UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549
                                    FORM 10-Q

            THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL
   INSTRUCTION H(1) (a) AND (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM
                       WITH THE REDUCED DISCLOSURE FORMAT

     [X]  QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2000

     [ ]  TRANSITION  REPORT  PURSUANT TO SECTION 13 OF 15(d) OF THE  SECURITIES
          ACT OF 1934

                        Commission file number: 333-58055

                          PECO Energy Transition Trust
             (Exact name of registrant as specified in its charter)

                   Delaware                                  51-0382130
       (State or other jurisdiction of                    (I.R.S. Employer
        incorporation or organization)                   Identification No.)

                      c/o First Union Trust Company, N. A.
                       One Rodney Square, 920 King Street
                             Wilmington, Delaware         19801
               (Address of principal executive offices) (Zip Code)

                                 (302) 888-7532
              (Registrant's telephone number, including area code)

         Indicate by check mark whether the registrant (1) has filed all reports
         required to be filed by Section 13 or 15(d) of the Securities  Exchange
         Act of 1934 during the preceding 12 months (or for such shorter  period
         that the  registrant  was required to file such  reports),  and (2) has
         been subject to such filing requirements for the past 90 days.

                                 Yes X       No
                                    --          --



<PAGE>

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                                  PECO ENERGY TRANSITION TRUST
                     STATEMENTS OF NET ASSETS AVAILABLE FOR TRUST ACTIVITIES
                                          (in Millions)


<TABLE>
<CAPTION>
                                                                  September 30,    December 31,
                                                                      2000             1999
                                                                  ----------------------------
                                                                           (Unaudited)

ASSETS
<S>                                                               <C>               <C>
Current Assets:
     Cash and Cash Equivalents                                    $    110.8        $    173.5
     Interest Receivable                                                 --                0.9
     Due from Related Party                                             79.8              42.1
     Current portion of Intangible Transition Property                 315.6             134.7
                                                                  ----------        ----------
         Total Current Assets                                          506.2             351.2

Noncurrent Assets:
     Debt Issuance Costs, net of amortization                           27.0              22.7
     Intangible Transition Property, net of amortization             4,585.7           3,858.7
                                                                  ----------        ----------
     TOTAL ASSETS                                                    5,118.9           4,232.6
                                                                  ----------        ----------

LIABILITIES

Current Liabilities:
     Accrued Interest Expense                                           29.7              82.8
     Current portion of Transition Bonds                               297.2             120.0
                                                                  ----------        ----------
         Total Current Liabilities                                     326.9             202.8

Noncurrent Liabilities:
     Due to Related Party                                              128.9             110.7
     Long-Term Debt - Transition Bonds                               4,534.0           3,832.6
                                                                  ----------        ----------
     TOTAL LIABILITIES                                               4,989.8           4,146.1
                                                                  ----------        ----------

NET ASSETS AVAILABLE FOR TRUST ACTIVITIES                         $    129.1        $     86.5
                                                                  ==========        ==========
</TABLE>


                               See Notes to Financial Statements.

                                               2

<PAGE>


<TABLE>
<CAPTION>
                                         PECO ENERGY TRANSITION TRUST
                       STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR TRUST ACTIVITIES
                                                  (Unaudited)
                                                 (in Millions)

