<PAGE>
                              PART 1

ITEM I.  FINANCIAL STATEMENTS

                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

                   Consolidated Balance Sheets
                           (Unaudited)
<TABLE>  
<CAPTION>
     Assets                            September 30,    December
31,
                                         1995               1994
                                       ----------------------------
<S>                                     <C>           <C>         
Cash and cash equivalents               $  2,840,000   $  2,267,000

Real estate loans receivable, earning        262,000        282,000
Real estate loans receivable, nonearning   2,092,000      2,319,000
Real estate loans receivable from
 unconsolidated investees (note 4)           529,000        194,000
Real estate loans receivable from
 unconsolidated investees, nonearning
 (note 4)                                  3,375,000      3,846,000
                                       ----------------------------
                                           6,258,000      6,641,000

 Less allowance for possible loan losses     957,000      1,157,000
                                       ----------------------------
       Net real estate loans receivable    5,301,000      5,484,000

Real estate owned, net, 
 held for sale (note 3)                   10,783,000     11,435,000
Real estate owned, insubstance 
 foreclosed (note 3)                       1,870,000      2,385,000
                                       ----------------------------
                                          12,653,000     13,820,000

 Less allowance for possible losses on
   real estate owned                       4,494,000      4,013,000
                                       ----------------------------
       Net real estate owned               8,159,000      9,807,000

Accrued interest receivable                   23,000         42,000
Other assets, net                            105,000         88,000
                                       ----------------------------
                                        $ 16,428,000   $ 17,688,000
                                       ============================
</TABLE>

   See accompanying notes to consolidated financial statements



<PAGE>

                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

                   Consolidated Balance Sheets
                           (Unaudited)
                           (Continued) 
<TABLE>
<CAPTION>
                                      September 30,    December 31,
  LIABILITIES AND PARTNERS' EQUITY         1995           1994
                                    -------------------------------
<S>                                <C>               <C>   
Notes payable (note 5)                 $  4,010,000    $ 4,019,000
Notes payable to affiliates                  94,000        144,000
Accounts payable and accrued liabilities     55,000         55,000
Interest payable to affiliate on 
 notes secured by real estate                61,000          8,000
Interest payable to affiliates on notes
 secured by real estate                     149,000        172,000 
Payable to affiliates                         3,000          9,000
Deferred profit on equity participation     559,000        559,000
                                        --------------------------
     Total liabilities                    4,931,000      4,966,000

Partners' equity (deficit) -- 38,729 
 limited partnership units outstanding as
 of September 30, 1995 and December 31, 1994
     General partners                      (525,000)      (525,000)
     Limited partners                    12,072,000     13,247,000
                                      ----------------------------
     Total partners' equity              11,497,000     12,722,000

Contingencies (note 6)
                                      ----------------------------
                                        $ 16,428,000  $ 17,688,000
                                      ============================
</TABLE>

   See accompanying notes to consolidated financial statements














<PAGE>                          CENTENNIAL MORTGAGE INCOME FUND
                                     A Limited Partnership

                             Consolidated Statements of Operations
                                         (Unaudited)
<TABLE>

<CAPTION>                               Nine Months               
  Three Months
                                      Ended September 30,        
Ended September 30,
                                      1995          1994          
1995          1994
                                     
------------------------------------------------------
<S>                                   <C>            <C>          
 <C>           <C>
Revenue:
  Interest income on loans
    to nonaffiliates,
    including fees                    $    64,000    $  164,000   
$   19,000    $  22,000  
  Interest income on loans to 
    affiliates, including fees             26,000           ---   
    26,000          ---
  Interest-bearing deposits                76,000        47,000   
    28,000       17,000
  Income from operations of 
    real estate owned                     625,000       609,000   
   187,000      202,000 
  Gain on sale of property                113,000           ---   
     1,000          ---
                                     
------------------------------------------------------
     Total revenue                        904,000       820,000   
   261,000      241,000

Expenses:
  Provision for possible losses           716,000       289,000   
       ---      246,000 
  Share of losses in unconsolidated 
   investees                              472,000           ---   
   162,000          ---
  Operating expenses from operations 
    of real estate owned                  196,000       195,000   
    70,000       72,000
  Operating expenses from operations
    of real estate owned paid 
    to affiliates                          41,000        42,000   
    13,000       14,000
  Expenses associated with non-operating
    real estate owned                     176,000       164,000   
    53,000       11,000
  Depreciation and amortization expense    87,000        83,000   
    29,000       28,000

</TABLE>

<PAGE>

                                CENTENNIAL MORTGAGE INCOME FUND
                                     A Limited Partnership

                             Consolidated Statements of Operations
                                         (Unaudited)
                                         (Continued)

<TABLE>

<CAPTION>                               Nine Months               
  Three Months
                                      Ended September 30,        
Ended September 30,
                                      1995          1994          
1995          1994
                                     
------------------------------------------------------
<S>                                   <C>            <C>          
 <C>           <C>
 Interest expense                         360,000       371,000   
    89,000      130,000
 General and administrative, 
   affiliates                             126,000       136,000   
    45,000       49,000
 General and administrative, 
   nonaffiliates                           64,000        81,000   
    19,000       22,000
 Mortgage investment servicing fees,
   affiliates                              37,000        39,000   
    12,000       13,000
                                     
------------------------------------------------------
 Total expenses                         2,275,000     1,400,000   
   492,000      585,000
                                     
------------------------------------------------------
 Net loss before minority interest     (1,371,000)     (580,000)  
  (231,000)    (344,000)

Minority interest share of losses         146,000       233,000   
    20,000       24,000 
                                     
------------------------------------------------------
   Net loss                           $(1,225,000)   $ (347,000)  
$ (211,000)   $(320,000)
                                     
======================================================
Net loss per limited 
  partnership unit                    $    (31.63)   $    (8.96)  
$    (5.45)   $   (8.26)
                                     
======================================================
</TABLE>

                  See accompanying notes to consolidated financial
statements

<PAGE>
                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

            Consolidated Statement of Partners' Equity
                           (Unaudited)

<TABLE>
            For the nine months ended September 30, 1995

<CAPTION> 
                         General       Limited   Total Partners'
                         Partners      Partners      Equity     
                        ----------------------------------------
<S>                    <C>          <C>            <C>
Balance at 
  December 31, 1994    $  (525,000) $  13,247,000  $  12,722,000  

Net loss                       ---     (1,225,000)    (1,225,000) 
                        ---------------------------------------- 
Balance at 
  September 30, 1995   $  (525,000) $  12,022,000  $  11,497,000  
                        ========================================
</TABLE>

   See accompanying notes to consolidated financial statements.




























