SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
         1934


                   For the fiscal year ended December 31, 2002

[ ]   TRANSITION REPORT UNDER 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
                 (Name of small business issuer in its charter)

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

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

                    Issuer's telephone number (864) 239-1000

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

                                      None

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

                     Units of Limited Partnership Interests
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___

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

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

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2002. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  The discussions of the  Registrant's
business  and  results  of  operations,   including  forward-looking  statements
pertaining to such matters,  do not take into account the effects of any changes
to the  Registrant's  business  and results of  operations.  Actual  results may
differ  materially  from those described in the  forward-looking  statements and
will  be  affected  by  a  variety  of  risks  and  factors  including,  without
limitation:  national and local economic  conditions;  the terms of governmental
regulations that affect the Registrant and interpretations of those regulations;
the competitive  environment in which the Registrant operates;  financing risks,
including the risk that cash flows from  operations may be  insufficient to meet
required  payments of  principal  and  interest;  real estate  risks,  including
variations  of real  estate  values and the  general  economic  climate in local
markets and competition for tenants in such markets; and possible  environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

Item 1.     Description of Business

General

Century  Properties Fund XX (the "Partnership" or "Registrant") was organized as
a limited  partnership under the Uniform Limited  Partnership laws of California
as of December 1983. The  Partnership's  general  partner is Fox Partners III, a
California general partnership. The general partners of Fox Partners III are Fox
Capital Management  Corporation  ("FCMC" or the "Managing General  Partner"),  a
California  corporation,  Fox Realty  Investors  ("FRI"),  a California  general
partnership, and Fox Partners 84, a California general partnership. The Managing
General Partner and NPI Equity Investments II Inc., the managing general partner
of  FRI,  are  subsidiaries  of  Apartment  Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

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

Beginning  in  February  1984  through  April  1985,  the  Partnership   offered
$35,000,000 in Individual  Investor Units and  $65,000,000 in Pension  Investors
Notes  ("Nonrecourse  Promissory  Notes" or "Notes"),  and sold  $30,907,000 and
$49,348,500,  respectively.  Since its initial offering, the Partnership has not
received,  nor are the limited  partners  required to make,  additional  capital
contributions.  The net  proceeds of this  offering  were used to purchase  four
income-producing  real  estate  properties  including  one  property  which  was
acquired in two phases,  and to fund seven mortgage loans totaling  $31,568,000.
The Partnership's  original property  portfolio was  geographically  diversified
with  properties  acquired and properties on which mortgage loans were funded in
seven states. The Partnership's acquisition and mortgage loan funding activities
were  completed in February  1986 and since then the  principal  activity of the
Partnership  has been managing its portfolio.  Two mortgage loans were repaid in
1989,  one was repaid in 1991, and another was satisfied in 1994. In April 1991,
the  Partnership  finalized  foreclosure  proceedings on Metcalf 103 Office Park
which secured a mortgage loan and during 1992 finalized foreclosure  proceedings
against the borrowers on two  additional  mortgage  loans (Harbor Club Downs and
The Corners Apartments).  The remaining mortgage loan was repaid in 1992. Two of
the commercial properties and two residential  properties were sold in 1999, two
commercial  properties and two residential  properties were sold in 2000 and the
last remaining  commercial  property was sold in 2001. See "Item 6. Management's
Discussion and Analysis or Plan of Operations"  for a description of the sale of
Highland Park Commerce Center.

At  December  31,  1999,  the  Partnership  adopted  the  liquidation  basis  of
accounting.  The Nonrecourse  Promissory Notes were in default due to nonpayment
upon maturity on November 30, 1998. The Managing  General Partner  contacted the
indenture  trustee for the Notes and certain holders of the Notes regarding this
default.  On October  28,  1999,  the  Partnership  entered  into a  forbearance
agreement  with the  indenture  trustee for a period of 390 days.  In turn,  the
Partnership  agreed to (a) deliver to the  indenture  trustee for the benefit of
the note holders all of the accumulated  cash of the  Partnership,  less certain
reserves and anticipated  operating  expenses,  (b) market all of its properties
for sale, (c) deliver all cash proceeds from any sales to the indenture  trustee
until  the  notes  are  fully  satisfied  and  (d)  comply  with  the  reporting
requirements  under the indenture.  At the expiration of the forbearance  period
the  Partnership had not sold all of its properties or satisfied the Nonrecourse
Promissory  Notes.  With the consent of the indenture  trustee,  the forbearance
period was extended to December 15, 2001.  Highland Park Commerce Center sold on
October 23, 2001 and the net sales  proceeds were paid to the indenture  trustee
to be applied to the amounts due the noteholders.  The sale of the Partnership's
remaining  asset did not  generate  sufficient  proceeds to pay off the Notes in
full. Upon the last payment on the Notes using the remaining cash on hand and in
the debt trustee escrow, the Partnership is expected to terminate.

The  Partnership has no employees.  Administrative  services are provided by the
Managing General Partner.

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

Item 2.     Description of Properties

At December 31, 2002, the Partnership had no investment properties.

Schedule of Partnership Indebtedness

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The Partnership has Nonrecourse  Promissory  Notes.  The Promissory
Notes bear  interest  at eight  percent  per  annum.  On  October  28,  1999 the
Partnership entered into a forbearance  agreement with the indenture trustee for
a period of 390 days.  In turn,  the  Partnership  agreed to (a)  deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the forbearance period the Partnership had not sold all of its
properties or satisfied the Nonrecourse  Promissory  Notes.  With the consent of
the indenture trustee, the forbearance period was extended to December 15, 2001.
Highland  Park  Commerce  Center  sold on  October  23,  2001 and the net  sales
proceeds were paid to the indenture trustee to be applied to the amounts due the
noteholders.  The sale of the  Partnership's  remaining  asset did not  generate
sufficient  proceeds to pay off the Notes in full.  Upon the last payment on the
Notes  using the  remaining  cash on hand and in the debt  trustee  escrow,  the
Partnership is expected to terminate.

Item 3.     Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the current trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its  entirety  through  November  7, 2002 so that the parties
could have an opportunity to discuss settlement.  On October 30, 2002, the court
entered an order extending the stay in effect through January 10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below. The Court
has  scheduled  the hearing on  preliminary  approval  for April 4, 2003 and the
hearing on final approval for June 2, 2003.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of  settlement)  and up to $ 1 million toward the cost
of independent  appraisals of the Partnerships'  properties by a Court appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
a tender offer to purchase all of the partnership  interests in the Partnerships
within one year of final  approval,  if it is granted,  and to provide  partners
with the  independent  appraisals  at the time of these  tenders.  The  proposed
settlement  also provides for the  limitation  of the allowable  costs which the
Managing  General  Partner or its  affiliates  will charge the  Partnerships  in
connection with this litigation and imposes limits on the class counsel fees and
costs in this  litigation.  If the  Court  grants  preliminary  approval  of the
proposed settlement in March, a notice will be distributed to partners providing
detail on the terms of the proposed settlement.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the  complaint.  Before  completing  briefing on the appeal,  the parties stayed
further proceedings in the appeal pending the Court's review of the terms of the
proposed settlement described above.

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

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

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

During the quarter ended December 31, 2002, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.

                                     PART II

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

The Partnership,  a publicly-held  limited partnership,  offered and sold 61,814
Individual  Investor  Units during its offering  period  through April 1985. The
Partnership  has 1,768  holders of record owning an aggregate of 61,814 Units as
of December 31, 2002.  An affiliate of the Managing  General  Partner owns 3,950
Units or 6.39% as of December 31, 2002.  AIMCO and it affiliates  also own 8,969
of the Notes  representing  9.09% of the outstanding Notes at December 31, 2002.
No public trading market has developed for the Units,  and it is not anticipated
that such a market will develop in the future.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended December 31, 2002 or 2001.

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

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

At  December  31,  1999,  the  Partnership  adopted  the  liquidation  basis  of
accounting.  The Nonrecourse  Promissory Notes were in default due to nonpayment
upon maturity on November 30, 1998. The Managing  General Partner  contacted the
indenture  trustee for the Notes and certain holders of the Notes regarding this
default.  On October  28,  1999,  the  Partnership  entered  into a  forbearance
agreement  with the  indenture  trustee for a period of 390 days.  In turn,  the
Partnership  agreed to (a) deliver to the  indenture  trustee for the benefit of
the note holders all of the accumulated  cash of the  Partnership,  less certain
reserves and anticipated  operating  expenses,  (b) market all of its properties
for sale, (c) deliver all cash proceeds from any sales to the indenture  trustee
until  the  notes  are  fully  satisfied  and  (d)  comply  with  the  reporting
requirements  under the indenture.  At the expiration of the forbearance  period
the  Partnership had not sold all of its properties or satisfied the Nonrecourse
Promissory  Notes.  With the consent of the indenture  trustee,  the forbearance
period was extended to December 15, 2001.  Highland Park Commerce Center sold on
October 23, 2001 and the net sales  proceeds were paid to the indenture  trustee
to be applied to the amounts due the noteholders.  The sale of the Partnership's
remaining  asset did not  generate  sufficient  proceeds to pay off the Notes in
full. Upon the last payment on the Notes using the remaining cash on hand and in
the debt trustee escrow, the Partnership is expected to terminate.  The Managing
General Partner expects to liquidate the Partnership by June 30, 2003.

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

During  the year  ended  December  31,  2002,  net  liabilities  in  liquidation
increased  by  approximately  $175,000.  This  increase was  primarily  due to a
decrease in cash and cash  equivalents  and an increase in the accrued  interest
payable on the non-recourse  promissory notes partially offset by an increase in
the debt trustee escrow and a decrease in the estimated  costs during the period
of liquidation.

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

Included in liabilities on the statement of net liabilities in liquidation as of
December 31, 2002 is  approximately  $75,000 of costs,  net of income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by June 30, 2003. Because the success in realization of assets and the
settlement  of  liabilities  is based on the  Managing  General  Partner's  best
estimates,  the  liquidation  period may be shorter than  projected or it may be
extended beyond the projected period.

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

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended December 31, 2002 and 2001.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership, AIMCO and its affiliates own 3,950 limited partnership units
in the Partnership  representing  6.39% of the outstanding units at December 31,
2002. AIMCO and its affiliates also own 8,969 of the Notes representing 9.09% of
the outstanding Notes at December 31, 2002.

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

Item 7.     Financial Statements

CENTURY PROPERTIES FUND XX

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young, LLP, Independent Auditors

      Statement of Net Liabilities in Liquidation - December 31, 2002

      Statements of Changes in Net  Liabilities in Liquidation  for the years
        ended December 31, 2002 and 2001

      Notes to Financial Statements

9


                     Report of Ernst & Young LLP, Independent Auditors



The Partners
Century Properties Fund XX


We have audited the accompanying  statement of net liabilities in liquidation of
Century Properties Fund XX as of December 31, 2002 and the related statements of
changes  in net  liabilities  in  liquidation  for each of the two  years in the
period  ended   December  31,  2002.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the net liabilities in liquidation of Century Properties
Fund XX at December 31, 2002 and the changes in net  liabilities  in liquidation
for each of the two years in the period ended  December 31, 2002,  in conformity
with accounting  principles  generally  accepted in the United States applied on
the basis of accounting described in Note A to the financial statements.


                                                            /s/Ernst & Young LLP


Greenville, South Carolina
March 20, 2003

                           CENTURY PROPERTIES FUND XX

                   STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                 (in thousands)

                                December 31, 2002

<TABLE>
<CAPTION>


Assets
<S>                                                                           <C>
   Cash and cash equivalents                                                  $ 46
   Receivables and deposits                                                      13
   Debt trustee escrow                                                          807

                                                                                866
Liabilities
   Other liabilities                                                             84
   Nonrecourse promissory notes (Note A)                                      1,657
   Estimated costs during the period of liquidation                              75

                                                                              1,816

Net liabilities in liquidation                                               $ (950)

                       See Accompanying Notes to Financial Statements
</TABLE>

                           CENTURY PROPERTIES FUND XX

                  STATEMENTS OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                 (in thousands)


<TABLE>
<CAPTION>

                                                                For the Years Ended
                                                                    December 31,
                                                                 2002          2001

<S>                                                             <C>          <C>
Net liabilities in liquidation at beginning of period           $ (775)      $ (1,154)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                           (634)         (556)
   Decrease in receivables and deposits                              --           (68)
   Increase (decrease) in debt trustee escrow                       477          (797)
   Decrease in investment properties                                 --        (4,810)
   Decrease in accounts payable                                      --            50
   Decrease in tenant security deposit payable                       --            31
   Decrease in accrued property taxes                                --            89
   Decrease in other liabilities                                      7            15
   (Increase) decrease in Nonrecourse Promissory Notes
     and interest                                                   (76)        6,551
   Decrease (increase) in estimated costs during the
     period of liquidation                                           51          (126)

Net liabilities in liquidation at end of period                 $ (950)       $ (775)

                       See Accompanying Notes to Financial Statements
</TABLE>

                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2002


Note A - Basis of Presentation

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

The  Partnership's  Nonrecourse  Promissory Notes (the "Notes") of approximately
$49,323,000 in principal and accrued  interest were in default due to nonpayment
upon maturity on November 30, 1998.  The Notes are secured by a deed of trust on
all properties owned by the  Partnership.  The Promissory Notes bear interest at
eight  percent per annum.  Fox  Capital  Management  Corporation  ("FCMC" or the
"Managing General Partner")  previously  contacted the indenture trustee for the
Notes and certain  holders of the Notes  regarding this default.  On October 28,
1999 the  Partnership  entered into a forbearance  agreement  with the indenture
trustee for a period of 390 days. In turn, the Partnership agreed to (a) deliver
to the  indenture  trustee  for  the  benefit  of the  note  holders  all of the
accumulated  cash of the  Partnership,  less certain  reserves  and  anticipated
operating  expenses,  (b) market all of its properties for sale, (c) deliver all
cash proceeds from any sales to the indenture  trustee until the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the forbearance period the Partnership had not sold all of its
properties or satisfied the Nonrecourse  Promissory  Notes.  With the consent of
the indenture trustee, the forbearance period was extended to December 15, 2001.
Highland  Park  Commerce  Center  sold on  October  23,  2001 and the net  sales
proceeds were paid to the indenture trustee to be applied to the amounts due the
noteholders.  The sale of the  Partnership's  remaining  asset did not  generate
sufficient  proceeds to pay off the Notes in full.  Upon the last payment on the
Notes  using the  remaining  cash on hand and in the debt  trustee  escrow,  the
Partnership is expected to terminate.

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

Included in liabilities on the statement of net liabilities in liquidation as of
December 31, 2002 is  approximately  $75,000 of costs,  net of income,  that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by June 30, 2003. Because the success in realization of assets and the
settlement  of  liabilities  is based on the  Managing  General  Partner's  best
estimates,  the  liquidation  period may be shorter than  projected or it may be
extended beyond the projected period.

Note B - Organization and Significant Accounting Policies

Organization:   The   Partnership   was  organized  under  the  Uniform  Limited
Partnership  Laws  of  California  as of  December  1983.  The  general  partner
responsible for management of the Partnership's business is Fox Partner III (the
"General  Partner").  The  general  partners  of Fox  Partners  III are FCMC,  a
California  corporation,  Fox Realty  Investors  ("FRI"),  a California  general
partnership, and Fox Partners 84, a California general partnership. The Managing
General  Partner and NPI Equity  Investments  II,  Inc.,  the  managing  general
partner of FRI, are subsidiaries of Apartment  Investment And Management Company
("AIMCO"),  a publicly traded real estate  investment  trust.  The directors and
officers of the Managing  General  Partner  also serve as executive  officers of
AIMCO.

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

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

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

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

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

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also established  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.

Use of Estimates:  The  preparation of financial  statements in conformity  with
accounting  principles  generally  accepted  in  the  United  States,   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.

Note C - Income Taxes

Taxable income or loss of the  Partnership is reported in the income tax returns
of its partners. The taxable loss of the Partnership for the year ended December
31, 2002 is approximately  $66,000 ($1.05 per limited  partnership unit) and the
taxable income for the year ended December 31, 2001 is approximately  $1,262,000
($20.42 per limited partnership unit).

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

                                                    2002
Net liabilities in liquidation                     $ (950)
   Syndication costs                                 4,551
   Other                                               302
Net assets - Federal tax basis                     $ 3,903

Note D - Transactions with Affiliated Parties

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

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $19,000 and $106,000 for the
years ended December 31, 2002 and 2001, respectively.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent  continuing  interest in the Partnership's net loss. The general
partner received two percent of total  distributions  including cash paid to the
Promissory  Note  holders.  In  addition,  the general  partner is entitled to a
partnership   management  incentive   distribution,   which  together  with  the
partnership  management  fee cannot  exceed ten  percent of cash  available  for
distribution, as defined. No incentive distributions were made in 2002 or 2001.

During 2001, the Partnership insured its remaining property up to certain limits
through coverage provided by AIMCO which is generally self-insured for a portion
of losses and liabilities related to workers compensation, property casualty and
vehicle liability.  The Partnership  insured its property above the AIMCO limits
through insurance policies obtained by AIMCO from insurers unaffiliated with the
Managing  General  Partner.  During  the  year  ended  December  31,  2001,  the
Partnership  paid AIMCO and its  affiliates  approximately  $6,000 for insurance
coverage and fees  associated  with policy claims  administration.  No such fees
were paid in 2002.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership, AIMCO and its affiliates own 3,950 limited partnership units
in the Partnership  representing  6.39% of the outstanding units at December 31,
2002. AIMCO and its affiliates also own 8,969 of the Notes representing 9.09% of
the outstanding Notes at December 31, 2002.

Note E - Sales of Investment Properties

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

Note F - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further  briefing,  as ordered by the court, was submitted by the parties.
On July 10, 2002,  the Court entered an order vacating the current trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its  entirety  through  November  7, 2002 so that the parties
could have an opportunity to discuss settlement.  On October 30, 2002, the court
entered an order extending the stay in effect through January 10, 2003.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below. The Court
has  scheduled  the hearing on  preliminary  approval  for April 4, 2003 and the
hearing on final approval for June 2, 2003.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of  settlement)  and up to $ 1 million toward the cost
of independent  appraisals of the Partnerships'  properties by a Court appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
a tender offer to purchase all of the partnership  interests in the Partnerships
within one year of final  approval,  if it is granted,  and to provide  partners
with the  independent  appraisals  at the time of these  tenders.  The  proposed
settlement  also provides for the  limitation  of the allowable  costs which the
Managing  General  Partner or its  affiliates  will charge the  Partnerships  in
connection with this litigation and imposes limits on the class counsel fees and
costs in this  litigation.  If the  Court  grants  preliminary  approval  of the
proposed settlement in March, a notice will be distributed to partners providing
detail on the terms of the proposed settlement.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the  complaint.  Before  completing  briefing on the appeal,  the parties stayed
further proceedings in the appeal pending the Court's review of the terms of the
proposed settlement described above.

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

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


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

            None.


                                    PART III

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

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

Name                        Age    Position

Patrick J. Foye              45    Executive Vice President and Director

Paul J. McAuliffe            46    Executive Vice President and Chief
                                     Financial Officer

Thomas C. Novosel            44    Senior Vice President and Chief Accounting
                                     Officer

Patrick J. Foye has been  Executive  Vice President and Director of the Managing
General  Partner  since October 1, 1998.  Mr. Foye has served as Executive  Vice
President  of AIMCO  since  May 1998,  where he is  responsible  for  continuous
improvement,  acquisitions of partnership securities,  consolidation of minority
interests,  and corporate and other  acquisitions.  Prior to joining AIMCO,  Mr.
Foye was a Merger and  Acquisitions  Partner in the law firm of  Skadden,  Arps,
Slate, Meagher & Flom LLP from 1989 to 1998.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing General Partner since April 1, 2002. Mr. McAuliffe has served as
Executive  Vice  President  of AIMCO  since  February  1999 and Chief  Financial
Officer of AIMCO since  October 1999.  From May 1996 until he joined AIMCO,  Mr.
McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas C. Novosel has been Senior Vice President and Chief Accounting Officer of
the Managing  General  Partner  since April 1, 2002.  Mr.  Novosel has served as
Senior Vice  President and Chief  Accounting  Officer of AIMCO since April 2000.
From October 1993 until he joined  AIMCO,  Mr.  Novosel was a partner at Ernst &
Young LLP, where he served as the director of real estate advisory  services for
the  southern  Ohio  Valley  area  offices  but did not work on any  assignments
related to AIMCO or the Partnership.

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

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

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

The executive  officers and director of the Managing  General Partner  discussed
with the  Partnership's  independent  auditors  the overall  scope and plans for
their audit. In reliance on the reviews and discussions  referred to above,  the
executive  officers and director of the Managing  General  Partner have approved
the  inclusion of the audited  financial  statements  in the Form 10-KSB for the
year  ended  December  31,  2002 for filing  with the  Securities  and  Exchange
Commission.

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2003. Fees for
2002 were  audit  services  of  approximately  $22,000  and  non-audit  services
(principally tax-related) of approximately $8,000.

Item 10.    Executive Compensation

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

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 2002.

Entity                               Number of Units         Percentage

Insignia Properties, LP                      10                 0.02%
  (an affiliate of AIMCO)
AIMCO Properties, LP                      3,940                 6.37%
  (an affiliate of AIMCO)
Independent Life & Accident               3,180                 5.14%
  (unrelated party)

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

AIMCO Properties,  LP is indirectly ultimately controlled by AIMCO. Its business
address is 4582 S. Ulster St. Parkway, Suite 1100, Denver, Colorado 80237.

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

Item 12.    Certain Relationships and Related Transactions

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

Affiliates of the Managing General Partner received reimbursement of accountable
administrative  expenses amounting to approximately $19,000 and $106,000 for the
years ended December 31, 2002 and 2001, respectively.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent  continuing  interest in the Partnership's net loss. The general
partner received two percent of total  distributions  including cash paid to the
Promissory  Note  holders.  In  addition,  the general  partner is entitled to a
partnership   management  incentive   distribution,   which  together  with  the
partnership  management  fee cannot  exceed ten  percent of cash  available  for
distribution, as defined. No incentive distributions were made in 2002 or 2001.

During 2001, the Partnership insured its remaining property up to certain limits
through coverage provided by AIMCO which is generally self-insured for a portion
of losses and liabilities related to workers compensation, property casualty and
vehicle liability.  The Partnership  insured its property above the AIMCO limits
through insurance policies obtained by AIMCO from insurers unaffiliated with the
Managing  General  Partner.  During  the  year  ended  December  31,  2001,  the
Partnership  paid AIMCO and its  affiliates  approximately  $6,000 for insurance
coverage and fees  associated  with policy claims  administration.  No such fees
were paid in 2002.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates  owned 3,950 limited  partnership
units in the Partnership representing 6.39% of the outstanding units at December
31, 2002.  AIMCO and its affiliates  also owned 8,969 of the Notes  representing
9.09% of the outstanding Notes at December 31, 2002.


Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            See Exhibit Index attached.

      (b) Reports on Form 8-K filed in the fourth quarter of calendar year 2002:

            None.

Item 14.    Controls and Procedures

The principal  executive officer and principal financial officer of the Managing
General Partner, who are the equivalent of the Partnership's principal executive
officer and principal financial officer,  respectively,  have, within 90 days of
the filing  date of this  annual  report,  evaluated  the  effectiveness  of the
Partnership's  disclosure  controls and  procedures  (as defined in Exchange Act
Rules 13a-14(c) and 15d-14(c)) and have determined that such disclosure controls
and  procedures  are  adequate.  There have been no  significant  changes in the
Partnership's  internal  controls or in other  factors that could  significantly
affect the  Partnership's  internal  controls since the date of evaluation.  The
Partnership does not believe any significant deficiencies or material weaknesses
exist in the Partnership's internal controls. Accordingly, no corrective actions
have been taken.

                                   SIGNATURES

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


                                    CENTURY PROPERTIES FUND XX


                                    By:   FOX PARTNERS III,
                                          Its General Partner


                                    By:   FOX CAPITAL MANAGEMENT CORPORATION,
                                          Its Managing General Partner


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


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                   Date:  March 31, 2003


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


/s/Patrick J. Foye      Executive Vice President      Date: March 31, 2003
Patrick J. Foye         and Director


/s/Thomas C. Novosel    Senior Vice President         Date: March 31, 2003
Thomas C. Novosel       and Chief Accounting Officer

                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have reviewed this annual report on Form 10-KSB of Century  Properties Fund
XX;


2.  Based on my  knowledge,  this  annual  report  does not  contain  any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made,  not  misleading  with  respect to the period  covered by this annual
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this annual report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities,  particularly  during the period in which this annual  report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      annual report (the "Evaluation Date"); and


      c) Presented in this annual report our conclusions about the effectiveness
      of the disclosure  controls and  procedures  based on our evaluation as of
      the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


Date:  March 31, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive  Vice  President  of  Fox  Capital
                                    Management  Corporation,  equivalent  of the
                                    chief executive officer of the Partnership

                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have reviewed this annual report on Form 10-KSB of Century  Properties Fund
XX;


2.  Based on my  knowledge,  this  annual  report  does not  contain  any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made,  not  misleading  with  respect to the period  covered by this annual
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this annual report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


      a)  Designed  such  disclosure  controls  and  procedures  to ensure  that
      material   information   relating  to  the   registrant,   including   its
      consolidated  subsidiaries,  is made  known to us by others  within  those
      entities,  particularly  during the period in which this annual  report is
      being prepared;


      b) Evaluated the effectiveness of the registrant's disclosure controls and
      procedures  as of a date  within 90 days prior to the filing  date of this
      annual report (the "Evaluation Date"); and


      c) Presented in this annual report our conclusions about the effectiveness
      of the disclosure  controls and  procedures  based on our evaluation as of
      the Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):


      a) All  significant  deficiencies  in the design or  operation of internal
      controls which could adversely affect the registrant's  ability to record,
      process,  summarize and report  financial data and have identified for the
      registrant's auditors any material weaknesses in internal controls; and


      b) Any fraud,  whether or not material,  that involves management or other
      employees  who  have  a  significant  role  in the  registrant's  internal
      controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
annual report whether or not there were significant changes in internal controls
or in other factors that could significantly affect internal controls subsequent
to the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


Date:  March 31, 2003

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer of Fox Capital  Management
                                    Corporation, equivalent of the chief
                                    financial officer of the Partnership

                                  EXHIBIT INDEX



Exhibit

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


99   Certification of Chief Executive Officer and Chief Financial Officer.

Exhibit 99


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Annual Report on Form 10-KSB of Century  Properties Fund
XX (the  "Partnership"),  for the year ended December 31, 2002 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), Patrick J.
Foye, as the equivalent of the Chief Executive  Officer of the Partnership,  and
Paul J.  McAuliffe,  as the  equivalent  of the Chief  Financial  Officer of the
Partnership,  each hereby  certifies,  pursuant to 18 U.S.C.  Section  1350,  as
adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, that, to the
best of his knowledge:

(1)  The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

(2)  The information  contained in the Report fairly  presents,  in all material
     respects,  the  financial  condition  and  results  of  operations  of  the
     Partnership.


                                    /s/Patrick J. Foye
                              Name: Patrick J. Foye
                              Date: March 31, 2003


                                    /s/Paul J. McAuliffe
                              Name: Paul J. McAuliffe
                              Date: March 31, 2003


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.