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 September 30, 2000

[ ]       Transition  Report  Pursuant to Section 13 or 15(d) of the  Securities
          Exchange Act of 1934 For the transition period from to

                         Commission file number 0-28376
                             _______________________



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


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

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


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

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes X No



               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>

                                                                              September 30,       December 31,
                                                                                  2000                1999
                                                                             ------------------------------------
<S>                                                                           <C>                 <C>
  ASSETS

  Equipment held for operating lease                                          $   109,310         $  103,709
  Less accumulated depreciation                                                   (49,701)           (45,183)
                                                                             ------------------------------------
                                                                                   59,609             58,526
  Equipment held for sale                                                           3,400                 --
                                                                             ------------------------------------
      Net equipment                                                                63,009             58,526

  Cash and cash equivalents                                                         4,299             11,597
  Restricted cash                                                                     771                453
  Accounts receivable, less allowance for doubtful accounts
        of $36 in 2000 and $65 in 1999                                              1,795              2,007
  Investment in unconsolidated special-purpose entities                             5,762              7,717
  Deferred charges, less accumulated amortization
        of $65 in 2000 and $52 in 1999                                                112                125
  Prepaid expenses and other assets                                                     5                108
                                                                             ------------------------------------

        Total assets                                                          $    75,753         $   80,533
                                                                             ====================================

  LIABILITIES AND MEMBERS' EQUITY

  Liabilities:
  Accounts payable and accrued expenses                                       $       825         $      458
  Due to affiliates                                                                   896                656
  Lessee deposits and reserves for repairs                                          5,015              3,821
  Note payable                                                                     25,000             25,000
                                                                             ------------------------------------
      Total liabilities                                                            31,736             29,935
                                                                             ------------------------------------

  Members' equity:
  Class A members (4,971,311 units as of September 30, 2000
        and 4,975,321 units as of December 31, 1999)                               44,017             50,598
  Class B member                                                                       --                 --
                                                                             ------------------------------------
      Total members' equity                                                        44,017             50,598
                                                                             ------------------------------------

         Total liabilities and members' equity                                $    75,753         $   80,533
                                                                             ====================================

</TABLE>






                 See accompanying notes to financial statements.



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                            STATEMENTS OF OPERATIONS
         (in thousands of dollars, except weighted-average unit amounts)
<TABLE>
<CAPTION>

                                                          For the Three Months              For the Nine Months
                                                          Ended September 30,               Ended September 30,
                                                          2000           1999               2000            1999
                                                       -------------------------------------------------------------


<S>                                                    <C>            <C>                <C>            <C>
  REVENUES

  Lease revenue                                        $   5,820      $   6,943          $  17,396      $   20,192
  Interest and other income                                   44             35                304             156
  Net gain on disposition of equipment                     2,112              9              2,118              20
                                                       -------------------------------------------------------------
      Total revenues                                       7,976          6,987             19,818          20,368
                                                       -------------------------------------------------------------

  EXPENSES

  Depreciation and amortization                            3,434          4,018              9,731          11,458
  Repairs and maintenance                                    731            704              1,822           1,957
  Equipment operating expenses                               605            890              1,602           2,470
  Interest expense                                           463            468              1,379           1,385
  Insurance expense                                          125            144                317             311
  Management fees to affiliate                               317            369                939           1,075
  General and administrative expenses
        to affiliates                                        252            218                727             709
  Other general and administrative expenses                  232            205                713             540
                                                       -------------------------------------------------------------
      Total expenses                                       6,159          7,016             17,230          19,905
                                                       -------------------------------------------------------------

  Minority interest                                           --           (192)                --            (590)
  Equity in net income (loss) of unconsolidated
        special-purpose entities                            (101)          (393)              (345)          2,047
                                                       -------------------------------------------------------------

  Net income (loss) before cumulative effect of
        accounting change                                  1,716           (614)             2,243           1,920

  Cumulative effect of accounting change                      --             --                 --            (132)
                                                       -------------------------------------------------------------

        Net income (loss)                              $   1,716      $    (614)         $   2,243      $    1,788
                                                       =============================================================

  MEMBERS' SHARE OF NET INCOME (LOSS)

  Class A members                                      $   1,540      $  (1,054)         $     927      $      599
  Class B member                                             176            440              1,316           1,189
                                                       -------------------------------------------------------------

         Total                                         $   1,716      $    (614)         $   2,243      $    1,788
                                                       =============================================================

  Class A member's net income (loss) per
        weighted-average Class A unit                  $    0.31      $   (0.21)         $    0.19      $     0.12
                                                       =============================================================

  Cash distribution                                    $   2,925      $   2,928          $   8,776      $    8,800
                                                       =============================================================
  Cash distribution per weighted-average
        Class A units                                  $    0.50      $    0.50          $    1.50      $     1.50
                                                       =============================================================
</TABLE>



                 See accompanying notes to financial statements.


               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, 1998 to September 30, 2000
                            (in thousands of dollars)

<TABLE>
<CAPTION>


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

<S>                                                    <C>                  <C>                 <C>
    Members' equity as of December 31, 1998            $       64,893       $         132       $       65,025

  Net income (loss)                                            (4,029)              1,628               (2,401)

  Purchase of Class A units                                      (336)                 --                 (336)

  Cash distribution                                            (9,930)             (1,760)             (11,690)
                                                       ---------------------------------------------------------

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

  Net income                                                      927               1,316                2,243

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

  Cash distribution                                            (7,460)             (1,316)              (8,776)
                                                       ---------------------------------------------------------

    Members' equity as of September 30, 2000           $       44,017       $          --       $       44,017
                                                       =========================================================
</TABLE>









                 See accompanying notes to financial statements.





               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 Nine Months
                                                                             Ended September 30,
                                                                          2000                 1999
                                                                    ---------------------------------------


<S>                                                                 <C>                  <C>
     OPERATING ACTIVITIES

     Net income                                                     $         2,243      $         1,788
     Adjustments to reconcile net income to net cash
           provided by (used in) operating activities:
       Depreciation and amortization                                          9,731               11,458
       Cumulative effect of accounting change                                    --                  132
       Net gain on disposition of equipment                                  (2,118)                 (20)
       Equity in net (income) loss of unconsolidated
             special-purpose entities                                           345               (2,047)
       Changes in operating assets and liabilities:
         Restricted cash                                                       (318)                (420)
         Accounts receivable, net                                               210                 (243)
         Prepaid expenses and other assets                                      103                  158
         Accounts payable and accrued expenses                                  367                  454
         Due to affiliates                                                      240                  260
         Lessee deposits and reserves for repairs                             1,194                  518
         Minority interest                                                       --                 (676)
                                                                    ---------------------------------------
             Net cash provided by operating activities                       11,997               11,362
                                                                    ---------------------------------------

     INVESTING ACTIVITIES

     Payments for purchase of equipment and capitalized
           improvements                                                     (19,478)              (9,969)
     Liquidating distributions from unconsolidated
           special-purpose entities                                              --                7,095
     Proceeds from disposition of equipment                                   7,397                  158
     Distributions from unconsolidated special-purpose
           entities                                                           1,610                1,448
                                                                    ---------------------------------------
           Net cash used in investing activities                            (10,471)              (1,268)
                                                                    ---------------------------------------

     FINANCING ACTIVITIES

     Cash distribution to Class A members                                    (7,460)              (7,479)
     Cash distribution to Class B Member                                     (1,316)              (1,321)
     Purchase of Class A units                                                  (48)                (336)
                                                                    ---------------------------------------
           Net cash used in financing activities                             (8,824)              (9,136)
                                                                    ---------------------------------------

     Net (decrease) increase in cash and cash equivalents                    (7,298)                 958
     Cash and cash equivalents at beginning of period                        11,597                3,720
                                                                    ---------------------------------------
     Cash and cash equivalents at end of period                     $         4,299      $         4,678
                                                                    =======================================

     Supplemental information
     Interest paid                                                  $           916      $           916
                                                                    =======================================

</TABLE>


                See accompanying notes to financial statements.

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000


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 September 30, 2000 and December 31,
     1999,  the  statements  of  operations  for the three and nine months ended
     September 30, 2000 and 1999, the  statements of changes in members'  equity
     for the period  from  December  31, 1998 to  September  30,  2000,  and the
     statements  of cash flows for the nine months ended  September 30, 2000 and
     1999.  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/A for the year ended  December 31, 1999, 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 orderly
     liquidate the Fund's assets.

3.   PURCHASE OF CLASS A UNITS

     In 1999,  the Fund agreed to purchase up to 4,010 Class A units in 2000 for
     an  aggregate  purchase  price of  $49,000.  During the nine  months  ended
     September 30, 2000, the Fund purchased 4,010 Class A units for $48,000.

4.   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
     nine months ended September 30, 2000 and 1999, cash  distributions  totaled
     $8.8 million.  For the three months ended September 30, 2000 and 1999, cash
     distributions  totaled  $2.9  million.  Cash  distributions  to the Class A
     unitholders  of $6.4  million and $6.9  million  for the nine months  ended
     September  30, 2000 and 1999,  respectively,  were deemed to be a return of
     capital.

     Cash  distributions  related to the results from the third quarter of 2000,
     of $1.7 million, will be paid during the fourth quarter of 2000.

5.   TRANSACTIONS WITH MANAGER AND AFFILIATES

     The balance due to  affiliates  as of  September  30, 2000,  included  $0.2
     million  due to FSI  and  its  affiliates  for  management  fees  and  data
     processing  services,  and $0.7  million due to  affiliated  unconsolidated
     special-purpose  entities  (USPEs).  The  balance due to  affiliates  as of
     December 31, 1999,  included $0.2 million due to FSI and its affiliates for
     management fees and $0.5 million due to affiliated USPEs.


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000

5.   TRANSACTIONS WITH MANAGER AND AFFILIATES (CONTINUED)

     The Fund's proportional share of USPE-affiliated management fees of $21,000
     and  $31,000,  respectively,  were  payable as of  September  30,  2000 and
     December 31, 1999.

     The Fund's  proportional  share of the affiliated  expenses incurred by the
     USPEs during 2000 and 1999 is listed in the  following  table (in thousands
     of dollars):
<TABLE>
<CAPTION>

                                                       For the Three Months               For the Nine Months
                                                        Ended September 30,               Ended September 30,
                                                        2000            1999               2000             1999
                                                     ----------------------------------------------------------------

<S>                                                  <C>             <C>                <C>              <C>
           Management fees                           $      33       $      36          $     100        $    108
           Data processing and administrative
              expenses                                       7               9                 27              30
</TABLE>

6.   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):

                                          September 30,           December 31,
                                             2000                    1999
                                        ----------------------------------------
  Equipment held for operating lease:

  Marine vessels                         $    33,256             $   37,256
  Marine containers                           29,160                  9,942
  Aircraft                                    20,605                 20,605
  Railcars                                    19,623                 19,710
  Trailers                                     6,666                 16,196
                                        ----------------------------------------
                                             109,310                103,709
  Less accumulated depreciation              (49,701)               (45,183)
                                        ----------------------------------------
                                              59,609                 58,526
  Equipment held for sale                      3,400                     --
                                        ----------------------------------------
        Net equipment                    $    63,009             $   58,526
                                        ========================================

     As of September 30, 2000, all owned  equipment in the Fund's  portfolio was
     on lease,  except for a marine vessel and 14 railcars with a carrying value
     of $3.6 million.  As of December 31, 1999, all owned  equipment in the Fund
     portfolio  was either on lease or  operating  in  PLM-affiliate  short-term
     trailer  rental yards except for six railcars with a carrying value of $0.1
     million.

     As of September 30, 2000,  equipment held for sale included a marine vessel
     with a net  book  value  of  $3.4.  No  equipment  was  held for sale as of
     December 31, 1999.

     During the nine months ended  September 30, 2000, the Fund purchased  9,239
     marine  containers  and ten  trailers  for $19.5  million.  During the nine
     months ended September 30, 1999, the Fund purchased 4,430 marine containers
     for $9.9 million.



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000

6.   EQUIPMENT (CONTINUED)

     During the nine months ended September 30, 2000, the Fund sold trailers and
     railcars with an aggregate  net book value of $5.3  million,  for aggregate
     proceeds of $7.4 million.  During the nine months ended September 30, 1999,
     the Fund sold  railcars  and trailers  with an aggregate  net book value of
     $0.1 million, for proceeds of $0.2 million.

7.   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>

                                                                             September 30,           December 31,
                                                                                 2000                    1999
                                                                         ----------------------------------------------


<S>                                                                       <C>                     <C>
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                   $            3,846      $            4,784
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                                1,133                   1,773
     50% interest in a trust owning a cargo marine vessel                                783                   1,024
     25% interest in a trust that owned four 737-200A stage II
               commercial aircraft                                                        --                      76
     25% interest in a trust that owned four 737-200A stage II
               commercial aircraft                                                        --                      60
                                                                         ----------------------------------------------
         Net investments                                                  $            5,762      $            7,717
                                                                         ==============================================
</TABLE>

     As of September 30, 2000 and December 31, 1999, all jointly-owned equipment
     in the Fund's USPE portfolio was on lease.










                     (This space intentionally left blank.)



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000

8.   OPERATING SEGMENTS

     The Fund  operates or operated in six  different  segments:  marine  vessel
     leasing,   aircraft  leasing,  railcar  leasing,  trailer  leasing,  marine
     container leasing,  and mobile offshore drilling unit (MODU) 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
                                           Vessel    Aircraft  Railcar    Trailer   Container
    For the quarter ended  September 30,  Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)    Total
    2000


<S>                                       <C>       <C>        <C>        <C>       <C>        <C>        <C>
    REVENUES
      Lease revenue                       $  1,758  $  1,014   $    921   $ 1,086   $   1,041  $     --   $  5,820
      Interest income and other                 --        --         --        --          --        44         44
      Net gain on disposition
        of equipment                            --        --         49     2,063          --        --      2,112
                                          -------------------------------------------------------------------------
        Total revenues                       1,758     1,014        970     3,149       1,041        44      7,976

    COSTS AND EXPENSES
      Operations support                       969         8        157       315           2        10      1,461
      Depreciation and amortization          1,155       579        375       368         952         5      3,434
      Interest expense                          --        --         --        --          --       463        463
      Management fees to affiliate              75        50         66        54          72        --        317
      General and administrative expenses       17         3          4       276          --       184        484
                                          -------------------------------------------------------------------------
        Total costs and expenses             2,216       640        602     1,013       1,026       662      6,159
                                          -------------------------------------------------------------------------
      Equity in net loss of USPEs              (77)      (24)        --        --          --        --       (101)
                                          -------------------------------------------------------------------------
                                          -------------------------------------------------------------------------
        Net income (loss)                 $   (535) $    350   $    368   $ 2,136   $      15  $   (618)  $  1,716
                                          =========================================================================

    Total assets as of September 30, 2000 $ 23,781  $  7,490   $ 10,229   $ 2,987   $  26,850  $  4,416   $ 75,753
                                          =========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                Marine                                     Marine
    For the quarter ended       Vessel    Aircraft   Railcar   Trailer    Container   MODU
    September 30, 1999         Leasing    Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)    Total
<S>                            <C>        <C>        <C>       <C>        <C>        <C>       <C>        <C>
    REVENUES
      Lease revenue            $  2,313   $  1,014   $   904   $  1,006   $    510   $ 1,196   $     --   $  6,943
      Interest income and             3          2        --         --         --        --         30         35
        other
      Net gain on disposition
        of equipment                 --         --         9         --         --        --         --          9
                               ------------------------------------------------------------------------------------
        Total revenues            2,316      1,016       913      1,006        510     1,196         30      6,987

