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,  2002

     [  ]    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.)

            450 CARILLON PARKWAY, SUITE 200
                  ST. PETERSBURG, FL                       33716
        (Address of principal executive offices)         (Zip code)


     Registrant's  telephone  number,  including  area  code  (727)  803-8200
     _______________________

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)
                            CONDENSED BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>


                                                                       June 30,             December 31,
                                                                        2002                    2001
                                                                      -------                  -------
<S>                                                         <C>       <C>        <C>           <C>
ASSETS

Equipment held for operating leases                                   $ 89,816                 $ 89,833
Less accumulated depreciation                                          (51,835)                 (48,425)
                                                                      ---------                ---------
    Net equipment                                                       37,981                   41,408


Cash and cash equivalents                                               22,913                   21,837
Restricted cash                                                            626                      553
Accounts receivable, less allowance for doubtful accounts
      of $2,596 in 2002 and $1,048 in 2001                               2,429                    2,513
Investment in unconsolidated special-purpose entities                    2,425                    2,741
Debt placement fees, less accumulated amortization
      of $96 in 2002 and $87 in 2001                                        80                       89
Prepaid expenses and other assets                                           77                      102
                                                                      ---------                ---------
      Total assets                                                    $ 66,531                 $ 69,243

LIABILITIES AND MEMBERS' EQUITY

Liabilities:
Accounts payable and accrued expenses                                 $    793                 $    625
Due to affiliates                                                          199                      251
Lessee deposits and reserves for repairs                                 3,883                    3,739
Note payable                                                            19,000                   19,000
                                                                      ---------                ---------
    Total liabilities                                                   23,875                   23,615

Members' equity:
Class A members (4,971,311 units as of June 30, 2002
      and December 31, 2001)                                            42,656                   45,628
Class B member                                                              --                       --
                                                                      ---------                ---------
    Total members' equity                                               42,656                   45,628
                                                                      ---------                ---------
       Total liabilities and members' equity                          $ 66,531                 $ 69,243
                                                                      =========                =========
</TABLE>













       See accompanying notes to unaudited condensed financial statements.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                       CONDENSED STATEMENTS OF OPERATIONS
         (in thousands of dollars, except weighted-average unit amounts)
                                   (unaudited)
<TABLE>
<CAPTION>


                                                                    For the Three Months              For the Six Months
                                                                       Ended June 30,                   Ended June 30,
                                                                   2002              2001            2002            2001
                                                                  ------           -------         --------         ------
<S>                                         <C>                   <C>      <C>                 <C>      <C>       <C>
REVENUES

Lease revenue                                                     $4,781            $4,505         $ 9,531        $ 9,031
Interest and other income                                             91               210             189            415
Net gain on disposition of equipment                                   4                 3               8            980
                                                                  ------            ------         -------         -------
    Total revenues                                                 4,876             4,718           9,728         10,426

EXPENSES

Depreciation and amortization                                      1,672             2,563           3,424          5,315
Repairs and maintenance                                              418               504             870          1,090
Equipment operating expenses                                       1,110               443           2,094            957
Insurance expense                                                     94                57             209            254
Management fees to affiliate                                         215               239             428            480
Interest expense                                                     352               403             696            806
General and administrative expenses
      to affiliates                                                  121               121             211            343
Other general and administrative expenses                            374               159             544            387
Provision for (recovery of) bad debts                                767              (12)           1,548             (2)
                                                                  ------            ------         -------         -------
    Total expenses                                                 5,123             4,477          10,024          9,630


Equity in net income of unconsolidated
      special-purpose entities                                       119             1,005             248          1,003
                                                                  ------            ------         -------         -------
      Net income (loss)                                           $ (128)           $1,246         $   (48)       $ 1,799

MEMBERS' SHARE OF NET INCOME (LOSS)

Class A members                                                   $ (347)           $1,027         $  (487)       $ 1,141
Class B member                                                       219               219             439            658
                                                                  ------            ------         -------         -------
       Total                                                      $ (128)           $1,246         $   (48)       $ 1,799

Net income (loss) per
      weighted-average Class A unit                               $(0.07)           $ 0.21         $ (0.10)       $  0.23
                                                                  ------            ------         -------         -------
Cash distribution                                                 $1,462            $1,462         $ 2,924        $ 3,768
                                                                  ------            ------         -------         -------
Cash distribution per weighted-average
      Class A unit                                                $ 0.25            $ 0.25         $  0.50        $  0.63
                                                                  ======            ======         =======        ========
</TABLE>





       See accompanying notes to unaudited condensed financial statements.
<PAGE>

               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, 2000 TO JUNE 30, 2002
                            (in thousands of dollars)
                                   (unaudited)

<TABLE>
<CAPTION>


                                                     Class A          Class B              Total
                                                    --------          -------             -------
<S>                                         <C>      <C>       <C>      <C>    <C>       <C>
  Members' equity as of December 31, 2000            $43,670         $    --             $43,670

Net income                                             7,488           1,097               8,585

Cash distribution                                     (5,530)         (1,097)             (6,627)
                                                     --------        --------            --------
  Members' equity as of December 31, 2001             45,628              --              45,628

Net income (loss)                                       (487)            439                 (48)

Cash distribution                                     (2,485)           (439)             (2,924)
                                                     --------        --------            --------
  Members' equity as of June 30, 2002                $42,656         $    --             $42,656
                                                     ========        ========            ========
</TABLE>


































       See accompanying notes to unaudited condensed financial statements.

