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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

(Mark One)

|X|  Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the quarterly period ended March 31, 2002 or

|_|  Transition  report  pursuant  to  section  13 or  15(d)  of the  Securities
     Exchange Act of 1934 for the transition period from to

                                    FORM 10-Q
                        Commission file number 333-71073

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

                              IKON Receivables, LLC
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            DELAWARE                                            23-2990188
 -------------------------------                             ----------------
 (State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                            Identification No.)

1738 Bass Road, P.O. Box 9115, Macon, Georgia                     31208
  ----------------------------------------                      ----------
  (Address of principal executive offices)                      (Zip Code)

                                 (478) 471-2300
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

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

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 |_|


Registered debt outstanding as of May 15, 2002 was $1,354,747,901.


The registrant meets the conditions set forth in General Instruction (H)(1)(a)
and (b) of Form 10-Q and is therefore filing with the reduced disclosure format
contemplated thereby.

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<PAGE>

                              IKON RECEIVABLES, LLC

                                     INDEX*




PART I. FINANCIAL INFORMATION

     Item 1.  Condensed Financial Statements

              Balance Sheets - March 31, 2002 (unaudited) and September 30, 2001

              Statements of Income - Three and six months ended March 31, 2002
              and 2001 (unaudited)

              Statements of Cash Flows - Six months ended March 31,
              2002 and 2001 (unaudited)

              Notes to Condensed Financial Statements (unaudited)


     Item 2.  Management's Discussion and Analysis of Financial Condition and
              Results of Operations


PART II. OTHER INFORMATION

     Item 6.  Exhibits and Reports on Form 8-K


SIGNATURES




* All amounts contained in this quarterly report on Form 10-Q are in thousands
unless otherwise noted.


<PAGE>

                                           PART I. FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements

                                               IKON RECEIVABLES, LLC
                                                  BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                            March 31,
                                                                               2002             September 30,
                                                                           (unaudited)               2001
                                                                           -----------           -----------
<S>                                                                        <C>                   <C>
                               Assets
Investments in leases:
         Finance lease receivables                                         $ 1,993,550           $ 2,493,399
         Less: Unearned income                                                (286,596)             (384,020)
                                                                           -----------           -----------
                                                                             1,706,954             2,109,379

Cash                                                                                 1                     1
Restricted cash                                                                119,692               126,861
Accounts receivable                                                             48,842                67,144
Prepaid expenses and other assets                                                4,231                 5,894
                                                                           -----------           -----------

                           Total assets                                    $ 1,879,720           $ 2,309,279
                                                                           ===========           ===========

               Liabilities and Member's Equity
Liabilities:
         Accrued expenses                                                  $    23,925           $    35,849
         Lease-backed notes                                                  1,420,723             1,797,389
                                                                           -----------           -----------
                           Total liabilities                                 1,444,648             1,833,238
                                                                           -----------           -----------

Commitments and contingencies

Member's equity:
         Contributed capital                                                   225,699               328,476
         Retained earnings                                                     229,510               177,939
         Accumulated other comprehensive loss                                  (20,137)              (30,374)
                                                                           -----------           -----------
                  Total member's equity                                        435,072               476,041
                                                                           -----------           -----------

                           Total liabilities and member's  equity          $ 1,879,720           $ 2,309,279
                                                                           ===========           ===========
</TABLE>

See notes to condensed financial statements.

<PAGE>

                              IKON RECEIVABLES, LLC
                              STATEMENTS OF INCOME
                                   (unaudited)



<TABLE>
<CAPTION>
                                                  Three Months Ended          Six Months Ended
                                                       March 31,                  March 31,
                                                 -----------------------------------------------
                                                   2002         2001         2002         2001
                                                 --------     --------     --------     --------
<S>                                              <C>          <C>          <C>          <C>
Revenues:
         Lease finance income                    $ 52,610     $ 53,587     $109,465     $ 98,598
         Other income                                 499        1,618        1,135        3,179
                                                 --------     --------     --------     --------
                                                   53,109       55,205      110,600      101,777
                                                 --------     --------     --------     --------

Expenses:
         Interest expense                          24,507       29,853       52,899       54,505
         General and administrative expenses        2,895        3,097        6,130        5,494
                                                 --------     --------     --------     --------
                                                   27,402       32,950       59,029       59,999
                                                 --------     --------     --------     --------

Net income                                       $ 25,707     $ 22,255     $ 51,571     $ 41,778
                                                 ========     ========     ========     ========

</TABLE>


See notes to condensed financial statements.

<PAGE>


                              IKON RECEIVABLES, LLC
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                             Six Months Ended
                                                                                 March 31,
                                                                          ------------------------
                                                                             2002           2001
                                                                          ---------      ---------
<S>                                                                       <C>            <C>
Cash flows from operating activities
Net income                                                                $  51,571      $  41,778
Adjustments to reconcile net income to net cash provided by
     operating activities:
          Amortization                                                        1,694          1,542
          Changes in operating assets and liabilities:
               Accounts receivable                                           18,302         (3,062)
               Prepaid expenses and other assets                                (30)          (563)
               Accounts payable and accrued expenses                         (1,332)         1,440
                                                                          ---------      ---------
Net cash provided by operating activities                                    70,205         41,135
                                                                          ---------      ---------

Cash flows from investing activities
Investments in leases:
          Collections (net of finance income earned)                        402,069        433,312
                                                                          ---------      ---------
Net cash provided by investing activities                                   402,069        433,312
                                                                          ---------      ---------

Cash flows from financing activities
     Proceeds from lease-backed notes                                            --        633,000
     Payments on lease-backed notes                                        (376,666)      (329,307)
     Decrease (increase) in restricted cash                                   7,169        (37,216)
     Capital distributed to Sole Member                                    (102,777)      (740,924)
                                                                          ---------      ---------
Net cash used in financing activities                                      (472,274)      (474,447)
                                                                          ---------      ---------

Change in cash                                                                   --             --
Cash at beginning of year                                                         1              1
                                                                          ---------      ---------
Cash at end of year                                                       $       1      $       1
                                                                          =========      =========



Supplemental noncash financing activities:
     Noncash capital contributions                                        $  63,375      $ 813,066
                                                                          =========      =========
</TABLE>

See notes to condensed financial statements.

<PAGE>

                              IKON RECEIVABLES, LLC
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (unaudited)


Note 1: Basis of Presentation

The accompanying unaudited condensed financial statements of IKON Receivables,
LLC (the "Company") have been prepared in accordance with generally accepted
accounting principles for interim financial information and the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all
adjustments (consisting only of normal recurring adjustments) considered
necessary for a fair statement of the results of the interim periods have been
included. For further information, refer to the financial statements and
footnotes thereto included in the Company's Annual Report on Form 10-K for the
year ended September 30, 2001.


Note 2: Financial Instruments

As of March 31, 2002, all of the Company's derivatives designated as hedges are
interest rate swaps which qualify for evaluation using the "short cut" method
for assessing effectiveness. As such, there is an assumption of no
ineffectiveness. The Company uses interest rate swaps to fix the interest rates
on its variable rate classes of lease-backed notes, which results in a lower
cost of capital than if we had issued fixed rate notes. During the six months
ended March 31, 2002, unrealized net income totaling $10,237 after taxes, was
recorded in accumulated other comprehensive loss.


Note 3: Capital Contributions

During the first six months of fiscal 2002, IOS Capital, LLC made non-cash
capital contributions of $63,375 of office equipment leases or contracts (the
"Leases") and related assets to the Company.


Note 4: Comprehensive Income

Total comprehensive income is as follows:

<TABLE>
<CAPTION>
                                                                              Three Months Ended           Six Months Ended
                                                                                   March 31,                  March 31,
                                                                            ----------------------      ---------------------
                                                                              2002          2001          2002         2001
                                                                            --------      --------      --------     --------

<S>                                                                         <C>           <C>           <C>          <C>
Net income                                                                  $ 25,707      $ 22,255      $ 51,571     $ 41,778
Cumulative effect of change in accounting principle for derivative and
   hedging activities (SFAS 133), net of tax benefit of $2,119                                                         (3,471)
Net gain (loss) on derivative financial instruments, net of tax expense
   (benefit) of : $4,411 and $(5,143) for the three months ended
   March 31, 2002 and 2001, respectively; $6,825 and $(8,504) for the
   six months ended March 31, 2002 and 2001, respectively                      6,616        (7,714)       10,237      (14,493)
                                                                            --------      --------      --------     --------
Total comprehensive income                                                  $ 32,323      $ 14,541      $ 61,808     $ 23,814
                                                                            ========      ========      ========     ========
</TABLE>

<PAGE>


Item 2.   Management's Discussion and Analysis of Financial Condition and
          Results of Operations

Pursuant to General Instruction H(2)(a) of Form 10-Q, the following analysis of
the results of operations is presented in lieu of Management's Discussion and
Analysis of Financial Condition and Results of Operations.

                           Forward-Looking Information

This Report includes or incorporates by reference, information which may
constitute forward-looking statements within the meaning of the federal
securities laws. Although the Company believes the expectations contained in
such forward-looking statements are reasonable, it can give no assurances that
such expectations will prove correct. Such forward-looking information is based
upon management's current plans or expectations and is subject to a number of
risks and uncertainties that could significantly affect current plans,
anticipated actions and IOSC's and/or IKON's future financial condition and
results. These risks and uncertainties, which apply to the Company, IOSC and
IKON, include, but are not limited to, risks and uncertainties relating to:
factors which may affect the Company's ability to recoup the full amount due on
the 1999-1, 1999-2, 2000-1, 2000-2 and 2001-1 Leases (such as lessee defaults or
factors impeding recovery efforts); and risks and uncertainties affecting the
business of IOSC and/or IKON as set forth in IOSC's and IKON's periodic reports
filed with the Securities and Exchange Commission, including, but not limited
to: conducting operations in a competitive environment and in a changing
industry (which includes technical services and products that are relatively new
to the industry, IKON, and to the Company); delays, difficulties, management
transitions and employment issues associated with the consolidation of, and/or
changes in business operations; managing the integration of existing and
acquired companies; existing and future vendor relationships; risks relating to
foreign currency exchange; economic, legal and political issues associated with
international operations; the Company's ability to access capital and meet its
debt service requirements (including sensitivity to fluctuation in interest
rates); and general economic conditions. Certain additional risks and
uncertainties are set forth in the Company's fiscal 2001 Annual Report on Form
10-K filed with the Securities and Exchange Commission. As a consequence of
these and other risks and uncertainties, current plans, anticipated actions and
future financial condition and results may differ materially from those
expressed in any forward-looking statements made by or on behalf of the Company.

IKON Receivables, LLC (the "Company") is a special purpose Delaware limited
liability company, all of the membership interests in the Company are held by
IKON Receivables-1, LLC, also a special purpose Delaware limited liability
company. All of the membership interests in IKON Receivables-1, LLC are owned by
IOS Capital, LLC ("IOSC"), a wholly-owned finance subsidiary of IKON Office
Solutions, Inc. ("IKON"), a publicly traded office technology company with
fiscal 2001 revenues of approximately $5.3 billion. The Company was organized in
the State of Delaware on January 20, 1999 and is managed by IKON Receivables
Funding, Inc.

Three Months Ended March 31, 2002 compared with the Three Months Ended March 31,
2001

Interest income earned on the leases is expected to offset interest expense on
the lease-backed notes, amortization of debt issuance costs and discounts on the
lease-backed notes and the fees charged by IOSC for servicing the leases and
providing administrative services to the Company. For the second quarter of
fiscal 2002, income generated from the leases was $52,610, other income earned
was $499, interest expense was $24,507 and administrative expenses were $2,895.
Collections on the lease receivables were $197,273 and the Company repaid
$184,543 of principal on the lease-backed notes for the second quarter of fiscal
2002. For the second quarter of fiscal 2001, income generated from the leases
was $53,587, other income earned was $1,618, while interest expense was $29,853
and administrative expenses were $3,097. Collections on the lease receivables
were $238,542 and the Company repaid $176,593 of principal on the lease-backed
notes during the second quarter of fiscal 2001. The changes described above are
directly related to the paydown of the debt and amortization of the related
assets in the Company from March 31, 2001 to March 31, 2002.

Six Months Ended March 31, 2002 compared with the Six Months Ended March 31,
2001

Interest income earned on the leases is expected to offset interest expense on
the lease-backed notes, amortization of debt issuance costs and discounts on the
lease-backed notes and the fees charged by IOSC for servicing the leases and
providing administrative services to the Company. For the six months ended March
31, 2002, income generated from the leases was $109,465, other income earned was
$1,135, interest expense was $52,899 and administrative expenses were $6,130.
Collections on the lease receivables were $402,069 and the Company repaid
$376,666 of principal on the lease-backed notes for the six months ended March
31, 2002. For the six months ended March 31, 2001, income generated from the
leases was $98,598, other income earned was $3,179, while interest expense was
$54,505 and administrative expenses were $5,494. Collections on the lease
receivables were $433,312 and the Company repaid $329,307 of principal on the
lease-backed notes during the six months ended March 31, 2001. The changes
described above are directly related to the paydown of the debt and amortization
of the related assets in the Company from March 31, 2001 to March 31, 2002.

The Company expects to make an accounting change, the effect of which would be
to record deferred tax liabilities in the third quarter. If adopted, the change
would result in recording deferred taxes of approximately $600,000 with a
similar reduction in member's equity at the end of the third quarter. The
Company estimates the cumulative effect on prior years to be approximately
$825,000. In addition, a tax provision for the three and nine month periods
would be recorded. The change would have no impact on cash flows.

<PAGE>

                           PART II. OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K

None.





                                   SIGNATURES


Pursuant to the requirements 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. This report has also been signed by the
undersigned in his capacity as the chief accounting officer of the Registrant.


IKON RECEIVABLES, LLC
Date:   May 15, 2002
By:     IKON RECEIVABLES FUNDING, INC.,
        as Sole Member and Initial Manager

By:      /s/ J. F. Quinn
        ----------------------------------
        Name:   J. F. Quinn
        Title:  Treasurer