<PAGE>
                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

              Consolidated Statements of Cash Flows
                           (Unaudited)

<TABLE>
        For the nine months ended September 30, 1995 and 1994

<CAPTION>
                                               1995             
1994  
                                       
-------------------------------- 
<S>                                        <C>             <C>
Cash flow from operating activities:
 Net loss                                  $ (1,225,000)   $ 
(347,000)
 Adjustments to reconcile net 
   loss to cash used in 
   operating activities:
  Provision for possible losses                 716,000        
289,000 
  Interest accrued principal on 
   loans receivable                              (6,000)          
 --- 
  Depreciation and amortization expense          87,000         
83,000 
  Minority interest                             (96,000)      
(233,000)
  Gain on sale of real estate owned            (113,000)          
 ---
  Equity in losses of unconsolidated 
    investees                                   472,000           
 ---
Changes in assets and liabilities:
 (Increase) decrease in accrued 
   interest receivable                           19,000        
(20,000)
 Increase in other assets                       (25,000)       
(28,000)
 Decrease in accounts payable 
   and accrued liabilities                          ---        
(36,000)
 Increase in interest and taxes 
   payable on real estate owned                  53,000           
 ---
 Increase (decrease) in interest payable to
   affiliates on notes secured by real estate   (23,000)        
41,000
 Decrease in payable to affiliates               (6,000)          
 --- 
 Decrease in deferred profit                        ---        
(75,000)
                                       
-------------------------------- 
    Net cash used in operating activities      (147,000)      
(326,000)
 
Cash flows from investing activities:
 Principal collected on loans                    22,000        
492,000 
 Advances on loans to customers                  (3,000)      
(162,000) 
 Advances on loans to unconsolidated 
   investees (note 4)                          (335,000)    
(1,290,000)
 Proceeds from sale of real 
   estate owned                               1,015,000        
681,000
 Disbursements on real estate owned             (16,000)      
(194,000)
                                       
--------------------------------
   Net cash provided by (used in) 
     investing activities                       683,000       
(473,000)
</TABLE>
<PAGE>

                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

              Consolidated Statements of Cash Flows
                           (Unaudited)
                           (Continued)
<TABLE>
        For the nine months ended September 30, 1995 and 1994

<CAPTION>
                                               1995             
1994  
                                       
-------------------------------- 
<S>                                        <C>             <C>
Cash flows from financing activities:
  Principal payments on notes payable       $    (9,000)    $   
(3,000)
  Advances on notes payable to affiliates        46,000         
27,000
                                       
--------------------------------
   Net cash used in 
     financing activities                        37,000         
24,000 
                                       
--------------------------------
   Net increase (decrease) in cash              573,000       
(775,000)
Beginning cash and cash equivalents           2,267,000      
3,279,000 
                                       
--------------------------------
Ending cash and cash equivalents           $  2,840,000    $ 
2,504,000
                                       
================================
</TABLE>

   See accompanying notes to consolidated financial statements.

























<PAGE>

                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership


              Consolidated Statements of Cash Flows
                           (Unaudited)
                           (Continued)
<TABLE>
        For the nine months ended September 30, 1995 and 1994

                                       1995            1994  
                                     ----------------------------- 
<S>                                    <C>             <C> 
Supplemental schedule of cash
 flow information:
 Cash paid during the nine months for:
  Interest                             $    292,000    $    307,000
Supplemental schedule of noncash 
 investing and financing activities:
 Decrease in real estate owned and 
   related allowance for losses 
   resulting from partial writedown 
   of property upon transfer of 
   ownership                           $        ---    $    752,000
 Decrease in real estate owned through 
   transfer of ownership                        ---       6,443,000
 Decrease in allowance for losses 
   resulting from partial chargeoff of
   real estate owned upon transfer
   of ownership                                 ---       2,009,000
 Decrease in notes payable through 
   transfer of ownership                        ---       1,104,000
 Decrease in interest and taxes 
   payable on real estate owned through 
   transfer of ownership                        ---         326,000
 Increase in real estate loans from affiliates 
   through transfer of ownership                ---       3,004,000
 Decrease in real estate owned and notes 
   payable to affiliates due to retroactive 
   reduction in note balance                    ---         120,000
 Decrease in loans receivable and related
   allowance for losses resulting from
   chargeoff of loan receivable             233,000             ---


</TABLE>

   See accompanying notes to consolidated financial statements.





<PAGE>
                 CENTENNIAL MORTGAGE INCOME FUND
                      A Limited Partnership

           Notes to Consolidated Financial Statements
                           (Unaudited)
 
                     September 30, 1995 and 1994

(1)  BUSINESS

Centennial Mortgage Income Fund (the "Partnership") has
historically invested in commercial, industrial and residential
income-producing real property through mortgage investments
consisting of participating first mortgage loans, other equity
participation loans, construction loans, and wrap-around and other
junior loans.  The Partnership's underwriting policy for granting
credit was to fund loans secured by first and second deeds of trust
on real property.  The Partnership's area of concentration is in
California.  

Management believes that the real estate industry in California
continues to stabilize.  However, due to the long-term recession
and falling real estate values, many of the Partnership's loans
became delinquent and management of the Partnership elected to
foreclose, thereby increasing real estate owned balances.  Nearly
all of the Partnership's performing loans have now been repaid.  As
a result, the Partnership has become a direct investor in real
estate and intends to manage operating properties and develop raw
land until such time as the Partnership is able to sell this real
estate owned.

As required by the Partnership Agreement, the Partnership is
currently in the repayment stage, and as a result, cash proceeds
from mortgage investments are no longer available for reinvestment.

(2)  BASIS OF PRESENTATION

The consolidated financial statements are unaudited and reflect all
adjustments, consisting only of normal recurring accruals, which
are, in the opinion of management, necessary for a fair statement
of the results of operations for the interim periods.  Results for
the nine months ended September 30, 1995 and 1994 are not
necessarily indicative of results which may be expected for any
other interim period, or for the year as a whole.

