UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-K
(Mark One)

 X       ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
---      EXCHANGE ACT OF 1934

         For the fiscal year ended December 31, 1995, or

___      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from ___________ to ___________

         Commission file number 0-13408

                           CENTURY PROPERTIES FUND XX
             (Exact name of Registrant as specified in its charter)

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

   One Insignia Plaza, P.O. Box 1089
      Greenville, South Carolina                           29602
 (Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code:           (864) 239-1000

          Securities registered pursuant to Section 12(b) of the Act:
                                      None

          Securities registered pursuant to Section 12(g) of the Act:
             Individual Investor Units and Pension Investor Notes

     Indicate by check mark whether the the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the 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 _____

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]

      No market for the Individual Investor Units and Pension Investor Notes
exists and therefore a market value for such Units or Notes readily cannot be
determined.


                  DOCUMENTS INCORPORATED HEREIN BY REFERENCE:

     Prospectus of Registrant, dated February 22, 1984, as supplemented is
incorporated in Parts I and IV.

                          CENTURY PROPERTIES FUND XX
                            (A limited partnership)

                                    PART I

Item 1.  Business.

     Century Properties Fund XX (the "Registrant") was organized in December
1983 as a California limited partnership under the Uniform Limited Partnership
Act of the California Corporations Code. Fox Partners III, a California general
partnership, is the general partner of the Registrant. Fox Capital Management
Corporation (the "Managing General Partner") a California corporation, Fox
Realty Investors ("FRI"), a California general partnership, and Fox Partners
`84, a California general partnership, are the general partners of Fox Partners
III.

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

     The principal business of the Registrant is and has been to acquire, manage
and ultimately sell income-producing real properties, and invest in, service and
ultimately collect or dispose of mortgage loans on income-producing real
properties. The Registrant is a "closed" limited partnership real estate
syndicate of the unspecified asset type. For a further description of the
business of the Registrant, see the sections entitled "Risk Factors" and
"Investment Objectives and Policies" of the Prospectus.

     Beginning in February 1984 through April 1985, the Registrant offered
$35,000,000 in Individual Investor Units and $65,000,000 in Pension Investor
Notes ("Nonrecourse Promissory Notes" or "Promissory Notes"), and sold
$30,907,000 and $49,348,500, respectively. The net proceeds of this offering
were used to purchase four income-producing real properties including one
property which was acquired in two phases, and to fund seven mortgage loans
totaling $31,568,000. the Registrant's original property portfolio was
geographically diversified with properties acquired and properties on which
mortgage loans have been funded in seven states. The Registrant's acquisition
and mortgage loan funding activities were completed in February 1986 and since
then the principal activity of the Registrant has been managing its portfolio.
Two mortgage loans were prepaid in 1989, one was prepaid in 1991, and another
was satisfied in 1994. (See "Property Matters", below). In April 1991, the
Registrant finalized foreclosure proceedings on the property securing a mortgage
loan and during 1992 finalized foreclosure proceedings against the borrowers on
two additional mortgage loans. The remaining mortgage loan was prepaid in 1992.
See, "Item 2, Properties" below for a description of the Registrant's

properties.

     The Registrant is involved in only one industry segment, as described
above. The business of the Registrant is not seasonal. The Registrant does not
engage in any foreign operations or derive revenues from foreign sources.

     Both the income and the expenses of operating the properties owned by the
Registrant are subject to factors beyond the Registrant's control, such as
oversupply of similar rental facilities resulting from overbuilding, increases
in unemployment or population shifts, changes in zoning laws or changes in
patterns of needs of the users. Expenses, such as local real estate taxes and
management expenses, are subject to change and cannot always be reflected in
rental increases due to market conditions or existing leases. The profitability
and marketability of developed real property may be adversely affected by
changes in general and local economic conditions and in prevailing interest
rates. Favorable changes in such factors will not necessarily enhance the
profitability or marketability of such properties. Even under the most favorable
market conditions there is no guarantee that any property owned by the
Registrant can be sold by it or, if sold, that such sale can be made upon
favorable terms.

     It is possible that legislation on the state or local level may be enacted
in states where the Registrant's properties are located which may include some
form of rent control. 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 Managing General Partner is unable to predict
the extent, if any, to which such new legislation or regulations might occur and
the degree to which such existing or new legislation or regulations might
adversely affect the properties owned by the Registrant.

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

     The Registrant maintains property and liability insurance on the properties
and believes such coverage to be adequate.

     With respect to individual investors, at this time, it appears that the
original investment objective of capital growth from the inception of the
Registrant will not be attained and that investors will not receive a return of
all of their invested capital. The extent to which invested capital is returned
to investors is dependent upon the success of the Registrant's strategy as set
forth in "Item 7" as well as upon significant improvement in the performance of
the Registrant's properties and the markets in which such properties are located
and on the sales price of the properties. In this regard, it is anticipated at
this time that some of the properties will be held longer than originally
expected. The ability to hold and operate these properties is dependent on the
Registrant's ability to obtain additional financing, refinancing, or debt
restructuring as required.

     As to the Promissory Note holders, at this time, it appears that all

remaining principal and a portion of deferred interest will be paid. However,
the ability of the Registrant to make such payments of principal and interest is
dependent upon the ultimate sales prices, timing of sales of the remaining
properties, net proceeds received by the Registrant from sales and refinancing
and overall Fund operations. The Promissory Note holders will not receive any
payment of residual interest.

Property Matters

     The Corners Apartments - On June 20, 1994, the Registrant satisfied the
note payable encumbering this property in the amount of $986,000. The Registrant
owns this property free and clear of all mortgages.

Employees

     Services are performed for the Registrant at its apartment complexes by
on-site personnel all of whom are employees of NPI-AP Management, L.P.
("NPI-AP"), an affiliate of the Managing General Partner, which directly manages
the Registrant's apartment complexes. All payroll and associated expenses of
such on-site personnel are fully reimbursed by the Registrant to NPI-AP.
Pursuant to a management agreement, NPI-AP provides certain property management
services to the Registrant in addition to providing on-site management. With
respect to the Registrant's commercial properties, management is performed by
unaffiliated third party management companies pursuant to management agreements
with such third parties.

Change in Control

     From March 1988 through December 1993, the Registrant's affairs were
managed by Metric Management, Inc. ("MMI") or a predecessor. On December 16,
1993, the services agreement with MMI was modified and, as a result thereof, the
Managing General Partner began directly providing real estate advisory and asset
management services to the Registrant. As advisor, such affiliate provides all
partnership accounting and administrative services, investment management, and
supervisory services over property management and leasing.

     On December 6, 1993, the shareholders of the Managing General Partner
entered into a Voting Trust Agreement with NPI Equity Investments II, Inc. ("NPI
Equity II") pursuant to which NPI Equity II was granted the right to vote 100%
of the outstanding stock of the Managing General Partner. In addition, NPI
Equity II became the managing partner of FRI. As a result, NPI Equity II
indirectly became responsible for the operation and management of the business
and affairs of the Registrant and the other investment partnerships originally
sponsored by the Managing General Partner and/or FRI. The individuals who had
served previously as partners of FRI and as officers and directors of the
Managing General Partner contributed their general partnership interests in FRI
to a newly formed limited partnership, Portfolio Realty Associates, L.P.
("PRA"), in exchange for limited partnership interests in PRA. The shareholders
of the Managing General Partner and the prior partners of FRI, in their capacity
as limited partners of PRA, continue to hold indirectly certain economic
interests in the Registrant and such other investment limited partnerships, but
have ceased to be responsible for the operation and management of the Registrant
and such other partnerships.


     On August 10, 1994, an affiliate of Apollo Real Estate Advisors, L.P.
("Apollo") obtained general and limited partnership interests in NPI-AP.

     On October 12, 1994, Apollo acquired one-third of the stock of National
Property Investors, Inc. ("NPI"), the parent corporation of NPI Equity II.
Pursuant to the terms of the stock acquisition, Apollo was entitled to designate
three of the seven directors of the Managing General Partner and NPI Equity II.
In addition, the approval of certain major actions on behalf of the Registrant
required the affirmative vote of at least five directors of the Managing General
Partner.

     On August 17, 1995, the stockholders of NPI entered into an agreement to
sell to IFGP Corporation, a Delaware corporation, an affiliate of Insignia
Financial Group, Inc. ("Insignia"), a Delaware corporation, all of the issued
and outstanding common stock of NPI, for an aggregate purchase price of
$1,000,000. NPI is the sole shareholder of NPI Equity II, the general partner of
FRI, and the entity which controls the Managing General Partner. The closing of
the transactions contemplated by the above mentioned agreement (the "Closing")
occurred on January 19, 1996.

     Upon the Closing, the officers and directors of NPI, NPI Equity II and the
Managing General Partner resigned and IFGP Corporation caused new officers and 
directors of each of those entities to be elected. See "Item 10, Directors and
Executive Officers of the Registrant."

Competition

     The Registrant is affected by and subject to the general competitive
conditions of the residential, commercial and office real estate industries. In
addition, each of the Registrant's properties competes in an area which normally
contains numerous other properties which may be considered competitive.

Item 2.  Properties.

     A description of the income-producing properties in which the Registrant
has an ownership interest is as follows. All of the Registrant's properties are
owned in fee:

                                       Date of
Name and Location                      Purchase           Type            Size
-----------------                      --------         --------         ------
Crabtree Office Center                   12/84           Office          57,000
   4600 Marriott Drive                                  Building         sq.ft.
   Raleigh, North Carolina

Linpro Park I                            03/85           Office          79,000
   1831 Wiehle Avenue                                   Building         sq.ft.
   Reston, Virginia

Metcalf 103 Office Park (1)              04/91           Office          60,000
   10580 Barkley                                        Building         sq.ft.
   Overland Park, Kansas

Commonwealth Centre                      10/84          Business         109,000

   3131 Irving Boulevard                                  Park           sq.ft.
   Dallas, Texas

Highland Park Commerce                    (2)           Business         107,000
 Center - Phase I and The                                 Park           sq.ft.
 Goodyear and Digital Buildings
   818-834 and 726-808 Tyvola Road
   Charlotte, North Carolina

Harbor Club Downs (3)                     5/92          Apartments       272
   455 Bayshore Blvd.                                                    units
   Palm Harbor, Florida

The Corners Apartments (4)               11/92          Apartments       176
   151 Fernwood Drive                                                    units
   Spartanburg, South Carolina

------------------
(1)  The Registrant obtained control of this property in August 1990 and
     foreclosed on the property in April 1991.
(2)  Phase I and the two buildings were acquired in separate transactions on
     November 5, 1985 and February 12, 1986, respectively. 
(3)  The Registrant foreclosed on the property in May 1992. 
(4)  The Registrant foreclosed on the property in November 1992.

     See, "Item 8, Financial Statements and Supplementary Data" for information
regarding any encumbrances to which the properties of the Registrant are
subject.

     The following chart sets forth the average occupancy at the Registrant's
properties for the years ended December 31, 1995, 1994, 1993, 1992 and 1991:

                               OCCUPANCY SUMMARY

                                                   Average
                                              Occupancy Rate(%)
                                             for the Year Ended
                                                December 31,
                                       --------------------------------
                                       1995   1994   1993   1992   1991
                                       ----   ----   ----   ----   ----
Commonwealth Centre                     82     88     98     86     80
Crabtree Office Center                  98     94     94     87     93
Linpro Park I                          100    100     99     72     24
Highland Park Commerce Center -
  Phase I and  The Goodyear
  and Digital Buildings                 83     77     75     74     68
Metcalf 103 Office Park                 95     91     83     83     71
Harbor Club Downs (1)                   97     97     92     78      -
The Corners Apartments (2)              97     95     94     95      -

--------------
(1)  The  Registrant foreclosed on the property in May 1992.  Average 
     occupancy rate for 1992 is for the period from July 1992 through 

     December 1992.
(2)  The Registrant foreclosed on the property in November 1992. Average
     occupancy rate for 1992 is for the period from November 1992 through 
     December 1992.


                                               SIGNIFICANT TENANTS (1)
                                                  December 31, 1995
<TABLE>
<CAPTION>
                                                                      Annualized
                                Square    Nature of     Expiration     Base Rent      Renewal
                               Footage    Business       of Lease     Per Year(2)    Options(3)
                               --------   ---------     ----------    -----------    ----------
<S>                            <C>        <C>           <C>           <C>            <C>
Commonwealth Centre
  Pikes Peak                   14,580     Florist          1999        $ 54,394           -

Crabtree Office Center
  Sunstates Properties          7,627     Real Estate       1998       $ 96,409           -
  Wheat, First Security         7,770     Investment Co.    2000       $128,205          1-5 Yr
  Mid-Atlantic Med. Svce.       6,502     Medical           1998       $100,781          2-3 Yr
                                          Services

Linpro Park I
  S.A.T.O., Inc.               11,307     Travel Agency     1996       $181,414           -
  Logicon Eagle Techno         10,857     Government        1996       $178,489           -
                                          Agency
  Logicon Eagle Techno         14,338                       1996       $227,201           -
  Logicon Eagle Techno         25,143                       1997       $420,642          1-5 Yr
  Logicon Eagle Techno          6,923                       1996       $ 94,263          1-1 Yr

Highlands Park Commerce Center
  Piedmont CAD/CAM             17,860     Design            1997       $158,954          2-1 Yr
                                          Software
  First National Bank          15,010     Bank              1999       $127,686          2-5 Yr

Metcalf 103 Office Park
  General Electric Co.         14,426     Electric Co.      2000       $153,250          1-5 Yr

</TABLE>
----------------------
(1)  Tenant occupying 10% or more of total rentable square footage of the
     property.
(2)  Represents annualized base rent excluding potential additional rent due as
     operating expense reimbursements, percentage rents and future contractual
     escalations.
(3)  The first amount represents the number of renewal options.  The second
     number represents the length of each option.

Item 3.  Legal Proceedings.

     There are no material pending legal proceedings to which the Registrant is
a party or to which any of its assets are subject, except the following:


     Adrian Charles Pasteri, on his own behalf and for all others similarly
situated vs. Century Properties Fund XX et al., California Superior Court for
County of San Diego, Case No. 673150.

     In January 1994, an investor in the Registrant filed a class action lawsuit
for monetary damages in the Superior Court for the County of San Diego,
California against, among others, the Registrant, Fox Partners III and the
general partners of Fox Partners III. The lawsuit alleges that the Prospectus
contained material misrepresentations and omissions. In April 1994, the Court
granted defendants' motion to have the venue of the case transferred from San
Diego County to San Francisco County. In July, the San Francisco County Court
granted defendants' motion to dismiss for failure to state a timely claim. The
San Francisco Court did, however, grant plaintiff leave to file an amended
complaint. On January 20, 1995, the San Francisco Court again sustained
defendants' demurrer and again granted plaintiff leave to amend its complaint.

     On June 21, 1995, the demurrer previously granted by the Court was
overruled. The Registrant has filed its answer in the case and intends to
vigorously defend this action. The ultimate outcome of the litigation cannot
presently be determined, however, the Managing General Partner does not believe
that the litigation will have a material adverse effect on the Registrant.

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

     No matter was submitted to a vote of security holders during the period
covered by this Report.

                                    PART II

Item 5.  Market for the Registrant's Equity and Related Security
         Holder Matters.

     The Individual Investor Unit holders are entitled to certain distributions
as provided in the Partnership Agreement. For each unit holder, cash
distributions from operations through December 31, 1995 have ranged from $127 to
$162 for each $500 original investment. Interest payments to the Pension Note
Holders through December 31, 1995 have been approximately $198 to $233 for each
$500 original investment. Additionally Pension Note Holders have received a $182
return of principal for each original $500 note. No market for Individual
Investor Units or Pension Investor Notes exists, nor is any expected to develop.

     No distributions from operations were made during the years ended December
31, 1995 and 1994. See "Item 7, Management's Discussion and Analysis of
Financial Condition and Results of Operations" for a discussion of the
Registrant's financial ability to make distributions.

     As of March 1, 1996, the approximate number of holders of Individual
Investor Units and Pension Investor Notes was as follows 1,942 and 11,230,
respectively.

Item 6.  Selected Financial Data.

     The following represents selected financial data for the Registrant for the

years ended December 31, 1995, 1994, 1993, 1992 and 1991. The data should be
read in conjunction with the financial statements included elsewhere herein.
This data is not covered by the independent auditors' report.

                                        For the Year Ended December 31,
                                  ------------------------------------------
                                  1995      1994      1993     1992     1991
                                  ----      ----      ----     ----     ----
                                  (Amounts in thousands except per unit data)

Total revenues                  $ 7,312   $ 6,456   $ 6,520   $ 5,486   $ 4,943
                                =======   =======   =======   =======   =======

Net loss                        $(1,589)  $(2,355)  $(2,329)  $(5,298)  $(5,932)
                                ========  ========  =======   =======   ======= 
Net loss per individual
 investor unit(1)               $(25.19)  $(37.34)  $(36.92)  $(83.99)  $(94.04)
                                ========  ========  =======   =======   ======= 

Total assets                    $40,715   $40,971   $43,192   $49,034   $53,143
                                =======   =======   =======   =======   =======
Long-term obligations 
 non-recourse promissory notes:
    Principal                   $31,386   $31,386   $31,386   $36,024   $36,024

    Deferred interest payable   $13,856    12,601    11,346    10,027     8,586
                                -------   -------   -------   -------   -------
                                $45,242   $43,987   $42,732   $46,051   $44,610
                                =======   =======   =======   =======   =======

Note payable                    $     -   $     -   $ 1,029   $ 1,127   $     -
                                =======   =======   =======   =======   =======

In-Substance Foreclosure
 liabilities                    $     -   $     -   $     -   $     -   $ 1,216
                                =======   =======   =======   =======   =======

-----------------
(1)  $500 original contribution per unit, based on units outstanding during the
     year after giving effect to the allocation of net loss to the general 
     partner.

Item 7.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.

Liquidity and Capital Resources

     The Registrant's real estate properties consist of three office buildings
located in North Carolina, Virginia, and Kansas, two business parks located in
Texas and North Carolina and two apartment complexes located in Florida and
South Carolina. The properties are leased to tenants subject to leases with
original lease terms ranging from six months to one year for the residential
properties and with remaining lease terms of up to six years for the commercial
properties. The Registrant receives rental income from its properties and is

responsible for operating expenses, administrative expenses, capital
improvements and debt service payments. All seven of the Registrant's properties
generated positive cash flow from operations during the year ended December 31,
1995.

     The Registrant uses working capital reserves from any undistributed cash
flow from operations and proceeds from cash investments as its primary sources
of liquidity. For the long term, cash from operations will remain the
Registrant's primary source of liquidity. Excess cash from operations was not
distributed for the year ended December 31, 1995. Cash generated from operations
will continue to be used to make the required payments to the Promissory Note
Holders and for working capital reserves. It is not currently anticipated that
the Registrant will make any distributions from operations in the near future.

     Liquidity based on cash and cash equivalents improved by $1,020,000 at
December 31, 1995, as compared to 1994. The Registrant's $1,749,000 of net cash
provided by operating activities was only partially offset by $703,000 of cash
used for improvements to real estate (investing activities) and $26,000 of cash
distributions to the general partner (financing activities). The Registrant has
no plans for major capital improvements. All other increases (decreases) in
certain assets and liabilities are the result of the timing of the receipt and
payment of various operating activities.

     Working capital reserves are being invested in a money market account or
repurchase agreements secured by United States Treasury obligations. The
Managing General Partner believes that, if market conditions remain relatively
stable, cash flow from operations, when combined with working capital reserves,
will be sufficient to fund capital improvements and required interest payments
to the Promissory Note Holders until November 30, 1998, the maturity date of the
notes. At that time the Registrant will have to extend the due dates of these
notes, find replacement financing, or sell properties. Rental revenue from one
tenant at the Registrant's Linpro Park I property, represents approximately 13%
of the Registrant's rental revenue in 1995. The tenant's leases are scheduled to
expire in November 1996 and January 1997. The Registrant is currently
negotiating an extension of these leases.

     With respect to Limited Partners, it appears that the original investment
objective of capital growth from inception of the Registrant will not be
attained and that investors will not receive a return of all their invested
capital. The extent to which invested capital is returned to investors is
dependent upon the success of the performance of the Registrant's properties and
the markets in which such properties are located. It is anticipated that many of
the properties will continue to be held longer than originally expected. The
ability to hold and operate theses properties is dependent on the Registrant's
ability to obtain additional financing, refinancing, or debt restructuring as
required.

     On January 19, 1996, the stockholders of NPI, the sole shareholder of NPI
Equity II, sold to IFGP Corporation all of the issued and outstanding stock of
NPI. IFGP Corporation caused new officers and directors of NPI Equity II and the
Managing General Partner to be elected. The Managing General Partner does not
believe these transactions will have a significant effect on the Registrant's
liquidity or results of operations. See "Item 1 Business-Change in Control".


Real Estate Market

     The business in which the Registrant is engaged is highly competitive, and
the Registrant is not a significant factor in its industry. Each investment
property is located in or near a major urban area and, accordingly, competes for
rentals not only with similar properties in its immediate area but with hundreds
of similar properties throughout the urban area. Such competition is primarily
on the basis of location, rents, services and amenities. In addition, the
Registrant competes with significant numbers of individuals and organizations
(including similar partnerships, real estate investment trusts and financial
institutions) with respect to the sale of improved real properties, primarily on
the basis of the prices and terms of such transactions.

Results of Operations

1995 Compared to 1994

     Net loss decreased by $766,000 for the year ended December 31, 1995, as
compared to 1994, due to an increase in revenues of $856,000 and an increase in
expenses of $90,000.

     Revenues increased by $856,000 due to increases in rental income of
$659,000 and interest and other income of $197,000. Rental revenues increased
due to an increase in rental rates at all of the Registrant's properties and an
increase in occupancy at the Registrant's Highland Park Commerce Center,
Crabtree Office Center and Metcalf 103 Office Park properties, which was
partially offset by a decrease in occupancy at the Registrant's Commonwealth
Centre. Occupancy remained relatively constant at the Registrant's remaining
properties. Interest and other income increased due to an increase in average
working capital reserves available for investment, coupled with an increase in
interest rates and the receipt of lease termination fees in 1995.

     Expenses increased by $90,000 due to an increase in operating expenses of
$176,000 which was partially offset by decreases in interest expense of $50,000,
general and administrative expenses of $21,000 and depreciation expense of
$15,000. Operating expenses increased primarily due to increased repairs and
maintenance costs at the Registrant's Commonwealth Centre, Metcalf 103 Office
Park and Harbor Club Downs properties. Interest expense declined due to the
satisfaction of the note payable encumbering the Corners Apartments property in
June 1994. General and administrative expenses declined due to a decrease in
asset management costs effective July 1, 1994. All other expenses remained
relatively constant.

1994 Compared to 1993

     Net loss increased by $26,000 for the year ended December 31, 1994, as
compared to 1993, as a $38,000 decrease in expenses was more than offset by the
$64,000 decrease in revenues.

     Revenues decreased by $64,000 as the increase in rental revenues of $65,000
was more than offset by the $129,000 decrease in interest and other income.
Interest and other income declined due to a legal settlement related to the
Corners Apartments property received during the year ended December 31, 1993,
coupled with a decline in average working capital reserves available for

investment in 1994. The increase in rental revenues resulted from increased
occupancy and rental rates at the Registrant's Harbor Club Downs, Corners
Apartments and Metcalf 103 Office Park properties, which were only partially
offset by an increase in vacancy at the Registrant's Commonwealth Centre
property.

     Expenses decreased by $38,000 due to decreases in interest to Promissory
Note holders of $137,000, amortization expense of $198,000, depreciation of
$58,000 and interest expense of $42,000, which were partially offset by
increases in operating expenses of $201,000 and general and administrative
expenses of $196,000. The decline in interest to Promissory Note holders and the
related decline in amortization expense of deferred sales commissions and
organization expenses resulted from the partial principal repayment on the
Promissory Notes in May 1993. Interest expense declined due to the satisfaction
of the note payable encumbering the Corners Apartments property in June 1994.
Operating expenses increased primarily due to increased repairs and maintenance
and rent-up costs at the Registrant's Harbor Club Downs property. General and
administrative expenses increased due to costs associated with the management
transition and fees incurred in connection with the legal proceedings (see "Item
8, Financial Statements and Supplementary Data, Note 8"). Depreciation expense
remained relatively constant.

Item 8.   Financial Statements and Supplementary Data.


                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                              FINANCIAL STATEMENTS

                          YEAR ENDED DECEMBER 31, 1995

                                     INDEX

                                                                          Page
                                                                          ----
Independent Auditors' Reports............................................ F - 2
Financial Statements:
   Balance Sheets at December 31, 1995 and 1994.......................... F - 4
   Statements of Operations for the Years Ended December 31, 1995, 
        1994 and 1993.................................................... F - 5
   Statements of Partners' Equity (Deficit) for the Years Ended
        December 31, 1995, 1994 and 1993................................. F - 6
   Statements of Cash Flows for the Years Ended December 31, 1995, 
        1994 and 1993.................................................... F - 7
   Notes to Financial Statements......................................... F - 8
Financial Statement Schedule:
   Schedule III   -   Real Estate and Accumulated Depreciation 
        at December 31, 1995............................................. F - 17

Financial statement schedules not included have been omitted because of the
absence of conditions under which they are required or because the information
is included elsewhere in the financial statements.



To the Partners
Century Properties Fund XX
Greenville, South Carolina


                          Independent Auditors' Report

We have audited the accompanying balance sheets of Century Properties Fund XX (a
limited partnership) (the "Partnership") as of December 31, 1995 and 1994, and
the related statements of operations, partners' (deficit) and cash flows for the
years then ended. Our audits also included the additional information supplied
pursuant to Item 14(a)(2). 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 generally accepted auditing
standards. Those standards require that we plan and perform the audits 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
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 financial position of Century Properties Fund XX as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting
principles. Also in our opinion, the related financial statement schedule, when
considered in relation to the basic financial statements taken as a whole,
presents fairly, in all material respects, the information set forth therein.

                                                   Imowitz Koenig & Co., LLP

                                                   Certified Public Accountants
New York, N.Y.
January 26, 1996



INDEPENDENT AUDITORS' REPORT


Century Properties Fund XX:

We have audited the accompanying statements of operations, partners' equity
(deficit) and cash flows of Century Properties Fund XX (a limited partnership)
(the "Partnership") for the year ended December 31, 1993. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

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

In our opinion, such financial statements present fairly, in all material
respects, the results of operations and cash flows of the Partnership for the
year ended December 31, 1993 in conformity with generally accepted accounting
principles.

DELOITTE & TOUCHE LLP



San Francisco, California
March 18, 1994



                      CENTURY PROPERTIES FUND XX
                        (A Limited Partnership)

                            BALANCE SHEETS

                                                         DECEMBER 31,
                                             -----------------------------------
                                                  1995                  1994
                                             --------------       --------------
ASSETS

Cash and cash equivalents                    $   5,246,000        $   4,226,000
Other assets                                       452,000              340,000

Real Estate:

   Real estate                                  54,538,000           53,835,000
   Accumulated depreciation                    (14,623,000)         (12,835,000)
   Allowance for impairment of value            (6,296,000)          (6,296,000)
                                             --------------       --------------
Real estate, net                                33,619,000           34,704,000

Deferred sales commissions, net                    562,000              755,000
Deferred organization expenses, net                387,000              519,000
Deferred leasing commissions, net                  449,000              427,000
                                             --------------       --------------
    Total assets                             $  40,715,000        $  40,971,000
                                             ==============       ==============

LIABILITIES AND PARTNERS' DEFICIT

Accrued expenses and other liabilities       $     972,000        $     868,000
Non-Recourse Promissory Notes:
   Principal                                    31,386,000           31,386,000
   Deferred interest payable                    13,856,000           12,601,000
                                             --------------       --------------
    Total liabilities                           46,214,000           44,855,000
                                             --------------       --------------
Commitments and Contingencies

Partners' Deficit:

General partner                                 (1,371,000)          (1,313,000)
Limited partners (61,814 units 
  outstanding at December 31, 
  1995 and 1994)                                (4,128,000)          (2,571,000)
                                             --------------       --------------
    Total partners' deficit                     (5,499,000)          (3,884,000)
                                             --------------       --------------
    Total liabilities and partners' 
      deficit                                $  40,715,000        $  40,971,000
                                             ==============       ==============

                      See notes to financial statements.

                          CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                           STATEMENTS OF OPERATIONS




                                               YEARS ENDED DECEMBER 31,
                                   ---------------------------------------------
                                        1995            1994            1993
                                   -------------   -------------   -------------

Revenues:
   Rental                          $  6,949,000    $  6,290,000    $  6,225,000
   Interest and other income            363,000         166,000         295,000
                                   -------------   -------------   -------------
   Total revenues                     7,312,000       6,456,000       6,520,000
                                   -------------   -------------   -------------
Expenses (including $482,000, 
  $314,000 and $82,000 paid to 
  the general partner and 
  affiliates in 1995, 1994 and 
  1993)
    Interest to Promissory Note 
      holders                         2,511,000       2,511,000       2,648,000
    Amortization                        325,000         325,000         523,000
    Operating                         3,508,000       3,332,000       3,131,000
    Depreciation                      1,788,000       1,803,000       1,861,000
    General and administrative          769,000         790,000         594,000
    Interest                                  -          50,000          92,000
                                   -------------   -------------   -------------
    Total expenses                    8,901,000       8,811,000       8,849,000
                                   -------------   -------------   -------------
Net loss                           $ (1,589,000)   $ (2,355,000)   $ (2,329,000)
                                   =============   =============   =============
Net loss per individual investor 
  unit                             $     (25.19)  $     (37.34)   $     (36.92)
                                   =============   =============   =============

                      See notes to financial statements.


                          CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                   STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                 YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


                                                        Unit           Total
                                       General         Holders       partners'
                                      partner's        equity         equity
                                      (deficit)       (deficit)      (deficit)
                                   -------------   -------------   -------------

Balance - January 1, 1993          $ (1,070,000)   $  2,019,000    $    949,000

  Net loss                              (47,000)     (2,282,000)     (2,329,000)

  Cash distributions                   (123,000)              -        (123,000)
                                   -------------   -------------   -------------

Balance - December 31, 1993          (1,240,000)       (263,000)     (1,503,000)

  Net loss                              (47,000)     (2,308,000)     (2,355,000)

  Cash distributions                    (26,000)              -         (26,000)
                                   -------------   -------------   -------------

Balance - December 31, 1994          (1,313,000)     (2,571,000)     (3,884,000)

  Net loss                              (32,000)     (1,557,000)     (1,589,000)

  Cash distributions                    (26,000)              -         (26,000)
                                   -------------   -------------   -------------

Balance - December 31, 1995        $ (1,371,000)   $ (4,128,000)   $ (5,499,000)
                                   =============   =============   =============

                      See notes to financial statements.



                          CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                           STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                        YEARS ENDED DECEMBER 31,
                                                                         ----------------------------------------------------
                                                                               1995               1994               1993
                                                                         --------------     --------------     --------------
<S>                                                                      <C>                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                                                 $  (1,589,000)     $  (2,355,000)     $  (2,329,000)
Adjustments to reconcile net loss to net cash provided by
  operating activities:
     Depreciation and amortization                                           2,308,000          2,298,000          2,556,000
     Provision for doubtful receivable                                               -              7,000             53,000
     Deferred costs paid                                                      (217,000)          (190,000)          (128,000)
     Deferred interest on non-recourse promissory notes                      1,255,000          1,255,000          1,319,000
     Changes in operating assets and liabilities:
       Other assets                                                           (112,000)          (107,000)           (71,000)
       Accrued expenses and other liabilities                                  104,000            (66,000)            27,000
                                                                         --------------     --------------     --------------
Net cash provided by operating activities                                    1,749,000            842,000          1,427,000
                                                                         --------------     --------------     --------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate                                                      (703,000)          (592,000)          (898,000)
Decrease in restricted cash                                                          -                  -          4,713,000
Proceeds from cash investments                                                       -          3,652,000          6,322,000
Purchase of cash investments                                                         -                  -         (7,014,000)
                                                                         --------------     --------------     --------------
Net cash (used in) provided by investing activities                           (703,000)         3,060,000          3,123,000
                                                                         --------------     --------------     --------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of notes payable                                                           -           (986,000)                 -
Cash distributions to general partner                                          (26,000)           (26,000)          (123,000)
Note payable principal payments                                                      -            (43,000)           (98,000)
Non-recourse promissory notes principal payments                                     -                  -         (4,638,000)
                                                                         --------------     --------------     --------------
Cash (used in) financing activities                                            (26,000)        (1,055,000)        (4,859,000)
                                                                         --------------     --------------     --------------
Increase (Decrease) in Cash and Cash Equivalents                             1,020,000          2,847,000           (309,000)

Cash and Cash Equivalents at Beginning of Year                               4,226,000          1,379,000          1,688,000
                                                                         --------------     --------------     --------------
Cash and Cash Equivalents at End of Year                                 $   5,246,000      $   4,226,000      $   1,379,000
                                                                         ==============     ==============     ==============
Supplemental Disclosure of Cash Flow Information:
   Interest paid in cash during the year - note payable                  $           -      $      40,000      $      92,000
   Interest paid in cash during the year - non-recourse                  ==============     ==============     ==============
     promissory notes                                                    $   1,256,000      $   1,256,000      $   1,373,000
                                                                         ==============     ==============     ==============
</TABLE>
                      See notes to financial statements.



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


1.     ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       Organization

       Century Properties Fund XX (the "Partnership") is a limited partnership
       organized in 1983 under the laws of the State of California to acquire,
       manage and ultimately sell income-producing real properties, and invest
       in, service and ultimately collect or dispose of mortgage loans on
       income-producing real properties. The Partnership currently owns three
       office buildings located in North Carolina, Virginia and Kansas, two
       business parks located in Texas and North Carolina, and two apartment
       complexes located in Florida and South Carolina. The general partner of
       the Partnership is Fox Partners III, a California general partnership
       whose general partners are Fox Capital Management Corporation ("FCMC"), a
       California corporation, Fox Realty Investors ("FRI"), a California
       general partnership, and Fox Partners 84, a California general
       partnership. The capital contributions of $30,907,000 ($500 per unit)
       were made by Individual Investor Unit holders.

       On December 6, 1993, the shareholders of FCMC entered into a Voting Trust
       Agreement with NPI Equity Investments II, Inc. ("NPI Equity" or the
       "Managing General Partner") pursuant to which NPI Equity was granted the
       right to vote 100 percent of the outstanding stock of FCMC and NPI Equity
       became the managing general partner of FRI. As a result, NPI Equity
       became responsible for the operation and management of the business and
       affairs of the Partnership and the other investment partnerships
       originally sponsored by FCMC and/or FRI. NPI Equity is a wholly-owned
       subsidiary of National Property Investors, Inc. ("NPI, Inc."). The
       shareholders of FCMC and the partners in FRI retain indirect economic
       interests in the Partnership and such other investment limited
       partnerships, but have ceased to be responsible for the operation and
       management of the Partnership and such other partnerships.

       On January 19, 1996, the stockholders of NPI, Inc. sold all of the issued
       and outstanding  stock of NPI, Inc. to an affiliate of Insignia Financial
       Group, Inc. ("Insignia") (see Note 10).

       Distributions

       Cash distributions to limited partners have been suspended since 1990.
       Cash generated from operations will continue to be used to make the
       required payments to the Promissory Note Holders and for working capital
       reserves.

       Use 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.



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

1.     ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       Fair Value of Financial Instruments

       In 1995, the Partnership implemented 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," which
       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 instrument 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 fair
       value due to the short term maturity of these instruments. The fair value
       of the Partnership's long term debt, after discounting the scheduled loan
       payments to maturity, approximates its carrying balance.

       Cash and Cash Equivalents

       The Partnership considers all highly liquid investments with an original
       maturity of three months or less at the time of purchase to be cash
       equivalents.

       Concentration of Credit Risk

       The Partnership maintains cash balances at institutions insured up to
       $100,000 by the Federal Deposit Insurance Corporation. Balances in excess
       of $100,000 are usually invested in money market accounts and repurchase
       agreements, which are collateralized by United States Treasury
       obligations. Cash balances exceeded these insured levels during the year.
       At December 31, 1995, the Partnership had approximately $1,900,000
       invested in overnight repurchase agreements, secured by United States
       Treasury obligations, which are included in cash and cash equivalents.

       Real Estate

       Real estate is stated at cost. Acquisition fees are capitalized as a cost
       of real estate. In 1995, the Partnership adopted SFAS No. 121,
       "Accounting for the Impairment of Long-Lived Assets and for Long-Lives
       Assets to be Disposed Of", which requires impairment losses to be
       recognized for long-lived assets used in operations when indicators of
       impairment are present and the undiscounted cash flows are not sufficient
       to recover the asset's carrying amount. The impairment loss is measured
       by comparing the fair value of the asset to its carrying amount. The

       adoption of the SFAS had no effect on the Partnership's financial
       statements.

       Depreciation

       Depreciation is computed by the straight-line method over estimated
       useful lives ranging from 27.5 to 39 years for buildings and improvements
       and six to seven years for furnishings.



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


1.     ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

       Deferred Sales Commissions and Organization Expenses

       Sales commissions and organization expenses related to the Pension
       Investor Notes ("Non-Recourse Promissory Notes", "Promissory Notes" or
       "Notes") are deferred and amortized by the straight-line method over the
       life of the Notes. As principal payments are made, a proportionate amount
       of the remaining deferred costs are expensed. At December 31, 1995 and
       1994, accumulated amortization of deferred sales commissions and
       organization expenses totaled $5,710,000 and $5,385,000, respectively.

       Deferred Leasing Commissions

       Leasing commissions are deferred and amortized over the lives of the
       related leases. Such amortization is charged to operating expense. At
       December 31, 1995 and 1994, accumulated amortization of deferred leasing
       commissions totaled $570,000 and $485,000, respectively.

       Net Loss Per Individual Investor Unit

       The net loss per individual  investor unit is computed by dividing the
       net loss allocated to the unit holders by 61,814 units outstanding.

       Income Taxes

       Taxable income or loss of the Partnership is reported in the income tax
       returns of its partners. Accordingly, no provision for income taxes is
       made in the financial statements of the Partnership.

2.     TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES

       In accordance with the Partnership Agreement, the Partnership may be
       charged by the general partner and affiliates for services provided to
       the Partnership. From March 1988 to December 1992, such amounts were
       assigned pursuant to a services agreement by the general partner and
       affiliates to Metric Realty Services, L.P. ("MRS"), which performed
       partnership management and other services for the Partnership.

       On January 1, 1993, Metric Management, Inc. ("MMI") successor to MRS, a
       company which is not affiliated with the general partner, commenced
       providing certain property and portfolio management services to the
       Partnership under a new services agreement. As provided in the new
       services agreement effective January 1, 1993, no reimbursements were made
       to the general partner and affiliates after December 31, 1992. Subsequent

       to December 31, 1992, reimbursements were made to MMI. On December 16,
       1993, the services agreement with MMI was modified and, as a result
       thereof, the Managing



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


2.     TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES (Continued)

       General Partner began directly providing cash management and other
       Partnership services on various dates commencing December 23, 1993. On
       March 1, 1994, an affiliate of the Managing General Partner commenced
       providing certain property management services (see Notes 1 and 10). In
       accordance with the partnership agreement, the general partner is
       entitled to receive a partnership management fee in an amount equal to 10
       percent of cash available for distribution. Related party expenses for
       the years ended December 31, 1995, 1994 and 1993 were as follows:

                                             1995         1994         1993
                                          ----------   ----------   ----------

       Partnership management fees        $   72,000   $   72,000   $   82,000
       Property management fees              138,000      109,000            -
       Real estate tax reduction fees          5,000            -            -
       Reimbursement of expenses:
          Partnership accounting 
            and investor services            174,000      132,000            -
          Professional services                    -        1,000            -
                                          ----------   ----------   ----------

       Total                              $  389,000   $  314,000   $   82,000
                                          ==========   ==========   ==========

       Property management fees and real estate tax reduction fees are included
       in operating expenses. Partnership management fees and reimbursed
       expenses are primarily included in general and administrative expenses.
       In addition, approximately $93,000 of insurance premiums, which were paid
       to an affiliate of NPI Inc., under a master insurance policy arranged by
       such affiliate, are included in operating expenses for the year ended
       December 31, 1995.

       In accordance with the partnership agreement, the general partner was
       allocated its two percent continuing interest in the Partnership's net
       loss and taxable loss. The general partner received two percent of total
       distributions including cash distributed to 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 1995, 1994 and 1993.


                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

3.     REAL ESTATE

       Real estate, at December 31, 1995 and 1994, is summarized as follows:

                                      Residential    Commercial
                                      Properties     Properties        Total
                                     ------------   ------------   ------------
       1995                         
       ----
       Land                          $  1,835,000   $  6,021,000   $  7,856,000
       Buildings and improvements      10,258,000     35,742,000     46,000,000
       Furnishings                        489,000        193,000        682,000
                                     ------------   ------------   ------------

            Total                      12,582,000     41,956,000     54,538,000

       Accumulated depreciation        (1,422,000)   (13,201,000)   (14,623,000)
       Allowance for impairment 
         of value                               -     (6,296,000)    (6,296,000)
                                     ------------   ------------   ------------

            Real estate, net         $ 11,160,000   $ 22,459,000   $ 33,619,000
                                     ============   ============   ============
       1994
       ----
       Land                          $  1,835,000   $  6,021,000   $  7,856,000
       Buildings and improvements      10,237,000     35,087,000     45,324,000
       Furnishings                        477,000        178,000        655,000
                                     ------------   ------------   ------------

            Total                      12,549,000     41,286,000     53,835,000

       Accumulated depreciation        (1,000,000)   (11,835,000)   (12,835,000)
       Allowance for impairment 
         of value                               -     (6,296,000)    (6,296,000)
                                     ------------   ------------   ------------ 

            Real estate, net         $ 11,549,000   $ 23,155,000   $ 34,704,000
                                     ============   ============   ============

4.     ALLOWANCE FOR IMPAIRMENT OF VALUE

       At December 31, 1995, the allowance for impairment of value was
       $6,296,000, consisting of $3,111,000 on Linpro Park I and $3,185,000 on
       Commonwealth Centre. Due to the current real estate market it is
       reasonably possible that the Partnership's estimate of fair value will
       change within the next year.


                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

5.     NON-RECOURSE PROMISSORY NOTES

       The Non-Recourse Promissory Notes are secured by a deed of trust on all
       properties owned by the Partnership.  The 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.  The Notes are due November 30, 1998. 
       In accordance with the Partnership Agreement and the Trust Indenture,
       upon the sale, repayment or other disposition of any Partnership 
       properties or Partnership mortgage loans, 98 percent of the resulting
       cash proceeds are first allocated to the payment of Promissory Notes
       until such Notes are repaid.  Note holders are also entitled to the 
       payment of residual interest after specified payments to the general
       partner and Individual Unit holders as set forth in the Trust
       Indenture.

6.     SIGNIFICANT TENANT AND MINIMUM FUTURE RENTAL REVENUES

       Rental revenue from one tenant at Linpro Park I was 13 percent, 17
       percent and 12 percent of total Partnership rental revenue in 1995, 1994
       and 1993, respectively. The tenant's leases are scheduled to expire in
       November 1996 and January 1997. The Partnership is currently negotiating
       an extension of these leases.

       Minimum future rental revenues from operating leases having
       non-cancelable lease terms in excess of one year at December 31, 1995,
       are as follows:

                  1996                          $ 3,788,000
                  1997                            2,372,000
                  1998                            1,715,000
                  1999                            1,081,000
                  2000                              700,000
               Thereafter                            69,000
                                                -----------

                  Total                         $ 9,725,000
                                                ===========


       Amortization of deferred leasing commissions totaled $195,000, $159,000
       and $172,000 for the years ended December 31, 1995, 1994 and 1993,
       respectively.



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


7.     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 obligors under this
       collateral pool agreement exercised their right to extend the maturity
       date of the deficiency certificates to December 31, 1997. It is
       anticipated that any payments made to the Partnership on account of its
       $1,250,000 face amount deficiency certificate will not be made, if at
       all, until such time. The amount the Partnership will ultimately receive
       under the certificate, which is subject to contingencies, is uncertain.
       Accordingly, the certificate will be recorded in the financial statements
       when payment is received.


8.     LEGAL PROCEEDINGS

       Adrian Charles Pastori, on his own behalf and for all others similarly 
       situated vs. Century  Properties  Fund XX et al., California Superior
       Court for County of San Diego, Case No. 673150.

       In January 1994, an investor in the Partnership filed a class action
       lawsuit for monetary damages in Superior Court of the County of San
       Diego, California against the Partnership, its general partner, Fox
       Partners III, the general partners of Fox Partners III, and others. The
       lawsuit alleges that the prospectus for the Partnership contained
       material misrepresentations and omissions. In April 1994, the Court
       granted defendants' motion to have the venue of the case transferred from
       San Diego County to San Francisco County. In July, the Court granted the
       defendants' motion to dismiss for failure to state a timely claim. The
       Court did, however, grant plaintiff leave to file an amended complaint.
       On January 20, 1995, the Court sustained the Partnership's motion that
       the plaintiff's case did not set forth the cause of action upon which
       relief could be granted and again granted the plaintiff leave to file an
       amended complaint. On June 21, 1995, the demurrer previously granted by
       the Court was overruled. The Partnership has filed its answer in the case
       and intends to vigorously defend this action. The ultimate outcome of the
       litigation cannot presently be determined, however, the Managing General
       Partner does not believe that the litigation will have a material adverse
       effect on the Partnership.


                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

9.     RECONCILIATION TO INCOME TAX METHOD OF ACCOUNTING

       The differences between the accrual method of accounting for income tax
       reporting and the accrual method of accounting used in the financial
       statements are as follows:

<TABLE>
<CAPTION>
                                                        1995               1994                1993
                                                   ------------       -------------        ------------
<S>                                                <C>                <C>                  <C>
       Net loss - financial statements             $ (1,589,000)      $  (2,355,000)       $ (2,329,000)

       Differences resulted from:
          Original issue discount                      (446,000)           (333,000)           (204,000)
          Depreciation                                 (383,000)           (507,000)           (495,000)
          Capitalized expenses                           42,000              27,000              27,000
          Provision for bad debts                             -               1,000              (6,000)
          Other                                         120,000             131,000              81,000
                                                   ------------       -------------        ------------

       Net loss - income tax method                $ (2,256,000)      $  (3,036,000)       $ (2,926,000)
                                                   ============       =============        ============ 

       Taxable loss per Individual 
        Investor Unit after giving
        effect to the allocation to 
        the general partner                        $        (36)      $         (48)       $        (46)
                                                   ============       =============        ============ 

       Partners' (deficit) - financial statements  $ (5,499,000)      $  (3,884,000)       $ (1,503,000)
       Differences resulted from:
          Sales commissions                           2,482,000           2,482,000           2,482,000
          Organization expenses                       2,069,000           2,069,000           2,069,000
          Original issue discount                     2,029,000           2,475,000           2,808,000
          Foreclosures of mortgage loans receivable     238,000             238,000             238,000
          Payments credited to rental property          280,000             280,000             280,000
          Acquisition costs expensed                    (34,000)            (34,000)            (34,000)
          Depreciation                               (5,736,000)         (5,353,000)         (4,846,000)
          Provision for impairment of value           6,296,000           6,296,000           6,296,000
          Capitalized expenses                          922,000             880,000             853,000
          Provision for bad debts                        21,000              21,000              20,000
          Other                                         118,000              (2,000)           (133,000)
                                                   ------------       -------------        ------------

       Partners' equity - income tax method        $  3,186,000       $   5,468,000        $  8,530,000
                                                   ============       =============        ============
</TABLE>


                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

                  YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993


10.    SUBSEQUENT EVENT

       On January 19, 1996, the stockholders of NPI, Inc. sold all of the issued
       and outstanding stock of NPI, Inc. to an affiliate of Insignia. As a
       result of the transaction, the Managing General Partner of the
       Partnership is controlled by Insignia. Insignia affiliates now provide
       property and asset management services to the Partnership, maintain its
       books and records and oversee its operations.



                           CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)


                    REAL ESTATE AND ACCUMULATED DEPRECIATION
                               DECEMBER 31, 1995
<TABLE>
<CAPTION>

     COLUMN             COLUMN      COLUMN             COLUMN              COLUMN            COLUMN    COLUMN  COLUMN   COLUMN
        A                  B           C                  D                   E                 F         G       H        I

                                                  Cost Capitalized       Gross Amount 
                                  Initial Cost      Subsequent to      at Which Carried
                                 to Partnership      Acquisition     at Close of Period(1)
                                 --------------      -----------     ---------------------
                                                                                              Accum-                      Life
                                                                                               lated                    on which
                                                                                             Deprecia-                  Deprecia-
                                         Build-                             Build-           tion and    Year            tion is
                                          ings                               ings            allowance   of     Date     computed
                         Encum-           and      Im-                        and           for impair-  Con-    of      in latest
                        brances         Improve-  prove-   Carrying         Improve-  Total  ment of    struc- Acqui-  statement of
Description               (5)    Land    ments    ments     Costs    Land    ments     (2)   value (3)   tion  sition   operations
-----------             -------  ------  -------  ------    -----   ------  -------  ------- --------    ----  ------   ----------
<S>                     <C>      <C>     <C>      <C>       <C>     <C>     <C>      <C>      <C>        <C>    <C>     <C> 
                                                          (Amounts in thousands)
Commonwealth Centre
   Dallas, Texas        $     -  $1,929  $ 6,300  $1,263    $ (55)  $1,929  $ 7,508  $ 9,437  $ 6,519    1980   10/84   6 to 39 yrs.
                                                                    
Crabtree Office Center
   Raleigh, North
   Carolina                   -     966    6,409     970      (32)     962    7,351    8,313    2,725    1983   12/84   6 to 39 yrs.

Linpro Park I
   Reston, Virginia           -   1,089    7,882   2,000        -    1,089    9,882   10,971    6,892    1982    3/85   6 to 39 yrs.
                                                                            
Metcalf 103 Office
 Park
   Overland Park,
   Kansas (6)                 -     810    1,565     511        -      810    2,076    2,886      412    1973    4/91   6 to 39 yrs.
                                                                                              
Highland Park
 Commerce Center -
 Phase I and The
 Goodyear and Digital
 Buildings
   Charlotte, North
   Carolina                   -   1,256    7,884   1,402     (193)   1,231    9,118   10,349    2,949    1986      (4)  6 to 39 yrs.
                                                       
Harbor Club Downs
   Palm Harbor,
   Florida (7)                -   1,416    6,864     484        -    1,416    7,348    8,764    1,000    1986    5/92   6 to 30 yrs.


The Corners Apartments,
 Spartanburg,
 South Carolina (8)           -     419    3,102     297        -      419    3,399    3,818      422    1974   11/92   6 to 30 yrs.
                        -------  ------  -------  ------    -----   ------  -------  -------  -------                               

TOTAL                   $     -  $7,885  $40,006  $6,927    $(280)  $7,856  $46,682  $54,538  $20,919
                        =======  ======  =======  ======    =====   ======  =======  =======  =======
</TABLE>
                            See accompanying notes.

                                                                   SCHEDULE III

                          CENTURY PROPERTIES FUND XX
                            (A Limited Partnership)

                   REAL ESTATE AND ACCUMULATED DEPRECIATION
                               DECEMBER 31, 1995


NOTES:

(1)  The aggregate cost for Federal income tax purposes is  $55,739,000.


(2)  Balance, January 1, 1993                                     $  52,345,000
     Improvements capitalized subsequent to acquisition                 898,000
                                                                  --------------
     Balance, December 31, 1993                                      53,243,000
     Improvements capitalized subsequent to acquisition                 592,000
                                                                  --------------
     Balance, December 31, 1994                                      53,835,000
     Improvements capitalized subsequent to acquisition                 703,000
                                                                  --------------
     Balance, December 31, 1995                                   $  54,538,000
                                                                  ==============

(3)  Balance, January 1, 1993                                     $  15,467,000
     Additions charged to expense                                     1,861,000
                                                                  --------------
     Balance, December 31, 1993                                      17,328,000
     Additions charged to expense                                     1,803,000
                                                                  --------------
     Balance, December 31, 1994                                      19,131,000
     Additions charged to expense                                     1,788,000
                                                                  --------------
     Balance, December 31, 1995                                   $  20,919,000
                                                                  ==============

(4)  Phase I and the two buildings were acquired as separate properties in
     November 1985 and February 1986.

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

(6)  The Partnership acquired control of this property in August 1990 and
     foreclosed on the property in April 1991.

(7)  The Partnership foreclosed on the property in May 1992.

(8)  The Partnership foreclosed on the property in November 1992.

Item 9.  Changes in and Disagreements with Accountants on Accounting
         and Financial Disclosures.


     Effective April 22, 1994, the Registrant dismissed its prior Independent
Auditors, Deloitte & Touche, LLP ("Deloitte") and retained as its new
Independent Auditors, Imowitz Koenig & Company, LLP. Deloitte's Independent
Auditors' Report on the Registrant's financial statements for the calendar year
ended December 31, 1993, did not contain an adverse opinion or a disclaimer of
opinion, and were not qualified or modified as to audit scope or accounting
principles. However, Deloitte's Independent Auditors' Report for the calendar
year ended December 31, 1993 was modified to emphasize that the Registrant is a
defendant in litigation alleging that the Registrant's prospectus contained
material misrepresentations and omissions; the financial statements did not
include any adjustments that might result from the outcome of this uncertainty.
The decision to change Independent Auditors was approved by the Managing General
Partner's Directors. During the calendar year ended 1993 and through April 22,
1994, there were no disagreements between the Registrant and Deloitte on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope of procedure which disagreements if not resolved to the
satisfaction of Deloitte, would have caused it to make reference to the subject
matter of the disagreements in connection with its reports.

     Effective April 22, 1994, the Registrant engaged Imowitz Koenig & Company,
LLP as its Independent Auditors. The Registrant did not consult Imowitz Koenig &
Company, LLP regarding any of the matters or events set forth in Item
304(a)(2)(i) and (ii) of Regulation S-K prior to April 22, 1994.


                                   PART III

Item 10.  Directors and Executive Officers of the Registrant.

     Neither the the Registrant nor Fox Partners III ("Fox"), the general
partner of the Registrant, has any officers or directors. Fox Capital Management
Corporation (the "Managing General Partner'), the managing general partner of
Fox, manages and controls substantially all of the Registrant's affairs and has
general responsibility and ultimate authority in all matters affecting its
business. NPI Equity Investments II, Inc., which controls the Managing General
Partner, is a wholly-owned affiliate of National Property Investors, Inc., which
in turn is owned by an affiliate of Insignia (See "Item 1, Business - Change in
Control"). Insignia is a full service real estate service organization
performing property management, commercial and retail leasing, investor
services, partnership administration, mortgage banking, and real estate
investment banking services for various entities. Insignia commenced operations
in December 1990 and is the largest manager of multifamily residential
properties in the United States and is a significant manager of commercial
property. It currently provides property and/or asset management services for
over 2,000 properties. Insignia's properties consist of approximately 300,000
units of multifamily residential housing and approximately 64 million square
feet of commercial space.

     As of March 1, 1996, the names and positions held by the officers and
directors of the Managing General Partner are as follows:

                                                         Has served as a
                                                         Director and/or
                                                         Officer of the Managing

Name                       Positions Held                General Partner since
----                       --------------                -----------------------
William H. Jarrard, Jr.    President and Director        January 1996

Ronald Uretta              Vice President and            January 1996
                              Treasurer

John K. Lines, Esquire     Vice President,               January 1996
                              Secretary and Director

Thomas R. Shuler           Director                      January 1996

Kelley M. Buechler         Assistant Secretary           January 1996

     William H. Jarrard, Jr., age 49, has been President and a Director of the
Managing General Partner since January 1996. Mr. Jarrard has been a Managing
Director - Partnership Administration of Insignia since January 1991.

     Ronald Uretta, age 40, has been Insignia's Chief Financial Officer and
Treasurer since January 1992. Since September 1990, Mr. Uretta has also served
as the Chief Financial Officer and Controller of Metropolitan Asset Group.

     John K. Lines, Esquire, age 36, has been a Director and Vice President and
Secretary of the Managing General Partner since January 1996, Insignia's General
Counsel since June 1994, and General Counsel and Secretary since July 1994. From
May 1993 until June 1994, Mr. Lines was the Assistant General Counsel and Vice
President of Ocwen Financial Corporation, West Palm Beach, Florida. From October
1991 until May 1993, Mr. Lines was a Senior Attorney with Banc One Corporation,
Columbus, Ohio. From May 1984 until October 1991, Mr. Lines was an attorney with
Squire Sanders & Dempsey, Columbus, Ohio.

     Thomas R. Shuler, age 50, has been Managing Director - Residential Property
Management of Insignia since March 1991 and Executive Managing Director of
Insignia and President of Insignia Management Services since July 1994.

     Kelley M. Buechler, age 38, has been Assistant Secretary of the Managing
General Partner since January 1996 and Assistant Secretary of Insignia since
1991.

     No family relationships exist among any of the officers or directors of the
Managing General Partner.

     Each director and officer of the Managing General Partner will hold office
until the next annual meeting of stockholders of the Managing General Partner
and until his successor is elected and qualified.

Item 11.  Executive Compensation.

     The  Registrant is not required to and did not pay any  compensation  to
the officers or directors of the Managing General Partner.  The  Managing 
General  Partner  does  not  presently  pay any  compensation  to any of its 
officers  or directors.  (See "Item 13, Certain Relationships and Related
Transactions.")


Item 12.  Security Ownership of Certain Beneficial Owners and
          Management.

     The the Registrant is a limited partnership and has no officers or
directors. The Managing General Partner, as managing general partner of Fox, has
discretionary control over most of the decisions made by or for the Registrant
in accordance with the terms of the Partnership Agreement. The directors and
officers of the Managing General Partner and its affiliates, as a group do not
own any of the Registrant's voting securities.

     There is no person known to the Registrant who owns beneficially or of
record more than five percent of the voting securities of the Registrant.

     There are no arrangements known to the Registrant, the operation of which
may, at a subsequent date, result in a change in control of the Registrant.

Item 13.  Certain Relationships and Related Transactions.

     In accordance with the Registrant's partnership agreement, the Registrant
may be charged by the general partner and affiliates for services provided to
the Registrant. On January 1, 1993, Metric Management, Inc. ("MMI"), 
a company which is not affiliated with the general partner, commenced
providing certain property and portfolio management services to the Registrant
under a new services agreement. As provided in the new services agreement
effective January 1, 1993, no reimbursements were made to the general partner
and affiliates after December 31, 1992. Subsequent to December 31, 1992,
reimbursements were made to MMI. On December 16, 1993, the services agreement
with MMI was modified and, as a result thereof, the Managing General Partner
began directly providing cash management and other Partnership services on
various dates commencing December 23, 1993. On March 1, 1994, an affiliate of
the Managing General Partner commenced providing certain property management
services. In accordance with the partnership agreement, the general partner is
entitled to receive a partnership management fee in an amount equal to 10
percent of cash available for distribution. Related party expenses for the years
ended December 31, 1995, 1994 and 1993 were as follows:

                                         1995          1994         1993
                                      ---------     ---------     ---------

  Partnership management fees         $  72,000     $  72,000     $  82,000
  Property management fees              138,000       109,000             -
  Real estate tax reduction fees          5,000             -             -
  Reimbursement of expenses:
    Partnership accounting and
      investor services                 174,000       132,000             -
    Professional services                     -         1,000             -
                                      ---------    ----------     ---------

  Total                               $ 389,000     $ 314,000     $  82,000
                                      =========     =========     =========

     Property management fees and real estate tax reduction fees are included in
operating expenses. Partnership management fees and reimbursed expenses are
primarily included in general and administrative expenses. In addition,

approximately $93,000 of insurance premiums, which were paid to an affiliate of
NPI, under a master insurance policy arranged by such affiliate, are included in
operating expenses for the year ended December 31, 1995.

     In accordance with the Registrant's partnership agreement, the general
partner was allocated its two percent continuing interest in the Registrant's
net loss and taxable loss. The general partner received two percent of total
distributions including cash distributed to Promissory Note holders. In
addition, the general partner is entitled to a Partnership management incentive
distribution, which together with the Registrant management fee cannot exceed
ten percent of cash available for distribution, as defined. No incentive
distributions were made in 1995, 1994 and 1993.


                                    PART IV

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form
          8-K.

(a)(1)(2) Financial Statements and Financial Statement Schedules:

                   See "Item 8" of this Form 10-K for Financial Statements of
                   the Registrant, Notes thereto, and Financial Statement
                   Schedules. (A Table of Contents to Financial Statements and
                   Financial Statement Schedules is included in "Item 8" and
                   incorporated herein by reference.)

(a) (3)   Exhibits:

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

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

          16.      Letter from the Registrant's former Independent Auditor dated
                   April 27, 1994, incorporated by reference to exhibit 10 to
                   the Registrant's Current Report on Form 8-K dated April 22,
                   1994.

(b)       Reports on Form 8-K:

                   None


                                  SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized this 28 day of March,
1996.


                          CENTURY PROPERTIES FUND XX

                               By:  FOX PARTNERS III
                                    Its General Partner

                               By:  FOX CAPITAL MANAGEMENT CORPORATION
                                    Its Managing General Partner

                                    By: William H. Jarrard, Jr.
                                        William H. Jarrard, Jr.
                                        President

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the and in
the capacities and on the date indicated.

/s/ William H. Jarrard, Jr.    President and           March 28, 1996
---------------------------                                           
William H. Jarrard, Jr.        Director

/s/ Ronald Uretta              Principal Financial     March 28, 1996
-----------------                                                     
Ronald Uretta                   Officer and Principal
                                Accounting Officer

/s/ John K. Lines              Director                March 28, 1996
-----------------                                                     
John K. Lines

                                 Exhibit Index

Exhibit                                                                   Page
-------                                                                   ----
2.       NPI, Inc. Stock Purchase Agreement                                (1)

3.4      Agreement of Limited Partnership                                  (2)

16       Letter from the Registrant's former Independent                   (3)
         Auditor dated April 27, 1994

--------------------------

(1)  Incorporated by reference to Exhibit 2 to the Registrant's Current Report
     on Form 8-K dated August 17, 1995.

(2)  Incorporated by reference to Exhibit A to the Prospectus of  the Registrant
     dated February 22, 1984, and November 8, 1984 contained in the Registrant's
     Registration Statement on Form S-11 (Reg. No. 88615)

(3)  Incorporated by reference to exhibit 10 to the Registrant's Current Report
     on Form 8-K dated April 22, 1994.