FORM 10-KSB - ANNUAL OR TRANSITIONAL REPORT UNDER
                                SECTION 13 OR 15(d)

                                   Form 10-KSB

(Mark One)
[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [No Fee Required]

                    For the fiscal year ended December 31, 2000

[ ]  TRANSITION  REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE
     ACT OF 1934 [No Fee Required]

                For the transition period from _________to _________

                         Commission file number 0-14528

                         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

<PAGE>
                                     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 (see "Transfer of
Control" below).

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 two business parks.
The  Partnership  also  owned a 66 2/3%  joint  venture  interest  in one  other
commercial property which was sold in January 2000. Four properties in which the
Partnership  held an  interest  were  sold in 2000  (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
properties.

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 has been extended to August 31,
2001.  Based on current market  conditions,  it is unlikely that the sale of the
Partnership's   assets  will  generate   sufficient  proceeds  to  pay  off  the
Nonrecourse  Promissory  Notes  in  full.  If the  Partnership  cannot  sell its
properties for sufficient value, in accordance with the terms of the forbearance
agreement,  it is likely that the Partnership  will lose its properties  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.  An affiliate of the Managing  General Partner
provided  management  services  for  the  Partnership's  residential  investment
property  which  was  sold  in May  2000.  With  respect  to  the  Partnership's
commercial  properties,   property  management  services  are  performed  by  an
unaffiliated third party management company. See "Item 7. Financial Statements -
Note E" for additional information.

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
properties owned by the Partnership.

The Partnership  monitors its properties 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 Registrant received notice that it
is a potentially  responsible  party with respect to an  environmental  clean up
site.

Both  the  income  and  expenses  of  operating  the  properties  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.

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  properties.  The number and  quality of  competitive  properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  commercial  space  owned by the  Registrant  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.

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

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into AIMCO,  with AIMCO being the surviving  corporation  (the  "Insignia
Merger").  As a result,  AIMCO acquired 100% ownership  interest in the Managing
General  Partner.  The  Managing  General  Partner  does not  believe  that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Item 2.     Description of Properties

The following table sets forth the Partnership's investments in properties:
<TABLE>
<CAPTION>

                                     Date of
Property                             Purchase   Type of Ownership (1)        Use

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

Highland Park Commerce Center III      9/86    Fee ownership           Business Park
  Charlotte, North Carolina                                            66,000 sq. ft.
</TABLE>

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

The  Partnership  also  held a  mortgage  loan on real  property.  See  "Item 7.
Financial Statements - Note F" for information regarding this loan.

Schedule of Properties

Set forth below for each of the  Partnership's  properties 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               $ 2,350          $ --         5-39    S/L       $ 3,155
Highland Park III              2,992            --         5-39    S/L         2,539

           Total             $ 5,342          $ --                           $ 5,694
</TABLE>

(1)   As a result of adopting the  liquidation  basis of  accounting,  the gross
      carrying  values of the  properties  were adjusted to their 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 has been extended to August 31,
2001.  Based on current market  conditions,  it is unlikely that the sale of the
Partnership's   assets  will  generate   sufficient  proceeds  to  pay  off  the
Nonrecourse  Promissory  Notes  in  full.  If the  Partnership  cannot  sell its
properties for sufficient value, in accordance with the terms of the forbearance
agreement,  it is likely that the Partnership  will lose its properties  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 2000 and 1999 for the property:
<TABLE>
<CAPTION>

                                            Average Annual                Average
                                             Rental Rates                Occupancy
Property                                2000              1999         2000     1999

<S>                                 <C>              <C>                <C>     <C>
Commerce Plaza                      $ 8.55/sq.ft.    $ 9.01/sq.ft.      72%     100%
Highland Park III                     9.18/sq.ft.      9.21/sq.ft.      92%      94%
</TABLE>

The Managing  General  Partner  attributes the decrease in occupancy at Commerce
Plaza to a major tenant  vacating the property  during the first quarter of 2000
when its lease  expired.  A portion  of the space was leased to a new tenant and
the Managing  General  Partner is actively  marketing the remaining  space.  The
Partnership's Highland Park III and Commerce Plaza are being marketed for sale.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive.  All of the properties are subject to competition from other
similar  properties in the area. The Managing  General Partner believes that all
of the properties are adequately insured. The commercial lease terms vary as set
forth below.  All of the properties are 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 2001-2010
<TABLE>
<CAPTION>

                         Number of        Square          Annual         % of Gross
                        Expirations        Feet            Rent         Annual Rent
                                                      (in thousands)
Commerce Plaza
<S>                        <C>              <C>           <C>              <C>
2001                         0                --           $ --              --
2002                         1             6,889              62           12.6%
2003                         2            11,170             155           31.5%
2004                         1            39,300             275           55.9%
2005-2010                    0                --              --             --

Highland Park III
2001                         6            18,697             171           31.0%
2002                         7            23,282             234           42.4%
2003                         2             2,444              28            5.1%
2004                         1            13,154             118           21.5%
2005-2010                    0                --              --             --
</TABLE>

