FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER

                               SECTION 13 OR 15(d)

                                   Form 10-KSB

(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      [No Fee Required]

                 For the fiscal year ended December 31, 1999

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934
      [No Fee Required]

             For the transition period from _________to _________

                         Commission file number 0-13408

                          CENTURY PROPERTIES FUND XX
                (Name of small business issuer in its charter)

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

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

                   Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                     Units of Limited Partnership Interests

                                (Title of class)

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___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year.  $8,954,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 1999. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None
<PAGE>

                                     PART I

Item 1.     Description of Business

General

Century  Properties Fund XX (the "Partnership" or "Registrant") was organized as
a limited  partnership under the Uniform Limited  Partnership laws of California
as of December 1983. The  Partnership's  general  partner is Fox Partners III, a
California general partnership. The general partners of Fox Partners III are Fox
Capital Management  Corporation  ("FCMC" or the "Managing General  Partner"),  a
California  corporation,  Fox Realty  Investors  ("FRI"),  a California  general
partnership, and Fox Partners 84, a California general partnership. The Managing
General Partner and NPI Equity Investments II Corporation,  the managing general
partner of FRI, are subsidiaries of Apartment  Investment and Management Company
("AIMCO") (see "Transfer of Control").  The Partnership  Agreement provides that
the Partnership is to terminate on December 31, 2008, unless terminated prior to
such date.

The Partnership's  Registration Statement,  filed pursuant to the Securities Act
of 1933 (No.  2-88615),  was declared  effective by the  Securities and Exchange
Commission  on February  22,  1984.  The  Partnership  marketed  its  securities
pursuant to its Prospectus  dated February 22, 1984, and November 8, 1984, which
were thereafter supplemented (hereinafter the "Prospectus").  The Prospectus was
filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the
Securities Act of 1933.

Beginning  in  February  1984  through  April  1985,  the  Partnership   offered
$35,000,000 in Individual  Investor Units and  $65,000,000 in Pension  Investors
Notes  ("Non-Recourse   Promissory  Notes"  or  "Promissory  Notes"),  and  sold
$30,907,000  and  $49,348,500,  respectively.  Since its initial  offering,  the
Partnership  has not received,  nor are the limited  partners  required to make,
additional capital contributions. The net proceeds of this offering were used to
purchase four  income-producing  real estate  properties  including one property
which was  acquired in two phases,  and to fund seven  mortgage  loans  totaling
$31,568,000.  The Partnership's  original property  portfolio was geographically
diversified with properties acquired and properties on which mortgage loans were
funded in seven states. The Partnership's  acquisition and mortgage loan funding
activities were completed in February 1986 and since then the principal activity
of the  Partnership  has been managing its  portfolio.  Two mortgage  loans were
prepaid in 1989,  one was prepaid in 1991, and another was satisfied in 1994. In
April 1991, the  Partnership  finalized  foreclosure  proceedings on Metcalf 103
Office Park which secured a mortgage loan and during 1992 finalized  foreclosure
proceedings  against the borrowers on two additional mortgage loans (Harbor Club
Downs and The Corners  Apartments).  The remaining  mortgage loan was prepaid in
1992.  Two of the  commercial  properties  were  sold  in  1999.  See  "Item  2.
Description  of  Properties"  below  for  a  description  of  the  Partnership's
properties  (see  "Item  6.  Management's  Discussion  and  Analysis  or Plan of
Organization"  for a  description  of the sale of  Crabtree  Office  Center  and
Commonwealth Center).

At  December  31,  1999,  the  Partnership  adopted  the  liquidation  basis  of
accounting.  The Nonrecourse  Promissory Notes (the "Notes") were in default due
to nonpayment  upon maturity on November 30, 1998. The Managing  General Partner
contacted the indenture  trustee for the Notes and certain  holders of the Notes
regarding  this  default.  On October 28, 1999 the  Partnership  entered  into a
forbearance  agreement  with the indenture  trustee for a period of 390 days. In
turn,  the  Partnership  agreed to (a) deliver to the indenture  trustee for the
benefit of the note holders all of the accumulated cash of the Partnership, less
certain  reserves  and  anticipated  operating  expenses,  (b) market all of its
properties  for  sale,  (c)  deliver  all cash  proceeds  from any  sales to the
indenture  trustee  until the notes are fully  satisfied and (d) comply with the
reporting requirements under the indenture.  Based on current market conditions,
it is  unlikely  that  the  sale  of  the  Partnership's  assets  will  generate
sufficient proceeds to pay off the Nonrecourse  Promissory Notes in full. If the
Partnership  cannot sell its properties for sufficient value, in accordance with
the terms of the forbearance  agreement,  it is likely that the Partnership will
lose its properties  through delivery to an auctioneer who would sell the assets
for the benefit of the Note holders.

The Registrant  has no employees.  Management  and  administrative  services are
provided by the Managing  General Partner and by agents retained by the Managing
General Partner for the Partnership's  residential  properties.  With respect to
the  Partnership's   commercial  properties,   management  is  performed  by  an
unaffiliated third party management company.

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.   There  are  other  properties  within  the  market  area  of  the
Partnership's  properties.  The number and  quality of  competitive  properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the apartments and commercial space at the Partnership's  properties and the
rents that may be charged  for such  apartments  and space.  While the  Managing
General Partner and its affiliates are a significant factor in the United States
in the  apartment  industry,  they  own an  insignificant  percentage  of  total
apartment  units in the United  States and  competition  for the  apartments  is
local.  The Managing  General Partner is not a significant  factor in commercial
real estate in the United States.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand for similar  properties  resulting from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating  residential and commercial  properties because
such properties are  susceptible to the impact of economic and other  conditions
outside of the control of the Partnership.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

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

Item 2.     Description of Properties

The following table sets forth the Partnership's investment in properties:
<TABLE>
<CAPTION>

                                  Date of
Property                          Purchase  Type of Ownership (2)         Use

<S>                                <C>
Linpro Park I                      03/85    Fee ownership             Office Building
  Reston, Virginia                                                    75,000 sq. ft.

Metcalf 103 Office Park            04/91    Fee ownership             Office Building
  Overland Park, Kansas                                               62,000 sq. ft.

Highland Park Commerce Center       (1)     Fee ownership             Business Park
  Charlotte, North Carolina                                           106,000 sq. ft.

Harbor Club Downs                  05/92    Fee ownership             Apartment
  Palm Harbor, Florida                                                272 units

The Corners Apartment              11/92    Fee ownership             Apartment
  Spartanburg, South Carolina                                         176 units
</TABLE>

(1)   Highland Park  Commerce  Center was acquired in separate  transactions  on
      November 5, 1985 and February 12, 1986, respectively.

(2)   The  Non-Recourse  Promissory  Notes are secured by a deed of trust on all
      properties owned by the Partnership.

Schedule of Properties:

Set forth below for each of the  Registrant's  properties is the gross  carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.
<TABLE>
<CAPTION>

                          Gross
                         Carrying     Accumulated                         Federal
Property                  Value      Depreciation    Rate     Method     Tax Basis
                             (in thousands)                           (in thousands)
<S>                      <C>              <C>      <C>                    <C>
Linpro                   $ 8,930          (1)      5-39 yrs    S/L        $ 4,078
Metcalf                    3,149          (1)      5-39 yrs    S/L          2,770
Highland Park              5,680          (1)      5-39 yrs    S/L          4,630
Harbor Club               10,622          (1)      5-39 yrs    S/L          7,224
The Corners                3,760          (1)      5-30 yrs    S/L          2,956
  Total                  $32,141                                          $21,658
</TABLE>

(1)   As a result of adopting the  liquidation  basis of  accounting,  the gross
      carrying  values of the  properties  were adjusted to their net realizable
      value and will not be depreciated any further.

