SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB

(Mark One)
[X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934


                    For the fiscal year ended December 31, 2002

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
         OF 1934


                For the transition period from _________to _________

                         Commission file number 0-14528

                        CENTURY PENSION INCOME FUND XXIII
             (Exact name of registrant as specified in its charter)

         California                                              94-2963120
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                    Issuer's telephone number (864) 239-1000

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

                                      None

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

                Individual Investor Units and Pension Investor Notes
                                (Title of class)

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

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

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

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests  as a  specified  date  within  the past 60 days  prior to the date of
filing.  No market for the Individual  Investor Units and Pension Investor Notes
exists,  and,  therefore,  a market  value  for such  Units or Notes  cannot  be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

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

                                     PART I

Item 1.     Description of Business

Century  Pension  Income  Fund XXIII (the  "Registrant"  or  "Partnership")  was
organized in June 1984 as a  California  limited  partnership  under the Uniform
Limited  Partnership Act of the California  Corporations Code. Fox Partners V, a
California general  partnership,  is the general partner of the Registrant.  Fox
Capital  Management  Corporation (the "Managing  General Partner" or "FCMC"),  a
California  corporation,  and Fox  Realty  Investors  ("FRI")  are  the  general
partners of Fox  Partners V. The managing  general  partner of FRI is NPI Equity
Investments  II, Inc.  ("NPI Equity II"). The Managing  General  Partner and NPI
Equity II are  subsidiaries  of  Apartment  Investment  and  Management  Company
("AIMCO"), a publicly-traded real estate investment trust.

Beginning  in  July  1985  through   December  1986,  the  Partnership   offered
$50,000,000  in Individual  Investor Units and  $65,000,000 in Pension  Investor
Notes ("Nonrecourse  Promissory Notes" or "Promissory  Notes").  The Partnership
sold  Individual  Investor Units and Pension  Investor Notes of $47,894,500  and
$41,939,000,  respectively.  The net proceeds of this offering  were  originally
used to acquire interests in five business parks and two shopping centers and to
fund eight mortgage loans. The principal  business of the Partnership is and has
been to hold for investment and ultimately sell income-producing properties, and
to  service   and   ultimately   collect  or  dispose  of   mortgage   loans  on
income-producing  properties.  The Partnership presently owns one business park.
The  Partnership  also  owned a 66 2/3%  joint  venture  interest  in one  other
commercial  property  which was sold in January 2000.  One property in which the
Partnership held an interest sold in 2001 (see "Item 6. Management's  Discussion
and  Analysis  or Plan  of  Operations"  for  further  details).  See  "Item  2.
Description of Properties"  for a description  of the  Partnership's  investment
property.

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Nonrecourse  Promissory  Notes had a balance of
principal and deferred  interest of  approximately  $80,000,000  at the maturity
date of February 15, 1999. The Partnership was unable to satisfy the Nonrecourse
Promissory Notes at maturity and as a result,  the Partnership was in default on
the Nonrecourse  Promissory  Notes. The Managing  General Partner  contacted the
indenture  trustee for the Nonrecourse  Promissory Notes regarding this default.
In connection with these conversations, on July 30, 1999 the Partnership entered
into a forbearance  agreement with the indenture  trustee  pursuant to which the
indenture  trustee  agreed not to  exercise  its rights and  remedies  under the
indenture for up to 390 days. In turn, the Partnership  agreed to (a) deliver to
the indenture  trustee for the benefit of the noteholders all of the accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its properties or satisfied the Nonrecourse  Promissory  Notes. With the consent
of the indenture  trustee,  the forbearance period extension is being negotiated
to accommodate the sale of the remaining asset,  which is currently  anticipated
to occur by the end of the  second  quarter  of 2003.  Based on  current  market
conditions,  it is unlikely that the sale of the  Partnership's  remaining asset
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full.  If the  Partnership  cannot sell the property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership will lose its property  through delivery to an auctioneer.  Upon the
sale or disposal of the last property, the Partnership is expected to terminate.

The Partnership has no employees. Management and administrative services for the
Partnership are provided by the Managing  General Partner and by agents retained
by the Managing General Partner.  With respect to the  Partnership's  commercial
properties,  property management services are performed by an unaffiliated third
party management company.

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive. There are other commercial properties within the market area of the
Partnership's property. The number and quality of competitive properties in such
market area could have a material effect on the rental market for the commercial
space  owned by the  Partnership  and the  rents  that may be  charged  for such
commercial  space. The Managing  General Partner is not a significant  factor in
the commercial property business.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled  persons.  This and
other  Federal,   state  and  local  laws  may  require   modifications  to  the
Partnership's  property, or restrict renovations of the property.  Noncompliance
with these laws could result in the  imposition  of fines or an award of damages
to  private  litigations  and also  could  result  in an order  to  correct  any
non-complying  feature,  which could result in substantial capital expenditures.
Although the Managing General Partner believes that the  Partnership's  property
is  substantially in compliance with present  requirements,  the Partnership may
incur unanticipated expenses to comply with the ADA and the FHAA.

