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 June 30, 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.)

       120 Montgomery Street, Suite 1350
               San Francisco, CA                                 94104
   (Address of principal executive offices)                   (Zip code)


       Registrant's telephone number, including area code: (415) 445-3201
                             -----------------------

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)

<TABLE>
<CAPTION>

                                                                               June 30,         December 31,
                                                                                 2001                2000
                                                                           ------------------------------------
<S>                                                                          <C>                 <C>
ASSETS

Equipment held for operating lease                                           $   95,116          $   92,921
Less accumulated depreciation                                                   (49,464)            (44,197)
                                                                           ------------------------------------
                                                                                 45,652              48,724
Equipment held for sale                                                              --               3,200
                                                                           ------------------------------------
    Net equipment                                                                45,652              51,924

Cash and cash equivalents                                                        16,785              11,291
Restricted cash                                                                     879                 813
Accounts receivable, less allowance for doubtful accounts
      of $45 in 2001 and $48 in 2000                                              2,096               2,283
Investment in unconsolidated special-purpose entities                             3,625               5,155
Deferred charges, less accumulated amortization
      of $79  in 2001 and $70 in 2000                                                98                 107
Prepaid expenses and other assets                                                    72                 110
                                                                           ------------------------------------

      Total assets                                                           $   69,207          $   71,683
                                                                           ====================================

LIABILITIES AND MEMBERS' EQUITY

Liabilities:
Accounts payable and accrued expenses                                        $      698          $      555
Due to affiliates                                                                   198                 917
Lessee deposits and reserves for repairs                                          4,610               4,541
Note payable                                                                     22,000              22,000
                                                                           ------------------------------------
    Total liabilities                                                            27,506              28,013
                                                                           ------------------------------------

Members' equity:
Class A members (4,971,311 units as of June 30, 2001
      and December 31, 2000)                                                     41,701              43,670
Class B member                                                                       --                  --
                                                                           ------------------------------------
    Total members' equity                                                        41,701              43,670
                                                                           ------------------------------------

       Total liabilities and members' equity                                 $   69,207          $   71,683
                                                                           ====================================

</TABLE>












                 See accompanying notes to financial statements.


<PAGE>



               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)
<TABLE>
<CAPTION>

                                                         For the Three Months               For the Six Months
                                                            Ended June 30,                    Ended June 30,
                                                         2001           2000               2001           2000
                                                      -------------------------------------------------------------
<S>                                                   <C>            <C>                <C>            <C>
REVENUES

Lease revenue                                         $   4,505      $   5,787          $   9,031      $  11,576
Interest and other income                                   210            113                415            260
Net gain on disposition of equipment                          3              6                980              6
                                                      -------------------------------------------------------------
    Total revenues                                        4,718          5,906             10,426         11,842
                                                      -------------------------------------------------------------

EXPENSES

Depreciation and amortization                             2,563          3,396              5,315          6,297
Repairs and maintenance                                     504            464              1,090          1,091
Equipment operating expenses                                443            238                957            997
Interest expense                                            403            453                806            916
Insurance expense                                            57            109                254            192
Management fees to affiliate                                239            310                480            622
General and administrative expenses
      to affiliates                                          85            217                343            475
Other general and administrative expenses                   183            263                385            481
                                                      -------------------------------------------------------------
    Total expenses                                        4,477          5,450              9,630         11,071
                                                      -------------------------------------------------------------

Equity in net income (loss) of unconsolidated
      special-purpose entities                            1,005           (152)             1,003           (244)
                                                      -------------------------------------------------------------

      Net income                                      $   1,246      $     304          $   1,799      $     527
                                                      =============================================================

Members' share of net income (loss)

Class A members                                       $   1,027      $    (135)         $   1,141      $    (351)
Class B member                                              219            439                658            878
                                                      -------------------------------------------------------------

       Total                                          $   1,246      $     304          $   1,799      $     527
                                                      =============================================================

Class A members' net income (loss) per
      weighted-average Class A unit                   $    0.21      $   (0.03)         $    0.23      $   (0.07)
                                                      =============================================================

Cash distribution                                     $   1,462      $   3,066          $   3,768      $   5,852
                                                      =============================================================

Cash distribution per weighted-average
      Class A units                                   $    0.25      $    0.53          $    0.63      $    1.00
                                                      =============================================================
</TABLE>









                 See accompanying notes to financial statements.

<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 June 30, 2001
                            (in thousands of dollars)


<TABLE>
<CAPTION>
                                                          Class A             Class B               Total
                                                      ---------------------------------------------------------

<S>                                                   <C>                  <C>                 <C>
  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                                                     1,141                 658               1,799

Cash distribution                                             (3,110)               (658)             (3,768)
                                                      ---------------------------------------------------------

  Members' equity as of June 30, 2001                 $       41,701       $          --       $      41,701
                                                      =========================================================
</TABLE>































                 See accompanying notes to financial statements.


<PAGE>





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

<TABLE>
<CAPTION>

                                                                             For the Six Months
                                                                               Ended June 30,
                                                                          2001                 2000
                                                                    --------------------------------------
<S>                                                                 <C>                  <C>
    OPERATING ACTIVITIES

    Net income                                                      $        1,799       $          527
    Adjustments to reconcile net income to net cash
          provided by (used in) operating activities:
      Depreciation and amortization                                          5,315                6,297
      Net gain on disposition of equipment                                    (980)                  (6)
      Equity in net (income) loss of unconsolidated
            special-purpose entities                                        (1,003)                 244
      Changes in operating assets and liabilities:
        Restricted cash                                                        (66)                (286)
        Accounts receivable, net                                               188                 (191)
        Prepaid expenses and other assets                                       38                   78
        Accounts payable and accrued expenses                                  265                 (126)
        Due to affiliates                                                     (719)                 182
        Lessee deposits and reserves for repairs                                69                  899
                                                                    --------------------------------------
            Net cash provided by operating activities                        4,906                7,618
                                                                    --------------------------------------

    INVESTING ACTIVITIES

    Payments for purchase of equipment and capitalized
          improvements                                                      (2,261)             (12,462)
    Liquidation distributions from unconsolidated
          special-purpose entities                                             931                   --
    Proceeds from disposition of equipment                                   4,084                   21
    Distributions from unconsolidated special-purpose
          entities                                                           1,602                1,092
                                                                    --------------------------------------
          Net cash provided by (used in) investing activities                4,356              (11,349)
                                                                    --------------------------------------

    FINANCING ACTIVITIES

    Cash distribution to Class A members                                    (3,110)              (4,974)
    Cash distribution to Class B Member                                       (658)                (878)
    Purchase of Class A units                                                   --                  (48)
                                                                    --------------------------------------
          Net cash used in financing activities                             (3,768)              (5,900)
                                                                    --------------------------------------

    Net increase (decrease) in cash and cash equivalents                     5,494               (9,631)
    Cash and cash equivalents at beginning of period                        11,291               11,597
                                                                    --------------------------------------
    Cash and cash equivalents at end of period                      $       16,785       $        1,966
                                                                    ======================================

    Supplemental information
    Interest paid                                                   $          806       $          916
                                                                    ======================================
</TABLE>





                 See accompanying notes to financial statements.

<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 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 June 30,  2001 and  December  31,  2000,  the
statements  of income for the three and six months ended June 30, 2001 and 2000,
the  statements  of changes in members'  equity for the period from December 31,
1999 to June 30, 2001, and the statements of cash flows for the six months ended
June 30,  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

The Fund will  terminate on December 31, 2010,  unless  terminated  earlier upon
sale of all equipment and certain other events.  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  members.  Between  the eighth  and tenth  years of
operations,  the Manager  intends to begin an orderly  liquidation of the Fund's
assets.

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 June 30, 2001 and 2000, cash distributions totaled $1.5 million and
$3.1  million,  respectively.  For the six months  ended June 30, 2001 and 2000,
cash  distributions  totaled $3.8 million and $5.9 million,  respectively.  Cash
distributions  to the Class A  unitholders  of $2.0 million and $5.0 million for
the six months ended June 30, 2001 and 2000,  respectively,  were deemed to be a
return of capital.

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

4. TRANSACTIONS WITH MANAGER AND AFFILIATES

The balance due to affiliates as of June 30, 2001,  included $0.2 million due to
FSI and its affiliates for management  fees. The balance due to affiliates as of
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
$6,000 and $20,000 as of June 30, 2001 and December 31, 2000, respectively.


<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001

4.   TRANSACTIONS WITH MANAGER AND AFFILIATES (continued)

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

                                                For the Three Months               For the Six Months
                                                   Ended June 30,                    Ended June 30,
                                                 2001            2000               2001            2000
                                             ----------------------------------------------------------------

<S>                                           <C>             <C>                <C>             <C>
   Management fees                            $      25       $     32           $     62        $      67
   Data processing and administrative
      expenses                                       13              8                 36               20
</TABLE>

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):
<TABLE>
<CAPTION>

                                                 June 30,          December 31,
                                                 2001                 2000
                                             -----------------------------------

<S>                                          <C>                  <C>
Marine containers                            $    31,413          $   29,160
Aircraft                                          20,605              20,605
Railcars                                          19,493              19,520
Marine vessels                                    17,000              17,000
Trailers                                           6,605               6,636
                                             ------------         -----------
                                                  95,116              92,921
Less accumulated depreciation                    (49,464)            (44,197)
                                             ------------         -----------
                                                  45,652              48,724
Equipment held for sale                               --               3,200
                                             ------------         -----------
    Net equipment                            $    45,652          $   51,924
                                             ============         ===========
</TABLE>

As of June 30, 2001, all owned  equipment in the Fund's  portfolio was on lease,
except for 62 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 six months ended June 30, 2001, the Fund purchased marine  containers
for $2.3 million.  During the six months ended June 30, 2000, the Fund purchased
marine containers and trailers for $12.5 million.




<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001

5. EQUIPMENT (continued)

During the six months ended June 30, 2001,  the Fund disposed of a marine vessel
that was held for sale at December 31, 2000, a marine container,  trailers,  and
railcars for an aggregate net book value of $3.2 million for aggregate  proceeds
of $4.2  million.  During the six months  ended June 30,  2000,  the Fund sold a
trailer with a net book value of $15,000, for proceeds of $21,000.

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>

                                                                                    June 30,          December 31,
                                                                                       2001                2000
                                                                                 ----------------------------------
<S>                                                                              <C>                 <C>
       50% interest in a trust owning an MD-82 stage III commercial
                aircraft                                                         $     3,187         $     3,534
       50% interest in a trust owning an MD-82 stage III commercial
                aircraft                                                                 463                 921
       50% interest in a trust that owned a marine cargo vessel                          (25)                700
                                                                                 ------------        ------------
         Net investments                                                         $     3,625         $     5,155
                                                                                 ============        ============
</TABLE>

As of June 30, 2001 and December 31, 2000,  all  jointly-owned  equipment in the
Fund's USPE portfolio was on lease.

During the six months ended June 30, 2001,  the General  Partner sold the Fund's
50% interest in an entity that owned a marine cargo vessel.  The Fund's interest
in this entity was sold for proceeds of $0.9 million for it's net  investment of
$0.8  million.  Included  in the net gain on sale of this  entity was the unused
portion of marine vessel dry-docking liability of $0.2 million.








                     (This space intentionally left blank.)



<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001

7. OPERATING SEGMENTS

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 to mid-term  operating  leases to a
variety of customers.  The following  tables  present a summary of the operating
segments (in thousands of dollars):
<TABLE>
<CAPTION>

                                           Marine                                    Marine
    For the three months ended             Vessel    Aircraft  Railcar    Trailer   Container
        June 30, 2001                     Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------
<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $    977   $ 1,014   $    840   $   268   $  1,406   $     --  $  4,505
      Interest income and other                 --        33         --        --         --        177       210
      Gain (loss) on disposition of             (2 )      --         (3 )       8         --         --         3
    equipment
                                          ------------------------------------------------------------------------
        Total revenues                         975     1,047        837       276      1,406        177     4,718

    COSTS AND EXPENSES
      Operations support                       631         3        160       174         19         17     1,004
      Depreciation and amortization            444       579        323       100      1,113          4     2,563
      Interest expense                          --        --         --        --         --        403       403
      Management fees to affiliate              49        51         56        13         70         --       239
      General and administrative expenses        9        12          1        56         --        190       268
                                          ------------------------------------------------------------------------
        Total costs and expenses             1,133       645        540       343      1,202        614     4,477
                                          ------------------------------------------------------------------------
      Equity in net income of USPEs            336       669         --        --         --         --     1,005
                                          ------------------------------------------------------------------------
        Net income (loss)                 $    178   $ 1,071   $    297   $   (67 ) $    204   $   (437 )$  1,246
                                          ========================================================================

    Total assets as of June 30, 2001      $  9,910   $ 4,469   $  9,022   $ 2,519   $ 26,332   $ 16,955  $ 69,207
                                          ========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                           Marine                                    Marine
    For the three months ended             Vessel    Aircraft  Railcar    Trailer   Container
        June 30, 2000                     Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------
<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $  1,760   $ 1,014   $    897   $ 1,052   $  1,064   $     --  $  5,787
      Interest income and other                 --         1         --        --         --        112       113
      Gain on disposition of equipment          --        --         --         6         --         --         6
                                          ------------------------------------------------------------------------
        Total revenues                       1,760     1,015        897     1,058      1,064        112     5,906

    COSTS AND EXPENSES
      Operations support                       366         9        164       262          1          9       811
      Depreciation and amortization          1,155       579        376       369        913          4     3,396
      Interest expense                          --        --         --        --         --        453       453
      Management fees to affiliate             101        51         55        69         34         --       310
      General and administrative expenses       38         2         35       185          1        219       480
                                          ------------------------------------------------------------------------
        Total costs and expenses             1,660       641        630       885        949        685     5,450
                                          ------------------------------------------------------------------------
      Equity in net loss of USPEs             (128)      (24)        --        --         --         --      (152)
                                          ------------------------------------------------------------------------
        Net income (loss)                 $    (28)  $   350   $    267   $   173   $    115   $   (573) $    304
                                          ========================================================================

    Total assets as of June 30, 2000      $ 25,018   $ 8,602   $ 10,514   $ 8,945   $ 19,944   $  3,092  $ 76,115
                                          ========================================================================






(1)  Includes  interest  income  and  costs  not  identifiable  to a  particular
     segment,  such as  amortization  expense and  interest  expense and certain
     operations support and general and administrative expenses.
</TABLE>


<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001

7.   OPERATING SEGMENTS (continued)
<TABLE>
<CAPTION>
                                           Marine                                    Marine
    For the six months ended               Vessel    Aircraft  Railcar    Trailer   Container
        June 30, 2001                     Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------
<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $  1,999   $ 2,028   $  1,674   $   530   $  2,800   $     --  $  9,031
      Interest income and other                 --        34         --        --         --        381       415
      Gain on disposition of equipment         963        --          8         8          1         --       980
                                          ------------------------------------------------------------------------
        Total revenues                       2,962     2,062      1,682       538      2,801        381    10,426

    COSTS AND EXPENSES
      Operations support                     1,579        11        320       276         38         77     2,301
      Depreciation and amortization            888     1,157        645       201      2,415          9     5,315
      Interest expense                          --        --         --        --         --        806       806
      Management fees to affiliate             100       101        112        27        140         --       480
      General and administrative expenses       35        18         17        86          8        564       728
                                          ------------------------------------------------------------------------
        Total costs and expenses             2,602     1,287      1,094       590      2,601      1,456     9,630
                                          ------------------------------------------------------------------------
      Equity in net income of USPEs            291       712         --        --         --         --     1,003
                                          ------------------------------------------------------------------------
        Net income (loss)                 $    651   $ 1,487   $    588   $   (52)  $    200   $ (1,075 )$  1,799
                                          ========================================================================

    Total assets as of June 30, 2001      $  9,910   $ 4,469   $  9,022   $ 2,519   $ 26,332   $ 16,955  $ 69,207
                                          ========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                           Marine                                    Marine
    For the six months ended               Vessel    Aircraft  Railcar    Trailer   Container
        June 30, 2000                     Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------
<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $  3,972   $ 2,029   $  1,862   $ 2,083   $  1,630   $     --  $ 11,576
      Interest income and other                  1         2         --        --         --        257       260
      Gain on disposition of equipment          --        --         --         6         --         --         6
                                          ------------------------------------------------------------------------
        Total revenues                       3,973     2,031      1,862     2,089      1,630        257    11,842

    COSTS AND EXPENSES
      Operations support                     1,484        18        279       477          3         19     2,280
      Depreciation and amortization          2,310     1,157        752       738      1,331          9     6,297
      Interest expense                          --        --         --        --         --        916       916
      Management fees to affiliate             212       101        118       129         62         --       622
      General and administrative expenses       52         4         61       416          1        422       956
                                          ------------------------------------------------------------------------
        Total costs and expenses             4,058     1,280      1,210     1,760      1,397      1,366    11,071
                                          ------------------------------------------------------------------------
      Equity in net loss of USPEs             (198)      (46)        --        --         --         --      (244)
                                          ------------------------------------------------------------------------
                                          ------------------------------------------------------------------------
        Net income (loss)                 $   (283)  $   705   $    652   $   329   $    233   $ (1,109) $    527
                                          ========================================================================

    Total assets as of June 30, 2000      $ 25,018   $ 8,602   $ 10,514   $ 8,945   $ 19,944   $  3,092  $ 76,115
                                          ========================================================================


(1)  Includes  interest  income  and  costs  not  identifiable  to a  particular
     segment,  such as  amortization  expense and  interest  expense and certain
     operations support and general and administrative expenses.
</TABLE>


<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001

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 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 and six months ended June 30, 2001 was
4,971,311 units. The weighted-average number of Class A units deemed outstanding
during the three and six months  ended June 30,  2000 were  4,971,311  units and
4,972,611 units, respectively.

9. DEBT

During 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
& 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  facility.  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.

As of June 30, 2001, no eligible  borrower had any outstanding  borrowings under
the warehouse facility.








                    (This space is intentionally left blank.)



<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 JUNE 30, 2001 AND 2000


Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the second  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
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):

(A) Owned Equipment Operations
<TABLE>
<CAPTION>
                                                 For the Three Months
                                                    Ended June 30,
                                                2001             2000
                                              ---------------------------

<S>                                           <C>              <C>
Marine containers                             $ 1,387          $ 1,063
Aircraft                                        1,011            1,005
Railcars                                          680              733
Marine vessels                                    346            1,394
Trailers                                           94              790
</TABLE>

Marine containers: Marine container lease revenues and direct expenses were $1.4
million and $19,000,  respectively,  for the second quarter of 2001, compared to
$1.1 million and $1,000,  respectively,  during the same quarter of 2000. Marine
container  lease  revenues  increased  $0.3 million during the second quarter of
2001,  compared  to the same  period  in 2000,  due to the  purchase  of  marine
containers in 2000 and 2001.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $1.0 million and
$3,000,  respectively,  for the second quarter of 2001, compared to $1.0 million
and $9,000, respectively, during the same quarter of 2000. Aircraft contribution
was approximately the same in the comparable periods 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 second quarter of 2001, compared to $0.9 million
and $0.2 million, respectively,  during the same quarter of 2000. Lease revenues
decreased  $0.1 million due to a group of railcars being off lease in the second
quarter of 2001 that were on lease in the same period of 2000.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.0
million and $0.6 million, respectively, for the second quarter of 2001, compared
to $1.8 million and $0.4 million, respectively, during the same quarter of 2000.
Lease revenue  decreased $0.8 million during the second quarter of 2001 compared
to the same period in 2000 due to the sale of two of the Fund's  marine  vessels
during 2001 and 2000.  Direct  expenses  increased $0.6 million during the three
months  ended June 30, 2001 due to higher  operating  costs of $0.4  million and
repair  and  maintenance  expenses  of $0.2  million.  The  increases  in direct
expenses were offset,  in part, by a decrease of $0.3 million  during the second
quarter of 2001 due to the sale of two of the Fund's marine  vessels during 2001
and 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.3 million and $0.2
million,  respectively, for the second quarter of 2001, compared to $1.1 million
and $0.3 million,  respectively,  during the same quarter of 2000. Lease revenue
decreased $0.7 million in the second 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 second quarter of 2001 compared to the
same period in 2000 due to the sale of the Fund's trailers during 2000.

(B) Interest and Other Income

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

(C) Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $3.5 million for the three months ended June 30, 2001
decreased from $4.6 million for the same period in 2000.

     (i) A $0.8 million decrease in depreciation and amortization  expenses from
2000  levels  resulted  from  a $0.2  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  during 2001 and 2000. These decreases were
partially offset by an increase of $0.3 million in depreciation expense from the
purchase of equipment during 2000 and 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 June 30, 2001,  compared to the
same  period in 2000.  In  December  2000,  the Fund paid the  annual  principal
payment of $3.0 million on the note payable.

     (iv) A $0.2 million decrease in general and administrative  expenses during
the three months ended June 30, 2001 compared to the same period of 2000 was due
to lower costs of $0.2 million  resulting  from the sale of the Fund's  trailers
and two marine vessels during 2001 and 2000.

(D) Net Gain on Disposition of Owned Equipment

The net gain on  disposition of equipment for the second quarter of 2001 totaled
$3,000 which  resulted  from the sale of a railcar and trailers  with a net book
value of $15,000,  for proceeds of $18,000. Net gain on disposition of equipment
for the second  quarter of 2000 totaled $6,000 which resulted from the sale of a
trailer with a net book value of $15,000, for proceeds of $21,000.

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

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).
<TABLE>
<CAPTION>
                                                                           For the Three Months
                                                                              Ended June 30,
                                                                          2001             2000
                                                                        ---------------------------
<S>                                                                     <C>              <C>
Aircraft                                                                $   669          $   (24)
Marine vessel                                                               336             (128)
                                                                        ---------------------------
       Equity in Net Income (Loss) of USPEs                             $ 1,005          $  (152)
                                                                        ===========================
</TABLE>

Aircraft:  As of June 30, 2001 and 2000, the Fund owned  interests in two trusts
that each owns a commercial  aircraft.  During the second quarter of 2001, lease
revenues  of $0.3  million  and other  income  of $0.8  million  were  offset by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $0.5
million.  During the same  period in 2000,  aircraft  lease  revenues  were $0.5
million which were offset by expenses of $0.6 million.

Lease revenues  decreased $0.2 million due to the reduction of the lease rate on
an MD-82 as part of a new lease  agreement of this  commercial  aircraft.  Other
income increased $0.8 million during the three months ended June 30, 2001 due to
the recognition of an engine reserve liability as income upon the termination of
the  previous  lease  agreement.  A similar  event did not occur during the same
period of 2000.

The  decrease in  depreciation  expense,  direct  expenses,  and  administrative
expenses of $0.1 million was due to lower depreciation  expense as the result of
the double  declining-balance  method of  depreciation  which results in greater
depreciation in the first years an asset is owned.

Marine  vessel:  As of June 30,  2001 and 2000,  the Fund had an  interest in an
entity that owned a marine vessel.  During the three months ended June 30, 2001,
lease  revenues of $0.2  million and the gain of $0.3 million from the sale of a
marine  vessel  entity  in which  the Fund  owned an  interest  were  offset  by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $0.1
million.  During the same period of 2000,  lease  revenues of $0.1  million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$0.2 million.

Lease revenues increased $44,000 during the three months ended June 30, 2001 due
to an  increase  in  the  lease  rate  compared  to the  same  period  of  2000.
Depreciation expense, direct expenses, and administrative expenses deceased $0.1
million  during  the three  months  ended June 30,  2001 due to lower  operating
expenses caused by the sale of this entity.

(F) Net Income

As a result of the  foregoing,  the Fund had net income of $1.2  million for the
second  quarter of 2001,  compared to net income of $0.3 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 second quarter of 2001 is not
necessarily  indicative of future  periods.  In the second  quarter of 2001, the
Fund distributed $1.2 million to Class A members, or $0.25 per  weighted-average
Class A unit.

COMPARISON  OF THE FUND'S  OPERATING  RESULTS FOR THE SIX MONTHS  ENDED JUNE 30,
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 six months ended June 30, 2001,  when compared to the same
period of 2000. The following table presents lease revenues less direct expenses
by segment (in thousands of dollars):
<TABLE>
<CAPTION>
                                                 For the Six Months
                                                   Ended June 30,
                                               2001             2000
                                             ---------------------------

<S>                                          <C>              <C>
Marine containers                            $ 2,762          $ 1,627
Aircraft                                       2,017            2,011
Railcars                                       1,354            1,583
Marine vessels                                   420            2,488
Trailers                                         254            1,606
</TABLE>

Marine  containers:  Marine  container  lease  revenues  were $2.8  million  and
$38,000,  respectively, for the six months ended June 30, 2001, compared to $1.6
million  and  $3,000,  respectively,  during  the same  period  of 2000.  Marine
container contribution increased in the six months ended June 30, 2001, compared
to the same period of 2000 due to the purchase of marine  containers in 2000 and
2001.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $2.0 million and
$11,000,  respectively, for the six months ended June 30, 2001, compared to $2.0
million and  $18,000,  respectively,  during the same  period of 2000.  Aircraft
contribution  remained  approximately  the  same  due  to the  stability  of the
aircraft fleet.

Railcars:  Railcar lease revenues and direct expenses were $1.7 million and $0.3
million,  respectively, for the six months ended June 30, 2001, compared to $1.9
million and $0.3 million,  respectively,  during the same period of 2000.  Lease
revenues  decreased  $0.2 million due to a group of railcars  being off lease in
the six  months  ended  June 30,  2001 that were on lease in the same  period of
2000.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $2.0
million and $1.6 million,  respectively, for the six months ended June 30, 2001,
compared to $4.0 million and $1.5 million, respectively,  during the same period
of 2000.

Lease revenues  decreased $2.0 million during the six months ended June 30, 2001
compared  to the same  period  in 2000 due to the sale of three  marine  vessels
during 2001 and 2000. The decrease  caused by the sales was offset,  in part, by
an increase of $0.1 million in lease revenues on the remaining marine vessel due
to a higher lease rate earned on this marine vessel  compared to the same period
of 2000.

Direct  expenses  increased  $0.1  million in the six months ended June 30, 2001
compared  to the same  period in 2000.  An  increase  of $0.4  million in direct
expenses  was due to higher  repairs  and  maintenance  and an  increase of $0.3
million  was due to  higher  operating  expenses  for  remaining  marine  vessel
compared to the same period in 2000.  These  increases in direct  expenses  were
offset by a decrease of $0.6  million in direct  expenses  caused by the sale of
three marine vessels during 2001 and 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.5 million and $0.3
million,  respectively, for the six months ended June 30, 2001, compared to $2.1
million and $0.5 million,  respectively,  during the same period of 2000.  Lease
revenue decreased $1.4 million in the six months ended June 30, 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 six months ended June
30,  2001  compared  to the same  period  in 2000 due to the sale of the  Fund's
trailers during 2000.

(B) Interest and Other Income

Interest and other  income  increased  $0.2  million due to higher  average cash
balances in the six months ended June 30,  2001,  compared to the same period in
2000.

(C) Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $7.3 million for the six months ended June 30, 2001
decreased from $8.8 million for the same period in 2000.  Significant  variances
are explained as follows:

     (i) A $1.0 million decrease in depreciation and amortization  expenses from
2000  levels  resulted  from  a $0.4  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 $1.8  million
resulting from the sale of equipment.  These decreases were partially  offset by
an  increase  of $1.2  million in  depreciation  expense  from the  purchase  of
equipment during 2000 and 2001.

     (ii) A $0.2 million decrease in general and administrative  expenses during
the six months  ended June 30, 2001  compared to the same period of 2000 was due
to lower costs of $0.3 million  resulting  from the sale of the Fund's  trailers
during 2000  offset,  in part,  by an increase of $0.1  million  resulting  from
increased  allocations  by the Manager due to severance  costs  related to staff
reductions.

     (iii) A $0.1 million  decrease in interest expense was due to lower average
borrowings  outstanding  during the six months ended June 30, 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 note payable.

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

(D) Net Gain on Disposition of Owned Equipment

The net gain on  disposition of equipment for the six months ended June 30, 2001
totaled $1.0 million which resulted from the sale of a marine  vessel,  a marine
container,  trailers,  and railcars with a net book value of $3.2  million,  for
proceeds of $4.2  million.  Net gain on  disposition  of  equipment  for the six
months ended June 30, 2000  totaled  $6,000  which  resulted  from the sale of a
trailer with a net book value of $15,000, for proceeds of $21,000.

(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).
<TABLE>
<CAPTION>
                                                                            For the Six Months
                                                                              Ended June 30,
                                                                          2001             2000
                                                                        ---------------------------

<S>                                                                     <C>              <C>
Aircraft                                                                $   712          $   (46)
Marine vessel                                                               291             (198)
                                                                        ---------------------------
       Equity in Net Income (Loss) of USPEs                             $ 1,003          $  (244)
                                                                        ===========================
</TABLE>

Aircraft:  As of June 30, 2001 and 2000, the Fund owned interests in two trusts,
each of which owns a commercial  aircraft.  During the six months ended June 30,
2001,  aircraft  lease revenues of $0.9 million and other income of $0.8 million
were  offset  by  depreciation  expense,  direct  expenses,  and  administrative
expenses of $1.0  million.  During the six months ended June 30, 2000,  aircraft
lease  revenues  were  $1.1  million  offset  by  depreciation  expense,  direct
expenses, and administrative expenses of $1.1 million.

Lease revenues  decreased $0.2 million due to the reduction of the lease rate on
an MD-82 as part of a new lease  agreement of this  commercial  aircraft.  Other
income  increased  $0.8 million during the six months ended June 30, 2001 due to
the recognition of an engine reserve liability as income upon termination of the
previous lease  agreement.  A similar event did not occur during the same period
of 2000.

The  decrease in  depreciation  expense,  direct  expenses,  and  administrative
expenses of $0.1 million was due to lower depreciation  expense as the result of
the double  declining-balance  method of  depreciation  which results in greater
depreciation in the first years an asset is owned.

Marine  vessel:  As of June 30,  2001 and 2000,  the Fund had an  interest in an
entity that owned a marine  vessel.  During the six months  ended June 30, 2001,
lease  revenues of $0.4  million and the gain of $0.3 million from the sale of a
marine  vessel  entity  in which  the Fund  owned an  interest  were  offset  by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $0.4
million.  During the same period of 2000,  lease  revenues of $0.3  million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$0.5 million.

Lease revenues  increased $0.1 million during the six months ended June 30, 2001
due to an  increase  in the  lease  rate  compare  to the same  period  of 2000.
Depreciation expense, direct expenses, and administrative expenses deceased $0.1
million  during  the three  months  ended June 30,  2001 due to lower  operating
expenses caused by the sale of this entity.

(F) Net Income

As a result of the  foregoing,  the Fund had net income of $1.8  million for the
six months  ended June 30, 2001,  compared to net income of $0.5 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 six months ended June
30, 2001 is not  necessarily  indicative  of future  periods.  In the six months
ended June 30, 2001, the Fund  distributed  $3.1 million to Class A members,  or
$0.63 per weighted-average Class A unit.

(II) FINANCIAL CONDITION -- CAPITAL RESOURCES AND LIQUIDITY

For the six months ended June 30, 2001,  the Fund  generated  operating  cash of
$6.5 million (net cash  provided by operating  activities  plus  non-liquidating
distributions   from  USPEs)  to  meet  its  operating   obligations   and  make
distributions  (total for six months ended June 30, 2001 of $3.8 million) to the
partners.

During the six months ended June 30, 2001, the Fund purchased marine  containers
for $2.3 million.

During the six months ended June 30, 2001, the Fund disposed of a marine vessel,
a marine  container,  trailers,  and railcars for an aggregate net book value of
$3.2 million for aggregate proceeds of $4.2 million.

Accounts receivable  decreased $0.2 million during the six months ended June 30,
2001 due to the timing of cash receipts.

Investments in USPEs decreased $1.5 million during the six months ended June 30,
2001.  Decreases to the Fund's  investments  in USPEs were due to the receipt of
$1.6  million  in cash  distributions  from the  USPEs and the  receipt  of $0.9
million in liquidating  proceeds  resulting from the sale of the Fund's interest
in an entity that owned a marine vessel.  These decreases were partially  offset
by $1.0 million of income that was recorded from the Fund's equity  interests in
USPEs.

During the six months  ended June 30,  2001,  lessee  deposits  and  reserve for
repairs  increased  $0.1  million.  Reserves  for  aircraft  engine  repairs and
lessee's  security  deposits  increased  $0.4 million due to  additional  lessee
payments.  This  increase was offset,  in part, by a decrease of $0.4 million in
marine vessel dry-docking reserves due to the payment of dry docking expenses.

Due to affiliates  decreased  $0.7 million  during the six months ended June 30,
2001.  The  decrease  was  primarily  due to the  reclassification  of an engine
reserve liability due to an affiliated USPE to income.

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 & Income Fund VII (EGF VII), and Acquisub,  LLC (ACQ), a wholly
owned  subsidiary  of PLM  International  which  is the  parent  company  of PLM
Financial  Services,  Inc. 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  facility.  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.

As of August 10, 2001, no eligible borrower has any outstanding borrowings.

(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:

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  stabilize
over the next one to two years, in the absence of new additional orders.

2. Railcar loadings in North America for the six months ended June 30, 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.

4. Recent changes in economic  condition of the airline  industry have adversely
affected the demand for and market  values for  aircraft.  These  changes  could
adversely lower the  contribution of aircraft to the Fund and the residual value
of the  aircraft.  Currently,  all of the owned and jointly  owned  aircraft are
subject to contracted lease agreements.

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.

The Fund will  terminate on December 31, 2010,  unless  terminated  earlier upon
sale of all equipment and certain other events.  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  members.  Between  the eighth  and tenth  years of
operations,  the Manager  intends to begin an orderly  liquidation of the Fund's
assets.

(IV) FORWARD-LOOKING INFORMATION

Except for the historical  information contained herein, 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 six months  ended  June 30,  2001,  77% 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.















                      (This space intentionally left blank)


<PAGE>



                           PART II - OTHER INFORMATION


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K
           --------------------------------

           (a)    Exhibits

                  None.

           (b)    Reports on Form 8-K

                  None.



<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: August 10, 2001                 By:  /s/ Stephen M. Bess
                                          ------------------------
                                          Stephen M. Bess
                                          President and
                                          Chief Accounting Officer