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                       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

                                March 11, 1999
                        (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 March 11, 1999, sent to each holder of a Pass Through
Certificate issued by Airplanes Pass Through Trust.

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                                   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: March 11, 1999                       /s/ Roy M. Dantzic*
                                           -------------------
                                           Director and Officer

Date: March 11, 1999                       AIRPLANES U.S. TRUST


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

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

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                                  EXHIBIT INDEX

Exhibit 99.A                  -      Airplanes Group Portfolio Analysis
Exhibit 99.B                  -      Power of Attorney for Airplanes Limited
Exhibit 99.C                  -      Power of Attorney for Airplanes U.S. Trust