                                                             Three Months Ended           Nine Months Ended
                                                                 September 30,             September 30,
                                                           ---------------------     -------------------------
                                                             2000          1999         2000           1999
                                                           --------     --------     ----------     ----------
<S>                                                        <C>             <C>       <C>            <C>
ADDITIONS
     Contributions by Trust Grantor                        $    --         $ --      $      5.0     $     20.0
     ITC Collections                                          140.9        145.9          318.0          222.2
     Due From Related Party                                    22.2         11.9           37.7           53.0
     Deferred Debt Issuance Costs                               --           --             7.4           23.1
     Intangible Transition Property                             --           --         1,008.9        4,080.2
     Interest Income                                            4.0          1.7            9.4            1.7
Other                                                           --           --             --             0.3
                                                           --------     --------     ----------     ----------
TOTAL ADDITIONS                                               167.1        159.5        1,386.4        4,400.5
                                                           --------     --------     ----------     ----------
DEDUCTIONS
     Due to Related Party                                    --           --               18.2          111.4
     Transition Bonds                                        --           --              998.1        3,994.6
     Interest Expense                                          81.0         66.1          214.5          130.0
     Amortization of Debt Issuance Costs                        1.2          0.8            3.1            1.6
     Amortization of Intangible Transition Property            41.1         41.0          101.0           62.3
     Amortization of Debt Discount                              0.2          0.1            0.5            0.7
     Service Fee Expense                                        3.0          3.0            8.4            6.0
                                                           --------     --------     ----------     ----------
     TOTAL DEDUCTIONS                                         126.5        111.0        1,343.8        4,306.6
                                                           --------     --------     ----------     ----------
CHANGES IN NET ASSETS AVAILABLE FOR TRUST ACTIVITIES           40.6         48.5           42.6           93.9
                                                           --------     --------     ----------     ----------
NET ASSETS AVAILABLE FOR TRUST ACTIVITES
AT BEGINNING OF PERIOD                                         88.5         45.4           86.5           --
                                                           --------     --------     ----------     ----------
NET ASSETS AVAILABLE FOR TRUST ACTIVITIES
AT END OF PERIOD                                           $  129.1     $   93.9     $    129.1     $     93.9
                                                           ========     ========     ==========     ==========
</TABLE>





                                      See Notes to Financial Statements.



                                                      3
<PAGE>

                          PECO ENERGY TRANSITION TRUST
                          NOTES TO FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION
         The accompanying  financial statements as of September 30, 2000 and for
the three and nine months then ended are unaudited,  but include all adjustments
that  PECO  Energy  Transition  Trust  (PETT)  considers  necessary  for a  fair
presentation  of such financial  statements.  All  adjustments  are of a normal,
recurring  nature.  Certain  prior  year  amounts  have  been  reclassified  for
comparative purposes.


2. SERIES 2000-A TRANSITION BONDS
         The  Pennsylvania  Public Utility  Commission  (PUC) authorized PETT to
collect an Intangible  Transition Charge (ITC) in the PUC's Qualified Rate Order
issued on March 16,  2000  (2000  QRO).  The 2000 QRO  authorizes  the ITC to be
sufficient  to recover up to $1 billion of PECO Energy  Company's  (PECO Energy)
stranded  costs and an amount  sufficient  to recover  the  aggregate  principal
amount of the Series 2000-A Transition Bonds (Series 2000-A  Transition  Bonds),
plus an amount  sufficient  to provide for any credit  enhancement,  to fund any
reserves and to pay interest,  redemption  premiums,  if any, servicing fees and
other expenses relating to the Series 2000-A Transition Bonds.

         On May 2, 2000, PETT issued $1 billion  aggregate  principal  amount of
Series  2000-A  Transition  Bonds  to  securitize  a  portion  of PECO  Energy's
authorized stranded cost recovery. The Series 2000-A Transition Bonds are solely
obligations  of PETT,  secured by Intangible  Transition  Property (ITP) sold by
PECO Energy to PETT  concurrently  with the  issuance  of the 2000-A  Transition
Bonds  and  certain  other  collateral  related  thereto.  The  following  table
summarizes  the terms of the Series  2000-A  Transition  Bonds at September  30,
2000:

<TABLE>
<CAPTION>
                      Approximate                            Expected
  Series 2000-A          Face              Interest          Final Payment          Termination
     Classes            Amount              Rate               Date(a)                  Date(a)
--------------------------------------------------------------------------------------------------
                      (millions)
<S>                 <C>                 <C>                    <C>                    <C>
       A-1              $110.0              7.18 %       September 1, 2001      September 1, 2003
       A-2              $140.0              7.30 %       September 1, 2002      September 1, 2004
       A-3              $398.8              7.63 %       March 1, 2009          March 1, 2010
       A-4              $351.2              7.65 %       September 1, 2009      March 1, 2010
<FN>
(a)  The Expected Final Payment Date is the date when all principal and interest
     of the related class of the Series 2000-A  Transition  Bonds is expected to
     be paid in full in accordance with the expected  amortization  schedule for
     the applicable  class.  The Termination Date is the date when all principal
     and interest of the related  class of the Series  2000-A  Transition  Bonds
     must be paid in full. The current  portion of the Series 2000-A  Transition
     Bonds is based upon the expected maturity date.
</FN>
</TABLE>

         PETT  used  the  proceeds  of the  Series  2000-A  Transition  Bonds to
purchase  $1.009  billion of ITP from PECO Energy  which  represented  an amount
sufficient  to recover  the  aggregate  principal  amount of the  Series  2000-A
Transition Bonds and related expenses including interest and servicing fees.


                                       4
<PAGE>

         PETT makes semi-annual  principal  payments pursuant to an amortization
schedule in the Series 2000-A Supplemental Indenture dated May 2, 2000. On March
1, 2000 and  September 1, 2000,  principal  payments were made for $63.9 million
and $56.1 million, respectively, which reduced the outstanding principal balance
of  the  previously   issued  Series  1999-A  Transition  Bonds  (Series  1999-A
Transition Bonds).

         PETT has  entered  into  interest  rate swaps to manage  interest  rate
exposure  associated  with the  issuance in March  1999,  of two  floating  rate
classes of Series 1999-A  Transition  Bonds.  The aggregate  notional  amount of
these swaps was equal to the face values of those two floating rate classes.  At
September 30, 2000, the fair value of these  instruments was $25.8 million based
on the present  value  difference  between the  contracted  rates and the market
rates at that date. The fixed interest rates of Series 1999-A  Transition Bonds,
Classes A-3 and A-5 are 6.58% and 6.94%,  respectively.  A hypothetical 50 basis
point  increase or decrease in the spot yield at  September  30, 2000 would have
resulted  in an  aggregate  fair  value of these  interest  rate  swaps of $37.3
million or $18.9 million,  respectively.  If the derivative instruments had been
terminated  at September 30, 2000,  these  estimated  fair values  represent the
amount to be paid by the counterparties to PETT.

         PETT  would  be  exposed  to  credit-related  losses  in the  event  of
non-performance  by the counterparties  that issued the derivative  instruments.
PETT does not expect that the  counterparties  to the  interest  rate swaps will
fail to meet these  obligations,  given  their high credit  ratings.  The credit
exposure  of  derivatives  contracts  is  represented  by the fair  value of the
contracts at the reporting date.  PETT interest rate swaps are documented  under
master  agreements.  Among other things,  these agreements provide for a maximum
credit exposure for both parties. Payments are required by the appropriate party
when the maximum limit is reached.

3.  SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS
         PETT  purchased  ITP from  PECO  Energy  pursuant  to the  Amended  and
Restated Intangible Transition Property Sale Agreement,  dated May 2, 2000 (Sale
Agreement).  Under the Sale Agreement, PECO Energy makes certain representations
and  warranties  about the ITP and  indemnifies  PETT for  losses  caused by the
breach of such  representations and warranties.  To the extent a breach concerns
the existence of the ITP or the ability to charge ITC in the amounts  sufficient
to meet a pre-set amortization schedule, PECO Energy must pay liquidated damages
equal to the lost principal and interest of the amortization schedule.

         For  financial  reporting  purposes  and  Federal and  Commonwealth  of
Pennsylvania  income and franchise tax purposes the transfer of ITP to PETT will
be treated as a financing arrangement and not a sale.

         The  Series  2000-A  Transition  Bonds  were  issued  pursuant  to  the
Indenture  dated  March 1, 1999  (Indenture)  and the  Series  2000-A  Indenture
Supplement dated May 2, 2000.  Under the Indenture,  PETT has pledged all of its
property,  including  the ITP, to secure the  Transition  Bonds.  The  Indenture
prohibits PETT from selling, transferring, exchanging, or otherwise disposing of
any of the collateral unless directed to do so by the Trustee; from claiming any
credit or making any deduction from the principal,  premium, if any, or interest
on  Transition  Bonds or against any  Transition  Bond  holder;  permitting  the
validity of effectiveness of the Indenture to be impaired or permitting the lien
of the  Indenture  to be amended,  hypothecated,  subordinated,  terminated,  or
discharged;  permitting  any person to be released  from any of the covenants or
obligations  with  respect to  Transition  Bonds as  expressly  permitted by the



                                       5
<PAGE>

Indenture;  permitting  any liens,  charges,  or claims,  security  interest  or
mortgage  (other  than the lien  created by the  Indenture)  to be created in or
extended  to or  otherwise  arise  upon or  burden  the  collateral  or any part
thereof;  or  permitting  the lien of the  Indenture  not to constitute a valid,
first priority security interest in the collateral.