The following schedule reflects  information on tenants occupying 10% or more of
the leasable square feet for each property at December 31, 2000:
<TABLE>
<CAPTION>

                                   Square          Expiration       Annual Rent Per
                                  Footage           of Lease          Square Foot
Commerce Plaza
<S>                                <C>              <C>   <C>            <C>
 Accounting Services               39,300           01/31/04             $ 6.96
 Government Agency                  9,523           09/30/03              14.28

Highland Park III
 Bank                              13,154           03/31/04               9.00
 Marketing                          6,788           04/30/01               7.56
 Construction                       7,027           04/05/02               8.88
</TABLE>

Real Estate Taxes and Rates

Real estate taxes and rates in 2000 for each property were:

                                                 2000            2000
                                                Billing          Rate
Property                                    (in thousands)

Commerce Plaza                                   $ 86            2.45%
Highland Park III                                  50            1.20%

Capital Improvements

Commerce Plaza

As of December 31, 2000, the Partnership spent approximately  $54,000 in capital
improvements at Commerce Plaza consisting  primarily of tenant  improvements and
building  improvements.  These  improvements  were  funded  from cash flow.  The
Partnership has not budgeted capital  improvements for 2001 since it anticipates
selling this property in 2001.

Highland Park III

As of December 31, 2000, the Partnership spent  approximately  $5,000 in capital
improvements at Highland Park Commerce Center consisting of tenant improvements.
These  improvements were funded from cash flow. The Partnership has not budgeted
capital  improvements  for 2001 since it  anticipates  selling this  property in
2001.

Regency Centre

As  of  December  31,  2000,  the  Partnership  did  not  complete  any  capital
improvements at Regency Centre. This property was sold June 8, 2000.

Interrich Plaza

As of December 31, 2000, the Partnership spent approximately  $10,000 in capital
improvements  at  Interrich  Plaza  consisting  of  tenant  improvements.  These
improvements were funded from cash flow. This property was sold June 29, 2000.

Centre Stage

As of December 31, 2000, the Partnership spent  approximately  $9,000 in capital
improvements at Centre Stage Shopping Center consisting of tenant  improvements.
These  improvements  were funded from cash flow. This property was sold November
16, 2000.

The Enclaves

As of December 31, 2000, the Partnership spent approximately  $55,000 in capital
improvements  at  The  Enclaves   consisting   primarily  of  carpet  and  vinyl
replacement,   plumbing  upgrades,   and  wall  covering   replacements.   These
improvements were funded from cash flow. This property was sold May 26, 2000.

Coral Palm Plaza

As of December 31, 2000,  the  Partnership  completed  approximately  $29,000 in
capital  expenditures  at Coral Palm Plaza  consisting  of tenant  improvements.
These improvements were funded from cash flow. The property was sold January 19,
2000.

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. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  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.  The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

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

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

During the quarter ended December 31, 2000, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5.     Market for the Partnership'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, 2000,  the number of holders of  Individual  Investor  Units was
2,985. An affiliate of the Managing  General Partner owned 52 units or 0.05%, as
of December 31, 2000.  Affiliates of the Managing General Partner also own 5,410
(8.09%)  of the  Partnership's  1985  Non-Recourse  Promissory  Notes  and 1,585
(9.34%) 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, 2000 or 1999. A cash distribution of approximately $21,000 was paid
to the general partner during February 1999.

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

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

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  due  to  the  imminent  loss  of  its  investment  properties.   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.  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 has been extended to August 31, 2001. Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
assets will generate sufficient  proceeds to pay off the Nonrecourse  Promissory
Notes in full. If the  Partnership  cannot sell its  properties  for  sufficient
value, in accordance with the terms of the forbearance  agreement,  it is likely
that the Partnership will lose its properties through delivery to an auctioneer.
Upon the sale or disposal of the last property, the Partnership will 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  (including   subsequent   actual
transactions  described  above) 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.

The statement of net liabilities in liquidation as of December 31, 2000 includes
approximately  $787,000  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,
2001.  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 November 16, 2000, the Partnership sold Centre Stage to an unaffiliated third
party for net sales proceeds of  approximately  $6,989,000  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.

On June 29, 2000, the Partnership sold Interrich Plaza to an unaffiliated  third
party for net sales proceeds of  approximately  $1,609,000  after the payment of
closing costs. The  Partnership's  net sales proceeds were paid to the indenture
trustee to be applied to the amounts due to the noteholders.

On June 8, 2000, the Partnership  sold Regency Center to an  unaffiliated  third
party for net sales proceeds of approximately  $12,025,000  after the payment of
closing costs. The  Partnership's  net sales proceeds were paid to the indenture
trustee to be applied to the amounts due to the noteholders.