See "Note B" of the financial statements in "Item 7. Financial Statements" for a
description of the Partnership's former depreciation policy.

The Partnership has Non-Recourse  Promissory Notes secured by a deed of trust on
all properties owned by the  Partnership.  The Promissory Notes bear interest at
eight  percent per annum.  On October 28, 1999 the  Partnership  entered  into a
forbearance  agreement  with the indenture  trustee for a period of 390 days. In
turn,  the  Partnership  agreed to (a) deliver to the indenture  trustee for the
benefit of the note holders all of the accumulated cash of the Partnership, less
certain  reserves  and  anticipated  operating  expenses,  (b) market all of its
properties  for  sale,  (c)  deliver  all cash  proceeds  from any  sales to the
indenture  trustee  until the notes are fully  satisfied and (d) comply with the
reporting requirements under the indenture.  It is uncertain whether the sale of
the  Partnership's  assets  will  generate  sufficient  proceeds  to pay off the
Nonrecourse  Promissory  Notes  in  full.  If the  Partnership  cannot  sell its
properties for sufficient value, in accordance with the terms of the forbearance
agreement,  it is likely that the Partnership  will lose its properties  through
delivery to an auctioneer  who would sell the assets for the benefit of the Note
holders.

Schedule of Rental Rate and Occupancy:

Average  annual  rental rates and  occupancy for 1999 and 1998 for each property
were:

                                  Average Annual                    Average
                                   Rental Rates                    Occupancy
Property                       1999             1998           1999         1998
Linpro                     $20.36/sq.ft.    $19.68/sq.ft.      100%          96%
Metcalf                     12.02/sq.ft.     11.61/sq.ft.       92%          97%
Highland Park                9.61/sq.ft.      9.53/sq.ft.       87%          97%
Harbor Club                  8,310/unit       7,900/unit        96%          94%
The Corners                  5,982/unit       5,714/unit        94%          91%

The  increase  in  occupancy  at Linpro  is due to the  addition  of one  tenant
occupying the remaining available space. The decrease in occupancy at Metcalf is
due to the loss of three  tenants  during  the year of  1999.  The  decrease  in
occupancy at Highland  Park  Commerce  Center is due to the loss of five tenants
occupying 12,464 square feet, which  represents  approximately  12% of the total
space.  The increase at The Corners  Apartments  is due to  increased  marketing
efforts and a strong economy in the Spartanburg, South Carolina area.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive.  All of the properties are subject to competition from other
similar  properties in the area. The Managing  General Partner believes that all
of  the  properties  are  adequately  insured.   The  multi-family   residential
properties'  lease terms are for one year or less.  The  commercial  lease terms
vary  as set  forth  below.  No  residential  tenant  leases  10% or more of the
available  rental space.  All of the properties are in good physical  condition,
subject to normal  depreciation  and  deterioration  as is typical for assets of
this type and age.

<PAGE>

The following is a schedule of the lease expirations for the years 2000-2009:
<TABLE>
<CAPTION>

                      Number of          Square           Annual         % of Gross
                     Expirations          Feet             Rent         Annual Rent
                                                      (in thousands)
<S>                      <C>                <C>              <C>           <C>
Linpro
2000 - 2001               --                 --               --              --
2002                       6             65,879           $1,392           88.61%
2003                       1              3,402               77            4.91%
2004                      --                 --               --              --
2005                       1              4,523              102            6.48%
2006 - 2009               --                 --               --              --

Metcalf
2000                       5             22,362           $  243           35.63%
2001                       8             15,262              174           25.59%
2002                       1              5,834               79           11.56%
2003                       3              6,793               94           13.76%
2004                       2              3,320               55            8.06%
2005 - 2009               --                 --               --              --

Highland Park
2000                       9             46,015           $  442           50.41%
2001                       4             15,099              163           18.65%
2002                       3             10,221               74            8.49%
2003                      --                 --               --              --
2004                       1             15,010              131           14.99%
2005                       1                600                8            0.96%
2006                      --                 --               --              --
2007                       1              4,212               57            6.49%
2008-2009                 --                 --               --              --
</TABLE>


The following schedule reflects  information on tenants occupying 10% or more of
leasable square footage at December 31, 1999:

      Nature of           Square Footage       Annual Rent Per         Lease
       Business               Leases             Square Foot         Expiration

Linpro
 Government Agency            57,122               $21.48            12/31/2002
 Real Estate                   8,757                18.85            12/15/2002
Metcalf
 Business Offices             18,677                10.63            10/31/2000
Highland Park
 Software Designer            20,426                 9.50            10/31/2000
 Bank                         15,010                 8.75            03/31/2004

<PAGE>

Schedule of Real Estate Taxes and Rates:

Real estate taxes and rates in 1999 for each property were:

                                      1999             1999
                                    Billing            Rate
                                 (in thousands)

              Linpro                  $104             1.29%
              Metcalf                  109             2.98%
              Highland Park             81             1.20%
              Harbor Club              185             2.17%
              The Corners               96             2.53%

Capital Improvements:

Linpro Park I

The  Partnership  completed  approximately  $24,000 in capital  expenditures  at
Linpro  Park  I  as  of  December  31,  1999,  consisting  primarily  of  tenant
improvements  and  major  landscaping.   These  improvements  were  funded  from
operating cash flow. This property was sold subsequent to year end.

Metcalf 103 Office Park

The  Partnership  completed  approximately  $51,000 in capital  expenditures  at
Metcalf  103 Office  Park as of  December  31,  1999,  consisting  primarily  of
building  improvements and tenant  improvements.  These improvements were funded
from operating cash flow.  The  Partnership is currently  evaluating the capital
improvement  needs of the  property for the  upcoming  year.  As the property is
currently being held for sale,  improvements  are anticipated to be made only on
an as needed basis to maintain the property is good condition for sale.

Highland Park Commerce Center

The  Partnership  completed  approximately  $45,000 in capital  expenditures  at
Highland Park Commerce Center as of December 31, 1999,  consisting  primarily of
tenant  improvements.  These  improvements were funded from operating cash flow.
The  Partnership is currently  evaluating the capital  improvement  needs of the
property for the  upcoming  year.  As the  property is currently  being held for
sale,  improvements  are  anticipated  to be made only on an as needed  basis to
maintain the property is good condition for sale.

Harbor Club Downs

The  Partnership  completed  approximately  $410,000 in capital  expenditures at
Harbor  Club  Downs  as of  December  31,  1999,  consisting  primarily  of roof
replacements,  floor  covering  replacements,   parking  lot  improvements,  and
electrical  upgrades.  These  improvements were funded from operating cash flow.
The  Partnership is currently  evaluating the capital  improvement  needs of the
property for the upcoming year. The minimum amount to be budgeted is expected to
be $300 per unit or $81,600.  Additional improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

<PAGE>

The Corners Apartments

The Partnership  completed  approximately $92,000 in capital expenditures at The
Corners Apartments as of December 31, 1999,  consisting  primarily of structural
improvements, floor covering replacements, and HVAC upgrades. These improvements
were funded from operating cash flow.  The  Partnership is currently  evaluating
the capital improvement needs of the property for the upcoming year. The minimum
amount to be budgeted  is  expected  to be $300 per unit or $52,800.  Additional
improvements may be considered and will depend on the physical  condition of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Commonwealth Center

The  Partnership  completed  approximately  $70,000 in capital  improvements  at
Commonwealth Center in 1999 consisting primarily of building  improvements.  The
property was sold December 30, 1999.

Crabtree Office Center

The  Partnership  completed  approximately  $119,000 in capital  improvements at
Crabtree Office Center in 1999 consisting primarily of tenant improvements.  The
property was sold November 10, 1999.

Item 3.     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,  the Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Item 7. Financial  Statements,  Note D - Transfer of Control").  The plaintiffs
seek monetary damages and equitable relief,  including  judicial  dissolution of
the  Partnership.  On June 25, 1998, the Managing General Partner filed a motion
seeking  dismissal  of the action.  In lieu of  responding  to the  motion,  the
plaintiffs have filed an amended  complaint.  The Managing General Partner filed
demurrers to the amended  complaint which were heard February 1999.  Pending the
ruling on such  demurrers,  settlement  negotiations  commenced.  On November 2,
1999,  the parties  executed and filed a  Stipulation  of  Settlement,  settling
claims,  subject to final court  approval,  on behalf of the Partnership and all
limited partners who own units as of November 3, 1999.  Preliminary  approval of
the  settlement  was obtained on November 3, 1999 from the Superior Court of the
State of  California,  County of San Mateo,  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
class  plaintiffs'  counsel to enter the  settlement.  On December 14, 1999, the
Managing General Partner and its affiliates  terminated the proposed settlement.
Certain  plaintiffs  have filed a motion to disqualify  some of the  plaintiffs'
counsel in the action.  The Managing  General  Partner does not anticipate  that
costs  associated with this case will be material to the  Partnership's  overall
operations.

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

Item 4.     Submission of Matters to a Vote of Security Holders

During the quarter ended December 31, 1999, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5.     Market for the Partnership Equity and Related Partner Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 61,814
Individual  Investor  Units during its offering  period  through April 1985. The
Partnership  currently has 1,772 holders of record owning an aggregate of 61,814
Units. An affiliate of the Managing  General Partner owns 3,601 Units or 5.826%.
No public trading market has developed for the Units,  and it is not anticipated
that such a market will develop in the future.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended  December 31, 1999 or 1998. On October 28, 1999 the
Partnership entered into a forbearance  agreement with the indenture trustee for
a period of 390 days.  In turn,  the  Partnership  agreed to (a)  deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. It
is  uncertain  whether  the  sale  of the  Partnership's  assets  will  generate
sufficient proceeds to pay off the Nonrecourse  Promissory Notes in full. If the
Partnership  cannot sell its properties for sufficient value, in accordance with
the terms of the forbearance  agreement,  it is likely that the Partnership will
lose its properties  through delivery to an auctioneer who would sell the assets
for the benefit of the Note holders.

Item 6.     Management's Discussion and Analysis or Plan of Organization

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form 10-KSB 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.

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Results of Operations

At  December  31,  1999,  the  Partnership  adopted  the  liquidation  basis  of
accounting  due to the imminent loss of its investment  properties.  In order to
finance the purchase of its properties, the Partnership sold Nonrecourse Pension
Investor Notes with an aggregate  original  principal amount of $49,348,500 (the
"Notes").  Pursuant to the terms of the Notes,  the  Partnership was required to
pay interest at a rate of 4% per annum on the Notes,  and accrue the  additional
4% per annum due on the Notes. The Notes are secured by all of the Partnership's
properties.  The Notes, which had a balance of principal and accrued interest of
approximately  $36,555,000  at December 31, 1999,  matured on November 30, 1998.
See  discussion in "Liquidity and Capital  Resources"  regarding the adoption of
liquidation basis.

Prior to adopting the liquidation basis of accounting,  the Partnership realized
a net loss for the year ended  December  31, 1999 of  approximately  $931,000 as
compared to a net loss of $184,000 for the year ended  December  31,  1998.  The
increase in net loss for the year ended December 31, 1999, is attributable to an
increase in total expenses which more than offset an increase in total revenues.

Total  revenues for the  comparable  periods  increased due to a net gain on the
sale of Commonwealth  Center and Crabtree Office Center.  Excluding the net gain
and results of operations for Commonwealth Center and Crabtree Office Center for
1999 and 1998,  the  Partnership  realized  an increase in net loss for the year
ended December 31, 1999. The increase in net loss is due to an increase in total
revenues  which was offset by an increase  in total  expenses.  The  increase in
total  revenues is due to an increase  in income from a  deficiency  certificate
settlement (see "Item 7. Financial Statements, Note J - Contingency" for further
discussion).  Total expenses  increased  primarily due to an increase in general
and  administrative  expenses,  which  was  partially  offset by a  decrease  in
interest on the  promissory  notes and  amortization  of sales  commissions  and
organizational  costs.  General and  administrative  expenses  increased  due to
professional  fees and expenses  associated  with the  Partnership's  attempt to
secure alternative financing for the non recourse promissory notes which matured
November 30, 1998.  The decrease in interest on the  promissory  notes is due to
the reduction of the principal amount of the notes.

Included in general and administrative  expenses for the year ended December 31,
1999 and 1998, are  reimbursements to the Managing General Partner allowed under
the Partnership Agreement associated with its management of the Partnership.  In
addition,  costs  associated with the quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  required  by  the
Partnership Agreement are also included.

On  November  10,  1999,  the  Partnership  sold  Crabtree  Office  Center to an
unaffiliated   third  party  for  approximately   $6,700,000.   The  Partnership
recognized a gain of approximately  $1,505,000 on the sale during the year ended
December 31, 1999. The net sales proceeds of approximately  $6,494,000 were paid
directly to the indenture trustee, as required by the forbearance agreement.

On  December  30,  1999,  the  Partnership  sold   Commonwealth   Center  to  an
unaffiliated party for approximately  $1,950,000.  The Partnership  recognized a
loss of approximately  $650,000 during the year ended December 31, 1999. The net
sales proceeds of  approximately  $1,862,000 were paid directly to the indenture
trustee as required by the forbearance agreement.

The following  unaudited  pro-forma  information  reflects the operations of the
Partnership  for the years  ended  December  31,  1999 and 1998,  as if Crabtree
Office Center and Commonwealth Center had been sold January 1, 1998.

                                                1999                1998
                                           (in thousands, except per unit data)

Revenues                                      $ 6,897              $ 6,944
Net loss                                       (1,883)                (511)
Net loss per limited partnership unit          (29.85)               (8.10)

In March 2000 the Partnership sold Linpro Park I to an unaffiliated  third party
for approximately $8,900,000, net of closing costs.

<PAGE>

Liquidity and Capital Resources

The  financial  statements  have been  prepared  assuming the  Partnership  will
liquidate  during  2000  (see  "Item 7.  Financial  Statements,  Note  A").  The
nonrecourse  promissory  notes  matured  on  November  30,  1998  and all of the
remaining  properties are being marketed for sale. In addition,  the Partnership
suffers  from  inadequate  liquidity.  In addition,  there are no other  capital
resources available to the Partnership.

At  December  31,  1999,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $1,718,000,  as compared to approximately  $9,197,000 at December
31, 1998. Cash and cash equivalents  decreased by approximately  $7,479,000 from
the Partnership's  previous year ended December 31, 1998. The decrease is due to
approximately  $8,971,000 of cash used in financing activities and approximately
$5,957,000  of  cash  used  in  operating  activities  offset  by  approximately
$7,449,000  of cash  provided by  investing  activities.  Cash used in financing
activities consists of principal payments on the promissory notes. Cash provided
by  investing  activities  consists  of proceeds  from the sale of  Commonwealth
Center and Crabtree Office Center partially offset by property  improvements and
replacements  and lease  commissions  paid. The Partnership  invests its working
capital reserves in money market accounts.

Pursuant to the terms of the Notes, the Partnership was required to pay interest
at a rate of 4% per annum on the Notes,  and accrue the  additional 4% per annum
due on the Notes. The Notes are secured by all of the Partnership's  properties.
The  Notes,   which  had  a  balance  of  principal  and  accrued   interest  of
approximately $36,555,000 at December 31, 1999, matured on November 30, 1998. As
a result,  the  Partnership  is  currently  in  default  under  the  Nonrecourse
Promissory  Notes.  The Managing  General  Partner has  contacted  the indenture
trustee and entered a forbearance  agreement on October 29, 1999.  In turn,  the
Partnership  agreed to (a) deliver to the  indenture  trustee for the benefit of
the note holders all of the accumulated  cash of the  Partnership,  less certain
reserves and anticipated  operating  expenses,  (b) market all of its properties
for sale, (c) deliver all cash proceeds from any sales to the indenture  trustee
until  the  notes  are  fully  satisfied  and  (d)  comply  with  the  reporting
requirements  under  the  indenture.  It is  uncertain  whether  the sale of the
Partnership's   assets  will  generate   sufficient  proceeds  to  pay  off  the
Nonrecourse  Promissory  Notes  in  full.  If the  Partnership  cannot  sell its
properties for sufficient value, in accordance with the terms of the forbearance
agreement,  it is likely that the Partnership  will lose its properties  through
delivery to an auctioneer  who would sell the assets for the benefit of the Note
holders.

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

The Managing General Partner estimates the liquidation process will be completed
by June  30,  2000.  Because  the  success  in  realization  of  assets  and the
settlement  of  liabilities  is based on the  Managing  General  Partner's  best
estimates,  the  liquidation  period may be shorter than  projected or it may be
extended beyond the projected period.

<PAGE>

The net adjustment  required to convert to the  liquidation  basis of accounting
was a decrease in net liabilities of approximately  $8,921,000 which is included
in the Statement of Changes in Partners' Deficit/Net Liabilities in Liquidation.
The adjustments are summarized as follows:

                                                      (Increase) Decrease
                                                      in Net Liabilities
                                                        (in thousands)
Adjustment from book value of properties and
  improvements to estimated net realizable value            $ 9,530

Adjustment of other assets                                     (609)

Net decrease in net liabilities                             $ 8,921

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended December 31, 1999 or 1998.

Subsequent Event

In March 2000, the Partnership sold Linpro Park I to an unaffiliated third party
for approximately $8,900,000, net of closing costs.

Year 2000 Compliance

General Description

The Year 2000 issue is the result of computer  programs  being written using two
digits rather than four digits to define the applicable year. The Partnership is
dependent  upon the Managing  General  Partner and its affiliates for management
and  administrative  services  ("Managing  Agent").  Any of the Managing Agent's
computer programs or hardware that had date-sensitive software or embedded chips
might have  recognized  a date using "00" as the year 1900  rather than the year
2000.  This could have resulted in a system failure or  miscalculations  causing
disruptions of operations,  including, among other things, a temporary inability
to process  transactions,  send invoices,  or engage in similar normal  business
activities.

Computer Hardware, Software and Operating Equipment

In 1999,  the Managing  Agent  completed  all phases of its Year 2000 program by
completing  the  replacement  and repair of any  hardware or software  system or
operating  equipment that was not yet Year 2000 compliant.  The Managing Agent's
hardware  and software  systems and its  operating  equipment  are now Year 2000
compliant.  No  material  failure or  erroneous  results  have  occurred  in the
Managing Agent's computer  applications  related to the failure to reference the
Year 2000 to date.

Third Parties

To  date,  the  Managing  Agent  is not  aware of any  significant  supplier  or
subcontractor  (external agent) or financial institution of the Partnership that
has a Year 2000 issue that  would  have a material  impact on the  Partnership's
results of operations,  liquidity or capital  resources.  However,  the Managing
Agent  has no means of  ensuring  or  determining  the Year 2000  compliance  of
external  agents.  At this time, the Managing Agent does not believe that a Year
2000 issue of any  non-compliant  external agent will have a material  impact on
the Partnership's financial position or results of operations.

Costs

The total cost of the Managing Agent's Year 2000 project was approximately  $3.2
million and was funded from operating cash flows.

Risks Associated with the Year 2000

The Managing  Agent  completed all necessary  phases of its Year 2000 program in
1999,  and did not  experience  system or  equipment  malfunctions  related to a
failure to reference the Year 2000. The Managing  Agent or Partnership  have not
been  materially  adversely  effected by  disruptions  in the economy  generally
resulting from the Year 2000 issue.

At this  time,  the  Managing  Agent  does not  believe  that the  Partnership's
businesses,  results of  operations  or financial  condition  will be materially
adversely effected by the Year 2000 issue.

Contingency Plans Associated with the Year 2000

The  Managing  Agent has not had to implement  contingency  plans such as manual
workarounds or selecting new relationships for its banking or elevator operation
activities in order to avoid the Year 2000 issue.

Item 7.     Financial Statements

CENTURY PROPERTIES FUND XX

LIST OF FINANCIAL STATEMENTS

Report of Ernst & Young, LLP, Independent Auditors

Report of Imowitz, Koenig & Co., LLP, Independent Auditors

Statement of Net Liabilities in Liquidation - December 31, 1999

Statements of Operations - Years ended December 31, 1999 and 1998

Statements of Changes in Partners'  Deficit/Net  Liabilities in Liquidation  for
the years ended December 31, 1999 and 1998

Statements of Cash Flows - Years ended December 31, 1999 and 1998

Notes to Financial Statements

<PAGE>

              Report of Ernst & Young LLP, Independent Auditors




The Partners
Century Properties Fund XX

We have audited the accompanying  statement of net liabilities in liquidation of
Century Properties Fund XX as of December 31, 1999 and the related statements of
operations, changes in partners' deficit/net liabilities in liquidation and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management.  Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made  by the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

As  more  fully  described  in  Note  A,  due to the  imminent  disposal  of its
investment  properties,  the Managing  General  Partner has  decided,  effective
December 31, 1999, to liquidate the  Partnership.  As a result,  the Partnership
changed its basis of  accounting  as of December  31, 1999 from a going  concern
basis to a liquidation basis.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the net liabilities in liquidation of Century Properties
Fund XX at  December  31, 1999 and the  results of its  operations  and its cash
flows  for the  year  then  ended,  in  conformity  with  accounting  principles
generally  accepted in the United States  applied on the bases  described in the
preceding paragraph.

                                                            /s/Ernst & Young LLP


Greenville, South Carolina
March 24, 2000


<PAGE>


                          Independent Auditors' Report

To the Partners
Century Properties Fund XX
Greenville, South Carolina

We have audited the accompanying statements of operations, partners' deficit and
cash  flows  of  Century  Properties  Fund  XX  (a  limited   partnership)  (the
"Partnership") for the year ended December 31, 1998. These financial  statements
are the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance   about  whether  the  financial   statements  are  free  of  material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting  principles used and significant  estimates made by the
Partnership's  management, as well as evaluating the overall financial statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will  continue as a going  concern.  As  discussed in Note A to the
financial statements,  the Partnership's Non-Recourse Promissory Notes, totaling
approximately  $49,323,000  in principal and  interest,  matured on November 30,
1998  and are in  default.  This  matter  raises  substantial  doubt  about  the
Partnership's  ability to continue  as a going  concern.  Management's  plans in
regard to this matter are also described in Note A. The financial  statements do
not  include  any  adjustments  that  might  result  from  the  outcome  of this
uncertainty.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  results of  operations  and cash flows of Century
Properties  Fund XX for the year ended  December 31, 1998,  in  conformity  with
generally accepted accounting principles.

                                                    /s/IMOWITZ KOENIG & CO., LLP
                                                    Certified Public Accountants

New York, NY
March 10, 1999


<PAGE>



                           CENTURY PROPERTIES FUND XX

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

                                December 31, 1999
<TABLE>
<CAPTION>

Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $ 1,718
   Receivables and deposits                                                     678
   Debt trustee escrow                                                        2,270
   Investment properties                                                     32,141

                                                                             36,807

Liabilities
   Accounts payable                                                              82
   Tenant security deposit payable                                              125
   Accrued property taxes                                                       242
   Other liabilities                                                            176
   Non-recourse promissory notes (Note A)                                    36,555

                                                                             37,180

Net liabilities in liquidation                                               $ (373)
</TABLE>

              See Accompanying Notes to Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XX

                            STATEMENTS OF OPERATIONS
                       (in thousands, except unit data)

<TABLE>
<CAPTION>

                                                             Years Ended December 31,
                                                                1999         1998
Revenues:
<S>                                                           <C>           <C>
   Rental income                                              $ 7,378       $ 7,634
   Other income                                                   630           547
   Income from deficiency certificate settlement
     (Note J)                                                      91           301
   Gain on sale of investment properties                          855            --
        Total revenues                                          8,954         8,482

Expenses:
   Interest to promissory note holders                          2,394         2,511
   Operating                                                    2,676         2,777
   Depreciation                                                 1,658         1,661
   Amortization of sales commissions and organizational
     costs                                                         --           298
   General and administrative                                   2,404           833
   Property taxes                                                 753           586
        Total expenses                                          9,885         8,666

Net loss                                                       $ (931)      $ (184)

Net income (loss) allocated to general partner                 $ 252         $ (4)

Net loss allocated to limited partners                         (1,183)         (180)

                                                               $ (931)      $ (184)

Net loss per limited partnership unit                         $(19.14)      $ (2.91)
</TABLE>

              See Accompanying Notes to Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XX

    STATEMENT OF CHANGES IN PARTNERS' DEFICIT/NET LIABILITIES IN LIQUIDATION
                       (in thousands, except unit data)


<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General     Limited
                                        Units        Partner     Partners     Total

<S>                                     <C>           <C>        <C>         <C>
Original capital contributions          61,814        $ --       $30,907     $30,907

Partners' deficit at
   December 31, 1997                    61,814       $(1,475)    $(6,678)    $(8,153)

Net loss for the year ended
   December 31, 1998                        --            (4)       (180)       (184)

Distributions paid to partners              --           (26)         --         (26)

Partners' deficit at
   December 31, 1998                    61,814        (1,505)     (6,858)     (8,363)

Net income (loss) for year ended
   December 31, 1999                        --           252      (1,183)       (931)

Partners' deficit at
   December 31, 1999                    61,814       $(1,253)    $(8,041)     (9,294)

Adjustment to liquidation
   basis (Notes A & C)                                                         8,921

Net liabilities in liquidation
   at December 31, 1999                                                       $ (373)

</TABLE>

              See Accompanying Notes to Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XX

                            STATEMENTS OF CASH FLOWS
                                (in thousands)
<TABLE>
<CAPTION>

                                                              Year Ended December 31,
                                                                  1999        1998
Cash flows from operating activities:
<S>                                                              <C>         <C>
  Net loss                                                       $ (931)     $ (184)
  Adjustments to reconcile net loss to
   net cash provided by operating activities:
   Depreciation                                                    1,658       1,661
   Amortization of deferred charges                                  216         504
   Interest on non-recourse promissory notes                          --       1,256
   Rent abatement                                                     --        (392)
   Loss on disposal of property                                       --          26
   Gain on sale of investment properties                            (855)         --
   Change in accounts:
      Receivables and deposits                                       133        (551)
      Debt trustee escrow                                         (2,270)         --
      Other assets                                                  (127)          2
      Accounts payable                                                42          (8)
      Tenant security deposit liabilities                            (67)         10
      Accrued property taxes                                         (39)        268
      Other liabilities                                               80          12
      Deferred interest                                           (3,483)         --
      Accrued interest                                              (314)         --

          Net cash (used in) provided by operating
            activities                                            (5,957)      2,604

Cash flows from investing activities:
  Property improvements and replacements                            (811)       (440)
  Lease commissions paid                                             (96)       (255)
  Proceeds from sale of investment properties                      8,356          --

          Net cash provided by (used in) investing
            activities                                             7,449        (695)

Cash flows from financing activities:
  Cash distributions to general partner                               --         (26)
  Non-recourse promissory notes principal payments                (8,971)         --

          Net cash used in financing activities                   (8,971)        (26)

Net (decrease) increase in cash and cash equivalents              (7,479)      1,883

Cash and cash equivalents at beginning of period                   9,197       7,314
Cash and cash equivalents at end of period                      $ 1,718      $ 9,197

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $ 5,667      $ 1,255

Supplemental disclosure of non-cash investing information:
  Tenant improvements funded through rent abatement               $ --        $ 392
</TABLE>

              See Accompanying Notes to Financial Statements

<PAGE>

                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 1999

Note A - Basis of Presentation

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

The  Partnership's  Nonrecourse  Promissory Notes (the "Notes") of approximately
$49,323,000 in principal and accrued  interest were in default due to nonpayment
upon maturity on November 30, 1998.  The Notes are secured by a deed of trust on
all properties owned by the  Partnership.  The Promissory Notes bear interest at
eight  percent  per annum  except  that  interest  of up to four  percent may be
deferred,  provided  the  Partnership  makes  interest  payments  on the  unpaid
principal balance of at least four percent per annum. The deferred interest does
not bear interest.  Fox Capital Management  Corporation ("FCMC" or the "Managing
General Partner")  previously  contacted the indenture trustee for the Notes and
certain  holders of the Notes  regarding  this default.  On October 28, 1999 the
Partnership entered into a forbearance  agreement with the indenture trustee for
a period of 390 days.  In turn,  the  Partnership  agreed to (a)  deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. It
is  uncertain  whether  the  sale  of the  Partnership's  assets  will  generate
sufficient proceeds to pay off the Nonrecourse  Promissory Notes in full. If the
Partnership  cannot sell its properties for sufficient value, in accordance with
the terms of the forbearance  agreement,  it is likely that the Partnership will
lose its properties  through delivery to an auctioneer who would sell the assets
for the benefit of the Note holders.

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

The Managing  General  Partner  estimates that the  liquidation  process will be
completed by June 30, 2000. Because the success in realization of assets and the
settlement  of  liabilities  is based on the  Managing  General  Partner's  best
estimates,  the  liquidation  period may be shorter than  projected or it may be
extended beyond the projected period.

Note B - Organization and Significant Accounting Policies

Organization:   The   Partnership   was  organized  under  the  Uniform  Limited
Partnership  Laws  of  California  as of  December  1983.  The  general  partner
responsible for management of the Partnership's business is Fox Partner III (the
"General  Partner").  The general  partners of Fox  Partners III are Fox Capital
Management Corporation ("FCMC"), a California corporation,  Fox Realty Investors
("FRI"),  a California  general  partnership,  and Fox 84, a California  general
partnership.  The Managing General Partner and NPI Equity  Investments II, Inc.,
the managing  general partner of FRI, are  subsidiaries of Apartment  Investment
And  Management  Company  ("AIMCO")  (see "Note D - Transfer of  Control").  The
directors and officers of the Managing  General  Partner also serve as executive
officers of AIMCO. The Partnership Agreement provides that the Partnership is to
terminate  on  December  31,  2008  unless  terminated  prior to such date.  The
Partnership operates three commercial properties and two apartment properties.

Uses of Estimates:  The  preparation of financial  statements in conformity with
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Allocation  of  Income,  Loss  and  Distributions:  Net  income,  net  loss  and
distributions  of cash of the Partnership are allocated  between the general and
limited partners in accordance with the provisions of the Partnership Agreement.

Fair Value of Financial Instruments: SFAS No. 107, "Disclosures about Fair Value
of  Financial  Instruments",  as amended  by SFAS No.  119,  "Disclosures  about
Derivative  Financial  Instruments  and Fair  Value of  Financial  Instruments",
requires  disclosure  of fair value  information  about  financial  instruments,
whether or not recognized in the balance  sheet,  for which it is practicable to
estimate  fair  value.  Fair value is defined in the SFAS as the amount at which
the  instruments  could be exchanged in a current  transaction  between  willing
parties,  other than in a forced or liquidation  sale. The Partnership  believes
that the  carrying  amount of its  financial  instruments  (except for long term
debt)  approximates  their fair value due to the short  term  maturity  of these
instruments.  The fair value of the Partnership's  Non-Recourse Promissory Notes
is not practicable to estimate due to their maturity in November 1998.

Cash and Cash  Equivalents:  Includes  cash on hand,  in banks and money  market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.

Depreciation:  Depreciation  was provided by the  straight-line  method over the
estimated lives of the investment properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
for real property over 15 years for additions  prior to March 16, 1984, 18 years
for  additions  after  March 15,  1984 and before May 9, 1985,  and 19 years for
additions  after May 8, 1985,  and before  January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987. As a result of the
Tax Reform Act of 1986,  for  additions  after  December 31, 1986,  the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 5 years.

As a result of adopting the liquidation basis of accounting,  the gross carrying
values of the properties  were adjusted to their net  realizable  value and will
not be depreciated any further.

<PAGE>

Deferred  Charges:  Sales  commissions and organization  expenses related to the
Notes were deferred and amortized by the  straight-line  method over the life of
the Promissory Notes. These costs became fully amortized at the maturity date of
November 30, 1998.  Leasing  commissions  were deferred and  amortized  over the
lives of the related leases. Such amortization was charged to operating expense.
At  December  31,  1999,  these  leasing  commissions  were  written  off in the
adjustment to liquidation  basis because the  Partnership  determined that these
intangible assets no longer have value.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
lessees  for the  duration  of the  lease  and such  deposits  are  included  in
receivables  and  deposits.  Deposits  are  refunded  when the  tenant  vacates,
provided the tenant has not damaged its space and is current on rental payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. The Partnership recognizes income as earned on its leases. In addition,
the Managing  General  Partner's  policy is to offer rental  concessions  during
particularly  slow months or in response to heavy competition from other similar
complexes  in the  area.  Concessions  are  charged  against  rental  income  as
incurred.

The Partnership  leases  commercial  space to tenants under various lease terms.
For leases  containing  fixed  rental  increases  during  their term,  rents are
recognized on a straight-line  basis over the terms of the leases. For all other
commercial leases, rents are recognized over the terms of the leases as earned.

Investment  Properties:   Investment  properties  consist  of  three  commercial
properties and two apartment complexes and are stated at cost.  Acquisition fees
are  capitalized  as a  cost  of  real  estate.  In  accordance  with  Financial
Accounting  Standards Board Statement No. 121, "Accounting for the Impairment of
Long-Lived  Assets and for Long-Lived Assets to Be Disposed Of", the Partnership
records  impairment  losses on long-lived  assets used in operations when events
and   circumstances   indicate  that  the  assets  might  be  impaired  and  the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying amounts of those assets.  No adjustment for impairment of value was
recorded in the year ended  December  31, 1998.  As a result of the  Partnership
adopting the  liquidation  basis of accounting,  the investment  properties were
adjusted to their  estimated  net  realizable  values at December 31, 1999.  The
effect  of  adoption  was to  increase  the  carrying  value  of the  investment
properties by approximately $9,530,000.

Segment Reporting: Statement of Financial 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 establishes  standards for related  disclosures about products
and services,  geographic areas, and major customers.  See "Note L" for required
disclosure.

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred.  Advertising costs of approximately  $61,000 and $59,000 for the years
ended  December  31,  1999 and 1998,  respectively,  were  charged to  operating
expense as incurred.

Reclassifications:  Certain  reclassifications have been made to 1998 balances
to conform to the 1999 presentation.

<PAGE>

Note C - Adjustment to Liquidation Basis of Accounting

At December 31, 1999, in accordance  with the  liquidation  basis of accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were adjusted to their settlement amount. The net adjustment required to convert
to the  liquidation  basis of accounting  was a decrease in net  liabilities  of
approximately  $8,921,000  which is  included  in the  Statement  of  Changes in
Partners' Deficit/Net Liabilities In Liquidation. The adjustments are summarized
as follows:

                                                             (Increase) Decrease
                                                              in Net Liabilities
                                                                (in thousands)
 Adjustment from book value of property and
    improvements to estimated net realizable value                 $ 9,530
 Adjustment of other assets                                           (609)
 Net decrease in net liabilities                                   $ 8,921


Note D - Transfer of Control

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

Note E - Income Taxes

Taxable income or loss of the  Partnership is reported in the income tax returns
of its partners.

The following is a reconciliation  of reported net loss and Federal taxable loss
(in thousands, except per unit data):

                                           1999          1998
Net loss as reported                     $ (931)        $ (184)
Add (deduct):
   Depreciation differences                 (606)         (501)
   Original issue discount                    --          (763)
   Change in prepaid rental                   67           (28)
   Capitalized expenses                       --            40
   Other                                     272           (91)
   Sale of investment properties            (829)           --
Federal taxable loss                     $(2,027)      $(1,527)
Federal taxable loss per limited
   partnership unit                      $(32.65)      $(24.00)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                                                     1999

Net liabilities in liquidation                     $  (373)
   Land and buildings                                7,176
   Accumulated depreciation                        (17,659)
   Syndication costs                                 4,551
   Other                                               661
Net liabilities - Federal tax basis               $ (5,644)

Note F - Transactions with Affiliated Parties

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

The following  payments were made to the Managing General Partner and affiliates
during the years ended December 31, 1999 and 1998:

                                                    1999        1998
                                                     (in thousands)
Property management fees (included in
  operating expense)                               $ 159        $ 154

Reimbursement for services of affiliates
  (included in investment properties and
  operating and general and administrative
  expenses)                                          187          212

Partnership management fees (included in
  general and administrative expenses)               390           72

During the years ended  December 31, 1999 and 1998,  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. These services were performed by affiliates of the Managing
General Partner. The Registrant paid to such affiliates  approximately  $159,000
and $154,000 for the years ended December 31, 1999 and 1998,  respectively.  For
the  Registrant's  commercial  properties,  these  services  were provided by an
unrelated party for the years ended December 31, 1999 and 1998.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative expenses amounting to approximately $187,000 and $212,000 for the
years ended December 31, 1999 and 1998, respectively.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent  continuing  interest in the Partnership's net loss. The general
partner received two percent of total  distributions  including cash paid to the
Promissory  Note  holders.  In  addition,  the general  partner is entitled to a
partnership   management  incentive   distribution,   which  together  with  the
partnership  management  fee cannot  exceed ten  percent of cash  available  for
distribution,  as defined. No incentive distributions were made in 1999 or 1998;
however,   the  general  partner  received  a  partnership   management  fee  of
approximately $390,000 and $72,000 in 1999 and 1998, respectively.

Note G - Significant Tenant and Minimum Future Rental Revenues

Rental revenue from one tenant at Linpro Park I represented approximately 16% of
total  Partnership  rental  income  in 1999  and  1998.  The  tenant's  lease is
scheduled to expire in December 2002.

Minimum future rental revenues from operating leases having initial or remaining
non-cancelable  lease terms in excess of one year at December 31,  1999,  are as
follows (in thousands):

                               2000             $ 3,104
                               2001               2,320
                               2002               2,191
                               2003                 521
                               2004                 317
                            Thereafter              105
                                                $ 8,558

Amortization of deferred leasing commissions totaled approximately  $216,000 and
$206,000 for the years ended December 31, 1999 and 1998, respectively.

Note H - Sale of Investment Properties

On  November  10,  1999,  the  Partnership  sold  Crabtree  Office  Center to an
unaffiliated   third  party  for  approximately   $6,700,000.   The  Partnership
recognized a gain of approximately  $1,505,000 on the sale during the year ended
December 31, 1999. The net sales proceeds of approximately  $6,494,000 were paid
directly to the indenture trustee, as required by the forbearance agreement. The
sale transaction is summarized as follows (amounts in thousands):

         Sales price, net of selling costs                    $ 6,494
         Net real estate (1)                                   (4,877)
         Net other assets                                        (112)
         Gain on sale of real estate                          $ 1,505

(1)   Real estate at cost, net of accumulated  depreciation  of  approximately
      $3,965,000.

On  December  30,  1999,  the  Partnership  sold   Commonwealth   Center  to  an
unaffiliated   third  party  for  approximately   $1,950,000.   The  Partnership
recognized a loss of  approximately  $650,000 during the year ended December 31,
1999. The net sales proceeds of  approximately  $1,862,000 were paid directly to
the  indenture  trustee  as  required  by the  forbearance  agreement.  The sale
transaction is summarized as follows (amounts in thousands):

         Sales price, net of selling costs                    $ 1,862
         Net real estate (2)                                   (2,421)
         Net other assets                                         (91)
         Loss on sale of real estate                          $  (650)

(2)   Real estate at cost, net of accumulated  depreciation  of  approximately
      $4,104,000.

In March 2000 the Partnership sold Linpro Park I to an unaffiliated  third party
for approximately $8,900,000, net of closing costs.

Note I - Real Estate and Accumulated Depreciation
<TABLE>
<CAPTION>

                                            Initial Cost
                                           To Partnership
                                           (in thousands)
                                                                  Net Cost
                                                  Buildings      (Removed)      Adjustment
                                                 and Related    Capitalized         To
                                                   Personal    Subsequent to   Liquidation
    Description      Encumbrances (1)    Land      Property     Acquisition       Basis
                                                                     (in thousands)
<S>                        <C>          <C>        <C>             <C>            <C>
Linpro Park I              $   --       $ 1,089    $ 7,882         $ (488)        $  447
Metcalf 103
  Office Park                  --           810      1,565            880           (106)
Highland Park                  --         1,256      7,884          1,450         (4,910)
Harbor Club Downs              --         1,416      6,864          1,198          1,144
The Corners                    --           419      3,102            525           (286)

      Totals               $   --       $ 4,990    $27,297        $ 3,565        $(3,711)
</TABLE>


(1)   The  Non-Recourse  Promissory  Notes are  secured  by deed of trust on all
      properties owned by the Partnership. See "Note A" for further discussion.
<TABLE>
<CAPTION>

                   Gross Amount At Which Carried
                       At December 31, 1999
                          (in thousands)
                             Buildings
                            And Related                        Year of
                             Personal            Accumulated  Construc-     Date     Depreciable
Description          Land    Property    Total   Depreciation    tion     Acquired   Life-Years

<S>                 <C>       <C>       <C>          <C>         <C>        <C>         <C>
Linpro Park I       $ 693     $ 8,237   $ 8,930      (1)         1982       03/85       5-39
Metcalf 103
  Office Park          810      2,339     3,149      (1)         1973       04/91       5-39
Highland Park        1,231      4,449     5,680      (1)         1986    11/85-02/86    5-39
Harbor Club Downs    1,416      9,206    10,622      (1)         1986       05/92       5-39
The Corners            419      3,341     3,760      (1)         1974       11/92       5-30

Total              $ 4,569    $27,572   $32,141
</TABLE>

(1)   As a result of adopting the  liquidation  basis of  accounting,  the gross
      carrying  values of the  properties  were adjusted to their net realizable
      value and will not be depreciated any further.

Reconciliation of Real Estate and Accumulated Depreciation:


                                              Years Ended December 31,
                                                 1999          1998
                                                   (in thousands)
Investment Properties
Balance at beginning of year                   $ 50,408      $ 49,623
   Property improvements                            811           440
   Rent abatement                                    --           392
   Disposal of property                              --           (47)
   Sale of investment properties                (15,367)           --
   Adjustment to liquidation basis               (3,711)           --
Balance at end of year                         $ 32,141      $ 50,408

Accumulated Depreciation
Balance at beginning of year                   $ 19,652      $ 18,012
   Additions charged to expense                   1,658         1,661
   Disposals of property                             --           (21)
   Sale of investment properties                 (8,069)           --
   Adjustment to liquidation basis              (13,241)           --
Balance at end of year                         $     --      $ 19,652


The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  1999 and 1998,  is  approximately  $39,317,000  and  $58,008,000,
respectively.  The accumulated  depreciation  for Federal income tax purposes at
December  31,  1999 and 1998  respectively,  is  approximately  $17,659,000  and
$26,886,000.

Note J - Contingency

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

With receipt of this  settlement,  the  Partnership has recorded income from the
settlement in the financial  statements.  The current  settlement relates to the
cash available to distribute in the collateral pool.

Note K - Rent Abatement

On  January 1, 1998,  a tenant of Linpro  Park I entered  into a five year lease
agreement.  The lease  provided  for a renovation  allowance  equal to $7.00 per
square foot to reimburse the tenant for  improvements  made to  accommodate  the
tenant.  This allowance is for the twelve month period beginning January 1, 1998
and ending December 31, 1998. As of December 31, 1998,  $392,000 of improvements
have been completed.  The allowance is reflected on the financial  statements as
rent abatement and is included as rental income.

Note L - Disclosures about Segments of an Enterprise and Related Information

Description  of the types of products  and  services  from which the  reportable
segment  derives its revenues:  The  Partnership  has two  reportable  segments:
commercial properties and residential properties.  The Partnership's  commercial
property  segment consists of three office  complexes in Virginia,  Kansas,  and
North  Carolina.  The  Partnership  leases office space for terms that typically
exceed one year.  The  residential  property  segment  consists of two apartment
complexes in Florida and South Carolina.  The Partnership  rents apartment units
to tenants for terms that are typically twelve months or less.

Measurement  of segment profit or loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the  reportable  segments  are the same as those  described  in the  summary  of
significant accounting policies.

Factors  management used to identify the enterprise's  reportable  segment:  The
Partnership's  reportable  segment consists of investment  properties that offer
different  products  and  services.  The  reportable  segments  are each managed
separately  because they  provide  distinct  services  with  different  types of
products and services.

Segment information for the years 1999 and 1998 is shown in the tables below (in
thousands). The "Other" Column includes partnership administration related items
and income and expense not allocated to the reportable segment.
<TABLE>
<CAPTION>

1999                                     Residential  Commercial    Other      Totals

<S>                                        <C>          <C>          <C>       <C>
Rental income                              $ 2,981      $ 4,397      $ --      $ 7,378
Other income                                   137           32        461         630
Income from settlement                          --           --         91          91
Gain on sale of investment properties           --          855         --         855
Interest expense                                --           --      2,394       2,394
Depreciation                                   458        1,200         --       1,658
General and administrative expense              --           --      2,404       2,404
Segment profit (loss)                        1,204        2,111     (4,246)       (931)
Net liabilities in liquidation                  --           --       (373)       (373)
Capital expenditures for investment
  properties                                   502          309         --         811
</TABLE>

<TABLE>
<CAPTION>

1998                                    Residential  Commercial    Other      Totals

<S>                                       <C>          <C>          <C>      <C>
Rental income                             $ 2,864      $ 4,770      $ --     $ 7,634
Other income                                  166           26        355        547
Income from settlement                         --           --        301        301
Interest expense                               --           --      2,511      2,511
Depreciation                                  471        1,190         --      1,661
Amortization of deferred charges               --           --        298        298
General and administrative expense             --           --        833        833
Segment profit (loss)                       1,087        1,715     (2,986)      (184)
Total assets                               10,745       21,890      8,914     41,549
Capital expenditures for investment
  properties                                  133          699         --        832
</TABLE>

Note M - 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,  the Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note D - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Managing  General  Partner  filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, 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 class  plaintiffs'  counsel
to enter the settlement.  On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Managing  General  Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

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

<PAGE>

Item 8.     Changes  in  and  Disagreements  with  Accountants  and  Financial
            Disclosure

As of December 10, 1999 Imowitz  Koenig & Co., LLP, the  independent  accountant
previously engaged as the principal accountant to audit the financial statements
of the  Partnership,  was  terminated.  As of the same date, the firm of Ernst &
Young LLP was engaged as the independent accountant for the Registrant.

The audit reports of Imowitz  Koenig & Co., LLP on the  financial  statements of
the  Partnership  as of and for the years ended  December 31, 1998 and 1997, did
not  contain  any  adverse  opinion  or  disclaimer  of  opinion,  nor were they
qualified  or  modified as to audit scope or  accounting  principles.  The audit
reports  were  modified as to the  uncertainty  of the  Registrant's  ability to
continue as a going concern.

The decision to change accountants was approved by the board of directors of the
managing general partner of the Partnership on December 10, 1999.

During  the  Partnership's  calendar  year  ended  December  31,  1998  and  the
subsequent  interim periods  preceding the change,  there were no  disagreements
with the former accountant on any matter of accounting  principles or practices,
financial  statement   disclosure,   or  auditing  scope  or  procedure,   which
disagreements,  if not resolved to the  satisfaction  of the former  accountant,
would  have  caused  it  to  make   reference  to  the  subject  matter  of  the
disagreements in connection with its report.

During the calendar year ended December 31, 1998 and through  December 10, 1999,
the  Partnership  did not  consult  Ernst & Young LLP  regarding  any matters or
events set forth in Item 304 (a)(2)(i) and (ii) of Regulation S-B.

<PAGE>

                                    PART III

Item 9.     Directors,  Executive  Officers,  Promoters  and Control  Persons,
            Compliance with Section 16(a) of the Exchange Act

Century  Properties  Fund  XX (the  "Partnership"  or the  "Registrant")  has no
officers  or  directors.  The names and ages of,  as well as the  positions  and
offices  held by, the present  executive  officers  and  director of Fox Capital
Management  Corporation ("FCMC" or the "Managing General Partner") are set forth
below.  The Managing General Partner manages and controls  substantially  all of
the partnership's affairs and has general  responsibility and ultimate authority
in all matters affecting its business. There are no family relationships between
or among any officers or directors.

Name                        Age    Position

Patrick J. Foye              42    Executive Vice President and Director

Martha L. Long               40    Senior Vice President and Controller

Patrick J. Foye has been  Executive  Vice President and Director of the Managing
General  Partner  since October 1, 1998.  Mr. Foye has served as Executive  Vice
President  of AIMCO  since May 1998.  Prior to  joining  AIMCO,  Mr.  Foye was a
partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to
1998 and was  Managing  Partner  of the  firm's  Brussels,  Budapest  and Moscow
offices from 1992  through  1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power   Authority  and  serves  as  a  member  of  the  New  York  State
Privatization  Council.  He received a B.A. from Fordham College and a J.D. from
Fordham University Law School.

Martha L. Long has been Senior Vice  President  and  Controller  of the Managing
General  Partner and AIMCO since October 1998, as a result of the acquisition of
Insignia  Financial  Group,  Inc. From June 1994 until January 1997, she was the
Controller for Insignia, and was promoted to Senior Vice President - Finance and
Controller in January 1997,  retaining that title until October 1998.  From 1988
to June 1994,  Ms. Long was Senior Vice  President and  Controller for The First
Savings Bank, FSB in Greenville, South Carolina.

Based solely upon a review of Forms 3 and 4 and amendments  thereto furnished to
the Registrant  under Rule 16a-3(e) during the  Registrant's  most recent fiscal
year and Form 5 and amendments  thereto furnished to the Registrant with respect
to its most recent  fiscal year,  the  Registrant  is not aware of any director,
officer,  beneficial  owner of more than ten  percent  of the  units of  limited
partnership interest in the Registrant that failed to file on a timely basis, as
disclosed in the above Forms,  reports required by Section 16(a) of the Exchange
Act during the most recent fiscal year or prior fiscal years.

Item 10.    Executive Compensation

Neither the  directors nor any of the officers of the Managing  General  Partner
received any remuneration from the Registrant.

<PAGE>

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 1999.

Entity                               Number of Units         Percentage

Insignia Properties LP                       10                 .016%
  (an affiliate of AIMCO)
AIMCO Properties LP                       3,591                5.810%
  (an affiliate of AIMCO)
Independent Life & Accident               3,180                5.145%
  (unrelated party)

Insignia  Properties LP is indirectly  ultimately  owned by AIMCO.  Its business
address is 55 Beattie Place, Greenville, South Carolina 29602.

AIMCO Properties LP is indirectly  ultimately  controlled by AIMCO. Its business
address is 2000 South Colorado Boulevard, Denver, Colorado, 80222.

No director or officer of the Managing General Partner owns any Units.

Item 12.    Certain Relationships and Related Transactions

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

The following  payments were made to the Managing General Partner and affiliates
during the years ended December 31, 1999 and 1998:

                                                    1999        1998
                                                    (in thousands)
Property management fees                           $ 159       $ 154
Reimbursement for services of affiliates             187         212
Partnership management fees                          390          72

During the years ended  December 31, 1999 and 1998,  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. These services were performed by affiliates of the Managing
General Partner. The Registrant paid to such affiliates  approximately  $159,000
and $154,000 for the years ended December 31, 1999 and 1998,  respectively.  For
the  Registrant's  commercial  properties  these  services  were  provided by an
unrelated party for the years ended December 31, 1999 and 1998.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative expenses amounting to approximately $187,000 and $212,000 for the
years ended December 31, 1999 and 1998, respectively.

In accordance with the Partnership  Agreement,  the general partner is allocated
its two percent  continuing  interest in the Partnership's net loss. The general
partner received two percent of total  distributions  including cash paid to the
Promissory  Note  holders.  In  addition,  the general  partner is entitled to a
partnership   management  incentive   distribution,   which  together  with  the
partnership  management  fee cannot  exceed ten  percent of cash  available  for
distribution,  as defined. No incentive distributions were made in 1999 or 1998;
however,   the  general  partner  received  a  partnership   management  fee  of
approximately $390,000 and $72,000 in 1999 and 1998, respectively.

Item 13.    Exhibits and Reports on Form 8-K

       (a)  Exhibits:

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

       (b)  Reports on Form 8-K filed in the fourth  quarter of calendar  year
            1999:

            None.

<PAGE>


                                   SIGNATURES

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    CENTURY PROPERTIES FUND XX

                                    By:   FOX PARTNERS III,
                                          Its General Partner

                                    By:   FOX CAPITAL MANAGEMENT CORPORATION,
                                          Its Managing General Partner

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

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

                                      Date:

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Registrant and in the capacities on the date
indicated.

/s/Patrick J. Foye      Executive Vice President      Date:
Patrick J. Foye         and Director

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

<PAGE>

                                  EXHIBIT INDEX

Exhibit

2                 NPI, Inc.  Stock  Purchase  Agreement,  dated as of August 17,
                  1995,  incorporated by reference to the Partnership's  Current
                  Report on Form 8-K dated August 17, 1995.

2.1               Agreement  and Plan of Merger,  dated as of October 1, 1998,
                  by and between AIMCO and IPT;  incorporated  by reference to
                  Current Report on Form 8-K dated October 1, 1998.

3.4               Agreement of Limited Partnership,  incorporated by reference
                  to  Exhibit A to the  Prospectus  of the  Partnership  dated
                  February 22,  1984,  and  November 8, 1984,  and  thereafter
                  supplemented  contained  in  the  Partnership   Registration
                  Statement on Form S-11 (Reg. No. 2-88615).

27                Financial Data Schedule.