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, 2000

[ ]  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 of 1934 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. [X]

State issuer's revenue for its most recent fiscal year.  N/A

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, 2000. 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 Inc., the managing general partner
of  FRI,  are  subsidiaries  of  Apartment  Investment  and  Management  Company
("AIMCO") (see "Transfer of Control").

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  ("Nonrecourse  Promissory  Notes" or "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 repaid in
1989,  one was repaid 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 repaid in 1992. Two of
the commercial  properties and two residential  properties were sold in 1999 and
two commercial properties and two residential  properties were sold in 2000. See
"Item 2. Description of Properties" below for a description of the Partnership's
remaining property (see "Item 6. Management's Discussion and Analysis or Plan of
Operations"  for a description  of the sale of Linpro Park I, Metcalf 103 Office
Park, Harbor Club Downs, and The Corners Apartments).

At  December  31,  1999,  the  Partnership  adopted  the  liquidation  basis  of
accounting.  The Nonrecourse  Promissory 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.  At the expiration of the forbearance  period
the  Partnership had not sold all of its properties or satisfied the Nonrecourse
Promissory  Notes.  With the consent of the indenture  trustee,  the forbearance
period has been extended to August 31, 2001. Based on current market conditions,
it is unlikely that the sale of the Partnership's  remaining asset will generate
sufficient proceeds to pay off the Nonrecourse  Promissory Notes in full. If the
Partnership  cannot sell its property for sufficient  value,  in accordance with
the terms of the forbearance  agreement,  it is likely that the Partnership will
lose its remaining property through delivery to an auctioneer who would sell the
asset for the benefit of the Note holders. Upon the sale or disposal of the last
property, the Partnership is expected to terminate.

The Registrant  has no employees.  Management  and  administrative  services are
provided by the Managing  General  Partner.  With  respect to the  Partnership's
commercial  property,  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  property.  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 commercial space at the Partnership's property and the rents that may be
charged for such space. 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 property
owned by the Partnership.

The  Partnership  monitors its property 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 property 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 a commercial  property because such property is 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. 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.

Item 2.     Description of Properties

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

                                  Date of
Property                          Purchase    Type of Ownership (2)         Use

<S>                                 <C>                               <C>
Highland Park Commerce Center       (1)     Fee ownership             Business Park
  Charlotte, North Carolina                                           106,000 sq. ft.
</TABLE>

(1)   Highland  Park Commerce  Center I & II ("Highland  Park") were acquired in
      separate   transactions  on  November  5,  1985  and  February  12,  1986,
      respectively.

(2)   The  Nonrecourse  Promissory  Notes are  secured by a deed of trust on the
      property owned by the Partnership.

Schedule of Properties

Set forth  below for the  Registrant's  property  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>
Highland Park             $4,810          (1)      5-39 yrs    S/L        $ 4,268
</TABLE>

(1)   As a result of adopting the  liquidation  basis of  accounting,  the gross
      carrying  value of the property was adjusted to its net  realizable  value
      and will not be depreciated further.

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

Schedule of Property Indebtedness

As of December 31,  1999,  the  Partnership  adopted the  liquidations  basis of
accounting.  The Partnership has Nonrecourse  Promissory Notes secured by a deed
of trust on the property 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. At the expiration of
the  forbearance  period the  Partnership  had not sold all of its properties or
satisfied the Nonrecourse  Promissory  Notes.  With the consent of the indenture
trustee,  the forbearance  period has been extended to August 31, 2001. Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
remaining  asset will generate  sufficient  proceeds to pay off the  Nonrecourse
Promissory  Notes in full.  If the  Partnership  cannot  sell its  property  for
sufficient value, in accordance with the terms of the forbearance agreement,  it
is likely that the Partnership will lose its remaining property through delivery
to an  auctioneer  who would sell the asset for the benefit of the Note holders.
Upon the sale or disposal of the last property,  the  Partnership is expected to
terminate.

Schedule of Rental Rate and Occupancy

Average  annual  rental rates and  occupancy  for 2000 and 1999 for the property
were:

                                  Average Annual                    Average
                                   Rental Rates                    Occupancy
Property                       2000             1999           2000         1999

Highland Park              $10.14/sq.ft.    $ 9.61/sq.ft.       85%          87%

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  The property is subject to competition  from other similar
properties in the area. The Managing  General Partner believes that the property
is adequately insured.  The property is in good physical  condition,  subject to
normal  depreciation and deterioration as is typical for assets of this type and
age.

Schedule of Lease Expirations for 2001 - 2009

The following is a schedule of the lease expirations for the years 2001-2009:
<TABLE>
<CAPTION>

                      Number of          Square           Annual         % of Gross
                     Expirations          Feet             Rent         Annual Rent
                                                      (in thousands)
Highland Park
<S>                        <C>           <C>              <C>              <C>
2001                       5             29,067           $ 301            37.6%
2002                       4             11,721              91            11.3%
2003                       4              7,929              73             9.1%
2004                       1             15,010             135            16.9%
2005                       4              8,616             104            13.0%
2006                      --                 --              --              --
2007                       1              4,212              57             7.1%
2008 - 2009               --                 --              --              --
</TABLE>

The following schedule reflects  information on tenants occupying 10% or more of
leasable square footage at December 31, 2000:

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

Highland Park
 Software Designer            13,968                $9.72             10/31/2001
 Bank                         15,010                 9.00             03/31/2004

Schedule of Real Estate Taxes and Rates

Real estate taxes and rates in 2000 for its property were:

                                      2000              2000
                                    Billing             Rate
                                 (in thousands)

              Highland Park             81             1.20%

Capital Improvements

Highland Park Commerce Center

The  Partnership  completed  approximately  $98,000 in capital  expenditures  at
Highland Park Commerce Center as of December 31, 2000,  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 in good condition for sale.

Linpro Park I

The Partnership did not complete any capital improvements at Linpro Park I as of
December 31, 2000. This property was sold March 27, 2000.

The Corners Apartments

The Partnership  completed  approximately $19,000 of capital improvements at The
Corners Apartments,  consisting of carpet replacement,  major landscaping, water
heater  replacements,  and appliance  replacements as of December 31, 2000. This
property was sold April 7, 2000.

Metcalf 103 Office Park

The Partnership did not complete any capital  improvements at Metcalf 103 Office
Park as of December 31, 2000. This property was sold May 8, 2000.

Harbor Club Downs

The Partnership completed approximately $8,000 of capital improvements at Harbor
Club Downs,  consisting of appliance  replacements  and major  landscaping as of
December 31, 2000. These improvements were funded from operating cash flow. This
property was sold June 20, 2000.

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,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the Managing General Partner
filed a motion  seeking  dismissal of the action.  In lieu of  responding to the
motion, the plaintiffs filed an amended complaint.  The Managing General Partner
filed demurrers to the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  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, 2000, 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  has 1,771  holders of record owning an aggregate of 61,814 Units as
of December 31, 2000.  An affiliate of the Managing  General  Partner owns 3,601
Units or 5.826% as of December 31, 2000. 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, 2000 or 1999.

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

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.

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.
Pursuant to the terms of the Notes, the Partnership was required to pay interest
at a rate of 4% per annum on the Notes,  and accrue the  additional 4% per annum
due on the Notes. The Notes are secured by all of the Partnership's  properties.
The  Notes,   which  had  a  balance  of  principal  and  accrued   interest  of
approximately $8,132,000 at December 31, 2000, matured on November 30, 1998. The
Managing General Partner has contacted the indenture  trustee and entered into 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. At
the expiration of the forbearance period the Partnership had not sold all of its
properties or satisfied the Nonrecourse  Promissory  Notes.  With the consent of
the indenture  trustee,  the forbearance  period has been extended to August 31,
2001. It is unlikely  that the sale of the  Partnership's  remaining  asset will
generate  sufficient  proceeds to pay off the  Nonrecourse  Promissory  Notes in
full.  If the  Partnership  cannot sell its property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership  will lose its remaining  property through delivery to an auctioneer
who would sell the asset for the benefit of the Note  holders.  Upon the sale or
disposal of the last property, the Partnership is expected to terminate.

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

The Managing General Partner estimates the liquidation process will be completed
by September  30,  2001.  Because the success in  realization  of assets and the
settlement  of  liabilities  is based on the  Managing  General  Partner's  best
estimates,  the  liquidation  period may be shorter than  projected or it may be
extended beyond the projected period.

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.

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

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

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

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

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended December 31, 2000 and 1999.

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

<PAGE>

Item 7.     Financial Statements

CENTURY PROPERTIES FUND XX

LIST OF FINANCIAL STATEMENTS

Report of Ernst & Young, LLP, Independent Auditors

Statement of Net Liabilities in Liquidation - December 31, 2000

Statement  of  Changes  in Net  Liabilities  in  Liquidation  for the year ended
December 31, 2000

Statement of Operations - Year ended December 31, 1999

Statement of Changes in Partners' Deficit/Net Liabilities in Liquidation for the
year ended December 31, 1999

Statement of Cash Flows - Year ended December 31, 1999

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, 2000 and the related statement of
changes in net  liabilities in liquidation for the year then ended. In addition,
we have audited the statements of operations,  changes in partners'  deficit/net
liabilities in liquidation  and cash flows for the year ended December 31, 1999.
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 audits.

We conducted our audits 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  audits  provide  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, 2000, the changes in net  liabilities in liquidation for
the year ended  December 31, 2000 and the results of its operations and its cash
flows for the year ended  December  31,  1999,  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 2, 2001


<PAGE>
<TABLE>
<CAPTION>



                           CENTURY PROPERTIES FUND XX

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

                                December 31, 2000



Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $ 1,236
   Receivables and deposits, net of allowance for
     uncollectible accounts of $78                                               81
   Debt trustee escrow                                                        1,127
   Investment property                                                        4,810

                                                                              7,254

Liabilities
   Accounts payable                                                              50
   Tenant security deposit payable                                               31
   Accrued property taxes                                                        89
   Other liabilities                                                            106
   Nonrecourse promissory notes (Note A)                                      8,132

                                                                              8,408

Net liabilities in liquidation                                              $(1,154)

                 See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


                           CENTURY PROPERTIES FUND XX

               STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION

                                   (in thousands)

                          Year ended December 31, 2000



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

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                                   (482)
   Decrease in receivables and deposits                                    (597)
   Decrease in debt trustee escrow                                       (1,143)
   Decrease in investment properties                                    (27,331)
   Decrease in accounts payable                                              32
   Decrease in tenant security deposit payable                               94
   Decrease in accrued property taxes                                       153
   Decrease in other liabilities                                             70
   Decrease in Nonrecourse Promissory Notes and interest                 28,423

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

                 See Accompanying Notes to Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XX

                             STATEMENT OF OPERATIONS
                          (in thousands, except unit data)

                          Year ended December 31, 1999
<TABLE>
<CAPTION>



Revenues:
<S>                                                                         <C>
   Rental income                                                            $ 7,378
   Other income                                                                 630
   Income from deficiency certificate settlement
     (Note J)                                                                    91
   Gain on sale of investment properties                                        855
        Total revenues                                                        8,954

Expenses:
   Interest to promissory note holders                                        2,394
   Operating                                                                  2,676
   Depreciation                                                               1,658
   General and administrative                                                 2,404
   Property taxes                                                               753
        Total expenses                                                        9,885

Net loss                                                                    $  (931)

Net income allocated to general partner                                     $   252

Net loss allocated to limited partners                                       (1,183)

                                                                            $  (931)

Net loss per limited partnership unit                                       $(19.14)

                 See Accompanying Notes to Financial Statements
</TABLE>


<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, 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)

                 See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>


                           CENTURY PROPERTIES FUND XX

                             STATEMENT OF CASH FLOWS
                                 (in thousands)

                          Year ended December 31, 1999
<TABLE>
<CAPTION>


Cash flows from operating activities:
<S>                                                                          <C>
  Net loss                                                                   $  (931)
  Adjustments to reconcile net loss to
   net cash provided by operating activities:
     Depreciation                                                              1,658
     Amortization of deferred charges                                            216
     Gain on sale of investment properties                                      (855)
     Change in accounts:
      Receivables and deposits                                                   133
      Debt trustee escrow                                                     (2,270)
      Other assets                                                              (127)
      Accounts payable                                                            42
      Tenant security deposit liabilities                                        (67)
      Accrued property taxes                                                     (39)
      Other liabilities                                                           80
      Deferred interest                                                       (3,483)
      Accrued interest                                                          (314)

          Net cash used in operating activities                               (5,957)

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

          Net cash provided by investing activities                            7,449

Cash flows from financing activities:
  Nonrecourse promissory notes principal payments                             (8,971)

          Net cash used in financing activities                               (8,971)

Net decrease in cash and cash equivalents                                     (7,479)

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

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

                 See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>

                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2000


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. At
the expiration of the forbearance period the Partnership had not sold all of its
properties or satisfied the Nonrecourse  Promissory  Notes.  With the consent of
the indenture  trustee,  the forbearance  period has been extended to August 31,
2001. It is unlikely  that the sale of the  Partnership's  remaining  asset will
generate  sufficient  proceeds to pay off the  Nonrecourse  Promissory  Notes in
full.  If the  Partnership  cannot sell its property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership  will lose its remaining  property through delivery to an auctioneer
who would sell the asset for the benefit of the Note  holders.  Upon the sale or
disposal of the last property, the Partnership is expected to terminate.

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

The Managing  General  Partner  estimates that the  liquidation  process will be
completed by September 30, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

Note B - 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 FCMC,  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,  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 operates one commercial property as of December 31, 2000.

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: Statement of Financial Accounting Standards
("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 Nonrecourse 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.  Cash balances included  approximately  $9,000 at
December 31, 2000 that are  maintained by the affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

Depreciation:  Depreciation  was provided by the  straight-line  method over the
estimated lives of the investment  property 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
value of the property was adjusted to its net  realizable  value and will not be
depreciated any further.

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 had value.

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

Leases:  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:  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  owned at December 31,
1999 by approximately $9,530,000.

Segment Reporting: 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 K" for required disclosure.

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred. Advertising costs were approximately $21,000 and $61,000 for the years
ended December 31, 2000 and 1999, respectively.


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  taxable  income  of  the  Partnership  is  approximately
$8,638,000  ($115.79 per limited  partnership  unit) for the year ended December
31, 2000.

The following is a reconciliation  of reported net loss and Federal taxable loss
for the year ended December 31, 1999 (in thousands, except per unit data):


Net loss as reported                     $  (931)
Add (deduct):
   Depreciation differences                 (606)
   Change in prepaid rental                   67
   Other                                     272
   Sale of investment properties            (829)
Federal taxable loss                     $(2,027)
Federal taxable loss per limited
   partnership unit                      $(32.65)

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

                                                    2000
Net liabilities in liquidation                     $(1,154)
   Land and buildings                                6,175
   Accumulated depreciation                         (6,717)
   Syndication costs                                 4,552
   Other                                               138
Net assets - Federal tax basis                $ 2,994


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, 2000 and 1999:

                                                     2000       1999
                                                      (in thousands)
Property management fees (included in
  operating expense in 1999)                         $ 74       $159
Reimbursement for services of affiliates
  (included in investment properties and
  operating and general and administrative
  expenses in 1999)                                    71        187
Partnership management fees (included in
  general and administrative expenses in 1999)         --        390

During the years ended  December 31, 2000 and 1999,  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  $74,000
and $159,000 for the years ended December 31, 2000 and 1999,  respectively.  For
the  Registrant's  commercial  properties,  these  services  were provided by an
unrelated party for the years ended December 31, 2000 and 1999.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $71,000 and $187,000 for the
years ended December 31, 2000 and 1999, 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 2000 or 1999;
however,   the  general  partner  received  a  partnership   management  fee  of
approximately $390,000 in 1999. No such fees were received in 2000.

Note G - Significant Tenant and Minimum Future Rental Revenues

Minimum future rental revenues from operating leases having initial or remaining
non-cancelable  lease terms in excess of one year at December 31,  2000,  are as
follows (in thousands):

                               2001             $   643
                               2002                 423
                               2003                 327
                               2004                 195
                               2005                  97
                            Thereafter               73
                                                $ 1,758

Note H - Sales of Investment Properties

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

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

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

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

On  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.

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.

Note I - Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                            Initial Cost
                                           To Partnership
                                           (in thousands)

                                                  Buildings       Net Cost      Adjustment
                                                 and Related      Removed           To
                                                   Personal    Subsequent to   Liquidation
    Description      Encumbrances (1)    Land      Property     Acquisition       Basis
                                                                     (in thousands)
<S>                        <C>          <C>        <C>             <C>           <C>
Highland Park              $ --         $ 1,256    $ 7,884         $ (290)       $(4,040)
</TABLE>

(1)   The  Nonrecourse  Promissory  Notes  are  secured  by deed of trust on the
      property owned by the Partnership. See "Note A" for further discussion. As
      of December  31, 1999 the  Partnership  adopted the  liquidation  basis of
      accounting.   The  Partnership  was  unable  to  satisfy  the  Nonrecourse
      Promissory  Notes at  maturity  and as a result,  the  Partnership  was in
      default on the Nonrecourse Promissory Notes.

<TABLE>
<CAPTION>

                   Gross Amount At Which Carried
                       At December 31, 2000
                          (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>      <C>
Highland Park      $ 1,231    $ 3,579   $ 4,810      (1)         1986    11/85-02/86    5-39
</TABLE>

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


Reconciliation of Real Estate and Accumulated Depreciation:

                                              Years Ended December 31,
                                                 2000          1999
                                                   (in thousands)
Investment Properties
Balance at beginning of year                   $ 32,141      $ 50,408
   Property improvements                            125           811
   Sale of investment properties                (26,586)      (15,367)
   Adjustment to liquidation basis                 (870)       (3,711)
Balance at end of year                         $  4,810      $ 32,141

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

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2000 and 1999,  is  approximately  $10,985,000  and  $39,317,000,
respectively.  The accumulated  depreciation  for Federal income tax purposes at
December  31,  2000 and  1999  respectively,  is  approximately  $6,717,000  and
$17,659,000.

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.

Note K - 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 one reportable  segment,  a
commercial property.  The Partnership's  commercial property segment consists of
one office complex in North Carolina.  The  Partnership  leases office space for
terms that typically exceed one year.

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  is not  included for 2000 as the  Partnership  adopted the
liquidation  basis  of  accounting  at  December  31,  1999,  and has  only  one
commercial  property  remaining at December 31, 2000.   Segment  information for
the year 1999 is shown in the table 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>

Note L - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  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 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 1999, 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.

Effective  December 10, 1999, the  Partnership  engaged Ernst & Young LLP as its
Independent Auditors. The Partnership did not consult Ernst & Young LLP prior to
their  appointment as independent  auditors  regarding any matters or events set
forth in Item 304 (a)(2)(i) and (ii) of Regulation S-B.

                                    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              43    Executive Vice President and Director

Martha L. Long               41    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 since October 1998 as a result of the  acquisition  of Insignia
Financial  Group,  Inc. As of February 2001, Ms. Long was also appointed head of
the service  business for AIMCO.  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.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The executive  officers and director of the Managing General Partner fulfill the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting process on behalf of the Managing General Partner.  Management has the
primary  responsibility  for the financial  statements and the reporting process
including  the  systems  of  internal  controls.  In  fulfilling  its  oversight
responsibilities,  the executive  officers and director of the Managing  General
Partner reviewed the audited  financial  statements with management  including a
discussion  of the  quality,  not  just  the  acceptability,  of the  accounting
principles,  the  reasonableness  of significant  judgments,  and the clarity of
disclosures in the financial statements.

The executive  officers and director of the Managing  General  Partner  reviewed
with the independent auditors,  who are responsible for expressing an opinion on
the conformity of those audited  financial  statements  with generally  accepted
accounting  principles,  their  judgments  as  to  the  quality,  not  just  the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee or its equivalent under
generally  accepted  auditing  standards.   In  addition,  the  Partnership  has
discussed  with  the  independent  auditors  the  auditors'   independence  from
management and the Partnership  including the matters in the written disclosures
required by the Independence Standards Board and considered the compatibility of
non-audit services with the auditors' independence.

The executive  officers and director of the Managing  General Partner  discussed
with the  Partnership's  independent  auditors  the overall  scope and plans for
their audit. In reliance on the reviews and discussions  referred to above,  the
executive  officers and director of the Managing  General  Partner have approved
the  inclusion of the audited  financial  statements  in the Form 10-KSB for the
year  ended  December  31,  2000 for filing  with the  Securities  and  Exchange
Commission.

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements of the  Partnership  for the current
fiscal  year.  Fees for the last  fiscal  year were  annual  audit  services  of
approximately  $59,000  and  non-audit  services  (principally  tax-related)  of
approximately $31,000.

Item 10.    Executive Compensation

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

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, 2000.

Entity                               Number of Units         Percentage

Insignia Properties LP                       10                0.016%
  (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, 2000 and 1999:

                                                   2000        1999
                                                    (in thousands)
Property management fees                           $ 74        $159
Reimbursement for services of affiliates             71         187
Partnership management fees                          --         390

During the years ended  December 31, 2000 and 1999,  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  $74,000
and $159,000 for the years ended December 31, 2000 and 1999,  respectively.  For
the  Registrant's  commercial  properties  these  services  were  provided by an
unrelated party for the years ended December 31, 2000 and 1999.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $71,000 and $187,000 for the
years ended December 31, 2000 and 1999, 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 2000 or 1999;
however,   the  general  partner  received  a  partnership   management  fee  of
approximately $390,000 in 1999. No such fees were received in 2000.

Item 13.  Exhibits and Reports on Form 8-K

      (a) Exhibits:

          None.

      (b) Reports on Form 8-K filed in the fourth quarter of calendar year 2000:

          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).

10.6 Purchase and Sale Contract between Registrant and Galaxy Investments, Inc.,
     an unrelated Delaware Corporation,  effective March 27, 2000, regarding the
     sale of Linpro Park.

10.7 Purchase and Sale  Contract  between  Registrant  and  Pennsylvania  Realty
     Group,  Inc., an unrelated  Pennsylvania  Corporation,  effective  April 7,
     2000, regarding the sale of The Corners Apartments.

10.8 Amendment to Purchase and Sale Contract between Registrant and Pennsylvania
     Realty Group, Inc., an unrelated Pennsylvania Corporation,  effective April
     7, 2000, regarding the sale of The Corners Apartments.

10.9 Second  Amendment  to Purchase and Sale  Contract  between  Registrant  and
     Pennsylvania  Realty Group,  Inc., an unrelated  Pennsylvania  Corporation,
     effective April 7, 2000, regarding the sale of The Corners Apartments.

10.10Third  Amendment  to Purchase  and Sale  Contract  between  Registrant  and
     Pennsylvania  Realty Group,  Inc., an unrelated  Pennsylvania  Corporation,
     effective April 7, 2000, regarding the sale of The Corners Apartments.

10.11Purchase and Sale  Contract  between  Registrant  and Chambers & Associates
     Commercial  Real Estate  Services,  L.L.C.,  an  unrelated  Kansas  limited
     liability  company,  effective  May 8, 2000,  regarding the sale of Metcalf
     Office Park.

10.12Amendment to Purchase and Sale Contract  between  Registrant and Chambers &
     Associates  Commercial Real Estate  Services,  L.L.C.,  an unrelated Kansas
     limited  liability  company,  effective May 8, 2000,  regarding the sale of
     Metcalf Office Park.

10.13Second  Amendment  to Purchase and Sale  Contract  between  Registrant  and
     Chambers & Associates Commercial Real Estate Services, L.L.C., an unrelated
     Kansas limited liability company, effective May 8, 2000, regarding the sale
     of Metcalf Office Park.

10.14Third  Amendment  to Purchase  and Sale  Contract  between  Registrant  and
     Chambers & Associates Commercial Real Estate Services, L.L.C., an unrelated
     Kansas limited liability company, effective May 8, 2000, regarding the sale
     of Metcalf Office Park.

10.15Agreement  of  Purchase   Agreement  and  Assumption   between  Chambers  &
     Associates   Commercial   Real  Estate   Services,   L.L.C.,   and  Metcalf
     Associates-2000, L.L.C., dated April 7, 2000, regarding the sale of Metcalf
     Office Park.

10.16Purchase and Sale Contract between  Registrant and Housing  Systems,  Inc.,
     an unrelated Georgia  Corporation,  effective June 20, 2000,  regarding the
     sale of Harbor Club Downs.

10.17Amendment  to Purchase and Sale  Contract  between  Registrant  and Housing
     Systems,  Inc., an unrelated Georgia Corporation,  effective June 20, 2000,
     regarding the sale of Harbor Club Downs.