<PAGE>
<TABLE>
<CAPTION>


                     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 Six Months
                                                                               Ended June 30,
                                                                               2002      2001
                                                                              ----------------
<S>                                                      <C>                 <C>       <C>
OPERATING ACTIVITIES

Net income (loss)                                                            $   (48)  $ 1,799
Adjustments to reconcile net income (loss) to net cash
      provided by (used in) operating activities:
  Depreciation and amortization                                                3,424     5,315
  Provision for (recovery of) bad debts                                        1,548        (2)
  Net gain on disposition of equipment                                            (8)     (980)
  Equity in net income of unconsolidated
        special-purpose entities                                                (248)   (1,003)
  Changes in operating assets and liabilities:
    Restricted cash                                                              (73)      (66)
    Accounts receivable                                                       (1,464)      190
    Prepaid expenses and other assets                                             25        38
    Accounts payable and accrued expenses                                        158       265
    Due to affiliates                                                            (52)     (719)
    Lessee deposits and reserves for repairs                                     144        69
                                                                             --------  --------
        Net cash provided by operating activities                              3,406     4,906

INVESTING ACTIVITIES

Payments for purchase of equipment and capitalized
      repairs                                                                     (2)   (2,261)
Distributions from unconsolidated special-purpose
      entities                                                                   564     1,602
Liquidation distributions from unconsolidated
      special-purpose entities                                                    --       931
Proceeds from disposition of equipment                                            22     4,084
                                                                             --------  --------
      Net cash provided by investing activities                                  584     4,356

FINANCING ACTIVITIES

Accounts payable and accrued expenses                                             10        --
Cash distributions to Class A members                                         (2,485)   (3,110)
Cash distributions to Class B member                                            (439)     (658)
                                                                             --------  --------
      Net cash used in financing activities                                   (2,914)   (3,768)

Net increase in cash and cash equivalents                                      1,076     5,494
Cash and cash equivalents at beginning of period                              21,837    11,291
                                                                             --------  --------
Cash and cash equivalents at end of period                                   $22,913   $16,785
                                                                             ========  ========

</TABLE>







       See accompanying notes to unaudited condensed financial statements.
<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

1.     Opinion  of  Management
       -----------------------

In  the  opinion  of  the management of PLM Financial Services, Inc. (FSI or the
Manager),  the accompanying unaudited condensed financial statements contain all
adjustments  necessary,  consisting  primarily  of normal recurring accruals, to
present  fairly the unaudited condensed financial position of Professional Lease
Management Income Fund I, L.L.C. (the Fund) as of June 30, 2002 and December 31,
2001,  the  unaudited  condensed  statements of operations for the three and six
months  ended  June  30,  2002  and  2001, the unaudited condensed statements of
changes  in  members'  equity  for the period from December 31, 2000 to June 30,
2002,  and  the  unaudited condensed statements of cash flows for the six months
ended June 30, 2002 and 2001.  Certain information and note disclosures normally
included  in  financial  statements  prepared  in  accordance  with  accounting
principles  generally  accepted  in  the  United  States  of  America  have been
condensed  or omitted from the accompanying condensed 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,  2001,  on  file at the Securities and Exchange Commission.

2.     Schedule  of  Fund  Phases
       --------------------------

The  Fund  is  currently  in  its  investment phase during which the Fund uses a
portion  of  the cash generated from operations and proceeds from asset sales to
purchase  additional  equipment.  The  Manager  believes  these acquisitions may
cause  the  Fund  to  generate  additional  earnings and cash flow for the Fund.

     Beginning  in  the  Fund's  seventh  year of operations, which commences on
January 1, 2003, the Manager will stop purchasing additional equipment from cash
generated  from  operations or disposition proceeds.  Surplus cash, if any, less
reasonable  reserves,  will  be  distributed  to  the  members.  The  Fund  will
terminate  on  December  31,  2010,  unless  terminated earlier upon sale of all
equipment  and  certain  other  events.

3.     Reclassification
       ----------------

Certain  amounts  in  the  2001  financial  statements have been reclassified to
conform  to  the  2002  presentations.

4.     Cash  Distributions
       -------------------

Cash  distributions  are recorded when paid and may include amounts in excess of
net  income that are considered a return of capital.  For the three months ended
June  30,  2002  and 2001, cash distributions totaled $1.5 million.  For the six
months ended June 30, 2002 and 2001, cash distributions totaled $2.9 million and
$3.8  million,  respectively.  Cash  distributions to the Class A unitholders of
$2.5  million  and $2.0 million for the six months ended June 30, 2002 and 2001,
respectively,  were  deemed  to  be  a  return  of  capital.

Cash  distributions  of  $0.8  million  related  to  the results from the second
quarter  2002  will  be  paid  during  the  third  quarter  of  2002.

5.     Transactions  with  Manager  and  Affiliates
       --------------------------------------------

The  balance  due to affiliates as of June 30, 2002 included $0.2 million due to
FSI and its affiliates for management fees.  The balance due to affiliates as of
December  31,  2001,  included  $0.3  million  due to FSI and its affiliates for
management  fees.


<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

5.     Transactions  with  Manager  and  Affiliates(continued)
       --------------------------------------------

The  Fund's  proportional  share  of  the  affiliated  expenses  incurred by the
unconsolidated  special-purpose  entities (USPEs) during 2002 and 2001 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,
                                                          2002           2001        2002          2001
                                                         -----          -----       ------        ------
<S>                                 <C>                   <C>    <C>                 <C>    <C>    <C>
Management fees                                           $  15         $  25      $  32           $  62
Data processing and administrative
   expenses                                                   7            13         12              36
</TABLE>


These  affiliate  expenses  reduced  the Fund's proportional share of the equity
interest  in  the  income  of  USPEs.

6.     Equipment
       ---------

Owned  equipment held for operating leases is stated at cost.  The components of
owned  equipment  were  as  follows  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                         June 30,               December 31,
                                           2002                     2001
                                         --------                ---------
<S>                            <C>       <C>        <C>           <C>
Marine containers                        $ 31,386                $ 31,405
Railcars                                   19,497                  19,495
Marine vessel                              17,000                  17,000
Aircraft                                   15,358                  15,358
Trailers                                    6,575                   6,575
                                         ---------               ---------
                                           89,816                  89,833
Less accumulated depreciation             (51,835)                (48,425)
                                         ---------               ---------
      Net equipment                      $ 37,981                $ 41,408
                                         =========               =========
</TABLE>


As  of  June  30, 2002, all owned equipment in the Fund's portfolio was on lease
except  for  82  railcars with a net book value of $0.7 million.  As of December
31,  2001,  all owned equipment in the Fund portfolio was on lease except for 62
railcars  with  a  net  book  value  of  $0.5  million.

During  the six months ended June 30, 2001, the Fund purchased marine containers
for  $2.3  million.  No equipment was purchased during the six months ended June
30,  2002.

During  the  six  months  ended  June  30,  2002,  the  Fund  disposed of marine
containers with a net book value of $14,000 for proceeds of $22,000.  During the
six  months  ended June 30, 2001, the Fund disposed of a marine vessel, a marine
container  and  railcars  with  an  aggregate net book value of $3.2 million for
aggregate  proceeds  of  $4.2  million.

<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

7.     Investments  in  Unconsolidated  Special-Purpose  Entities
       ----------------------------------------------------------

The  Fund  owns  equipment  jointly  with  affiliated programs. These are single
purpose entities that do not have any debt or other financial encumbrances.  The
net  investments  in  USPEs  include  the  following jointly-owned equipment and
related  assets  and  liabilities  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                                        June 30,    December 31,
                                                          2002          2001
                                                       ==========  ==============
<S>                                                    <C>         <C>
50% interest in a trust owning a stage III commercial
          aircraft                                     $   2,391   $       2,722
50% interest in a trust owning a stage III commercial
          aircraft                                            36              32
Other                                                         (2)            (13)
                                                       ----------  --------------
    Net investments                                    $   2,425   $       2,741
                                                       ==========  ==============
</TABLE>


As  of  June  30, 2002 and December 31, 2001, all jointly-owned equipment in the
Fund's  USPE  portfolio  was  on  lease.

8.     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-term to mid-term operating leases to
a  variety  of  customers.

The  following  tables present a summary of the operating segments (in thousands
of  dollars):
<TABLE>
<CAPTION>


                                          Marine                                     Marine
For the three months ended                Vessel    Aircraft   Railcar   Trailer   Container
      June 30, 2002                      Leasing    Leasing   Leasing   Leasing    Leasing     Other 1    Total
<S>                                      <C>        <C>        <C>       <C>       <C>         <C>        <C>

REVENUES
  Lease revenue                          $  1,690   $     758  $    793  $    336  $    1,204  $     --   $ 4,781
  Interest income and other                    --          --        --        --          --        91        91
  Net gain on disposition of equipment         --          --         1        --           3        --         4
                                         ---------  ---------  --------  --------  ----------  ---------  --------
     Total revenues                         1,690         758       794       336       1,207        91     4,876


COSTS AND EXPENSES
  Operations support                        1,273           6       168       145          14        16     1,622
  Depreciation and amortization               370          --       279        91         927         5     1,672
  Interest expense                             --          --        --        --          --       352       352
  Management fees to affiliate                 85          --        52        18          60        --       215
  General and administrative expenses          11          27        43        54          --       360       495
  Provision for bad debts                      --         758         9        --          --        --       767
                                         ---------  ---------  --------  --------  ----------  ---------  --------
      Total costs and expenses              1,739         791       551       308       1,001       733     5,123
                                         ---------  ---------  --------  --------  ----------  ---------  --------
Equity in net income of USPEs                  --         119        --        --          --        --       119
                                         ---------  ---------  --------  --------  ----------  ---------  --------
Net income (loss)                        $    (49)  $      86  $    243  $     28  $      206  $   (642)  $  (128)
                                         =========  =========  ========  ========  ==========  =========  ========

Total assets as of June 30, 2002         $  8,592   $   3,033  $  7,883  $  2,066  $   21,282  $ 23,675   $66,531
                                         =========  =========  ========  ========  ==========  =========  ========
</TABLE>



1     Includes  certain  assets  not  identifiable to a specific segment such as
cash,  certain  restricted  cash,  deferred  charges and prepaid expenses.  Also
includes  interest  income  and  costs not identifiable to a particular segment,
such  as  interest expense, and certain amortization, general and administrative
and  operations  support  expenses.

<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

8.     Operating  Segments  (continued)
       -------------------
<TABLE>
<CAPTION>


                                             Marine                                      Marine
For the three months ended                   Vessel    Aircraft    Railcar    Trailer   Container
      June 30, 2001                         Leasing    Leasing    Leasing    Leasing    Leasing     Other 2    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 equipment         (2)         --        (3)         8           --        --        3
                                            ---------  ---------  ---------  ---------  ----------  ---------  -------
     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        13         56           --       190      280
  Provision for bad debts                         --          --       (12)        --           --        --      (12)
                                            ---------  ---------  ---------  ---------  ----------  ---------  -------
      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
                                            =========  =========  =========  =========  ==========  =========  =======
</TABLE>


<TABLE>
<CAPTION>


                                          Marine                                     Marine
For the six months ended                  Vessel    Aircraft   Railcar   Trailer   Container
     June 30, 2002                       Leasing    Leasing   Leasing   Leasing    Leasing     Other 2    Total
<S>                                      <C>        <C>        <C>       <C>       <C>         <C>        <C>

REVENUES
  Lease revenue                          $  3,253   $   1,516  $  1,671  $    658  $    2,433  $     --   $ 9,531
  Interest income and other                    --          --        --        --          --       189       189
  Net gain on disposition of equipment         --          --         1        --           7        --         8
                                         ---------  ---------  --------  --------  ----------  ---------  --------
     Total revenues                         3,253       1,516     1,672       658       2,440       189     9,728


COSTS AND EXPENSES
  Operations support                        2,468          13       321       310          29        32     3,173
  Depreciation and amortization               740          --       559       183       1,933         9     3,424
  Interest expense                             --          --        --        --          --       696       696
  Management fees to affiliate                163          --       110        33         122        --       428
  General and administrative expenses          20          39        84       103          --       509       755
  Provision for bad debts                      --       1,516        10        22          --        --     1,548
                                         ---------  ---------  --------  --------  ----------  ---------  --------
      Total costs and expenses              3,391       1,568     1,084       651       2,084     1,246    10,024
                                         ---------  ---------  --------  --------  ----------  ---------  --------
Equity in net income of USPEs                  --         248        --        --          --        --       248
                                         ---------  ---------  --------  --------  ----------  ---------  --------
Net income (loss)                        $   (138)  $     196  $    588  $      7  $      356  $ (1,057)  $   (48)
                                         =========  =========  ========  ========  ==========  =========  ========
</TABLE>










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

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (UNAUDITED)

8.     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 2    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
  Net 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        30         83           --       564       730
  Provision for (recovery of) bad debts         --         --       (14)         3            9        --        (2)
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
      Total costs and expenses               2,602      1,287     1,093        590        2,602     1,456     9,630
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
Equity in net income of USPEs                  291        712        --         --           --        --     1,003
                                          --------  ---------  ---------  ---------  ----------  ---------  --------
Net income (loss)                         $    651  $   1,487  $    589   $    (52)  $      199  $ (1,075)  $ 1,799
                                          ========  =========  =========  =========  ==========  =========  ========
</TABLE>


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

Net income (loss) per weighted-average Class A unit was computed by dividing net
income  (loss) attributable to Class A members by the weighted-average number of
Class A units deemed outstanding during the period.  The weighted-average number
of  Class  A units deemed outstanding during the three and six months ended June
30,  2002  and  2001  was  4,971,311  units.

10.     Subsequent  Event
        -----------------

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by  the Fund, PLM Equipment Growth Fund V, PLM Equipment Growth Fund VI,
PLM  Equipment  Growth  &  Income  Fund  VII  and  Acquisub  LLC, a wholly owned
subsidiary  of PLMI.  The facility provides for financing up to 100% of the cost
of  the  equipment.  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 June 30, 2003.  Interest accrues either at the prime rate or 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 PLMI.  The Fund is not liable
for  the  advances  made  to  other  borrowers.









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

<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, 2002 and 2001
--------------------------------------------------------------------------------

(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  second  quarter of 2002, compared to the same quarter of
2001.  Gains or losses from the sale of equipment, interest and other income and
certain  expenses  such  as  management  fees  to  affiliate,  depreciation  and
amortization  and  general and administrative expenses relating to the operating
segments  (see  Note 8 to the unaudited condensed 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):
<TABLE>
<CAPTION>


                                         For the Three Months
                                             Ended June 30,
                                          2002           2001
                                          ===================
<S>                <C>                   <C>     <C>   <C>
Marine containers                        $1,190        $1,387
Aircraft                                    752         1,011
Railcars                                    625           680
Marine vessels                              417           346
Trailers                                    191            94
</TABLE>


Marine  containers:     Marine container lease revenues and direct expenses were
$1.2 million and $14,000, respectively, for the second quarter of 2002, compared
to $1.4 million and $19,000, respectively, during the same quarter of 2001.  The
decrease  in  lease  revenues  of $0.2 million during the second quarter of 2002
compared  to  2001  was  due  to  lower  lease rates earned on the Fund's marine
containers.

Aircraft:     Aircraft  lease revenues and direct expenses were $0.8 million and
$6,000,  respectively,  for the second quarter of 2002, compared to $1.0 million
and  $3,000,  respectively,  during  the  same quarter of 2001.  The decrease in
lease  revenues  of  $0.2  million during the second quarter of 2002 compared to
2001  was  due  to  disposition  of  an  owned  aircraft  during  2001.

Railcars:     Railcar  lease  revenues and direct expenses were $0.8 million and
$0.2  million,  respectively,  for  the  second  quarter  of 2002 and 2001.  The
decrease  in  railcar  contribution  was  due  to lower re-lease rates earned on
leases  that  expired  during  2001  and  2002.

Marine  vessels:     Marine  vessel lease revenues and direct expenses were $1.7
million and $1.3 million, respectively, for the second quarter of 2002, compared
to $1.0 million and $0.6 million, respectively, during the same quarter of 2001.
Lease  revenue  increased  $0.7  million  in the second quarter of 2002 due to a
higher  lease  rate  earned  on  this marine vessel resulting from the change in
lease  type from a time charter under which it operated in the second quarter of
2001  to a voyage charter under which it operated in the second quarter of 2002.
Under  a  voyage  charter,  the  marine  vessel earns a higher lease rate but is
responsible  for additional operating costs.  The increase in lease revenues was
offset, in part, by a $0.6 million increase in operating expenses also resulting
from  the  change  in  lease  type.

Trailers:     Trailer  lease  revenues and direct expenses were $0.3 million and
$0.1  million,  respectively,  for  the second quarter of 2002, compared to $0.3
million  and $0.2 million, respectively, during the same quarter of 2001.  Lease
revenue  increased  $0.1  million  in the second quarter of 2002 compared to the
same  period  in  2001  due  to  higher lease rates on the Fund's trailer fleet.
Direct expenses decreased $29,000 in the second quarter of 2002 compared to 2001
due  to  lower  repair  costs.

<PAGE>
(B)      Interest  and  Other  Income

Interest  and  other  income  decreased  $0.1  million  due to a decrease in the
interest  rate earned on cash balances in the second quarter of 2002 compared to
the  same  period  in  2001.

(C)      Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  of  $3.5 million remained relatively the same for the
quarters  ended  June 30, 2002 and 2001.  Significant variances are explained as
follows:

     (i)     A  $0.9  million  decrease in depreciation expense from 2001 levels
reflects a decrease of $0.6 million resulting from certain assets becoming fully
depreciated  during  2001 and a decrease of approximately $0.3 million caused by
the  double-declining  balance  method  of depreciation which results in greater
depreciation  in  the  first  years  an  asset  is  owned;

     (ii)     A  $0.1  million  decrease  in  interest  expense was due to lower
average  borrowings  outstanding during the quarter ended June 30, 2002 compared
to  the  same  period  in  2001;

     (iii)     A  $0.2  million  increase in general and administrative expenses
during  the  three  months  ended  June  30, 2002 was due to an increase of $0.1
million resulting from higher professional costs and $0.1 million resulting from
higher  administrative  costs;  and

     (iv)     A  $0.8  million increase in the provision for bad debts was based
on  the  Manager's  evaluation  of the collectability of receivables compared to
2001.  The  provision  for  bad debts recorded in the second quarter of 2002 was
primarily  related  to  one  aircraft  lessee.

(D)     Net  Gain  on  Disposition  of  Owned  Equipment

Net  gain  on  disposition  of  owned  equipment  for the second quarter of 2002
totaled $4,000 which resulted from the sale of marine containers with a net book
value  of  $2,000  for proceeds of $6,000.  The net gain on disposition of owned
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.

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

Equity  in  net  income  of  USPEs 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 table presents equity in net
income  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                                          For the Three Months
                                                              Ended June 30,
                                                            2002          2001
                                                            ==================
<S>                                   <C>                   <C>   <C>   <C>
Aircraft                                                    $119        $  669
Marine vessel                                                  -           336
                                                           ------       ------
       Equity in net income of USPEs                        $119        $1,005
                                                           ======       ======
</TABLE>


Aircraft:  As  of June 30, 2002 and 2001, the Fund owned interests in two trusts
that  each  owns  a commercial aircraft.  During the three months ended June 30,
2002, lease revenues of $0.3 million were offset by depreciation expense, direct
expenses,  and  administrative expenses of $0.2 million.  During the same period
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.

The  decrease  in expenses of $0.3 million was due to lower depreciation expense
of $0.2 million resulting from a commercial aircraft in one trust becoming fully
depreciated  during  2001  and  $0.1  million decrease resulting from 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,  2002  and  2001, the Fund no longer owned an
interest  in an entity that owned a marine vessel.  During the second quarter of
2001,  marine vessel 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.

(F)     Net  Income  (Loss)

As  a  result  of  the  foregoing, the Fund had net loss of $0.1 million for the
three  months ended June 30, 2002, compared to net income of $1.2 million during
the  same  period of 2001.  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
2002  is not necessarily indicative of future periods.  In the second quarter of
2002,  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,
--------------------------------------------------------------------------------
2002  and  2001
---------------

(A)      Owned  Equipment  Operations

Lease  revenues less direct expenses on owned equipment decreased during the six
months  ended June 30, 2002, compared to the same period of 2001.  The following
table  presents  lease revenues less direct expenses by segment (in thousands of
dollars):
<TABLE>
<CAPTION>


                                        For the Six Months
                                          Ended June 30,
                                        2002           2001
                                        ===================
<S>                <C>                 <C>     <C>   <C>
Marine containers                      $2,404        $2,762
Aircraft                                1,503         2,017
Railcars                                1,350         1,354
Marine vessels                            785           420
Trailers                                  348           254
</TABLE>


Marine  containers:     Marine container lease revenues and direct expenses were
$2.4  million and $29,000, respectively, for the six months ended June 30, 2002,
compared  to  $2.8  million and $38,000, respectively, during the same period of
2001.  The  decrease  in  lease  revenues  of $0.4 million during the six months
ended  June  30, 2002 compared to the same period of 2001 was due to lower lease
rates  earned  on  the  Fund's  marine  containers.

Aircraft:     Aircraft  lease revenues and direct expenses were $1.5 million and
$13,000,  respectively, for the six months ended June 30, 2002, compared to $2.0
million and $11,000, respectively, during the same period of 2001.  The decrease
in  lease  revenues  of  $0.5  million during the six months ended June 30, 2002
compared  to  2001  was due to the disposition of an owned aircraft during 2001.

Railcars:     Railcar  lease  revenues and direct expenses were $1.7 million and
$0.3  million,  respectively,  for  the six months ended June 30, 2002 and 2001.

Marine  vessels:     Marine  vessel lease revenues and direct expenses were $3.3
million  and $2.5 million, respectively, for the six months ended June 30, 2002,
compared  to $2.0 million and $1.6 million, respectively, during the same period
of  2001.  Lease revenue increased $1.3 million during the six months ended June
30, 2002 due a to higher lease rate earned on the marine vessel resulting from a
change  in lease type from a time charter under which it operated during the six
months  ended  June  30, 2001 to a voyage charter under which it operated during
the  six  months ended June 30, 2002.  Under a voyage charter, the marine vessel
earns  a  higher  lease  rate but is responsible for additional operating costs.
The  increase  in lease revenues was offset, in part, by a $0.9 million increase
in  operating  expenses  also  resulting  from  the  change  in  lease  type.

Trailers:     Trailer  lease  revenues and direct expenses were $0.7 million and
$0.3  million, respectively, for the six months ended June 30, 2002, compared to
$0.5  million  and  $0.3  million, respectively, during the same period of 2001.
Lease  revenue  increased  $0.1  million  in  the six months ended June 30, 2002
compared  to  the  same  period  in 2001 due to higher lease rates on the Fund's
trailer  fleet.  Direct  expenses increased $34,000 in the six months ended June
30,  2002  compared  to  2001  due  to  higher  repair  costs.

(B)     Interest  and  Other  Income

Interest  and  other  income  decreased  $0.2  million  due to a decrease in the
interest  rate  earned  on  cash  balances in the six months ended June 30, 2002
compared  to  the  same  period  in  2001.

(C)      Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  of  $6.9  million  for the period ended June 30, 2002
decreased  from  $7.3  million  for  the  same  period  in  2001.

     (i)     A  $1.9  million  decrease in depreciation expense from 2001 levels
reflects  the  decrease  of  $1.2 million resulting from certain assets becoming
fully  depreciated  during  2001  and  a  decrease of approximately $0.7 million
caused  by  the double-declining balance method of depreciation which results in
greater  depreciation  in  the  first  years  an  asset  is  owned;

     (ii)     A  $0.1  million  decrease  in  interest  expense was due to lower
average borrowings outstanding during the period ended June 30, 2002 compared to
the  same  period  in  2001;  and

     (iii)     A  $1.6 million increase in the provision for bad debts was based
on  the  Manager's  evaluation  of the collectability of receivables compared to
2001.  The  provision for bad debt expense recorded in the six months ended June
30,  2002  was  primarily  related  to  one  aircraft  lessee.

(D)     Net  Gain  on  Disposition  of  Owned  Equipment

Net  gain  on  disposition  of owned equipment for the six months ended June 30,
2002  totaled  $8,000  which  resulted  from  the  sale or disposition of marine
containers  with  a  net  book  value  of  $14,000 for $22,000.  The net gain on
disposition  of  owned  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.

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

Equity  in  net  income  of  USPEs 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 table presents equity in net
income  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                                          For the Six Months
                                                            Ended June 30,
                                                          2002          2001
                                                          ==================
<S>                                   <C>                 <C>   <C>   <C>
Aircraft                                                  $248        $  712
Marine vessel                                               --           291
                                                          -----       ------
       Equity in net income of USPEs                      $248        $1,003
                                                          =====       ======
</TABLE>


Aircraft:  As  of June 30, 2002 and 2001, the Fund owned interests in two trusts
that  each  owns  a  commercial  aircraft.  During the six months ended June 30,
2002, lease revenues of $0.6 million were offset by depreciation expense, direct
expenses,  and  administrative expenses of $0.4 million.  During the same period
of  2001,  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.

Lease  revenues  decreased  $0.2  million  due  to the leases for two commercial
aircraft  in  the  trusts  being  renegotiated  at  a  lower  rate.

The  decrease  in expenses of $0.6 million was due to lower depreciation expense
of  $0.4  million  resulting from the remaining commercial aircraft in the trust
becoming  fully  depreciated  during  2001  and  $0.1 million resulting from 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,  2002  and  2001, the Fund no longer owned 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.

(F)     Net  Income  (Loss)

As  a  result  of  the foregoing, the Fund had a net loss of $48,000 for the six
months  ended  June  30, 2002, compared to net income of $1.8 million during the
same  period  of  2001.  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,  2002  is  not  necessarily indicative of future periods.  In the six months
ended  June  30,  2002, the Fund distributed $2.5 million to Class A members, or
$0.50  per  weighted-average  Class  A  unit.

(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 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:

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.  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 a loss on revaluation.  Likewise, if the net book value of
the  asset  was  reduced  by  an  amount  greater  than  the  economic value has
deteriorated,  the  Fund may record a gain on sale upon final disposition of the
asset.

Impairment  of  long-lived  assets:  On a regular basis, the Manager reviews the
carrying  value  of  its  equipment and investments in USPEs 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 made
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  six  months  ended June 30, 2002, the Fund generated operating cash of
$4.0  million  (net  cash  provided by operating activities plus non-liquidating
distributions  from  USPEs)  to  meet  its  operating  obligations, pay debt and
interest  payments  and make distributions (total of $2.9 million for six months
ended  June  30,  2002)  to  the  members.

During  the  six  months  ended  June  30,  2002,  the  Fund  disposed of marine
containers  with  a  net  book  value  of  $14,000  for  proceeds  of  $22,000.

Restricted  cash  increased during the six months ended June 30, 2002 due to the
deposit  of  $0.1  million  into an escrow account related to collection efforts
from  an  aircraft  lessee.

Accounts  receivable  decreased  $0.1  million  in the six months ended June 30,
2002.  This  decrease was due to increase in the allowance for bad debts of $1.5
million  due  to  the  General  Partner's  evaluation  of  the collectibility of
accounts  receivable.  This decrease was partially offset by an increase of $1.5
million  during  the  six  months  ended June 30, 2002 due to the timing of cash
receipts.

Investments in USPEs decreased $0.3 million during the six months ended June 30,
2002  due to cash distributions of $0.6 million from the USPEs to the Fund being
partially offset by income of $0.2 million that was recorded by the Fund for its
equity  interests  in  the  USPEs.

Accounts  payable  increased  $0.2  million during the six months ended June 30,
2002  due  to  the  timing  of  cash  payments  to  vendors.

Lessee  deposits  and  reserve for repairs increased $0.1 million during the six
months  ended  June  30,  2002  due  to the accrual of marine vessel dry-docking
reserves  of  $0.1  million.

Cash  distributions  of  $0.8  million  related  to  the results from the second
quarter  2002  will  be  paid  during  the  third  quarter  of  2002.

In July 2002, PLM International, Inc. (PLMI), the parent company of FSI, reached
an  agreement with the lenders of the $10.0 million warehouse facility to extend
the expiration date of the facility to June 30, 2003.  The warehouse facility is
shared  by  the Fund, PLM Equipment Growth Fund V, PLM Equipment Growth Fund VI,
PLM  Equipment  Growth  &  Income  Fund  VII  and  Acquisub  LLC, a wholly owned
subsidiary  of PLMI.  The facility provides for financing up to 100% of the cost
of  the  equipment.  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 June 30, 2003.  Interest accrues either at the prime rate or 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 PLMI.  The Fund is not liable
for  the  advances  made  to  other  borrowers.


<PAGE>

As  of  August  13,  2002,  the  Fund  had  no borrowings outstanding under this
facility  and  there were no other borrowings outstanding under this facility by
any  other  eligible  borrower.


(IV)     OUTLOOK  FOR  THE  FUTURE

Several  factors may affect the Fund's operating performance in the remainder of
2002  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 2002 and
beyond  include:

(1)     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;

(2)     Railcar loadings in North America for the six months ended June 30, 2002
were below those of 2001.  This decrease may lead to lower utilization and lower
contribution  to  the  Fund  as  existing  leases  expire and renewal leases are
negotiated;

(3)     Marine  vessel freight rates are dependent upon the overall condition of
the  international  economy.  Freight  rates  earned by the Fund's marine vessel
began to decrease during the latter half of 2001 and continued through the first
six  months  of 2002.  This trend is expected to continue during the latter half
of  2002  or  until  international  economies  stabilize  and  begin to improve;

(4)     Industry  wide  utilization of inter-modal trailers decreased 12% in the
six  months  ended June 30, 2002 compared to the six months ended June 30, 2001.
This  may  lead  to  lower utilization of the Fund's trailers as existing leases
expire;  and

(5)     The  airline  industry  began to see lower passenger travel during 2001.
The  tragic events on September 11, 2001 worsened the situation.  As a result of
this  and  the general  turmoil  in  the  airline  industry, the Fund has had to
renegotiate  leases  on  its  owned aircraft and partially owned aircraft during
2001  that  will result in a decrease in revenues during 2002.

In addition, these events have had a negative impact on the fair market value of
the  Fund's  owned  and partially owned aircraft.  Although no revaluations were
required  during  2002  to  these  aircraft,  the  Manager does not expect these
aircraft  values  to  return  to their previous value in the foreseeable future.

During  2001,  the  lessee  of three Stage II Boeing 737-200 commercial aircraft
notified  the  Manager of its intention to return these aircraft.  The lessee is
located  in Brazil, a country currently experiencing economic difficulty.  As of
June  30,  2002, the lessee has not remitted ten lease payments due to the Fund.
The  Fund  has  a  security deposit from this lessee that could be used to pay a
portion of the amount due.  During October 2001, the Manager sent a notification
of  default  to the lessee.  The lease, with an expiration date of October 2002,
has  certain  return  condition requirements for each aircraft.  The Manager has
recorded an allowance for bad debts for the amount due less the security deposit
and  is  uncertain  of  the  collectibility  of  this  receivable.

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

The Fund may invest excess cash flow and equipment sales proceeds, if any, after
payment  of  operating  expenses,  loan  principal  and  interest  on  debt, 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 earnings and cash flow
for  the  Fund.



Beginning  in  the  Fund's seventh year of operation, which commences January 1,
2003,  the  Manager  will  stop  reinvesting cash flow and disposition proceeds.
Surplus funds, if any, less reasonable reserves, may be distributed the members.
The  Fund  will  terminate  on December 31, 2010, unless terminated earlier upon
sale  of  all  equipment  and  by  certain  other  events.

(V)      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,  2002,  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  lessees'  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
             --------

10.1     Third amendment to the Warehouse Credit Agreement, dated July 11, 2002.

     (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  13,  2002                By:  /s/  Stephen  M.  Bess
                                             ----------------------
                                             Stephen  M.  Bess
                                             President  and
                                             Current  Chief  Accounting  Officer




CERTIFICATION

The undersigned hereby certifies, in their capacity as an officer of the Manager
of  Professional  Lease  Management  Income  Fund I, L.L.C. (the Fund), that the
Quarterly  Report  of  the Fund on Form 10-Q for the period ended June 30, 2002,
fully complies with the requirements of Section 13(a) of the Securities Exchange
Act  of  1934 and that the information contained in such report fairly presents,
in all material respects, the financial condition of the Fund at the end of such
period  and  the  results  of  operations  of  the  Fund  for  such  period.


                                      PROFESSIONAL  LEASE  MANAGEMENT
                                      INCOME  FUND  I,  L.L.C.

                                      By:PLM  Financial  Services,  Inc.
                                         Manager




Date:  August  13,  2002                 By:/s/  Stephen  M.  Bess
                                            ----------------------
                                            Stephen  M.  Bess
                                            President  and
                                            Current  Chief  Accounting  Officer




Date:  August  13,  2002                 By:/s/  James  A.  Coyne
                                            ---------------------
                                            James  A.  Coyne
                                            Chief  Financial  Officer