UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              --------------------
                                    FORM 10-Q


     [X]  Quarterly  Report  Pursuant  to Section 13 or 15(d) of the  Securities
          Exchange Act of 1934 For the fiscal quarter ended March 31, 2002

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

                         Commission file number 0-28376
                             -----------------------



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


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

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


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

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


<PAGE>



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

                                                                              March 31,         December 31,
                                                                                 2002                2001
                                                                           ------------------------------------
ASSETS

<S>                                                                          <C>                 <C>
Equipment held for operating leases                                          $   89,818          $   89,833
Less accumulated depreciation                                                   (50,168)            (48,425)
                                                                           ------------------------------------
    Net equipment                                                                39,650              41,408

Cash and cash equivalents                                                        21,638              21,837
Restricted cash                                                                   1,402                 553
Accounts receivable, less allowance for doubtful accounts
      of $1,830 in 2002 and $1,048 in 2001                                        2,768               2,513
Investment in unconsolidated special-purpose entities                             2,583               2,741
Debt placement fees, less accumulated amortization
      of $92 in 2002 and $87 in 2001                                                 85                  89
Prepaid expenses and other assets                                                   122                 102
                                                                           ------------------------------------

      Total assets                                                           $   68,248          $   69,243
                                                                           ====================================

LIABILITIES AND MEMBERS' EQUITY

Liabilities:
Accounts payable and accrued expenses                                        $      850          $      625
Due to affiliates                                                                   219                 251
Lessee deposits and reserves for repairs                                          3,932               3,739
Note payable                                                                     19,000              19,000
                                                                           ------------------------------------
    Total liabilities                                                            24,001              23,615
                                                                           ------------------------------------

Members' equity:
Class A members (4,971,311 units as of March 31, 2002
      and December 31, 2001)                                                     44,247              45,628
Class B member                                                                       --                  --
                                                                           ------------------------------------
    Total members' equity                                                        44,247              45,628
                                                                           ------------------------------------

       Total liabilities and members' equity                                 $   68,248          $   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 INCOME
         (in thousands of dollars, except weighted-average unit amounts)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                                       For the Three Months
                                                                                          Ended March 31,
                                                                                       2002           2001
                                                                                     --------------------------
REVENUES

<S>                                                                                  <C>           <C>
Lease revenue                                                                        $  4,749      $   4,527
Interest and other income                                                                  99            204
Net gain on disposition of equipment                                                        4            977
                                                                                     --------------------------
    Total revenues                                                                      4,852          5,708
                                                                                     --------------------------

EXPENSES

Depreciation and amortization                                                           1,752          2,752
Repairs and maintenance                                                                   452            586
Equipment operating expenses                                                              984            514
Insurance expense                                                                         114            197
Management fees to affiliate                                                              213            240
Interest expense                                                                          344            403
General and administrative expenses to affiliates                                          89            210
Other general and administrative expenses                                                 170            241
Provision for bad debt expense                                                            782             10
                                                                                     --------------------------
    Total expenses                                                                      4,900          5,153
                                                                                     --------------------------

Equity in net income (loss) of unconsolidated special-purpose entities                    129             (2)
                                                                                     --------------------------

      Net income                                                                     $     81      $     553
                                                                                     ==========================

MEMBERS' SHARE OF NET INCOME (LOSS)

Class A members                                                                      $   (138)     $     114
Class B member                                                                            219            439
                                                                                     --------------------------

       Total                                                                         $     81      $     553
                                                                                     ==========================

Net income (loss) per weighted-average Class A unit                                  $  (0.03)     $    0.02
                                                                                     ==========================

Cash distributions                                                                   $  1,462      $   2,306
                                                                                     ==========================

Cash distributions per weighted-average Class A units                                $   0.25      $    0.38
                                                                                     ==========================

</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 March 31, 2002
                            (in thousands of dollars)
                                   (unaudited)
<TABLE>
<CAPTION>

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

<S>                                                   <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)                                               (138)                219                  81

Cash distribution                                             (1,243)               (219)             (1,462)
                                                      ---------------------------------------------------------

