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

                                    FORM 10-Q


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

For the quarterly period ended                   June 30, 2001
                               -------------------------------------------------

                                       OR

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

For the transition period from                       to
                              -----------------------   ------------------------

                                           333-06609-01
Commission file number                     333-06609-02
                       ---------------------------------------------------------

                              SPRINT SPECTRUM L.P.
                       SPRINT SPECTRUM FINANCE CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


             DELAWARE                                      48-1165245
             DELAWARE                                      43-1746537
-------------------------------------         ----------------------------------
   (State or other jurisdiction of                       (IRS Employer
    incorporation or organization)                    Identification Nos.)


 6160 Sprint Parkway, Overland Park, Kansas                      66251
---------------------------------------------         --------------------------
  (Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code          (800) 829-0965
                                                    ----------------------------

Securities registered pursuant to Section 12(b) and 12(g) of the Act: None

The registrants  meet the conditions set forth in General  Instruction H (1) (a)
and (b) of Form  10-Q and are  therefore  filing  this  Form  with  the  reduced
disclosure format.


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  these  reports),  and (2) has been  subject  to these  filing
requirements for the past 90 days.

Yes    X      No______
   --------

At August 1, 2001 Sprint  Spectrum  Finance  Corporation  had 100 common  shares
outstanding.



<PAGE>


<TABLE>
<CAPTION>

Table of Contents

                                                                                                        Page
                                                                                                       Number
                                                                                                 -------------------

SPRINT SPECTRUM L.P.

Part I - Financial Information
          Item 1.  Financial Statements
<S>                                                                                                      <C>
                     Consolidated Statements of Operations                                               1
                     Consolidated Balance Sheets                                                         2
                     Consolidated Statements of Cash Flows                                               3
                     Consolidated Statement of Changes in Partners' Capital and Accumulated
                           Deficit                                                                       4
                     Condensed Notes to Consolidated Financial Statements                                5
          Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                                                   7
          Item 3.  Quantitative and Qualitative Disclosures About Market Risk                            10

Part II - Other Information
          Item 1.  Legal Proceedings                                                                     10
          Item 2.  Changes in Securities                                                                 10
          Item 3.  Defaults Upon Senior Securities                                                       10
          Item 4.  Submission of Matters to a Vote of Security Holders                                   10
          Item 5.  Other Information                                                                     10
          Item 6.  Exhibits and Reports on Form 8-K                                                      10

Signature                                                                                                11

SPRINT SPECTRUM FINANCE CORPORATION

Part I - Financial Information
          Item 1.  Financial Statements
                     Balance Sheets                                                                      12
                     Notes to Financial Statements                                                       12
          Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations                                                   12
          Item 3.  Quantitative and Qualitative Disclosures About Market Risk                            12

Part II - Other Information
          Item 1.  Legal Proceedings                                                                     13
          Item 2.  Changes in Securities                                                                 13
          Item 3.  Defaults Upon Senior Securities                                                       13
          Item 4.  Submission of Matters to a Vote of Security Holders                                   13
          Item 5.  Other Information                                                                     13
          Item 6.  Exhibits and Reports on Form 8-K                                                      13

Signature                                                                                                14
</TABLE>


<PAGE>



                                                                         Part I.
                                                                         Item 1.
<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)                                              Sprint Spectrum L.P.
(millions)
--------------------------------------------- --- ------------------------------- -- -------------------------------
                                                          Quarters Ended                      Year-to-Date
                                                             June 30,                           June 30,
--------------------------------------------- --- ------------------------------- -- -------------------------------
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------
                                                      2001             2000              2001              2000
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

<S>                                           <C>               <C>               <C>              <C>
Net Operating Revenues                        $       1,330     $        918      $      2,577     $       1,695
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

Operating Expenses
   Costs of services and products                       460              403               982               847
   Selling, general and administrative                  556              392             1,104               808
   Depreciation                                         282              198               549               393
   Amortization                                          17               15                34                31
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

   Total operating expenses                           1,315            1,008             2,669             2,079
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

Operating Income (Loss)                                  15              (90)              (92)             (384)

Interest expense                                       (198)            (168)             (380)             (327)
Other income, net                                         6                9                25                39
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

Loss from Continuing Operations                        (177)            (249)             (447)             (672)
Cumulative effect of change in
   accounting principle                                   -                -                 2                 -
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

Net Loss                                      $        (177)    $       (249)     $       (445)    $        (672)
                                              --- ------------- -- -------------- -- ------------- --- -------------






























                          See accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

CONSOLIDATED BALANCE SHEETS                                                                      Sprint Spectrum L.P.
(millions)
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
                                                                                   June 30,         December 31, 2000
                                                                                     2001
----------------------------------------------------------------------------------------------------------------------
                                                                                 (Unaudited)
    Assets
    Current assets
<S>                                                                          <C>                  <C>
      Cash and equivalents                                                   $        136         $        117
      Accounts receivable, net of allowance for doubtful
        accounts of $100 and $57                                                      668                  567
      Inventories                                                                     521                  493
      Prepaids and other current assets                                               185                  103
----------------------------------------------------------------------------------------------------------------------
      Total current assets                                                          1,510                1,280

    Property, plant and equipment
      Network equipment                                                             5,429                4,973
      Construction work in progress                                                 1,171                1,161
      Buildings and leasehold improvements                                          1,489                1,305
      Other                                                                           574                  439
----------------------------------------------------------------------------------------------------------------------
      Total property, plant and equipment                                           8,663                7,878
      Accumulated depreciation                                                     (2,509)              (2,143)
----------------------------------------------------------------------------------------------------------------------
      Net property, plant and equipment                                             6,154                5,735

    Intangible assets
      PCS licenses                                                                  2,129                2,129
      Microwave relocation costs                                                      357                  344
      Customer base                                                                    11                   13
----------------------------------------------------------------------------------------------------------------------
      Total intangible assets                                                       2,497                2,486
      Accumulated amortization                                                       (268)                (234)
----------------------------------------------------------------------------------------------------------------------
      Net intangible assets                                                         2,229                2,252

    Other                                                                              85                   82
----------------------------------------------------------------------------------------------------------------------

    Total                                                                    $      9,978         $      9,349
                                                                           -------------------------------------------

Liabilities and Partners' Capital
    Current liabilities
      Short-term borrowings including current maturities of long-term debt   $      2,174         $        183
      Accounts payable                                                                389                  612
      Affiliated payables, net                                                         69                  304
      Construction obligations                                                        549                  589
      Accrued interest                                                                111                   82
      Accrued expenses and other current liabilities                                  621                  616
----------------------------------------------------------------------------------------------------------------------
      Total current liabilities                                                     3,913                2,386

    Long-term debt                                                                  8,537                9,656

    Other                                                                             164                  145

    Partners' capital and accumulated deficit
      Partners' capital                                                             5,142                4,495
      Accumulated deficit                                                          (7,778)              (7,333)
----------------------------------------------------------------------------------------------------------------------
      Total partners' capital and accumulated deficit                              (2,636)              (2,838)
----------------------------------------------------------------------------------------------------------------------

    Total                                                                    $      9,978         $      9,349
                                                                           -------------------------------------------






                          See accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)                                                 Sprint Spectrum L.P.
(millions)
------------------------------------------------------------------ ----------------- ----------------- ----------------
Year-to-Date June 30,                                                                      2001             2000
------------------------------------------------------------------ ----------------- ----------------- ----------------

Operating Activities

<S>                                                                                   <C>              <C>
Net loss                                                                              $       (445)    $       (672)
Adjustments to reconcile net loss to net cash used by operating
   activities:
     Depreciation and amortization                                                             583              424
     Gain on sale of assets                                                                    (14)             (34)
     Amortization of debt discount and issuance costs                                           33               29
     Changes in assets and liabilities:
       Accounts receivable, net                                                               (101)             (92)
       Affiliated receivables and payables                                                    (235)             153
       Inventories and other current assets                                                    (82)             (18)
       Accounts payable and other current liabilities                                         (257)              42
       Other noncurrent assets and liabilities                                                   8                9
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------
Net cash used by operating activities                                                         (510)            (159)
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------

Investing Activities

Capital expenditures                                                                          (996)            (954)
Proceeds from sale of assets                                                                    35              162
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------
Net cash used by investing activities                                                         (961)            (792)
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------

Financing Activities

Proceeds from debt                                                                           1,730            1,000
Payments on debt                                                                              (887)            (151)
Partners' capital contributions                                                                647              171
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------
Net cash provided by financing activities                                                    1,490            1,020
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------

Increase in Cash and Equivalents                                                                19               69
Cash and Equivalents at Beginning of Period                                                    117               16
------------------------------------------------------------------ --- ------------- --- ------------- -- -------------

Cash and Equivalents at End of Period                                                 $        136     $         85
                                                                                     --- ------------- -- -------------
























                          See accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL AND ACCUMULATED DEFICIT                  Sprint Spectrum L.P.
(Unaudited)
(millions)
---------------------------------------------------------------------------------------------------------------------

                                                                      Partners'        Accumulated
                                                                       Capital           Deficit           Total
---------------------------------------------------------------------------------------------------------------------

<S>       <C>                                                     <C>               <C>              <C>
Beginning 2001 balance                                            $    4,495        $   (7,333)      $   (2,838)
Capital contributions                                                    647                 -              647
Net loss                                                                   -              (445)            (445)
---------------------------------------------------------------------------------------------------------------------

June 2001 balance                                                 $    5,142        $   (7,778)      $   (2,636)
                                                                 ----------------------------------------------------
















































                          See accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).
</TABLE>


<PAGE>





CONDENSED NOTES TO CONSOLIDATED FINANCIAL                   Sprint Spectrum L.P.
STATEMENTS (Unaudited)
--------------------------------------------------------------------------------

The information in this Form 10-Q has been prepared  according to Securities and
Exchange   Commission  (SEC)  rules  and  regulations.   In  our  opinion,   the
consolidated  interim financial  statements reflect all adjustments,  consisting
only of normal  recurring  accruals,  needed to fairly present  Sprint  Spectrum
L.P.'s consolidated financial position, results of operations and cash flows.

Certain information and footnote  disclosures  normally included in consolidated
financial  statements  prepared  according to  accounting  principles  generally
accepted in the United States have been condensed or omitted.  As a result,  you
should read these  financial  statements  along with Sprint Spectrum L.P.'s 2000
Form 10-K. Operating results for the 2001 year-to-date period do not necessarily
represent  the results  that may be expected  for the year ending  December  31,
2001.

--------------------------------------------------------------------------------
1. General
--------------------------------------------------------------------------------

Sprint  Spectrum L.P.,  with its wholly owned  subsidiaries  (Sprint  Spectrum),
began  commercial  code division  multiple  access  operations  late in the 1996
fourth quarter. Sprint Spectrum is wholly owned by Sprint Corporation (Sprint).

On July 13,  2000,  Sprint  and  WorldCom,  Inc.  announced  that the  Boards of
Directors  of both  companies  terminated  their  merger  agreement,  previously
announced in October 1999, as a result of regulatory opposition to the merger.

--------------------------------------------------------------------------------
2. Basis of Consolidation and Presentation
--------------------------------------------------------------------------------

The consolidated  financial  statements  include the accounts of Sprint Spectrum
and its subsidiaries.

The consolidated  financial statements are prepared using accounting  principles
generally accepted in the United States.  These principles require management to
make estimates and  assumptions  that affect the reported  amounts of assets and
liabilities,  the  disclosure  of  contingent  assets and  liabilities,  and the
reported  amounts of revenues and  expenses.  Actual  results  could differ from
those estimates.

Certain prior-year amounts have been reclassified to conform to the current-year
presentation. These reclassifications had no effect on the results of operations
or partners' capital as previously reported.

--------------------------------------------------------------------------------
3. Cumulative Effect of Change in Accounting Principle
--------------------------------------------------------------------------------

Accounting Standard

In June 1998, the Financial  Accounting Standards Board issued Statement No. 133
(SFAS No. 133),  "Accounting for Derivative Instruments and Hedging Activities."
This  Statement  became  effective  for Sprint  Spectrum  on January 1, 2001 and
establishes  accounting  and  reporting  standards for  derivative  instruments,
including certain derivative  instruments  embedded in other contracts,  and for
hedging  activities and requires  recognition of all  derivatives on the balance
sheet  at  fair  value,  regardless  of the  hedging  relationship  designation.
Accounting  for the  changes  in the fair  value of the  derivative  instruments
depends on whether the derivatives  qualify as hedge relationships and the types
of the relationships  designated based on the exposures hedged.  Changes in fair
value of derivatives  designated as fair value hedges are recognized in earnings
along with fair  value  changes  of the  hedged  item.  Changes in fair value of
derivatives  designated as cash flow hedges are recorded in other  comprehensive
income and are  recognized  in earnings  when the hedged item affects  earnings.
Changes in fair value of  derivative  instruments  that do not qualify for hedge
relationship designation are recognized in earnings.

Risk Management Policies

Financial  strategies  are determined by Sprint on a centralized  basis.  Sprint
selectively  enters into  interest  rate swap and cap  agreements  to manage its
exposure to interest rate changes on its debt. Sprint's derivative  transactions
are used for hedging purposes only and comply with Board-approved policies.

Sprint  enters  into  interest  rate swap  agreements  to  minimize  exposure to
interest  rate  movements  and  achieve an  optimal  mixture  of  floating-  and
fixed-rate  debt  while  minimizing  liquidity  risk.  The  interest  rate  swap
agreements   designated  as  fair  value  hedges  effectively  convert  Sprint's
fixed-rate debt to a floating rate by receiving  fixed-rate  amounts in exchange
for  floating-rate  interest  payments over the life of the agreement without an
exchange of the underlying principal amount.

Sprint enters into interest rate swap agreements  designated as cash flow hedges
to reduce the impact of interest rate  movements on future  interest  expense by
effectively converting a portion of its floating-rate debt to a fixed rate.

In certain  business  transactions,  Sprint is granted  warrants to purchase the
securities of other companies at fixed rates. These warrants are supplemental to
the  terms  of the  business  transactions  and are not  designated  as  hedging
instruments.
<PAGE>

Derivative Accounting Under the Standard

The derivative  instruments Sprint Spectrum holds are stock warrants.  The stock
warrants  are not  designated  as hedging  instruments  and  changes in the fair
values of these  derivative  instruments  are recognized in earnings  during the
period of change.

Upon adoption of SFAS No. 133, Sprint Spectrum recorded a $2 million  cumulative
reduction to net loss.  The  reduction of the net loss was due to changes in the
fair value of warrants  that are not  designated as hedging  instruments  and is
recorded in  "Cumulative  effect of change in  accounting  principle"  in Sprint
Spectrum's Consolidated Statements of Operations.

Sprint  Spectrum  recorded a net derivative loss in earnings of $0.2 million for
the 2001 second  quarter and a net  derivative  gain in earnings of $0.3 million
for the  year-to-date  period  due to  changes  in the fair  value of the  stock
warrants that are not designated as hedging instruments. The net derivative gain
and loss are included in Other  income,  net in the  Consolidated  Statements of
Operations.


--------------------------------------------------------------------------------
4.  Debt
--------------------------------------------------------------------------------

Sprint reclassifies  short-term borrowings to long-term debt because of Sprint's
intent and ability to  refinance  these  borrowings  on a long-term  basis.  The
amount  reclassified  is limited to the  long-term  portion of  Sprint's  unused
credit facilities.  At the end of June 2001,  short-term borrowings exceeded the
long-term  portion  of those  credit  facilities.  Accordingly,  the  amount  of
commercial  paper  borrowings  allocated to Sprint Spectrum and  reclassified to
long-term  debt  was  limited  to $1.1  billion.  Conversely,  $984  million  of
commercial paper borrowings remained in current liabilities.

During the 2001 year-to-date  period,  Sprint allocated $750 million of its debt
securities  maturing in 2006 to Sprint Spectrum at an interest rate of 8.2%. The
allocated debt was used mainly to repay existing debt.

--------------------------------------------------------------------------------
5. Litigation, Claims and Assessments
--------------------------------------------------------------------------------

Various  suits  arising in the ordinary  course of business are pending  against
Sprint  Spectrum.  Management  cannot predict the final outcome of these actions
but believes they will not be material to the consolidated financial statements.

--------------------------------------------------------------------------------
6.  Supplemental Cash Flows Information
--------------------------------------------------------------------------------

Sprint Spectrum's cash paid for interest,  net of capitalized interest,  totaled
$296  million in the first six months of 2001 and $262  million in the same 2000
period.

