<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-K

(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    AND EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 2000

                                       OR

[ ] 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 0-18528

        INCOME GROWTH PARTNERS, LTD. X, A CALIFORNIA LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)

                    CALIFORNIA                                   33-0294177
          (State or other jurisdiction of                     (I.R.S. Employer
           incorporation or organization)                    Identification No.)

1300 Sorrento Valley Road, Suite 108, San Diego, California        92121
           (Address of principal executive offices)              (Zip Code)

                                 (858) 457-2750
              (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:
LIMITED PARTNERSHIP INTERESTS

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 filing requirements
for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE
                                                                                          ----
<S>         <C>                                                                           <C>
PART I

Item 1.     Business........................................................................1

Item 2.     Properties......................................................................2

Item 3.     Legal Proceedings...............................................................3

Item 4.     Submission of Matters to a Vote of Security Holders.............................3

PART II

Item 5.     Market for the Registrant's Units and Related Security Holder Matters...........3

Item 6.     Selected Consolidated Financial Data............................................4

Item 7.     Management's Discussion and Analysis of Financial Condition
            and Results of Operations.......................................................4

Item 8.     Financial Statements and Supplementary Data.....................................6

Item 9.     Disagreements on Accounting and Financial Disclosures...........................6

PART III

Item 10.    Directors and Executive Officers of the Registrant..............................7

Item 11.    Executive Compensation..........................................................7

Item 12.    Security Ownership of Certain Beneficial Owners and Management..................8

Item 13.    Certain Relationships and Related Transactions..................................8

PART IV

Item 14.    Exhibits, Financial Statement Schedules and Reports on Form 8-K.................8

Signatures  ...............................................................................11
</TABLE>



<PAGE>   3


                                     PART I

ITEM 1.  BUSINESS

GENERAL

Income Growth Partners, Ltd. X, a California limited partnership (the "Limited
Partnership") and subsidiaries (collectively, the "Partnership"), was formed in
February 1988 to acquire, operate and hold for investment one or more parcels of
income-producing, multifamily residential real property. Currently, the Limited
Partnership operates two separate apartment complexes in Southern California: 1)
Mission Park and 2) Shadow Ridge Meadows. The limited partnership agreement
provides that the Partnership shall continue through February 2021, unless
terminated sooner.

Income Growth Management, Inc. ("IGM") is the sole general partner. The general
partner has made no cash capital contributions to date. As of December 31, 2000,
there were 2,086 limited partners in the Partnership.

The Partnership has no full-time employees. Employees of corporations affiliated
with the general partner perform certain administrative and other services on
behalf of the Partnership (see Item 13). The Partnership's executive offices are
located at 11300 Sorrento Valley Road, Suite 108, San Diego, California 92121
and the Partnership's telephone number is (858) 457-2750.

FINANCING STRATEGY

The Partnership seeks to minimize the cost of financing its properties and will
refinance existing loans from time to time to take advantage of prevailing
market conditions. The Mission Park and Shadow Ridge Meadows properties were
refinanced to prevailing rates during 1995 and 1997, respectively.

COMPETITIVE CONDITIONS

Changes in the national and regional economic climates, changes in local real
estate conditions, such as the oversupply of apartments or a reduction in demand
for apartments, competition from single-family housing, apartment properties and
other forms of multifamily residential housing, the inability to provide
adequate maintenance and to obtain adequate insurance, increased operating
costs, changes in zoning, building, environmental, rent control and other laws
and regulations, the costs of compliance with current and future laws, changes
in real property taxes and unusual occurrences (such as earthquakes and floods)
and other factors beyond the control of the Partnership may adversely affect the
income from, and value of, the Partnership's properties.

LEASES AND INFLATION

Substantially all of the leases at the Partnership's apartment properties are
for a period of six months or less, allowing, at the time of renewal, for
adjustments in the rental rate and the opportunity to release the apartment unit
at the prevailing market rate. The short-term nature of these leases generally
serves to minimize the risk to the Partnership of the adverse effect of
inflation and the Partnership does not believe that inflation has had a material
adverse impact on its revenues.


                                       1
<PAGE>   4


ITEM 1.  BUSINESS, CONTINUED

RESTRICTIONS IMPOSED BY LAWS BENEFITING DISABLED PERSONS

Under the Americans with Disabilities Act of 1990 (the "ADA"), all places of
public accommodation are required to meet certain federal requirements related
to access and use by disabled persons. These requirements became effective in
1992. A number of additional federal, state and local laws exist which also may
require modifications to the properties, or restrict certain further renovations
thereof, with respect to access thereto by disabled persons. For example, the
Fair Housing Amendments Act of 1988 (the "FHAA") requires apartment properties
first occupied after March 13, 1990 to be accessible to the handicapped.
Noncompliance with the ADA or the FHAA could result in an order to correct any
noncomplying feature, which could result in substantial capital expenditures.
Although management of the Partnership believes that the properties are
substantially in compliance with present requirements, if the properties are not
in compliance, the Partnership is likely to incur additional costs to comply
with the ADA and the FHAA.

During 1995, on a tax free basis, the Limited Partnership exchanged the Mission
Park property for a 99% interest in IGP X Mission Park Associates, L.P., a newly
formed California limited partnership (the "Mission Park Subsidiary"). The
Mission Park Subsidiary is separate and distinct from the Limited Partnership
having separate assets, liabilities and business operations.

During 1997, on a tax free basis, the Limited Partnership exchanged the Shadow
Ridge Meadows property for a 99% interest in IGP X Shadow Ridge Meadows, Ltd., a
newly formed California limited partnership (the "Shadow Ridge Meadows
Subsidiary"). The Shadow Ridge Meadows Subsidiary is also separate and distinct
from the Partnership, having separate assets, liabilities and business
operations.

Formation of the Mission Park Subsidiary and the Shadow Ridge Subsidiary had no
impact on the Partnership's overall financial condition, results of operations,
allocation of net income/loss, cash distributions or Partnership assets.

ITEM 2.  PROPERTIES

The Partnership, through its subsidiaries, presently owns two properties as
follows:

      MISSION PARK:

      Date of purchase: August 1989

      Purchase price: $17,100,000

      Property Description: A 264 unit apartment complex located in San Marcos,
      California. The property includes two full-size recreation rooms, two
      heated swimming pools and spas, night-lighted tennis courts, a satellite
      cable TV system and covered parking. The building is approximately ten
      years old. The property contains 215,292 square feet.

      SHADOW RIDGE MEADOWS:

      Date of purchase: November 1988

      Purchase price: $12,700,000

      Property Description: A 184 unit apartment complex located in Vista,
      California. The property includes a large recreation center, a heated
      swimming pool and spa, five laundry facilities, a satellite cable TV
      system and covered parking. The building is approximately 12 years old.
      The property contains 127,197 square feet.


                                       2
<PAGE>   5

ITEM 3.  LEGAL PROCEEDINGS

The Partnership is not a party to any legal proceedings other than various
claims and lawsuits arising in the normal course of its business, which in the
opinion of the Partnership's management, are not individually or in the
aggregate material to its business.

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

None

                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S UNITS AND RELATED SECURITY HOLDER MATTERS

(a)   Market Information

      As of December 31, 2000, the outstanding securities of the Partnership
      included the Original Units and Class A Units held by the limited
      partners. The Partnership's Amended and Restated Agreement of Partnership
      substantially restricts transfers of all units and no public trading
      market for the units exists or is intended or expected to develop.

(b)   Holders

      As of December 31, 2000, the Partnership's 18,826.5 outstanding Original
      Units and 8,100 Class A Units were held by an aggregate of 2,086 Limited
      Partners.

(c)   Dividends

      As a limited partnership, the Partnership does not pay dividends.

      The amended partnership agreement provides that any distributions of cash
      from operations will be made in the following order of priority:

      First, each Class A Unit receives a 12% cumulative noncompounded annual
      return on the balance of actual funds invested in Class A Units. Second,
      each Class A Unit receives a total return of original invested capital.
      Third, each Class A Unit receives a $500 bonus. Fourth, each Original Unit
      holder receives a 10% noncumulative return on the adjusted balance of
      original invested capital. Thereafter, 90% of distributions of cash from
      operations will be made to the Original Unit holders and 10% to the
      general partner.

      The amended partnership agreement also provides that any distributions of
      cash from sale or refinancing of will be made in the following order of
      priority:

      First, each Class A Unit receives a 12% cumulative noncompounded annual
      return on the balance of actual funds invested in Class A Units. Second,
      each Class A Unit receives a total return of original invested capital.
      Third, each Class A Unit receives a $500 bonus. Fourth, each Original Unit
      holder receives an amount equal to the adjusted balance of original
      invested capital. Fifth, the general partner receives any non-subordinated
      debts payable to them. Sixth, each Original Unit holder receives a 10%
      cumulative return on the adjusted balance of original invested capital
      (the "Preferred Return"). Thereafter, 85% of distributions of cash from
      sale or refinancing will be made to the Original Unit holders and 15% to
      the general partner.


                                       3
<PAGE>   6

      The Partnership distributed $739,125 during 2000.

      Cash distributions are determined at the discretion of the general
      partner. Any future distributions are largely dependent on future income,
      expenses, debt service and operating reserves and there can be no
      assurance that future distributions will be paid.

ITEM 6.  SELECTED CONSOLIDATED FINANCIAL DATA

The following selected consolidated financial data should be read in conjunction
with the audited consolidated financial statements and the related notes
described in Item 8 herein:

<TABLE>
<CAPTION>
                                    2000            1999            1998            1997            1996
<S>                              <C>             <C>             <C>             <C>             <C>
Total assets                     $19,230,422     $19,818,470     $20,513,980     $21,225,719     $21,476,918
Long-term obligations             19,170,729      19,382,900      19,579,523      19,765,202      19,788,869
Total revenue                      4,843,386       4,485,956       4,148,324       3,791,975       3,576,981
Total expenses                    (4,474,860)     (4,463,024)     (4,331,753)     (4,163,361)     (4,063,509)
Net income (loss)                    368,526          22,932        (183,429)       (371,386)       (486,528)
Net income (loss) per limited
    partnership unit                   11.63            0.72           (5.79)         (11.72)         (15.36)
Weighted average limited
    partnership units                 26,926          26,926          26,926          26,926          26,926
</TABLE>

There had been no cash distributions to partners up until December 31, 1997. The
Partnership distributed to limited partners approximately $739,000 and $514,000
during 2000 and 1999, respectively.

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

The following Management's Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with the financial
statements and notes thereto filed herein. Historical results and percentage
relationships set forth in the consolidated statement of operations in the
financial statements, including trends which might appear, should not be taken
as indicative of future operations.

Statements contained in this report that are not purely historical are
forward-looking statements including statements regarding the Partnership's
expectations, intentions, beliefs or strategies regarding the future. All
forward-looking statements included in this report are based upon the
information available to the Partnership on the date thereof, and the
Partnership assumes no obligation to update any such forward-looking statements.
It is important to note that the Partnership's actual results could differ
materially from those in such forward-looking statements.

(a)   Liquidity and Capital Resources

      In January 1994, the Limited Partnership filed a voluntary petition for
      relief under Chapter 11 of the federal bankruptcy laws in the United
      States Bankruptcy Court for the Southern District of California.

      Under the provisions of the Plan of Reorganization (the "Plan"), the
      Limited Partnership was allowed to retain ownership of the Mission Park
      and Shadow Ridge Meadows properties. Despite $2,025,000 in additional
      capital from existing investors in the form of Class A Units, the Limited
      Partnership was unable to raise the necessary capital to retain ownership
      of its third property, Margarita Summit.

      The Limited Partnership emerged from Chapter 11 effective in May 1995
      having fully satisfied all claims in accordance with the Plan.


                                       4
<PAGE>   7

      Prior to 1996, the Partnership's operating and debt service obligations
      had been financed through the sale of Partnership Units, cash provided by
      operating activities, and 1995 debt restructuring activities. During 1996
      through 2000, all of the Partnership's operating and debt service cash
      requirements have been met through cash generated from operations.

      COMPARISON OF YEAR ENDED DECEMBER 31, 2000 TO THE YEAR ENDED DECEMBER 31,
      1999.

      Net cash provided by operating activities for the year ended December 31,
      2000 was $1,317,000 compared to $871,000 for the same period in 1999. The
      principal reason for this difference was an increase in net income of
      approximately $346,000 and a decrease in prepaids and other assets of
      approximately $94,000.

      Net cash used in investing activities for the year ended December 31, 2000
      was $171,000 compared to $144,000 for the same period in 1999. The
      increase in cash used in investing activities was due primarily to
      increases in property & improvements as compared to the prior year.

      Net cash used in financing activities for the year ended December 31, 2000
      was $981,000 compared to $734,000 for the same period in 1999. The
      increase was primarily due to an increase of approximately $226,000 in
      distributions paid during 2000 and an increase of principal payments under
      mortgage debt of approximately $16,000.

      COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO THE YEAR ENDED DECEMBER 31,
      1998.

      Net cash provided by operating activities for the year ended December 31,
      1999 was $871,000 compared to $871,000 for the same period in 1998.

      Net cash used in investing activities for the year ended December 31, 1999
      was $144,000 compared to $156,000 for the same period in 1998. The
      decrease in cash used in investing activities was due primarily to
      decreases in property & improvements as compared to the prior year.

      Net cash used in financing activities for the year ended December 31, 1999
      was $734,000 compared to $555,000 for the same period in 1998. The
      increase was primarily due to an increase of approximately $192,000 in
      distributions paid during 1999, an increase of principal payments under
      mortgage debt of approximately $11,000 and a decrease in principal
      payments to affiliate of approximately $26,000.

(b)   Results of Operations

      COMPARISON OF YEAR ENDED DECEMBER 31, 2000 TO THE YEAR ENDED DECEMBER 31,
      1999.

      Rental revenue for the year ended December 31, 2000 was $4,670,000, an
      increase of 9% over rents of $4,304,000 in the comparable period in 1999.
      The increase is primarily attributable to an increase in monthly tenant
      rental rates. Average occupancy rates were essentially unchanged from 1999
      to 2000 at approximately 96.5%.

      Interest expense for the year ended December 31, 2000 was $1,472,000, an
      increase of .5% over interest expense of $1,464,000 in the comparable
      period in 1999.

      Operating expense for the year ended December 31, 2000 was $2,077,000, an
      increase of .2% over operating expense of $2,072,000 in the comparable
      period in 1999.


                                       5
<PAGE>   8

      Depreciation and amortization expense for the year ended December 31, 2000
      was $925,000, a decrease of .3% over the expense of $928,000 in the
      comparable period in 1999.

      Operating expenses, as well as depreciation, amortization and interest
      expense, were consistent with the results of 1999.

      COMPARISON OF YEAR ENDED DECEMBER 31, 1999 TO THE YEAR ENDED DECEMBER 31,
      1998.

      Rental revenue for the year ended December 31, 1999 was $4,304,000, an
      increase of 9% over rents of $3,944,000 in the comparable period in 1998.
      The increase is primarily attributable to an increase in monthly tenant
      rental rates.

      Interest expense for the year ended December 31, 1999 was $1,464,000, a
      decrease of 2% over interest expense of $1,489,000 in the comparable
      period in 1998.

      Operating expense for the year ended December 31, 1999 was $2,072,000, an
      increase of 7% over operating expense of $1,929,000 in the comparable
      period in 1998. The increase is attributable to higher expenses related to
      the increase in rental revenue.

      Depreciation and amortization expense for the year ended December 31, 1999
      was $928,000, an increase of 2% over the expense of $914,000 in the
      comparable period in 1998. The increase is attributable to consistent
      yearly increases in total capitalized fixed asset expenditures.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The consolidated financial statements and supplementary data required by this
Item are set forth at the pages indicated in Item 14(a).

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

The Registrant was advised by the accounting firm of PricewaterhouseCoopers LLP
on September 6, 2000 that it had resigned as of that date as the principal
accountant to audit the Registrant's financial statements.

There have been no adverse opinions, disclaimers of opinion or qualifications or
modifications as to uncertainty, audit scope or accounting principles regarding
the reports of PricewaterhouseCoopers LLP on the Registrant's financial
statements within the two most recent fiscal years or any subsequent interim
period.

There were no disagreement(s) with PricewaterhouseCoopers LLP on any matter of
accounting principles or practice, financial statement disclosure or auditing
scope or procedure within the two most recent fiscal years and any subsequent
interim period preceding its resignation, which disagreement(s), if not resolved
to the satisfaction of PricewaterhouseCoopers LLP, would have caused it to make
reference to the subject matter of the disagreement in connection with its
report.

No "reportable events" (as defined in Item 304 (a)(1)(v) of Regulation S-K)
occurred during the Registrant's two most recent fiscal years and any subsequent
interim period preceding PricewaterhouseCoopers LLP's resignation.

The Registrant engaged the accounting firm of Nation Smith Hermes Diamond
("Nation Smith"), on December 18, 2000, as the principal accountant to audit the
Registrant's financial statements. Neither the Registrant nor anyone acting on
its behalf has previously consulted Nation Smith during the two most recent
fiscal years or any subsequent interim period for any purpose.



                                       6
<PAGE>   9

                                    PART III

ITEM 10.  GENERAL PARTNER AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

      The general partner of the Partnership is Income Growth Management, Inc.
      ("IGM"), a California corporation. The executive officers of IGM do not
      receive compensation from the Partnership.

      The names, ages and positions of responsibility held by the executive
      officers and directors of IGM are as follows:

<TABLE>
<CAPTION>
              NAME             AGE            POSITION
              ----             ---            --------
<S>                            <C>     <C>
          David Maurer          48     President and Director
          Timothy Maurer        51     Secretary and Director
          Robert Green          43     Vice President of Operations and Director
</TABLE>

      FAMILY RELATIONSHIPS

      David Maurer and Timothy Maurer are brothers.

      BUSINESS EXPERIENCE

      The following is a brief background of the directors and executive
      officers of IGM:

      DAVID MAURER has served as President and Director of IGM since 1992, and
      as President and Director of ENA Corporation ("ENA"), an affiliate of IGM,
      since 1979. He has been involved in real estate syndication and property
      management since 1980, and in real estate development and construction
      since 1974. David was educated at the University of California, San Diego
      (B.A. 1974).

      TIMOTHY MAURER has served as Secretary and Director of IGM since 1979. He
      has been involved in real estate syndication, development, design and
      construction since 1975. Timothy was educated at the California College of
      Arts and Crafts, Oakland (B.F.A. 1972).

      ROBERT GREEN has served as Vice President of Operations and Director of
      IGM since 1988. He has also been the Director of Property Management of
      ENA since 1988. He has been directly involved in property management since
      1980. Robert worked for four years with Coldwell Banker Real Estate
      Management Services in San Diego, managing both commercial and residential
      property. He also worked for four years with C&R Realty Company managing
      over 75 residential properties in Oregon and Washington. Robert was
      educated at Pacific University in Forest Grove, Oregon (B.A. 1980).

ITEM 11.  EXECUTIVE COMPENSATION

      The Partnership has no executive officers and has not paid nor proposes to
      pay any compensation or retirement benefits to the directors or executive
      officers of Income Growth Management, Inc., the general partner. See Item
      13 for compensation to the general partner.


                                       7
<PAGE>   10

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a)   Security Ownership of Certain Beneficial Owners

<TABLE>
<CAPTION>
                            NAME AND ADDRESS OF        AMOUNT AND NATURE OF       PERCENT
        TITLE OF CLASS       BENEFICIAL OWNER          BENEFICIAL OWNERSHIP      OF CLASS
        --------------       ----------------          --------------------      --------
<S>                        <C>                         <C>                       <C>
        Class A Units      John W. Baer                     609.0000               7.5%
                           1091 Valley View Court
                           Los Altos, CA  94024
</TABLE>

      No other person or group is known by the Partnership to own beneficially
      more than 5% of the outstanding Original Units or Class A Units.

(b)   Security Ownership of Management

      None of the officers and directors of the Partnership's corporate general
      partners are the beneficial owners of any Original Units or Class A Units.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      The Partnership is entitled to engage in various transactions involving
      its general partners and its affiliates as described in the Partnership
      Agreement.

      The table below reflects amounts paid to the general partner or its
      affiliates during the following years:

<TABLE>
<CAPTION>
                                         2000           1999           1998
                                         ----           ----           ----
<S>                                    <C>            <C>            <C>
           Management fees             $270,000       $226,000       $207,000
           Administrative fees           91,000        130,000         99,000
           Loan origination fees             --             --         10,000
</TABLE>


                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) Documents filed as part of this report:

    (1) Financial Statements

        The following financial statements of the Partnership and related notes
        to financial statements and accountants' report are filed herein:


                                       8
<PAGE>   11

             Reports of Independent Accountants

             Consolidated Balance Sheets as of December 31, 2000 and 1999

             Consolidated Statements of Operations for the years ended December
             31, 2000, 1999 and 1998

             Consolidated Statements of Partners' Capital (Deficit) for the
             years ended December 31, 2000, 1999 and 1998

             Consolidated Statements of Cash Flows for the years ended December
             31, 2000, 1999 and 1998

             Notes to Consolidated Financial Statements

    (2) Financial Statement Schedule

        Schedule III - Real Estate and Accumulated Depreciation

        All other schedules are either not required, or the information therein
        is included in the notes to the audited financial statements.

(b)   Reports on Form 8-K

      Form 8-K was filed on December 21, 2000.

(c)   Exhibits

      The following Exhibit Index lists the exhibits that are either filed as
      part of this report or incorporated herein by reference from a prior
      filing.


<TABLE>
<CAPTION>
EXHIBIT INDEX

EXHIBIT NO.                     DESCRIPTION                                       LOCATION
-----------                     -----------                                       --------
<S>          <C>                                                                  <C>
     2.2     Second Amended Disclosure Statement to Debtor's                         (1)
             Second Amended Plan of Reorganization, As Revised
             (with Second Amended Plan of Reorganization
             attached as Exhibit 1) filed with the Bankruptcy Court
             on October 25, 1994;

                    Order Approving Second Amended Disclosure
                    Statement to Debtor's Second Amended Plan of
                    Reorganization, Approving Ballots and Fixing
                    Dates for Filing Acceptances or Rejections of Plan
                    and for Confirmation Hearing, Combined with
                    Notice Thereof;

                    Equity Interest Holder Ballot for Accepting or
</TABLE>



                                       9
<PAGE>   12

<TABLE>
<S>          <C>                                                                  <C>
                    Rejecting Debtor's Second Amended Plan of
                    Reorganization;
                    Offering Memorandum for Income Growth Partners, Ltd. X Class
                    A Units dated October 27, 1994 (with Amended and Restated
                    Agreement of Limited Partnership attached as Exhibit B).

     3.1     Articles of Incorporation of IGP X Mission Park, Inc.                   (2)

     4.2     Amended and Restated Agreement of Limited Partnership                   (3)

     4.3     Agreement of Limited Partnership of IGP X Mission                       (2)
             Park Associates, L.P., A California Limited Partnership

     4.4     Agreement of Limited Partnership of IGP X Shadow Ridge                  (2)
             Meadows, Ltd., A California Limited Partnership

    28.1     Prospectus dated January 3, 1991                                        (4)

    28.4     Letter regarding resignation of General Partner                         (5)
</TABLE>

-------------------------

(1)  Incorporated by reference from the Partnership's Quarterly Report on Form
     10-Q for the third quarter ended September 30, 1994 (Commission File Number
     0-18528).

(2)  Incorporated by reference from the Partnership's Current Report on Form 8-K
     dated December 27, 1995 (Commission File Number 0-18528).

(3)  Included as Exhibit "B" to the Partnership's Offering Memorandum for Income
     Growth Partners, Ltd. X Class A Units dated October 27, 1994, included in
     Exhibit 2.2 incorporated by reference from the Partnership's Quarterly
     Report on Form 10-Q for the third quarter ended September 30, 1994
     (Commission File Number 0-18528).

(4)  Incorporated by reference from the Partnership's Annual Report on Form 10-K
     for the Fiscal Year ended December 31, 1992 (Commission File Number
     0-18528).

(5)  Incorporated by reference from the Partnership's Annual Report on Form 10-K
     for the Fiscal Year ended December 31, 1993 (Commission File Number
     0-18528).



                                       10
<PAGE>   13
                                   SIGNATURES

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

Date: March 26, 2001

        INCOME GROWTH PARTNERS, LTD. X
        (a California Limited Partnership)

        By:                                  Income Growth Management, Inc.

                                             General Partner



                                             By:  /s/ David W. Maurer
                                                  David W. Maurer, President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

           Signatures                  Title and Capacity              Date

     /s/ David W. Maurer                   President              March 26, 2001

     /s/ Timothy C. Maurer          Secretary and Principal       March 26, 2001
                                       Financial Officer




                                       11
<PAGE>   14



        INDEX TO CONSOLIDATED FINANCIAL STATEMENTS - ITEM 14 OF FORM 10-K


<TABLE>
<CAPTION>
                                                                                          PAGE
                                                                                          ----
<S>                                                                                       <C>
Reports of Independent Accountants........................................................F-2

Consolidated Financial Statements and Notes:

     Balance Sheets as of December 31, 2000 and 1999......................................F-4

     Statements of Operations for the Years Ended
     December 31, 2000, 1999 and 1998.....................................................F-5

     Statements of Partners' Capital (Deficit) for the Years Ended
     December 31, 2000, 1999 and 1998.....................................................F-6

     Statements of Cash Flows for the Years Ended
     December 31, 2000, 1999 and 1998.....................................................F-7

     Notes to Consolidated Financial Statements...........................................F-8

     Schedule III - Real Estate and Accumulated Depreciation ............................F-16
</TABLE>



                                      F-1
<PAGE>   15



REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors of
INCOME GROWTH PARTNERS, LTD. X
AND SUBSIDIARIES

We have audited the accompanying consolidated balance sheet of INCOME GROWTH
PARTNERS, LTD. X (A CALIFORNIA LIMITED PARTNERSHIP) AND SUBSIDIARIES (the
"Partnership") (see Note 1(b) to the consolidated financial statements) as of
December 31, 2000, and the related consolidated statements of operations,
partners' capital (deficit) and cash flows for the year then ended. We have also
audited the schedule listed in the accompanying index. These consolidated
financial statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these consolidated
financial statements and schedule 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 consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of INCOME
GROWTH PARTNERS, LTD. X AND SUBSIDIARIES as of December 31, 2000, and the
consolidated results of their operations and their cash flows for the year then
ended, in conformity with accounting principles generally accepted in the United
States of America.

Also, in our opinion, the schedule presents fairly, in all material
respects, the information set forth therein.


/s/ Nation Smith Hermes Diamond
February 16, 2001



                                      F-2
<PAGE>   16


Report of Independent Accountants

TO INCOME GROWTH PARTNERS, LTD. X
and Subsidiaries:

In our opinion, the consolidated balance sheet as of December 31, 1999 and the
related consolidated statements of operations, partners' capital (deficit) and
cash flows for each of the two years in the period ended December 31, 1999
(appearing in this Form 10-K) present fairly, in all material respects, the
consolidated financial position, results of operations and cash flows of Income
Growth Partners, Ltd. X, a California limited partnership, and subsidiaries
(collectively, the "Partnership") at December 31, 1999 and for each of the two
years in the period ended December 31, 1999, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements are the responsibility of the Partnership's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
auditing standards generally accepted in the United States of America, which
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, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion. We have not audited the consolidated financial
statements of Income Growth Partners, Ltd. X, and subsidiaries for any period
subsequent to December 31, 1999.


/s/ PricewaterhouseCoopers LLP
San Diego, CA
March 3, 2000



                                      F-3
<PAGE>   17


                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
 December 31,                                                 2000              1999
-----------------------------------------------------------------------------------------
<S>                                                       <C>               <C>
 ASSETS
 Rental properties (Notes 1(e) and 3)
    Land                                                  $  7,078,365      $  7,078,365
    Buildings and improvements                              22,078,598        21,907,461
-----------------------------------------------------------------------------------------
                                                            29,156,963        28,985,826
    Less accumulated depreciation                          (11,186,735)      (10,316,949)
-----------------------------------------------------------------------------------------
                                                            17,970,228        18,668,877

 Cash and cash equivalents (Notes 1(d) and 5(a))               599,660           434,712
 Deferred loan fees, net of accumulated amortization
    of $243,849 and $188,166, respectively (Note 1(h))         533,334           589,017
 Prepaids and other assets                                     127,200           125,864
-----------------------------------------------------------------------------------------
                                                          $ 19,230,422      $ 19,818,470
=========================================================================================

 LIABILITIES AND PARTNERS' DEFICIT
 Mortgage loans payable (Note 3)                          $ 19,170,729      $ 19,382,900

 OTHER LIABILITIES
    Loan payable to affiliates (Notes 3 and 4(d))               18,703            48,540
    Accounts payable and accrued liabilities                   177,008           172,559
    Accrued interest payable                                   125,699           120,684
    Security deposits                                          232,852           217,757
-----------------------------------------------------------------------------------------
                                                            19,724,991        19,942,440

 COMMITMENTS AND CONTINGENCIES (NOTE 5)

 LIMITED PARTNERS' (DEFICIT) CAPITAL                          (172,403)          253,475
 GENERAL PARTNER'S DEFICIT                                    (312,166)         (367,445)
 Note receivable from general partner (Note 4(c))              (10,000)          (10,000)
-----------------------------------------------------------------------------------------
 Total partners' deficit                                      (494,569)         (123,970)
-----------------------------------------------------------------------------------------
                                                          $ 19,230,422      $ 19,818,470
=========================================================================================
</TABLE>


              The accompanying notes are an integral part of these
                       consolidated financial statements.



                                      F-4
<PAGE>   18


                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
 Years Ended December 31,                         2000            1999            1998
------------------------------------------------------------------------------------------
<S>             <C>                            <C>             <C>             <C>
 REVENUES
    Rents (Note 1(f))                          $ 4,669,871     $ 4,303,557     $ 3,943,519
    Other                                          156,755         175,224         198,095
    Interest                                        16,760           7,175           6,710
------------------------------------------------------------------------------------------
 Total revenues                                  4,843,386       4,485,956       4,148,324

 EXPENSES
    Operating expenses                           2,077,285       2,071,793       1,928,765
    Interest                                     1,472,105       1,463,577       1,488,893
    Depreciation and amortization
      (Notes 1(e) and (h))                         925,470         927,654         914,095
------------------------------------------------------------------------------------------
 Total expenses                                  4,474,860       4,463,024       4,331,753
------------------------------------------------------------------------------------------

 NET INCOME (LOSS)                             $   368,526     $    22,932     $  (183,429)
------------------------------------------------------------------------------------------

 BASIC AND DILUTED PER LIMITED
  PARTNERSHIP UNIT DATA (NOTE 2)
    Net income (loss)                          $     11.63     $      0.72     $     (5.79)
------------------------------------------------------------------------------------------

 Weighted average limited partnership units         26,926          26,926          26,926
===========================================================================================
</TABLE>


              The accompanying notes are an integral part of these
                       consolidated financial statements.



                                      F-5
<PAGE>   19


                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES

             CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                       Limited Partners
                                                    ----------------------
                                     General        Original     Class A
                                     Partner        Partners     Partners             Total
-----------------------------------------------------------------------------------------------
<S>                                <C>                <C>       <C>                <C>
BALANCE AT DECEMBER 31, 1997       $  (343,371)       $--       $ 1,225,514        $   882,143
   Distributions (Note 2)                   --         --          (321,949)          (321,949)
   Net loss                            (27,514)        --          (155,915)          (183,429)
-----------------------------------------------------------------------------------------------

BALANCE AT DECEMBER 31, 1998          (370,885)        --           747,650            376,765
   Distributions (Note 2)                   --         --          (513,667)          (513,667)
   Net income                            3,440         --            19,492             22,932
-----------------------------------------------------------------------------------------------

BALANCE AT DECEMBER 31, 1999          (367,445)        --           253,475           (113,970)
   Distributions (Note 2)                   --         --          (739,125)          (739,125)
   Net income                           55,279         --           313,247            368,526
-----------------------------------------------------------------------------------------------

BALANCE AT DECEMBER 31, 2000       $  (312,166)       $--       $  (172,403)       $  (484,569)
===============================================================================================
</TABLE>


              The accompanying notes are an integral part of these
                       consolidated financial statements.


                                      F-6
<PAGE>   20


                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
 Years Ended December 31,                                         2000             1999             1998
-------------------------------------------------------------------------------------------------------------
<S>                                                            <C>              <C>              <C>
 CASH FLOWS FROM OPERATING ACTIVITIES
    Net income (loss)                                          $   368,526      $    22,932      $  (183,429)
    Adjustments to reconcile net income (loss) to net cash
       provided by operating activities:
      Depreciation                                                 869,786          871,629          862,828
      Amortization of loan fees                                     55,683           56,025           51,267
      Change in operating assets and liabilities:
        Prepaids and other assets                                   (1,336)         (95,122)         120,439
        Accounts payable and accrued liabilities                     4,449            2,382           21,676
        Security deposits                                           15,095           18,580           (2,073)
        Accrued interest payable                                     5,015           (5,015)              76
-------------------------------------------------------------------------------------------------------------

 NET CASH PROVIDED BY OPERATING ACTIVITIES                       1,317,218          871,411          870,784
-------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES
    Capital expenditures                                          (171,137)        (144,218)        (156,164)
-------------------------------------------------------------------------------------------------------------

 CASH FLOWS FROM FINANCING ACTIVITIES
    Distributions to Partners                                     (739,125)        (513,667)        (321,949)
    Principal payments of mortgage debt                           (212,171)        (196,623)        (185,679)
    Principal payments to affiliate                                (29,837)         (24,100)         (50,360)
    Loan fees and refinancing costs                                     --               --           (7,016)
    Increase in note receivable from general partner                    --               --           10,000
-------------------------------------------------------------------------------------------------------------

 NET CASH USED IN FINANCING ACTIVITIES                            (981,133)        (734,390)        (555,004)
-------------------------------------------------------------------------------------------------------------

 Net increase (decrease) in cash and cash equivalents              164,948           (7,197)         159,616

 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                    434,712          441,909          282,293
-------------------------------------------------------------------------------------------------------------

 CASH AND CASH EQUIVALENTS AT END OF YEAR                      $   599,660      $   434,712      $   441,909
-------------------------------------------------------------------------------------------------------------

 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
   Cash paid during the year for:
      Interest                                                 $   920,455      $ 1,463,577      $ 1,448,893
=============================================================================================================
</TABLE>


              The accompanying notes are an integral part of these
                       consolidated financial statements.




                                      F-7
<PAGE>   21

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

1.   SUMMARY OF          A summary of the Partnership's significant accounting
     SIGNIFICANT         policies consistently applied in the preparation of the
     ACCOUNTING          accompanying consolidated financial statements follows.
     POLICIES

(a)  Nature of           INCOME GROWTH PARTNERS, LTD. X, a California limited
     operations          partnership (the "Limited Partnership"), and
                         subsidiaries (collectively, the "Partnership") was
                         formed in February 1988, to acquire, operate and hold
                         for investment one or more parcels of income-producing,
                         multifamily residential real property. Currently, the
                         Partnership owns a 264 unit building in San Marcos,
                         California ("Mission Park") and a 184 unit building in
                         Vista, California ("Shadow Ridge Meadows").

                         The limited partnership agreement provides that the
                         Partnership shall continue through February 2021,
                         unless terminated sooner.

                         Income Growth Management, Inc. is the sole general
                         partner. The general partner has made no cash capital
                         contributions to date. As of December 31, 2000, there
                         were 2,086 limited partners in the Partnership.

(b)  Principles of       The consolidated financial statements include the
     consolidation       accounts of the Limited Partnership and its
                         wholly-owned subsidiaries. All significant intercompany
                         balances and transactions have been eliminated in
                         consolidation.

(c)  Use of              The preparation of the consolidated financial
     estimates           statements in conformity with generally accepted
                         accounting principles requires management to make
                         estimates and assumptions that affect certain reported
                         amounts and disclosures. Accordingly, actual results
                         could differ from those estimates.

(d)  Cash and cash       The Partnership considers all highly-liquid investments
     equivalents         with original maturities of three months or less to be
                         cash equivalents.

(e)  Buildings,          Land, buildings and improvements are recorded at cost.
     improvements        Buildings and improvements are depreciated using the
     and                 straight-line method over the estimated useful lives of
     depreciation        27.5 and 5 to 15 years, respectively.


                                      F-8
<PAGE>   22

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

(e)  Buildings,          Expenditures for maintenance and repairs are charged to
     improvements        expense as incurred. Significant renovations are
     and                 capitalized and depreciated over the remaining life of
     depreciation,       the property.
     cont'd

                         The Partnership assesses its property for impairment
                         whenever events or changes in circumstances indicate
                         that the carrying amount of the property may not be
                         recoverable. Recoverability of property to be held and
                         used is measured by a comparison of the carrying amount
                         of the property to future undiscounted net cash flows
                         expected to be generated by the property. If the
                         property is considered to be impaired, the impairment
                         to be recognized is measured by the amount by which the
                         carrying amount of the property exceeds the fair value
                         of the property.

                         The cost and related accumulated depreciation of real
                         estate are removed from the accounts upon disposition.
                         Gains and losses arising from the dispositions are
                         reported as income or expense.

(f)  Revenue             Rental revenues are recognized at the beginning of each
     recognition         month based on the current occupancy of the apartments.
                         Tenant leases are generally for a term of six months
                         with an option to renew for an additional six months or
                         to rent on a month-to-month basis.

(g)  Income              No provision has been made for federal or state income
     taxes               taxes on the operations of the Partnership. Such taxes
                         are imposed on the individual partners for their
                         respective shares of Partnership income or loss. The
                         tax returns and amounts of allocable Partnership income
                         or loss of the Partnership are subject to examination
                         by federal and state taxing authorities. If such
                         examinations result in a change in the Partnership
                         status or in changes to allocable Partnership income or
                         loss, the tax liability of the Partnership or the
                         partners could be changed accordingly.

(h)  Deferred loan       Deferred loan fees represent expenses incurred in
     fees                obtaining the Partnership's mortgage loans payable.
                         These fees are being amortized to interest expense over
                         the initial term of the loan using the straight-line
                         method, which approximates the effective interest
                         method.

                                      F-9
<PAGE>   23

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

(i) Advertising          The Partnership follows the policy of
                         charging the costs of advertising to expense as
                         incurred. Advertising expenses were approximately
                         $55,000, $70,000 and $58,000 for 2000, 1999 and 1998,
                         respectively.

(j)  Comprehensive       Other comprehensive income refers to changes in capital
     income              (net assets) which do not result from investments by
                         partners or distributions to partners. Other
                         comprehensive income consists of revenues, expenses,
                         gains and losses that, under accounting principles
                         generally accepted in the United States of America, are
                         included in comprehensive income but are excluded from
                         net income as these amounts are recorded directly as an
                         adjustment to partners' capital. For the periods ending
                         December 31, 2000, 1999 and 1998, the Partnership's
                         comprehensive income was equal to the Partnership's net
                         income.

(k)  Reclassifications   Certain amounts in the 1999 and 1998 financial
                         statements have been reclassified to conform with the
                         2000 classifications. These reclassifications have no
                         effect on reported net income.

2.   ACTIVITIES OF       The general partner or its affiliates manage and
     THE                 control the affairs of the Partnership and have general
     PARTNERSHIP         responsibility for supervising the Partnership's
                         properties and operations. The general partner and
                         affiliates are compensated for these efforts as
                         explained in Note 4.

                         The original partnership agreement was amended in
                         October 1994 and provides that cash distributions from
                         operations are to be determined at the discretion of
                         the general partner. After adequate working capital
                         reserves have been met, cash distributions deemed
                         appropriate by the general partner will be made as set
                         forth therein.

                         DISTRIBUTION OF CASH FROM OPERATIONS

                         The amended partnership agreement provides that any
                         distributions of cash from operations will be made in
                         the following order of priority:

                         First, each Class A Unit receives a 12% cumulative
                         noncompounded annual return on the balance of actual
                         funds invested in Class A Units. Second, each Class A
                         Unit receives a total return of original invested
                         capital. Third, each Class A Unit receives a $500
                         bonus. Fourth, each


                                      F-10
<PAGE>   24

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

2.   ACTIVITIES OF       Original Unit holder receives a 10% noncumulative
     THE                 return on the adjusted balance of original invested
     PARTNERSHIP,        capital. Thereafter, 90% of distributions of cash from
     cont'd              operations will be made to the Original Unit holders
                         and 10% to the general partner.

                         Distributions of $739,125, $513,667 and $321,949 were
                         made during 2000, 1999 and 1998, respectively.

                         DISTRIBUTION OF CASH FROM SALE OR REFINANCING

                         The amended partnership agreement provides that any
                         distributions of sale or refinancing will be made in
                         the following order of priority:

                         First, each Class A Unit receives a 12% cumulative
                         noncompounded annual return on the balance of actual
                         funds invested in Class A Units. Second, each Class A
                         Unit receives a total return of original invested
                         capital. Third, each Class A Unit receives a $500
                         bonus. Fourth, each Original Unit holder receives an
                         amount equal to the adjusted balance of original
                         invested capital. Fifth, the general partner receives
                         any non-subordinated debts payable to them. Sixth, each
                         Original Unit holder receives a 10% cumulative return
                         on the adjusted balance of original invested capital
                         (the "Preferred Return"). Thereafter, 85% of
                         distributions of cash from sale or refinancing will be
                         made to the Original Unit holders and 15% to the
                         general partner.

                         ALLOCATION OF NET INCOME/LOSS

                         Net losses are allocated 85% to the limited partners
                         and 15% to the general partner. Losses in excess of the
                         limited partners' capital balances are allocated 100%
                         to the general partner. Net income will be allocated
                         100% to the general partner until the aggregate net
                         income allocated is equal to the aggregate net losses
                         allocated to the general partner in all previous years.
                         The balance of net income after the initial allocation
                         to the general partner shall be allocated 85% to the
                         limited partners and 15% to the general partner.


                                      F-11
<PAGE>   25

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------


2.   ACTIVITIES OF       Net income allocation to limited partners and basic and
     THE                 diluted partnership unit data were calculated as
     PARTNERSHIP,        follows:
     cont'd
<TABLE>
<CAPTION>

                         December 31,                             2000          1999           1998
                         ---------------------------------------------------------------------------
<S>                                                          <C>            <C>          <C>
                         Net income from operations           $368,526       $22,932      $(183,429)
                         Percentage allocable to
                            limited partners                       85%           85%            85%
                         ---------------------------------------------------------------------------
                                                              $313,247       $19,492      $(155,915)
                         Weighted average limited
                            partnership units                   26,926        26,926         26,926
                         ---------------------------------------------------------------------------
                         Basic and diluted per limited
                            limited partnership unit data     $  11.63       $  0.72       $  (5.79)
                         ===========================================================================
</TABLE>

3.   MORTGAGE            Mortgage loans and loans payable to affiliate consisted
     LOANS AND           of the following:
     LOANS PAYABLE

<TABLE>
<CAPTION>
                          December 31,                                                    2000           1999
                          -----------------------------------------------------------------------------------
<S>                                                                                <C>            <C>
                          Mission Park - Mortgage note payable dated December
                            27, 1995, collateralized by first trust deed on land
                            and buildings and guaranteed by officers of the
                            general partner, interest and principal of $73,144
                            payable monthly based on 7.76% fixed annual interest
                            rate, amortized over 30 years, balloon payment of
                            approximately $8,918,000 due in January 2006.          $ 9,685,900    $ 9,806,865

                          Shadow Ridge Meadows - Mortgage note payable dated
                            October 27, 1997, collateralized by first trust deed
                            on land and buildings, interest and principal of
                            $68,106 payable monthly based on 7.49% fixed annual
                            interest rate, amortized over 30 years, balloon
                            payments of approximately $8,475,000 due in
                            November 2007.                                           9,484,829      9,576,035
</TABLE>


                                      F-12
<PAGE>   26
                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------
3.   MORTGAGE
     LOANS AND
     LOANS PAYABLE,
     cont'd

<TABLE>
<CAPTION>
                        December 31                                                     2000           1999
                        -------------------------------------------------------------------------------------
                       <S>                                                         <C>           <C>
                        Note payable to ENA, affiliate of the general partner -
                            promissory note dated December 27, 1995, simple
                            interest and principal payable from time to time at
                            the published prime rate, stated as 9.5% at
                            December 31, 2000, due upon demand (Note 4(d)).             18,703         24,593

                        Note payable to Income Growth Property Management, Inc.,
                            affiliate of the general partner - promissory  note
                            dated October 23, 1997, simple interest and principal
                            payable from time to time at the published  prime rate,
                            paid in full in 2000.                                           --         23,947
                       --------------------------------------------------------------------------------------
                                                                                   $19,189,432    $19,431,440
                       ======================================================================================
</TABLE>

                         Future minimum principal payments on notes payable are
                         as follows:

<TABLE>
<CAPTION>
                         Year Ending December 31,
                       -----------------------------------------------------------------------
                       <S>                                                      <C>
                                2001                                             $   249,861
                                2002                                                 249,590
                                2003                                                 269,470
                                2004                                                 288,920
                                2005                                                 313,947
                                Thereafter                                        17,817,644
                       -----------------------------------------------------------------------
                                Total                                            $19,189,432
                       =======================================================================
</TABLE>

4.   RELATED PARTY       Following is a description of related party
     TRANSACTIONS        transactions for the three years ended December 31,
                         2000 that have not otherwise been disclosed:

(a)  Management          The Partnership's properties are managed by an
     fees                affiliate of the general partner who receives
                         management fees. The fee for each property is equal to
                         5% of the operating revenues generated by that
                         property. Management fees aggregated approximately
                         $270,000, $226,000 and $207,000 in 2000, 1999 and 1998,
                         respectively.


                                      F-13
<PAGE>   27

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

(b)  Administration      The Partnership has an agreement with an affiliate of
     costs               the general partner (the "Affiliate") who furnishes
                         certain administrative services and facilities to the
                         Partnership, including accounting, data processing,
                         duplication and transfer agent expenses, professional
                         (including, but not limited to, regulatory reporting
                         and legal services), recording and partner
                         communication expenses. The agreement provides for
                         reimbursement to the Affiliate for actual costs
                         incurred. Reimbursements paid to the Affiliate under
                         the provisions of this agreement aggregated
                         approximately $91,000, $130,000 and $99,000 in 2000,
                         1999 and 1998, respectively.

(c)  Note                At December 31, 2000 and 1999, a non-interest bearing
     receivable          note receivable of $10,000 was due from the general
     from general        partner for their initial partnership capital
     partner             contribution.

(d)  Debt placement      During 1997 and 1995, the Partnership issued notes
     fees                payable to an affiliate of the general partner for
                         payment of debt placement fees of $97,500 and $102,000,
                         respectively. Debt placement fees were equal to 1% of
                         the principal amounts of the new third party financing.
                         At December 31, 2000 and 1999, the aggregate balances
                         of these notes were $18,703 and $48,540, respectively
                         (Note 3).

(e)  Subordinated        If the general partner, or any of its affiliates,
     real estate         render services in negotiating and implementing the
     brokerage           sale of Partnership properties, the general partner or
     commissions         such affiliates will be paid by a real estate brokerage
                         commission in an amount up to one-half of the
                         commission customarily charged in arm's-length
                         transactions, but not in excess of 3% of the contract
                         price for the property. Payment of such commission
                         (other than payments in the form of promissory notes
                         that are subordinated to the return of capital
                         contributions to limited partners) shall be deferred
                         until the limited partners have received distributions
                         equal to their total original invested capital, plus
                         the 10% Preferred Return described in Note 2. No
                         properties were sold in 2000, 1999 or 1998 and,
                         accordingly, no brokerage commissions were paid by the
                         Partnership.


                                      F-14
<PAGE>   28

                         INCOME GROWTH PARTNERS, LTD. X
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

5.   CONCENTRATIONS

(a)  Credit risk         The Partnership maintains cash balances at various
                         financial institutions primarily located in San Diego.
                         Accounts at these institutions are secured by the
                         Federal Deposit Insurance Corporation up to $100,000.
                         As of December 31, 2000, the Partnership had
                         approximately $529,000 of uninsured cash based on
                         actual bank balances. The Partnership has not
                         experienced any losses in such accounts. Management
                         believes that the Partnership is not exposed to any
                         significant credit risk on cash and cash equivalents.

(b)  Nature of           Changes in the national and regional economic climates,
     business            changes in local real estate conditions, such as the
                         oversupply of apartments or a reduction in demand for
                         apartments, competition from single-family housing,
                         apartment properties and other forms of multifamily
                         residential housing, the inability to provide adequate
                         maintenance and to obtain adequate insurance, increased
                         operating costs, changes in zoning, building,
                         environment, rent control and other laws and
                         regulations, the costs of compliance with current and
                         future laws, changes in real property taxes and unusual
                         occurrences (such as earthquakes and floods) and other
                         factors beyond the control of the Partnership may
                         adversely affect the income from, and value of, the
                         Partnership's properties.


                                      F-15
<PAGE>   29


                                  SCHEDULE III
                 INCOME GROWTH PARTNERS, LTD. X AND SUBSIDIARIES

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
                      FOR THE YEAR ENDED DECEMBER 31, 2000


<TABLE>
<CAPTION>
                                                                     NET CHANGE                 GROSS AMOUNT AT WHICH
                                       INITIAL COST          SUBSEQUENT TO ACQUISITION        CARRIED AT CLOSE OF PERIOD
                                --------------------------  ---------------------------  -------------------------------------
                                             BUILDINGS AND              BUILDINGS AND                BUILDINGS AND
                  ENCUMBRANCES     LAND      IMPROVEMENTS      LAND      IMPROVEMENTS       LAND      IMPROVEMENTS     TOTAL
                  ------------     ----      ------------      ----      ------------       ----      ------------     -----
<S>               <C>           <C>          <C>            <C>          <C>             <C>          <C>           <C>
Shadow Ridge
   Meadows        $ 9,484,829   $3,294,260   $13,490,802    $(400,000)   $   329,893     $2,894,260   $13,820,695   $16,714,955

Mission Park        9,685,900    4,484,105     9,821,589     (300,000)    (1,563,686)     4,184,105     8,257,903    12,442,008
                  -----------   ----------   -----------    ----------   ------------    ----------   -----------   -----------
                  $19,170,729   $7,778,365   $23,312,391    $(700,000)   $(1,233,793)    $7,078,365   $22,078,598   $29,156,963
                  ===========   ==========   ===========    ==========   ============    ==========   ===========   ===========
</TABLE>


<TABLE>
<CAPTION>
                                                                 LIFE ON WHICH
                                                                DEPRECIATION IN
                   ACCUMULATED       DATE OF         DATE      LATEST STATEMENTS
                   DEPRECIATION    CONSTRUCTION    ACQUIRED       IS COMPUTED
                   ------------    ------------    --------       -----------
<S>                <C>                   <C>            <C>       <C>
Shadow Ridge
   Meadows         $ 5,226,161      Jan. 1988      Nov. 1988      27.5 years

Mission Park         5,960,574       May 1989      Aug. 1989      27.5 years
                   -----------
                   $11,186,735
                   ===========
</TABLE>


(a)  Reconciliation of total real estate carrying value for the three years
     ended December 31, 2000:

<TABLE>
<CAPTION>
                                             2000              1999              1998
                                             ----              ----              ----
<S>                                       <C>               <C>               <C>
       Balance at beginning of year       $28,985,826       $28,841,606       $28,685,443
       Acquisitions                           171,137           144,220           156,163
                                          -----------       -----------       -----------

       Balance at end of year             $29,156,963       $28,985,826       $28,841,606
                                          ===========       ===========       ===========
</TABLE>

(b)  Reconciliation of accumulated depreciation for the three years ended
     December 31, 2000:

<TABLE>
<CAPTION>
                                             2000              1999              1998
                                          -----------       -----------       -----------
<S>                                       <C>               <C>               <C>
       Balance at beginning of year       $10,316,949       $ 9,445,320       $ 8,582,492
       Expense                                869,786           871,629           862,828
                                          -----------       -----------       -----------

       Balance at end of year             $11,186,735       $10,316,949       $ 9,445,320
                                          ===========       ===========       ===========
</TABLE>



                                      F-16