<PAGE>

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

                                    FORM 10-K


            (X) Annual Report Pursuant to Section 13 or 15 (d) of the
                         Securities Exchange Act of 1934

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001

           ( )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 - 0-25574

                     TELECOMMUNICATIONS INCOME FUND X, L.P.
                     --------------------------------------
             (Exact name of registrant as specified in its charter)

            Iowa                                                  42-1401715
            ----                                                  ----------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

             701 Tama Street, Marion, Iowa                52302
         --------------------------------------------------------
         (Address of principal executive offices)       (Zip Code)

         Registrant's telephone number, including area code 319-447-5700
                                                            ------------

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


                Securities pursuant to section 12 (g) of the Act:

                   Limited Partnership Interests (the "Units")
                   -------------------------------------------
                                (Title of class)

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
                                      ---    ---

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).

As of March 1, 2002, 87,486 units were issued and outstanding. Based on the book
value at December 31, 2001 of $4.96 per unit, the aggregate market value at
March 1, 2002 was $433,931.

DOCUMENTS INCORPORATED BY REFERENCE. Portions of the Registration Statement on
Form S-1, dated August 27, 1993 are incorporated by reference into Part IV.
<PAGE>
                     TELECOMMUNICATIONS INCOME FUND X, L.P.
                          2001 FORM 10-K ANNUAL REPORT
                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                Page
<S>        <C>                                                                  <C>
                                    PART I

Item 1.    Business ..........................................................    3
Item 2.    Properties ........................................................    4
Item 3.    Legal Proceedings .................................................    5
Item 4.    Submission of Matters to a Vote of Unit Holders ...................    5


                                    PART II

Item 5.    Market for the Registrant's Common Equity
              and Related Stockholders Matters ...............................    5
Item 6.    Selected Financial Data ...........................................    5
Item 7.    Management's Discussion and Analysis of Financial
              Condition and Results of Operations ............................    6
Item 7A.   Quantitative and Qualitative Disclosures About Market Risk ........    8
Item 8.    Financial Statements and Supplementary Data .......................    8
Item 9.    Changes in and Disagreements with Accountants
              on Accounting and Financial Disclosure .........................   27


                                   PART III

Item 10.   Directors and Executive Officers of the Registrant ................   27
Item 11.   Executive Compensation ............................................   28
Item 12.   Security Ownership of Certain Beneficial Owners and Management ....   29
Item 13.   Certain Relationships and Related Transactions ....................   29


                                    PART IV

Item 14.   Exhibits, Financial Statement Schedules and Reports on Form 8-K ...   30
           SIGNATURES ........................................................   31
           EXHIBIT INDEX .....................................................   32
</TABLE>


                                       2
<PAGE>
                                     PART I

ITEM 1. BUSINESS

Telecommunications Income Fund X, L.P., an Iowa limited partnership (the
"Partnership"), was organized on April 20, 1993. The general partner is Berthel
Fisher & Company Leasing, Inc. (the "General Partner"), an Iowa corporation that
has been in operation since 1988. The Partnership's business and the executive
offices of the General Partner are located at 701 Tama Street, Marion, Iowa
52302. Substantially all of the voting stock of the General Partner is owned by
Berthel Fisher & Company ("Berthel Fisher").

The Partnership began offering units to the public on August 27, 1993 and
continued to offer units to the public through December 31, 1994. The
Partnership will operate until December 31, 2002 unless dissolved sooner due to
the occurrence of any of the following events: (i) the vote by limited partners
owning a majority of the Partnership in accordance with the Partnership
Agreement; (ii) the withdrawal, bankruptcy, or dissolution and liquidation or
other cessation to exist as a legal entity of the General Partner (unless any
successor general partner elected in accordance with the provisions of the
Partnership Agreement elects to continue the business of the Partnership); (iii)
the final distribution of all liquidating distributions among the limited
partners pursuant to the Partnership Agreement; or (iv) the sale or disposition
of all or substantially all of the assets of the Partnership without the
subsequent reinvestment in equipment. If it does not appear reasonable to
liquidate the Partnership by December 31, 2002, the General Partner may have to
ask the limited partners to vote via a proxy statement to extend the
Partnership. The Partnership would only be extended if a majority of the limited
partnership units vote for the extension.

The business of the Partnership is the acquisition and leasing of equipment,
primarily telecommunications equipment such as pay telephones and call
processing equipment. The Partnership began its primary business activities on
September 29, 1993. The Partnership entered its liquidation phase on December
31, 1999.

A significant portion of the Partnership's business is with customers who are in
the telecommunications industry. The telecommunications industry, particularly
the pay telephone and long distance facets of the industry, is heavily regulated
by the Federal Communications Commission ("FCC") and by various state public
utility commissions. Regulation is not directed at the ownership or leasing of
telecommunications equipment, but is focused primarily on the business of the
Partnership's customers that operate in the telecommunications industry.
Generally, regulation affects rates that can be charged and the relationship of
the regional Bell operating companies to the rest of the pay telephone industry.
Management does not expect regulation to have any significant negative impact
upon the business of the Partnership.

The principle objective of the Partnership is obtaining value from sales of the
Partnership's lease portfolio and other assets during the liquidating phase (the
period during which the General Partner will liquidate the Partnership assets)
and providing distributions to the partners during the liquidating phase.

The Partnership acquired primarily telecommunications equipment (specifically
pay telephones and call processing equipment), leased to third parties generally
under full payout leases. The Partnership also acquired other types of equipment
generally subject to full payout leases. Full payout leases are leases that are
expected to generate gross rental payments sufficient to recover the purchase
price of the equipment and any overhead and acquisition costs.

Equipment acquired by the Partnership is installed in various locations by the
lessees. When the lessee installs the equipment in a location, a site location
agreement gives the lessee the right to have the equipment at this site for a
specified period of time. These site location


                                       3
<PAGE>
agreements generally have a three to five year term. The Partnership, in
addition to its ownership of the equipment, takes an assignment of and a first
security interest in these site location agreements. Therefore, if a lessee
defaulted, the Partnership could have the ability to re-sell or re-lease the
equipment in place. This "in place" value is generally much higher than the
residual value of the equipment. The telecommunications equipment generates
revenue primarily through long distance phone calls. The Partnership's lessee
generally receives long distance revenue from a contracted third party billing
company. The Partnership also takes an assignment of this revenue.

The General Partner acquired and approved leases on behalf of the Partnership.
The General Partner established guidelines to use in approving lessees.
Generally, before any lease was approved, there was a review of the potential
lessees' financial statements, credit references were checked, and outside
business and/or individual credit reports were obtained.

The Partnership's leases and notes receivable are concentrated in pay
telephones, automated teller machines ("ATM"), and the notes receivable of
Murdock Communications Corporation ("Murdock"). The portfolio related to these
sources for the period ended December 31, 2001, 2000, and 1999 is outlined in
the table below.

<TABLE>
<CAPTION>
                                              2001      2000      1999
                                              ----      ----      ----
<S>                                           <C>       <C>       <C>
         Pay telephones                        95%       32%       52%
         ATM machines                           2%        1%       20%
         Murdock notes receivable               --       50%        --
</TABLE>

Two customers accounted for 85% of the Partnership's net investment in direct
financing leases and notes receivable portfolio at December 31, 2001.

The telecommunications industry has seen a significant downturn in the last year
that has adversely affected the Partnership. The value of payphones and payphone
routes has declined substantially in recent years and is due to various factors,
including but not limited to the following:

      -  Lack of sufficient dial around revenues for payphone operators
      -  Decrease in usage of payphones, due to the use of mobile phones, etc.
      -  Lack of economies of scale being achieved with the cost of lines
         purchased from local exchange carriers
      -  Lack of available capital for payphone operators
      -  Decrease in the number of payphone operators

Management believes that these conditions may be overcome if current lobbying
efforts are successful and economic conditions become more favorable for
payphone operators. However, no assurance can be given that any of these
conditions may improve or that current values in the telecommunications industry
will not continue to decline.

The leasing industry is very competitive and the Partnership has fewer assets
than some of its major competitors. The principal methods of competition include
service and price (interest rate). The Partnership operates in one segment.

The Partnership has no employees and utilizes the administrative services of the
General Partner for which it pays an administrative service fee.

ITEM 2. PROPERTIES

The Partnership does not own or lease any real estate. The Partnership's
materially important assets consist entirely of equipment under lease, primarily
telecommunications equipment, as described in Item 1.



                                       4
<PAGE>
ITEM 3. LEGAL PROCEEDINGS

On January 10, 2001, SA Communications, Inc., a debtor in bankruptcy, filed a
complaint in the United States Bankruptcy Court for the District of Delaware
against the Partnership to avoid transfers and to recover property transferred.
The complaint alleged that on September 10, 1997, the debtor paid a check in the
amount of $45,069.83 to the Partnership which constituted a preferential
transfer in favor of the Partnership. The Partnership filed an answer denying
that the payment constituted a preference. Initially, there was a requirement
that the parties should exchange discovery documents but that exchange of
documents has been continued indefinitely. The Partnership believes that the
payment was received in the ordinary course of business and should not
constitute a preferential transfer. No loss, if any, has been recorded in the
financial statements with respect to this matter.

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

No matters were submitted to a vote of limited partners, through the
solicitation of proxies or otherwise during the year covered by this report.

                                     PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS

The Registrants' Units are not publicly traded. There is no market for the
Registrant's Units and it is unlikely that any will develop. The General Partner
will resist the development of a public market for the Units.

<TABLE>
<CAPTION>
                                           Number of Partners
            Title of Class                  at March 1, 2002
            ------------------------------------------------
<S>                                        <C>
            Limited Partner                        1,577
            General Partner                            1
</TABLE>

Through December 31, 2001, $17,707,518 has been paid in distributions to
partners during the life of the Partnership. Distributions to partners on a per
unit basis were $11.93 in 2001, $32.14 in 2000, and $27.00 during the three
prior years.

ITEM 6. SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                                                  YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------------------------------------------
                                             (Liquidation Basis)                     (Historical Cost Basis)
                                        ----------------------------      -----------------------------------------------
                                           2001              2000             1999              1998             1997
-------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>               <C>             <C>               <C>              <C>
  Total Revenue                                n/a               n/a      $  1,607,766      $  2,802,667     $  3,045,703
  Net Income (Loss)                            n/a               n/a           542,733         1,664,367       (1,897,893)
  Total Assets                             693,649         5,418,769        11,828,955        12,647,703       18,799,155
  Line of Credit                               -0-               -0-         2,556,214            15,433        5,354,801
  Bank term loan                               -0-               -0-               -0-               -0-          583,233
  Provision for Possible Losses          1,239,000           125,000           184,730           199,060        3,628,090
  Distributions to Partners              1,049,864         2,850,000         2,409,159         2,422,973        2,430,890
  Net Income (Loss) per Unit                   n/a               n/a              6.08             18.54           (21.11)
  Distributions per Unit                     11.93             32.14             27.00             27.00            27.00
  Change in net assets, excluding
    distributions and withdrawals       (3,325,478)         (170,052)       (1,464,813)*             n/a              n/a
</TABLE>

* Upon adoption of liquidation basis of accounting

The selected financial data above was derived from the liquidation basis
financial statements of the Partnership as of and for the years ending December
31, 2001 and 2000, and the historical cost basis financial statements prior to
December 31, 1999. As of December 31, 1999, the Partnership adopted the
liquidation basis of accounting. Under liquidation basis accounting, assets are
presented at estimated net realizable value and liabilities are presented at
estimated settlement amounts. The change to liquidation basis accounting may
materially affect the comparability of the selected financial data. The above
selected financial data should be read in connection with the financial
statements and related notes appearing elsewhere in this report.


                                       5
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RESULTS OF OPERATIONS

On December 31, 1999, the Partnership ceased reinvestment in equipment and
leases and began the orderly liquidation of the Partnership in accordance with
the partnership agreement. As a result, the financial statements beginning with
that date have been presented under the liquidation basis of accounting. Under
the liquidation basis of accounting, assets are stated at their estimated net
realizable values and liabilities are stated at their anticipated settlement
amounts.

As discussed above, the Partnership is in liquidation and does not believe a
comparison of results would be meaningful. The Partnership realized $100,246 in
income from direct financing leases, notes receivable, interest, and other
income for the year ended December 31, 2001. This represents an annualized
return on average net assets, excluding the decrease in the estimate of the
liquidation value of net assets discussed below, of approximately 3.8%.

Management decreased its estimate of the liquidation value of net assets 2001 by
$3,425,724. This decrease is primarily due to the write-off of securities the
Partnership held in Actel Integrated Communications Inc. ("Actel") and loans to
Murdock Communications Corporation ("Murdock"), the impairment of equipment held
for sale, and increasing the allowance for possible loan and lease losses. On
April 11, 2001, Actel filed for Chapter 11 bankruptcy (subsequently changed to a
Chapter 7 filing). The Partnership had a loss of $947,658 to write-off the
carrying value of its 421,181 shares of Actel preferred stock. The Partnership
also wrote off $910,000 representing its remaining carrying value of notes
receivable of Murdock. Murdock's primary asset was the preferred stock of Actel.
Another lessee of the Partnership, LIDS Corporation, filed for Chapter 11
bankruptcy during the first quarter, resulting in an increase to the allowance
for possible loan and lease losses of $200,000. The Partnership also increased
the allowance for possible loan and lease losses during the third and fourth
quarters by an approximate total of $125,000 due to the chapter 11 bankruptcy
filing of Alpha Tel-Com, a lessee of the Partnership.

The Partnership also decreased its estimate of the liquidation value of net
assets as a result of losses incurred on equipment previously held for sale. In
November 2000, the Partnership exercised its right to manage the assets leased
to Alpha Telecommunications, Inc. ("ATI") due to nonpayment of receivables. The
Partnership incurred an impairment loss of $351,041 in 2000 to record the
equipment at $1,702,644 at December 31, 2000, the estimated net realizable value
of the equipment at that time. During 2001, the Partnership incurred additional
losses on this equipment totalling $1,286,184 as a result of a substantial loss
in the number of operable payphones and also due to the general decline in
payphone equipment, as described in item 1. Many payphone site owners signed
contracts with other payphone operators as a result of ATI's bankruptcy filing.
The Partnership sold the remaining equipment in the fourth quarter for a note
receivable of $176,000.

The Partnership has accrued the estimated expenses of liquidation, which is
$175,000 at December 31, 2001. The General Partner reviews this estimate and
will adjust quarterly, as needed. The Partnership will continue to make
distributions to the partners as leases, notes receivable, and equipment are
collected or sold and other assets are sold. The valuation of assets and
liabilities necessarily requires many estimates and assumptions and there are
uncertainties in carrying out the liquidation of the Partnership's net assets.
The actual value of the liquidating distributions will depend on a variety of
factors, including the actual timing of distributions to the partners. The
actual amounts are likely to differ from the amounts presented in the financial
statements. Through December 31, 2001, there have been distributions totalling
$17,707,518. As of December 31, 2001 the Partnership had $46,197 of cash on
hand.



                                       6
<PAGE>
As of December 31, 2001, three customers were over 90 days past due. When
payments are past due more than 90 days, the Partnership discontinues
recognizing income on those customer contracts. The Partnership's net investment
in these contracts totalled $380,153 at December 31, 2001. One lessee, Alpha
Tel-Com, filed for chapter 11, as stated above, and resulted in the Partnership
increasing the allowance for possible loan and lease losses by approximately
$125,000. Management believes its reserve is adequate related to these
customers. Management will continue to monitor the past due contracts and take
the necessary steps to protect the Partnership's investment.

The General Partner is engaged directly for its own account in the business of
acquiring and leasing equipment. The General Partner serves as the general
partner of Telecommunications Income Fund IX, L.P. ("TIF IX") and
Telecommunications Income Fund XI, L.P. ("TIF XI"), publicly owned limited
partnerships that are engaged in the equipment leasing business. TIF IX is
currently in its liquidation phase and must be dissolved by December 31, 2005.
Also, an affiliate of the General Partner is the general partner of a privately
offered active limited partnership. As of December 31, 2001, the net proceeds of
the private program, TIF IX, and TIF XI have been invested in specific
equipment. The activities of the General Partner, in regards to its other
leasing activities, has had no impact on the Partnership to date in management's
opinion.

The equipment that the Partnership leases is maintained by the lessee, and the
lessee is responsible for keeping the equipment upgraded with any improvements
that may be developed. The Partnership generally establishes the equipment's
residual value at 10% of the equipment's original cost. The Partnership
generally expects to realize the residual value by the sale of the equipment at
the expiration of the original lease term. The General Partner monitors the
maintenance and upgrades to the equipment and expects the Partnership to realize
residual values of at least 10%.

The General Partner is not aware of any regulatory issues that may have a
substantial negative impact on the telecommunications businesses to whom the
Partnership leases equipment. There are and will continue to be regulatory
issues in the telecommunications industry that the General Partner will monitor.

The Partnership's equipment leases and notes were financed to yield rates of
return between 15% and 20%, with terms varying from 36 months to 60 months.
Rates charged on a particular lease or note depend on the size of the
transaction and the customer's financial strength.

Inflation affects the cost of equipment purchased and the residual values
realized when leases terminate and equipment is sold.

