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, 1997.

         [  ]     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 33-83216-01
                             -----------------------



               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 900, 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 per unit amounts)

                                     ASSETS
<TABLE>
<CAPTION>

                                                                                March 31,          December 31,
                                                                                  1997                 1996
                                                                            ---------------------------------------

   <S>                                                                       <C>                 <C>            
   Assets:

   Equipment held for operating leases                                       $       80,833      $        70,333
   Less accumulated depreciation                                                    (15,736 )            (12,189 )
                                                                             --------------------------------------
     Net equipment                                                                   65,097               58,144

   Cash and cash equivalents                                                         13,847                1,692
   Restricted cash                                                                      223                  223
   Investment in unconsolidated special purpose entities                             27,326               25,349
   Accounts receivable, net of allowance for doubtful accounts
     of $247 in 1997 and $36 in 1996                                                  1,826                1,534
   Prepaid expenses                                                                     377                  505
   Organization and offering costs, net of accumulated amortization
     of $156 in 1997 and $134 in 1996                                                   463                  308
                                                                             --------------------------------------

   Total assets                                                              $      109,159      $        87,755
                                                                             ======================================


                         LIABILITIES AND MEMBERS' EQUITY


   Liabilities:

   Accounts payable and accrued expenses                                     $          626      $           430
   Due to affiliates                                                                    223                  163
   Note payable                                                                      25,000                   --
   Lessee deposits and reserves for repairs                                           1,158                  873
                                                                             --------------------------------------
     Total liabilities                                                               27,007                1,466

   Members' equity:

   Class A members (4,999,581 units at March 31, 1997 and
    at December 31, 1996)                                                            81,925               86,024
   Class B Member                                                                       227                  265
                                                                             --------------------------------------
     Total Members' Equity                                                           82,152               86,289
                                                                             --------------------------------------

   Total liabilities and members' equity                                     $      109,159      $        87,755
                                                                             ======================================

</TABLE>


                       See accompanying notes to financial
                                  statements.


<PAGE>




               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)

                             STATEMENT OF OPERATIONS
                      For the Three Months Ended March 31,
<TABLE>
<CAPTION>

                                                                                   1997                   1996
                                                                             -------------------------------------------
     <S>                                                                     <C>                   <C>              
     Revenues:

       Lease revenue                                                         $         3,517       $           2,157
       Interest and other income                                                          48                     255
       Gain on disposition of equipment                                                    4                      --
                                                                             -------------------------------------------
         Total revenues                                                                3,569                   2,412

     Expenses:

       Depreciation and amortization                                                   3,577                   1,506
       Management fees to affiliate                                                      233                     114
       Repairs and maintenance                                                           269                     280
       Marine equipment operating expenses                                               242                     257
       Insurance expense to affiliate                                                      7                       2
       Other insurance expense                                                            53                      88
       Interest expense                                                                   46                       9
       General and administrative expenses to affiliates                                 353                      52
       Other general and administrative expenses                                         122                      81
                                                                             -------------------------------------------
         Total expenses                                                                4,902                   2,389

     Equity in net income (loss) of unconsolidated special purpose
       entities                                                                          137                     (47 )
                                                                             -------------------------------------------

         Net loss                                                            $        (1,196 )     $             (24 )
                                                                             ===========================================

     Members' share of net loss:

       Class A members                                                       $        (1,599 )     $             (24 )
       Class B Member                                                                    403                      --
                                                                             ===========================================
         Total                                                               $        (1,196 )     $             (24 )
                                                                             ===========================================

     Net loss per weighted average Class A unit (4,999,581 units
       and 3,829,012 at March 31, 1997 and 1996, respectively)               $         (0.32 )     $           (0.01 )
                                                                             ===========================================

     Cash distributions                                                      $         2,941       $           1,624
                                                                             ===========================================

     Cash distributions per weighted average Class A units                   $          0.50       $             N/A
                                                                             ===========================================

</TABLE>

                       See accompanying notes to financial
                                  statements.

<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)

                   STATEMENT OF CHANGES IN MEMBERS' EQUITY For
               the period from December 31, 1995 to March 31, 1997
                                 (in thousands)

<TABLE>
<CAPTION>



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

   <S>                                                    <C>               <C>                 <C>             
   Members' equity at December 31, 1995                   $    54,836       $         306       $       55,142  

   Members' capital contributions                              43,364               5,069               48,433

   Syndication costs                                               --              (5,062 )             (5,062 )

   Net income (loss)                                           (3,705 )             1,313               (2,392 )

   Distributions                                               (8,471 )            (1,361 )             (9,832 )
                                                        --------------------------------------------------------

   Members' equity at December 31, 1996                        86,024                 265               86,289

   Net income (loss)                                           (1,599 )               403               (1,196 )

   Distributions                                               (2,500 )              (441 )             (2,941 )
                                                        --------------------------------------------------------

   Members' equity at March 31, 1997                      $    81,925       $         227       $       82,152  
                                                        ========================================================
</TABLE>




                       See accompanying notes to financial
                                  statements.


<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)

                             STATEMENT OF CASH FLOWS
                      For the three months ended March 31,
                             (thousands of dollars)
<TABLE>
<CAPTION>


      Cash flows from operating activities:                               1997                 1996
                                                                    ---------------------------------------
      <S>                                                           <C>                  <C>              
      Net loss                                                      $        (1,196 )    $           (24 )
        Adjustments to reconcile net loss to net cash
          provided by operating activities:
        Depreciation and amortization                                         3,577                1,506
        Gain on sale of equipment                                                (4 )                 --
        Equity in net (income) loss unconsolidated special
          purpose entities                                                     (137 )                 47
        Changes in operating assets and liabilities:
          Accounts receivable, net                                             (292 )               (279 )
          Prepaid expenses                                                      128                   32
          Accounts payable and accrued expenses                                 196                 (512 )
          Due to affiliates                                                      60                 (310 )
          Lessee deposits and reserves for repairs                              285                   12
                                                                    ---------------------------------------
      Net cash provided by operating activities                               2,617                  472
                                                                    ---------------------------------------

      Investing activities:
        Payments for purchase of equipment                                  (10,530 )             (1,950 )
        Investment in and equipment purchased and placed
          in unconsolidated special purpose entities                         (5,100 )             (9,006 )
        Proceeds from disposition of equipment                                   26                   --
        Distributions from unconsolidated special purpose
           entities                                                           3,260                2,863
                                                                    ---------------------------------------
                                                                    ---------------------------------------
      Net cash used in investing activities                                 (12,344 )             (8,093 )
                                                                    ---------------------------------------

      Financing activities:
        Proceeds from note payable                                           25,000                   --
        Cash distributions to Class A members                                (2,500 )             (1,427 )
        Cash distributions to Class B Member                                   (441 )               (197 )
        Payments of placement fees                                             (177 )
        Class A members capital contribution                                     --               19,931
        Increase in subscriptions in escrow                                      --                1,998
        Increase in restricted cash from subscriptions in
          escrow, net                                                            --               (2,016 )
                                                                    ---------------------------------------
      Cash provided by financing activities                                  21,882               18,289
                                                                    ---------------------------------------

      Cash and cash equivalents:
      Net increase in cash and cash equivalents                              12,155               10,668
      Cash and cash equivalents at beginning of period                        1,692                6,804
                                                                    ---------------------------------------
      Cash and cash equivalents at end of period                    $        13,847      $        17,472
                                                                    =======================================

      Supplemental information:
      Cash items:
        Interest paid ($9 paid to affiliate)                        $            --      $             9
                                                                    =======================================
      Non cash items:
        Syndication and offering costs paid by Class B Member       $            --      $         2,987
                                                                    =======================================
</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, 1997


1.   Opinion of Management

     In the opinion of the  management  of PLM  Financial  Services,  Inc.,  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.  (Fund I or the  Company)  as of March 31, 1997 and
     December 31, 1996,  the  statements  of  operations  and cash flows for the
     three months ended March 31, 1997 and 1996,  and the  statements of changes
     in  partners'  capital for the period  December 31, 1995 to March 31, 1997.
     Certain information and footnote 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 Company's  Annual
     Report on Form 10-K for the year ended  December 31,  1996,  on file at the
     Securities and Exchange Commission.

2.   Reclassification

     Certain amounts in the 1996 financial  statements have been reclassified to
conform to the 1997 presentation.

3.   Net Income (Loss) and Cash Distributions

     After  giving  effect to the  special  allocations  set  forth in  Sections
     3.08(b) and 3.17 of the Company's Operating Agreement,  Net Profits and Net
     Loss shall be  allocated  1% to the Class B Members  and 99% to the Class A
     Members.  During the quarter ended March 31, 1997,  the Manager  received a
     special allocation of income of $419,000.

         Cash  distributions are recorded when paid and totaled $2.9 million and
     $1.6  million  for  the  three  months  ended  March  31,  1997  and  1996,
     respectively.  Cash  distributions  to Class A Unitholders in excess of net
     income are  considered to represent a return of capital using the generally
     accepted  accounting   principle  basis.  Cash  distributions  to  Class  A
     Unitholders  of $2.5  million and $1.4  million for the three  months ended
     March  31,  1997 and  1996,  respectively,  were  deemed  to be a return of
     capital.

         Cash distributions related to the first quarter results of $0.6 million
     were paid or are payable during April,  1997, to the Class A Unitholders of
     record as of March 31,  1997,  for  unitholders  who  elected  for  monthly
     distributions.  Quarterly cash  distributions of approximately $1.1 million
     were declared on April 24, 1997 and are to be paid on May 15, 1997 to Class
     A and Class B Unitholders.



<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997

4.   Investments in Unconsolidated Special Purpose Entities

     The net  investments in  unconsolidated  special  purpose  entities  (USPE)
     include the  following  jointly-owned  equipment  (and  related  assets and
     liabilities) (in thousands):
<TABLE>
<CAPTION>

                                                                              March 31,               December 31,
           % Ownership    Equipment                                              1997                     1996
        ---------------------------------------------------------------------------------------------------------------

               <S>        <C>                                              <C>                      <C>            
               33%        Two trusts consisting of:
                            Three 737-200A Stage II
                               commercial aircraft
                            Two aircraft engines
                            Portfolio of rotable components                $         6,494          $         8,767
               17%        Trust consisting of six 737-200A
                            Stage II commercial aircraft                             2,523                    2,684
               25%        Trust consisting of four 737-200A
                            Stage II commercial aircraft                             3,734                    3,981
               35%        Mobile offshore drilling unit                                 --                    6,906
               61%        Mobile offshore drilling unit                             11,491                       --
               50%        Cargo marine vessel                                        3,084                    3,011
                                                                         ----------------------------------------------
                          Total investments                                $        27,326          $        25,349
                                                                         ==============================================
</TABLE>

         During the first quarter ended March 31, 1997, the Company purchased an
     additional 26% interest in a mobile offshore drilling unit for $5.1 million
     bringing its initial investment of 35% up to 61%.

5.   Other Transactions with Affiliates

     Company  management  fees of $0.2  million and $0.2 million were payable at
     March 31, 1997 and December 31, 1996. The Company's  proportional  share of
     the USPE  management  fees of $48,000 and $23,000  were payable as of March
     31, 1997 and December 31, 1996,  respectively.  The Company's  proportional
     share of the USPE  management fees expense for the quarters ended March 31,
     1997 and 1996 was $85,000 and $61,000, respectively. The Company reimbursed
     FSI $114,000 and $52,000 for data  processing  expenses and  administrative
     services  performed on behalf of the Company expense for the quarters ended
     March 31, 1997 and 1996, respectively.  The Company's proportional share of
     the USPE  administrative  and data  processing  expenses  were  $19,000 and
     $22,000 for the quarters ended March 31, 1997 and 1996, respectively

         The  Company  paid $7,000 and $2,000 for the  quarters  ended March 31,
     1997 and 1996,  respectively to Transportation  Equipment Indemnity Company
     Ltd. (TEI) which provides  marine  insurance  coverage and other  insurance
     brokerage services to the Company. The Company's proportional share of USPE
     marine insurance  coverage paid to TEI were $4,000 and $0 at March 31, 1997
     and 1996,  respectively.  TEI is an affiliate of the Manager. A substantial
     portion of these amounts was paid to third party  reinsurance  underwriters
     or placed in risk pools managed by TEI on behalf of affiliated partnerships
     and PLM International  which provide  threshold  coverages on marine vessel
     loss of hire and hull and machinery damage.  All pooling  arrangement funds
     are either paid out to cover applicable losses or refunded pro rata by TEI.




<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A Delaware Limited Liability Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997

6.   Equipment

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

                                                   March 31,        December 31,
                                                     1997              1996
                                              -------------------------------------

   <S>                                         <C>                <C>           
   Rail equipment                              $       18,906     $       18,876
   Aircraft                                            24,605             24,605
   Marine vessel                                       12,257             12,257
   Trailers                                            14,565             14,595
   Mobile offshore drilling unit                       10,500                 --
                                               ------------------------------------
                                                       80,833             70,333
   Less accumulated depreciation                      (15,736 )          (12,189 )
                                               ------------------------------------

   Net equipment                               $       65,097     $       58,144
                                               ====================================
</TABLE>

     During the quarter  ended March 31,  1997,  the Company  purchased a mobile
     offshore  drilling unit for $10.5  million.  During the quarter ended March
     31, 1996, the Company  purchased 50 new  refrigerated  trailers and one box
     car for $1.9 million.

         As of March 31, 1997, all equipment in the Company portfolio was either
     on  lease  or  operating  in  PLM-affiliated   short-term   trailer  rental
     facilities  except for 105 railcars with a carrying  value of $5.2 million.
     At December 31, 1996, all equipment in the Company  portfolio was either on
     lease or operating in PLM-affiliated  short-term  trailer rental facilities
     except for 14 railcars with a carrying value of $0.3 million.

7.   Debt

     As of March 31, 1997, the Company had completed two draw downs totaling $25
     million by issuing two notes related to the long term senior note agreement
     entered into in  December.  A total of $15.6  million of the proceeds  were
     used to fund additional equipment  acquisitions during the first quarter of
     1997.  The Company  anticipates  utilizing the  remaining  debt proceeds to
     purchase  equipment  during  the second  quarter of 1997.  During the first
     quarter of 1997,  a $0.2  million  placement  fee was paid to the lender in
     connection with this loan agreement.


<PAGE>


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

Comparison of the Company's Operating Results for the Three Months Ended 
March 31, 1997 and 1996

(A)  Owned Equipment Operations

Lease revenues less direct expenses (defined as repairs and maintenance,  marine
equipment  operating,  and asset specific insurance expenses) on owned equipment
decreased  during the first quarter of 1997 when compared to the same quarter of
1996. The following  table presents lease revenues less direct expenses by owned
equipment type (in thousands):
<TABLE>
<CAPTION>

                                                                            For the Three Months
                                                                               Ended March 31,
                                                                            1997             1996
                                                                         ----------------------------
   <S>                                                                   <C>              <C>     
   Aircraft                                                              $  1,252         $    309
   Marine vessel                                                              215              281
   Trailers                                                                   713              279
   Rail equipment                                                             700              670
   Mobile offshore drilling unit                                               71               --

</TABLE>

Aircraft:   Aircraft   lease  revenues  were  $1.3  million  and  $0.3  million,
respectively,  during the first quarter of 1997 and 1996. There were no expenses
incurred  in either the first  quarter of 1997 or 1996.  The  increase  in lease
revenue was due to the purchase of four 737-200A Stage II commercial aircraft at
the end of the  third  quarter  of 1996.  These  aircraft  were on lease for the
entire first quarter in 1997.

Marine  vessel:  Marine  vessel  lease  revenues and direct  expenses  were $0.6
million and $0.4 million  respectively,  for the first quarter of 1997, compared
to $0.8 million and $0.5 million, respectively, during the same quarter of 1996.
Marine vessel contribution  decreased due to lower re-lease rates as a result of
a softer bulk carrier vessel market. The decrease in direct expenses were due to
the lower marine operating expenses in the first quarter of 1997 compared to the
same period in 1996.

Trailers:  Trailer  revenues  and direct  expenses  were $0.8  million  and $0.1
million,  respectively,  for the first quarter of 1997, compared to $0.3 million
and $0.0  million,  respectively,  during  the  same  quarter  of 1996.  Trailer
contribution  increased  due to the purchase of additional  trailers  throughout
1996. These trailers were on lease for the entire first quarter of 1997.

Rail equipment: Railcar lease revenues and direct expenses were $0.8 million and
$0.1  million,  respectively,  for the first  quarter of 1997 and 1996.  Railcar
contribution remained relatively stable in the first quarter of 1997 compared to
the same period in 1996.  Although the Company purchased  additional railcars in
the last two months of 1996,  these railcars were off lease in the first quarter
of 1997 and did not impact the contribution for the first quarter of 1997.

Mobile offshore  drilling unit (rig):  Revenues were $0.1 million,  in the first
quarter of 1997. This rig earned 13 days of revenue in the first quarter of 1997
due to its purchase near the end of the quarter.

(B)  Interest and Other Income

Interest and other  income  decreased  $0.2  million due to lower cash  balances
available  for  investments  in the first  quarter of 1997  compared to the same
period in 1996.

(C)  Indirect Expenses Related to Owned Equipment Operations

Total  indirect  expenses of $4.3 million for the quarter  ended March 31, 1997,
decreased  from $1.8  million for the same  period in 1996.  The  variances  are
explained as follows:

     (a) A $2.1 million increase in depreciation and amortization  expenses from
1996 levels  reflecting  the  purchase of assets  during 1997 and 1996,  and the
application of the double declining balance depreciation method.

     (b) A $0.4 million  increase in  administrative  expenses  from 1996 levels
resulting from increased  administrative  costs  associated  with the short-term
rental facilities due to additional  trailers operating in the facilities in the
first quarter of 1997 as compared to the same period in 1996.

     (c) A $0.1 million  increase in management  fees to affiliates,  reflecting
the  higher  levels of lease  revenues  in 1997 as  compared  to 1996 due to the
additional purchase of equipment throughout 1996 and the beginning of 1997.

(C)  Net Gain on Disposition of Owned Equipment

Net loss on  disposition  of  equipment  for the first  quarter of 1997  totaled
$4,000  which  resulted  from the  sale of  trailers  with a net  book  value of
$22,000, for proceeds of $26,000.  There were no sales or disposals of equipment
in the first quarter of 1996.

(D)  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 are presented as follows (in thousands).
<TABLE>
<CAPTION>

                                                                            For the Three Months
                                                                               Ended March 31,
                                                                            1997             1996
                                                                         ----------------------------
   <S>                                                                   <C>               <C>       
   Aircraft                                                              $    448          $   (31 ) 
   Marine vessel                                                              (47 )            (16 )
   Mobile offshore drilling unit                                             (264 )             --

</TABLE>

Aircraft:  As of March 31,  1997 and 1996,  the  Company  owned an interest in a
trust which owns a commercial aircraft and an interest in two trusts which own 3
commercial  aircraft,  2 aircraft engines and a portfolio of aircraft  rotables.
Aircraft revenues and expenses were $1.5 million and $1.1 million, respectively,
for the first  quarter  of 1997,  compared  to $1.1  million  and $1.1  million,
respectively,  during the same  quarter in 1996.  The  primary  reason  revenues
increased  was  due to  the  purchase  of an  interest  in a  trust  which  owns
commercial aircraft at the end of the first quarter of 1996. This investment was
on lease for the entire first quarter of 1997 compared to only a few days in the
same period in 1996.  Although expenses remained  relatively the same,  expenses
are significantly impacted by the depreciation charges which are greatest in the
early years due to the use of the 200% declining balance method of depreciation.
The  investment  that was  purchased  at the end of the first  quarter  of 1996,
incurred  a full  quarter of  depreciation  in 1997  compared  to only a partial
quarter in 1996.

Marine vessel:  As of March 31, 1997 and 1996, the Company had an interest in an
entity which owns a marine vessel. Marine vessel revenues and expenses were $0.3
million and $0.3 million,  respectively, for the first quarter of 1997, compared
to $47,000  and  $62,000,  respectively,  during the same  quarter in 1996.  The
primary reason revenues increased was due to the purchase of a 50% interest in a
marine vessel  during the later half of the first quarter of 1996.  Revenues and
expenses  during  1997  represent  a full  quarter  when  compared to 1996 where
revenues and expenses are for only a partial quarter.

Mobile offshore drilling unit: As of March 31, 1997, the Company had an interest
in which it owns an entity in a mobile  offshore  drilling  unit (rig) which was
purchased  during the fourth  quarter of 1996.  The  Company's  interest in this
investment  was increased in the first  quarter of 1997 from 35% to 61%.  During
the first quarter of 1997,  revenues of $0.3 million were offset by depreciation
and administrative expenses of $0.3 million.

(E)  Net Income (Loss)

As a result of the  foregoing,  the  Company's  net loss of $1.2 million for the
first quarter of 1997, increased from net loss of $24,000 during the same period
in 1996. The Company's ability to operate and liquidate  assets,  secure leases,
and re-lease those assets whose leases expire during the duration of the Company
is subject to many factors and the Company's performance in the first quarter of
1997 is not necessarily  indicative of future  periods.  In the first quarter of
1997, the Company  distributed $2.5 million to the Class A Members, or $0.50 per
weighted average Class A Unit.

Financial Condition - Capital Resources and Liquidity

The Company's initial  contributed capital was composed of the proceeds from its
initial  offering,  and  supplemented  by  permanent  debt in the  amount of $25
million.  The  Company  intends  to  rely on  operating  cash  flow to meet  its
operating   obligations,   maintain   working   capital   reserves,   make  cash
distributions to Class A Unitholders, and grow the Company's equipment portfolio
through  reinvestment  of any  remaining  surplus cash  available in  additional
equipment.

     As of March 31,  1997,  the  Company did not have any  borrowings  with the
short-term $50 million joint credit  facility,  PLM Equipment  Growth Fund V had
$1.1 million in outstanding  borrowings  under the short-term  Committed  Bridge
Facility and American Finance Group,  Inc. had $22.5 million.  None of the other
programs had any  outstanding  borrowings.  The Company's  Senior Note Agreement
limits the  borrowings  available to the Company  under this  short-term  credit
facility  to the lesser of $10  million or 50% of the  outstanding  senior  note
balance.

     For the quarter  ended March 31,  1997,  the Company  generated  sufficient
operating  income to meet its operating  obligations  and pay  distributions  to
those Class A and B Unitholders.

Outlook for the Future

Several  factors  may affect the  Company's  operating  performance  in 1997 and
beyond, including changes in the markets for the Company's equipment and changes
in the regulatory environment in which the equipment operates.

     The Company intends to use excess cash flow, after payment of expenses, the
maintenance  of  working  capital  reserves  and cash  distributions  to acquire
additional equipment during the first six years of the Company's operations. The
Manager believes these acquisitions may cause the Company to generate additional
earnings and cash flow for the Company.

     The  Company   relies  on  operating   cash  flow  to  meet  its  operating
obligations, maintain working capital reserves, make cash distributions to Class
A  and B  Unitholders,  and  grow  the  Company's  equipment  portfolio  through
reinvestment of any remaining surplus cash available in additional equipment.


<PAGE>



                           PART II - OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits

              None.

         (b)  Reports on Form 8-K

              None.







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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, 1997
                                      By:  /s/ David J. Davis
                                           --------------------------
                                           David J. Davis
                                           Vice President and
                                           Corporate Controller