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, 2001

[ ]   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, 2001. 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"), a publicly traded real estate investment trust.

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, two
commercial  properties and two residential  properties were sold in 2000 and the
last remaining  commercial  property was sold in 2001. See "Item 6. Management's
Discussion and Analysis or Plan of Operations"  for a description of the sale of
Highland Park Commerce Center.

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 was extended to December 15, 2001.  Highland Park Commerce Center sold on
October 23, 2001 and the net sales  proceeds were paid to the indenture  trustee
to be applied to the amounts due the noteholders.  The sale of the Partnership's
remaining  asset did not  generate  sufficient  proceeds to pay off the Notes in
full.  Upon the last payment on the Notes of the  remaining  cash on hand and in
the debt trustee escrow, 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, which was sold in October 2001, management was performed by
an unaffiliated third party management company.

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.

Item 2.     Description of Properties

At December 31, 2001, the Partnership had no investment properties.

Schedule of Partnership Indebtedness

As of December 31,  1999,  the  Partnership  adopted the  liquidations  basis of
accounting.  The Partnership has Nonrecourse  Promissory  Notes.  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 was extended to December 15, 2001.
Highland  Park  Commerce  Center  sold on  October  23,  2001 and the net  sales
proceeds were paid to the indenture trustee to be applied to the amounts due the
noteholders.  The sale of the  Partnership's  remaining  asset did not  generate
sufficient  proceeds to pay off the Notes in full.  Upon the last payment on the
Notes  of the  remaining  cash on  hand  and in the  debt  trustee  escrow,  the
Partnership is expected to terminate.

Capital Improvements

Highland Park Commerce Center

The  Partnership  completed  approximately  $41,000 in capital  expenditures  at
Highland  Park Commerce  Center,  consisting  primarily of tenant  improvements.
These  improvements were funded from operating cash flow. This property was sold
on October 23, 2001.

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. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose  the motion and a hearing  has been  scheduled  for April 29,
2002. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

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

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

During the quarter ended December 31, 2001, 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 1,764  holders of record owning an aggregate of 61,814 Units as
of December 31, 2001.  An affiliate of the Managing  General  Partner owns 3,950
Units or 6.39% as of December 31, 2001. 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, 2001 or 2000.

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.  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 was extended to December 15, 2001.  Highland Park Commerce Center sold on
October 23, 2001 and the net sales  proceeds were paid to the indenture  trustee
to be applied to the amounts due the noteholders.  The sale of the Partnership's
remaining  asset did not  generate  sufficient  proceeds to pay off the Notes in
full.  Upon the last payment on the Notes of the  remaining  cash on hand and in
the debt trustee escrow, the Partnership is expected to terminate.  The Managing
General Partner expects to liquidate the Partnership by June 30, 2002.

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.

During  the year  ended  December  31,  2001,  net  liabilities  in  liquidation
decreased by  approximately  $379,000.  This  decrease is  primarily  due to the
decrease in the Notes,  as a result of a payment to the note holders in December
2001,  partially  offset by decreases  in  investment  properties,  debt trustee
escrow and cash and cash equivalents.  The decrease in investment  properties is
due to the sale of the last property in October  2001.  The decrease in the debt
trustee escrow and cash and cash equivalents is primarily due to expenses during
the period as well as the payment to the noteholders discussed above.

During  the year  ended  December  31,  2000,  net  liabilities  in  liquidation
increased  by  approximately  $781,000.  This  increase  was  primarily  due  to
decreases  in  investment  properties,  debt  trustee  escrow  and cash and cash
equivalents partially offset by a decrease in the Notes, as a result of payments
to the  noteholder  during the year.  The decrease in investment  properties was
primarily due to the sales of four properties.  The decrease in the debt trustee
escrow and cash and cash  equivalents  is  primarily  due to the payments to the
noteholder, discussed above, of the sale proceeds.

Included in liabilities on the statement of net liabilities in liquidation as of
December 31, 2001 is approximately  $126,000 of costs,  net of income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by June 30, 2002. 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 October 23, 2001, the  Partnership  sold Highland Park Commerce  Center to an
unaffiliated third party for $5,553,000. The net sales proceeds of approximately
$5,339,000  were wired  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 $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 $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 $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, 2001 and 2000.

The following is a general  description of the tax consequences  that may result
to a  limited  partner  as a result of 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.

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, 2001

      Statements of Changes in Net  Liabilities in  Liquidation  for the years
      ended December 31, 2001 and 2000

      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, 2001 and the related statements of
changes  in net  liabilities  in  liquidation  for each of the two  years in the
period  ended   December  31,  2001.   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.

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, 2001 and the changes in net  liabilities  in liquidation
for each of the two years in the period ended  December 31, 2001,  in conformity
with accounting  principles  generally  accepted in the United States applied on
the basis of accounting described in Note A to the financial statements.


                                                          /s/Ernst & Young LLP


Greenville, South Carolina
February 15, 2002


<PAGE>



                           CENTURY PROPERTIES FUND XX

                 STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                (in thousands)

                                December 31, 2001



Assets
   Cash and cash equivalents                                             $  680
   Receivables and deposits                                                  13
   Debt trustee escrow                                                      330

                                                                          1,023
Liabilities
   Other liabilities                                                         91
   Nonrecourse promissory notes (Note A)                                  1,581
   Estimated costs during the period of liquidation                         126

                                                                          1,798

Net liabilities in liquidation                                           $ (775)

              See Accompanying Notes to Financial Statements


<PAGE>


                           CENTURY PROPERTIES FUND XX

           STATEMENTS OF CHANGES IN NET LIABILITIES IN LIQUIDATION

                                (in thousands)

<TABLE>
<CAPTION>
                                                                For the Years Ended
                                                                    December 31,
                                                                 2001          2000

<S>                                                            <C>            <C>
Net liabilities in liquidation at beginning of period          $ (1,154)      $ (373)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                           (556)         (482)
   Decrease in receivables and deposits                             (68)         (597)
   Decrease in debt trustee escrow                                 (797)       (1,143)
   Decrease in investment properties                             (4,810)      (27,331)
   Decrease in accounts payable                                      50            32
   Decrease in tenant security deposit payable                       31            94
   Decrease in accrued property taxes                                89           153
   Decrease in other liabilities                                     15            70
   Decrease in Nonrecourse Promissory Notes and interest          6,551        28,423
   Increase in estimated costs during the period of
     liquidation                                                   (126)           --

Net liabilities in liquidation at end of period                 $ (775)      $ (1,154)


              See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>
                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2001


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.  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 was extended to December 15, 2001.
Highland  Park  Commerce  Center  sold on  October  23,  2001 and the net  sales
proceeds were paid to the indenture trustee to be applied to the amounts due the
noteholders.  The sale of the  Partnership's  remaining  asset did not  generate
sufficient  proceeds to pay off the Notes in full.  Upon the last payment on the
Notes  of the  remaining  cash on  hand  and in the  debt  trustee  escrow,  the
Partnership is expected to terminate.

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

Included in liabilities on the statement of net liabilities in liquidation as of
December 31, 2001 is approximately  $126,000 of costs,  net of income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by June 30, 2002. 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"),  a publicly traded real estate  investment  trust.  The directors and
officers of the Managing  General  Partner  also serve as executive  officers of
AIMCO.

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.

Depreciation:  For Federal income tax purposes,  the  accelerated  cost recovery
method was used for real property  over 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. As a result of the Tax Reform Act of 1986, for additions
after December 31, 1986, the modified  accelerated cost recovery method was 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 was not
depreciated any further.

Segment Reporting: Statement of Financial Accounting Standards ("SFAS") No. 131,
"Disclosure about Segments of an Enterprise and Related Information" established
standards for the way that public business  enterprises report information about
operating  segments  in annual  financial  statements  and  requires  that those
enterprises  report selected  information  about  operating  segments in interim
financial reports.  It also established  standards for related disclosures about
products and services, geographic areas, and major customers. As defined in SFAS
No. 131, the Partnership has only one reportable  segment.  The Managing General
Partner  believes  that  segment-based  disclosures  will not  result  in a more
meaningful presentation than the financial statements as currently presented.

Advertising  Costs:  The  Partnership  expenses  the costs of  advertising  as
incurred.  Advertising  costs were  approximately  $21,000  for the year ended
December 31, 2000. No such costs were incurred in 2001.

Note C - 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
$1,262,000  ($20.42 per limited  partnership unit) and approximately  $8,638,000
($115.79 per limited partnership unit) for the years ended December 31, 2001 and
2000, respectively.

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

                                                    2001
Net liabilities in liquidation                     $ (775)
   Syndication costs                                 4,551
   Other                                               261
Net assets - Federal tax basis                     $ 4,037

Note D - 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, 2001 and 2000:

                                                     2001       2000
                                                      (in thousands)

Property management fees                             $ --       $ 74
Reimbursement for services of affiliates              106         71

During the year ended  December 31,  2000,  affiliates  of the Managing  General
Partner  were  entitled to receive 5% of gross  receipts  from 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 for the
year  ended  December  31,  2000.  No such  fees were  earned in 2001  since the
Partnership  had  no  residential  properties  in  2001.  For  the  Registrant's
commercial  properties,  these services were provided by an unrelated  party for
the years ended December 31, 2001 and 2000.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $106,000 and $71,000 for the
years ended December 31, 2001 and 2000, 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 2001 or 2000.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General Partner.  During the year ended December
31, 2001, the Partnership paid AIMCO and its affiliates approximately $6,000 for
insurance coverage and fees associated with policy claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates  owned 3,950 limited  partnership
units in the Partnership representing 6.39% of the outstanding units at December
31, 2001. AIMCO and its affiliates also owned 8,969 Notes  representing 9.09% of
the outstanding Notes at December 31, 2001.

Note E - Sales of Investment Properties

On October 23, 2001, the  Partnership  sold Highland Park Commerce  Center to an
unaffiliated third party for $5,553,000. The net sales proceeds of approximately
$5,339,000  were wired  directly  to the  indenture  trustee as  required by the
forbearance agreement.

On June 20, 2000 the Partnership sold Harbor Club Downs for $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 $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 $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.

Note F - Real Estate and Accumulated Depreciation

At December 31, 2001, the Partnership had no investment properties.

Reconciliation of Real Estate and Accumulated Depreciation:

                                              Years Ended December 31,
                                                 2001          2000
                                                   (in thousands)
Investment Properties
Balance at beginning of year                    $ 4,810      $ 32,141
  Property improvements                              41           125
  Sale of investment properties                  (5,416)      (26,586)
  Change in estimated net realizable
    value                                           565          (870)
Balance at end of year                           $   --       $ 4,810

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December 31, 2000, was approximately  $10,985,000.  The accumulated depreciation
for  Federal  income  tax  purposes  at  December  31,  2000  was  approximately
$6,717,000.

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  The  plaintiffs  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose  the motion and a hearing  has been  scheduled  for April 29,
2002. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

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

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

            None.

                                    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              44    Executive Vice President and Director

Martha L. Long               42    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 accounting  principles
generally accepted in the United States,  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 auditing standards  generally accepted in the United States. 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,  2001 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 audit services of  approximately
$26,000  and  non-audit  services  (principally  tax-related)  of  approximately
$12,000.

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, 2001.

Entity                               Number of Units         Percentage

Insignia Properties, LP                      10                0.016%
  (an affiliate of AIMCO)
AIMCO Properties, LP                      3,940                6.374%
  (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, 2001 and 2000:

                                                   2001        2000
                                                    (in thousands)
Property management fees                           $ --        $ 74
Reimbursement for services of affiliates            106          71

During the year ended  December 31,  2000,  affiliates  of the Managing  General
Partner  were  entitled to receive 5% of gross  receipts  from 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 for the
year  ended  December  31,  2000.  No such  fees were  earned in 2001  since the
Partnership  had  no  residential  properties  in  2001.  For  the  Registrant's
commercial  properties,  these services were provided by an unrelated  party for
the years ended December 31, 2001 and 2000.

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $106,000 and $71,000 for the
years ended December 31, 2001 and 2000, 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 2001 or 2000.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General Partner.  During the year ended December
31, 2001, the Partnership paid AIMCO and its affiliates approximately $6,000 for
insurance coverage and fees associated with policy claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates  owned 3,950 limited  partnership
units in the Partnership representing 6.39% of the outstanding units at December
31, 2001. AIMCO and its affiliates also owned 8,969 Notes  representing 9.09% of
the outstanding Notes at December 31, 2001.

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
            2001:

            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.

10.10             Third  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.

10.11             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.

10.12             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.

10.13             Second  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.

10.14             Third  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.

10.15             Agreement  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.

10.16             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.

10.17             Amendment 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.

10.18             Purchase  and Sale  Contract  dated April 26, 2001  between,
                  Century   Properties   Fund   XX,   a   California   limited
                  partnership   and  Century  Pension  Income  Fund  XXIII,  a
                  California  limited   partnership,   as  sellers,  and  High
                  Investors,  Ltd.,  as  purchaser,   regarding  the  sale  of
                  Highland Park.

10.19             Amendment to Purchase and Sale  Contract  dated  September 24,
                  2001 between, Century Properties Fund XX, a California limited
                  partnership   and  Century   Pension   Income  Fund  XXIII,  a
                  California   limited   partnership,   as  sellers,   and  High
                  Investors, Ltd., as purchaser,  regarding the sale of Highland
                  Park.