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:  September 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




PART I. Financial Information

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

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

           Income

           Cash Flows

           Changes in Partners' Capital

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis

 Item 3. Controls and Procedures

PART II. Other Information

 Item 1. Legal Proceedings

 Item 2. Changes in Securities

 Item 3. Defaults Upon Senior Securities

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

 Item 5. Other Information

 Item 6. Exhibits and Reports on Form 8-K

         Signatures

<PAGE>
           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                          BALANCE SHEET

            SEPTEMBER 30, 2003 AND DECEMBER 31, 2002

                           (Unaudited)


                             ASSETS
                                                  2003            2002

CURRENT ASSETS:
  Cash and Cash Equivalents                   $   318,461    $   461,388
  Receivables                                      66,142         27,470
  Note Receivable                                 100,000              0
                                               -----------    -----------
      Total Current Assets                        484,603        488,858
                                               -----------    -----------
INVESTMENTS IN REAL ESTATE:
  Land                                          1,865,742      1,428,806
  Buildings and Equipment                       4,119,583      3,581,017
  Accumulated Depreciation                       (783,328)    (1,134,541)
                                               -----------    -----------
                                                5,201,997      3,875,282
  Real Estate Held for Sale                             0        470,000
                                               -----------    -----------
      Net Investments in Real Estate            5,201,997      4,345,282
                                               -----------    -----------
NOTE RECEIVABLE                                         0        100,000
                                               -----------    -----------
          Total Assets                        $ 5,686,600    $ 4,934,140
                                               ===========    ===========


                       LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.        $     8,774    $    54,078
  Distributions Payable                           100,931         88,803
                                               -----------    -----------
      Total Current Liabilities                   109,705        142,881
                                               -----------    -----------
PARTNERS' CAPITAL:
  General Partners                                      0              0
  Limited Partners, $1,000 Unit value;
   7,500 Units authorized and issued;
   7,261Units outstanding                       5,576,895      4,791,259
                                               -----------    -----------
    Total Partners' Capital                     5,576,895      4,791,259
                                               -----------    -----------
     Total Liabilities and Partners' Capital  $ 5,686,600    $ 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 SEPTEMBER 30

                           (Unaudited)

                               Three Months Ended        Nine Months Ended
                              9/30/03      9/30/02     9/30/03       9/30/02

RENTAL INCOME                $ 102,777   $  62,603   $  254,902    $ 187,518

EXPENSES:
   Partnership Administration -
     Affiliates                 22,701      23,947       69,121       91,665
   Partnership Administration
     and Property Management -
     Unrelated Parties           2,318       1,642       17,087       13,687
   Depreciation                 19,234      17,709       45,490       43,965
                              ---------   ---------   ----------    ---------
        Total Expenses          44,253      43,298      131,698      149,317
                              ---------   ---------   ----------    ---------

OPERATING INCOME                58,524      19,305      123,204       38,201

OTHER INCOME:
   Interest Income              30,071       1,037       51,390        3,039
                              ---------   ---------   ----------   ----------
INCOME FROM CONTINUING
   OPERATIONS                   88,595      20,342      174,594       41,240

Income (Loss) from Discontinued
   Operations                     (247)     99,402      933,749      (18,045)
                              ---------   ---------   ----------   ----------
NET INCOME                   $  88,348   $ 119,744   $1,108,343   $   23,195
                              =========   =========   ==========   ==========

NET INCOME ALLOCATED:
   General Partners          $   1,120   $   5,210   $    3,227   $    3,279
   Limited Partners             87,228     114,534    1,105,116       19,916
                              ---------   ---------   ----------   ----------
                             $  88,348   $ 119,744   $1,108,343   $   23,195
                              =========   =========   ==========   ==========

INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT:
   Continuing Operations     $   12.04   $    2.77   $    23.80   $     5.62
   Discontinued Operations        (.03)      13.00       128.40        (2.88)
                              ---------   ---------   ----------   ----------
        Total                $   12.01   $   15.77   $   152.20   $     2.74
                              =========   =========   ==========   ==========
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 SEPTEMBER 30

                           (Unaudited)

                                                       2003          2002

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net  Income                                     $ 1,108,343   $    23,195

   Adjustments to Reconcile Net Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                        55,585       105,291
     Real Estate Impairment                                   0       171,397
     Gain on Sale of Real Estate                       (905,308)      (58,149)
     (Increase) Decrease in Receivables                 (38,672)       21,164
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                       (45,304)        5,690
                                                     -----------   -----------
        Total Adjustments                              (933,699)      245,393
                                                     -----------   -----------
        Net Cash Provided By
           Operating Activities                         174,644       268,588
                                                     -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
      Investments in Real Estate                     (3,722,142)            0
      Proceeds from Sale of Real Estate               3,715,150       147,133
                                                     -----------   -----------
        Net Cash Provided By (Used For)
           Investing Activities                          (6,992)      147,133
                                                     -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Increase (Decrease) in Distributions Payable         12,128       (28,491)
    Distributions to Partners                          (322,707)     (327,926)
                                                     -----------   -----------
        Net Cash Used For
           Financing Activities                        (310,579)     (356,417)
                                                     -----------   -----------
NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                                    (142,927)       59,304

CASH AND CASH EQUIVALENTS, beginning of period          461,388       341,244
                                                     -----------   -----------
CASH AND CASH EQUIVALENTS, end of period            $   318,461   $   400,548
                                                     ===========   ===========

 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 SEPTEMBER 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                (3,279)     (324,647)    (327,926)

  Net Income                    3,279        19,916       23,195
                              --------    ----------   ----------  ----------
BALANCE, September 30, 2002  $      0    $4,871,863   $4,871,863    7,261.00
                              ========    ==========   ==========  ==========


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

  Distributions                (3,227)     (319,480)    (322,707)

  Net Income                    3,227     1,105,116    1,108,343
                              --------    ----------   ----------  ----------
BALANCE, September 30, 2003  $      0    $5,576,895   $5,576,895    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

                       SEPTEMBER 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 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

                       SEPTEMBER 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

                       SEPTEMBER 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

                       SEPTEMBER 30, 2003
                           (Continued)

(5)  Investments in Real Estate -

     On March 3, 2003, the Partnership purchased a parcel of land
     in Pharr, Texas for $781,000. 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
     advanced  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.   The  Partnership  charged
     interest on the advances at a rate of 10%.  On September 30,
     2003,   after  the  development  was  completed,  the  Lease
     Agreement  was amended to require annual rental payments  of
     $200,600.   Total acquisition costs, including the  cost  of
     the land, were $1,994,912.

     On August 27, 2003, the Partnership purchased a 21% interest
     in  a  Garden  Ridge  retail store in Woodlands,  Texas  for
     $1,727,230.  The property is leased to Cypress/GR  Woodlands
     I,  L.P. under a Lease Agreement with a primary term  of  20
     years and annual rental payments of $197,932.  The remaining
     interests in the property were purchased by AEI Real  Estate
     Fund  XVIII  Limited Partnership, AEI Income &  Growth  Fund
     XXII  Limited  Partnership and AEI Income & Growth  Fund  24
     LLC, affiliates of the Partnership.

     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.

     In  July  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  November
     30, 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  September  30, 2003, the  book  value  of  the
     Razzoo's property owned by the Partnership is $682,260.

(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.



           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(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.

(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.


           AEI REAL ESTATE FUND XV LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(7)  Discontinued Operations - (Continued)

     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  the  first  quarter  of 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        Nine Months Ended
                                9/30/03      9/30/02     9/30/03      9/30/02

Rental Income                   $      0   $ 68,865      $ 47,928   $ 208,427
Property Management Expenses        (247)   (11,404)       (9,392)    (51,898)
Depreciation                           0    (16,208)      (10,095)    (61,326)
Real Estate Impairment                 0          0             0    (171,397)
Gain on Disposal of Real Estate        0     58,149       905,308      58,149
                                 --------   --------      --------   ---------
   Income (Loss) from
      Discontinued Operations   $   (247)  $ 99,402      $933,749   $ (18,045)
                                 ========   ========      ========   =========


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

       For the nine months ended September 30, 2003 and 2002, the
Partnership  recognized rental income from continuing  operations
of  $254,902 and $187,518, respectively.  In 2003, rental  income
increased  due  to  additional rent received  from  two  property
acquisitions in 2003 and rent increases on two properties.

       For the nine months ended September 30, 2003 and 2002, the
Partnership  incurred  Partnership administration  expenses  from
affiliated  parties of $69,121 and $91,665, 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  $17,087 and $13,687, 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.

       For the nine months ended September 30, 2003 and 2002, the
Partnership  recognized interest income of  $51,390  and  $3,039,
respectively.   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  July  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 November 30,  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 September 30, 2003, the book value  of
the Razzoo's property owned by the Partnership is $682,260.

        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.
For  the  nine  months ended September 30, 2003, the  Partnership
recognized  income  from  discontinued  operations  of  $933,749,
representing rental income less property management expenses  and
depreciation  of $28,441 and gain on disposal of real  estate  of
$905,308.   For  the nine months ended September  30,  2002,  the
Partnership  recognized  a loss from discontinued  operations  of
$18,045,  representing a real estate impairment loss of $171,397,
which  was  partially  offset  by  rental  income  less  property
management  expenses  and depreciation of  $95,203  and  gain  on
disposal of real estate of $58,149.


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

           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.

        In  the  first quarter of 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.



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

        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.

        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  the  nine months ended September  30,  2003,  the
Partnership's  cash balances decreased $142,927 as  a  result  of
cash  used  to purchase property and distributions  paid  to  the
Partners  in  excess of cash generated from operating activities,
which  were partially offset by cash generated from the  sale  of
property.   During the nine months ended September 30, 2002,  the
Partnership's cash balances increased $59,304 as a result of cash
generated  from the sale of property, which was partially  offset
by distributions paid to the Partners in excess of cash generated
from operating activities.

        Net  cash provided by operating activities decreased from
$268,588 in 2002 to $174,644 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 nine  months  ended
September 30, 2003 and 2002, the Partnership generated cash  flow
from  the  sale  of  real  estate  of  $3,715,150  and  $147,133,
respectively.  During the nine months ended September  30,  2003,
the  Partnership expended $3,722,142 to invest in real properties
(inclusive of acquisition expenses) as the Partnership reinvested
cash generated from property sales.


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

        On  March 3, 2003, the Partnership purchased a parcel  of
land in Pharr, Texas for $781,000. 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.   The
Partnership  charged interest on the advances at a rate  of  10%.
On  September 30, 2003, after the development was completed,  the
Lease Agreement was amended to require annual rental payments  of
$200,600.   Total acquisition costs, including the  cost  of  the
land, were $1,994,912.

        On  August  27,  2003, the Partnership  purchased  a  21%
interest  in a Garden Ridge retail store in Woodlands, Texas  for
$1,727,230.   The property is leased to Cypress/GR  Woodlands  I,
L.P. under a Lease Agreement with a primary term of 20 years  and
annual  rental payments of $197,932.  The remaining interests  in
the property were purchased by AEI Real Estate Fund XVIII Limited
Partnership,  AEI  Income & Growth Fund XXII Limited  Partnership
and   AEI  Income  &  Growth  Fund  24  LLC,  affiliates  of  the
Partnership.

        The  Partnership's primary use of cash flow,  other  than
investment   in  real  estate,  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.

       For the nine months ended September 30, 2003 and 2002, the
Partnership  declared  distributions of  $322,707  and  $327,926,
respectively, which were distributed 99% to the Limited  Partners
and  1%  to the General Partners.  The Limited Partners  received
distributions  of $319,480 and $324,647 and the General  Partners
received  distributions  of $3,227 and $3,279  for  the  periods,
respectively.    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.

        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.

        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.

        On  October  1,  2003,  one Limited  Partner  redeemed  5
Partnership  Units for $1,523 in accordance with the  Partnership
Agreement.  The Partnership acquired these Units using  Net  Cash
Flow  from  operations.  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.


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

       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.

       (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.





                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K

       a. Exhibits -
                             Description

    10.1  First  Amendment  to  the  Net  Lease  Agreement   dated
          September 30, 2003  between the Partnership   and   Kona
          Restaurant Group,  Inc. relating to the  Property at 601
          South Jackson Road, Pharr, Texas.

    10.2  Assignment  of Purchase Agreement dated August  19, 2003
          between the Partnership  and AEI  Fund  Management, Inc.
          relating to the Property at 16778 I-45 South, Woodlands,
          Texas (incorporated by reference to Exhibit 10.1 of Form
          8-K filed on September 6, 2003).

    10.3  Assignment  of Lease, Indemnity and Assumption Agreement
          dated August 27, 2003  between the Partnership, AEI Real
          Estate  Fund  XVIII  Limited  Partnership, AEI Income  &
          Growth Fund XXII Limited Partnership, AEI Income & Growth
          Fund 24 LLC  and Cypress/GR Woodlands  I,  L.P. relating
          to  the  Property  at 16778 I-45 South, Woodlands, Texas
          (incorporated by  reference  to Exhibit 10.2 of Form 8-K
          filed on  September 6, 2003).

    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 - During the   quarter   ended
                                      September  30,  2003,    the
                                      Partnership filed a Form 8-K
                                      dated   September  6,  2003,
                                      reporting the acquisition of
                                      a Garden Ridge retail  store
                                      in Woodlands, Texas.



                           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:  November 11, 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)