On May 26, 2000, the Partnership sold The Enclaves Apartments to an unaffiliated
third  party for net  sales  proceeds  of  approximately  $14,545,000  after the
payment of closing  costs.  A portion of the  proceeds  were used to pay off the
first mortgage  encumbering the property.  In addition,  a $775,000  reserve was
held in escrow. The remaining proceeds of approximately  $6,779,000 were paid to
the indenture trustee to be applied to the amounts due to the noteholders.

On January 19,  2000,  Coral Palm Joint  Venture,  a joint  venture in which the
Partnership  had  a  controlling   interest,   sold  Coral  Palm  Plaza,  to  an
unaffiliated  third  party for net sales  proceeds of  approximately  $5,992,000
after  payment  of  closing  costs.  The  Partnership's  share of the net  sales
proceeds is  approximately  $3,995,000 and the minority's share is approximately
$1,997,000,  which was distributed  during the year ended December 31, 2000. The
Partnership's  share of the net sales  proceeds was used to pay a portion of the
principal and accrued interest on the Nonrecourse Promissory Notes.

On December 7, 1999, the Partnership  sold  Medtronics to an unaffiliated  third
party for net sales  proceeds  of  approximately  $2,688,000  after  payment  of
closing  costs.  The  Partnership  realized a gain on the sale of  approximately
$1,109,000.

On June 1, 1999,  Minneapolis  Business  Park Joint Venture  ("Minneapolis"),  a
joint venture in which the  Partnership had a controlling  interest,  sold Alpha
Business Center,  Plymouth Service Center,  and Westpoint  Service Center, to an
unaffiliated  third party for net sales  proceeds of  approximately  $14,202,000
after  payment  of  closing  costs.  The  Partnership's  share of the net  sales
proceeds  is  approximately  $9,657,000  and  the  minority  holder's  share  is
approximately  $4,545,000,  which was  distributed  subsequent  to September 30,
1999.  Minneapolis  realized a loss of  approximately  $433,000 on the sale. The
Partnership's  share of the loss on the sale is  approximately  $294,000 and the
minority holder's share was approximately  $139,000,  which was allocated to the
minority holder through the minority interest in joint ventures' operations.

The Partnership entered into various agreements with the borrowers on two of the
Partnership's  second mortgage loans receivable which were cross  collateralized
and in default.  The properties are located in Irvine ("Irvine") and Costa Mesa,
California  ("Costa  Mesa").  The borrower on the Irvine property had terminated
payments on the mortgage loan receivable in October 1994, and in January 1995, a
court  appointed  receiver was placed on the Irvine  property.  As a result,  on
April 20, 1995, the Partnership  acquired the Irvine property  through a deed in
lieu of foreclosure  and satisfied the existing first mortgage  encumbering  the
property  in  the  principal   amount   (including   expense)  of  approximately
$1,114,000.  On May 31, 1995, the receiver on the Irvine property was dismissed.
The Partnership  commenced  operating the property on June 1, 1995. The mortgage
loan  receivable,  net of the  previously  recorded  provision for impairment of
value of $1,250,000  was  reclassified  as real estate in 1995. The mortgagor of
the Costa Mesa property  assumed  $400,000 of the  principal  amount of the debt
encumbering the Irvine property resulting in an aggregate  outstanding principal
balance of $1,137,000. The Partnership extended the maturity date of the loan on
the Costa Mesa property to March 31, 2000.  Monthly  payments to the Partnership
remained the same. As of December 31, 1999, the Partnership determined that this
receivable was impaired and its value was written down approximately $137,000 to
reflect its fair value at December  31,  1999 of  $1,000,000.  During the second
quarter of 2000, the mortgager repaid this note in full. The Partnership  waived
its right to receive a  contingent  interest  of 50% of the amount  received  in
excess  of the  current  debt  upon the sale of the  property  in  exchange  for
immediate full repayment.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the years ended  December 31, 2000 or 1999. In accordance  with the
Partnership's  agreement of limited  partnership,  the General Partner  received
cash  distributions  equal to 2% of the  interest  payments  on the  Nonrecourse
Promissory Notes which amounted to  approximately  $21,000 during the year ended
December 31, 1999.

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  properties.
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  properties 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, 2000

Consolidated Statement of Changes in Net Liabilities in Liquidation - Year ended
December 31, 2000

Consolidated Statement of Operations - Year ended December 31, 1999

Consolidated  Statement  of  Changes in  Partners'  Deficit/Net  Liabilities  in
Liquidation for year ended December 31, 1999

Consolidated Statement of Cash Flows - Year ended December 31, 1999

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, 2000 and
the related consolidated  statement of changes in net liabilities in liquidation
for the  year  then  ended.  In  addition,  we  have  audited  the  consolidated
statements  of  operations,  changes in  partners'  deficit/net  liabilities  in
liquidation,  and cash  flows  for the  year  ended  December  31,  1999.  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.

As  more  fully  described  in  Note  A,  due to the  imminent  disposal  of its
investment  properties,  the Managing  General  Partner has  decided,  effective
December 31, 1999, to liquidate the  Partnership.  As a result,  the Partnership
changed its basis of accounting as of December 31, 1999 from a going concern
basis to a liquidation basis.

