FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                   U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                 For the quarterly period ended June 30, 2001


[ ]   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 0-13408


                          CENTURY PROPERTIES FUND XX
      (Exact name of small business issuer as specified in its charter)



         California                                              94-2930770
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


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



<PAGE>





                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                           CENTURY PROPERTIES FUND XX

                 STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (unaudited)
                       (in thousands, except unit data)

                                  June 30, 2001



     Assets
        Cash and cash equivalents                                $ 557
        Receivables and deposits, net of allowance for
          uncollectible accounts of $54                              62
        Debt trustee escrow                                       1,877
        Investment property                                       5,216

                                                                  7,712
     Liabilities
        Accounts payable                                              2
        Tenant security deposit liabilities                          40
        Accrued property taxes                                       46
        Other liabilities                                           122
        Non-recourse promissory notes (Note A)                    8,326
        Estimated costs during the period of liquidation             30

                                                                  8,566

     Net liabilities in liquidation                              $ (854)



                See Accompanying Notes to Financial Statements


<PAGE>




b)

                           CENTURY PROPERTIES FUND XX

            STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                (in thousands)

                         Six Months Ended June 30, 2001



Net liabilities in liquidation at beginning of period                   $(1,154)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                                   (679)
   Decrease in receivables and deposits                                     (19)
   Increase in debt trustee escrow                                          750
   Increase in investment properties                                        406
   Decrease in accounts payable                                              48
   Increase in tenant security deposit payable                               (9)
   Decrease in accrued property taxes                                        43
   Increase in other liabilities                                            (16)
   Increase in Non-Recourse Promissory Notes and interest                  (194)
   Increase in estimated costs during the period of liquidation             (30)

Net liabilities in liquidation at end of period                          $ (854)

                See Accompanying Notes to Financial Statements


<PAGE>



c)

                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

As of December  31,  1999,  Century  Properties  Fund XX (the  "Partnership"  or
"Registrant")  adopted the  liquidation  basis of accounting due to the imminent
loss of its remaining investment properties.

Pursuant to the terms of the  Nonrecourse  Promissory  Notes (the "Notes"),  the
Partnership was required to pay interest at a rate of 4% per annum on the Notes,
and accrue the  additional 4% per annum due on the Notes.  The Notes are secured
by all of the  Partnership's  properties.  The  Notes,  which had a  balance  of
principal  and accrued  interest of  approximately  $8,326,000 at June 30, 2001,
matured on November 30, 1998.  Due to nonpayment of the  outstanding  balance at
maturity,  the  Partnership is in default.  Fox Capital  Management  Corporation
("FCMC"  or  the  "Managing  General  Partner"),  the  general  partner  of  the
Partnership's  general partner,  previously  contacted the indenture trustee for
the Notes and certain  holders of the Notes  regarding this default.  On October
28, 1999 the Partnership entered into a forbearance agreement with the indenture
trustee for a period of 390 days. In turn, the Partnership agreed to (a) deliver
to the  indenture  trustee  for  the  benefit  of the  note  holders  all of the
accumulated  cash of the  Partnership,  less certain  reserves  and  anticipated
operating  expenses,  (b) market all of its properties for sale, (c) deliver all
cash proceeds from any sales to the indenture  trustee until the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its  properties  or  satisfied  the Notes.  With the  consent  of the  indenture
trustee,  the forbearance  period has been extended to August 31, 2001. Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
remaining asset will generate  sufficient proceeds to pay off the Notes in full.
If the Partnership  cannot sell its property for sufficient value, in accordance
with the terms of the forbearance  agreement,  it is likely that the Partnership
will lose its remaining  property  through  delivery to an auctioneer  who would
sell the asset for the benefit of the Note holders. Upon the sale or disposal of
the last  property,  the  Partnership  is expected to  terminate.  The  Managing
General Partner is an affiliate of Apartment  Investment and Management  Company
("AIMCO"), a publicly traded real estate investment trust.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999, to the  liquidation  basis of accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
June 30,  2001 is  approximately  $30,000  of  costs,  net of  income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses  incurred by
affiliates on behalf of the Partnership.

The following  transactions with affiliates of the Managing General Partner were
incurred during the six month periods ended June 30, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees                                         $ --      $ 74
 Reimbursement for services of affiliates                           45        76

During the six months ended June 30, 2000,  affiliates  of the Managing  General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
residential   properties  as  compensation  for  providing  property  management
services. The Partnership paid to such affiliates  approximately $74,000 for the
six months ended June 30, 2000. The Partnership had no residential properties in
2001. For the Partnership's commercial properties,  these services were provided
by an unrelated party for the six month periods ended June 30, 2001 and 2000.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately  $45,000 and $76,000 for the
six months ended June 30, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 3,868 limited  partnership units in
the Partnership  representing  6.26% of the outstanding  units at June 30, 2001.
AIMCO  and its  affiliates  also  own  8,831  Notes  representing  8.95%  of the
outstanding notes at June 30, 2001.

Note C - Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also established  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership  has only one  reportable  segment.  The  Managing  General  Partner
believes that  segment-based  disclosures  will not result in a more  meaningful
presentation than the financial statements as currently presented.

Note D - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the Insignia  affiliates;  and the series of  transactions
which  closed on October 1, 1998 and  February  26, 1999  whereby  Insignia  and
Insignia Properties Trust, respectively,  were merged into AIMCO. The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the  Partnership.  On June 25, 1998, the Managing General Partner filed a motion
seeking  dismissal  of the action.  In lieu of  responding  to the  motion,  the
plaintiffs  filed an amended  complaint.  The  Managing  General  Partner  filed
demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order sustaining defendants' demurrer on certain grounds.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.


<PAGE>




ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange  Commission made by the  Partnership  from time to time.
The  discussion  of  the  Partnership's  business  and  results  of  operations,
including  forward-looking  statements pertaining to such matters, does not take
into account the effects of any changes to the Registrant's business and results
of operations.  Accordingly,  actual results could differ  materially from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The  Partnership's  remaining  investment  property  is  a  business  park.  The
following  table sets forth the average  occupancy  of the  property for the six
months ended June 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Highland Park Commerce Center (1)             81%        84%
         Charlotte, North Carolina

(1)   The decrease in occupancy at Highland Park  Commerce  Center is due to the
      loss of tenants over the past twelve months  occupying  1,644 square feet,
      which  represents  approximately  1.6% of the total space. The Partnership
      recently  entered into a contract to sell Highland Park Commerce Center to
      an unrelated  third party for $5,548,000.  The sale,  which is conditioned
      upon the purchaser completing its due diligence review of the property and
      other  customary  conditions,  is expected to close, if at all, during the
      third quarter 2001. There can be no assurance, however, that the sale will
      be consummated, or if consummated, on what terms or in what time frame.

As of December  31,  1999,  Century  Properties  Fund XX (the  "Partnership"  or
"Registrant")  adopted the  liquidation  basis of accounting due to the imminent
loss of its remaining investment properties. Pursuant to the terms of the Notes,
the  Partnership  was  required to pay interest at a rate of 4% per annum on the
Notes,  and accrue the  additional 4% per annum due on the Notes.  The Notes are
secured by all of the Partnership's  properties.  The Notes, which had a balance
of principal and accrued interest of approximately  $8,326,000 at June 30, 2001,
matured on November 30, 1998.  Due to nonpayment of the  outstanding  balance at
maturity,  the  Partnership  is in default.  The  Managing  General  Partner had
previously  contacted the indenture trustee and entered a forbearance  agreement
on October  28,  1999.  In turn,  the  Partnership  agreed to (a) deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its  properties  or  satisfied  the Notes.  With the  consent  of the  indenture
trustee,  the forbearance  period has been extended to August 31, 2001. Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
remaining asset will generate  sufficient proceeds to pay off the Notes in full.
If the Partnership  cannot sell its property for sufficient value, in accordance
with the terms of the forbearance  agreement,  it is likely that the Partnership
will lose its remaining  property  through  delivery to an auctioneer  who would
sell the asset for the benefit of the Note holders. Upon the sale or disposal of
the last property, the Partnership is expected to terminate.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999 to the  liquidation  basis of  accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
June 30,  2001 is  approximately  $30,000  of  costs,  net of  income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the six months ended June 30, 2001 and 2000.

The following is a general  description of the tax consequences  that may result
to a limited partner upon the sale of the Partnership's remaining property. Each
limited  partner should consult with his or her own tax advisor to determine his
or her particular tax  consequences.  The taxable gain and income resulting from
the  sale  of the  Partnership's  property  will  pass  through  to the  limited
partners, and will likely result in income tax liability to the limited partners
without any distribution of cash from the Partnership.

Capital improvements planned for the Partnership's property is detailed below.

Highland Park Commerce Center

During  the  six  months  ended  June  30,  2001,  the   Partnership   completed
approximately  $23,000 in capital  improvements at Highland Park Commerce Center
consisting of tenant improvements. These improvements were funded from operating
cash flow.  The  Partnership  has not  budgeted  capital  improvements  since it
anticipates selling this property in 2001.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors the rental  market  environment  of its  remaining  investment
property  to  assess  the  feasibility  of  increasing  rents,   maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expenses. As part of this plan, the Managing General Partner attempts to protect
the Partnership  from the burden of  inflation-related  increases in expenses by
increasing rents and maintaining a high overall occupancy level. However, due to
changing market  conditions,  which can result in the use of rental  concessions
and  rental  reductions  to  offset  softening  market  conditions,  there is no
guarantee that the Managing General Partner will be able to sustain such a plan.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 3,868 limited  partnership units in
the Partnership  representing  6.26% of the outstanding  units at June 30, 2001.
AIMCO  and its  affiliates  also  own  8,831  Notes  representing  8.95%  of the
outstanding notes at June 30, 2001.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the Insignia  affiliates;  and the series of  transactions
which  closed on October 1, 1998 and  February  26, 1999  whereby  Insignia  and
Insignia Properties Trust, respectively,  were merged into AIMCO. The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the  Partnership.  On June 25, 1998, the Managing General Partner filed a motion
seeking  dismissal  of the action.  In lieu of  responding  to the  motion,  the
plaintiffs  filed an amended  complaint.  The  Managing  General  Partner  filed
demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order sustaining defendants' demurrer on certain grounds.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2001.




<PAGE>


                                   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.



                                    CENTURY PROPERTIES FUND XX


                                    By:   FOX PARTNERS III
                                          Its General Partner


                                    By:   FOX CAPITAL MANAGEMENT CORPORATION
                                          Its Managing General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: