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

                                    Form 10-Q

(Mark One)
[X] Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarterly period ended June 30, 2001 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            333-71073
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                              IKON Receivables, LLC
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             (Exact name of registrant as specified in its charter)

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

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

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


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              (Former name, former address and former fiscal year,
                          if changed since last report)

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

                      Applicable only to corporate issuers:

Indicate the number of shares outstanding of each issuer's classes of common
stock, as of August 10, 2001:

Common Stock                                                             None.
Registered Debt Outstanding as of August 10, 2001               $1,931,702,662

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.



<PAGE>

                                      INDEX

                              IKON RECEIVABLES, LLC


PART I - FINANCIAL INFORMATION

  Item 1. Condensed Financial Statements

         Balance Sheets - June 30, 2001 (unaudited) and September 30, 2000

         Statements of Income - Three and nine months ended June 30, 2001 and
         2000 (unaudited)

         Statements of Cash Flows - Nine months ended June 30, 2001 and 2000
         (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


<PAGE>


Item 1: Condensed Financial Statements


                                           IKON RECEIVABLES, LLC
                                               BALANCE SHEETS
                                               (in thousands)

<TABLE>
<CAPTION>

                                                            June 30,                   September 30,
                                                              2001                          2000
                                                          (unaudited)
                                                    -------------------------      -----------------------
Assets

Investments in leases:
<S>                                                               <C>                          <C>
      Financing lease receivables                                 $2,757,660                   $1,735,784
      Less: Unearned income                                         (437,364)                    (251,349)
                                                    -------------------------      -----------------------
                                                                   2,320,296                    1,484,435

Cash                                                                       1                            1
Restricted cash                                                      143,963                       91,914
Accounts receivable                                                   68,752                       53,624
Prepaid expenses and other assets                                      6,827                        5,059
                                                    -------------------------      -----------------------
Total assets                                                      $2,539,839                   $1,635,033
                                                    =========================      =======================

Liabilities and Member's Equity

Liabilities:
      Accrued expenses                                               $21,590                       $4,227
      Lease-backed notes                                           2,002,087                    1,267,641
                                                    -------------------------      -----------------------
Total liabilities                                                  2,023,677                    1,271,868
                                                    -------------------------      -----------------------

Member's Equity:
      Contributed capital                                            383,329                      279,478
      Retained earnings                                              149,233                       83,687
      Accumulated other comprehensive loss                           (16,400)                           -
                                                    -------------------------      -----------------------
Total member's equity                                                516,162                      363,165
                                                    -------------------------      -----------------------
Total liabilities and member's equity                             $2,539,839                   $1,635,033
                                                    =========================      =======================
</TABLE>


See notes to condensed financial statements.



<PAGE>
                                                     IKON RECEIVABLES, LLC
                                                     STATEMENTS OF INCOME
                                                        (in thousands)
                                                          (unaudited)



<TABLE>
<CAPTION>
                                                      Three Months Ended                           Nine Months Ended
                                                           June 30,                                    June 30,
                                     ----------------------------------------------------------------------------------------
                                             2001                   2000                       2001               2000
                                     ----------------------   ------------------         -----------------  -----------------

Revenues:
<S>                                                <C>                  <C>                      <C>                <C>
     Finance income                                $52,590              $36,581                  $151,188           $110,425
     Other income                                    1,208                1,067                     4,387              2,931
                                     ----------------------   ------------------         -----------------  -----------------
             Total revenues                         53,798               37,648                   155,575            113,356
                                     ----------------------   ------------------         -----------------  -----------------

Expenses:
     Interest                                       27,192               19,534                    81,697             58,198
     General and administrative                      2,839                2,019                     8,333              6,235
                                     ----------------------   ------------------         -----------------  -----------------
             Total expenses                         30,031               21,553                    90,030             64,433
                                     ----------------------   ------------------         -----------------  -----------------

Net income                                         $23,767              $16,095                   $65,545            $48,923
                                     ======================   ==================         =================  =================
</TABLE>



See notes to condensed financial statements.



<PAGE>
                                                IKON RECEIVABLES, LLC
                                              STATEMENTS OF CASH FLOWS
                                                   (in thousands)
                                                     (unaudited)


<TABLE>
<CAPTION>
                                                                                       Nine Months Ended
                                                                                           June 30,
                                                                            ---------------------------------------
Cash flows from operating activities                                                2001                  2000
                                                                            ---------------------------------------
<S>                                                                                  <C>                   <C>
Net income                                                                           $65,545               $48,923
Adjustments to reconcile net income to net
      cash provided by operating activities:
           Amortization                                                                2,396                 2,026
           Changes in operating assets and liabilities:
                Accounts receivable                                                  (15,128)              (24,423)
                Prepaid expenses and other assets                                     (1,293)               (1,188)
                Accrued expenses                                                         963                 2,998
                                                                            ---------------------------------------
Net cash provided by operating activities                                             52,483                28,336
                                                                            ---------------------------------------

Cash flows from investing activities
Investment in leases:
Collections on finance lease receivables , net of finance income earned              664,796               512,509
                                                                            ---------------------------------------
Net cash provided by investing activities                                            664,796               512,509
                                                                            ---------------------------------------

Cash flows from financing activities
Proceeds from issuance of lease-backed notes                                       1,226,761             1,194,849
Payments on lease-backed notes                                                      (495,185)             (406,439)
Deposit to restricted cash                                                           (52,049)              (59,554)
Capital Distribution to Sole Member                                               (1,396,806)           (1,296,394)
                                                                            ---------------------------------------
Net cash used in financing activities                                               (717,279)             (567,538)
                                                                            ---------------------------------------

Net decrease in Cash                                                                       -               (26,693)
Cash at beginning of period                                                                1                26,694
                                                                            ---------------------------------------
Cash at end of period                                                                     $1                    $1
                                                                            =======================================

Supplemental noncash financing activities:
Noncash capital contributions                                                     $1,500,658            $1,484,398
                                                                            =======================================

</TABLE>



See notes to condensed financial statements.







<PAGE>


                              IKON RECEIVABLES, LLC
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                 (in thousands)
                                   (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 for 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, 2000. Certain prior year amounts have been reclassified
to conform with the current year presentation.

Note 2:   Adoption of SFAS 133

The Company adopted Statement of Financial Accounting Standards (SFAS) 133, as
amended by SFAS 138, "Accounting for Derivative Instruments and Hedging
Activities", on October 1, 2000. SFAS 133 requires that all derivatives be
recorded on the balance sheet at their fair value. Changes in the fair value of
derivatives are recorded each period in earnings or Other Comprehensive Income
(Loss) ("OCI") depending on the type of hedging instrument and the effectiveness
of those hedges. In accordance with the transition provisions of SFAS 133, the
Company recorded a cumulative loss adjustment to OCI of $3,471, after taxes, to
recognize the fair value of its derivatives, as of the date of adoption.

All of the derivatives used by the Company as hedges are highly effective as
defined by SFAS 133 because all of the critical terms of the derivatives match
those of the hedged item. All of the derivatives used by the Company have been
designated as cash flow hedges at the time of the adoption of SFAS 133 or at the
time they were executed, if later than October 1, 2000. All derivatives are
adjusted to their fair market values at the end of each quarter. Unrealized net
gains and losses for cash flow hedges are recorded in OCI.

As of June 30, 2001, all of the derivatives designated as hedges by the Company
are interest rate swaps which qualify for evaluation using the "shortcut 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 the Company had issued fixed rate notes. During the nine
months ended June 30, 2001, unrealized net losses totaling $16,400 after taxes
were recorded in OCI, including $3,471 cumulative effect as of October 1, 2000.

Note 3:   Capital Contributions

In connection with the lease-backed notes issued December 7, 2000 (the "2000-2
Notes"), $714,698 of leases were contributed by IKON Receivables-1, LLC as
collateral for the borrowing of $634,431. In connection with the lease-backed
notes issued June 28, 2001 (the "2001-1 Notes"), $635,246 of leases were
contributed by IKON Receivables-1, LLC as collateral for the borrowing of
$595,200. During the first nine months of fiscal 2001, an additional $112,239,
$101,654, $52,779, $50,803, and $1,579 of leases were added to the 1999-1,
1999-2, 2000-1, 2000-2 and 2001-1 Asset Pools (as defined below) as substitution
for $58,295, $52,711, $27,451, $29,164, and $719 that were cancelled or
defaulted during the first nine months of fiscal 2001 resulting in a net
non-cash capital contribution of $1,500,658.


<PAGE>


Note 4:   Lease-backed Notes

In addition to the $1,267,641 of lease-backed notes (the "Notes") outstanding at
September 30, 2000, on December 7, 2000, the Company issued $634,431 of 2000-2
Notes under its $2,000,000 shelf registration statement filed with the
Securities and Exchange Commission. The 2000-2 Notes are comprised of Class A-1
Notes totaling $193,532 and have a stated interest rate of 6.66125%, Class A-2
Notes totaling $70,193 have a stated interest rate of 6.60%, Class A-3 Notes
totaling $290,800 have a variable interest rate and Class A-4 Notes totaling
$79,906 have a variable interest rate. Class A-3 Notes pay an interest rate of
one-month LIBOR plus 0.23% (which has been fixed at 6.475% through an interest
rate swap). Class A-4 Notes pay an interest rate of one-month LIBOR plus 0.27%
(which has been fixed at 6.475% through an interest rate swap). The 2000-2 Notes
are collateralized by a pool of office equipment leases or contracts and related
assets and the payments on the 2000-2 Notes are made from payments received on
the equipment leases. The Company received $633,000 in net proceeds from the
issuance of the 2000-2 Notes.

Additionally, on June 28, 2001, the Company issued $595,200 of lease-backed
notes (the "2001-1 Notes") under its $2,000,000 shelf registration statement
filed with the Securities and Exchange Commission. The 2001-1 Notes are
comprised of Class A-1 Notes totaling $168,000 and have a stated interest rate
of 3.73375%, Class A-2 Notes totaling $41,000 have a stated interest rate of
4.16%, Class A-3 Notes totaling $260,000 have a variable interest rate, and
Class A-4 Notes totaling $126,200 have a variable interest rate. Class A-3 Notes
pay an interest rate of one-month LIBOR plus 0.23% (which has been fixed at
4.825% through an interest rate swap). Class A-4 Notes pay an interest rate of
one-month LIBOR plus 0.26% (which has been fixed at 5.435% through an interest
rate swap). The 2001-1 Notes are collateralized by a pool of office equipment
leases or contracts and related assets and the payments on the 2001-1 Notes are
made from payments received on the equipment leases. The Company received
$593,761 in net proceeds from the issuance of the 2001-1 Notes.

The average interest rate on all the lease-backed notes outstanding at June 30,
2001 was 6.8%. Interest paid amounted to $80,695 for the first nine months of
fiscal 2001 and $55,205 for the first nine months of fiscal 2000.

Note 5:   Comprehensive Income

Total comprehensive income is as follows:
<TABLE>
<CAPTION>
                                                               Three Months Ended                       Nine Months Ended
                                                                    June 30,                                June 30,
                                                            2001                2000               2001                 2000
                                                       ----------------    ---------------    ----------------    -----------------
<S>                                                            <C>                <C>                 <C>                  <C>
Net income                                                     $23,767            $16,095             $65,545              $48,923
Cumulative effect of change in accounting
     principle for derivatives and hedging
     activities (SFAS 133), net of tax                                                                 (3,471)
Net gain (loss) on derivative instruments, net of
     tax                                                         1,564                                (12,929)
                                                       ----------------    ---------------    ----------------    -----------------
Total comprehensive income                                     $25,331            $16,095             $49,145              $48,923
                                                       ================    ===============    ================    =================
</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. All amounts are in
thousands unless otherwise noted.

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, Inc. ("IOSC"), a wholly owned finance subsidiary of IKON Office
Solutions, Inc. ("IKON"), a publicly traded office technology company with
fiscal 2000 revenues of approximately $5.4 billion. The Company was organized in
the State of Delaware on January 20, 1999 and is managed by IKON Receivables
Funding, Inc.

In addition to the $1,267,641 of lease-backed notes (the "Notes") outstanding at
September 30, 2000, on December 7, 2000, the Company issued $634,431 of
lease-backed notes (the "2000-2 Notes") under its $2,000,000 shelf registration
statement filed with the Securities and Exchange Commission. The 2000-2 Notes
are comprised of Class A-1 Notes totaling $193,532 and have a stated interest
rate of 6.66125%, Class A-2 Notes totaling $70,193 have a stated interest rate
of 6.60%, Class A-3 Notes totaling $290,800 have a variable interest rate and
Class A-4 Notes totaling $79,906 have a variable interest rate. Class A-3 Notes
pay an interest rate of one-month LIBOR plus 0.23% (which has been fixed at
6.475% through an interest rate swap). Class A-4 Notes pay an interest rate of
one-month LIBOR plus 0.27% (which has been fixed at 6.475% through an interest
rate swap). The 2000-2 Notes are collateralized by a pool of office equipment
leases or contracts and related assets and the payments on the 2000-2 Notes are
made from payments received on the equipment leases. The Company received
$633,000 in net proceeds from the issuance of the 2000-2 Notes.

Additionally, on June 28, 2001, the Company issued $595,200 of lease-backed
notes (the "2001-1 Notes") under its $2,000,000 shelf registration statement
filed with the Securities and Exchange Commission. The 2001-1 Notes are
comprised of Class A-1 Notes totaling $168,000 and have a stated interest rate
of 3.73375%, Class A-2 Notes totaling $41,000 have a stated interest rate of
4.16%, Class A-3 Notes totaling $260,000 have a variable interest rate, and
Class A-4 Notes totaling $126,200 have a variable interest rate. Class A-3 Notes
pay an interest rate of one-month LIBOR plus 0.23% (which has been fixed at
4.825% through an interest rate swap). Class A-4 Notes pay an interest rate of
one-month LIBOR plus 0.26% (which has been fixed at 5.435% through an interest
rate swap). The 2001-1 Notes are collateralized by a pool of office equipment
leases or contracts and related assets and the payments on the 2001-1 Notes are
made from payments received on the equipment leases. The Company received
$593,761 in net proceeds from the issuance of the 2001-1 Notes.

Interest income earned on the Asset Pool is expected to offset interest expense
on the Notes, amortization of debt issuance costs and discounts on the Notes and
the fees charged by IOSC for servicing the Asset Pool and providing
administrative services to the Company. For the third quarter of fiscal 2001,
income generated from the Asset Pool was $52,590, other income earned was
$1,208, interest expense was $27,192 and administrative expenses were $2,839.
Collections on the lease receivables were $231,484 and the Company repaid
$165,878 of principal on the Notes for the third quarter of fiscal 2001. For the
third quarter of fiscal 2000, income generated from the Asset Pool was $36,581,
other income earned was $1,067, while interest expense was $19,534 and




<PAGE>

administrative expenses were $2,019. Collections on the lease receivables were
$173,223 and the Company repaid $136,578 of principal on the Notes during the
third quarter of fiscal 2000. The Company's portfolio of leases had an average
yield of 10.7% at June 30, 2001, while the Company's weighted average interest
rate of its total debt cost was 7.2% during the third quarter of fiscal 2001.

During the first nine months of fiscal 2001, income generated from the Asset
Pool was $151,188, other income earned was $4,387, interest expense was $81,697
and administrative expenses were $8,333. Collections on the lease receivables
were $664,796 and the Company repaid $495,185 of principal on the Notes for the
first nine months of fiscal 2001. During the first nine months of fiscal 2000,
income generated from the Asset Pool was $110,425, other income earned was
$2,931, interest expense was $58,198 and administrative expenses were $6,235.
Collections on lease receivables were $512,509 and the Company repaid $406,439
of principal on the Notes during the first nine months of fiscal 2000. The
Company's portfolio of leases had an average yield of 10.7% at June 30, 2001,
while the Company's weighted average interest rate of its total debt cost was
7.1% during the first nine months of fiscal 2001.


                           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: 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 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 2000
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.



<PAGE>



PART II. OTHER INFORMATION



Item 6. Exhibits and Reports on Form 8-K

         On June 20, 2001, the Company filed a Current Report on Form 8-K to
         file, under Item 5 of the Form, regarding the consolidated financial
         statements of Ambac Assurance Corporation in connection with the
         Company's issuance of the 2001-1 Notes.




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

                                   By: IKON RECEIVABLES FUNDING, INC.
                                   As Manager


   Date  August 13, 2001           /s/ J. F. Quinn
        -------------------        ---------------------
                                   J. F. Quinn
                                   Treasurer