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

                           FORM 10-KSB

             Annual Report Under Section 13 or 15(d)
             of The Securities Exchange Act of 1934

          For the Fiscal Year Ended:  December 31, 2001

                Commission file number:  0-14089

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP
         (Name of Small Business Issuer in its Charter)

        State of Delaware                93-0926134
  (State or other Jurisdiction of     (I.R.S. Employer)
  Incorporation or Organization)     Identification No.)

  1300 Minnesota World Trade Center, St. Paul, Minnesota 55101
            (Address of Principal Executive Offices)

                          (651) 227-7333
                   (Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Act:

                                 Name of each exchange on
     Title of each class             which registered
             None                          None

Securities registered pursuant to Section 12(g) of the Act:

                      Limited Partnership Units
                        (Title of class)

Check  whether  the issuer (1) filed all reports required  to  be
filed  by Section 13 or 15(d) of the Securities Exchange  Act  of
1934  during the past 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

Check if disclosure of delinquent filers in response to Rule  405
of  Regulation  S-B  is  not  contained  in  this  Form,  and  no
disclosure  will  be contained, to the best of  the  registrant's
knowledge,   in   definitive  proxy  or  information   statements
incorporated by reference in Part III of this Form 10-KSB or  any
amendment to this Form 10-KSB.  [X]

The  Issuer's  revenues  for year ended December  31,  2001  were
$620,249.

As  of  February 28, 2002, there were 7,240.33 Units  of  limited
partnership interest in the registrant outstanding and  owned  by
nonaffiliates  of  the registrant, which Units had  an  aggregate
market  value (based solely on the price at which they were  sold
since there is no ready market for such Units) of $7,240,330.

               DOCUMENTS INCORPORATED BY REFERENCE

 The registrant has not incorporated any documents by reference
                        into this report.

         Transitional Small Business Disclosure Format:

                         Yes        No [X]

                             PART I

ITEM 1.   DESCRIPTION OF BUSINESS.

         AEI   Real  Estate  Fund  XV  Limited  Partnership  (the
"Partnership" or the "Registrant") is a limited partnership which
was  organized pursuant to the laws of the State of  Delaware  on
October  3,  1986.   The  registrant is  comprised  of  AEI  Fund
Management  86-A, Inc. (AFM) as Managing General Partner,  Robert
P.  Johnson as the Individual General Partner, and purchasers  of
partnership  units as Limited Partners.  The Partnership  offered
for  sale up to $7,500,000 of limited partnership interests  (the
"Units")  (7,500  Units  at  $1,000  per  Unit)  pursuant  to   a
registration  statement effective July 31, 1986. The  Partnership
commenced   operations   on  October   3,   1986   when   minimum
subscriptions  of  1,300 Limited Partnership  Units  ($1,300,000)
were  accepted.   The Partnership's offering terminated  December
30,  1986  when  the maximum subscription limit of 7,500  Limited
Partnership Units ($7,500,000) was reached.

        The Partnership was organized to acquire, initially on  a
debt-free   basis,  existing  and  newly  constructed  commercial
properties located in the United States, to lease such properties
to  tenants under triple net leases, to hold such properties  and
to  eventually sell such properties.  From subscription proceeds,
the  Partnership  purchased eight properties,  including  partial
interests in three properties, totaling $6,409,650.  The  balance
of  the  subscription  proceeds was applied to  organization  and
syndication  costs,  working capital reserves and  distributions,
which  represented a return of capital.  The properties  are  all
commercial,  single  tenant buildings  leased  under  triple  net
leases.

       The Partnership will hold its properties until the General
Partners  determine  that the sale or other  disposition  of  the
properties   is   advantageous  in  view  of  the   Partnership's
investment  objectives.  In deciding whether to sell  properties,
the  General  Partners will consider factors  such  as  potential
appreciation,  net  cash flow and income tax considerations.   In
addition,  certain lessees have been granted options to  purchase
properties  after  a  specified portion of  the  lease  term  has
elapsed.  Prior to commencing the liquidation of the Partnership,
the  General Partners may reinvest the proceeds from the sale  of
properties  in  additional properties, provided  that  sufficient
proceeds  are distributed to the Limited Partners to pay  federal
and state income taxes related to any taxable gain recognized  as
a  result  of  the  sale.   At  any time  prior  to  selling  the
properties,  the  Partnership may mortgage one  or  more  of  its
properties in amounts not exceeding 50% of the fair market  value
of the property.

Leases

       Although there are variations in the specific terms of the
leases,  the following is a summary of the general terms  of  the
Partnership's  leases.   The properties  are  leased  to  various
tenants  under  triple  net  leases,  which  are  classified   as
operating  leases.   Under  a triple net  lease,  the  lessee  is
responsible  for  all real estate taxes, insurance,  maintenance,
repairs  and  operating expenses for the property.   The  initial
lease terms are for 10 to 20 years.  The leases provide for  base
annual  rental  payments,  payable in monthly  installments,  and
contain  rent  clauses which entitle the Partnership  to  receive
additional rent in future years based on stated rent increases or
if  gross  receipts  for  the property exceed  certain  specified
amounts, among other conditions.

        The leases provide the lessee with two to three five-year
renewal options subject to the same terms and conditions  as  the
initial  lease.   Certain lessees have been  granted  options  to
purchase  the  property.  Depending on the  lease,  the  purchase
price is either determined by a formula, or is the greater of the
fair  market value of the property or the amount determined by  a
formula.  In all cases, if the option were to be exercised by the
lessee,  the  purchase price would be greater than  the  original
cost of the property.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

        In  February,  1999,  the  Partnership  entered  into  an
agreement to sell the Fuddruckers property to an unrelated  third
party.   On  June 16, 1999, the sale closed with the  Partnership
receiving  net sale proceeds of $1,145,424, which resulted  in  a
net  gain of $270,045.  At the time of sale, the cost and related
accumulated    depreciation   was   $1,138,296   and    $262,917,
respectively.

        In March, 1999, the Partnership entered into an agreement
to  sell the Waco property to an unrelated third party.   On  May
10, 1999, the sale closed with the Partnership receiving net sale
proceeds of $128,879, which resulted in a net gain of $4,228.  At
the  time  of sale, the cost and related accumulated depreciation
was $287,710 and $163,059, respectively.

        During  1999,  the Partnership sold its interest  in  the
Timber  Lodge  Steakhouse,  in three  separate  transactions,  to
unrelated third parties.  The Partnership received total net sale
proceeds  of  $566,111, which resulted in a  total  net  gain  of
$81,897.  The total cost and related accumulated depreciation  of
the   property  was  $510,635  and  $26,421,  respectively.   The
majority  of the net sale proceeds were reinvested in  additional
property.

        On  July 14, 1999, the Partnership purchased a Children's
World  daycare  center in West Chester, Ohio for  $999,163.   The
property is leased to ARAMARK Educational Resources, Inc. under a
Lease Agreement with a primary term of 15 years and annual rental
payments of $93,162.

        On  May 8, 2000, the Partnership purchased a 22% interest
in  a parcel of land in Austin, Texas for $299,200.  The land  is
leased  to  Razzoo's, Inc. (RI) under a Lease  Agreement  with  a
primary  term of 15 years and annual rental payments of  $25,432.
Effective  October  4,  2000, the annual rent  was  increased  to
$29,172.   Simultaneously  with the purchase  of  the  land,  the
Partnership entered into a Development Financing Agreement  under
which  the  Partnership advanced funds to RI for the construction
of a Razzoo's restaurant on the site.  Initially, the Partnership
charged  interest on the advances at a rate of  8.5%.   Effective
October  4,  2000  and  April 15, 2001,  the  interest  rate  was
increased  to  9.75% and 15%, respectively.  On  June  27,  2001,
after  the  development was completed, the  Lease  Agreement  was
amended  to  require  annual rental  payments  of  $69,970.   The
Partnership's share of the total acquisition costs, including the
cost  of the land, was $714,689.  The remaining interests in  the
property  are  owned  by  AEI  Real  Estate  Fund  XVII   Limited
Partnership,  AEI  Net  Lease Income & Growth  Fund  XIX  Limited
Partnership,   and  AEI  Income  &  Growth  Fund   XXII   Limited
Partnership, affiliates of the Partnership.