Information pertaining to the nine months ended September 30, 1995
and 1994 is unaudited and condensed inasmuch as it does not include
all related footnote disclosures.

The condensed consolidated financial statements do not include all
information and footnotes necessary for fair presentation of
financial position, results of operations and cash flows in 
conformity with generally accepted accounting principles.  Notes to
<PAGE>

consolidated financial statements included in Form 10-K for the
year ended December 31, 1994 on file with the Securities and
Exchange Commission, provide additional disclosures and a further
description of accounting policies.

NET LOSS PER LIMITED PARTNERSHIP UNIT

Net loss per limited partnership unit for financial statement
purposes was based on the weighted average number of limited
partnership units outstanding of 38,729 for all periods presented. 

IMPAIRED LOANS

Effective January 1, 1995, the Partnership adopted Statement of
Financial Accounting Standards No. 114, "Accounting by Creditors
for Impairment of a Loan" ("SFAS 114"), as amended by Statement of
Financial Accounting Standards No. 118, "Accounting by Creditors
for Impairment of a Loan - Income Recognition and Disclosures"
("SFAS 118").  Under SFAS 114 a loan is impaired when it is
"probable" that a creditor will be unable to collect all amounts
due (i.e. both principal and interest) according to the contractual
terms of the loan agreement.  The measurement of impairment may be
based on (i) the present value of the expected future cash flows of
the impaired loan discounted at the loan's original effective
interest rate, (ii) the observable market price of the impaired
loan, or (iii) the fair value of the collateral of a collateral-
dependent loan.  SFAS 114 does not apply to large groups of smaller
balance homogeneous loans that are collectively evaluated for
impairment.  Although the adoption of SFAS 114, as amended by SFAS
118, had no material impact on the Partnership's consolidated
financial statements pursuant to the provisions of SFAS 114 the
Partnership reclassified a loan formerly classified as insubstance
foreclosure to impaired loans receivable.  The Partnership's
existing policy of measuring loan impairment is consistent with
methods prescribed in these standards.

The Partnership considers a loan to be impaired when based upon
current information and events, it believes it is probable that the
Partnership will be unable to collect all amounts due according to
the contractual terms of the loan agreement.  In determining
impairment, the Partnership considers large non-homogeneous loans
including nonaccrual loans, troubled debt restructurings and
performing loans which exhibit, among other characteristics, high
loan-to-value ratios, low debt-coverage ratios, or other
indications that the borrowers are experiencing increased levels of
financial difficulty.  The Partnership bases the measurement of
collateral-dependent impaired loans on the fair value of the loan's
collateral.  The amount by which the recorded investment of the
loan exceeds the measure of the impaired loan's value is recognized
by recording a valuation allowance.


<PAGE>

At September 30, 1995, the carrying value of loans that are
considered to be impaired under SFAS 114 totaled $5,467,000 (of
which $5,467,000 were on nonaccrual status).  At September 30,
1995, the allowance for possible loan losses determined in
accordance with the provisions of SFAS 114, related to loans
considered to be impaired under SFAS 114 totaled $952,000.  There
were four loans considered impaired under SFAS 114 for which there
is no related allowance for possible loan losses at September 30,
1995.  Two of the loans receivable are recorded with a
corresponding deferred profit liability and reserves of $656,000. 
There was a $1,000 investment in impaired loans during the nine
months ended September 30, 1995.  For the nine months ended
September 30, 1995, the Partnership recognized interest income on
those impaired loans of $29,000.  There was no interest income
recognized using the cash basis method of income during the nine
months ended September 30, 1995.

NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS

In March 1995, the FASB issued Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed Of" ("SFAS 121"). 
SFAS 121 provides guidance for recognition and measurement of
impairment of long-lived assets, certain identifiable intangibles
and goodwill related both to assets to be held and used by an
entity and assets to be disposed of.  SFAS 121 is effective for
financial statements for fiscal years beginning after December 15,
1995.  Although the Partnership has not yet adopted SFAS 121,
management does not expect such adoption to have a material impact
on the Partnership's consolidated financial statements.






















<PAGE>

<TABLE>

(3)  REAL ESTATE OWNED

Real estate owned consists of the following:        

<CAPTION>
                                         (dollars in thousands)
                                       September 30,   December 31,
                                           1995          1994     

                                       ---------------------------
<S>                                      <C>           <C>
1. Shopping center in Upland, CA         $    5,096    $   5,096
2. 19 acres in Sacramento, CA                 2,586        2,571
3. Auto retail center in Corona, CA           2,580        2,579
4. 23 acres in Riverside, CA                  1,012        1,012
5. 7 condominiums in Oxnard, CA               1,870        2,385
6. 55 percent interest in an office 
    building in Sacramento, CA                  ---          589
                                       --------------------------
Subtotal                                     13,144       14,232

Less accumulated depreciation                   491          412
                                       --------------------------
Total real estate owned                  $   12,653    $  13,820
                                       ==========================
</TABLE>

Property No. 5 has been accounted for as insubstance foreclosure,
the Partnership has possession of the property; however, the
Partnership does not currently hold legal title to this property. 

(4)  TRANSACTIONS WITH AFFILIATES

CMIF, Inc., an affiliate of the general partners, and Centennial
Corporation, are entitled to receive from the Partnership, mortgage
investment servicing fees for loans serviced equal to an annual
rate of 1/4 of 1 percent of the committed amount to be funded by
the Partnership.  The Partnership incurred $37,000 and $12,000 of
mortgage investment servicing fees for the nine and three months
ended September 30, 1995 and $39,000 and $13,000 for the nine and
three months ended September 30, 1994, payable to CMIF, Inc. and
Centennial Corporation. 

Under the Partnership Agreement, the general partners are to
receive compensation for their services in supervising the affairs
of the Partnership.  This partnership management compensation shall
be equal to 10 percent of the cash available for distribution, as
defined in the Partnership Agreement.  The general partners will
not receive this compensation until the limited partners have
received a 12 percent per annum cumulative return of their adjusted
<PAGE>

invested capital, but are entitled to receive a 5 percent interest
in cash available for distribution in any year until this provision
has been met.  Adjusted invested capital is defined as the original
capital invested less distributions from mortgage reductions. 
Payments to the general partners have been limited to 5 percent of
cash available for distribution as the limited partners have not
yet received their 12 percent per annum cumulative return. 

The Partnership holds 50 percent of the outstanding capital stock
of LCR Development, Inc., ("LCR").  The balance of outstanding
capital stock of LCR is owned by Centennial Mortgage Income Fund
II, ("CMIF II"), an affiliate.  The Partnership holds a $1,250,000
unsecured note and holds a 50 percent participation in a $2,115,000
unsecured note, both due from LCR.  The Partnership's share of the
$2,115,000 note at September 30, 1995 is $1,055,000 and the
Partnership had applied $327,000 of cumulative losses from
unconsolidated investees against the carrying value of the note as
of that same date.  The Partnership has not accrued its share of
interest on these notes which was approximately $135,000 as of
September 30, 1995.

LCR has been evaluating various alternative strategies for
liquidating its investment in the 179 lots in Lancaster ranging
from the sale of the lots in their present condition to a
full-scale buildout and sale of single-family homes at the project.

During late 1993 and through 1994, LCR had numerous discussions
with several independent real estate brokers and home-building
companies to assist it in determining its best alternatives for the
project.  After these discussions, LCR determined that its best
course of action appeared to be the full-scale buildout and sale of
single-family homes since the market for finished lots had fallen
so precipitously.  In late 1993, discussions with one home builder
advanced to the point of a draft joint venture agreement, whereby
the home builder was to build and sell homes at the project and
obtain construction financing.  Under this draft joint venture
agreement, LCR was to complete improvements to the lots, pay all
developer fees at an estimated cost of $12,619 per lot and then
contribute finished lots to the joint venture in exchange for an
initial capital contribution credit of $32,000 per lot.  The home
builder was to obtain construction financing and supervise the
construction and sale of single family homes at the project.  The
home builder was to be reimbursed for all onsite costs of
construction and marketing of the project and receive an overhead
fee equal to 3% of all sales revenues.  After these costs had been
paid, LCR was to receive distributions from the joint venture equal
its $32,000 initial capital contribution.  Subsequent to the return
of LCR's initial capital contribution, the joint venture partner
was to receive distributions equal to $5,000 of the first $7,000 in
profits.  Thereafter, LCR and the joint venture partner would split
profits and distributions equally.  At the time LCR was conducting
its negotiations with this home builder, it did not have the
financial  resources  to  build  homes  at  the  project  without
<PAGE>
additional funds.  Thus, the ability of the independent home
builder to obtain construction financing was the principal reason
for utilizing a third party to construct the homes.  The joint 
venture negotiations were terminated when the home builder insisted
on managerial control of the joint venture, which would have been
in violation of paragraph 10.9 of the Partnership Agreement of the
Partnership.

Subsequent to the termination of the joint venture negotiations
discussed above, LCR has obtained construction financing
commitments from CMIF II and the Partnership.  LCR has entered into
a joint venture agreement entitled Silverwood Homes, 
("Silverwood"), with Home Devco, Inc., ("Home Devco"), an affiliate
of the general partners to construct and sell single-family homes
at the project.  This new joint venture agreement includes
substantially the same terms as the draft joint venture discussed
above except that: i) the contribution value per lot has been
adjusted from $32,000 to $19,381 in order to reflect the fact that
the joint venture rather than LCR will now be responsible for
paying the $12,619 in estimated costs to complete improvements to
the lots and pay developer fees; ii) Home Devco will not obtain
construction financing for the project; and iii) Home Devco will
not receive any priority interest in profits after LCR has received
the equivalent of $19,381 in distributions per lot contributed to
the joint venture but rather will receive only a 50 percent
interest in profits and distributions from the joint venture. 
LCR's cost basis of lots contributed to the joint venture was
approximately $19,810.  Management believes that the market value
of finished lots in Lancaster has fallen since the original joint
venture was negotiated and that the new joint venture agreement
with Home Devco is on more favorable terms to LCR than could now be
obtained with an independent home builder.  The new joint venture
began constructing a model home complex at the project in June
1995.  Construction commenced in September 1995 on Phase I at the
project.  At September 30, 1995, the Partnership holds a 50 percent
participation in three notes, due from Silverwood including a
development loan, a model home loan and a home construction loan. 
The Partnership's disbursed balance of the $3,265,700 development
loan at September 30, 1995 is $428,000.  The Partnership's
disbursed balance of the $490,000 model loan at September 30, 1995
is $101,000.  At September 30, 1995, the Partnership had not
disbursed any funds under the $1,034,000 Phase I construction loan.

The consolidated balance sheet and statement of operations of LCR
Development, Inc. have not been consolidated in the Partnership's
financial statements.  The Partnership accounts for its investment
in this corporation using the equity method.  The following
represents condensed financial information for LCR at September 30,
1995 and for the nine months ended September 30, 1995:





<PAGE>

<TABLE>
                      LCR DEVELOPMENT, INC.
                   CONSOLIDATED BALANCE SHEET
<CAPTION>
                                               September 30,
         Assets                                    1995       
                                             ------------------ 
<S>                                            <C>
Cash                                            $        1,000

Real estate owned                                    4,588,000
Less allowance for losses on
  real estate investments                              287,000
                                             ------------------
Net real estate owned                                4,301,000

Organization costs                                       2,000
                                             ------------------
                                                $    4,304,000    
                                             ==================



<CAPTION>

    Liabilities and Stockholders' Deficit                         

<S>                                            <C>
Notes payable to affiliates                     $   4,453,000
Accounts payable and accrued liabilities              177,000
Interest and taxes payable
 on real estate owned                                 329,000  
                                             ------------------
  Total liabilities                                 4,959,000

Stockholders' deficit                                (655,000) 
                                             ------------------ 
                                                $   4,304,000 
                                             ==================
</TABLE>












<PAGE>

<TABLE>
                      LCR DEVELOPMENT, INC.
             CONSOLIDATED STATEMENT OF OPERATIONS
<CAPTION>
                                                Nine months
                                                   ended
                                             September 30, 1995  
                                             ------------------ 
<S>                                             <C>    
Provision for losses on real 
  estate investments                            $     341,000  
                                             ------------------ 
Net loss                                        $     341,000 
                                             ==================
</TABLE>

The Partnership holds 50 percent of the outstanding capital stock
of BKS Development, Inc., ("BKS").  The balance of outstanding
capital stock of BKS is also owned by CMIF II.  The Partnership
holds a 50 percent participation in a $3,894,000 note due from BKS.

The Partnership's share of the note receivable at September 30,
1995 is $1,947,000 and the Partnership had applied $550,000 of
cumulative losses from unconsolidated investees against the
carrying value of the note as of that same date.

The balance sheet and statement of operations of BKS have not been
consolidated in the Partnership's financial statements.  The
Partnership accounts for its investment in this corporation using
the equity method.  The following represents condensed financial
information for BKS at September 30, 1995 and for the nine months
ended September 30, 1995: 





















<PAGE>

<TABLE>
                      BKS DEVELOPMENT, INC.
                          BALANCE SHEET     
<CAPTION>
                                               September 30,
                 Assets                           1995
                                            ---------------
<S>                                         <C>
Cash                                         $       1,000

Real property                                    5,199,000
Less allowance for losses on real 
  estate investments                               680,000
                                            ---------------
Net real estate owned                            4,519,000 
                                            ---------------
                                             $   4,520,000
                                            ===============



<CAPTION>

     Liabilities and Stockholders' Deficit       

<S>                                         <C>
Bonds payable                               $      899,000  
Notes payable to affiliates                      3,893,000
Interest and property taxes 
  payable on real property                         829,000
                                            ----------------
     Total liabilities                           5,621,000

     Stockholders' deficit                      (1,101,000)
                                            ----------------
                                            $    4,520,000
                                            ================

</TABLE>














<PAGE>

<TABLE>
                      BKS DEVELOPMENT, INC.
                     STATEMENT OF OPERATIONS

<CAPTION>     
                                               Nine months   
                                                  ended    
                                           September 30, 1995
                                            ----------------
<S>                                        <C>
Interest expense                            $       79,000
Provision for losses on real 
  estate investments                               443,000
Property taxes                                      79,000
General and administrative                           1,000
                                            ----------------
Net loss                                    $      602,000
                                            ================

</TABLE>

The Partnership owns an interest in Grand Plaza Auto Retail, Inc.,
the corporation which owns the auto retail center in Corona,
California jointly with an affiliated entity, Centennial Mortgage
Income Fund III ("CMIF III").  At September 30, 1995, the ownership
percentages are 86.7 for the Partnership and 13.3 for CMIF III. 
The assets and liabilities of this corporation have been
consolidated in the accompanying consolidated financial statements.
Notes payable and interest payable to affiliates on notes secured
by real estate owned includes $495,000 and $457,000 at September
30, 1995 and December 31, 1994, respectively, and the Partnership
had cumulatively applied $341,000 and $247,000 of minority interest
share of losses from this corporate joint venture against the note
payable to affiliates balance as of the same dates.  The notes
payable to affiliates balance reflects CMIF III's share of a note
payable by the corporation to the Partnership and CMIF III.  The
note bears interest at 14 percent fixed and matures October 1,
1995.

The Partnership owns an interest in BNN Development, Inc., the
corporation which owns the 19 acres in Sacramento, California
jointly with an affiliated entity, CMIF III.  At September 30,
1995, the ownership percentages are 86.25 for the Partnership and
13.75 for CMIF III.  The assets and liabilities of this corporation
have been consolidated in the accompanying consolidated financial
statements.  Notes payable and interest payable to affiliates on
notes secured by real estate owned includes $357,000 and $373,000
at September 30, 1995 and December 31, 1994, respectively, and the
Partnership had cumulatively applied $268,000 and $267,000 of
minority interest share of losses from this corporate venture
against the note payable to affiliates balance as of the same
dates.  The notes payable to affiliates balance reflects CMIF III's
<PAGE> 

share of a note payable by the corporation to the Partnership and
CMIF III.  The note bears interest at 15 percent fixed and matures
November 1, 1995.  

<TABLE>

(5)  NOTES PAYABLE

Notes payable consist of the following:

<CAPTION>
                                        (dollars in thousands)
                                      September 30,    December 31,
                                         1995             1994
                                     ------------------------------
<S>                                     <C>           <C>
Note payable secured by 19 acres 
 in Sacramento, CA with interest 
 only payments due monthly; 
 interest rate of 12 percent fixed,
 maturing September 1, 1996             $     900      $    900

Note payable secured by shopping 
 center in Upland, CA with 
 interest and principal payments 
 due monthly of $24,000; interest
 rate of 11.25 percent fixed, 
 maturing November 1, 1996                  2,460         2,469

Note payable secured by 23 acres in
 Riverside, CA; Interest rate of 13.75
 percent fixed, matured August 1, 1992        650           650
                                     ------------------------------
     Total notes payable                $   4,010      $  4,019
                                     ==============================
</TABLE>

The Partnership acquired the 23 acres in Riverside by deed in lieu
of foreclosure, subject to the note payable discussed above.  In
the third quarter of 1993, the lender filed a notice of default and
commenced judicial foreclosure proceedings on the property.  The
original borrower on the note payable is negotiating with the
lender to perfect a nonjudicial foreclosure on the property. 
Management believes that the lender will complete this nonjudicial
foreclosure and the Partnership will have minimal future liability.

Accordingly, the Partnership has not accrued interest expense on
this note.  

(6)  CONTINGENCIES

There are no material pending legal proceedings other than ordinary
routine litigation incidental to the Partnership's business.

<PAGE>

CENTENNIAL MORTGAGE INCOME FUND                  SEPTEMBER 30, 1995

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
          CONDITION AND RESULTS OF OPERATIONS 

GENERAL

The Partnership had net losses and losses per limited partnership
unit of $(1,225,000) and $(31.63), and $(211,000) and $(5.45), for
the nine and three months ended September 30, 1995 and $(347,000)
and $(8.96), and $(320,000) and $(8.26), for the nine and three
months ended September 30, 1994.  The increase in losses from
September 30, 1994 to September 30, 1995 is primarily the result of
an increase in the provision for possible losses and a decrease in
minority interest share of losses. 

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 1995, the Partnership had $2,840,000 in cash and
interest-bearing deposits, and had performing loans with maturities
of less than one year totaling $38,000.  The Partnership had no
unfunded loan commitments at September 30, 1995.  Sources of funds
are expected to be from the sale of real estate owned, future
operations of real estate owned and payoffs of existing loans.  The
Partnership funded disbursements on loans to affiliates and
customers during the first nine months of 1995 totaling $338,000
and received payoffs and paydowns on loans totaling $22,000. 
During the first nine months of 1995, the Partnership disbursed
advances on real estate owned of $16,000 and received proceeds from
the sale of real estate owned of $1,015,000. 

The Partnership's notes payable commitments consist of interest and
non-balloon principal payments due of approximately $399,000
payable during the next twelve months which does not include
payments on the note  secured by the 23 acres in Riverside.  In
addition to the note payable commitments, the Partnership's
principal capital requirements include: (i) real property taxes on
real estate owned of approximately $212,000 payable during the next
twelve months, and (ii) selling, general and administrative costs. 
These commitments are expected to be made from existing cash
reserves, future loan payoffs and the sale of real estate owned.  

The Partnership is continuously evaluating various alternative
strategies for liquidating its real estate assets under current
market conditions.  These alternative strategies include the
potential joint venture and/or build out of certain of the
Partnership's properties in order to increase their marketability
and maximize the return to the limited partners.  In the event the
Partnership decides to implement some of these strategies, it may
require the investment of proceeds received from the payoff of
existing loans and the sale of other real estate assets.  The
decision to invest additional cash in existing assets will only be
<PAGE>

made if, based on management's best judgement at the time, there is
a clear indication that such investment should generate a 
significantly greater return to the limited partners than any other
strategies available to the Partnership.

Effective with the third quarter of 1991, the Partnership suspended
cash distributions to partners, due to a decline in liquidity and
the uncertainty of the cash requirements for existing and potential
real estate owned.  Pursuant to the Partnership Agreement, 60
months after the closing of the offering, cash proceeds from
mortgage investments are no longer available for reinvestment by
the Partnership.  Management believes that current and projected
liquidity is sufficient to fund operating expenses and to meet the 
contractual obligations and cash flow operating requirements of the
Partnership.  However, although no new mortgage investments shall
be made, the general partners expect that the cash proceeds from
mortgage reductions will be retained by the Partnership until such
time as the Partnership has sufficient cash to fulfill the
operating requirements of the real estate owned by the Partnership.

RESULTS OF OPERATIONS

Due to the downturn in the real estate industry in California and
its impact on the Partnership's borrowers, most of the
Partnership's loans have become non-performing and/or real estate
owned.  As a result, interest income on loans to nonaffiliates
continues to decline.  Interest income on loans to nonaffiliates,
including fees decreased to $64,000 and $19,000 for the nine and
three months ended September 30, 1995 from $164,000 and $22,000 for
the nine and three months ended September 30, 1994.  The decrease
in interest income on loans from 1994 to 1995 is due to a decrease
in performing loans and the receipt of a one time equity
participation of $75,000 received in 1994 for which there was no
comparable receipt in 1995. 

Interest income on loans to affiliates, including fees totaled
$26,000 for both the nine and three months ended September 30,
1995.  There was no comparable income for the same periods in 1994.

Interest income on loans to affiliates represents interest earned
on the Silverwood loans.

The outstanding principal balance of loans on nonaccrual at
September 30, 1995 totaled $5,467,000 as compared with $1,569,000
at September 30, 1994.  Loans on "nonaccrual" refers to loans upon
which the Partnership is no longer accruing interest.  Management's
policy is to cease accruing interest on loans when interest and/or
principal repayments become 90 days past due.  Had interest accrued
throughout the first nine months of 1995 and 1994 on the nonaccrual
nonaffiliated loans, interest income would have been approximately
$245,000 and $109,000 higher than was actually reported for those
periods. 

<PAGE> 

The real estate owned balance at September 30, 1995 and 1994 was
$12,653,000 and $14,660,000, respectively.  

The following sections entitled Nonaccrual and Nonperforming Loans
and Real Estate Owned provide a detailed analysis of these assets.

NONACCRUAL AND NONPERFORMING LOANS

Loans on nonaccrual and nonperforming status at September 30, 1995
are summarized below:

During 1988, the Partnership recorded an equity participation note
with an original committed amount of $350,000 secured by a second
trust deed on a 160-unit apartment complex in Riverside,
California.  The loan is on nonaccrual due to past due interest. 
The complex is 82 percent leased and due to low rental rates and
slow payments, the first trust deed holder filed a notice of
default on April 12, 1995 and is proceeding with judicial
foreclosure.  The principal balance and nonaccrued interest at
September 30, 1995 are $270,000, and $63,000, respectively. 

During 1992, funds were provided for a workout loan secured by a
third trust deed on a mini-storage facility in Citrus Heights,
California, with a committed amount of $792,000.  The loan paid off
the Partnership's existing loan secured by a second trust deed,
allowed the recordation of new debt secured by a first and second
trust deed which reduced the senior debt by $677,000, paid a
portion of the loan secured by the existing first trust deed and
provided additional funds for tenant improvements to enlarge the
facility.  During 1994, the borrower asked for a partial deferral
of interest payable for one year due to economic conditions. 
Management agreed and placed the deferred interest on nonaccrual. 
This loan has not matured and management is working on a
restructure of this debt.  The principal balance, accrued and
nonaccrued interest at September 30, 1995 are $758,000, $3,000 and
$174,000, respectively. 

During 1994, the Partnership renegotiated an equity participation
note with an original committed amount of $374,000 secured by a
second deed of trust on a 32,431 square foot shopping center in
Corona, California.  The loan provides for interest due to be
payable at loan maturity; however, due to the amount of the senior
debt and the decrease in land values, the Partnership has placed
the loan on nonaccrual.  The principal balance and nonaccrued
interest at September 30, 1995 are $312,000 and $59,000
respectively.

During 1991, the Partnership sold a pad on an existing piece of
real estate owned in Corona, California and carried back financing
in the amount of $600,000.  The Partnership's share of the loan is
77 percent.  Due to the loss of the major tenant, the borrower has
been unable to make monthly interest payments.  Management has
<PAGE>

worked out a forbearance agreement with the borrower for net cash
flow monthly payments.  The remaining interest due has been placed
on nonaccrual.  The principal balance, accrued and nonaccrued
interest at September 30, 1995 are $460,000, $15,000 and $51,000
respectively.

During 1989, the Partnership funded a loan with an original
committed amount of $343,000 to provide land development financing.

The loan matured June 1, 1993 and the borrower was unable to make
interest payments or pay off the loan.  The Partnership classified
the loan as an insubstance foreclosure at December 31, 1993.  Given
the depressed value of the property and the amount of the
delinquent bonds and taxes, the Partnership has been negotiating
with the borrower in an attempt to discount the note to facilitate
a sale or have the borrower deed the property to the Partnership. 
Should the negotiations not be completed and the property be lost
to a tax sale, management has established an allowance for losses
sufficient to cover the Partnership's equity in the property.  The
principal balance and nonaccrual interest at September 30, 1995 are
$292,000 and $107,000, respectively.  

During 1994, the Partnership funded a $1,250,000 unsecured note and
a 50 percent participation in a $2,115,000 unsecured note, both
representing workout loans and due from LCR.  These two loans
reflect the majority of the cost basis of lots contributed to
Silverwood Homes.  LCR's only source of repayment of these notes
are proceeds from the sale of the fully developed lots.  Management
has estimated the proceeds for repayment of these two notes to be
equivalent to the principal balance of the loans.  As a result, the
loans have been placed on nonaccrual.  The principal balance,
accrued and nonaccrued interest balances at September 30, 1995 are
$1,250,000, $97,000 and $73,000 and $1,055,000, $74,000 and
$62,000, respectively.

During 1994, the Partnership funded a 50 percent participation in
a $3,894,000 note due from BKS.  The loan is secured by 283 acres
in Bakersfield, CA.  The property has declined in value and is
subject to delinquent bonds and taxes.  As a result, the
Partnership has placed the loan on nonaccrual.  The principal
balance, accrued and nonaccrued interest balances at September 30,
1995 are $1,947,000, $118,000 and $222,000, respectively.

Real Estate Owned

A description of the Partnership's real estate owned and loans
classified as insubstance foreclosure follows:

Shopping Center in Upland, California

During the third quarter of 1988, the Partnership foreclosed on a
loan secured by this project.  The Partnership originally committed
$5,600,000 for the rehabilitation of a 33,327 square foot retail
<PAGE>

center and construction of an automotive service facility in
Upland, California.  Cost overruns and construction delays
prevented the borrower from selling the project and thereby
performing on the loan.  A pad was sold in 1989 which resulted in
a net paydown of $323,000.  The property generated net operating
income before debt service of $296,000 during the first nine months
of 1995 and its net carrying value was $4,605,000 at September 30,
1995.  The property is currently 73 percent leased.  The property
is encumbered by a note of $2,460,000, secured by a first trust
deed on the property.  The Partnership is now marketing this
property for sale.  

19 Acres in Sacramento, California

During the third quarter of 1991, the Partnership took a deed in
lieu of foreclosure on a second trust deed and renegotiated the
first trust deed secured by 19 acres of undeveloped land in
Sacramento, California. The principal and nonaccrued interest
balances at foreclosure totaled $1,595,000.  The Partnership paid
down the first trust deed approximately $1,080,000 and executed a
$900,000 12 percent fixed rate note payable to the original first
trust deed holder, which is secured by a new first trust deed on
the property.  The note requires monthly interest-only payments and
the balance is due September 1, 1996.  The Partnership continues to
finalize the entitlement processing, flood issues and provide for
utility services for the property.  As economic conditions rebound
in California, and the demand for development land in the area
returns, the Partnership intends to list the property for sale.  At
September 30, 1995, the carrying value of this asset was
$2,586,000. 

Auto Retail Center in Corona, California

During 1988, the Partnership funded a loan with an original
committed amount of $3,313,000 for the purpose of constructing a
39,185 square foot auto/retail center in Corona, California.  The
loan matured on September 1, 1989.  The borrower defaulted under a
forbearance agreement and the Partnership filed a notice of default
on December 14, 1990.  The borrower filed for bankruptcy on
February 15, 1991.  A pad was sold during April 1991 resulting in
the Partnership receiving a net paydown of $249,000.  The
Partnership provided financing to the purchaser.  The Partnership
took a grant deed on the property through the Bankruptcy Courts in
December 1991.  The subject center is 100 percent completed and 76
percent leased.  The property generated net operating income of
$93,000 during the first nine months of 1995 and the Partnership
continues to manage the property while occupancy stabilizes and
rental rates increase.  The center is being marketed for sale.  The
net carrying value at September 30, 1995 is $2,580,000.



<PAGE>

23 Acres in Riverside, California

The Partnership took a grant deed in consideration of its note
secured by a third trust deed on the property during the second
quarter of 1992 and paid off the second deed of trust.  The
carrying value at September 30, 1995 is $1,012,000.  The property
is encumbered by a 13.75 percent fixed rate note payable secured by
a first trust deed of $650,000 payable to another financial
institution which matured August 1, 1992.  During 1993 and 1994,
management has attempted to negotiate with the FDIC as successor to
the financial institution to payoff or restructure the terms of the
note secured by the first trust deed and was not successful
resulting in the FDIC commencing foreclosure proceedings on the
property.  Throughout the two year period, the land values have 
continued to decline and lot improvement costs have significantly
increased.  During 1995, the original borrower has been negotiating
with the FDIC to perfect a nonjudicial foreclosure on the property.

Management has agreed to allow the lender to complete this
foreclosure and has established an allowance for losses sufficient
to cover the loss which will be incurred as a result of the
foreclosure of this property.

7 Condominiums in Oxnard, California

During 1990, the Partnership funded a loan secured by a first trust
deed with an original committed amount of $3,000,000 for the
construction of 12 condominiums in Oxnard, California.  The
Partnership recorded an insubstance foreclosure on these 12
condominiums.  The borrower signed over control to the second trust
deed holder in December 1992, and the second trust deed holder, an
affiliate, has now abandoned the property.  The condominiums are
located adjacent to the beach.  The values of beach front property
have been hard hit in the local market due to the excess supply of
these types of properties.  The Partnership has declined to assume
any of the original builder's liabilities which would be required
should the Partnership accept a deed in lieu of foreclosure on the
property.  However, the Partnership does receive 100 percent of all
sales proceeds net of selling costs.  As of September 30, 1995, the
Partnership had sold five condominiums and is attempting to sell
the remaining units.  One additional unit was sold in October 1995.

The carrying value at September 30, 1995 is $1,870,000.  Gain on
sale of the condominiums recorded in 1995 was $57,000.

