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 0-14248


                              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)

                                  June 30, 2001
<TABLE>
<CAPTION>



Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   886
   Receivables and deposits                                                      366
   Restricted escrows                                                            149
   Other assets                                                                  313
   Investment properties:
      Land                                                    $ 2,243
      Buildings and related personal property                   26,355
                                                                28,598
      Less accumulated depreciation                            (20,543)        8,055
                                                                            $ 9,769

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 44
   Tenant security deposit liabilities                                           139
   Accrued property taxes                                                        385
   Accrued interest (including $3,957 in default)                              8,668
   Due to affiliates (Note C)                                                  1,763
   Other liabilities                                                             314
   Notes payable (including $4,576 in default)                                29,094

Partners' Deficit
   General partners                                            $ (701)
   Limited partners (43,421 units issued and
      outstanding)                                             (29,937)      (30,638)
                                                                            $ 9,769

         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       Six Months Ended
                                               June 30,                June 30,
                                           2001        2000        2001        2000
Revenues:
<S>                                       <C>         <C>         <C>         <C>
    Rental income                         $ 1,261     $ 1,236     $ 2,504     $ 2,446
    Other income                               77          45         166          94
      Total revenues                        1,338       1,281       2,670       2,540

Expenses:
   Operating                                  431         463         878         842
   General and administrative                  80          64         156         116
   Depreciation                               350         342         698         677
   Interest                                   851         858       1,734       1,705
   Property taxes                             102          85         212         190
      Total expenses                        1,814       1,812       3,678       3,530

Net loss                                  $ (476)     $ (531)     $(1,008)    $ (990)

Net loss allocated to general
   partners (1%)                           $ (5)       $ (5)       $ (10)      $ (10)
Net loss allocated to limited
   partners (99%)                            (471)       (526)       (998)       (980)

                                          $ (476)     $ (531)     $(1,008)    $ (990)

Net loss per limited partnership unit     $(10.85)    $(12.07)    $(22.98)    $(22.48)

         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 six months
   ended June 30, 2001                     --            (10)        (998)     (1,008)

Partners' deficit at
   June 30, 2001                       43,421         $ (701)    $(29,937)   $(30,638)

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

d)

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

                                                                    Six Months Ended
                                                                        June 30,
                                                                    2001        2000
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net loss                                                        $(1,008)     $ (990)
  Adjustments to reconcile net loss to net cash (used in)
   provided by operating activities:
     Depreciation                                                     698          677
     Amortization of discounts and loan costs                          15           15
     Change in accounts:
      Receivables and deposits                                        (83)        (118)
      Other assets                                                      9            6
      Accounts payable                                                (77)         (66)
      Tenant security deposit liabilities                               5           17
      Accrued property taxes                                          107           78
      Accrued interest                                                 20          957
      Due to affiliates                                               103           67
      Other liabilities                                                48         (193)

         Net cash (used in) provided by operating activities         (163)         450

Cash flows from investing activities:
  Property improvements and replacements                             (101)        (287)
  Net deposits to restricted escrows                                  (55)         (16)

         Net cash used in investing activities                       (156)        (303)

Cash flows from financing activities:
  Principal payments on notes payable                                (285)        (150)
  Distribution to partners                                             (7)          --

         Net cash used in financing activities                       (292)        (150)

Net decrease in cash and cash equivalents                            (611)          (3)
Cash and cash equivalents at beginning of period                    1,497        1,210

Cash and cash equivalents at end of period                         $ 886       $ 1,207

Supplemental disclosure of cash flow information:
  Cash paid for interest                                          $ 1,671       $ 704

         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
$3,957,000  that is in default at June 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.

The  Partnership  realized a net loss of  approximately  $1,008,000  for the six
months ended June 30, 2001. Angeles Realty Corporation II (the "Managing General
Partner")  expects  the  Partnership  to  continue  to incur  such  losses  from
operations.

As a result of the above,  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 six month periods ended June 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  required  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 six months ended June 30, 2001 and 2000:

                                                                2001      2000
                                                                (in thousands)

   Property management fees (included in operating expense)     $  146   $  139
   Reimbursement for services of affiliates (included in
     general and administrative expenses)                          103       67
   Due to affiliate                                              1,763    1,522

During the six months ended June 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
$146,000  and  $139,000  for the six  months  ended  June  30,  2001  and  2000,
respectively.

Affiliates of the Managing  General  Partner were to receive  reimbursements  of
accountable  administrative  expenses  amounting to  approximately  $103,000 and
$67,000  for the six months  ended  June 30,  2001 and 2000,  respectively.  The
Partnership owed the affiliates  approximately $1,763,000 and $1,522,000 at June
30, 2001 and 2000, respectively.

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 June 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 six
months  ended June 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  and in the second quarter of
1998,  executed an  extension  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  $754,000 and $712,000 for
the six months ended June 30, 2001 and 2000, respectively.  Accrued interest was
approximately $4,597,000 at June 30, 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 10,683 limited partnership
units in the Partnership  representing  24.60% of the outstanding  units.  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  without  limitation,  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 their
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, until April 14, 1995,
the 1% general  partner of AAP. 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  $3,957,000,  at June 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 $246,000 and
$244,000 for the six months ended June 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 begins 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 note.

Note E - Distributions

For the six months ended June 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 Managing  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 six month period ended
June 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. 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 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 six
months ended June 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Waterford Square Apartments                   95%        97%
        Huntsville, Alabama
      Fox Crest Apartments                          98%        98%
        Waukegan, Illinois

Results from Operations

The  Partnership's  net  loss  for  the six  months  ended  June  30,  2001  was
approximately  $1,008,000  compared to a net loss of approximately  $990,000 for
the  corresponding  period  in  2000.  The  Partnership  recorded  a net loss of
approximately  $476,000 for the three  months ended June 30, 2001  compared to a
net loss of  approximately  $531,000 for the  corresponding  period in 2000. The
increase in net loss for the six months ended June 30, 2001 was primarily due to
an increase in total expenses which was partially offset by an increase in total
revenues.  The  decrease in net loss for the three month  period  ended June 30,
2001 was  primarily due to an increase in total  revenues  which was offset by a
slight increase in total expenses.  The increase in total revenues for the three
and six month  periods ended June 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 the 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 and increased  cable
television income at both of the Partnership's properties.

The increase in total  expenses for the six month period ended June 30, 2001 was
primarily  the result of increases in  operating,  depreciation,  property  tax,
interest,  and  general  and  administrative  expenses.  The  increase  in total
expenses for the three month period ended June 30, 2001 was primarily the result
of  increases in  depreciation,  property  tax,  and general and  administrative
expenses slightly offset by a decrease in operating and interest  expenses.  The
increase in operating  expenses for the six month period ended June 30, 2001 was
due to increases in payroll related expenses,  insurance  expense,  and interior
painting at both  properties.  The decrease in operating  expenses for the three
month period ended June 30, 2001 was due to  decreased  advertising  expenses at
both  properties.  The  increase in  depreciation  expense for the three and six
month  periods  ended  June  30,  2001  is  due  to  capital   improvements  and
replacements placed into service at the properties over the past year.

Property tax expense  increased  for the three and six month  periods ended June
30, 2001 due to an increase in the assessed value at both  properties.  Interest
expense  increased  for the six month period ended June 30, 2001 due to interest
accruing on the defaulted  Saticoy  notes.  Interest  expense  decreased for the
three month period  ended June 30, 2001 due to the  repayment of one of the AMIT
loans and payments made on the remaining loans.

General and administrative  expenses  increased  primarily due to an increase in
the cost of services provided by the Managing General Partner and its affiliates
as allowed  under the  Partnership  Agreement.  Also  included  in  general  and
administrative expenses at both June 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 June 30, 2001, the Registrant had cash and cash  equivalents of approximately
$886,000 as compared to approximately $1,207,000 at June 30, 2000. Cash and cash
equivalents  decreased  approximately  $611,000  since  December 31, 2000 due to
approximately  $163,000  of cash  used in  operating  activities,  approximately
$156,000 of cash used in investing  activities,  and  approximately  $292,000 of
cash used in financing  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. 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
$3,957,000 is in default at June 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.  The Managing  General  Partner agreed to
market Waterford Square Apartments for sale. The forebearance period begins 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 note.

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 of the above,  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  $136,000 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 June 30, 2001, the
property  has spent  approximately  $64,000 on capital  improvements  consisting
primarily of carpet and vinyl replacements,  air conditioning unit replacements,
clubhouse  renovations,  and  appliances.  These  improvements  were funded from
operating cash flow.

Fox Crest Apartments

The Partnership has budgeted,  but is not limited to, approximately  $291,000 of
capital  improvements at Fox Crest  Apartments for 2001 consisting  primarily of
flooring  replacements,  roof replacement and water heater  replacements.  As of
June  30,  2001,  the  property  has  spent  approximately  $37,000  on  capital
improvements  consisting primarily of roof replacements,  flooring  replacements
and cabinet  replacements.  These  improvements  were  funded  from  Partnership
reserves.

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 six months  ended June 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  $624,000 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 June  30,  2001 is  approximately  $3,973,000.  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 six months ended June 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 Managing  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 six month period ended
June 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 quarterly  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.


<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.



                                    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: