SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


[X]		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2002


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

Commission file number 0-19770

IEA INCOME FUND XI, L.P.
(Exact name of registrant as specified in its charter)


California (State or other jurisdiction of incorporation or organization)		94-3122430 (I.R.S. Employer Identification No.)

One Front Street, 15th Floor, San Francisco, California (Address of principal executive offices)		94111 (Zip Code)

(415) 677-8990
(Registrant’s telephone number, including area code)

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

TABLE OF CONTENTS


PART I — FINANCIAL INFORMATION
	Item 1. Financial Statements
		Balance Sheets
		Statements of Operations
		Statements of Cash Flows
		Notes to Unaudited Financial Statements
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3. Quantitative and Qualitative Disclosures About Market Risk
PART II — OTHER INFORMATION
	Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
EXHIBIT INDEX
Section 906 of the Sarbanes-Oxley Act of 2002
Section 906 of the Sarbanes-Oxley Act of 2002

IEA INCOME FUND XI, L.P.

Report on Form 10-Q for the Quarterly Period
Ended June 30, 2002

TABLE OF CONTENTS


		PAGE

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements
	Balance Sheets — June 30, 2002 and December 31, 2001 (unaudited)	4
	Statements of Operations for the three and six months ended June 30, 2002 and 2001 (unaudited)	5
	Statements of Cash Flows for the six months ended June 30, 2002 and 2001 (unaudited)	6
	Notes to Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17
PART II — OTHER INFORMATION
Item 6.	Exhibits and Reports on Form 8-K	18

PART I — FINANCIAL INFORMATION


Item 1.		Financial Statements

		Presented herein are the Registrant’s balance sheets as of June 30, 2002 and December 31, 2001, statements of operations for the three and six months ended June 30, 2002 and 2001, and statements of cash flows for the six months ended June 30, 2002 and 2001.

IEA INCOME FUND XI, L.P.

Balance Sheets

(Unaudited)


				June 30,			December 31,
				2002			2001

Assets
Current assets:
	Cash and cash equivalents, includes $1,175,134 at June 30, 2002 and $1,191,050 at December 31, 2001 in interest-bearing accounts			$	1,233,755		$	1,205,085
	Net lease receivables due from Leasing Company (notes 1 and 2)				128,586			153,719

			Total current assets		1,362,341			1,358,804

Container rental equipment, at cost					18,477,876			22,142,480
	Less accumulated depreciation				11,614,011			13,275,854

		Net container rental equipment			6,863,865			8,866,626

			Total assets	$	8,226,206		$	10,225,430

Partners’ Capital
Partners’ capital (deficit):
	General partner			$	(212,466	)	$	(167,917	)
	Limited partners				8,438,672			10,393,347

			Total partners’ capital	$	8,226,206		$	10,225,430

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

IEA INCOME FUND XI, L.P.

Statements of Operations

(Unaudited)


			Three Months Ended						Six Months Ended

			June 30,			June 30,			June 30,			June 30,
			2002			2001			2002			2001

Net lease revenue (notes 1 and 3)			$	231,903		$	446,656		$	505,429		$	914,325
Other operating expenses:
	Depreciation			294,946			388,996			622,258			789,041
	Other general and administrative expenses			24,832			37,707			49,271			67,318
	Net loss on disposal of equipment			294,154			240,466			570,083			501,101

		Loss from operations		(382,029	)		(220,513	)		(736,183	)		(443,135	)
Other income (loss):
	Interest income			3,596			13,070			7,439			31,672
	Impairment losses			—			(418,650	)		—			(418,650	)

				3,596			(405,580	)		7,439			(386,978	)

		Net loss	$	(378,433	)	$	(626,093	)	$	(728,744	)	$	(830,113	)

Allocation of net loss:
	General partner		$	(3,785	)	$	14,790		$	(7,288	)	$	33,800
	Limited partners			(374,648	)		(640,883	)		(721,456	)		(863,913	)

			$	(378,433	)	$	(626,093	)	$	(728,744	)	$	(830,113	)

Limited partners’ per unit share of net loss			$	(0.19	)	$	(0.32	)	$	(0.36	)	$	(0.43	)

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

IEA INCOME FUND XI, L.P.

Statements of Cash Flows

(Unaudited)


		Six Months Ended

		June 30,			June 30,
		2002			2001

Net cash provided by operating activities		$	493,664		$	947,005
Cash flows provided by investing activities:
	Proceeds from disposal of equipment		805,486			885,900
Cash flows used in financing activities:
	Distribution to partners		(1,270,480	)		(2,146,704	)

Net increase (decrease) in cash and cash equivalents			28,670			(313,799	)
Cash and cash equivalents at January 1			1,205,085			1,630,791

Cash and cash equivalents at June 30		$	1,233,755		$	1,316,992

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

IEA INCOME FUND XI, L.P.

IEA INCOME FUND XI LP 10-Q