Office Building in Sacramento, California

During the third quarter of 1994, the Partnership foreclosed on the
loan secured by a first trust deed on an office building in
Sacramento.  The Partnership's $700,000 loan secured by a second
trust deed on the office building was foreclosed out and charged
off.  An additional 10 percent interest was purchased at a discount
by the Partnership from a participant in the fourth quarter of 1994
increasing its interest to 55 percent.  Management hired a leasing
<PAGE>

agent to increase occupancy in the building and subsequently
accepted an offer on the property.  The property closed escrow in
January, 1995 with a total sales price of $1,150,000 and gain of
$56,000. 

INTEREST ON INTEREST-BEARING DEPOSITS

Interest on interest-bearing deposits totaled $76,000 and $28,000
for the nine and three months ended September 30, 1995 and $47,000 
and $17,000 for the nine and three months ended September 30, 1994,
respectively.  Interest on interest-bearing deposits represents
interest earned on Partnership funds invested in time certificates
and money market deposits.  The increase in interest on
interest-bearing deposits is principally due to increased cash
balances for the nine months ended September 30, 1995. 

INCOME FROM OPERATIONS OF REAL ESTATE OWNED

Income from operations of real estate owned consists of operating
revenues of $625,000 and $187,000 for the nine and three months
ended September 30, 1995 and $609,000 and $202,000 for the nine and
three months ended September 30, 1994, respectively.  These
revenues are from the Upland shopping center and the auto retail
center in Corona, California.   

PROVISION FOR POSSIBLE LOSSES

The provision for possible losses was $716,000 for the nine months
ended September 30, 1995.  There was no provision for possible
losses for the three months ended September 30, 1995.  The
provision for possible losses was $289,000 and $246,000 for the
nine and three months ended September 30, 1994.  The 1995 provision
relates primarily to the shopping center in Upland and the auto
retail center in Corona.  The 1994 provision relates primarily to
the loan secured by a third trust deed on a mini-storage facility
in Citrus Heights and the loan secured by a pad in Corona.  The
provision for possible losses results from the change in the
allowance for possible losses and the allowance for possible losses
on real estate owned net of charge-offs, if any.  Management
believes that the allowance for possible losses at September 30,
1995 is adequate to absorb the known and inherent risk in the
Partnership's loan and real estate owned portfolio.

SHARE OF LOSSES IN UNCONSOLIDATED INVESTEES

The Partnership has invested in corporations in which it has less
than a majority ownership.  The Partnership's share of losses in
these unconsolidated investees was $472,000 and $162,000 for the
nine and three months ended September 30, 1995.  There were no
comparable expenses for the nine and three months ended September
30, 1994.  The share of losses consist primarily of provisions for
losses  on  real  estate  investments  related  to  the  179  lots 

<PAGE>

in Lancaster owned by LCR and the 283 acres in Bakersfield owned by
BKS.

OTHER EXPENSES

Operating expenses from operations of real estate owned were
$196,000 and $70,000 for the nine and three months ended September
30, 1995 and $195,000 and $72,000 for the nine and three months
ended September 30, 1994, respectively.  The expenses were 
associated with the Upland shopping center and the auto retail
center in Corona. 

Operating expenses from operations of real estate owned paid to
affiliates were $41,000 and $13,000 for the nine and three months
ended September 30, 1995 and $42,000 and $14,000 for the nine and
three months ended September 30, 1994, respectively.  The operating
expenses consist of property management fees paid to an affiliate. 

Expenses associated with non-operating real estate owned were
$176,000 and $53,000 for the nine and three months ended September
30, 1995 and $164,000 and $11,000 for the nine and three months
ended September 30, 1994, respectively.   The 1995 expenses relate
to the 19 acres in Sacramento, the condominiums in Oxnard, and the
23 acres in Riverside.  The increase for the three months ended
September 30, 1995 is due to an increase in costs due to
development of the 19 acres in Sacramento. 

Depreciation and amortization expense was $87,000 and $29,000 for
the nine and three months ended September 30, 1995 and $83,000 and
$28,000 for the nine and three months ended September 30, 1994. 
The depreciation relates primarily to the Upland shopping center
and tenant improvements for the auto retail center in Corona.  

Interest expense was $310,000 and $39,000 for the nine and three
months ended September 30, 1995 and $371,000 and $130,000 for the
nine and three months ended September 30, 1994, respectively.   The
interest expense relates to the Upland shopping center and the 19
acres in Sacramento, California.  The decrease for 1995 is due to
placing the loan secured by the 19 acres in Sacramento on
nonaccrual.

General and administrative expenses, affiliates totaled $126,000
and $45,000 for the nine and three months ended September 30, 1995
and $136,000 and $49,000 for the nine and three months ended
September 30, 1994, respectively.  These expenses are primarily
salary allocation reimbursements paid to affiliates. 

General and administrative expenses, nonaffiliates totaled $64,000
and $19,000 for the nine and three months ended September 30, 1995
and $81,000 and $22,000 for the nine and three months ended
September 30, 1994, respectively.  These expenses consist of other
costs associated with the administration of the Partnership.

<PAGE>

Mortgage investment servicing fees totaled $37,000 and $12,000 for
the nine and three months ended September 30, 1995 and $39,000 and
$13,000 for the nine and three months ended September 30, 1994. 
This consists of fees paid to CMIF, Inc., an affiliate of the
general partners and Centennial Corporation, for servicing the
Partnership's loan and real estate owned portfolio. 






<PAGE>
<PAGE>

CENTENNIAL MORTGAGE INCOME FUND                  SEPTEMBER 30, 1995



                             PART II



OTHER INFORMATION



Item 1.  Legal Proceedings

         NONE


Item 2.  Changes in Securities

         NONE


Item 3.  Defaults Upon Senior Securities

         NONE


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

         NONE


Item 5.  Other Information

         NONE


Item 6.  Exhibits and Reports on Form 8-K

    (a)  NONE

    (b)  NONE










<PAGE>

                           SIGNATURES




Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto
duly authorized.



CENTENNIAL MORTGAGE INCOME FUND,
A California Limited Partnership




By:  /s/Ronald R. White                          November 14, 1995
     Ronald R. White                             Date
     General Partner






By:  /s/John B. Joseph                           November 14, 1995
     John B. Joseph                              Date
     General Partner






By:  CENTENNIAL CORPORATION
     General Partner




     /s/Joel H. Miner                            November 14, 1995
     Joel H. Miner                               Date
     Chief Financial Officer