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

                           FORM 10-QSB

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

           For the Quarter Ended:  September 30, 2003

                Commission file number:  0-23778


    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, 2003 and December 31, 2002

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

           Income

           Cash Flows

           Changes in Partners' Capital

         Notes to Financial Statements

 Item 2. Management's Discussion and Analysis

 Item 3. Controls and Procedures

PART II. Other Information

 Item 1. Legal Proceedings

 Item 2. Changes in Securities

 Item 3. Defaults Upon Senior Securities

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

 Item 5. Other Information

 Item 6. Exhibits and Reports on Form 8-K

         Signatures



<PAGE>
    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                          BALANCE SHEET

            SEPTEMBER 30, 2003 AND DECEMBER 31, 2002

                           (Unaudited)


                             ASSETS

                                                  2003            2002

CURRENT ASSETS:
  Cash and Cash Equivalents                   $ 6,510,844     $ 7,506,794
  Receivables                                      43,657          53,563
                                               -----------     -----------
      Total Current Assets                      6,554,501       7,560,357
                                               -----------     -----------
INVESTMENTS IN REAL ESTATE:
  Land                                          4,638,026       4,456,259
  Buildings and Equipment                       7,493,619       7,319,604
  Construction in Progress                        889,670           3,687
  Accumulated Depreciation                     (1,519,340)     (1,445,739)
                                               -----------     -----------
                                               11,501,975      10,333,811
  Real Estate Held for Sale                             0         729,508
                                               -----------     -----------
      Net Investments in Real Estate           11,501,975      11,063,319
                                               -----------     -----------
       Total Assets                           $18,056,476     $18,623,676
                                               ===========     ===========


                         LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
  Payable to AEI Fund Management, Inc.        $   182,701     $   344,027
  Distributions Payable                           411,063         774,700
  Unearned Rent                                    75,962          29,007
                                               -----------     -----------
      Total Current Liabilities                   669,726       1,147,734
                                               -----------     -----------
PARTNERS' CAPITAL:
  General Partners                                 24,649          25,541
  Limited Partners, $1,000 Unit Value;
   24,000 Units authorized and issued;
   22,513 Units outstanding                    17,362,101      17,450,401
                                               -----------     -----------
      Total Partners' Capital                  17,386,750      17,475,942
                                               -----------     -----------
       Total Liabilities and Partners'Capital $18,056,476     $18,623,676
                                               ===========     ===========

 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
                                9/30/03      9/30/02    9/30/03      9/30/02

RENTAL INCOME                  $ 325,306   $ 379,959   $ 917,801  $1,111,930

EXPENSES:
   Partnership Administration -
    Affiliates                    62,525      62,751     183,296     231,243
   Partnership Administration
    and Property Management -
    Unrelated Parties              6,571       9,271      29,757      36,284
   Depreciation                   55,973      70,566     154,732     200,008
                                ---------   ---------  ----------  ----------
    Total Expenses               125,069     142,588     367,785     467,535
                                ---------   ---------  ----------  ----------

OPERATING INCOME                 200,237     237,371     550,016     644,395
OTHER INCOME:
   Interest Income                37,569       4,485      93,068      20,633
   Gain on Sale of Real Estate         0     108,951     325,654     710,052
                                ---------   ---------  ----------  ----------
        Total Other Income        37,569     113,436     418,722     730,685
                                ---------   ---------  ----------  ----------
INCOME FROM CONTINUING
   OPERATIONS                    237,806     350,807     968,738   1,375,080

Income (Loss) from Discontinued
   Operations                    117,529    (210,879)    214,804    (127,332)
                                ---------   ---------  ----------  ----------
NET INCOME                     $ 355,335   $ 139,928  $1,183,542  $1,247,748
                                =========   =========  ==========  ==========