        In  May, 2001, Huntington Restaurants Group, Inc.  (HRG),
the  lessee  of the Denny's Restaurant, notified the  Partnership
that  it  was experiencing financial problems and would not  make
the  lease  payments  while they worked out a  plan  which  would
enable  them  to  continue operations without seeking  bankruptcy
protection.  Through December 31, 2001, HRG owed $72,912 for past
due  rent,  which  has  not  been accrued.   The  Partnership  is
reviewing  its available options, which include allowing  HRG  to
remain  in  the  property while they develop a work-out  plan  or
replacing them with a new lessee.

        On November 21, 2001, the Partnership sold 9.9477% of the
Tractor  Supply Company store to an unrelated third  party.   The
Partnership  received  net  sale  proceeds  of  $143,163,   which
resulted in a net gain of $52,556.  At the time of sale, the cost
and  related  accumulated depreciation of the interest  sold  was
$109,129 and $18,522, respectively.

ITEM 1.   DESCRIPTION OF BUSINESS.  (Continued)

Major Tenants

        During  2001, two tenants each contributed more than  ten
percent  of  the Partnership's total rental revenue.   The  major
tenants  in aggregate contributed 65% of total rental revenue  in
2001.   It  is  anticipated that, based  on  the  minimum  rental
payments  required  under  the leases,  each  major  tenant  will
continue  to  contribute more than ten percent  of  total  rental
revenue  in  2002 and future years.  Any failure of  these  major
tenants could materially affect the Partnership's net income  and
cash distributions.

Competition

        The  Partnership is a minor factor in the commercial real
estate  business.   There are numerous entities  engaged  in  the
commercial  real  estate  business which have  greater  financial
resources  than  the  Partnership.  At the time  the  Partnership
elects to dispose of its properties, the Partnership will  be  in
competition  with other persons and entities to find  buyers  for
its properties.

Employees

        The  Partnership  has  no direct  employees.   Management
services   are  performed  for  the  Partnership  by   AEI   Fund
Management, Inc., an affiliate of AFM.

ITEM 2.   DESCRIPTION OF PROPERTIES.

Investment Objectives

        The  Partnership's investment objectives are  to  acquire
existing or newly-developed commercial properties throughout  the
United  States that offer the potential for (i) preservation  and
protection  of  the  Partnership's capital; (ii)  partially  tax-
deferred  cash distributions from operations which  may  increase
through  rent  participation clauses or mandated rent  increases;
and  (iii) long-term capital gains through appreciation in  value
of   the  Partnership's  properties  realized  upon  sale.    The
Partnership  does not have a policy, and there is no  limitation,
as  to the amount or percentage of assets that may be invested in
any  one  property.  However, to the extent possible, the General
Partners  attempt  to  diversify the type  and  location  of  the
Partnership's properties.

Description of Properties

       The Partnership's properties are commercial, single tenant
buildings.  The properties were acquired on a debt-free basis and
are  leased to various tenants under triple net leases, which are
classified  as  operating  leases.  The  Partnership   holds   an
undivided  fee simple interest in the properties.   At  any  time
prior to selling the properties, the Partnership may mortgage one
or  more  of its properties in amounts not exceeding 50%  of  the
fair market value of the property.

        The  Partnership's properties are subject to the  general
competitive conditions incident to the ownership of single tenant
investment  real estate.  Since each property is leased  under  a
long-term   lease,   there  is  little  competition   until   the
Partnership  decides to sell the property.   At  this  time,  the
Partnership will be competing with other real estate  owners,  on
both a national and local level, in attempting to find buyers for
the   properties.   In  the  event  of  a  tenant  default,   the
Partnership would be competing with other real estate owners, who
have  property vacancies, to attract a new tenant  to  lease  the
property.   The Partnership's tenants operate in industries  that
are  very  competitive and can be affected  by  factors  such  as
changes  in regional or local economies, seasonality and  changes
in consumer preference.

ITEM 2.   DESCRIPTION OF PROPERTIES.  (Continued)

        The  following table is a summary of the properties  that
the Partnership acquired and owned as of December 31, 2001.

                              Total Property                Annual   Annual
                    Purchase   Acquisition                  Lease    Rent Per
Property              Date       Costs       Lessee         Payment  Sq. Ft.

Children's World                              ARAMARK
 Daycare Center                             Educational
 Franconia Hills, VA 3/24/87   $  962,069  Resources, Inc.   $154,686  $31.25

JEMCARE Learning Center
 Haltom City, TX      4/3/87   $  417,213  JEMCARE, Inc.     $ 30,402  $ 7.24

Arby's Restaurant                                RTM
 Marshall, MI        7/30/87   $  586,424  Mid-America, Inc. $ 24,000  $ 7.75

                                           Huntington
Denny's Restaurant                         Restaurants
 Greenville, TX      1/10/96   $1,028,432  Group, Inc.       $124,991  $25.35

Tractor Supply
 Company Store
 Maryville, TN                             Tractor Supply
 (10.0523%)          2/14/96   $  110,276  Company, Inc.     $ 12,246  $ 6.39

Champps
 Americana Restaurant                        Champps
 Troy, MI                                   Operating
 (26.05%)             9/3/98   $1,330,265  Corporation       $143,158  $49.56

Children's World                              ARAMARK
 Daycare Center                             Educational
 West Chester, OH    7/14/99   $  999,163  Resources, Inc.   $ 93,162  $11.80

Razzoo's Restaurant
 Austin, TX                                  Razzoo's,
 (22%)               6/27/01   $  714,689      Inc.          $ 69,970  $32.45


        The  properties  listed above with  a  partial  ownership
percentage are owned with an affiliate of the Partnership  and/or
unrelated third parties.  The remaining interests in the  Champps
Americana  restaurant  are owned by AEI  Real  Estate  Fund  XVII
Limited   Partnership,  AEI  Real  Estate  Fund   XVIII   Limited
Partnership  and AEI Net Lease Income & Growth Fund  XIX  Limited
Partnership.  The remaining interests in the Razzoo's  restaurant
are  owned by AEI Real Estate Fund XVII Limited Partnership,  AEI
Net  Lease Income & Growth Fund XIX Limited Partnership  and  AEI
Income  &  Growth Fund XXII Limited Partnership.   The  remaining
interests  in  the  Tractor Supply Company  store  are  owned  by
unrelated third parties.

        The Partnership accounts for properties owned as tenants-
in-common  with  affiliated Partnerships and/or  unrelated  third
parties  using  the  proportionate  consolidation  method.   Each
tenant-in-common  owns  a  separate, undivided  interest  in  the
properties.   Any  tenant-in-common that holds more  than  a  50%
interest  does  not control decisions over the  other  tenant-in-
common  interests.   The financial statements reflect  only  this
Partnership's percentage share of the properties' land,  building
and equipment, liabilities, revenues and expenses.

ITEM 2.   DESCRIPTION OF PROPERTIES.  (Continued)

        The initial Lease terms are for 20 years, except for  the
Arby's  and Razzoo's restaurants and the Children's World daycare
center in West Chester, Ohio, which have Lease terms of 15  years
and  the Tractor Supply Company store, which has a Lease term  of
14 years.  The initial Lease term for the JEMCARE property, which
was  to  expire on December 31, 2001, has been extended to  March
31, 2002 and may be extended further.  The Leases contain renewal
options  which may extend the Lease term an additional 10  years,
except for the Champps Americana and Denny's restaurants and  the
Children's World daycare center in West Chester, Ohio, which have
renewal  options that may extend the Lease term an additional  15
years  and  the JEMCARE property, which has renewal options  that
may extend the Lease term an additional 9 years.

       Pursuant to the Lease Agreements, the tenants are required
to provide proof of adequate insurance coverage on the properties
they  occupy.   The General Partners believe the  properties  are
adequately covered by insurance and consider the properties to be
well-maintained and sufficient for the Partnership's operations.

         For  tax  purposes,  the  Partnership's  properties  are
depreciated  under the Modified Accelerated Cost Recovery  System
(MACRS).  The largest depreciable component of a property is  the
building  which  is depreciated, using the straight-line  method,
over  31.5,  39  or 40 years depending on the date  when  it  was
placed  in  service.  The remaining depreciable components  of  a
property  are personal property and land improvements  which  are
depreciated,  using an accelerated method, over 5 and  15  years,
respectively.  Since the Partnership has tax-exempt Partners, the
Partnership is subject to the rules of Section 168(h)(6)  of  the
Internal  Revenue  Code  which  requires  a  percentage  of   the
properties' depreciable components to be depreciated over  longer
lives  using  the straight-line method.  In general, the  federal
tax  basis of the properties for tax depreciation purposes is the
same as the basis for book depreciation purposes.

        During the last five years or since the date of purchase,
if purchased after December 31, 1996, all properties listed above
were 100% occupied.

ITEM 3.   LEGAL PROCEEDINGS.

       None.

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

       None.


                             PART II

ITEM 5.    MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS AND
           RELATED SECURITY HOLDER MATTERS.

        As of December 31, 2001, there were 652 holders of record
of the registrant's Limited Partnership Units.  There is no other
class  of  security outstanding or authorized.  The  registrant's
Units  are  not  a traded security in any market.   However,  the
Partnership  may  acquire Units from Limited  Partners  who  have
tendered  their  Units to the Partnership.   Such  Units  may  be
acquired  at  a  discount.  The Partnership is not  obligated  to
purchase  in any year more than 5% of the total number  of  Units
outstanding at the beginning of the year.  In no event shall  the
Partnership  be  obligated to purchase  Units  if,  in  the  sole
discretion  of the Managing General Partner, such purchase  would
impair the capital or operation of the Partnership.

ITEM 5.    MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS AND
           RELATED SECURITY HOLDER MATTERS.  (Continued)

        During  2001, three Limited Partners redeemed a total  of
24.55  Partnership  Units  for  $9,039  in  accordance  with  the
Partnership  Agreement.  In prior years, a total of  twenty-eight
Limited  Partners  redeemed  214.45  Units  for  $136,712.    The
redemptions increase the remaining Limited Partners' ownership in
the Partnership.

        Cash distributions of $5,308 and $5,339 were made to  the
General  Partners  and $516,501 and $516,506  were  made  to  the
Limited   Partners   in   2001  and  2000,   respectively.    The
distributions  were made on a quarterly basis and  represent  Net
Cash  Flow,  as  defined.   These  distributions  should  not  be
compared with dividends paid on capital stock by corporations.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.

Results of Operations

        For  the  years  ended December 31, 2001  and  2000,  the
Partnership  recognized rental income of $585,765  and  $615,685,
respectively.   During the same periods, the  Partnership  earned
investment income of $34,484 and $44,745, respectively.  In 2001,
rental  income decreased mainly as a result of the loss  of  rent
from  the Denny's restaurant, discussed below.  This decrease  in
rental  income  was  partially offset by rent received  from  one
property   acquisition  in  2000  and  rent  increases   on   two
properties.

        In  May, 2001, Huntington Restaurants Group, Inc.  (HRG),
the  lessee  of the Denny's Restaurant, notified the  Partnership
that  it  was experiencing financial problems and would not  make
the  lease  payments  while they worked out a  plan  which  would
enable  them  to  continue operations without seeking  bankruptcy
protection.  Through December 31, 2001, HRG owed $72,912 for past
due  rent,  which  has  not  been accrued.   The  Partnership  is
reviewing  its available options, which include allowing  HRG  to
remain  in  the  property while they develop a work-out  plan  or
replacing them with a new lessee.

        During  the years ended December 31, 2001 and  2000,  the
Partnership   paid   Partnership   administration   expenses   to
affiliated parties of $124,503 and $114,868, respectively.  These
administration  expenses  include  costs  associated   with   the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners.   During
the   same   periods,   the  Partnership   incurred   Partnership
administration  and property management expenses  from  unrelated
parties  of  $19,774 and $16,684, respectively.   These  expenses
represent  direct payments to third parties for legal and  filing
fees,  direct administrative costs, outside audit and  accounting
costs, taxes, insurance and other property costs.

       As of December 31, 2001, the Partnership's annualized cash
distribution  rate  was  7.5%,  based  on  the  Adjusted  Capital
Contribution.   Distributions of Net Cash  Flow  to  the  General
Partners were subordinated to the Limited Partners as required in
the  Partnership  Agreement.  As a result, 99%  of  distributions
were  allocated  to  Limited  Partners  and  1%  to  the  General
Partners.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        Inflation  has  had  a  minimal  effect  on  income  from
operations.   Leases  may contain rent increases,  based  on  the
increase  in  the  Consumer Price Index over a specified  period,
which  will result in an increase in rental income over the  term
of  the  leases.   In addition, leases may contain  rent  clauses
which  entitle  the  Partnership to receive  additional  rent  in
future  years  if gross receipts for the property exceed  certain
specified  amounts.  Increases in sales volumes of  the  tenants,
due to inflation and real sales growth, may result in an increase
in rental income over the term of the leases.  Inflation also may
cause the real estate to appreciate in value.  However, inflation
and  changing prices may have an adverse impact on the  operating
margins  of  the  properties' tenants, which could  impair  their
ability  to  pay rent and subsequently reduce the Net  Cash  Flow
available for distributions.

Liquidity and Capital Resources

        During  2001,  the Partnership's cash balances  decreased
$28,807  as  a result of cash used to purchase property  and  the
Partnership  distributed  more  cash  to  the  Partners  than  it
generated from operating activities, which were partially  offset
by  cash  generated from the sale of property.  Net cash provided
by  operating  activities  decreased from  $519,332  in  2000  to
$495,682  in  2001, as a result of a decrease in  income  and  an
increase  in  Partnership administration expenses in 2001,  which
were partially offset by net timing differences in the collection
of payments from the lessees and the payment of expenses.

        The  major components of the Partnership's cash flow from
investing activities are investments in real estate and  proceeds
from the sale of real estate.  During the year ended December 31,
2001,  the Partnership generated cash flow from the sale of  real
estate of $143,163.  During the years ended December 31, 2001 and
2000,   the   Partnership   expended   $136,878   and   $571,935,
respectively,   to  invest  in  real  properties  (inclusive   of
acquisition   expenses)  as  the  Partnership   reinvested   cash
generated from property sales.

        On  May 8, 2000, the Partnership purchased a 22% interest
in  a parcel of land in Austin, Texas for $299,200.  The land  is
leased  to  Razzoo's, Inc. (RI) under a Lease  Agreement  with  a
primary  term of 15 years and annual rental payments of  $25,432.
Effective  October  4,  2000, the annual rent  was  increased  to
$29,172.   Simultaneously  with the purchase  of  the  land,  the
Partnership entered into a Development Financing Agreement  under
which  the  Partnership advanced funds to RI for the construction
of a Razzoo's restaurant on the site.  Initially, the Partnership
charged  interest on the advances at a rate of  8.5%.   Effective
October  4,  2000  and  April 15, 2001,  the  interest  rate  was
increased  to  9.75% and 15%, respectively.  On  June  27,  2001,
after  the  development was completed, the  Lease  Agreement  was
amended  to  require  annual rental  payments  of  $69,970.   The
Partnership's share of the total acquisition costs, including the
cost  of the land, was $714,689.  The remaining interests in  the
property  are  owned  by  AEI  Real  Estate  Fund  XVII   Limited
Partnership,  AEI  Net  Lease Income & Growth  Fund  XIX  Limited
Partnership,   and  AEI  Income  &  Growth  Fund   XXII   Limited
Partnership, affiliates of the Partnership.

        On November 21, 2001, the Partnership sold 9.9477% of the
Tractor  Supply Company store to an unrelated third  party.   The
Partnership  received  net  sale  proceeds  of  $143,163,   which
resulted in a net gain of $52,556.  At the time of sale, the cost
and  related  accumulated depreciation of the interest  sold  was
$109,129 and $18,522, respectively.

       The Partnership's primary use of cash flow is distribution
and  redemption  payments to Partners.  The Partnership  declares
its  regular  quarterly  distributions before  the  end  of  each
quarter and pays the distribution in the first week after the end
of  each quarter.  The Partnership attempts to maintain a  stable
distribution  rate from quarter to quarter.  Redemption  payments
are  paid  to  redeeming Partners in the fourth quarter  of  each
year.

ITEM 6.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        The  Partnership may acquire Units from Limited  Partners
who have tendered their Units to the Partnership.  Such Units may
be  acquired at a discount.  The Partnership is not obligated  to
purchase  in any year more than 5% of the total number  of  Units
outstanding at the beginning of the year.  In no event shall  the
Partnership  be  obligated to purchase  Units  if,  in  the  sole
discretion  of the Managing General Partner, such purchase  would
impair the capital or operation of the Partnership.

