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

                           FORM 10-QSB

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

              For the Quarter Ended:  June 30, 2003

                Commission file number:  0-14089


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


 _____State of Delaware_____             __93-0926134__
(State or other Jurisdiction of         (I.R.S. Employer
Incorporation or Organization)        Identification No.)


    30 East 7th Street, Suite 1300, St. Paul, Minnesota 55101
             (Address of Principal Executive Offices)

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


            ______________Not Applicable_____________
 (Former name, former address and former fiscal year, if changed
                       since last report)

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 preceding 12 months (or for such shorter  period
that  the registrant was required to file such reports), and  (2)
has  been  subject to such filing requirements for  the  past  90
days.

                    Yes  __X__     No  _____

         Transitional Small Business Disclosure Format:

                    Yes  _____     No  __X__




           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP


                              INDEX


                                                     Page

PART I.  Financial Information

    Item 1. Balance Sheet as of June 30, 2003
            and December 31, 2002                     3

        Statements for the Periods ended June 30, 2003 and 2002:

           Income                                     4

           Cash Flows                                 5

           Changes in Partners' Capital               6

        Notes to Financial Statements               7 - 12

    Item 2. Management's Discussion and Analysis   13 - 17

    Item 3. Controls and Procedures                17 - 18

PART II. Other Information

    Item 1. Legal Proceedings                         18

    Item 2. Changes in Securities                     18

    Item 3. Defaults Upon Senior Securities           18

    Item 4. Submission of Matters to a Vote of
            Security Holders                          18

    Item 5. Other Information                         18

    Item 6. Exhibits and Reports on Form 8-K          18

        Signatures                                    19


<PAGE>
           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                          BALANCE SHEET

               JUNE 30, 2003 AND DECEMBER 31, 2002

                           (Unaudited)

                             ASSETS
                                             2003       2002

CURRENT ASSETS:
  Cash and Cash Equivalents              $2,479,033  $  461,388
  Receivables                                36,006      27,470
  Note Receivable                           100,000           0
                                          ---------   ---------
      Total Current Assets                2,615,039     488,858
                                          ---------   ---------
INVESTMENTS IN REAL ESTATE:
  Land                                    1,358,002   1,428,806
  Buildings and Equipment                 1,677,236   3,581,017
  Construction in Progress                  837,723           0
  Accumulated Depreciation                 (764,094) (1,134,541)
                                          ---------   ---------
                                          3,108,867   3,875,282
  Real Estate Held for Sale                       0     470,000
                                          ---------   ---------
      Net Investments in Real Estate      3,108,867   4,345,282
                                          ---------   ---------
NOTE RECEIVABLE                                   0     100,000
                                          ---------  ---------
          Total Assets                   $5,723,906  $4,934,140
                                           ========    ========


                LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.   $   22,525  $   54,078
  Distributions Payable                     100,854      88,803
                                          ---------   ---------
      Total Current Liabilities             123,379     142,881
                                          ---------   ---------
PARTNERS' CAPITAL:
  General Partners                                0           0
  Limited Partners, $1,000 Unit value;
     7,500 Units authorized and issued;
     7,261Units outstanding               5,600,527   4,791,259
                                          ---------   ---------
      Total Partners' Capital             5,600,527   4,791,259
                                          ---------   ---------
          Total Liabilities and
             Partners' Capital           $5,723,906  $4,934,140
                                           ========    ========

 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 PERIODS ENDED JUNE 30

                           (Unaudited)

                                 Three Months Ended    Six Months Ended
                                 6/30/03    6/30/02    6/30/03  6/30/02

RENTAL INCOME                   $ 83,107  $  62,604   $ 161,525 $124,915

EXPENSES:
   Partnership Administration -
    Affiliates                    14,114     30,839      46,420   67,718
   Partnership Administration
    and Property Management -
    Unrelated Parties              4,519      4,095      14,769   12,045
   Depreciation                   13,128     13,128      26,256   26,256
                                 -------    -------     -------  -------
        Total Expenses            31,761     48,062      87,445  106,019
                                 -------    -------     -------  -------

OPERATING INCOME                  51,346     14,542      74,080   18,896

OTHER INCOME:
   Interest Income                15,067        950      21,319    2,002
                                 -------    -------     -------  -------
INCOME FROM CONTINUING
   OPERATIONS                     66,413     15,492      95,399   20,898

Income (Loss) from Discontinued
   Operations                     (6,104)  (162,423)    924,596 (117,447)
                                 -------    -------     -------  -------
NET INCOME (LOSS)                $60,309 $ (146,931) $1,019,995 $(96,549)
                                  ======     ======     =======  =======

NET INCOME (LOSS) ALLOCATED:
   General Partners              $ 1,120 $   (2,435) $    2,107 $ (1,931)
   Limited Partners               59,189   (144,496)  1,017,888  (94,618)
                                 -------    -------     -------  -------
                                 $60,309 $ (146,931) $1,019,995 $(96,549)
                                  ======     ======     =======   ======

INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT:
Continuing Operations            $  9.06 $     2.10  $    13.01 $   2.82
Discontinued Operations             (.91)    (22.00)     127.18   (15.85)
                                 -------    -------     ------- -------
        Total                     $ 8.15 $   (19.90) $   140.19 $ (13.03)
                                  ======     ======      ======   ======
Weighted Average Units
 Outstanding                       7,261      7,261       7,261    7,261
                                  ======     ======      ======   ======

 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 PERIODS ENDED JUNE 30

                           (Unaudited)

                                                2003       2002

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income (Loss)                        $ 1,019,995 $  (96,549)

   Adjustments to Reconcile Net Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                36,351     71,374
     Gain on Sale of Real Estate               (905,308)         0
     Real Estate Impairment                           0    171,397
     (Increase) Decrease in Receivables          (8,536)    21,164
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.               (31,553)    23,381
     Increase in Deferred Income                      0     11,930
                                                -------    -------
        Total Adjustments                      (909,046)   299,246
                                                -------    -------
        Net Cash Provided By
           Operating Activities                 110,949    202,697
                                                -------    -------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Investments in Real Estate               (1,609,778)         0
    Proceeds from Sale of Real Estate         3,715,150          0
                                               --------   --------
        Net Cash Provided By
           Investing Activities               2,105,372          0
                                               --------   --------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase (Decrease) in Distributions Payable  12,051    (28,491)
   Distributions to Partners                   (210,727)  (229,178)
                                                -------    -------
        Net Cash Used For
           Financing Activities                (198,676)  (257,669)
                                                -------    -------
NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                           2,017,645    (54,972)

CASH AND CASH EQUIVALENTS,
beginning of period                             461,388    341,244
                                                -------    -------
CASH AND CASH EQUIVALENTS,
end  of  period                              $2,479,033  $ 286,272
                                               ========   ========

 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 PERIODS ENDED JUNE 30

                           (Unaudited)


                                                                    Limited
                                                                  Partnership
                            General    Limited                       Units
                            Partners   Partners       Total       Outstanding


BALANCE, December 31, 2001  $     0  $5,176,594     $5,176,594     7,261.00

  Distributions              (2,292)   (226,886)      (229,178)

  Net Loss                   (1,931)    (94,618)       (96,549)
                            --------  ---------      ---------    ---------
BALANCE, June 30, 2002      $(4,223) $4,855,090     $4,850,867     7,261.00
                            =======    ========       ========     ========


BALANCE, December 31, 2002  $     0  $4,791,259     $4,791,259     7,261.00

  Distributions              (2,107)   (208,620)      (210,727)

  Net Income                  2,107   1,017,888      1,019,995
                            --------  ---------      ---------    ---------
BALANCE, June 30, 2003      $     0  $5,600,527     $5,600,527     7,261.00
                            =======    ========       ========     ========







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

                  NOTES TO FINANCIAL STATEMENTS

                          JUNE 30, 2003

                           (Unaudited)


(1)The  condensed  statements included herein have been  prepared
   by  the Partnership, without audit, pursuant to the rules  and
   regulations  of  the Securities and Exchange  Commission,  and
   reflect   all  adjustments  which  are,  in  the  opinion   of
   management,  necessary to a fair statement of the  results  of
   operations for the interim period, on a basis consistent  with
   the  annual audited statements.  The adjustments made to these
   condensed   statements  consist  only  of   normal   recurring
   adjustments.   Certain information, accounting  policies,  and
   footnote    disclosures   normally   included   in   financial
   statements  prepared  in  accordance with  generally  accepted
   accounting principles have been condensed or omitted  pursuant
   to  such  rules  and  regulations,  although  the  Partnership
   believes  that  the  disclosures  are  adequate  to  make  the
   information  presented not misleading.  It is  suggested  that
   these  condensed financial statements be read  in  conjunction
   with  the  financial statements and the summary of significant
   accounting  policies  and  notes  thereto  included   in   the
   Partnership's latest annual report on Form 10-KSB.

(2)  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  call   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 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 Limited Partners will be  made
     pro rata by Units.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                          JUNE 30, 2003
                           (Continued)

(2)  ORGANIZATION - (Continued)

     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.

     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, 100% to the Limited 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.

           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                          JUNE 30, 2003
                           (Continued)

(3)  SUMMARY OF REAL ESTATE ACCOUNTING POLICIES -

     The  Partnership's real estate is leased  under  triple  net
     leases  classified as operating leases.  The leases  provide
     for   base   annual  rental  payments  payable  in   monthly
     installments.   The  Partnership recognizes  rental  revenue
     according to the terms of the individual leases.  For leases
     which  contain  stated rental increases, the  increases  are
     recognized   in  the  year  in  which  they  are  effective.
     Contingent   rental   payments  are  recognized   when   the
     contingencies on which the payments are based are  satisfied
     and  the rental payments become due under the terms  of  the
     leases.

     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  probability-
     weighted  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.

     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.

     In   accordance  with  Statement  of  Financial   Accounting
     Standards No. 144, Accounting for the Impairment or Disposal
     of  Long-Lived Assets, upon complete disposal of a  property
     or  classification  of a property as Real  Estate  Held  for
     Sale,  the  Partnership includes the operating  results  and
     sale  of  the  property  in  discontinued  operations.    In
     addition,  the  Partnership reclassifies the  prior  periods
     operating  results and any partial sales of the property  to
     discontinued operations.

     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.

(4)  RECLASSIFICATION -

     Certain items in the prior year's financial statements  have
     been  reclassified  to conform to 2003 presentation.   These
     reclassifications  had no effect on Partners'  capital,  net
     income or cash flows.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                          JUNE 30, 2003
                           (Continued)

(5)  INVESTMENTS IN REAL ESTATE -

     On March 3, 2003, the Partnership purchased a parcel of land
     in   Pharr,   Texas  for  $772,055,  including   acquisition
     expenses. The Partnership obtained title to the land in  the
     form  of  an  undivided fee simple interest.   The  land  is
     leased  to Kona Restaurant Group, Inc. (KRG) under  a  Lease
     Agreement with a primary term of 17 years and annual  rental
     payments  of  $78,100.  Simultaneously with the purchase  of
     the   land,  the  Partnership  entered  into  a  Development
     Financing Agreement under which the Partnership will advance
     funds  to  KRG  for  the construction of a  Johnny  Carino's
     restaurant   on  the  site.  Pursuant  to  the  Lease,   any
     improvements to the land during the term of the Lease become
     the  property  of the lessor.  Through June  30,  2003,  the
     Partnership  had  advanced $837,723 for the construction  of
     the property and was charging interest on the advances at  a
     rate of 10.0%.  The total purchase price, including the cost
     of  the  land, will be approximately $2,125,000.  After  the
     construction  is  complete,  the  Lease  Agreement  will  be
     amended  to  require annual rental payments of approximately
     $212,500.

     During  the  first  six  months  of  2002,  the  Partnership
     distributed $65,206 of net sale proceeds to the Limited  and
     General   Partners  as  part  of  their  regular   quarterly
     distributions which represented a return of capital of $8.89
     per   Limited  Partnership  Unit.  The  remaining  net  sale
     proceeds will either be reinvested in additional property or
     distributed to the Partners in the future.

     Subsequent  to  June 30, 2003, the lessee  of  the  Razzoo's
     restaurant  in  Austin, Texas notified the Partnership  that
     they  are experiencing financial difficulty and may  not  be
     able  to  pay  future  rents.  However,  rents  are  current
     through August 31, 2003 and the Partnership holds a personal
     guarantee  from the majority shareholder of the  lessee  for
     payment  of  all rents.  The personal guarantee  expires  on
     June 27, 2004.  Due to this notification, the Partnership is
     evaluating the lease and property value and has decided that
     it  is  premature to recognize an impairment  loss  at  this
     time.   It  is  reasonably possible that this  decision  may
     change  in the future.  At June 30, 2003, the book value  of
     the Razzoo's property owned by the Partnership is $685,862.

(6)  NOTE RECEIVABLE -

     On  December 27, 2002, the Partnership received a Promissory
     Note  for $100,000 as part of a lease termination settlement
     with Huntington Restaurants Group, Inc. (HRG), the lessee of
     the  Denny's  restaurant.  The Note  is  guaranteed  by  the
     owners  of  HRG.  The Note bears interest at an  8.0%  rate.
     The principal and interest are due June 24, 2004.

(7)  PAYABLE TO AEI FUND MANAGEMENT -

     AEI  Fund  Management, Inc. performs the administrative  and
     operating functions for the Partnership.  The payable to AEI
     Fund   Management  represents  the  balance  due  for  those
     services.    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

                          JUNE 30, 2003
                           (Continued)

(8)  DISCONTINUED OPERATIONS -

     In  May 2001, Huntington Restaurants Group, Inc. (HRG),  the
     lessee  of  the  Denny's  restaurant in  Greenville,  Texas,
     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.   For  the
     years  ended  December 31, 2002 and 2001, HRG owed  $127,196
     and  $72,912  for past due rent, which was not  accrued  for
     financial  reporting purposes.  For the year ended  December
     31,  2002,  the Partnership incurred $53,514 of real  estate
     tax  expense  related  to 2001 and 2002  taxes  due  on  the
     property.   Due  to  the  uncertainty  of  collection,   the
     Partnership  expensed  the taxes,  which  are  normally  the
     responsibility of the lessee.

     As  of  June  30,  2002,  based on  an  analysis  of  market
     conditions in the area, it was determined the fair value  of
     the  Denny's restaurant was approximately $700,000.  In  the
     second  quarter  of  2002, a charge to operations  for  real
     estate  impairment of $171,397 was recognized which  is  the
     difference  between  the book value  at  June  30,  2002  of
     $871,397  and  the estimated fair value of  $700,000.    The
     charge  was recorded against the cost of the land,  building
     and equipment.

     In   November  2002,  HRG  closed  the  restaurant  due   to
     continuing  operating losses and indicated that if  HRG  was
     forced to file for bankruptcy protection, the Lease would be
     rejected.   After reviewing the financial condition  of  HRG
     and its owners and the operating results of the property, in
     December 2002, the Partnership reached a settlement with the
     parties  to terminate the Lease and release the owners  from
     their  Lease  guarantee.  The Partnership  received  a  cash
     payment of $66,896 and a $100,000 Promissory Note from  HRG,
     which was guaranteed by its owners.  The Partnership applied
     $28,963  of the payment against the real estate tax  expense
     discussed    above.    The   balance   of   the   settlement
     consideration  of $137,933 is shown as Lease  Settlement  on
     the  Income Statement for the year ended December 31,  2002.
     While   the   property  was  vacant,  the  Partnership   was
     responsible  for real estate taxes and other costs  required
     to maintain the property.

     On  December  30,  2002,  the Partnership  entered  into  an
     agreement  to sell the property for $500,000 to an unrelated
     third  party.  In the fourth quarter of 2002,  a  charge  to
     operations  for  real  estate  impairment  of  $220,837  was
     recognized, which was the difference between the book  value
     at  December 31, 2002 of $690,837 and the estimated net sale
     proceeds  of  $470,000. The charge was recorded against  the
     cost  of  the land and building.  At December 31, 2002,  the
     land  and  building were classified as Real Estate Held  for
     Sale.  On May 22, 2003, the sale closed with the Partnership
     receiving net sale proceeds of $467,789, which resulted in a
     net  loss  of  $2,211.  At the time of sale,  the  cost  and
     related  accumulated depreciation was $636,198 and $166,198,
     respectively.

     On  September  4, 2002, the Partnership sold  its  remaining
     10.0523%  interest in the Tractor Supply  Company  store  in
     Maryville,  Tennessee  to  an unrelated  third  party.   The
     Partnership  received net sale proceeds of  $147,133,  which
     resulted  in  a net gain of $58,149.  The cost  and  related
     accumulated  depreciation of the interest sold was  $110,276
     and $21,292, respectively.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                          JUNE 30, 2003
                           (Continued)

(8)  DISCONTINUED OPERATIONS - (Continued)

     In  January  and  February 2003, the  Partnership  sold  its
     26.05%  interest  in  the Champps Americana  restaurant,  in
     eight  separate  transactions, to unrelated  third  parties.
     The   Partnership  received  total  net  sale  proceeds   of
     $1,776,832,  which resulted in a net gain of $585,894.   The
     total  cost  and  related accumulated  depreciation  of  the
     interests sold was $1,330,265 and $139,327, respectively.

     On  February  1,  2003,  the  Partnership  entered  into  an
     agreement to sell the JEMCARE Learning Center to the lessee.
     On  March  7,  2003,  the sale closed with  the  Partnership
     receiving net sale proceeds of $247,219, which resulted in a
     net  gain  of  $9,595.  At the time of sale,  the  cost  and
     related  accumulated depreciation was $417,213 and $179,589,
     respectively.

     On  February  3,  2003,  the  Partnership  entered  into  an
     agreement  to  sell the Children's World daycare  center  in
     West Chester, Ohio to an unrelated third party.  On March 4,
     2003,  the  sale closed with the Partnership  receiving  net
     sale proceeds of $1,223,310, which resulted in a net gain of
     $312,030.   At  the  time  of sale,  the  cost  and  related
     accumulated   depreciation   was   $999,162   and   $87,882,
     respectively.

     The financial results for these properties are reflected  as
     Discontinued   Operations  in  the  accompanying   financial
     statements.  The results of discontinued operations  are  as
     follows:

                                Three Months Ended      Six Months Ended
                                6/30/03    6/30/02      6/30/03  6/30/02

Rental Income                   $    0   $ 69,801     $ 38,528  $ 139,562
Property Management Expenses    (3,893)   (38,268)      (9,145)   (40,494)
Depreciation                         0    (22,559)     (10,095)   (45,118)
Real Estate Impairment               0   (171,397)           0   (171,397)
Gain on Disposal of Real Estate (2,211)         0      905,308          0
                               -------    -------      -------    -------
 Income from Discontinued
   Operations                  $(6,104)$ (162,423)    $924,596  $(117,447)
                                ======    =======      =======    =======

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS

        The 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 the Partners;

       - 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.

The Application of Critical Accounting Policies

        The preparation of the Partnership's financial statements
requires  management to make estimates and assumptions  that  may
affect the reported amounts of assets, liabilities, revenues  and
expenses,  and  related  disclosure  of  contingent  assets   and
liabilities. Management evaluates these estimates on  an  ongoing
basis,  including  those related to the carrying  value  of  real
estate  and  the  allocation  by AEI  Fund  Management,  Inc.  of
expenses  to  the  Partnership as opposed  to  other  funds  they
manage.

        The Partnership purchases properties and records them  in
the  financial  statements  at the lower  of  cost  or  estimated
realizable   value.   The  Partnership  initially   records   the
properties  at cost (including capitalized acquisition expenses).
The Partnership is required to periodically evaluate the carrying
value  of properties to determine whether their realizable  value
has  declined.   For  properties the Partnership  will  hold  and
operate, management determines whether impairment has occurred by
comparing the property's probability-weighted cash flows  to  its
current carrying value.  For properties held for sale, management
determines  whether  impairment has  occurred  by  comparing  the
property's estimated fair value less cost to sell to its  current
carrying  value.   If  the carrying value  is  greater  than  the
realizable  value, an impairment loss is recorded to  reduce  the
carrying value of the property to its realizable value.  A change
in  these assumptions or analysis could cause material changes in
the carrying value of the properties.

       AEI Fund Management Inc. allocates expenses to each of the
funds  they manage primarily on the basis of the number of  hours
devoted  by  their employees to each fund's affairs.   They  also
allocate  expenses at the end of each month that are not directly
related to a fund's operations based upon the number of investors
in the fund and the fund's capitalization relative to other funds
they  manage.  The Partnership reimburses these expenses  subject
to detailed limitations contained in the Partnership Agreement.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

         Management   of  the  Partnership  has   discussed   the
development  and selection of the above accounting estimates  and
the management discussion and analysis disclosures regarding them
with the managing partner of the Partnership.

Results of Operations

        Management's  discussion of the  results  of  operations,
liquidity and capital resources for the six months ended June 30,
2003  and  2002  includes  comparisons of  total  rental  income,
expenses  and  gains (losses) on sales of real  estate  resulting
from  both  Continuing  and Discontinued  Operations.   Reference
should  be  made  to  Note 8 of the Financial  Statements  for  a
summary of the components of Discontinued Operations.

        For  the  six  months ended June 30, 2003 and  2002,  the
Partnership  recognized rental income of $200,053  and  $264,477,
respectively.   During the same periods, the  Partnership  earned
interest  income of $21,319 and $2,002, respectively.   In  2003,
rental income decreased due to property sales.  This decrease  in
rental  income  was partially offset by additional rent  received
from  one property acquisition in 2003 and rent increases on  two
properties.   In  2003,  interest income  increased  due  to  the
Partnership receiving interest from construction advances, having
more  money  invested in a money market account due  to  property
sales and interest accrued on the Note Receivable.

       In May 2001, Huntington Restaurants Group, Inc. (HRG), the
lessee  of the Denny's restaurant in Greenville, Texas,  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.  For the years ended December 31, 2002 and
2001, HRG owed $127,196 and $72,912 for past due rent, which  was
not accrued for financial reporting purposes.  For the year ended
December  31,  2002,  the Partnership incurred  $53,514  of  real
estate  tax  expense related to 2001 and 2002 taxes  due  on  the
property.   Due to the uncertainty of collection, the Partnership
expensed the taxes, which are normally the responsibility of  the
lessee.

        As  of  June  30,  2002, based on an analysis  of  market
conditions in the area, it was determined the fair value  of  the
Denny's  restaurant was approximately $700,000.   In  the  second
quarter  of  2002,  a  charge  to  operations  for  real   estate
impairment  of  $171,397 was recognized which is  the  difference
between  the  book  value at June 30, 2002 of  $871,397  and  the
estimated  fair  value  of $700,000.   The  charge  was  recorded
against the cost of the land, building and equipment.

        In  November  2002,  HRG closed  the  restaurant  due  to
continuing operating losses and indicated that if HRG was  forced
to  file  for bankruptcy protection, the Lease would be rejected.
After reviewing the financial condition of HRG and its owners and
the  operating  results of the property, in  December  2002,  the
Partnership  reached a settlement with the parties  to  terminate
the Lease and release the owners from their Lease guarantee.  The
Partnership  received a cash payment of $66,896  and  a  $100,000
Promissory  Note from HRG, which was guaranteed  by  its  owners.
The  Partnership applied $28,963 of the payment against the  real
estate   tax  expense  discussed  above.   The  balance  of   the
settlement consideration of $137,933 is shown as Lease Settlement
on  the  Income Statement for the year ended December  31,  2002.
While  the  property was vacant, the Partnership was  responsible
for  real  estate taxes and other costs required to maintain  the
property.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        On  December  30, 2002, the Partnership entered  into  an
agreement to sell the property for $500,000 to an unrelated third
party.  In the fourth quarter of 2002, a charge to operations for
real estate impairment of $220,837 was recognized, which was  the
difference  between  the  book value  at  December  31,  2002  of
$690,837  and  the estimated net sale proceeds of  $470,000.  The
charge  was  recorded against the cost of the land and  building.
At  December  31, 2002, the land and building were classified  as
Real Estate Held for Sale.  On May 22, 2003, the sale closed with
the  Partnership  receiving net sale proceeds of $467,789,  which
resulted in a net loss of $2,211.  At the time of sale, the  cost
and  related accumulated depreciation was $636,198 and  $166,198,
respectively.

        Subsequent  to June 30, 2003, the lessee of the  Razzoo's
restaurant  in Austin, Texas notified the Partnership  that  they
are  experiencing financial difficulty and may not be able to pay
future rents.  However, rents are current through August 31, 2003
and  the Partnership holds a personal guarantee from the majority
shareholder of the lessee for payment of all rents.  The personal
guarantee  expires  on June 27, 2004.  Due to this  notification,
the  Partnership is evaluating the lease and property  value  and
has  decided that it is premature to recognize an impairment loss
at  this time.  It is reasonably possible that this decision  may
change  in the future.  At June 30, 2003, the book value  of  the
Razzoo's property owned by the Partnership is $685,862.

        During  the six months ended June 30, 2003 and 2002,  the
Partnership   paid   Partnership   administration   expenses   to
affiliated  parties of $46,420 and $67,718, 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  $23,914 and $52,539, 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.  The  decrease
in  these expenses in 2003, when compared to 2002, is the  result
of  expenses  incurred in 2002 related to the  Denny's  situation
discussed above.

        As  of  June 30, 2003, the Partnership's annualized  cash
distribution  rate  was  6.5%,  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.

        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.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

Liquidity and Capital Resources

         During   the  six  months  ended  June  30,  2003,   the
Partnership's cash balances increased $2,017,645 as a  result  of
cash  generated  from the sale of property, which  was  partially
offset  by cash used to purchase property and distributions  paid
to  the  Partners  in  excess of cash  generated  from  operating
activities.  Net cash provided by operating activities  decreased
from  $202,697  in  2002 to $110,949 in 2003 as  a  result  of  a
decrease  in  total rental and interest income in  2003  and  net
timing differences in the collection of payments from the lessees
and  the  payment of expenses, which were partially offset  by  a
decrease in Partnership administration expenses in 2003.

        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 six months ended  June
30,  2003, the Partnership generated cash flow from the  sale  of
real estate of $3,715,150.  During the six months ended June  30,
2003,  the  Partnership expended $1,609,778  to  invest  in  real
properties (inclusive of acquisition expenses) as the Partnership
reinvested cash generated from property sales.

        On  September 4, 2002, the Partnership sold its remaining
10.0523%  interest  in  the  Tractor  Supply  Company  store   in
Maryville,   Tennessee  to  an  unrelated   third   party.    The
Partnership  received  net  sale  proceeds  of  $147,133,   which
resulted  in  a  net  gain  of $58,149.   The  cost  and  related
accumulated  depreciation of the interest sold was  $110,276  and
$21,292, respectively.

        In  January and February 2003, the Partnership  sold  its
26.05%  interest  in the Champps Americana restaurant,  in  eight
separate   transactions,  to  unrelated  third  parties.      The
Partnership received total net sale proceeds of $1,776,832, which
resulted  in a net gain of $585,894.  The total cost and  related
accumulated depreciation of the interests sold was $1,330,265 and
$139,327, respectively.

        On  February  1,  2003, the Partnership entered  into  an
agreement to sell the JEMCARE Learning Center to the lessee.   On
March 7, 2003, the sale closed with the Partnership receiving net
sale  proceeds  of  $247,219, which resulted in  a  net  gain  of
$9,595.   At  the time of sale, the cost and related  accumulated
depreciation was $417,213 and $179,589, respectively.

        On  February  3,  2003, the Partnership entered  into  an
agreement  to  sell the Children's World daycare center  in  West
Chester, Ohio to an unrelated third party.  On March 4, 2003, the
sale  closed with the Partnership receiving net sale proceeds  of
$1,223,310,  which resulted in a net gain of  $312,030.   At  the
time  of sale, the cost and related accumulated depreciation  was
$999,162 and $87,882, respectively.

        During  the  first  six months of 2002,  the  Partnership
distributed  $65,206  of net sale proceeds  to  the  Limited  and
General Partners as part of their regular quarterly distributions
which  represented  a  return of capital  of  $8.89  per  Limited
Partnership Unit. The remaining net sale proceeds will either  be
reinvested in additional property or distributed to the  Partners
in the future.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS.  (Continued)

        On  March 3, 2003, the Partnership purchased a parcel  of
land   in   Pharr,  Texas  for  $772,055,  including  acquisition
expenses. The Partnership obtained title to the land in the  form
of  an undivided fee simple interest.  The land is leased to Kona
Restaurant  Group,  Inc.  (KRG) under a Lease  Agreement  with  a
primary  term of 17 years and annual rental payments of  $78,100.
Simultaneously  with  the purchase of the land,  the  Partnership
entered  into a Development Financing Agreement under  which  the
Partnership will advance funds to KRG for the construction  of  a
Johnny  Carino's restaurant on the site. Pursuant to  the  Lease,
any  improvements to the land during the term of the Lease become
the   property  of  the  lessor.   Through  June  30,  2003,  the
Partnership  had  advanced $837,723 for the construction  of  the
property and was charging interest on the advances at a  rate  of
10.0%.  The total purchase price, including the cost of the land,
will  be  approximately $2,125,000.  After  the  construction  is
complete,  the Lease Agreement will be amended to require  annual
rental payments of approximately $212,500.

       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.   Effective  April 1, 2002, the Partnership's  distribution
rate  was decreased from 7.5% to 5.7%.  Effective April 1,  2003,
the  Partnership's distribution rate was increased from  5.7%  to
6.5%.   The  net effect of the two distribution rate changes  was
distributions were lower in 2003, when compared to 2002.

        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 2002, the Partnership did not redeem any units from
the  Limited  Partners.  In prior years, a total  of  31  Limited
Partners  redeemed  239  Partnership  Units  for  $145,751.   The
redemptions  increase the remaining Limited  Partners'  ownership
interest 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.


ITEM 3.   CONTROLS AND PROCEDURES.

       (a) Evaluation of disclosure controls and procedures

        Under  the  supervision  and with  the  participation  of
management, including its President and Chief Financial  Officer,
the  Managing  General Partner of the Partnership  evaluated  the
effectiveness  of  the  design and operation  of  its  disclosure
controls  and procedures (as defined in Rule 13a-14(c) under  the
Exchange  Act).   Based upon that evaluation, the  President  and
Chief Financial Officer of the Managing General Partner concluded
that,  as  of  the end of the period covered by this report,  the
disclosure  controls  and  procedures  of  the  Partnership   are
adequately  designed to ensure that information  required  to  be
disclosed  by  us  in  the reports we file or  submit  under  the
Exchange  Act  is recorded, processed, summarized  and  reported,
within the time periods specified in applicable rules and forms.

ITEM 3.   CONTROLS AND PROCEDURES. (Continued)

       (b)  Changes in internal controls

         There   were   no  significant  changes  made   in   the
Partnership's  internal controls during the  most  recent  period
covered  by  this  report that have materially affected,  or  are
reasonably   likely  to  materially  affect,  the   Partnership's
internal control over financial reporting.



                   PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

       There  are no material pending legal proceedings to  which
  the  Partnership  is  a  party or of  which  the  Partnership's
  property is subject.

ITEM 2. CHANGES IN SECURITIES

      None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None.

ITEM 5. OTHER INFORMATION

      None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

       a. Exhibits -
                             Description

    31.1 Certification  of  Chief Executive  Officer  of  General
    Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
    Section 302 of the Sarbanes-Oxley Act of 2002.

    31.2 Certification  of  Chief Financial  Officer  of  General
    Partner pursuant to Rule 15d-14(a)(17 CFR 240.15d-14(a))  and
    Section 302 of the Sarbanes-Oxley Act of 2002.

    32   Certification of Chief  Executive  Officer   and   Chief
    Financial Officer of General Partner pursuant to Section  906
    of the Sarbanes-Oxley Act of 2002.

       b. Reports filed on Form 8-K -     None.


                           SIGNATURES

        In  accordance with the requirements of the Exchange Act,
the  Registrant has caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.


Dated:  August 8, 2003        AEI Real Estate Fund XV
                              Limited Partnership
                              By:  AEI Fund Management 86-A, Inc.
                              Its: Managing General Partner


                              By:  /s/ Robert P. Johnson
                                       Robert P. Johnson
                                       President
                                       (Principal Executive Officer)



                              By:  /s/ Patrick W. Keene
                                       Patrick W. Keene
                                       Chief Financial Officer
                                       (Principal Accounting Officer)