FORM 10-QSB--Quarterly or Transitional Report Under Section 13
                       or 15(d) of the Securities Exchange Act of 1934
                        Quarterly or Transitional Report



                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

                    For the quarterly period ended June 30, 2001


[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934


                For the transition period from _________to _________

                         Commission file number 0-10435


                            CENTURY PROPERTIES FUND XVI
         (Exact name of small business issuer as specified in its charter)



         California                                              94-2704651
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                                 (864) 239-1000
                           (Issuer's telephone number)


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___



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                           CENTURY PROPERTIES FUND XVI
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                                  June 30, 2001

<TABLE>
<CAPTION>

Assets
<S>                                                          <C>             <C>
   Cash and cash equivalents                                                 $  178
   Receivables and deposits                                                     136
   Restricted escrows                                                            76
   Other assets                                                                 201
   Investment properties:
      Land                                                   $  1,409
      Buildings and related personal property                  15,522
                                                               16,931
      Less accumulated depreciation                            (9,312)        7,619
                                                                            $ 8,210
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                         $    59
   Accrued property taxes                                                       145
   Tenant security deposit liabilities                                           50
   Other liabilities                                                            120
   Mortgage notes payable                                                     7,131

Partners' (Deficit) Capital
   General partners                                          $ (3,857)
   Limited partners (130,000 units issued and
      outstanding)                                              4,562           705
                                                                            $ 8,210


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>




b)

                           CENTURY PROPERTIES FUND XVI
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)

<TABLE>
<CAPTION>

                                      Three Months Ended         Six Months Ended
                                           June 30,                  June 30,
                                      2001          2000         2001         2000
Revenues:
<S>                                <C>           <C>          <C>          <C>
   Rental income                   $   770       $   753      $  1,524     $  1,486
   Other income                         52            46            96           79
      Total revenues                   822           799         1,620        1,565
Expenses:
   Operating                           354           304           678          611
   General and administrative           66            50           142           97
   Depreciation                        171           155           341          304
   Interest                            149           151           298          301
   Property tax                         73            66           145          118
      Total expenses                   813           726         1,604        1,431

      Net income                   $     9       $    73      $     16     $    134

Net income allocated to
  general partners (6.9%)          $     1       $     5      $      1     $      9

Net income allocated to
   limited partners (93.1%)              8            68            15          125

                                   $     9       $    73      $     16     $    134

Net income per limited
  partnership unit                 $   .06       $   .52      $    .11     $    .96
Distributions per limited
  partnership unit                 $   .51       $  1.98      $   1.05     $   1.98

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


c)

                            CENTURY PROPERTIES FUND XVI
          CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                     Limited
                                   Partnership    General     Limited
                                      Units      Partners     Partners      Total

<S>                                  <C>         <C>          <C>          <C>
Original capital contributions       130,000     $     --     $65,000      $65,000

Partners' (deficit) capital
   at December 31, 2000              130,000     $ (3,847)    $ 4,683      $   836

Distributions to partners                 --          (11)        (136)       (147)

Net income for the six months
   ended June 30, 2001                    --            1          15           16

Partners' (deficit) capital
   at June 30, 2001                  130,000     $ (3,857)    $ 4,562      $   705


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



d)
                           CENTURY PROPERTIES FUND XVI
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net income                                                    $     16     $    134
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                                      341          304
   Amortization of loan costs                                         16           16
   Change in accounts:
      Receivables and deposits                                       109           95
      Other assets                                                   (24)          (4)
      Accounts payable                                               (25)         (26)
      Accrued property taxes                                         (27)         (50)
      Tenant security deposit liabilities                              9           (1)
      Other liabilities                                              (10)         (66)

       Net cash provided by operating activities                     405          402

Cash flows from investing activities:
  Property improvements and replacements                            (275)        (375)
  Net deposits to restricted escrows                                 (21)         (11)

       Net cash used in investing activities                        (296)        (386)

Cash flows from financing activities:
  Distributions to partners                                         (147)        (276)
  Payments on mortgage notes payable                                 (46)         (43)

       Net cash used in financing activities                        (193)        (319)

Net decrease in cash and cash equivalents                            (84)        (303)

Cash and cash equivalents at beginning of period                     262          468

Cash and cash equivalents at end of period                      $    178     $    165

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $    235     $    285

At  December  31,  2000,  approximately  $93,000 of  property  improvements  and
replacements were included in accounts payable.


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



e)
                           CENTURY PROPERTIES FUND XVI
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Century
Properties Fund XVI (the  "Partnership" or the "Registrant")  have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information and with the  instructions to Form 10-QSB and Item 310(b)
of Regulation S-B.  Accordingly,  they do not include all of the information and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The  Partnership's  general  partners  are  Fox  Capital
Management Corporation (the "Managing General Partner" or "FCMC") and Fox Realty
Investors ("FRI"). The Managing General Partner and the managing general partner
of FRI are affiliates of Apartment  Investment and Management Company ("AIMCO"),
a publicly traded real estate  investment  trust. In the opinion of the Managing
General  Partner,  all  adjustments  (consisting of normal  recurring  accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results  for the  three  and six  month  periods  ended  June  30,  2001 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2001. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2000.

Segment Reporting

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

Principles of Consolidation

The consolidated financial statements of the Partnership include its 99% limited
partnership  interest in The Landings CPF 16, LP.  Because the  Partnership  may
remove the  general  partner of The  Landings  CPF 16 LP,  this  partnership  is
controlled and  consolidated  by the  Partnership.  The  consolidated  financial
statements also include the Partnership's interest in Woods of Inverness CPF 16,
LP, which is wholly owned by the Registrant.  All significant  inter-partnership
balances have been  eliminated.  Minority  interest is immaterial  and not shown
separately in the financial statements.

Note B - 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 (i) payments to
affiliates for services and (ii)  reimbursement of certain expenses  incurred by
affiliates  on  behalf  of the  Partnership.  The  following  transactions  with
affiliates of the Managing General Partner were paid during the six months ended
June 30, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees (included in operating expenses)        $ 82      $ 78
 Reimbursement for services of affiliates (included in
   investment properties and general and administrative and
   operating expenses)                                              87        59

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  both  of the  Registrant's  properties  for  providing  property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$82,000  and  $78,000  during  the six  months  ended  June 30,  2001 and  2000,
respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $87,000 and
$59,000 for the six months ended June 30, 2001 and 2000, respectively.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit. Based on present plans, the Managing General Partner does not anticipate
the need to borrow in the near future. Other than cash and cash equivalents, the
line of credit is the Partnership's only unused source of liquidity.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 76,607.69 limited partnership units
(the  "Units")  in the  Partnership  representing  approximately  58.93%  of the
outstanding  units at June 30,  2001.  A number  of these  Units  were  acquired
pursuant to tender  offers made by AIMCO,  its  affiliates  or affiliates of the
Managing  General  Partner.  It is possible  that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private purchases or tender offers. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would include without  limitation,  voting on certain
amendments  to the  Partnership  Agreement  and  voting to remove  the  Managing
General  Partner.  As a result of its ownership of  approximately  58.93% of the
outstanding Units, AIMCO is in a position to influence all voting decisions with
respect to the Registrant. When voting on matters, AIMCO would in all likelihood
vote the Units it acquired in a manner favorable to the interest of the Managing
General Partner because of its affiliation  with the Managing  General  Partner.
However,  with respect to 47,326.68 Units,  owned by Insignia  Properties LP, an
affiliate of the Managing  General  Partner,  such affiliate is required to vote
such Units:  (i) against any  increase in  compensation  payable to the Managing
General Partner or to affiliates;  and (ii) on all other matters submitted by it
or its affiliates, in proportion to the votes cast by non-tendering unitholders.
Except  for the  foregoing,  no other  limitations  are  imposed on AIMCO or its
affiliates'   ability  to  influence   voting  decisions  with  respect  to  the
Partnership.

Note C - Distributions

Cash  distributions  from operations of approximately  $147,000 were paid during
the six months ended June 30, 2001, of which approximately  $136,000 was paid to
limited partners ($1.05 per limited  partnership  unit). Cash distributions from
operations of approximately  $276,000 were paid during the six months ended June
30, 2000, of which  approximately  $257,000 was paid to limited  partners ($1.98
per limited partnership unit).

<PAGE>

Note D - Legal Proceedings

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order sustaining defendants' demurrer on certain grounds.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.

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


<PAGE>



ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for the six
months ended June 30, 2001 and 2000:

                                                   Average Occupancy
      Property                                      2001       2000

      Ralston Place                                 96%        96%
         Tampa, Florida
      Woods of Inverness Apartments                 95%        94%
        Houston, Texas

Results of Operations

The  Registrant's  net  income  for the six  months  ended  June  30,  2001  was
approximately   $16,000  as  compared   to   approximately   $134,000   for  the
corresponding  period in 2000. The  Registrant's net income for the three months
ended  June 30,  2001 was  approximately  $9,000 as  compared  to net  income of
approximately  $73,000  for the three  months  ended June 30,  2000.  Net income
decreased  for both the three and six months  ended June 30, 2001 as compared to
the same periods in 2000 as a result of an increase in total expenses which more
than offset an increase in total revenues.

Total  expenses  increased for both the three and six months ended June 30, 2001
primarily due to an increase in operating, general and administrative,  property
tax and depreciation  expenses.  Operating expenses increased due to an increase
in maintenance salaries at both investment properties and an increase in utility
and  maintenance  expenses  at the Woods of  Inverness  Apartments.  General and
administrative  expenses  increased  primarily due to an increase in the cost of
services  included in the  management  reimbursements  to the  managing  General
Partner as allowed under the Partnership  Agreement.  Also,  included in general
and administrative  expenses, are costs associated with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership  Agreement.  Property tax expense  increased at both
properties  resulting from the timing of the receipt of tax bills which affected
the accruals  recorded at June 30, 2001.  Depreciation  expense increased due to
property  improvements and replacements  completed during the last twelve months
which are now being depreciated.

Total revenues  increased for both the three and six months ended June 30, 2001,
as compared to the same periods in 2000.  The increase in total revenues was the
result of increased  rental and other income at both  properties.  Rental income
increased  due  to  an  increase  in  average   rental  rates  at  both  of  the
Partnership's  properties and slightly increased occupancy rates at the Woods of
Inverness  Apartments.   Other  income  increased  primarily  due  to  increased
utilities reimbursements at both of the Partnership's properties.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner monitors the rental market  environment of its investment  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting  the  Partnership  from increases in expenses.  As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of  inflation-related  increases in expenses by increasing  rents and
maintaining a high overall  occupancy  level.  However,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At June 30, 2001, the Registrant had cash and cash  equivalents of approximately
$178,000 as compared to  approximately  $165,000 at June 30, 2000. Cash and cash
equivalents  decreased  approximately $84,000 for the period ended June 30, 2001
from  December 31, 2000.  The  decrease in cash and cash  equivalents  is due to
approximately  $296,000  and $193,000 of cash used in  investing  and  financing
activities,  respectively,  partially offset by  approximately  $405,000 of cash
provided by operating activities. Cash used in investing activities consisted of
property  improvements and replacements and, to a lesser extent, net deposits to
restricted  escrow  accounts  maintained  by the mortgage  lender.  Cash used in
financing  activities  consisted primarily of distributions to the partners and,
to a lesser extent,  principal  payments made on the mortgages  encumbering  the
Registrant's properties.  The Registrant invests its working capital reserves in
interest bearing accounts.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit. Based on present plans, the Managing General Partner does not anticipate
the need to borrow in the near future. Other than cash and cash equivalents, the
line of credit is the Partnership's only unused source of liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating  needs of the Registrant and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for the Partnership's properties are detailed below.

Ralston Place: For 2001, the Partnership has budgeted  approximately $55,000 for
capital  improvements at Ralston Place  consisting  primarily of appliance,  air
conditioning  and  flooring  replacements,   window  treatments,   water  heater
upgrades,  and  structural  improvements.  As of June 30, 2001, the property has
spent  approximately  $51,000 in capital  expenditures  consisting  primarily of
appliance,   air   conditioning   and  flooring   replacements   and  structural
improvements.  These  improvements  were funded from  replacement  reserves  and
operations.  Additional  improvements  may be considered  and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Woods of Inverness: For 2001, the Partnership has budgeted approximately $90,000
for capital  improvements at Woods of Inverness consisting primarily of interior
decoration,  flooring replacements and parking lot improvements.  As of June 30,
2001,  the property  has spent  approximately  $131,000 in capital  expenditures
consisting  primarily  of  appliance  and floor  covering  replacements,  window
treatments,   major   landscaping,   parking  lot   resurfacing  and  structural
improvements. These improvements were funded primarily from replacement reserves
and operations. Additional improvements may be considered and will depend on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Additional capital  expenditures will be incurred only if cash is available from
operations  or from  Partnership  reserves.  To the  extent  that such  budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $7,131,000 is amortized  over 360 months with a
balloon  payment of  approximately  $6,618,000 due January 1, 2006. The Managing
General  Partner  will attempt to refinance  such  indebtedness  and/or sell the
properties  prior to such maturity date. If the properties  cannot be refinanced
or sold for a sufficient amount, the Registrant will risk losing such properties
through foreclosure.

Cash  distributions  from operations of approximately  $147,000 were paid during
the six months ended June 30, 2001, of which approximately  $136,000 was paid to
limited partners ($1.05 per limited  partnership  unit). Cash distributions from
operations of approximately  $276,000 were paid during the six months ended June
30, 2000, of which  approximately  $257,000 was paid to limited  partners ($1.98
per limited  partnership  unit).  Future cash  distributions  will depend on the
levels of net cash generated from operations, the availability of cash reserves,
and the timing of debt  maturities,  refinancings,  and/or property  sales.  The
Partnership's distribution policy is reviewed on a quarterly basis. There can be
no assurance,  however, that the Partnership will generate sufficient funds from
operations,  after planned capital expenditures,  to permit distributions to its
partners during the remainder of 2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 76,607.69 limited partnership units
(the  "Units")  in the  Partnership  representing  approximately  58.93%  of the
outstanding  units at June 30,  2001.  A number  of these  Units  were  acquired
pursuant to tender  offers made by AIMCO,  its  affiliates  or affiliates of the
Managing  General  Partner.  It is possible  that AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private purchases or tender offers. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would include without  limitation,  voting on certain
amendments  to the  Partnership  Agreement  and  voting to remove  the  Managing
General  Partner.  As a result of its ownership of  approximately  58.93% of the
outstanding Units, AIMCO is in a position to influence all voting decisions with
respect to the Registrant. When voting on matters, AIMCO would in all likelihood
vote the Units it acquired in a manner favorable to the interest of the Managing
General Partner because of its affiliation  with the Managing  General  Partner.
However,  with respect to 47,326.68 Units,  owned by Insignia  Properties LP, an
affiliate of the Managing  General  Partner,  such affiliate is required to vote
such Units:  (i) against any  increase in  compensation  payable to the Managing
General Partner or to affiliates;  and (ii) on all other matters submitted by it
or its affiliates, in proportion to the votes cast by non-tendering unitholders.
Except  for the  foregoing,  no other  limitations  are  imposed on AIMCO or its
affiliates'   ability  to  influence   voting  decisions  with  respect  to  the
Partnership.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

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

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order sustaining defendants' demurrer on certain grounds.  Plaintiffs have until
August 16, 2001 to file a fourth amended complaint. The Managing General Partner
does  not  anticipate  that  any  costs,  whether  legal  or  settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2001.


<PAGE>



                                   SIGNATURES



In accordance with the requirements of the Exchange Act, the Partnership  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                 CENTURY PROPERTIES FUND XVI

                                 By:     FOX CAPITAL MANAGEMENT CORPORATION
                                         Managing General Partner

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

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                                 Date:   August 2, 2001