        During  2001, three Limited Partners redeemed a total  of
24.55  Partnership  Units  for  $9,039  in  accordance  with  the
Partnership  Agreement.   The Partnership  acquired  these  Units
using Net Cash Flow from operations.  In prior years, a total  of
twenty-eight Limited Partners redeemed 214.45 Units for $136,712.
The   redemptions   increase  the  remaining  Limited   Partners'
ownership in the Partnership.

       The continuing rent payments from the properties, together
with  cash  generated from property sales, should be adequate  to
fund   continuing   distributions  and  meet  other   Partnership
obligations on both a short-term and long-term basis.

Cautionary Statement for Purposes of the "Safe Harbor" Provisions
of the Private Securities Litigation Reform Act of 1995

         The   foregoing  Management's  Discussion  and  Analysis
contains various "forward looking  statements" within the meaning
of   federal   securities   laws  which  represent   management's
expectations  or  beliefs  concerning  future  events,  including
statements  regarding anticipated application of  cash,  expected
returns  from rental income, growth in revenue, taxation  levels,
the  sufficiency  of  cash to meet operating expenses,  rates  of
distribution,  and  other  matters.   These,  and  other  forward
looking statements made by the Partnership, must be evaluated  in
the   context  of  a  number  of  factors  that  may  affect  the
Partnership's  financial  condition and  results  of  operations,
including the following:

    Market  and  economic conditions which affect the  value
    of  the  properties the Partnership owns and  the  cash
    from rental income such properties generate;

    the  federal  income tax consequences of rental  income,
    deductions,  gain  on  sales and other  items  and  the
    affects of these consequences for investors;

    resolution  by  the General Partners of  conflicts  with
    which they may be confronted;

    the   success  of  the  General  Partners  of   locating
    properties with favorable risk return characteristics;

    the effect of tenant defaults; and

    the  condition of the industries in which the tenants of
    properties owned by the Partnership operate.


ITEM 7.   FINANCIAL STATEMENTS.

       See accompanying Index to Financial Statements.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  INDEX TO FINANCIAL STATEMENTS






Report of Independent Auditors

Balance Sheet as of December 31, 2001 and 2000

Statements for the Years Ended December 31, 2001 and 2000:

     Income

     Cash Flows

     Changes in Partners' Capital

Notes to Financial Statements



                 REPORT OF INDEPENDENT AUDITORS





To the Partners:
AEI Real Estate Fund XV Limited Partnership
St. Paul, Minnesota




      We  have audited the accompanying balance sheet of AEI Real
Estate   Fund   XV   Limited  Partnership  (a  Delaware   limited
partnership)  as  of December 31, 2001 and 2000 and  the  related
statements of income, cash flows and changes in partners' capital
for  the  years then ended.  These financial statements  are  the
responsibility    of   the   Partnership's    management.     Our
responsibility  is  to  express an  opinion  on  these  financial
statements based on our audits.

     We   conducted  our  audits  in  accordance  with   auditing
standards  generally accepted in the United  States  of  America.
Those  standards require that we plan and perform  the  audit  to
obtain   reasonable   assurance  about  whether   the   financial
statements are free of material misstatement.  An audit  includes
examining,  on a test basis, evidence supporting the amounts  and
disclosures in the financial statements.  An audit also  includes
assessing   the   accounting  principles  used  and   significant
estimates  made by management, as well as evaluating the  overall
financial  statement presentation.  We believe  that  our  audits
provide a reasonable basis for our opinion.

      In  our opinion, the financial statements referred to above
present  fairly, in all material respects, the financial position
of AEI Real Estate Fund XV Limited Partnership as of December 31,
2001  and  2000, and the results of its operations and  its  cash
flows  for  the  years then ended, in conformity with  accounting
principles generally accepted in the United States of America.





                              /s/ BOULAY, HEUTMAKER, ZIBELL & CO. P.L.L.P.
Minneapolis,  Minnesota           Boulay, Heutmaker, Zibell & Co. P.L.L.P.
January 23, 2002                   Certified Public Accountants

<PAGE>
           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                          BALANCE SHEET

                           DECEMBER 31

                             ASSETS

                                                  2001           2000

CURRENT ASSETS:
  Cash and Cash Equivalents                   $   341,244    $   370,051
  Receivables                                      21,164         33,671
                                               -----------    -----------
      Total Current Assets                        362,408        403,722
                                               -----------    -----------
INVESTMENTS IN REAL ESTATE:
  Land                                          1,781,122      1,797,000
  Buildings and Equipment                       4,367,409      4,041,317
  Construction in Progress                              0        282,465
  Accumulated Depreciation                     (1,183,364)    (1,063,528)
                                               -----------    -----------
      Net Investments in Real Estate            4,965,167      5,057,254
                                               -----------    -----------
          Total Assets                        $ 5,327,575    $ 5,460,976
                                               ===========    ===========


                      LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.        $    33,687    $    26,484
  Distributions Payable                           117,294        117,220
                                               -----------    -----------
      Total Current Liabilities                   150,981        143,704
                                               -----------    -----------
PARTNERS' CAPITAL (DEFICIT):
  General Partners                                      0        (10,288)
  Limited Partners, $1,000 Unit value;
   7,500 Units authorized and issued;
   7,261 and 7,286 Units outstanding
   in 2001 and 2000, respectively               5,176,594      5,327,560
                                               -----------    -----------
     Total Partners' Capital                    5,176,594      5,317,272
                                               -----------    -----------
       Total Liabilities and Partners'Capital $ 5,327,575    $ 5,460,976
                                               ===========    ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                       STATEMENT OF INCOME

                 FOR THE YEARS ENDED DECEMBER 3l


                                                   2001            2000

INCOME:
  Rent                                        $   585,765      $   615,685
  Investment Income                                34,484           44,745
                                               -----------      -----------
      Total Income                                620,249          660,430
                                               -----------      -----------

EXPENSES:
  Partnership Administration - Affiliates         124,503          114,868
  Partnership Administration and Property
     Management - Unrelated Parties                19,774           16,684
  Depreciation                                    138,358          131,554
                                               -----------      -----------
      Total Expenses                              282,635          263,106
                                               -----------      -----------

OPERATING INCOME                                  337,614          397,324

GAIN ON SALE OF REAL ESTATE                        52,556                0
                                               -----------      -----------
NET INCOME                                    $   390,170      $   397,324
                                               ===========      ===========

NET INCOME ALLOCATED:
  General Partners                            $    15,596      $     3,974
  Limited Partners                                374,574          393,350
                                               -----------      -----------
                                              $   390,170      $   397,324
                                               ===========      ===========

NET INCOME PER LIMITED PARTNERSHIP UNIT
(7,279 and 7,308 weighted average Units
outstanding in 2001 and 2000, respectively)   $     51.46      $     53.82
                                               ===========      ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                     STATEMENT OF CASH FLOWS

                 FOR THE YEARS ENDED DECEMBER 31


                                                    2001            2000

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                    $   390,170     $   397,324

  Adjustments To Reconcile Net Income
 To Net Cash Provided By Operating Activities:
     Depreciation                                   138,358         131,554
     Gain on Sale of Real Estate                    (52,556)              0
     (Increase) Decrease in Receivables              12,507         (11,211)
     Increase in Payable to
         AEI Fund Management, Inc.                    7,203           1,665
                                                 -----------     -----------
       Total Adjustments                            105,512         122,008
                                                 -----------     -----------
       Net Cash Provided By
           Operating Activities                     495,682         519,332
                                                 -----------     -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Investments in Real Estate                       (136,878)       (571,935)
  Proceeds from Sale of Real Estate                 143,163               0
                                                 -----------     -----------
       Net Cash Provided By (Used For)
          Investing Activities                        6,285        (571,935)
                                                 -----------     -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (Decrease) in Distributions Payable           74             (56)
  Distributions to Partners                        (521,718)       (521,723)
  Redemption Payments                                (9,130)        (12,194)
                                                 -----------     -----------
       Net Cash Used For
          Financing Activities                     (530,774)       (533,973)
                                                 -----------     -----------
NET DECREASE IN CASH
   AND CASH EQUIVALENTS                             (28,807)       (586,576)

CASH AND CASH EQUIVALENTS, beginning of period      370,051         956,627
                                                 -----------     -----------
CASH AND CASH EQUIVALENTS, end of period        $   341,244     $   370,051
                                                 ===========     ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

            STATEMENT OF CHANGES IN PARTNERS' CAPITAL

                 FOR THE YEARS ENDED DECEMBER 31


                                                                     Limited
                                                                  Partnership
                              General     Limited                    Units
                              Partners    Partners      Total     Outstanding


BALANCE, December 31, 1999  $ (8,923)   $5,462,788  $5,453,865     7,315.55

  Distributions               (5,217)     (516,506)   (521,723)

  Redemption Payments           (122)      (12,072)    (12,194)      (30.00)

  Net Income                   3,974       393,350     397,324
                             --------    ----------  ----------   ----------
BALANCE, December 31, 2000   (10,288)    5,327,560   5,317,272     7,285.55

  Distributions               (5,217)     (516,501)   (521,718)

  Redemption Payments            (91)       (9,039)     (9,130)      (24.55)

  Net Income                  15,596       374,574     390,170
                             --------    ----------  ----------  -----------
BALANCE, December 31, 2001  $      0    $5,176,594  $5,176,594     7,261.00
                             ========    ==========  ==========  ===========



 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(1)  Organization -

     AEI  Real  Estate Fund XV Limited Partnership  (Partnership)
     was  formed  to  acquire and lease commercial properties  to
     operating tenants.  The Partnership's operations are managed
     by  AEI  Fund  Management  86-A, Inc.  (AFM),  the  Managing
     General Partner.  Robert P. Johnson, the President and  sole
     shareholder of AFM, serves as the Individual General Partner
     and  an  affiliate of AFM, AEI Fund Management, Inc.  (AEI),
     performs the administrative and operating functions for  the
     Partnership.

     The   terms  of  the  Partnership  offering  called  for   a
     subscription  price of $1,000 per limited partnership  unit,
     payable   on  acceptance  of  the  offer.   The  Partnership
     commenced  operations  on  October  3,  1986  when   minimum
     subscriptions    of   1,300   Limited   Partnership    Units
     ($1,300,000)  were  accepted.  On  December  30,  1986,  the
     offering  terminated when the maximum subscription limit  of
     7,500 Limited Partnership Units ($7,500,000) was reached.

     Under  the  terms of the Limited Partnership Agreement,  the
     Limited  Partners and General Partners contributed funds  of
     $7,500,000 and $1,000, respectively.  During operations, any
     Net  Cash  Flow,  as  defined, which  the  General  Partners
     determine  to  distribute will be  distributed  90%  to  the
     Limited  Partners and 10% to the General Partners; provided,
     however,  that  such distributions to the  General  Partners
     will be subordinated to the Limited Partners first receiving
     an annual, noncumulative distribution of Net Cash Flow equal
     to  10%  of their Adjusted Capital Contribution, as defined,
     and,  provided  further, that in no event will  the  General
     Partners  receive  less than 1% of such Net  Cash  Flow  per
     annum.   Distributions to the Limited Partners will be  made
     pro rata by Units.

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the General Partners determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner:  (i) first, 99%  to  the
     Limited  Partners and 1% to the General Partners  until  the
     Limited  Partners  receive an amount  equal  to:  (a)  their
     Adjusted Capital Contribution plus (b) an amount equal to 6%
     of their Adjusted Capital Contribution per annum, cumulative
     but not compounded, to the extent not previously distributed
     from  Net  Cash Flow; (ii) next, 99% to the Limited Partners
     and  1%  to the General Partners until the Limited  Partners
     receive  an  amount equal to 14% of their  Adjusted  Capital
     Contribution  per annum, cumulative but not  compounded,  to
     the  extent not previously distributed; (iii) next,  to  the
     General  Partners  until  cumulative  distributions  to  the
     General  Partners under Items (ii) and (iii)  equal  15%  of
     cumulative  distributions to all Partners under  Items  (ii)
     and (iii).  Any remaining balance will be distributed 85% to
     the  Limited  Partners  and  15% to  the  General  Partners.
     Distributions to the Limited Partners will be made pro  rata
     by Units.

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(1)  Organization - (Continued)

     For  tax  purposes,  profits  from  operations,  other  than
     profits  attributable  to  the  sale,  exchange,  financing,
     refinancing  or  other  disposition  of  property,  will  be
     allocated  first  in the same ratio in  which,  and  to  the
     extent,  Net  Cash Flow is distributed to the  Partners  for
     such year.  Any additional profits will be allocated 90%  to
     the  Limited  Partners and 10% to the General Partners.   In
     the  event  no Net Cash Flow is distributed to  the  Limited
     Partners,  90%  of each item of income, gain or  credit  for
     each  respective  year  shall be allocated  to  the  Limited
     Partners,  and 10% of each such item shall be  allocated  to
     the  General Partners.  Net losses from operations  will  be
     allocated 98% to the Limited Partners and 2% to the  General
     Partners.

     For  tax purposes, profits arising from the sale, financing,
     or  other  disposition  of property  will  be  allocated  in
     accordance  with the Partnership Agreement as  follows:  (i)
     first,  to  those  Partners with deficit balances  in  their
     capital  accounts  in an amount equal to  the  sum  of  such
     deficit  balances; (ii) second, 99% to the Limited  Partners
     and  1%  to the General Partners until the aggregate balance
     in  the Limited Partners' capital accounts equals the sum of
     the Limited Partners' Adjusted Capital Contributions plus an
     amount  equal to 14% of their Adjusted Capital Contributions
     per  annum, cumulative but not compounded, to the extent not
     previously  allocated; (iii) third, to the General  Partners
     until  cumulative allocations to the General Partners  equal
     15%  of cumulative allocations.  Any remaining balance  will
     be  allocated  85% to the Limited Partners and  15%  to  the
     General  Partners.   Losses will be  allocated  98%  to  the
     Limited Partners and 2% to the General Partners.

     The  General Partners are not required to currently  fund  a
     deficit   capital   balance.   Upon   liquidation   of   the
     Partnership or withdrawal by a General Partner, the  General
     Partners will contribute to the Partnership an amount  equal
     to  the  lesser  of  the deficit balances in  their  capital
     accounts  or  1%  of  total Limited  Partners'  and  General
     Partners' capital contributions.

(2)  Summary of Significant Accounting Policies -

     Financial Statement Presentation

       The  accounts  of  the Partnership are maintained  on  the
       accrual  basis of accounting for both federal  income  tax
       purposes and financial reporting purposes.

     Accounting Estimates

       Management  uses  estimates and assumptions  in  preparing
       these  financial statements in accordance  with  generally
       accepted  accounting  principles.   Those  estimates   and
       assumptions may affect the reported amounts of assets  and
       liabilities,  the  disclosure  of  contingent  assets  and
       liabilities,  and  the  reported  revenues  and  expenses.
       Actual results could differ from those estimates.

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(2)  Summary of Significant Accounting Policies - (Continued)

       The  Partnership regularly assesses whether market  events
       and conditions indicate that it is reasonably possible  to
       recover  the carrying amounts of its investments  in  real
       estate  from  future operations and sales.   A  change  in
       those  market events and conditions could have a  material
       effect on the carrying amount of its real estate.

     Cash Concentrations of Credit Risk

       The  Partnership's  cash  is deposited  primarily  in  one
       financial institution and at times during the year it  may
       exceed FDIC insurance limits.

     Statement of Cash Flows

       For  purposes  of  reporting cash  flows,  cash  and  cash
       equivalents  may include cash in checking,  cash  invested
       in   money   market  accounts,  certificates  of  deposit,
       federal  agency notes and commercial paper with a term  of
       three months or less.

     Income Taxes

       The  income or loss of the Partnership for federal  income
       tax  reporting  purposes is includable in the  income  tax
       returns of the partners.  Accordingly, no recognition  has
       been  given to income taxes in the accompanying  financial
       statements.

       The  tax  return, the qualification of the Partnership  as
       such  for  tax  purposes, and the amount of  distributable
       partnership  income or loss are subject to examination  by
       federal   and  state  taxing  authorities.   If  such   an
       examination  results  in  changes  with  respect  to   the
       Partnership  qualification or in changes to  distributable
       Partnership  income  or loss, the taxable  income  of  the
       partners would be adjusted accordingly.

     Real Estate

       The  Partnership's real estate is leased under triple  net
       leases  classified as operating leases.   The  Partnership
       recognizes  rental revenue on the accrual basis  according
       to  the terms of the individual leases.  For leases  which
       contain   rental  increases  based  on  cost   of   living
       increases,  the increases are recognized in  the  year  in
       which they are effective.

       Real  estate is recorded at the lower of cost or estimated
       net   realizable  value.   The  Partnership  compares  the
       carrying amount of its properties to the estimated  future
       cash  flows expected to result from the property  and  its
       eventual  disposition.  If the sum of the expected  future
       cash  flows  is  less  than the  carrying  amount  of  the
       property,  the  Partnership recognizes an impairment  loss
       by  the  amount  by  which  the  carrying  amount  of  the
       property exceeds the fair value of the property.

       The  Partnership  has capitalized as Investments  in  Real
       Estate   certain   costs  incurred  in  the   review   and
       acquisition  of the properties.  The costs were  allocated
       to the land, buildings, and equipment.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(2)  Summary of Significant Accounting Policies - (Continued)

       The   buildings  and  equipment  of  the  Partnership  are
       depreciated  using the straight line method for  financial
       reporting purposes based on estimated useful lives  of  30
       years and 10 years, respectively.

       The  Partnership accounts for properties owned as tenants-
       in-common  with  affiliated Partnerships and/or  unrelated
       third   parties   using  the  proportionate  consolidation
       method.   Each tenant-in-common owns a separate, undivided
       interest  in  the  properties.  Any tenant-in-common  that
       holds  more than a 50% interest does not control decisions
       over  the other tenant-in-common interests.  The financial
       statements  reflect  only  this  Partnership's  percentage
       share  of  the  properties' land, building and  equipment,
       liabilities, revenues and expenses.

     Newly Issued Pronouncements

       The   Financial  Accounting  Standards  Board  has  issued
       Statement  of  Financial  Accounting  Standards  No.  143,
       Accounting  for  Asset Retirement Obligations  (SFAS  143)
       and  Statement of Financial Accounting Standards No.  144,
       Accounting  for the Impairment or Disposal  of  Long-Lived
       Assets  (SFAS  144).  SFAS 143 will be applicable  to  the
       Partnership  in  the year ended December 31,  2003.   SFAS
       144  will  be  applicable to the Partnership in  the  year
       ended   December  31,  2002.   Management   is   currently
       evaluating  the  impact of SFAS 143 and SFAS  144  on  its
       financial statements.

(3)  Related Party Transactions -

     The Partnership owns a 10.0523% interest in a Tractor Supply
     Company store.  The remaining interests in this property are
     owned by unrelated third parties.  AEI Real Estate Fund 85-A
     Limited Partnership, an affiliate of the Partnership,  owned
     80% interest in this property until the interest was sold to
     unrelated third parties in a series of transactions with the
     last sale occurring in November, 2001.  The Partnership owns
     a  26.05%  interest in a Champps Americana restaurant.   The
     remaining interests in this property are owned by  AEI  Real
     Estate  Fund XVII Limited Partnership, AEI Real Estate  Fund
     XVIII  Limited Partnership and AEI Net Lease Income & Growth
     Fund XIX Limited Partnership, affiliates of the Partnership.
     The   Partnership  owns  a  22%  interest  in   a   Razzoo's
     restaurant.   The remaining interests in this  property  are
     owned by AEI Real Estate Fund XVII Limited Partnership,  AEI
     Net  Lease Income & Growth Fund XIX Limited Partnership  and
     AEI   Income   &   Growth  Fund  XXII  Limited  Partnership,
     affiliates of the Partnership.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(3)  Related Party Transactions - (Continued)

     AEI   and  AFM  received  the  following  compensation   and
     reimbursements for costs and expenses from the Partnership:

                                    Total Incurred by the Partnership
                                     for the Years Ended December 3l

                                                   2001          2000
a.AEI and AFM are reimbursed for all costs
  incurred in connection with managing the
  Partnership's operations, maintaining the
  Partnership's books and communicating
  the results of operations to the Limited
  Partners.                                      $ 124,503     $ 114,868
                                                  ========      ========
b.AEI and AFM are reimbursed for all direct
  expenses they have paid on the Partnership's
  behalf to third parties relating to Partnership
  administration and property management.
  These expenses included printing costs, legal
  and filing fees, direct administrative costs,
  outside audit and accounting costs, taxes,
  insurance and other property costs.            $  19,774     $  16,684
                                                  ========      ========
c.AEI is reimbursed for all costs and direct
  expenses incurred by it in acquiring properties
  on behalf of the Partnership.  The amounts are net
  of financing and commitment fees and expense
  reimbursements received by the Partnership from
  the lessees in the amount of $1,096 and $17,577
  for 2001 and 2000, respectively.               $     903     $  (9,730)
                                                  ========      ========
d.AEI is reimbursed for all costs incurred in
  connection with the sale of property.          $   7,739     $       0
                                                  ========      ========

     The  payable  to  AEI Fund Management, Inc.  represents  the
     balance  due for the services described in 3a, b, c  and  d.
     This balance is non-interest bearing and unsecured and is to
     be paid in the normal course of business.

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(4)  Investments in Real Estate -

     The  Partnership  leases its properties to  various  tenants
     through triple net leases, which are classified as operating
     leases.  Under a triple net lease, the lessee is responsible
     for  all  real estate taxes, insurance, maintenance, repairs
     and  operating expenses of the property.  The initial  Lease
     terms  are for 20 years, except for the Arby's and  Razzoo's
     restaurants and the Children's World daycare center in  West
     Chester,  Ohio, which have Lease terms of 15 years  and  the
     Tractor Supply Company store, which has a Lease term  of  14
     years.   The  initial Lease term for the  JEMCARE  property,
     which  was to expire on December 31, 2001, has been extended
     to  March 31, 2002 and may be extended further.  The  Leases
     contain  renewal options which may extend the Lease term  an
     additional  10  years, except for the Champps Americana  and
     Denny's restaurants and the Children's World daycare  center
     in  West Chester, Ohio, which have renewal options that  may
     extend the Lease term an additional 15 years and the JEMCARE
     property,  which  has renewal options that  may  extend  the
     Lease  term an additional 9 years.  The Leases contain  rent
     clauses  which entitle the Partnership to receive additional
     rent  in future years based on stated rent increases  or  if
     gross  receipts  for the property exceed  certain  specified
     amounts, among other conditions.  Certain lessees have  been
     granted options to purchase the property.  Depending on  the
     lease, the purchase price is either determined by a formula,
     or  is  the greater of the fair market value of the property
     or the amount determined by a formula.  In all cases, if the
     option  were  to  be exercised by the lessee,  the  purchase
     price  would  be  greater  than the  original  cost  of  the
     property.

     The  Partnership's properties are commercial,  single-tenant
     properties.   The Arby's restaurant was built  in  1972  and
     extensively remodeled in 1987.  The JEMCARE Learning  Center
     was  constructed  in  1986.   The Children's  World  Daycare
     Center in Franconia Hills, Virginia was constructed in 1987.
     The Partnership acquired these three properties during 1987.
     The Denny's restaurant and Tractor Supply Company store were
     constructed  in  1995  and acquired in  1996.   The  Champps
     Americana restaurant was constructed and acquired  in  1998.
     The  Children's World daycare center in West  Chester,  Ohio
     was  constructed in 1997 and acquired in 1999.  The land for
     the   Razzoo's   restaurant  was  acquired   in   2000   and
     construction of the restaurant was completed in 2001.  There
     have been no costs capitalized as improvements subsequent to
     the acquisitions.

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(4)  Investments in Real Estate - (Continued)

     The   cost   of   the  properties  and  related  accumulated
     depreciation at December 31, 2001 are as follows:

                                   Buildings and              Accumulated
Property                     Land    Equipment      Total     Depreciation

Children's World,
 Franconia Hills, VA     $  165,952  $  796,117  $  962,069   $  422,188
JEMCARE Learning Center,
 Haltom City, TX            132,925     284,288     417,213      170,915
Arby's, Marshall, MI        120,498     465,926     586,424      255,931
Denny's, Greenville, TX     332,077     696,355   1,028,432      144,877
Tractor Supply Company,
 Maryville, TN               20,239      90,037     110,276       19,122
Champps Americana, Troy, MI 429,808     900,457   1,330,265      104,203
Children's World,
 West Chester, OH           280,127     719,036     999,163       58,921
Razzoo's, Austin, TX        299,496     415,193     714,689        7,207
                          ----------  ----------  ----------   ----------
                         $1,781,122  $4,367,409  $6,148,531   $1,183,364
                          ==========  ==========  ==========   ==========


     On  May 8, 2000, the Partnership purchased a 22% interest in
     a parcel of land in Austin, Texas for $299,200.  The land is
     leased to Razzoo's, Inc. (RI) under a Lease Agreement with a
     primary  term  of  15  years and annual rental  payments  of
     $25,432.   Effective October 4, 2000, the  annual  rent  was
     increased  to $29,172.  Simultaneously with the purchase  of
     the   land,  the  Partnership  entered  into  a  Development
     Financing  Agreement  under which the  Partnership  advanced
     funds to RI for the construction of a Razzoo's restaurant on
     the  site.   Initially, the Partnership charged interest  on
     the  advances at a rate of 8.5%.  Effective October 4,  2000
     and April 15, 2001, the interest rate was increased to 9.75%
     and   15%,  respectively.   On  June  27,  2001,  after  the
     development  was completed, the Lease Agreement was  amended
     to   require   annual  rental  payments  of  $69,970.    The
     Partnership's   share  of  the  total   acquisition   costs,
     including the cost of the land, was $714,689.