NET INCOME ALLOCATED:
   General Partners            $   3,553   $   5,609  $   11,835  $   19,742
   Limited Partners              351,782     134,319   1,171,707   1,228,006
                                ---------   ---------  ----------  ----------
                               $ 355,335   $ 139,928  $1,183,542  $1,247,748
                                =========   =========  ==========  ==========
INCOME (LOSS) PER LIMITED PARTNERSHIP UNIT:
   Continuing Operations       $   10.46   $   14.84  $    42.60  $    59.66
   Discontinued Operations          5.17       (8.92)       9.45       (5.52)
                                ---------   ---------  ----------  ----------
        Total                  $   15.63   $    5.92  $    52.05  $    54.14
                                =========   =========  ==========  ==========
Weighted Average Units
  Outstanding                     22,513      22,680      22,513      22,680
                                =========   =========  ==========  ==========

 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 PERIODS ENDED SEPTEMBER 30

                           (Unaudited)

                                                       2003          2002

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                       $ 1,183,542   $ 1,247,748

   Adjustments to Reconcile Net Income to Net Cash
   Provided by Operating Activities:
     Depreciation                                       182,681       288,834
     Real Estate Impairment                                   0       276,640
     Gain on Sale of Real Estate                       (406,242)     (767,854)
     Decrease in Receivables                              9,906        39,466
     Increase (Decrease) in Payable to
        AEI Fund Management, Inc.                      (161,326)      121,961
     Increase in Unearned Rent                           46,955       115,503
                                                     -----------   -----------
        Total Adjustments                              (328,026)       74,550
                                                     -----------   -----------
        Net Cash Provided By
           Operating Activities                         855,516     1,322,298
                                                     -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Investments in Real Estate                      (2,254,001)   (1,695,388)
     Proceeds from Sale of Real Estate                2,038,906     2,686,260
                                                     -----------   -----------
        Net Cash Provided By (Used For)
           Investing Activities                        (215,095)      990,872
                                                     -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Decrease in Distributions Payable                   (363,637)      (29,186)
   Distributions to Partners                         (1,272,734)   (1,272,724)
                                                     -----------   -----------
        Net Cash Used For
           Financing Activities                      (1,636,371)   (1,301,910)
                                                     -----------   -----------
NET INCREASE (DECREASE) IN CASH
   AND CASH EQUIVALENTS                                (995,950)    1,011,260

CASH AND CASH EQUIVALENTS, beginning of period        7,506,794       721,607
                                                     -----------   -----------
CASH AND CASH EQUIVALENTS, end of period            $ 6,510,844   $ 1,732,867
                                                     ===========   ===========

 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, 2001    $    591   $16,254,507  $16,255,098   22,679.94

  Distributions                (12,728)   (1,259,996)  (1,272,724)

  Net Income                    19,742     1,228,006    1,247,748
                               ---------  -----------  ----------- -----------
BALANCE, September 30, 2002   $  7,605   $16,222,517  $16,230,122   22,679.94
                               =========  ===========  =========== ===========


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
                               =========  ===========  =========== ===========


 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, 2003

                           (Unaudited)

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

(2)  Organization -

     AEI  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  of AFM, serves as the Individual General  Partner
     and  an  affiliate of AFM, AEI Fund Management, Inc.  (AEI),
     performs the administrative and operating functions for  the
     Partnership.

     The   terms   of  the  Partnership  offering  call   for   a
     subscription  price of $1,000 per Limited Partnership  Unit,
     payable   on  acceptance  of  the  offer.   The  Partnership
     commenced   operations  on  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

                       SEPTEMBER 30, 2003
                           (Continued)

(2)  Organization - (Continued)

     Any  Net  Proceeds  of Sale, as defined, from  the  sale  or
     financing of properties which the General Partners determine
     to distribute will, after provisions for debts and reserves,
     be  paid  in  the following manner: (i) first,  99%  to  the
     Limited  Partners and 1% to the General Partners  until  the
     Limited  Partners  receive an amount  equal  to:  (a)  their
     Adjusted  Capital Contribution plus (b) an amount  equal  to
     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)  Summary of Real Estate Accounting Policies -

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



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

                       SEPTEMBER 30, 2003
                           (Continued)

(3)  Summary of Real Estate Accounting Policies -  (Continued)

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

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

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

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

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

(4)  Reclassification -

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


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(5)  Investments in Real Estate -

     During  2002, the Partnership sold 36.8428% of  the  Champps
     Americana  restaurant  in  Schaumburg,  Illinois,   in   ten
     separate  transactions,  to unrelated  third  parties.   The
     Partnership  received total net sale proceeds of $2,218,837,
     which  resulted in a net gain of $698,322.  The  total  cost
     and  related accumulated depreciation of the interests  sold
     was  $1,669,074 and $148,559, respectively.   For  the  nine
     months ended September 30, 2002, the net gain was $601,101.

     During  2002, the Partnership sold 85.0841% of  the  Champps
     Americana   restaurant  in  Lyndhurst,  Ohio,  in   thirteen
     separate  transactions,  to unrelated  third  parties.   The
     Partnership received net sale proceeds of $3,390,504,  which
     resulted  in a net gain of $1,450,125.  The total  cost  and
     related  accumulated depreciation of the interest  sold  was
     $2,307,711 and $367,332, respectively.  For the nine  months
     ended September 30, 2002, the net gain was $108,951.

     On  January 1, 2002, the Partnership owned 34.4198%  of  the
     Champps  Americana  restaurant in Columbus,  Ohio.   Through
     March  31,  2003,  the  Partnership  sold  34.1492%  of  the
     property,  in six separate transactions, to unrelated  third
     parties.   The Partnership received total net sale  proceeds
     of  $1,552,680,  which resulted in a net gain  of  $479,805.
     The  total cost and related accumulated depreciation of  the
     interests  sold was $1,177,543 and $104,668.  For  the  nine
     months  ended September 30, 2003 and 2002, the net gain  was
     $325,654 and $-0-, respectively.

     During  the  first  nine  months  of  2003  and  2002,   the
     Partnership  distributed $312,755 and $227,357 of  net  sale
     proceeds  to  the Limited and General Partners  as  part  of
     their quarterly distributions, which represented a return of
     capital  of  $13.75 and $9.93 per Limited Partnership  Unit,
     respectively.  The remaining net sale proceeds  will  either
     be  reinvested in additional property or distributed to  the
     Partners in the future.

     On  April 27, 2001, the Partnership purchased a 44% interest
     in  a  parcel of land in Utica, Michigan for $531,740.   The
     Partnership  obtained title to the land in the  form  of  an
     undivided fee simple interest in the 44% interest purchased.
     The  land is leased to Champps Entertainment, Inc. (Champps)
     under a Lease Agreement with a primary term of 20 years  and
     annual  rental payments of $47,857.  Effective  October  23,
     2001,   the   annual   rent   was  increased   to   $57,162.
     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.  Initially, the Partnership charged interest on  the
     advances at a rate of 9.0%.  Effective October 23, 2001, the
     interest  rate  was increased to 10.75%.   On  February  12,
     2002,   after  the  development  was  completed,  the  Lease
     Agreement  was amended to require annual rental payments  of
     $165,550.   The  Partnership's share of the  total  purchase
     price, including the cost of the land was $1,511,134.    The
     remaining  interests in the property are owned by  AEI  Real
     Estate  Fund  XVII  Limited Partnership and  AEI  Net  Lease
     Income & Growth Fund XIX Limited Partnership, affiliates  of
     the Partnership.


    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(5)  Investments in Real Estate - (Continued)

     On  June  14,  2002, the Partnership purchased a  Children's
     World   daycare  center  in  Mayfield  Heights,   Ohio   for
     $1,407,058.   The property is leased to ARAMARK  Educational
     Resources, Inc. under a Lease Agreement with a primary  term
     of 15 years and annual rental payments of $133,623.

     On  December  6,  2002,  the  Partnership  purchased  a  50%
     interest  in  a  parcel of land in West  Chester,  Ohio  for
     $476,913,  including acquisition expenses.  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
     will  advance  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 September
     30,  2003,  the  Partnership had advanced $889,670  for  the
     construction  of the property and was charging  interest  on
     the advances at a rate of 10.0%.  The Partnership's share of
     the  total  purchase price, including the cost of the  land,
     will be approximately $1,750,000.  After the construction is
     complete,  the  Lease Agreement will be amended  to  require
     annual  rental  payments  of approximately  $175,000.    The
     remaining  interest in the property is owned by  AEI  Income
     and  Growth  Fund XXII Limited Partnership, an affiliate  of
     the Partnership.

     On  July 3, 2003, the Partnership purchased a 50.0% interest
     in   a  Biaggi's  restaurant  in  Fort  Wayne,  Indiana  for
     $1,364,328.   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.

     In  October 2003, the Partnership entered into an  Agreement
     to  purchase  a  50%  interest in an Eckerd  drug  store  in
     Cicero, New York for approximately $1,550,000.  The property
     will   be  leased  to  Eckerd  Corporation,  under  a  Lease
     Agreement with a primary term of 20 years and annual  rental
     payments  of approximately $126,325.  The remaining interest
     in  the  property will be purchased by AEI Real Estate  Fund
     XVII Limited Partnership, an affiliate of the Partnership.

     In October 2003, the Partnership made a verbal commitment to
     purchase   a   Johnny  Carino's  restaurant  in  Alexandria,
     Louisiana for approximately $2,150,000.  The Partnership  is
     in  the  process of negotiating the legal documents required
     to complete the acquisition.  The property will be leased to
     Kona  Restaurant Group, Inc. under a Lease Agreement with  a
     primary  term  of  17  years and annual rental  payments  of
     approximately $198,875.



    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(6)  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.

(7)  Discontinued Operations -

     During  the first nine months of 2002, the Partnership  sold
     its  20%  interest  in  the Johnny  Carino's  restaurant  in
     Austin,  Texas, in four separate transactions, to  unrelated
     third  parties.   The Partnership received  total  net  sale
     proceeds  of  $506,006, which resulted  in  a  net  gain  of
     $57,802.    The   total   cost   and   related   accumulated
     depreciation of the interests sold was $454,305 and  $6,101,
     respectively.

     On  December 18, 2002, the Partnership sold its 35% interest
     in  the Children's World daycare center in New Albany,  Ohio
     to  an unrelated third party.  The Partnership received  net
     sale  proceeds of $685,831, which resulted in a net gain  of
     $168,229.   At  the  time  of sale,  the  cost  and  related
     accumulated   depreciation   was   $540,366   and   $22,764,
     respectively.

     In  May 2001, Huntington Restaurants Group, Inc. (HRG),  the
     lessee  of  the Denny's restaurants in Burleson,  Texas  and
     Grapevine,  Texas,  notified the  Partnership  that  it  was
     experiencing financial problems and would not make the lease
     payments  while  they worked out a plan which  would  enable
     them  to  continue  operations  without  seeking  bankruptcy
     protection.  For the years ended December 31, 2002 and 2001,
     HRG  owed $269,927 and $137,233 for past due rent, which was
     not  accrued for financial reporting purposes.  For the year
     ended  December 31, 2002, the Partnership incurred  $116,051
     of  real  estate tax expense related to 2001 and 2002  taxes
     due   on   the  properties.   Due  to  the  uncertainty   of
     collection, the Partnership expensed these taxes, which  are
     normally the responsibility of the lessee.

     In  October 2002, the Partnership entered into an  agreement
     to  sell  the  properties to an unrelated  third  party  for
     $825,000 for the property in Burleson and $975,000  for  the
     property in Grapevine.  As part of the transaction, the past
     due  rent and real estate taxes were forgiven.  In the third
     quarter  of  2002, a charge to operations  for  real  estate
     impairment  of $276,640 was recognized, for the property  in
     Grapevine,  which was the difference between the book  value
     at  September  30, 2002 of $1,201,640 and the estimated  net
     sale  proceeds of $925,000.  The charge was recorded against
     the  cost  of the land, building and equipment.  On December
     27, 2002, the sale closed with the Partnership receiving net
     sale  proceeds  of $958,166 for the property  in  Grapevine,
     which  resulted in a net gain of $37,124.  At  the  time  of
     sale,  the cost and related accumulated depreciation of  the
     property   in   Grapevine  was  $1,078,081   and   $157,039,
     respectively.   The Partnership received  $810,000  for  the
     property  in  Burleson, which resulted  in  a  net  gain  of
     $40,720.   At  the  time  of  sale,  the  cost  and  related
     accumulated  depreciation of the property  in  Burleson  was
     $923,480 and $154,200, respectively.



    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(7)  Discontinued Operations - (Continued)

     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.
     As  of September 30, 2003, the Partnership had received  all
     rent due on the properties.  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.  At
     December 31, 2002, the land and building were classified  as
     Real Estate Held for Sale.

     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  September 26, 2003, the Partnership sold 2.5953% of  the
     Garden Ridge retail store to an unrelated third party.   The
     Partnership  received net sale proceeds of  $274,377,  which
     resulted  in  a net gain of $79,804.  The cost  and  related
     accumulated  depreciation of the interest sold was  $233,870
     and $39,297, respectively.

     Subsequent to September 30, 2003, the Partnership  sold  its
     remaining  15.9047%  interest in  the  Garden  Ridge  retail
     store,  in  two  separate transactions, to  unrelated  third
     parties.   The Partnership received total net sale  proceeds
     of approximately $1,688,000, which resulted in a net gain of
     approximately $498,000.



    AEI NET LEASE INCOME & GROWTH FUND XX LIMITED PARTNERSHIP

                  NOTES TO FINANCIAL STATEMENTS

                       SEPTEMBER 30, 2003
                           (Continued)

(7)  Discontinued Operations - (Continued)

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


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

Rental Income                  $ 48,116     $  87,500   $ 166,990   $ 306,837
Property Management Expenses     (1,220)      (24,908)     (4,825)   (126,505)
Depreciation                     (9,171)      (28,660)    (27,949)    (88,826)
Real Estate Impairment                0      (276,640)          0    (276,640)
Gain on Disposal of Real Estate  79,804        31,829      80,588      57,802
                                --------     ---------   ---------   ---------
   Income (Loss) from Discontinued
      Operations               $117,529     $(210,879)  $ 214,804   $(127,332)
                                ========     =========   =========   =========


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.


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

The Application of Critical Accounting Policies

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

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

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

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

Results of Operations

       For the nine months ended September 30, 2003 and 2002, the
Partnership  recognized rental income from continuing  operations
of $917,801 and $1,111,930, respectively.  In 2003, rental income
decreased  due  to sales of three Champps Americana  restaurants.
This decrease in rental income was partially offset by additional
rent  received from four property acquisitions in 2002  and  2003
and rent increases on five properties.

       For the nine months ended September 30, 2003 and 2002, the
Partnership  incurred  Partnership administration  expenses  from
affiliated parties of $183,296 and $231,243, 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  $29,757 and $36,284, 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.


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

       For the nine months ended September 30, 2003 and 2002, the
Partnership  recognized interest income of $93,068  and  $20,633,
respectively.   In  2003, interest income increased  due  to  the
Partnership receiving greater interest from construction advances
and  having more money invested in a money market account due  to
property sales.

       For the nine months ended September 30, 2003 and 2002, the
Partnership   recognized  gain  on  sale  of  real  estate   from
continuing  operations  of $325,654 and  $710,052,  respectively,
from the sale of three properties.  Since the Partnership retains
an  ownership interest in these properties, the operating results
and  gain  on  sale  of  the properties were  not  classified  as
discontinued operations.

        During 2002, the Partnership sold 36.8428% of the Champps
Americana  restaurant in Schaumburg, Illinois,  in  ten  separate
transactions,  to  unrelated  third  parties.   The   Partnership
received total net sale proceeds of $2,218,837, which resulted in
a  net  gain of $698,322.  The total cost and related accumulated
depreciation  of the interests sold was $1,669,074 and  $148,559,
respectively.  For the nine months ended September 30, 2002,  the
net gain was $601,101.

        During 2002, the Partnership sold 85.0841% of the Champps
Americana  restaurant  in Lyndhurst, Ohio, in  thirteen  separate
transactions,  to  unrelated  third  parties.   The   Partnership
received net sale proceeds of $3,390,504, which resulted in a net
gain  of  $1,450,125.   The  total cost and  related  accumulated
depreciation  of the interest sold was $2,307,711  and  $367,332,
respectively.  For the nine months ended September 30, 2002,  the
net gain was $108,951.

        On January 1, 2002, the Partnership owned 34.4198% of the
Champps  Americana restaurant in Columbus, Ohio.   Through  March
31,  2003, the Partnership sold 34.1492% of the property, in  six
separate   transactions,  to  unrelated   third   parties.    The
Partnership received total net sale proceeds of $1,552,680, which
resulted  in a net gain of $479,805.  The total cost and  related
accumulated depreciation of the interests sold was $1,177,543 and
$104,668.  For the nine months ended September 30, 2003 and 2002,
the net gain was $325,654 and $-0-, respectively.

        In  accordance  with  Statement of  Financial  Accounting
Standards  No. 144, Accounting for the Impairment or Disposal  of
Long-Lived  Assets,  upon  complete disposal  of  a  property  or
classification of a property as Real Estate Held  for  Sale,  the
Partnership  includes  the operating  results  and  sale  of  the
property   in   discontinued  operations.    In   addition,   the
Partnership reclassifies the prior periods operating results  and
any  partial  sales  of the property to discontinued  operations.
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.   For  the  nine months ended September  30,  2002,  the
Partnership  recognized  a loss from discontinued  operations  of
$127,332, representing a real estate impairment loss of $276,640,
which  was  partially  offset  by  rental  income  less  property
management  expenses  and depreciation of  $91,506  and  gain  on
disposal of real estate of $57,802.

       During the first nine months of 2002, the Partnership sold
its  20%  interest in the Johnny Carino's restaurant  in  Austin,
Texas, in four separate transactions, to unrelated third parties.
The  Partnership  received total net sale proceeds  of  $506,006,
which  resulted  in a net gain of $57,802.  The  total  cost  and
related  accumulated  depreciation  of  the  interests  sold  was
$454,305 and $6,101, respectively.


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

        On  December  18,  2002,  the Partnership  sold  its  35%
interest  in  the Children's World daycare center in New  Albany,
Ohio  to an unrelated third party.  The Partnership received  net
sale  proceeds  of  $685,831, which resulted in  a  net  gain  of
$168,229.   At the time of sale, the cost and related accumulated
depreciation was $540,366 and $22,764, respectively.

       In May 2001, Huntington Restaurants Group, Inc. (HRG), the
lessee  of  the  Denny's  restaurants  in  Burleson,  Texas   and
Grapevine,   Texas,  notified  the  Partnership   that   it   was
experiencing  financial problems and would  not  make  the  lease
payments while they worked out a plan which would enable them  to
continue  operations without seeking bankruptcy protection.   For
the years ended December 31, 2002 and 2001, HRG owed $269,927 and
$137,233  for past due rent, which was not accrued for  financial
reporting  purposes.  For the year ended December 31,  2002,  the
Partnership incurred $116,051 of real estate tax expense  related
to  2001  and  2002  taxes  due on the properties.   Due  to  the
uncertainty of collection, the Partnership expensed these  taxes,
which are normally the responsibility of the lessee.

       In October 2002, the Partnership entered into an agreement
to  sell  the properties to an unrelated third party for $825,000
for  the  property in Burleson and $975,000 for the  property  in
Grapevine.   As part of the transaction, the past  due  rent  and
real estate taxes were forgiven.  In the third quarter of 2002, a
charge  to operations for real estate impairment of $276,640  was
recognized,  for  the  property  in  Grapevine,  which  was   the
difference  between  the  book value at  September  30,  2002  of
$1,201,640 and the estimated net sale proceeds of $925,000.   The
charge  was  recorded against the cost of the land, building  and
equipment.   On  December  27, 2002, the  sale  closed  with  the
Partnership  receiving  net sale proceeds  of  $958,166  for  the
property  in Grapevine, which resulted in a net gain of  $37,124.
At   the   time   of  sale,  the  cost  and  related  accumulated
depreciation  of  the property in Grapevine  was  $1,078,081  and
$157,039,  respectively.  The Partnership received  $810,000  for
the  property  in  Burleson, which resulted  in  a  net  gain  of
$40,720.   At  the time of sale, the cost and related accumulated
depreciation  of  the  property  in  Burleson  was  $923,480  and
$154,200, respectively.

        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. As of September 30, 2003, the Partnership  had
received  all  rent  due  on  the  properties.   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.
At  December  31, 2002, the land and building were classified  as
Real Estate Held for Sale.

        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.


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

        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 September 26, 2003, the Partnership sold 2.5953% of the
Garden  Ridge  retail  store to an unrelated  third  party.   The
Partnership  received  net  sale  proceeds  of  $274,377,   which
resulted  in  a  net  gain  of $79,804.   The  cost  and  related
accumulated  depreciation of the interest sold was  $233,870  and
$39,297, respectively.

       Subsequent to September 30, 2003, the Partnership sold its
remaining 15.9047% interest in the Garden Ridge retail store,  in
two  separate  transactions,  to unrelated  third  parties.   The
Partnership  received  total net sale proceeds  of  approximately
$1,688,000,  which  resulted  in  a  net  gain  of  approximately
$498,000.

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

Liquidity and Capital Resources

        During  the  nine months ended September  30,  2003,  the
Partnership's  cash balances decreased $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.   During the nine months ended September 30, 2002,  the
Partnership's  cash  balances increased $1,011,260  mainly  as  a
result  of  cash generated from the sale of property,  which  was
partially offset by cash used to purchase property.

        Net  cash provided by operating activities decreased from
$1,322,298  in  2002  to $855,516 in 2003  as  the  result  of  a
decrease  in  total rental and interest income in  2003  and  net
timing  differences  in  the  collection  of  payments  from  the
lessees, which were partially offset by a decrease in Partnership
administration expenses in 2003.

        The  major components of the Partnership's cash flow from
investing activities are investments in real estate and  proceeds
from  the  sale  of  real estate.  During the nine  months  ended
September 30, 2003 and 2002, the Partnership generated cash  flow
from  the  sale  of  real  estate of $2,038,906  and  $2,686,260,
respectively.  During the same periods, the Partnership  expended
$2,254,001  and  $1,695,388,  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  April  27,  2001,  the Partnership  purchased  a  44%
interest  in  a  parcel of land in Utica, Michigan for  $531,740.
The  Partnership obtained title to the land in  the  form  of  an
undivided fee simple interest in the 44% interest purchased.  The
land  is leased to Champps Entertainment, Inc. (Champps) under  a
Lease Agreement with a primary term of 20 years and annual rental
payments of $47,857.  Effective October 23, 2001, the annual rent
was  increased to $57,162.  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.
Initially, the Partnership charged interest on the advances at  a
rate of 9.0%.  Effective October 23, 2001, the interest rate  was
increased to 10.75%.  On February 12, 2002, after the development
was  completed, the Lease Agreement was amended to require annual
rental  payments  of $165,550.  The Partnership's  share  of  the
total  purchase  price,  including  the  cost  of  the  land  was
$1,511,134.   The remaining interests in the property  are  owned
by  AEI  Real  Estate Fund XVII Limited Partnership and  AEI  Net
Lease Income & Growth Fund XIX Limited Partnership, affiliates of
the Partnership.

        On  June 14, 2002, the Partnership purchased a Children's
World  daycare  center in Mayfield Heights, Ohio for  $1,407,058.
The  property  is  leased to ARAMARK Educational Resources,  Inc.
under  a  Lease  Agreement with a primary term of  15  years  and
annual rental payments of $133,623.