    COSTS AND EXPENSES
      Operations support          1,285          7       171        236         --        26         13      1,738
      Depreciation and            1,503        643       435        362        493       582         --      4,018
        amortization
      Interest expense               --         --        --         --         --        --        468        468
      Management fees to            117         51        58         58         25        60         --        369
        affiliate
      General and
        administrative
        expenses                     14         10        23        180         --        45        151        423
                               ------------------------------------------------------------------------------------
        Total costs and           2,919        711       687        836        518       713        632      7,016
    expenses
                               ------------------------------------------------------------------------------------
    Minority interest                --         --        --         --         --      (192)        --       (192)
    Equity in net loss of           (70)      (323)       --         --         --        --         --       (393)
    USPEs
                               ------------------------------------------------------------------------------------
        Net income (loss)      $   (673)  $    (18)  $   226   $    170   $     (8)  $   291   $   (602)  $   (614)
                               ====================================================================================

    Total assets as of
    September 30, 1999         $ 33,089   $ 12,497   $11,776   $  8,455   $  9,453   $ 7,188   $  5,333   $ 87,791
                               ====================================================================================
     _____________________________________

     (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>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000

8.  OPERATING SEGMENTS (CONTINUED)

<TABLE>
<CAPTION>

                                           Marine                                     Marine
    FOR THE NINE MONTHS ENDED  SEPTEMBER   Vessel     Aircraft  Railcar    Trailer   Container
    30, 2000                               Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)  Total

<S>                                       <C>        <C>       <C>        <C>       <C>        <C>        <C>
    REVENUES
      Lease revenue                       $  5,730   $ 3,043   $  2,783   $ 3,169   $   2,671  $     --   $ 17,396
      Interest income and other                  1         2         --        --          --       301        304
      Net gain on disposition
        of equipment                            --        --         49     2,069          --        --      2,118
                                          -------------------------------------------------------------------------
        Total revenues                       5,731     3,045      2,832     5,238       2,671       301     19,818

    COSTS AND EXPENSES
      Operations support                     2,453        26        436       792           5        29      3,741
      Depreciation and amortization          3,466     1,736      1,128     1,106       2,282        13      9,731
      Interest expense                          --        --         --        --          --     1,379      1,379
      Management fees to affiliate             286       152        184       183         134        --        939
      General and administrative expenses       68         7         65       692           1       607      1,440
                                          -------------------------------------------------------------------------
        Total costs and expenses             6,273     1,921      1,813     2,773       2,422     2,028     17,230
                                          -------------------------------------------------------------------------
      Equity in net loss of USPEs             (275)      (70)        --        --          --        --       (345)
                                          -------------------------------------------------------------------------
        Net income (loss)                 $   (817)  $ 1,054   $  1,019   $ 2,465   $     249  $ (1,727)  $  2,243
                                          =========================================================================

    Total assets as of September 30, 2000 $ 23,781   $ 7,490   $ 10,229   $ 2,987   $  26,850  $  4,416   $ 75,753
                                          =========================================================================
</TABLE>
<TABLE>
<CAPTION>

                                Marine                                    Marine
    FOR THE NINE MONTHS ENDED   Vessel    Aircraft  Railcar    Trailer   Container    MODU
    SEPTEMBER 30, 1999         Leasing    Leasing   Leasing    Leasing    Leasing   Leasing     Other(1)   Total

<S>                            <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
    REVENUES
      Lease revenue            $  7,118  $  3,043   $  2,809   $  2,780  $     882  $  3,560   $     --  $ 20,192
      Interest income and             5         7         --         --         --         1        143       156
        other
      Net gain on disposition
        of equipment                 --        --         15          5         --        --         --        20
                               -----------------------------------------------------------------------------------
        Total revenues            7,123     3,050      2,824      2,785        882     3,561        143    20,368

    COSTS AND EXPENSES
      Operations support          3,476        20        502        637         --        66         37     4,738
      Depreciation and            4,509     1,929      1,307      1,085        866     1,749         13    11,458
        amortization
      Interest expense               --        --         --         --         --        --      1,385     1,385
      Management fees to            357       152        184        160         44       178         --     1,075
        affiliate
      General and
        administrative
        expenses                     42        24         48        569         --        75        491     1,249
                               -----------------------------------------------------------------------------------
        Total costs and           8,384     2,125       2041      2,451        910     2,068      1,926    19,905
          expenses
                               -----------------------------------------------------------------------------------
    Minority interest                --        --         --         --         --      (590)        --      (590)
    Equity in net income
    (loss) of USPEs                (114)    2,161         --         --         --        --         --     2,047
                               -----------------------------------------------------------------------------------
    Net income (loss) before
        cumulative effect of
        accounting change        (1,375)    3,086        783        334        (28)      903     (1,783)    1,920
    Cumulative effect of
        Accounting change            --        --         --         --         --        --       (132)     (132)
                               -----------------------------------------------------------------------------------
        Net income (loss)      $ (1,375) $  3,086   $    783   $    334  $     (28) $    903   $ (1,915) $  1,788
                               ===================================================================================

    Total assets as of
        September 30, 1999     $ 33,089  $ 12,497   $ 11,776   $  8,455  $   9,453  $  7,188   $  5,333  $ 87,791
                               ===================================================================================

</TABLE>

_____________________________________

(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.


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000

9.   DEBT

     The Fund's warehouse  facility,  which was shared with PLM Equipment Growth
     Fund VI, PLM Equipment Growth & Income Fund VII, and TEC Acquisub, Inc., an
     indirect wholly-owned  subsidiary of the Manager,  expired on September 30,
     2000.  The Manager is currently  negotiating  with a new lender for a $15.0
     million  warehouse  credit facility with similar terms as the facility that
     expired.  The Manager  believes the facility  will be completed  during the
     fourth quarter of 2000.

10.  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 nine months ended  September  30, 2000 were  4,971,311
     units and 4,972,178 units,  respectively.  The  weighted-average  number of
     Class A units  deemed  outstanding  during the three and nine months  ended
     September 30, 1999 were 4,975,419 units and 4,984,675 units, respectively.

11.  CUMULATIVE EFFECT OF ACCOUNTING CHANGE

     In April 1998,  the  American  Institute of  Certified  Public  Accountants
     issued  Statement  of Position  98-5,  "Reporting  on the Costs of Start-Up
     Activities,"  which  required  costs  related to start-up  activities to be
     expensed as incurred.  The statement  required that initial  application be
     reported as a cumulative  effect of a change in accounting  principle.  The
     Fund adopted this  statement  during the nine months  ended  September  30,
     1999,  at which time it took a $0.1  million  charge,  related to  start-up
     costs of Fund.  This  charge  had the  effect of  reducing  net  income per
     weighted-average  Class A unit by $0.03 for the nine months ended September
     30, 1999.

12.  SUBSEQUENT EVENT

     In October of 2000,  the Fund sold a marine vessel with a net book value of
     $3.4 million for $3.4 million.

     In October of 2000,  the Fund received $0.2 million in additional  proceeds
     from the sale of one of the Fund's USPEs that owned an interest in a mobile
     offshore drilling unit. No additional proceeds will be received.






                    (This space is intentionally left blank.)



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

(I)  RESULTS OF OPERATIONS

In  September  1999,  the  Manager  amended  the  corporate-by-laws  of  certain
unconsolidated  special  purpose  entities  (USPEs)  in which the  Fund,  or any
affiliated  program,  owned an interest  greater than 50%. The  amendment to the
corporate-by-laws  provided that all decisions  regarding  the  acquisition  and
disposition of the investment as well as other significant business decisions of
that investment  would be permitted only upon unanimous  consent of the Fund and
all the  affiliated  programs  that have an  ownership  in the  investment  (the
Amendment).  As such,  although the Fund may own a majority  interest in a USPE,
the  Fund  does not  control  its  management  and thus  the  equity  method  of
accounting  will be used after  adoption  of the  Amendment.  As a result of the
Amendment,  as of September 30, 1999,  all jointly owned  equipment in which the
Fund owned a majority interest,  which had been consolidated,  were reclassified
to  investments in USPEs.  Lease revenues and direct  expenses for jointly owned
equipment in which the Fund held a majority  interest  were  reported  under the
consolidation  method of  accounting  during  the three  and nine  months  ended
September 30, 1999 and were included with the owned equipment operations.

Comparison of the  Professional  Lease  Management  Income Fund I, L.L.C.'s (the
Fund's) Operating Results for the Three Months Ended September 30, 2000 and 1999

Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the third  quarter of 2000,  compared  to the same  quarter of
1999. 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 8 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


                                                        For the Three Months
                                                         Ended September 30,
                                                        2000             1999
                                                     ---------------------------

  Marine containers                                  $  1,039         $    510
  Aircraft                                              1,006            1,007
  Trailers                                                771              770
  Marine vessels                                          789            1,028
  Railcars                                                764              733
  Mobile offshore drilling unit                            --            1,170

Marine  containers:  Marine  container lease revenues were $1.0 million and $0.5
million,  respectively, for the third quarter of 2000 and 1999. Marine container
contribution increased in the third quarter of 2000, compared to the same period
in 1999 due to the purchase of marine containers in 1999 and 2000.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $1.0 million and
$8,000,  respectively,  for the third quarter of 2000,  compared to $1.0 million
and $7,000, respectively,  during the same period in 1999. Aircraft contribution
remained the same due to the stability of the aircraft fleet.

Trailers:  Trailer lease revenues and direct expenses were $1.1 million and $0.3
million,  respectively,  for the third quarter of 2000, compared to $1.0 million
and $0.2  million,  respectively,  during  the  same  period  in  1999.  Trailer
contribution increased in the third quarter of 2000, compared to the same period
of 1999 due to the purchase of trailers in 1999 and 2000.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.8
million and $1.0 million,  respectively, for the third quarter of 2000, compared
to $2.3 million and $1.3 million, respectively,  during the same period in 1999.
Lease  revenue  decreased  $0.5 million in the third quarter of 2000 compared to
the same period in 1999 due to one of the Fund's anchor  handling  supply marine
vessels being off-lease in the third quarter of 2000 compared to the same period
in 1999 where the marine  vessel  was on lease for the  entire  quarter.  Direct
expenses  decreased $0.3 million  primarily due to hull cleaning costs and canal
charges  incurred in the third  quarter of 1999 while  repositioning  one of the
Fund's marine  vessels for a new charter in the third quarter of 1999. A similar
event did not occur in the same period in 2000.

Railcars:  Railcar lease revenues and direct expenses were $0.9 million and $0.2
million, respectively, during the third quarter of 2000 and 1999.

Mobile  offshore  drilling  unit:  Mobile  offshore  drilling  unit revenues and
expenses were $1.2 million and $26,000,  respectively,  for the third quarter of
1999. The September 30, 1999  Amendment  that changed the  accounting  method of
majority  held  equipment  from the  consolidation  method of  accounting to the
equity method of  accounting  impacted the reporting of lease revenes and direct
expenses of the mobile offshore drilling unit. In addition,  the Fund's interest
in an  entity  owning a mobile  offshore  drilling  unit was sold in the  fourth
quarter of 1999.

(B)   Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $4.7 million for the quarter ended September 30, 2000
decreased from $5.3 million for the same period in 1999.  Significant  variances
are explained as follows:

     (i) A $0.6 million decrease in depreciation and amortization  expenses from
1999  levels  resulted  from  a $0.6  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 $0.6 million decrease as a
result of the Amendment  which changed the  accounting  method used for majority
held equipment from the consolidation  method of accounting to the equity method
of accounting.  These  decreases  were  partially  offset by an increase of $0.6
million in depreciation  expense from the purchase of equipment  during 1999 and
2000.

     (ii) A $0.1 million  decrease in management  fees to affiliate due to lower
levels of lease revenues on owned equipment in 2000, when compared to 1999.

     (iii) A $0.1 million  increase in general and  administrative  expenses was
due to higher costs  associated  with the  transition  of trailers  into and the
operations of three new PLM  short-term  trailer  rental  facilities  during the
third quarter of 2000 when compared to the same period in 1999.

(C)  Minority Interest

Minority  interest expense  decreased $0.2 million due to the September 30, 1999
Amendment that changed the accounting method of majority held equipment from the
consolidation method of accounting to the equity method of accounting.

(D)  Net Gain on Disposition of Owned Equipment

The net gain on  disposition  of equipment for the third quarter of 2000 totaled
$2.1 million  which  resulted  from the sale of trailers  and  railcars  with an
aggregate  net book  value  of $5.3  million,  for  aggregate  proceeds  of $7.4
million.  Net gain on  disposition  of equipment  for the third  quarter of 1999
totaled $9,000 which resulted from the sale of railcars with a net book value of
$34,000, for proceeds of $43,000.


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

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

                                                      For the Three Months
                                                       Ended September 30,
                                                      2000             1999
                                                   ----------------------------
   Aircraft                                        $    (24)       $    (323)
   Marine vessel                                        (77)             (70)
                                                   ----------------------------
          Equity in Net Loss of USPEs              $   (101)       $    (393)
                                                   ============================

Aircraft:  As of September  30, 2000 and 1999,  the Fund owned  interests in two
trusts that each own a commercial  aircraft.  During the third  quarter of 2000,
aircraft  lease revenues were $0.5 million which were offset by expenses of $0.5
million.  During the same  period in 1999,  aircraft  lease  revenues  were $0.5
million which were offset by expenses of $0.8 million.  The decrease in expenses
of $0.3 million was primarily due to lower  depreciation  expense resulting from
the use of double  declining-balance  method of  depreciation  which  results in
greater depreciation in the first years an asset is owned.

Marine vessel: As of September 30, 2000 and 1999, the Fund had an interest in an
entity that owns a marine vessel.  Marine vessel revenues and expenses were $0.1
million and $0.2 million,  respectively, for the third quarter of 2000, compared
to $0.2 million and $0.3 million, respectively,  during the same period in 1999.
Lease revenue  decreased $0.1 million as a result of the marine vessel being off
lease for 11 days in the third  quarter of 2000  compared  to the same period in
1999  where the  marine  vessel  was on lease  for the  entire  quarter.  Direct
expenses  decreased  $0.1 million due to lower  operating  expenses in the third
quarter of 2000 compared to the same period in 1999.

(F)   Net Income (Loss)

As a result of the  foregoing,  the Fund had net income of $1.7  million for the
third  quarter of 2000,  compared  to net loss of $0.6  million  during the same
period of 1999.  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 third quarter of 2000 is not
necessarily indicative of future periods. In the third quarter of 2000, the Fund
distributed $2.5 million to Class A members, or $0.50 per weighted-average Class
A unit.

COMPARISON  OF THE THE  FUND'S  OPERATING  RESULTS  FOR THE  NINE  MONTHS  ENDED
SEPTEMBER 30, 2000 AND 1999

(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 nine months ended September 30, 2000, when compared to the
same period of 1999.  The following  table  presents  lease revenues less direct
expenses by segment (in thousands of dollars):

                                                         For the Nine Months
                                                         Ended September 30,
                                                        2000             1999
                                                     ---------------------------

  Marine vessels                                     $  3,277        $   3,642
  Aircraft                                              3,017            3,023
  Marine containers                                     2,666              882
  Trailers                                              2,377            2,143
  Railcars                                              2,347            2,307
  Mobile offshore drilling unit                            --            3,494

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $5.7
million and $2.5 million,  respectively, for the nine months ended September 30,
2000, compared to $7.1 million and $3.5 million,  respectively,  during the same
period of 1999.  Lease revenue  decreased  $0.7 million in the nine months ended
September  30, 2000  compared  to the same period in 1999 due to lower  re-lease
rates for one of the Fund's anchor handling supply marine vessels.  In addition,
lease  revenue  decreased  $1.2 million due to another  anchor  handling  supply
marine vessel being  off-lease in the second and third quarters of 2000 compared
to the nine months ended  September 30, 1999 when the marine vessel was on lease
for the entire period.  The decreases in lease revenue from these marine vessels
were offset, in part, by an increase in lease revenue of $0.5 million during the
nine months ended  September 30, 2000 compared to the same period in 1999 due to
higher re-lease rates for the Fund's bulk carrier marine vessel. Direct expenses
decreased $1.0 million primarily due to lower operating  expenses for one of the
Fund's  marine  vessels in the nine months ended  September 30, 2000 compared to
the same period in 1999.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $3.0 million and
$26,000, respectively, for the nine months ended September 30, 2000, compared to
$3.0 million and $20,000, respectively, during the same period of 1999. Aircraft
contribution  remained  approximately  the  same  due  to the  stability  of the
aircraft fleet.

Marine  containers:  Marine  container lease revenues were $2.7 million and $0.9
million,  respectively,  for the nine months ended  September 30, 2000 and 1999.
Marine container  contribution  increased in the nine months ended September 30,
2000,  compared  to the  same  period  of 1999  due to the  purchase  of  marine
containers in 1999 and 2000.

Trailers:  Trailer lease revenues and direct expenses were $3.2 million and $0.8
million, respectively, for the nine months ended September 30, 2000, compared to
$2.8  million and $0.6  million,  respectively,  during the same period of 1999.
Trailer  contribution  increased  in the nine months ended  September  30, 2000,
compared to the same period of 1999 due to the  purchase of trailers in 1999 and
2000.

Railcars:  Railcar lease revenues and direct expenses were $2.8 million and $0.4
million, respectively, for the nine months ended September 30, 2000, compared to
$2.8  million and $0.5  million,  respectively,  during the same period of 1999.
Direct  expenses  decreased  due to lower  running  repairs  required on certain
railcars  during the nine months ended  September 30, 1999, that were not needed
during the same period in 2000.

Mobile  offshore  drilling  unit:  Mobile  offshore  drilling  unit revenues and
expenses were $3.6 million and $0.1 million,  respectively,  for the nine months
ended  September 30, 1999.  The September  30, 1999  Amendment  that changed the
accounting  method of majority held equipment from the  consolidation  method of
accounting to the equity  method of  accounting  impacted the reporting of lease
revenes and direct expenses of the mobile  offshore  drilling unit. In addition,
this mobile offshore drilling unit was sold in the fourth quarter of 1999.

(B)   Interest and Other Income

Interest and other  income  increased  $0.1  million due to higher  average cash
balances in the nine  months  ended  September  30,  2000,  compared to the same
period in 1999.

(C)   Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $13.5 million for the nine months ended September 30,
2000  decreased  from $15.2  million  for the same  period in 1999.  Significant
variances are explained as follows:

     (i) A $1.7 million decrease in depreciation and amortization  expenses from
1999  levels  resulted  from  a $1.8  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 $1.7 million decrease as a
result of the Amendment  which changed the  accounting  method used for majority
held equipment from the consolidation  method of accounting to the equity method
of accounting.  These  decreases  were  partially  offset by an increase of $1.8
million in depreciation  expense from the purchase of equipment  during 1999 and
2000.

     (ii) A $0.1 million  decrease in  management  fees to affiliate  was due to
lower  levels of lease  revenues on owned  equipment in 2000,  when  compared to
1999.

     (iii) A $0.2 million  increase in general and  administrative  expenses was
due to a $0.1  million  increase  in costs  associated  with the  transition  of
trailers into and the  operations  of three new PLM  short-term  trailer  rental
facilities  and an  increase  of  $0.1  million  in the  costs  associated  with
professional  services  during the nine  months  ended  September  30, 2000 when
compared to the same period in 1999.

(D)  Minority Interest

Minority  interest expense  decreased $0.6 million due to the September 30, 1999
Amendment that changed the accounting method of majority held equipment from the
consolidation method of accounting to the equity method of accounting.

(E)  Net Gain on Disposition of Owned Equipment

The net gain on disposition of equipment for the nine months ended September 30,
2000 totaled $2.1 million which  resulted from the sale of trailers and railcars
with an aggregate net book value of $5.3 million, for aggregate proceeds of $7.4
million.  Net  gain on  disposition  of  equipment  for the  nine  months  ended
September 30, 1999 totaled  $20,000 which resulted from the sale of railcars and
trailers with an aggregate net book value of $0.1 million,  for proceeds of $0.2
million.

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

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

                                                        For the Nine Months
                                                        Ended September 30,
                                                       2000             1999
                                                    ----------------------------

  Aircraft                                          $    (70)        $  2,161
  Marine vessel                                         (275)            (114)
                                                    ----------------------------
       Equity in Net Income (Loss) of USPEs         $   (345)        $  2,047
                                                    ============================

Aircraft:  As of September  30, 2000 and 1999,  the Fund owned  interests in two
trusts  that  each own a  commercial  aircraft.  During  the nine  months  ended
September 30, 2000, aircraft lease revenues were $1.6 million offset by expenses
of $1.7 million. During the nine months ended September 30, 1999, aircraft lease
revenues were $1.6 million and the gain from the sale of the Fund's  interest in
two  trusts  that  owned a total  of three  commercial  aircraft,  two  aircraft
engines,  and a  portfolio  of aircraft  rotables of $3.3  million was offset by
expenses of $2.7 million. The decrease in expenses of $1.0 million was primarily
due to lower depreciation  expense resulting from a $0.9 million decrease due to
the use of double  declining-balance  method of  depreciation  which  results in
greater  depreciation  in the first  years an asset is owned and a $0.1  million
decrease due to the sale of the Fund's interest in the two trusts.

Marine vessel: As of September 30, 2000 and 1999, the Fund had an interest in an
entity that owns a marine vessel.  Marine vessel revenues and expenses were $0.4
million and $0.7 million,  respectively, for the nine months ended September 30,
2000, compared to $0.6 million and $0.7 million,  respectively,  during the same
period in 1999.  Lease revenue  decreased $0.2 million as a result of the marine
vessel being off lease for 30 days in the nine months ended  September  30, 2000
compared to the same period in 1999 where the marine vessel was on lease for the
entire period.

(G)  Cumulative Effect of Accounting Change

In April 1999, the American  Institute of Certified  Public  Accountants  issued
Statement of Position  98-5,  "Reporting  on the Costs of Start-Up  Activities,"
which required costs related to start-up  activities to be expensed as incurred.
The  statement  required  that initial  application  be reported as a cumulative
effect of a change in  accounting  principle.  The Fund adopted  this  statement
during the nine months ended  September  30, 2000,  at which time it took a $0.1
million  charge,  related to  start-up  costs of the Fund.  This  charge had the
effect of reducing net income per weighted-average Class A unit by $0.03 for the
nine months ended September 30, 1999.

(H)   Net Income

As a result of the  foregoing,  the Fund had net income of $2.2  million for the
nine months ended  September  30,  2000,  compared to net income of $1.8 million
during the same  period of 1999.  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 nine months
ended September 30, 2000 is not necessarily indicative of future periods. In the
nine months ended September 30, 2000, the Fund distributed $7.5 million to Class
A members, or $1.50 per weighted-average Class A unit.

(II)  FINANCIAL CONDITION -- CAPITAL RESOURCES AND LIQUIDITY

For the nine months ended September 30, 2000, the Fund generated  operating cash
of  $13.6   million   (net  cash   provided  by   operating   activities,   plus
non-liquidating  distributions from USPEs) to meet its operating obligations and
maintain  the  current  level of  distributions  (total  for nine  months  ended
September 30, 2000 of $8.8 million) to the partners.

During the nine months ended  September  30,  2000,  the Fund  purchased  marine
containers and trailers for $19.5 million.

During the nine months  ended  September  30, 2000,  the Fund sold  trailers and
railcars  with an  aggregate  net book  value  of $5.3  million,  for  aggregate
proceeds of $7.4 million.

Restricted  cash increased  $0.3 million during the nine months ended  September
30, 2000 due to security  deposits  received from a marine  container  lessee in
2000.

Accounts  receivable  decreased  $0.2  million  during  the  nine  months  ended
September 30, 2000 due to the timing of cash receipts and the reduction in lease
revenues.

Investments in USPEs  decreased $2.0 million due to cash  distributions  of $1.6
million to the Fund from USPEs and a $0.3 million  loss that was  recorded  from
the programs  equity  interests in USPEs for the nine months ended September 30,
2000.

Accounts  payable  increased $0.4 million during the nine months ended September
30, 2000 due to the accrual of interest expense for the Fund's  outstanding note
which is paid semi annually.

Due to affiliates  increased $0.2 million during the nine months ended September
30,  2000  due  to  the  receipt  of an  additional  deposit  that  is due to an
affiliated USPE for engine reserves.

Lessee  deposits and reserve for repairs  increased $1.2 million during the nine
months ended September 30, 2000. Security deposits increased $0.3 million due to
security  deposits  received  from a marine  container  lessee  and an  aircraft
lessee,  reserves  for aircraft  engine  repairs  increased  $0.4 million due to
additional lessee deposits,  and marine vessel  dry-docking  reserves  increased
$0.3  million.  Lessee  prepaid  deposits  increased  $0.2  million  due to more
lessee's prepaying future lease revenue.

The Fund's warehouse  facility,  which was shared with PLM Equipment Growth Fund
VI, PLM  Equipment  Growth & Income Fund VII,  LLC, and TEC  Acquisub,  Inc., an
indirect wholly-owned subsidiary of the Manager,  expired on September 30, 2000.
Borrowings  under this  facility  by the other  eligible  borrowers  reduced the
amount  available to be borrowed by the Fund. All borrowings under this facility
were guaranteed by the Manager. The Manager is currently  negotiating with a new
lender for a $15.0 million  warehouse  credit facility with similar terms as the
facility  that  expired.  The Manager  believes the  facility  will be completed
during the fourth quarter of 2000.



(III)   OUTLOOK FOR THE FUTURE

Several factors may affect the Fund's operating  performance in the remainder of
2000 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 2000 and
beyond include:

1. Improved market  conditions for the Fund's dry bulk marine vessels has led to
higher re-lease rates in 2000.

2. In  1999,  one of the  Fund's  anchor  handling  supply  marine  vessels  was
re-leased at a  significantly  lower rate,  due to soft market  conditions.  The
other anchor  handling  supply  marine  vessel was off lease as of September 30,
2000 and was sold in the fourth quarter of 2000.

3.  Rates and  utilization  dropped  for oil  tanker  vessels in 1999 due to the
economic  situation in Asia. The demand in 2000 has shown  significant  signs of
recovery due to the world's energy situation and has lead to higher  utilization
and lease  rates.  With the  improvement  of market  conditions,  the Fund's oil
tanker could expect higher re-lease rates when the current lease expires.

4. The demand for covered hopper cars has softened in the market since 1999, and
is expected to continue through 2000. The demand for the other types of railcars
has  continued to be high,  however a softening  in the market is expected,  and
will lead to lower utilization and lower contribution to the Fund.

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

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

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 liquidate the Fund's assets.

(IV)  FORWARD-LOOKING INFORMATION

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



ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Fund's  primary market risk exposure is that of currency  devaluation  risk.
During the nine months ended  September 30, 2000,  78% 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.



                          PART II -- OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

              None.

         (b)  Reports on Form 8-K

              None.









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: November 10, 2000                         By:  /s/ Richard K Brock
                                                     Richard K Brock
                                                     Chief Financial Officer