SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
              PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
                              EXCHANGE ACT OF 1934


                                  July 14, 1998
                        (Date of Earliest Event Reported)


AIRPLANES LIMITED                                    AIRPLANES U.S. TRUST

 (Exact Name of Registrants as Specified in Memorandum of Association or Trust
                                  Agreement)


Jersey, Channel Islands                              Delaware
        (State or Other Jurisdiction of Incorporation or Organization)

33-99970-01                                          13-3521640
(Commission File                                     (IRS Employer
Number)                                              Identification No.)


Airplanes Limited                                    Airplanes U.S. Trust
22 Grenville Street                                  1100 North Market Street
St. Helier                                           Rodney Square North
Jersey, JE4 8PX                                      Wilmington, Delaware
Channel Islands                                      19890-0001
(011 44 1534 609 000)                                (1-302-651-1000)

           (Addresses and Telephone Numbers, Including Area Codes, of
                    Registrants' Principal Executive Offices)




Item 5.           Other Events


                  Attached  hereto  as  Exhibit  A is a  copy  of  a  Report  to
Certificateholders  dated July 14,  1998,  sent to each holder of a Pass Through
Certificate issued by Airplanes Pass Through Trust.


                                   SIGNATURES


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


                                             AIRPLANES LIMITED


Date: July 14, 1998                          /s/ Roy M. Dantzic*
                                             -------------------
                                             Director and Officer


Date: July 14, 1998                          AIRPLANES U.S. TRUST


                                             /s/ Roy M . Dantzic*
                                             Controlling Trustee
                                             and Officer


                                             *By: /s/ Michael Walsh
                                                  Attorney-in-Fact



                                  EXHIBIT INDEX


Exhibit A       -        Report to Certificateholders
Exhibit B       -        Power of Attorney for Airplanes Limited
Exhibit C       -        Power of Attorney for Airplanes U.S. Trust