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

                                    FORM 10-Q

(Mark One)


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



                For the quarterly period ended December 25, 2000

                                       OR

____   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934


                         Commission File Number 0-13782


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


         Delaware                           13-3228969
---------------------------              -----------------
(State or other jurisdiction of          (I.R.S. Employer
incorporation or organization)           Identification No.)


625 Madison Avenue, New York, New York               10022
--------------------------------------          --------------
(Address of principal executive offices)        (Zip Code)


Registrant's telephone number, including area code (212)421-5333


       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

                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)


                                                      December 25,     March 25,
                                                          2000          2000
                                                      ------------  ------------

ASSETS
Property and equipment - net,
  less accumulated depreciation
  of $29,922,120 and $51,855,620,
  respectively                                         $26,415,668   $52,714,919
Property and equipment -
  held for sale - net, less
  accumulated depreciation of
  $26,184,540 and $15,415,302,
  respectively                                          23,418,686    13,550,070
Cash and cash equivalents                                5,739,538     4,095,787
Cash - restricted for tenants'
  security deposits                                        655,311       768,762
Mortgage escrow deposits                                 7,427,320     9,180,023
Prepaid expenses and other assets                        1,277,602     1,103,445
                                                        ----------    ----------

  Total assets                                         $64,934,125   $81,413,006
                                                        ==========    ==========



<PAGE>


                                                   December 25,      March 25,
                                                       2000            2000
                                                  ------------     ------------
LIABILITIES AND PARTNERS' DEFICIT
Liabilities
Mortgage notes payable                          $  36,564,962     $  44,171,128
Purchase Money Notes payable
  (Note 2)                                         25,097,763        43,969,115
Due to selling partners (Note 2)                   53,132,987        74,281,146
Deferred revenue on sale of
  properties                                       13,489,268                 0
Accounts payable, accrued
  expenses and other liabilities                    3,557,579         2,827,606
Tenants' security deposits payable                    596,947           751,121
Due to general partners of
  subsidiaries and their affiliates                   162,974           631,826
Due to general partners and
  affiliates                                        2,876,931         2,842,933
                                                -------------     -------------

Total liabilities                                 135,479,411       169,474,875
                                                -------------     -------------

Minority interest                                     756,522           635,465
                                                -------------     -------------
Commitments and contingencies
  (Note 5)
Partners' deficit:
  Limited partners                                (70,051,265)      (87,272,836)
  General partners                                 (1,250,543)       (1,424,498)
                                                -------------     -------------

Total partners' deficit                           (71,301,808)      (88,697,334)
                                                -------------     -------------

Total liabilities and partners' deficit         $  64,934,125     $  81,413,006
                                                =============     =============

See accompanying notes to consolidated financial statements.



<PAGE>



<TABLE>


                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<CAPTION>

                                Three Months Ended          Nine Months Ended
                                   December 25,                December 25,
                            ----------------------     -------------------------
                              2000          1999*         2000             1999
                            ----------------------     -------------------------
<S>                     <C>            <C>            <C>              <C>
Revenues:

Rentals, net            $  3,983,695   $  5,472,842   $ 13,075,890     $ 18,407,566
Other                        284,581        291,852        854,788          932,042
Gain on sale of
  property (Note 4)        3,009,268         35,103     12,086,370       13,294,740
                        ------------   ------------   ------------     ------------
Total revenues             7,277,544      5,799,797     26,017,048       32,634,348
                        ------------   ------------   ------------     ------------

Expenses

Administrative and
  management                 780,626      1,103,428      3,090,824        3,666,855
Administrative and
  management-related
  parties (Note 3)           542,231        605,975      1,633,430        1,944,519
Operating                    677,657        973,745      2,296,161        3,591,043
Repairs and
  maintenance              1,096,384      1,576,891      3,114,297        5,162,685
Taxes and
  insurance                  465,042        590,844      1,511,625        2,213,627
Interest                   1,149,132      1,710,496      7,578,321        5,540,281
Depreciation                 786,427      1,121,555      2,580,700        3,788,505
                        ------------   ------------   ------------     ------------
Total expenses             5,497,499      7,682,934     21,805,358       25,907,515
                        ------------   ------------   ------------     ------------

Net income (loss)
before minority
  interest                 1,780,045     (1,883,137)         4,211        6,726,833
Minority interest in
  income of
  subsidiaries              (831,240)      (325,972)      (934,304)      (3,066,640)
                        ------------   ------------   ------------      ------------
Income (loss) before
  extra-ordinary item        948,805     (2,209,109)     3,277,386        3,660,193
Extraordinary item-
  forgiveness of
  indebtedness (loss)
  income (Note 4)             (4,646)        31,691     14,118,140       18,704,248
                        ------------   ------------   ------------     ------------
Net income (loss)       $    944,159   $ (2,177,418)  $ 17,395,526     $ 22,364,441
                        ============   ============   ============     ============

Limited Partners
  Share:
Income (loss) before
  extraordinary item$        939,317   $ (2,187,018)  $  3,244,612     $  3,623,591
Extraordinary item            (4,600)        31,374     13,976,959       18,517,206
                        ------------   ------------   ------------     ------------

Net income (loss)$           934,717   $ (2,155,644)  $ 17,221,571     $ 22,140,797
                        ============   ============   ============     ============

Number of units
  outstanding                 12,074         12,074         12,074           12,074
                        ============   ============   ============     ============


Income (loss) before
  extraordinary
  item per limited
  partner unit          $         77   $       (181)   $       269     $        300
Extraordinary item
  per limited
  partner unit                     0              3          1,158            1,534
                        ------------   ------------   ------------     ------------

Net income(loss)
  per limited
  partner unit          $         77   $       (178)  $      1,427     $      1,834
                        ============   ============   ============     ============

*Reclassified for comparative purposes.
See accompanying notes to consolidated financial statements.

</TABLE>



<PAGE>




                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
             CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)



                                        Limited        General
                         Total          Partners       Partners
                        ---------------------------------------


Balance -
  March 26, 2000      $(88,697,334)   $(87,272,836)   $ (1,424,498)

Net income              17,395,526      17,221,571         173,955
                      ------------    ------------    ------------

Balance -
  December 25, 2000   $(71,301,808)   $(70,051,265)   $ (1,250,543)
                      ============    ============    ============

See accompanying notes to consolidated financial statements.



<PAGE>




<TABLE>
                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                                   (Unaudited)

<CAPTION>

                                                             Nine Months Ended
                                                                December 25,
                                                       2000                     1999
                                                   ------------------------------------

<S>                                               <C>                        <C>
Cash flows from operating activities:
Net income                                        $ 17,395,526               $ 22,364,441
                                                  ------------               ------------
Adjustments to reconcile net income
  to net cash provided by
  operating activities:
Gain on sale of property (Note 4)                  (12,086,370)               (13,294,740)
Extraordinary item-forgiveness of
  indebtedness income (Note 4)                     (14,118,140)               (18,704,248)
Depreciation                                         2,580,700                  3,788,505
Minority interest in income
  of subsidiaries                                      934,304                  3,066,640
Decrease in cash-restricted for
  tenants' security deposits                            29,490                     20,671
Decrease (increase) in mortgage
  escrow deposits                                      907,804                   (400,407)
Increase in prepaid expenses
  and other assets                                    (345,907)                  (472,978)
Increase in due to selling partners                  7,087,052                  4,567,592
Payments of interest to selling partners            (3,370,496)                  (346,415)
Increase in accounts payable, accrued
  expenses and other liabilities                     1,366,869                    617,530
Decrease in tenants' security
  deposits payable                                     (58,337)                   (38,087)
Increase in due to general partners
  of subsidiaries and their affiliates                 558,299                    672,940
Decrease in due to general partners
  of subsidiaries and their affiliates                (468,852)                   (86,898)
Increase in due to
  general partners and affiliates                       73,998                     49,697
                                                  ------------               ------------
Total adjustments                                  (16,909,586)               (20,560,198)
                                                  ------------               ------------
Net cash provided by
   operating activities                                485,940                  1,804,243
                                                  ------------               ------------

Cash flows from investing activities:
Proceeds from sale of properties                     7,357,350                 16,471,897
Acquisitions of property and
  equipment                                         (1,227,478)                  (756,189)
Decrease (increase) in mortgage
  escrow deposits                                      148,735                   (610,981)
                                                  ------------               ------------

Net cash provided by
  investing activities                               6,278,607                 15,104,727
                                                  ------------               ------------

Cash flows from financing activities:
Increase (decrease) in purchase
  money notes payable                                    5,209                   (323,783)
Principal payment of mortgage
  notes payable                                     (2,450,025)               (10,839,034)
Principal payments of Purchase
  Money Notes payable                               (1,862,733)                         0
Decrease in capitalization of
  minority interest                                   (813,247)                (3,068,708)
                                                  ------------               ------------

Net cash used in financing activities               (5,120,796)               (14,231,525)
                                                  ------------               ------------

Net increase in cash and cash
  equivalents                                        1,643,751                  2,677,445
Cash and cash equivalents -
  beginning of period                                4,095,787                  2,658,449
                                                  ------------               ------------
Cash and cash equivalents -
  end of period                                   $  5,739,538               $  5,335,894
                                                  ============               ============

Supplemental disclosures of noncash activities:
Increase in property and equipment -
  held for sale reclassified from
  property and equipment                          $ 19,012,555               $  1,310,926

Decrease in property and equipment,
  net of accumulated depreciation                        2,343                          0
Decrease in prepaid expenses and
  other assets                                           3,183                          0
Increase in deferred revenue from
  sale of properties                                13,489,268                          0
Decrease in Purchase Money
  Notes payable                                     (4,100,443)                         0
Decrease in due to selling partners                 (9,394,351)                         0

Forgiveness of indebtedness
  (Note 4):
Decrease in Purchase Money
  Note payable                                      (7,741,369)                (8,310,859)
Decrease in due to selling
  partners                                          (5,616,053)               (10,396,190)
Decrease in prepaid expenses
  and other assets                                           0                      2,801
Decrease in due to general partners
  of subsidiaries and their affiliates                (558,299)                         0
Decrease in accounts payable, accrued
  expenses and other liabilities                      (162,419)                         0
Decrease in due to general partners
  and affiliates                                       (40,000)                         0

Summarized below are the components of the gain on sale of property:
Decrease in property and equipment,
  net of accumulated depreciation                   15,075,070                 18,247,757
Decrease in cash - restricted for tenants'
  security deposits                                     83,961                    344,449
Decrease in mortgage escrow deposits                   696,164                  2,068,338
Decrease in prepaid expenses and
  other assets                                         168,567                    677,195
Decrease in Purchase Money
  Notes payable                                     (5,172,016)                (5,394,341)
Decrease in due to selling partners                 (9,854,311)                         0
Decrease in accounts payable,
  accrued expenses and other liabilities              (474,477)                (1,300,969)
Decrease in tenant's security
  deposits payable                                     (95,837)                  (294,999)
Decrease in due to
  general partners and affiliates                            0                 (1,568,656)
Decrease in mortgage notes payable                  (5,156,141)                (9,601,617)

See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>





                         CAMBRIDGE ADVANTAGED PROPERTIES
                      LIMITED PARTNERSHIP AND SUBSIDIARIES
                   Notes to Consolidated Financial Statements
                                December 25, 2000
                                   (Unaudited)

Note 1 - General

The  consolidated  financial  statements  for the nine months ended December 25,
2000 include the accounts of Cambridge Advantaged Properties Limited Partnership
(the  "Partnership") and forty-three  subsidiary  partnerships  ("subsidiaries,"
"subsidiary  partnerships"  or "Local  Partnerships"),  seven of which only have
activity  through  the  date  of  sale of the  Partnership's  Local  Partnership
interest and six of which only have  activity  through the date of sale of their
property and the related  assets and  liabilities.  The  consolidated  financial
statements  for the nine months ended  December 25, 1999 include the accounts of
the Partnership and fifty-one subsidiary  partnerships,  five of which only have
activity  through  the  date  of  sale of the  Partnership's  Local  Partnership
interest and two of which only have  activity  through the date of sale of their
property and the related assets and  liabilities.  The  Partnership is a limited
partner,  with an  ownership  interest  of  98.99%  in  each  of the  subsidiary
partnerships.  Through the rights of the Partnership  and/or an affiliate of one
of its General Partners (a "General Partner"), which affiliate has a contractual
obligation to act on behalf of the Partnership, to remove the general partner of
the subsidiary partnerships (the "Local General Partner") and to approve certain
major  operating  and financial  decisions,  the  Partnership  has a controlling
financial interest in the subsidiary partnerships.

For financial reporting purposes, the Partnership's fiscal quarter ends December
25. All  subsidiaries  have fiscal quarters ending September 30. Accounts of the
subsidiary  partnerships  have been adjusted for intercompany  transactions from
October 1 through December 25. The Partnership's fiscal quarter ends on December
25 in order to allow adequate time for the subsidiaries' financial statements to
be  prepared  and  consolidated.  The books and records of the  Partnership  are
maintained on the accrual basis of  accounting,  in  accordance  with  generally
accepted accounting principles ("GAAP").

All   intercompany   accounts  and   transactions   have  been   eliminated   in
consolidation.

Increases  (decreases)  in  the  capitalization  of  consolidated   subsidiaries
attributable to minority  interest arise from cash  contributions  from and cash
distributions to the minority interest partners.

Losses  attributable to minority interests which exceed the minority  interests'
investment  in a subsidiary  have been charged to the  Partnership.  Such losses
aggregated  approximately $3,000 and $0 and $24,000 and $2,000 for the three and
nine months ended December 25, 2000 and 1999,  respectively.  The  Partnership's
investment in each subsidiary is equal to the respective  subsidiary's partners'
equity less minority interest capital, if any. In consolidation,  all subsidiary
partnership losses are included in the Partnership's  capital account except for
losses allocated to minority interest capital.

The unaudited  financial  statements have been prepared on the same basis as the
audited financial  statements  included in the  Partnership's  Form 10-K for the
year  ended  March  25,  2000.  In the  opinion  of the  General  Partners,  the
accompanying unaudited financial statements contain all adjustments  (consisting
only of normal recurring  adjustments) necessary to present fairly the financial
position of the  Partnership  as of December 25, 2000, the results of operations
for the three and nine months  ended  December  25, 2000 and 1999 and cash flows
for the nine months ended  December 25, 2000 and 1999.  However,  the  operating
results for the nine months ended December 25, 2000 may not be indicative of the
results for the year.

Certain  information  and  note  disclosures   normally  included  in  financial
statements  prepared in accordance with GAAP have been omitted.  It is suggested
that these consolidated  financial statements should be read in conjunction with
the financial  statements and notes thereto included in the Partnership's  March
25, 2000 Annual Report on Form 10-K.

Note 2 - Purchase Money Notes Payable

Purchase  Money Notes (the  "Purchase  Money  Notes") in the original  amount of
$85,458,825 were issued to the selling  partners of the subsidiary  partnerships
as part of the  purchase  price  and are  secured  only by the  interest  in the
subsidiary  partnership to which the Purchase  Money Note relates.  A portion of
these  Purchase  Money  Notes,  in  the  original  amount  of  $31,932,568,  are
obligations  at  the  subsidiary   partnership  level,   whereas  the  remaining
$53,526,257  is recorded at the  Partnership  level.  The  Purchase  Money Notes
generally provided for compound interest at rates which, in general, ranged from
9% to 10% per annum through  August 31, 1989.  Thereafter,  simple  interest has
accrued,  without further  interest  thereon,  through maturity as extended (see
below).  Purchase  Money Notes at December  25, 2000 and March 25, 2000  include
$4,336,417 of interest accrued through August 31, 1989.

The Purchase  Money Notes,  which  provide for simple  interest,  will not be in
default  if not less  than  60% of the cash  flow  actually  distributed  to the
Partnership  by  the  corresponding  subsidiary  partnership  (generated  by the
operations, as defined) is applied first to accrued interest and then to current
interest  thereon.  Any interest not paid  currently  accrues,  without  further
interest  thereon,  through the extended  due date of the  Purchase  Money Note.
Continued  accrual of such interest  beyond the initial term,  without  payment,
reduces the effective  interest rate of 9%. The exact effect is not determinable
inasmuch as it is dependent on the actual future interest  payments and ultimate
repayment dates of the Purchase Money Notes. The Purchase Money Notes, after the
extended  maturity dates, call for the simple accrual of interest on the balance
of principal, interest and Purchase Money Note extensions fees payable as of the
date of maturity at the lesser rate of 12% or the lowest legally allowable rate;
or prime  plus 2% or the lowest  legally  allowable  rate.  Unpaid  interest  of
approximately  $52,609,000 and $70,501,000 as of December 25, 2000 and March 25,
2000, respectively,  has been accrued and is included in due to selling partners
in the  consolidated  balance  sheets.  In  general,  the  interest  on and  the
principal  of each  Purchase  Money  Note is also  payable  to the extent of the
Partnership's  actual  receipt of  proceeds  of the sale or  refinancing  of the
apartment complex.

The  Partnership  extended the terms of the Purchase Money Notes for up to three
additional years (four years with respect to three subsidiary partnerships).  In
connection with such  extensions,  the Partnership  incurred an extension fee of
1/2 % per annum of the  outstanding  principal  balance  of the  Purchase  Money
Notes. Through December 25, 2000, the maturity dates of the Purchase Money Notes
associated with the remaining  properties  owned by the subsidiary  partnerships
(ranging  from August to December  1996) were  extended for three  years,  seven
years with respect to three subsidiary partnerships.  These three Purchase Money
Notes are now  extended,  with  maturity  dates  ranging from July 2001 to April
2006.  Additionally,  an oral agreement was reached in August 2000 to extend the
maturity  dates  of the  remaining  Purchase  Money  Notes to  October  2001 and
November  2001. The  Partnership is working with the Local General  Partners and
Purchase  Money Note holders to refinance or sell the  properties.  No assurance
can be given that management's efforts will be successful or that the sale price
will be  sufficient  to return  the  Purchase  Money  Notes  and leave  proceeds
available to the  Partnership.  At December 25, 2000  extension fees of $301,500
were accrued and added to the Purchase Money Notes  balance.  The extension fees
are being amortized over the term of the extension.  The Partnership cannot sell
or otherwise  liquidate its investments in those Local  Partnerships  which have
subsidy  agreements  with the United  States  Department  of  Housing  and Urban
Development  ("HUD")  during the period that such  agreements  are in  existence
without HUD's approval.  Based on the historical  operating results of the Local
Partnerships and the current economic conditions, including changes in tax laws,
it is uncertain  whether the proceeds from such sales will be sufficient to meet
the outstanding balances of principal,  accrued interest and extension fees. The
Purchase Money Notes are without personal  recourse to either the Partnership or
any of its  partners  and  the  selling  partner's  recourse,  in the  event  of
nonpayment,  would  be to  foreclose  on  the  Partnership's  interests  in  the
respective subsidiary partnerships.

Distributions  aggregating  approximately $6,523,000 and $4,611,000 were made to
the  Partnership  for  the  nine  months  ended  December  25,  2000  and  1999,
respectively, of which approximately $2,773,000 and $68,000,  respectively,  was
used to pay interest on the Purchase  Money  Notes.  In addition,  approximately
$598,000 and $0 was paid as  "additional"  interest on the Purchase  Money Notes
for  the  nine  months  ended   December   25,  2000  and  1999,   respectively.
Distributions  of proceeds  from sales of properties  aggregating  approximately
$5,838,000 and $4,498,000  were made to the  Partnership  during the nine months
ended December 25, 2000 and 1999, respectively,  of which $4,635,000 and $0 were
used to pay principal and interest on the Purchase Money Notes, respectively.

Note 3 - Related Party Transactions

The costs  incurred  to  related  parties  for the three and nine  months  ended
December 25, 2000 and 1999 were as follows:

                            Three Months Ended    Nine Months Ended
                               December 25,          December 25,
                            ------------------     ---------------
                             2000        1999      2000        1999
                            ------------------     ---------------

Partnership manage-
  ment fees (a)            $280,000   $283,000  $ 840,000  $ 849,000
Expense reimburse-
  ment (b)                   47,768     53,917    123,169    121,090
Local administra-
  tive fee (c)               16,000     18,000     48,000     53,000
                           --------   --------  ---------  ---------
Total general and
  administrative-
  General Partners          343,768    354,917  1,011,169  1,023,090
                            -------    -------  ---------  ---------
Property manage-
  ment fees incurred
  to affiliates of the
  subsidiary
  partnerships'
  general
  partners                  198,463    251,058    622,261    921,429
                            -------    ------- ---------- ----------
Total general and
  administrative-
  related parties          $542,231   $605,975 $1,633,430 $1,944,519
                            =======    =======  =========  =========

(a) After all other expenses of the Partnership are paid, an annual  partnership
management fee of up to .5% of invested  assets is payable to the  Partnership's
General Partners and affiliates. Partnership management fees owed to the General
Partners  amounting to approximately  $2,032,000 and $1,942,000 were accrued and
unpaid as of December  25, 2000 and March 25,  2000,  respectively.  Without the
General Partner's continued allowance of accrual without payment of certain fees
and expense  reimbursements,  the Partnership  will not be in a position to meet
its obligations.  The General Partner has continued allowing the accrual without
payment of these  amounts but is under no  obligation  to continue to do so. The
Partnership anticipates that proceeds received from future sales will be used to
pay any outstanding amounts due to the General Partners.

(b) The  Partnership  reimburses the General  Partners and their  affiliates for
actual Partnership operating expenses incurred by the General Partners and their
affiliates on the  Partnership's  behalf.  The amount of reimbursement  from the
Partnership is limited by the provisions of the partnership  agreement.  Another
affiliate of the Related  General  Partner  performs  asset  monitoring  for the
Partnership.   These  services  include  site  visits  and  evaluations  of  the
subsidiary   partnerships'   performance.   Expense   reimbursements  and  asset
monitoring fees owed to the Related General Partner  amounting to  approximately
$36,000 and $76,000  were  accrued and unpaid as of December  25, 2000 and March
25, 2000, respectively.

(c)  C/R  Special  Partnership,  the  special  limited  partner,  owning  a .01%
interest,  is entitled to receive a local administrative fee of up to $2,500 per
year from each subsidiary partnership.

Note 4 - Sale of Properties

General
-------

The Partnership is currently in the process of disposing of its investments.  It
is anticipated that this process will take a number of years. As of December 25,
2000,  the  Partnership  has disposed of thirty-one  of its  sixty-one  original
investments.  Subsequently on January 5, 2001, an additional  property was sold.
Nine additional investments are listed for sale and the Partnership  anticipates
that a number of the  twenty  remaining  investments  will be listed for sale by
March  31,  2002.  There can be no  assurance  as to when the  Partnership  will
dispose of its last remaining investments or the amount of proceeds which may be
received.  However,  based on the  historical  operating  results  of the  Local
Partnerships and the current economic conditions  including changes in tax laws,
it is unlikely  that the proceeds  received by the  Partnership  from such sales
will be  sufficient to return their  original  investment.  Moreover,  the Local
General  Partners and holders of the Purchase Money Notes generally have minimal
decision-making rights with respect to the sale of each property which therefore
makes it more cumbersome for the General  Partners to sell each property.  Gains
and  losses and  forgiveness  of debt  reported  in the  income  statements  for
December 25, 1999,  were based on  estimated  numbers and those  included in the
following disclosures are final audited numbers,  therefore the gains and losses
differ from those actually resulting from the sale.

In order to facilitate an orderly  disposition of the Partnership's  assets, the
Partnership formed a new entity:  Cambridge  Advantaged  Liquidating L.L.C. (the
"Trust"),  a Delaware  limited  liability  company which is  wholly-owned by the
Partnership.

On July 21, 1999, the Partnership  contributed its limited partnership  interest
in Decatur Apartments,  Ltd., Florence  Apartments,  Ltd., Saraland  Apartments,
Ltd., Dickens Ferry Apartments,  Ltd., Boonie Doone Apartments, Ltd., University
Gardens Apartments,  Ltd., and Southside Village Apartments, Ltd., to the Trust.
In each case, the interests were contributed subject to each respective Purchase
Money Note. The contribution did not involve any consideration being paid to the
Partnership,  therefore,  there  should  not be any tax  effect  to the  limited
partners of the Partnership.

Information Regarding Dispositions.
-----------------------------------
On February 26, 1999, the Partnership's limited partnership interests in Park of
Pecan I, Ltd.  and Park of Pecan II,  Ltd.  were sold to an  unaffiliated  third
party for  $130,000  each  resulting  in a gain in the  amount of  approximately
$377,000  and  $614,000,  respectively.  No  proceeds  were used to  settle  the
associated  Purchase Money Notes,  accrued interest and certain accrued expenses
which  resulted  in  forgiveness  of  indebtedness   income  of  $3,357,000  and
$2,653,000 for tax purposes, respectively.

On March 16, 1999, the property and related assets and  liabilities of Lancaster
Manor Associates,  Ltd.  ("Lancaster  Manor") were sold to an unaffiliated third
party for $13,500,000 resulting in a gain of $8,437,000.

On April 13, 1999,  the property and related  assets and  liabilities  of Valley
Arms were sold to an unaffiliated third party for $1,600,000 resulting in a gain
in the amount of  approximately  $161,000.  No proceeds  were used to settle the
associated   Purchase  Money  Note  and  accrued  interest  which  had  a  total
outstanding  balance of  approximately  $2,514,000  resulting in  forgiveness of
indebtedness income.

On June 18, 1999,  the  Partnership's  limited  partnership  interest in Carlton
Terrace  Apartments,  Limited Partnership was sold to the Local General Partners
for $589,623,  resulting in a gain in the amount of approximately $1,675,000. No
proceeds  were used to settle the  associated  Purchase  Money Note and  accrued
interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$3,323,000,  resulting in forgiveness of indebtedness income. The Purchase Money
Note was assumed by the Local Partnership.

On June 18, 1999, the Partnership's limited partnership interest in Villa Apollo
Associates  Limited  Partnership  was sold to the  Local  General  Partners  for
$220,138,  resulting  in a gain in the  amount of  approximately  $372,000.  The
Purchase Money Note was assumed by the Local Partnership.  No proceeds were used
to settle the associated Purchase Money Note and accrued interest thereon, which
had a total  outstanding  balance  of  approximately  $2,129,000,  resulting  in
forgiveness of indebtedness income.

On June 18, 1999, the Partnership's limited partnership interest in Villa Apollo
#2 Associates  Limited  Partnership  was sold to the Local General  Partners for
$562,136,  resulting in a gain in the amount of  approximately  $1,709,000.  The
Purchase Money Note was assumed by the Local Partnership.  No proceeds were used
to settle the associated Purchase Money Note and accrued interest thereon, which
had a total  outstanding  balance  of  approximately  $4,728,000,  resulting  in
forgiveness of indebtedness income.

On October 18, 1999,  the  Partnership's  limited  partnership  interest and the
related  Purchase Money Note and interest  thereon in Cranbrook Manor Apartments
("Cranbrook")  were  assigned to a third party  effective as of January 1, 2000,
resulting in a gain in the amount of  approximately  $2,894,000.  Fees due to an
affiliate  in the  amount  of  approximately  $40,000  were  forgiven.  For  tax
purposes, the entire gain to be realized by the Partnership is anticipated to be
approximately $2,200,000.

On December  14,  1999,  the  property  and related  assets and  liabilities  of
Oakbrook  Villa  Apartments  were  sold  to  an  unaffiliated  third  party  for
$8,350,000,  resulting in a loss in the amount of  approximately  $522,000.  The
Partnership  used  approximately  $2,438,000  of the net  proceeds to settle the
associated  Purchase Money Note and accrued  interest  thereon which amounted to
$7,205,000,  resulting in forgiveness of  indebtedness  income of  approximately
$4,366,000.

On January 6, 2000, the property and related assets and  liabilities of Bellfort
Apts.  ("Bellfort")  were sold to an  unaffiliated  third  party  for  $175,100,
resulting in a loss in the amount of approximately  $4,445,000. No proceeds were
used to settle the associated Purchase Money Note and accrued interest which had
a total  outstanding  balance of approximately  $11,511,000,  operating  deficit
loans and advances of  approximately  $558,000 and various  payables of $162,000
resulting in forgiveness of indebtedness  income.  For tax purposes,  the entire
gain to be  realized  by the  Partnership  is  anticipated  to be  approximately
$10,700,000.

On March 7, 2000, the property and related assets and liabilities of Conifer 307
("Fircrest") were sold to an unaffiliated third party for $2,500,000,  resulting
in a gain in the amount of approximately $1,457,000. Approximately $1,397,000 of
the proceeds were used to pay off the Purchase Money Note. For tax purposes, the
entire gain to be realized by the Partnership is anticipated to be approximately
$2,200,000.

On March 31, 2000, the Partnership's  limited  partnership  interest in Caroline
Forest Apts. was sold to the Purchase  Money Note holder for $90,000,  resulting
in  a  loss  in  the  amount  of  approximately   $334,000  and  forgiveness  of
indebtedness  income of  approximately  $1,736,000.  For tax purposes the entire
gain to be  realized  by the  Partnership  is  anticipated  to be  approximately
$1,300,000.

On June 30,  2000,  the  Partnership  sold 1% of its  interest  in Boonie  Doone
Apartments,   Florence   Apartments,   Dickens  Ferry   Apartments  and  Decatur
Apartments, in each case, for $100. Simultaneously, the Partnership assigned its
remaining  interest  of 97.99% in each of such four Local  Partnerships  and the
related  Purchase  Money Notes and interest  thereon to the Purchase  Money Note
holder, resulting in gains of approximately $1,959,000,  $2,444,000,  $2,161,000
and $2,952,000,  respectively.  For tax purposes, the entire gain to be realized
by the Partnership is anticipated to be  approximately  $2,700,000,  $3,600,000,
$3,000,000 and $4,000,000, respectively.

On July 14, 2000, the property and related assets and  liabilities of Casa Ramon
were sold to an unaffiliated third party for $4,500,000,  resulting in a gain of
approximately  $2,999,000.  The Partnership used approximately $3,062,000 of the
proceeds to pay off the Purchase Money Note and accrued  interest  thereon which
had a  total  outstanding  balance  of  approximately  $3,172,000  resulting  in
forgiveness of indebtedness income of approximately  $111,000.  For tax purposes
the  entire  gain  to be  realized  by  the  Partnership  is  anticipated  to be
approximately $4,600,000.

On September 14, 2000,  Oakwood Manor Ltd.  ("Oakwood")  entered into a purchase
and sale  agreement  with an  unaffiliated  third party for a purchase  price of
$3,090,000.  The closing is expected to occur in mid-2001.  No assurance  can be
given that the closing will actually occur.

On October  20,  2000,  Tall Pines  Associates  ("Tall  Pines")  entered  into a
purchase  and  sale  agreement  with a  third  party  for a  purchase  price  of
$2,145,000.  The closing is expected to occur in mid-2001.  No assurance  can be
given that the closing will actually occur.

On  November  7, 2000,  the  property  and  related  assets and  liabilities  of
Cloisters Associates,  Ltd. ("Sundown") were sold to an unaffiliated third party
for $2,800,000, resulting in a gain of approximately $3,100,000. The Partnership
used  approximately  $340,000 of the proceeds to pay off the Purchase Money Note
and accrued  interest  thereon,  which  amounted  to  $4,746,000,  resulting  in
forgiveness of indebtedness  income of  approximately  $4,407,000  which will be
reported in the 10-K on March 25, 2001. For tax purposes,  the entire gain to be
realized by the Partnership is anticipated to be approximately $6,300,000.

On November 17, 2000, Conifer 317 ("Pinewood")  entered into a purchase and sale
agreement with a third party for a purchase price of $1,750,000.  The closing is
expected to occur in mid-2001.  No assurance  can be given that the closing will
actually occur.

On November 21, 2000, Robindale East Apartments, Ltd. ("Robindale") entered into
a  purchase  and sale  agreement  with a third  party  for a  purchase  price of
$1,359,600.  The closing is expected to occur in mid-2001.  No assurance  can be
given that the closing will actually occur.

On December 6, 2000, Huntley Associates #1 ("Huntley #1") and Huntley Associates
#2 ("Huntley  #2") entered into a purchase and sale agreement with a third party
for a  purchase  price  of  $3,505,155.  The  closing  is  expected  to occur in
mid-2001. No assurance can be given that the closing will actually occur.

On December 18, 2000, the Partnership's  limited partnership interest in Solemar
at South  Dartmouth,  L.P.  ("Solemar")  was sold to a third party for $501,000,
resulting in a loss in the amount of  $3,072,000.  The  Purchase  Money Note was
assumed by the Local Partnership. No proceeds were used to settle the associated
Purchase Money Note and accrued interest thereon,  which had a total outstanding
balance of approximately $5,416,000, resulting in gain on sale of property which
will be reported in the 10-K on March 25,  2001.  For tax  purposes,  the entire
gain to be  realized  by the  Partnership  is  anticipated  to be  approximately
$6,838,000.

On December 19, 2000, the property and related assets and liabilities of Conifer
208  ("Conifer")  were  sold to an  unaffiliated  third  party  for  $1,750,000,
resulting  in  a  gain  of   approximately   $735,000.   The  Partnership   used
approximately $1,231,000 of the proceeds to settle the affiliated Purchase Money
Note and accrued  interest  thereon,  which had a total  outstanding  balance of
approximately $1,691,000,  resulting in forgiveness of indebtedness income which
will be reported in the 10-K on March 25,  2001.  For tax  purposes,  the entire
gain to be  realized  by the  Partnership  is  anticipated  to be  approximately
$1,985,000.

On December  20,  2000,  the  property  and related  assets and  liabilities  of
Cedarbay,  Ltd.  ("Cedarbay")  were  sold to an  unaffiliated  third  party  for
$2,049,600,  resulting in a gain of approximately  $24,000. The Partnership will
use  approximately  $228,000 of the proceeds to settle the  associated  Purchase
Money Note and accrued interest thereon,  which had a total outstanding  balance
of  approximately  $3,157,000,  resulting in forgiveness of indebtedness  income
which will be  reported in the 10-K on March 25,  2001.  For tax  purposes,  the
entire gain to be realized by the Partnership is anticipated to be approximately
$4,345,000.

Note 5 - Commitments and Contingencies

The  following  disclosures  include  changes  and/or  additions to  disclosures
regarding the subsidiary  partnerships  which were included in the Partnership's
Annual Report on Form 10-K for the period ended March 25, 2000.

McConnell v. Hutton Advantaged Properties L.P.
----------------------------------------------
On or about November 3, 1999,  eight alleged holders of beneficial  interests in
Purchase  Money  Notes  issued  by  the   Partnership  in  connection  with  the
Partnership's  acquisition of limited  partnership  interests in the West Scenic
Apartments,  Ltd. ("West Scenic"),  Oakwood Manor,  Ltd.  ("Oakwood  Manor") and
Robindale East Apartments,  Ltd.  ("Robindale East") local limited  partnerships
brought an action in the Chancery Court of Pulaski  County,  Arkansas,  entitled
McConnell, et al., v. Hutton Advantaged Properties Limited Partnership,  et al.,
Case No. EQ 99-5769 (the "McConnell  Action").  Plaintiffs'  original  complaint
contained a single count  alleging  fraud in connection  with the  Partnership's
acquisition of limited  partnership  interests in those three local partnerships
and named as  defendants  the  Partnership,  its general  partners,  its special
limited partner and the general partner of the special limited partner,  as well
as two other defendants who are not affiliated with the Partnership. On or about
December  27,  1999,  the  plaintiffs  in the  McConnell  Action  amended  their
complaint to add a second count  alleging that the Purchase Money Notes involved
in the McConnell Action had matured and were in default.

Defendants  (other  than  the two  defendants  who are not  affiliated  with the
Partnership)  have reached a written  agreement  with  plaintiffs  to settle the
claims between them,  which  settlement  contemplates  the sale of real property
owned by the West Scenic, Oakwood Manor, and Robindale East limited partnerships
and an allocation of the sale proceeds  between the plaintiffs,  the Partnership
and  others.  On  January 5,  2001,  the  property  and the  related  assets and
liabilities of West Scenic limited partnership were sold.

Southwest Apartments Ltd. (the Gossers)
---------------------------------------
In or around  November 1999, the  Partnership  received  correspondence  from an
attorney representing Dr. and Mrs. Bob Gosser, (the "Gossers") who are allegedly
the  holders of  beneficial  interests  in Purchase  Money  Notes  issued by the
Partnership  in  connection  with  the  Partnership's   acquisition  of  limited
partnership interests in Southwest Apartments, Ltd. local limited partnership in
December 1984.  Those Purchase  Money Notes issued by the  Partnership  have, on
their face, matured and have not been paid in full. The attorney for the Gossers
threatened to assert against the  Partnership  claims relating to those Purchase
Money Notes. No such action has yet been commenced.

The Partnership has reached a settlement in principle with the Gossers to settle
the dispute between parties.  The proposed  settlement  contemplates the sale of
the real property owned by Southwest  Apartments,  Ltd. and an allocation of the
proceeds  from the sale between the Gossers,  the  Partnership  and others.  The
proposed settlement is in the process of being documented and implemented. There
can be no assurance that the parties will successfully conclude this settlement.

University Gardens Apartments, Ltd. and Southside Village Apartments, Ltd.
--------------------------------------------------------------------------
By letters dated December 29, 1999, from counsel for Skyline  Properties,  Inc.,
Trustee of the University Gardens  Apartments,  Ltd. Partners  Liquidating Trust
and Southside Village Apartments,  Ltd. Partners  Liquidating Trust ("Skyline"),
the  Partnership  was  informed  of  Skyline's  intent  to file  an  involuntary
substitution  affidavit  pursuant  to  Section  7.1  of  the  relevant  security
agreements.  Pursuant to a standstill agreement between the parties, the parties
are  negotiating  for a sale of the limited  partnership  interests owned by the
Partnership to Skyline. Due to the ongoing nature of the negotiations, there can
be no assurance that the parties will successfully conclude this transaction.

Note 6 - Subsequent Events

On December  28,  2000,  Ware Manor  Associates  ("Ware  Manor")  entered into a
purchase  and  sale  agreement  with a  third  party  for a  purchase  price  of
$1,564,500.  The closing is expected to occur in mid-2001.  No assurance  can be
given that the closing will actually occur.

On January 5, 2001, the property and the related assets and  liabilities of West
Scenic  Apartments,  Ltd.  ("West  Scenic") were sold back to the Purchase Money
Note Holder for $1,218,000  resulting in a loss of  approximately  $964,000.  No
proceeds  were used to settle the  associated  Purchase  Money Note and  accrued
interest  thereon,  which  had a  total  outstanding  balance  of  approximately
$3,840,000,  resulting in forgiveness of indebtedness  income. For tax purposes,
the  entire  gain  to be  realized  by  the  Partnership  is  anticipated  to be
approximately $4,600,000.



<PAGE>

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

Liquidity and Capital Resources
-------------------------------

The  Partnership's  primary  sources  of funds are the cash  distributions  from
operations of the Local  Partnerships  in which the Partnership has invested and
net proceeds from pending and future sales.  These sources are available to meet
obligations of the Partnership.  However,  the cash distributions  received from
the  Local  Partnerships  to date  have  not  been  sufficient  to meet all such
obligations  of  the   Partnership.   Accordingly,   certain  fees  and  expense
reimbursements   owed  to  the  General  Partners   amounting  to  approximately
$2,343,000 and  $2,293,000,  were accrued and unpaid as of December 25, 2000 and
March 25,  2000,  respectively.  Without  the  General  Partners'  advances  and
continued  allowance  of accrual  without  payment of certain  fees and  expense
reimbursements,  the  Partnership  will  not  be  in  a  position  to  meet  its
obligations.  The General  Partners  have  continued  advancing and allowing the
accrual  without  payment of these amounts but are under no obligation to do so.
Proceeds received from future sales will be used to pay any outstanding  amounts
due to the General Partners.

Distributions  aggregating  approximately $6,523,000 and $4,611,000 were made to
the  Partnership  for  the  nine  months  ended  December  25,  2000  and  1999,
respectively, of which approximately $2,773,000 and $68,000,  respectively,  was
used to pay interest on the Purchase  Money  Notes.  In addition,  approximately
$598,000 and $0 was paid as  "additional"  interest on the Purchase  Money Notes
for  the  nine  months  ended   December   25,  2000  and  1999,   respectively.
Distributions  of proceeds  from sales of properties  aggregating  approximately
$5,838,000 and $4,498,000  were made to the  Partnership  during the nine months
ended December 25, 2000 and 1999, respectively,  of which $4,635,000 and $0 were
used to pay principal and interest on the Purchase Money Notes, respectively.

During the nine months ended December 25, 2000, cash and cash equivalents of the
Partnership  and  its  forty-three  consolidated  Local  Partnerships  increased
approximately  $1,644,000.  This  increase was primarily due to cash provided by
operating   activities   ($486,000),   proceeds  from  the  sale  of  properties
($7,357,000)  and a  decrease  in  mortgage  escrow  deposits  ($149,000)  which
exceeded  acquisitions  of property and  equipment  ($1,227,000),  repayments of
mortgage notes payable  ($2,450,000),  principal payments of Purchase Money Note
payables  ($1,863,000)  and a decrease in  capitalization  of minority  interest
($813,000).  Included in the  adjustments  to  reconcile  the net income to cash
provided by operating  activities are gain on sale of properties  ($15,946,000),
forgiveness of indebtedness income ($10,259,000) and depreciation ($2,581,000).

For a discussion of Purchase  Money Notes  Payable,  see Note 2 to the financial
statements.

For a discussion of the sale of properties in which the Partnership  owns direct
and indirect interest, see Note 4 to the financial statements.

Even though  sales have  resulted in net gains for tax  purposes,  the net sales
proceeds have not been  sufficient  to permit  investors to pay the tax incurred
and that funds available after payment of all or a portion of the Purchase Money
Notes is minimal.

For a discussion of contingencies affecting certain Local Partnerships, see Note
5 to the financial statements.  Since the maximum loss for which the Partnership
would be liable is its net investment in the respective Local Partnerships,  the
resolution of the existing  contingencies  is not  anticipated  to impact future
results of operations, liquidity or financial condition in a material way except
that  the  Partnership  would  lose its  investment  in the  properties  and any
potential proceeds from the sale or refinancing of the properties.

Management is not aware of any trends or events,  commitments  or  uncertainties
which  have not been  otherwise  disclosed,  that  will or are  likely to impact
liquidity in a material way.  Management  believes the only impact would be from
laws  that  have not yet been  adopted.  The  portfolio  is  diversified  by the
location of the  properties  around the United States so that if one area of the
United States is experiencing downturns in the economy, the remaining properties
in  the  portfolio  may  be  experiencing  upswings.   However,  the  geographic
diversification  of the portfolio may not protect against a general  downturn in
the national economy.

Results of Operations
---------------------

The results of operations of the Partnership, as well as the Local Partnerships,
remained fairly  consistent  during the three and nine months ended December 25,
2000 and 1999,  excluding  Bellfort,  Fircrest,  Lancaster  Manor,  Valley Arms,
Oakbrook and Casa Ramon which sold their  properties  and the related assets and
liabilities and Cranbrook, Caroline Forest Apts., Park of Pecan I, Ltd., Park of
Pecan II, Ltd., Villa Apollo I, Villa Apollo II, Carlton  Terrace,  Boonie Doone
Apartments, Florence Apartments, Dickens Ferry Apartments and Decatur Apartments
in which the Partnership sold its Local Partnership Interests  (collectively the
"Sold Assets"), gain on sale of properties,  forgiveness of indebtedness income,
other income , administrative and management, and interest expense. The majority
of Local  Partnership  income  continues to be in the form of rental income with
the  corresponding  expenses being divided among  operations,  depreciation  and
mortgage  interest.  In addition,  the  Partnership  incurred  interest  expense
relating  to  the  Purchase  Money  Notes  which  were  issued  when  the  Local
Partnerships were acquired.

Rental income decreased  approximately 27% and 28% for the three and nine months
ended December 25, 2000 as compared to 1999.  Excluding the Sold Assets,  rental
income  increased  approximately  1% and 2% for the three and nine months  ended
December 25, 2000 as compared to 1999, primarily due to rental rate increases.

Other income decreased  approximately  $7,000 and $77,000 for the three and nine
months ended  December 25, 2000 as compared to 1999.  Excluding the Sold Assets,
such income increased  approximately $32,000 and $115,000 for the three and nine
months  ended  December  25,  2000 as  compared  to  1999,  primarily  due to an
insurance  claim  received in 2000 at one Local  Partnership  and an increase in
interest income at the Partnership  level due to higher cash and cash equivalent
balances in 2000.

Total  expenses,  excluding the Sold Assets,  administrative  and management and
interest,  remained fairly consistent with an increase of approximately 1% and a
decrease of less than 1% for the three and nine months  ended  December 25, 2000
as compared to 1999.

Administrative and management decreased  approximately $323,000 and $576,000 for
the three and nine months ended December 25, 2000 as compared to 1999. Excluding
the Sold Assets,  administrative and management decreased  approximately $19,000
and increased  approximately  $248,000  primarily due to an increase in salaries
and  administrative  expense at one Local  Partnership  and increased  legal and
accounting expenses at the Partnership level.

Interest decreased approximately $561,000 and increased approximately $2,038,000
for the three and nine  months  ended  December  25,  2000 as  compared to 1999.
Excluding the Sold Assets, interest decreased approximately $5,000 and increased
approximately  $3,338,000.  The  decrease  for  the  three  months  is due to an
overaccrual  of  interest  on the  Purchase  Money Notes in the first and second
quarter of 2000 which was corrected in the third  quarter of 2000.  The increase
for the nine  months is due to an  increase  in  Purchase  Money  Note  interest
expense as a result of certain  Purchase Money Notes reaching  maturity  wherein
the interest rate increases pursuant to the Purchase Money Note Agreements.

Administrative   and   management-related   parties,   operating,   repairs  and
maintenance,  taxes  and  insurance  and  depreciation  decreased  approximately
$64,000 and $311,000, $296,000 and $1,295,000, $481,000 and $2,048,000, $126,000
and  $702,000,  $335,000 and  $1,208,000,  respectively,  for the three and nine
months ended  December 25, 2000 as compared to 1999,  primarily due to decreases
relating to the Sold Assets.  Excluding the Sold Assets and  Pinewood,  Sundown,
Summer Arms,  Cabarrus Arms,  Conifer,  Cedarbay Ltd.,  Solemar,  Oakwood Manor,
Robindale,  West Scenic,  Huntley #1, Huntley #2 and Tall Pines for depreciation
only,  such expenses  remained fairly  consistent with increases  (decreases) of
approximately  ($3,000)  and  $14,000,   $15,000  and  $81,000,   ($20,000)  and
($186,000),  $19,000 and  $39,000,  $18,000 and $31,000,  respectively,  for the
three and nine months  ended  December  25, 2000 as compared to 1999.  Pinewood,
Sundown,  Summer Arms, Cabarrus Arms, Conifer,  Cedarbay Ltd., Solemar,  Oakwood
Manor,  Robindale,  West Scenic,  Huntley #1,  Huntley #2 and Tall Pines are not
being  depreciated  during the quarter ended  December 25, 2000 because they are
classified as assets held for sale.

A gain on sale of property in the amount of approximately $3,009,000 and $35,000
and  $12,086,000  and  $13,295,000,  was  recorded for the three and nine months
ended December 25, 2000 and 1999, respectively,  and forgiveness of indebtedness
income  (loss)  in  the  amount  of  approximately   ($4,646)  and  $32,000  and
$14,118,000  and  $18,704,000  was  recorded for the three and nine months ended
December  25,  2000  and  1999,  respectively  (see  Note  4  to  the  financial
statements).

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

None



<PAGE>

                           PART II - OTHER INFORMATION

Item 1.    Legal Proceedings

       This  information is incorporated by reference in Note 5 to the financial
       statements.

Item 2.    Changes in Securities and Use of Proceeds - None

Item 3.    Defaults Upon Senior Securities - None

Item 4.    Submission of Matters to a Vote of Security Holders - None

Item 5.    Other information - None

Item 6.    Exhibits and Reports on Form 8-K

       (a) Exhibits:

           27   Financial Data Schedule (filed herewith).

       (b)  Reports on Form 8-K - No  reports on Form 8-K were filed  during the
quarter.



<PAGE>



                                   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.


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)


               By: RELATED BETA CORPORATION,
                   a General Partner

Date:

                   By:
                      ------------------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:

                   By:
                      ------------------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)


               By: ASSISTED HOUSING ASSOCIATES,
                   INC., a General Partner

Date:

                   By:
                      ------------------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:

                   By:
                      ------------------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)

              By: CAMBRIDGE AND RELATED ASSOCIATES
                  LIMITED PARTNERSHIP

                  By:RELATED BETA CORPORATION,

Date:

                     By:
                        -----------------------------
                         Alan P. Hirmes,
                         President
                         (principal executive and financial
                         officer)

Date:

                     By:
                        -----------------------------
                         Glenn F. Hopps,
                         Treasurer
                         (principal accounting officer)



<PAGE>


<PAGE>
                                   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.


                              CAMBRIDGE ADVANTAGED
                         PROPERTIES LIMITED PARTNERSHIP
                                  (Registrant)


               By: Related Beta Corporation,
                   a General Partner

Date:  January 23, 2001

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:  January 23, 2001

                   By:/s/ Glenn F. Hopps
                      ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)


               By: ASSISTED HOUSING ASSOCIATES,
                   INC., a General Partner

Date:  January 23, 2001

                   By:/s/ Alan P. Hirmes
                      ------------------
                      Alan P. Hirmes,
                      President
                      (principal executive and financial officer)

Date:  January 23, 2001

                   By:/s/ Glenn F. Hopps
                      ------------------
                      Glenn F. Hopps,
                      Treasurer
                      (principal accounting officer)

              By: CAMBRIDGE AND RELATED ASSOCIATES
                  LIMITED PARTNERSHIP

                  By:Related Beta Corporation,

Date:  January 23, 2001

                     By: /s/ Alan P. Hirmes
                        -------------------
                         Alan P. Hirmes,
                         President
                         (principal executive and financial
                         officer)

Date:  January 23, 2001

                     By: /s/ Glenn F. Hopps
                         ------------------
                         Glenn F. Hopps,
                         Treasurer
                         (principal accounting officer)