LIQUIDITY AND CAPITAL RESOURCES

The Partnership is required to establish working capital reserves of no less
than 1% of the total capital raised to satisfy general liquidity requirements,
operating costs of equipment, and the maintenance and refurbishment of
equipment. At December 31, 2001, that working capital reserve, as defined, would
be $226,025. Actual cash on hand at December 31, 2001 was $46,197. However, upon
entering the liquidation phase, the General Partner has prioritized the
liquidation of assets and distributing remaining proceeds to the partners.
Management believes that the cash on hand at December 31, 2001 is sufficient to
satisfy current operating expenses and costs of the Partnership.

The Partnership will continue to liquidate its assets in an orderly manner to
achieve the highest price possible for the partners and make distributions as
cash becomes available through sales of assets or collections of lease and notes
receivable.



                                       7
<PAGE>
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

EQUITY PRICE SENSITIVITY

The table below provides information about the Partnership's marketable and not
readily marketable equity securities that are sensitive to changes in prices at
December 31, 2001.

<TABLE>
<CAPTION>
                                       Carrying Amount     Fair Value
                                       ---------------     ----------
<S>                                    <C>                 <C>
      Common Stock-Murdock                 $11,281          $11,281
                                           -------          -------
      Total Marketable                     $11,281          $11,281
                                           =======          =======
</TABLE>

<TABLE>
<CAPTION>
                                       Carrying Amount     Fair Value
                                       ---------------     ----------
<S>                                    <C>                 <C>
      Common Stock-Murdock                 $27,305          $27,305
                                           -------          -------
      Total Not Readily Marketable         $27,305          $27,305
                                           =======          =======
</TABLE>

The Partnership's primary market risk exposure with respect to equity securities
is equity price. The Partnership's general strategy in owning equity securities
is long-term growth in the equity value of emerging companies in order to
increase the rate of return to the limited partners over the life of the
Partnership. The primary risk of the portfolio is derived from the underlying
ability of the companies invested in to satisfy debt obligations and their
ability to maintain or improve common equity values. The Partnership holds
165,900 shares of Murdock as marketable and 426,600 shares as not readily
marketable, due to restrictions imposed by rule 144 of the Securities and
Exchange Commission. Murdock is a shell company with no operations whose stock
price can be volatile. At December 31, 2001, the total amount at risk was
$38,586.

INTEREST RATE SENSITIVITY

The table below provides information about the Partnership's notes receivable
that are sensitive to changes in interest rates. The table presents the
principal amounts and related weighted average interest rates by expected
maturity dates as of December 31, 2001.

<TABLE>
<CAPTION>
                                                 Assets
                                  -----------------------------------
          Expected                   Fixed Rate            Average
       Maturity Date              Notes Receivable      Interest Rate
       -------------              ----------------      -------------
<S>                               <C>                   <C>
           2002                     $    186,008            8.35%
                                    ------------
           Total                    $    186,008
                                    ============

           Fair Value               $    186,008
                                    ============
</TABLE>

The Partnership manages interest rate risk, its primary market risk exposure
with respect to notes receivable, by limiting the terms of notes receivable to
no more than five years.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following financial statements and related information as of and for the
years ended December 31, 2001, 2000, and 1999 are included in Item 8:

       Independent Auditors' Report

       Statements of Net Assets as of December 31, 2001 and 2000
          (Liquidation Basis)

       Statements of Changes in Net Assets (Liquidation Basis)
          for the Years Ended December 31, 2001 and 2000

       Statement of Operations and Comprehensive Income
          (Going Concern Basis) for the Year Ended December 31, 1999

       Statement of Changes in Partners' Equity (Going Concern Basis)
          for the Year Ended December 31, 1999

       Statements of Cash Flows for the Years Ended December 31,
          2001, 2000, and 1999

       Notes to Financial Statements



                                       8
<PAGE>
INDEPENDENT AUDITORS' REPORT


To the Partners
Telecommunications Income Fund X, L.P.

We have audited the accompanying statements of net assets (liquidation basis) of
Telecommunications Income Fund X, L.P. (the "Partnership") as of December 31,
2001 and 2000, and the related statements of changes in net assets (liquidation
basis) for the years ended December 31, 2001 and 2000. In addition, we have
audited the accompanying statement (going concern basis) of operations and
comprehensive income and of changes in partners' equity of the Partnership for
the year ended December 31, 1999. In addition, we have audited the accompanying
statements of cash flows of the Partnership for each of the three years in the
period ended December 31, 2001. 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 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 audits provide a
reasonable basis for our opinion.

As discussed in Note 1 to the financial statements, the Partnership agreement
required that the orderly liquidation of the Partnership's net assets begin on
December 31, 1999, and the Partnership commenced liquidation shortly thereafter.
As a result, the Partnership has changed its basis of accounting from the going
concern basis to the liquidation basis effective December 31, 1999.

In our opinion, such financial statements present fairly, in all material
respects, the net assets of Telecommunications Income Fund X, L.P. at December
31, 2001 and 2000, the changes in its net assets for the years ended December
31, 2001 and 2000, the results of its operations for the year ended December 31,
1999, and its cash flows for each of the three years in the period ended
December 31, 2001, in conformity with accounting principles generally accepted
in the United States of America on the basis described in Note 1.

As discussed in Note 1 to the financial statements, because of the inherent
uncertainty of valuation when an entity is in liquidation, the amounts
realizable from the disposition of the remaining assets may differ materially
from the amounts shown in the accompanying financial statements.



/s/ DELOITTE & TOUCHE LLP

Cedar Rapids, Iowa
March 1, 2002



                                       9
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

STATEMENTS OF NET ASSETS (LIQUIDATION BASIS)
AS OF DECEMBER 31, 2001 AND 2000
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ASSETS                                                                2001           2000

<S>                                                                <C>            <C>
  Cash and cash equivalents                                        $   46,197     $  350,601
  Marketable equity security (Note 2)                                  11,281         13,220
  Not readily marketable equity securities (Note 2)                    27,305        979,657
  Net investment in direct financing leases
    and notes receivable (Notes 3 and 4)                              492,538      2,281,897
  Equipment held for sale (Note 5)                                         --      1,702,644
  Other assets                                                        116,328         90,750
                                                                   ----------     ----------
           Total assets                                               693,649      5,418,769
                                                                   ----------     ----------

LIABILITIES

  Accounts payable and accrued expenses                                62,963        214,957
  Lease security deposits                                              21,982         28,532
  Reserve for estimated costs during the period of liquidation        175,000        350,000
                                                                   ----------     ----------
           Total liabilities                                          259,945        593,489
                                                                   ----------     ----------

CONTINGENCIES (Note 10)

NET ASSETS                                                         $  433,704     $4,825,280
                                                                   ==========     ==========
</TABLE>


See notes to financial statements.



                                       10
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

STATEMENTS OF CHANGES IN NET ASSETS (LIQUIDATION BASIS)
YEARS ENDED DECEMBER 31, 2001 AND 2000
--------------------------------------------------------------------------------

<TABLE>
<S>                                                                  <C>
NET ASSETS AS OF DECEMBER 31, 1999 (GOING CONCERN BASIS)             $ 9,346,046

  Adjustment to liquidation basis (Note 1)                            (1,464,813)
                                                                     -----------

NET ASSETS AS OF DECEMBER 31, 1999 (LIQUIDATION BASIS)                 7,881,233

  Income from direct financing leases                                    196,982

  Interest and other income                                              219,164

  Change in estimate of liquidation value of net assets (Note 1)        (586,198)

  Distributions to partners ($32.14 per unit) (Note 7)                (2,850,000)

  Withdrawals of limited partners                                        (35,901)
                                                                     -----------

NET ASSETS AS OF DECEMBER 31, 2000 (LIQUIDATION BASIS)                 4,825,280

  Income from direct financing leases                                     70,465

  Interest and other income                                               29,781

  Change in estimate of liquidation value of net assets (Note 1)      (3,425,724)

  Distributions to partners ($11.93 per unit) (Note 7)                (1,049,864)

  Withdrawals of limited partners                                        (16,234)
                                                                     -----------

NET ASSETS AS OF DECEMBER 31, 2001 (LIQUIDATION BASIS)               $   433,704
                                                                     ===========
</TABLE>


See notes to financial statements.



                                       11
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
(GOING CONCERN BASIS)
YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------------------

<TABLE>
<S>                                                                <C>
REVENUES:
  Income from direct financing leases                              $ 1,314,165
  Gain on lease terminations                                            16,824
  Interest and other income                                            276,777
                                                                   -----------
           Total revenues                                            1,607,766
                                                                   -----------

EXPENSES:
  Management and administrative fees (Note 8)                          301,147
  Other general and administrative expenses                            183,551
  Interest expense                                                     222,344
  Provision for possible loan and lease losses (Note 4)                184,730
  Impairment loss on available-for-sale security                       173,261
                                                                   -----------
           Total expenses                                            1,065,033
                                                                   -----------

NET INCOME                                                             542,733

OTHER COMPREHENSIVE LOSS -
  Unrealized loss on available for sale securities                    (356,459)
                                                                   -----------

COMPREHENSIVE INCOME                                               $   186,274
                                                                   ===========

NET INCOME ALLOCATED TO:
  General partner                                                  $       243
  Limited partners                                                     542,490
                                                                   -----------
                                                                   $   542,733
                                                                   ===========

NET INCOME PER PARTNERSHIP UNIT                                    $      6.08
                                                                   ===========

WEIGHTED AVERAGE PARTNERSHIP UNITS
  OUTSTANDING                                                           89,241
                                                                   ===========
</TABLE>


See notes to financial statements.



