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 September 30, 2000


[ ] 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)

                               September 30, 2000



     Assets
        Cash and cash equivalents                               $ 1,501
        Receivables and deposits                                    116
        Debt trustee escrow                                         540
        Investment property                                       5,680

                                                                  7,837
     Liabilities
        Accounts payable                                             32
        Tenant security deposit liabilities                          31
        Accrued property taxes                                       57
        Other liabilities                                           259
        Non-recourse promissory notes (Note A)                    8,035
        Estimated costs during the period of liquidation            225

                                                                  8,639

     Net liabilities in liquidation                              $ (802)



                   See Accompanying Notes to Financial Statements


<PAGE>




b)

                           CENTURY PROPERTIES FUND XX

               STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                   (in thousands)
                      Nine Months Ended September 30, 2000



Net liabilities in liquidation at beginning of period                    $ (373)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                                   (217)
   Decrease in receivables and deposits                                    (562)
   Decrease in debt trustee escrow                                       (1,730)
   Decrease in investment properties                                    (26,461)
   Decrease in accounts payable                                              50
   Decrease in tenant security deposit payable                               94
   Decrease in accrued property taxes                                       185
   Increase in other liabilities                                            (83)
   Decrease in Non-Recourse Promissory Notes and interest                28,520
   Increase in estimated costs during the period of liquidation            (225)

Net liabilities in liquidation at end of period                          $ (802)

                   See Accompanying Notes to Financial Statements


<PAGE>


c)

                           CENTURY PROPERTIES FUND XX

                             STATEMENT OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                                    Three Months Ended   Nine Months Ended
                                                    September 30, 1999  September 30, 1999
Revenues:
<S>                                                      <C>                  <C>
  Rental income                                          $ 1,689              $ 5,693
  Other income                                               101                  513
  Income from deficiency certificate settlement               --                   91
      Total revenues                                       1,790                6,297

Expenses:
  Operating                                                  598                1,974
  General and administrative                               1,241                1,698
  Depreciation                                               418                1,277
  Interest to promissory note holders                        628                1,883
  Property taxes                                             171                  487
      Total expenses                                       3,056                7,319

Net loss                                                 $(1,266)             $(1,022)

Net loss allocated to general partner (2%)                $  (25)               $ (20)

Net loss allocated to limited partners (98%)              (1,241)              (1,002)

                                                         $(1,266)             $(1,022)

Net loss per limited partnership unit (61,814
  units authorized and outstanding)                      $(20.08)             $(16.21)
</TABLE>

                   See Accompanying Notes to Financial Statements

<PAGE>

d)

                           CENTURY PROPERTIES FUND XX

                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                          (in thousands, except unit data)
                      Nine months Ended September 30, 1999




Cash flows from operating activities:
   Net loss                                                             $(1,022)
   Adjustments to reconcile net loss to net cash used in
     operating activities:
        Depreciation                                                      1,277
        Amortization of lease commissions                                   167
        Deferred interest on non-recourse promissory notes                  941
        Change in accounts:
          Receivables and deposits                                       (2,451)
          Other assets                                                     (116)
          Accounts payable                                                   21
          Tenant security deposit liabilities                                64
          Accrued property taxes                                            215
          Accrued interest-promissory notes                                 301
          Other liabilities                                                  28

              Net cash used in operating activities                        (575)

Cash flows from investing activities:
    Property improvements and replacements                                 (505)
    Lease commissions paid                                                  (89)

              Net cash used in investing activities                        (594)

Net decrease in cash and cash equivalents                                (1,169)

Cash and cash equivalents at beginning of period                          9,197

Cash and cash equivalents at end of period                              $ 8,028

Supplemental disclosure of cash flow information:
    Cash paid for interest                                              $   641

                   See Accompanying Notes to Financial Statements


<PAGE>

e)

                           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.

The  Partnership's  Nonrecourse  Promissory Notes (the "Notes") of approximately
$8,035,000 in principal  and accrued  interest were in default due to nonpayment
upon maturity on November 30, 1998.  The Notes are secured by a deed of trust on
the Partnership's  remaining  property owned by the Partnership.  The Promissory
Notes bear  interest at eight  percent per annum  except that  interest of up to
four percent was deferred,  provided the Partnership  made interest  payments on
the unpaid  principal  balance of at least four percent per annum.  The deferred
interest does not bear interest.  Fox Capital Management  Corporation ("FCMC" or
the  "Managing   General   Partner"),   the  Managing  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. The Trustee has indicated,  however,
that it will extend the forbearance  period to accommodate the completion of the
sale of the Partnership's remaining property,  which is currently being marketed
for sale.  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.  Based on the
proceeds  received to date from sales of Partnership  assets and the anticipated
net  proceeds  from  the sale of the  Partnership's  remaining  property,  it is
unlikely the sales of the Partnership's assets will generate sufficient proceeds
to pay off the Nonrecourse  Promissory Notes in full. If the Partnership  cannot
sell its remaining  property for sufficient  value, in accordance with the terms
of the forbearance  agreement,  it is likely that the Partnership  will lose its
property  through  delivery to an  auctioneer  who would sell the assets for the
benefit of the Note  holders.  Upon the sale or  disposal  of the last  property
(which  is  anticipated  to  occur  during  the  first  quarter  of  2001),  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
September 30, 2000 is approximately  $225,000 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 April 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 - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the Managing General Partner. The Managing General Partner does not believe that
this  transaction  has had or will have a  material  effect on the  affairs  and
operations of the Partnership.

Note C - 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 nine month periods ended September 30, 2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 74      $118
 Reimbursement for services of affiliates (included in
   investment properties, operating and general
   and administrative expenses)                                     51       144
 Partnership management fees (included in general and
   administrative expenses)                                         --        36

During the nine months  ended  September  30, 2000 and 1999,  affiliates  of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of the  Partnership's  residential  properties  as  compensation  for  providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately  $74,000 and $118,000 for the nine months ended September 30, 2000
and 1999, respectively. On April 7, 2000 and June 20, 2000, the Partnership sold
The Corners  Apartments and Harbor Club Downs,  respectively (see "Note F"). For
the  Partnership's  commercial  properties,  these  services were provided by an
unrelated party for the nine month periods ended September 30, 2000 and 1999.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $51,000 and $144,000 for the
nine months ended September 30, 2000 and 1999, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 3,601 limited  partnership
units in the Partnership representing 5.826% of the outstanding units.

Note D - Contingency

On January 24,  1990,  a  settlement  agreement  was executed by and between the
Partnership  and certain  defendants in  connection  with legal  proceedings  at
Commonwealth  Centre.   Lincoln  Property  Company   ("Lincoln"),   one  of  the
defendants,  provided the  Partnership  with a deficiency  certificate  totaling
$1,250,000 pursuant to Lincoln's company-wide debt restructuring plan. Effective
December 31, 1994, the obligators under this collateral pool agreement exercised
their  right to extend  the  maturity  date of the  deficiency  certificates  to
December  31,  1997.  The  senior  obligators  accepted  an offer to settle  the
outstanding  amounts due from Lincoln at a discounted rate. The Managing General
Partner  was  obligated  to accept  the  initial  settlement  which  equated  to
approximately  $256,000.  Prior  to this  settlement,  the  Partnership  had not
recorded a receivable  on the financial  statements  due to the  uncertainty  of
receiving any funds. The initial settlement related to the cash collateral pool,
and the Partnership  received further funds of approximately  $45,000 during the
remaining months of 1998 as well as approximately $91,000 during the nine months
ended September 30, 1999. The Partnership has not received any additional  funds
from the settlement.

The  Partnership  recorded  income  upon  the  receipt  of the  settlement.  The
settlement relates to the cash available to distribute in the collateral pool.

Note E - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The  Partnership  had  two  reportable  segments:   commercial   properties  and
residential  properties.  The commercial property segment consists of one office
complex in North Carolina.  The  Partnership  leases office space for terms that
typically  exceed one year. The properties in the residential  property  segment
were sold during the nine months ended  September 30, 2000.  Effective  December
31, 1999, the Partnership adopted the liquidation basis of accounting (see "Note
A - Basis of Presentation").  As a result,  segment information is only provided
for the three and nine month periods ended September 30, 1999.

Measurement of segment profit or loss:

The  Partnership  evaluated  performance  based on segment  profit (loss) before
depreciation.  The accounting policies of the reportable segment are the same as
those of the  Partnership  as described in  Partnership's  Annual Report on Form
10-KSB for the year ended December 31, 1999.

Factors management used to identify the enterprise's reportable segment:

The Partnership's  reportable  segment  consisted of investment  properties that
offer different products and services. The reportable segments were each managed
separately  because they  provide  distinct  services  with  different  types of
products and customers.

Segment  information  for the three and nine month periods  ended  September 30,
1999 is shown in the tables below (in  thousands).  The "Other" column  includes
partnership administration related items and income and expense not allocated to
the reportable segments.
<TABLE>
<CAPTION>

       Three Months Ended
       September 30, 1999        Residential    Commercial       Other       Totals

<S>                                 <C>             <C>            <C>      <C>
Rental income                       $  752          $ 937          $ --     $ 1,689
Other income                            37             10            54         101
Interest expense                        --             --           628         628
Depreciation                           111            307            --         418
General and administrative
  expense                               --             --         1,241       1,241
Segment profit (loss)                  279            270        (1,815)     (1,266)


       Nine Months Ended
       September 30, 1999        Residential    Commercial       Other       Totals

Rental income                      $ 2,207        $ 3,486         $  --     $ 5,693
Other income                            94             17           402         513
Income from settlement                  --             --            91          91
Interest expense                        --             --         1,883       1,883
Depreciation                           341            936            --       1,277
General and administrative
  expense                               --             --         1,698       1,698
Segment profit (loss)                  862          1,204        (3,088)     (1,022)
Total assets                        11,431         21,194         9,472      42,097
Capital expenditures for
  investment properties                253            252            --         505
</TABLE>

Note F - Sale of Investment Properties

On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000.  The net sales  proceeds  of  approximately  $9,002,000  were  wired
directly to the Indenture Trustee as required by the forbearance agreement.

On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated
third  party  for   approximately   $4,000,000.   The  net  sales   proceeds  of
approximately  $3,712,000  were  wired  directly  to the  Indenture  Trustee  as
required by the forbearance agreement.

On May 8, 2000, the Partnership  sold Metcalf 103 Office Park to an unaffiliated
third party for approximately  $3,120,000.  The net sales proceeds of $2,878,000
were wired  directly to the  Indenture  Trustee as  required by the  forbearance
agreement.
Note F - Sale of Investment Properties (continued)

On June 20,  2000 the  Partnership  sold  Harbor  Club  Downs for  approximately
$11,000,000.  The net sales  proceeds of  approximately  $10,200,000  were wired
directly to the Indenture Trustee as required by the forbearance agreement.

Note G - 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 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; the management of partnerships
by the  Insignia  affiliates;  and the  Insignia  Merger.  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 have 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 final 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. The Court is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. The Managing  General  Partner does not anticipate  that 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  investment  property  consists  of one  business  park.  The
following  table sets forth the average  occupancy  of the property for the nine
months ended September 30, 2000 and 1999:

                                                  Average Occupancy
      Property                                     2000       1999

      Highland Park Commerce Center (1)             86%        89%
         Charlotte, North Carolina

(1)   The decrease in average  occupancy at Highland Park Commerce Center is due
      to two  tenants,  occupying  3,639  square  feet,  moving into their space
      beginning late in the second quarter of 2000.

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 the Partnership's  remaining property. The Notes, which had a balance
of principal and accrued interest of  approximately  $8,035,000 at September 30,
2000, matured on November 30, 1998. On October 28, 1999 the Partnership  entered
into a  forbearance  agreement  with the  indenture  trustee for a period of 390
days. The Trustee has indicated,  however,  that it will extend the  forbearance
period to accommodate the completion of the sale of the Partnership's  remaining
property,  which is currently  being marketed for sale. 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.  Based on the proceeds received to date from sales of Partnership
assets  and the  anticipated  net  proceeds  from the sale of the  Partnership's
remaining  property,  it is unlikely the sales of the Partnership's  assets will
generate  sufficient  proceeds to pay off the  Nonrecourse  Promissory  Notes in
full.  If the  Partnership  cannot sell its  remaining  property for  sufficient
value, in accordance with the terms of the forbearance  agreement,  it is likely
that the Partnership  will lose its property  through  delivery to an auctioneer
who would sell the assets for the benefit of the Note holders.  Upon the sale or
disposal of the last property  (which is  anticipated  to occur during the first
quarter of 2001), 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
September 30, 2000 is approximately  $225,000 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 April 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.

On March 27, 2000, the Partnership sold Linpro Park to an unaffiliated party for
$9,500,000.  The net sales  proceeds  of  approximately  $9,002,000  were  wired
directly to the Indenture Trustee as required by the forbearance agreement.

On April 7, 2000, the Partnership sold The Corners Apartments to an unaffiliated
third  party  for   approximately   $4,000,000.   The  net  sales   proceeds  of
approximately  $3,712,000  were  wired  directly  to the  Indenture  Trustee  as
required by the forbearance agreement.

On May 8, 2000, the Partnership  sold Metcalf 103 Office Park to an unaffiliated
third  party  for   approximately   $3,120,000.   The  net  sales   proceeds  of
approximately  $2,878,000  were  wired  directly  to the  Indenture  Trustee  as
required by the forbearance agreement.

On June 20,  2000 the  Partnership  sold  Harbor  Club  Downs for  approximately
$11,000,000.  The net sales  proceeds of  approximately  $10,200,000  were wired
directly to the Indenture Trustee as required by the forbearance agreement.

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.

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.

Highland Park Commerce Center

During the nine months ended  September  30,  2000,  the  Partnership  completed
approximately  $73,000 of capital  improvements at Highland Park Commerce Center
consisting  primarily of tenant  improvements.  The property is currently  being
marketed  for  sale;  therefore,   no  funds  have  been  budgeted  for  capital
improvements for the year 2000.  Capital  improvements will be made as necessary
until the property is sold.

<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 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; the management of partnerships
by the  Insignia  affiliates;  and the  Insignia  Merger.  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 have 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 final 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. The Court is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. The Managing  General  Partner does not anticipate  that costs  associated
with this case will be material to the Partnership's overall operations.

<PAGE>


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended September 30, 2000.




<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: