----

| **UNITED                STATES**                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **SECURITIES                AND EXCHANGE COMMISSION**                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Washington,                D.C. 20549**                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| **____________________**                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **FORM                10-QSB**                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **[X]                Quarterly Report Pursuant to Section 13 or 15(d) of the Securities                Exchange Act of 1934**                                                                                                                                                                                                                                                                                                                                                    |
| **For                the fiscal quarter ended March 31, 2006.**                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **[                ] 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.)                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **405                Lexington Avenue, 67th floor**                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **New                York, NY             10174**                                                                                                                                                                                                                                                                                                                                                               |
| (Address                of principal executive offices) (Zip code)                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Registrant's                telephone number, including area code: (212) 682-3344                                                                                                                                                                                                                                                                                                                                                                                                |
| _______________________                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Securities                registered under Section 12(b) of the Exchange Act:                                                                                                                                                                                                                                                                                                                                                                                                    |
| Class                A Units                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (Title                of class)                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Check                whether the Registrant is not required to file reports pursuant to                Section                13 or 15(d) of the Exchange Act. [ ]                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Check                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 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 [ ]             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Check                if there is no disclosure of delinquent filers in response to Item                405 of                Regulation S-B contained in this form, and no disclosure will be                contained, to the best of the Registrant's knowledge, in definitive                proxy                or information statements incorporated by reference in Part III of                this                Form 10-QSB or any amendment to this Form 10-QSB. [ ] |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Indicate                by check mark whether the Registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). [ ]                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Registrant's                aggregate market value of voting stock: N/A                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Registrant's                Class A members units outstanding as of March 31, 2006 were                4,971,311.                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Registrant's                revenues for the period ended March 31, 2006 was                $16,234,000.                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Transitional                Small Business Disclosure Format: Yes [ ] No [ X                ]                                                                                                                                                                                                                                                                                                                                                                                    |

----

**PART      I**

| **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)                                                            |

|       |   |   |                           |   |   |
|------------|--------|--------|--------------------------------|--------|--------|
|            |   |   | March                31,  |   |   | December                31, |   |
| **Assets** |   |   | 2006                           |   |   | 2005 |   |

| Equipment                held for operating leases, net         |   | $      | 29,347  |   | $      | 46,505  |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|--------|---------|--------|
| Less                accumulated depreciation                    |   |   | (19,780 | )      |   | (32,240 | )      |
| Net                equipment                                    |   |   | 9,567   |   |   | 14,265  |   |
| Sales                type lease receivable                      |   |   | 17,550  |   |   | --      |   |
| Cash                and cash equivalents                        |   |   | 7,254   |   |   | 4,343   |   |
| Accounts                receivable, less allowance for doubtful |   |   |    |   |   |    |   |
| accounts                of $7 in 2006 and $15 in 2005           |   |   | 1,741   |   |   | 2,310   |   |
| Equity                investments in affiliated entities        |   |   | 47      |   |   | 200     |   |
| Other                assets                                     |   |   | 140     |   |   | 508     |   |
| Assets                held for sale                             |   |   | 27      |   |   | 27      |   |
|                                                            |   |   |    |   |   |    |   |
| Total                assets                                     |   | $      | 36,326  |   | $      | 21,653  |   |
|                                                            |   |   |    |   |   |    |   |
| **Liabilities                and members’ equity**        |   |   |    |   |   |    |   |
|                                                            |   |   |    |   |   |    |   |
| Liabilities                                                     |   |   |    |   |   |    |   |
|                                                            |   |   |    |   |   |    |   |
| Accounts                payable and accrued expenses            |   | $      | 138     |   | $      | 548     |   |
| Due                to affiliates                                |   |   | 197     |   |   | 166     |   |
| Reserve                for repairs                              |   |   | --      |   |   | 198     |   |
| Lessee                deposits and prepaid revenues             |   |   | 343     |   |   | 343     |   |
| Liabilities                held for sale                        |   |   | 34      |   |   | 43      |   |
| Total                liabilities                                |   |   | 712     |   |   | 1,298   |   |
|                                                            |   |   |    |   |   |    |   |
| Commitments                and contingencies                    |   |   |    |   |   |    |   |
|                                                            |   |   |    |   |   |    |   |
| Members'                equity:                                 |   |   |    |   |   |    |   |
|                                                            |   |   |    |   |   |    |   |
| Class                A members (4,971,311 units outstanding)    |   |   | 35,614  |   |   | 20,355  |   |
| Class                B member                                   |   |   | --      |   |   | --      |   |
| Total                members' equity                            |   |   | 35,614  |   |   | 20,355  |   |
|                                                            |   |   |    |   |   |    |   |
| Total                liabilities and members' equity            |   | $      | 36,326  |   | $      | 21,653  |   |

----

| **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 Class A unit                amounts) |

|                                                                  |   | For                the Three Months  |
|------------------------------------------------------------------|--------|-------------------------------------------|
|                                                                  |   | Ended                March 31,       |
|                                                             |   |                                      | 2006 |   |   | 2005 |   |
| **Revenues**                                                     |   |                                      |   |   |   |   |   |
| Lease                revenue                                     |   | $                                         | 1,835 |   | $ | 4,171 |   |
| Sales                type lease income                           |   |                                      | 495 |   |   | -- |   |
| Interest                and other income                         |   |                                      | 52 |   |   | 37 |   |
| Gain                on disposition of equipment                  |   |                                      | 13,861 |   |   | 122 |   |
| Loss                on disposition of equipment                  |   |                                      | (9 | ) |   | -- |   |
| Total                revenues                                    |   |                                      | 16,234 |   |   | 4,330 |   |
|                                                             |   |                                      |   |   |   |   |   |
| **Expenses**                                                     |   |                                      |   |   |   |   |   |
| Depreciation                                                     |   |                                      | 459 |   |   | 800 |   |
| Operations                support                                |   |                                      | 221 |   |   | 1,081 |   |
| Management                fees to affiliate                      |   |                                      | 193 |   |   | 216 |   |
| Interest                expense                                  |   |                                      | -- |   |   | 42 |   |
| General                and administrative expenses to affiliates |   |                                      | -- |   |   | 59 |   |
| Other                general and administrative expenses         |   |                                      | 246 |   |   | 162 |   |
| (Recovery                of) provision for bad debts             |   |                                      | (8 | ) |   | 170 |   |
| Total                expenses                                    |   |                                      | 1,111 |   |   | 2,530 |   |
|                                                             |   |                                      |   |   |   |   |   |
| Equity                in net income of equity investments        |   |                                      | 136 |   |   | 137 |   |
|                                                             |   |                                      |   |   |   |   |   |
| Income                from continuing operations                 |   |                                      | 15,259 |   |   | 1,937 |   |
|                                                             |   |                                      |   |   |   |   |   |
| Discontinued                operations:                          |   |                                      |   |   |   |   |   |
| Income                from operation of discontinued operations  |   |                                      | -- |   |   | 75 |   |
|                                                             |   |                                      |   |   |   |   |   |
| Net                income                                        |   | $                                         | 15,259 |   | $ | 2,012 |   |
|                                                             |   |                                      |   |   |   |   |   |
| **Members'                share of net income**                  |   |                                      |   |   |   |   |   |
|                                                             |   |                                      |   |   |   |   |   |
| Class                A members                                   |   | $                                         | 15,259 |   | $ | 2,012 |   |
| Class                B member                                    |   |                                      | -- |   |   | -- |   |
|                                                             |   |                                      |   |   |   |   |   |
| Total                                                            |   | $                                         | 15,259 |   | $ | 2,012 |   |
|                                                             |   |                                      |   |   |   |   |   |
| Class                A members' basic earnings                   |   |                                      |   |   |   |   |   |
| per                weighted-average unit:                        |   |                                      |   |   |   |   |   |
| Income                from continuing operations                 |   | $                                         | 3.07 |   | $ | 0.39 |   |
| Income                from operation of discontinued operations  |   |                                      | -- |   |   | 0.01 |   |
|                                                             |   | $                                         | 3.07 |   | $ | 0.40 |   |

----

| **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, 2005 to March 31,                2006** |
| (in                thousands of dollars)                                                  |

|                                                        |   |   | Class                A  |   |   | Class                B |   |   | Total  |   |
|--------------------------------------------------------|--------|--------|------------------------------|--------|--------|------------------------|--------|--------|--------|--------|
|                                                   |   |   |                         |   |   |                   |
| Members'                equity as of December 31, 2005 |   | $      | 20,355                       |   | $      | --                     |   | $      | 20,355 |   |
|                                                   |   |   |                         |   |   |                   |   |   |   |   |
| Net                income                              |   |   | 15,259                       |   |   | --                     |   |   | 15,259 |   |
|                                                   |   |   |                         |   |   |                   |   |   |   |   |
| Members'                equity as of March 31, 2006    |   | $      | 35,614                       |   | $      | --                     |   | $      | 35,614 |   |

----

| **PROFESSIONAL                LEASE MANAGEMENT INCOME FUND I, L.L.C.** |
|------------------------------------------------------------------------|
| **(A                Delaware Limited Liability Company)**              |
| **CONDENSED                STATEMENTS OF CASH FLOWS**                  |
| (in                thousands of dollars)                               |
| (unaudited)                                                            |

|                                                                                                |   | For                the Three Months  |
|------------------------------------------------------------------------------------------------|--------|-------------------------------------------|
|                                                                                                |   | Ended                March 31,       |
|                                                                                           |   |                                      | 2006 |   |   | 2005 |   |
|                                                                                           |   |                                      |   |   |   |   |   |
| **Operating                activities**                                                        |   |                                      |   |   |   |   |   |
| Income                from continuing operations                                               |   | $                                         | 15,259 |   | $ | 1,937 |   |
| Adjustments                to reconcile income from continuing operations                      |   |                                      |   |   |   |   |   |
| to                net cash provided by (used in) operating activities:                         |   |                                      |   |   |   |   |   |
| Depreciation                                                                                   |   |                                      | 459 |   |   | 800 |   |
| Amortization                of debt placement costs                                            |   |                                      | -- |   |   | 36 |   |
| (Recovery                of) provision for bad debts                                           |   |                                      | (8 | ) |   | 170 |   |
| Net                gain on disposition of equipment                                            |   |                                      | (13,852 | ) |   | (122 | ) |
| Equity                in net income from equity investments                                    |   |                                      | (136 | ) |   | (137 | ) |
| Distributions                from equity investments                                           |   |                                      | 289 |   |   | 282 |   |
| Changes                in operating assets and liabilities:                                    |   |                                      |   |   |   |   |   |
| Accounts                receivable                                                             |   |                                      | 577 |   |   | (65 | ) |
| Other                assets                                                                    |   |                                      | 368 |   |   | 184 |   |
| Accounts                payable and accrued expenses                                           |   |                                      | (410 | ) |   | (38 | ) |
| Due                to affiliates                                                               |   |                                      | 31 |   |   | 44 |   |
| Reserve                for repairs                                                             |   |                                      | (198 | ) |   | 54 |   |
| Lessee                deposits and prepaid revenues                                            |   |                                      | -- |   |   | (42 | ) |
| Cash                provided by operating activities of continuing operations                  |   |                                      | 2,379 |   |   | 3,103 |   |
| Cash                (used in) provided by operating activities of discontinued                 |   |                                      |  |   |   |   |   |
| operations                                                                                     |   |                                      | (9 | ) |   | 713 |   |
| Net                cash provided by operating activities                                       |   |                                      | 2,370 |   |   | 3,816 |   |
|                                                                                           |   |                                      |   |   |   |   |   |
| **Investing                activities**                                                        |   |                                      |   |   |   |   |   |
| Principal                payments received on sales type lease receivable                      |   |                                      | 450 |   |   | 70 |   |
| Proceeds                from disposition of equipment                                          |   |                                      | 91 |   |   | 204 |   |
| Cash                provided by investing activities of continuing operations                  |   |                                      | 541 |   |   | 274 |   |
| Cash                provided by investing activities of discontinued                operations |   |                                      | -- |   |   | 378 |   |
| Net                cash provided by investing activities                                       |   |                                      | 541 |   |   | 652 |   |
|                                                                                           |   |                                      |   |   |   |   |   |
| **Financing                activities**                                                        |   |                                      |   |   |   |   |   |
| Payments                of notes payable                                                       |   |                                      | -- |   |   | (10,000 | ) |
| Net                cash used in financing activities                                           |   |                                      | -- |   |   | (10,000 | ) |
|                                                                                           |   |                                      |   |   |   |   |   |
| Net                increase (decrease) in cash and cash equivalents                            |   |                                      | 2,911 |   |   | (5,532 | ) |
| Cash                and cash equivalents at beginning of period                                |   |                                      | 4,343 |   |   | 15,646 |   |
| Cash                and cash equivalents at end of period                                      |   | $                                         | 7,254 |   | $ | 10,114 |   |
|                                                                                           |   |                                      |   |   |   |   |   |
| **Supplemental                information**                                                    |   |                                      |   |   |   |   |   |
| Interest                paid                                                                   |   | $                                         | -- |   | $ | 6 |   |
| Non-cash                transfer of equipment from equipment held for                          |   |                                      |   |   |   |   |   |
| operating                leases to sales type lease receivable                                 |   | $                                         | 4,191 |   | $ | -- |   |

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

| Revenues                                                         |   |   |   |
|------------------------------------------------------------------|--------|--------|--------|
| Lease                revenue                                     |   | $      | 1,002  |   |
| Interest                and other income                         |   |   | 2      |   |
| Gain                on disposition of equipment                  |   |   | 64     |   |
| Total                revenues                                    |   |   | 1,068  |   |
|                                                             |   |   |   |   |
| Expenses                                                         |   |   |   |   |
| Depreciation                                                     |   |   | 650    |   |
| Operations                support                                |   |   | 148    |   |
| Management                fees to affiliate                      |   |   | 71     |   |
| General                and administrative expenses to affiliates |   |   | 104    |   |
| General                and administrative expenses               |   |   | 89     |   |
| Recovery                of bad debts                             |   |   | (69    | ) |
| Total                expenses                                    |   |   | 993    |   |
|                                                             |   |   |   |   |
| Income                from operation of discontinued operations  |   | $      | 75     |   |

|                                                 |   |   | March                31,  |   |   | December                31, |   |
|------------------------------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------|--------|
| **Assets**                                           |   |   | 2006                           |   |   | 2005                        |   |
| Accounts                receivable, net              |   | $      | 27                             |   | $      | 27                          |   |
| Total                assets held for sale            |   | $      | 27                             |   | $      | 27                          |   |
| **Liabilities**                                      |   |   |                           |   |   |                        |   |
| Account                payable and other liabilities |   | $      | 34                             |   | $      | 43                          |   |
| Total                liabilities held for sale       |   | $      | 34                             |   | $      | 43                          |   |

|                                              |   |   | Owned                Equipment  |   |
|---------------------------------------------------|--------|--------|--------------------------------------|--------|
|                                              |   |   | 2005                                 |   |
| Management                fees                    |   | $      | 71                                   |   |
| Data                processing and administrative |   |   |                                 |   |
| expenses                                          |   |   | 104                                  |   |

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

|                                                |   | Owned                Equipment  | Equity                Investments |
|-----------------------------------------------------|--------|--------------------------------------|-----------------------------------|
| For                the three months ended March 31, |   |                                 | 2006                              |   |   | 2005 |   |   | 2006 |   |   | 2005 |   |
| Management                fees                      |   | $                                    | 193                               |   | $ | 216 |   | $ | 6 |   |   | 15 |   |
| Data                processing and administrative   |   |                                 |                              |   |   |   |   |   |   |   |   |   |   |
| expenses                                            |   |                                 | --                                |   |   | 59 |   |   | -- |   |   | 3 |   |

|                                              |   |   | March                31,  |   |   | December                31, |   |
|----------------------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------|--------|
|                                         |   |   | 2006                           |   |   | 2005                        |   |
| Marine                containers             |   | $      | 29,347                         |   | $      | 29,505                      |   |
| Marine                vessel                 |   |   | --                             |   |   | 17,000                      |   |
|                                         |   |   | 29,347                         |   |   | 46,505                      |   |
| Less                accumulated depreciation |   |   | (19,780                        | )      |   | (32,240                     | )      |
| Net                equipment                 |   | $      | 9,567                          |   | $      | 14,265                      |   |

| Total                minimum lease payments |   | $      | 24,802 |   |
|---------------------------------------------|--------|--------|--------|--------|
| Less                unearned income         |   |   | (7,252 | )      |
|                                        |   | $      | 17,550 |   |

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

| 2006                                                   |   | $      | 3,877  |
|--------------------------------------------------------|--------|--------|--------|
| 2007                                                   |   |   | 5,147  |
| 2008                                                   |   |   | 5,160  |
| 2009                                                   |   |   | 5,147  |
| 2010                                                   |   |   | 5,147  |
| Thereafter                                             |   |   | 324    |
| Total                minimum lease payments receivable |   | $      | 24,802 |

|                                           |   |   | TWA                 |   |   | TWA    |   |   |   |   |
|-------------------------------------------|--------|--------|--------------------------|--------|--------|--------|--------|--------|--------|--------|
| For                the three months ended |   |   | S/N                49183 |   |   | MD-82  |   |   |   |   |
| March                31, 2006             |   |   | Trust1                   |   |   | Trust2 |   |   | Total  |   |

| Lease                revenues and interest and other income |   | $      | 301    |   | $      | 301    |   |   |   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Less:                Depreciation expense                   |   |   | --     |   |   | 314    |   |   |   |   |
| Operations                support                           |   |   | 4      |   |   | 3      |   |   |   |   |
| General                and administrative expenses          |   |   | 8      |   |   | 8      |   |   |   |   |
| Net                income (loss)                            |   | $      | 289    |   | $      | (24    | )      |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |
| Fund’s                share of net income (loss)      |   | $      | 144    |   | $      | (8     | )      | $      | 136    |   |

|                                           |   |   | TWA                 |   |   | TWA    |   |   | PLM                           |   |   |   |   |
|-------------------------------------------|--------|--------|--------------------------|--------|--------|--------|--------|--------|-------------------------------|--------|--------|--------|--------|
| For                the three months ended |   |   | S/N                49183 |   |   | MD-82  |   |   | Worldwide                     |   |   |   |   |
| March                31, 2005             |   |   | Trust1                   |   |   | Trust2 |   |   | Leasing                Corp.3 |   |   | Total  |   |

| Lease                revenues and interest and other income |   | $      | 308    |   | $      | 308    |   | $      | 317    |   |   |   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Less:                Depreciation expense                   |   |   | --     |   |   | 314    |   |   | --     |   |   |   |   |
| General                and administrative expenses          |   |   | 19     |   |   | 20     |   |   | 308    |   |   |   |   |
| Net                income (loss)                            |   | $      | 289    |   | $      | (26    | )      | $      | 9      |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fund’s                share of net income (loss)      |   | $      | 144    |   | $      | (9     | )      | $      | 2      |   | $      | 137    |   |

| 1  | The                Fund owns a 50% interest in the TWA S/N 49183 Trust that was formed                in                1998 that owns an MD-82 stage III commercial                aircraft. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | The                Fund owned a 25% interest in PLM Worldwide Leasing Corp. that was                formed                in 1995 and dissolved in 2005 that owned aircraft related                assets. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

| 9. | Operating                Segments  |
|----|-----------------------------------------|

|                                                    |   |   | Marine  |   |   |     |   |   | Marine    |   |   |   |   |   |   |   |
|---------------------------------------------------------|--------|--------|--------------|--------|--------|----------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|
| For                the three months ended               |   |   | Vessel       |   |   | Aircraft |   |   | Container |   |   |   |   |   |   |   |
| March                31, 2006                           |   |   | Leasing      |   |   | Leasing  |   |   | Leasing   |   |   | Other1 |   |   | Total  |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Revenues                                                |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Lease                revenue                            |   | $      | 779          |   | $      | 2        |   | $      | 1,054     |   | $      | --     |   | $      | 1,835  |   |
| Sales                type lease income                  |   |   | 495          |   |   | --       |   |   | --        |   |   | --     |   |   | 495    |   |
| Interest                income and other income         |   |   | --           |   |   | --       |   |   | --        |   |   | 52     |   |   | 52     |   |
| Gain                (loss) on disposition of equipment  |   |   | 13,809       |   |   | (9       | )      |   | 52        |   |   | --     |   |   | 13,852 |   |
| Total                revenues                           |   |   | 15,083       |   |   | (7       | )      |   | 1,106     |   |   | 52     |   |   | 16,234 |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Expenses                                                |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Depreciation                                            |   |   | --           |   |   | --       |   |   | 459       |   |   | --     |   |   | 459    |   |
| Operations                support                       |   |   | 217          |   |   | 4        |   |   | --        |   |   | --     |   |   | 221    |   |
| Management                fees to affiliate             |   |   | 106          |   |   | --       |   |   | 53        |   |   | 34     |   |   | 193    |   |
| General                and administrative expenses      |   |   | 21           |   |   | --       |   |   | --        |   |   | 225    |   |   | 246    |   |
| Provision                for bad debts                  |   |   | (8           | )      |   | --       |   |   | --        |   |   | --     |   |   | (8     | )      |
| Total                expenses                           |   |   | 336          |   |   | 4        |   |   | 512       |   |   | 259    |   |   | 1,111  |   |
| Equity                in net income of equity           |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| investments                                             |   |   | --           |   |   | 136      |   |   | --        |   |   | --     |   |   | 136    |   |
| Income                (loss) from continuing operations |   | $      | 14,747       |   | $      | 125      |   | $      | 594       |   | $      | (207   | )      | $      | 15,259 |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Total                assets as of March 31, 2006        |   | $      | 18,191       |   | $      | 47       |   | $      | 10,684    |   | $      | 7,404  |   | $      | 36,326 |   |

|                                                    |   |   | Marine  |   |   |     |   |   | Marine    |   |   |   |   |   |   |   |
|---------------------------------------------------------|--------|--------|--------------|--------|--------|----------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|--------|
| For                the three months ended               |   |   | Vessel       |   |   | Aircraft |   |   | Container |   |   |   |   |   |   |   |
| March                31, 2005                           |   |   | Leasing      |   |   | Leasing  |   |   | Leasing   |   |   | Other1 |   |   | Total  |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Revenues                                                |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Lease                revenue                            |   | $      | 2,714        |   | $      | 252      |   | $      | 1,205     |   | $      | --     |   | $      | 4,171  |   |
| Interest                income and other income         |   |   | --           |   |   | 9        |   |   | --        |   |   | 28     |   |   | 37     |   |
| Gain                on disposition of equipment         |   |   | --           |   |   | --       |   |   | 122       |   |   | --     |   |   | 122    |   |
| Total                revenues                           |   |   | 2,714        |   |   | 261      |   |   | 1,327     |   |   | 28     |   |   | 4,330  |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Expenses                                                |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| Depreciation                                            |   |   | 237          |   |   | --       |   |   | 563       |   |   | --     |   |   | 800    |   |
| Operations                support                       |   |   | 1,061        |   |   | 7        |   |   | 13        |   |   | --     |   |   | 1,081  |   |
| Management                fees to affiliate             |   |   | 136          |   |   | 6        |   |   | 60        |   |   | 14     |   |   | 216    |   |
| Interest                expense                         |   |   | --           |   |   | --       |   |   | --        |   |   | 42     |   |   | 42     |   |
| General                and administrative expenses      |   |   | 29           |   |   | 10       |   |   | --        |   |   | 182    |   |   | 221    |   |
| Provision                for bad debts                  |   |   | --           |   |   | 170      |   |   | --        |   |   | --     |   |   | 170    |   |
| Total                expenses                           |   |   | 1,463        |   |   | 193      |   |   | 636       |   |   | 238    |   |   | 2,530  |   |
| Equity                in net income of equity           |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |
| investments                                             |   |   | --           |   |   | 137      |   |   | --        |   |   | --     |   |   | 137    |   |
| Income                (loss) from continuing operations |   | $      | 1,251        |   | $      | 205      |   | $      | 691       |   | $      | (210   | )      | $      | 1,937  |   |
|                                                    |   |   |         |   |   |     |   |   |      |   |   |   |   |   |   |   |

| 1 | Includes                certain assets not identifiable to a specific segment such as cash                and                cash equivalents and certain other assets and assets held for sale.                Also                includes certain interest income, management fees related to trailer                leasing and costs not identifiable to a particular segment, such                as                interest expense and certain general and administrative                expenses. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

|                                                                                         For                    the                    Three Months  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                          Ended                    March                    31, |   |

|                                                                                               |   |   | 2006      |   |   | 2005      |   |
|----------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|
| Attributable                  to Class A members:                                                  |   |   |      |   |   |      |   |
| Basic                  income from continuing operations                                           |   | $      | 15,259    |   | $      | 1,937     |   |
| Special                  allocation of income                                                      |   |   | --        |   |   | --        |   |
| Income                  from continuing operations attributable toClass                  A members |   |   | 15,259    |   |   | 1,937     |   |
| Income                  from operation of discontinued operations                                  |   |   | --        |   |   | 75        |   |
| Net                  income                                                                        |   | $      | 15,259    |   | $      | 2,012     |   |
|                                                                                               |   |   |      |   |   |      |   |
| Weighted                  average Class A units outstanding                                        |   |   | 4,971,311 |   |   | 4,971,311 |   |
| Basic                  earnings per weighted average Class A unit:                                 |   |   |      |   |   |      |   |
| Income                  from continuing operations                                                 |   | $      | 3.07      |   | $      | 0.39      |   |
| Income                  from operation of discontinued operations                                  |   |   | --        |   |   | 0.01      |   |
| Net                  income per weighted average Class A unit                                      |   | $      | 3.07      |   | $      | 0.40      |   |

|                                                |   |   | March                31,  |   |   | December                31, |   |
|------------------------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------|--------|
|                                           |   |   | 2006                           |   |   | 2005                        |   |
|                                           |   |   |                           |   |   |                        |   |
| Trade                accounts receivable       |   | $      | 1,748                          |   | $      | 2,325                       |   |
| Allowance                for doubtful accounts |   |   | (7                             | )      |   | (15                         | )      |
|                                           |   | $      | 1,741                          |   | $      | 2,310                       |   |

----

**PROFESSIONAL      LEASE MANAGEMENT INCOME FUND I, L.L.C.**

**(A      Delaware Limited Liability Company)**

**NOTES      TO CONDENSED FINANCIAL STATEMENTS**

**(unaudited)**

|                            |   |   | March                31,  |   |   | December                31, |   |
|---------------------------------|--------|--------|--------------------------------|--------|--------|-----------------------------|--------|
|                            |   |   | 2006                           |   |   | 2005                        |   |
| Prepaid                expenses |   | $      | 135                            |   | $      | 231                         |   |
| Other                assets     |   |   | 5                              |   |   | 5                           |   |
| Inventory                       |   |   | --                             |   |   | 272                         |   |
|                            |   | $      | 140                            |   | $      | 508                         |   |

----

|                                  |   | For                the Three Months    Ended                March 31,  |
|----------------------------------|--------|-------------------------------------------------------------------------------------------------|
|                             |   |                                                                                            | 2006 |   |   | 2005 |   |
| Marine                vessel     |   | $                                                                                               | 1,056 |   | $ | 1,653 |   |
| Marine                containers |   |                                                                                            | 1,054 |   |   | 1,192 |   |
| Aircraft                         |   |                                                                                            | (2 | ) |   | 245 |   |

----

**PART      II - OTHER INFORMATION**

|   | 31.1 | Certificate                of President of the Manager pursuant to Section 302 of Sarbanes -                Oxley                Act of 2002. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certificate                of Chief Financial Officer of the Manager pursuant to Section 302                of                Sarbanes - Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certificate                of President of the Manager pursuant to Section 906 of Sarbanes -                Oxley                Act of 2002. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certificate                of Chief Financial Officer of the Manager pursuant to Section 906                of                Sarbanes - Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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