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


     [X]     ANNUAL  REPORT  PURSUANT  TO  SECTION 13 OR 15(D) OF THE SECURITIES
             EXCHANGE ACT  OF  1934
             FOR  THE  FISCAL  YEAR  ENDED  DECEMBER  31,  2002.

     [  ]    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.)

              235 3RD STREET SOUTH, SUITE 200
                    ST. PETERSBURG, FL                        33701
          (Address of principal executive offices)          (Zip code)


        Registrant's telephone number, including area code (727) 803-1800
                             _______________________

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
                                             ---

Aggregate  market  value  of  voting  stock:  N/A
                                              ---

An  index  of  exhibits  filed  with  this  Form  10-K is located at page 26-27.

Total  number  of  pages  in  this  report:  65.


<PAGE>
                                     PART I


ITEM  1.     BUSINESS
             --------

(A)     Background

In  August  1994,  PLM  Financial  Services,  Inc.  (FSI  or  the  Manager),  a
wholly-owned subsidiary of PLM International, Inc. (PLMI International or PLMI),
filed  a  Registration  Statement  on  Form S-1 with the Securities and Exchange
Commission  with  respect to a proposed offering of 5,000,000 Class A units (the
units)  in  Professional  Lease  Management  Income  Fund  I, L.L.C., a Delaware
Limited  Liability  Company (the Fund).  The Fund's offering became effective on
January  23,  1995.   The  Fund  engages  in  the  business  of  investing  in a
diversified  equipment  portfolio  consisting  primarily  of  used,  long-lived,
low-obsolescence  capital  equipment  that  is easily transportable by and among
prospective  users.

The  Fund's  primary  objectives  are:

     (1)     to  invest in a diversified portfolio of low-obsolescence equipment
having  long lives and high residual values, at prices that the Manager believes
to  be below inherent values, and to place the equipment on lease or under other
contractual  arrangements  with creditworthy lessees and operators of equipment.

     (2)     to  generate  cash  distributions,  which  may  be  substantially
tax-deferred  (i.e.,  distributions  that  are  not subject to current taxation)
during  the  early  years  of  the  Fund.

     (3)     to  create  a  significant  degree  of  safety  relative  to  other
equipment  leasing  investments  through the purchase of a diversified equipment
portfolio.  This  diversification reduces the exposure to market fluctuations in
any  one  sector.  The purchase of used, long-lived, low-obsolescence equipment,
typically at prices that are substantially below the cost of new equipment, also
reduces  the  impact of economic depreciation and can create the opportunity for
appreciation  in  certain  market  situations, where supply and demand return to
balance  from  oversupply  conditions.

     (4)     to increase the Fund's revenue base by reinvesting a portion of its
operating  cash  flow  generated  prior  to  December  31,  2002  in  additional
equipment.  Since  net  income  and  distributions  are affected by a variety of
factors,  including purchase prices, lease rates, and costs and expenses, growth
in  the  size  of the Fund's portfolio does not necessarily mean that the Fund's
aggregate  net  income  and distributions will increase upon the reinvestment of
operating  cash  flow.

The  offering  of  units of the Fund closed on May 13, 1996.  As of December 31,
2002,  there were 4,971,311 units outstanding.  The Manager contributed $100 for
its  Class  B  Member  interest  in  the  Fund.  The Manager paid out of its own
corporate  funds  (as  a  capital contribution to the Fund) all organization and
syndication  expenses  incurred in connection with the offering; therefore, 100%
of  the  net  cash  proceeds received by the Fund from the sale of Class A Units
were  used  to  purchase  equipment  and  establish  any required cash reserves.

The  Fund  may not reinvest cash flow generated from operations after January 1,
2003  into  additional  equipment.  The Fund will terminate on December 31, 2010
unless  terminated earlier upon sale of all of the equipment or by certain other
events.

<PAGE>
Table  1,  below,  lists the equipment and the original cost of equipment in the
Fund's  portfolio  and  the  Fund's  proportional  share  of  equipment owned by
unconsolidated  special-purpose  entities, as of December 31, 2002 (in thousands
of  dollars):

                                     TABLE 1
                                     -------
<TABLE>
<CAPTION>



Units     Type                                   Manufacturer          Cost
----------------------------------------------------------------------------
<S>      <C>                                       <C>

Owned equipment held for operating leases:

14,537 .  Marine containers                      Various             $29,777
84 . . .  Refrigerated marine containers         Various               1,344
3. . . .  737-200A stage II commercial
            aircraft                             Boeing               15,358
345. . .  Pressurized tank railcars              Various               9,230
97 . . . .Covered hopper railcars                Various               5,281
245. . . .Box railcars                           Various               4,952
1. . . .  Oil tanker marine vessel               Hyundai              17,000
434. .    Intermodal trailers                    Various               6,530
                                                                     --------
      Total owned equipment held for operating leases                $89,472 1
                                                                     ========

Equipment owned by unconsolidated special-purpose entities:

0.50 . .  Trust owning an MD-82
            stage III commercial aircraft        McDonnell Douglas   $ 7,775 2
0.50 . .  Trust owning an MD-82
            stage III commercial aircraft        McDonnell Douglas     6,825 2
                                                                     --------
      Total investments in unconsolidated special-purpose entities   $14,600 1
                                                                     ========

</TABLE>


Equipment  is  generally  leased under operating leases for a term of one to six
years  except  for  the  marine vessel which is usually leased for less than one
year.  Some  of  the  Fund's  marine  containers  are  leased  to  operators  of
utilization-type  leasing  pools,  which include equipment owned by unaffiliated
parties.  In  such  instances,  revenues  received  by  the  Fund  consist  of a
specified  percentage  of  revenues generated by leasing the pooled equipment to
sublessees,  after  deducting  certain  direct  operating expenses of the pooled
equipment.  The  remaining  Fund  marine  containers leases are based on a fixed
rate.  Lease  revenues  for intermodal trailers are based on a per-diem lease in
the  free running interchange with the railroads.  Rents for all other equipment
are  based  on  fixed  rates.

(B)     Management  of  Fund  Equipment

The  Fund has entered into an equipment management agreement with PLM Investment
Management,  Inc. (IMI), a wholly-owned subsidiary of FSI, for the management of
the  Fund's  equipment.  The  Fund's  management  agreement  with  IMI  is  to
co-terminate with the dissolution of the Fund unless the Class A Members vote to
terminate the agreement prior to that date, or at the discretion of the Manager.
IMI  has  agreed  to  perform  all services necessary to manage the equipment on
behalf  of  the  Fund  and  to  perform  or  contract for the performance of all
obligations  of  the  lessor  under the Fund's leases.  In consideration for its
services  and  pursuant to the Operating Agreement, IMI is entitled to a monthly
management  fee.  (See  Notes  1  and  2  to  the  financial  statements).









1  Includes  equipment  and investments purchased with the proceeds from capital
contributions,  undistributed  cash  flow  from operations, and Fund borrowings.
Includes  costs  capitalized  subsequent  to  the  date  of  purchase.
2.  Jointly  owned  by  the  Fund  and  an  affiliated  program.

<PAGE>
(C)     Competition

(1)     Operating  Leases  Versus  Full  Payout  Leases

Generally,  the  equipment  owned by or invested in the Fund is leased out on an
operating  lease  basis  wherein  the  rents  received  during  the  initial
noncancelable  term of the lease are insufficient to recover the Fund's purchase
price  of  the  equipment.  The  short  to  mid-term  nature of operating leases
generally  command a higher rental rate than longer-term, full payout leases and
offers lessees relative flexibility in their equipment commitment.  In addition,
the  rental  obligation  under an operating lease need not be capitalized on the
lessee's  balance  sheet.

The  Fund  encounters  considerable  competition  from lessors that utilize full
payout  leases  on  new  equipment,  i.e.  leases  that  have terms equal to the
expected  economic  life  of  the  equipment.  While  some  lessees  prefer  the
flexibility  offered by a shorter-term operating lease, other lessees prefer the
rate  advantages  possible with a full payout lease.  Competitors may write full
payout  leases  at  considerably  lower rates and for longer terms than the Fund
offers,  or  larger competitors with a lower cost of capital may offer operating
leases  at  lower  rates,  which may put the Fund at a competitive disadvantage.

(2)     Manufacturers  and  Equipment  Lessors

The  Fund  competes  with equipment manufacturers who offer operating leases and
full  payout leases.  Manufacturers may provide ancillary services that the Fund
cannot  offer,  such  as  specialized  maintenance  services (including possible
substitution  of  equipment),  training,  warranty  services,  and  trade-in
privileges.

The  Fund  also  competes with many equipment lessors, including ACF Industries,
Inc.  (Shippers  Car  Line Division), GATX Corporation, General Electric Railcar
Services  Corporation,  General  Electric Capital Aviation Services Corporation,
Xtra  Corporation,  and  other  investment programs that lease the same types of
equipment.

(D)     Demand

The  Fund  currently  operates  in  the  following  operating  segments:  marine
containers  leasing, commercial aircraft leasing, railcar leasing, marine vessel
leasing, and intermodal trailer leasing.  Each equipment leasing segment engages
in  short-term  to  mid-term  operating  leases  to a variety of customers.  The
Fund's  equipment  and investments are primarily used to transport materials and
commodities,  except  for  those  aircraft  leased  to  passenger  air carriers.

The  following section describes the international and national markets in which
the  Fund's  capital  equipment  operates:

(1)  Marine  Containers

Marine  containers  are  used  to  transport  a variety of types of cargo.  They
typically  travel  on  marine vessels but may also travel on railroads loaded on
certain  types  of  railcars  and  highways  loaded  on  a  trailer.

The Fund purchased new standard dry cargo containers were from 1998 to 2000 that
were  placed  primarily  on mid-term leases and into revenue-sharing agreements.
The  marine  containers  that  were  placed  into  revenue-sharing  agreements
experienced  a  decrease  in  lease  rates of approximately 15% during 2002. The
decrease  in  lease  rates on these marine containers was partially offset by an
increase  in  utilization.  At  the  beginning of the year, utilization averaged
approximately  70%  but  increased to 85% by year-end.   Average lease rates and
utilization  in  2003  are  expected  to  marginally  improve  compared to 2002.

The  Fund's  marine containers that were originally placed on mid-term leases in
1999  and 2000, will come off lease between 2003-2005 at which time they will be
placed  into revenue-sharing agreements.  As the market for marine containers is
considerably  softer  than  the period during which they were placed on mid-term
leases, lease revenue on these containers is expected to decrease up to 40% when
the  original  mid-term  leases  expire.

(2)     Commercial  Aircraft

The  Fund  owns  100%  of  three Boeing 737-200 aircraft.  The market for Boeing
737-200  aircraft is very soft and the credit quality of the airlines interested
in  this  type of aircraft is, generally speaking, poor.  The Fund also owns 50%
of  two  MD-82  aircraft,  which  are  on long-term lease to a major US carrier.

Since  the  terrorist  events  of  September  11,  2001, the commercial aviation
industry  has  experienced  significant  losses  that  escalated with a weakened
economy.  This  in  turn  has led to the bankruptcy filing of two of the largest
airlines  in  the United States, and to an excess supply of commercial aircraft.
The current state of the aircraft industry, with significant excess capacity for
both  new  and  used aircraft continues to be extremely weak, and is expected by
the  Manager  to  remain weak.  Most of the Fund's aircraft are of older vintage
with  limited demand, and most of the 737's do not meet certain noise guidelines
that  would  allow  for  them  to  fly  in  the  US  and  other  countries.

The  decrease in value of the Fund's aircraft since September 11, 2001 will have
a  negative impact on the ability of the Fund to achieve its original objectives
as  lower  values  will  also result in significantly lower lease rates than the
Fund  has  been  able  to  achieve  for  these  assets  in  the  past.

(3)  Railcars

(a)  Pressurized  Tank  Railcars

Pressurized  tank  railcars  are used to transport liquefied petroleum gas (LPG)
and  anhydrous ammonia (fertilizer).  The North American markets for LPG include
industrial  applications,  residential  use,  electrical  generation, commercial
applications,  and transportation.  LPG consumption is expected to grow over the
next few years as most new electricity generation capacity is expected to be gas
fired.  Within  any  given  year,  consumption is particularly influenced by the
severity  of  winter  temperatures.

Within  the  fertilizer  industry,  demand  is  a  function  of several factors,
including the level of grain prices, status of government farm subsidy programs,
amount  of  farming  acreage and mix of crops planted, weather patterns, farming
practices, and the value of the US dollar.  Population growth and dietary trends
also  play  an  indirect  role.

On  an  industry-wide  basis,  North American carloadings of the commodity group
that  includes  petroleum  and  chemicals  decreased  over 2% in 2002 after a 5%
decline  in  2001.  Even with this further decrease in industry-wide demand, the
utilization  of  pressurized  tank railcars across the Fund was in the 85% range
during  the  year.  The  desirability of the railcars in the Fund is affected by
the  advancing  age of this fleet and related corrosion issues on foam insulated
railcars.

(b)     Covered  Hopper  (Grain)  Railcars

Demand  for  covered hopper railcars, which are specifically designed to service
the  grain  industry,  continued to experience weakness during 2002; carloadings
were down 3% when compared to 2001 volumes.  There has been a consistent pattern
of  decline  in  the  number  of  carloadings  over  the  last  several  years.

The US agribusiness industry serves a domestic market that is relatively mature,
the  future  growth  of  which  is  expected  to be consistent but modest.  Most
domestic  grain  rail  traffic  moves  to food processors, poultry breeders, and
feedlots.  The  more  volatile export business, which accounts for approximately
30%  of total grain shipments, serves emerging and developing nations.  In these
countries, demand for protein-rich foods is growing more rapidly than in the US,
due  to  higher  population  growth,  a rapid industrialization pace, and rising
disposable  income.

Other factors contributing to the softness in demand for covered hopper railcars
are  the  large  number  of  new  railcars  built in the late 1990s and the more
efficient  utilization  of covered hoppers by the railroads.  As in prior years,
any  covered hopper railcars that were leased were done so at considerably lower
rental  rates.

Many  of  the  Fund's  railcars  are  smaller and thus less desirable than those
currently  being  built.  Because  of  this factor, the lack of any prospect for
improvement  in  car  demand,  and  the large number of idle cars throughout the
industry.  Utilization  of  the  Fund's  covered  hopper  railcars remained 100%
during  2002.

(c)  Box  Railcars

Box  railcars  are  primarily  used  to transport paper and paper products.  The
Funds railcars of this type have a smaller load capacity than those currently in
demand for paper service.  The utilization of the Fund's box railcars was 80% at
year-end.

(4)  Marine  Vessel

The  Fund  owns  a  double-hull  product  tanker  that operates in international
markets carrying a variety of commodity-type cargos.  Demand for commodity-based
shipping is closely tied to worldwide economic growth patterns, which can affect
demand  by  causing changes in volume on trade routes.  The Manager operates the
Fund's  product  tanker in the spot chartering markets, carrying mostly fuel oil
and  similar petroleum distillates, an approach that provides the flexibility to
adapt  to  changes  in  market  conditions.

The  market for product tankers was weak throughout most of 2002 with lower than
anticipated  rates.  The  Fund's product tanker, built in 1985, has continued to
operate  with  very  little  idle  time  between  charters; rates, however, have
continued to be softer throughout the year when compared to rates experienced in
2001.  In the fourth quarter of 2002 and into 2003, freight rates for the Fund's
marine  vessel  started  to  increase due to an increase in oil prices caused by
political  instability  in  the  Middle  East.

(5)  Intermodal  Trailers

Intermodal  trailers  are  used  to  transport a variety of dry goods by rail on
flatcars,  usually  for  distances of over 400 miles. Over the past seven years,
intermodal  trailers  have  continued  to  be  rapidly  displaced  by  domestic
containers  as  the  preferred  method  of  transport  for  such  goods.  This
displacement  occurs  because  railroads offer approximately 20% lower wholesale
freight  rates  on  domestic containers compared to intermodal trailers.  During
2002,  demand  for  intermodal  trailers  was  much more depressed than historic
norms.  Unusually  low  demand occurred over the first half of the year due to a
rapidly  slowing  economy  and  low  rail  freight  rates  for  53-foot domestic
containers.  Due  to  the  decline  in demand, shipments for the year within the
intermodal  pool trailer market declined approximately 10% compared to the prior
year.  Average  utilization  of  the  entire  US  intermodal  trailer pool fleet
declined  from 77% in 1999 to 75% in 2000 to 63% in 2001 and further declined to
a  record  low  of  50%  in  2002.

The  Manager  continued its aggressive marketing program in a bid to attract new
customers  for  the Fund's intermodal trailers during 2002.  The largest trailer
customer,  Consolidated  Freightways,  abruptly  shut  down their operations and
declared bankruptcy during 2002.  This situation was largely offset by extensive
efforts  with other carriers to increase market share.  Even with these efforts,
average  utilization of the Fund's intermodal trailers for the year 2002 dropped
12%  from  2001  to  approximately  61%,  still  11% above the national average.

The  trend  towards  using domestic containers instead of intermodal trailers is
expected to accelerate in the future.  Due to the anticipated continued weakness
of  the  overall  economy, overall, intermodal trailer shipments are forecast to
decline by 10% to 15% in 2003, compared to 2002.  As such, the nationwide supply
of intermodal trailers is expected to have approximately 27,000 units in surplus
for  2003.  The maintenance costs have increased approximately 12% from 2001 due
to  improper  repair  methods  performed by the railroads' vendors and billed to
owners.

The  Manager  will  continue  to  seek to expand its customer base and undertake
significant  efforts to reduce cartage and maintenance costs, such as minimizing
trailer  downtime  at  repair  shops  and  terminals.

<PAGE>

(E)     Government  Regulations

The  use,  maintenance,  and  ownership  of  equipment are regulated by federal,
state,  local  and/or  foreign  governmental  authorities.  Such regulations may
impose  restrictions and financial burdens on the Fund's ownership and operation
of  equipment.  Changes  in  government  regulations,  industry  standards,  or
deregulation  may  also  affect  the  ownership,  operation,  and  resale of the
equipment.  Substantial  portions  of  the Fund's equipment portfolio are either
registered  or  operated  internationally.  Such  equipment  may  be  subject to
adverse  political,  governmental,  or  legal  actions,  including  the  risk of
expropriation or loss arising from hostilities.  Certain of the Fund's equipment
is  subject to extensive safety and operating regulations, which may require its
removal  from  service or extensive modification of such equipment to meet these
regulations,  at  considerable  cost  to  the  Fund.  Such  regulations include:

(1)     in  2004,  new  maritime  and  port security laws that have already been
passed  by US Congress and International Maritime Organizations are scheduled to
be  implemented.  The  United  States  Coast Guard is currently holding hearings
with  international  shipping  industry  representatives  to  discuss  the
implementation  of  the  new  code  and  regulations,  which are to apply to all
shipping, ports and terminals both in the US and abroad. The new regulations are
aimed  at  improving  security  aboard  marine  vessels.  These  regulations may
require  additional  security equipment being added to marine vessels as well as
additional  training  being  provided  to  the  crew.  The  final code, which is
expected  to  have a significant impact on the industry, will apply to all ships
over  500  dead  weight  tons  that  include  those  owned  by  the  Fund.  The
requirements of these new regulations have to be met by July 2004.  The deadline
for  compliance by ports is planned to be 2005.  As the methodology of how these
regulations  will be applied is still being determined, the Manager is unable to
determine  the  impact  on  the  Fund  at  this  time;

(2)     the  US  Department  of  Transportation's Aircraft Capacity Act of 1990,
which  limits  or  eliminates the operation of commercial aircraft in the United
States  that  do  not  meet  certain  noise,  aging, and corrosion criteria.  In
addition,  under  US  Federal  Aviation Regulations, after December 31, 1999, no
person  may  operate an aircraft to or from any airport in the contiguous United
States  unless  that  aircraft  has  been  shown  to comply with Stage III noise
levels.  The  Fund  has  three  Stage  II  aircraft  that  do not meet Stage III
requirements.  The  cost  to  install  a  hush  kit  to  meet  quieter Stage III
requirements  is  approximately $1.5 million, depending on the type of aircraft.
The  Fund's wholly-owned aircraft that do not meet stage III requirements are on
lease  or  stored  in  a country that does not have this regulation.  Upon lease
expiration, these aircraft will either be leased in a country that does not have
these  regulations  or  sold;

(3)     the Montreal Protocol on Substances that Deplete the Ozone Layer and the
US  Clean  Air  Act  Amendments of 1990, which call for the control and eventual
replacement  of  substances  that  have  been  found  to  cause  or  contribute
significantly  to  harmful effects on the stratospheric ozone layer and that are
used  extensively  as  refrigerants  in  refrigerated  marine  containers;  and

(4)     the  US  Department  of Transportation's Hazardous Materials Regulations
which  regulates  the  classification  and  packaging  requirements of hazardous
materials  which  apply  particularly  to the Fund's tank railcars.  The Federal
Railroad  Administration  has  mandated  that  effective  July 1, 2000, all tank
railcars  must be re-qualified every ten years from the last test date stenciled
on  each  railcar  to  insure  tank shell integrity.  Tank shell thickness, weld
seams,  and  weld  attachments  must  be  inspected and repaired if necessary to
re-qualify  a  tank railcar for service.  The average cost of this inspection is
$1,800 for non-jacketed tank railcars and $3,600 for jacketed tank railcars, not
including any necessary repairs.  This inspection is to be performed at the next
scheduled tank test and every ten years thereafter.  The Fund currently owns 267
jacketed tank railcars.  As of December 31, 2002, 28 jacketed tank railcars will
need  to  be  re-qualified  during  2003  or  2004.

During  the  fourth  quarter  of 2002, the Fund reduced the net book value of 80
owned  tank  railcars  in  its  railcar  fleet to their fair value of $2,000 per
railcar, and recorded a $0.7 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of  the railcars' internal lining.  Repair of the railcars were determined to be
cost prohibitive.  The fair value of railcars with this defect was determined by
using  industry  expertise.  These  railcars  were  off  lease.

As  of December 31, 2002, the Fund was in compliance with the above governmental
regulations.  Typically,  costs  related to extensive equipment modifications to
meet  government  regulations  are  passed  on  to the lessee of that equipment.

ITEM  2.     PROPERTIES
             ----------

The  Fund neither owns nor leases any properties other than the equipment it has
purchased or interests in entities which own equipment for leasing purposes.  As
of  December  31, 2002, the Fund owned a portfolio of transportation and related
equipment  and  investments in equipment owned by unconsolidated special-purpose
entities  (USPEs), as described in Item I, Table 1.  The Fund acquired equipment
with  the  proceeds  of  the  Fund  offering of $100.0 million, proceeds of debt
financing  of  $25.0 million, and by reinvesting a portion of its operating cash
flow  in  additional  equipment.

The  Fund maintains its principal office at 235 3rd Street South, Suite 200, St.
Petersburg,  FL.  33701.

ITEM  3.     LEGAL  PROCEEDINGS
             ------------------

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.

ITEM  4.     SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS
             -----------------------------------------------------------

No  matters  were  submitted  to  a vote of the Fund's Members during the fourth
quarter  of  its  fiscal  year  ended  December  31,  2002.

                                     PART II

ITEM  5.          MARKET  FOR  THE  FUND'S EQUITY AND RELATED UNITHOLDER MATTERS
                  --------------------------------------------------------------

Pursuant  to  the  terms  of  the  operating agreement, the Manager is generally
entitled  to  a  1%  interest  in  the  profits  and  losses  and  15%  of  cash
distributions.  The  Manager  will be specially allocated (i) 100% of the Fund's
organizational  and offering cost amortization expenses and (ii) income equal to
the excess of cash distribution over the Manager's 1% share of net profits.  The
effect  on  the  Class  A  Members  of this special income allocation will be to
increase  the  net  loss  or  decrease  the net profits allocable to the Class A
Members  by  an  equal  amount.  After  the investors receive cash distributions
equal  to  their  original  capital contributions, the Manager's interest in the
cash  distributions  of  the Fund will increase to 25%.  The Manager is the sole
holder of such interests.  The remaining interests in the profits and losses and
distributions  of  the  Fund  are  owned  as  of December 31, 2001, by the 5,076
holders  of  Units  in  the  Fund.

There  are  several  secondary  markets in which Class A units trade.  Secondary
markets are characterized as having few buyers for Class A units and, therefore,
are  generally viewed as inefficient vehicles for the sale of units.  Presently,
there  is  no  public  market  for  the units and none is likely to develop.  To
prevent  the  units  from  being considered publicly traded and thereby to avoid
taxation  of  the  Fund  as  an  association  treated as a corporation under the
Internal Revenue Code, the units will not be transferable without the consent of
the  Manager,  which  may  be  withheld in its absolute discretion.  The Manager
intends  to  monitor  transfers of units in an effort to ensure that they do not
exceed the percentage or number permitted by certain safe harbors promulgated by
the  Internal  Revenue  Service.  A  transfer  may be prohibited if the intended
transferee  is  not  an US citizen or if the transfer would cause any portion of
the  units  of  a  "Qualified Plan" as defined by the Employee Retirement Income
Security  Act of 1974 and Individual Retirement Accounts to exceed the allowable
limit.

The  Fund  may redeem a certain number of units each year under the terms of the
Fund's operating agreement.  The purchase price paid by the Fund for outstanding
Class  A  Units  upon  redemption  will  be  equal to 105% of the amount Class A
Members  paid for the Class A Units, less the amount of cash distributions Class
A  Members have received relating to such Class A Units.  The price may not bear
any  relationship to the fair value of a Class A Unit.  As of December 31, 2002,
the  Fund has purchased a cumulative total of 28,270 Class A units for a cost of
$0.4  million.  No  Class  A units were purchased during 2002.  The Manager does
not  anticipate  additional units being purchased under this plan in the future.

<PAGE>
ITEM  6.          SELECTED  FINANCIAL  DATA
                  -------------------------

Table  2,  below,  lists  selected  financial  data  for  the  Fund:

                                     TABLE 2
                                     -------

                        For the Years Ended December 31,
         (In thousands of dollars, except weighted-average unit amounts)
<TABLE>
<CAPTION>


                                            2002      2001          2000          1999     1998
                                          -----------------------------------------------------
<S>                                       <C>        <C>      <C>               <C>       <C>
Operating results:
  Total revenues . . . . . . . . . . . .  $ 18,746   $27,818  $        27,988   $26,483   $28,301
  Gain on disposition of equipment . . .       171     7,812            3,956        23     2,759
  Loss on disposition of equipment . . .        12        --               --        --        --
  Impairment loss on equipment . . . . .       719        --               --        --        --
  Equity in net income (loss) of
    unconsolidated special-purpose
    entities . . . . . . . . . . . . . .       463       601             (176)    1,761     2,390
  Net income (loss). . . . . . . . . . .      (780)    8,585            4,821    (2,401)    4,316

At year-end:
  Total assets . . . . . . . . . . . . .  $ 59,673   $69,256  $        71,683   $80,533   $99,635
  Note payable . . . . . . . . . . . . .    16,000    19,000           22,000    25,000    25,000
  Total liabilities. . . . . . . . . . .    20,730    23,628           28,013    29,935    28,905

Cash distribution. . . . . . . . . . . .  $  5,905   $ 6,627  $        11,701   $11,690   $11,765

Cash distribution representing
   a return of capital to Class A
   members . . . . . . . . . . . . . . .  $  5,028   $    --  $         6,880   $ 9,930   $ 7,405

Per weighted-average Class A unit:

Net income (loss). . . . . . . . . . . .  $(0.33)1   $ 1.51 1 $        0.62 1   $(0.81)1  $0.52 1

Cash distribution. . . . . . . . . . . .  $   1.01   $  1.11  $          2.00   $  1.99   $  2.00

Cash distribution representing a return
  of capital to Class A members. . . . .  $   1.01   $    --  $          1.38   $  1.99   $  1.48
</TABLE>
















1.     After  reduction  of  income  of $0.9 million ($0.18 per weighted-average
Class A unit) in 2002, $1.0 million ($0.20 per weighted-average Class A unit) in
2001,  $1.7  million  ($0.34  per  weighted-average  Class A unit) in 2000, $1.7
million  ($0.33  per  weighted-average  Class  A unit) in 1999, and $1.6 million
($0.33  per  weighted-average Class A unit) in 1998 (see Note 1 to the financial
statements).

<PAGE>

ITEM  7.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
             -------------------------------------------------------------------
RESULTS  OF  OPERATIONS
    -------------------

(A)     Introduction

Management's  discussion  and  analysis  of  financial  condition and results of
operations  relates to the Financial Statements of Professional Lease Management
Income  Fund  I,  L.L.C.  (the  Fund).  The following discussion and analysis of
operations  focuses  on  the  performance  of  the  Fund's  equipment in various
segments  in  which  it  operates and its effect on the Fund's overall financial
condition.

(B)     Results  of  Operations  --  Factors  Affecting  Performance

(1)     Re-leasing  Activity  and  Repricing  Exposure  to  Current  Economic
Conditions

The exposure of the Fund's equipment portfolio to repricing risk occurs whenever
the  leases  for  the  equipment  expire  or  are  otherwise  terminated and the
equipment must be remarketed.  Major factors influencing the current market rate
for  the Fund's equipment include, but are not limited to, supply and demand for
similar or comparable types of transport capacity, desirability of the equipment
in  the leasing market, market conditions for the particular industry segment in
which  the  equipment  is to be leased, overall economic conditions, and various
regulations  concerning the use of the equipment.  Equipment that is idle or out
of  service  between  the  expiration  of  one  lease  and  the  assumption of a
subsequent  lease  can  result  in a reduction of contribution to the Fund.  The
Fund  experienced  re-leasing  or  repricing  activity  in 2002 for its trailer,
marine  container,  marine  vessel,  aircraft,  and  railcar  portfolios.

(a)     Trailers:  The Fund's trailer portfolio operates on per diem leases with
short-line  railroad  systems.  The relatively short duration of these leases in
these  operations  exposes the trailers to considerable re-leasing and repricing
activity.

(b)     Marine  containers:  Some  of the Fund's marine containers are leased to
operators  of utilization-type leasing pools and, as such, are highly exposed to
re-leasing  and  repricing  activity.  Starting  in  2003 and continuing through
2005,  a significant number of the Fund's marine containers currently on a fixed
rate  lease  will  be  switching  to  a lease based on utilization.  The Manager
anticipates  that  this  will result in a significant decrease in lease revenue.

(c)     Marine vessel: The Fund's owned marine vessel operated in the short-term
leasing  market  throughout  2002.  As a result of this, the Fund's owned marine
vessel  was  remarketed  several times during 2002 exposing it to re-leasing and
repricing  activity.

(d)     Aircraft:  The  lessee of three of the Fund's 737-200's defaulted on its
lease in September 2001.  The Fund reached a settlement with this lessee in 2002
which  included  the  continued re-lease of two of the aircraft at significantly
lower rates, and for an agreed upon stream of past due lease payments to be paid
over time.  Due to the credit quality of that lessee, it is not certain that all
of  the  amounts  agreed  to in the settlement will be recovered.  The remaining
stage  II  commercial aircraft is currently off-lease.  There continues to be an
excess  supply  of  commercial  aircraft  in the United States and re-leasing of
these  assets is expected to be difficult and at severely lower lease rates than
the  Fund  has  been  able  to  earn  in  the  past.

(e)     Railcars:  This  equipment  experienced significant re-leasing activity.
Lease  rates  in  this  market are showing signs of weakness and this has led to
lower  utilization  and lower contribution to the Fund as existing leases expire
and  renewal  leases  are  negotiated.

(2)     Equipment  Liquidations

Liquidation  of  Fund  owned  equipment  and  of  investments  in unconsolidated
special-purpose entities (USPEs), unless accompanied by an immediate replacement
of  additional  equipment  earning similar rates (see Reinvestment Risk, below),
represents  a reduction in the size of the equipment portfolio and may result in
a  reduction  of  contribution  to  the  Fund.

During  2002,  the  Fund  disposed  of  owned  equipment  that  included  marine
containers,  trailers,  and  railcars  for  total  proceeds  of  $0.4  million.

(3)     Nonperforming  Lessees

Lessees  not  performing  under  the terms of their leases, either by not paying
rent,  not  maintaining  or  operating  the  equipment  in  accordance  with the
conditions  of  the  leases,  or  other possible departures from the leases, can
result  not only in reductions in contribution, but also may require the Fund to
assume  additional  costs  to  protect  its  interests under the leases, such as
repossession  or  legal  fees.

During  2001,  the  lessee  of three Stage II Boeing 737-200 commercial aircraft
notified  the  Manager  of  its  intention  to return these aircraft and stopped
making  lease payments.  The lessee is located in Brazil, a country experiencing
severe  economic  difficultly.  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, which expired
in  October  2002,  had  certain return condition requirements for the aircraft.
The  Manager  recorded  an  allowance  for bad debts for the amount due less the
security  deposit.  During  October  2002, the Manager reached an agreement with
the  lessee  of  this  aircraft  for  the  past due lease payments and agreed to
re-lease  two of these aircraft to this lessee until March 2003 at a lower lease
rate.  In  order  to  give  the  lessee  an incentive to make timely payments in
accordance  with  the  agreement,  the Manager gave the lessee a discount on the
total  amount  due.  If  the lessee fails to comply with the payment schedule in
the  agreement,  the discount provision will be waived and the full amount again
becomes  payable.  The lessee made an initial payment during October 2002, to be
followed  by  23  equal monthly installments beginning in November 2002.  Unpaid
outstanding  amounts  will  accrue  interest  at  a  rate  of  5%.  The  balance
outstanding  at  December  31, 2002 was $3.6 million.  Due to the uncertainty of
ultimate  collection,  the  Manager  will  continue  to fully reserve the unpaid
outstanding  balance less the security deposit from this lessee.  As of December
31,  2002,  the  former  lessee  was  current  with  all  payments due under the
agreement.

As  of  March  26, 2003, the installment payment due from the lessee to the Fund
during  March  was not received.  The Manager has not yet placed the lessee into
default,  however,  is  currently  reviewing  the  options  available  under the
agreement.

(4)     Reinvestment  Risk

Reinvestment  risk  occurs when the Fund cannot generate sufficient surplus cash
after  fulfillment  of operating obligations to reinvest in additional equipment
during  the  reinvestment  phase  of the Fund; equipment is disposed of for less
than  threshold amounts; proceeds from disposition or surplus cash available for
reinvestment cannot be reinvested at the threshold lease rates; or proceeds from
the  dispositions  or surplus cash available for reinvestment cannot be deployed
in  a  timely  manner.

The Fund will not reinvest cash flows generated from operations after January 1,
2003  into  additional  equipment.

Other  nonoperating  funds  for  reinvestment  are  generated  from  the sale of
equipment,  the  receipt  of  funds realized from the payment of stipulated loss
values  on  equipment lost or disposed of during the time it is subject to lease
agreements,  or  from  the  exercise  of  purchase  options  in  certain  lease
agreements.  Equipment  sales  generally  result from evaluations by the Manager
that  continued ownership of certain equipment is either inadequate to meet Fund
performance  goals,  or  that  market  conditions,  market  values,  and  other
considerations  indicate  it  is the appropriate time to sell certain equipment.

(5)     Equipment  Valuation

In  accordance  with  Financial  Accounting  Standards Board (FASB) Statement of
Financial Accounting Standards (SFAS) No. 121, "Accounting for the Impairment of
Long-Lived  Assets  and for Long-Lived Assets to Be Disposed Of" (SFAS No. 121),
the  Manager  reviewed  the carrying values of the Fund's equipment portfolio at
least  quarterly and whenever circumstances indicated that the carrying value of
an  asset  may  not be recoverable due to expected future market conditions.  If
the  projected  undiscounted cash flows and the fair value of the equipment were
less  than the carrying value of the equipment, an impairment loss was recorded.

In October 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal  of Long-Lived Assets" (SFAS No. 144), which replaces SFAS No. 121.  In
accordance  with  SFAS  No.  144,  the  Fund  evaluates  long-lived  assets  for
impairment whenever events or circumstances indicate that the carrying values of
such  assets  may not be recoverable.  Losses for impairment are recognized when
the undiscounted cash flows estimated to be realized from a long-lived asset are
determined  to  be  less  than  the carrying value of the asset and the carrying
amount  of  long-lived  assets exceed its fair value.  The determination of fair
value  for a given investment requires several considerations, including but not
limited  to,  income  expected  to  be  earned  from  the asset, estimated sales
proceeds,  and holding costs excluding interest.  The Fund applied the new rules
on  accounting  for  the  impairment  or disposal of long-lived assets beginning
January  1,  2002.

The  estimate  of  the  fair  value  for  the  Fund's  owned and partially owned
equipment  is  based on the opinion of the Fund's equipment managers using data,
reasoning  and  analysis  of  prevailing market conditions of similar equipment,
data  from  recent  purchases, independent third party valuations and discounted
cash  flows.  The events of September 11, 2001, along with the change in general
economic conditions in the United States, have continued to adversely affect the
market  demand  for  both  new  and  used  commercial  aircraft and weakened the
financial  position  of  several  airlines.  Aircraft  condition, age, passenger
capacity,  distance  capability,  fuel  efficiency,  and other factors influence
market  demand  and  market  values  for  passenger  jet  aircraft.

During  the  fourth  quarter  of 2002, the Fund reduced the net book value of 80
owned  tank  railcars  in  its  railcar  fleet to their fair value of $2,000 per
railcar, and recorded a $0.7 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of  the railcars' internal lining.  Repair of the railcars were determined to be
cost prohibitive.  The fair value of railcars with this defect was determined by
using  industry  expertise.  These  railcars  were  off  lease.  There  were  no
reductions  to  the  carrying  values  of  owned  equipment  in 2001 or 2000 nor
partially-owned  equipment  during  2002,  2001,  or  2000.

(C)     Financial Condition -- Capital Resources, Liquidity, and Unit Redemption
Plan

The  Manager  purchased  the Fund's equipment portfolio with capital raised from
its  initial  equity  offering of $100.0 million and permanent debt financing of
$25.0  million.  No  further  capital  contributions  from  Class  A Members are
permitted under the terms of the Fund's operating agreement.  The Fund relies on
operating  cash  flow to meet its operating obligations, make cash distributions
to  Members, and increase the Fund's equipment portfolio.  The total outstanding
debt,  currently  $16.0 million, can be increased with short-term borrowings not
to  exceed  the lesser of $10.0 million or 50% of the aggregate principal amount
of the Notes outstanding at the time and the total aggregate debt can not exceed
$25.0  million.

For  the year ended December 31, 2002, the Fund generated operating cash of $5.9
million  to  meet  its operating obligations, pay debt and interest payments and
make  distributions  (total of $5.9 million for year ended December 31, 2002) to
the  members.

During the year ended December 31, 2002, the Fund disposed of marine containers,
railcars  and  trailers  for  proceeds  of  $0.4  million.

Cash  held  in escrow accounts increased during 2002 due to the deposit of $19.8
million into escrow accounts related to binding commitments to purchase railcars
entered  into  in  2002  that  the Manager anticipates will be paid for in 2003.

Accounts  receivable  decreased $0.2 million during 2002.  This decrease was due
to  increase in the allowance for bad debts of $2.2 million due to the Manager's
evaluation  of  the  collectibility  of  accounts receivable.  This decrease was
partially offset by an increase of $2.0 million during 2002 due to the timing of
cash  receipts.

Investments  in  USPEs  decreased  $0.7  million  during  2002  due  to  cash
distributions  of $1.2 million from the USPEs to the Fund being partially offset
by income of $0.5 million that was recorded by the Fund for its equity interests
in  the  USPEs.

Prepaid  expenses  increased  $0.3  million  during  2002  due to the payment of
insurance  and  certain administrative expenses during 2002 that relate to 2003.

Lessee  deposits  and reserve for repairs increased $0.2 million during 2002 due
to  the  accrual  of  marine  vessel  dry-docking  reserves.

Cash  distributions  of  $0.8  million  related  to  the results from the fourth
quarter  of  2002  will  be  paid  during  the  first  quarter  of  2003.

The  Fund made the required annual debt payment of $3.0 million to the lender of
the  note  payable  during  2002.

The  Fund  has  a  remaining  outstanding  balance  of $16.0 million on the note
payable.  The  note  bears interest at a fixed rate of 7.33% per annum and has a
final  maturity  in  2006.  Interest  on the note is payable semi-annually.  The
remainder  of  the note payable will be repaid in two principal payments of $3.0
million  on  December  31,  2003,  and  2004  and two principal payments of $5.0
million  on  December  31,  2005,  and 2006.  The agreement requires the Fund to
maintain  certain  financial  covenants.

The  Fund is a participant in a $10.0 million warehouse facility.  The warehouse
facility  is  shared  by  the  Fund,  PLM Equipment Growth Fund V, PLM Equipment
Growth  Fund  VI,  PLM  Equipment  Growth & Income Fund VII, and Acquisub LLC, a
wholly  owned  subsidiary  of PLM International Inc. (PLMI).  In July 2002, PLMI
reached an agreement with the lenders of the $10.0 million warehouse facility to
extend  the  expiration  date  of  the  facility to June 30, 2003.  The facility
provides  for financing up to 100% of the cost of the equipment.  Any borrowings
by  the  Fund are collateralized by equipment purchased with the proceeds of the
loan.  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 June
30,  2003.  Interest  accrues either at the prime rate or LIBOR plus 2.0% at the
borrower's  option and is set at the time of an advance of funds.  Borrowings by
the  Fund  are guaranteed by PLMI.  The Fund is not liable for the advances made
to  other  borrowers.

As of March 26, 2003, the Fund had no borrowings outstanding under this facility
and  there were no other borrowings outstanding under this facility by any other
eligible  borrower.

The  Manager  has  committed  the  Fund  to purchase a total of $19.8 million in
railcar  equipment.  The  funds  to  purchase these railcars were placed with an
unaffiliated  escrow  agent  and are reported as cash held in escrow accounts in
the  accompanying  balance  sheet.  From January 1, 2003 through March 26, 2003,
the  Fund  paid  $14.6 million for railcars that it had committed to purchase in
2002.  The  Manager  believes  these  purchases  will  be  completed  in  2003.

Commitment  and  contingencies  as  of  December  31,  2002  are  as follows (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                                         Less than    1-3     4-5   After 5
Current Obligations              Total    1 Year     Years   Years   Years
---------------------------------------------------------------------------
<S>                              <C>    <C>         <C>     <C>    <C>
Commitment to purchase railcars $19,792  $ 19,792  $    --  $   --  $   --
Notes payable                    16,000     3,000    8,000   5,000      --
Line of credit                       --        --       --      --      --
                                -------  --------  -------  ------  ------
                                $35,792  $ 22,792  $ 8,000  $5,000  $   --
                                =======  ========  =======  ======  ======
</TABLE>


The  Manager  has  not  planned  any  expenditures,  nor  is  it  aware  of  any
contingencies  that  would  cause  it  to require any additional capital to that
mentioned  above.

(D)     Critical  Accounting  Policies  and  Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires the Manager to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and the disclosure of contingent assets and liabilities at the date
of  the  financial  statements and the reported amounts of revenues and expenses
during  the  reporting  period.  On  a  regular basis, the Manager reviews these
estimates  including  those  related  to  asset  lives and depreciation methods,
impairment  of  long-lived  assets,  allowance  for  doubtful accounts, reserves
related  to legally mandated equipment repairs and contingencies and litigation.
These  estimates are based on the Manager's historical experience and on various
other  assumptions  believed  to  be reasonable under the circumstances.  Actual
results  may  differ  from  these  estimates  under  different  assumptions  or
conditions.  The  Manager believes, however, that the estimates, including those
for the above-listed items, are reasonable and that actual results will not vary
significantly  from  the  estimated  amounts.

The  Manager believes the following critical accounting policies affect the more
significant  judgments  and  estimates  used  in  the  preparation of the Fund's
financial  statements:

Asset  lives and depreciation methods:  The Fund's primary business involves the
purchase  and  subsequent  lease  of  long-lived  transportation  and  related
equipment.   The  Manager  has chosen asset lives that it believes correspond to
the  economic  life  of the related asset.  The Manager has chosen a deprecation
method  that it believes matches the benefit to the Fund from the asset with the
associated  costs.  These  judgments  have  been  made  based  on  the Manager's
expertise  in  each equipment segment that the Fund operates.  If the asset life
and depreciation method chosen does not reduce the book value of the asset to at
least the potential future cash flows from the asset to the Fund, the Fund would
be  required  to  record an impairment loss.  Likewise, if the net book value of
the  asset  was  reduced  by  an  amount  greater  than  the  economic value has
deteriorated,  the  Fund may record a gain on sale upon final disposition of the
asset.

Impairment  of  long-lived  assets:  Whenever  there  is  an  indicator  that an
impairment  may  exists, the Manager reviews the carrying value of its equipment
and  investments  in  USPEs to determine if the carrying value of the assets may
not  be  recoverable  in consideration of the current economic conditions.  This
requires  the  Manager  to make estimates related to future cash flows from each
asset  as  well  as  the  determination  if  the  deterioration  is temporary or
permanent.  If  these estimates or the related assumptions change in the future,
the  Fund  may  be  required  to  record  additional  impairment  charges.

Allowance  for  doubtful  accounts:  The  Fund maintains allowances for doubtful
accounts  for  estimated  losses  resulting from the inability of the lessees to
make  the  lease payments.  These estimates are primarily based on the amount of
time  that  has  lapsed  since the related payments were due as well as specific
knowledge  related  to the ability of the lessees to make the required payments.
If the financial condition of the Fund's lessees were to deteriorate, additional
allowances  could  be  required  that  would  reduce income.  Conversely, if the
financial  condition  of  the  lessees  were  to improve or if legal remedies to
collect  past  due  amounts were successful, the allowance for doubtful accounts
may  need  to  be  reduced  and  income  would  be  increased.

Reserves  for  repairs:  The  Fund  accrues  for  legally  required  repairs  to
equipment  such  as  dry  docking  for  marine  vessels  and engine overhauls to
aircraft engines over the period prior to the required repairs.  The amount that
is  reserved  is based on the Manager's expertise in each equipment segment, the
past  history of such costs for that specific piece of equipment and discussions
with  independent, third party equipment brokers.  If the amount reserved is not
adequate  to  cover the cost of such repairs or if the repairs must be performed
earlier  than  the Manager estimated, the Fund would incur additional repair and
maintenance  or  equipment  operating  expenses.

Contingencies  and  litigation:  The  Fund  is  subject  to  legal  proceedings
involving  ordinary  and  routine  claims related to its business.  The ultimate
legal  and  financial liability with respect to such matters cannot be estimated
with  certainty  and  requires the use of estimates in recording liabilities for
potential  litigation  settlements.  Estimates  for  losses  from litigation are
disclosed  if  considered  possible  and  accrued  if  considered probable after
consultation with outside counsel.  If estimates of potential losses increase or
the  related  facts  and  circumstances  change  in  the future, the Fund may be
required  to  record  additional  litigation  expense.

(E)     Recent  Accounting  Pronouncements

On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS No.
142),  was  approved  by  the  FASB.  SFAS  No.  142  changes the accounting for
goodwill  and  other  intangible  assets determined to have an indefinite useful
life  from  an amortization method to an impairment-only approach.  Amortization
of applicable intangible assets will cease upon adoption of this statement.  The
Fund  implemented  SFAS  No. 142 on January 1, 2002 and has determined that this
statement  has  no  impact  on  its financial position or results of operations.
SFAS  No.  142  had  no  impact  on  the Fund's financial position or results of
operations.

In  April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements No.
4,  44,  and  64, Amendment of FASB No. 13, and Technical Corrections" (SFAS No.
145).  The  provisions  of SFAS No. 145 are effective for fiscal years beginning
after  May  15,  2002.  As  permitted by the pronouncement, the Fund has elected
early  adoption  of  SFAS  No.  145  as of January 1, 2002.  SFAS No. 145 had no
impact  on  the  Fund's  financial  position  or  results  of  operations.

In  July  2002,  the  FASB issued SFAS No. 146, "Accounting for Costs Associated
with  Exit or Disposal Activities" (SFAS No. 146), which is based on the general
principle  that  a  liability  for  a  cost  associated with an exit or disposal
activity  should  be recorded when it is incurred and initially measured at fair
value.  SFAS  No. 146 applies to costs associated with (1) an exit activity that
does  not  involve  an entity newly acquired in a business combination, or (2) a
disposal activity within the scope of SFAS No. 146.  These costs include certain
termination benefits, costs to terminate a contract that is not a capital lease,
and  other  associated  costs  to  consolidate facilities or relocate employees.
Because the provisions of this statement are to be applied prospectively to exit
or disposal activities initiated after December 31, 2002, the effect of adopting
this  statement  cannot  be  determined.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and  Disclosure  Requirements  for  Guarantees, Including Indirect Guarantees of
Indebtedness of Others" (FIN 45).  This interpretation requires the guarantor to
recognize  a  liability for the fair value of the obligation at the inception of
the  guarantee.  The provisions of FIN 45 will be applied on a prospective basis
to  guarantees  issued  after  December  31,  2002.

In  January  2003, FASB issued Interpretation No. 46, "Consolidation of Variable
Interest  Entities" (FIN 46).  This interpretation clarifies existing accounting
principles  related to the preparation of consolidated financial statements when
the owners of an USPE do not have the characteristics of a controlling financial
interest  or when the equity at risk is not sufficient for the entity to finance
its  activities  without  additional subordinated financial support from others.
FIN  46  requires  the  Fund  to  evaluate all existing arrangements to identify
situations  where  the  Fund  has a "variable interest," commonly evidenced by a
guarantee  arrangement  or  other  commitment to provide financial support, in a
"variable  interest  entity,"  commonly a thinly capitalized entity, and further
determine  when  such  variable  interest  requires  the Fund to consolidate the
variable  interest  entities'  financial  statements  with its own.  The Fund is
required  to  perform  this assessment by September 30, 2003 and consolidate any
variable  interest  entities  for  which  the Fund will absorb a majority of the
entities'  expected losses or receive a majority of the expected residual gains.
The  Fund  has  determined  that  it  is not reasonably possible that it will be
required to consolidate or disclose information about a variable interest entity
upon  the  effective  date  of  FIN  46.

(F)     Results  of  Operations  --  Year  to  Year  Detail  Comparison

(1)     Comparison  of the Fund's Operating Results for the Years Ended December
31,  2002  and  2001

(a)     Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repairs  and maintenance,
equipment  operating,  and asset-specific insurance expenses) on owned equipment
decreased  during  the year ended December 31, 2002, compared to 2001.  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  6 to the 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):
<TABLE>
<CAPTION>


                        For the Years
                      Ended December 31,
                     2002           2001
                    ---------------------
<S>                <C>         <C>
Marine containers  $     4,968  $   5,124
Aircraft. . . . .        2,618      3,946
Railcars. . . . .        2,284      2,686
Marine vessels. .        1,138      1,835
Trailers. . . . .          596        614
</TABLE>


Marine  containers:     Marine container lease revenues and direct expenses were
$5.0  million  and  $0.1  million, respectively, for the year ended December 31,
2002,  compared  to $5.2 million and $0.1 million, respectively, during the same
period  of 2001.  The decrease in lease revenues of $0.2 million during the year
ended  December  31,  2002  compared to the same period of 2001 was due to lower
utilization  on  the  Fund's  marine  containers.

Aircraft:     Aircraft  lease revenues and direct expenses were $2.6 million and
$27,000,  respectively,  for  the year ended December 31, 2002, compared to $4.0
million  and  $25,000,  respectively,  during the same period of 2001.  Aircraft
lease  revenues  decreased $1.3 million in 2002 compared to 2001.  A decrease in
lease  revenues  of $0.9 million during the year ended December 31, 2002 was due
to  the  disposition  of  an owned aircraft during 2001 and the decrease of $0.4
million  was  due  to  the  reduction  of  the  lease  rate  compared  to  2001.

Railcars:     Railcar  lease  revenues and direct expenses were $3.0 million and
$0.7  million,  respectively,  for the year ended December 31, 2002, compared to
$3.4  million  and  $0.7  million, respectively, during the same period of 2001.
The  decrease  in  lease revenues of $0.4 million during the year ended December
31,  2002  compared  to  the  same period of 2001 was due to the increase in the
number  of  railcars  off-lease.

Marine  vessels:     Marine  vessel lease revenues and direct expenses were $6.3
million  and  $5.1  million, respectively, for the year ended December 31, 2002,
compared  to $5.5 million and $3.7 million, respectively, during the same period
of  2001.  Lease  revenue  increased $0.7 million during the year ended December
31, 2002 due a to higher lease rate earned on the marine vessel resulting from a
change in lease type from a time charter under which it operated during the year
ended  December 31, 2001, to a voyage charter under which it operated during the
year ended December 31, 2002.  Under a voyage charter, the marine vessel earns a
higher  lease  rate  but  is  responsible  for  additional operating costs.  The
increase  in  lease  revenues was offset by a $1.4 million increase in operating
expenses  resulting  from  higher  costs  for  fuel of $0.7 million, higher port
charges  of  $0.5  million  and  higher  operating  expenses  of  $0.2  million.

Trailers:     Trailer  lease  revenues and direct expenses were $1.2 million and
$0.6  million,  respectively,  for the year ended December 31, 2002, compared to
$1.1  million  and  $0.5  million, respectively, during the same period of 2001.
Lease  revenue  increased  $0.1  million  in  the  year  ended December 31, 2002
compared  to  2001  due  to  lease revenues in 2001 being higher than previously
reported on the Fund's trailer fleet.  Direct expenses increased $0.1 million in
the  year  ended  December 31, 2002 compared to 2001 due to higher repair costs.

(b)     Interest  and  Other  Income

Interest  and  other  income  decreased  $0.4  million  due to a decrease in the
interest  rate  earned  on  cash  balances  in  the year ended December 31, 2002
compared  to  the  same  period  in  2001.

(c)      Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses  of $13.4 million for the year ended December 31, 2002
decreased from $14.7 million for the same period in 2001.  Significant variances
are  explained  as  follows:

     (i)     A  $2.9  million  decrease in depreciation expense from 2001 levels
reflects  the  decrease  of  $1.5 million resulting from certain assets becoming
fully  depreciated  during  2001  and  a  decrease of $1.4 million caused by the
double-declining  balance  method  of  depreciation  which  results  in  greater
depreciation  in  the  first  years  an  asset  is  owned;

     (ii)     A  $0.4  million  decrease  in management fees was the result of a
decrease  of  $0.3  million due to lower lease revenues earned in the year ended
December  31,  2002  compared  to  2001  and a decrease of $0.1 million due to a
higher  provision for bad debts during the year ended December 31, 2002 compared
to  2001;

     (iii)     A  $0.2  million  decrease  in  interest expense was due to lower
average  borrowings outstanding during the year ended December 31, 2002 compared
to  2001;

     (iv)     A  $0.3  million  increase  in  administrative expenses was due to
higher  professional  services;

     (v)     A $1.2 million increase in the provision for bad debts was based on
the  Manager's evaluation of the collectability of receivables compared to 2001.
The  provision for bad debt expense recorded in the year ended December 31, 2002
was  primarily  related  to  one  aircraft  lessee;  and

     (vi)     Impairment  loss  increased  $0.7 million during 2002 and resulted
from the Fund reducing the carrying value of 80 tank railcars to their estimated
fair  value.  No  impairment  of  equipment  was  required  during  2001.

Net  gain on disposition of owned equipment for the year ended December 31, 2002
totaled  $0.2  million  which  resulted  from  the sale or disposition of marine
containers,  railcars,  and  trailers  with a net book value of $0.2 million for
proceeds of $0.4 million.  The gain on disposition of equipment for 2001 totaled
$7.8  million  which  resulted  from  the  sale or disposition of an aircraft, a
marine  vessel,  marine containers, trailers, and railcars with an aggregate net
book value of $3.2 million, for proceeds of $10.2 million.  Included in the 2001
net  gain  on  disposition  of  assets  is the unused portion of aircraft engine
reserves  of  $0.8  million.

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

Equity  in  net  income  of  USPEs represents the Fund's share of the net income
generated  from  the  operation  of jointly owned assets accounted for under the
equity method of accounting.  These entities are single purpose and have no debt
or  other  financial  encumbrances.  The  following table presents equity in net
income  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                          For the Years
                                        Ended December 31,
                                        2002          2001
                                       --------------------
<S>                                   <C>        <C>
Aircraft . . . . . . . . . . . . . .  $      460  $     370
Marine vessel. . . . . . . . . . . .           3        231
                                      ----------  ---------
       Equity in net income of USPEs  $      463  $     601
                                      ==========  =========
</TABLE>


The  following  USPE  discussion  by  equipment  type  is  based  on  the Fund's
proportional  share  of  revenues, other income, gain on equipment dispositions,
depreciation expense, direct expenses, and administrative expenses in the USPEs:

Aircraft:  As  of  December  31,  2002 and 2001, the Fund owned interests in two
trusts that each owns a commercial aircraft.  During the year ended December 31,
2002, lease revenues of $1.3 million were offset by depreciation expense, direct
expenses,  and  administrative expenses of $0.8 million.  During the same period
of  2001,  lease  revenues of $1.5 million and other income of $0.8 million were
offset  by depreciation expense, direct expenses, and administrative expenses of
$1.9  million.

Lease  revenues  decreased  $0.2  million  due  to the leases for two commercial
aircraft  in  the  trusts  being  renegotiated  at  a  lower rate.  Other income
decreased  $0.8 million due to the recognition of an engine reserve liability as
income  upon termination of the previous lease agreement during 2001.  A similar
event  did  not  occur  during  2002.

The  decrease  in expenses of $1.1 million was due to lower depreciation expense
of $0.8 million resulting from one commercial aircraft in a trust becoming fully
depreciated  during  2001,  and  a  $0.2  million decrease on another commercial
aircraft  resulting  from  the  double  declining-balance method of depreciation
which  results  in  greater  depreciation  in the first years an asset is owned.

Marine  vessel:  As  of  December 31, 2002 and 2001, the Fund no longer owned an
interest  in  an  entity  that  owned  a  marine  vessel.  During the year ended
December  31,  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.

(f)     Net  Income  (Loss)

As  a  result  of the foregoing, the Fund had a net loss of $0.8 million for the
year  ended December 31, 2002, compared to net income of $8.6 million during the
same  period  of  2001.  The  Fund's  ability  to acquire, operate and liquidate
assets,  secure leases, and re-lease those assets whose leases expire is subject
to  many  factors.  Therefore, the Fund's performance in the year ended December
31,  2002  is  not  necessarily indicative of future periods.  In the year ended
December  31,  2002,  the  Fund  distributed $5.0 million to Class A members, or
$1.01  per  weighted-average  Class  A  unit.

<PAGE>

(2)     Comparison  of the Fund's Operating Results for the Years Ended December
31,  2001  and  2000

(a)     Owned  Equipment  Operations

Lease  revenues  less  direct  expenses  (defined  as  repair  and  maintenance,
equipment  operating,  and asset-specific insurance expenses) on owned equipment
decreased  during  the year ended December 31, 2001, when compared to 2000.  The
following  table  presents  lease  revenues  less direct expenses by segment (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                        For the Years
                      Ended December 31,
                     2001           2000
                     -------------------
<S>                <C>        <C>
Marine containers  $    5,124  $   4,095
Aircraft. . . . .       3,946      4,022
Railcars. . . . .       2,686      3,043
Marine vessels. .       1,835      3,914
Trailers. . . . .         614      2,587
</TABLE>


Marine  containers:     Marine  container  lease  revenues were $5.2 million and
$0.1  million,  respectively,  for the year ended December 31, 2001, compared to
$4.1  million  and  $18,000,  respectively,  during  2000.  Marine  container
contribution  increased  in  2001,  compared  to  2000  due  to  the purchase of
additional  marine  containers  in  2000  and  2001.

Aircraft:     Aircraft  lease revenues and direct expenses were $4.0 million and
$25,000,  respectively,  for  2001,  compared  to  $4.1  million  and  $35,000,
respectively,  during  2000.  Aircraft  lease  revenues  decreased  $0.1 million
during  2001  due  to the disposition of one of the Fund's aircraft during 2001.

Railcars:     Railcar  lease  revenues and direct expenses were $3.4 million and
$0.7 million, respectively, for 2001, compared to $3.7 million and $0.6 million,
respectively,  during  2000.  Lease  revenues decreased $0.3 million during 2001
compared  to  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 $5.5
million  and  $3.7 million, respectively, for 2001, compared to $7.6 million and
$3.7  million,  respectively,  during  2000.

Lease  revenues decreased $2.1 million in 2001 compared to 2000.  Lease revenues
decreased  $3.7  million  during  2001 compared to 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  $1.6  million in lease revenues on the
remaining  marine vessel due to a higher lease rate earned on this marine vessel
in 2001 compared to 2000.  During 2001, the remaining marine vessel changed from
time  charter  to  voyage  charter.  While  on voyage charter, the owner earns a
higher  lease  rate; however, certain operating costs are now the responsibility
of  the  owner.

Direct  expenses decreased $18,000 in 2001 compared to 2000.  A decrease of $1.2
million in direct expenses was caused by the sale of three marine vessels during
2001  and  2000.  This  decrease in direct expenses was offset by an increase of
$47,000 in direct expenses due to higher repairs and maintenance and an increase
of  $1.2  million  due to higher operating expenses caused by the voyage charter
for  the  remaining  marine  vessel  when  compared  to  2000.

Trailers:     Trailer  lease  revenues and direct expenses were $1.1 million and
$0.5 million, respectively, for 2001, compared to $3.5 million and $0.9 million,
respectively,  during  2000.  Lease  revenue  decreased  $2.2  million  in  2001
compared to 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
2001  compared  to  2000  due  to  the  sale of the Fund's trailers during 2000.

<PAGE>

(b)     Interest  and  Other  Income

Interest  and  other income decreased $0.3 million during 2001 compared to 2000.
A  decrease  of $0.7 million was due to an insurance claim for one of the Fund's
owned  marine vessels that was recorded as other income during 2000.  There were
no similar claims in 2001.  This decrease was partially offset by an increase in
interest  income  of $0.3 million caused by higher average cash balances in 2001
compared  to  2000.

(c)     Indirect  Expenses  Related  to  Owned  Equipment  Operations

Total  indirect  expenses of $14.7 million for 2001 decreased from $17.7 million
for  2000.  Significant  variances  are  explained  as  follows:

     (i)     A  $3.3  million decrease in depreciation and amortization expenses
from  2000  levels  resulted  from a $3.5 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 $3.0 million
resulting  from the sale of equipment.  These decreases were partially offset by
an  increase  of  $3.2  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  2001  compared  to 2000 was due to lower costs of $0.5 million resulting
from  the  sale  of  certain  of the Fund's trailers and a $0.1 million decrease
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  2001  compared  to  2000;

     (iii)     A  $0.2 million decrease in interest and amortization expense was
due  to  lower  average borrowings outstanding during 2001 compared to 2000; and

     (iv)     A  $1.0 million increase in the provision for bad debts was due to
the  Manager's  evaluation of the collectability of receivables due from certain
lessees.

(d)     Gain  on  Disposition  of  Owned  Equipment

The  gain  on  disposition  of  equipment  for  2001  totaled $7.8 million which
resulted  from  the  sale or disposition of an aircraft, a marine vessel, marine
containers,  trailers,  and  railcars  with  an aggregate net book value of $3.2
million,  for  proceeds  of  $10.2  million.  Included  in  the  2001  gain  on
disposition  of assets is the unused portion of aircraft engine reserves of $0.8
million.  The  gain  on disposition of equipment for the year ended December 31,
2000  totaled  $4.0  million  which  resulted  from  the sale of marine vessels,
trailers,  and  railcars  with an aggregate net book value of $13.3 million, for
proceeds  of  $16.7  million.  Included  in  the 2000 net gain on disposition of
assets  is  the  unused  portion  of  marine vessel dry-docking reserves of $0.5
million.

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

Equity  in  net  income  (loss)  of USPEs represents the Fund's share of the net
income (loss) generated from the operation of jointly-owned assets accounted for
under  the  equity  method of accounting.  These entities are single purpose and
have  no debt or financial encumbrances.  The following table presents equity in
net  income  (loss)  by  equipment  type  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                                  For the Years
                                                Ended December 31,
                                               2001           2000
                                              ---------------------
<S>                                          <C>        <C>
Aircraft. . . . . . . . . . . . . . . . . .  $      370  $     (95)
Marine vessel . . . . . . . . . . . . . . .         231       (255)
Mobile offshore drilling unit . . . . . . .          --        174
                                             ----------  ----------
       Equity in Net Income (Loss) of USPEs  $      601  $    (176)
                                             ==========  ==========
</TABLE>


The  following  USPE  discussion  by  equipment  type  is  based  on  the Fund's
proportional  share  of  revenues, other income, gain on equipment dispositions,
depreciation expense, direct expenses, and administrative expenses in the USPEs:

Aircraft:  As  of  December  31,  2001 and 2000, the Fund owned interests in two
trusts  that  each  own  a  commercial  aircraft.  During  2001,  aircraft lease
revenues  of  $1.5  million  and  other  income  of  $0.8 million were offset by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $1.9
million.  During  2000,  aircraft  lease  revenues  were  $2.1 million offset by
depreciation  expense,  direct  expenses,  and  administrative  expenses of $2.2
million.

Lease  revenues decreased $0.6 million due to the reduction in the lease rate of
both  MD-82s in the trusts as part of a new lease agreement for these commercial
aircraft.  Other  income  increased  $0.8  million  during  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  2000.

The  decrease  in  depreciation  expense,  direct  expenses,  and administrative
expenses  of $0.3 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  December  31,  2001,  the  Fund  had no interest in any
entities  that  owned  marine vessels.  As of December 31, 2000, the Fund had an
interest  in  an entity that owned a marine vessel.  During 2001, lease revenues
of  $0.4 million and the gain of $0.3 million from the sale this entity in which
the Fund owned an interest were offset by depreciation expense, direct expenses,
and  administrative  expenses  of  $0.4 million.  During 2000, lease revenues of
$0.6  million  were  offset  by  depreciation  expense,  direct  expenses,  and
administrative  expenses  of  $0.9  million.

Lease  revenues,  depreciation  expense,  direct  expenses,  and  administrative
expenses  deceased  during  2001  compared to 2000 due to the sale of the Fund's
interest  in  an  entity  owning  a  marine  vessel.

Mobile  offshore  drilling  unit:     The  Fund's interest in an entity owning a
mobile  offshore  drilling  unit  was  sold  during  the fourth quarter of 1999.
During  2000,  additional  sale  proceeds  of  $0.2  million  were  offset  by
administrative  expenses  of  $8,000.

(f)     Net  Income

As  a  result  of the foregoing, the Fund had net income of $8.6 million for the
year  ended  December  31,  2001,  compared to net income of $4.8 million during
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 year ended December 31, 2001
is not necessarily indicative of future periods.  In the year ended December 31,
2001,  the  Fund  distributed  $5.5  million  to  Class  A members, or $1.11 per
weighted-average  Class  A  unit.

(G)     Geographic  Information

Certain  of  the  Fund's  equipment operates in international markets.  Although
these  operations  expose  the  Fund  to certain currency, political, credit and
economic  risks, the Manager believes these risks are minimal or has implemented
strategies  to  control  the risks.  Currency risks are at a minimum because all
invoicing, with the exception of a small number of railcars operating in Canada,
is  conducted  in  United States (US) dollars.  Political risks are minimized by
avoiding  countries  that  do  not have a stable judicial system and established
commercial  business  laws.  Credit  support  strategies  for lessees range from
letters of credit supported by US banks to cash deposits.  Although these credit
support  mechanisms  generally allow the Fund to maintain its lease yield, there
are  risks  associated with slow-to-respond judicial systems when legal remedies
are  required  to  secure  payment  or  repossess equipment.  Economic risks are
inherent  in  all international markets and the Manager strives to minimize this
risk  with  market  analysis  prior  to  committing  equipment  to  a particular
geographic area.  Refer to Note 7 to the financial statements for information on
the  lease  revenues,  net  income  (loss),  and  net book value of equipment in
various  geographic  regions.

Revenues  and net operating income by geographic region are impacted by the time
period  the  assets  are  owned  and  the useful life ascribed to the assets for
depreciation  purposes.  Net  income  (loss)  from  equipment  is  significantly
impacted  by  depreciation charges, which are greatest in the early years due to
the  use  of  the  double-declining  balance  method  of  depreciation.  The
relationships  of  geographic  revenues,  net  income,  and  net  book  value of
equipment are expected to change significantly in the future, as assets come off
lease  and  decisions  are  made  to  either  redeploy  the  assets  in the most
advantageous  geographic  location  or  sell  the  assets.

The  Fund's owned and partially owned equipment on lease to US-domiciled lessees
consists  of  trailers,  railcars,  and interests in entities that own aircraft.
During  2002,  US  lease  revenues accounted for 23% of the total lease revenues
from  wholly  and jointly owned equipment.  This region reported a net income of
$0.3  million.

The Fund's owned equipment on lease to South American-domiciled lessees consists
of three aircraft.  During 2002, South American lease revenues accounted for 14%
of  the total lease revenues from wholly and jointly owned equipment, while this
region  reported  a  net  income  of  $0.4  million.

The  Fund's  equipment  on  lease  to  Canadian-domiciled  lessees  consists  of
railcars.  Lease  revenues  in  Canada  accounted for 6% of total lease revenues
from wholly and jointly-owned equipment, while this region reported a net income
of  $0.2  million.

The  Fund's owned equipment and investments in equipment owned by USPEs on lease
to  lessees  in  the  rest  of  the  world consists of marine vessels and marine
containers.  During  2002, lease revenues for these operations accounted for 58%
of  the total lease revenues of wholly and jointly owned equipment.  This region
reported  a  net  income  of  $0.5  million.

(H)     Inflation

Inflation  had no significant impact on the Fund's operations during 2002, 2001,
or  2000.

(I)     Forward-Looking  Information

Except  for historical information contained herein, the discussion in this Form
10-K  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-K should be read as
being  applicable  to  all  related  forward-looking  statements  wherever  they
appear  in  this  Form  10-K.  The Fund's actual results could differ materially
from  those  discussed  here.

(J)     Outlook  for  the  Future

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.

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 these factors 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  make an evaluation to reduce the Fund's exposure to
those  equipment markets in which it determines that it cannot operate equipment
and  achieve  acceptable  rates  of  return.

In  2002,  the  Manager  committed  the Fund to purchase railcars totaling $19.8
million.  These  purchases  are  expected  to  be  completed  in  2003.

Factors  that  may  affect  the  Fund's contribution in 2003 and beyond include:

(i)     The cost of new marine containers has been at historic lows for the past
several  years,  which  has caused downward pressure on per diem lease rates for
this  type  of  equipment.  Starting  in  2003  and  continuing  through 2005, a
significant  number  of  the  Fund's marine containers currently on a fixed rate
lease  will  be  switching  to  a  lease  based  on  utilization.  The  Manager
anticipates  that  this will result in a significant decrease in lease revenues;

(ii)     Railcar  freight  loadings in the United States and Canada decreased 1%
and  3%,  respectively, through most of 2002.  There has been, however, a recent
increase  for  some  of  the  commodities  that  drive demand for those types of
railcars  owned  by  the  Fund.  It  will  be  some  time,  however, before this
translates  into  new  leasing  demand by shippers since most shippers have idle
railcars  in  their  fleets;

(iii)     Marine  vessel  freight rates are dependent upon the overall condition
of  the international economy.  Freight rates earned by the Fund's marine vessel
began to decrease during the latter half of 2001 and continued through 2002.  In
the  fourth  quarter  of 2002 and into 2003, freight rates for the Fund's marine
vessels, which primarily carry petroleum products, started to increase due to an
increase  in  oil  prices  caused  by  political instability in the Middle East;

(iv)     Utilization  of  intermodal trailers owned by the Fund decreased 12% in
2002 compared to 2001.  This decline was similar to the decline in industry-wide
utilization.  As  the Fund's trailers are smaller than many shippers prefer, the
Manager  expects declines in utilization over the next few years.  Additionally,
one  of  the  major  shippers  that  leased  the  Fund's  trailers  has  entered
bankruptcy.  While  the  Fund  did not have any outstanding receivables from the
company,  its  bankruptcy  may  cause  a  further  decline in performance of the
trailer  fleet  in  the  future;  and

(v)     The  airline  industry  began to see lower passenger travel during 2001.
The  events  of  September 11, 2001, along with a recession in the United States
have  continued  to  adversely  affect  the  market demand for both new and used
commercial  aircraft  and to significantly weaken the financial position of most
major  domestic  airlines.  As  a  result  of this, upon lease expiration of the
Fund's  owned  aircraft,  the  Fund re-leased this aircraft at a lower rate that
will  result  in  a decrease in revenues during 2003.  The Manager believes that
there is a significant oversupply of commercial aircraft available and that this
oversupply  will  continue  for  some  time.

These  events  have  had a negative impact on the fair value of the Fund's owned
and partially owned aircraft.  Although no impairments were required during 2002
to these aircraft, the Manager does not expect these aircraft to return to their
September  11,  2001  values.

During  2001,  the  lessee  of three Stage II Boeing 737-200 commercial aircraft
notified the Manager of its intention to return this aircraft and stopped making
lease  payments.  The lessee is located in Brazil, a country experiencing severe
economic  difficultly.  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, which expired
in  October  2002,  had  certain return condition requirements for the aircraft.
The  Manager  recorded  an  allowance  for bad debts for the amount due less the
security  deposit.

During  October  2002,  the Manager reached an agreement with the lessee of this
aircraft  for  the  past  due lease payments and agreed to re-lease two of these
aircraft  to  this  lessee  until March 2003 at a lower lease rate.  In order to
give  the  lessee  an  incentive  to make timely payments in accordance with the
agreement,  the  Manager gave the lessee a discount on the total amount due.  If
the  lessee  fails  to  comply  with  the payment schedule in the agreement, the
discount  provision  will  be  waived and the full amount again becomes payable.
The  lessee  made  an  initial payment during October 2002, to be followed by 23
equal  monthly  installments  beginning  in  November  2002.  Unpaid outstanding
amounts  will  accrue  interest  at  a  rate  of 5%.  The balance outstanding at
December  31,  2002  was  $3.6  million.  Due  to  the  uncertainty  of ultimate
collection,  the  Manager  will continue to fully reserve the unpaid outstanding
balance  less  the  security deposit from this lessee.  As of December 31, 2002,
the  lessee  was  current with all payments due under the note.  As of March 26,
2003,  the  installment payment due from the lessee to the Fund during March was
not  received.  The Manager has not yet placed the lessee into default, however,
is  currently  reviewing  the  options  available  under  the  agreement.

The  remaining  aircraft  that was leased to this lessee is currently off-lease.
The  Manager  expects  that when the two aircraft on lease expires in March 2003
and  due to the age of these aircraft and the current economic conditions, these
aircraft  may  be  off-lease  for  a  significant  period  of  time.

(vi)     The  Manager  has  seen  an  increase  in its insurance premiums on its
equipment  portfolio  and  is  finding  it  more  difficult to find an insurance
carrier  with which to place the coverage.  Premiums for aircraft insurance have
increased over 50% and for other types of equipment the increases have been over
25%.  The  increase  in  insurance premiums caused by the increased rate will be
partially  mitigated  by  the  reduction  in  the  value of the Fund's equipment
portfolio caused by the events of September 11, 2001 and other economic factors.
The  Manager  has  also  experienced  an  increase in the deductible required to
obtain coverage.  This may have a negative impact on the Fund in the event of an
insurance  claim.

Several  other  factors  may affect the Fund's operating performance in 2003 and
beyond, including changes in the markets for the Fund's equipment and changes in
the  regulatory  environment  in  which  that  equipment  operates.

(1)     Repricing  and  Reinvestment  Risk

Certain  of the Fund's aircraft, marine vessel, railcars, marine containers, and
trailers will be remarketed in 2003 as existing leases expire, exposing the Fund
to  repricing  risk/opportunity.  Additionally,  the  Manager  may elect to sell
certain  under-performing  equipment  or equipment whose continued operation may
become  prohibitively expensive. In either case, the Manager intends to re-lease
or  sell  equipment  at  prevailing  market  rates;  however, the Manager cannot
predict  these  future  rates  with  any  certainty  at  this  time,  and cannot
accurately  assess  the  effect  of  such  activity  on future Fund performance.

(2)     Impact  of  Government  Regulations  on  Future  Operations

The  Manager operates the Fund's equipment in accordance with current applicable
regulations  (see  Item  1,  Section  E,  Government Regulations).  However, the
continuing  implementation  of  new  or  modified  regulations  by  some  of the
authorities  mentioned  previously,  or  others, may adversely affect the Fund's
ability to continue to own or operate equipment in its portfolio.  Additionally,
regulatory  systems  vary from country to country, which may increase the burden
to  the  Fund  of  meeting regulatory compliance for the same equipment operated
between  countries.

Under  US  Federal  Aviation Regulations, after December 31, 1999, no person may
operate  an  aircraft  to  or  from  any airport in the contiguous United States
unless  that  aircraft has been shown to comply with Stage III noise levels. The
Fund  has  three Stage II aircraft that do not meet Stage III requirements.  Two
Stage  II  aircraft  are  leased  in  a  country  that does not have these noise
restrictions.  The Fund's remaining Stage II aircraft is currently off-lease and
stored  in  a  country  that  does  not  require  this  regulation

Furthermore,  the  Federal  Railroad  Administration has mandated that effective
July  1,  2000,  all tank railcars must be re-qualified every ten years from the
last  test  date stenciled on each railcar to insure tank shell integrity.  Tank
shell thickness, weld seams, and weld attachments must be inspected and repaired
if necessary to re-qualify a tank railcar for service.  The average cost of this
inspection  is  $1,800  for  non-jacketed tank railcars and  $3,600 for jacketed
tank  railcars,  not  including any necessary repairs.  This inspection is to be
performed  at  the next scheduled tank test and every ten years thereafter.  The
Fund  currently  owns  267  jacketed tank railcars.  As of December 31, 2002, 28
jacketed  tank  railcars  will  need  to  be  re-qualified  during 2003 or 2004.

During  the  fourth  quarter  of 2002, the Fund reduced the net book value of 80
owned  tank  railcars  in  its  railcar  fleet to their fair value of $2,000 per
railcar, and recorded a $0.7 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of  the railcars' internal lining.  Repair of the railcars were determined to be
cost prohibitive.  The fair value of railcars with this defect was determined by
using  industry  expertise.  These  railcars  were  off  lease.

Ongoing  changes  in  the  regulatory  environment,  both  in  the  US  and
internationally,  cannot  be  predicted  with accuracy, and preclude the Manager
from  determining  the  impact of such changes on Fund operations, purchases, or
sale  of  equipment.

(K)     Distribution  Levels  and  Additional  Capital  Resources

The  Fund's  initial  contributed  capital was composed of the proceeds from its
initial offering of $100.0 million, supplemented by permanent debt in the amount
of $25.0 million.  The Manager has not planned any expenditures, nor is it aware
of  any  contingencies  that would cause it to require any additional capital to
that  mentioned  above.  The Fund intends to rely on operating cash flow to meet
its  operating  obligations,  make  cash  distributions  to  members,  make debt
payments, and increase the Fund's equipment portfolio with any remaining surplus
cash  available.

The  Manager  will evaluate the level of distributions the Fund can sustain over
extended periods of time and, together with other considerations, may adjust the
level  of  distributions  accordingly.  In  the  long  term,  the  difficulty in
predicting  market  conditions precludes the Manager from accurately determining
the  impact  of  changing market conditions on liquidity or distribution levels.

The  Manager  has  announced  that the Fund will not make a monthly or quarterly
cash  distribution  to its members related to the first quarter 2003 operations.

The Fund's permanent debt obligation began to mature in December 2000.  The Fund
has  scheduled  debt  payments of $3.0 million on December 31, 2003 and 2004 and
$5.0  million  on  December  31,  2005  and  2006.  The  Manager  believes  that
sufficient  cash  flow  will  be  available in the future for repayment of debt.

ITEM  7A.     QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

The  Fund's primary market risk exposure is that of currency risk.  During 2002,
77%  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  US  currency.  If  these  lessees' currency devalues against the US
dollar,  the  lessees  could  potentially  encounter difficulty in making the US
dollar  denominated  lease  payment.

ITEM  8.     FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA
             -----------------------------------------------

The  financial  statements  for  the  Fund  are listed on the Index to Financial
Statements  included  in  Item  15(a)  of  this  Annual  Report  on  Form  10-K.

ITEM  9.     CHANGES  IN  AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND
             -------------------------------------------------------------------
FINANCIAL  DISCLOSURE
    -----------------

(A)     Disagreements  with  Accountants on Accounting and Financial Disclosures

None

(B)     Changes  in  Accountants

In  September  2001,  the Manager announced that the Fund had engaged Deloitte &
Touche  LLP  as the Fund's auditors and had dismissed KPMG LLP.  KPMG LLP issued
an  unqualified  opinion  on the 2000 financial statements.  During 2000 and the
subsequent  interim period preceding such dismissal, there were no disagreements
with  KPMG  LLP  on  any matter of accounting principles or practices, financial
statement  disclosure,  or  auditing  scope  or  procedure.

<PAGE>

                                    PART III

ITEM  10.     DIRECTORS  AND  EXECUTIVE OFFICERS OF PLM FINANCIAL SERVICES, INC.
              ------------------------------------------------------------------

As  of  the  date of this annual report, the directors and executive officers of
PLM  Financial  Services,  Inc. (and key executive officers of its subsidiaries)
are  as  follows:
<TABLE>
<CAPTION>


Name               Age   Position
-------------------------------------------------------------------------------
<S>               <C>   <C>

Gary D. Engle  .    53   Director, PLM Financial Services, Inc., PLM Investment
                         Management, Inc., and PLM Transportation Equipment Corp.

James A. Coyne      42   Director, Secretary and President, PLM Financial
                         Services, Inc. and PLM Investment Management, Inc.,
                         Director and Secretary, PLM Transportation Equipment
                         Corp.

Richard K Brock     40   Director and Chief Financial Officer, PLM Financial
                         Services, Inc., PLM Investment Management, Inc. and
                         PLM Transportation Equipment Corp.
</TABLE>


Gary  D.  Engle  was  appointed  a  Director  of PLM Financial Services, Inc. in
January  2002.  He  was  appointed  a  director  of  PLM  International, Inc. in
February  2001.  He  is a director and President of MILPI Holdings, LLC (MILPI).
Since  November 1997, Mr. Engle has been Chairman and Chief Executive Officer of
Semele Group Inc. ("Semele"), a publicly traded company.  Mr. Engle is President
and Chief Executive Officer of Equis Financial Group ("EFG"), which he joined in
1990 as Executive Vice President.  Mr. Engle purchased a controlling interest in
EFG  in  December  1994.  He  is  also  President  of  AFG  Realty,  Inc.

James A. Coyne was appointed President of PLM Financial Services, Inc. in August
2002.  He was appointed a Director and Secretary of PLM Financial Services, Inc.
in  April  2001.  He  was  appointed  a  director  of PLM International, Inc. in
February  2001.   He  is a director, Vice President and Secretary of MILPI.  Mr.
Coyne has been a director, President and Chief Operating Officer of Semele since
1997.  Mr.  Coyne  is Executive Vice President of Equis Corporation, the general
partner of EFG.  Mr. Coyne joined EFG in 1989, remained until 1993, and rejoined
in  November  1994.

Richard  K  Brock  was  appointed  a Director and Chief Financial Officer of PLM
Financial  Services,  Inc.  in August 2002.  From June 2001 through August 2002,
Mr.  Brock was a consultant to various leasing companies including PLM Financial
Services, Inc.  From October 2000 through June 2001, Mr. Brock was a Director of
PLM  Financial  Services, Inc.  Mr. Brock was appointed Vice President and Chief
Financial Officer of PLM International, Inc. and PLM Financial Services, Inc. in
January  2000,  having  served as Acting Chief Financial Officer since June 1999
and  as  Vice  President and Corporate Controller of PLM International, Inc. and
PLM  Financial  Services,  Inc.  since June 1997.  Prior to June 1997, Mr. Brock
served  as  an  accounting  manager at PLM Financial Services, Inc. beginning in
September  1991  and as Director of Planning and General Accounting beginning in
February  1994.

The directors of PLM Financial Services, Inc. are elected for a one-year term or
until their successors are elected and qualified.  No family relationships exist
between  any  director or executive officer of PLM Financial Services, Inc., PLM
Transportation  Equipment  Corp.,  or  PLM  Investment  Management,  Inc.

ITEM  11.     EXECUTIVE  COMPENSATION
              -----------------------

The  Fund  has  no  directors, officers, or employees.  The Fund has no pension,
profit sharing, retirement, or similar benefit plan in effect as of December 31,
2002.

<PAGE>

ITEM  12.     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL OWNERS AND MANAGEMENT
              ------------------------------------------------------------------

     (A)     Security  Ownership  of  Certain  Beneficial  Owners

The  Manager  is generally entitled to a 1% interest in profits and losses and a
15%  interest in the Fund's cash distributions, subject to certain allocation of
income  provisions.  After  the  investors  receive cash equal to their original
capital  contribution,  the  Manager's interest in the distributions of the Fund
will  increase  to  25%.  As  of December 31, 2002, no investor was known by the
Manager  to  beneficially  own  more  than  5%  of  the  units  of  the  Fund.

     (B)     Security  Ownership  of  Management

Neither  the Manager and its affiliates nor any executive officer or director of
the  Manager  and  its affiliates owned any units of the Fund as of December 31,
2002.

ITEM  13.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS
              --------------------------------------------------

          Transactions  with  Management  and  Others

During  2002,  the  Fund  paid  or  accrued  the  following  fees  to FSI or its
affiliates:  management  fees  -  $0.9  million;  and  administrative  and  data
processing  services  performed  on  behalf  of  the  Fund  -  $0.3  million.

During  2002,  the  USPEs  paid  or  accrued  the  following  fees to FSI or its
affiliates  (based  on  the Fund's proportional share of ownership):  management
fees  - $0.1 million; and administrative and data processing services - $12,000.

The balance due to affiliates as of December 31, 2002, included $0.2 million due
to  FSI  and  its  affiliates  for  management  fees.

ITEM  14.     CONTROLS  AND  PROCEDURES
              -------------------------

Based on their evaluation as of a date within 90 days of the filing of this Form
10-K,  the  Fund's  principal Executive Officer and Chief Financial Officer have
concluded  that  the  Fund's disclosure controls and procedures are effective to
ensure  that  information  required to be disclosed in the reports that the Fund
files  or  submits  under  the  Securities  Exchange  Act  of  1934 is recorded,
processed,  summarized  and  reported  within  the time periods specified in the
Securities  and  Exchange  Commission's  rules  and  forms.  There  have been no
significant  changes  in  the  Fund's internal controls or in other factors that
could  significantly  affect  those  controls  subsequent  to  the date of their
evaluation.

<PAGE>
                                     PART IV

ITEM  15.     EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES AND REPORTS ON FORM 8-K
              ------------------------------------------------------------------

     (A)     1.     Financial  Statements

The  financial  statements  listed  in  the  accompanying  Index  to  Financial
Statements  are  filed  as  part  of  this  Annual  Report  on  Form  10-K.

          2.     Financial  Statements  required  under Regulation S-X Rule 3-09

MD-82  Trust  S/N  49183.

     (B)     Financial  Statement  Schedule

          Schedule  II  Valuation  and  Qualifying  Accounts

All  other  financial  statement  schedules  have  been omitted, as the required
information  is  not  pertinent to the Registrant or is not material, or because
the  information  required  is  included  in  the financial statements and notes
thereto.

     (C)     Reports  on  Form  8-K

On  December  20,  2002, the Fund filed Form 8-K to disclose that the Manager of
the  Fund  entered into binding commitments totaling approximately $19.8 million
to  purchase  pressure tank and sulfur railroad cars at fair value from Acquisub
LLC,  a  related  party  to  the  Manager  of  the  Fund.

     (D)     Exhibits

4.     Operating  Agreement  of  Fund,  incorporated  by reference to the Fund's
Registration  Statement  on  Form S-1 (Reg. No. 33-55796) which became effective
with  the  Securities  and  Exchange  Commission  on  May  25,  1993.

10.1     Management  Agreement between Fund and PLM Investment Management, Inc.,
incorporated by reference to the Fund's Registration Statement on Form S-1 (Reg.
No. 33-55796) which became effective with the Securities and Exchange Commission
on  May  25,  1993.

10.2     $25.0  Million  Note  Agreement,  dated  as  of  December  30,  1996,
incorporated  by  reference  to the Fund's 1996 Annual Report on Form 10-K filed
with  the  Securities  and  Exchange  Commission  on  March  14,  1997.

10.3     Warehousing  Credit Agreement, dated as of April 13, 2001, incorporated
by  reference  to  the  Fund's  Form  10-Q  dated  March 31, 2001 filed with the
Securities  and  Exchange  Commission  on  May  9,  2001.

10.4     First  Amendment  to Warehousing Credit Agreement, dated as of December
21,  2001,  incorporated  by  reference to the Fund's 2001 Annual Report on Form
10-K  filed  with  the  Securities  and  Exchange  Commission on March 27, 2002.

10.5     Second  amendment  to  the  Warehouse Credit Agreement, dated April 12,
2002,  incorporated  by  reference  to the Fund's Form 10-Q dated March 31, 2002
filed  with  the  Securities  and  Exchange  Commission  on  May  14,  2002.

10.6     Third amendment to the Warehouse Credit Agreement, dated July 11, 2002,
incorporated by reference to the Fund's Form 10-Q dated June 30, 2002 filed with
the  Securities  and  Exchange  Commission  on  August  14,  2002.

10.7     October  2002  purchase  agreement between PLM Transportation Equipment
Corp.,  Inc.  and Trinity Tank Car, Inc. incorporated by reference to the Fund's
Form  10-Q  dated  September  30,  2002  filed  with the Securities and Exchange
Commission  on  November  14,  2002.

10.8     Settlement Agreement between PLM Worldwide Leasing Corp. and Varig S.A.
dated  October 11, 2002, incorporated by reference to the Fund's Form 10-Q dated
September 30, 2002 filed with the Securities and Exchange Commission on November
14,  2002.

10.9     Escrow  agreement  dated  December 19, 2002 between the Fund and Trenam
Kemker  for $3.6 million, incorporated by reference to the Fund's Form 8-K filed
with  the  Securities  and  Exchange  Commission  on  December  20,  2002.

10.10     Escrow  agreement  dated December 19, 2002 between the Fund and Trenam
Kemker  for $5.0 million, incorporated by reference to the Fund's Form 8-K filed
with  the  Securities  and  Exchange  Commission  on  December  20,  2002.

10.11     Escrow  agreement  dated December 19, 2002 between the Fund and Trenam
Kemker  for $4.3 million, incorporated by reference to the Fund's Form 8-K filed
with  the  Securities  and  Exchange  Commission  on  December  20,  2002.

10.12     Escrow  agreement  dated December 19, 2002 between the Fund and Trenam
Kemker  for $6.3 million, incorporated by reference to the Fund's Form 8-K filed
with  the  Securities  and  Exchange  Commission  on  December  20,  2002.

10.13     Escrow  agreement  dated December 19, 2002 between the Fund and Trenam
Kemker  for $0.5 million, incorporated by reference to the Fund's Form 8-K filed
with  the  Securities  and  Exchange  Commission  on  December  20,  2002.

Financial  Statements  required  under  Regulation  S-X  Rule  3-09:

99.1     MD-82  Trust  S/N  49183.


<PAGE>

CONTROL  CERTIFICATION
----------------------



I,  James  A.  Coyne,  certify  that:

1.     I  have  reviewed  this  annual report on Form 10-K of Professional Lease
Management  Income  Fund  I,  L.L.C.

2.     Based  on  my  knowledge,  this annual report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not  misleading  with  respect to the period covered by this annual
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this  annual  report,  fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods  presented  in  this annual report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this  annual  report  is prepared;

b)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of a date within 90 days prior to the filing date of this annual
report  (the  "Evaluation  Date");  and

c)     presented  in  this annual report our conclusions about the effectiveness
of  the  disclosure  controls  and  procedures based on our evaluation as of the
Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard  to  significant  deficiencies  and  material  weaknesses.




Date:  March  --,  2003     By:     /s/  James  A.  Coyne
                                    ---------------------
                                    James  A.  Coyne
                                    President
                                   (Principal  Executive  Officer)


<PAGE>

CONTROL  CERTIFICATION
----------------------



I,  Richard  K  Brock,  certify  that:

1.     I  have  reviewed  this  annual report on Form 10-K of Professional Lease
Management  Income  Fund  I,  L.L.C.

2.     Based  on  my  knowledge,  this annual report does not contain any untrue
statement  of a material fact or omit to state a material fact necessary to make
the  statements  made, in light of the circumstances under which such statements
were  made,  not  misleading  with  respect to the period covered by this annual
report;

3.     Based  on  my  knowledge,  the  financial statements, and other financial
information  included  in  this  annual  report,  fairly present in all material
respects  the  financial  condition, results of operations and cash flows of the
registrant  as  of,  and  for,  the  periods  presented  in  this annual report;

4.     The  registrant's  other  certifying  officer  and  I are responsible for
establishing  and  maintaining disclosure controls and procedures (as defined in
Exchange  Act  Rules  13a-14  and  15d-14)  for  the  registrant  and  we  have:

a)     designed  such disclosure controls and procedures to ensure that material
information  relating  to  the  registrant  is  made  known  to  us  by  others,
particularly  during  the  period  in  which  this  annual  report  is prepared;

b)     evaluated  the  effectiveness of the registrant's disclosure controls and
procedures  as  of a date within 90 days prior to the filing date of this annual
report  (the  "Evaluation  Date");  and

c)     presented  in  this annual report our conclusions about the effectiveness
of  the  disclosure  controls  and  procedures based on our evaluation as of the
Evaluation  Date;

5.     The  registrant's other certifying officer and I have disclosed, based on
our  most recent evaluation, to the registrant's auditors and board of Managers:

a)     all  significant  deficiencies  in  the  design  or operation of internal
controls  which  could  adversely  affect  the  registrant's  ability to record,
process,  summarize  and  report  financial  data  and  have  identified for the
registrant's  auditors  any  material  weaknesses  in  internal  controls;  and

b)     any  fraud,  whether  or  not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.     The  registrant's  other  certifying officer and I have indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard  to  significant  deficiencies  and  material  weaknesses.




Date:  March  --,  2003     By:     /s/  Richard  K  Brock
                                    ----------------------
                                    Richard  K  Brock
                                    Chief  Financial  Officer
                                   (Principal  Financial  Officer)


<PAGE>
                                   SIGNATURES

Pursuant  to  the requirements of Section 13 or 15(d) of the Securities Exchange
Act  of 1934, the Fund has duly caused this report to be signed on its behalf by
the  undersigned  thereunto  duly  authorized.

The  Fund has no directors or officers.  The Manager has signed on behalf of the
Fund  by  duly  authorized  officers.


     PROFESSIONAL  LEASE  MANAGEMENT  INCOME
Date:  March  --,  2003     FUND  I,  L.L.C.

     By:     PLM  Financial  Services,  Inc.
             Manager



     By:     /s/  James  A.  Coyne
             ---------------------
             James  A.  Coyne
             President



     By:     /s/  Richard  K  Brock
             ----------------------
             Richard  K  Brock
             Chief  Financial  Officer

CERTIFICATION

The undersigned hereby certifies, in their capacity as an officer of the Manager
of  Professional  Lease  Management  Income Fund I, L.L.C.  (the Fund), that the
Annual  Report  of  the  Fund on Form 10-K for the year ended December 31, 2002,
fully complies with the requirements of Section 13(a) of the Securities Exchange
Act  of  1934 and that the information contained in such report fairly presents,
in all material respects, the financial condition of the Fund at the end of such
period  and  the  results  of  operations  of  the  Fund  for  such  period.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has  been  signed  below by the following directors of the Fund's Manager on the
dates  indicated.


Name                         Capacity     Date
----                         --------     ----




/s/  Gary  D.  Engle
--------------------
Gary  D.  Engle     Director  -  FSI     March  --,  2003




/s/  James  A.  Coyne
---------------------
James  A.  Coyne     Director  -  FSI     March  --,  2003




/s/  Richard  K  Brock
----------------------
Richard  K  Brock     Director  -  FSI     March  --,  2003


<PAGE>

                   PROFESSIONAL LEASE MANAGEMENT INCOME FUND I
                          (A LIMITED LIABILITY COMPANY)
                          INDEX TO FINANCIAL STATEMENTS

                                  (Item 15(a))


                                                                     Page
                                                                     ----

Independent  auditors'  reports                                     32-33

Balance  sheets  as  of  December  31,  2002  and  2001                34

Statements  of  operations  for  the  years  ended
     December  31,  2002,  2001,  and  2000                            35

Statement  of  changes  in  members'  equity  for  the  years  ended
     December  31,  2002,  2001,  and  2000                            36

Statements  of  cash  flows  for  the  years  ended
     December  31,  2002,  2001,  and  2000                            37

Notes  to  financial  statements                                    38-51

Independent  auditors'  report  on  financial  statement  schedule     52

Schedule  II  valuation  and  qualifying  accounts                     53


<PAGE>








INDEPENDENT  AUDITORS'  REPORT



The  Members
Professional  Lease  Management  Income  Fund  I,  L.L.C.:


We have audited the accompanying balance sheets of Professional Lease Management
Income  Fund  I,  L.L.C. (the "Fund"), as of December 31, 2002 and 2001, and the
related statements of operations, changes in members' equity, and cash flows for
the  years then ended.  These financial statements are the responsibility of the
Fund's  management.  Our  responsibility  is  to  express  an  opinion  on these
financial  statements  based  on  our  audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audits  provide  a
reasonable  basis  for  our  opinion.

In  our  opinion,  such  financial  statements  present  fairly, in all material
respects,  the  financial position of the Fund as of December 31, 2002 and 2001,
and the results of its operations and its cash flows for the years then ended in
conformity with accounting principles generally accepted in the United States of
America.


/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2003




<PAGE>








INDEPENDENT  AUDITORS'  REPORT


The  Members
Professional  Lease  Management  Income  Fund  I,  L.L.C.:


We  have  audited the accompanying statements of operations, changes in members'
equity  and cash flows of Professional Lease Management Income Fund I, L.L.C., a
Delaware  Limited  Liability Company (the Fund), for the year ended December 31,
2000.  These  financial  statements  are  the  responsibility  of  the  Fund's
management.  Our  responsibility  is  to  express  an opinion on these financial
statements  based  on  our  audit.

We  conducted our audit in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test  basis,  evidence  supporting  the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audit  provides  a
reasonable  basis  for  our  opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material respects, the results of operations and cash flows of Professional
Lease  Management  Income Fund I, L.L.C. for the year ended December 31, 2000 in
conformity with accounting principles generally accepted in the United States of
America.


/s/  KPMG  LLP

SAN  FRANCISCO,  CALIFORNIA
March  12,  2001


<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                                 BALANCE SHEETS
                                  DECEMBER 31,
                 (in thousands of dollars, except unit amounts)

<TABLE>
<CAPTION>


                                                                          2002       2001
                                                                        ---------  ---------
ASSETS
<S>                                                                     <C>        <C>
Equipment held for operating leases. . . . . . . . . . . . . . . . . .  $ 89,472   $ 89,833
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . .   (55,619)   (48,425)
                                                                        ---------  ---------
  Net equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . .    33,853     41,408


Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . .       560     21,837
Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . . .       568        553
Cash held in escrow accounts . . . . . . . . . . . . . . . . . . . . .    19,792         --
Accounts and note receivable, less of allowance for doubtful accounts
  of $3,532 in 2002 and $1,048 in 2001 . . . . . . . . . . . . . . . .     2,342      2,513
Investments in unconsolidated special-purpose entities . . . . . . . .     2,044      2,754
Debt placement fees, less accumulated amortization
    of $105 in 2002 and $87 in 2001. . . . . . . . . . . . . . . . . .        71         89
Prepaid expenses and other assets. . . . . . . . . . . . . . . . . . .       443        102
                                                                        ---------  ---------
         Total assets. . . . . . . . . . . . . . . . . . . . . . . . .  $ 59,673   $ 69,256
                                                                        =========  =========

LIABILITIES AND MEMBER'S EQUITY

Liabilities
Accounts payable and accrued expenses. . . . . . . . . . . . . . . . .  $    622   $    625
Due to affiliates. . . . . . . . . . . . . . . . . . . . . . . . . . .       191        264
Lessee deposits and reserves for repairs . . . . . . . . . . . . . . .     3,917      3,739
Note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    16,000     19,000
                                                                        ---------  ---------
  Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . .    20,730     23,628
                                                                        ---------  ---------

Commitments and contingencies

Members' equity
Class A members (4,971,311 units at December 31, 2002 and 2001). . . .    38,943     45,628
Class B member . . . . . . . . . . . . . . . . . . . . . . . . . . . .        --         --
                                                                        ---------  ---------
    Total members' equity. . . . . . . . . . . . . . . . . . . . . . .    38,943     45,628
                                                                        ---------  ---------
     Total liabilities and members' equity . . . . . . . . . . . . . .  $ 59,673   $ 69,256
                                                                        =========  =========

</TABLE>
















                 See accompanying notes to financial statements.

<PAGE>


               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                            STATEMENTS OF OPERATIONS
                        FOR THE YEARS ENDED DECEMBER 31,
         (in thousands of dollars, except weighted-average unit amounts)
<TABLE>
<CAPTION>


                                                      2002     2001      2000
                                                    --------  -------  --------
REVENUES
<S>                                                 <C>       <C>      <C>
Lease revenue. . . . . . . . . . . . . . . . . . .  $18,136   $19,198  $22,949
Interest and other income. . . . . . . . . . . . .      451       808    1,083
Gain on disposition of equipment . . . . . . . . .      171     7,812    3,956
Loss on disposition of equipment . . . . . . . . .      (12)       --       --
                                                    --------  -------  --------
  Total revenues . . . . . . . . . . . . . . . . .   18,746    27,818   27,988
                                                    --------  -------  --------

EXPENSES

Depreciation . . . . . . . . . . . . . . . . . . .    6,646     9,536   12,815
Repairs and maintenance. . . . . . . . . . . . . .    1,856     1,779    2,517
Equipment operating expenses . . . . . . . . . . .    4,338     2,855    2,515
Insurance expense. . . . . . . . . . . . . . . . .      401       468      294
Management fees to affiliate . . . . . . . . . . .      851     1,277    1,232
Interest expense . . . . . . . . . . . . . . . . .    1,413     1,631    1,851
General and administrative expenses to affiliates.      256       546      853
Other general and administrative expenses. . . . .    1,328       741      919
Impairment loss on equipment . . . . . . . . . . .      719        --       --
Provision for (recovery of) bad debt expense . . .    2,181     1,001       (5)
                                                    --------  -------  --------
  Total expenses . . . . . . . . . . . . . . . . .   19,989    19,834   22,991
                                                    --------  -------  --------

Equity in net income (loss) of unconsolidated
  special-purpose entities . . . . . . . . . . . .      463       601     (176)
                                                    --------  -------  --------
Net income (loss). . . . . . . . . . . . . . . . .  $  (780)  $ 8,585  $ 4,821
                                                    ========  =======  ========

MEMBERS' SHARE OF NET INCOME (LOSS)

Class A members. . . . . . . . . . . . . . . . . .  $(1,657)  $ 7,488  $ 3,066
Class B member . . . . . . . . . . . . . . . . . .      877     1,097    1,755
                                                    --------  -------  --------
Total. . . . . . . . . . . . . . . . . . . . . . .  $  (780)  $ 8,585  $ 4,821
                                                    ========  =======  ========

Net income (loss) per weighted-average
  Class A unit . . . . . . . . . . . . . . . . . .  $ (0.33)  $  1.51  $  0.62
                                                    ========  =======  ========
</TABLE>













                 See accompanying notes to financial statements.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                     STATEMENT OF CHANGES IN MEMBERS' EQUITY
              FOR THE YEARS ENDED DECEMBER 31, 2002, 2001, AND 2000
                            (in thousands of dollars)



<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 distributions . . . . . . . . . . . .    (9,946)    (1,755)   (11,701)
                                            ---------  ---------  ---------

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

Net income . . . . . . . . . . . . . . . .     7,488      1,097      8,585

Cash distributions . . . . . . . . . . . .    (5,530)    (1,097)    (6,627)
                                            ---------  ---------  ---------

Members' equity as of December 31, 2001. .    45,628         --     45,628

Net income (loss). . . . . . . . . . . . .    (1,657)       877       (780)

Cash distributions . . . . . . . . . . . .    (5,028)      (877)    (5,905)
                                            ---------  ---------  ---------

  Members' equity as of December 31, 2002.  $ 38,943   $     --   $ 38,943
                                            =========  =========  =========
</TABLE>



























                 See accompanying notes to financial statements.