                                       12
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

STATEMENT OF CHANGES IN PARTNERS' EQUITY (GOING CONCERN BASIS)
YEAR ENDED DECEMBER 31, 1999
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                   UNREALIZED
                                                                                                   GAIN (LOSS)
                                                       GENERAL           LIMITED PARTNERS         ON AVAILABLE-        TOTAL
                                                       PARTNER       ------------------------       FOR-SALE         PARTNERS'
                                                      (40 UNITS)      UNITS         AMOUNT         SECURITIES         EQUITY
<S>                                                   <C>            <C>         <C>              <C>              <C>

BALANCE AT JANUARY 1, 1999                             $ 7,934         89,613     $11,139,249       $ 508,435       $11,655,618

  Net income                                               243             --         542,490              --           542,733

  Distributions to partners ($27.00 per unit)
    (Note 7)                                            (1,080)            --      (2,408,079)             --        (2,409,159)

  Withdrawal of limited partners                            --           (870)        (86,687)             --           (86,687)

  Change in unrealized loss on available-for-sale
    securities                                              --             --              --        (356,459)         (356,459)
                                                       -------         ------     -----------       ---------       -----------

BALANCE AT DECEMBER 31, 1999                           $ 7,097         88,743     $ 9,186,973       $ 151,976       $ 9,346,046
                                                       =======         ======     ===========       =========       ===========
</TABLE>


See notes to financial statements.



                                       13
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                          2001             2000             1999
<S>                                                                   <C>              <C>              <C>
OPERATING ACTIVITIES:
  Net income/change in net assets excluding distributions
    and withdrawals                                                   $(3,325,478)     $  (170,052)     $   542,733
  Adjustments to reconcile to net cash from operating activities:
    Liquidation basis adjustments                                       3,425,724          586,198             --
    Gain on lease terminations                                               --               --            (16,824)
    Amortization of intangibles                                              --               --              5,021
    Provision for possible loan and lease losses                             --            125,000          184,730
    Impairment loss on available-for-sale security                           --            486,041          173,261
    Changes in operating assets and liabilities:
      Other assets                                                        (25,578)          (2,538)         (47,097)
      Due to affiliates                                                      --           (317,474)         292,872
      Accounts payable and accrued expenses                              (151,994)        (549,853)          10,595
      Reserve for estimated costs during liquidation period              (208,991)        (200,000)            --
      Outstanding checks in excess of bank balance                           --            (37,127)        (399,072)
                                                                      -----------      -----------      -----------
           Net cash from operating activities                            (286,317)         (79,805)         746,219
                                                                      -----------      -----------      -----------

INVESTING ACTIVITIES:
  Acquisitions of, and purchases of equipment for,
    direct financing leases                                                  --               --         (3,204,657)
  Proceeds from sale of equipment                                         240,460             --               --
  Repayments of direct financing leases                                   505,702        1,547,093        2,685,933
  Proceeds from termination of direct financing leases                    300,811        4,755,524          679,172
  Repayments of notes receivable                                            7,588            5,363          508,096
  Issuance of notes receivable                                               --           (135,000)      (1,483,582)
  Net lease security deposits paid                                         (6,550)        (104,844)         (37,582)
                                                                      -----------      -----------      -----------
           Net cash from investing activities                           1,048,011        6,068,136         (852,620)
                                                                      -----------      -----------      -----------

FINANCING ACTIVITIES:
  Proceeds from line-of-credit borrowings                                    --            346,936        5,981,076
  Repayments of line-of-credit borrowings                                    --         (2,903,150)      (3,440,295)
  Distributions and withdrawals paid to partners                       (1,066,098)      (3,085,663)      (2,497,803)
                                                                      -----------      -----------      -----------
           Net cash from financing activities                          (1,066,098)      (5,641,877)          42,978
                                                                      -----------      -----------      -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                     (304,404)         346,454          (63,423)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                            350,601            4,147           67,570
                                                                      -----------      -----------      -----------

CASH AND CASH EQUIVALENTS AT END OF YEAR                              $    46,197      $   350,601      $     4,147
                                                                      ===========      ===========      ===========

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
  Interest paid                                                       $      --        $    55,620      $   199,642
  Noncash investing and financing activities:
    Change in unrealized loss on available-for-sale securities               --               --           (356,459)
    Conversion of leases to notes receivable and not readily
      marketable equity security                                             --          2,437,062             --
    Repossession of leased equipment                                         --          1,702,644             --
    Conversion of equipment held for sale to notes receivable             176,000             --               --

</TABLE>

See notes to financial statements.



                                       14
<PAGE>
TELECOMMUNICATIONS INCOME FUND X, L.P.

NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2001, 2000 AND 1999
--------------------------------------------------------------------------------


1.    SIGNIFICANT ACCOUNTING POLICIES

      ORGANIZATION AND NATURE OF OPERATIONS - Telecommunications Income Fund X,
      L.P. (the "Partnership") was formed on April 20, 1993 under the Iowa
      Limited Partnership Act. The general partner of the Partnership is Berthel
      Fisher & Company Leasing, Inc. (the "General Partner"), an Iowa
      corporation. During its offering period the Partnership sold 90,470
      partnership interests at a price per unit of $250.

      The Partnership operates in one segment. The Partnership's operations are
      conducted throughout the United States. The Partnership primarily acquired
      equipment for lease to third parties under a direct finance arrangement.
      The lease agreements with individual customers were generally in excess of
      $500,000 and certain agreements exceed 10% of the Partnership's direct
      finance lease portfolio (see Note 3). The Partnership ceased reinvestment
      in equipment and leases and began the orderly liquidation of Partnership
      assets on January 1, 2000 as required by the Partnership agreement. The
      Partnership must dissolve on December 31, 2002, or earlier, upon the
      occurrence of certain events (see Note 7).

      Management anticipates extending the dissolution date of the Partnership
      beyond December 31, 2002 to allow for the orderly liquidation of the
      remaining assets. Any such extension is subject to the approval of the
      limited partners.

      BASIS OF PRESENTATION - The Partnership began the orderly liquidation of
      Partnership assets in January 2000 as discussed above. As a result, on
      December 31, 1999 the Partnership adopted the liquidation basis of
      accounting. The statements of net assets as of December 31, 2001 and 2000
      and the statements of changes in net assets for the years ended December
      31, 2001 and 2000 have been prepared on the liquidation basis.
      Accordingly, assets have been valued at estimated net realizable value and
      liabilities include estimated costs associated with carrying out the plan
      of liquidation.

      The net adjustment as of December 31, 1999 required to convert from the
      going concern (historical cost) basis to the liquidation basis of
      accounting was a decrease in carrying value of $1,464,813, which is
      included in the statement of changes in net assets as of December 31,
      1999. Significant increases (decreases) in the carrying value of net
      assets are summarized as follows:


<TABLE>
<S>                                                                   <C>
      Increase to reflect net realizable value of equity securities   $   162,328
      Decrease to reflect net realizable value of net investment
        in direct financing leases and notes receivable                (1,077,141)
      Record estimated liabilities associated with carrying
        out the liquidation                                              (550,000)
                                                                      -----------
      Net decrease in carrying value                                  $(1,464,813)
                                                                      ===========
</TABLE>



                                       15
<PAGE>
      Changes in the estimated liquidation value of net assets during the years
      ended December 31, 2001 and 2000 are summarized as follows:

<TABLE>
<CAPTION>
                                                             2001             2000
<S>                                                      <C>              <C>
      Change in estimate of liquidation value of:
        Securities                                       $  (954,291)     $  (992,912)
        Direct financing leases and notes receivable      (1,151,249)         406,714
        Equipment held for sale                           (1,286,184)            --
        Reserve for estimated costs during period
          of liquidation                                     (34,000)            --
                                                         -----------      -----------
      Total                                              $(3,425,724)     $  (586,198)
                                                         ===========      ===========
</TABLE>

      The valuation of assets and liabilities necessarily requires many
      estimates and assumptions and there are uncertainties in carrying out the
      liquidation of the Partnership's net assets. The actual value of the
      liquidating distributions will depend on a variety of factors, including
      the actual timing of distributions to partners. The actual amounts are
      likely to differ from the amounts presented in the financial statements.

      The statements (going concern basis) of operations and comprehensive
      income and changes in partners' equity for the year ended December 31,
      1999 have been prepared using the historical cost (going concern) basis of
      accounting on which the Partnership had previously reported its financial
      condition and results of operations.

      USE OF ESTIMATES - The preparation of financial statements in conformity
      with accounting principles generally accepted in the United States of
      America requires management to make estimates and assumptions that affect
      the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements
      and the reported amounts of revenues and expenses during the reporting
      period. Actual results could differ significantly from those estimated.
      Material estimates that are particularly susceptible to significant change
      in the near-term relate to the determination of the net realizable values
      of the Partnership's assets and the reserve for estimated costs during the
      period of liquidation.

      The Partnership's equity security at December 31, 2001 consists of a
      common stock investment in one company. A prospective buyer may require a
      substantially lower price than currently estimated and the prospects of
      this company may deteriorate. These factors, among others, could have a
      material near-term impact on the net realizable value of its equity
      security.

      Most of the Partnership's leases and notes receivable are with customers
      that are in the entrepreneurial stage and, therefore, are highly leveraged
      and require financing in place of or to supplement financing from banks.
      Although the Partnership attempts to mitigate its credit risk through
      timely collection efforts, failure of the Partnership's customers to make
      scheduled payments under their equipment leases and notes receivable could
      have a material near-term impact on the net realizable value of leases and
      notes receivable.

      Realization of residual values on the Partnership's underlying leased
      equipment depends on many factors, several of which are not within the
      Partnership's control, including general market conditions at the time of
      the lease contract's expiration, whether there has been unusual wear and
      tear on, or use of, the equipment, the cost of comparable new equipment,
      the extent, if any, to which the equipment has become technologically or
      economically obsolete during the contract term and the effects of any
      additional or amended government regulations. Also, the market for pay
      telephone equipment is volatile. These factors, among others, could have a
      material near-term impact on the net realizable value of leases.



                                       16
<PAGE>
      CERTAIN RISK CONCENTRATIONS - The Partnership's portfolio of leases and
      notes receivable are concentrated in pay telephone/telecommunications
      industry representing approximately 95% and 82% at December 31, 2001 and
      2000, respectively, of the Partnership's direct finance lease and notes
      receivable portfolio.

      Two customers account for approximately 85% of the Partnership's net
      investment in direct financing leases and notes receivable portfolio at
      December 31, 2001 (four customers represented 81% at December 31, 2000).

      RELATED PARTY TRANSACTIONS - In fulfilling its role as general partner,
      Berthel Fisher & Company Leasing, Inc. enters into transactions with the
      Partnership in the normal course of business. Further, the Partnership
      also enters into transactions with affiliates of Berthel Fisher & Company
      Leasing, Inc. These transactions are set forth in the notes that follow.
      Management is of the opinion that these transactions are in accordance
      with the terms of the Agreement of Limited Partnership.

      CASH AND CASH EQUIVALENTS - The Partnership considers all highly liquid
      investments with a maturity of three months or less when purchased to be
      cash equivalents.

      EQUITY SECURITIES - The Partnership's common equity securities are
      restricted as to sale in the public market under rule 144 of the
      Securities and Exchange Commission. Common equity securities, which can be
      sold in the public market within one year, are classified as marketable
      equity securities and valued at the published market prices less an
      estimated illiquidity discount. Common equity securities, which cannot be
      sold in the public market within one year, are classified as not readily
      marketable and valued at an estimated discount from the published market
      price reflective of their more illiquid nature.

      The Partnership's preferred equity security was valued at its estimated
      net realizable value based on benchmark comparisons to similar public
      companies.

      NET INVESTMENT IN DIRECT FINANCING LEASES - The Partnership's primary
      activity consists of leasing telecommunications equipment under direct
      financing leases generally over a period of three to five years. At the
      time of closing a direct financing lease, the Partnership recorded the
      gross lease contract receivable, the estimated unguaranteed residual value
      and unearned lease income. The unearned lease income represents the excess
      of the gross lease receivable plus the estimated unguaranteed residual
      value over the cost of the equipment leased. In addition, the Partnership
      capitalized all initial direct costs associated with originating the
      direct financing lease. The unearned income and initial direct costs are
      amortized to income over the lease term so as to produce a constant
      periodic rate-of-return on the net investment in the lease. Lessees are
      responsible for all taxes, insurance, and maintenance costs.

      The realization of the estimated unguaranteed residual value of leased
      equipment depends on the value of the leased equipment at the end of the
      lease term and is not a part of the contractual agreement with the lessee.
      Estimated residual values are based on estimates of amounts historically
      realized by the Partnership for similar equipment and are periodically
      reviewed by management for possible impairment.

      NOTES RECEIVABLE - Notes receivable are carried at the principle balance
      outstanding. Interest income on notes receivable is accrued based on the
      principle amount outstanding.



                                       17
<PAGE>
      ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES - The Partnership performed
      credit evaluations prior to approval of a loan and lease. Subsequently,
      the creditworthiness of the customer and the value of the underlying
      assets are monitored on an ongoing basis. Under its lease agreements, the
      Partnership retains legal ownership of the leased asset. The Partnership
      maintains an allowance for possible loan and lease losses which could
      arise should customers become unable to discharge their obligations under
      the loan and lease agreements. The allowance for possible loan and lease
      losses is maintained at a level deemed appropriate by management to
      provide for known and inherent risks in the loan and lease portfolio. The
      allowance is based upon a continuing review of past loss experience,
      current economic conditions, delinquent loans and leases, an estimate of
      potential loss exposure on significant customers in adverse situations,
      and the underlying asset value. The consideration of such future potential
      losses also includes an evaluation for other than temporary declines in
      value of the underlying assets. Loans and leases, which are deemed
      uncollectible, are charged off and deducted from the allowance. The
      provision for possible loan and lease losses and recoveries are added to
      the allowance.

      NET REALIZABLE VALUE OF NET INVESTMENT IN DIRECT FINANCING LEASES AND
      NOTES RECEIVABLE - Management, in arriving at the net realizable value of
      the Partnership's net investment in direct financing leases and notes
      receivable, considered the contractual repayment schedule, the estimated
      duration of the liquidation period, the customer and industry
      concentration risks, and interest rate levels, among other factors, in
      arriving at a discount to apply to the portfolio to estimate its net
      realizable value.

      EQUIPMENT HELD FOR SALE - The net realizable value of equipment held for
      sale at December 31, 2000 was based on recent sales values for similar pay
      telephone equipment.

      SALE OF DIRECT FINANCE LEASES - The Partnership at times sells direct
      financing leases, on a limited recourse basis, to lenders in return for a
      cash payment. In the case of default by the lessee, the lender has a first
      lien on the underlying leased equipment. In the event the sale or re-lease
      proceeds from the underlying equipment do not satisfy the remaining
      lessee's obligation to the lender, the Partnership is responsible for a
      predetermined amount of that obligation. When the sale of direct finance
      leases occurs, proceeds from the sale, less the net book value of direct
      finance leases sold and an estimated loss allowance, are recorded as a
      component of gain on early termination of leases.

      TAX STATUS - Under present income tax laws, the Partnership is not liable
      for income taxes, as each partner recognizes a proportionate share of the
      Partnership income or loss in their income tax return. Accordingly, no
      provision for income taxes is made in the financial statements of the
      Partnership.

      NET INCOME PER PARTNERSHIP UNIT - Net income per partnership unit is based
      on the weighted average number of units outstanding (including both
      general and limited partners' units).



                                       18
<PAGE>
2.    EQUITY SECURITIES

      The Partnership's equity securities consist of the following at December
      31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                                                   2001         2000
<S>                                                                              <C>          <C>
      Marketable equity security - 165,900 shares of common stock
        at December 31, 2001 and 2000 of Murdock Communications
        Corporation, a public shell company with no operations                   $ 11,281     $ 13,220
                                                                                 ========     ========


      Not readily marketable equity securities:
        Murdock Communications Corporation, 426,600 shares
          of common stock at December 31, 2001 and 2000                          $ 27,305     $ 31,999
        AcTel Integrated Communications, Inc., a competitive local
          exchange center which operated in the telecommunications industry,
          421,181 shares of Series A convertible preferred (convertible
          into 1,263,543 common shares) at December 31, 2000                         --        947,658
                                                                                 --------     --------
      Total                                                                      $ 27,305     $979,657
                                                                                 ========     ========
</TABLE>

      During April 2001, AcTel Integrated Communications, Inc. ("AcTel") filed
      for Chapter 11 bankruptcy which was later converted to a Chapter 7
      liquidation. AcTel preferred shares have been estimated to have no value
      as of December 31, 2001.

      The Partnership's gross changes in unrealized gain (loss) on
      available-for-sale equity securities for the year ended December 31, 1999
      consists of the following:

<TABLE>
<CAPTION>
                                                                          1999

<S>                                                                    <C>
      Unrealized holding losses during the year (including $48,602
        related to reclassifying shares to not readily marketable)     $(529,720)
      Reclassification adjustment for loss included in net income        173,261
                                                                       ---------
      Unrealized loss on available-for-sale securities, net            $(356,459)
                                                                       =========
</TABLE>

3.    NET INVESTMENT IN DIRECT FINANCING LEASES AND NOTES RECEIVABLE

      The Partnership's net investment in direct financing leases and notes
      receivable consists of the following at December 31, 2001 and 2000:


<TABLE>
<CAPTION>
                                                           2001             2000

<S>                                                     <C>              <C>
      Minimum lease payments receivable                 $   579,335      $ 1,659,567
      Estimated unguaranteed residual values                 65,769          238,336
      Unamortized initial direct costs                        2,155            3,120
      Unearned income                                      (124,298)        (269,101)
      Notes receivable collateralized by payphones,
        8.35% average rate, maturing in 2002                186,008        1,553,424
      Adjustment to net realizable value                   (216,431)        (903,449)
                                                        -----------      -----------
      Net investment in direct financing leases and
        notes receivable                                $   492,538      $ 2,281,897
                                                        ===========      ===========
</TABLE>



                                       19
<PAGE>
      At December 31, 2001, contractual maturities under notes receivable,
      future minimum payments to be received under the direct financing leases
      and the estimated unguaranteed residuals to be realized at the expiration
      of the direct financing leases are as follows:

<TABLE>
<CAPTION>
                                       NOTES         MINIMUM        ESTIMATED
                                     RECEIVABLE       LEASE        UNGUARANTEED
                                    CONTRACTUAL      PAYMENTS        RESIDUAL
                                     MATURITIES     RECEIVABLE        VALUES
      Years ending December 31:
<S>                                 <C>             <C>            <C>
                2002                  $186,008       $346,061         $13,767
                2003                      --          154,104           2,002
                2004                      --           79,170          50,000
                                      --------       --------         -------
                Total                 $186,008       $579,335         $65,769
                                      ========       ========         =======
</TABLE>

      The Partnership leases equipment and provides financing to certain
      companies for which the General Partner or its affiliates have an
      ownership interest in, provide financing to, or provide investment
      advisory services for such companies. The Partnership's net investment in
      direct financing leases and notes receivable with these companies was $0
      and $1,535,828 at December 31, 2001 and 2000, respectively.

      Five customers accounted for 10% or more of the amount of income from
      direct financing leases during one or more of the years presented, as
      follows:

<TABLE>
<CAPTION>
                                                  2001     2000     1999
<S>                                               <C>      <C>      <C>

      Customer A                                   --%       5%      20%
      Customer B                                   --        7       21
      Customer C                                   --       21       10
      Customer D                                   --       16        5
      Customer E                                   47       18        2
</TABLE>

4.    ALLOWANCE FOR POSSIBLE LOAN AND LEASE LOSSES

      The changes in the allowance for possible loan and lease losses for the
      years ended December 31, 2001, 2000, and 2000 are as follows:

<TABLE>
<CAPTION>
                                              2001             2000           1999

<S>                                        <C>              <C>            <C>
      Balance at beginning of year         $   758,935      $ 582,507      $ 445,718
        Provision                            1,239,000        182,776        184,730
        Charge-offs, net of recoveries      (1,781,504)        (6,348)       (47,941)
                                           -----------      ---------      ---------
      Balance at end of year               $   216,431      $ 758,935      $ 582,507
                                           ===========      =========      =========
</TABLE>

      The allowance for possible loan and lease losses consisted of specific
      allowances for leases and notes receivable of $185,000, $625,512 and
      $380,807 and a general unallocated allowance of $31,431, $133,423 and
      $201,700, respectively, at December 31, 2001, 2000 and 1999. The allowance
      at December 31, 2001 and 2000 is included in the net realizable value
      adjustment discussed in Note 3.



                                       20
<PAGE>
      Due to cash flow problems experienced during 1997 by a lessee of the
      Partnership, North American Communications Group, Inc. ("NACG"), the
      Partnership, in an attempt to protect the assets leased to NACG, advanced
      funds to various entities to whom NACG owed money related to the operation
      of such leased assets. In addition, the Partnership assisted in arranging
      a management agreement between NACG and another entity to attempt to
      improve NACG's cash flow generated by the leased assets. In spite of the
      funds advanced by the Partnership and the management agreement, the cash
      flow of NACG continued to deteriorate. The General Partner actively
      solicited bids from parties to purchase the assets associated with the
      Partnership leases to NACG. Based on the value of similar assets and
      contract sites, management believed the equipment leased to NACG had
      substantial value. However, the offers received were not adequate to cover
      additional funds, which were required to be advanced to keep the equipment
      sites operating. The General Partner, therefore, determined it was no
      longer economically feasible to continue to advance funds on behalf of
      NACG, discontinued doing so, and informed all site operators of that
      decision. As a result, the Partnership decided to provide for a specific
      allowance of $3,319,159 at December 31, 1997, which was equal to the
      carrying value of the leases and advances associated with NACG. Such
      leases and advances were charged-off to the allowance for possible loan
      and lease losses during 1998. The Partnership received $105,000 in the
      first quarter of 1999 from the sale of assets recovered to date, and
      credited this to the allowance for possible loan and lease losses.

      In December 1998, the Partnership, Telecommunications Income Fund IX, the
      General Partner, NACG, and others filed a suit against Shelby County,
      Tennessee ("County"). The suit alleged, among other things, damages for
      wrongful termination of the pay phone contract between NACG and Shelby
      County and racial discrimination by the County against NACG. The County
      filed an answer and the initial discovery was completed. In 1999,
      management determined it was not economical to continue to spend
      Partnership funds in an effort to obtain additional information or to
      continue the lawsuit.

      In June 2000, the Partnership's two leases with Murdock Communications
      Corporation ("Murdock") were converted to notes and stock as part of a
      restructuring. At the time of the restructuring, the Partnership's net
      investment in the contracts after accruing for related property taxes,
      totaled $2,437,062. The Partnership received two notes and recorded these
      at their estimated net realizable value of $1,535,828 and 421,181
      (adjusted for a stock split) shares of preferred stock in AcTel, a not
      readily marketable security. The estimated net realizable value of the
      AcTel preferred stock was $947,658 at December 31, 2000. The Partnership
      did not accrue interest on the notes receivable due to the uncertainty of
      Murdock's ability to pay. The Partnership established a specific allowance
      of $625,512 at December 31, 2000 for the notes receivable related to this
      uncertainty. The Partnership increased the allowance for loan and lease
      losses by $910,000 in 2001 and wrote-off the carrying value of the notes
      receivable as Murdock's primary asset was AcTel preferred stock (see Note
      2).

      Another lessee of the Partnership, LIDS Corporation, filed for Chapter 11
      bankruptcy during 2001, resulting in an increase to the allowance for
      possible loan and lease losses and a loan write-off of $200,000.

      At December 31, 2001, the Partnership had three customers with payments
      over 90 days past due. The Partnership's net investment in lease contracts
      with these customers totaled $380,153. Management has provided a specific
      allowance of $185,000 at December 31, 2001 related to two of these
      customers. Management believes that the underlying collateral is adequate
      to recover the Partnership's net investment for the remaining past due
      customer. If a lease or note receivable is past due more than 90 days, the
      Partnership discontinues recognizing income on the contract.



                                       21
<PAGE>
5.    EQUIPMENT HELD FOR SALE

      In November 2000, the Partnership exercised its right to manage the
      assets, primarily pay phones, leased to Alpha Telecommunications, Inc. due
      to nonpayment of lease receivables. Such equipment had been adjusted for
      an impairment loss of $351,041 to reflect management's estimated net
      realizable value of the equipment at December 31, 2000. The equipment was
      sold during 2001 to two parties for a note receivable of $176,000 and cash
      of $240,460 resulting in a loss of $1,286,184.

      The significant loss on equipment in 2001 occurred because payphone site
      lease contracts were not accepted by the trustee during bankruptcy of
      Alpha Telecommunications, Inc. Without the contracts in place, the value
      of the payphones decreased significantly. Additionally, the market value
      of payphones decreased due to the general decline experienced in the
      industry during 2001.

6.    BORROWING AGREEMENT

      The Partnership had a line-of-credit agreement with a bank, which bore
      interest at a variable rate of 9.5% at December 31, 1999. The
      line-of-credit was paid in full and discontinued during 2000.

7.    LIMITED PARTNERSHIP AGREEMENT

      The Partnership was formed pursuant to an Agreement of Limited Partnership
      dated as of April 20, 1993 and amended August 12, 1993 (the "Agreement").
      The Agreement outlines capital contributions to be made by the partners
      and the allocation of cash distributions, net income, and net loss to the
      partners. Capital contributions by the partners to the partnership consist
      of the $10,000 contributed by the General Partner and the amounts
      contributed by limited partners for the purchase of their units.

      Net income or net loss allocated to the limited partners will be
      apportioned among them based on the number of limited partnership units
      held and on the number of months within the respective year that such
      units were held. Any share of Partnership net loss will first be allocated
      to the limited partners to the extent of their positive capital account
      balances. Any share of additional net loss will be allocated to the
      General Partner. Any Partnership net income will first be allocated to
      partners with negative capital accounts in proportion to, and to the
      extent of, such negative capital accounts. Except as provided below, any
      additional net income will then be allocated to the General Partner and
      limited partners based on number of units held. During liquidation of the
      Partnership, when cash distributions are to be made 80% to the limited
      partners and 20% to the General Partner (see below), net income will be
      allocated 80% to the limited partners and 20% to the General Partner.

      During the Partnership's operating phase, to the extent there is cash
      available for distribution, cash distributions will be made on a monthly
      basis in the following order of priority: first, to reimburse the General
      Partner for administrative services it provides to the Partnership, as
      further described in the Agreement (see Note 8); second, to the limited
      partners up to amounts representing a 10.8% cumulative annual return on
      their adjusted capital contribution (as defined); and, third, to the
      General Partner, representing a monthly equipment management fee of 5% of
      the gross rental payments received by the Partnership (see Note 8). To the
      extent that cash is not available to pay all or a portion of the equipment
      management fee pursuant to the above priority distributions, such fee will
      accrue and accumulate. Any remaining cash distributions after payment of
      the above (including arrearages) will be paid, at the discretion of the
      General Partner, to the limited partners.


                                       22
<PAGE>
      During the Partnership's liquidation phase, cash available for
      distribution will be distributed in the following order of priority:
      first, for payment of the General Partner's administrative services
      expense described above; second, to the limited partners for any arrearage
      in their 10.8% cumulative priority return; third, to the limited partners
      for 100% of their adjusted capital contributions; fourth, to the limited
      partners, distributions totaling 10.8% annually, noncompounded, on their
      adjusted capital contributions; fifth, to the General Partner for any
      arrearage in its equipment management fee; and, sixth, 80% to the limited
      partners and 20% to the General Partner (provided, however, that the
      General Partner will not receive such amounts unless the limited partners
      have received total distributions equal to their capital contribution plus
      a 10.8% annualized return).

8.    MANAGEMENT AND SERVICE AGREEMENTS

      The Partnership paid an equipment management fee, equal to 5% of the
      amount of gross rental payments received, to the General Partner. The
      Partnership entered its liquidation phase in January 2000 and at that time
      discontinued the fee. During the year ended December 31, 1999, such
      management fees aggregated $217,147.

      In addition, the General Partner is reimbursed for certain other costs
      under an administrative services agreement. Amounts incurred by the
      Partnership pursuant to this agreement amounted to $90,000, $84,000, and
      $84,000 for the years ended December 31, 2001, 2000 and 1999,
      respectively.



                                       23
<PAGE>
9.    RECONCILIATION OF FINANCIAL AND INCOME TAX REPORTING BASIS

      A reconciliation of net income/change in net assets excluding
      distributions and withdrawals for financial reporting purposes with the
      related amount reported for income tax purposes for the years ended
      December 31, 2001, 2000 and 1999 is as follows:

<TABLE>
<CAPTION>
                                   2001                        2000                       1999
                         ------------------------    ------------------------   ------------------------
                                           PER                         PER                        PER
                            AMOUNT         UNIT         AMOUNT         UNIT        AMOUNT         UNIT
                         ------------    --------    ------------    --------   ------------    --------
<S>                      <C>             <C>         <C>             <C>        <C>             <C>
Net income/change in
  net assets excluding
  distributions and
  withdrawals for
  financial reporting
  purposes               $ (3,325,478)   $ (37.80)   $   (170,052)   $   1.92   $    542,733    $   6.08
Adjustment to
  convert direct
  financing leases to
  operating leases
  for income tax
  purposes                 (1,525,188)     (17.33)        526,134        2.10        198,174        2.22
Net change in
  allowance for
  possible loan and
  lease losses             (1,781,504)     (20.24)        176,428        1.99        194,565        2.18
Gain (loss) on lease
  terminations               (389,742)      (4.43)      4,293,108       48.41        (74,076)       (.83)
Impairment of
  investment               (1,236,869)     (14.06)           --          --          173,261        1.94
Net realizable value
  adjustment                3,425,724       38.93         586,198        6.61           --          --
                         ------------    --------    ------------    --------   ------------    --------
Net income (loss) for
  income tax reporting
  purposes               $ (4,833,057)   $ (54.93)   $  5,411,816    $  61.03   $  1,034,657    $  11.59
                         ============    ========    ============    ========   ============    ========
</TABLE>

10.   CONTINGENCIES

      On January 10, 2001, SA Communications filed a suit against the
      Partnership, the General Partner, and others alleging the Partnership
      received a preference of approximately $45,000 prior to the filing of its
      petition in bankruptcy. The Partnership maintains that it was receiving
      regular monthly payments and there was no preference. SA Communications
      has been converted from Chapter 11 to Chapter 7 and the plaintiff has
      taken no action beyond the discovery phase. No loss, if any, has been
      recorded in the financial statements with respect to this matter.

      The General Partner's parent has approximately $2.2 million of unsecured
      subordinated debt due on December 31, 2002 and may not have sufficient
      liquid assets to repay such amounts. The General Partner's parent is
      pursuing additional financing, refinancing, and asset sales to meet its
      obligations. No assurance can be provided that the General Partner's
      parent will be successful in its efforts. The inability of the General
      partner to continue as a going concern as a result of the parent's
      inability to restructure its debts would require the Partnership to elect
      a successor general partner.



                                       24
<PAGE>
11.   QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

<TABLE>
<CAPTION>
                                                        2001 QUARTERS
                            -----------------------------------------------------------------------
                               FIRST          SECOND         THIRD          FOURTH         2001

<S>                         <C>            <C>            <C>            <C>            <C>
Income from direct
  financing leases,
  interest and other
  income                    $    62,014    $    28,137    $     3,317    $     6,778    $   100,246
Distributions to partners      (599,864)      (300,000)          --         (150,000)    (1,049,864)
Withdrawals of limited
  partners                       (2,640)        (7,983)        (2,747)        (2,864)       (16,234)
Change in estimate of
  liquidation value of
  net assets                 (2,271,630)      (695,086)      (277,011)      (181,997)    (3,425,724)
                            -----------    -----------    -----------    -----------    -----------
Change in net assets        $(2,812,120)   $  (974,932)   $  (276,441)   $  (328,083)   $(4,391,576)
                            ===========    ===========    ===========    ===========    ===========
</TABLE>


      The change in estimate of liquidation value of net assets by quarter is as
      follows:

<TABLE>
<CAPTION>
                                     FIRST        SECOND          THIRD         FOURTH

<S>                               <C>           <C>            <C>            <C>
Bankruptcy of AcTel and its
  related impact on Murdock       $ 1,857,658
LIDS Corporation bankruptcy           200,000
Loss on partial sale of the
  equipment discussed in Note 5        88,398
Management's reduced estimate
  of the value of the remaining
  equipment discussed in Note 5       118,439   $   736,447    $   338,000    $     4,900
Other                                   7,135       (41,361)       (60,989)       177,097
                                  -----------   -----------    -----------    -----------
Total                             $ 2,271,630   $   695,086    $   277,011    $   181,997
                                  ===========   ===========    ===========    ===========
</TABLE>

<TABLE>
<CAPTION>
                                                          2000 QUARTERS
                            -----------------------------------------------------------------------
                               FIRST          SECOND         THIRD          FOURTH         2001

<S>                         <C>            <C>            <C>            <C>            <C>

Income from direct
  financing leases,
  interest and other
  income                    $    91,761    $   194,037    $   172,042    $   (41,694)   $   416,146
Distributions to partners    (1,500,000)      (900,000)          --         (450,000)    (2,850,000)
Withdrawals of limited
  partners                       (4,109)          --           (7,720)       (24,072)       (35,901)
Change in estimate of
  liquidation value of
  net assets                    126,917        574,667         41,038     (1,328,820)      (586,198)
                            -----------    -----------    -----------    -----------    -----------
Change in net assets        $(1,285,431)   $  (131,296)   $   205,360    $(1,844,586)   $(3,055,953)
                            ===========    ===========    ===========    ===========    ===========
</TABLE>


                                       25
<PAGE>
      Interest and other income for the fourth quarter of 2000 includes the
      reversal of $185,537 of income recognized for the Murdock Communications
      Corporation note receivable, which note was considered to be only
      partially collectible in the fourth quarter.

      Change in estimate of liquidation value of net assets for the fourth
      quarter of 2000 includes the $625,512 specific reserve for Murdock
      discussed in Note 4 and the $351,401 impairment loss on repossessed
      equipment discussed in Note 5.

                                     * * * *





                                       26
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

None


                                    PART III

ITEM 10. DIRECTORS & EXECUTIVE OFFICERS OF THE REGISTRANT

A: The General Partner of the registrant:

      Berthel Fisher & Company Leasing, Inc., an Iowa corporation.

B: Executive officers of the General Partner of the Registrant:

Thomas J. Berthel (age 50) - Mr. Berthel is the Chief Executive Officer,
President, and Director of the General Partner, a position he has held since the
General Partner's inception in 1988. Mr. Berthel is also President and a
Director of the General Partner's parent, Berthel Fisher & Company, Inc.
("Berthel Fisher"), which he founded in 1985, and Berthel Fisher's other
subsidiaries, Berthel Fisher & Company Financial Services, Inc.; Berthel Fisher
& Company Management Corp.; Berthel Fisher & Company Planning, Inc.; and one
other corporation which acts as general partner of a separate private program.
He also serves as the Chairman of the Board and Director of Amana Colonies Golf
Course, Inc. Mr. Berthel holds a bachelor's degree from St. Ambrose College in
Davenport, Iowa (1974). From 1974 to 1982, Mr. Berthel was President and
majority shareholder of Insurance Planning Services Corporation in Maquoketa,
Iowa, which was engaged in the operation of a securities and insurance business.
Mr. Berthel holds a Financial and Operation Principal license issued by the
National Association of Securities Dealers, Inc. Mr. Berthel is also a Certified
Life Underwriter. Mr. Berthel also serves as an individual general partner of
the limited partnership referred to above. Mr. Berthel received a MBA degree
from the University of Iowa in 1993.

Ronald O. Brendengen (age 47) - Mr. Brendengen is the Treasurer, Chief Operating
Officer, Chief Financial Officer, and a Director (1988 to present) of the
General Partner. He was elected to his current offices in October 1996. He
served as Treasurer and Chief Financial Officer since October 1996. He has also
served as Secretary (1994 - March, 1995), Treasurer (1988 - August 1995) and
Chief Financial Officer (1994 - August 1995) of the General Partner. He served
as Controller (1985-1993), Treasurer (1987-present), Chief Financial Officer,
Secretary and a Director (1987-present), and was also elected Chief Operating
Officer in January 1998, of Berthel Fisher & Company, the parent company of the
General Partner. Mr. Brendengen serves as the Treasurer, Chief Financial Officer
and a Director of Berthel Fisher & Company Planning, Inc., the trust advisor of
Berthel Growth & Income Trust I, a company required to file reports pursuant to
the Securities Exchange Act of 1934. He also serves in various offices and as a
Director of each subsidiary of Berthel Fisher & Company. Mr. Brendengen holds a
certified public accounting certificate and worked in public accounting during
1984 and 1985. From 1979 to 1984, Mr. Brendengen worked in various capacities
for Morris Plan and MorAmerica Financial Corp., Cedar Rapids, Iowa. Mr.
Brendengen attended the University of Iowa before receiving a bachelor's degree
in Accounting and Business Administration with a minor in Economics from Mt.
Mercy College, Cedar Rapids, Iowa, in 1978.

Timothy J. White (age 48) - Mr. White was elected President of the General
Partner on January 26, 2001. From 1999 to 2000, Mr. White was Vice President of
New Markets for Great America Leasing in Cedar Rapids, Iowa. From 1996 to 1999,
Mr. White was Vice President of Business Development for GE Capital in Cedar
Rapids, Iowa. From 1993 to 1996, Mr. White was President of Aloha Capital
Corporation in Syracuse, New York. From 1989 to 1993, Mr. White was Vice
President of Sales for Dana Commercial Credit in Troy, Michigan. During his
career, Mr. White has been responsible for the management of a leasing business
in excess of $200 million and sales budgets in excess of $400 million. Mr. White
holds a Bachelor's degree in Business Management from Walsh College in Troy,
Michigan. Mr. White resigned effective July 13, 2001.



                                       27
<PAGE>
ITEM 11. EXECUTIVE COMPENSATION

Set forth is the information relating to all direct remuneration paid or accrued
by the Registrant during the last three years to the General Partner:


<TABLE>
<CAPTION>
(A)                                    (B)       (C)                  (C1)         (C2)              (D)
                                                                                   Securities of
                                                                                   property
                                                                                   insurance         Aggregate
                                                                                   benefits or       of
                                                 Cash and Cash                     reimbursement     contingent
Name of individual                     Year      equivalent forms                  personal          or forms of
and capacities served                  Ended     of remuneration      Fees         benefits          remuneration
-----------------------------------------------------------------------------------------------------------------
<S>                                    <C>       <C>                  <C>          <C>               <C>
Berthel Fisher & Co. Leasing, Inc.     2001      $0                   $ 90,000     $0                $0
(General Partner)                      2000      $0                   $ 84,000     $0                $0
                                       1999      $0                   $301,147     $0                $0
</TABLE>





                                       28
<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

    (a) No person owns of record, or is known by the Registrant to own
        beneficially, more than five percent of the Partnership Units.

    (b) The General Partner of the Registrant owns Units of the Registrant set
        forth in the following table.


<TABLE>
<CAPTION>
    (1)                   (2)                        (3)                  (4)

                    Name and Address of       Amount and Nature of      Percent
Title of Class      Beneficial Ownership      Beneficial Ownership      of Class
--------------      --------------------      --------------------      --------
<S>                 <C>                       <C>                       <C>
Units               Berthel Fisher & Co.      Forty (40) Units;         0.05%
                    Leasing, Inc.             sole owner.
                    701 Tama Street
                    Marion, IA 52302
</TABLE>


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Related party transactions are described in Notes 3 and 8 of the notes to the
financial statements.






                                       29
<PAGE>
                                     PART IV

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

(a)   1. Financial Statements.

<TABLE>
<CAPTION>
                                                                        Page No.
<S>                                                                     <C>
      Statements of Net Assets as of December 31, 2001 and 2000
      (Liquidation Basis)                                                  10

      Statements of Changes in Net Assets (Liquidation Basis)
      for the Years Ended December 31, 2001 and 2000                       11

      Statement of Operations and Comprehensive Income
      (Going Concern Basis) for the Year Ended December 31, 1999           12

      Statement of Changes in Partners' Equity (Going Concern Basis)
      for the Year Ended December 31, 1999                                 13

      Statements of Cash Flows
      for the Years Ended December 31, 2001, 2000, and 1999                14

      Notes to Financial Statements                                        15


      2. Financial Statements Schedules
      Information pursuant to Rule 12-09 (Schedule II) is included
      in the financial statements and notes thereto.

      3. Exhibits
      3,4 Amended and Restated Agreement of Telecommunications
      Income Fund X, L.P. currently in effect dated as of
      August 19, 1993(1)
</TABLE>

(b)   Reports on Form 8-K

      No reports on Form 8-K were filed in the fourth quarter of 2001.



--------------------------------------------------------------------------------
      (1) Incorporated herein by reference to Exhibit A in the Partnership's
      registration statement on Form S-1, effective August 27, 1993



                                       30
<PAGE>
                                   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.

                     TELECOMMUNICATIONS INCOME FUND X, L.P.
                     --------------------------------------
                                  (REGISTRANT)

By Berthel Fisher & Company Leasing, Inc.

By: Thomas J. Berthel/s/                                    Date: March 25, 2002
    --------------------------------------
Thomas J. Berthel
President

By Berthel Fisher & Company Leasing, Inc.

By: Ronald O. Brendengen/s/                                 Date: March 25, 2002
    --------------------------------------
Ronald O. Brendengen
Chief Financial Officer, Treasurer


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.

Thomas J. Berthel/s/                                        Date: March 25, 2002
------------------------------------------
Thomas J. Berthel
Chief Executive Officer
President, Director
Berthel Fisher & Company Leasing, Inc.
Corporate General Partner

Ronald O. Brendengen/s/                                     Date: March 25, 2002
------------------------------------------
Ronald O. Brendengen
Treasurer, Director
Berthel Fisher & Company Leasing, Inc.
Corporate General Partner

Daniel P. Wegmann/s/                                        Date: March 25, 2002
------------------------------------------
Daniel P. Wegmann
Controller
Berthel Fisher & Company Leasing, Inc.
Corporate General Partner

Leslie D. Smith/s/                                          Date: March 25, 2002
------------------------------------------
Leslie D. Smith
Director
Berthel Fisher & Company Leasing, Inc.
Corporate General Partner




                                       31
<PAGE>
                                  EXHIBIT INDEX




<TABLE>
<S>         <C>
      3,4   Amended and Restated Agreement of Telecommunications Income Fund IX,
            L.P. currently in effect dated as of August 12, 1991(1)
</TABLE>


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

      (1)   Incorporated herein by reference to Partnership Exhibit A to the
            prospectus included in the Partnership's post effective amendment
            No. 4 to Form S-1 registration statement filed on December 22, 1992.








                                       32