  Members' equity as of March 31, 2002                $       44,247       $          --       $      44,247
                                                      =========================================================

</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 CASH FLOWS
                            (in thousands of dollars)
                                   (unaudited)
<TABLE>
<CAPTION>

                                                                            For the Three Months
                                                                               Ended March 31,
                                                                          2002                 2001
                                                                    --------------------------------------
    OPERATING ACTIVITIES

<S>                                                                 <C>                  <C>
    Net income                                                      $           81       $          553
    Adjustments to reconcile net income to net cash
          provided by (used in) operating activities:
      Depreciation and amortization                                          1,752                2,752
      Provision for bad debts                                                  782                   10
      Net gain on disposition of equipment                                      (4)               (977)
      Equity in net (income) loss of unconsolidated
            special-purpose entities                                          (129)                   2
      Changes in operating assets and liabilities:
        Restricted cash                                                       (849)                 (33)
        Accounts receivable, net                                            (1,037)                 434
        Prepaid expenses and other assets                                      (20)                  (1)
        Accounts payable and accrued expenses                                  310                  279
        Due to affiliates                                                      (32)                  37
        Lessee deposits and reserves for repairs                               193                 (259)
                                                                    --------------------------------------
            Net cash provided by operating activities                        1,047                2,797
                                                                    --------------------------------------

    INVESTING ACTIVITIES

    Payments for purchase of equipment and capitalized
          repairs                                                               (2)              (2,261)
    Distributions from unconsolidated special-purpose
          entities                                                             287                  531
    Proceeds from disposition of equipment                                      16                4,188
                                                                    --------------------------------------
          Net cash provided by investing activities                            301                2,458
                                                                    --------------------------------------

    FINANCING ACTIVITIES

    Cash distributions to Class A members                                   (1,328)              (1,867)
    Cash distributions to Class B member                                      (219)                (439)
                                                                    --------------------------------------
          Net cash used in financing activities                             (1,547)              (2,306)
                                                                    --------------------------------------

    Net (decrease) increase in cash and cash equivalents                      (199)               2,949
    Cash and cash equivalents at beginning of period                        21,837               11,291
                                                                    --------------------------------------
    Cash and cash equivalents at end of period                      $       21,638       $       14,240
                                                                    ======================================
</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 March 31, 2002 and  December
31, 2001,  the  unaudited  condensed  statements  of income for the three months
ended March 31, 2002 and 2001, the unaudited condensed  statements of changes in
members' equity for the period from December 31, 2000 to March 31, 2002, and the
unaudited  condensed  statements  of cash flows for the three months ended March
31, 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. 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
March 31,  2002 and 2001,  cash  distributions  totaled  $1.5  million  and $2.3
million,  respectively.  Cash  distributions  to the Class A unitholders of $1.2
million  and $1.8  million for the three  months  ended March 31, 2002 and 2001,
respectively, were deemed to be a return of capital.

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

5. TRANSACTIONS WITH MANAGER AND AFFILIATES

The balance due to  affiliates as of March 31, 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):

                                                    For the Three Months
                                                       Ended March 31,
                                                     2002          2001
                                                  --------------------------

Management fees                                   $     16      $      37
Data processing and administrative
   expenses                                              5             19

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

                                               March 31,             December 31,
                                                  2002                   2001
                                            ----------------------------------------

<S>                                           <C>                    <C>
Marine containers                             $   31,388             $    31,405
Railcars                                          19,497                  19,495
Marine vessel                                     17,000                  17,000
Aircraft                                          15,358                  15,358
Trailers                                           6,575                   6,575
                                            ----------------------------------------
                                                  89,818                  89,833
Less accumulated depreciation                    (50,168)                (48,425)
                                            ----------------------------------------
      Net equipment                           $   39,650             $    41,408
                                            ========================================
</TABLE>

As of March 31, 2002, all owned  equipment in the Fund's  portfolio was on lease
except for 69 railcars with a net book value of $0.6 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  three  months  ended  March 31,  2001,  the Fund  purchased  marine
containers for $2.3 million.  No equipment was purchased during the three months
ended March 31, 2002.

During the three  months  ended  March 31,  2002,  the Fund  disposed  of marine
containers with a net book value of $12,000 for proceeds of $16,000.  During the
three months  ended March 31,  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>

                                                                              March 31,           December 31,
                                                                                 2002                 2001
                                                                          ------------------------------------------

<S>                                                                        <C>                 <C>
     50% interest in a trust owning a stage III commercial
               aircraft                                                    $         2,561     $           2,722
     50% interest in a trust owning a stage III commercial
               aircraft                                                                 35                    32
     Other                                                                             (13)                  (13)
                                                                          ------------------------------------------
         Net investments                                                   $         2,583     $           2,741
                                                                          ==========================================
</TABLE>

As of March 31, 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
             March 31, 2002               Leasing    Leasing    Leasing   Leasing     Leasing    Other(1)    Total
             --------------               -------    -------    -------   -------     -------    ------      -----

    REVENUES
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
      Lease revenue                        $ 1,562   $    758   $    878  $    322   $  1,229  $     --   $  4,749
      Interest income and other                 --         --         --        --         --        99         99
      Net gain on disposition of                --         --         --        --          4        --          4
    equipment
                                          -------------------------------------------------------------------------
        Total revenues                       1,562        758        878       322      1,233        99      4,852
                                          -------------------------------------------------------------------------

    COSTS AND EXPENSES
      Operations support                     1,195          7        153       165         14        16      1,550
      Depreciation and amortization            370         --        280        92      1,006         4      1,752
      Interest expense                          --         --         --        --         --       344        344
      Management fees to affiliate              78         --         58        15         62        --        213
      General and administrative expenses        8         12         41        49         --       149        259
      Provision for bad debts                   --        758          1        23         --        --        782
                                          -------------------------------------------------------------------------
        Total costs and expenses             1,651        777        533       344      1,082       513      4,900
                                          -------------------------------------------------------------------------
    Equity in net income of USPEs               --        129         --        --         --        --        129
                                          -------------------------------------------------------------------------
        Net income (loss)                  $   (89)  $    110   $    345  $    (22)  $    151  $   (414)  $     81
                                          =========================================================================

    Total assets as of March 31, 2002      $ 8,995   $  3,970   $  8,231  $  2,194   $ 22,459  $ 22,399   $ 68,248
                                          =========================================================================

</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
             March 31, 2001               Leasing    Leasing    Leasing   Leasing     Leasing    Other(2)    Total
             --------------               -------    -------    -------   -------     -------    ------      -----

    REVENUES
<S>                                        <C>       <C>        <C>       <C>        <C>       <C>        <C>
      Lease revenue                        $ 1,023   $  1,014   $    835  $    261   $  1,394  $     --   $  4,527
      Interest income and other                 --         --         --        --         --       204        204
      Net gain on disposition of               965         --         11        --          1        --        977
    equipment
                                          -------------------------------------------------------------------------
        Total revenues                       1,988      1,014        846       261      1,395       204      5,708
                                          -------------------------------------------------------------------------

    COSTS AND EXPENSES
      Operations support                       948          8        160       102         19        60      1,297
      Depreciation and amortization            444        579        323       100      1,302         4      2,752
      Interest expense                          --         --         --        --         --       403        403
      Management fees to affiliate              51         51         56        13         69        --        240
      General and administrative expenses       26          6         16        27          1       375        451
      Provision for (recovery of) bad           --         --         (1)        3          8        --         10
    debts
                                          -------------------------------------------------------------------------
        Total costs and expenses             1,469        644        554       245      1,399       842      5,153
                                          -------------------------------------------------------------------------
    Equity in net income (loss) of USPEs       (45)        43         --        --         --        --         (2)
                                          -------------------------------------------------------------------------
        Net income (loss)                  $   474   $    413   $    292  $     16   $     (4) $   (638)  $    553
                                          =========================================================================

(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.
</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 months ended March 31, 2002
and 2001 was 4,971,311 units.

10. SUBSEQUENT EVENT

In April  2002,  PLM  International,  Inc.  (PLMI)  extended  the $10.0  million
warehouse  facility,  which 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 which is the parent  company of
FSI.  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 July
11, 2002.  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.  This  facility  expires  on July 11,  2002.  The  Manager  is
currently in the process of renewing the warehouse facility.
















<PAGE>


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

(I)  RESULTS OF OPERATIONS

COMPARISON OF THE  PROFESSIONAL  LEASE  MANAGEMENT  INCOME FUND I, L.L.C.'S (THE
FUND'S) OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 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 first  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):

                                                 For the Three Months
                                                   Ended March 31,
                                                2002             2001
                                              ---------------------------

Marine containers                             $ 1,215          $ 1,375
Aircraft                                          751            1,006
Railcars                                          725              675
Marine vessels                                    367               75
Trailers                                          157              159

Marine containers: Marine container lease revenues and direct expenses were $1.2
million and $14,000,  respectively,  for the first 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 first  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
$7,000,  respectively,  for the first quarter of 2002,  compared to $1.0 million
and $8,000, respectively, during the same quarter of 2001. The decrease in lease
revenues of $0.3 million  during the first  quarter of 2002 compared to 2001 was
due to disposition of an owned aircraft during 2001.

Railcars:  Railcar lease revenues and direct expenses were $0.9 million and $0.2
million,  respectively,  for the first quarter of 2002, compared to $0.8 million
and $0.2 million,  respectively,  during the same quarter of 2001. A increase in
railcar  lease  revenues of $39,000 was due a lease  cancellation  fee earned in
2002. A similar event did not occur during the same period of 2001.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.6
million and $1.2 million,  respectively, for the first quarter of 2002, compared
to $1.0 million and $0.9 million, respectively, during the same quarter of 2001.
Lease revenue  increased  $0.5 million in the first quarter of 2002 due 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 first  quarter of 2001 to a
voyage  charter  under which it operated in the first  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 $0.2 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 $0.2
million,  respectively,  for the first quarter of 2002, compared to $0.3 million
and $0.1 million,  respectively,  during the same quarter of 2001. Lease revenue
increased  $0.1 million in the first quarter of 2002 compared to the same period
in 2001 due to higher  utilization on the Fund's trailer fleet.  Direct expenses
increased  $0.1  million in the first  quarter of 2002  compared  to 2001 due to
higher 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 first quarter of 2002 compared to
the same period in 2001.

(C) Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $3.4  million for the quarter  ended March 31, 2002
decreased from $3.9 million for the same period in 2001.

     (i) A $1.0  million  decrease  in  depreciation  expenses  from 2001 levels
reflects the decrease of $0.6 million  resulting  from certain  assets  becoming
fully  depreciated  during 2001 and a decrease  of  approximately  $0.4  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 $0.2 million decrease in general and administrative  expenses during
the three  months ended March 31, 2002 was due to a decrease of $0.1 million due
to lower professional costs and $0.1 million resulting from lower allocations by
the Manager for office services and data processing costs;

     (iii) A $0.1 million  decrease in interest expense was due to lower average
borrowings  outstanding  during the quarter ended March 31, 2002 compared to the
same period in 2001; 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 debt expense recorded in the first quarter of 2002 of $0.8
million was primarily related to one aircraft lessee.

     (D) Net Gain on Disposition of Owned Equipment

     Net gain on  disposition of equipment for the first quarter of 2002 totaled
$4,000 which resulted from the sale or disposition of marine  containers  with a
net book value of $12,000 for $16,000.  Net gain on disposition of equipment for
the  first  quarter  of 2001  totaled  $1.0  million  which  resulted  from  the
disposition  of a  marine  vessel,  a  marine  container  and  railcars  with an
aggregate net book value of $3.2 million, for proceeds of $4.2 million.

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

     Equity in net income (loss) of USPEs represents the Fund's share of the net
income (loss) 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 (loss) by equipment type (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                           For the Three Months
                                                                             Ended March 31,
                                                                          2002             2001
                                                                        ---------------------------

<S>                                                                     <C>              <C>
Aircraft                                                                $   129          $    43
Marine vessel                                                                --              (45)
                                                                        ---------------------------
       Equity in net income (loss) of USPEs                             $   129          $    (2)
                                                                        ===========================
</TABLE>

Aircraft:  As of March 31, 2002 and 2001, the Fund owned interests in two trusts
that each owns a  commercial  aircraft.  During the three months ended March 31,
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 $0.5 million were offset by depreciation expense, direct
expenses, and administrative expenses of $0.5 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 $0.3 million was due to lower  depreciation  expense
of $0.2 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 March 31, 2002, the Fund no longer owns an interest in an
entity that owns a marine vessel. As of March 31, 2001, the Fund had an interest
in an entity  that  owned a marine  vessel.  During  the first  quarter of 2001,
marine  vessel  revenues  and  expenses  were  $0.2  million  and $0.2  million,
respectively.  The Fund sold its  interest in an entity  owning a marine  vessel
during 2001.

(F) Net Income

As a result of the  foregoing,  the Fund had net income of $0.1  million for the
three months ended March 31, 2002, compared to net income of $0.6 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 first quarter of 2002
is not necessarily  indicative of future periods.  In the first quarter of 2002,
the  Fund   distributed   $1.2  million  to  Class  A  members,   or  $0.25  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 three months ended March 31, 2002, the Fund generated  operating cash of
$1.3 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 $1.5 million for three months
ended March 31, 2002) to the members but also used undistributed  available cash
from prior periods and proceeds from asset sales of $0.2 million.

During the three months ended March 31, 2002, the Fund disposed of marine
containers with a net book value of $12,000 for proceeds of $16,000.

Restricted  cash increased  during the three months ended March 31, 2002 due the
deposit of $0.8 million into an escrow  account  related to  collection  efforts
from an aircraft lessee.

Accounts  receivable  increased $0.3 million during the three months ended March
31, 2002 due to the timing of cash receipts.

Investments in USPEs  decreased $0.2 million during the three months ended March
31, 2002 due to cash  distributions  of $0.3  million from the USPEs to the Fund
being  partially  offset by income of $0.1 million that was recorded by the Fund
for its equity interests in the USPEs.

Accounts payable  increased $0.2 million during the three months ended March 31,
2002 due to the accrual of $0.3 million in interest expense due to the lender of
the note payable that is paid semi-annually  offset, in part, by the decrease of
$0.1 million due to the timing of cash payments.

Lessee deposits and reserve for repairs  increased $0.2 million during the three
months  ended  March 31, 2002 due to the  accrual of marine  vessel  dry-docking
reserves of $0.1 million and a deposit of $0.1 million from a potential lessee.

In April  2002,  PLM  International,  Inc.  (PLMI)  extended  the $10.0  million
warehouse  facility,  which is shared by the Fund, PLM Equipment  Growth Fund V,
PLM  Equipment  Growth  Fund VI and PLM  Equipment  Growth & Income Fund VII and
Acquisub LLC, a wholly owned  subsidiary of PLMI which is the parent  company of
FSI.  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 July
11, 2002.  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
the other  borrowers.  This  facility  expires on July 11, 2002.  The Manager is
currently in the process of renewing the warehouse facility.

As of May 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 first quarter of 2002 were below
those of 2001. This decrease has led 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 later  half of 2001.  This trend is  expected  to  continue
during the first half of 2002;

(4) Industry wide utilization of inter-modal  trailers decreased 8% in the first
quarter of 2002  compared to the first  quarter of 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 general uncertainty 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.  During 2001, the lessee of three
Stage  II  Boeing  737-200  commercial  aircraft  notified  the  Manager  of its
intention to return  these  aircraft.  As of March 31, 2002,  the lessee has not
remitted seven 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.

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 surplus  funds,  if any,
less  reasonable  reserves,  which will be distributed to 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 three  months  ended March 31,  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   Second amendment to the Warehouse Credit Agreement, dated
              April 12, 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:  May 13, 2002            By: /s/ Stephen M. Bess
                                   -------------------
                               Stephen M. Bess
                               President and Current Chief Accounting Officer