        On  December  6,  2002, the Partnership purchased  a  50%
interest  in a parcel of land in West Chester, Ohio for $476,913,
including acquisition expenses. 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 will advance 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 September 30,  2003,
the Partnership had advanced $889,670 for the construction of the
property and was charging interest on the advances at a  rate  of
10.0%.   The  Partnership's share of the  total  purchase  price,
including the cost of the land, will be approximately $1,750,000.
After  the construction is complete, the Lease Agreement will  be
amended  to  require  annual  rental  payments  of  approximately
$175,000.    The remaining interest in the property is  owned  by
AEI Income and Growth Fund XXII Limited Partnership, an affiliate
of the Partnership.

        On  July  3,  2003,  the Partnership  purchased  a  50.0%
interest  in  a  Biaggi's restaurant in Fort Wayne,  Indiana  for
$1,364,328.   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.

       In October 2003, the Partnership entered into an Agreement
to purchase a 50% interest in an Eckerd drug store in Cicero, New
York  for approximately $1,550,000.  The property will be  leased
to  Eckerd  Corporation, under a Lease Agreement with  a  primary
term  of  20  years  and annual rental payments of  approximately
$126,325.   The  remaining  interest  in  the  property  will  be
purchased  by  AEI Real Estate Fund XVII Limited Partnership,  an
affiliate of the Partnership.


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

        In October 2003, the Partnership made a verbal commitment
to purchase a Johnny Carino's restaurant in Alexandria, Louisiana
for  approximately $2,150,000.  The Partnership is in the process
of  negotiating  the  legal documents required  to  complete  the
acquisition.   The  property will be leased  to  Kona  Restaurant
Group,  Inc. under a Lease Agreement with a primary  term  of  17
years and annual rental payments of approximately $198,875.

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

       For the nine months ended September 30, 2003 and 2002, the
Partnership  declared distributions of $1,272,734 and $1,272,724,
respectively, which were distributed 99% to the Limited  Partners
and  1%  to the General Partners.  The Limited Partners  received
distributions  of  $1,260,007  and  $1,259,996  and  the  General
Partners  received distributions of $12,727 and $12,728  for  the
periods,   respectively.   In  December  2002,  the   Partnership
declared  a bonus distribution of $363,636 of net sale  proceeds,
which  resulted in a higher distribution payable at December  31,
2002.

        During  the  first  nine months of  2003  and  2002,  the
Partnership  distributed  $312,755  and  $227,357  of  net   sale
proceeds  to  the Limited and General Partners as part  of  their
quarterly distributions, which represented a return of capital of
$13.75 and $9.93 per Limited Partnership Unit, respectively.  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, 2003, thirteen Limited Partners redeemed  a
total of 142.75 Partnership Units for $95,376 in accordance  with
the  Partnership Agreement.  The Partnership acquired these Units
using Net Cash Flow from operations.  In prior years, a total  of
96  Limited  Partners  redeemed 1,486.65  Partnership  Units  for
$1,213,129.   The  redemptions  increase  the  remaining  Limited
Partners' ownership interest in the Partnership.

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


ITEM 3.   CONTROLS AND PROCEDURES.

       (a) Evaluation of disclosure controls and procedures

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

       (b)  Changes in internal controls

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


                   PART II - OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

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

ITEM 2.CHANGES IN SECURITIES

      None.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

      None.

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

      None

ITEM 5.OTHER INFORMATION

      None.


                   PART II - OTHER INFORMATION
                           (Continued)

ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K

      a. Exhibits -
                             Description

    10.1  Assignment  of  Purchase  and  Sale  Agreement  and  First
          Amendment to Purchase and Sale Agreement dated October 24,
          2003  between  the  Partnership  and  AEI Fund Management,
          Inc. relating to  the  Property  at  8379  Thompson  Road,
          Cicero,  New York.

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

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

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


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



                           SIGNATURES


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


Dated:  November 11, 2003     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)