Manager intends to re-lease or sell equipment at
prevailing market rates; however, the Manager cannot predict these future rates
with any certainty at this time and cannot accurately assess the effect of such
activity on future Fund performance. The proceeds from the sold or liquidated
equipment will be used to fund operations and make cash distributions to the
members.
 
 Cash flow
and disposition proceeds generated from operations after January 1, 2003 cannot
be used to purchase additional equipment. The Fund will terminate on December
31, 2010, unless terminated earlier upon sale of all equipment or by certain
other events.
 
 Cash
distributions when paid to the members generally consist of both a return of and
a return on capital. Cash distributions do not represent and are not indicative
of yield on investment. Actual yield on investment cannot be determined with any
certainty until conclusion of the Fund and will be dependent upon the collection
of all future contracted rent, the generation of renewal and/or re-lease rents
and the residual value realized for each asset at its disposal.
 
 (VI)  FORWARD-LOOKING INFORMATION
 
 Except
for the historical information contained herein, this Form 10-QSB 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-QSB should be read as being
applicable to all related forward-looking statements wherever they appear in
this Form 10-QSB. There are a number of important factors that could cause
actual results to differ materially from those expressed in any forward-looking
statements made herein. These factors include, but are not limited to, the
collection of the Fund’s contracted rents, the realization of residual proceeds,
and future economic conditions.
 
 ITEM
3.  CONTROLS
AND PROCEDURES
 
 Limitations
on the Effectiveness of Controls
 
 The
Manager’s management, including it’s President and Chief Financial Officer
(CFO), does not expect that our internal controls or disclosure control will
prevent all errors and all fraud. A control system, no matter how well conceived
and operated, can provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a control
system must reflect the fact that there are resource constraints, and the
benefits of controls must be considered relative to their costs.
 
 Because
of the inherent limitations in all control systems, no evaluation of control can
provide absolute assurance that all control issues and instances of fraud, if
any, within the Fund have been detected. These inherent limitations include the
realities that judgments in decision-making can be faulty and that breakdowns
can occur because of a simple error or mistake. Additionally, controls can be
circumvented by the individual acts of some persons, collusion of two or more
people, or by management override of the control. The design of any system of
controls also is based partly on certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions.
 
 Notwithstanding
the forgoing limitations, we believe that our internal controls and disclosure
control provide reasonable assurances that the objectives of our control system
are met.
 
 Quarterly
Evaluation of the Fund’s Disclosure Controls and Internal
Controls
 
 (1)  Within
the 90-day period prior to the filing of this report, the Manager carried out an
evaluation, under the supervision and with the participation of the Manager’s
management, including it’s President and CFO, of the effectiveness of the design
and operation of the Fund’s disclosure controls and procedures pursuant to Rule
13a-14 under the Securities Exchange Act of 1934 (the “Exchange Act”). Based
upon that evaluation, the President and CFO concluded that the Fund’s disclosure
controls and procedures are effective in timely alerting them to material
information relating to the Fund’s required to be included in the Fund’s
exchange act filings.
 
 (2)  There
have been no significant changes in the Fund’s internal controls or in other
factors which could significantly affect internal controls subsequent to the
date the Manager carried out its evaluations.
 
 
  
  
 **PART
II - OTHER INFORMATION**
 
 ITEM
4.  SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 None.
 
 ITEM
5.  OTHER
INFORMATION
 
 None.
 
 ITEM
6.  EXHIBITS
AND REPORTS ON FORM 8-K
 
 (a)  Exhibits
 
 31.1
    Certificate
      of President of the Manager pursuant to Section 302 of Sarbanes - Oxley
      Act.
 
 31.2
    Certificate
      of Chief Financial Officer of the Manager pursuant to Section 302 of
      Sarbanes - Oxley Act.
 
 32.1
    Certificate
      of President of the Manager pursuant to Section 906 of Sarbanes - Oxley
      Act.
 
 32.2
    Certificate
      of Chief Financial Officer of the Manager pursuant to Section 906 of
      Sarbanes - Oxley Act.
 
 (b)  Reports
on Form 8-K
 
 None.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 (This
space intentionally left blank)
 
  
  
 
 
 
 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.
 
 
 
 PLM
PROFESSIONAL LEASE MANAGEMENT INCOME FUND I
 
 By:  PLM
Financial Services, Inc.
 Manager
 
 
 
 Date:  May 10,
2005  By:  /s/
Richard K Brock
 Richard K
Brock
 Chief
Financial Officer