     In  May, 2001, Huntington Restaurants Group, Inc. (HRG), the
     lessee  of  the Denny's Restaurant, notified the Partnership
     that  it  was experiencing financial problems and would  not
     make  the lease payments while they worked out a plan  which
     would  enable  them to continue operations  without  seeking
     bankruptcy protection.  Through December 31, 2001, HRG  owed
     $72,912 for past due rent, which has not been accrued.   The
     Partnership  is  reviewing  its  available  options,   which
     include  allowing HRG to remain in the property  while  they
     develop a work-out plan or replacing them with a new lessee.

     On  November 21, 2001, the Partnership sold 9.9477%  of  the
     Tractor  Supply Company store to an unrelated  third  party.
     The  Partnership  received net sale  proceeds  of  $143,163,
     which  resulted in a net gain of $52,556.  At  the  time  of
     sale,  the cost and related accumulated depreciation of  the
     interest sold was $109,129 and $18,522, respectively.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(4)  Investments in Real Estate - (Continued)

     The minimum future rental on the Leases for years subsequent
     to December 31, 2001 are as follows:

                       2002          $   632,213
                       2003              627,650
                       2004              631,093
                       2005              634,596
                       2006              638,160
                       Thereafter      4,514,524
                                      -----------
                                     $ 7,678,236
                                      ===========

     In  2001  and  2000,  the Partnership recognized  contingent
     rents of $21,164 and $20,819, respectively.

(5)  Major Tenants -

     The following schedule presents rent revenue from individual
     tenants,   or  affiliated  groups  of  tenants,   who   each
     contributed more than ten percent of the Partnership's total
     rent revenue for the years ended December 31:

                                                  2001       2000
      Tenants               Industry

     ARAMARK Educational
        Resources, Inc.     Child Care         $ 247,219   $ 243,462
     Champps Operating
        Corporation         Restaurant           134,990     133,356
     Huntington Restaurants
        Group, Inc.         Restaurant               N/A     122,437
                                                ---------   ---------

     Aggregate rent revenue of major tenants   $ 382,209   $ 499,255
                                                =========   =========

     Aggregate rent revenue of major tenants as
     a percentage of total rent revenue               65%         81%
                                                =========   =========


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(6)  Partners' Capital -

     Cash  distributions of $5,308 and $5,339 were  made  to  the
     General Partners and $516,501 and $516,506 were made to  the
     Limited  Partners for the years ended December 31, 2001  and
     2000,  respectively.   The  Limited Partners'  distributions
     represent  $70.96  and $70.68 per Limited  Partnership  Unit
     outstanding using 7,279 and 7,308 weighted average Units  in
     2001  and  2000, respectively.  The distributions  represent
     $50.22  and  $52.16 per Unit of Net Income  and  $20.74  and
     $18.52 per Unit of return of contributed capital in 2001 and
     2000, respectively.

     Distributions  of  Net  Cash Flow to  the  General  Partners
     during  2001  and  2000  were subordinated  to  the  Limited
     Partners  as  required in the Partnership Agreement.   As  a
     result,  99% of distributions were allocated to the  Limited
     Partners and 1% to the General Partners.

     The  Partnership may acquire Units from Limited Partners who
     have tendered their Units to the Partnership. Such Units may
     be acquired at a discount.  The Partnership is not obligated
     to  purchase in any year more than 5% of the number of Units
     outstanding at the beginning of the year.  In no event shall
     the  Partnership be obligated to purchase Units if,  in  the
     sole  discretion  of  the  Managing  General  Partner,  such
     purchase  would  impair  the capital  or  operation  of  the
     Partnership.

     During  2001,  three Limited Partners redeemed  a  total  of
     24.55  Partnership Units for $9,039 in accordance  with  the
     Partnership Agreement.  The Partnership acquired these Units
     using  Net Cash Flow from operations.  In 2000, two  Limited
     Partners  redeemed  a  total of  30  Partnership  Units  for
     $12,072.   The  redemptions increase the  remaining  Limited
     Partners' ownership in the Partnership.

     After  the  effect of redemptions and the return of  capital
     from   the   sale   of   property,  the   Adjusted   Capital
     Contribution,  as defined in the Partnership  Agreement,  is
     $948.44 per original $1,000 invested.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(7)  Income Taxes -

     The   following  is  a  reconciliation  of  net  income  for
     financial reporting purposes to income reported for  federal
     income tax purposes for the years ended December 31:

                                                  2001         2000

     Net Income for Financial
      Reporting Purposes                       $ 390,170    $ 397,324

     Depreciation for Tax Purposes
      Under Depreciation for Financial
      Reporting Purposes                          18,124       12,898

     Income Accrued for Tax Purposes
      Over Income for Financial
      Reporting Purposes                          72,911            0

     Gain on Sale of Real Estate for Tax Purposes
      Under Gain for Financial Reporting Purposes (1,940)           0
                                                ---------    ---------
           Taxable Income to Partners          $ 479,265    $ 410,222
                                                =========    =========

     The  following is a reconciliation of Partners' capital  for
     financial  reporting purposes to Partners' capital  reported
     for federal income tax purposes for the years ended December
     31:

                                                    2001          2000
     Partners' Capital for
      Financial Reporting Purposes               $5,176,594    $5,317,272

     Adjusted Tax Basis of Investments
      in Real Estate Over Net Investments
      in Real Estate for Financial
      Reporting Purposes                             98,400        82,216

     Income Accrued for Tax Purposes
      Over Income for Financial
      Reporting Purposes                             72,911             0

     Syndication Costs
      Treated as Reduction of Capital
      for Financial Reporting Purposes            1,054,819     1,054,819
                                                  ----------    ----------
           Partners' Capital for
              Tax Reporting Purposes             $6,402,724    $6,454,307
                                                  ==========    ==========



           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 2001 AND 2000

(8)  Fair Value of Financial Instruments -

     The estimated fair values of the financial instruments, none
     of  which  are held for trading purposes, are as follows  at
     December 31:

                                  2001                    2000
                         Carrying      Fair      Carrying      Fair
                          Amount      Value       Amount       Value

     Cash                $     140   $     140   $     304   $     304
     Money Market Funds    341,104     341,104     369,747     369,747
                          ---------   ---------   ---------   ---------
      Total Cash and
       Cash Equivalents  $ 341,244   $ 341,244   $ 370,051   $ 370,051
                          =========   =========   =========   =========

ITEM 8.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
       ACCOUNTING AND FINANCIAL DISCLOSURE.

       None.


                            PART III

ITEM 9.DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
       PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE
       ACT.


        The  registrant  is  a  limited partnership  and  has  no
officers,  directors, or direct employees.  The General  Partners
of  the  registrant are Robert P. Johnson and AFM.   The  General
Partners  manage and control the Partnership's affairs  and  have
general  responsibility and the ultimate authority in all matters
affecting the Partnership's business.  The director and  officers
of AFM are as follows:

        Robert  P.  Johnson, age 57, is Chief Executive  Officer,
President  and  Director and has held these positions  since  the
formation  of  AFM  in December, 1985, and has  been  elected  to
continue in these positions until December, 2002.  From  1970  to
the  present, he has been employed exclusively in the  investment
industry,  specializing  in  tax-advantaged  limited  partnership
investments.   In  that  capacity, he has been  involved  in  the
development,  analysis, marketing and management  of  public  and
private investment programs investing in net lease properties  as
well  as  public  and  private investment programs  investing  in
energy  development.   Since  1971,  Mr.  Johnson  has  been  the
president,  a  director  and  a  registered  principal   of   AEI
Securities,  Inc.,  which is registered with the  Securities  and
Exchange Commission as a securities broker-dealer, is a member of
the  National Association of Securities Dealers, Inc. (NASD)  and
is  a  member  of  the Security Investors Protection  Corporation
(SIPC).   Mr.  Johnson has been president,  a  director  and  the
principal shareholder of AEI Fund Management, Inc., a real estate
management  company founded by him, since 1978.  Mr.  Johnson  is
currently  a general partner or principal of the general  partner
in  thirteen  limited partnerships and a managing member  in  two
LLCs.

        Mark  E.  Larson,  age 49, is Executive  Vice  President,
Treasurer  and  Chief Financial Officer and has been  elected  to
continue in these positions until December, 2002.  Mr. Larson has
been  Treasurer and Executive Vice President since December, 1987
and  Chief  Financial Officer since January, 1990.   In  January,
1993,  Mr.  Larson was elected to serve as Secretary of  AFM  and
will continue to serve until December, 2002.  Mr. Larson has been
employed  by  AEI  Fund Management, Inc. and affiliated  entities
since  1985.   From  1979  to 1985, Mr. Larson  was  with  Apache
Corporation as manager of Program Accounting responsible for  the
accounting  and reports for approximately 45 public partnerships.
Mr.   Larson   is  responsible  for  supervising  the  accounting
functions of AFM and the registrant.

ITEM 10.  EXECUTIVE COMPENSATION.

        The General Partner and affiliates are reimbursed at cost
for  all  services performed on behalf of the registrant and  for
all  third party expenses paid on behalf of the registrant.   The
cost for services performed on behalf of the registrant is actual
time  spent  performing such services plus  an  overhead  burden.
These  services include organizing the registrant  and  arranging
for  the  offer  and  sale  of Units,  reviewing  properties  for
acquisition and rendering administrative and management services.


ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT.

        The following table sets forth information pertaining  to
the   ownership  of  the  Units  by  each  person  known  by  the
Partnership to beneficially own 5% or more of the Units, by  each
General  Partner, and by each officer or director of the Managing
General Partner as of February 28, 2002:

     Name and Address                   Number of     Percent
   of Beneficial Owner                  Units Held    of Class

   AEI Fund Management 86-A, Inc.           3            *
   1300 Minnesota World Trade Center
   30 East 7th Street, St. Paul, Minnesota 55101

   Robert P. Johnson                        0            0%
   1300 Minnesota World Trade Center
   30 East 7th Street, St. Paul, Minnesota 55101

   Mark E. Larson                         17.67          *
   1300 Minnesota World Trade Center
   30 East 7th Street, St. Paul, Minnesota 55101

   * Less than 1%

The  persons  set forth in the preceding table hold  sole  voting
power  and power of disposition with respect to all of the  Units
set forth opposite their names.  The General Partners know of  no
holders of more than 5% of the outstanding Units.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

        The  registrant,  AFM  and  its  affiliates  have  common
management and utilize the same facilities.  As a result, certain
administrative  expenses  are  allocated  among   these   related
entities.   All  of  such activities and any  other  transactions
involving the affiliates of the General Partner of the registrant
are  governed  by,  and  are conducted in  conformity  with,  the
limitations set forth in the Limited Partnership Agreement of the
registrant.   Reference  is  made to  Note  3  of  the  Financial
Statements,   as  presented,  and  is  incorporated   herein   by
reference, for details of related party transactions.


ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K AND FORM 8-K/A.

         A. Exhibits
                            Description

    10.1 Net Lease Agreement dated January 10, 1996, between  the
    Partnership  and Huntington Restaurants Group, Inc.  relating
    to   the   property  at  3103  W.  I-30,  Greenville,   Texas
    (incorporated by reference to Exhibit 10.1 of Form 8-K  filed
    on January 17, 1996).

    10.2 Net Lease Agreement dated December 23, 1997 between  the
    Partnership, AEI Net Lease Income & Growth Fund  XIX  Limited
    Partnership,  AEI Real Estate Fund XVIII Limited Partnership,
    AEI  Real  Estate Fund XVII Limited Partnership  and  Champps
    Entertainment, Inc. relating to the property at 301 West  Big
    Beaver  Road,  Troy, Michigan (incorporated by  reference  to
    Exhibit 10.9 of Form 10-KSB on March 23, 1998).


ITEM 13. EXHIBITS  AND  REPORTS ON FORM 8-K AND  FORM  8-K/A. (Continued)

         A. Exhibits
                              Description

    10.3  First Amendment to Net Lease Agreement dated  September
    3,  1998  between  the Partnership, AEI Net  Lease  Income  &
    Growth  Fund  XIX Limited Partnership, AEI Real  Estate  Fund
    XVIII  Limited Partnership, AEI Real Estate Fund XVII Limited
    Partnership and Champps Entertainment, Inc. relating  to  the
    property   at  301  West  Big  Beaver  Road,  Troy,  Michigan
    (incorporated  by reference to Exhibit 10.2 of  Form  8-K  on
    September 15, 1998).

    10.4  Net  Lease  Agreement dated July 14, 1999  between  the
    Partnership and ARAMARK Educational Resources, Inc.  relating
    to  the  property at 7236 Tylers Corner, West  Chester,  Ohio
    (incorporated  by reference to Exhibit 10.3 of  Form  8-K  on
    July 26, 1999).

    10.5  Development  Financing  Agreement  dated  May  8,  2000
    between  the  Partnership, AEI Real Estate Fund XVII  Limited
    Partnership, AEI Net Lease Income & Growth Fund  XIX  Limited
    Partnership,   AEI   Income  &  Growth  Fund   XXII   Limited
    Partnership  and Razzoo's, Inc. relating to the  property  at
    11617   Research   Blvd.,  Austin,  Texas  (incorporated   by
    reference  to Exhibit 10.1 of Form 10-QSB filed on August  2,
    2000).

    10.6  Net  Lease  Agreement dated May  8,  2000  between  the
    Partnership,  AEI Real Estate Fund XVII Limited  Partnership,
    AEI  Net  Lease Income & Growth Fund XIX Limited Partnership,
    AEI  Income  &  Growth  Fund  XXII  Limited  Partnership  and
    Razzoo's,  Inc.  relating to the property at  11617  Research
    Blvd.,  Austin, Texas (incorporated by reference  to  Exhibit
    10.2 of Form 10-QSB filed on August 2, 2000).

    10.7  First Amendment to Net Lease Agreement dated  June  27,
    2001  between  the  Partnership, AEI Real  Estate  Fund  XVII
    Limited  Partnership, AEI Net Lease Income & Growth Fund  XIX
    Limited  Partnership, AEI Income & Growth Fund  XXII  Limited
    Partnership  and Razzoo's, Inc. relating to the  property  at
    11617   Research   Blvd.,  Austin,  Texas  (incorporated   by
    reference  to Exhibit 10.1 of Form 10-QSB filed on August  7,
    2001).

    10.8  Purchase Agreement dated November 7, 2001  between  the
    Partnership  and  Albert and Vivian Martin  relating  to  the
    property   at   1800  Lamar  Alexander  Parkway,   Maryville,
    Tennessee.

    10.9  Property Co-Tenancy Ownership Agreement dated  November
    21,  2001  between  the  Partnership and  Albert  and  Vivian
    Martin  relating  to  the property at  1800  Lamar  Alexander
    Parkway, Maryville, Tennessee.


         B. Reports on Form 8-K and Form 8-K/A - None.


                           SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) of the
Securities  Exchange Act of 1934, the registrant has duly  caused
this  report  to  be  signed on its behalf  by  the  undersigned,
thereunto duly authorized.


                           AEI REAL ESTATE FUND XV
                           Limited Partnership
                           By: AEI Fund Management 86-A, Inc.
                               Its Managing General Partner


March 8, 2002              By:/s/ Robert P. Johnson
                                  Robert  P. Johnson, President and Director
                                  (Principal Executive Officer)


        Pursuant  to the requirements of the Securities  Exchange
Act  of  1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and  on
the dates indicated.

 Name                                Title                          Date


/s/ Robert P. Johnson  President (Principal Executive Officer)  March 8, 2002
    Robert P. Johnson  and Sole Director of Managing General
                       Partner

/s/ Mark E. Larson     Executive Vice President, Treasurer      March 8, 2002
    Mark E. Larson     and Chief Financial Officer
                       (Principal Accounting Officer)