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

                                    FORM 10-Q


                                   (Mark One)

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

                For the quarterly period ended      June 30, 2002
                                               ------------------

                                       OR

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

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


                           Commission File No. 0-21396

                             AFG INVESTMENT TRUST A
                             ----------------------
             (Exact name of registrant as specified in its charter)


  Delaware                                                           04-3145953
    (State or other jurisdiction of                             (IRS Employer
   incorporation or organization)                         Identification No.)

         1050 Waltham Street, Suite 310, Lexington, MA            02421
   (Address of principal executive offices)                        (Zip Code)

Registrant's  telephone  number,  including  area  code     (781)  676-0009
                                                        -------------------

88  Broad  Street,  Boston,  MA    02110
----------------------------------------
(Former  name,  former  address  and  former  fiscal year, if changed since last
report.)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding  12  months  (or  for such shorter period that the registrant was
required  to  file  such  reports),  and  (2)  has  been  subject to such filing
requirements  for  the  past  90  days.
Yes    X  No
   -----


<PAGE>


                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                                      INDEX



<TABLE>
<CAPTION>


PART I. FINANCIAL INFORMATION:                                             Page
                                                                           ----
<S>                                                                        <C>
     Item 1. Financial Statements

                Statement of Financial Position
                at June 30, 2002 and December 31, 2001                        3

                Statement of Operations
                for the three and six months ended June 30, 2002 and 2001     4

                Statement of Changes in Participants' Capital
                for the six months ended June 30, 2002                        5

                Statement of Cash Flows
                for the six months ended June 30, 2002 and 2001               6

                Notes to the Financial Statements                             7


     Item 2. Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                         17

     Item 3. Quantitative and Qualitative Disclosures about Market Risk      27


PART II. OTHER INFORMATION:

     Item 1 - 6                                                              28
</TABLE>



















<PAGE>


                             AFG INVESTMENT TRUST A

                         STATEMENT OF FINANCIAL POSITION

                       JUNE 30, 2002 AND DECEMBER 31, 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                           June 30,     December 31,
                                                             2002           2001

ASSETS
<S>                                                       <C>          <C>

Cash and cash equivalents                                 $  628,646   $     587,819
Rents receivable                                               6,545           4,918
Accounts receivable - affiliate                               12,239          24,231
Interest receivable - affiliate                               11,527          11,654
Note receivable - affiliate                                  462,353         462,353
Investment securities - affiliate                             34,809          39,841
Interest in EFG Kirkwood LLC                                 939,418         750,685
Interest in MILPI Holdings, LLC                            2,401,079       2,505,464
Investments - other                                           51,891          51,891
Other assets                                                   7,683             714
Equipment at cost, net of accumulated depreciation
  of $1,962,806 and $1,477,696 at June 30, 2002
  and December 31, 2001, respectively                        405,049         929,827
                                                          -----------  --------------

      Total assets                                        $4,961,239   $   5,369,397
                                                          ===========  ==============


LIABILITIES AND PARTICIPANTS' CAPITAL

Notes payable                                             $  365,015   $     420,027
Accrued interest                                                 599             460
Accrued liabilities                                           69,568          95,978
Accrued liabilities - affiliates                              38,787          72,471
Deferred rental income                                         8,300           8,312
                                                          -----------  --------------
     Total liabilities                                       482,269         597,248
                                                          -----------  --------------


Participants' capital (deficit):
   Managing Trustee                                           (6,841)        (11,388)
   Special Beneficiary                                             -         (66,137)
   Class A Beneficiary interests (482,016 interests;
     initial purchase price of $25 each)                   5,125,254       5,772,667
   Class B Beneficiary interests (826,072 interests;
     initial purchase price of $5 each)                            -        (288,582)
   Treasury interests (67,202 Class A interests at cost)    (634,411)       (634,411)
   Accumulated other comprehensive loss                       (5,032)              -
                                                          -----------  --------------
     Total participants' capital                           4,478,970       4,772,149
                                                          -----------  --------------

     Total liabilities and participants' capital          $4,961,239   $   5,369,397
                                                          ===========  ==============
</TABLE>






   The accompanying notes are an integral part of these financial statements.

<PAGE>



                             AFG INVESTMENT TRUST A

                             STATEMENT OF OPERATIONS

            FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 AND 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                    For the three months ended          For the six months ended
                                                               June 30,                        June 30,

                                                       2002            2001            2002            2001
..
INCOME
<S>                                               <C>             <C>             <C>             <C>
Lease revenue                                     $      69,481   $     141,118   $     128,820   $     227,505
Interest income                                           2,771          10,395           5,491          31,740
Interest income - affiliate                              11,527          11,527          22,928          22,928
Gain on sale of equipment                                     -             375           2,800          24,616
Other income                                                  -          10,964               -          16,960
  Total income                                           83,779         174,379         160,039         323,749
------------------------------------------------

EXPENSES

Depreciation and amortization                            20,565          28,138          41,130          55,170
Interest expense                                          6,919           1,299          14,235          11,321
Management fees - affiliates                             11,351          14,902          22,106          24,768
Write-down of investment securities - affiliate               -               -               -          17,037
Write-down of equipment                                 483,648               -         483,648               -
Operating expenses - affiliate                          131,596         193,437         193,571         352,364
  Total expenses                                        654,079         237,776         754,690         460,660
------------------------------------------------

EQUITY INTERESTS

Equity in net income (loss) of EFG
  Kirkwood LLC                                         (178,445)       (146,027)        188,733         246,810
Equity in net income of MILPI Holdings, LLC              64,643          21,082         117,771          32,370
  Total income (loss) from equity interests            (113,802)       (124,945)        306,504         279,180
------------------------------------------------

Net income (loss)                                 $    (684,102)  $    (188,342)  $    (288,147)  $     142,269
                                                  --------------  --------------  --------------  --------------

         ---                                                ---
Net income (loss)
   per Class A Beneficiary Interest               $       (1.39)  $       (0.39)  $       (1.34)  $       (0.39)
   per Class B Beneficiary Interest               $       (0.01)  $           -   $        0.35   $        0.31
                                                  ==============  ==============  ==============  ==============
Cash distributions declared
   per Class A Beneficiary Interest               $           -   $           -   $           -   $           -
   per Class B Beneficiary Interest               $           -   $           -   $           -   $           -
                                                  ==============  ==============  ==============  ==============
</TABLE>





   The accompanying notes are an integral part of these financial statements.

<PAGE>


                             AFG INVESTMENT TRUST A

                  STATEMENT OF CHANGES IN PARTICIPANTS' CAPITAL

                     FOR THE SIX MONTHS ENDED JUNE 30, 2002

                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                       .             .                  .                 .                 .
                                    Managing      Special               .                 .                 .
                                    Trustee     Beneficiary   Class A Beneficiaries       -       Class B Beneficiaries
                                     Amount       Amount            Interests          Amount           Interests
                                   ----------  -------------  ---------------------  -----------  ---------------------
<S>                                <C>         <C>            <C>                    <C>          <C>
 Balance at December 31, 2001      $ (11,388)  $    (66,137)                482,016  $5,772,667                 826,072

   Net income (loss)                   4,547         66,137                       -    (647,413)                      -
   Unrealized loss on investment
   securities  - affiliate                 -              -                       -           -                       -
                                   ----------  -------------  ---------------------  -----------  ---------------------
   Comprehensive income (loss)         4,547         66,137                       -    (647,413)                      -
                                   ----------  -------------  ---------------------  -----------  ---------------------

 Balance at June 30, 2002          $  (6,841)  $          -                 482,016  $5,125,254                 826,072
                                   ==========  =============  =====================  ===========  =====================

                                       .            .         Accumulated
                                       .            .            Other
                                       -        Treasury     Comprehensive

                                     Amount     Interests        Loss           Total
                                   ----------  -----------  ---------------  -----------
<S>                                <C>         <C>          <C>              <C>
 Balance at December 31, 2001      $(288,582)  $ (634,411)  $            -   $4,772,149

   Net income (loss)                 288,582            -         (288,147)
   Unrealized loss on investment
   securities  - affiliate                 -            -           (5,032)      (5,032)
                                   ----------  -----------  ---------------  -----------
   Comprehensive income (loss)       288,582            -           (5,032)    (293,179)
                                   ----------  -----------  ---------------  -----------

 Balance at June 30, 2002          $       -   $ (634,411)  $       (5,032)  $4,478,970
                                   ==========  ===========  ===============  ===========
</TABLE>

















   The accompanying notes are an integral part of these financial statements.

<PAGE>


                             AFG INVESTMENT TRUST A

                             STATEMENT OF CASH FLOWS

                 FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001

                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                               2002            2001
..                                                          ------------    ------------
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
<S>                                                       <C>             <C>
Net income (loss)                                         $    (288,147)  $     142,269
Adjustments to reconcile net income (loss) to net
 cash used in operating activities:
  Depreciation and amortization                                  41,130          55,170
  Gain on sale of equipment                                      (2,800)        (24,616)
  Income from equity interests                                 (306,504)       (279,180)
  Write-down of investment securities - affiliate                     -          17,037
  Write-down of equipment                                       483,648               -
Changes in assets and liabilities:
  Rents receivable                                               (1,627)          3,276
  Guarantee fee receivable                                            -         (10,883)
  Interest receivable                                                 -          (2,464)
  Accounts receivable - affiliate                                11,992          22,984
  Interest receivable - affiliate                                   127         (11,527)
  Other assets                                                   (6,969)        (85,077)
  Accrued interest                                                  139          (1,099)
  Accrued liabilities                                           (26,410)        (22,268)
  Accrued liabilities - affiliates                              (33,684)         86,229
  Deferred rental income                                            (12)          1,508
                                                          --------------  --------------
    Net cash used in operating activities                      (129,117)       (108,641)
                                                          --------------  --------------

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES

Proceeds from equipment sales                                     2,800          73,235
Dividends received from MILPI Holdings, LLC                     222,156               -
Interest in MILPI Holdings, LLC                                       -      (2,079,349)
                                                          --------------  --------------
    Net cash provided by (used in) investing activities         224,956      (2,006,114)
                                                          --------------  --------------

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

Proceeds from note payable                                            -         471,038
Principal payments - notes payable                              (55,012)       (553,728)
                                                          --------------  --------------
    Net cash used in financing activities                       (55,012)        (82,690)
                                                          --------------  --------------

Net increase (decrease) in cash and cash equivalents             40,827      (2,197,445)
Cash and cash equivalents at beginning of period                587,819       2,764,972
                                                          --------------  --------------
Cash and cash equivalents at end of period                $     628,646   $     567,527
                                                          ==============  ==============

SUPPLEMENTAL INFORMATION

Cash paid during the period for interest                  $      14,096   $      12,420
                                                          ==============  ==============
</TABLE>


SUPPLEMENTAL  DISCLOSURE  OF  NON-CASH  ACTIVITY:
See  Note  4  to  the financial statements regarding the decrease of the Trust's
carrying  value  of  its investment securities - affiliate during the six months
ended  June  30,  2002.



   The accompanying notes are an integral part of these financial statements.

<PAGE>

                             AFG INVESTMENT TRUST A

                        NOTES TO THE FINANCIAL STATEMENTS

                                  JUNE 30, 2002

                                   (UNAUDITED)

NOTE  1  -  BASIS  OF  PRESENTATION
-----------------------------------

The  financial  statements  presented  herein  are  prepared  in conformity with
generally accepted accounting principles and the instructions for preparing Form
10-Q  under  Rule  10-01  of  Regulation  S-X  of  the  Securities  and Exchange
Commission  and  are  unaudited.  As  such,  these  financial  statements do not
include  all  information  and  footnote  disclosures  required  under generally
accepted  accounting  principles  for  complete  financial  statements  and,
accordingly, the accompanying financial statements should be read in conjunction
with  the  footnotes  presented  in  the 2001 Annual Report (Form 10-K/A) of AFG
Investment Trust A (the "Trust").  Except as disclosed herein, there has been no
material change to the information presented in the footnotes to the 2001 Annual
Report  included  in  Form  10-K/A.

In  the  opinion  of  management,  all  adjustments  (consisting  of  normal and
recurring  adjustments)  considered  necessary  to  present fairly the financial
position  at  June  30, 2002 and December 31, 2001 and results of operations for
the  three and six month periods ended June 30, 2002 and 2001 have been made and
are  reflected.

On  May  16,  2002, the Trust filed Form 10-K/A with the Securities and Exchange
Commission  to restate its financial statements for the years ended December 31,
2001  and  2000.  The  financial position, results of operations, and cash flows
for  the interim periods of 2001 disclosed herein reflect the revised amounts as
reported  in  the  2001  Form  10-K/A.

The  table below details the allocation of income (loss) in each of the quarters
for  the  six  months  ended  June  30,  2002:
<TABLE>
<CAPTION>

                              .             .               .                .              .         Accumulated
                              .             .               .                .              .            Other
                           Managing      Special         Class A          Class B       Treasury     Comprehensive
                           Trustee     Beneficiary    Beneficiaries    Beneficiaries    Interests    Income (Loss)      Total
<S>                       <C>         <C>            <C>              <C>              <C>          <C>              <C>
December 31, 2001         $ (11,388)  $    (66,137)  $    5,772,667   $     (288,582)  $ (634,411)  $            -   $4,772,149

Comprehensive net income     11,686         68,599           20,720          294,950            -            3,565      399,520
                          ----------  -------------  ---------------  ---------------  -----------  ---------------  -----------
March 31, 2002                  298          2,462        5,793,387            6,368     (634,411)           3,565    5,171,669

Comprehensive net loss       (7,139)        (2,462)        (668,133)          (6,368)           -           (8,597)    (692,699)
                          ----------  -------------  ---------------  ---------------  -----------  ---------------  -----------
June 30, 2002             $  (6,841)  $          -   $    5,125,254   $            -   $ (634,411)  $       (5,032)  $4,478,970
                          ==========  =============  ===============  ===============  ===========  ===============  ===========
</TABLE>




NOTE  2  -  REVENUE  RECOGNITION
--------------------------------

Rents  are  payable  to  the  Trust  monthly,  quarterly or semi-annually and no
significant  amounts  are  calculated on factors other than the passage of time.
The  leases are accounted for as operating leases and are noncancellable.  Rents
received prior to their due dates are deferred.  In certain instances, the Trust
may  enter primary-term, renewal or re-lease agreements, which expire beyond the
Trust's  anticipated  dissolution  date.  This  circumstance  is not expected to
prevent  the  orderly  wind-up  of  the  Trust's business activities as AFG ASIT
Corporation,  the managing trustee of the Trust (the "Managing Trustee") and the
Trust's Advisor would seek to sell the then-remaining equipment assets either to
the  lessee  or to a third party, taking into consideration the amount of future
noncancellable  rental  payments associated with the attendant lease agreements.
Future  minimum  rents  of  $422,913  are  due  as  follows:
<TABLE>
<CAPTION>

<S>                           <C>    <C>
For the year ending June 30,   2003  $156,469
                               2004   139,746
                               2005   126,698
                                     --------

..                             Total  $422,913
                                     ========
</TABLE>



NOTE  3  -  EQUIPMENT
---------------------

The  following  is  a  summary of equipment owned by the Trust at June 30, 2002.
Remaining  Lease  Term  (Months), as used below, represents the number of months
remaining  from June 30, 2002 under contracted lease terms and is presented as a
range  when  more  than one lease agreement is contained in the stated equipment
category.  A  Remaining  Lease Term equal to zero reflects equipment either held
for  sale  or  re-lease  or  being  leased  on  a  month-to-month  basis.

<TABLE>
<CAPTION>

<S>                                            <C>          <C>
                                               Remaining
                                               Lease Term   Equipment
Equipment Type                                    (Months)  at Cost
---------------------------------------------  -----------  ------------

Aircraft                                                36  $ 1,239,741
Materials handling                                    0-16      775,942
Computer and peripherals                                 0      214,788
Construction and mining                                  6      137,384
                                                            ------------
   Total equipment cost                                  -    2,367,855
   Accumulated depreciation                              -   (1,962,806)
                                                            ------------
   Equipment, net of accumulated depreciation            -  $   405,049
                                                            ============
</TABLE>


At  June  30,  2002, the Trust's equipment portfolio included equipment having a
proportionate  original  cost  of  approximately  $1,476,000,  representing
approximately  62%  of  total  equipment  cost.

Certain  of  the equipment and related lease payment streams were used to secure
the  Trust's  loan with a third party lender. The preceding summary of equipment
includes leveraged equipment having an original cost of approximately $1,240,000
and  a  net  book  value  of  approximately  $388,000  at  June  30,  2002.

At  June  30,  2002,  the  cost  of fully depreciated equipment held for sale or
re-lease  was  approximately  $215,000. The Managing Trustee is actively seeking
the  sale  or  re-lease of all equipment not on lease.  In addition, the summary
above  includes  equipment  being  leased  on  a  month-to-month  basis.

The  Trust  accounts  for  impairment  of  long-lived  assets in accordance with
Statement  of  Financial  Accounting Standards ("SFAS") No. 144, "Accounting for
the  Impairment  or  Disposal  of  Long-Lived Assets" which was issued in August
2001.  SFAS  No.  144 requires that long-lived assets be reviewed for impairment
whenever  events or changes in circumstances indicate that the net book value of
the  assets  may not be recoverable from undiscounted future cash flows.  During
the  three  months  ended  June  30,  2002,  the  Trust recorded a write-down of
equipment,  representing  an  impairment  to  the  carrying value of the Trust's
interest  in  a  McDonnell  Douglas  MD-87  aircraft.  The  resulting  charge of
$483,648 was based on a comparison of estimated fair value and carrying value of
the  Trust's  interest in the aircraft. The estimate of the fair value was based
on  a  current  offer to purchase the aircraft and the assessment by the Trust's
management  of  prevailing  market  conditions  for  similar aircraft.  Aircraft
condition,  age,  passenger  capacity, distance capability, fuel efficiency, and
other  factors  influence  market  demand  and  market  values for passenger jet
aircraft.  The  events  of  September  11,  2001,  along with a recession in the
United  States have continued to adversely affect the market demand for both new
and  used  commercial  aircraft.


NOTE  4  -  MARKETABLE  SECURITIES  -  AFFILIATE AND NOTE RECEIVABLE - AFFILIATE
--------------------------------------------------------------------------------

As  a  result  of  an  exchange transaction in 1997, the Trust is the beneficial
owner  of 20,969 shares of Semele Group Inc. ("Semele") common stock and holds a
beneficial  interest in a note from Semele (the "Semele Note") of $462,353.  The
Semele  Note matures in April 2003 and bears an annual interest rate of 10% with
mandatory  principal reductions prior to maturity, if and to the extent that net
proceeds  are  received  by Semele from the sale or refinancing of its principal
real  estate  asset  consisting  of  an undeveloped 274-acre parcel of land near
Malibu,  California.  The Trust recognized interest income of $22,928 related to
the  Semele  Note  during  each of the six month periods ended June 30, 2002 and
2001.

In  accordance  with  Statement  of  Financial  Accounting  Standards  No.  115,
Accounting  for  Certain  Investments  in Debt and Equity Securities, marketable
equity  securities  classified  as available-for-sale are carried at fair value.
During  the  six  months ended June 30, 2002, the Managing Trustee decreased the
carrying  value of its investment in Semele common stock to $1.66 per share (the
quoted  price  of  Semele  stock on the OTC Bulletin Board on the date the stock
traded  closest  to  June  30, 2002), resulting in an unrealized loss of $5,032.
This  loss  was  reported  as  a component of comprehensive loss included in the
Statement  of  Changes  in  Participants'  Capital.

At  March  31,  2001, the Managing Trustee determined that the decline in market
value  of  its investment in Semele common stock was other-than-temporary.  As a
result, on March 31, 2001, the Trust wrote down the carrying value of the Semele
common  stock  to $3.3125 per share (the quoted price of the Semele stock on the
NASDAQ  SmallCap  Market  on the date the stock traded closed to March 31, 2001)
resulting  in  a  loss  of  $17,037  in  the six months ended June 30, 2001.  An
additional  write-down  of  the  investment  in  Semele common stock occurred in
December  31,  2001.


NOTE  5  -  INTEREST  IN  EFG  KIRKWOOD  LLC
--------------------------------------------

On  May  1,  1999,  the  Trust  and  three  affiliated  trusts (collectively the
"Trusts")  and  an  affiliated  corporation,  Semele formed a joint venture, EFG
Kirkwood LLC ("EFG Kirkwood"), for the purpose of acquiring preferred and common
stock  interests  in  Kirkwood Associates Inc. ("KAI").  The Trusts collectively
own  100%  of  the  Class A membership interests in EFG Kirkwood and Semele owns
100%  of the Class B membership interests in EFG Kirkwood.  The Class A interest
holders are entitled to certain preferred returns prior to distribution payments
to the Class B interest holder. The Trusts' interests in EFG Kirkwood constitute
50%  of  the  voting securities of that entity under the operating agreement for
the  LLC,  which  gives  equal  voting  rights to Class A and Class B membership
interests.  The  Managing  Trustee  is  the  manager  of  EFG  Kirkwood.

On April 30, 2000, KAI's ownership interests in certain assets and substantially
all  of  its  liabilities  were  transferred  to  Mountain  Resort  Holdings LLC
("Mountain  Resort").  On  May  1,  2000, EFG Kirkwood exchanged its interest in
KAI's common and preferred stock for corresponding pro-rata membership interests
in  Mountain  Resort.  EFG  Kirkwood  holds  approximately 38% of the membership
interests  in  Mountain  Resort.  Mountain  Resort,  through  four  wholly owned
subsidiaries,  owns  and  operates  the  Kirkwood  Mountain Resort, a ski resort
located  in  northern  California,  a  public  utility  that  services the local
community, and land that is held for residential and commercial development. The
Trust  holds  10%  of  EFG  Kirkwood's  Class  A  membership  interests.

On  May  1,  2000,  EFG  Kirkwood  acquired  50%  of the membership interests in
Mountain  Springs  Resorts LLC ("Mountain Springs"). Mountain Springs, through a
wholly owned subsidiary, owns 80% of the common membership interests and 100% of
the  Class B Preferred membership interests in an entity that owns the Purgatory
Ski  Resort  ("Purgatory")  in  Durango,  Colorado.

The Trust's ownership interest in EFG Kirkwood had an original cost of $998,539;
including  a  1%  acquisition  fee of $9,887 paid to EFG.  The Trust's ownership
interest  in  EFG  Kirkwood  is  accounted  for  on the equity method. The Trust
recorded  a  loss of $178,445 and income of $188,733 for the three and six month
periods  ended  June  30, 2002, respectively, compared to a loss of $146,027 and
income  of  $246,810,  respectively,  for  the  same  periods  in  2001,  which
represented  its  pro-rata  share  of  the  net  income  (loss) of EFG Kirkwood.

The  table  below  provides  comparative  summarized  income  statement data for
Mountain  Resort and the Purgatory Ski Resort for the three and six months ended
June  30, 2002 and 2001.  The operating companies have different fiscal year end
dates  than  the  Trust.  Therefore, the operating results shown below have been
conformed  to  the  three  and  six  months  ended  June  30,  2002  and  2001.



<TABLE>
<CAPTION>


                         For the Three    For the Three    For the Six     For the Six
                         Months Ended     Months Ended     Months Ended    Months Ended
                         June 30, 2002    June 30, 2001   June 30, 2002   June 30, 2001
                        ---------------  ---------------  --------------  --------------
<S>                     <C>              <C>              <C>             <C>
Mountain Resort
----------------------
     Total revenues     $    4,070,745   $   4, 400,053   $   20,476,082  $   20,560,862
     Total expenses          5,359,278        6,064,728       16,564,726      17,347,954
     Income taxes                  800           52,243            6,208          52,243
                        ---------------  ---------------  --------------  --------------
     Net income (loss)  $   (1,289,333)  $   (1,716,918)  $    3,905,148  $    3,160,665
                        ---------------  ---------------  --------------  --------------

Purgatory Ski Resort
----------------------
     Total revenues     $      478,830   $      759,484   $    9,881,884  $   11,146,188
     Total expenses          3,175,826        2,598,400        9,284,346       8,576,123
                        ---------------  ---------------  --------------  --------------
     Net income (loss)  $   (2,696,996)  $   (1,838,916)  $      597,538  $    2,570,065
                        ---------------  ---------------  --------------  --------------
</TABLE>



NOTE  6  -  INTEREST  IN  MILPI  HOLDINGS,  LLC
-----------------------------------------------

In  December 2000, the Trusts formed MILPI, which formed MILPI Acquisition Corp.
("MILPI  Acquisition),  a  wholly  owned  subsidiary  of  MILPI.  The  Trusts
collectively paid $1.2 million for their membership interests in MILPI ($120,000
for  the  Trust)  and  MILPI  purchased  the  shares of MILPI Acquisition for an
aggregate  purchase  price  of  $1.2  million  at  December  31,  2000.  MILPI
Acquisition  entered  into  a  definitive  agreement  (the "Agreement") with PLM
International, Inc., ("PLM"), an equipment leasing and asset management company,
for  the purpose of acquiring up to 100% of the outstanding common stock of PLM,
for  an approximate purchase price of up to $27 million.  In connection with the
acquisition, on December 29, 2000, MILPI Acquisition commenced a tender offer to
purchase  any  and  all  of  PLM's  outstanding  common  stock.

Pursuant  to the cash tender offer, MILPI Acquisition acquired approximately 83%
of PLM's outstanding common stock in February 2001 for a total purchase price of
approximately  $21.8  million.  The Trust had a 10% membership interest in MILPI
prior  to  MILPI's  acquisition of the remaining 17% of PLM's outstanding common
stock  in  February 2002, as described below.  Under the terms of the Agreement,
with  the  approval  of  the holders of 50.1% of the outstanding common stock of
PLM,  MILPI  Acquisition  would  merge  into  PLM,  with PLM being the surviving
entity.  The  merger  was  completed  when MILPI obtained approval of the merger
from  PLM's shareholders pursuant to a special shareholders' meeting on February
6, 2002.  Since the Trust and another of the Trusts have determined to liquidate
their  assets,  the two other Trusts provided the funds necessary to acquire the
remaining  17%  of  PLM's  outstanding  common  stock.

At  June 30, 2002, the Trust has an 8.33% membership interest in MILPI having an
original cost of $2,218,822.  The cost of the Trust's interest in MILPI reflects
MILPI's cost of acquiring the common stock of PLM, including the amount paid for
the  shares tendered of $2,177,572, capitalized transaction costs of $19,474 and
a  1%  acquisition  fee  paid to a wholly-owned subsidiary of Semele of $21,776.
The  Trust  capitalized  these  transaction costs, of which $4,556 was amortized
during  the  six  months ended June 30, 2001.  Statement of Financial Accounting
Standards  No.  142, "Goodwill and Other Intangible Assets" ("SFAS No. 142") was
effective for the Trust as of January 1, 2002 and requires the discontinuance of
goodwill  amortization  as  of  January 1, 2002.  SFAS No. 142 also requires the
Trust to complete a transitional goodwill impairment test within six months from
January  1,  2002,  the  date  of  adoption.  The  Trust  completed the goodwill
impairment analysis during the quarter ended June 30, 2002.  There was no impact
on  the  Trust's  financial  statements  as  a  result  of  this  analysis.

Equis  II  Corporation  has  voting  control of the Trusts and owns the Managing
Trustee  of  the  Trusts.  Semele  owns Equis II Corporation.  Mr. Engle and Mr.
Coyne,  who  are  a director and an officer of the Trust, respectively, are also
officers  and  directors of, and own significant stock in, Semele.  In addition,
Mr.  Engle  and  Mr.  Coyne  are  officers  and  directors of MILPI Acquisition.

The  Trust's  ownership  interest in MILPI is accounted for on the equity method
and  the Trust recorded income of $64,643 and $117,771, respectively, during the
three  and  six  months  ended  June  30, 2002, compared to $21,082 and $32,370,
respectively, for the same periods in 2001, which represented its pro-rata share
of  the  net  income  of MILPI.  On March 12, 2002, PLM declared and paid a cash
dividend to MILPI of approximately $2.7 million.  MILPI then declared and paid a
cash  dividend  of  approximately  $2.7  million, of which the Trust's share was
$222,156.

The  table  below  provides  summarized  income statement data for MILPI for the
three  and  six  months  ended  June  30,  2002  and  2001.  As discussed above,
approximately  83% of PLM's common stock was acquired in February 2001, with the
remaining  interest  acquired  in  February  2002.
<TABLE>
<CAPTION>


..                           Three months    Three months     Six months      Six months
..                              ended           ended           ended           ended
..                          June 30, 2002   June 30, 2001   June 30, 2002   June 30, 2001
                           --------------  --------------  --------------  --------------
<S>                        <C>             <C>             <C>             <C>
 Total revenues            $    1,682,835  $    2,406,074  $    3,378,578  $    5,612,790
 Total costs and expenses         489,059       1,414,453       1,368,089       3,309,785
 Provision for taxes              385,742         167,435         649,589         421,435
                           --------------  --------------  --------------  --------------
 Net income                $      808,034  $      824,186  $    1,360,900  $    1,881,570
                           ==============  ==============  ==============  ==============
</TABLE>




NOTE  7  -  RELATED  PARTY  TRANSACTIONS
----------------------------------------

All  operating  expenses  incurred by the Trust are paid by EFG on behalf of the
Trust  and EFG is reimbursed at its actual cost for such expenditures.  Fees and
other  costs incurred during the six month periods ended June 30, 2002 and 2001,
which  were  paid  or  accrued  by  the  Trust  to EFG or its Affiliates, are as
follows:
<TABLE>
<CAPTION>


                                   2002      2001
                                 --------  --------
<S>                              <C>       <C>
Acquisition fees                 $      -  $ 21,776
Management fees                    22,106    24,768
Administrative charges             84,134    48,234
Reimbursable operating expenses
   due to third parties           109,437   304,130
                                 --------  --------

          Total                  $215,677  $398,908
                                 ========  ========
</TABLE>


All  rents  and  proceeds from the sale of equipment are paid directly to either
EFG  or  to  a  lender.  EFG  temporarily deposits collected funds in a separate
interest-bearing  escrow  account prior to remittance to the Trust.  At June 30,
2002, the Trust was owed $12,239 by EFG for such funds and the interest thereon.
These  funds  were  remitted  to  the  Trust  in  July  2002.


NOTE  8  -  NOTES  PAYABLE
--------------------------

Notes  payable  at  June  30,  2002  consisted  of  a  7.03% fixed interest rate
installment  note  of  $365,015  payable  to  an  institutional  lender.  The
installment  note  is non-recourse and is collateralized by the Trust's interest
in  an aircraft leased to Aerovias de Mexico, S.A. de C.V. and the assignment of
the  related  lease  payments, as discussed below.  The Trust makes monthly debt
and  interest payments and the debt will be fully amortized at the expiration of
the  related  lease  term  in  June  2005.

Management  believes  that  the carrying amount of the note payable approximates
fair  value  at  June  30, 2002 based on its experience and understanding of the
market  for  instruments  with  similar  terms.

The  annual  maturities  of  the  note  are  as  follows:
<TABLE>
<CAPTION>

<S>                             <C>    <C>
  For the year ending June 30,   2003  $116,018
                                 2004   124,481
                                 2005   124,516
                                       --------
..                               Total  $365,015
                                       ========
</TABLE>



NOTE  9  -  CONTINGENCIES
-------------------------

The  Investment  Company  Act  of  1940  (the  "Act") places restrictions on the
capital  structure  and  business activities of companies registered thereunder.
The  Trust  has  active  business operations in the financial services industry,
primarily  equipment  leasing,  and  in  the  real  estate  industry through its
interest  in  EFG  Kirkwood.  The  Trust does not intend to engage in investment
activities  in a manner or to an extent that would require the Trust to register
as  an investment company under the Act.  However, it is possible that the Trust
unintentionally  may  have  engaged,  or may engage in an activity or activities
that  may  be  construed  to fall within the scope of the Act.  If the Trust was
determined  to  be  an  investment  company,  its  business  would  be adversely
affected.  The  Managing  Trustee has been engaged in discussions with the staff
of the Securities and Exchange Commission regarding whether or not the Trust may
be  an  inadvertent  investment  company  by  virtue  of  its recent acquisition
activities.  The staff has informed the Trust that it believes that it may be an
unregistered  investment  company  within  the meaning of the Act.  Although the
Trust,  after  consulting  with  counsel,  does  not  believe  that  it  is  an
unregistered investment company, the Trust has agreed to liquidate its assets in
order  to  resolve  the  matter  with the staff.  Accordingly, as of December 6,
2001,  the  Managing Trustee of the Trust resolved to cause the Trust to dispose
of  its assets prior to December 31, 2003.  Upon consummation of the sale of its
assets, the Trust will be dissolved and the proceeds thereof will be applied and
distributed  in  accordance  with  the  terms  of  the  Trust  Agreement.


NOTE  10  -  OPERATING  SEGMENTS
--------------------------------

The Trust has two principal operating segments: 1) Equipment Leasing and 2) Real
Estate  Ownership,  Development  &  Management.  The  Equipment  Leasing segment
includes the management of the Trust's equipment lease portfolio and the Trust's
interest in MILPI Holdings, LLC ("MILPI"), which owns 100% of PLM International,
Inc.,  ("PLM") an equipment leasing and asset management company.  From February
2001  to  February  6,  2002,  MILPI,  through  a wholly owned subsidiary, owned
approximately  83% of PLM.  Effective February 7, 2002, MILPI owned 100% of PLM.
The  Real  Estate  segment includes the ownership, management and development of
commercial properties, recreational properties, condominiums, interval ownership
units,  townhomes,  single  family  homes  and  land  sales  through the Trust's
ownership  interest  in  EFG  Kirkwood.

The  Trust's  reportable  segments  offer different products or services and are
managed  separately  because  each  requires  different operating strategies and
management  expertise.  There  are  no material intersegment sales or transfers.

Segment information for the three and six months ended June 30, 2002 and 2001 is
summarized  below.

<TABLE>
<CAPTION>
                                        Three months ended June 30,  Six months ended June 30,

                                          2002           2001          2002        2001
                                       -----------  --------------  ----------  ----------
<S>                                    <C>          <C>             <C>         <C>
Total Income (1):
   Equipment leasing                   $   83,779   $     174,379   $ 160,039   $  323,749
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $   83,779   $     174,379   $ 160,039   $  323,749
                                       ===========  ==============  ==========  ==========

Operating Expenses, Management Fees
  and Other Expenses:
   Equipment leasing                   $  140,317   $     205,744   $ 210,516   $  389,008
   Real estate                              2,630           2,595       5,161        5,161
                                       -----------  --------------  ----------  ----------
     Total                             $  142,947   $     208,339   $ 215,677   $  394,169
                                       ===========  ==============  ==========  ==========

Interest Expense:
   Equipment leasing                   $    6,919   $       1,299   $  14,235   $   11,321
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $    6,919   $       1,299   $  14,235   $   11,321
                                       ===========  ==============  ==========  ==========

Depreciation, Write-down of Equipment
  and Amortization Expense:
   Equipment leasing                   $  504,213   $      28,138   $ 524,778   $   55,170
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $  504,213   $      28,138   $ 524,778   $   55,170
                                       ===========  ==============  ==========  ==========

 Equity Interests:
   Equipment leasing                   $   64,643   $      21,082   $ 117,771   $   32,370
   Real estate                           (178,445)       (146,027)    188,733      246,810
                                       -----------  --------------  ----------  ----------
     Total                             $ (113,802)  $    (124,945)  $ 306,504   $  279,180
                                       ===========  ==============  ==========  ==========

 Net Income (Loss):                    $ (684,102)  $    (188,342)  $(288,147)  $  142,269
                                       ===========  ==============  ==========  ==========


 Capital Expenditures:
   Equipment leasing                   $        -   $           -   $       -   $2,079,349
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $        -   $           -   $       -   $2,079,349
                                       ===========  ==============  ==========  ==========

 .                                     As of        As of
 .                                     June 30,     December 31,
 .                                           2002            2001
 Assets:
   Equipment leasing                   $4,021,821   $   4,618,712
   Real estate                            939,418         750,685
                                       -----------  --------------
     Total                             $4,961,239   $   5,369,397
                                       ===========  ==============
</TABLE>




(1)  Includes  equipment  leasing revenue of $69,481 and $128,820, respectively,
for  the  three  and  six  months  ended June 30, 2002, compared to $141,118 and
$227,505,  respectively,  for  the  same  periods  in  2001.

Three  and  six  months ended June 30, 2002 compared to the three and six months
--------------------------------------------------------------------------------
ended  June  30,  2001:
-----------------------

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

Equipment  Leasing
------------------


For  the  three  and six month periods ended June 30, 2002, the Trust recognized
lease  revenue  of  $69,481 and $128,820, respectively, compared to $141,118 and
$227,505,  respectively,  for  the  same periods in 2001.  The decrease in lease
revenue from 2001 to 2002 resulted primarily from lease term expirations and the
sale  of  equipment.  Future  lease  term  expirations  and equipment sales will
result  in  a  reduction  in  the  lease  revenue  recognized.

The Trust's equipment portfolio includes certain assets in which the Trust holds
a  proportionate ownership interest.  In such cases, the remaining interests are
owned  by  an  affiliated equipment leasing program sponsored by Equis Financial
Group  Limited  Partnership  ("EFG").  Proportionate equipment ownership enables
the  Trust  to further diversify its equipment portfolio by participating in the
ownership of selected assets, thereby reducing the general levels of risk, which
could  result  from  a  concentration  in any single equipment type, industry or
lessee.  The  Trust  and  each  affiliate  individually report, in proportion to
their  respective  ownership  interests,  their  respective  shares  of  assets,
liabilities,  revenues,  and  expenses  associated  with  the  equipment.

Interest  income  for  the  three  and six month periods ended June 30, 2002 was
$14,298  and  $28,419,  respectively,  compared  to  $21,922  and  $54,668,
respectively,  for  the  same  periods  in  2001.  Interest  income is typically
generated  from  temporary  investment  of  rental  receipts and equipment sales
proceeds  in  short-term  instruments.  The  amount of future interest income is
expected  to  fluctuate as a result of changing interest rates and the amount of
cash  available  for  investment, among other factors.  Interest income included
$11,527 and $22,928 during both the three and six months ended June 30, 2002 and
2001,  respectively,  earned  on  a  note  receivable  from  Semele  Group  Inc.
("Semele").  The  note  is  scheduled  to  mature  in  April  2003.

During  the  six  months  ended  June 30, 2002, the Trust sold fully depreciated
equipment  to existing lessees and third parties.  These sales resulted in a net
gain,  for  financial  statement purposes, of $2,800.   During the three and six
months  ended June 30, 2001, the Trust sold equipment having a net book value of
$34,619 and $48,619, respectively, to existing lessees and third parties.  These
sales  resulted  in  a  net  gain, for financial statement purposes, of $375 and
$24,616,  respectively.

It  cannot  be determined whether future sales of equipment will result in a net
gain or a net loss to the Trust, as such transactions will be dependent upon the
condition  and type of equipment being sold and its marketability at the time of
sale.  In  addition, the amount of gain or loss reported for financial statement
purposes  is  partly  a  function  of  the  amount  of  accumulated depreciation
associated  with  the  equipment  being  sold.

The  ultimate  realization  of  residual  value  for  any  type  of equipment is
dependent  upon  many  factors,  including  EFG's  ability  to sell and re-lease
equipment.  Changing market conditions, industry trends, technological advances,
and  many  other  events can converge to enhance or detract from asset values at
any  given  time.  EFG  attempts  to  monitor these changes in order to identify
opportunities  which  may  be  advantageous to the Trust and which will maximize
total  cash  returns  for  each  asset.

The  total  economic  value  realized  upon  final  disposition of each asset is
comprised  of all primary lease term revenue generated from that asset, together
with its residual value.  The latter consists of cash proceeds realized upon the
asset's  sale  in  addition to all other cash receipts obtained from renting the
asset on a re-lease, renewal or month-to-month basis.  The Trust classifies such
residual  rental payments as lease revenue.  Consequently, the amount of gain or
loss  reported  in the financial statements is not necessarily indicative of the
total  residual  value  the  Trust  achieved  from  leasing  the  equipment.

On March 8, 2000, the Trust and three affiliated trusts entered into a guarantee
agreement  whereby  the  trusts,  jointly  and severally, guaranteed the payment
obligations  under  a  master lease agreement between Echelon Commercial LLC, as
lessee,  and Heller Affordable Housing of Florida, Inc., and two other entities,
as  lessor.  During  the  year  ended December 31, 2001, the requirements of the
guarantee  agreement  were  met,  the Trust received payment for all outstanding
amounts  due  thereunder  and  the  Trust  has  no further obligations under the
guarantee  agreement.  During  the  six  months  ended  June 30, 2001, the Trust
recognized  income of $9,719 related to the guarantee fee.  The guarantee fee is
reflected  as  Other  Income  on  the  accompanying  Statement  of  Operations.

Depreciation  expense  was  $20,565 and $41,130, respectively, for the three and
six  months  ended  June 30, 2002 compared to $28,138 and $55,170, respectively,
for  the same periods of 2001.  During the three months ended June 30, 2002, the
Trust also recorded a write-down of equipment, representing an impairment to the
carrying  value  of  the Trust's interest in a McDonnell Douglas MD-87 aircraft.
The  resulting  charge  of  $483,648 was based on a comparison of estimated fair
value  and carrying value of the Trust's interest in the aircraft.  The estimate
of  the fair value was based on a current offer to purchase the aircraft and the
assessment  by  the management of the Trusts of prevailing market conditions for
similar  aircraft.  Aircraft  condition,  age,  passenger  capacity,  distance
capability,  fuel  efficiency,  and  other  factors  influence market demand and
market  values  for  passenger  jet aircraft.  The events of September 11, 2001,
along  with  a recession in the United States have continued to adversely affect
the  market  demand  for  both  new  and  used  commercial  aircraft.

For financial reporting purposes, to the extent that an asset is held on primary
lease  term,  the  Trust  depreciates the difference between (i) the cost of the
asset  and  (ii)  the  estimated  residual value of the asset on a straight-line
basis  over  such  term.  For purposes of this policy, estimated residual values
represent estimates of equipment values at the date of primary lease expiration.
To  the  extent  that  an asset is held beyond its primary lease term, the Trust
continues  to  depreciate  the  remaining  net  book  value  of  the  asset on a
straight-line  basis  over  the  asset's  remaining  economic  life.

Interest  expense  was  $6,919  and $14,235, respectively, for the three and six
months  ended  June  30, 2002, compared to $1,299 and $11,321, respectively, for
the  same periods in 2001.  The increase in interest expense in 2002 compared to
2001  resulted from the refinancing of debt in June 2001.  Interest expense will
decrease  in  the future as the principal balance of the note payable is reduced
through  the  application  of  rent  receipts  to  outstanding  debt.

Management  fees  related  to  equipment  leasing  were  $8,721  and  $16,945,
respectively,  for  the  three  and  six  months ended June 30, 2002 compared to
$12,307  and  $19,607,  respectively, for same periods in 2001.  Management fees
related  to  equipment  are  based  on  5%  of  gross lease revenue generated by
operating  leases and 2% of gross lease revenue generated by full payout leases,
subject  to  certain  limitations.   Management  fees  related  to  the  Trust's
interest  in  MILPI  are  based  on  1%  of  the  cost  of  such  interest.

Operating  expenses  were $131,596 and $193,571, respectively, for the three and
six  month  periods  ended  June  30,  2002,  compared to $193,437 and $352,364,
respectively,  for  the  same  periods  in  2001.  In  2001,  operating expenses
included  approximately $40,000 for ongoing legal matters, approximately $31,000
of  costs reimbursed to EFG as a result of the successful acquisition of the PLM
common  stock by MILPI Acquisition Corp. ("MILPI Acquisition") and approximately
$56,000  of  costs  related to the re-lease of an aircraft.  In conjunction with
the  acquisition of the PLM common stock, EFG became entitled to recover certain
out  of  pocket  expenses  which  it  had  previously  incurred. Other operating
expenses  consist  primarily  of  administrative  charges,  professional service
costs,  such  as  audit  and  legal  fees, as well as printing, distribution and
remarketing  expenses.  The  amount  of  future  operating  expenses  cannot  be
predicted  with  certainty; however, such expenses are usually higher during the
acquisition  and  liquidation  phases  of a trust.  Other fluctuations typically
occur  in  relation  to  the  volume  and  timing  of  remarketing  activities.

At  March 31, 2001, the Trust determined that the decline in the market value of
its  investment  in  Semele common stock was other than temporary.  As a result,
the  Trust  wrote  down the cost of the Semele common stock to $3.3125 per share
(the  quoted price of the Semele stock on the NASDAQ SmallCap Market on the date
the  stock  traded  closest  to  March 31, 2001), for a realized loss in the six
months  ended  June  30,  2001  of  $17,037.

During  the  three and six months ended June 30, 2002, the Trust recorded income
of  $64,643  and  $117,771,  respectively, from its ownership interest in MILPI,
compared  to  $21,082  and  $32,370, respectively, for the same periods in 2001.
This  income  represents the Trust's share of net income of MILPI recorded under
the  equity  method  of  accounting. See below for a discussion of the operating
results  of  MILPI during the respective periods.  The Trust's income from MILPI
results  from  MILPI's  ownership of PLM common stock acquired in February 2001.
PLM  is  an  equipment  leasing and asset management company. The Trust recorded
$3,742  and  $4,556, respectively, of amortization expense for the three and six
months  ended  June 30, 2001, which related to the goodwill recorded at the time
of  the acquisition of the PLM common stock by MILPI Acquisition.   Statement of
Financial  Accounting  Standards No. 142, "Goodwill and Other Intangible Assets"
("SFAS No. 142"), was effective for the Trust as of January 1, 2002 and requires
the discontinuance of goodwill amortization as of January 1, 2002.  SFAS No. 142
also  requires  the  Trust  to  complete a transitional goodwill impairment test
within  six  months  from  January  1,  2002,  the  date  of adoption. The Trust
completed  the  goodwill  impairment  analysis during the quarter ended June 30,
2002.  There  was  no  impact on the Trust's financial statements as a result of
this  analysis.

MILPI  Operating  Results
-------------------------

During  the  three and six months ended June 30, 2002, MILPI recognized revenues
of  approximately  $1,683,000  and  $3,379,000,  respectively,  compared  to
approximately  $2,406,000  and $5,613,000, respectively, for the same periods in
2001.  Revenues  for  the three and six months ended June 30, 2002 are comprised
primarily  of  management  fees  of  approximately  $1,185,000 and approximately
$2,451,000,  respectively.  Revenues for the three and six months ended June 30,
2001  are comprised primarily of management fees of approximately $1,263,000 and
$2,602,000,  respectively.

During  the three and six months ended June 30, 2002, MILPI incurred total costs
and expenses of approximately $489,000 and $1,368,000, respectively, compared to
$1,414,000  and  $3,310,000,  respectively.  Operating  expenses  for  the three
months ended June 30, 2002 are comprised primarily of general and administrative
expenses  of approximately $459,000 and depreciation and amortization expense of
approximately  $30,000.  For  the  six  months  ended  June  30, 2002, operating
expenses  are  comprised of general and administrative expenses of approximately
$1,269,000  and  depreciation and amortization expense of approximately $99,000.
Operating  expenses  for  the  three months ended June 30, 2001 are comprised of
general and administrative expenses of approximately $1,077,000 and depreciation
and  amortization  expense  of approximately $337,000.  For the six months ended
June  30,  2001,  operating expenses are comprised of general and administrative
expenses  of  approximately $1,772,000 and depreciation and amortization expense
of  approximately  $690,000.

During  the  three and six months ended June 30, 2002, MILPI incurred income tax
expense  of  approximately  $386,000  and  $650,000,  respectively,  compared to
approximately  $167,000  and  $422,000  for  the  same  periods  in  2001.


Real  Estate
------------

Management  fees  for non-equipment assets were $2,630 and $5,161, respectively,
for  the three and six months ended June 30, 2002 compared to $2,595 and $5,161,
respectively,  for  the same periods of 2001.  Management fees for non-equipment
assets,  excluding  cash,  are  1%  of  such  assets  under  management.

The  Trust owns 10% of the Class A membership interests of EFG Kirkwood, a joint
venture  between  the  Trust,  certain  affiliated  trusts,  and  an  affiliated
corporation Semele.  AFG ASIT Corporation, the Managing Trustee of the Trust and
a  subsidiary  of  Semele,  also  is  the  manager  of  EFG  Kirkwood.

EFG  Kirkwood  owns  membership  interests  in:

     Mountain  Resort  Holdings  LLC  ("Mountain  Resort")  and
     Mountain  Springs  Resort  LLC  ("Mountain  Springs").

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest  in  DSC/Purgatory  LLC ("Purgatory") in Durango,
Colorado.

For  the  three and six months ended June 30, 2002, the Trust recorded a loss of
$178,445  and  income  of $188,733, respectively, compared to a loss of $146,027
and  income  of  $246,810,  respectively, for the same periods in 2001, from its
ownership interest in EFG Kirkwood.  This income and loss represents the Trust's
share  of the net income (loss) of EFG Kirkwood recorded under the equity method
of  accounting.  Due  to  the  seasonal nature of EFG Kirkwood's operations, the
financial  results  of  the  three months and six months ended June 30, 2002 and
2001  are  not indicative of future periods.  The three months ended March 31 of
each  year  include  the  periods  of peak income activity for the resorts.  See
below  for  a  discussion  of  the  operating  results  of  the  resorts.


Mountain  Resort  Operating  Results
------------------------------------

Mountain Resort is primarily a ski and mountain recreation resort with more than
2,000 acres of terrain, located approximately 32 miles south of Lake Tahoe.  The
resort  receives  approximately  70% of its revenues from winter ski operations,
primarily ski, lodging, retail and food and beverage services with the remainder
of  the  revenues  generated  from summer outdoor activities, including mountain
biking,  hiking  and  other  activities.  Other operations include a real estate
development  division, which has developed and is managing a 40-unit condominium
residential  and commercial building, an electric and gas utility company, which
operates  as  a regulated utility company and provides electric and gas services
to  the  Kirkwood  community,  and  a  real  estate  brokerage  company.

During  the  six  months  ended  June  30,  2002, Mountain Resort recorded total
revenues  of approximately $20,476,000 compared to approximately $20,561,000 for
the  same  period  in 2001.  The decrease in total revenues from 2001 to 2002 of
$85,000  is  the  result  of  an  increase  in  ski-related revenues offset by a
decrease  in  residential-related  and  other  operations revenues.  Ski-related
revenues  increased  approximately  $2,038,000.  The  increase  in  ski-related
revenues  resulted  from  improved  weather conditions during the winter season,
which  attracted more skiers.  Residential-related and other operations revenues
decreased  approximately $2,123,000 for the six months ended 2002 as compared to
2001.  The  decrease  in  residential-related  and other operations revenues was
primarily  attributable to a reduction in the number of condominium sales during
2002  compared  to  2001.

During  the  six  months  ended June 30, 2002 and 2001, Mountain Resort recorded
total  expenses of approximately $16,565,000 and $17,348,000, respectively.  The
decrease in total expenses of approximately $783,000 is the result of a decrease
in  residential-related  and  other  operations  expenses  largely  offset by an
increase  in  ski-related expenses. Ski-related expenses increased approximately
$1,254,000  as  a  result  of the increase in ski-related revenues, as discussed
above.  Residential-related  and  other  operations  expenses  decreased
approximately  $2,037,000  primarily  as a result of a decrease in cost of sales
from condominium units sold in the six months ended June 30, 2002 as compared to
the  same  period  in  2001,  as  also  discussed  above.

Mountain  Springs  Operating  Results
-------------------------------------

Purgatory is a ski and mountain recreation resort covering 2,500 acres, situated
on  40  miles  of  terrain  with  75  ski trails located near Durango, Colorado.
Purgatory  receives  the  majority  of  its revenues from winter ski operations,
primarily  ski,  lodging,  retail  and  food  and  beverage  services,  with the
remainder  of  revenues generated from summer outdoor activities, such as alpine
sliding  and  mountain  biking.

During  the six months ended June 30, 2002, Purgatory recorded total revenues of
approximately  $9,882,000  compared  to  approximately  $11,146,000 for the same
period  of  2001.  The  decrease  in  total  revenues  from  2001  to  2002  of
approximately  $1,264,000 is the result of unfavorable weather conditions during
the  winter  season,  which  attracted  fewer  skiers.

Total  expenses  were approximately $9,284,000 for the six months ended June 30,
2002  compared  to  approximately  $8,576,000  for the same period in 2001.  The
increase  in  total  expenses for the six months ended June 30, 2002 compared to
the  same period in 2001 of approximately $708,000 is a result of costs incurred
related  to  the  creation  of  certain  development  companies.









<PAGE>
                                     ------
                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                         PART I.  FINANCIAL INFORMATION


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

Certain  statements  in  this  quarterly  report  of AFG Investment Trust A (the
"Trust")  that  are  not historical fact constitute "forward-looking statements"
within  the  meaning of the Private Securities Litigation Reform Act of 1995 and
are  subject  to  a  variety  of risks and uncertainties.  There are a number of
important  factors  that  could  cause  actual results to differ materially from
those  expressed  in  any forward-looking statements made herein.  These factors
include, but are not limited to, the collection of the Trust's contracted rents,
the  realization of residual proceeds for the Trust's equipment, the performance
of  the  Trust's  non-equipment  assets  and  future  economic  conditions.

The  Investment  Company  Act  of  1940  (the  "Act") places restrictions on the
capital  structure  and  business activities of companies registered thereunder.
The  Trust  has  active  business operations in the financial services industry,
primarily  equipment  leasing,  and  in  the  real  estate  industry through its
interest  in  EFG  Kirkwood  LLC  ("EFG Kirkwood"). The Trust does not intend to
engage  in  investment activities in a manner or to an extent that would require
the  Trust  to  register as an investment company under the Act.  However, it is
possible  that  the  Trust unintentionally may have engaged, or may engage in an
activity  or  activities  that  may be construed to fall within the scope of the
Act.  If  the  Trust  was  determined  to be an investment company, its business
would  be  adversely  affected.  The  Managing  Trustee  has  been  engaged  in
discussions  with  the staff of the Securities and Exchange Commission regarding
whether  or  not the Trust may be an inadvertent investment company by virtue of
its  recent  acquisition  activities.  The  staff has informed the Trust that it
believes that it may be an unregistered investment company within the meaning of
the  Act.  Although  the  Trust, after consulting with counsel, does not believe
that it is an unregistered investment company, the Trust has agreed to liquidate
its  assets  in  order to resolve the matter with the staff.  Accordingly, as of
December  6, 2001, the Managing Trustee of the Trust resolved to cause the Trust
to  dispose  of its assets prior to December 31, 2003.  Upon consummation of the
sale of its assets, the Trust will be dissolved and the proceeds thereof will be
applied  and  distributed  in  accordance with the terms of the Trust Agreement.

Critical  Accounting  Policies  and  Estimates
----------------------------------------------

The preparation of financial statements in conformity with accounting principles
generally  accepted  in  the United States requires the Managing Trustee to make
estimates  and  assumptions  that  affect  the amounts reported in the financial
statements.  On  a  regular  basis, the Managing Trustee reviews these estimates
and  assumptions including those related to revenue recognition, asset lives and
depreciation,  impairment  of  long-lived  assets  and  contingencies.  These
estimates  are  based  on  the  Managing  Trustee's historical experience and on
various  other  assumptions  believed  to be reasonable under the circumstances.
Actual  results  may  differ from these estimates under different assumptions or
conditions.  The  Managing  Trustee  believes,  however,  that  the  estimates,
including  those  for  the  above-listed  items,  are  reasonable.

The  Managing Trustee believes the following critical accounting policies, among
others,  are  subject  to  significant  judgments  and  estimates  used  in  the
preparation  of  these  financial  statements:

Revenue Recognition:  Rents are payable to the Trust monthly or quarterly and no
--------------------
significant  amounts  are  calculated on factors other than the passage of time.
The Trust's leases are accounted for as operating leases and are noncancellable.
Rents  received  prior  to  their  due  dates  are  deferred.

Asset  lives  and depreciation method: The Trust's primary business involves the
--------------------------------------
purchase and subsequent lease of long-lived equipment.  The Trust's depreciation
policy  is  intended  to  allocate  the cost of equipment over the period during
which it produces economic benefit.  The principal period of economic benefit is
considered  to  correspond  to  each asset's primary lease term, which generally
represents  the  period  of  greatest  revenue  potential  for  each  asset.
Accordingly,  to  the  extent  that  an asset is held on primary lease term, the
Trust  depreciates the difference between (i) the cost of the asset and (ii) the
estimated  residual  value of the asset on a straight-line basis over such term.
For  purposes  of  this policy, estimated residual values represent estimates of
equipment  values  at  the  date of the primary lease expiration.  To the extent
that  an  asset  is  held  beyond its primary lease term, the Trust continues to
depreciate  the  remaining  net book value of the asset on a straight-line basis
over  the  asset's  remaining  economic  life.

Impairment  of  long-lived  assets:  In  accordance  with Statement of Financial
-----------------------------------
Accounting  Standards  No.  144,  "Accounting  for the Impairment or Disposal of
----
Long-Lived Assets" ("SFAS No. 144"), the Company evaluates long-lived assets for
----
impairment  whenever events or circumstances indicate that the carrying bases of
such  assets  may not be recoverable.  Losses for impairment are recognized when
the undiscounted cash flows estimated to be realized from a long-lived asset are
determined  to  be less than the carrying basis of the asset.  The determination
of  net realizable value for a given investment requires several considerations,
including  but  not  limited  to,  income  expected to be earned from the asset,
estimated  sales  proceeds,  and  holding  costs  excluding  interest.

Contingencies  and  litigation:  The  Trust  is  subject  to  legal  proceedings
-------------------------------
involving ordinary and routine claims related to its business when quantifiable,
-------
estimates  for  losses  from litigation are made after consultation with outside
counsel.  If  estimates  of  potential  losses increase or the related facts and
circumstances  change in the future, the Trust may be required to adjust amounts
recorded  in  its  financial  statements.

Segment  Reporting
------------------

The Trust has two principal operating segments: 1) Equipment Leasing and 2) Real
Estate  Ownership,  Development  &  Management.  The  Equipment  Leasing segment
includes the management of the Trust's equipment lease portfolio and the Trust's
interest in MILPI Holdings, LLC ("MILPI"), which owns 100% of PLM International,
Inc.,  ("PLM") an equipment leasing and asset management company.  From February
2001  to  February  6,  2002,  MILPI,  through  a wholly owned subsidiary, owned
approximately  83% of PLM.  Effective February 7, 2002, MILPI owned 100% of PLM.
The  Real  Estate  segment includes the ownership, management and development of
commercial properties, recreational properties, condominiums, interval ownership
units,  townhomes,  single  family  homes  and  land  sales  through the Trust's
ownership  interest  in  EFG  Kirkwood.

The  Trust's  reportable  segments  offer different products or services and are
managed  separately  because  each  requires  different operating strategies and
management  expertise.  There  are  no material intersegment sales or transfers.

Segment information for the three and six months ended June 30, 2002 and 2001 is
summarized  below.

<TABLE>
<CAPTION>
                                        Three months ended June 30,  Six months ended June 30,

                                          2002           2001          2002        2001
                                       -----------  --------------  ----------  ----------
<S>                                    <C>          <C>             <C>         <C>
Total Income (1):
   Equipment leasing                   $   83,779   $     174,379   $ 160,039   $  323,749
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $   83,779   $     174,379   $ 160,039   $  323,749
                                       ===========  ==============  ==========  ==========

Operating Expenses, Management Fees
  and Other Expenses:
   Equipment leasing                   $  140,317   $     205,744   $ 210,516   $  389,008
   Real estate                              2,630           2,595       5,161        5,161
                                       -----------  --------------  ----------  ----------
     Total                             $  142,947   $     208,339   $ 215,677   $  394,169
                                       ===========  ==============  ==========  ==========

Interest Expense:
   Equipment leasing                   $    6,919   $       1,299   $  14,235   $   11,321
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $    6,919   $       1,299   $  14,235   $   11,321
                                       ===========  ==============  ==========  ==========

Depreciation, Write-down of Equipment
  and Amortization Expense:
   Equipment leasing                   $  504,213   $      28,138   $ 524,778   $   55,170
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $  504,213   $      28,138   $ 524,778   $   55,170
                                       ===========  ==============  ==========  ==========

 Equity Interests:
   Equipment leasing                   $   64,643   $      21,082   $ 117,771   $   32,370
   Real estate                           (178,445)       (146,027)    188,733      246,810
                                       -----------  --------------  ----------  ----------
     Total                             $ (113,802)  $    (124,945)  $ 306,504   $  279,180
                                       ===========  ==============  ==========  ==========

 Net Income (Loss):                    $ (684,102)  $    (188,342)  $(288,147)  $  142,269
                                       ===========  ==============  ==========  ==========


 Capital Expenditures:
   Equipment leasing                   $        -   $           -   $       -   $2,079,349
   Real estate                                  -               -           -            -
                                       -----------  --------------  ----------  ----------
     Total                             $        -   $           -   $       -   $2,079,349
                                       ===========  ==============  ==========  ==========

 .                                     As of        As of
 .                                     June 30,     December 31,
 .                                           2002            2001
 Assets:
   Equipment leasing                   $4,021,821   $   4,618,712
   Real estate                            939,418         750,685
                                       -----------  --------------
     Total                             $4,961,239   $   5,369,397
                                       ===========  ==============
</TABLE>




(1)  Includes  equipment  leasing revenue of $69,481 and $128,820, respectively,
for  the  three  and  six  months  ended June 30, 2002, compared to $141,118 and
$227,505,  respectively,  for  the  same  periods  in  2001.

Three  and  six  months ended June 30, 2002 compared to the three and six months
--------------------------------------------------------------------------------
ended  June  30,  2001:
-----------------------

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

Equipment  Leasing
------------------


For  the  three  and six month periods ended June 30, 2002, the Trust recognized
lease  revenue  of  $69,481 and $128,820, respectively, compared to $141,118 and
$227,505,  respectively,  for  the  same periods in 2001.  The decrease in lease
revenue from 2001 to 2002 resulted primarily from lease term expirations and the
sale  of  equipment.  Future  lease  term  expirations  and equipment sales will
result  in  a  reduction  in  the  lease  revenue  recognized.

The Trust's equipment portfolio includes certain assets in which the Trust holds
a  proportionate ownership interest.  In such cases, the remaining interests are
owned  by  an  affiliated equipment leasing program sponsored by Equis Financial
Group  Limited  Partnership  ("EFG").  Proportionate equipment ownership enables
the  Trust  to further diversify its equipment portfolio by participating in the
ownership of selected assets, thereby reducing the general levels of risk, which
could  result  from  a  concentration  in any single equipment type, industry or
lessee.  The  Trust  and  each  affiliate  individually report, in proportion to
their  respective  ownership  interests,  their  respective  shares  of  assets,
liabilities,  revenues,  and  expenses  associated  with  the  equipment.

Interest  income  for  the  three  and six month periods ended June 30, 2002 was
$14,298  and  $28,419,  respectively,  compared  to  $21,922  and  $54,668,
respectively,  for  the  same  periods  in  2001.  Interest  income is typically
generated  from  temporary  investment  of  rental  receipts and equipment sales
proceeds  in  short-term  instruments.  The  amount of future interest income is
expected  to  fluctuate as a result of changing interest rates and the amount of
cash  available  for  investment, among other factors.  Interest income included
$11,527 and $22,928 during both the three and six months ended June 30, 2002 and
2001,  respectively,  earned  on  a  note  receivable  from  Semele  Group  Inc.
("Semele").  The  note  is  scheduled  to  mature  in  April  2003.

During  the  six  months  ended  June 30, 2002, the Trust sold fully depreciated
equipment  to existing lessees and third parties.  These sales resulted in a net
gain,  for  financial  statement purposes, of $2,800.   During the three and six
months  ended June 30, 2001, the Trust sold equipment having a net book value of
$34,619 and $48,619, respectively, to existing lessees and third parties.  These
sales  resulted  in  a  net  gain, for financial statement purposes, of $375 and
$24,616,  respectively.

It  cannot  be determined whether future sales of equipment will result in a net
gain or a net loss to the Trust, as such transactions will be dependent upon the
condition  and type of equipment being sold and its marketability at the time of
sale.  In  addition, the amount of gain or loss reported for financial statement
purposes  is  partly  a  function  of  the  amount  of  accumulated depreciation
associated  with  the  equipment  being  sold.

The  ultimate  realization  of  residual  value  for  any  type  of equipment is
dependent  upon  many  factors,  including  EFG's  ability  to sell and re-lease
equipment.  Changing market conditions, industry trends, technological advances,
and  many  other  events can converge to enhance or detract from asset values at
any  given  time.  EFG  attempts  to  monitor these changes in order to identify
opportunities  which  may  be  advantageous to the Trust and which will maximize
total  cash  returns  for  each  asset.

The  total  economic  value  realized  upon  final  disposition of each asset is
comprised  of all primary lease term revenue generated from that asset, together
with its residual value.  The latter consists of cash proceeds realized upon the
asset's  sale  in  addition to all other cash receipts obtained from renting the
asset on a re-lease, renewal or month-to-month basis.  The Trust classifies such
residual  rental payments as lease revenue.  Consequently, the amount of gain or
loss  reported  in the financial statements is not necessarily indicative of the
total  residual  value  the  Trust  achieved  from  leasing  the  equipment.

On March 8, 2000, the Trust and three affiliated trusts entered into a guarantee
agreement  whereby  the  trusts,  jointly  and severally, guaranteed the payment
obligations  under  a  master lease agreement between Echelon Commercial LLC, as
lessee,  and Heller Affordable Housing of Florida, Inc., and two other entities,
as  lessor.  During  the  year  ended December 31, 2001, the requirements of the
guarantee  agreement  were  met,  the Trust received payment for all outstanding
amounts  due  thereunder  and  the  Trust  has  no further obligations under the
guarantee  agreement.  During  the  six  months  ended  June 30, 2001, the Trust
recognized  income of $9,719 related to the guarantee fee.  The guarantee fee is
reflected  as  Other  Income  on  the  accompanying  Statement  of  Operations.

Depreciation  expense  was  $20,565 and $41,130, respectively, for the three and
six  months  ended  June 30, 2002 compared to $28,138 and $55,170, respectively,
for  the same periods of 2001.  During the three months ended June 30, 2002, the
Trust also recorded a write-down of equipment, representing an impairment to the
carrying  value  of  the Trust's interest in a McDonnell Douglas MD-87 aircraft.
The  resulting  charge  of  $483,648 was based on a comparison of estimated fair
value  and carrying value of the Trust's interest in the aircraft.  The estimate
of  the fair value was based on a current offer to purchase the aircraft and the
assessment  by  the management of the Trusts of prevailing market conditions for
similar  aircraft.  Aircraft  condition,  age,  passenger  capacity,  distance
capability,  fuel  efficiency,  and  other  factors  influence market demand and
market  values  for  passenger  jet aircraft.  The events of September 11, 2001,
along  with  a recession in the United States have continued to adversely affect
the  market  demand  for  both  new  and  used  commercial  aircraft.

For financial reporting purposes, to the extent that an asset is held on primary
lease  term,  the  Trust  depreciates the difference between (i) the cost of the
asset  and  (ii)  the  estimated  residual value of the asset on a straight-line
basis  over  such  term.  For purposes of this policy, estimated residual values
represent estimates of equipment values at the date of primary lease expiration.
To  the  extent  that  an asset is held beyond its primary lease term, the Trust
continues  to  depreciate  the  remaining  net  book  value  of  the  asset on a
straight-line  basis  over  the  asset's  remaining  economic  life.

Interest  expense  was  $6,919  and $14,235, respectively, for the three and six
months  ended  June  30, 2002, compared to $1,299 and $11,321, respectively, for
the  same periods in 2001.  The increase in interest expense in 2002 compared to
2001  resulted from the refinancing of debt in June 2001.  Interest expense will
decrease  in  the future as the principal balance of the note payable is reduced
through  the  application  of  rent  receipts  to  outstanding  debt.

Management  fees  related  to  equipment  leasing  were  $8,721  and  $16,945,
respectively,  for  the  three  and  six  months ended June 30, 2002 compared to
$12,307  and  $19,607,  respectively, for same periods in 2001.  Management fees
related  to  equipment  are  based  on  5%  of  gross lease revenue generated by
operating  leases and 2% of gross lease revenue generated by full payout leases,
subject  to  certain  limitations.   Management  fees  related  to  the  Trust's
interest  in  MILPI  are  based  on  1%  of  the  cost  of  such  interest.

Operating  expenses  were $131,596 and $193,571, respectively, for the three and
six  month  periods  ended  June  30,  2002,  compared to $193,437 and $352,364,
respectively,  for  the  same  periods  in  2001.  In  2001,  operating expenses
included  approximately $40,000 for ongoing legal matters, approximately $31,000
of  costs reimbursed to EFG as a result of the successful acquisition of the PLM
common  stock by MILPI Acquisition Corp. ("MILPI Acquisition") and approximately
$56,000  of  costs  related to the re-lease of an aircraft.  In conjunction with
the  acquisition of the PLM common stock, EFG became entitled to recover certain
out  of  pocket  expenses  which  it  had  previously  incurred. Other operating
expenses  consist  primarily  of  administrative  charges,  professional service
costs,  such  as  audit  and  legal  fees, as well as printing, distribution and
remarketing  expenses.  The  amount  of  future  operating  expenses  cannot  be
predicted  with  certainty; however, such expenses are usually higher during the
acquisition  and  liquidation  phases  of a trust.  Other fluctuations typically
occur  in  relation  to  the  volume  and  timing  of  remarketing  activities.

At  March 31, 2001, the Trust determined that the decline in the market value of
its  investment  in  Semele common stock was other than temporary.  As a result,
the  Trust  wrote  down the cost of the Semele common stock to $3.3125 per share
(the  quoted price of the Semele stock on the NASDAQ SmallCap Market on the date
the  stock  traded  closest  to  March 31, 2001), for a realized loss in the six
months  ended  June  30,  2001  of  $17,037.

During  the  three and six months ended June 30, 2002, the Trust recorded income
of  $64,643  and  $117,771,  respectively, from its ownership interest in MILPI,
compared  to  $21,082  and  $32,370, respectively, for the same periods in 2001.
This  income  represents the Trust's share of net income of MILPI recorded under
the  equity  method  of  accounting. See below for a discussion of the operating
results  of  MILPI during the respective periods.  The Trust's income from MILPI
results  from  MILPI's  ownership of PLM common stock acquired in February 2001.
PLM  is  an  equipment  leasing and asset management company. The Trust recorded
$3,742  and  $4,556, respectively, of amortization expense for the three and six
months  ended  June 30, 2001, which related to the goodwill recorded at the time
of  the acquisition of the PLM common stock by MILPI Acquisition.   Statement of
Financial  Accounting  Standards No. 142, "Goodwill and Other Intangible Assets"
("SFAS No. 142"), was effective for the Trust as of January 1, 2002 and requires
the discontinuance of goodwill amortization as of January 1, 2002.  SFAS No. 142
also  requires  the  Trust  to  complete a transitional goodwill impairment test
within  six  months  from  January  1,  2002,  the  date  of adoption. The Trust
completed  the  goodwill  impairment  analysis during the quarter ended June 30,
2002.  There  was  no  impact on the Trust's financial statements as a result of
this  analysis.

MILPI  Operating  Results
-------------------------

During  the  three and six months ended June 30, 2002, MILPI recognized revenues
of  approximately  $1,683,000  and  $3,379,000,  respectively,  compared  to
approximately  $2,406,000  and $5,613,000, respectively, for the same periods in
2001.  Revenues  for  the three and six months ended June 30, 2002 are comprised
primarily  of  management  fees  of  approximately  $1,185,000 and approximately
$2,451,000,  respectively.  Revenues for the three and six months ended June 30,
2001  are comprised primarily of management fees of approximately $1,263,000 and
$2,602,000,  respectively.

During  the three and six months ended June 30, 2002, MILPI incurred total costs
and expenses of approximately $489,000 and $1,368,000, respectively, compared to
$1,414,000  and  $3,310,000,  respectively.  Operating  expenses  for  the three
months ended June 30, 2002 are comprised primarily of general and administrative
expenses  of approximately $459,000 and depreciation and amortization expense of
approximately  $30,000.  For  the  six  months  ended  June  30, 2002, operating
expenses  are  comprised of general and administrative expenses of approximately
$1,269,000  and  depreciation and amortization expense of approximately $99,000.
Operating  expenses  for  the  three months ended June 30, 2001 are comprised of
general and administrative expenses of approximately $1,077,000 and depreciation
and  amortization  expense  of approximately $337,000.  For the six months ended
June  30,  2001,  operating expenses are comprised of general and administrative
expenses  of  approximately $1,772,000 and depreciation and amortization expense
of  approximately  $690,000.

During  the  three and six months ended June 30, 2002, MILPI incurred income tax
expense  of  approximately  $386,000  and  $650,000,  respectively,  compared to
approximately  $167,000  and  $422,000  for  the  same  periods  in  2001.


Real  Estate
------------

Management  fees  for non-equipment assets were $2,630 and $5,161, respectively,
for  the three and six months ended June 30, 2002 compared to $2,595 and $5,161,
respectively,  for  the same periods of 2001.  Management fees for non-equipment
assets,  excluding  cash,  are  1%  of  such  assets  under  management.

The  Trust owns 10% of the Class A membership interests of EFG Kirkwood, a joint
venture  between  the  Trust,  certain  affiliated  trusts,  and  an  affiliated
corporation Semele.  AFG ASIT Corporation, the Managing Trustee of the Trust and
a  subsidiary  of  Semele,  also  is  the  manager  of  EFG  Kirkwood.

EFG  Kirkwood  owns  membership  interests  in:

     Mountain  Resort  Holdings  LLC  ("Mountain  Resort")  and
     Mountain  Springs  Resort  LLC  ("Mountain  Springs").

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest  in  DSC/Purgatory  LLC ("Purgatory") in Durango,
Colorado.

For  the  three and six months ended June 30, 2002, the Trust recorded a loss of
$178,445  and  income  of $188,733, respectively, compared to a loss of $146,027
and  income  of  $246,810,  respectively, for the same periods in 2001, from its
ownership interest in EFG Kirkwood.  This income and loss represents the Trust's
share  of the net income (loss) of EFG Kirkwood recorded under the equity method
of  accounting.  Due  to  the  seasonal nature of EFG Kirkwood's operations, the
financial  results  of  the  three months and six months ended June 30, 2002 and
2001  are  not indicative of future periods.  The three months ended March 31 of
each  year  include  the  periods  of peak income activity for the resorts.  See
below  for  a  discussion  of  the  operating  results  of  the  resorts.


Mountain  Resort  Operating  Results
------------------------------------

Mountain Resort is primarily a ski and mountain recreation resort with more than
2,000 acres of terrain, located approximately 32 miles south of Lake Tahoe.  The
resort  receives  approximately  70% of its revenues from winter ski operations,
primarily ski, lodging, retail and food and beverage services with the remainder
of  the  revenues  generated  from summer outdoor activities, including mountain
biking,  hiking  and  other  activities.  Other operations include a real estate
development  division, which has developed and is managing a 40-unit condominium
residential  and commercial building, an electric and gas utility company, which
operates  as  a regulated utility company and provides electric and gas services
to  the  Kirkwood  community,  and  a  real  estate  brokerage  company.

During  the  six  months  ended  June  30,  2002, Mountain Resort recorded total
revenues  of approximately $20,476,000 compared to approximately $20,561,000 for
the  same  period  in 2001.  The decrease in total revenues from 2001 to 2002 of
$85,000  is  the  result  of  an  increase  in  ski-related revenues offset by a
decrease  in  residential-related  and  other  operations revenues.  Ski-related
revenues  increased  approximately  $2,038,000.  The  increase  in  ski-related
revenues  resulted  from  improved  weather conditions during the winter season,
which  attracted more skiers.  Residential-related and other operations revenues
decreased  approximately $2,123,000 for the six months ended 2002 as compared to
2001.  The  decrease  in  residential-related  and other operations revenues was
primarily  attributable to a reduction in the number of condominium sales during
2002  compared  to  2001.

During  the  six  months  ended June 30, 2002 and 2001, Mountain Resort recorded
total  expenses of approximately $16,565,000 and $17,348,000, respectively.  The
decrease in total expenses of approximately $783,000 is the result of a decrease
in  residential-related  and  other  operations  expenses  largely  offset by an
increase  in  ski-related expenses. Ski-related expenses increased approximately
$1,254,000  as  a  result  of the increase in ski-related revenues, as discussed
above.  Residential-related  and  other  operations  expenses  decreased
approximately  $2,037,000  primarily  as a result of a decrease in cost of sales
from condominium units sold in the six months ended June 30, 2002 as compared to
the  same  period  in  2001,  as  also  discussed  above.

Mountain  Springs  Operating  Results
-------------------------------------

Purgatory is a ski and mountain recreation resort covering 2,500 acres, situated
on  40  miles  of  terrain  with  75  ski trails located near Durango, Colorado.
Purgatory  receives  the  majority  of  its revenues from winter ski operations,
primarily  ski,  lodging,  retail  and  food  and  beverage  services,  with the
remainder  of  revenues generated from summer outdoor activities, such as alpine
sliding  and  mountain  biking.

During  the six months ended June 30, 2002, Purgatory recorded total revenues of
approximately  $9,882,000  compared  to  approximately  $11,146,000 for the same
period  of  2001.  The  decrease  in  total  revenues  from  2001  to  2002  of
approximately  $1,264,000 is the result of unfavorable weather conditions during
the  winter  season,  which  attracted  fewer  skiers.

Total  expenses  were approximately $9,284,000 for the six months ended June 30,
2002  compared  to  approximately  $8,576,000  for the same period in 2001.  The
increase  in  total  expenses for the six months ended June 30, 2002 compared to
the  same period in 2001 of approximately $708,000 is a result of costs incurred
related  to  the  creation  of  certain  development  companies.


Liquidity  and  Capital  Resources  and  Discussion  of  Cash  Flows
--------------------------------------------------------------------

The  Trust  by  its  nature  is  a  limited  life entity.  The Trust's principal
operating  activities  derive  from asset rental transactions.  Accordingly, the
Trust's  principal  source of cash from operations is provided by the collection
of  periodic  rents.  These  cash  inflows  are  used  to  satisfy  debt service
obligations  associated  with  leveraged  leases, and to pay management fees and
operating  costs.  Operating  activities generated net cash outflows of $129,117
and  $108,641  for  the  six  months ended June 30, 2002 and 2001, respectively.
Future  renewal, re-lease and equipment sale activities will continue to cause a
decline  in  the  Trust's  lease  revenue and corresponding sources of operating
cash.  Expenses associated with rental activities, such as management fees, also
will  decline  as  the  Trust  remarkets  its  equipment.  The  amount of future
interest  income is expected to fluctuate as a result of changing interest rates
and  the  level  of  cash  available  for  investment,  among  other  factors.

The  events  of September 11, 2001, along with a recession in the United States,
have  continued  to  adversely  affect  the  market demand for both new and used
commercial aircraft and weakened the financial position of several airlines.  No
direct damage occurred to any of the Trust's assets as a result of these events.
Management  of  the  Trust expects that the resulting decline in air travel will
suppress market prices for used aircraft in the short-term and could inhibit the
viability  of  some  airlines.  In  the  event of a lease default by an aircraft
lessee,  the  Trust  could  experience  material  losses.  At June 30, 2002, the
Trusts  have  collected substantially all rents owed from aircraft lessees.  The
Trust  is  monitoring  developments in the airline industry and will continue to
evaluate  potential  implications  to  the Trust's financial position and future
liquidity.

At  lease  inception,  the  Trust's  equipment  was  leased  by  a  number  of
creditworthy,  investment-grade  companies  and,  to  date,  the  Trust  has not
experienced any material collection problems and has not considered it necessary
to  provide  an  allowance  for  doubtful  accounts.  Notwithstanding a positive
collection  history, there is no assurance that all future contracted rents will
be  collected  or  that  the  credit  quality  of  the  Trust's  leases  will be
maintained.  The credit quality of an individual lease may deteriorate after the
lease  is  entered  into.  Collection  risk  could  increase  in  the  future,
particularly as the Trust remarkets its equipment and enters re-lease agreements
with  different  lessees.  The  Managing  Trustee  will continue to evaluate and
monitor  the  Trust's  experience in collecting accounts receivable to determine
whether  a  future  allowance  for  doubtful  accounts  may  become appropriate.

At  June  30, 2002, the Trust was due aggregate future minimum lease payments of
$422,913  from  contractual lease agreements, a portion of which will be used to
amortize  the  principal  balance of notes payable of $365,015.  Additional cash
inflows  will  be  realized  from  future  remarketing activities, such as lease
renewals and equipment sales, the timing and extent of which cannot be predicted
with  certainty.  This  is  because  the timing and extent of equipment sales is
often  dependent  upon  the  needs  and interests of the existing lessees.  Some
lessees  may  choose  to  renew their lease contracts, while others may elect to
return the equipment.  In the latter instances, the equipment could be re-leased
to  another lessee or sold to a third party.  Accordingly, the cash flows of the
Trust  will  become  less  predictable  as  the  Trust  remarkets its equipment.

Cash  expended  for  asset  acquisitions  and  cash realized from asset disposal
transactions  are  reported  under  investing  activities  on  the  accompanying
Statement  of  Cash  Flows.

In  December  2000,  the Trust and three affiliated trusts (the "Trusts") formed
MILPI,  which formed MILPI Acquisition, a wholly owned subsidiary of MILPI.  The
Trusts  collectively  paid  $1.2 million for their membership interests in MILPI
($120,000 for the Trust) and MILPI purchased the shares of MILPI Acquisition for
an  aggregate  purchase  price  of  $1.2  million  at  December 31, 2000.  MILPI
Acquisition  entered  into a definitive agreement (the "Agreement") with PLM, an
equipment  leasing and asset management company, for the purpose of acquiring up
to  100%  of  the  outstanding  common stock of PLM, for an approximate purchase
price of up to $27 million.  In connection with the acquisition, on December 29,
2000,  MILPI  Acquisition  commenced  a  tender offer to purchase any and all of
PLM's  outstanding  common  stock.

Pursuant  to the cash tender offer, MILPI Acquisition acquired approximately 83%
of PLM's outstanding common stock in February 2001 for a total purchase price of
approximately  $21.8  million.  The Trust had a 10% membership interest in MILPI
prior  to  MILPI's  acquisition of the remaining 17% of PLM's outstanding common
stock in February 2002, as described below.    Under the terms of the Agreement,
with  the  approval  of  the holders of 50.1% of the outstanding common stock of
PLM,  MILPI  Acquisition  would  merge  into  PLM,  with PLM being the surviving
entity.  The  merger  was  completed  when MILPI obtained approval of the merger
from  PLM's shareholders pursuant to a special shareholders' meeting on February
6, 2002.  Since the Trust and another of the Trusts have determined to liquidate
their  assets,  the two other Trusts provided the funds necessary to acquire the
remaining  17%  of  PLM's  outstanding  common  stock.

Effective  February  2002,  the  Trust has an 8.33% membership interest in MILPI
having  an  original  cost  of  $2,218,822.  The cost of the Trust's interest in
MILPI  reflects MILPI's cost of acquiring the common stock of PLM, including the
amount paid for the shares tendered of $2,177,572, capitalized transaction costs
of  $19,474 and a 1% acquisition fee paid to a wholly-owned subsidiary of Semele
of  $21,776.  The Trust capitalized these transaction costs, of which $4,556 was
amortized  during  the  six  months  ended  June  30,  2001.  SFAS.  No. 142 was
effective for the Trust as of January 1, 2002 and requires the discontinuance of
goodwill  amortization  as  of  January 1, 2002.  SFAS No. 142 also requires the
Trust to complete a transitional goodwill impairment test within six months from
January  1,  2002,  the  date  of  adoption.   The  Trust completed the goodwill
impairment analysis during the quarter ended June 30, 2002.  There was no impact
on  the  Trust's  financial  statements  as  a  result  of  this  analysis.

On  March  12,  2002,  PLM  declared  and  paid  a  cash  dividend  to  MILPI of
approximately  $2.7  million.  MILPI  then  declared and paid a cash dividend of
approximately  $2.7  million,  of  which  the  Trust's  share  was  $222,156.

During  the six months ended June 30, 2002 and 2001, the Trust realized net cash
proceeds  from  equipment  disposals of $2,800 and $73,235, respectively. Future
inflows of cash from equipment disposals will vary in timing and amount and will
be  influenced  by many factors including, but not limited to, the frequency and
timing of lease expirations, the type of equipment being sold, its condition and
age,  and  future  market  conditions.

The  Trust  has  an ownership interest in EFG Kirkwood.  EFG Kirkwood is a joint
venture  among the Trust, certain affiliated Trusts and Semele and is managed by
AFG  ASIT  Corporation. EFG Kirkwood is a member in two joint ventures, Mountain
Resort  and  Mountain  Springs.

Mountain  Resort,  through four wholly owned subsidiaries, owns and operates the
Kirkwood  Mountain Resort, a ski resort located in northern California, a public
utility that services the local community, and land that is held for residential
and commercial development. Mountain Springs, through a wholly owned subsidiary,
owns  a  controlling  interest in the Purgatory Ski resort in Durango, Colorado.

The risks generally associated with real estate include, without limitation, the
existence of senior financing or other liens on the properties, general or local
economic  conditions,  property  values, the sale of properties, interest rates,
real  estate  taxes,  other  operating  expenses,  the  supply  and  demand  for
properties  involved,  zoning  and environmental laws and regulations, and other
governmental  rules.

The  Trust's  involvement  in  real estate development also introduces financial
risks,  including  the potential need to borrow funds to develop the real estate
projects.  While  the  Trust's management presently does not foresee any unusual
risks  in  this  regard,  it  is possible that factors beyond the control of the
Trust,  its  affiliates  and joint venture partners, such as a tightening credit
environment,  could  limit  or  reduce  its  ability  to  secure adequate credit
facilities at a time when they might be needed in the future. Alternatively, the
Trust  could  establish joint ventures with other parties to share participation
in  its  development  projects.

Ski  resorts  are subject to a number of risks, including weather-related risks.
The  ski  resort business is seasonal in nature and insufficient snow during the
winter  season  can  adversely  effect the profitability of a given resort. Many
operators  of  ski resorts have greater resources and experience in the industry
than  the  Trust,  its  affiliates  and  its  joint  venture  partners.

As  a  result  of  an  exchange transaction in 1997, the Trust is the beneficial
owner of 20,969 shares of Semele common stock and holds a beneficial interest in
a  note  receivable from Semele of $462,353.  The note matures in April 2003 and
bears  an  annual interest rate of 10% with mandatory principal reductions prior
to  maturity, if and to the extent that net proceeds are received by Semele from
the  sale  or  refinancing  of  its principal real estate asset consisting of an
undeveloped  274-acre  parcel  of  land  near  Malibu,  California.

In  accordance  with  Statement  of  Financial  Accounting  Standards  No.  115,
Accounting  for  Certain  Investments  in Debt and Equity Securities, marketable
equity  securities  classified  as available-for-sale are carried at fair value.
During  the  six  months ended June 30, 2002, the Managing Trustee decreased the
carrying  value of its investment in Semele common stock to $1.66 per share (the
quoted  price  of  Semele  stock on the OTC Bulletin Board on the date the stock
traded  closest  to  June  30, 2002), resulting in an unrealized loss of $5,032.
This  loss  was  reported  as  a component of comprehensive loss included in the
Statement  of  Changes  in  Participants'  Capital.

At  March 31, 2001, the Trust determined that the decline in the market value of
its  investment  in  Semele common stock was other than temporary.  As a result,
the  Trust  wrote  down the cost of the Semele common stock to $3.3125 per share
(the  quoted price of the Semele stock on the NASDAQ SmallCap Market on the date
the  stock  traded  closest  to  March 31, 2001), for a realized loss in the six
months  ended  June  30,  2001  of  $17,037.

The  Semele  Note  and  the Semele common stock are subject to a number of risks
including,  Semele's  ability  to make loan payments which is dependent upon the
liquidity  of  Semele  and  primarily  Semele's ability to sell or refinance its
principal real estate asset consisting of an undeveloped 274-acre parcel of land
near  Malibu,  California.  The market value of the Trust's investment in Semele
common  stock  has  generally  declined  since the Trust's initial investment in
1997.  In  1998  and  2001,  the Managing Trustee determined that the decline in
market  value  of  the stock was other-than-temporary and wrote down the Trust's
investment.  Subsequently,  the  market  value  of  the  Semele common stock has
fluctuated.  The  market value of the stock could decline in the future. Gary D.
Engle,  President  and  Chief  Executive  Officer  of  EFG and a Director of the
Managing  Trustee is Chairman and Chief Executive Officer of Semele and James A.
Coyne, Executive Vice President of EFG is Semele's President and Chief Operating
Officer.  Mr. Engle and Mr. Coyne are both members of the Board of Directors of,
and  own  significant  stock  in,  Semele.

The  Trust  obtained  long-term  financing  in connection with certain equipment
leases.  The  origination  of  such  indebtedness  and  subsequent repayments of
principal are reported as components of financing activities on the accompanying
Statements  of  Cash  Flow.  At June 30, 2002, the Trust had one debt obligation
outstanding  pertaining  to  its  ownership  interest  in  an aircraft leased to
Aerovias  de  Mexico,  S.A.  de  C.V.  The  note is recourse only to the Trust's
interest  in  the  aircraft  and  to  the minimum rental payments to be received
during  the debt amortization period.  The Trust makes monthly debt and interest
payments  and  the debt will be fully amortized at the expiration of the related
lease  term  in  June  2005.

In  July 1997, the Trust issued 826,072 Class B Interests at $5.00 per interest.
Class  A  Beneficiaries purchased 3,209 Class B Interests, generating $16,045 of
such aggregate capital contributions, and EFG, as Special Beneficiary, purchased
822,863  Class  B Interests. Subsequently, EFG transferred its Class B Interests
to  a  special-purpose  company,  Equis II Corporation. EFG also transferred its
ownership  of  AFG ASIT Corporation, the Managing Trustee of the Trust, to Equis
II  Corporation.  In December 1999, an affiliate of the Trust, Semele, purchased
85%  of  the  common  stock  of  Equis II Corporation, subject to certain voting
restrictions  with  respect to the Class B Interests of the Trust owned by Equis
II  Corporation.  In  May  2000, Semele acquired the remaining 15% of the common
stock  of  Equis  II  Corporation and, in November 2000, the voting restrictions
with  respect  to the Class B Interests were terminated. As a result, Semele has
voting  control  over  the  Trust.  The former majority stockholders of Equis II
Corporation,  Gary D. Engle and James A. Coyne, are both members of the Board of
Directors of, and collectively own a majority of the stock in, Semele. Mr. Engle
is  Semele's  Chairman  and  Chief  Executive  Officer and Mr. Coyne is Semele's
President  and  Chief  Operating  Officer.

The  proceeds  from the Class B offering were intended to be used principally to
repurchase  a  portion of the Trust's Class A Beneficiary Interests and to pay a
one-time  special  cash distribution of $808,363 ($1.47 per Class A Interest) to
the  Trust's  Class  A  Beneficiaries.  That distribution was paid on August 15,
1997.  The  remainder of the offering proceeds was classified as restricted cash
pending  its  use  for  the repurchase of Class A Interests or its return to the
Class  B  Interest  holders.  On August 7, 1997, the Trust commenced an offer to
purchase  up  to  45%  of  the  outstanding Class A Beneficiary Interests of the
Trust. On October 10, 1997, the Trust used $620,011 of the net proceeds realized
from  the  issuance  of  the Class B Interests to purchase 65,402 of the Class A
Interests  tendered  as  a  result  of  the  offer. On April 28, 1998, the Trust
purchased  1,800  additional  Class A Interests at a cost of $14,400. On July 6,
1998,  the  Trust  used  $1,263,443  of  the  Class B offering proceeds to pay a
capital  distribution  to  the  Class  B  Beneficiaries. In July 1999, the Trust
distributed  $413,247,  including  legal  fees  of  $22,213  paid to Plaintiffs'
counsel,  as a special cash distribution ($0.81 per unit, net of legal fees). In
addition,  Equis II Corporation agreed to commit $929,806 of the Class B Capital
Contributions  (the  remaining  balance of the restricted cash) to the Trust for
the  Trust's  investment  purposes.

After  the  amendment  of  the  Trust  Agreement  in  1998, the Managing Trustee
evaluated  and  pursued a number of potential new acquisitions, several of which
the  Managing  Trustee  concluded  had market returns that it believed were less
than  adequate  given  the  potential  risks.  Most  transactions  involved  the
equipment  leasing,  business  finance  and  real estate development industries.
Although,  at  the  time,  the Managing Trustee intended to continue to evaluate
additional  new investments, it anticipated that the Trust would be able to fund
these  new  investments with cash on hand or other sources, such as the proceeds
from  future asset sales or refinancings and new indebtedness.  As a result, the
Trust  declared a special cash distribution during the fourth quarter of 1999 to
the Trust Beneficiaries totaling $3,900,000, which was paid on January 19, 2000.

After  the  special  distribution  on  January 19, 2000, the Trust adopted a new
distribution  policy  and  suspended  the  payment  of  regular  monthly  cash
distributions.  Currently,  the  Managing  Trustee  has  not  reinstated  cash
distributions.  The  Managing  Trustee  expects  that the Trust will retain cash
from  operations  and  future  sales  and  refinancings to fully retire its debt
obligation  and  for  the  continued  maintenance  of  the  Trust's  assets.

No  cash  distributions  have  been  declared  since  the  special  distribution
described  above.  In  any given year, it is possible that Beneficiaries will be
allocated taxable income in excess of distributed cash. This discrepancy between
tax  obligations  and  cash distributions may or may not continue in the future,
and  cash  may  or  may  not  be available for distribution to the Beneficiaries
adequate  to  cover  any  tax  obligation.  The  Trust  Agreement  requires that
sufficient  distributions  be  made to enable the Beneficiaries to pay any state
and  federal  income  taxes  arising  from any sale or refinancing transactions,
subject  to  certain  limitations.

Cash  distributions  when  paid  to the Participants generally consist of both a
return  of  and a return on capital. Cash distributions do not represent and are
not  indicative  of  yield  on  investment. Actual yield on investment cannot be
determined  with  any  certainty  until  conclusion  of  the  Trust  and will be
dependent  upon the collection of all future contracted rents, the generation of
renewal and/or re-lease rents, the residual value realized for each asset at its
disposal  date,  and the performance of the Trust's non-equipment assets. Future
market  conditions,  technological  changes,  the  ability  of EFG to manage and
remarket  the  equipment, and many other events and circumstances, could enhance
or  detract from individual yields and the collective performance of the Trust's
equipment  portfolio.  The ability of the Managing Trustee and its affiliates to
develop  and  profitably manage its non-equipment assets and the return from its
interest  in  MILPI  will  impact  the  Trust's  overall  performance.

In  the  future,  the  nature of the Trust's operations and principal cash flows
will  continue to shift from rental receipts to equipment sale proceeds. As this
occurs,  the  Trust's cash flows resulting from equipment investments may become
more  volatile  in  that certain of the Trust's equipment leases will be renewed
and  certain  of  its  assets  will  be  sold.  In  some cases, the Trust may be
required  to  expend funds to refurbish or otherwise improve the equipment being
remarketed  in  order  to  make  it  more  desirable  to  a  potential lessee or
purchaser.  The  Trust's  Advisor, EFG, and the Managing Trustee will attempt to
monitor  and  manage these events in order to maximize the residual value of the
Trust's equipment and will consider these factors, in addition to the collection
of  contractual rents, the retirement of scheduled indebtedness, and the Trust's
future  working  capital  requirements, in establishing the amount and timing of
future  cash  distributions.

In  accordance  with the Trust Agreement, upon the dissolution of the Trust, the
Managing  Trustee will be required to contribute to the Trust an amount equal to
any  negative  balance,  which  may  exist in the Managing Trustee's tax capital
account.  At  December 31, 2001, the Managing Trustee had a positive tax capital
account  balance.  No  such  requirement  exists  with  respect  to  the Special
Beneficiary.

Item  3.  Quantitative  and  Qualitative  Disclosures  about  Market  Risk
--------------------------------------------------------------------------

The  Trust's financial statements include financial instruments that are exposed
to  interest  rate  risks.

The Trust has one note payable outstanding at June 30, 2002, which bears a fixed
interest  rate  of 7.03%.  The fair market value of fixed interest rate debt may
be  adversely  impacted  due  to  a  decrease  in  interest rates. The effect of
interest  rate  fluctuations on the Trust for the six months ended June 30, 2002
was  not  material.


<PAGE>

                             AFG INVESTMENT TRUST A

                                    FORM 10-Q

                           PART II.  OTHER INFORMATION




     Item  1.     Legal  Proceedings
          Response:  None

     Item  2.     Changes  in  Securities
          Response:  None

     Item  3.     Defaults  upon  Senior  Securities
          Response:  None

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

     Item  5.     Other  Information
          Response:  None

     Item  6(a).     Exhibits
     .     Response:

Exhibit  99.1      Certification Pursuant to 18 U.S. C. Section 1350, as Adopted
Pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act  of  2002

Exhibit  99.2      Certification Pursuant to 18 U.S. C. Section 1350, as Adopted
Pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act  of  2002

     Item  6(b).     Reports  on  Form  8-K
          Response:  None





<PAGE>
                                 SIGNATURE PAGE



Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.



                             AFG Investment Trust A


     By:     AFG  ASIT  Corporation,  a  Massachusetts
          corporation  and  the  Managing  Trustee  of
          the  Registrant.


     By:     ls/  Michael  J.  Butterfield
             -----------------------------
          Michael  J.  Butterfield
          Treasurer  of  AFG  ASIT  Corporation
          (Duly  Authorized  Officer  and
          Principal  Financial  and  Accounting  Officer)


     Date:     August  19,  2002
               -----------------