--------------------------------------------------------------------------------
7.  Recently Issued Accounting Pronouncements
--------------------------------------------------------------------------------

In June 2001, the Financial Accounting Standards Board issued Statement No. 141,
"Business  Combinations,"  and Statement No. 142, "Goodwill and Other Intangible
Assets."

Statement No. 141 supercedes the Accounting  Principles  Board (APB) Opinion No.
16,   "Business   Combinations,"   and   Statement  No.  38,   "Accounting   for
Pre-acquisition Contingencies of Purchased Enterprises." This statement requires
accounting for all business  combinations  using the purchase method and changes
the  criteria  for  recognizing  intangible  assets  apart from  goodwill.  This
statement is effective for all business  combinations  initiated  after June 30,
2001.

Statement  No. 142  supercedes  APB Opinion  No. 17,  "Intangible  Assets,"  and
addresses how purchased  intangibles  should be accounted for upon  acquisition.
The  statement   proscribes  the  necessary  accounting  for  both  identifiable
intangibles  and goodwill after initial  recognition.  Amortization  of goodwill
will cease upon adoption of this  statement and periodic  impairment  testing of
all intangibles  will be required.  Sprint  Spectrum is currently  assessing the
impact of this  standard  and expects to complete  that  assessment  by year-end
2001.  This statement is effective for fiscal years beginning after December 15,
2001.

--------------------------------------------------------------------------------
8.  Subsequent Event
--------------------------------------------------------------------------------

In August  2001,  Sprint  issued  20.4  million  shares of PCS common  stock and
received net proceeds of $488 million. Sprint also issued $1.7 billion of equity
units yielding 7.125%,  which consist of a 3-year forward purchase  agreement to
purchase PCS common stock and a 5-year  senior note.  It is expected that Sprint
will allocate a portion of the proceeds to Sprint Spectrum.

<PAGE>


                                                                         Part I.
                                                                         Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF                     Sprint Spectrum L.P.
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

--------------------------------------------------------------------------------
General
--------------------------------------------------------------------------------

In November 1998, Sprint purchased the remaining  ownership  interests in Sprint
Spectrum Holding Company,  L.P.--Sprint Spectrum's general partner--and MinorCo,
L.P.--Sprint Spectrum's limited partner--from Tele-Communications, Inc., Comcast
Corporation  and Cox  Communications,  Inc. At that time,  Sprint  allocated its
wireless  personal  communication  services (PCS)  operations,  including Sprint
Spectrum, to the Sprint PCS Group.

On July 13,  2000,  Sprint  and  WorldCom,  Inc.  announced  that the  Boards of
Directors  of both  companies  terminated  their  merger  agreement,  previously
announced in October 1999, as a result of regulatory opposition to the merger.

The wireless industry,  including Sprint Spectrum,  typically generates a higher
number of subscriber  additions and handset sales in the fourth  quarter of each
year  compared  to the  remaining  quarters.  This is due to the  use of  retail
distribution,  which is dependent on the holiday shopping season;  the timing of
new products  and service  introductions;  and  aggressive  marketing  and sales
promotions.


--------------------------------------------------------------------------------
Results of Operations
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                    Selected Operating Results
                                               ---------------------------------------------------------------------
                                                        Quarters Ended
                                                           June 30,                             Variance
                                               ----------------------------------    -------------------------------
                                                    2001              2000                $               %
---------------------------------------------- ---------------- ----------------- -- ------------- -----------------
                                                                   (millions)
<S>                                            <C>              <C>               <C>                    <C>
Net operating revenues                         $     1,330      $      918        $       412            44.9%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Operating expenses
   Costs of services and products                      460             403                 57            14.1%
   Selling, general and administrative                 556             392                164            41.8%
   Depreciation and amortization                       299             213                 86            40.4%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Total operating expenses                             1,315           1,008                307            30.5%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Operating income (loss)                        $        15      $      (90)       $       105             NM
                                               -- ------------- -- -------------- -- -------------

Operating income before depreciation
   and amortization                            $       314      $      123        $       191             NM
                                               -- ------------- -- -------------- -- -------------
</TABLE>

<PAGE>


<TABLE>
<CAPTION>

                                                                    Selected Operating Results
                                               ---------------------------------------------------------------------
                                                         Year-to-Date
                                                           June 30,                             Variance
                                               ----------------------------------    -------------------------------
                                                    2001              2000                $               %
---------------------------------------------- ---------------- ----------------- -- ------------- -----------------
                                                                   (millions)
<S>                                            <C>              <C>               <C>                    <C>
Net operating revenues                         $     2,577      $    1,695        $       882            52.0%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Operating expenses
   Costs of services and products                      982             847                135            15.9%
   Selling, general and administrative               1,104             808                296            36.6%
   Depreciation and amortization                       583             424                159            37.5%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Total operating expenses                             2,669           2,079                590            28.4%
---------------------------------------------- -- ------------- -- -------------- -- -------------

Operating loss                                 $       (92)     $     (384)       $       292            76.0%
                                               -- ------------- -- -------------- -- -------------

Operating income before depreciation
   and amortization                            $       491      $       40        $       451             NM
                                               -- ------------- -- -------------- -- -------------

NM = Not Meaningful
</TABLE>




<PAGE>


Sprint Spectrum  markets its products through  multiple  distribution  channels,
including its own retail stores as well as other retail outlets. Equipment sales
to one retail chain and the subsequent  service  revenues  generated by sales to
its customers  accounted for approximately 23% of net operating  revenues in the
2001 second quarter and year-to-date periods.  These revenues were approximately
24% of net  operating  revenues  in the 2000  second  quarter  and  year-to-date
periods.

Net Operating Revenues

Net operating  revenues  include  subscriber  revenues and sales of handsets and
accessory  equipment.  Subscriber revenues consist of monthly recurring charges,
usage charges and activation fees. Subscriber revenues increased 53% in the 2001
second  quarter  and 61% in the 2001  year-to-date  period  from  the same  2000
periods  reflecting  an  increase  in the  average  number of  customers  and an
increase in the monthly average revenue per user.

Revenues from sales of handsets and accessories  were  approximately  10% of net
operating  revenues in the 2001 second quarter and year-to-date  periods.  These
revenues as a percentage of net operating revenues were approximately 15% in the
2000  second  quarter and  year-to-date  periods.  As part of Sprint  Spectrum's
marketing  plans,  handsets are normally sold at prices below Sprint  Spectrum's
cost.


Operating Expenses

Costs of services and  products  mainly  include  handset and  accessory  costs,
switch and cell site  expenses  and other  network-related  costs.  These  costs
increased 14% in the 2001 second quarter and 16% in the 2001 year-to-date period
from the same 2000  periods  reflecting  the growth in  customers  and  expanded
market coverage.

Selling,  general and  administrative  (SG&A) expense mainly includes  marketing
costs to promote products and services as well as salary and benefit costs. SG&A
expense  increased  42%  in  the  2001  second  quarter  and  37%  in  the  2001
year-to-date  period from the same 2000 periods reflecting an expanded workforce
to support subscriber growth and increased marketing and selling costs.

Depreciation and amortization expense consists mainly of depreciation of network
assets and amortization of intangible  assets. The intangible assets include PCS
licenses,  customer  base  and  microwave  relocation  costs,  which  are  being
amortized over 30 months to 40 years.

Depreciation and amortization  expense  increased 40% in the 2001 second quarter
and 38% in the  2001  year-to-date  period  from the same  2000  periods  mainly
reflecting  depreciation of the network assets placed in service during 2001 and
2000. Additionally,  depreciation of certain network assets was increased in the
2001 first  quarter  to reflect  the  accelerated  replacement  of the assets to
accommodate network technology upgrades.


<PAGE>

--------------------------------------------------------------------------------
Nonoperating Items
--------------------------------------------------------------------------------

Interest Expense

Sprint Spectrum's effective interest rate on long-term debt was 8.6% in the 2001
second quarter and 8.7% in the 2001 year-to-date  period compared to 8.8% in the
same 2000  periods  reflecting  interest  on debt  allocated  by Sprint  and the
decrease in interest rates on variable-rate debt.


