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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Constable Partners, L.P.
5 Radnor Corp. Center
100 Matsonford Rd.
Suite #520
Radnor, Pennsylvania 19087
2. Date of Event Requiring Statement (Month/Day/Year)
December 17, 1999
3. IRS Number of Reporting Person
(Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Arizona Land Income Corporation (AZL)
5. Relationship of Reporting Person(s) to Issuer (Check all
applicable)
( ) Director (X) 10% Owner ( ) Officer (give title
below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
Table I -- Non-Derivative Securities Beneficially Owned
1. Title of Security 2. Amount of 3. Ownership 4. Nature of Indirect
Securities Form: Beneficial Ownership
Beneficially Direct(D) or
Owned Indirect(I)
Class A 239,900* (I) General Partner or
Common Stock Investment Manager
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Table II -- Derivative Securities Beneficially Owned
<TABLE>
<S> <C> <C> <C> <C> <C>
1.Title of 2.Date Exer- 3.Title and Amount 4. Conver- 5. Ownership 6. Nature of
Derivative cisable and of Securities sion or Form of Indirect
Security Expiration Underlying Exercise Derivative Beneficial
Date Derivative Security Price of Security:
Ownership
(Month/Day/ --------------- Deri- Direct(D) or
Year) Title Amount or vative Indirect (I)
--------------- Number of Security
Date Expira- Shares
Exer- tion
cisable Date
</TABLE>
Explanation of Responses:
* The Reporting Person disclaims beneficial ownership of these
securities except to the extent of his pecuniary interest
therein.
SIGNATURE OF REPORTING PERSON
Constable Partners, L.P.
By: Constable Asset Management
By: /s/ Lourde John Constable
___________________________
Lourde John Constable
Managing Member
DATE:
May 3, 2000
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