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


     [X]  Quarterly  Report  Pursuant  to Section 13 or 15(d) of the  Securities
          Exchange Act of 1934 For the fiscal quarter ended September 30, 2001

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

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



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


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

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


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

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


<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                            CONDENSED BALANCE SHEETS
                 (IN THOUSANDS OF DOLLARS, EXCEPT UNIT AMOUNTS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                            September 30,       December 31,
                                                                                 2001                2000
                                                                           ------------------------------------
<S>                                                                          <C>                 <C>
ASSETS

Equipment held for operating lease                                           $   95,111          $   92,921
Less accumulated depreciation                                                   (51,796)            (44,197)
                                                                           ------------------------------------
                                                                                 43,315              48,724
Equipment held for sale                                                              --               3,200
                                                                           ------------------------------------
    Net equipment                                                                43,315              51,924

Cash and cash equivalents                                                        17,768              11,291
Restricted cash                                                                     900                 813
Accounts receivable, less allowance for doubtful accounts
      of $44 in 2001 and $48 in 2000                                              3,305               2,283
Investment in unconsolidated special-purpose entities                             3,191               5,155
Deferred charges, less accumulated amortization
      of $83  in 2001 and $70 in 2000                                                94                 107
Prepaid expenses and other assets                                                    32                 110
                                                                           ------------------------------------

      Total assets                                                           $   68,605          $   71,683
                                                                           ====================================

LIABILITIES AND MEMBERS' EQUITY

Liabilities:
Accounts payable and accrued expenses                                        $      975          $      555
Due to affiliates                                                                   219                 917
Lessee deposits and reserves for repairs                                          4,569               4,541
Note payable                                                                     22,000              22,000
                                                                           ------------------------------------
    Total liabilities                                                            27,763              28,013
                                                                           ------------------------------------

Members' equity:
Class A members (4,971,311 units as of September 30, 2001
      and December 31, 2000)                                                     40,842              43,670
Class B member                                                                       --                  --
                                                                           ------------------------------------
    Total members' equity                                                        40,842              43,670
                                                                           ------------------------------------

       Total liabilities and members' equity                                 $   68,605          $   71,683
                                                                           ====================================

</TABLE>












       See accompanying notes to unaudited condensed financial statements.


<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                         CONDENSED STATEMENTS OF INCOME
         (IN THOUSANDS OF DOLLARS, EXCEPT WEIGHTED-AVERAGE UNIT AMOUNTS)
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                         For the Three Months              For the Nine Months
                                                         Ended September 30,               Ended September 30,
                                                         2001           2000               2001           2000
                                                      -------------------------------------------------------------
<S>                                                   <C>            <C>                <C>            <C>
REVENUES

Lease revenue                                         $   5,141      $   5,820          $  14,173      $  17,396
Interest and other income                                   207             44                622            304
Net gain on disposition of equipment                          4          2,112                983          2,118
                                                      -------------------------------------------------------------
    Total revenues                                        5,352          7,976             15,778         19,818
                                                      -------------------------------------------------------------

EXPENSES

Depreciation and amortization                             2,338          3,434              7,653          9,731
Repairs and maintenance                                     243            731              1,333          1,822
Equipment operating expenses                                841            605              1,798          1,602
Interest expense                                            416            463              1,223          1,379
Insurance expense                                           152            125                405            317
Management fees to affiliate                                271            317                751            939
General and administrative expenses
      to affiliates                                          75            252                419            727
Other general and administrative expenses                   181            232                566            713
                                                      -------------------------------------------------------------
    Total expenses                                        4,517          6,159             14,148         17,230
                                                      -------------------------------------------------------------

Equity in net income (loss) of unconsolidated
      special-purpose entities                             (231)          (101 )              772           (345)
                                                      -------------------------------------------------------------

      Net income                                      $     604      $   1,716          $   2,402      $   2,243
                                                      =============================================================

MEMBERS' SHARE OF NET INCOME

Class A members                                       $     384      $   1,540          $   1,525      $     927
Class B member                                              220            176                877          1,316
                                                      -------------------------------------------------------------

       Total                                          $     604      $   1,716          $   2,402      $   2,243
                                                      =============================================================

Class A members' net income per
      weighted-average Class A unit                   $    0.08      $    0.31          $    0.31      $    0.19
                                                      =============================================================

Cash distribution                                     $   1,462      $   2,925          $   5,230      $   8,776
                                                      =============================================================

Cash distribution per weighted-average
      Class A units                                   $    0.25      $    0.50          $    0.88      $    1.50
                                                      =============================================================
</TABLE>








       See accompanying notes to unaudited condensed financial statements.

<PAGE>



               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
               CONDENSED STATEMENTS OF CHANGES IN MEMBERS' EQUITY
           FOR THE PERIOD FROM DECEMBER 31, 1999 TO SEPTEMBER 30, 2001
                            (IN THOUSANDS OF DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>

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

<S>                                                   <C>                  <C>                 <C>
  Members' equity as of December 31, 1999             $       50,598       $          --       $      50,598

Net income                                                     3,066               1,755               4,821

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

Cash distribution                                             (9,946)             (1,755)            (11,701)
                                                      ---------------------------------------------------------

  Members' equity as of December 31, 2000                     43,670                  --              43,670

Net income                                                     1,525                 877               2,402

Cash distribution                                             (4,353)               (877)             (5,230)
                                                      ---------------------------------------------------------

  Members' equity as of September 30, 2001            $       40,842       $          --       $      40,842
                                                      =========================================================
</TABLE>































       See accompanying notes to unaudited condensed financial statements.


<PAGE>





               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                       CONDENSED STATEMENTS OF CASH FLOWS
                            (IN THOUSANDS OF DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                             For the Nine Months
                                                                             Ended September 30,
                                                                          2001                 2000
                                                                    --------------------------------------
<S>                                                                 <C>                  <C>
    OPERATING ACTIVITIES

    Net income                                                      $        2,402       $        2,243
    Adjustments to reconcile net income to net cash
          provided by (used in) operating activities:
      Depreciation and amortization                                          7,653                9,731
      Net gain on disposition of equipment                                    (983)              (2,118)
      Equity in net (income) loss of unconsolidated
            special-purpose entities                                          (772)                 345
      Changes in operating assets and liabilities:
        Restricted cash                                                        (87)                (318)
        Accounts receivable, net                                            (1,022)                 210
        Prepaid expenses and other assets                                       78                  103
        Accounts payable and accrued expenses                                  541                  367
        Due to affiliates                                                     (698)                 240
        Lessee deposits and reserves for repairs                                28                1,194
                                                                    --------------------------------------
            Net cash provided by operating activities                        7,140               11,997
                                                                    --------------------------------------

    INVESTING ACTIVITIES

    Payments for purchase of equipment and capitalized
          improvements                                                      (2,261)             (19,478)
    Liquidation distributions from unconsolidated
          special-purpose entities                                             931                   --
    Proceeds from disposition of equipment                                   4,092                7,397
    Distributions from unconsolidated special-purpose
          entities                                                           1,805                1,610
                                                                    --------------------------------------
          Net cash provided by (used in) investing activities                4,567              (10,471)
                                                                    --------------------------------------

    FINANCING ACTIVITIES

    Cash distribution to Class A members                                    (4,353)              (7,460)
    Cash distribution to Class B Member                                       (877)              (1,316)
    Purchase of Class A units                                                   --                  (48)
                                                                    --------------------------------------
          Net cash used in financing activities                             (5,230)              (8,824)
                                                                    --------------------------------------

    Net increase (decrease) in cash and cash equivalents                     6,477               (7,298)
    Cash and cash equivalents at beginning of period                        11,291               11,597
                                                                    --------------------------------------
    Cash and cash equivalents at end of period                      $       17,768       $        4,299
                                                                    ======================================

    SUPPLEMENTAL INFORMATION
    Interest paid                                                   $          811       $          916
                                                                    ======================================
</TABLE>




       See accompanying notes to unaudited condensed financial statements.

<PAGE>


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

1. OPINION OF MANAGEMENT

In the opinion of the  management  of PLM Financial  Services,  Inc. (FSI or the
Manager),  the accompanying unaudited condensed financial statements contain all
adjustments  necessary,  consisting  primarily of normal recurring accruals,  to
present fairly the condensed financial position of Professional Lease Management
Income Fund I, L.L.C. (the Fund) as of September 30, 2001 and December 31, 2000,
the condensed statements of income for the three and nine months ended September
30, 2001 and 2000,  the condensed  statements of changes in members'  equity for
the period from  December 31, 1999 to  September  30,  2001,  and the  condensed
statements of cash flows for the nine months ended  September 30, 2001 and 2000.
Certain  information  and  note  disclosures   normally  included  in  financial
statements prepared in accordance with generally accepted accounting  principles
in the  United  States  of  America  have been  condensed  or  omitted  from the
accompanying condensed financial statements. For further information,  reference
should be made to the financial  statements  and notes  thereto  included in the
Fund's Annual Report on Form 10-K for the year ended  December 31, 2000, on file
at the Securities and Exchange Commission.

2. SCHEDULE OF FUND PHASES

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

3. 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  September  30, 2001 and 2000,  cash  distributions  totaled  $1.5
million and $2.9 million,  respectively. For the nine months ended September 30,
2001 and  2000,  cash  distributions  totaled  $5.2  million  and $8.8  million,
respectively.  Cash distributions to the Class A unitholders of $2.8 million and
$6.4  million  for  the  nine  months  ended   September   30,  2001  and  2000,
respectively, were deemed to be a return of capital.

Cash  distributions  of $0.8  million,  related  to the  results  from the third
quarter of 2001, will be paid during the fourth quarter of 2001.

4. TRANSACTIONS WITH MANAGER AND AFFILIATES

The balance due to affiliates  as of September  30, 2001,  included $0.2 million
due to FSI and its affiliates for management fees. The balance due to affiliates
as of December 31, 2000, included $0.2 million due to FSI and its affiliates for
management   fees   and   $0.7   million   due  to   affiliated   unconsolidated
special-purpose entities (USPEs).

The Fund's proportional share of USPE-affiliated management fees receivable from
FSI and  its  affiliate  was  $10,000  as of  September  30,  2001.  The  Fund's
proportional  share of  USPE-affiliated  management  fees payable to FSI and its
affiliate was $20,000 as of December 31, 2000.


<PAGE>


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

4. TRANSACTIONS WITH MANAGER AND AFFILIATES (continued)

The Fund's  proportional share of the affiliated  expenses incurred by the USPEs
during 2001 and 2000 is listed in the following table (in thousands of dollars):
<TABLE>
<CAPTION>
                                                For the Three Months              For the Nine Months
                                                Ended September 30,               Ended September 30,
                                                 2001            2000               2001            2000
                                             ----------------------------------------------------------------

<S>                                           <C>             <C>                <C>             <C>
   Management fees                            $      16       $     33           $     77        $     100
   Data processing and administrative
      expenses                                       13              7                 54               27
</TABLE>

5. EQUIPMENT

Owned equipment held for operating leases is stated at cost.  Equipment held for
sale is stated at the lower of the equipment's  depreciated  cost or fair value,
less cost to sell, and is subject to a pending contract for sale. The components
of owned equipment were as follows (in thousands of dollars):
<TABLE>
<CAPTION>
                                               September 30,       December 31,
                                                 2001                 2000
                                             -----------------------------------

<S>                                          <C>                  <C>
Marine containers                            $    31,408          $   29,160
Aircraft                                          20,605              20,605
Railcars                                          19,493              19,520
Marine vessels                                    17,000              17,000
Trailers                                           6,605               6,636
                                             ------------         -----------
                                                  95,111              92,921
Less accumulated depreciation                    (51,796)            (44,197)
                                             ------------         -----------
                                                  43,315              48,724
Equipment held for sale                               --               3,200
                                             ------------         -----------
    Net equipment                            $    43,315          $   51,924
                                             ============         ===========
</TABLE>

As of September  30, 2001,  all owned  equipment in the Fund's  portfolio was on
lease,  except for 63  railcars  with a carrying  value of $0.6  million.  As of
December 31, 2000, all owned equipment in the Fund portfolio was on lease except
for 66 railcars with a net book value of $0.7 million.

A marine vessel,  subject to pending  contract for sale, was held for sale as of
December  31,  2000 at the  lower of the  equipment's  depreciated  cost or fair
value, less cost to sell.

During the nine months ended  September  30,  2001,  the Fund  purchased  marine
containers  for $2.3 million.  During the nine months ended  September 30, 2000,
the Fund purchased marine containers and trailers for $19.5 million.

During the third  quarter  2001,  one of the Fund's  Boeing  737-200  commercial
aircraft was involved in an accident. As a result of the accident,  the aircraft
was declared a total loss.  The lessee of this  aircraft is required to continue
to make monthly  lease  payments  until the  insurance  settlement  proceeds are
received by the Fund.  The Manager  expects  that the  insurance  proceeds  will
exceed the net book value of this aircraft.  The Manager has not recorded a gain
from this event as all contingencies have not been resolved.


<PAGE>


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

5. EQUIPMENT (continued)

During the nine months ended  September 30, 2001,  the Fund disposed of a marine
vessel that was held for sale at December 31, 2000, marine containers, trailers,
and railcars with an aggregate net book value of $3.2 million, for $4.2 million.
During the nine months ended  September 30, 2000,  the Fund disposed of trailers
and railcars with an aggregate net book value of $5.3 million, for $7.4 million.

6. INVESTMENTS IN UNCONSOLIDATED SPECIAL-PURPOSE ENTITIES

The net investments in USPEs included the following jointly-owned equipment (and
related assets and liabilities) (in thousands of dollars):
<TABLE>
<CAPTION>
                                                                                  September 30,       December 31,
                                                                                       2001                2000
                                                                                 ----------------------------------
<S>                                                                              <C>                 <C>
       50% interest in a trust owning an MD-82 stage III commercial
                aircraft                                                         $     2,959         $     3,534
       50% interest in a trust owning an MD-82 stage III commercial
                aircraft                                                                 250                 921
       50% interest in a trust that owned a marine cargo vessel                          (18)                700
                                                                                 ------------        ------------
         Net investments                                                         $     3,191         $     5,155
                                                                                 ============        ============
</TABLE>

As of September 30, 2001 and December 31, 2000, all  jointly-owned  equipment in
the Fund's USPE portfolio was on lease.

During the nine months ended September 30, 2001, the Manager sold the Fund's 50%
interest in an entity that owned a marine cargo vessel.  The Fund's  interest in
this entity was sold for  proceeds of $0.9  million for it's net  investment  of
$0.8  million.  Included  in the net gain on sale of this  entity was the unused
portion of marine vessel dry-docking liability of $0.2 million.








                     (This space intentionally left blank.)



<PAGE>


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

7. OPERATING SEGMENTS

The Fund operates in five different  segments:  marine vessel leasing,  aircraft
leasing,  railcar leasing,  trailer leasing, and marine container leasing.  Each
equipment  leasing  segment engages in short to mid-term  operating  leases to a
variety of customers.  The following  tables  present a summary of the operating
segments (in thousands of dollars):
<TABLE>
<CAPTION>

                                           Marine                                    Marine
    For the three months ended             Vessel    Aircraft  Railcar    Trailer   Container
        September 30, 2001                Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------

<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $  1,741   $ 1,014   $    849   $   298   $  1,239   $     --  $  5,141
      Interest income and other                 41        --         --        --         --        166       207
      Gain on disposition of equipment          --        --                   --          4         --         4
                                          ------------------------------------------------------------------------
        Total revenues                       1,782     1,014        849       298      1,243        166     5,352

    COSTS AND EXPENSES
      Operations support                       910        10        153       128         19         16     1,236
      Depreciation and amortization            444       386        323       100      1,081          4     2,338
      Interest expense                          --        --         --        --         --        416       416
      Management fees to affiliate              87        51         56        15         62         --       271
      General and administrative expenses       10         1         27        57         (8)       169       256
                                          ------------------------------------------------------------------------
        Total costs and expenses             1,451       448        559       300      1,154        605     4,517
                                          ------------------------------------------------------------------------
      Equity in net loss of USPEs              (57)     (174)        --        --         --         --      (231)
                                          ------------------------------------------------------------------------
        Net income (loss)                 $    274   $   392   $    290   $    (2)  $     89   $   (439) $    604
                                          ========================================================================

    Total assets as of September 30, 2001 $ 10,323   $ 4,057   $  8,788   $ 2,442   $ 25,101   $ 17,894  $ 68,605
                                          ========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                           Marine                                    Marine
    For the three months ended             Vessel    Aircraft  Railcar    Trailer   Container
        September 30, 2000                Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------

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

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

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


(1)  Includes certain assets not identifiable to a particular  segment,  such as
     cash, prepaid expenses, and deferred charges. Also includes interest income
     and costs not  identifiable  to a  particular  segment,  such as,  interest
     expense, certain amortization,  general and administrative,  and operations
     support expenses.
</TABLE>


<PAGE>


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

7.   OPERATING SEGMENTS (continued)
<TABLE>
<CAPTION>

                                           Marine                                    Marine
    For the nine months ended              Vessel    Aircraft  Railcar    Trailer   Container
        September 30, 2001                Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------

<S>                                       <C>        <C>       <C>        <C>       <C>        <C>       <C>
    REVENUES
      Lease revenue                       $  3,740   $ 3,043   $  2,524   $   828   $  4,038   $     --  $ 14,173
      Interest income and other                 41        34         --        --         --        547       622
      Gain on disposition of equipment         963        --          8         8          4         --       983
                                          ------------------------------------------------------------------------
        Total revenues                       4,744     3,077      2,532       836      4,042        547    15,778

    COSTS AND EXPENSES
      Operations support                     2,489        21        473       404         56         93     3,536
      Depreciation and amortization          1,332     1,543        968       301      3,496         13     7,653
      Interest expense                          --        --         --        --         --      1,223     1,223
      Management fees to affiliate             187       152        168        42        202         --       751
      General and administrative expenses       45        19         44       144         --        733       985
                                          ------------------------------------------------------------------------
        Total costs and expenses             4,053     1,735      1,653       891      3,754      2,062    14,148
                                          ------------------------------------------------------------------------
      Equity in net income of USPEs            234       538         --        --         --         --       772
                                          ------------------------------------------------------------------------
        Net income (loss)                 $    925   $ 1,880   $    879   $   (55 ) $    288   $ (1,515 )$  2,402
                                          ========================================================================

    Total assets as of September 30, 2001 $ 10,323   $ 4,057   $  8,788   $ 2,442   $ 25,101   $ 17,894  $ 68,605
                                          ========================================================================
</TABLE>
<TABLE>
<CAPTION>


                                           Marine                                    Marine
    For the nine months ended              Vessel    Aircraft  Railcar    Trailer   Container
        September 30, 2000                Leasing    Leasing   Leasing    Leasing    Leasing    Other(1)   Total
    ------------------------------------  ---------  --------  ---------  --------- ---------- ---------  ---------

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

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

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

(1)  Includes certain assets not identifiable to a particular  segment,  such as
     cash, prepaid expenses, and deferred charges. Also includes interest income
     and costs not  identifiable  to a  particular  segment,  such as,  interest
     expense, certain amortization,  general and administrative,  and operations
     support expenses.
</TABLE>


<PAGE>


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

8. NET INCOME PER WEIGHTED-AVERAGE CLASS A UNIT

Net income per weighted-average Class A unit was computed by dividing net income
attributable to Class A members by the weighted-average  number of Class A units
deemed  outstanding during the period.  The  weighted-average  number of Class A
units deemed  outstanding  during the three and nine months ended  September 30,
2001 was 4,971,311  units. The  weighted-average  number of Class A units deemed
outstanding  during the three and nine  months  ended  September  30,  2000 were
4,971,311 units and 4,972,178 units, respectively.

9. DEBT

During 2001, the Manager  entered into a joint $15.0 million credit  facility on
behalf of the Fund, PLM Equipment  Growth Fund VI (EGF VI), PLM Equipment Growth
& Income Fund VII (EGF VII), and Acquisub LLC (ACQ),  a wholly owned  subsidiary
of PLM  International  which is the parent company of FSI. The facility provides
interim  financing  of up to  100%  of the  aggregate  book  value  of  eligible
equipment  owned by the Fund, as defined in the credit  facility.  The Fund, EGF
VI,  EGF VII,  and ACQ  collectively  may  borrow  up to $15.0  million  of this
facility.  Outstanding borrowings by one borrower reduce the amount available to
each of the other  borrowers  under the facility.  Individual  borrowings may be
outstanding for no more than 270 days, with all advances due no later than April
12, 2002.  Interest accrues at either the prime rate or adjusted LIBOR plus 2.0%
at  the  borrower's  option  and is set at the  time  of an  advance  of  funds.
Borrowings by the Fund are guaranteed by PLM International.

As of September 30, 2001, no eligible  borrower had any  outstanding  borrowings
under the warehouse facility.

10. CONTINGENCIES

The Fund is  involved  as  plaintiff  or  defendant  in  various  legal  actions
incidental  to its  business.  Management  does  not  believe  that any of these
actions will be material to the financial  condition or results of operations of
the Fund.









                    (This space is intentionally left blank.)



<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 SEPTEMBER 30, 2001 AND 2000


Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the third  quarter of 2001,  compared  to the same  quarter of
2000. 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 7 to the
unaudited  condensed  financial  statements),  are  not  included  in the  owned
equipment  operation  discussion  because  they are indirect in nature and not a
result of  operations  but the result of owning a portfolio  of  equipment.  The
following  table  presents  lease  revenues less direct  expenses by segment (in
thousands of dollars):

(A) Owned Equipment Operations
<TABLE>
<CAPTION>
                                                     For the Three Months
                                                     Ended September 30,
                                                    2001             2000
                                                  ---------------------------

<S>                                               <C>              <C>
Marine containers                                 $ 1,220          $ 1,039
Aircraft                                            1,004            1,006
Railcars                                              696              764
Marine vessels                                        831              789
Trailers                                              170              771
</TABLE>

Marine containers: Marine container lease revenues and direct expenses were $1.2
million and $19,000,  respectively,  for the third quarter of 2001,  compared to
$1.0 million and $2,000,  respectively,  during the same quarter of 2000. Marine
container  lease  revenues  increased  $0.2 million  during the third quarter of
2001,  compared  to the same  period  in 2000,  due to the  purchase  of  marine
containers in 2000 and 2001.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $1.0 million and
$10,000,  respectively,  for the third quarter of 2001, compared to $1.0 million
and $8,000, respectively, during the same quarter of 2000. Aircraft contribution
was approximately the same in the comparable periods due to the stability of the
aircraft fleet.

Railcars:  Railcar lease revenues and direct expenses were $0.8 million and $0.2
million,  respectively,  for the third quarter of 2001, compared to $0.9 million
and $0.2 million, respectively,  during the same quarter of 2000. Lease revenues
decreased $0.1 million during the third quarter 2001 compared to the same period
of 2000  primarily due to lower lease  revenues on railcars  whose lease expired
during 2001 that were re-leased at a lower lease rate.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $1.7
million and $0.9 million,  respectively, for the third quarter of 2001, compared
to $1.8 million and $1.0 million, respectively, during the same quarter of 2000.

Lease revenues  decreased  $0.8 million during the three months ended  September
30, 2001  compared  to the same  period in 2000 due to the sale of three  marine
vessels  during 2001 and 2000. The decrease  caused by the sales was offset,  in
part, by an increase of $0.8 million in lease  revenues on the remaining  marine
vessel due to a higher lease rate earned on this marine  vessel  compared to the
same period of 2000.

Direct  expenses  decreased $0.1 million in the three months ended September 30,
2001  compared to the same period in 2000.  A decrease of $0.3 million in direct
expenses was caused by the sale of three marine vessels during 2001 and 2000 and
a decrease  of $0.2  million in direct  expenses  was due to lower  repairs  and
maintenance compared to the same period in 2000 for remaining marine vessel. The
decreases  were offset in part,  by an  increase  of $0.4  million due to higher
operating  expenses  compared  to the same period in 2000 for  remaining  marine
vessel.

Trailers:  Trailer lease revenues and direct expenses were $0.3 million and $0.1
million,  respectively,  for the third quarter of 2001, compared to $1.1 million
and $0.3 million,  respectively,  during the same quarter of 2000. Lease revenue
decreased  $0.8 million in the third quarter of 2001 compared to the same period
in 2000 due to the sale of 39% of the Fund's  trailers during 2000. The trailers
that were sold were newer and earned a higher lease rate than the trailers  that
were  retained.  In  addition,  lease  revenue  decreased  $32,000  due to lower
utilization  on the remaining  trailer  fleet.  Direct  expenses  decreased $0.2
million in the third  quarter of 2001 compared to the same period in 2000 due to
the sale of the Fund's trailers during 2000.

(B) Interest and Other Income

Interest and other  income  increased  $0.2  million due to higher  average cash
balances in the third quarter of 2001 compared to the same period in 2000.

(C) Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $3.3 million for the three months ended September 30,
2001 decreased from $4.7 million for the same period in 2000.

     (i) A $1.1 million decrease in depreciation and amortization  expenses from
2000  levels  resulted  from  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 decrease  of $0.9  million
resulting from the sale of equipment  during 2001 and 2000. These decreases were
partially  offset  by an  increase  of  $0.3  million  in  depreciation  expense
resulting from the purchase of equipment during 2000 and 2001.

     (ii) A $0.2 million decrease in general and administrative  expenses during
the three months ended  September  30, 2001  compared to the same period of 2000
was due to lower  costs of $0.2  million  resulting  from the sale of the Fund's
trailers during 2000.

     (ii) A  $47,000  decrease  in  interest  expense  was due to lower  average
borrowings  outstanding  during the quarter ended September 30, 2001 compared to
the same period in 2000. In December  2000,  the Fund paid the annual  principal
payment of $3.0 million on the note payable.

     (iv )A $46,000  decrease in  management  fees to affiliate was due to lower
lease revenues on owned equipment in 2001 compared to 2000.

(D) Net Gain on Disposition of Owned Equipment

The net gain on  disposition  of equipment for the third quarter of 2001 totaled
$4,000 which resulted from the sale of marine  containers  with an aggregate net
book value of $4,000,  for $8,000.  Net gain on disposition of equipment for the
third  quarter of 2000  totaled  $2.1 million  which  resulted  from the sale of
trailers and railcars with an aggregate net book value of $5.3 million, for $7.4
million.

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

Net loss  generated  from the operation of  jointly-owned  assets  accounted for
under  the  equity  method  of  accounting  is shown in the  following  table by
equipment type (in thousands of dollars).
<TABLE>
<CAPTION>
                                                                           For the Three Months
                                                                           Ended September 30,
                                                                          2001             2000
                                                                        ---------------------------
<S>                                                                     <C>              <C>
Marine vessel                                                           $   (57)         $   (77)
Aircraft                                                                   (174)             (24)
                                                                        ---------------------------
       Equity in Net Loss of USPEs                                      $  (231)         $  (101)
                                                                        ===========================
</TABLE>

Marine vessel: During 2001, the Fund sold its interest in an entity that owned a
marine  vessel.  During the three months  ended  September  30,  2001,  no lease
revenues  were  earned,  however,  this  entity did incur  direct  expenses  and
administrative  expenses of $0.1 million.  During the same period of 2000, lease
revenues of $0.1 million were offset by depreciation  expense,  direct expenses,
and administrative expenses of $0.2 million.

Aircraft:  As of September  30, 2001 and 2000,  the Fund owned  interests in two
trusts that each own a commercial  aircraft.  During the third  quarter of 2001,
lease  revenues of $0.3  million  were offset by  depreciation  expense,  direct
expenses, and administrative expenses of $0.5 million. During the same period in
2000, aircraft lease revenues were $0.5 million which were offset by expenses of
$0.6 million.

Lease revenues  decreased  $0.2 million in the quarter ended  September 30, 2001
compared  to the same period of 2000 due to the  reduction  in the lease rate of
both MD-82's as part of a new lease agreement of these commercial aircraft.

The  decrease in  depreciation  expense,  direct  expenses,  and  administrative
expenses of $0.1 million was due to lower depreciation  expense as the result of
the double  declining-balance  method of  depreciation  which results in greater
depreciation in the first years an asset is owned.

(F) Net Income

As a result of the  foregoing,  the Fund had net income of $0.6  million for the
third  quarter of 2001,  compared to net income of $1.7 million  during the same
period of 2000.  The Fund's  ability to acquire,  operate and liquidate  assets,
secure leases,  and re-lease those assets whose leases expire is subject to many
factors.  Therefore,  the Fund's performance in the third quarter of 2001 is not
necessarily indicative of future periods. In the third quarter of 2001, the Fund
distributed $1.2 million to Class A members, or $0.25 per weighted-average Class
A unit.

COMPARISON OF THE FUND'S  OPERATING  RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER
30, 2001 AND 2000

(A) Owned Equipment Operations

Lease  revenues  less  direct  expenses  (defined  as repairs  and  maintenance,
equipment operating,  and asset-specific  insurance expenses) on owned equipment
decreased  during the nine months ended  September 30, 2001 compared to the same
period of 2000. The following table presents lease revenues less direct expenses
by segment (in thousands of dollars):
<TABLE>
<CAPTION>
                                                        For the Nine Months
                                                        Ended September 30,
                                                       2001             2000
                                                     ---------------------------

<S>                                                  <C>              <C>
Marine containers                                    $ 3,982          $ 2,666
Aircraft                                               3,022            3,017
Railcars                                               2,051            2,347
Marine vessels                                         1,251            3,277
Trailers                                                 424            2,377
</TABLE>

Marine  containers:  Marine  container lease revenues were $4.0 million and $0.1
million, respectively, for the nine months ended September 30, 2001, compared to
$2.7 million and $5,000,  respectively,  during the same period of 2000.  Marine
container  contribution  increased in the nine months ended  September 30, 2001,
compared to the same period of 2000 due to the purchase of marine  containers in
2000 and 2001.

Aircraft:  Aircraft  lease  revenues and direct  expenses  were $3.0 million and
$21,000, respectively, for the nine months ended September 30, 2001, compared to
$3.0 million and $26,000, respectively, during the same period of 2000. Aircraft
contribution  remained  approximately  the  same  due  to the  stability  of the
aircraft fleet.

Railcars:  Railcar lease revenues and direct expenses were $2.5 million and $0.5
million, respectively, for the nine months ended September 30, 2001, compared to
$2.8  million and $0.4  million,  respectively,  during the same period of 2000.
Lease revenues decreased $0.3 million during the nine months ended September 30,
2001 compared to the same period of 2000  primarily due to lower lease  revenues
on railcars whose lease expired during 2001 that were re-leased at a lower lease
rate.

Marine  vessels:  Marine  vessel lease  revenues and direct  expenses  were $3.7
million and $2.5 million,  respectively, for the nine months ended September 30,
2001, compared to $5.7 million and $2.5 million,  respectively,  during the same
period of 2000.

Lease  revenues  decreased  $2.0 million in the nine months ended  September 30,
2001 compared to the same period in 2000. Lease revenues  decreased $2.9 million
during the nine months ended  September  30, 2001 compared to the same period in
2000 due to the sale of three marine  vessels during 2001 and 2000. The decrease
caused by the sales was offset, in part, by an increase of $0.9 million in lease
revenues on the  remaining  marine  vessel due to a higher  lease rate earned on
this marine  vessel in the nine months ended  September 30, 2001 compared to the
same period of 2000.

Direct  expenses  increased  $36,000 in the nine months ended September 30, 2001
compared  to the same  period in 2000.  An  increase  of $0.2  million in direct
expenses  was due to higher  repairs  and  maintenance  and an  increase of $0.7
million  was due to  higher  operating  expenses  for  remaining  marine  vessel
compared to the same period in 2000.  These  increases in direct  expenses  were
offset by a decrease of $0.9  million in direct  expenses  caused by the sale of
three marine vessels during 2001 and 2000.

Trailers:  Trailer lease revenues and direct expenses were $0.8 million and $0.4
million, respectively, for the nine months ended September 30, 2001, compared to
$3.2  million and $0.8  million,  respectively,  during the same period of 2000.
Lease revenue decreased $2.2 million in the nine months ended September 30, 2001
compared  to the  same  period  in 2000  due to the  sale  of 39% of the  Fund's
trailers during 2000. The trailers that were sold were newer and earned a higher
lease rate than the trailers  that were  retained.  In addition,  lease  revenue
decreased $0.2 million due to lower  utilization on the remaining trailer fleet.
Expenses  decreased in the nine months ended  September 30, 2001 compared to the
same period in 2000 due to the sale of the Fund's trailers during 2000.

(B) Interest and Other Income

Interest and other  income  increased  $0.3  million due to higher  average cash
balances in the nine  months  ended  September  30,  2001,  compared to the same
period in 2000.

(C) Indirect Expenses Related to Owned Equipment Operations

Total indirect expenses of $10.6 million for the nine months ended September 30,
2001  decreased  from $13.5  million  for the same  period in 2000.  Significant
variances are explained as follows:

     (i) A $2.1 million decrease in depreciation and amortization  expenses from
2000  levels  resulted  from  a $1.1  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 decrease  of $2.6  million
resulting from the sale of equipment.  These decreases were partially  offset by
an  increase  of $1.6  million in  depreciation  expense  from the  purchase  of
equipment during 2000 and 2001.

     (ii) A $0.5 million decrease in general and administrative  expenses during
the nine months ended September 30, 2001 compared to the same period of 2000 was
due to  lower  costs of $0.5  million  resulting  from  the  sale of the  Fund's
trailers and $0.1 million resulting from the sale of owned marine vessels during
2001 and 2000.  These  decreases  were  partially  offset by an increase of $0.1
million  resulting  from an increase in  professional  services  during the nine
months ended September 30, 2001 compared to the same period of 2000.

     (iii) A $0.2 million  decrease in interest expense was due to lower average
borrowings outstanding during the nine months ended September 30, 2001, compared
to the same period in 2000.  In December  2000,  the Fund paid the first  annual
principal payment of $3.0 million on the note payable.

     (iv) A $0.2 million  decrease in  management  fees to affiliate  was due to
lower lease revenues on owned equipment in 2001 compared to 2000.

(D) Net Gain on Disposition of Owned Equipment

The net gain on disposition of equipment for the nine months ended September 30,
2001 totaled  $1.0  million  which  resulted  from the sale of a marine  vessel,
marine  containers,  trailers,  and railcars with an aggregate net book value of
$3.2 million,  for $4.2 million.  Net gain on  disposition  of equipment for the
nine months ended  September 30, 2000 totaled $2.1 million  which  resulted from
the sale of  trailers  and  railcars  with an  aggregate  net book value of $5.3
million, for $7.4 million.

(E) 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 of  accounting  is shown in the  following  table by
equipment type (in thousands of dollars).
<TABLE>
<CAPTION>
                                                                           For the Nine Months
                                                                           Ended September 30,
                                                                          2001             2000
                                                                        ---------------------------

<S>                                                                     <C>              <C>
Aircraft                                                                $   538          $   (70)
Marine vessel                                                               234             (275)
                                                                        ---------------------------
       Equity in Net Income (Loss) of USPEs                             $   772          $  (345)
                                                                        ===========================
</TABLE>

Aircraft:  As of September  30, 2001 and 2000,  the Fund owned  interests in two
trusts  that  each own a  commercial  aircraft.  During  the nine  months  ended
September 30, 2001,  aircraft lease revenues of $1.2 million and other income of
$0.8  million  were  offset  by  depreciation  expense,   direct  expenses,  and
administrative  expenses of $1.4 million. During the nine months ended September
30, 2000,  aircraft  lease  revenues  were $1.6 million  offset by  depreciation
expense, direct expenses, and administrative expenses of $1.7 million.

Lease revenues  decreased $0.4 million due to the reduction in the lease rate of
both  MD-82's as part of a new lease  agreement  of these  commercial  aircraft.
Other income  increased $0.8 million during the nine months ended  September 30,
2001 due to the  recognition  of an engine  reserve  liability  as  income  upon
termination  of the  previous  lease  agreement.  A similar  event did not occur
during the same period of 2000.

The  decrease in  depreciation  expense,  direct  expenses,  and  administrative
expenses of $0.2 million was due to lower depreciation  expense as the result of
the double  declining-balance  method of  depreciation  which results in greater
depreciation in the first years an asset is owned.

Marine vessel: As of September 30, 2001 and 2000, the Fund had an interest in an
entity that owned a marine  vessel.  During the nine months ended  September 30,
2001,  lease revenues of $0.4 million and the gain of $0.3 million from the sale
of a marine  vessel  entity in which the Fund owned an  interest  were offset by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $0.4
million.  During the same period of 2000,  lease  revenues of $0.4  million were
offset by depreciation expense,  direct expenses, and administrative expenses of
$0.7 million.

Lease  revenues,  depreciation  expense,  direct  expenses,  and  administrative
expenses deceased during the nine months ended September 30, 2001 compare to the
same period of 2000 due to the sale of the Fund's interest in an entity owning a
marine vessel.

(F) Net Income

As a result of the  foregoing,  the Fund had net income of $2.4  million for the
nine months ended  September  30,  2001,  compared to net income of $2.2 million
during the same  period of 2000.  The Fund's  ability to  acquire,  operate  and
liquidate assets,  secure leases,  and re-lease those assets whose leases expire
is subject to many factors. Therefore, the Fund's performance in the nine months
ended September 30, 2001 is not necessarily indicative of future periods. In the
nine months ended September 30, 2001, the Fund distributed $4.4 million to Class
A members, or $0.88 per weighted-average Class A unit.

(II) FINANCIAL CONDITION -- CAPITAL RESOURCES AND LIQUIDITY

For the nine months ended September 30, 2001, the Fund generated  operating cash
of $8.9 million (net cash provided by operating  activities plus non-liquidating
distributions   from  USPEs)  to  meet  its  operating   obligations   and  make
distributions  (total for nine months ended  September 30, 2001 of $5.2 million)
to the partners.

During the nine months ended  September  30,  2001,  the Fund  purchased  marine
containers for $2.3 million.

During the nine months ended  September 30, 2001,  the Fund disposed of a marine
vessel,  marine  containers,  trailers,  and railcars for an aggregate  net book
value of $3.2 million for $4.2 million.

Accounts  receivable  increased  $1.0  million  during  the  nine  months  ended
September 30, 2001 due to the timing of cash receipts.

Investments  in USPEs  decreased  $2.0  million  during  the nine  months  ended
September 30, 2001. Decreases to the Fund's investments in USPEs were due to the
receipt of $1.8 million in cash  distributions from the USPEs and the receipt of
$0.9  million  in  liquidating  proceeds  resulting  from the sale of the Fund's
interest in an entity that owned a marine vessel. These decreases were partially
offset by $0.8  million  of income  that was  recorded  from the  Fund's  equity
interests in USPEs.

Accounts  payable  increased $0.4 million during the nine months ended September
30, 2001 due to the timing of payments to vendors.

Due to affiliates  decreased $0.7 million during the nine months ended September
30, 2001.  The decrease  was  primarily  due to the payment of amounts due to an
affiliated USPE.

Cash  distributions  of $0.8  million,  related  to the  results  from the third
quarter of 2001, will be paid during the fourth quarter of 2001.

The lessee of four Boeing  737-200  commercial  aircraft,  one of which has been
involved  in  a  crash  (see  Note  5  to  the  unaudited   condensed  financial
statements), has notified the Manager of their intention to return the remaining
aircraft.  The lessee has not  remitted  the  September  and October  2001 lease
payments due to the Fund. The Fund has a security  deposit from this lessee that
could be used to pay a portion of the  amount  due.  During  October  2001,  the
Manager  sent a  notification  of default  to the  lessee.  The  lease,  with an
expiration date of October 2002, has certain return  condition  requirements for
each of the  remaining  aircraft.  As of November 9, 2001,  the Manager does not
know the condition of the remaining aircraft that are still flying.

Debt financing:

During  April  2001,  the Manager  entered  into a joint  $15.0  million  credit
facility  on behalf of the Fund,  PLM  Equipment  Growth  Fund VI (EGF VI),  PLM
Equipment Growth & Income Fund VII (EGF VII), and Acquisub,  LLC (ACQ), a wholly
owned  subsidiary of PLM  International  which is the parent company of FSI. The
facility provides interim financing of up to 100% of the aggregate book value of
eligible  equipment  owned by the Fund, as defined in the credit  facility.  The
Fund,  EGF VI, EGF VII, and ACQ  collectively  may borrow up to $15.0 million of
this  facility.  Outstanding  borrowings  by  one  borrower  reduce  the  amount
available  to  each  of the  other  borrowers  under  the  facility.  Individual
borrowings may be outstanding  for no more than 270 days,  with all advances due
no later  than  April 12,  2002.  Interest  accrues  at either the prime rate or
adjusted LIBOR plus 2.0% at the  borrower's  option and is set at the time of an
advance of funds. Borrowings by the Fund are guaranteed by PLM International.

As of November 9, 2001, no eligible borrower has any outstanding borrowings.

The Manager is currently in discussions with the lenders of the warehouse credit
facility to lower the amount  available to be borrowed  under the facility  from
$15.0 million to $10.0 million.


<PAGE>


(III) OUTLOOK FOR THE FUTURE

The primary  objective of the Fund through the end of the reinvestment  phase is
to  maximize  the  long-term  return on the  partner's  investment.  The Manager
believes this can be achieved  through making  additional  investments with cash
flow generated from operation in equipment that can be readily leased or has the
possibility for appreciation in value.

Several factors may affect the Fund's operating  performance in the remainder of
2001 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 2001 and
beyond include:

1. Marine vessel freight rates are dependent  upon the overall  condition of the
international  economy.  Freight rates earned by the Fund's marine vessels began
to increase  during the later half of 2000 and would be  expected  to  stabilize
over the next one to two years, in the absence of new additional orders.

2. Railcar  loadings in North  America for the nine months ended  September  30,
2001 were below those of 2000.  This decrease has led to lower  utilization  and
lower  contribution to the Fund as existing leases expire and renewal leases are
negotiated.

3. The cost of new marine  containers  have been at  historic  lows for the past
several  years  which has caused  downward  pressure on per diem lease rates for
this type of equipment.

4. The tragic  events of  September  11, 2001 have  significantly  impacted  the
commercial airline industry and consequently the demand for commercial aircraft.
The Manager  expects the Fund to be affected as a result of the excess supply of
off-lease  aircraft  now  available  in the  market,  as  well  as the  weakened
financial strength of the Fund's aircraft lessees.  No direct damage occurred to
any of the  Fund's  aircraft  as a result of these  events  and the  Manager  is
currently  unable to determine the long-term  effects,  if any, these events may
have on the Fund's aircraft. As of September 30, 2001,  substantially all of the
Fund's  lease  receivables  remain  current  for owned  aircraft  and the Fund's
interests in trusts that own commercial aircraft.

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 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 in which it determines 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 nine years of the
Fund's  operations  which ends on December 31, 2002. The Manager  believes these
acquisitions may cause the Fund to generate additional earning and cash flow for
the Fund.

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

(IV) FORWARD-LOOKING INFORMATION

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Fund's  primary market risk exposure is that of currency  devaluation  risk.
During the nine months ended  September 30, 2001,  78% of the Fund's total lease
revenues from wholly-and  jointly-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

                  Report dated  September 5, 2001  announcing  the engagement of
                  Deloitte & Touche LLP as the Fund's auditors and the dismissal
                  of KPMG, LLP.



<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: November 12, 2001            By: /s/ Stephen M. Bess
                                   ----------------------------
                                      Stephen M. Bess
                                      President and
                                      Current Chief Accounting Officer