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, 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 0-14248


                              ANGELES PARTNERS XIV
      (Exact name of small business issuer as specified in its charter)



         California                                              95-3959771
(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)

                              ANGELES PARTNERS XIV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                       (in thousands, except unit data)

                               September 30, 2001
<TABLE>
<CAPTION>

Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $  1,061
   Receivables and deposits                                                      507
   Restricted escrows                                                            129
   Other assets                                                                  271
   Investment properties:
      Land                                                    $ 2,243
      Buildings and related personal property                   26,608
                                                                28,851
      Less accumulated depreciation                            (20,891)        7,960
                                                                            $ 9,928

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 63
   Tenant security deposit liabilities                                           137
   Accrued property taxes                                                        475
   Accrued interest (including $3,907 in default)                              8,992
   Due to affiliates (Note C)                                                  2,039
   Other liabilities                                                             313
   Notes payable (including $4,576 in default)                                29,010

Partners' Deficit
   General partners                                            $ (706)
   Limited partners (43,421 units issued and
      outstanding)                                             (30,395)      (31,101)
                                                                            $ 9,928

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

b)

                              ANGELES PARTNERS XIV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                     (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                          Three Months Ended       Nine Months Ended
                                             September 30,           September 30,
                                           2001        2000        2001        2000
Revenues:
<S>                                       <C>         <C>         <C>         <C>
    Rental income                         $ 1,287     $ 1,229     $ 3,791     $ 3,675
    Other income                               73          70         239         164
      Total revenues                        1,360       1,299       4,030       3,839

Expenses:
   Operating                                  471         409       1,349       1,251
   General and administrative                  71         116         227         232
   Depreciation                               348         341       1,046       1,018
   Interest                                   843         877       2,577       2,582
   Property taxes                              90         108         302         298
      Total expenses                        1,823       1,851       5,501       5,381

Net loss                                  $ (463)     $ (552)     $(1,471)    $(1,542)

Net loss allocated to general
   partners (1%)                           $ (5)       $ (6)       $ (15)      $ (15)
Net loss allocated to limited
   partners (99%)                            (458)       (546)     (1,456)     (1,527)

                                          $ (463)     $ (552)     $(1,471)    $(1,542)

Net loss per limited partnership unit     $(10.55)    $(12.53)    $(33.53)    $(35.03)

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
c)

                             ANGELES PARTNERS XIV
            CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                       (in thousands, except unit data)
<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners      Total

<S>                                    <C>             <C>       <C>         <C>
Original capital contributions         44,390          $ 1       $ 44,390    $ 44,391

Partners' deficit at
   December 31, 2000                   43,421         $ (684)    $(28,939)   $(29,623)

Distribution to partners                   --             (7)          --          (7)

Net loss for the nine months
   ended September 30, 2001                --            (15)      (1,456)     (1,471)

Partners' deficit at
   September 30, 2001                  43,421         $ (706)    $(30,395)   $(31,101)

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

d)

                              ANGELES PARTNERS XIV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)
<TABLE>
<CAPTION>

                                                                   Nine Months Ended
                                                                     September 30,
                                                                    2001        2000
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net loss                                                        $(1,471)     $(1,542)
  Adjustments to reconcile net loss to net cash (used in)
   provided by operating activities:
     Depreciation                                                   1,046        1,018
     Amortization of discounts and loan costs                          23           23
     Change in accounts:
      Receivables and deposits                                       (224)        (152)
      Other assets                                                     43           23
      Accounts payable                                                (58)         (55)
      Tenant security deposit liabilities                               3           24
      Accrued property taxes                                          197           74
      Accrued interest                                                344        1,462
      Due to affiliates                                               229          157
      Other liabilities                                                47         (186)

         Net cash provided by operating activities                    179          846

Cash flows from investing activities:
  Property improvements and replacements                             (354)        (363)
  Net (deposits to) withdrawals from restricted escrows               (35)         135

         Net cash used in investing activities                       (389)        (228)

Cash flows from financing activities:
  Principal payments on notes payable                                (369)        (229)
  Advance from affiliate                                              150           --
  Distribution to partners                                             (7)          --

         Net cash used in financing activities                       (226)        (229)

Net (decrease) increase in cash and cash equivalents                 (436)         389
Cash and cash equivalents at beginning of period                    1,497        1,210

Cash and cash equivalents at end of period                        $ 1,061      $ 1,599

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 2,164      $ 1,054

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

e)

                              ANGELES PARTNERS XIV
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Going Concern

The accompanying  consolidated  financial statements have been prepared assuming
Angeles  Partners XIV (the  "Partnership"  or  "Registrant")  will continue as a
going concern. The Partnership continues to incur recurring operating losses and
suffers from inadequate liquidity.

The  Partnership   has  unsecured   working  capital  loans  in  the  amount  of
approximately   $4,576,000  plus  related  accrued   interest  of  approximately
$3,907,000  that are in default at September 30, 2001 as a result of non-payment
of interest and principal upon its maturity in November  1997.  These loans were
payable to Angeles Acceptance Pool, L.P. ("AAP"). During the year ended December
31, 2000, AAP transferred ownership of the loans to Saticoy Investments Company,
LLC ("Saticoy"),  a wholly owned entity of The PNL Companies.  This indebtedness
is recourse to the  Partnership.  The  Partnership  does not have the means with
which to  satisfy  this  obligation  and  Saticoy  has a  judgment  against  the
Partnership for this debt.

During the quarter ended June 30, 2001,  the Managing  General  Partner signed a
forebearance  agreement  with Saticoy.  The Managing  General  Partner agreed to
market Waterford Square Apartments for sale. The forebearance  period began June
1,  2001 and ends the  earlier  of March 1,  2002 or the date  Waterford  Square
Apartments  is  sold.  Upon  the  sale  of  Waterford  Square  Apartments,   the
distributable sale proceeds,  after deducting  reasonable closing costs, will be
used to repay the first lien  mortgage  debt on the property  and repay  certain
AMIT debt. Saticoy has agreed to accept 68.75% of the remaining proceeds in full
satisfaction of its notes.

The  Partnership  realized a net loss of  approximately  $1,471,000 for the nine
months ended  September 30, 2001.  Angeles Realty  Corporation II (the "Managing
General  Partner") expects the Partnership to continue to incur such losses from
operations.

No  other  sources  of  additional   financing  have  been   identified  by  the
Partnership,  nor does the  Managing  General  Partner  have any other  plans to
remedy the liquidity  problems the  Partnership is currently  experiencing.  The
Managing General Partner anticipates that the Fox Crest Apartments and Waterford
Square  Apartments  will generate  sufficient cash flows during 2001 to meet all
property  operating  expenses,  property debt service  requirements  and to fund
capital expenditures.  However, these cash flows will be insufficient to service
the Partnership indebtedness.

As a result,  there is  substantial  doubt  about the  Partnership's  ability to
continue  as a going  concern.  The  consolidated  financial  statements  do not
include  any   adjustments  to  reflect  the  possible  future  effects  on  the
recoverability  and  classification of assets or amounts and  classifications of
liabilities that may result from these uncertainties.

Note B - Basis of Presentation

The accompanying  unaudited consolidated financial statements of the Partnership
have been prepared in accordance with generally accepted  accounting  principles
for interim  financial  information and with the instructions to Form 10-QSB and
Item  310(b) of  Regulation  S-B.  Accordingly,  they do not  include all of the
information and footnotes required by generally accepted  accounting  principles
for  complete  financial  statements.  In the  opinion of the  Managing  General
Partner,  all adjustments  (consisting of normal recurring accruals)  considered
necessary for a fair presentation have been included.  Operating results for the
three and nine month  periods  ended  September  30, 2001,  are not  necessarily
indicative  of the  results  that may be  expected  for the fiscal  year  ending
December 31, 2001. For further information,  refer to the consolidated financial
statements and footnotes thereto included in the Partnership's  Annual Report on
Form 10-KSB for the fiscal year ended  December 31, 2000.  The Managing  General
Partner  is  an  affiliate  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Principles of Consolidation:  The consolidated  financial statements include all
of the accounts of the Partnership and its 99% limited  partnership  interest in
Waterford Square Apartments, Ltd. The general partner of this partnership is the
Managing  General  Partner.  The Managing  General Partner may be removed by the
Registrant;  therefore,  this  partnership is controlled and consolidated by the
Registrant. All significant interpartnership balances have been eliminated.

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 consolidated financial statements as currently
presented.

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 (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

The following  payments were paid or accrued to the Managing General Partner and
affiliates during each of the nine months ended September 30, 2001 and 2000:

                                                                2001      2000
                                                                (in thousands)

   Property management fees (included in operating expense)    $  234   $  210
   Reimbursement for services of affiliates (included in
     investment properties and general and administrative
     expenses)                                                    281      157
   Due to affiliate                                             2,039    1,595

During the nine months  ended  September  30, 2001 and 2000,  affiliates  of the
Managing General Partner were entitled to receive 5% of gross receipts from both
of  the  Registrant's  residential  properties  as  compensation  for  providing
property   management   services.   The  Registrant   paid  to  such  affiliates
approximately $234,000 and $210,000 for the nine months ended September 30, 2001
and 2000, respectively.

Affiliates of the Managing  General  Partner were to receive  reimbursements  of
accountable  administrative  expenses  amounting to  approximately  $281,000 and
$157,000 for the nine months ended  September  30, 2001 and 2000,  respectively.
The Partnership owed the affiliates  approximately  $2,039,000 and $1,595,000 at
September 30, 2001 and 2000, respectively.  Included in the charges for the nine
months  ended  September  30, 2001 are  approximately  $126,000 of  construction
service reimbursements.

During the third quarter of 2001,  the  Partnership  received an advance from an
affiliate  of the  Managing  General  Partner  in the  amount  of  approximately
$150,000.  Interest is charged at the prime rate plus 2%.  Interest  expense was
approximately $2,000 for the nine months ended September 30, 2001. There were no
loans from the Managing  General Partner or associated  interest during the nine
months ended September 30, 2000.

Angeles Mortgage Investment Trust ("AMIT") provided financing (the "AMIT Loans")
to the  Partnership.  Pursuant to a series of  transactions,  affiliates  of the
Managing General Partner acquired ownership  interests in AMIT. On September 17,
1998,  AMIT was merged with and into  Insignia  Properties  Trust  ("IPT"),  the
entity which  controlled the Managing General  Partner.  Effective  February 26,
1999, IPT was merged into AIMCO.  Thus,  AIMCO is the current holder of the AMIT
loans. The principal balances on the AMIT Loans total  approximately  $7,169,000
at  September  30,  2001,  accrue  interest at a rate of 12.5% per annum and are
recourse to the Partnership.  One of the three notes was paid in full during the
nine months ended  September  30, 2001.  One of the two  remaining  notes in the
amount of  $2,404,000  originally  matured in March 1998.  The Managing  General
Partner negotiated with AMIT to extend this indebtedness through March 2002. The
remaining note with a principal balance of approximately  $4,765,000  matures in
March  2003.  Total  interest  expense  on  the  AMIT  Loans  was  approximately
$1,129,000 and $1,085,000 for the nine months ended September 30, 2001 and 2000,
respectively.  Accrued  interest was  approximately  $4,972,000 at September 30,
2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 10,693 limited partnership
units  in the  Partnership  representing  24.63%  of the  outstanding  units  at
September 30, 2001. These units were acquired  pursuant to tender offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO.  Under the Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters,  which would include  voting on certain  amendments to the  Partnership
Agreement  and voting to remove the  Managing  General  Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation with the Managing General Partner.

Note D - Notes Payable

In November  1992,  AAP, a Delaware  limited  partnership  which  controlled the
working capital loans previously  provided by Angeles Capital  Investment,  Inc.
("ACII"),  was  organized.  Angeles  Corporation  ("Angeles") is the 99% limited
partner  of AAP and  Angeles  Acceptance  Directives,  Inc.  ("AAD"),  which was
wholly-owned by Insignia Properties Trust ("IPT"), was the 1% general partner of
AAP,  until April 14, 1995. On April 14, 1995, as part of a settlement of claims
between affiliates of the Managing General Partner and Angeles,  AAD resigned as
general  partner  of AAP and  simultaneously  received  a 0.5%  limited  partner
interest in AAP. An  affiliate  of Angeles now serves as the general  partner of
AAP.

The AAP working  capital loans funded the  Partnership's  operating  deficits in
prior years.  Total  indebtedness  was  approximately  $4,576,000,  plus accrued
interest of  approximately  $3,907,000,  at  September  30,  2001,  with monthly
interest accruing at the prime rate plus two percent.  Upon maturity on November
25,  1997,  the  Partnership  did not have the means with which to satisfy  this
maturing debt obligation. Total interest expense for this loan was approximately
$346,000 and $378,000  for the nine months  ended  September  30, 2001 and 2000,
respectively. During the year ended December 31, 2000, AAP transferred ownership
of the loans to Saticoy  Investments  Company,  LLC ("Saticoy"),  a wholly owned
entity of the PNL Companies, which is an unrelated party.

During the quarter ended June 30, 2001,  the Managing  General  Partner signed a
forebearance  agreement  with Saticoy.  The Managing  General  Partner agreed to
market Waterford Square Apartments for sale. The forebearance  period began June
1,  2001 and ends the  earlier  of March 1,  2002 or the date  Waterford  Square
Apartments  is  sold.  Upon  the  sale  of  Waterford  Square  Apartments,   the
distributable sale proceeds,  after deducting  reasonable closing costs, will be
used to repay the first lien  mortgage  debt on the property  and repay  certain
AMIT debt. Saticoy has agreed to accept 68.75% of the remaining proceeds in full
satisfaction of its notes.

Note E - Distributions

For the nine months ended September 30, 2001, Waterford Square Apartments,  Ltd.
(a limited  partnership  in which the  Registrant  owns a 99%  interest)  made a
surplus  cash  distribution  of  approximately  $701,000 of which  approximately
$7,000 was paid to the general partner of Waterford Square Apartments,  Ltd. and
approximately  $694,000  was  paid  to the  Partnership  and was  eliminated  in
consolidation.  There were no distributions made for the nine month period ended
September 30, 2000.

Note F - 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. (the "Nuanes action") 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.  On  July  20,
2001,plaintiffs  filed a motion for reconsideration of the Court's July 10, 2001
order granting in part and denying in part defendants' demurrer. On September 7,
2001,  plaintiffs filed a fourth amended class and derivative  action complaint.
On September 12, 2001, the Court denied plaintiffs' motion for  reconsideration.
On October 5, 2001, the Managing General Partner and affiliated defendants filed
a demurrer to the fourth  amended  complaint,  which,  together  with a demurrer
filed by other  defendants,  is currently  scheduled to be heard on November 15,
2001. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases 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.


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 Registrant from time to time. The
discussion of the  Registrant'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
operation.  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 properties consist of two apartment complexes. The
following table sets forth the average  occupancy of the properties for the nine
months ended September 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Waterford Square Apartments                   96%        97%
        Huntsville, Alabama
      Fox Crest Apartments                          98%        98%
        Waukegan, Illinois

Results from Operations

The  Partnership's  net loss for the nine months  ended  September  30, 2001 was
approximately  $1,471,000 compared to a net loss of approximately $1,542,000 for
the  corresponding  period  in  2000.  The  Partnership  recorded  a net loss of
approximately $463,000 for the three months ended September 30, 2001 compared to
a net loss of approximately  $552,000 for the corresponding  period in 2000. The
decrease in net loss for the nine months ended  September 30, 2001 was primarily
due to an increase in total revenues  which was partially  offset by an increase
in total expenses. The decrease in net loss for the three months ended September
30, 2001 was  primarily  due to an increase in total  revenues and a decrease in
total  expenses.  The  increase in total  revenues  for the three and nine month
periods  ended  September  30, 2001 was due to an increase in both rental income
and other  income.  Rental income  increased due primarily to increased  average
rental rates at both Waterford Square Apartments and Fox Crest Apartments, which
more than offset a slight decrease in occupancy at Waterford Square  Apartments.
Other income  increased due to increased  interest  income due to higher average
cash balances in interest bearing accounts, increased cable television income at
both of the Partnership's properties,  and increased utilities reimbursements at
Fox Crest Apartments.

The increase in total  expenses for the nine month  period ended  September  30,
2001 was  primarily  the  result of  increases  in  operating  and  depreciation
expenses.  The  decrease  in total  expenses  for the three month  period  ended
September 30, 2001 was  primarily the result of decreases in interest,  property
tax, and general and  administrative  expenses  partially offset by increases in
operating and depreciation  expenses. The increase in operating expenses for the
three and nine month  periods  ended  September 30, 2001 was due to increases in
payroll related  expenses and management fees due to increased  revenues at both
of  the  Partnership's  properties  and  an  increase  in  maintenance  expenses
primarily at Waterford Square Apartments.  The increase in depreciation  expense
for the three and nine month periods ended  September 30, 2001 is due to capital
improvements  and  replacements  placed into service at the properties  over the
past year. Interest expense decreased for the three month period ended September
30, 2001 due to an interest  payment made on the Saticoy loan,  the repayment of
one of the AMIT loans and payments  made on the remaining  AMIT loans.  Property
tax expense decreased for the three month period ended September 30, 2001 due to
a refund  received  during  2001 from  prior  years  taxes at  Waterford  Square
Apartments. General and administrative expenses decreased for the three and nine
months  ended  September  30,  2001  primarily  due to a decrease in the cost of
services  provided by the Managing General Partner and its affiliates as allowed
under the Partnership  Agreement and a decrease in professional  fees associated
with the  administration  of the Partnership  partially offset by an increase in
legal  expenses.  Also included in general and  administrative  expenses at both
September 30, 2001 and 2000 are costs  associated  with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  continues  to monitor  the  rental  market  environment  of each of its
investment properties 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.

Liquidity and Capital Resources

At  September  30,  2001,  the  Registrant  had  cash and  cash  equivalents  of
approximately  $1,061,000 as compared to  approximately  $1,599,000 at September
30, 2000.  Cash and cash  equivalents  decreased  approximately  $436,000  since
December  31,  2000 due to  approximately  $389,000  of cash  used in  investing
activities  and  approximately  $226,000  of cash used in  financing  activities
partially  offset  by  approximately  $179,000  of cash  provided  by  operating
activities. Cash used in investing activities consisted of property improvements
and replacements and net deposits to escrows  maintained by the mortgage lender.
Cash used in financing  activities  consisted primarily of payments of principal
on the mortgages encumbering the Registrant's properties and a principal payment
on the  Waterford  Square  note  payable  to AMIT  and,  to a lesser  extent,  a
distribution to the Managing General Partner from Waterford  Square  Apartments,
Ltd.  partially offset by an advance received from an affiliate.  The Registrant
invests its working capital reserves in interest bearing accounts.

The accompanying  consolidated  financial statements have been prepared assuming
the Partnership will continue as a going concern.  The Partnership  continues to
incur recurring operating losses and suffers from inadequate liquidity. Recourse
indebtedness of approximately  $4,576,000 plus accrued interest of approximately
$3,907,000  is in default at September  30, 2001,  as a result of  nonpayment of
interest  and  principal  upon its maturity in November  1997.  These loans were
payable to Angeles Acceptance Pool, L.P. ("AAP"). During the year ended December
31, 2000, AAP transferred ownership of the loans to Saticoy Investments Company,
LLC ("Saticoy"),  a wholly owned entity of the PNL Companies.  This indebtedness
is recourse to the Partnership.

During the quarter ended June 30, 2001,  the Managing  General  Partner signed a
forebearance  agreement with Saticoy Investments Company,  LLC ("Saticoy").  The
Managing General Partner agreed to market Waterford Square  Apartments for sale.
The forebearance period began June 1, 2001 and ends the earlier of March 1, 2002
or the date  Waterford  Square  Apartments  is sold.  Upon the sale of Waterford
Square Apartments,  the distributable sale proceeds,  after deducting reasonable
closing  costs,  will be used to  repay  the  first  lien  mortgage  debt on the
property and repay certain AMIT debt. Saticoy has agreed to accept 68.75% of the
remaining proceeds in full satisfaction of its notes.

No  other  sources  of  additional   financing  have  been   identified  by  the
Partnership,  nor does the  Managing  General  Partner  have any other  plans to
remedy the liquidity  problems the  Partnership is currently  experiencing.  The
Managing General Partner anticipates that the Fox Crest Apartments and Waterford
Square  Apartments  will generate  sufficient cash flows during 2001 to meet all
property  operating  expenses,  property debt service  requirements  and to fund
capital expenditures.  However, these cash flows will be insufficient to provide
debt service for the Partnership  indebtedness.  If the Managing General Partner
is unsuccessful in its efforts to restructure these loans, then it may be forced
to liquidate the Partnership.

As a result,  there is  substantial  doubt  about the  Partnership's  ability to
continue  as a going  concern.  The  financial  statements  do not  include  any
adjustments  to reflect the possible  future effects on the  recoverability  and
classification of assets or amounts and  classifications of liabilities that may
result from these uncertainties.

With respect to the  Partnership's two apartment  complexes,  the sufficiency of
existing  liquid  assets  to  meet  future  liquidity  and  capital  expenditure
requirements is directly related to the level of capital  expenditures  required
at the properties to adequately maintain the physical assets and other operating
needs of the Partnership and to comply with Federal,  state, and local legal and
regulatory   requirements.   Capital   improvements  planned  for  each  of  the
Registrant's properties are detailed below.

Waterford Square Apartments

The Partnership has budgeted,  but is not limited to, approximately  $219,000 of
capital   improvements  at  Waterford  Square  Apartments  for  2001  consisting
primarily   of  carpet  and  vinyl   replacements,   appliances,   water  heater
replacements,  and air conditioning unit replacements. As of September 30, 2001,
the property has spent approximately $176,000 on capital improvements consisting
primarily of carpet and vinyl replacements,  air conditioning unit replacements,
clubhouse  renovations,   water  heater  replacements,   and  appliances.  These
improvements were funded from Partnership reserves and operating cash flow.

Fox Crest Apartments

The Partnership has budgeted,  but is not limited to, approximately  $296,000 of
capital  improvements at Fox Crest  Apartments for 2001 consisting  primarily of
flooring  replacements,  roof replacement and water heater  replacements.  As of
September  30, 2001,  the property has spent  approximately  $178,000 on capital
improvements  consisting primarily of roof replacements,  flooring  replacements
and cabinet  replacements.  These  improvements  were  funded  from  Partnership
reserves and operating cash flow.

The  additional  capital  improvements  planned  for  2001 at the  Partnership's
properties will be made only to the extent of cash available from operations and
Partnership reserves.

The existing first mortgage indebtedness,  working capital loans and amounts due
to AMIT are thought to be in excess of the value of the properties. (Pursuant to
a series of  transactions,  affiliates of the Managing  General Partner acquired
ownership  interests in AMIT as follows:  On September 17, 1998, AMIT was merged
with and into IPT and  effective  February 26, 1999,  IPT was merged into AIMCO.
Accordingly,  AIMCO is the current holder of the AMIT loans).  One AMIT Note was
paid in full during the nine months ended  September 30, 2001.  One AMIT Note in
the aggregate amount of  approximately  $2,404,000 plus related accrued interest
at 12.5% per annum compounded monthly of approximately $720,000 matures in March
2002; this note is recourse to the Partnership  only. This loan requires monthly
payments of excess cash flow, as defined in the terms of the  promissory  notes.
The  Partnership's  other remaining note to AMIT for  approximately  $4,765,000,
plus accrued interest at 12.5% per annum compounded  monthly,  is due March 2003
and does not require any payments until maturity.  Accrued interest on this note
as of September 30, 2001 is  approximately  $4,252,000.  The first mortgage loan
encumbering  Waterford  Square  Apartments,  which  is  guaranteed  by  HUD,  is
scheduled to mature in November 2027. The first  mortgage loan  encumbering  Fox
Crest  Apartments  is scheduled  to mature in May 2003,  at which time a balloon
payment of $5,445,000 is due. The  Registrant is current in its payments on both
of these mortgages.  The Managing General Partner will attempt to refinance such
indebtedness  and/or sell the properties  prior to such maturity  dates.  If the
properties cannot be refinanced or sold for a sufficient  amount, the Registrant
will risk losing such properties through foreclosure.

For the nine months ended September 30, 2001, Waterford Square Apartments,  Ltd.
(a limited  partnership  in which the  Registrant  owns a 99%  interest)  made a
surplus  cash  distribution  of  approximately  $701,000 of which  approximately
$7,000 was paid to the general partner of Waterford Square Apartments,  Ltd. and
approximately  $694,000  was  paid  to the  Partnership  and was  eliminated  in
consolidation.  There were no distributions made for the nine month period ended
September 30, 2000. Future cash  distributions  will depend on the levels of net
cash generated from operations, the availability of cash reserves and the timing
of  debt  maturities,  refinancings  and/or  property  sales.  The  Registrant's
distribution  policy is  reviewed  on a  monthly  basis.  However,  based on the
current  default  under  the  working  capital  loans  it  is  unlikely  that  a
distribution will be made by the Registrant in the foreseeable future.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 10,693 limited partnership
units  in the  Partnership  representing  24.63%  of the  outstanding  units  at
September 30, 2001. These units were acquired  pursuant to tender offers made by
AIMCO or its  affiliates.  It is possible that AIMCO or its affiliates will make
one  or  more  additional  offers  to  acquire  additional  limited  partnership
interests in the  Partnership for cash or in exchange for units in the operating
partnership of AIMCO.  Under the Partnership  Agreement,  unitholders  holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters,  which would include  voting on certain  amendments to the  Partnership
Agreement  and voting to remove the  Managing  General  Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable  to the  interest  of the  Managing  General  Partner  because  of its
affiliation with the Managing General Partner.

<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. (the "Nuanes action") 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.  On July 20, 2001,
plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases 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 September 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.



                                    ANGELES PARTNERS XIV


                                    By:   Angeles Realty Corporation II
                                          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: