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, 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


<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                                 BALANCE SHEETS
                 (in thousands of dollars, except unit amounts)
<TABLE>
<CAPTION>



                                                                                March 31,         December 31,
                                                                                  2000                1999
                                                                             ------------------------------------
  ASSETS

  <S>                                                                         <C>                 <C>
  Equipment held for operating lease                                          $   109,314         $  103,709
  Less accumulated depreciation                                                   (48,079)           (45,183)
                                                                             ------------------------------------
      Net equipment                                                                61,235             58,526

  Cash and cash equivalents                                                         8,108             11,597
  Restricted cash                                                                     706                453
  Accounts receivable, less allowance for doubtful accounts
        of $87 in 2000 and $65 in 1999                                              1,921              2,007
  Investment in unconsolidated special-purpose entities                             7,063              7,717
  Deferred charges, less accumulated amortization
        of $57 in 2000 and $52 in 1999                                                120                125
  Prepaid expenses and other assets                                                    81                108
                                                                             ------------------------------------
        Total assets                                                          $    79,234         $   80,533
                                                                             ====================================

  LIABILITIES AND MEMBERS' EQUITY

  Liabilities:
  Accounts payable and accrued expenses                                       $     1,349         $      458
  Due to affiliates                                                                   718                656
  Lessee deposits and reserves for repairs                                          4,179              3,821
  Note payable                                                                     25,000             25,000
                                                                             ------------------------------------
      Total liabilities                                                            31,246             29,935
                                                                             ------------------------------------

  Members' equity:
  Class A members (4,971,311 units as of March 31, 2000
        and 4,975,321 units as of December 31, 1999)                               47,988             50,598
  Class B member                                                                       --                 --
                                                                             ------------------------------------
      Total members' equity                                                        47,988             50,598
                                                                             ------------------------------------

         Total liabilities and members' equity                                $    79,234         $   80,533
                                                                             ====================================

</TABLE>
















                 See accompanying notes to financial statements.


<PAGE>



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



                                                                                       For the Three Months
                                                                                          Ended March 31,
                                                                                       2000           1999
                                                                                     --------------------------
REVENUES

<S>                                                                                  <C>           <C>
Lease revenue                                                                        $  5,789      $   6,654
Interest and other income                                                                 147             84
Net loss on disposition of equipment                                                       --            (16)
                                                                                     --------------------------
    Total revenues                                                                      5,936          6,722
                                                                                     --------------------------

EXPENSES

Depreciation and amortization                                                           2,901          3,533
Repairs and maintenance                                                                   627            673
Equipment operating expenses                                                              759            939
Interest expense                                                                          463            453
Insurance expense                                                                          83             98
Management fees to affiliate                                                              312            360
General and administrative expenses to affiliates                                         258            257
Other general and administrative expenses                                                 218            156
                                                                                     --------------------------
    Total expenses                                                                      5,621          6,469
                                                                                     --------------------------

Minority interest                                                                          --           (196)
Equity in net income (loss) of unconsolidated special-purpose entities                    (92)         2,745
                                                                                     --------------------------

Net income before cumulative effect of accounting change                                  223          2,802

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

      Net income                                                                     $    223      $   2,670
                                                                                     ==========================

MEMBERS' SHARE OF NET INCOME (LOSS)

Class A members                                                                      $   (216)     $   2,361
Class B member                                                                            439            309
                                                                                     --------------------------

       Total                                                                         $    223      $   2,670
                                                                                     ==========================


Net income (loss) per weighted-average Class A unit                                  $  (0.04 )    $    0.47
                                                                                     ==========================

Cash distributions                                                                   $  2,785      $   2,940
                                                                                     ==========================

Cash distributions per weighted-average Class A units                                $   0.47      $    0.50
                                                                                     ==========================


</TABLE>


                 See accompanying notes to financial statements.

<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                    STATEMENTS OF CHANGES IN MEMBERS' EQUITY
            FOR THE PERIOD FROM DECEMBER 31, 1998 TO MARCH 31, 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 (loss)                                              (216)                439                  223

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

  Cash distribution                                            (2,346)               (439)              (2,785)
                                                       ---------------------------------------------------------

    Members' equity as of March 31, 2000               $       47,988       $          --       $       47,988
                                                       =========================================================
</TABLE>






























                 See accompanying notes to financial statements.


<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                            STATEMENTS OF CASH FLOWS
                            (in thousands of dollars)
<TABLE>
<CAPTION>


                                                                             For the Three Months
                                                                               Ended March 31,
                                                                          2000                 1999
                                                                    ---------------------------------------
     OPERATING ACTIVITIES

     <S>                                                            <C>                  <C>
     Net income                                                     $           223      $         2,670
     Adjustments to reconcile net income to net cash
           provided by (used in) operating activities:
       Depreciation and amortization                                          2,901                3,533
       Cumulative effect of accounting change                                    --                  132
       Net loss on disposition of equipment                                      --                   16
       Equity in net (income) loss of unconsolidated
             special-purpose entities                                            92               (2,745)
       Changes in operating assets and liabilities:
         Restricted cash                                                       (253)                  --
         Accounts receivable, net                                                86               (1,285)
         Prepaid expenses and other assets                                       27                  (50)
         Accounts payable and accrued expenses                                  891                  429
         Due to affiliates                                                       62                  191
         Lessee deposits and reserves for repairs                               358                 (185)
         Minority interest                                                       --                 (219)
                                                                    ---------------------------------------
             Net cash provided by operating activities                        4,387                2,487
                                                                    ---------------------------------------

     Investing activities

     Payments for purchase of equipment and capitalized
           improvements                                                      (5,605)                  (5)
     Liquidation distributions from unconsolidated
           special-purpose entities                                              --                7,092
     Proceeds from disposition of equipment                                      --                   60
     Distributions from unconsolidated special-purpose
           entities                                                             562                  409
                                                                    ---------------------------------------
           Net cash (used in) provided by investing activities               (5,043)               7,556
                                                                    ---------------------------------------

     Financing activities

     Cash distributions to Class A members                                   (2,346)              (2,499)
     Cash distributions to Class B Member                                      (439)                (441)
     Purchase of Class A units                                                  (48)                (201)
                                                                    ---------------------------------------
           Net cash used in financing activities                             (2,833)              (3,141)
                                                                    ---------------------------------------

     Net (decrease) increase in cash and cash equivalents                    (3,489)               6,902
     Cash and cash equivalents at beginning of period                        11,597                3,720
                                                                    ---------------------------------------
     Cash and cash equivalents at end of period                     $         8,108      $        10,622
                                                                    =======================================

     Supplemental information
     Interest paid                                                  $            --      $            --
                                                                    =======================================

</TABLE>


                See accompanying notes to financial statements.

<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 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 March 31,  2000 and  December  31,
     1999,  the  statements  of income for the three months ended March 31, 2000
     and 1999, the statements of changes in members'  equity for the period from
     December 31, 1998 to March 31, 2000,  and the  statements of cash flows for
     the three months  ended March 31, 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 for the
     year ended  December  31,  1999,  on file at the  Securities  and  Exchange
     Commission.

2.   SCHEDULE OF FUND PHASES

     Beginning in the Fund's  seventh  year of  operations,  which  commences on
     January  1,  2003,  the  Manager  will  stop   purchasing  into  additional
     equipment.  Surplus  cash,  if  any,  less  reasonable  reserves,  will  be
     distributed  to the  partners.  Between  the  eighth  and  tenth  years  of
     operations, the Manager intends to orderly liquidate the Fund's assets. The
     Fund will terminate on December 31, 2010,  unless  terminated  earlier upon
     sale of all equipment or by certain other events.

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.  As of March 31, 2000, the Fund had
     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
     three months ended March 31, 2000 and 1999, cash distributions totaled $2.8
     million and $2.9 million,  respectively.  Cash distributions to the Class A
     unitholders  of $2.3  million and $0.1  million for the three  months ended
     March  31,  2000 and  1999,  respectively,  were  deemed  to be a return of
     capital.

     Cash  distributions  related to the results from the first quarter of 2000,
     of $1.9 million, will be paid during the second quarter of 2000.

5.   TRANSACTIONS WITH MANAGER AND AFFILIATES

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

     The Fund's proportional share of USPE-affiliated management fees of $24,000
     and  $31,000  were  payable as of March 31,  2000 and  December  31,  1999,
     respectively.



<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

5.   TRANSACTIONS WITH MANAGER AND AFFILIATES (CONTINUED)

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

                                                       For the Three Months
                                                          Ended March 31,
                                                        2000           1999
                                                     --------------------------

    Management fees                                  $      35      $     34
    Data processing and administrative
       expenses                                             12            13

6.   EQUIPMENT

     The  components  of  owned  equipment  were as  follows  (in  thousands  of
     dollars):

                                            March 31,            December 31,
                                               2000                   1999
                                         ---------------------------------------

  Marine vessels                          $   37,256             $    37,256
  Aircraft                                    20,605                  20,605
  Railcars                                    19,711                  19,710
  Trailers                                    16,433                  16,196
  Marine containers                           15,309                   9,942
                                         ---------------------------------------
                                             109,314                 103,709
  Less accumulated depreciation              (48,079)                (45,183)
                                         ---------------------------------------
        Net equipment                     $   61,235             $    58,526
                                         =======================================

     As of March 31,  2000,  all owned  equipment  in the Fund's  portfolio  was
     either on lease or operating in  PLM-affiliated  short-term  trailer rental
     facilities,  except  for a marine  vessel and 13  railcars  with a carrying
     value of $4.0 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.

     During the three  months  ended March 31, 2000,  the Fund  purchased  2,445
     marine containers and ten trailers for a total cost of $5.6 million. During
     the three months ended March 31, 1999,  the Fund did not purchase any owned
     equipment.

     During the three  months  ended  March 31,  2000,  the Fund did not sell or
     dispose of any owned  equipment.  During the three  months  ended March 31,
     1999,  the Fund sold railcars  with a net book value of $0.1  million,  for
     proceeds of $0.1 million.



<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

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>

                                                                              March 31,              December 31,
                                                                                 2000                    1999
                                                                          ---------------------------------------------

     <S>                                                                   <C>                    <C>
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                    $         4,469        $            4,784
     50% interest in a trust owning an MD-82 stage III commercial
               aircraft                                                              1,558                     1,773
     50% interest in a trust owning a cargo marine vessel                              928                     1,024
     25% interest in a trust that owned four 737-200A stage II
               commercial aircraft                                                      60                        76
     25% interest in a trust that owned four 737-200A stage II
               commercial aircraft                                                      48                        60
                                                                          =============================================
         Net investments                                                   $         7,063        $            7,717
                                                                          =============================================
</TABLE>


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

     For the three months ended March 31, 1999, certain jointly-owned  equipment
     of  which  the  Fund had a  controlling  interest  greater  than  50%,  was
     accounted for under the consolidation method of accounting.

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 rig 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
                                           Vessel   Aircraft    Railcar   Trailer    Container   All
    For the quarter ended March 31, 2000  Leasing    Leasing    Leasing   Leasing    Leasing    Other<F1>1  Total
    ------------------------------------  -------    -------    -------   -------    -------    ------      -----
    REVENUES
      <S>                                  <C>       <C>        <C>       <C>        <C>       <C>        <C>
      Lease revenue                        $ 2,212   $  1,014   $    966  $  1,030   $    567  $     --   $  5,789
      Interest income and other                  1          2         --        --         --       144        147
                                          -------------------------------------------------------------------------
        Total revenues                       2,213      1,016        966     1,030        567       144      5,936

    COSTS AND EXPENSES
      Operations support                     1,118          9        115       215          2        10      1,469
      Depreciation and amortization          1,155        579        376       369        417         5      2,901
      Interest expense                          --         --         --        --         --       463        463
      Management fees to affiliate             110         51         63        60         28        --        312
      General and administrative expenses       13          2         26       231         --       204        476
                                          -------------------------------------------------------------------------
        Total costs and expenses             2,396        641        580       875        447       682      5,621
                                          -------------------------------------------------------------------------
    Equity in net loss of USPEs                (64)       (23)        --        --         --        (5)       (92)
                                          -------------------------------------------------------------------------
        Net income (loss)                  $  (247)  $    352   $    386  $    155   $    120  $   (543)  $    223
                                          =========================================================================

    Total assets as of March 31, 2000      $ 26,079  $  9,771   $ 10,920  $  9,342   $ 13,611  $  9,511   $ 79,234
                                          =========================================================================

<FN>
<F1>
     -------------------------------------

     1   Includes  certain  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.

</FN>
</TABLE>

<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2000

8.   OPERATING SEGMENTS (CONTINUED)
<TABLE>
<CAPTION>

                                           Marine
                                           Vessel   Aircraft    Railcar   Trailer      Rig       All
    For the quarter ended March 31, 1999  Leasing    Leasing    Leasing   Leasing    Leasing    Other<F1>1  Total
    ------------------------------------  -------    -------    -------   -------    -------    ------      -----

    REVENUES
      <S>                                  <C>       <C>        <C>       <C>        <C>       <C>        <C>
      Lease revenue                        $ 2,630   $  1,014   $    982  $    847   $  1,181  $     --   $  6,654
      Interest income and other                 --          3         --        --         --        81         84
      Net loss on disposition
        of equipment                            --         --        (16)       --         --        --        (16 )
                                          -------------------------------------------------------------------------
        Total revenues                       2,630      1,017        966       847      1,181        81      6,722

    COSTS AND EXPENSES
      Operations support                     1,329          6        146       193         23        13      1,710
      Depreciation and amortization          1,503        643        437       362        583         5      3,533
      Interest expense                          --         --         --        --         --       453        453
      Management fees to affiliate             132         51         65        53         59        --        360
      General and administrative expenses       15          8          6       175         18       191        413
                                          -------------------------------------------------------------------------
        Total costs and expenses             2,979        708        654       783        683       662      6,469
                                          -------------------------------------------------------------------------
    Minority interest                           --         --         --        --       (196)       --       (196)
    Equity in net income (loss) of USPEs       (56)     2,801         --        --         --        --      2,745
                                          -------------------------------------------------------------------------
    Net income (loss) before cumulative
    effect
        of accounting change                  (405)     3,110        312        64        302      (581)     2,802
                                          -------------------------------------------------------------------------
    Cumulative effect of accounting             --         --         --        --         --      (132)      (132)
    change
                                          =========================================================================
        Net income (loss)                  $  (405)  $  3,110   $    312  $     64   $    302  $   (713)  $  2,670
                                          =========================================================================

    Total assets as of March 31, 1999      $ 36,821  $ 16,309   $ 12,706  $  8,695   $ 13,406  $ 11,443   $ 99,380
                                          =========================================================================
<FN>
<F1>
  -------------------------------------

     1   Includes  certain  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.

</FN>
</TABLE>


9.   DEBT

     The Manager has  entered  into a  short-term,  joint $24.5  million  credit
     facility (the Committed  Bridge Facility) on behalf of the Fund that is due
     to expire on June 30, 2000. As of March 31, 2000, no eligible  borrower had
     any outstanding borrowings under the short-term Committed Bridge Facility.

     The Manager believes it will be able to renew the Committed Bridge Facility
     upon its  expiration  with similar terms as those in the current  Committed
     Bridge Facility.

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 months ended March 31, 2000 and 1999 were 4,973,911  units
     and 4,996,077 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  requires  costs  related to start-up  activities to be
     expensed as incurred.  The statement  requires that initial  application be
     reported as a cumulative  effect of a change in accounting  principle.  The
     Fund adopted this statement during the first quarter of 1999, at which time
     it took a $0.1 million charge, related to start-up costs of Fund.


<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, 2000 AND 1999

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,  owns 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 months ended March 31, 1999
and were included with the owned equipment operations.

(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 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
unaudited  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,
                                        2000             1999
                                     ----------------------------

  Marine vessels                      $  1,094       $    1,301
  Aircraft                               1,005            1,008
  Railcars                                 851              836
  Trailers                                 815              654
  Marine containers                        565               --
  Mobile offshore drilling unit             --            1,158

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $2.2
million and $1.1 million,  respectively, for the first quarter of 2000, compared
to $2.6 million and $1.3 million, respectively, during the same quarter of 1999.
Lease  revenue  decreased  $0.4 million in the first quarter of 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. Direct expenses decreased $0.2 million primarily
due to lower  operating  expenses  for one of the Fund's  marine  vessels in the
first quarter of 2000 compared to the same period in 1999.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $1.0 million and
$9,000,  respectively,  for the first quarter of 2000,  compared to $1.0 million
and $6,000, respectively, during the same quarter of 1999. Aircraft contribution
remained the same due to the relative stability of the aircraft fleet.

Railcars:  Railcar lease revenues and direct expenses were $1.0 million and $0.1
million,  respectively,  for the first  quarter of 2000 and 1999.  Lease revenue
decreased due to the sale or disposition of railcars in 1999. Expenses decreased
due to running  repairs  required  on certain of the  railcars  during the first
quarter of 1999, which were not needed during the same period in 2000.

Trailers:  Trailer lease revenues and direct expenses were $1.0 million and $0.2
million,  respectively,  for the first quarter of 2000, compared to $0.8 million
and $0.2 million, respectively,  during the same quarter of 1999. Lease revenues
increased in the first quarter of 2000,  compared to the same period of 1999 due
to the purchase of trailers in 1999 and the first quarter of 2000.

Marine  containers:  Marine  container  lease revenues were $0.6 million for the
first  quarter  of 2000.  Marine  container  contribution  increased  due to the
purchase of marine containers in 1999 and the first quarter of 2000.

Mobile  offshore  drilling  unit:  Mobile  offshore  drilling  unit revenues and
expenses were $1.2 million and $23,000,  respectively,  for the first quarter of
1999. 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 first quarter of 2000, compared to the same period in 1999.

(C)   Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $4.2  million for the quarter  ended March 31, 2000
decreased  from $4.8 million for the same period in 1999. The primary reason for
the  decrease  was a $0.6  million  decrease in  depreciation  expense from 1999
levels due to a $0.5  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 change
in accounting treatment of majority held equipment from the consolidation method
of accounting to the equity method of accounting. These decreases were partially
offset by an increase of $0.5 million in depreciation  expense from the purchase
of equipment during 1999 and the first quarter of 2000.

(D)  Minority interest

Minority  interests  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.

(E)  Net Loss on Disposition of Owned Equipment

Net loss on  disposition  of  equipment  for the first  quarter of 1999  totaled
$16,000  which  resulted from the sale of railcars with a net book value of $0.1
million,  for proceeds of $0.1 million.  There were no sales or  dispositions of
equipment in the first quarter of 2000.

(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 Three Months
                                                   Ended March 31,
                                                  2000             1999
                                                ----------------------------

  Mobile offshore drilling unit                $      (5)       $      --
  Aircraft                                           (23)           2,801
  Marine vessel                                      (64)             (56)
                                              --------------------------------
         Equity in net income (loss) of USPEs  $    (92 )       $   2,745
                                              ================================

Aircraft:  As of March 31, 2000 and 1999, the Fund owned interests in two trusts
that each owns a commercial aircraft. During the first quarter of 2000, aircraft
lease revenues were $0.5 million offset by expenses of $0.5 million.  During the
first quarter of 1999,  aircraft  lease  revenues were $0.5 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 $1.0 million. The decrease in expenses
of $0.5 million was primarily due to lower depreciation expense resulting from a
$0.3 million decrease due to the double declining-balance method of depreciation
which results in greater depreciation in the first years an asset is owned and a
$0.2 million decrease due to the sale of the Fund's interest in the two trusts.

Marine  vessel:  As of March 31,  2000 and 1999,  the Fund had an interest in an
entity that owns a marine vessel.  Marine vessel revenues and expenses were $0.2
million and $0.2 million,  respectively, for the first quarter of 2000, compared
to $0.2 million and $0.3 million, respectively,  during the same period in 1999.
Expenses  decreased due primarily to lower  depreciation  expense as a result of
the  double-declining  balance method of  depreciation  which results in greater
depreciation in the first years an asset is owned.

(G)  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 requires costs related to start-up  activities to be expensed as incurred.
The  statement  requires  that initial  application  be reported as a cumulative
effect of a change in  accounting  principle.  The Fund adopted  this  statement
during the first quarter of 1999, at which time it took a $0.1 million charge or
$0.03 per weighted-average Class A unit, related to start-up costs of the Fund.

(H)   Net Income

As a result of the  foregoing,  the Fund had net income of $0.2  million for the
first  quarter of 2000,  compared to net income of $2.7 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 first quarter of 2000 is not
necessarily indicative of future periods. In the first quarter of 2000, the Fund
distributed $2.3 million to Class A members, or $0.47 per weighted-average Class
A unit.

(II)  FINANCIAL CONDITION -- CAPITAL RESOURCES AND LIQUIDITY

For the three months ended March 31, 2000, the Fund generated  operating cash of
$4.9 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 of $2.8  million for three months ended
March 31, 2000) to the partners.

As of March 31,  2000,  restricted  cash  increased  $0.3  million  compared  to
December 31, 1999 due to the security  deposit  received from a container lessee
in the first quarter of 2000.

Accounts payable  increased $0.9 million during the three months ended March 31,
2000 when  compared to  December  31,  1999 due to the $0.5  million  accrual of
interest  expense for the Fund's  outstanding  note which is paid semi annually,
and the accrual of $0.4 million for the purchase of marine containers.

Lessee deposits and reserve for repairs  increased $0.4 million during the three
months ended March 31, 2000.  Security  deposits  increased  $0.3 million due to
security deposits from a container lessee,  reserves for aircraft engine repairs
increased  $0.2 million due to  additional  lessee  deposits,  and marine vessel
dry-docking  reserves  increased  $0.1  million  due to the  accrual  for future
repairs.  Lessee prepaid  deposits  decreased $0.2 million due to fewer lessee's
prepaying future lease revenue.

The Fund has a $0.6 million  commitment to purchase  marine  containers of which
$0.4 million was accrued for as of March 31, 2000.

The Manager has entered into a short-term  joint $24.5 million credit  facility.
As of April 30, 2000, no eligible borrower had any outstanding  borrowings.  The
Manager believes it will be able to renew the Committed Bridge Facility upon its
June 30, 2000  expiration  with similar terms as those in the current  Committed
Bridge Facility.


<PAGE>


(III)     EFFECTS OF YEAR 2000

To date, the Fund has not  experienced  any material Year 2000 (Y2K) issues with
either its internally developed software or purchased software.  In addition, to
date the Fund has not been  impacted by any Y2K problems  that may have impacted
our customers  and  suppliers.  The amount  allocated to the Fund by the Manager
related to Y2K issues has not been  material.  The Manager  continues to monitor
its systems for any potential Y2K issues.

(IV) 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. Depressed economic  conditions in Asia during most of 1999 led to low freight
rates for dry bulk marine vessels.  As Asia began its economic recovery later in
1999  freight  rates  began to increase  and,  in the absence of new  additional
orders,  this market  would be expected  to  continue  to show  improvement  and
stabilize over the next one to two years.

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 is currently off lease.  The Manager
is in the process of marketing this marine vessel for re-lease.

3. Rates and  utilization  dropped for oil tanker  vessels  due to the  economic
crisis in Asia.  The demand in 2000 has shown some signs of  recovery;  however,
rate recovery may take two to three years.

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,  which
may 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.

(V)   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 three  months  ended March 31,  2000,  69% of the Fund's  total lease
revenues from wholly-and  partially-owned  equipment came from non-United States
domiciled  lessees.  Most of the leases require  payment in United States (U.S.)
currency.  If these lessee's  currency  devalues  against the U.S.  dollar,  the
lessees could encounter  difficulty in making the U.S. dollar  denominated lease
payment.










                     (This space intentionally left blank.)


<PAGE>



                          PART II -- OTHER INFORMATION



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  Exhibits

              None.

         (b)  Reports on Form 8-K

              None.








<PAGE>




Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                  PROFESSIONAL LEASE MANAGEMENT
                                  INCOME FUND I, L.L.C.
                                  By: PLM Financial Services, Inc.
                                      Manager




Date: May 9, 2000
                                  By:  /s/ Richard K Brock
                                       --------------------------
                                       Richard K Brock
                                       Chief Financial Officer