<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                     (A DELAWARE LIMITED LIABILITY COMPANY)
                            STATEMENTS OF CASH FLOWS
                        FOR THE YEARS ENDED DECEMBER 31,
                            (in thousands of dollars)
<TABLE>
<CAPTION>

<S>                                                            <C>        <C>       <C>
OPERATING ACTIVITIES. . . . . . . . . . . . . . . . . . . . .      2002      2001       2000
                                                               ---------  --------  ---------
Net income (loss) . . . . . . . . . . . . . . . . . . . . . .  $   (780)  $ 8,585   $  4,821
Adjustments to reconcile net income (loss) to net cash
      provided by (used in) operating activities:
  Depreciation. . . . . . . . . . . . . . . . . . . . . . . .     6,646     9,536     12,815
  Amortization of debt placement fees . . . . . . . . . . . .        18        18         18
  Provision for (recovery of) bad debt expense. . . . . . . .     2,181     1,001         (5)
  Impairment loss on equipment. . . . . . . . . . . . . . . .       719        --         --
  Net gain on disposition of equipment. . . . . . . . . . . .      (159)   (7,812)    (3,956)
  Equity in net (income) loss of unconsolidated special
      purpose entities. . . . . . . . . . . . . . . . . . . .      (463)     (601)       176
  Changes in operating assets and liabilities:
    Restricted cash . . . . . . . . . . . . . . . . . . . . .       (30)      335       (360)
    Accounts and note receivable. . . . . . . . . . . . . . .    (2,010)   (1,230)      (273)
    Prepaid expenses and other assets . . . . . . . . . . . .      (341)        8         (2)
    Accounts payable and accrued expenses . . . . . . . . . .        (3)       45        (25)
    Due to affiliates . . . . . . . . . . . . . . . . . . . .       (60)     (666)       261
    Lessee deposits and reserves for repairs. . . . . . . . .       178        25      1,207
                                                               ---------  --------  ---------
          Net cash provided by operating activities . . . . .     5,896     9,244     14,677
                                                               ---------  --------  ---------

INVESTING ACTIVITIES
Payments for capitalized repairs and purchase of equipment. .       (11)   (2,263)   (19,484)
Increase in cash held in escrow accounts. . . . . . . . . . .   (19,792)       --         --
Liquidation distributions from unconsolidated special-
      purpose entities. . . . . . . . . . . . . . . . . . . .        --       931        182
Distributions from unconsolidated special-purpose entities. .     1,160     2,084      2,204
Proceeds from disposition of equipment. . . . . . . . . . . .       360    10,106     16,864
                                                               ---------  --------  ---------
         Net cash (used in) provided by investing activities.   (18,283)   10,858       (234)
                                                               ---------  --------  ---------

FINANCING ACTIVITIES
Payments on note payable. . . . . . . . . . . . . . . . . . .    (3,000)   (3,000)    (3,000)
Decrease (increase) in restricted cash. . . . . . . . . . . .        15       (75)        --
Cash distributions to Class A members . . . . . . . . . . . .    (5,028)   (5,384)    (9,946)
Cash distributions to Class B member. . . . . . . . . . . . .      (877)   (1,097)    (1,755)
Purchase of Class A units . . . . . . . . . . . . . . . . . .        --        --        (48)
                                                               ---------  --------  ---------
      Net cash used in financing activities . . . . . . . . .    (8,890)   (9,556)   (14,749)
                                                               ---------  --------  ---------

Net (decrease) increase in cash and cash equivalents. . . . .   (21,277)   10,546       (306)
Cash and cash equivalents at beginning of year. . . . . . . .    21,837    11,291     11,597
                                                               ---------  --------  ---------
Cash and cash equivalents at end of year. . . . . . . . . . .  $    560   $21,837   $ 11,291
                                                               =========  ========  =========

SUPPLEMENTAL INFORMATION
Interest paid . . . . . . . . . . . . . . . . . . . . . . . .  $  1,391   $ 1,617   $  1,833
                                                               =========  ========  =========
</TABLE>









                 See accompanying notes to financial statements.

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

1.          Basis  of  Presentation
            -----------------------

     Organization
     ------------

     Professional  Lease  Management  Income  Fund I, L.L.C., a Delaware Limited
Liability  Company  (the  Fund), was formed on August 22, 1994, to engage in the
business  of  owning,  leasing,  or  otherwise  investing  in predominately used
transportation and related equipment.  PLM Financial Services, Inc. (FSI) is the
Manager  of  the  Fund.  FSI  is a wholly-owned subsidiary of PLM International,
Inc.  (PLM  International  or  PLMI).

On May 13, 1996, the Fund ceased its offering for Class A Units.  As of December
31,  2002,  there  were  4,971,311  Units  outstanding.

The  Fund  will  terminate  on December 31, 2010, unless terminated earlier upon
sale  of  all  equipment  or by certain other events.  The Fund may not reinvest
cash  flow  generated  from  operations  after  January  1, 2003 into additional
equipment.  Excess  cash,  if any, less reasonable reserves, will be distributed
to  the  Members.

The  Manager (Class B Member) controls and manages the affairs of the Fund.  The
Manager  paid  out  of its own corporate funds (as a capital contribution to the
Fund)  all organization and syndication expenses incurred in connection with the
offering; therefore, 100% of the net cash proceeds received by the Fund from the
sale of Class A Units were used to purchase equipment and establish any required
cash  reserves.  For its contribution, the Manager is generally entitled to a 1%
interest in profits and losses and 15% interest in the Fund's cash distributions
subject  to  certain  special  allocation  provisions (see Net Income (Loss) and
Distributions  Per Unit, below).  After the investors receive cash distributions
equal  to  their  original  capital contributions, the Manager's interest in the
cash  distributions  of  the  Fund  will  increase  to  25%.

     The  operating  agreement  includes  a  redemption  provision.  Upon  the
conclusion  of  the 30-month period immediately following the termination of the
offering,  which  was  in  November  1998,  the  Fund may, at the Manager's sole
discretion,  redeem  up  to 2% of the outstanding units each year.  The purchase
price  paid  by  the  Fund for outstanding Class A Units upon redemption will be
equal to 105% of the amount Class A Members paid for the Class A Units, less the
amount  of  cash  distributions  Class  A Members have received relating to such
Class  A  Units.  The price may not bear any relationship to the fair value of a
Class  A  Unit.  During  2000,  the  Fund purchased 4,010 units for $48,000.  No
units  were  purchased  during  2002  or  2001.  The Manager does not anticipate
additional  units  being  purchased  under  this  plan  in  the  future.

Estimates
---------

These financial statements have been prepared on the accrual basis of accounting
in accordance with accounting principles generally accepted in the United States
of  America.  This  requires  management  to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosures of contingent
assets and liabilities at the date of the financial statements, and the reported
amounts  of  revenues  and expenses during the reporting period.  Actual results
could  differ  from  those  estimates.

Operations
----------

     The  equipment  of  the  Fund  is  managed,  under  a continuing management
agreement,  by  PLM Investment Management, Inc. (IMI), a wholly-owned subsidiary
of  FSI.  IMI  receives  a monthly management fee from the Fund for managing the
equipment  (see  Note  2).  FSI,  in  conjunction  with  its subsidiaries, sells
equipment  to  investor  programs  and third parties, manages pools of equipment
under  agreements  with  investor  programs,  and  is a general partner of other
programs.

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

1.          Basis  of  Presentation  (continued)
            -----------------------

Accounting  for  Leases
-----------------------

The  Fund's leasing operations generally consist of operating leases.  Under the
operating  lease  method  of  accounting, the lessor records the leased asset at
cost  and  depreciates  the leased asset over its estimated useful life.  Rental
payments  are  recorded  as  revenue over the lease term as earned in accordance
with  Statement of Financial Accounting Standards (SFAS) No. 13, "Accounting for
Leases"  (SFAS  No.  13).  Lease origination costs are capitalized and amortized
over  the  term  of  the  lease.

Depreciation  and  Amortization
-------------------------------

Depreciation  of  transportation equipment held for operating leases is computed
on the double-declining balance method taking a full month's depreciation in the
month  of  acquisition,  based  upon  estimated  useful  lives  of  15 years for
railcars,  and 12 years for most other types of equipment.  Certain aircraft are
depreciated  under the double-declining balance method over the lease term which
approximate  their  economic  life.  The depreciation method changes to straight
line when the annual depreciation expense using the straight-line method exceeds
that calculated by the double-declining balance method.  Major expenditures that
are  expected  to extend the useful lives or reduce future operating expenses of
equipment are capitalized and amortized over the estimated remaining life of the
equipment.  Debt  placement fees are amortized over the term of the related loan
using  the  straight-line method that approximates the effective interest method
and  are  included  in  interest  expense  in  the  accompanying  statements  of
operations  (see  Note  8).

Transportation  Equipment
-------------------------

Equipment  held  for  operating  leases  is  stated  at  cost.

In  accordance  with  SFAS No. 121, "Accounting for the Impairment of Long-Lived
Assets  and for Long-Lived Assets to Be Disposed Of" (SFAS No. 121), the Manager
reviewed the carrying value of the Fund's equipment portfolio at least quarterly
and  whenever  circumstances  indicated that the carrying values of an asset may
not  be  recoverable due to expected future market conditions.  If the projected
undiscounted  cash  flows and the fair value of the equipment were less than the
carrying  value  of  the  equipment,  an  impairment  loss  was  recorded.

In October 2001, the Financial Accounting Standards Board (FASB) issued SFAS No.
144,  "Accounting for the Impairment or Disposal of Long-Lived Assets" (SFAS No.
144), which replaced SFAS No. 121.  In accordance with SFAS No. 144, the Manager
evaluates  long-lived  assets  for  impairment  whenever events or circumstances
indicate that the carrying values of such assets may not be recoverable.  Losses
for  impairment  are recognized when the undiscounted cash flows estimated to be
realized  from  a  long-lived  asset are determined to be less than the carrying
value  of the asset and the carrying amount of long-lived assets exceed its fair
value.  The  determination of fair value for a given investment requires several
considerations,  including but not limited to, income expected to be earned from
the  asset, estimated sales proceeds, and holding costs excluding interest.  The
Fund  applied  the  new  rules  on  accounting for the impairment or disposal of
long-lived  assets  beginning  January  1,  2002.

The  estimate  of  the  fair  value  for  the  Fund's  owned and partially owned
equipment  is  based on the opinion of the Fund's equipment managers using data,
reasoning  and  analysis  of  prevailing market conditions of similar equipment,
data  from  recent  purchases, independent third party valuations and discounted
cash  flows.  The events of September 11, 2001, along with the change in general
economic conditions in the United States, have continued to adversely affect the
market  demand  for  both  new  and  used  commercial  aircraft and weakened the
financial  position  of  several  airlines.  Aircraft  condition, age, passenger
capacity,  distance  capability,  fuel  efficiency,  and other factors influence
market  demand  and  market  values  for  passenger  jet  aircraft.


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

1.          Basis  of  Presentation  (continued)
            -----------------------

Transportation  Equipment  (continued)
-------------------------

During  the  fourth  quarter  of 2002, the Fund reduced the net book value of 80
owned  tank  railcars  in  its  railcar  fleet to their fair value of $2,000 per
railcar, and recorded a $0.7 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of  the railcars' internal lining.  Repair of the railcars were determined to be
cost prohibitive.  The fair value of railcars with this defect was determined by
using  industry  expertise.  These  railcars  were  off  lease.  There  were  no
reductions  to  the  carrying  values  of  owned  equipment  in 2001 or 2000 nor
partially-owned  equipment  during  2002,  2001,  or  2000.

Investments  in  Unconsolidated  Special-Purpose  Entities
----------------------------------------------------------

The  Fund  has interests in unconsolidated special-purpose entities (USPEs) that
own  transportation  equipment.  These  are  single purpose entities that do not
have  any  debt  or other financial encumbrances and are accounted for using the
equity  method.

The Fund's interests in USPEs are managed by IMI.  The Fund's equity interest in
the  net  income  (loss)  of  USPEs  is reflected net of management fees paid or
payable  to  IMI.

Repairs  and  Maintenance
-------------------------

Repairs  and maintenance costs related to marine vessels, railcars, and trailers
are  usually  the  obligation  of the Fund and are charged against operations as
incurred.  Costs  associated  with  marine  vessel dry-docking are estimated and
accrued  ratably  over the period prior to such dry-docking.  If a marine vessel
is  sold  and  there  is  a  balance in the dry-docking reserve account for that
marine vessel, the balance in the reserve account is included as additional gain
on disposition.  Maintenance costs of aircraft and certain marine containers are
the  obligation of the lessee.  To meet the maintenance requirements of aircraft
airframes  and  engines,  reserve  accounts are prefunded by the lessee over the
period  of  the lease based on the number of hours this equipment is used, times
the  estimated  rate  to  repair  this  equipment.  If repairs exceed the amount
prefunded  by  the  lessee,  the  Fund has the obligation to fund and accrue the
difference.  In  certain  instances,  if  the  aircraft  is  sold and there is a
balance  in the reserve account for repairs to that aircraft, the balance in the
reserve account is reclassified as additional gain on disposition.  The aircraft
reserve  accounts and marine vessel dry-docking reserve accounts are included in
the  accompanying  balance  sheets  as lessee deposits and reserves for repairs.

Net  Income  (Loss)  and  Distributions  per  Unit
--------------------------------------------------

The net profits and losses of the Fund are generally allocated 1% to the Class B
Member  and  99%  to the Class A Members.  The Class B Member or Manager will be
specially  allocated  (i)  100%  of  the Fund's organizational and offering cost
amortization  expenses  and (ii) income equal to the excess of cash distribution
over  the  Manager's 1% share of net profits.  The effect on the Class A Members
of  this  special income allocation will be to increase the net loss or decrease
the  net  profits  allocable  to the Class A Members by an equal amount.  During
2002,  the Manager received a special allocation of income of $0.9 million ($1.0
million  and  $1.7  million  in  2001  and  2000, respectively) in excess of its
prorata ownership share.  Cash distributions of the Fund are generally allocated
85%  to  the  Class  A Members and 15% to the Manager and may include amounts in
excess  of  net income.  After the investors receive cash distributions equal to
their  original  capital  contributions,  the  Manager's  interest  in  the cash
distributions of the Fund will increase to 25%.  The Class A Members' net income
(loss)  is  allocated  among  the Class A Members based on the number of Class A
units  owned by each member and on the number of days of the year each member is
in  the  Fund.

Cash distributions are recorded when declared.  Cash distributions are generally
paid  in  the  same  quarter  they  are declared.  Monthly unitholders receive a
distribution  check 15 days after the close of the previous month's business and
quarterly  unitholders  receive  a distribution check 45 days after the close of
the  quarter.

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

1.          Basis  of  Presentation  (continued)
            -----------------------

Net  Income  (Loss)  and  Distributions  per  Unit  (continued)
--------------------------------------------------

For the years ended December 31, 2002, 2001 and 2000, cash distributions totaled
$5.9 million, $6.6 million, and $11.7 million, respectively, or $1.01, $1.11 and
$2.00  per  weighted-average  Class  A  unit,  respectively.

Cash distributions to Class A Unitholders in excess of net income are considered
a  return of capital.  Cash distributions to Class A Unitholders of $5.0 million
and  $6.9  million in 2002 and 2000, respectively, were deemed to be a return of
capital.  None  of  the  cash distributions paid during 2001 were deemed to be a
return  of  capital.

Cash  distributions  related to the fourth quarter of 2002 of $0.8 million, 2001
of  $0.9  million,  and  2000 of $1.2 million, were declared and paid during the
first  quarter  of  2003,  2002,  and  2001,  respectively.

The  Manager  has  announced  that the Fund will not make a monthly or quarterly
cash  distribution  to its members related to the first quarter 2003 operations.

Net  Income  (Loss)  Per  Weighted-Average  Class  A  Unit
----------------------------------------------------------

Net income (loss) per weighted-average Class A unit was computed by dividing net
income  (loss) attributable to Class A Members by the weighted-average number of
Class A units deemed outstanding during the period.  The weighted-average number
of Class A units deemed outstanding during the years ended December 31, 2002 and
2001  were  4,971,311  and  the  year  ended  December  31,  2000 was 4,971,968.

Cash  and  Cash  Equivalents
----------------------------

The  Fund  considers  highly  liquid investments that are readily convertible to
known  amounts  of cash with original maturities of three months or less as cash
equivalents.  The  carrying  amount  of cash equivalents approximates fair value
due  to  the  short-term  nature  of  the  investments.

Restricted  Cash
----------------

As  of  December  31,  2002,  restricted  cash  consists  of  bank  accounts and
short-term investments that are primarily subject to withdrawal restrictions per
the loan agreements.  At December 31, 2002, the Fund has a security deposit from
a marine container lessee of $0.5 million and a security deposit of $0.1 million
with  the warehouse facility lender (see Note 8) that are reported as restricted
cash.

Comprehensive  Income
---------------------

The  Fund's  comprehensive  income  is  equal  to net income for the years ended
December  31,  2002,  2001  and  2000.

New  Accounting  Standards
--------------------------

On June 29, 2001, SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS No.
142),  was  approved  by  the  FASB.  SFAS  No.  142  changes the accounting for
goodwill  and  other  intangible  assets determined to have an indefinite useful
life  from  an amortization method to an impairment-only approach.  Amortization
of applicable intangible assets will cease upon adoption of this statement.  The
Fund implemented SFAS No. 142 on January 1, 2002.  SFAS No. 142 had no impact on
the  Fund's  financial  position  or  results  of  operations.

In  April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements No.
4,  44,  and  64, Amendment of FASB No. 13, and Technical Corrections" (SFAS No.
145).  The  provisions  of  SFAS  No.

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

1.     Basis  of  Presentation  (continued)
       -----------------------

New  Accounting  Standards  (continued)
--------------------------

145  are  effective for fiscal years beginning after May 15, 2002.  As permitted
by  the pronouncement, the Fund has elected early adoption of SFAS No. 145 as of
January 1, 2002.  SFAS No. 145 had no impact on the Fund's financial position or
results  of  operations.

In  July  2002,  the  FASB issued SFAS No. 146, "Accounting for Costs Associated
with  Exit or Disposal Activities" (SFAS No. 146), which is based on the general
principle  that  a  liability  for  a  cost  associated with an exit or disposal
activity  should  be recorded when it is incurred and initially measured at fair
value.  SFAS  No. 146 applies to costs associated with (1) an exit activity that
does  not  involve  an entity newly acquired in a business combination, or (2) a
disposal activity within the scope of SFAS No. 146.  These costs include certain
termination benefits, costs to terminate a contract that is not a capital lease,
and  other  associated  costs  to  consolidate facilities or relocate employees.
Because the provisions of this statement are to be applied prospectively to exit
or disposal activities initiated after December 31, 2002, the effect of adopting
this  statement  cannot  be  determined.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and  Disclosure  Requirements  for  Guarantees, Including Indirect Guarantees of
Indebtedness of Others" (FIN 45).  This interpretation requires the guarantor to
recognize  a  liability for the fair value of the obligation at the inception of
the  guarantee.  The provisions of FIN 45 will be applied on a prospective basis
to  guarantees  issued  after  December  31,  2002.

