U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-KSB

(Mark One)
X  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF
   1934 [FEE REQUIRED]

                   For the fiscal year ended December 31, 1995

   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
   1934 [NO FEE REQUIRED]

For the transition period from         to                                       

                         Commission file number 0-14248
                                        
                             ANGELES PARTNERS XIV

      California                                              95-3959771
(State or other jurisdiction of
incorporation or organization)              (I.R.S. Employer Identification No.)

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

                   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:

                            Limited Partnership Units

                                (Title of class)

   Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X  No  

   Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of 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 revenues for its most recent fiscal year. $8,022,914

   State the aggregate market value of the voting stock held by nonaffiliates of
the Registrant.  The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specific date within the past 60 days.  Market value
information for Registrant's Partnership Interests is not available.  Should a
trading market develop for these Units, it is the Managing General Partner's
belief that such trading would not exceed $25,000,000.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None
                                                                                
                                     PART I


Item 1.  Description of Business


   Angeles Partners XIV (the "Partnership") is a publicly-held limited
partnership organized under the California Uniform Limited Partnership Act
pursuant to a Certificate and Agreement of Limited Partnership dated June 29,
1984, as amended (the "Agreement"). The Partnership's Managing General Partner
is  Angeles Realty Corporation II (the "Managing General Partner"), a California
corporation. The Partnership's Non-Managing General Partner is ARCII/AREMCO
Partners, Ltd.  ARC II and ARCII/AREMCO Partners, Ltd. are herein collectively
referred to as the "General Partners". 

   The Partnership, through its public offering of Limited Partnership Units,
sold 44,390 units aggregating $44,390,000. The Managing General Partner
contributed capital in the amount of $1,000 for a 1% interest in the
Partnership.  The Partnership was formed for the purpose of acquiring fee
interests in various types of real property.  The Managing General Partner
intends to maximize the operating results and, ultimately, the net realizable
value of each of the Partnership's properties in order to achieve the best
possible return for the investors.  Such results may best be achieved through
property sales, refinancings, debt restructurings or relinquishment of the
assets.  The Partnership intends to evaluate each of its holdings periodically
to determine the most appropriate strategy for each of the assets.

   The Partnership has no full time employees.  The Managing General Partner is
vested with full authority as to the general management and supervision of the
business and affairs of the Partnership.  Limited Partners have no right to
participate in the management or conduct of such business and affairs.  Insignia
Management Group, L.P. provides property management services to each of the
Partnership's investment properties, with the exception of Dayton Industrial
Complex, which is property managed by a third party.

   The business in which the Partnership is engaged is highly competitive, and
the Partnership is not a significant factor in its industry.  Each of its
apartment and commercial properties is located in or near a major urban area
and, accordingly, competes for rentals not only with similar apartment and
commercial properties in its immediate area but with hundreds of similar
apartment and commercial properties throughout the urban area.  Such competition
is primarily on the basis of location, rents, services and amenities.  In
addition, the Partnership 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.



Item 2. Description of Properties

        The following table sets forth the Registrant's investments in
properties:

<TABLE>
<CAPTION>

                       Date of   
    Property          Purchase      Type of Ownership            Use
<S>                  <C>        <C>                           <C>
 Waterford Square     05/31/85   Fee ownership subject to a    Residential Rental 
   Apartments                    first mortgage                487 units
                                 
 Fox Crest            06/30/85   Fee ownership subject to a    Residential Rental
   Apartments                    first and second mortgage     244 units
                                 
 Dayton Industrial    12/20/85   Fee ownership subject to      Commercial Rental
   Complex (1)                   first, second and third       586,395 sq. ft.
                                 mortgages
<FN>
(1)  During 1995 and 1994, the Partnership disposed of the following buildings
     of the Dayton Industrial Complex; Building 47 was sold on August 31, 1995,
     Building 54 was sold on December 28, 1994, Building 57 was lost through
     foreclosure on June 18, 1994, and Buildings 64 and 66 were sold on February
     18, 1994.
</TABLE>


Schedule of Properties:

<TABLE>
<CAPTION>
                                  Gross                                 
                                Carrying     Accumulated                       Federal
 Property                         Value    Depreciation      Rate    Method    Tax Basis
<S>                          <C>           <C>            <C>         <C>   <C>     
 Waterford Square Apartments  $16,784,878   $ 8,695,396    5-20 yrs   (1)    $ 7,382,841
 Fox Crest Apartments           9,253,301     4,905,789    5-20 yrs   (1)      3,785,474
 Dayton Industrial                                                                      
   Complex                     26,869,780    13,342,954    5-20 yrs   S/L     14,448,434
                                                                                       
                              $52,907,959   $26,944,139                      $25,616,749
<FN>
(1) S/L and accelerated 

</TABLE>

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

Schedule of Mortgages:

<TABLE>
<CAPTION>

                         Principal                                        Principal
                         Balance At                                        Balance
                        December 31,   Interest    Period     Maturity     Due At
 Property                   1995         Rate     Amortized     Date      Maturity 
<S>                    <C>             <C>        <C>         <C>       <C>                          
 Waterford Square                                                                  
   Apartments                                                                      
   1st mortgage         $11,830,899     9.50%      35 yrs      08/2024   $   99,518
 Fox Crest                                                                         
   Apartments                                                                      
   1st mortgage,                                                                   
      in default          6,558,026     10.25%      5 yrs      08/1994    6,558,026
 Dayton Industrial                                                                 
   Complex                                                                         
   Note payable (8)         306,904     10.00%       (3)       03/2002      306,904
   3rd mortgage           1,364,037     10.00%       (3)       03/2002    1,364,037
 Building 41                                                                       
   1st mortgage           1,253,064     10.50%     30 yrs      09/2007       15,381
   2nd mortgage           2,214,419     10.00%       (2)       12/1997    2,214,419
 Building 45                                                                       
   1st mortgage,                                                                   
      in default          1,045,104     9.375%     28 yrs      12/1995    1,045,104
   2nd mortgage           2,377,515     10.00%       (2)       12/1997    2,377,515
 Building 52                                                                       
   1st mortgage,          1,041,575     11.25%     32 yrs      12/1995    1,041,575
   2nd mortgage             855,869     10.00%       (2)       12/1997      855,869
 Building 53                                                                       
   1st mortgage,                                                                   
      in default          1,083,978     10.00%     27 yrs      03/2007       11,609
   2nd mortgage           1,369,355     10.00%       (2)       12/1997    1,369,355
 Building 55                                                                       
   Mortgage               2,081,425     10.00%       (2)       12/1997    2,081,425
 Building 59/63                                                                    
   1st mortgage           4,543,680     10.00%       (4)       05/1998    4,543,680
   2nd mortgage             563,606     10.00%       (2)       12/1997      563,606
 Angeles Partners XIV                                                              
   Working capital                                                                 
      loan (7)            1,281,131      (5)         (1)       11/1997    1,281,131
   Working capital                                                                 
      loan (7)            3,295,362      (5)         (1)       11/1997    3,295,362
   Note payable,                                                                   
      in default (6)      1,175,000     12.50%       (1)       03/1996    1,175,000
   Note payable,                                                                   
      in default (6)        325,000     12.00%       (1)       12/1995      325,000
   Note payable,                                                                   
      in default (6)      3,000,000     12.50%       (1)       12/1995    3,000,000
                                                                                  
                         47,565,949                                                
 Less unamortized                                                                  
   discount                (124,446)                                               
      Total             $47,441,503                                     $33,524,516

<FN>
(1)  Interest only payments until maturity.
(2)  Second mortgage interest payments are subject to sufficient operating cash
     flows.  In the event operating cash flows are not sufficient for payments,
     accrued interest is added to principal.
(3)  Principal and interest payments, which are secured by all of the buildings,
     are deferred until all necessary repairs, expenses and other arrearages
     have been fully funded and anticipated income from the properties appears
     sufficient so that all operating expenses, real estate taxes and debt
     service can continue to be paid timely.
(4)  Monthly payments of interest at the stated rate plus excess cash flow as
     defined.  Fifty percent of the additional payment is applied to the
     principal balance and 50% is additional interest.
(5)  Interest accrues at prime plus 2%; payments are made based on excess cash
     flow as defined.
(6)  Payable to Angeles Mortgage Investment Trust.
(7)  Payable to Angeles Acceptance Pool, L.P.
(8)  The note is subordinate to all other mortgage debt on Dayton Industrial
     Complex.
</TABLE>


Average annual rental rates and occupancy for 1995 and 1994 for each property:

<TABLE>
<CAPTION>

                                         Average Annual            Average Annual
                                          Rental Rates                Occupancy  
 Property                            1995             1994           1995    1994
<S>                              <C>             <C>                <C>      <C>      
 Waterford Square Apartments (1)  $5,772/unit     $5,895/unit        87%      84%
 Fox Crest Apartments              7,229/unit      7,132/unit        96%      95%
 Dayton Industrial Complex (2)      5.74/sq.ft.     6.21/sq.ft.      86%      90%

<FN>
(1)   This investment property has been adversely affected by lay-offs in the
      aerospace and defense industries, which are both major employers in the
      area.

(2)   This investment property has been adversely affected by the build-up of
      commercial space in the area.

</TABLE>

      As noted under "Item 1. Description of Business," the real estate industry
is highly competitive.  All of the properties of the Partnership are subject to
competition from other residential apartment complexes and commercial buildings
in the area.  The Managing General Partner believes that all of the properties
are adequately insured.  The multi-family residential properties' lease terms
are for one year or less.  No residential tenant leases 10% or more of the
available rental space.

Real estate taxes and rates in 1995 for each property were:

                                             1995            1995
                                           Billing           Rate
                                                  
 Waterford Square Apartments             $  137,748         5.80%
 Fox Crest Apartments                       160,272         7.97%
 Dayton Industrial Complex                  218,977         5.46%

The following schedule reflects information on tenants occupying 10% or more of
the leasable square footage for the Dayton Industrial Complex:

                         Square Footage     Annual Rent
 Nature of Business          Leased       Per Square Foot   Lease Expiration
                                                 
 Woodwork equipment                              
  manufacturer              115,000           $ 3.34            08/31/99
 Computer software          113,897            14.68            07/31/96


   The following schedule shows lease expirations for the commercial property,
Dayton Industrial Complex, for 1996 and thereafter:

                          Number of                               % of Gross
                         Expirations  Square Feet   Annual Rent  Annual Rent
                                                              
          1996                13          181,527   $2,005,484      54.32%
          1997                4            39,652      171,922       4.66%
          1998                4            68,254      331,867       8.99%
          1999                2           116,444      402,872      10.91%
          2000                2             3,168       38,938       1.05%

The Managing General Partner is currently in negotiations to renew leases that
are expiring and to attract new tenants to the property.  However, the outcome
of such negotiations can not be presently determined.


Item 3. Legal Proceedings

   On December 11, 1995, Angeles Mortgage Investement Trust ("AMIT"), filed a 
breach of contract action with respect to a $1,300,000 (original face amount)
promissory note issued by it on April 1,1991, to the Partnership.  The 
Partnership defaulted on its repayment obligations in June 1993, whereupon the
property which secured the note was foreclosed upon.  A default judgement in 
the amount of $1,774,558 has been sought as a result of this action.  
Subsequently, however, negociations have resulted in a tentative agreement to 
resolve this matter.  Such agreement is expected to be executed during the first
six months of 1996.  

  MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1 Class
A Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT.  These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote). 
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted
its shares at the 1995 annual meeting in connection with the election of
trustees and other matters.  MAE GP has not exerted, and continues to decline to
exert, any management control over or participate in the management of AMIT. 
MAE GP may choose to vote these shares as it deems appropriate in the future. 
In addition, Liquidity Assistance, LLC, ("LAC"), an affiliate of the Managing
General Partner and an affiliate of Insignia Financial Group, Inc., which
provides property management and partnership administration services to the
Partnership, owns 63,200 Class A Shares of AMIT.  These Class A Shares entitle
LAC to vote approximately 1.5% of the total shares.

   As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT
an option to acquire the Class B shares owned by it.  This option can be
exercised at the end of 10 years or when all loans made by AMIT to partnerships
affiliated with MAE GP as of November 9, 1994, (which is the date of execution
of a definitive Settlement Agreement), have been paid in full, but in no event
prior to November 9, 1997.  AMIT delivered to MAE GP cash in the sum of $250,000
at closing, which occurred on April 14, 1995, as payment for the option.  Upon
exercise of the option, AMIT will remit to MAE GP an additional $94,000.

   Simultaneously with the execution of the option, MAE GP executed an
irrevocable proxy in favor of AMIT the result of which is MAE GP will be able to
vote the Class B Shares on all matters except those involving transactions
between AMIT and MAE GP affiliated borrowers or the election of any MAE GP
affiliate as an officer or trustee of AMIT.  On these matters, MAE GP granted to
the AMIT trustees, in their capacity as trustees of AMIT, proxies with regard to
the Class B Shares instructing such trustees to vote said Class B shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in section 6.13 of the Declaration of Trust of AMIT.

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

   The Unit holders of the Registrant did not vote on any matter during the
fourth quarter of the fiscal year covered by this report.

                                     PART II

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

   The Partnership, a publicly-held limited partnership, sold 44,390 Limited
Partnership Units during its offering period through February 18, 1986, and
currently has 44,139 Limited Partnership Units outstanding and 4,452 Limited
Partners of record. There is no intention to sell additional Limited Partnership
Units nor is there an established market for these Units.   The Partnership
presently does not generate positive cash flow and is unable to make
distributions.  

   During 1994, the number of Limited Partnership Units decreased by 251 due to
Limited Partners abandoning their Limited Partnership Units. In abandoning his
or her Limited Partnership Units a Limited Partner relinquishes all right, title
and interest in the Partnership as of the date of abandonment.  There were no
abandonments during 1995.


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

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

Results of Operations

   The Partnership realized a net loss of $3,293,340 for the year ended December
31, 1995, versus a net loss of $1,331,933 for the year ended December 31, 1994. 
The increased net loss can be primarily attributed to significant gains
recognized in 1994 on the sale of investment properties and extinguishment of
debt upon the foreclosure and sale of investment properties (see discussion
below).


   The Partnership sold Building 47 of the Dayton Industrial Complex on August
31, 1995, Buildings 64 and 66 of the Dayton Industrial Complex on February 18,
1994, and  Building 54 of the Dayton Industrial Complex on December 28, 1994. 
Also, on June 18, 1994, the Partnership lost Building 57 of the Dayton
Industrial Complex through foreclosure (See discussion below).  As a result of
these transactions, the Partnership realized decreases in rental income, other
income, tenant reimbursements and the following expenses:  operating, property
management fees, depreciation and interest.  

   The decrease in other income was also offset by increases in lease
cancellation fees and late charges at Fox Crest Apartments.  Property tax
expense decreased at Fox Crest Apartments and Waterford Square Apartments due to
a decrease in the assessed valuations.  General and administrative expense
decreased primarily due to a decrease in cost reimbursements for partnership
accounting, investor relations and asset management services.  Bad debt expense
relates to past-due rents from tenants of the Dayton Industrial Complex which
have been deemed uncollectible.

   As mentioned previously, the Partnership sold Building 47 of the Dayton
Industrial Complex on August 31, 1995.  Proceeds from the sale of Building 47
were $4,095,964 which were used to payoff the first mortgage and paydown the
second mortgage.  The Partnership recognized a $78,078 gain on the sale.  The
remaining balance of the second mortgage was forgiven, resulting in an
extraordinary gain on debt forgiveness of $895,203.

   At December 31, 1994, the gain on sale of investment properties of $1,788,147
represents the sale of Buildings 64, 66 and 54 of the Dayton Industrial Complex.
The loss of $570,258 on transfer of property in foreclosure represents the
difference between the fair value of Building 57 of the Dayton Industrial
Complex and the net book value of the property.  The extraordinary gain on early
extinguishment of debt is also attributable to the disposition of these
buildings.  Of the total $2,243,516 gain on early extinguishment of debt,
$935,667 relates to the sale of Buildings 64 and 66 and $1,307,849 relates to
the foreclosure of Building 57.  

   Finally in 1994, several roofs at the Fox Crest Apartments investment
property were replaced.  The Partnership realized a $33,204 loss on the disposal
of property as a result of the write-off of the roofs that were not fully
depreciated.

   The Managing General Partner continues to monitor the rental market
environment at its investment properties to assess the feasibility of increasing
rents, to maintain or increase the occupancy level and to protect the
Partnership from increases in expense.  The Managing General Partner expects to
be able, at a minimum, to continue protecting the Partnership from inflation-
related increases in expenses by increasing rents and maintaining a high overall
occupancy level.  However, rental concessions and rental reductions needed to
offset softening market conditions could affect the ability to sustain this
plan.

Liquidity and Capital Resources

   At December 31, 1995, the Partnership had cash and cash equivalents of
$223,061 as compared to cash and cash equivalents of $182,815 as of December 31,
1994. Cash flows from operating activities decreased due to increases in escrows
for taxes and insurance and a decrease in other liabilities.  Decreased proceeds
from sales in 1995, as compared to 1994, resulted in decreased cash flow from
investing activities.  Decreased proceeds from sales lead to decreased repayment
of loans resulting in lesser cash used in financing activities in 1995 versus
1994.

   In March 1992, the Partnership entered into an incentive management agreement
with Miller-Valentine Realty("MV"), an Ohio corporation.  An affiliate of MV was
the original seller of the Dayton Industrial Complex to the Partnership. 
Pursuant to the agreement, MV was appointed exclusive leasing agent, property
manager and sales agent for these properties.  As part of the agreement, MV
secured the agreement of its affiliate which holds the second mortgages on these
properties to change their terms to reflect that interest on such debt will be
paid only to the extent of the properties cash flow, after payment of operating
expenses and senior financing costs.  Interest on the second mortgages that is
not paid on a current basis will continue to accrue and will be due upon sale or
refinancing of the properties.  Additionally, MV has agreed to lend the
Partnership up to $1,000,000 for working capital requirements of which $306,904
is outstanding at December 31, 1995.  Such loan proceeds will be used for
capital improvements at the properties, as and when deemed appropriate and
necessary by MV; payment of tenant improvements necessary for leasing space; and
to cover any shortfalls in operating expenses or debt service payments.  It is
questionable whether MV will fund the remainder.  The loan will bear interest at
10% per annum with principal and interest payments deferred until all necessary
repairs, expenses and other arrearages have been fully funded and anticipated
income from the properties appears sufficient so that all operating expenses,
real estate taxes, and debt service can continue to be paid timely.  This loan
is secured by the properties and is nonrecourse to any other assets of the
Partnership.  MV will also attempt to refinance the properties and has secured
the agreement of the holder of the second mortgages on the properties to
subordinate its debt to any such refinancing.

   The Partnership has agreed to pay MV property management fees, leasing
commissions, and financing fees and sales commissions upon the refinancing or
sale of the properties.  The Partnership will receive the first $3,000,000 of
excess cash from operations, refinancing or sales of the properties less
unrefunded arrearages.  Thereafter, the agreement provides that MV shall receive
as incentive for providing property management, leasing and asset management
services to the Partnership, two-thirds of the next $12,000,000 of excess cash
proceeds generated by the properties.  Cash in excess of $15,000,000 shall be
shared equally by MV and the Partnership.

   The agreement contemplates that the properties will be sold at an opportune
time but no later than 10 years after commencement of the agreements (March 2,
1992).  In addition, the agreement contains an option for MV to buy the
properties five years after the commencement date of the agreement.  Should the
Partnership elect not to sell, it would be obligated to purchase MV's incentive
interest based on the offered purchase price.  The Partnership intends to
maintain ownership of the Dayton properties only as long as they are under the
management of MV.  There is no certainty as to the future of the Dayton
properties otherwise.

   The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern.  The Partnership continues to
suffer from inadequate liquidity and is in default on certain of its debt
obligations due principally to the inability to make interest payments as due
and due to non-payment upon maturity.  Limited sources of additional financing
have been identified by the Partnership.  The total amount of debt in default at
December 31, 1995 is $14,228,683.

   Fox Crest Apartment is in default on its non-recourse first mortgage in the
amount of $6,558,026 due to its maturity in August 1994.  The lender has offered
to refinance the debt and the Partnership is negotiating with the lender and
others for terms with a lower interest rate and reduced fees.


   The Dayton Industrial Complex contains seven buildings.  The Partnership is
in default on Dayton Building 53's non-recourse first mortgage in the amount of
$1,083,978 due to delinquent taxes of approximately $20,000.  The Partnership is
in default on Dayton Building 45's non-recourse first mortgage in the amount of
$1,045,104 due to maturity and delinquent taxes of approximately $26,000.   
Subsequent to December 31, 1995, the Partnership entered into contracts to sell
Buildings 45 and 52 of the Dayton Industrial Complex for $2,668,900 and 
$1,625,000, respectively.  Dayton Building 52's non-recourse first mortgage in
the amount of $1,041,575 which matured December 1995 has been extended through 
May 1996 due to the pending sale.  Due to significant debt secured by these 
properties, there will be no proceeds available to the Partnership.  The
Partnership is investigating the possibility of selling additional buildings at
Dayton Industrial Complex.

   The unsecured indebtedness to AMIT in the amount of $4,500,000 is in default
due to non-payment of interest, as well as maturity, for the $3,000,000 and
$325,000 notes.  In 1995 AMIT brought suit against the Partnership to protect
its interest in this indebtedness, and the Partnership is currently in
negotiations with AMIT to amend these notes to require interest only payments
based on available cash flow, as defined.  The mortgage secured by Waterford
Square Apartments and guaranteed by HUD is current and is not in default.  The
Managing General Partner anticipates sufficient cash flow to be generated by the
properties over the next twelve months to meet all non-debt related operating
expenses.

   As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern.  The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classifications of liabilities that may
result from these uncertainties.




Item 7. Financial Statements

ANGELES PARTNERS XIV

LIST OF FINANCIAL STATEMENTS


        Report of Independent Auditors
   
        Balance Sheet - December 31, 1995

        Statements of Operations - Years ended December 31, 1995 and 1994

        Statements of Changes in Partners' Deficit - Years ended December 31,
        1995 and 1994

        Statements of Cash Flows - Years ended December 31, 1995 and 1994

        Notes to Financial Statements



                Report of Ernst & Young LLP, Independent Auditors



The Partners
Angeles Partners XIV


We have audited the accompanying balance sheet of Angeles Partners XIV as of
December 31, 1995, and the related statements of operations, changes in
partners' deficit and cash flows for each of the two years in the period ended
December 31, 1995.  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 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 financial position of Angeles Partners XIV as of
December 31, 1995, and the results of its operations and its cash flows for each
of the two years in the period ended December 31, 1995, in conformity with
generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that Angeles
Partners XIV will continue as a going concern.  As more fully described in Note
A, the Partnership is in default on certain loans and does not generate
sufficient cash flows to meet current operating requirements.  These conditions
raise substantial doubt about the Partnership's ability to continue as a going
concern.  Management's plans in regard to these matters are also described in
Note A.  The financial statements do not include any adjustments to reflect the
possible future effects on the recoverability and classification of assets or
the amounts and classification of liabilities that may result from the outcome
of this uncertainty.


                                             /S/ ERNST & YOUNG LLP



Greenville, South Carolina
February 26, 1996
                              ANGELES PARTNERS XIV

                                  BALANCE SHEET

<TABLE>
<CAPTION>

                                December 31, 1995
<S>                                                    <C>           <C>
 Assets                                                                           
    Cash and cash equivalents:                                                    
      Unrestricted                                                    $    223,061
      Restricted--tenant security deposits                                  95,947
    Accounts receivable, net of allowance of $50,067                        34,769
    Escrow for taxes and insurance                                         516,110
    Restricted escrows                                                     285,106
    Other assets                                                           748,694
    Investment properties (Notes C, D and G):                                     
        Land                                            $  4,164,166              
        Buildings and related personal property           48,743,793              
                                                          52,907,959              
        Less accumulated depreciation                    (26,944,139)   25,963,820
                                                                                 
                                                                      $ 27,867,507
                                                                                 
 Liabilities and Partners' Deficit                                                
                                                                                 
 Liabilities                                                                      
    Accounts payable                                                  $     96,229
    Tenant security deposits                                               133,054
    Accrued taxes                                                          484,362
    Accrued interest                                                     3,811,244
    Due to affiliates (Note F)                                             757,664
    Other liabilities                                                      134,696
    Notes payable, including $13,187,108 in                                       
       default (Notes D, F and G)                                       47,441,503
                                                                                  
 Partners' Deficit                                                                
    General partner                                     $   (633,270)             
    Limited partners (44,139 units                                                
       issued and outstanding)                           (24,357,975)  (24,991,245)
                                                                                  
                                                                      $ 27,867,507
<FN>
                 See Accompanying Notes to Financial Statements
</TABLE>

                              ANGELES PARTNERS XIV

                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                              
                                                          Years Ended December 31, 
                                                            1995            1994   
<S>                                                    <C>            <C>
 Revenues:                                                                        
   Rental income                                        $ 7,793,571    $ 8,735,139
   Other income                                             229,343        294,690
       Total revenues                                     8,022,914      9,029,829
 Expenses:                                                                        
   Operating                                              1,785,849      1,830,062
   General and administrative                               265,670        371,879
   Property management fees (Note F)                        363,047        401,005
   Maintenance                                              744,801        805,333
   Depreciation                                           2,782,493      3,240,421
   Amortization                                             136,638        109,441
   Interest                                               5,859,181      6,485,688
   Property taxes                                           352,225        585,174
   Bad debt expense                                          28,395         21,672
   Tenant reimbursements                                    (28,764)       (60,712)
       Total expenses                                    12,289,535     13,789,963

 Loss before gain on sale of investment                                           
   property, loss on transfer of property in                                      
   foreclosure, loss on disposal of property and                                  
   extraordinary item                                    (4,266,621)    (4,760,134)
                                                                                 
 Gain on sale of investment properties (Note C)              78,078      1,788,147
 Loss on transfer of property in foreclosure (Note C)            --       (570,258)
 Loss on disposal of property                                    --        (33,204)
                                                                                 
       Loss before extraordinary items                   (4,188,543)    (3,575,449)
                                                                                  
 Extraordinary gain on extinguishment of                                          
   debt (Note C)                                            895,203      2,243,516
                                                                                 
       Net loss                                         $(3,293,340)   $(1,331,933)
                                                                                 
 Net loss allocated to general partner (1%)             $   (32,933)   $   (13,319)
 Net loss allocated to limited partners (99%)            (3,260,407)    (1,318,614)
       Net loss                                         $(3,293,340)   $(1,331,933)
 Per limited partnership unit:                                                    
   Loss before extraordinary item                       $    (93.95)   $    (79.74)
   Extraordinary item                                         20.08          50.04 
       Net loss                                         $    (73.87)   $    (29.70)

<FN>
                 See Accompanying Notes to Financial Statements

</TABLE>

                              ANGELES PARTNERS XIV

                    STATEMENT OF CHANGES IN PARTNERS' DEFICIT

<TABLE>
<CAPTION>
                                                                             
                                    Limited                        
                                  Partnership     General       Limited
                                     Units        Partner      Partners        Total  
<S>                                 <C>        <C>          <C>           <C> 
 Original capital contributions      44,390     $   1,000    $ 44,390,000  $ 44,391,000
                                                                                       
 Partners' deficit at                                                                  
    December 31, 1993                44,390     $(587,018)   $(19,778,954) $(20,365,972)
                                                                                       
 Abandoned Limited Partnership                                                         
    Units (Note J)                     (251)           --              --            --
                                                                                       
 Net loss for the year                                                                 
    ended December 31, 1994              --       (13,319)     (1,318,614)   (1,331,933)
                                                                                       
 Partners' deficit at                                                                  
    December 31, 1994                44,139      (600,337)    (21,097,568)  (21,697,905)
                                                                                       
 Net loss for the year ended                                                           
    December 31, 1995                    --       (32,933)     (3,260,407)   (3,293,340)
                                                                                       
 Partners' deficit at                                                                  
    December 31, 1995                44,139     $(633,270)   $(24,357,975) $(24,991,245)

<FN>
                 See Accompanying Notes to Financial Statements


</TABLE>
                              ANGELES PARTNERS XIV

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                             
                                                              Years Ended December 31,
                                                                1995           1994   
<S>                                                       <C>           <C>
Cash flows from operating activities:                                                
    Net loss                                               $(3,293,340)  $ (1,331,933)
    Adjustments to reconcile net loss to net                                         
      cash provided by operating activities:                                         
      Depreciation                                           2,782,493      3,240,421
      Amortization of discounts, loan costs,                                         
        and leasing commissions                                258,785        303,620
      Extraordinary gain on extinguishment of debt            (895,203)    (2,243,516)
      Loss on transfer of property in foreclosure                   --        570,258
      Gain on sale of investment properties                    (78,078)    (1,788,147)
      Bad debt expense                                          28,395         21,672
      Loss on disposal of asset                                     --         33,204
    Change in accounts:                                                              
      Restricted cash                                            3,966         (9,233)
      Accounts receivable                                      (17,317)          (654)
      Escrows for taxes and insurance                         (137,559)       (65,988)
      Other assets                                             (92,112)      (243,738)
      Accounts payable                                           6,606         22,636
      Tenant security deposit liabilities                      (78,309)       (15,307)
      Accrued taxes                                            (74,529)      (112,153)
      Other escrows                                                 --        102,424
      Accrued interest                                       2,652,528      2,884,431
      Due to affiliates                                        173,249        252,185
      Other liabilities                                        (50,793)      (157,100)
                                                                                     
        Net cash provided by operating activities            1,188,782      1,463,082
                                                                                     
Cash flows from investing activities:                                                
    Property improvements and replacements                    (281,488)      (899,663)
    Proceeds from sale of investment property                4,095,964      9,376,917
    Deposits to restricted escrows                            (120,787)            --
    Withdrawals from restricted escrows                        108,298             --
                                                                                     
      Net cash provided by investing activities              3,801,987      8,477,254
                                                                                     
Cash flows from financing activities:                                                
    Principal payments on notes payable                       (931,120)    (1,003,250)
    Repayment of loans                                      (4,089,544)   (10,885,749)
    Additions to notes payable                                  70,141      1,617,832
                                                                                    
      Net cash used in financing activities                 (4,950,523)   (10,271,167)
                                                                                     
Net increase (decrease) in cash and cash equivalents            40,246       (330,831)
Cash and cash equivalents at beginning of year                 182,815        513,646
Cash and cash equivalents at end of year                   $   223,061   $    182,815
Supplemental disclosure of cash flow information:                                    
    Cash paid for interest                                 $ 2,983,683   $  3,559,179
    Interest on notes transferred to notes payable         $ 1,279,092   $  1,087,437

<FN>
                 See Accompanying Notes to Financial Statements
</TABLE>


                              ANGELES PARTNERS XIV
                             (A Limited Partnership)


SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES

Foreclosures

During the year ended December 31, 1994, Building 57 of the Dayton Industrial
Complex was foreclosed upon by the respective lender.  In connection with these
non-cash transactions, the following accounts were adjusted:
                                                                             
                                        1994  
                                              
 Other Assets                      $   (13,544)
 Investment Properties              (1,928,358)
 Accounts Payable                        9,066
 Property Tax Payable                   26,894
 Interest Payable                      563,994
 Notes Payable                       2,079,539

                 See Accompanying Notes to Financial Statements

                              ANGELES PARTNERS XIV
                             (A Limited Partnership)

                          Notes to Financial Statements

                                December 31, 1995

Note A - Going Concern

The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern.  The Partnership continues to
suffer from inadequate liquidity and is in default on certain of its debt
obligations due principally to the inability to make interest payments as due
and due to non-payment upon maturity.  Limited sources of additional financing
have been identified by the Partnership.  The total amount of debt in default at
December 31, 1995 is $14,228,683.

Fox Crest Apartment is in default on its non-recourse first mortgage in the
amount of $6,558,026 due to its maturity in August 1994.  The lender has offered
to refinance the debt and the Partnership is negotiating with the lender and
others for terms with a lower interest rate and reduced fees.

The Dayton Industrial Complex contains seven buildings.  The Partnership is in
default on Dayton Building 53's non-recourse first mortgage in the amount of
$1,083,978 due to delinquent taxes of approximately $20,000.  The Partnership
expects to cure this default in 1996.  The Partnership is in default on Dayton
Building 45's non-recourse first mortgage in the amount of $1,045,104 due to
maturity and delinquent taxes of approximately $26,000.  In addition, Dayton
Building 52's non-recourse first mortgage in the amount of $1,041,575 which
matured December 1995 has been extended through May 1996 due to the pending
sale.  Subsequent to December 31, 1995, the Partnership entered into contracts
to sell Buildings 45 and 52 of the Dayton Industrial Complex for $2,668,900 and
$1,625,000, respectively.  Due to significant debt secured by this property,
there will be no proceeds available to the Partnership.  The Partnership is
investigating the possibility of selling some or all of the buildings at Dayton
Industrial Complex.

The unsecured indebtedness to AMIT in an amount of $4,500,000 is in default due
to non-payment of interest and maturity of two of the notes with principal
balances of $3,000,000 and $325,000.  In 1995 AMIT brought suit against the
Partnership to protect its interest in this indebtedness, and the Partnership is
currently in negotiations with AMIT to amend these notes to require interest
only payments based on available cash flow, as defined.  The mortgage secured by
Waterford Square Apartments and guaranteed by HUD is current and is not in
default.  The Managing General Partner anticipates sufficient cash flow to be
generated by the properties over the next twelve months to meet all non-debt
related operating expenses.

As a result of the above, there is substantial doubt about the Partnership's
ability to continue as a going concern.  The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and
classification of assets or amounts and classifications of liabilities that may
result from these uncertainties.

Note B - Organization and Significant Accounting Policies

Organization:  Angeles Partners XIV (the "Partnership  or "Registrant") is a
California  limited partnership organized in June 1984, to acquire and operate
residential and commercial real estate properties.  The Partnership's Managing
General Partner is Angeles Realty Corporation II ("ARC II"), an affiliate of
Insignia Financial Group, Inc.  As of December 31, 1995, the Partnership
operates two residential properties and one commercial property located in or
near major urban areas in the United States.

Principles of Consolidation:  The financial statements include all of the
accounts of the Partnership and its 99% owned partnership, Waterford Square
Apartments, Ltd.  All significant interpartnership balances have been
eliminated. Minority interest is immaterial and not shown separately in the
financial statements.

Allocations  and Distributions to Partners:  In accordance with the Agreement,
any gain from the sale or other disposition of Partnership assets will be
allocated first to the General Partner to the extent of the amount of any
Incentive Interest (as defined below) to which the General Partner is entitled. 
Any gain remaining after said allocation will be allocated to the Limited
Partners in proportion to their interests in the Partnership; provided that the
gain shall first be allocated to Partners with negative account balances, in
proportion to such balances, in an amount equal to the sum of such negative
capital account balances.  The Partnership will allocate other profits and
losses 1% to the General Partner and 99% to the Limited Partners.

Except as discussed below, the Partnership will allocate distributions 1% to the
General Partner and 99% to the Limited Partners.

Upon the sale or other disposition, or refinancing of any asset of the
Partnership, the Distributable Net Proceeds shall be distributed as follows: (i)
First, to the Partners in proportion to their interests until the Limited
Partners have received proceeds equal to their Original Capital Investment; (ii)
Second, to the Partners until Limited Partners have received distributions from
all sources equal to their 6% Cumulative Distribution, (iii) Third, to the
General Partner until it has received its cumulative distributions equal to 3%
of the aggregate Disposition Prices of all  properties, mortgages or other
investments sold ("Initial Incentive Interest") and (iv) Thereafter, 85% to the
Partners in proportion to their interests and 15% to the General Partner ("Final
Incentive Interest").

Cash and Cash Equivalents:  The Partnership considers all highly liquid
investments with a maturity when purchased of three months or less to be cash
equivalents.  At certain times, the amount of cash deposited at a bank may
exceed the limit on insured deposits.  The carrying amount reported in the
balance sheet approximates fair value.

Tenant Security Deposits:  The Partnership requires security deposits from all
tenants for the duration of the lease.  Deposits are refunded when the tenant
vacates the apartment or commercial space if there has been no damage to it.

Investment Properties:  Prior to the fourth quarter of 1995, investment
properties were carried at the lower of cost or estimated fair value, which was
determined using the higher of the property's non-recourse debt amount, when
applicable, or the net operating income of the investment property capitalized
at a rate deemed reasonable for the type of property.  During the fourth quarter
of 1995 the Partnership adopted FASB Statement No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which requires impairment losses to be recorded on long-lived assets used in
operations when indicators of impairment are present and the undiscounted cash
flows estimated to be generated by those assets are less than the assets'
carrying amount.  The impairment loss is measured by comparing the fair value of
the asset to its carrying amount.  The effect of adoption was not material.

Note B - Organization and Significant Accounting Policies (continued)

Depreciation:  Depreciation is computed utilizing straight-line and accelerated
methods over the estimated useful lives of the investment properties and related
personal property.  For Federal income tax purposes, depreciation is computed
utilizing the straight-line method over an estimated life of 5 to 20 years for
personal property and 15 to 40 years for real property.

Loan Costs:  Loan costs of $897,903, which are included in "Other assets," are
being amortized on a straight-line basis over the lives of the loans.  At
December 31, 1995, accumulated amortization is $345,075.

Lease Commissions:  Lease commissions of $186,427, which are included in "Other
assets," are being amortized on a straight-line basis over the term of the
respective leases.  At December 31, 1995, accumulated amortization is $126,884.

Leases:  The Partnership generally leases apartment units for twelve-month terms
or less. Commercial property lease terms are generally from one month to ten
years.

Present Value Discounts:  Periodically, the Partnership incurs debt at below
market rates for similar debt. Present value discounts are recorded on the basis
of prevailing market rates and are amortized on an interest method over the life
of the related debt.

Fair Value:  In 1995, the Partnership implemented Statement of Financial
Accounting Standards No. 107, "Disclosure about Fair Value of Financial
Instruments," which requires disclosure of fair value information about
financial instruments for which it is practicable to estimate that value.  The
carrying amount of the Partnership's cash and cash equivalents approximates fair
value due to short-term maturities.  The Partnership estimates the fair value of
its fixed rate mortgages by discounted cash flow analysis, based on estimated
borrowing rates currently available to the Partnership ("Note D").  

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.

Reclassification:  Certain reclassifications have been made to the 1994 balances
to conform to the 1995 presentation.


Note C - Foreclosure and Sale of Properties

The Partnership sold Building 47 of the Dayton Industrial Complex on August 31,
1995.  Proceeds from the sale of Building 47 were $4,095,964 which were used to
pay off the first mortgage and pay down the second mortgage.  The Partnership
recognized a gain on the sale of $78,078 and an extraordinary gain on
extinguishment of debt of $895,203.

On June 18, 1994, the Partnership lost Building 57 of the Dayton Industrial
Complex through foreclosure by the holder of the first mortgage note.  This
property was not generating sufficient cash flow to pay monthly operating
expenses, meet debt service requirements or make the necessary capital
improvements.  The total outstanding debt on the mortgage payable at the time of
the foreclosure was $2,079,539.  The net fair value and the recorded net book
value less related net operating liabilities as of the date of foreclosure
totalled $1,369,949 and $1,940,207, respectively.  The net gain on foreclosure
amounted to $737,591, of which $570,258 represented a loss on transfer of 
property in foreclosure and $1,307,849 represented a gain on extinguishment of
related  debt.  The loss on transfer of assets represents the difference between
fair value and the net book value of the properties surrendered. The
extraordinary gain represents the difference between the settlement amount of
the debt and the recorded amount of the debts extinguished pursuant to
foreclosure.

The Partnership sold Buildings 64 and 66 of the Dayton Industrial Complex on
February 18, 1994, and sold Building 54 on December 28, 1994.  Proceeds from the
sales were $9,376,917, which were used to reduce the indebtedness of these
buildings.  The Partnership recognized a gain on the sales of $1,788,147 and an
extraordinary gain on extinguishment of debt of $935,667.


Note D - Notes Payable

The principle terms of notes payable are as follows:

<TABLE>
<CAPTION>

                         Monthly                           Principal     Principal
                         Payment      Stated                Balance      Balance At
                        Including    Interest  Maturity      Due At     December 31,
   Property              Interest      Rate      Date      Maturity         1995    
<S>                      <C>          <C>      <C>       <C>            <C>    
 Waterford Square                                                                   
   Apartments                                                                       
   1st mortgage           $100,319     9.50%    8/2024    $   99,518     $11,830,899
 Fox Crest                                                                          
   Apartments                                                                       
   1st mortgage,                                                                    
     in default             61,562    10.25%    8/1994     6,558,026       6,558,026
 Dayton Industrial                                                                  
   Complex                                                                          
   Note payable (8)          (3)      10.00%    3/2002       306,904         306,904
   3rd mortgage              (3)      10.00%    3/2002     1,364,037       1,364,037
 Building 41                                                                        
   1st mortgage             15,503    10.50%     9/2007       15,381       1,253,064
   2nd mortgage              (2)      10.00%    12/1997    2,214,419       2,214,419
 Building 45                                                                        
   1st mortgage,                                                                    
     in default             12,650    9.375%    12/1995    1,045,104       1,045,104
   2nd mortgage              (2)      10.00%    12/1997    2,377,515       2,377,515
</TABLE>

                         
Note D - Notes Payable (continued)

<TABLE>
<CAPTION>
                                                                
                         Monthly                           Principal     Principal
                         Payment      Stated                Balance      Balance At
                        Including    Interest  Maturity      Due At     December 31,
   Property              Interest      Rate      Date      Maturity         1995    
<S>                        <C>       <C>       <C>        <C>             <C>   
 Building 52                                                                        
   1st mortgage,            10,245    11.25%    12/1995    1,041,575       1,041,575
   2nd mortgage               (2)     10.00%    12/1997      855,869         855,869
 Building 53                                                                        
   1st mortgage,                                                                    
     in default             13,413    10.00%     3/2007       11,609       1,083,978
   2nd mortgage               (2)     10.00%    12/1997    1,369,355       1,369,355
 Building 55                                                                        
   Mortgage                   (2)     10.00%    12/1997    2,081,425       2,081,425
 Building 59/63                                                                     
   1st mortgage               (4)     10.00%     5/1998    4,543,680       4,543,680
   2nd mortgage               (2)     10.00%    12/1997      563,606         563,606
 Angeles Partners XIV                                                               
   Working capital                                                                  
     loan (7)                 (5)      (5)      11/1997    1,281,131       1,281,131
   Working capital                                                                  
     loan (7)                 (5)      (5)      11/1997    3,295,362       3,295,362
   Note payable,                                                                    
     in default (6)         12,240    12.50%     3/1996    1,175,000       1,175,000
   Note payable,                                                                    
     in default (6)          3,250    12.00%    12/1995      325,000         325,000
   Note payable,                                                                    
     in default (6)         31,250    12.50%    12/1995    3,000,000       3,000,000
                                                                          47,565,949
 Less unamortized                                                                   
   discounts                                                                (124,446)
                                                                                    
     Totals               $260,432                       $33,524,516     $47,441,503
<FN>
(1)   Interest only payments until maturity.
(2)   Second mortgage interest payments are subject to sufficient operating cash
      flows.  In the event operating cash flows are not sufficient for payments,
      accrued interest is added to principal.
(3)   Principal and interest payments, which are secured by all of the
      buildings, are deferred until all necessary repairs, expenses and other
      arrearages have been fully funded and anticipated income from the
      properties appears sufficient so that all operating expenses, real estate
      taxes and debt service can continue to be paid timely.
(4)   Monthly payments of interest at the stated rate plus excess cash flow, as
      defined.  Fifty percent of the additional payment is applied to the
      principal balance and 50% is additional interest.
(5)   Interest accrues at prime plus 2%; payments are based on excess cash flow
      as defined.
(6)   Payable to AMIT
(7)   Payable to Angeles Acceptance Pool, L.P.
(8)   The note is subordinate to all other mortgage debt on Dayton Industrial
      Complex.

</TABLE>

The estimated fair value of the Partnership's aggregate mortgage notes payable
is approximately $19,000,000, excluding debt in default, as compared to the
carrying value of $17,627,643.  This estimate is not necessarily indicative of
the amount the Partnership may pay in actual market transactions.

The Managing General Partner believes that it is not appropriate to use the
Partnership's incremental borrowing rate for the second and third mortgages and
debt to affiliates (see "Note F") as there is no market in which the Partnership
could obtain similar financing.

The Dayton Industrial Complex's investment properties were acquired subject to
notes with interest rates lower than the market rate of interest prevailing at
the respective dates of acquisition.  The initial value of the investment
properties used in the financial statements was based upon the present value of
the future note payments discounted at 10.5% - 12.0%, which were the prevailing
market rates on the respective dates of acquisition. The related present value
discounts are being amortized over the life of the loan.

At December 31, 1995, the first mortgage secured by Foxcrest Apartments, the
first mortgages secured by Dayton Buildings 45, 52 and 53, and the Partnership
debt to AMIT are in default.  The first mortgage secured by Foxcrest Apartments
is in default due to non-payment upon maturity.  The Partnership is currently
pursuing an extension of the debt with the mortgage holder or alternate
financing opportunities.  The first mortgage secured by Dayton Building 45 is in
default due to non-payment upon maturity in December 1995 and due to delinquent
taxes.  The first mortgage secured by Dayton Building 52 which matured December
1995 has been extended through May 1996 due to the pending sale.  The first
mortgage secured by Dayton Building 53 is in default due to delinquent taxes. 
The Partnership's $325,000 and $3,000,000 debt to AMIT are in default due to
non-payment upon maturity in December 1995.  The $1,175,000 debt to AMIT is in
default due to non-payment of interest.  The Managing General Partner is
investigating the possibility of selling some or all of the buildings at the
Dayton Complex to pay off some of the debt.  Also, Miller Valentine Realty,
exclusive leasing agent, property manager and sales agent for the Dayton
Industrial Complex, has agreed to lend the Partnership up to $1,000,000 for
working capital requirements, of which $306,904 is outstanding at December 31,
1995. The loan bears interest at 10% per annum with principal and interest
payments deferred until all necessary repairs, expenses and other arrearages
have been fully funded and anticipated income from the properties appears
sufficient so that all operating expenses, real estate taxes and debt service
can continue to be paid timely.  The Waterford Square Apartments mortgage is
guaranteed by HUD.

Note D - Notes Payable (continued)

Mortgage notes payable totalling $38,489,456 are nonrecourse and are secured by
pledge of certain of the Partnership s investment properties and by pledge of
revenues from the respective investment properties.  Certain of the notes
include prepayment penalties if repaid prior to maturity.  

Scheduled principal payments of notes payable subsequent to December 31, 1995,
are as follows:
                   1996                         $14,369,308
                   1997                          14,193,889
                   1998                           4,714,987
                   1999                             189,080
                   2000                             208,704
                Thereafter                       13,889,981

                                                $47,565,949

Note E - 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.  

Differences between the net loss as reported and Federal taxable income (loss)
result primarily from (1) amortization of loan discounts, (2) depreciation over
different methods and lives and on differing cost bases of the properties, (3)
change in rental income received in advance.  The following is a reconciliation
of reported net loss and Federal taxable income (loss):

                                                  1995            1994   
                                                                         
 Net loss as reported                         $(3,293,340)    $(1,331,933)
 Add (deduct):                                                           
     Depreciation differences                     863,414       1,101,510
     Unearned income                              (47,670)         88,110
     Discounts on notes payable                    59,729          88,483
     Book-tax difference on                                              
        sale/foreclosures                        (221,156)        652,848
     Book-tax difference on investments                --        (445,854)
     Other                                         67,037          64,472
                                                                         
 Federal taxable (loss) income                $(2,571,986)     $  217,636
                                                                        
 Federal taxable (loss) income per                                       
     limited partnership unit                 $    (57.69)     $     4.88

Note E - Income Taxes (continued)

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

        
        Net liabilities as reported                $(24,991,245)
        Land and buildings                              (23,485)
        Accumulated depreciation                       (323,586)
        Syndication and distribution costs            6,046,556
        Other                                          (136,352)
                                                              
        Net liabilities - Federal tax basis        $(19,428,112)


Note F - Transactions with Affiliated Parties 

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

The following payments were made to the Managing General Partner and affiliates
in 1995 and 1994: 

                                                 1995          1994          
                                                                             
 Property management fees                      $231,168      $226,742        
                                                                            
 Reimbursement for services of                                               
   affiliates, including $757,664                                            
   accrued at December 31, 1995                 182,534       287,244        
                                                                           
The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Managing General Partner.  An affiliate of the
Managing General Partner acquired, in the acquisition of a business, certain
financial obligations from an insurance agency which were later acquired by the
agent who placed the current year's master policy.  The current agent assumed
the financial obligations to the affiliate of the Managing General Partner, who
receives payments on these obligations from the agent.  The amount of the
Partnership's insurance premiums accruing to the benefit of the affiliate of the
Managing General Partner by virtue of the agent's obligations is not
significant.

In November 1992, Angeles Acceptance Pool, L.P. ("AAP"), a Delaware limited
partnership was organized to acquire and hold the obligations evidencing the
working capital loans previously provided to the Partnership by Angeles Capital
Investments, Inc. ("ACII").  Angeles Corporation is the 99% limited partner of
AAP and Angeles Acceptance Directives, Inc., an affiliate of the Managing
General Partner, was, until April 14, 1995, the 1% general partner of AAP.  On
April 14, 1995, as part of a settlement of claims between affiliates of the
Managing General Partner and Angeles AAP resigned as general partner of AAP and
simultaneously received a 1/2% limited partner interest in AAP.  An affiliate of
Angeles now serves as the general partner of AAP.  

Note F - Transactions with Affiliated Parties (continued)

These working capital loans funded the Partnership's operating deficits in prior
years.  Total indebtedness was $4,576,493 at December 31, 1995 with monthly
interest accruing at prime  plus two percent.  Interest is to be paid based on
excess cash flow, as defined. Principal is to be paid the earlier of i) the
availability of funds, ii) the sale of one or more properties owned by the
Partnership, or iii) November 25, 1997.  Total interest expense for this loan
was $493,040  and $428,818 in 1995 and 1994, respectively.   Accrued interest
was $1,317,851 at December 31, 1995.

AMIT currently provides notes payable to the Partnership and secondary financing
on one of the Partnership's investment properties.  Total indebtedness of
$4,500,000 was in default at December 31, 1995.  Total interest expense on this
financing was $916,091 and $773,940 in 1995 and 1994, respectively.  Accrued
interest was $2,312,460 at December 31, 1995.

MAE GP Corporation ("MAE GP"), an affiliate of the Managing General Partner,
owns 1,675,113 Class B Shares of AMIT.  MAE GP has the option to convert these
Class B Shares, in whole or in part, into Class A Shares on the basis of 1 Class
A Share for every 49 Class B Shares.  These Class B Shares entitle MAE GP to
receive 1.2% of the distributions of net cash distributed by AMIT.  These Class
B Shares also entitle MAE GP to vote on the same basis as Class A Shares which
allows MAE GP to vote approximately 37% of the total shares (unless and until
converted to Class A Shares at which time the percentage of the vote controlled
represented by the shares held by MAE GP would approximate 1.2% of the vote). 
Between the date of acquisition of these shares (November 24, 1992) and March
31, 1995, MAE GP declined to vote these shares.  Since that date, MAE GP voted
it shares at the 1995 annual meeting in connection with the election of trustees
and other matters.  MAE GP has not exerted and continues to decline to exert any
management control over or participate in the management of AMIT.  MAE GP may
choose to vote these shares as it deems appropriate in the future.  In addition,
Liquidity Assistance, LLC, ("LAC"), an affiliate of the Managing General Partner
and an affiliate of Insignia Financial Group, Inc., which provides property
management and partnership administration services to the Partnership, owns
63,200 Class A Shares of AMIT.  These Class A Shares entitle LAC to vote
approximately 1.5% of the total shares.

As part of a settlement of certain disputes with AMIT, MAE GP granted to AMIT an
option to acquire the Class B shares owned by it.  This option can be exercised
at the end of 10 years or when all loans made by AMIT to partnerships affiliated
with MAE GP as of November 9, 1994, (which is the date of execution of a
definitive Settlement Agreement), have been paid in full, but in no event prior
to November 9, 1997.  AMIT delivered to MAE GP cash in the sum of $250,000 at
closing, which occurred April 14, 1995, as payment for the option.  Upon
exercise of the option, AMIT will remit to MAE GP an additional $94,000.

Simultaneously with the execution of the option, MAE GP executed an irrevocable
proxy in favor of AMIT the result of which is MAE GP will be able to vote the
Class B Shares on all matters except those involving transactions between AMIT
and MAE GP affiliated borrowers or the election of any MAE GP affiliate as an
officer or trustee of AMIT. On these matters, MAE GP will deliver to the AMIT
trustees, in their capacity as trustees of AMIT, proxies with regard to the
Class B Shares instructing such trustees to vote said Class B Shares in
accordance with the vote of the majority of the Class A Shares voting to be
determined without consideration of the votes of "Excess Class A Shares" as
defined in Section 6.13 of the Declaration of Trust of AMIT.

Note F - Transactions with Affiliated Parties (continued)

The Partnership has agreed to pay Miller Valentine Realty ("MV") property
management fees, leasing commissions, and financing fees and sales commissions
upon the refinancing or sale of the properties.  The Partnership will receive
the first $3,000,000 of excess cash from operations, refinancing or sales of the
properties less unrefunded arrearages.  Thereafter, the agreement provides that
MV shall receive, as incentive for providing property management, leasing and
asset management services to the Partnership, two-thirds of the next $12,000,000
of excess cash proceeds generated by the properties.  Cash in excess of
$15,000,000 shall be shared equally by MV and the Partnership.

The agreement contemplates that the properties will be sold at an opportune time
but no later than 10 years after commencement of the agreements (March 2, 1992).
In addition, the agreement contains an option for MV to buy the properties five
years after the commencement date of the agreement.  The Managing General
Partner does not anticipate that there will be any proceeds available to the
Partnership. Should the Partnership elect not to sell, it would be obligated to
purchase MV's incentive interest based on the offered purchase price.  The
Partnership intends to maintain ownership of the Dayton properties only as long
as they are under the management of MV.  There is no certainty as to the future
of the Dayton properties otherwise.


Note G - Investment Properties and Accumulated Depreciation

<TABLE>
<CAPTION>
                                                   Initial Cost
                                                  To Partnership  
                                                                             Cost
                                                            Buildings    Capitalized
                                                          and Related     (Removed)
                                                            Personal    Subsequent to
 Description                  Encumbrances       Land       Property     Acquisition 
<S>                           <C>           <C>          <C>            <C>     
 Waterford Square Apartments   $11,830,899   $1,382,103   $13,478,897    $  1,923,878
 Fox Crest Apartments            6,558,026      860,579     8,198,421         194,301
 Dayton Industrial Complex      20,100,531    3,922,079    53,824,921     (30,877,220)
 Angeles Partners XIV            9,076,493           --            --              --
                                                                                    
     Totals                    $47,565,949   $6,164,761   $75,502,239    $(28,759,041)
</TABLE>

Note G - Investment Properties and Accumulated Depreciation (continued)

<TABLE>
<CAPTION>
  
                                             Gross Amount At Which Carried
                                                  At December 31, 1995     

                                                  Buildings                                       
                                                 And Related                                      
                                                  Personal                    Accumulated       Date     Depreciable
    Description                      Land        Property         Total       Depreciation    Acquired    Life-Years
<S>                              <C>           <C>           <C>             <C>             <C>          <C>     
 Waterford Square Apartments      $1,382,103    $15,402,775   $16,784,878     $ 8,695,396     05/31/85     5-20 yrs
 Fox Crest Apartments                860,579      8,392,722     9,253,301       4,905,789     06/30/85     5-20 yrs
 Dayton Industrial Complex         1,921,484     24,948,296    26,869,780      13,342,954     12/20/85     5-20 yrs
                                                                                                  
       Totals                     $4,164,166    $48,743,793    $52,907,959    $26,944,139         
</TABLE>

The depreciable lives included above are for the buildings and components.  The
depreciable lives for related personal property are for 3 to 7 years.

Reconciliation of  Investment Properties and Accumulated Depreciation :

                                            Year Ended December 31,   
                                              1995           1994    
 Investment Properties                                               
                                                                    
 Balance at beginning of year            $ 59,635,486    $ 75,960,506
     Property improvements                    281,488         899,663
     Dispositions                          (7,009,015)    (17,224,683)
                                                                    
 Balance at end of Year                  $ 52,907,959    $ 59,635,486
                                                                    
 Accumulated Depreciation                                            
                                                                    
 Balance at beginning of year            $ 27,252,129    $ 31,907,226
    Additions charged to expense            2,782,492       3,240,421
    Dispositions                           (3,090,482)     (7,895,518)
 Balance at End of Year                  $ 26,944,139    $ 27,252,129

The aggregate cost of the investment properties for Federal income tax purposes
at December 31, 1995 and 1994, is $52,884,474 and $59,525,703.  The accumulated
depreciation taken for Federal income tax purposes at December 31, 1995 and
1994, is $27,267,725 and $28,129,328, respectively.

Note H - Major Tenants

Rent from a tenant exceeding 10% of rental income for 1995 was as follows:

                                       1995      1995        1994       1994  
                                                                    
 Computer Sciences Corporations    $1,685,354    21.6%    $1,464,739    16.8%


Note I - Leases

The Partnership generally leases apartment units for twelve-month terms or less.
The leases relating to the Partnership's Dayton Industrial Complex investment
property include long-term non-cancelable leases.  As of December 31, 1995, the
minimum lease amounts to be received under such non-cancelable leases, were as
follows:
                        
                  1996                     $2,112,299
                  1997                        837,899
                  1998                        564,684
                  1999                        310,475
                  2000                         18,742
               Thereafter                          --
                                                    
                 Total                     $3,844,099


Note J - Abandonment of Limited Partnership Units 

In 1994, the number of Limited Partnership Units decreased by 251 due to Limited
Partners abandoning their Limited Partnership Units. In abandoning his or her
Limited Partnership Units a Limited Partner relinquishes all right, title and
interest in the Partnership as a of the date of abandonment. However, the
limited partner is allocated his or her share of income (loss) for that year. 
The loss per Limited Partnership Unit in the accompanying statements of opera-
tions is calculated based on the number of units outstanding at the beginning of
the year.  There were no abandonments in 1995.


Item 8.     Changes in and Disagreements with Accountant on Accounting and
            FinancialDisclosures

   There were no disagreements with Ernst & Young LLP regarding the 1995 or 1994
audits of the Partnership's financial statements.


                                    PART III


Item 9.     Directors, Executive Officers, Promoters and Control Persons;
            Compliance with Section 16(a) of the Exchange Act
   
   The name of the directors and executive officers of Angeles Realty Corpora-
tion II ("ARC II"), the Partnership's Managing General Partner as of December
31, 1995, their age and the nature of all positions with ARC II presently held
by them are as follows:


             Name                      Age            Position           

     Carroll D. Vinson                 55            President 

     William H. Jarrard, Jr.           49            Vice President

     John K. Lines                     36            Vice President and
                                                     Secretary

     Kelley M. Buechler                38            Assistant Secretary

     Robert D. Long, Jr.               28            Controller and Principal
                                                     Accounting Officer


Carroll D. Vinson has been President of Metropolitan Asset Enhancement, L.P.,
and subsidiaries since August 1994.  Prior to that, during 1993 to August 1994,
Mr. Vinson was affiliated with Crisp, Hughes & Co. (regional CPA firm) and
engaged in various other investment and consulting activities.  Briefly, in
early 1993, Mr. Vinson served as President and Chief Executive Officer of
Angeles Corporation, a real estate investment firm.  From 1991 to 1993 Mr.
Vinson was employed by Insignia in various capacities including Managing
Director-President during 1991.  From 1986 to 1990, Mr. Vinson was President and
a Director of U.S. Shelter Corporation, a real estate services company, which
sold substantially all of its assets to Insignia in December 1990.

William H. Jarrard, Jr. is Managing Director - Partnership Administration of
Insignia Financial Group, Inc. ("Insignia").  During the five years prior to
joining Insignia in 1991, he served in a similar capacity for U.S. Shelter.  He
was previously associated with the accounting firm, Ernst & Whinney, for eleven
years.  Mr. Jarrard is a graduate of the University of South Carolina and a
certified public accountant.

John K. Lines has been General Counsel and Secretary of Insignia since June
1994.  From May 1993 until June 1994, Mr. Lines was the Assistant General
Counsel and Vice President of Ocwen Financial Corporation in West Palm Beach,
Florida.  From October 1991 until April 1993, Mr. Lines was a Senior Attorney
with Banc One Corporation in Columbus, Ohio.  From May 1984 until October 1991,
Mr. Lines was employed as an Associate Attorney with Squire Sanders & Dempsey in
Columbus, Ohio.

Kelley M. Buechler is Assistant Secretary of Insignia.  During the five years
prior to joining Insignia in 1991, she served in a similar capacity for U.S.
Shelter.  Ms. Buechler is a graduate of the University of North Carolina.

Robert D. Long, Jr. is Controller and Principal Accounting Officer.  Prior to
joining Metropolitan Asset Enhancement, L.P. and subsidiaries, he was an auditor
for the State of Tennessee and was associated with the accounting firm of
Harshman Lewis and Associates.  He is a graduate of the University of Memphis.

Item 10.  Executive Compensation

     No direct form of compensation or remuneration was paid by the Partnership
to any officer or director of ARC II.  The Partnership has no plan, nor does the
Partnership presently propose a plan, which will result in any remuneration
being paid to any officer or director upon termination of employment.  However,
fees and other payments have been made to the Partnership's Managing General
Partner and its affiliates, as described in "Note F" of the Financial Statements
included under "Item 7", which is incorporated herein by reference.


Item 11.  Security Ownership of Certain Beneficial Owners and Management

      As of January 1, 1996, no person owned of record more than 5% of the
Limited Partnership Units of the Partnership nor was any person known by the
Partnership to own of record and beneficially, or beneficially only, more than
5% of such securities.

      The Partnership knows of no contractual arrangements, the operation or the
terms of which may at a subsequent date result in a change in control of the
Partnership, except as follows:  Article 12.1 of the Agreement, which provides
that upon a vote of the Limited Partners holding more than 50% of the then
outstanding Limited Partnership Units the Managing General Partner may be
expelled from the Partnership upon 90 days written notice.  In the event that a
successor general partner has been elected by Limited Partners holding more than
50% of the then outstanding Limited Partnership Units and if said Limited
Partners elect to continue the business of the Partnership, the Partnership is
required to pay in cash to the expelled Managing General Partner an amount equal
to the accrued and unpaid management fee described in Article 10 of the Agree-
ment and to purchase the Managing General Partner's interest in the Partnership
on the effective date of the expulsion, which shall be an amount equal to the
difference between (i) the balance of the Managing General Partner's capital
account and (ii) the fair market value of the share of Distributable Net
Proceeds to which the Managing General Partner would be entitled.  Such determi-
nation of the fair market value of the share of Distributable Net Proceeds is
defined in Article 12.2(b) of the Agreement.

Item 12.  Certain Relationships and Related Transactions

      No transactions have occurred between the Partnership and any officer or
director of ARC II.

      During the years ended December 31, 1995, and December 31, 1994, the
transactions that occurred between the Partnership and ARC II and affiliates of
ARC II pursuant to the terms of the Agreement are disclosed under "Note F" of
the Partnership's Financial Statements included under "Item 7", which is hereby
incorporated by reference.


Item 13.   Exhibits and Reports on Form 8-K

           
           (a)    Exhibits required by Item 601 of Regulation S-B:  Refer to
                  Exhibit Index in this report.

           
           (b)    No reports on Form 8-K were filed in the fourth quarter of
                  1995.


                                   SIGNATURES


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


                                      ANGELES PARTNERS XIV                  
                                      (A California Limited Partnership)
                                      (Registrant)


                                      By:   Angeles Realty Corporation II



                                      By:   /s/Carroll D. Vinson            
                                            Carroll D. Vinson
                                            President

                                      Date: March 27, 1996


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



/s/Carroll D. Vinson            President                March 27, 1996
Carroll D. Vinson




/s/Robert D. Long, Jr.          Controller and           March 27, 1996
Robert D. Long, Jr.             Principal Accounting
                                Officer




                                                                                





                                  EXHIBIT INDEX


  Exhibit

   3.1               Amended Certificate and Agreement of the Limited
                     Partnership filed in Form S-11 dated December 24, 1984
                     incorporated herein by reference.

   10.1              Agreement of Purchase and Sale of Real Property with
                     Exhibits - Waterford Square Apartments filed in Form 8K
                     dated May 31, 1985 incorporated herein by reference.

   10.2              Agreement of Purchase and Sale of Real Property with
                     Exhibits - Fox Crest Apartments filed in form 8K dated June
                     30, 1985 incorporated herein by reference.

   10.3              Agreement of Purchase and Sale of Real Property with
                     Exhibits - Dayton Industrial Complex filed in form 8K dated
                     December 20, 1985 incorporated herein by reference.

   10.4              Agreement of Purchase and Sale of Real Property with
                     Exhibits - Camelot Village Apartments filed in Form 8K
                     dated March 31, 1987 incorporated herein by reference.

   10.5              Agreement of Purchase and Sale of Real Property with
                     Exhibits - Glenwood Plaza Shopping Center filed in form 8K
                     dated March 31, 1987 incorporated herein by reference.

   10.6              Glenwood Plaza Shopping Center financing disclosed in notes
                     to financial statements filed in Form 10Q dated June 30,
                     1988 incorporated herein by reference.

   10.7              Promissory note - Waterford Square Apartments financing
                     disclosed in notes to financial statements filed in Form
                     10K dated December 31, 1989 incorporated herein by
                     reference.

   10.8              Promissory note - Fox Crest Apartments financing disclosed
                     in notes to financial statements filed in Form 10K dated
                     December 31, 1989 incorporated herein by reference.

   10.9              Sale agreement - Cascades Apartments filed in Form 8-K,
                     Exhibit I, dated August 28, 1991 incorporated herein by
                     reference.

   10.10             Stock Purchase Agreement dated November 24, 1992 showing
                     the purchase of 100% of the outstanding stock of Angeles
                     Realty Corporation II by IAP GP Corporation, a subsidiary
                     of MAE GP Corporation, filed in Form 8-K dated December 31,
                     1992, which is incorporated herein by reference.

   10.11             Agreement of Purchase and Sale of Real Property with   
                     Exhibits - Camelot Village Apartments and Glenwood Plaza 
                     Shopping Center filed in Form 8-K dated July 15, 1993  
                     incorporated herein by reference.

   10.12             Agreement of Purchase and Sale of Real Property with   
                     Exhibits - Building 54 of the Dayton Industrial Complex 
                     Shopping Center filed in Form 8-K dated December 28, 1994 
                     incorporated herein by reference.

   10.13             Agreement of Purchase and Sale of Real Property with
                     Exhibits - Building 47 of the Dayton Industrial Complex
                     Shopping Center filed in Form 8-K dated August 31, 1995
                     incorporated herein by reference.

   16.1              Letter from the Registrant's former independent accountant 
                     regarding its concurrence with the statements made by the
                     Registrant, is incorporated by reference to the exhibit
                     filed with Form 8-K dated September 1, 1993.