         Under the Amended and Restated Master Servicing  Agreement entered into
by PETT and PECO Energy dated May 2, 2000, PECO Energy, as servicer, manages and
administers  the ITP sold to PETT and collects the ITC related thereto on behalf
of PETT.

         In the nine months ended  September  30, 2000 and 1999,  PETT  recorded
$318.0 million and $222.2 million, respectively, of ITC collections. In the nine
months ended  September  30, 2000 and 1999,  PETT recorded $8.4 million and $6.0
million,  respectively,  in servicing fees based upon the outstanding  principal
amount of the Transition Bonds.

         As of September 30, 2000, the Due from Related Party balance represents
ITC billings by PECO Energy that have not yet been  collected  (ITC billings) of
$75.7 million and ITC collections by PECO Energy that have not yet been remitted
to PETT (ITC  collections) of $5.1 million,  partially  offset by servicing fees
that have not been paid by PETT (servicing fees) of $1.0 million. As of December
31, 1999,  the Due from Related Party balance  represents  ITC billings of $40.3
million and ITC collections of $2.6 million,  partially offset by servicing fees
of $0.8 million.

         As of September  30, 2000 and  December  31,  1999,  the Due to Related
Party balance of $128.9  million and $110.7  million,  respectively,  represents
cumulative  advances from PECO Energy for initial working  capital  requirements
and operating  expenses that are not  considered to be currently due and payable
by PECO Energy.

4.  LITIGATION
         On February 7, 2000, the  Mid-Atlantic  Power Supply  Association  (the
Association)  filed an  intervention  to the PUC's  proceedings on PECO Energy's
January 7, 2000 application for a QRO to ensure that the proposed securitization
does not have an adverse effect on competition in the retail electrical services
market in Pennsylvania. Specifically, the Association expressed concern that the
2000 QRO would cause a reduction in the shopping credit  established in the 1998
QRO and would enable PECO Energy to use the proposed  rate  reduction in 2001 to
promote its provider of last resort service.

         The Association subsequently agreed to join with several of the parties
who  participated  in  PECO  Energy's  restructuring   proceeding  in  a  second
settlement,  which was filed with the PUC on March 8, 2000.  On March 16,  2000,
the PUC issued an order approving the Joint Petition for Full Settlement of PECO
Energy's Application for Issuance of a QRO authorizing PECO Energy to securitize
up to an additional $1.0 billion of its authorized  recoverable  stranded costs.
In accordance with the terms of the Joint Petition for Full Settlement, when the
2000 QRO  became  final and  non-appealable,  PECO  Energy  provided  its retail
customers with rate  reductions in the total amount of $60 million  beginning on
January 1, 2001.  This rate  reduction  will be effective for calendar year 2001
only and will not be contingent upon the issuance of additional transition bonds
pursuant to the 2000 QRO.


                                       6
<PAGE>

5. NEW ACCOUNTING PRONOUNCEMENTS
         In June 1998, the Financial  Accounting  Standards  Board (FASB) issued
Statement of Financial  Accounting  Standards  (SFAS) No. 133,  "Accounting  for
Derivative  Instruments  and Hedging  Activities,"  (SFAS No. 133) to  establish
accounting and reporting  standards for derivatives.  The new standard  requires
recognizing all derivatives as either assets or liabilities on the balance sheet
at their fair  value and  specifies  the  accounting  for  changes in fair value
depending upon the intended use of the derivative.

         In June 2000,  the FASB  issued  SFAS No. 138  "Accounting  for Certain
Derivative  Instruments  and Certain  Hedging  Activities,  an amendment of FASB
Statement  No. 133" (SFAS No. 138).  This  standard  amends the  accounting  and
reporting standards of SFAS No. 133. PETT expects to adopt SFAS No. 133 and SFAS
No. 138 on January 1, 2001.  PETT  initiated a process to implement SFAS No. 133
and SFAS No. 138 by evaluating  all of the  derivatives of PETT for SFAS No. 133
and SFAS No. 138 implications.  This phase of implementation  has been completed
and PETT is in the process of evaluating the impact of SFAS No. 133 and SFAS No.
138 on its financial statements.

6. SUBSEQUENT EVENTS
         On  October  20,  2000,  pursuant  to a  Second  Amended  and  Restated
Agreement  and Plan of Exchange  and Merger  dated as of  September  22, 1999 as
amended and restated as of October 10, 2000,  among PECO Energy,  a Pennsylvania
corporation,  Exelon Corporation, a Pennsylvania corporation (Exelon) and Unicom
Corporation,  an Illinois corporation  (Unicom),  PECO Energy, Exelon and Unicom
consummated the merger and exchange. Pursuant to the merger PECO Energy became a
wholly owned subsidiary of Exelon.

















                                       7
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

         The  following  analysis  of the  financial  condition  and  results of
activities of PECO Energy  Transition  Trust (PETT) is in an abbreviated  format
pursuant  to  Instruction  H of  Form  10-Q.  Such  analysis  should  be read in
conjunction  with the  Financial  Statements  and Notes to Financial  Statements
included in Item 1 above, and the Note Issuer's Annual Financial  Statements and
the Notes to Financial  Statements included in its Registration  Statement dated
April 27, 2000.

         PETT  was  formed  under  the  laws  of  Delaware  pursuant  to a trust
agreement  between PETT,  PECO Energy Company (PECO  Energy),  First Union Trust
Company,  N.A., acting  thereunder not in its individual  capacity but solely as
issuer trustee of PETT, and two beneficiary  trustees  appointed by PECO Energy.
PETT is currently  governed by an amended and restated trust agreement among the
same parties.

         Excluding  the effects of the  purchase of ITP and  contributions  from
PECO Energy,  additions  for the three and nine months ended  September 30, 2000
were $167.1 million and $365.1 million, respectively.  These additions primarily
represent  the  recovery of ITC.  Excluding  the effects of the  issuance of the
Series  1999-A  Transition  Bonds  on  March  25,  1999  and the  Series  2000-A
Transition Bonds on May 2, 2000 (collectively, Transition Bonds), deductions for
the three and nine months  ended  September  30,  2000 were  $126.5  million and
$327.5 million,  respectively,  and included:  $81.0 million and $214.5 million,
respectively,   of  interest  charges  associated  with  the  Transition  Bonds;
amortization  charges  related to the ITC of $41.1  million and $101.0  million,
respectively, and servicing fees of $3.0 million and $8.4 million, respectively.

         On May 2, 2000, PETT issued $110.0 million  aggregate  principal amount
of 7.18% Series 2000-A  Transition  Bonds,  Class A-1, $140.0 million  aggregate
principal  amount of 7.30% Series 2000-A  Transition  Bonds,  Class A-2,  $398.8
million  aggregate  principal  amount of 7.63% Series 2000-A  Transition  Bonds,
Class A-3,  $351.2  million  aggregate  principal  amount of 7.65% Series 2000-A
Transition Bonds, Class A-4.

         PETT relies on the  computer  systems of PECO Energy in its capacity as
servicer under the Amended and Restated Master Servicing Agreement. During 1999,
PECO Energy successfully addressed, through its Year 2000 Project (Y2K Project),
the issue resulting from computer  programs using two digits rather than four to
define the applicable year and other programming  techniques that constrain date
calculations or assign special meanings to certain dates.

         PECO Energy's  systems  experienced no Y2K difficulties on December 31,
1999 or since  that date.  PECO  Energy's  operations  have not,  to date,  been
adversely  affected by any Y2K difficulties that suppliers or customers may have
experienced.  PECO Energy will continue to monitor its systems for potential Y2K
difficulties through the remainder of 2000.

         For  additional  information  on PECO  Energy's Y2K  project,  see PECO
Energy's Quarterly Report on Form 10-Q for the quarter ended September 30, 2000.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Omitted with respect to PETT pursuant to Instruction H of Form 10-Q.






                                       8
<PAGE>

PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         Omitted with respect to PETT pursuant to Instruction H of Form 10-Q.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Omitted with respect to PETT pursuant to Instruction H of Form 10-Q.

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

         Omitted with respect to PETT pursuant to Instruction H of Form 10-Q.

ITEM 5.  OTHER INFORMATION

         None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits:

Exhibit No.       Description
---------------   ---------------
27                 Financial Data Schedule.

(b)      Reports on Form 8-K filed during the reporting period:

         None










                                       9
<PAGE>




                          PECO ENERGY TRANSITION TRUST


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.





Date:  November 13, 2000               By:  /s/ George R. Shicora
                                                ----------------------------
                                                George R. Shicora
                                                Beneficiary Trustee