In  January  2003, FASB issued Interpretation No. 46, "Consolidation of Variable
Interest  Entities" (FIN 46).  This interpretation clarifies existing accounting
principles  related to the preparation of consolidated financial statements when
the owners of an USPE do not have the characteristics of a controlling financial
interest  or when the equity at risk is not sufficient for the entity to finance
its  activities  without  additional subordinated financial support from others.
FIN  46  requires  the  Fund  to  evaluate all existing arrangements to identify
situations  where  the  Fund  has a "variable interest," commonly evidenced by a
guarantee  arrangement  or  other  commitment to provide financial support, in a
"variable  interest  entity,"  commonly a thinly capitalized entity, and further
determine  when  such  variable  interest  requires  the Fund to consolidate the
variable  interest  entities'  financial  statements  with its own.  The Fund is
required  to  perform  this assessment by September 30, 2003 and consolidate any
variable  interest  entities  for  which  the Fund will absorb a majority of the
entities'  expected losses or receive a majority of the expected residual gains.
The  Fund  has  determined  that  it  is not reasonably possible that it will be
required to consolidate or disclose information about a variable interest entity
upon  the  effective  date  of  FIN  46.

Reclassifications
-----------------

Certain amounts in the 2001 and 2000 financial statements have been reclassified
to  conform  to  the  2002  presentations.

2.     Transactions  with  Manager  and  Affiliates
       --------------------------------------------

An  officer  of  FSI  contributed  the  $100 of the Fund's initial capital.  The
equipment  management  agreement,  subject  to  certain reductions, requires the
payment  of  a  monthly management fee attributable to either owned equipment or
interests  in  equipment owned by the USPEs to be paid to IMI in an amount equal
to  the  lesser  of  (i)  the fees that would be charged by an independent third
party for similar services for similar equipment or (ii) the sum of (A) for that
equipment  for  which IMI provides only basic equipment management services, (a)
2%  of  the  gross  lease revenues attributable to equipment which is subject to
full  payout  net  leases,  (b)  5%  of the gross lease revenues attributable to
equipment  that  is  subject to operating leases, and (B) for that equipment for
which  IMI  provides supplemental equipment management services, 7% of the gross
lease  revenues attributable to equipment for which IMI provides both management
and  additional  services.  The  Fund  management fee in 2002, 2001 and 2000 was
$0.9  million,  $1.3  million  and  $1.2  million,  respectively.  The  Fund
reimbursed  FSI  or  its  affiliates  $0.3  million,

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

2.     Transactions  with  Manager  and  Affiliates  (continued)
       --------------------------------------------

$0.5  million,  and  $0.9  million  for  data  processing  expenses  and  other
administrative  services  performed on behalf of the Fund during 2002, 2001, and
2000.

The  Fund's  proportional  share  of USPE management fees to affiliate were $0.1
million  during  2002,  2001,  and  2000,  and  the Fund's proportional share of
administrative  and  data  processing  expenses  to affiliate were $12,000, $0.1
million,  and  $34,000 during 2002, 2001, and 2000, respectively.  Both of these
affiliate  expenses reduced the Fund's proportional share of the equity interest
in  the  income  in  USPEs.

During  the  liquidation phase of the Fund, Transportation Equipment Corporation
(TEC)  will  be  entitled  to  receive an equipment liquidation fee equal to the
lesser  of (i) 3% of the sales price of equipment sold on behalf of the Fund, or
(ii)  50%  of  the  "Competitive  Equipment  Sale Commission," as defined in the
agreement,  if  certain  conditions are met. TEC is a wholly-owned subsidiary of
the  Manager.  In  certain  circumstances,  the  Manager  will  be entitled to a
monthly  re-lease  fee  for  re-leasing services following the expiration of the
initial  lease,  charter  or  other  contract for certain equipment equal to the
lesser  of (a) the fees which would be charged by an independent third party for
comparable  services  for comparable equipment or (b) 2% of gross lease revenues
derived  from  such  re-lease,  provided, however; that no re-lease fee shall be
payable  if such fee would cause the combination of the equipment management fee
paid to IMI and the re-lease fees with respect to such transactions to exceed 7%
of  gross  lease  revenues.

The  Fund  had  an  interest in certain equipment in conjunction with affiliated
programs  during  2002,  2001,  and  2000  (see  Note  5).

The  balance  due  to  affiliates as of December 31, 2002, included $0.2 million
($0.3 million at December 31, 2001) due to FSI and its affiliates for management
fees.

3.     Cash  Held  in  Escrow  Accounts
       --------------------------------

In  December  2002, the Manager entered into five escrow agreements on behalf of
the  Fund.  The  Manager  placed  $19.8  million  with  the  escrow  agent,  an
unaffiliated  third  party,  during  2002.  These  funds will be used to pay for
equipment  in  2003  for  which  the  Manager had entered into a legally binding
commitment  to  purchase  in  2002  (see  Notes  4,  12  and  13).

4.     Equipment
       ---------

The  components  of  owned  equipment  as  of  December  31,  are as follows (in
thousands  of  dollars):
<TABLE>
<CAPTION>


Equipment Held for Operating Leases    2002       2001
---------------------------------------------------------
<S>                                  <C>        <C>
Marine containers . . . . . . . . .  $ 31,121   $ 31,405
Railcars. . . . . . . . . . . . . .    19,463     19,495
Marine vessel . . . . . . . . . . .    17,000     17,000
Aircraft. . . . . . . . . . . . . .    15,358     15,358
Trailers. . . . . . . . . . . . . .     6,530      6,575
                                     ---------  ---------
                                       89,472     89,833
Less accumulated depreciation . . .   (55,619)   (48,425)
                                     ---------  ---------
  Net equipment . . . . . . . . . .  $ 33,853   $ 41,408
                                     =========  =========
</TABLE>


Revenues  are  earned  under  operating  leases.  A portion of the Fund's marine
containers  are  leased  to  operators  of  utilization-type  leasing pools that
include  equipment  owned  by unaffiliated parties.  In such instances, revenues
earned  by  the  Fund  consist  of  a specified percentage of the total revenues
generated  by leasing the pooled equipment to sublessees after deducting certain
direct  operating expenses of the pooled equipment.  The Fund's marine vessel is
operating  on  short-term  leases  which

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

4.     Equipment  (continued)
       ---------

usually  have  a  duration  of  less than one year.  Lease revenues for trailers
operating  with short-line railroad systems are based on a per-diem lease in the
free  running railroad interchange.  Rents for the remaining equipment are based
on  fixed  rates.

Equipment held for operating leases is stated at cost less any reductions to the
carrying  value as required by SFAS No. 144.  During the fourth quarter of 2002,
the  Fund  recorded  a  write-down  of  certain owned tank railcars representing
impairment  to  the  carrying  value.  The Fund reduced the net book value of 80
owned  tank  railcars  in  its  railcar  fleet to their fair value of $2,000 per
railcar, and recorded a $0.7 million impairment loss.  The impairment was caused
by  a  general recall due to a manufacturing defect allowing extensive corrosion
of  the  railcars' internal lining.  Repairing the railcars was determined to be
cost prohibitive.  The fair value of railcars with this defect was determined by
using  industry  expertise.  These  railcars were off lease.  No reductions were
required  to  the  carrying value of wholly owned equipment during 2001 or 2000.

As  of  December  31,  2002,  all owned equipment in the Fund's portfolio was on
lease  except for one commercial aircraft and 172 railcars with a net book value
of  $0.9  million.  As  of  December 31, 2001, all owned equipment in the Fund's
portfolio  was  on  lease  except  for 62 railcars with a net book value of $0.5
million.

No equipment was purchased during the year ended December 31, 2002; however, the
Manager,  on  behalf  of the Fund, entered into commitments to purchase railcars
totaling  $19.8  million.  The funds to purchase this equipment have been placed
with  an  unaffiliated  escrow agent.  The equipment is expected to be delivered
and  paid  for  in  2003.  The  Fund  made capital improvements in 2002 totaling
$11,000.  During  the  year  ended  December 31, 2001, the Fund purchased marine
containers  for  $2.3  million.

During the year ended December 31, 2002, the Fund disposed of marine containers,
railcars and trailers with a net book value of $0.2 million for proceeds of $0.4
million.  During the year ended December 31, 2001, the Fund disposed of a marine
vessel, an aircraft, marine containers, trailers, and railcars with an aggregate
net  book value of $3.2 million, for proceeds of $10.2 million.  Included in the
2001  gain  on  disposition  of  assets is the unused portion of aircraft engine
reserves  of  $0.8  million.

All owned equipment on lease is being accounted for as operating leases.  Future
minimum  rent  under  noncancelable operating leases as of December 31, 2002 for
the  owned  equipment  during each of the next five years are approximately $5.8
million  in  2003;  $4.0  million in 2004; $1.6 million in 2005; $0.6 million in
2006;  $0.5  million  in  2007;  and  $2.9  million  thereafter.  Per  diem  and
short-term  rentals  consisting  of  utilization rate lease payments included in
revenues amounted to approximately $11.7 million, $10.2 million and $6.2 million
in  2002,  2001,  and  2000,  respectively.

5.     Investments  in  Unconsolidated  Special  Purpose  Entities
       -----------------------------------------------------------

The  Fund  owns  equipment  jointly  with  affiliated programs. These are single
purpose  entities  that  do  not  have any debt or other financial encumbrances.

Ownership  interest  is based on the Fund's contribution towards the cost of the
equipment  in  the  USPEs.  The  Fund's  proportional share of equity and income
(loss)  in  each  entity  is not necessarily the same as its ownership interest.
The  primary  reason  for  this  difference  has to do with certain fees such as
management  and  acquisition and lease negotiation fees varying among the owners
of  the  USPEs.

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

5.     Investments  in  Unconsolidated  Special  Purpose  Entities  (continued)
       -----------------------------------------------------------

The  tables  below  set forth 100% of the assets, liabilities, and equity of the
entities  in which the Fund has an interest and the Fund's proportional share of
equity  in  each  entity  as  of  December  31,  2002  and 2001 (in thousands of
dollars):
<TABLE>
<CAPTION>


                                               TWA        TWA
                                            S/N 49183    MD-82
As of December 31, 2002                      Trust1     Trust2   Total
----------------------------------------------------------------------
<S>                                        <C>          <C>      <C>
Assets
  Equipment less accumulated depreciation  $       --   $ 4,192
                                           -----------  -------
    Total assets. . . . . . . . . . . . .  $       --   $ 4,192
                                           ===========  =======
Liabilities
  Due to affiliates . . . . . . . . . . .  $        6   $     6
                                           -----------  -------
    Total liabilities . . . . . . . . . .           6         6
                                           -----------  -------

Equity. . . . . . . . . . . . . . . . . .          (6)    4,186
                                           -----------  -------
    Total liabilities and equity. . . . .  $       --   $ 4,192
                                           ===========  =======

Fund's share of equity. . . . . . . . . .  $       --   $ 2,044  $2,044
                                           ===========  =======  ======
</TABLE>


<TABLE>
<CAPTION>


                                               TWA        TWA
                                            S/N 49183    MD-82
As of December 31, 2001                      Trust1     Trust2   Total
----------------------------------------------------------------------
<S>                                        <C>          <C>      <C>
Assets
  Equipment less accumulated depreciation  $       --   $ 5,590
                                           -----------  -------
    Total assets. . . . . . . . . . . . .  $       --   $ 5,590
                                           ===========  =======

Liabilities
  Accounts payable. . . . . . . . . . . .  $        7   $     7
  Due to affiliates . . . . . . . . . . .           5        16
                                           -----------  -------
    Total liabilities . . . . . . . . . .          12        23
                                           -----------  -------

Equity. . . . . . . . . . . . . . . . . .         (12)    5,567
                                           -----------  -------
    Total liabilities and equity. . . . .  $       --   $ 5,590
                                           ===========  =======

Fund's share of equity. . . . . . . . . .  $       --   $ 2,754  $2,754
                                           ===========  =======  ======
</TABLE>


The  tables  below  set  forth  100%  of  the  revenues,  gain on disposition of
equipment,  direct  and indirect expenses, and net income (loss) of the entities
in  which  the Fund has an interest, and the Fund's proportional share of income
(loss)  in  each entity for the years ended December 31, 2002, 2001 and 2000 (in
thousands  of  dollars):
<TABLE>
<CAPTION>

<S>                                <C>           <C>       <C>      <C>
                                       TWA         TWA
For the year ended. . . . . . . .   S/N 49183     MD-82
        December 31, 2002 . . . .    Trust1       Trust2    Other    Total
--------------------------------------------------------------------------
  Revenues. . . . . . . . . . . .  $    1,260   $ 1,260   $   --
  Less: Direct expenses . . . . .          (1)       --       (7)
            Indirect expenses . .          78     1,478        1
                                   -----------  --------  -------
    Net income (loss) . . . . . .  $    1,183   $  (218)  $    6
                                   ===========  ========  =======

Fund's share of net income (loss)  $      553   $   (93)  $    3   $  463
                                   ===========  ========  =======  ======
</TABLE>








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

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

5.     Investments  in  Unconsolidated  Special  Purpose  Entities  (continued)
       -----------------------------------------------------------
<TABLE>
<CAPTION>

<S>                                  <C>          <C>      <C>            <C>
                                         TWA        TWA
For the year ended. . . . . . . . .   S/N 49183     MD-82    Spear
        December 31, 2001 . . . . .     Trust1     Trust2   Partnership3   Total
  Revenues. . . . . . . . . . . . .  $    1,477   $ 3,126  $         710
--------------------------------------------------------------------------------
  Gain on disposition of equipment.          --        --            458
  Less: Direct expenses . . . . . .          26        22            578
            Indirect expenses . . .       1,888     2,077            280
                                     -----------  -------  -------------
    Net income (loss) . . . . . . .  $     (437)  $ 1,027  $         310
                                     ===========  =======  =============

Fund's share of net income (loss) .  $     (191)  $   561  $         231  $  601
                                     ===========  =======  =============  ======
</TABLE>


<TABLE>
<CAPTION>

<S>                                <C>         <C>       <C>
                                       TWA        TWA
For the year ended. . . . . . . .   S/N 49183    MD-82        Spear
        December 31, 2000 . . . .     Trust1     Trust2    Partnership3
-----------------------------------------------------------------------
  Revenues. . . . . . . . . . . .  $    2,402  $ 1,847   $       1,255
  Less: Direct expenses . . . . .          23       26           1,273
            Indirect expenses . .       1,913    2,607             493
                                   ----------  --------  --------------
    Net income (loss) . . . . . .  $      466  $  (786)  $        (511)
                                   ==========  ========  ==============

Fund's share of net income (loss)  $      260  $  (361)  $        (255)
                                   ==========  ========  ==============
</TABLE>


<TABLE>
<CAPTION>

<S>                                    <C>          <C>          <C>            <C>

For the year ended. . . . . . . . . .   Canadian     Canadian       Hyde
        December 31, 2000 (continued)  Trust #2 4   Trust #3 5   Partnership6   Total
-------------------------------------------------------------------------------------
  Revenues. . . . . . . . . . . . . .  $        31  $        14  $          --
  Gain on disposition of equipment. .           --           --            300
  Less: Direct expenses . . . . . . .           --           --             --
            Indirect expenses . . . .           --           --             13
                                       -----------  -----------  -------------
    Net income (loss) . . . . . . . .  $        31  $        14  $         287
                                       ===========  ===========  =============

Fund's share of net income (loss) . .  $         3  $         3  $         174  $ (176)
                                       ===========  ===========  =============  =======
</TABLE>


As of December 31, 2002 and 2001, all jointly-owned equipment in the Fund's USPE
portfolio  was  on  lease.

During  2001, the Manager sold a container marine vessel of which the Fund had a
50%  interest.  The Fund's interest in this entity was sold for proceeds of $0.9
million for its net investment of $0.8 million.  Included in the gain on sale of
this  entity  was  the  unused portion of marine vessel dry-docking liability of
$0.2  million.

All jointly owned equipment on lease is being accounted for as operating leases.
The  Fund's  proportionate  share  of  future  minimum  rent under noncancelable
operating  leases as of December 31, 2002 for the jointly owned equipment during
each of the next five years are approximately $1.3 million in 2003; $1.3 million
in  2004;  $1.3 million in 2005; $1.3 million in 2006; $1.3 million in 2007; and
$1.0  million  thereafter.

6.     Operating  Segments
       -------------------

The  Fund  operates  or  operated  in  five  primary  operating segments: marine
container leasing, aircraft leasing, railcar leasing, marine vessel leasing, and
trailer  leasing.  Each  equipment  leasing  segment  engages  in  short-term to
mid-term  operating  leases  to  a  variety  of  customers.

1     The Fund owns a 50% interest of the TWA S/N 49183 Trust that owns an MD-82
stage  III  commercial  aircraft.
2     The  Fund  owns  a  50% interest in the TWA MD-82 Trust that owns an MD-82
stage  III  commercial  aircraft.
3     The  Fund  owned  a  50%  interest  in  the Spear Partnership that owned a
container  feeder  vessel.
4     The  Fund owned a 50% interest in the Canadian Air Trust #2 that owned two
Boeing  737-200  commercial  aircraft.
5     The Fund owned a 25% interest in the Canadian Air Trust #3 that owned four
Boeing  737-200  commercial  aircraft.
6     The  Fund owned a 61% interest in the Hyde Partnership that owned a mobile
offshore  drilling  unit.


<PAGE>

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

6.     Operating  Segments  (continued)
       -------------------

The  Manager  evaluates  the performance of each segment based on profit or loss
from  operations  before interest expense and certain general and administrative
and  operations  support  expenses.  The  segments are managed separately due to
different  business  strategies  for each operation.  The accounting policies of
the  Fund's  operating  segments  are  the same as described in Note 1, Basis of
Presentation.  There  were no intersegment revenues for the years ended December
31,  2002,  2001  and  2000.

The  following  tables present a summary of the operating segments (in thousands
of  dollars):

<TABLE>
<CAPTION>


                                              Marine                           Marine
                                            Container   Aircraft    Railcar    Vessel     Trailer
For the Year Ended December 31, 2002         Leasing     Leasing    Leasing    Leasing    Leasing    Other 1    Total
---------------------------------------------------------------------------------------------------------------------
<S>                                         <C>         <C>        <C>        <C>        <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . . .  $    5,022  $   2,645  $  2,999   $  6,258   $  1,212   $     --   $18,136
  Interest and other income. . . . . . . .          --         33        21          7         --        390       451
  Gain (loss) on disposition of equipment.         162         --       (12)        --          9         --       159
                                            ----------  ---------  ---------  ---------  ---------  ---------  --------
     Total revenues. . . . . . . . . . . .       5,184      2,678     3,008      6,265      1,221        390    18,746
                                            ----------  ---------  ---------  ---------  ---------  ---------  --------

EXPENSES
  Operations support . . . . . . . . . . .          54         27       715      5,120        616         63     6,595
  Depreciation . . . . . . . . . . . . . .       3,683         --     1,116      1,480        367         --     6,646
  Interest expense . . . . . . . . . . . .          --         --        --         --         --      1,413     1,413
  Management fees to affiliate . . . . . .         251         26       199        313         62         --       851
  General and administrative expenses. . .          --         56       183         52        203      1,090     1,584
  Impairment loss. . . . . . . . . . . . .          --         --       719         --         --         --       719
  Provision for bad debts. . . . . . . . .          --      2,136        22         --         23         --     2,181
                                            ----------  ---------  ---------  ---------  ---------  ---------  --------
     Total expenses. . . . . . . . . . . .       3,988      2,245     2,954      6,965      1,271      2,566    19,989
                                            ----------  ---------  ---------  ---------  ---------  ---------  --------
Equity in net income of USPEs. . . . . . .          --        460        --          3         --         --       463
                                            ----------  ---------  ---------  ---------  ---------  ---------  --------
Net income (loss). . . . . . . . . . . . .  $    1,196  $     893  $     54   $   (697)  $    (50)  $ (2,176)  $  (780)
                                            ==========  =========  =========  =========  =========  =========  ========

Total assets as of Dcember 31, 2002. . . .  $   19,997  $   2,305  $ 26,380   $  7,959   $  1,898   $  1,134   $59,673
                                            ==========  =========  =========  =========  =========  =========  ========
</TABLE>


















1     Includes  certain  assets  not  identifiable to a specific segment such as
cash,  certain restricted cash, debt placement fees, and prepaid expenses.  Also
includes  interest  income  and  costs not identifiable to a particular segment,
such  as  interest  expense,  general and administrative, and operations support
expenses.

<PAGE>

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

6.     Operating  Segments  (continued)
       -------------------

<TABLE>
<CAPTION>


                                            Marine                          Marine
                                          Container   Aircraft    Railcar    Vessel    Trailer
For the Year Ended December 31, 2001       Leasing     Leasing    Leasing   Leasing    Leasing    Other 1    Total
------------------------------------------------------------------------------------------------------------------
<S>                                       <C>         <C>        <C>        <C>       <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . .  $    5,196  $   3,971  $  3,357   $  5,548  $  1,126   $     --   $19,198
  Interest and other income. . . . . . .          --         33         8         56        --        711       808
  Gain on disposition of equipment . . .           7      6,820         8        963        14         --     7,812
                                          ----------  ---------  ---------  --------  ---------  ---------  -------
     Total revenues. . . . . . . . . . .       5,203     10,824     3,373      6,567     1,140        711    27,818
                                          ----------  ---------  ---------  --------  ---------  ---------  -------

EXPENSES
  Operations support . . . . . . . . . .          72         25       671      3,713       512        109     5,102
  Depreciation . . . . . . . . . . . . .       4,529      1,543     1,288      1,776       400         --     9,536
  Interest expense . . . . . . . . . . .          --         --        --         --        --      1,631     1,631
  Management fees to affiliate . . . . .         260        466       224        270        57         --     1,277
  General and administrative expenses. .           1         24        87         58       190        927     1,287
  Provision for (recovery of) bad debts.          --        894       (27)       154       (20)        --     1,001
                                          ----------  ---------  ---------  --------  ---------  ---------  -------
     Total expenses. . . . . . . . . . .       4,862      2,952     2,243      5,971     1,139      2,667    19,834
                                          ----------  ---------  ---------  --------  ---------  ---------  -------
Equity in net income of USPEs. . . . . .          --        370        --        231        --         --       601
                                          ----------  ---------  ---------  --------  ---------  ---------  -------
Net income (loss). . . . . . . . . . . .  $      341  $   8,242  $  1,130   $    827  $      1   $ (1,956)  $ 8,585
                                          ==========  =========  =========  ========  =========  =========  =======

Total assets as of Dcember 31, 2001. . .  $   23,829  $   3,280  $  8,494   $  9,271  $  2,354   $ 22,028   $69,256
                                          ==========  =========  =========  ========  =========  =========  =======

</TABLE>



























1     Includes  certain  assets  not  identifiable to a specific segment such as
cash,  certain restricted cash, debt placement fees, and prepaid expenses.  Also
includes  interest  income  and  costs not identifiable to a particular segment,
such  as  interest  expense,  general and administrative, and operations support
expenses.

<PAGE>

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

6.     Operating  Segments  (continued)
       -------------------
<TABLE>
<CAPTION>


                                            Marine                           Marine
                                          Container    Aircraft   Railcar    Vessel     Trailer
For the Year Ended December 31, 2000       Leasing     Leasing    Leasing    Leasing    Leasing    Other 1    Total
-------------------------------------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>       <C>        <C>        <C>        <C>

REVENUES
  Lease revenue. . . . . . . . . . . . .  $    4,113  $   4,057   $  3,652  $  7,645   $  3,482   $     --   $22,949
  Interest and other income. . . . . . .          --          2          6       657         --        418     1,083
  Gain on disposition of equipment . . .          --         --         84     1,798      2,074         --     3,956
                                          ----------  ----------  --------  ---------  ---------  ---------  --------
     Total revenues. . . . . . . . . . .       4,113      4,059      3,742    10,100      5,556        418    27,988
                                          ----------  ----------  --------  ---------  ---------  ---------  --------

EXPENSES
  Operations support . . . . . . . . . .          18         35        609     3,731        895         38     5,326
  Depreciation . . . . . . . . . . . . .       3,428      2,314      1,499     4,347      1,227         --    12,815
  Interest expense . . . . . . . . . . .          --         --         --        --         --      1,851     1,851
  Management fees to affiliate . . . . .         206        203        241       384        198         --     1,232
  General and administrative expenses. .          --         12         97        81        718        864     1,772
  Provision for (recovery of) bad debts.          --         --          1        --         (6)        --        (5)
                                          ----------  ----------  --------  ---------  ---------  ---------  --------
     Total expenses. . . . . . . . . . .       3,652      2,564      2,447     8,543      3,032      2,753    22,991
                                          ----------  ----------  --------  ---------  ---------  ---------  --------
Equity in net income (loss) of USPEs . .          --        (95)        --      (255)        --        174      (176)
                                          ----------  ----------  --------  ---------  ---------  ---------  --------
Net income (loss). . . . . . . . . . . .  $      461  $   1,400   $  1,295  $  1,302   $  2,524   $ (2,161)  $ 4,821
                                          ==========  ==========  ========  =========  =========  =========  ========
</TABLE>


7.     Geographic  Information
       -----------------------

The  Fund owns certain equipment that is leased and operated internationally.  A
limited number of the Fund's transactions are denominated in a foreign currency.
Gains or losses resulting from foreign currency transactions are included in the
results  of  operations  and  are  not  material.

The  Fund  leases  aircraft, railcars and trailers to lessees domiciled in three
geographic  regions:  United  States,  South  America,  and  Canada.  The marine
vessels,  mobile  offshore  drilling  unit  and marine containers were leased to
multiple  lessees  in  different  regions  who operated the equipment worldwide.

The following table sets forth lease revenue information by region for the owned
equipment  and  investments  in USPEs, grouped by domicile of the lessees, as of
and  for  the  years  ended  December  31,  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                         Owned Equipment         Investments in USPEs
                        ----------------         --------------------
Region               2002     2001     2000     2002     2001     2000
----------------------------------------------------------------------
<S>                <C>       <C>      <C>      <C>      <C>      <C>

United States . .  $ 3,117  $ 3,168  $ 5,081  $ 1,260  $ 1,505  $ 2,124
South America . .    2,645    3,972    4,057       --       --       --
Canada. . . . . .    1,094    1,314    2,053       --       --       --
Rest of the world   11,280   10,744   11,758       --      354      625
                   -------  -------  -------  -------  -------  -------
   Lease revenues  $18,136  $19,198  $22,949  $ 1,260  $ 1,859  $ 2,749
                   ======  ========  =======  =======  =======  =======
</TABLE>







1     Includes  interest  income  and  costs  not  identifiable  to a particular
segment,  such as, interest expense,  general and administrative, and operations
support  expenses.  Also  includes  gain  from the sale from an investment in an
entity  that  owned  a  mobile  offshore  drilling  unit.

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

7.     Geographic  Information  (continued)
       -----------------------

The  following  table  sets  forth income (loss) information by region for owned
equipment  and  investments  in  USPEs  for  the years ended December 31, are as
follows  (in  thousands  of  dollars):
<TABLE>
<CAPTION>


                                 Owned Equipment         Investments in USPEs
                                 ---------------         --------------------
Region                       2002     2001     2000     2002     2001     2000
-------------------------------------------------------------------------------
<S>                        <C>       <C>      <C>      <C>      <C>      <C>

United States . . . . . .  $   (203)  $   714  $ 2,949  $  460  $  370  $  (101)
South America . . . . . .       432     7,873    1,496      --      --       --
Canada. . . . . . . . . .       208       415      867      --      --        6
Rest of the world . . . .       496       937    2,018       3     231      (81)
                           ---------  -------  -------  ------  ------  --------
   Regional income (loss)       933     9,939    7,330     463     601     (176)
Administrative and other.    (2,176)   (1,955)  (2,333)     --      --       --
                           ---------  -------  -------  ------  ------  --------
  Net income (loss) . . .  $ (1,243)  $ 7,984  $ 4,997  $  463  $  601  $  (176)
                           =========  =======  =======  ======  ======  ========
</TABLE>


The  net book value of owned assets and the net investment in the unconsolidated
special-purpose  entities  at  December  31,  are  as  follows  (in thousands of
dollars):
<TABLE>
<CAPTION>


                     Owned Equipment Investments in USPEs
                     --------------  --------------------
Region                2002     2001     2002     2001
---------------------------------------------------------
<S>                <C>        <C>      <C>      <C>

United States . .  $  4,667  $ 6,264  $ 2,044  $  2,754
Canada. . . . . .     3,473    4,092       --        --
Rest of the world    25,713   31,052       --        --
                   --------  -------  -------  --------
   Net book value  $ 33,853  $41,408  $ 2,044  $  2,754
                   ========  =======  =======  ========
</TABLE>


8.     Debt
       ----

In  December  1996,  the Fund entered into an agreement to issue a $25.0 million
long-term note to an institutional investor.  The loan was funded in March 1997.
The note bears interest at a fixed rate of 7.33% per annum and has a maturity in
2006.  Interest  on  the  note  is  payable  semi-annually.  The  remaining note
balance  of  $16.0  million  will  be  repaid  in two principal payments of $3.0
million on December 31, 2003 and 2004 and two principal payments of $5.0 million
on  December  31,  2005 and 2006.  The Fund has made all the regularly scheduled
principal  payments  and  semiannual interest payments to the lender of the note
when  due. The Fund's wholly and jointly owned equipment is used as collateral
to the note.

The  Manager estimates, based on recent transactions, that the fair value of the
$16.0  million  fixed-rate  note  is  $17.0  million.

The  Fund is a participant in a $10.0 million warehouse facility.  The warehouse
facility  is  shared  by  the  Fund,  PLM Equipment Growth Fund V, PLM Equipment
Growth  Fund  VI,  PLM  Equipment  Growth  & Income Fund VII and Acquisub LLC, a
wholly  owned  subsidiary of PLMI.  In July 2002, PLMI reached an agreement with
the  lenders  of  the  $10.0 million warehouse facility to extend the expiration
date  of  the facility to June 30, 2003.  The facility provides for financing up
to  100%  of  the  cost  of  the  equipment.  Any  borrowings  by  the  Fund are
collateralized  by  equipment  purchased  with  the  proceeds  of  the  loan.
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 June
30,  2003.  Interest  accrues either at the prime rate or LIBOR plus 2.0% at the
borrower's  option and is set at the time of an advance of funds.  Borrowings by
the  Fund  are guaranteed by PLMI.  The Fund is not liable for the advances made
to  other  borrowers.

As  of  December  31,  2002,  the  Fund had no borrowings outstanding under this
facility  and  there were no other borrowings outstanding under this facility by
any  other  eligible  borrower.

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

9.     Concentrations  of  Credit  Risk
       --------------------------------

For  the years ended December 31, 2002, 2001 and 2000, the Fund's customers that
accounted  for  10%  or  more  of the total revenues for the owned equipment and
jointly  owned  equipment  were  Capital  Leasing  (18% in 2002) and Varig South
America  ("Varig")  (13%, 12% and 13%, respectively).  In addition, during 2001,
AON Limited IBA purchased a Boeing 737-200A stage II commercial aircraft and the
gain  from  the  disposal  accounted  for  20% of total revenues from wholly and
jointly  owned  equipment.

During  2001,  Varig  notified  the Manager of its intention to return the three
aircraft under lease and stopped making lease payments.  The Fund has a security
deposit  from  Varig  that  could  be  used  to pay a portion of the amount due.
During  October  2001, the Manager sent a notification of default to Varig.  The
lease,  which expired in October 2002, had certain return condition requirements
for  the  aircraft.  The  Manager  recorded  an  allowance for bad debts for the
amount  due less the security deposit.  During October 2002, the Manager reached
an  agreement  with Varig for the past due lease payments and agreed to re-lease
two  of these aircraft to them until March 2003 at a lower lease rate.  In order
to  give  Varig  an  incentive  to  make  timely payments in accordance with the
agreement,  the Manager gave a discount on the total amount due.  If Varig fails
to  comply  with  the  payment schedule in the agreement, the discount provision
will be waived and the full amount again becomes payable.  Varig made an initial
payment  during  October  2002,  to be followed by 23 equal monthly installments
beginning  in November 2002.  Unpaid outstanding amounts will accrue interest at
a  rate  of  5%.  The balance outstanding at December 31, 2002 was $3.6 million.
Due  to  the  uncertainty  of  ultimate collection, the Manager will continue to
fully reserve the unpaid outstanding balance less the security deposit from this
lessee.  As  of December 31, 2002, Varig was current with all payments due under
the  agreement.

As  of  December  31,  2002 and 2001, the Manager believed the Fund had no other
significant  concentrations  of  credit  risk that could have a material adverse
effect  on  the  Fund.

10.          Income  Taxes
             -------------

The  Fund  is  not subject to income taxes, as any income or loss is included in
the tax returns of the individual members.  Accordingly, no provision for income
taxes  has  been  made  in  the  financial  statements  of  the  Fund.

As  of  December  31,  2002,  the  federal  income tax basis was higher than the
financial  statement  carrying  values  of  certain  assets  and  liabilities by
approximately  $19.4  million,  primarily  due  to  differences  in depreciation
methods,  equipment  reserves,  provisions  for  bad  debts,  lessees'  prepaid
deposits,  and  the  tax  treatment  of  syndication  costs.

11.     Quarterly  Results  of  Operations  (unaudited)
        ----------------------------------

The  following  is a summary of the quarterly results of operations for the year
ended  December  31, 2002 (in thousands of dollars, except weighted-average unit
amounts):
<TABLE>
<CAPTION>

<S>                                  <C>      <C>      <C>          <C>         <C>
                                     March    June     September    December
                                      31,      30,        30,         31,        Total
---------------------------------------------------------------------------------------
Operating results:
  Total revenues. . . . . . . . . .  $4,852   $4,876   $    4,497   $   4,521   $18,746
  Net income (loss) . . . . . . . .      81     (128)        (593)       (140)     (780)

Per weighted-average Class A unit:

Net loss. . . . . . . . . . . . . .  $(0.03)  $(0.07)  $    (0.16)  $   (0.07)  $ (0.33)
</TABLE>


The following is a list of the major events that affected the Fund's performance
during  2002:

          (i)     In the second quarter of 2002, administrative and professional
costs  increased  $0.2  million;


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

11.     Quarterly  Results  of  Operations  (unaudited)  (continued)
        ----------------------------------

          (ii)     In  the  third quarter of 2002, lease revenues decreased $0.4
million  due  to  a  lower  lease  rate  earned on the Fund's marine vessel; and

          (iii)     In the fourth quarter of 2002, an increase in the impairment
loss  of  $0.7  million  was  offset  by a decrease in indirect expenses of $0.7
million  due  to  lower  provision  for  bad  debts.

The  following  is a summary of the quarterly results of operations for the year
ended  December  31, 2001 (in thousands of dollars, except weighted-average unit
amounts):
<TABLE>
<CAPTION>

<S>                                 <C>     <C>     <C>         <C>        <C>
                                    March   June    September   December
                                     31,     30,       30,        31,       Total
----------------------------------------------------------------------------------
Operating results:
  Total revenues . . . . . . . . .  $5,708  $4,718  $    5,352  $  12,040  $27,818
  Net income . . . . . . . . . . .     553   1,246         604      6,182    8,585

Per weighted-average Class A unit:

Net income . . . . . . . . . . . .  $ 0.02  $ 0.21  $     0.08  $    1.20  $  1.51
</TABLE>


The following is a list of the major events that affected the Fund's performance
during  2001:

          (i)     In  the  second  quarter  of  2001, the Fund recognized a USPE
engine  reserve  liability  of  $0.8  million  as  income;  and

          (ii)     In  the  fourth quarter of 2001, the Fund sold an aircraft, a
marine  container,  and  trailers  for  a  total  gain  of  $6.8  million.

12.     Commitments  and  Contingencies
        -------------------------------

Commitment  to  Purchase  Railcars
----------------------------------

As  of December 31, 2002, the Manager has committed the Fund to purchase a total
of  $19.8  million  in  railcar equipment.  The funds to purchase these railcars
were  placed  with an unaffiliated escrow agent and are reported as cash held in
escrow  accounts  on  the accompanying 2002 balance sheet.  The Manager believes
these  purchases  will  be  completed  in  2003.

Warehouse  Credit  Facility  and  Notes  Payable
------------------------------------------------

See  Note  8  for  discussion  of  the  Fund's  debt  facilities.

Commitments  and  contingencies  as  of  December  31,  2002  are as follows (in
thousands  of  dollars):
<TABLE>
<CAPTION>


                                        Less than    1-3      4-5    After 5
Current Obligations              Total    1 Year    Years    Years    Years
-----------------------------------------------------------------------------
<S>                              <C>    <C>        <C>      <C>      <C>
Commitment to purchase railcars $19,792  $19,792  $     --  $   --  $   --
Notes payable                    16,000    3,000     8,000   5,000      --
Line of credit                       --       --        --      --      --
                                -------  -------  --------  ------  ------
                                $35,792  $22,792  $  8,000  $5,000  $   --
                                =======  =======  ========  ======  ======
</TABLE>


13.     Subsequent  Event
        -----------------

From  January  1,  2003  through March 25, 2003, the Fund paid $12.1 million for
railcars  that it had committed to purchase in 2002.  The funds to purchase this
equipment  were  classified  as cash held in escrow accounts on the accompanying
2002  balance  sheet.


<PAGE>
------





INDEPENDENT  AUDITORS'  REPORT



The  Members
Professional  Lease  Management  Income  Fund  I,  L.L.C.:

We have audited the financial statements of Professional Lease Management Income
Fund  I,  L.L.C.,  a  Delaware  Limited  Liability  Company  (the "Fund"), as of
December  31,  2002  and 2001, and for each of the two years in the period ended
December  31, 2002, and have issued our report thereon dated March 7, 2003; such
report  is  included  elsewhere in this Form 10-K.  Our audits also included the
financial  statement  schedules  of Professional Lease Management Income Fund I,
L.L.C.,  listed  in  Item  15(B).  These  financial  statement schedules are the
responsibility  of  the  Fund's management.  Our responsibility is to express an
opinion  based  on  our  audits.  In  our  opinion, such 2002 and 2001 financial
statement  schedules,  when  considered  in  relation  to  the  basic  financial
statements  taken  as  a  whole,  present  fairly  in  all material respects the
information  set  forth  therein.





/s/  Deloitte  &  Touche  LLP
Certified  Public  Accountants

Tampa,  Florida
March  7,  2003


<PAGE>

               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.
                        (A DELAWARE LIMITED LIABILITY COMPANY)
                        VALUATION AND QUALIFYING ACCOUNTS

                  YEARS ENDED DECEMBER 31, 2002, 2001, AND 2000
                            (in thousands of dollars)

<TABLE>
<CAPTION>



-                                      Balance at     Additions     Balance at
                                     Beginning of    Charged to     Increases    End of
                                         Year         Expense     (Deductions)    Year
----------------------------------------------------------------------------------------
<S>                                  <C>            <C>           <C>            <C>
Year Ended December 31, 2002
  Allowance for doubtful accounts .  $       1,048  $     2,181   $        303   $ 3,532
  Marine vessel dry-docking reserve            240          288             (2)      526
  Aircraft engine reserve . . . . .          2,200           --             --     2,200

Year Ended December 31, 2001
  Allowance for doubtful accounts .  $          48  $     1,001   $         (1)  $ 1,048
  Marine vessel dry-docking reserve            428          245           (433)      240
  Aircraft engine reserve . . . . .          2,550           --           (350)    2,200

Year Ended December 31, 2000
  Allowance for doubtful accounts .  $          65  $        (5)  $        (12)  $    48
  Marine vessel dry-docking reserve            672          518           (762)      428
  Aircraft engine reserve . . . . .          1,950           --            600     2,550
</TABLE>





<PAGE>
               PROFESSIONAL LEASE MANAGEMENT INCOME FUND I, L.L.C.

                                INDEX OF EXHIBITS

<TABLE>
<CAPTION>

<S>                                                                                    <C>
Exhibit                                                                                 Page
-------                                                                                 ----

4.. . . Operating Agreement of Fund.                                                      *

10.1    Management Agreement between Fund and PLM Investment                              *
        Management, Inc.

10.2    25.0 Million Note Agreement, dated as of December 30, 1996.                       *

10.3    Warehouse Credit Agreement, dated as of April 13, 2001.                           *

10.4    First Amendment to Warehousing Credit Agreement, dated as of                      *
        December 21, 2001.

10.5    Second amendment to the Warehouse Credit Agreement, dated as of
        April 12, 2002.                                                                   *

10.6    Third amendment to the Warehouse Credit Agreement, dated July 11, 2002.           *

10.7    October 2002 purchase agreement between PLM Transportation
        Equipment Corp., Inc. and Trinity Tank Car, Inc.                                  *

10.8    Settlement Agreement between PLM Worldwide Leasing Corp. and Varig
        S.A. dated October 11, 2002.                                                      *

10.9    Escrow agreement dated December 19, 2002 between the Fund and
        Trenam Kemker for $3.6 million.                                                   *

10.10   Escrow agreement dated December 19, 2002 between the Fund and
        Trenam Kemker for $5.0 million.                                                   *

10.11   Escrow agreement dated December 19, 2002 between the Fund and
        Trenam Kemker for $4.3 million.                                                   *

10.12   Escrow agreement dated December 19, 2002 between the Fund and
        Trenam Kemker for $6.3 million.                                                   *

10.13   Escrow agreement dated December 19, 2002 between the Fund and
        Trenam Kemker for $0.5 million.                                                   *

Financial Statements required under Regulation S-X Rule 3-09:

99.1    MD-82 Trust S/N 49183                                                         56-65

</TABLE>

* Incorporated by reference. See page 26-27 of this report.