Other Income, Net

Other income consisted of the following:
<TABLE>
<CAPTION>

                                                        Quarters Ended                      Year-to-Date
                                                           June 30,                           June 30,
                                              ----------------------------------- ----------------------------------
                                                      2001             2000              2001              2000
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------
                                                                           (millions)
<S>                                           <C>               <C>               <C>              <C>
Gains on sales of assets                      $         -       $        6        $        14      $         34
Other, net                                              6                3                 11                 5
--------------------------------------------- --- ------------- -- -------------- -- ------------- --- -------------

Total                                         $         6       $        9        $        25      $         39
                                              --- ------------- -- -------------- -- ------------- --- -------------
</TABLE>


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

Sprint Spectrum's liquidity and capital resources are managed by Sprint.  Sprint
funds the Sprint PCS Group's, including Sprint Spectrum's, capital expenditures,
working capital and debt service requirements.

--------------------------------------------------------------------------------
Financial Strategies
--------------------------------------------------------------------------------

Financial strategies are determined by Sprint on a centralized basis.

In  certain  business  transactions,  Sprint  Spectrum  is granted  warrants  to
purchase the securities of other  companies at  fixed-rates.  These warrants are
supplemental to the terms of the business transactions and are not designated as
hedging instruments.

--------------------------------------------------------------------------------
Forward-Looking Information
--------------------------------------------------------------------------------

Sprint   Spectrum   includes   certain   estimates,    projections   and   other
forward-looking  statements  in its reports,  in  presentations  to analysts and
others, and in other publicly available  material.  Future performance cannot be
ensured.  Actual results may differ materially from those in the forward-looking
statements. Some factors that could cause actual results to differ include:

o    the effects of vigorous competition in the markets in which Sprint Spectrum
     operates;

o    the costs and business  risks related to entering and expanding new markets
     necessary to provide seamless service and new services;

o    the ability of Sprint  Spectrum to  continue to grow a  significant  market
     presence;

o    the impact of any unusual  items  resulting  from  ongoing  evaluations  of
     Sprint Spectrum's business strategies;

o    unexpected results of litigation filed against Sprint Spectrum;

o    the  possibility  of one or more of the  markets in which  Sprint  Spectrum
     competes being affected by changes in political,  economic or other factors
     such as monetary  policy,  legal and  regulatory  changes or other external
     factors over which Sprint Spectrum has no control; and

o    other risks  referenced from time to time in Sprint's or Sprint  Spectrum's
     filings with the Securities and Exchange Commission.

The words  "estimate,"  "project,"  "intend,"  "expect,"  "believe"  and similar
expressions are intended to identify forward-looking statements. Forward-looking
statements are found throughout MD&A. The reader should not place undue reliance
on forward-looking  statements,  which speak only as of the date of this report.
Sprint  Spectrum  is  not  obligated  to  publicly   release  any  revisions  to
forward-looking  statements  to reflect  events after the date of this report or
unforeseen events.

<PAGE>

                                                                         Part I.
                                                                         Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES                    Sprint Spectrum L.P.
ABOUT MARKET RISK


Omitted under the provisions of General Instruction H.

                                                                        Part II.
                                                               Other Information

Item 1.  Legal Proceedings

     There were no reportable events during the quarter ended June 30, 2001.

Item 2.  Changes in Securities

     Omitted under the provisions of General Instruction H.

Item 3.  Defaults Upon Senior Securities

     Omitted under the provisions of General Instruction H.

Item 4.  Submission of Matters to a Vote of Security Holders

     Omitted under the provisions of General Instruction H.

Item 5.  Other Information

     There were no reportable events during the quarter ended June 30, 2001.

Item 6.  Exhibits and Reports on Form 8-K

     (a) The following exhibits are filed as part of this report:

          (3.1)Certificate  of  Limited  Partnership  of  Sprint  Spectrum  L.P.
               (incorporated  by reference  to Exhibit 3.2 to Sprint  Spectrum's
               Form S-1  Registration  Statement,  Registration  No.  333-06609,
               filed on June 21, 1996).

          (3.2)Agreement of Limited  Partnership  of MajorCo Sub, L.P.  (renamed
               Sprint Spectrum L.P.), dated as of March 28, 1995, among MajorCo,
               L.P. (renamed Sprint Spectrum Holding Company, L.P.) and MinorCo,
               L.P.   (incorporated  by  reference  to  Exhibit  3.6  to  Sprint
               Spectrum's  Form S-1  Registration  Statement,  Registration  No.
               333-06609, filed on June 21, 1996).

          (3.3)First  Amendment to Agreement  of Limited  Partnership  of Sprint
               Spectrum L.P., effective as of February 29, 2000 (incorporated by
               reference to Exhibit 3.3 to Sprint  Spectrum's  Annual  Report on
               Form 10-K for the year ended December 31, 1999).

     (b) Reports on Form 8-K

          No reports on Form 8-K were filed  during the  quarter  ended June 30,
          2001.

<PAGE>


                                   SIGNATURE


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.

                  SPRINT SPECTRUM L.P.
                  --------------------------
                  (Registrant)

                  /s/  William J. Gunter
                  --------------------------------------------------------------
                  William J. Gunter
                  Senior Vice President and Chief Financial Officer - Sprint PCS
                  Principal Financial Officer


Date:  August 14, 2001




<PAGE>


                                                                         Part I.
                                                                         Item 1.
<TABLE>
<CAPTION>

Sprint Spectrum Finance Corporation
--------------------------------------------------------------------------------------------------------------------
BALANCE SHEETS (Unaudited)
                                                                                        June 30,     December 31,
                                                                                          2001           2000
--------------------------------------------------------------------------------------------------------------------

Liabilities and Shareholder's Deficit
<S>                                                                                  <C>             <C>
Payable to Sprint Spectrum                                                           $     1,497     $     1,497
                                                                                     -------------------------------

Shareholder's deficit
     Common stock, $1.00 par value; 1,000 shares authorized;
         100 shares issued and outstanding                                                   100             100
     Accumulated deficit                                                                  (1,597)         (1,597)
                                                                                     -------------------------------
     Total shareholder's deficit                                                          (1,497)         (1,497)
                                                                                     -------------------------------
Total                                                                                $         -     $         -
                                                                                     -------------------------------
</TABLE>





--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------

Sprint Spectrum Finance Corporation (FinCo), a wholly owned subsidiary of Sprint
Spectrum  L.P.,  was formed to be a co-obligor of certain  securities  issued by
Sprint  Spectrum.  FinCo has nominal  assets and did not conduct any  operations
during 2001 and 2000. As a result,  the  Statements of Operations and Statements
of Cash Flows have been omitted.


                                                                         Part I.
                                                                         Item 2.

--------------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

FinCo had no operations during 2001 and 2000.


                                                                         Part I.
                                                                         Item 3.

--------------------------------------------------------------------------------
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Omitted under the provisions of General Instruction H.

<PAGE>

                                                                        Part II.
                                                               Other Information

Item 1.  Legal Proceedings

     There were no reportable events during the quarter ended June 30, 2001.

Item 2.  Changes in Securities

     Omitted under the provisions of General Instruction H.

Item 3.  Defaults Upon Senior Securities

     Omitted under the provisions of General Instruction H.

Item 4.  Submission of Matters to a Vote of Security Holders

     Omitted under the provisions of General Instruction H.

Item 5.  Other Information

     There were no reportable events during the quarter ended June 30, 2001.

Item 6.  Exhibits and Reports on Form 8-K

     (a) The following exhibits are filed as part of this report:

          (3.1)Certificate  of   Incorporation   of  Sprint   Spectrum   Finance
               Corporation  (incorporated  by reference to Exhibit 3.3 to Sprint
               Spectrum's  Form S-1  Registration  Statement,  Registration  No.
               333-06609, filed on June 21, 1996).

          (3.2)Bylaws of Sprint Spectrum  Finance  Corporation  (incorporated by
               reference   to  Exhibit  3.4  to  Sprint   Spectrum's   Form  S-1
               Registration Statement, Registration No. 333-06609, filed on June
               21, 1996).

     (b) Reports on Form 8-K

          No reports on Form 8-K were filed  during the  quarter  ended June 30,
          2001.


<PAGE>


                                   SIGNATURE

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.


                  SPRINT SPECTRUM FINANCE CORPORATION
                  --------------------------------------------------------------
                  (Registrant)



                  /s/  William J. Gunter
                  --------------------------------------------------------------
                  William J. Gunter
                  Senior Vice President and Chief Financial Officer - Sprint PCS
                  Principal Financial Officer


Date:  August 14, 2001