Both the income and expenses of operating the property owned by the  Partnership
are subject to factors outside of the Partnership's  control, such as changes in
the supply and demand for  similar  properties  resulting  from  various  market
conditions, increases/decreases in unemployment or population shifts, changes in
the  availability of permanent  mortgage  financing,  changes in zoning laws, or
changes in patterns or needs of users. In addition,  there are risks inherent in
owning  and  operating   commercial   properties  because  such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

There have been,  and it is possible  there may be other,  Federal,  state,  and
local  legislation  and  regulations  enacted  relating to the protection of the
environment.  The Partnership is unable to predict the extent,  if any, to which
such existing or new  legislation  or  regulations  might  adversely  affect the
property owned by the Partnership.

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

Insurance  coverage is becoming  more  expensive  and  difficult to obtain.  The
current market is characterized by rising premium rates, increasing deductibles,
and more restrictive  coverage  language.  Recent  developments have resulted in
significant  increases in insurance  premiums and have made it more difficult to
obtain certain types of insurance.  As an example,  many insurance  carriers are
excluding  mold-related  risks  from  their  policy  coverages,  or  are  adding
significant restrictions to such coverage.  Continued deterioration in insurance
market  place  conditions  may  have a  negative  effect  on  the  Partnership's
operating results.

A further  description  of the  Partnership's  business  is included in "Item 6.
Management's Discussion and Analysis or Plan of Operations".

Item 2.     Description of Property

The following table sets forth the Partnership's investment in its property:

<TABLE>
<CAPTION>

                                   Date of
Property                           Purchase     Type of Ownership (1)        Use

<S>                                  <C>
Commerce Plaza                       3/86      Fee ownership           Business Park
  Tampa, Florida                                                       83,000 sq. ft.
</TABLE>

(1)   The  Non-Recourse  Promissory  Notes are secured by a deed of trust on the
      property owned in fee by the Partnership.

Schedule of Property

Set forth  below for the  Partnership's  property is the gross  carrying  value,
accumulated  depreciation,  depreciable life, method of depreciation and Federal
tax basis.

<TABLE>
<CAPTION>

                              Gross
                             Carrying     Accumulated                        Federal
Property                      Value     Depreciation (1)   Rate  Method     Tax Basis
                                   (in thousands)                         (in thousands)
<S>                          <C>              <C>          <C>               <C>
Commerce Plaza               $ 2,820          $ --         5-39    S/L       $ 2,670
</TABLE>

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

See  "Item  7.  Financial  Statements  -  Note  B"  for  a  description  of  the
Partnership's former depreciation policy.

Schedule of Property Indebtedness

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Nonrecourse  Promissory  Notes had a balance of
principal and deferred  interest of  approximately  $80,000,000  at the maturity
date of February 15, 1999. The Partnership was unable to satisfy the Nonrecourse
Promissory Notes at maturity and as a result,  the Partnership was in default on
the Nonrecourse  Promissory  Notes. The Managing  General Partner  contacted the
indenture  trustee for the Nonrecourse  Promissory Notes regarding this default.
In connection with these conversations, on July 30, 1999 the Partnership entered
into a forbearance  agreement with the indenture  trustee  pursuant to which the
indenture  trustee  agreed not to  exercise  its rights and  remedies  under the
indenture for up to 390 days. In turn, the Partnership  agreed to (a) deliver to
the indenture  trustee for the benefit of the noteholders all of the accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its properties or satisfied the Nonrecourse  Promissory  Notes. With the consent
of the indenture  trustee,  the forbearance period extension is being negotiated
to accommodate the sale of the remaining asset,  which is currently  anticipated
to occur by the end of the  second  quarter  of 2003.  Based on  current  market
conditions,  it is unlikely that the sale of the  Partnership's  remaining asset
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full.  If the  Partnership  cannot sell the property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership will lose its property  through delivery to an auctioneer.  Upon the
sale or disposal of the last property, the Partnership is expected to terminate.

Rental Rates and Occupancy

Average annual rental rates and occupancy for 2002 and 2001 for the property:

<TABLE>
<CAPTION>

                                            Average Annual                Average
                                             Rental Rates                Occupancy
Property                                2002              2001         2002     2001

<S>                                 <C>              <C>               <C>      <C>
Commerce Plaza                      $ 8.29/sq.ft.    $ 8.37/sq.ft.     69%      70%
</TABLE>

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  The property is subject to competition  from other similar
properties in the area. The Managing  General Partner believes that the property
is adequately  insured.  The commercial lease terms vary as set forth below. The
property  is in good  physical  condition,  subject to normal  depreciation  and
deterioration  as is typical for assets of this type and age. See the  following
disclosures regarding tenants that occupy 10% or more of the commercial space.

Schedule of Lease Expirations for 2002-2003

<TABLE>
<CAPTION>

                         Number of        Square          Annual         % of Gross
                        Expirations        Feet            Rent         Annual Rent
                                                      (in thousands)
Commerce Plaza
<C>                          <C>          <C>              <C>             <C>
2003                         3            55,712           $ 152           100.0%
</TABLE>

<PAGE>


The following schedule reflects  information on tenants occupying 10% or more of
the leasable square feet at December 31, 2002:

<TABLE>
<CAPTION>

                                   Square          Expiration       Annual Rent Per
                                  Footage           of Lease          Square Foot
Commerce Plaza
<S>                                <C>              <C>   <C>            <C>
 Accounting Services               39,300           01/31/03             $ 7.43
 Government Agency                  9,523           09/30/03              14.32
</TABLE>

Real Estate Taxes and Rates

Real estate taxes and rates in 2002 for the property were:

                                                 2002            2002
                                                 Taxes           Rate
Property                                    (in thousands)

Commerce Plaza                                   $107            2.30%

Capital Improvements

Commerce Plaza

The Partnership  made no capital  improvements at Commerce Plaza during the year
ended December 31, 2002. The Partnership has not budgeted  capital  improvements
for 2003 since it anticipates selling this property in 2003.


Item 3.     Legal Proceedings

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

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

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

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

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

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

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

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

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

<PAGE>

                                     PART II

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

The Partnership,  a publicly-held  limited partnership,  offered and sold 95,789
Individual  Investor Units during its offering period through  December 1986. As
of December 31, 2002,  the number of holders of  Individual  Investor  Units was
2,980. An affiliate of the Managing General Partner owned 108 units or 0.11%, as
of December 31, 2002.  Affiliates of the Managing General Partner also own 5,511
(8.24%)  of the  Partnership's  1985  Non-Recourse  Promissory  Notes  and 1,635
(9.64%) of the  Partnership's  1986  Non-Recourse  Promissory  Notes.  No public
trading market has developed for Individual  Investor Units or Pension  Investor
Units, and it is not anticipated such a market will develop in the future.

No  distributions  were made to the  limited  partners  during  the years  ended
December 31, 2002 or 2001.

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

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

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Nonrecourse  Promissory  Notes had a balance of
principal and deferred  interest of  approximately  $80,000,000  at the maturity
date of February 15, 1999. The Partnership was unable to satisfy the Nonrecourse
Promissory Notes at maturity and as a result,  the Partnership was in default on
the Nonrecourse  Promissory  Notes. The Managing  General Partner  contacted the
indenture  trustee for the Nonrecourse  Promissory Notes regarding this default.
In connection with these conversations, on July 30, 1999 the Partnership entered
into a forbearance  agreement with the indenture  trustee  pursuant to which the
indenture  trustee  agreed not to  exercise  its rights and  remedies  under the
indenture for up to 390 days. In turn, the Partnership  agreed to (a) deliver to
the indenture  trustee for the benefit of the noteholders all of the accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its properties or satisfied the Nonrecourse  Promissory  Notes. With the consent
of the indenture  trustee,  the forbearance period extension is being negotiated
to accommodate the sale of the remaining asset,  which is currently  anticipated
to occur by the end of the  second  quarter  of 2003.  Based on  current  market
conditions,  it is unlikely that the sale of the  Partnership's  remaining asset
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full.  If the  Partnership  cannot sell the property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership will lose its property  through delivery to an auctioneer.  Upon the
sale or disposal of the last property, the Partnership is expected to terminate.

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

During  the  year  ended  December  31,  2002,  net  liabilities   increased  by
approximately  $1,152,000.  This  increase  is  primarily  due to an increase in
accrued interest  payable on the nonrecourse  promissory Notes and a decrease in
cash and cash  equivalents  partially  offset by an increase in the debt trustee
escrow, a decrease in minority interest in a joint venture and a decrease in the
estimated costs during the period of liquidation.

During  the  year  ended  December  31,  2001,  net  liabilities   increased  by
approximately   $194,000.  This  increase  is  primarily  due  to  decreases  in
investment  properties and cash and cash equivalents largely offset by decreases
in the principal and accrued  interest of the Notes.  The decrease in investment
properties  is due to the sale of a property in October  2001.  The  decrease in
cash and cash equivalents,  as well as the decrease in the principal and accrued
interest of the Notes, is due to a payment to the note holders in December 2001.

Included in liabilities in the statement on net liabilities in liquidation as of
December 31, 2002, is approximately $1,073,000 of costs, net of income, that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2003.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best  estimates,  the  liquidation  period may be  shorter or extend  beyond the
projected period.

On October 23, 2001, the  Partnership  sold Highland Park III to an unaffiliated
third party for net sales proceeds of approximately $3,329,000 after the payment
of closing costs. The Partnership's share of the net sales proceeds were paid to
the indenture trustee to be applied to the amounts due to the noteholders.

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

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates own 108 units in the  Partnership
representing 0.11% of the outstanding units at December 31, 2002.  Affiliates of
the Managing  General Partner also own 5,511 (8.24%) of the  Partnership's  1985
Non-Recourse  Promissory  Notes  and  1,635  (9.64%)  of the  1986  Non-Recourse
Promissory Notes.

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


<PAGE>


Item 7.     Financial Statements

CENTURY PENSION INCOME FUND XXIII

LIST OF CONSOLIDATED FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Statement of Net Liabilities in Liquidation - December 31,
        2002

      Consolidated  Statements of Changes in Net  Liabilities  in  Liquidation -
      Years ended December 31, 2002 and 2001

      Notes to Consolidated Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors



The Partners
Century Pension Income Fund XXIII

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

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

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


                                                            /s/ERNST & YOUNG LLP



Greenville, South Carolina
March 20, 2003



<PAGE>




                        CENTURY PENSION INCOME FUND XXIII

              CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                 (in thousands)

                                December 31, 2002



Assets
  Cash and cash equivalents                                             $ 228
  Receivables and deposits                                                  71
  Debt trustee escrow                                                      933
  Investment property                                                    2,820
                                                                           4,052
Liabilities
  Accounts payable                                                          21
  Tenant security deposit liabilities                                        5
  Other liabilities                                                         74
  Non-recourse promissory notes (Note A)
   Principal                                                            11,847
   Interest payable                                                     16,126
  Estimated costs during the period of liquidation
   (Note A)                                                              1,073
                                                                          29,146

Net liabilities in liquidation                                        $(25,094)

            See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                        CENTURY PENSION INCOME FUND XXIII

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



<TABLE>
<CAPTION>

                                                                  For the Years Ended
                                                                      December 31,
                                                                   2002         2001

<S>                                                              <C>          <C>
Net liabilities in liquidation at beginning of the year          $(23,942)    $(23,748)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                             (233)        (709)
   Decrease in receivables and deposits                               (40)        (784)
   Increase (decrease) in debt trustee escrow                         290          (77)
   Decrease in investment properties                                   --       (2,522)

   (Increase) decrease in accounts payable                            (11)          59
   Decrease in tenant security deposit payable                          4           14
   Decrease in accrued property taxes                                  --           50
   (Increase) decrease in other liabilities                            (1)         938
   Decrease in nonrecourse promissory notes - principal                --        2,136
   (Increase) decrease in non-recourse promissory notes -
     Interest payable                                              (1,387)       1,045
   Decrease (increase) in minority interest in consolidated
     joint venture                                                    170           (2)
   Decrease (increase) in estimated costs during the
     period of liquidation                                             56         (342)

Net liabilities in liquidation at end of the year                $(25,094)    $(23,942)

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>





                        CENTURY PENSION INCOME FUND XXIII

                     Notes to Consolidated Financial Statements

                                December 31, 2002


Note A - Basis of Presentation

As of December 31, 1999, Century Pension Income Fund XXIII (the "Partnership" or
"Registrant")  adopted the  liquidation  basis of accounting due to the imminent
sale of its investment properties.

The Partnership's  Non-Recourse  Promissory Notes are secured by a deed of trust
on all properties owned in fee by the Partnership.  The Notes were issued in two
series.  The "1985 Series Notes," in the amount of $33,454,000  bear interest at
12% per annum,  and the "1986 Series Notes," in the amount of  $8,485,000,  bear
interest at 10% per annum,  except that portions of the interest were  deferred,
provided  the  Partnership  made minimum  interest  payments of 5% on the unpaid
principal balance.  The Nonrecourse  Promissory Notes had a balance of principal
and deferred  interest of  approximately  $80,000,000  at the  maturity  date of
February  15,  1999.  The  Partnership  was  unable to satisfy  the  Nonrecourse
Promissory Notes at maturity and as a result,  the Partnership was in default on
the Nonrecourse  Promissory Notes. Fox Capital Management Corporation ("FCMC" or
the  "Managing  General  Partner")  contacted  the  indenture  trustee  for  the
Nonrecourse  Promissory  Notes regarding this default.  In connection with these
conversations,  on July 30,  1999 the  Partnership  entered  into a  forbearance
agreement  with the indenture  trustee  pursuant to which the indenture  trustee
agreed not to exercise its rights and remedies under the indenture for up to 390
days. In turn, the  Partnership  agreed to (a) deliver to the indenture  trustee
for  the  benefit  of  the  noteholders  all  of  the  accumulated  cash  of the
Partnership,  less certain  reserves and  anticipated  operating  expenses,  (b)
market all of its  properties  for sale,  (c) deliver all cash proceeds from any
sales to the  indenture  trustee  until the notes  are fully  satisfied  and (d)
comply with the reporting requirements under the indenture. At the expiration of
the  forbearance  period the  Partnership  had not sold all of its properties or
satisfied the Nonrecourse  Promissory  Notes.  With the consent of the indenture
trustee, the forbearance period extension is being negotiated to accommodate the
sale of the remaining asset, which is currently  anticipated to occur by the end
of the second quarter of 2003.  During 2000 and 2001, the  Partnership  sold all
but one of its investment  properties.  The remaining property is actively being
marketed for sale. Based on current market  conditions,  it is unlikely that the
sale of the Partnership's  remaining asset will generate  sufficient proceeds to
pay off the Nonrecourse Promissory Notes in full. If the Partnership cannot sell
the  property  for  sufficient  value,  in  accordance  with  the  terms  of the
forbearance agreement,  it is likely that the Partnership will lose its property
through  delivery  to an  auctioneer.  Upon  the  sale or  disposal  of the last
property, the Partnership is expected to terminate.

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

Included in liabilities in the statement of net liabilities in liquidation as of
December 31, 2002, is approximately $1,073,000 of costs, net of income, that the
Managing  General  Partner  estimates  will be  incurred  during  the  period of
liquidation  based  on the  assumption  that  the  liquidation  process  will be
completed by September 30, 2003.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best  estimates,  the  liquidation  period may be  shorter or extend  beyond the
projected period.

Note B - Organization and Summary of Significant Accounting Policies

Organization:  The Partnership is a limited partnership  organized in 1984 under
the laws of the State of California to hold for investment  and ultimately  sell
income-producing real estate properties,  and invest in, service, and ultimately
collect or dispose of mortgage loans on income-producing real estate properties.
The Partnership currently owns one business park located in Florida. The general
partner is Fox  Partners V, a  California  general  partnership,  whose  general
partners  are  FCMC and Fox  Realty  Investors  ("FRI"),  a  California  general
partnership.  The Managing  General Partner and the managing  general partner of
FRI are subsidiaries of Apartment Investment and Management Company ("AIMCO"), a
publicly traded real estate  investment trust. The directors and officers of the
Managing  General  Partner  also  serve as  executive  directors  of AIMCO.  The
Partnership  Agreement provides that the Partnership is to terminate on December
31, 2020, unless terminated prior to such date.

Principles of Consolidation:  The consolidated  financial statements include all
of the  accounts  of the  Partnership  and  the  joint  ventures  in  which  the
Partnership  had a controlling  interest.  An affiliated  partnership  owned the
minority   interest  in  this  joint  venture.   All  significant   inter-entity
transactions and balances have been eliminated.

Use of Estimates:  The  preparation of financial  statements in conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements and  accompanying  notes.  Actual results could differ
from those estimates.

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

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short term maturity of these  instruments.  It is not  practicable to
estimate the fair value of the Partnership's Nonrecourse Promissory Notes due to
their  maturity  in  February  1999 and the  Partnership  is  unable  to  obtain
additional financing.

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

Security Deposits:  The Partnership  requires security deposits from lessees for
the duration of the lease.  The security  deposits are refunded  when the tenant
vacates, provided the tenant has not damaged their space and is current on their
rental payments.

Investment  Property:  As a result of the  Partnership  adopting the liquidation
basis of accounting,  the investment property has been adjusted to its estimated
net realizable value at December 31, 2002.

Leases: The Partnership leases certain commercial space to tenants under various
lease terms. The leases are accounted for as operating leases in accordance with
SFAS No. 13, "Accounting for Leases".

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

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  expense was  approximately  $2,000 for the year ended  December 31,
2001. No such expense was incurred in 2002.

Note C - Transactions with Affiliated Parties

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

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $91,000 and
$149,000 for the years ended December 31, 2002 and 2001, respectively.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General Partner.  During the year ended December
31,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately,  $24,000 and $12,000,  respectively,  for insurance  coverage and
fees associated with policy claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates own 108 units in the  Partnership
representing 0.11% of the outstanding units at December 31, 2002.  Affiliates of
the Managing  General Partner also own 5,511 (8.24%) of the  Partnership's  1985
Non-Recourse  Promissory  Notes  and  1,635  (9.64%)  of the  1986  Non-Recourse
Promissory Notes.

Note D - Minimum Future Rental Revenues

Minimum future rental revenues from operating leases having non-cancelable lease
terms in excess of one year at December 31, 2002, are as follows (in thousands):

                             2003                  $ 152

Note E - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax  returns of its  partners.  The  taxable  loss of the
Partnership  for the year ended  December  31,  2002 is  approximately  $282,000
($2.89 per limited  partnership  unit) and the taxable income of the Partnership
for the year  ended  December  31,  2001 is  approximately  $621,000  ($8.01 per
limited partnership unit).

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net liabilities (in thousands) at December 31, 2002:

                                                    2002
Net liabilities in liquidation as reported      $(25,094)
Differences resulted from:
  Accrued Interest                                 1,387
  Sales commissions and organization
    expenses                                        6,554
  Original issue discount                             764
  Depreciation                                     (4,008)
  Land and building                                 3,859
  Estimated costs in liquidation                    1,073
  Other                                               155
Net liabilities - Federal tax basis              $ (15,310)



<PAGE>


Note F - Investment Property and Accumulated Depreciation

<TABLE>
<CAPTION>

                                          Initial Cost
                                         To Partnership
                                         (in thousands)
                                                 Buildings    Net Cost
                                                and Related  Capitalized  Adjustment to
                                                 Personal   Subsequent to  Liquidation
     Description        Encumbrances    Land     Property    Acquisition      Basis

Property
<S>                         <C>        <C>        <C>           <C>          <C>
Commerce Plaza              (1)        $ 1,604    $ 4,188       $ 796        $(3,768)
</TABLE>

(1)   The  Nonrecourse  Promissory  Notes are  secured by a deed of trust on the
      property owned in fee by the Partnership and by a security interest in the
      joint venture interest held by the  Partnership.  As of December 31, 1999,
      the  Partnership   adopted  the  liquidation  basis  of  accounting.   The
      Partnership  was  unable to satisfy  the  Nonrecouse  Promissory  Notes at
      maturity  and  as  a  result,  the  Partnership  was  in  default  on  the
      Nonrecourse Promissory Notes.

<TABLE>
<CAPTION>

                        Gross Amount At Which Carried
                            At December 31, 2002
                               (in thousands)
                                    Buildings
                                   And Related
                                   Personal             Accumulated     Date    Depreciable
     Description          Land     Property    Total    Depreciation  Acquired  Life-Years

Property
<S>                     <C>         <C>       <C>           <C>         <C>      <C>
Commerce Plaza          $ 1,604     $ 1,216   $ 2,820       (1)         3/86     5-39 yrs
</TABLE>

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

Reconciliation of "Real Estate and Accumulated Depreciation":

                                               Years Ended December 31,
                                                 2002             2001
                                                    (in thousands)
   Investment Properties
   Balance at beginning of year                 $ 2,820         $ 5,342
     Property improvements                           --              141
     Sale of property                                --           (3,183)
     Change in estimated net realizable
       value                                         --              520
   Balance at end of year                       $ 2,820         $ 2,820

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2002  and  2001  is  approximately   $6,679,000  and  $6,678,000,
respectively.  Accumulated  depreciation  for  Federal  income tax  purposes  at
December  31,  2002  and  2001  is  approximately   $4,009,000  and  $3,756,000,
respectively.

Note G - Sale of Investment Property

On October 23, 2001, the  Partnership  sold Highland Park III to an unaffiliated
third party for net sales proceeds of approximately $3,329,000 after the payment
of closing costs. The Partnership's share of the net sales proceeds were paid to
the indenture trustee to be applied to the amounts due to the noteholders.

Note H - Legal Proceedings

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

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

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

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

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

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

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



<PAGE>



Item 8.     Changes in and Disagreements  with  Accountants  on  Accounting  and
            Financial Disclosures

            None.



<PAGE>


                                    PART III

Item 9.     Directors and Executive Officers of the Registrant

Century Pension Income Fund XXIII (the  "Partnership" or "Registrant"),  as well
as Fox  Partners V ("Fox"),  the  general  partner  of the  Registrant,  have no
officers  or  directors.  Fox  Capital  Management  Corporation  ("FCMC"  or the
"Managing  General  Partner"),  the managing general partner of Fox, manages and
controls   substantially  all  of  the  Registrant's  affairs  and  has  general
responsibility and ultimate authority in all matters affecting its business.

The names and ages of, as well as the positions  held by the executive  officers
and director of the  Managing  General  Partner are set forth  below.  No family
relationships  exist  among any of the  officers  or  director  of the  Managing
General Partner.

Name                        Age    Position

Patrick J. Foye              45    Executive Vice President and Director

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

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

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

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

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

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

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

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

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

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2003. Fees for
2002 were  annual  services of  approximately  $27,000  and  non-audit  services
(principally tax-related) of approximately $11,000.

Item 10.    Executive Compensation

Neither the director nor officers  received any  remuneration  from the Managing
General Partner during the year ended December 31, 2002.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

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

There is no person known to the Partnership  who owns  beneficially or of record
more than five  percent  of the  voting  authorities  of the  Partnership  as of
December 31, 2002.

As of December 31, 2002,  Insignia  Properties LP ("IPLP"),  an affiliate of the
Managing  General  Partner,  owned 108 Individual  Investor  Units  ("Units") or
approximately 0.11%. IPLP's business address is 55 Beattie Place, Greenville, SC
29602. Additionally, IPLP is indirectly ultimately owned by AIMCO.

Item 12.    Transactions with Affiliated Parties

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

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $91,000 and
$149,000 for the years ended December 31, 2002 and 2001, respectively.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General Partner.  During the year ended December
31,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately $24,000 and $12,000, respectively, for insurance coverage and fees
associated with policy claims administration.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates own 108 units in the  Partnership
representing 0.11% of the outstanding units at December 31, 2002.  Affiliates of
the Managing  General Partner also own 5,511 (8.24%) of the  Partnership's  1985
Non-Recourse  Promissory  Notes  and  1,635  (9.64%)  of the  1986  Non-Recourse
Promissory Notes.




<PAGE>


                                     PART IV

Item 13.    Exhibits, Financial Statements, Schedules and Reports on Form 8-K

      (a)   Exhibits:

            See Exhibit Index attached.

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

            None.

Item 14.    Controls and Procedures

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






<PAGE>


                                   SIGNATURES



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


                                    CENTURY PENSION INCOME FUND XXIII


                                    By:   Fox Partners V
                                          Its General Partner


                                    By:   Fox Capital Management Corporation
                                          Its Managing General Partner


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


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


                                    Date: March 28, 2003


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


/s/Patrick J. Foye      Executive Vice President      Date: March 28, 2003
Patrick J. Foye         and Director


/s/Thomas C. Novosel    Senior Vice President         Date: March 28, 2003
Thomas C. Novosel       and Chief Accounting Officer


<PAGE>



                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1. I have reviewed this annual report on Form 10-KSB of Century  Pension  Income
Fund XXIII;


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


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


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


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


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


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


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


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


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


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


Date:  March 28, 2003

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


<PAGE>




                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1. I have reviewed this annual report on Form 10-KSB of Century  Pension  Income
Fund XXIII;


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


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


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


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


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


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


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


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


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


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


Date:  March 28, 2003

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


<PAGE>



                        CENTURY PENSION INCOME FUND XXIII

                                  Exhibit Index



  Exhibit Number

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

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

       3.4        Agreement of Limited Partnership, incorporated by reference to
                  Exhibit A to the Prospectus of the  Partnership  dated July 1,
                  1985   and   thereafter    supplemented   contained   in   the
                  Partnership's  Registration  Statement on Form S-11 (Reg.  No.
                  2-96389)

      10.1        Purchase and Sale Contract between  Registrant and Duke Realty
                  Limited  Partnership,  an Indiana limited  partnership,  dated
                  April 20, 1999, incorporated by reference to the Partnership's
                  Current  Report on Form 8-K dated June 1, 1999,  regarding the
                  sale of Alpha  Business  Center,  Plymouth  Service Center and
                  Westpoint Service Center.

      10.2        Amendment to Purchase and Sale Contract between Registrant and
                  Duke  Realty  Limited   Partnership  and  Weeks  Realty,  L.P.
                  (Assignee), a Georgia limited partnership, dated May 26, 1999,
                  incorporated by reference to the Partnership's  Current Report
                  on Form 8-K dated  June 1, 1999,  regarding  the sale of Alpha
                  Business Center, Plymouth Service Center and Westpoint Service
                  Center.

      10.3        Purchase  and  Sale  Contract  between  Registrant  and  18011
                  Mitchell LLC, a California  Limited Liability  Company,  dated
                  September   23,  1999,   incorporated   by  reference  to  the
                  Partnership's  Current  Report on Form 8-K dated  December  7,
                  1999, regarding the sale of Medtronics.

      10.4        First   Amendment  to  Purchase  and  Sale  Contract   between
                  Registrant  and  18011  Mitchell  LLC,  a  California  Limited
                  Liability  Company,  dated November 10, 1999,  incorporated by
                  reference  to the  Partnership's  Current  Report  on Form 8-K
                  dated December 7, 1999, regarding the sale of Medtronics.

      10.5        Second   Amendment  to  Purchase  and  Sale  Contract  between
                  Registrant  and  18011  Mitchell  LLC,  a  California  Limited
                  Liability  Company,  dated November 23, 1999,  incorporated by
                  reference  to the  Partnership's  Current  Report  on Form 8-K
                  dated December 7, 1999, regarding the sale of Medtronics.

      10.6        Third   Amendment  to  Purchase  and  Sale  Contract   between
                  Registrant  and  18011  Mitchell  LLC,  a  California  Limited
                  Liability  Company,  dated November 30, 1999,  incorporated by
                  reference  to the  Partnership's  Current  Report  on Form 8-K
                  dated December 7, 1999, regarding the sale of Medtronics.

          10.7 Purchase and Sale  Contract  between  Registrant  and  Woolbright
               Development,  Inc.,  a Florida  Corporation,  dated  November 30,
               1999, regarding the sale of Coral Palm Plaza.

          10.8 First Amendment to Purchase and Sale Contract between  Registrant
               and Woolbright  Development,  Inc., a Florida Corporation,  dated
               December 16, 1999, regarding the sale of Coral Palm Plaza.

          10.9 Second   Amendment   to  Purchase  and  Sale   Contract   between
               Registrant,  Woolbright Development, Inc., a Florida Corporation,
               and Woolbright Coral Palm,  Ltd., a Florida limited  partnership,
               dated January 19, 2000, regarding the sale of Coral Palm Plaza.

      10.10       Purchase  and Sale  Contract  between  Registrant  and Capreit
                  Acquisition   Corporation,   a  Maryland  Corporation,   dated
                  February 21, 2000, regarding the sale of The Enclaves.

      10.11       Reinstatement   and  First  Amendment  to  Purchase  and  Sale
                  Contract   between   Registrant   and   Capreit    Acquisition
                  Corporation,  a Maryland  Corporation,  dated April 10,  2000,
                  regarding the sale of The Enclaves.

      10.12       Second   Amendment  to  Purchase  and  Sale  Contract  between
                  Registrant  and Capreit  Acquisition  Corporation,  a Maryland
                  Corporation,  dated April 19, 2000,  regarding the sale of The
                  Enclaves.

      10.13       Purchase and Sale Contract  between  Registrant and Jeffrey C.
                  Ruttenburg, an individual,  dated December 28, 1999, regarding
                  the sale of Regency Center.

      10.14       Amendment to Purchase and Sale Contract between Registrant and
                  Jeffrey C. Ruttenburg, an individual,  dated February 9, 2000,
                  regarding the sale of Regency Center.

      10.15       Second   Amendment  to  Purchase  and  Sale  Contract  between
                  Registrant and Jeffrey C.  Ruttenburg,  an  individual,  dated
                  March 29, 2000, regarding the sale of Regency Center.

      10.16       Assignment  of Purchase and Sale Contract  between  Jeffrey C.
                  Ruttenburg, an individual, and Henry, Watz, Gardner, Sellers &
                  Gardner,  PLLC,  dated April 14, 2000,  regarding  the sale of
                  Regency Center.

      10.17       Purchase and Sale Contract  between  Registrant  and Harkinson
                  Investment Corporation,  a Texas Corporation,  dated April 14,
                  2000, regarding the sale of Interrich Plaza.

      10.18       Amendment to Purchase and Sale Contract between Registrant and
                  Harkinson Investment Corporation,  a Texas Corporation,  dated
                  May 26, 2000, regarding the sale of Interrich Plaza.

      10.19       Reinstatement  and  Second  Amendment  to  Purchase  and  Sale
                  Contract   between   Registrant   and   Harkinson   Investment
                  Corporation,  a  Texas  Corporation,   dated  June  13,  2000,
                  regarding the sale of Interrich Plaza.



<PAGE>


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

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

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

      16.1        Letter dated  December 14, 1999,  from the former  accountant,
                  incorporated by reference to the Partnership's  Current Report
                  on Form 8-K dated December 10, 1999.

          99   Certification  of Chief  Executive  Officer  and Chief  Financial
               Officer.




<PAGE>


Exhibit 99


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



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

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

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


                                           /s/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  March 28, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  March 28, 2003


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