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

                           FORM 10-QSB

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

           For the Quarter Ended:  September 30, 2004

                Commission file number:  0-23778


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
(Exact Name of Small Business Issuer as Specified in its Charter)


          State of Minnesota              41-1729121
(State or other Jurisdiction of         (I.R.S. Employer
Incorporation or Organization)        Identification No.)


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

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


                        Not Applicable
 (Former name, former address and former fiscal year, if changed
                       since last report)

Check  whether  the issuer (1) filed all reports required  to  be
filed  by Section 13 or 15(d) of the Securities Exchange  Act  of
1934  during the preceding 12 months (or for such shorter  period
that  the registrant was required to file such reports), and  (2)
has  been  subject to such filing requirements for  the  past  90
days.

                         Yes [X]   No

         Transitional Small Business Disclosure Format:

                         Yes       No [X]


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP


                              INDEX




PART I.Financial Information

 Item 1. Balance Sheet as of September 30, 2004 and December 31, 2003

          Statements for the Periods ended September 30, 2004 and 2003:

           Income

           Cash Flows

           Changes in Partners' Capital

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis

 Item 3. Controls and Procedures

PART II.Other Information

 Item 1. Legal Proceedings

 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 Item 3. Defaults Upon Senior Securities

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

 Item 5. Other Information

 Item 6. Exhibits

         Signatures

<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                          BALANCE SHEET
            SEPTEMBER 30, 2004 AND DECEMBER 31, 2003

                           (Unaudited)

                             ASSETS

                                                    2004            2003
CURRENT ASSETS:
  Cash and Cash Equivalents                    $   774,948     $ 4,136,251
  Receivables                                        5,141          43,901
                                                -----------     -----------
      Total Current Assets                         780,089       4,180,152
                                                -----------     -----------
INVESTMENTS IN REAL ESTATE:
  Land                                           6,387,002       5,078,221
  Buildings and Equipment                       12,409,330       9,366,789
  Construction in Progress                               0         889,670
  Accumulated Depreciation                      (1,650,984)     (1,345,907)
                                                -----------     -----------
      Net Investments in Real Estate            17,145,348      13,988,773
                                                -----------     -----------
           Total  Assets                       $17,925,437     $18,168,925
                                                ===========     ===========

                        LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.         $    50,923     $    71,212
  Distributions Payable                            413,103         410,975
  Unearned Rent                                     75,947          16,378
                                                -----------     -----------
      Total Current Liabilities                    539,973         498,565
                                                -----------     -----------
PARTNERS' CAPITAL:
   General  Partners                                24,636          27,485
   Limited Partners, $1,000 per Unit;
    24,000 Units authorized and issued;
    22,371 Units outstanding                    17,360,828      17,642,875
                                                -----------     -----------
      Total Partners' Capital                   17,385,464      17,670,360
                                                -----------     -----------
       Total Liabilities and Partners' Capital $17,925,437     $18,168,925
                                                ===========     ===========

 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                       STATEMENT OF INCOME
               FOR THE PERIODS ENDED SEPTEMBER 30

                           (Unaudited)

                                 Three Months Ended        Nine Months Ended
                               9/30/04        9/30/03    9/30/04       9/30/03

RENTAL INCOME                 $  506,686  $  325,306   $ 1,467,863  $  917,801

EXPENSES:
   Partnership Administration -
     Affiliates                   52,789      62,525       162,459     183,296
   Partnership Administration
     and Property Management -
     Unrelated Parties             6,055       6,571        27,368      29,757
   Depreciation                  106,902      55,973       305,077     154,732
                               ----------  ----------   -----------  ----------
        Total Expenses           165,746     125,069       494,904     367,785
                               ----------  ----------   -----------  ----------

OPERATING INCOME                 340,940     200,237       972,959     550,016

OTHER INCOME:
   Interest Income                 2,088      37,569        14,865      93,068
   Gain on Sale of Real Estate         0           0             0     325,654
                               ----------  ----------   -----------  ----------
        Total Other Income         2,088      37,569        14,865     418,722
                               ----------  ----------   -----------  ----------
INCOME FROM CONTINUING
   OPERATIONS                    343,028     237,806       987,824     968,738

Income from Discontinued Operations    0     117,529             0     214,804
                               ----------  ----------   -----------  ----------
NET INCOME                    $  343,028  $  355,335   $   987,824  $1,183,542
                               ==========  ==========   ===========  ==========
NET INCOME ALLOCATED:
   General Partners           $    3,430  $    3,553   $     9,878  $   11,835
   Limited Partners              339,598     351,782       977,946   1,171,707
                               ----------  ----------   -----------  ----------
                              $  343,028  $  355,335   $   987,824  $1,183,542
                               ==========  ==========   ===========  ==========
INCOME PER LIMITED PARTNERSHIP UNIT:
   Continuing Operations      $    15.18  $    10.46   $     43.71  $    42.60
   Discontinued Operations             0        5.17             0        9.45
                               ----------  ----------   -----------  ----------
        Total                 $    15.18  $    15.63   $     43.71  $    52.05
                               ==========  ==========   ===========  ==========
Weighted Average
   Units Outstanding              22,371      22,513        22,371      22,513
                               ==========  ==========   ===========  ==========
 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                     STATEMENT OF CASH FLOWS
          FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30

                           (Unaudited)

                                                        2004           2003
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net  Income                                     $   987,824    $ 1,183,542

   Adjustments to Reconcile Net Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                      305,077        182,681
     Gain on Sale of Real Estate                             0       (406,242)
     Decrease in Receivables                            38,760          9,906
     Decrease in Payable to
        AEI Fund Management, Inc.                      (20,289)      (161,326)
     Increase in Unearned Rent                          59,569         46,955
                                                    -----------    -----------
        Total Adjustments                              383,117       (328,026)
                                                    -----------    -----------
        Net Cash Provided By
          Operating Activities                       1,370,941        855,516
                                                    -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Investments in Real Estate                       (3,461,652)    (2,254,001)
   Proceeds from Sale of Real Estate                         0      2,038,906
                                                    -----------    -----------
        Net Cash Used For
          Investing Activities                      (3,461,652)      (215,095)
                                                    -----------    -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Increase (Decrease) in Distributions Payable        2,128       (363,637)
     Distributions to Partners                      (1,272,720)    (1,272,734)
                                                    -----------    -----------
        Net Cash Used For
          Financing  Activities                     (1,270,592)    (1,636,371)
                                                    -----------    -----------
NET DECREASE IN CASH
 AND CASH EQUIVALENTS                               (3,361,303)      (995,950)

CASH AND CASH EQUIVALENTS, beginning of period       4,136,251      7,506,794
                                                    -----------    -----------
CASH AND CASH EQUIVALENTS, end of period           $   774,948    $ 6,510,844
                                                    ===========    ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
            STATEMENT OF CHANGES IN PARTNERS' CAPITAL
               FOR THE PERIODS ENDED SEPTEMBER 30

                           (Unaudited)


                                                                    Limited
                                                                  Partnership
                             General      Limited                    Units
                             Partners     Partners     Total      Outstanding


BALANCE, December 31, 2002   $ 25,541   $17,450,401  $17,475,942    22,513.29

  Distributions               (12,727)   (1,260,007)  (1,272,734)

  Net Income                   11,835     1,171,707    1,183,542
                              --------   -----------  -----------  -----------
BALANCE, September 30, 2003  $ 24,649   $17,362,101  $17,386,750    22,513.29
                              ========   ===========  ===========  ===========


BALANCE, December 31, 2003   $ 27,485   $17,642,875  $17,670,360    22,370.54

  Distributions               (12,727)   (1,259,993)  (1,272,720)

  Net Income                    9,878       977,946      987,824
                              --------   -----------  -----------  -----------
BALANCE, September 30, 2004  $ 24,636   $17,360,828  $17,385,464    22,370.54
                              ========   ===========  ===========  ===========


 The accompanying Notes to Financial Statements are an integral
                     part of this statement.
</PAGE>
<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                       SEPTEMBER 30, 2004

                           (Unaudited)

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

(2)  Organization -

     AEI  Net  Lease Income & Growth Fund XX Limited  Partnership
     (Partnership)  was  formed to acquire and  lease  commercial
     properties   to   operating  tenants.    The   Partnership's
     operations  are  managed  by AEI Fund  Management  XX,  Inc.
     (AFM), the Managing General Partner.  Robert P. Johnson, the
     President and sole director of AFM, serves as the Individual
     General  Partner.  AFM is a wholly owned subsidiary  of  AEI
     Capital  Corporation of which Mr. Johnson  is  the  majority
     shareholder.  AEI Fund Management, Inc. (AEI), an  affiliate
     of  AFM, performs the administrative and operating functions
     for the Partnership.

     The   terms   of  the  Partnership  offering  call   for   a
     subscription  price of $1,000 per Limited Partnership  Unit,
     payable   on  acceptance  of  the  offer.   The  Partnership
     commenced   operations  on  June  30,  1993   when   minimum
     subscriptions    of   1,500   Limited   Partnership    Units
     ($1,500,000)  were  accepted.   On  January  19,  1995,  the
     offering  terminated when the maximum subscription limit  of
     24,000  Limited  Partnership Units was reached.   Under  the
     terms  of  the  Limited Partnership Agreement,  the  Limited
     Partners   and   General  Partners  contributed   funds   of
     $24,000,000 and $1,000, respectively.

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


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(2)  Organization - (Continued)

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the General Partners determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner: (i) first,  99%  to  the
     Limited  Partners and 1% to the General Partners  until  the
     Limited  Partners  receive an amount  equal  to:  (a)  their
     Adjusted  Capital Contribution plus (b) an amount  equal  to
     12%  of  their  Adjusted  Capital  Contribution  per  annum,
     cumulative  but not compounded, to the extent not previously
     distributed from Net Cash Flow;  (ii) any remaining  balance
     will  be distributed 90% to the Limited Partners and 10%  to
     the General Partners.  Distributions to the Limited Partners
     will be made pro rata by Units.

     For  tax  purposes,  profits  from  operations,  other  than
     profits  attributable  to  the  sale,  exchange,  financing,
     refinancing  or  other  disposition  of  property,  will  be
     allocated  first  in the same ratio in  which,  and  to  the
     extent,  Net  Cash Flow is distributed to the  Partners  for
     such year.  Any additional profits will be allocated in  the
     same  ratio  as  the  last  dollar  of  Net  Cash  Flow   is
     distributed.   Net losses from operations will be  allocated
     99% to the Limited Partners and 1% to the General Partners.

     For  tax purposes, profits arising from the sale, financing,
     or  other  disposition  of property  will  be  allocated  in
     accordance  with the Partnership Agreement as  follows:  (i)
     first,  to  those  partners with deficit balances  in  their
     capital  accounts  in an amount equal to  the  sum  of  such
     deficit  balances; (ii) second, 99% to the Limited  Partners
     and  1%  to the General Partners until the aggregate balance
     in  the Limited Partners' capital accounts equals the sum of
     the Limited Partners' Adjusted Capital Contributions plus an
     amount  equal to 12% of their Adjusted Capital Contributions
     per  annum, cumulative but not compounded, to the extent not
     previously  allocated;  (iii)  third,  the  balance  of  any
     remaining  gain  will then be allocated 90% to  the  Limited
     Partners  and 10% to the General Partners.  Losses  will  be
     allocated 98% to the Limited Partners and 2% to the  General
     Partners.

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

(3)  Reclassification -

     Certain items in the prior year's financial statements  have
     been  reclassified  to conform to 2004 presentation.   These
     reclassifications  had no effect on Partners'  capital,  net
     income or cash flows.


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(4)  Investments in Real Estate -

     On  January 1, 2003, the Partnership owned 22.8435%  of  the
     Champps Americana restaurant in Columbus, Ohio.  During  the
     first quarter of 2003, the Partnership sold 22.5729% of  the
     property, in four separate transactions, to unrelated  third
     parties.   The Partnership received total net sale  proceeds
     of  $1,034,237,  which resulted in a net gain  of  $325,654.
     The  total cost and related accumulated depreciation of  the
     interests sold was $778,366 and $69,783.

     During  the first nine months 2004 and 2003, the Partnership
     distributed $6,737 and $312,755 of net sale proceeds to  the
     Limited  and  General Partners as part  of  their  quarterly
     distributions,  which  represented a return  of  capital  of
     $0.30 and $13.75 per Limited Partnership Unit, respectively.
     The  Partnership anticipates the remaining net sale proceeds
     will   either  be  reinvested  in  additional  property   or
     distributed to the Partners in the future.

     On  December  6,  2002,  the  Partnership  purchased  a  50%
     interest  in  a  parcel of land in West  Chester,  Ohio  for
     $506,000.  The Partnership obtained title to the land in the
     form of an undivided fee simple interest in the 50% interest
     purchased.    The  land  is  leased  to  Champps   Operating
     Corporation (Champps) under a Lease Agreement with a primary
     term  of  20  years and annual rental payments  of  $50,600.
     Simultaneously   with  the  purchase  of   the   land,   the
     Partnership  entered into a Development Financing  Agreement
     under  which  the Partnership advanced funds to Champps  for
     the  construction of a Champps Americana restaurant  on  the
     site.   Pursuant to the Lease, any improvements to the  land
     during  the  term  of the Lease become the property  of  the
     lessor.   Through  December 31, 2003,  the  Partnership  had
     advanced  $889,670  for construction of the  property.   The
     Partnership charged interest on the advances at  a  rate  of
     10.0%.   On  January  13, 2004, after  the  development  was
     completed, the Lease Agreement was amended to require annual
     rental payments of $160,000.  The Partnership's share of the
     total acquisition costs, including the cost of the land, was
     $1,569,884.   The  remaining interest in  the  property  was
     purchased   by  AEI  Income  &  Growth  Fund  XXII   Limited
     Partnership, an affiliate of the Partnership.

     On July 3, 2003, the Partnership purchased a 50% interest in
     a Biaggi's restaurant in Fort Wayne, Indiana for $1,379,346.
     The  property is leased to Biaggi's Ristorante Italiano, LLC
     under a Lease Agreement with a primary term of 15 years  and
     annual  rental payments of $122,004.  The remaining interest
     in  the  property was purchased by AEI Net  Lease  Income  &
     Growth  Fund  XIX Limited Partnership, an affiliate  of  the
     Partnership.

     On  November  13, 2003, the Partnership purchased  a  Johnny
     Carino's restaurant in Alexandria, Louisiana for $2,144,748.
     The  property is leased to Kona Restaurant Group, Inc. under
     a Lease Agreement with a primary term of 17 years and annual
     rental payments of $198,875.

    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(4)  Investments in Real Estate - (Continued)

     On  November  21,  2003,  the Partnership  purchased  a  50%
     interest  in  an Eckerd drug store in Cicero, New  York  for
     $1,586,183.   The  property is leased to Eckerd  Corporation
     under a Lease Agreement with a primary term of 20 years  and
     annual  rental payments of $126,257.  The remaining interest
     in  the property was purchased by AEI Real Estate Fund  XVII
     Limited Partnership, an affiliate of the Partnership.

     On  February  9,  2004,  the  Partnership  purchased  a  50%
     interest  in a Jared Jewelry store in Hanover, Maryland  for
     $1,984,798.   The  property is leased to  Sterling  Jewelers
     Inc. under a Lease Agreement with a primary term of 20 years
     and  annual  rental  payments of  $153,228.   The  remaining
     interest  in  the  property was purchased by  AEI  Income  &
     Growth  Fund  XXI Limited Partnership, an affiliate  of  the
     Partnership.

     On  April 30, 2004, the Partnership purchased a 45% interest
     in   an   Applebee's  restaurant  in  Sandusky,   Ohio   for
     $1,274,191.  The property is leased to Apple Ohio LLC  under
     a Lease Agreement with a primary term of 20 years and annual
     rental  payments of $97,254.  The remaining interest in  the
     property was purchased by AEI Income & Growth Fund  24  LLC,
     an affiliate of the Partnership.

(5)  Payable to AEI Fund Management, Inc. -

     AEI  Fund  Management, Inc. performs the administrative  and
     operating functions for the Partnership.  The payable to AEI
     Fund   Management  represents  the  balance  due  for  those
     services.    This  balance  is  non-interest   bearing   and
     unsecured  and  is  to  be  paid in  the  normal  course  of
     business.

(6)  Discontinued Operations -

     In  August  2000,  Renaissant Development Corp.  (RDC),  the
     lessee   of  the  Applebee's  restaurants  in  McAllen   and
     Brownsville,  Texas, filed for reorganization but  continued
     to  make  the lease payments to the Partnership.  In January
     2002, RDC confirmed its plan of reorganization.  As part  of
     the  plan  of  reorganization,  the  Lease  on  the  McAllen
     restaurant  was  assumed at the full rental amount  and  the
     Partnership  agreed  to  modify  the  monthly  rent  on  the
     Brownsville   restaurant  from  $14,755  to   $7,886.    The
     Partnership  also agreed, for a period of  one  year,  later
     extended  by two months, to allow the Brownsville restaurant
     to  be  closed and the Lease rejected on thirty days written
     notice.  In January 2003, the reorganized debtor through its
     Estate  Manager  notified  the Partnership  the  Brownsville
     restaurant was closed and the Lease was rejected.   Per  the
     prior  agreement, if the Brownsville lease is rejected,  the
     rent  for the McAllen restaurant increases $2,126 per month.
     The  Partnership  received all rent due on  the  Brownsville
     restaurant  through the date the Lease was terminated.   The
     Brownsville  restaurant was vacant and listed  for  sale  or
     lease.   While the property was vacant, the Partnership  was
     responsible  for real estate taxes and other costs  required
     to maintain the property.

    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP
                  NOTES TO FINANCIAL STATEMENTS
                           (Continued)

(6)  Discontinued Operations - (Continued)

     As  of  December  31, 2001, based on an analysis  of  market
     conditions in the area, it was determined the fair value  of
     the   Applebee's  restaurant  in  Brownsville,   Texas   was
     approximately $750,000.  In the fourth quarter  of  2001,  a
     charge  to operations for real estate impairment of $415,370
     was  recognized, which was the difference between  the  book
     value  at  December 31, 2001 of $1,165,370 and the estimated
     market  value of $750,000.  The charge was recorded  against
     the cost of the land, building and equipment.

     On  April  17,  2003, the Partnership sold the  property  in
     Brownsville  to  an unrelated third party.  The  Partnership
     received net sale proceeds of $730,292, which resulted in  a
     net gain of $784.  At the time of sale, the cost and related
     accumulated   depreciation  was   $963,367   and   $233,859,
     respectively.

     On  June  3,  2003,  Concord  Neighborhood  Corporation,  an
     unrelated  third  party,  assumed  the  operations  of   the
     Applebee's restaurant in McAllen, Texas from the reorganized
     debtor and entered into an agreement with the Partnership to
     assume  the  Lease for the property.  Through September  30,
     2004,  the  Partnership had received all rent  due  on  this
     property.   The  financial  results  of  this  property  are
     reflected in Continuing Operations.

     During  the  last four months of 2003, the Partnership  sold
     its  18.5%  interest in the Garden Ridge  retail  store,  in
     three  separate  transactions, to unrelated  third  parties.
     The   Partnership  received  total  net  sale  proceeds   of
     $1,973,128,  which resulted in a net gain of $588,847.   The
     total  cost  and  related accumulated  depreciation  of  the
     interests  sold  was $1,667,092 and $282,811,  respectively.
     For  the nine months ended September 30, 2003, the net  gain
     was $79,804.

     The financial results for these properties are reflected  as
     Discontinued   Operations  in  the  accompanying   financial
     statements.   The following are the results of  discontinued
     operations for the periods ended September 30:

                               Three Months Ended       Nine Months Ended
                             9/30/04       9/30/03    9/30/04       9/30/03

Rental Income                 $     0    $ 48,116     $    0     $  166,990
Property Management Expenses        0      (1,220)         0         (4,825)
Depreciation                        0      (9,171)         0        (27,949)
Gain on Disposal of Real Estate     0      79,804          0         80,588
                               --------   --------     -------    ----------
   Income from
     Discontinued Operations  $     0    $117,529     $    0     $  214,804
                               ========   ========     =======    ==========


ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS

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

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

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

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

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

    the effect of tenant defaults; and

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

The Application of Critical Accounting Policies

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

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

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

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

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

Results of Operations

       For the nine months ended September 30, 2004 and 2003, the
Partnership  recognized rental income from continuing  operations
of $1,467,863 and $917,801, respectively.  In 2004, rental income
increased  due  to  additional rent received  from  six  property
acquisitions  in  2003  and  2004 and  rent  increases  on  three
properties.

       For the nine months ended September 30, 2004 and 2003, the
Partnership  incurred  Partnership administration  expenses  from
affiliated parties of $162,459 and $183,296, respectively.  These
administration  expenses  include  costs  associated   with   the
management of the properties, processing distributions, reporting
requirements and correspondence to the Limited Partners.   During
the   same   periods,   the  Partnership   incurred   Partnership
administration  and property management expenses  from  unrelated
parties  of  $27,368 and $29,757, respectively.   These  expenses
represent  direct payments to third parties for legal and  filing
fees,  direct administrative costs, outside audit and  accounting
costs, taxes, insurance and other property costs.

       For the nine months ended September 30, 2004 and 2003, the
Partnership  recognized interest income of $14,865  and  $93,068,
respectively.   In  2004, interest income decreased  due  to  the
Partnership  receiving  less interest from construction  advances
and  having less money invested in a money market account due  to
property acquisitions.

        For  the  nine  months  ended  September  30,  2003,  the
Partnership   recognized  gain  on  sale  of  real  estate   from
continuing  operations of $325,654 from the sale of  the  Champps
Americana  restaurant in Columbus, Ohio.  Since  the  Partnership
retains  an  ownership  interest in the property,  the  operating
results  and gain on sale of the property were not classified  as
discontinued operations.

        On January 1, 2003, the Partnership owned 22.8435% of the
Champps Americana restaurant in Columbus, Ohio.  During the first
quarter  of 2003, the Partnership sold 22.5729% of the  property,
in  four separate transactions, to unrelated third parties.   The
Partnership received total net sale proceeds of $1,034,237, which
resulted  in a net gain of $325,654.  The total cost and  related
accumulated  depreciation of the interests sold was $778,366  and
$69,783.

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

        In  accordance  with  Statement of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived  Assets,  upon  complete disposal  of  a  property  or
classification of a property as Real Estate Held  for  Sale,  the
Partnership  includes  the operating  results  and  sale  of  the
property   in   discontinued  operations.    In   addition,   the
Partnership reclassifies the prior periods operating results  and
any  partial  sales  of the property to discontinued  operations.
For  the  nine  months ended September 30, 2003, the  Partnership
recognized  income  from  discontinued  operations  of  $214,804,
representing rental income less property management expenses  and
depreciation of $134,216 and gain on disposal of real  estate  of
$80,588.

        In  August 2000, Renaissant Development Corp. (RDC),  the
lessee  of the Applebee's restaurants in McAllen and Brownsville,
Texas,  filed for reorganization but continued to make the  lease
payments to the Partnership.  In January 2002, RDC confirmed  its
plan  of  reorganization.  As part of the plan of reorganization,
the  Lease  on  the McAllen restaurant was assumed  at  the  full
rental  amount and the Partnership agreed to modify  the  monthly
rent  on the Brownsville restaurant from $14,755 to $7,886.   The
Partnership also agreed, for a period of one year, later extended
by  two  months, to allow the Brownsville restaurant to be closed
and the Lease rejected on thirty days written notice.  In January
2003,  the reorganized debtor through its Estate Manager notified
the  Partnership the Brownsville restaurant was  closed  and  the
Lease  was rejected.  Per the prior agreement, if the Brownsville
lease  is rejected, the rent for the McAllen restaurant increases
$2,126  per month.  The Partnership received all rent due on  the
Brownsville restaurant through the date the Lease was terminated.
The  Brownsville  restaurant was vacant and listed  for  sale  or
lease.   While  the  property  was vacant,  the  Partnership  was
responsible  for  real estate taxes and other costs  required  to
maintain the property.

        As  of  December 31, 2001, based on an analysis of market
conditions in the area, it was determined the fair value  of  the
Applebee's  restaurant  in Brownsville, Texas  was  approximately
$750,000.   In the fourth quarter of 2001, a charge to operations
for  real estate impairment of $415,370 was recognized, which was
the  difference between the book value at December  31,  2001  of
$1,165,370  and  the  estimated market value  of  $750,000.   The
charge  was  recorded against the cost of the land, building  and
equipment.

        On  April 17, 2003, the Partnership sold the property  in
Brownsville   to  an  unrelated  third  party.   The  Partnership
received net sale proceeds of $730,292, which resulted in  a  net
gain  of  $784.   At  the  time of sale,  the  cost  and  related
accumulated depreciation was $963,367 and $233,859, respectively.

        On  June  3,  2003, Concord Neighborhood Corporation,  an
unrelated  third party, assumed the operations of the  Applebee's
restaurant  in  McAllen,  Texas from the reorganized  debtor  and
entered  into  an agreement with the Partnership  to  assume  the
Lease  for  the  property.   Through  September  30,  2004,   the
Partnership  had  received all rent due on  this  property.   The
financial  results of this property are reflected  in  Continuing
Operations.

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

        During the last four months of 2003, the Partnership sold
its  18.5%  interest in the Garden Ridge retail store,  in  three
separate   transactions,  to  unrelated   third   parties.    The
Partnership received total net sale proceeds of $1,973,128, which
resulted  in a net gain of $588,847.  The total cost and  related
accumulated depreciation of the interests sold was $1,667,092 and
$282,811, respectively.  For the nine months ended September  30,
2003, the net gain was $79,804.

        In  2003, the Partnership realized significant gains from
the  sale  of property.  While the real estate market is expected
to  remain  attractive for sellers of property, there can  be  no
assurance the Partnership will be able to achieve a similar level
of   sales  activity  or  sales  profitability  in  2004  due  to
unforeseen  changes in the real estate market.   In addition,  it
is likely the Partnership will curtail its selling activity as it
is  becoming more difficult to find attractive property in  which
to reinvest the proceeds from property sales.

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

Liquidity and Capital Resources

        During  the  nine months ended September  30,  2004,  the
Partnership's cash balances decreased $3,361,303 as a  result  of
cash  used  to purchase property, which was partially  offset  by
cash   generated   from  operating  activities   in   excess   of
distributions paid to the Partners.  During the nine months ended
September  30,  2003, the Partnership's cash  balances  decreased
$995,950  as  a  result  of cash used to  purchase  property  and
distributions  paid to the Partners in excess of  cash  generated
from  operating  activities, which was partially offset  by  cash
generated from the sale of property.

        Net  cash provided by operating activities increased from
$855,516  in  2003  to $1,370,941 in 2004 as  the  result  of  an
increase  in total rental and interest income in 2004, a decrease
in Partnership administration and property management expenses in
2004  and  net timing differences in the collection  of  payments
from the lessees and the payment of expenses.

        The  major components of the Partnership's cash flow from
investing activities are investments in real estate and  proceeds
from  the  sale  of  real estate.  During the nine  months  ended
September 30, 2003, the Partnership generated cash flow from  the
sale  of real estate of $2,038,906.  During the nine months ended
September  30, 2004 and 2003, the Partnership expended $3,461,652
and  $2,254,001,  respectively,  to  invest  in  real  properties
(inclusive   of   acquisition  expenses),  as   the   Partnership
reinvested cash generated from property sales.

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

        On  December  6,  2002, the Partnership purchased  a  50%
interest  in a parcel of land in West Chester, Ohio for $506,000.
The  Partnership obtained title to the land in  the  form  of  an
undivided fee simple interest in the 50% interest purchased.  The
land is leased to Champps Operating Corporation (Champps) under a
Lease Agreement with a primary term of 20 years and annual rental
payments  of  $50,600.  Simultaneously with the purchase  of  the
land,  the  Partnership  entered  into  a  Development  Financing
Agreement  under which the Partnership advanced funds to  Champps
for  the  construction of a Champps Americana restaurant  on  the
site.  Pursuant to the Lease, any improvements to the land during
the term of the Lease become the property of the lessor.  Through
December  31,  2003,  the Partnership had advanced  $889,670  for
construction  of the property.  The Partnership charged  interest
on  the advances at a rate of 10.0%.  On January 13, 2004,  after
the development was completed, the Lease Agreement was amended to
require  annual  rental payments of $160,000.  The  Partnership's
share  of the total acquisition costs, including the cost of  the
land, was $1,569,884.  The remaining interest in the property was
purchased  by  AEI Income & Growth Fund XXII Limited Partnership,
an affiliate of the Partnership.

        On July 3, 2003, the Partnership purchased a 50% interest
in  a  Biaggi's restaurant in Fort Wayne, Indiana for $1,379,346.
The property is leased to Biaggi's Ristorante Italiano, LLC under
a  Lease  Agreement with a primary term of 15  years  and  annual
rental  payments  of  $122,004.  The remaining  interest  in  the
property was purchased by AEI Net Lease Income & Growth Fund  XIX
Limited Partnership, an affiliate of the Partnership.

        On  November 13, 2003, the Partnership purchased a Johnny
Carino's restaurant in Alexandria, Louisiana for $2,144,748.  The
property is leased to Kona Restaurant Group, Inc. under  a  Lease
Agreement  with  a  primary term of 17 years  and  annual  rental
payments of $198,875.

        On  November  21, 2003, the Partnership purchased  a  50%
interest  in  an  Eckerd  drug store  in  Cicero,  New  York  for
$1,586,183.  The property is leased to Eckerd Corporation under a
Lease Agreement with a primary term of 20 years and annual rental
payments of $126,257.  The remaining interest in the property was
purchased  by  AEI Real Estate Fund XVII Limited Partnership,  an
affiliate of the Partnership.

        On  February  9,  2004, the Partnership purchased  a  50%
interest  in  a  Jared  Jewelry store in  Hanover,  Maryland  for
$1,984,798.   The  property is leased to Sterling  Jewelers  Inc.
under  a  Lease  Agreement with a primary term of  20  years  and
annual  rental payments of $153,228.  The remaining  interest  in
the  property  was  purchased by AEI Income  &  Growth  Fund  XXI
Limited Partnership, an affiliate of the Partnership.

        On  April  30,  2004,  the Partnership  purchased  a  45%
interest  in  an  Applebee's restaurant  in  Sandusky,  Ohio  for
$1,274,191.   The property is leased to Apple Ohio  LLC  under  a
Lease Agreement with a primary term of 20 years and annual rental
payments of $97,254.  The remaining interest in the property  was
purchased by AEI Income & Growth Fund 24 LLC, an affiliate of the
Partnership.

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

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

       For the nine months ended September 30, 2004 and 2003, the
Partnership  declared distributions of $1,272,720 and $1,272,734,
respectively, which were distributed 99% to the Limited  Partners
and  1%  to the General Partners.  The Limited Partners  received
distributions  of  $1,259,993  and  $1,260,007  and  the  General
Partners  received distributions of $12,727 and $12,727  for  the
periods, respectively.

         During  the  first  nine  months  2004  and  2003,   the
Partnership distributed $6,737 and $312,755 of net sale  proceeds
to  the  Limited and General Partners as part of their  quarterly
distributions, which represented a return of capital of $0.30 and
$13.75   per   Limited  Partnership  Unit,   respectively.    The
Partnership  anticipates the remaining  net  sale  proceeds  will
either be reinvested in additional property or distributed to the
Partners in the future.

        The  Partnership may acquire Units from Limited  Partners
who have tendered their Units to the Partnership.  Such Units may
be acquired at a discount.  The Partnership will not be obligated
to purchase in any year any number of Units that, when aggregated
with  all  other transfers of Units that have occurred since  the
beginning   of  the  same  calendar  year  (excluding   Permitted
Transfers as defined in the Partnership Agreement), would  exceed
5%  of the total number of Units outstanding on January 1 of such
year.  In no event shall the Partnership be obligated to purchase
Units if, in the sole discretion of the Managing General Partner,
such  purchase  would  impair the capital  or  operation  of  the
Partnership.

       On October 1, 2004, nine Limited Partners redeemed a total
of  162.8  Partnership Units for $101,926 in accordance with  the
Partnership  Agreement.   On October 1,  2003,  thirteen  Limited
Partners  redeemed  a  total  of  142.75  Partnership  Units  for
$95,376.   The  Partnership acquired these Units using  Net  Cash
Flow  from  operations.  In prior years, a total  of  96  Limited
Partners redeemed 1,486.71 Partnership Units for $1,213,129.  The
redemptions  increase the remaining Limited  Partners'  ownership
interest  in  the  Partnership.  As a result of these  redemption
payments  and pursuant to the Partnership Agreement, the  General
Partners  received distributions of $1,030 and $963 in  2004  and
2003, respectively.

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

ITEM 3.   CONTROLS AND PROCEDURES

       (a) Evaluation of disclosure controls and procedures

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

       (b)  Changes in internal controls

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


                   PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

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

ITEM  2.UNREGISTERED  SALES  OF  EQUITY  SECURITIES  AND  USE  OF
  PROCEEDS

        (a)  During  the  period  covered  by  this  report,  the
Partnership  did  not  sell any equity securities  that  are  not
registered under the Securities Act of 1933.

       (b) Not applicable.

        (c) Pursuant to Section 7.7 of the Partnership Agreement,
each  Limited  Partner  has the right to  present  Units  to  the
Partnership  for  purchase by submitting notice to  the  Managing
General  Partner  during September of each  year.   The  purchase
price  of  the  Units  is  based on a formula  specified  in  the
Partnership  Agreement.  Units tendered to  the  Partnership  are
redeemed  on  October 1st of each year subject to  the  following
limitations.  The Partnership will not be obligated  to  purchase
in  any  year any number of Units that, when aggregated with  all
other  transfers of Units that have occurred since the  beginning
of  the  same  calendar  year (excluding Permitted  Transfers  as
defined  in the Partnership Agreement), would exceed  5%  of  the
total number of Units outstanding on January 1 of such year.   In
no event shall the Partnership be obligated to purchase Units if,
in  the  sole  discretion of the Managing General  Partner,  such
purchase   would   impair  the  capital  or  operation   of   the
Partnership.   During  the period covered  by  this  report,  the
Partnership did not purchase any Units.

                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None

ITEM 5.OTHER INFORMATION

      None.

ITEM 6.EXHIBITS

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

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

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


                           SIGNATURES

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


Dated:  November 10, 2004     AEI Net Lease Income & Growth Fund XX
                              Limited Partnership
                              By:  AEI Fund Management XX, Inc.
                              Its: Managing General Partner



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



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