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, 2000, the consolidated changes
in net  liabilities in liquidation  for the year ended December 31, 2000 and the
consolidated  results  of its  operations  and its cash flows for the year ended
December 31, 1999, in conformity with accounting  principles  generally accepted
in the United States applied on the bases described in the preceding paragraph.


                                                            /s/ERNST & YOUNG LLP



Greenville, South Carolina
March 2, 2001



<PAGE>



                         CENTURY PENSION INCOME FUND XXIII
              CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (in thousands)

                                December 31, 2000



Assets
  Cash and cash equivalents                                            $ 1,170
  Receivables and deposits, net of allowance for
   uncollectible amounts of $304                                           895
  Debt trustee escrow                                                      720
  Investment properties                                                  5,342
                                                                         8,127
Liabilities
  Accounts payable                                                          69
  Tenant security deposit liabilities                                       23
  Accrued property taxes                                                    50
  Other liabilities                                                      1,011
  Non-recourse promissory notes (Note A)
   Principal                                                            13,983
   Interest payable                                                     15,784
  Minority interest in consolidated joint venture                          168
  Estimated costs during the period of liquidation
   (Note A)                                                                787
                                                                        31,875

Net liabilities in liquidation                                        $(23,748)

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                        CENTURY PENSION INCOME FUND XXIII

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

                          Year ended December 31, 2000




     Net liabilities in liquidation at beginning of period             $(20,509)

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                              (909)
        Increase in receivables and deposits                                335
        Decrease in debt trustee escrow                                  (4,025)
        Decrease in mortgage loan receivable                             (1,000)
        Decrease in investment in properties                            (41,595)
        Increase in accounts payable                                        (19)
        Decrease in tenant security deposits                                171
        Decrease in accrued property taxes                                   51
        Increase in other liabilities                                      (714)
        Decrease in accrued interest - notes payable                        295
        Decrease in mortgage note payable                                 6,856
        Decrease in non-recourse promissory notes - principal            18,793
        Decrease in non-recourse promissory notes - interest
           payable                                                       17,455
        Decrease in minority interest in consolidated joint
           venture                                                        1,446
        Increase in estimated costs during the period of
           liquidation                                                     (379)

     Net liabilities in liquidation at end of period                   $(23,748)

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENT OF OPERATIONS
                          (in thousands, except unit data)

                          Year ended December 31, 1999

Revenues:
  Rental income                                                      $ 9,115
  Interest income on mortgage loans                                       81
  Other income                                                           671
  Net gain on sale of investment properties                              676
      Total revenues                                                  10,543

Expenses:
  Operating                                                            2,839
  General and administrative                                           1,896
  Depreciation                                                         2,126
  Interest on notes payable                                              827
  Interest to promissory note holders                                  4,553
  Property taxes                                                       1,121
  Provision for impairment of value (Note F)                             137
      Total expenses                                                  13,499

Loss before minority interest in joint ventures'
  operations                                                          (2,956)

Minority interest in joint ventures' operations                          (48)
Net loss                                                             $(3,004)

Net income allocated to general partner                              $    61

Net loss allocated to limited partners                                (3,065)

                                                                     $(3,004)

Net loss per limited partnership unit                                $(32.00)

           See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                        CENTURY PENSION INCOME FUND XXIII

                   CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS'
                     DEFICIT/NET LIABILITIES IN LIQUIDATION
                          (in thousands, except unit data)

<TABLE>
<CAPTION>

                                        Limited
                                       Partnership    General     Limited
                                          Units       Partner    Partners      Total

<S>                                      <C>           <C>       <C>          <C>
Original capital contributions           95,789        $ 958     $ 47,894     $ 48,852

Partners' deficit at
   December 31, 1998                     95,789        (1,387)    (24,886)     (26,273)

Distributions to the
   general partner                           --           (21)         --          (21)

Net income (loss) for the year
   ended December 31, 1999                   --            61      (3,065)      (3,004)

Partners' deficit at
   December 31, 1999                     95,789      $ (1,347)   $(27,951)     (29,298)

Adjustment to liquidation basis
   (Notes A and C)                                                               8,789

Net liabilities in liquidation
   at December 31, 1999                                                       $(20,509)

           See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (in thousands)

                          Year ended December 31, 1999

Cash flows from operating activities:
  Net loss                                                              $(3,004)
  Adjustments to reconcile net loss to net cash used in
   operating activities:
     Depreciation                                                         2,126
     Amortization of deferred charges and lease
      commissions                                                           298
     Provision for doubtful receivables                                     265
     Gain on sale of investment properties                                 (676)
     Provision for impairment of value                                      137
     Minority interest in joint ventures'
      operations                                                             48
     Changes in accounts:
      Receivables and deposits                                              874
      Other assets                                                          (32)
      Debt trustee escrow                                                (4,745)
      Deferred charges                                                      142
      Accounts payable                                                       10
      Accrued interest on promissory notes                               (1,048)
      Tenant security deposit liabilities                                  (148)
      Accrued property taxes                                               (574)
      Other liabilities                                                     (45)
      Deferred interest                                                  (4,103)
      Accrued interest on mortgage note payable                              98
         Net cash used in operating activities                          (10,377)

Cash flows from investing activities:
  Property improvements and replacements                                   (422)
  Lease commissions paid                                                   (231)
  Proceeds from sale of investment properties                            16,890
  Distributions to minority interest holder                              (6,295)
         Net cash provided by investing activities                        9,942

Cash flows from financing activities:
  Payment on non-recourse promissory notes                               (9,163)
  Distribution to the general partner                                       (21)
         Net cash used in financing activities                           (9,184)

Net decrease in cash and cash equivalents                                (9,619)
Cash and cash equivalents at beginning of period                         11,698
Cash and cash equivalents at end of period                              $ 2,079

Supplemental disclosure of cash flow information:
  Cash paid for interest - notes payable                                $   795

           See Accompanying Notes to Consolidated Financial Statements

<PAGE>
                        CENTURY PENSION INCOME FUND XXIII

                     Notes to Consolidated Financial Statements

                                December 31, 2000


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 has been extended to August 31, 2001.  During
1999 and 2000, the  Partnership  sold all but two of its investment  properties.
The two remaining  properties  are actively  being  marketed for sale.  Based on
current  market  conditions,  it is unlikely that the sale of the  Partnership's
assets will generate sufficient  proceeds to pay off the Nonrecourse  Promissory
Notes in full. If the  Partnership  cannot sell its  properties  for  sufficient
value, in accordance with the terms of the forbearance  agreement,  it is likely
that the Partnership will lose its properties 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, 2000 is approximately  $787,000 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, 2001.  Because the success in  realization  of assets
and the  settlement of liabilities  is based on the Managing  General  Partner's
best estimates,  the liquidation  period may be shorter than projected or it may
be extended beyond the projected period.

Note B - Organization and 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 two business parks located one of each in Florida
and North Carolina.  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")  (See "Note D - Transfer  of  Control").  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
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

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:  Includes  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.  Cash balances included  approximately $37,000 at
December 31, 2000 that are  maintained by the affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

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  its space and is current on its
rental payments.

Investment  Properties:  As a result of the Partnership adopting the liquidation
basis of accounting,  the investment properties were adjusted to their estimated
net realizable values at December 31, 1999.

Depreciation:  Depreciation  was  computed  by  the  straight-line  method  over
estimated  useful lives ranging from  twenty-seven  and one-half to  thirty-nine
years for buildings and improvements and five to seven years for furnishings.

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".  Some of these commercial  leases contain
rental  increases  during their term.  For leases with fixed  rental  increases,
rents were recognized on a straight-line basis over the terms of the lease.

The  Partnership  recognized bad debt expense  associated  with rental income of
approximately  $163,000 and  $265,000 for the years ended  December 31, 2000 and
1999.

Deferred   Charges:   Included  in  deferred  charges  are  sales   commissions,
organization expenses and lease commissions.  Sales commissions and organization
expenses related to the Pension Investor Notes ("Non-Recourse Promissory Notes",
"Promissory Notes" or "Notes"), were deferred and amortized by the straight-line
method  over  the  life of the  Notes.  Leasing  commissions  are  deferred  and
amortized over the lives of the related leases.  Such amortization is charged to
operating   expense.   At  December  31,  1998,   the  sales   commissions   and
organizational  costs were fully amortized;  in addition,  at December 31, 1999,
the lease  commissions  were written off in the adjustment to liquidation  basis
because the Partnership  determined that these  intangible  assets no longer had
any value.

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 establishes  standards
for related disclosures about products and services, geographic areas, and major
customers. See "Note K" for required disclosure.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising  expense were approximately  $14,000 and $29,000 for the years ended
December 31, 2000 and 1999.

Note C - Adjustment to Liquidation Basis of Accounting

At December 31, 1999, in accordance  with the  liquidation  basis of accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were  adjusted  to their  settlement  amount and  include  all  estimated  costs
associated  with carrying out the  liquidation.  The net adjustment  required to
convert to the liquidation basis of accounting was a decrease in net liabilities
of  approximately  $8,789,000,  which is included in the Statement of Changes in
Partners' Deficit/Net Liabilities In Liquidation. The adjustments are summarized
as follows:

                                                             Decrease (Increase)
                                                              in Net Liabilities
                                                                (in thousands)
Adjustment from book value of property and
   improvements to estimated net realizable value                   $10,139
Adjustment to record estimated costs, net of income,
   associated with the liquidation (Note A)                            (408)
Adjustment of other assets and liabilities                             (942)
Net decrease in net liabilities                                     $ 8,789

Note D - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
("IPT") merged into AIMCO, a publicly-traded  real estate investment trust, with
AIMCO being the surviving  corporation  (the  "Insignia  Merger").  As a result,
AIMCO  acquired 100% ownership  interest in the Managing  General  Partner.  The
Managing  General Partner does not believe that this transaction has had or will
have a material effect on the affairs and operations of the Partnership.

Note E - 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. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2000
and 1999:

                                                     Years ended December 31,
                                                        2000           1999
                                                          (in thousands)
  Property management fees (included in
    operating expense in 1999)                          $ 54           $126
  Reimbursement for services of affiliates
    (included in general and administrative
    expense in 1999)                                      68            200
  Partnership management fee (included in
    general and administrative expense in 1999)           --            452

During the years ended  December  31, 2000 and 1999  affiliates  of the Managing
General  Partner  were  entitled  to  receive  5% of  gross  receipts  from  the
Partnership's  residential  property for providing property management services.
The Registrant  paid to such affiliates  approximately  $54,000 and $126,000 for
the years ended December 31, 2000 and 1999, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $68,000 and
$200,000 for the years ended December 31, 2000 and 1999, respectively.

On January 4, 1999, an affiliate of the Managing General Partner purchased 3,554
of  the  Partnership's  1985  Nonrecourse  Promissory  Notes  and  1,270  of the
Partnership's  1986 Nonrecourse  Promissory Notes from a noteholder for $600 per
note.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent continuing interest in the Partnership's net income and loss and
taxable income and loss. The gain on sale of investment  properties in 1999 have
been  allocated 20% to the general  partner and 80% to the limited  partners per
the terms of the Partnership Agreement. For the year ended December 31, 1999 the
general partner received approximately $21,000 of cash distributions, which were
equal to two percent of cash  distributions  to the Promissory Note holders.  In
addition,  the general partner is entitled to a partnership management incentive
distribution,  which together with the partnership  management fee cannot exceed
ten  percent of cash  available  for  distribution,  as  defined.  No  incentive
distributions were made in 2000 or 1999; however, the general partner received a
partnership management fee of approximately $452,000 in 1999.

Note F - Mortgage Loans Receivable

The Partnership entered into various agreements with the borrowers on two of the
Partnership's  second mortgage loans receivable which were cross  collateralized
and in default.  The properties are located in Irvine ("Irvine") and Costa Mesa,
California  ("Costa  Mesa").  The borrower on the Irvine property had terminated
payments on the mortgage loan receivable in October 1994, and in January 1995, a
court  appointed  receiver was placed on the Irvine  property.  As a result,  on
April 20, 1995, the Partnership  acquired the Irvine property  through a deed in
lieu of foreclosure  and satisfied the existing first mortgage  encumbering  the
property  in  the  principal   amount   (including   expense)  of  approximately
$1,114,000.  On May 31, 1995, the receiver on the Irvine property was dismissed.
The Partnership  commenced  operating the property on June 1, 1995. The mortgage
loan  receivable,  net of the  previously  recorded  provision for impairment of
value of $1,250,000  was  reclassified  as real estate in 1995. The mortgagor of
the Costa Mesa property  assumed  $400,000 of the  principal  amount of the debt
encumbering the Irvine property resulting in an aggregate  outstanding principal
balance of $1,137,000. The Partnership extended the maturity date of the loan on
the Costa Mesa property to March 31, 2000.  Monthly  payments to the Partnership
remained the same. As of December 31, 1999, the Partnership determined that this
receivable was impaired and its value was written down approximately $137,000 to
reflect its fair value at December  31,  1999 of  $1,000,000.  During the second
quarter of 2000, the mortgager repaid this note in full. The Partnership  waived
its right to receive a  contingent  interest  of 50% of the amount  received  in
excess  of the  current  debt  upon the sale of the  property  in  exchange  for
immediate full repayment.

Interest income on the mortgage loans totaled approximately $81,000 for the year
ended  December 31, 1999,  reflecting an interest rate of  approximately  7% per
annum.

Note G - Minimum Future Rental Revenues

Minimum future rental revenues from operating leases having non-cancelable lease
terms in excess of one year at December 31, 2000, are as follows (in thousands):

                             2001                $   975
                             2002                    693
                             2003                    530
                             2004                    305

                            Total                $ 2,503

Amortization of deferred leasing commissions totaled approximately  $243,000 for
the year ended  December 31, 1999,  and are  included in operating  expense.  At
December  31,  1999  unamortized  lease  commissions  were  written  off  in the
adjustment to liquidation  basis because the  Partnership  determined  that this
asset no longer has value.

Note H - 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  income of the
Partnership is approximately  $3,452,000  ($20.82 per limited  partnership unit)
for the year ended December 31, 2000.

The following is a reconciliation  of reported net loss and Federal taxable loss
for the year ended December 31, 1999 (in thousands, except per unit data):



Net loss as reported                            $(3,004)
Add (deduct):
  Deferred income                                    29
  Depreciation differences                         (221)
  Bad debt expense                                  118
  Minority interest in joint ventures'
    operations                                   (1,313)
  Gain on disposal of property                      (35)
  Interest                                        1,519
  Other                                             469
Federal taxable loss                            $(2,438)
Federal taxable loss per limited
  partnership unit                              $   (25)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net liabilities (in thousands) at December 31, 2000:


                                                    2000
Net liabilities in liquidation as reported        $(23,748)
Differences resulted from:
  Sales commissions and organization
    expenses                                         6,554
  Original issue discount                              539
  Depreciation                                       7,311
  Land and building                                 (7,663)
  Other                                              2,695
Net liabilities - Federal tax basis               $(14,312)


Note I - Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                          Initial Cost
                                         To Partnership
                                         (in thousands)
                                                              Net Cost
                                                 Buildings    (Removed)
                                                and Related  Capitalized  Adjustment to
                                                 Personal   Subsequent to  Liquidation
     Description        Encumbrances    Land     Property    Acquisition      Basis
                       (in thousands)                                     (in thousands)
Property
<S>                         <C>        <C>        <C>           <C>          <C>
Commerce Park               (1)        $ 1,604    $ 4,188       $ 796        $(4,238)
Highland Park Commerce
  Center III                (1)            654      4,849          (5)        (2,506)

Total                                  $ 2,258    $ 9,037       $ 791        $(6,744)
</TABLE>

(1)   The  Nonrecourse  Promissory  Notes are  secured by a deed of trust on all
      properties  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, 2000
                               (in thousands)

                                    Buildings
                                   And Related
                                    Personal             Accumulated    Date    Depreciable
     Description          Land     Property    Total    Depreciation  Acquired  Life-Years
                                                       (in thousands)
Property
<S>                     <C>          <C>      <C>           <C>         <C>      <C>
Commerce Plaza          $ 1,604      $ 746    $ 2,350       (2)         3/86     5-39 yrs
Highland Park Commerce
  Center III                619       2,373     2,992       (2)         9/86     5-39 yrs

Total                   $ 2,223     $ 3,119   $ 5,342
</TABLE>

(2)   As a result of adopting the  liquidation  basis of  accounting,  the gross
      carrying  value of the  properties  were adjusted to their net  realizable
      value and will not be depreciated further.


Reconciliation of "Real Estate and Accumulated Depreciation":

                                                   Years Ended December 31,
                                                    2000               1999
                                                        (in thousands)
      Real Estate
      Balance at beginning of year                $ 46,937           $ 79,302
        Property improvements                          162                422
        Disposal via sale                          (41,216)           (22,845)
        Adjustment to liquidation basis               (541)            (9,942)
      Balance at end of year                      $  5,342            $ 46,937

      Accumulated Depreciation
      Balance at beginning of year                $     --            $ 24,790
        Additions charged to expense                    --               2,126
        Disposal via sale                               --              (6,835)
        Adjustment to liquidation basis                 --             (20,081)
      Balance at end of year                      $     --            $     --

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2000  and  1999 is  approximately  $13,005,000  and  $67,064,000,
respectively.  Accumulated  depreciation  for  Federal  income tax  purposes  at
December   31,  2000  and  1999  is   approximately  $7,311,000 and $24,745,000,
respectively.

Note J - Sales of Investment Properties

On November 16, 2000, the Partnership sold Centre Stage to an unaffiliated third
party for net sales proceeds of  approximately  $6,989,000  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.

On June 29, 2000, the Partnership sold Interrich Plaza to an unaffiliated  third
party for net sales proceeds of  approximately  $1,609,000  after the payment of
closing costs. The  Partnership's  net sales proceeds were paid to the indenture
trustee to be applied to the amounts due to the noteholders.

On June 8, 2000, the Partnership  sold Regency Center to an  unaffiliated  third
party for net sales proceeds of approximately  $12,025,000  after the payment of
closing costs. The  Partnership's  net sales proceeds were paid to the indenture
trustee to be applied to the amounts due to the noteholders.

On May 26, 2000, the Partnership sold The Enclaves Apartments to an unaffiliated
third  party for net  sales  proceeds  of  approximately  $14,545,000  after the
payment of closing  costs.  A portion of the  proceeds  were used to pay off the
first mortgage  encumbering the property.  In addition,  a $775,000  reserve was
held in escrow. The remaining proceeds of approximately  $6,779,000 were paid to
the indenture trustee to be applied to the amounts due to the noteholders.

On January 19,  2000,  Coral Palm Joint  Venture,  a joint  venture in which the
Partnership  had  a  controlling   interest,   sold  Coral  Palm  Plaza,  to  an
unaffiliated  third  party for net sales  proceeds of  approximately  $5,992,000
after  payment  of  closing  costs.  The  Partnership's  share of the net  sales
proceeds is  approximately  $3,995,000 and the minority's share is approximately
$1,997,000,  which was distributed  during the year ended December 31, 2000. The
Partnership's  share of the net sales  proceeds was used to pay a portion of the
principal and accrued interest on the Nonrecourse Promissory Notes.

On June 1, 1999,  Minneapolis  Business  Park Joint Venture  ("Minneapolis"),  a
joint venture in which the  Partnership had a controlling  interest,  sold Alpha
Business Center,  Plymouth Service Center,  and Westpoint  Service Center, to an
unaffiliated  third party for net sales  proceeds of  approximately  $14,202,000
after  payment  of  closing  costs.  The  Partnership's  share of the net  sales
proceeds  is  approximately  $9,657,000  and  the  minority  holder's  share  is
approximately $4,545,000.  Minneapolis realized a loss of approximately $433,000
on the sale. The  Partnership's  share of the loss on the sale is  approximately
$294,000 and the minority  holder's share is  approximately  $139,000,  which is
allocated  to the  minority  holder  through  the  minority  interest  in  joint
ventures'  operations.  The  Partnership's  share of the net sales proceeds were
used to pay a portion of the principal and accrued  interest on the  Nonrecourse
Promissory Notes.

On December 7, 1999, the Partnership  sold  Medtronics to an unaffiliated  third
party for net sales  proceeds  of  approximately  $2,688,000  after  payment  of
closing  costs.  The  Partnership  realized a gain on the sale of  approximately
$1,109,000.

Note K - Segment Information

Description  of the types of products  and  services  from which the  reportable
segments derive their revenues: The Partnership has had two reportable segments:
residential properties and commercial properties.  The Partnership's residential
property segment consisted of one apartment complex located in Atlanta, Georgia.
The Partnership  rented  apartment units to tenants for terms that are typically
twelve months or less.  This property was sold on May 26, 2000.  The  commercial
property segment  consisted of three business parks one each located in Florida,
North  Carolina  and Texas,  and two  shopping  centers  located in Kentucky and
Georgia  as  of  December  31,  1999.  In  addition,  the  Partnership  owned  a
controlling  interest  in a joint  venture  whose  property  includes a shopping
center located in Florida. This property was sold during the year ended December
31, 2000. The Partnership  also owned a controlling  interest in a joint venture
whose properties were sold June 1, 1999.

Measurement  of segment profit or loss: The  Partnership  evaluates  performance
based on segment profit (loss) before  depreciation.  The accounting policies of
the  reportable  segments  are the same as those  described  in the  summary  of
significant accounting policies.

Factors management used to identify the enterprise's  reportable  segments:  The
Partnership's  reportable segments consisted of investment properties that offer
different  products and  services.  The  reportable  segments  were each managed
separately  because they  provide  distinct  services  with  different  types of
products and customers.

Segment  information  is not  included for 2000 as the  Partnership  adopted the
liquidation  basis of accounting at December 31, 1999. The  Partnership  has two
remaining  commercial  properties at December 31, 2000. Segment  information for
the year 1999 is shown in the table below (in  thousands).  The  "Other"  column
includes  partnership  administration  related  items and income and expense not
allocated to reportable segments.
<TABLE>
<CAPTION>

1999
                                         Residential  Commercial     Other      Totals
<S>                                        <C>          <C>          <C>       <C>
Rental income                              $ 2,467      $ 6,648      $   --    $ 9,115
Other income                                    67          179         506        752
Gain on sale of investment properties           --          676          --        676
Interest expense                               827           --       4,553      5,380
Depreciation                                   360        1,766          --      2,126
General and administrative expense              --           --       1,896      1,896
Minority interest in joint ventures'
  operations                                    --          (48)         --        (48)
Segment profit (loss)                          265        3,065      (6,334)    (3,004)
Net liabilities in liquidation                  --           --     (20,509)   (20,509)
Capital expenditures for investment
  properties                                   136          286          --        422
</TABLE>

Note L - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the  Partnership,  its Managing  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  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.  The Managing General Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

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


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

Effective  December 10, 1999,  the  Registrant  dismissed its prior  Independent
Auditors,  Imowitz  Koenig  & Co.,  LLP  ("Imowitz")  and  retained  as its  new
Independent Auditors,  Ernst & Young LLP. Imowitz's Independent Auditors' Report
on the  Registrant's  financial  statements for the calendar year ended December
31, 1998 and 1999 did not contain an adverse opinion or a disclaimer of opinion,
and was not qualified or modified as to  uncertainty,  audit scope or accounting
principles.  The  decision to change  Independent  Auditors  was approved by the
Managing General  Partner's  directors.  During the calendar year ended 1998 and
through December 10 1999, there were no disagreements between the Registrant and
Imowitz on any matter of accounting principles or practices, financial statement
disclosure,  or auditing scope of procedure which  disagreements if not resolved
to the  satisfaction  of Imowitz,  would have caused it to make reference to the
subject matter of the disagreements in connection with its reports.

Effective  December 10, 1999,  the  Registrant  engaged Ernst & Young LLP as its
Independent Auditors.  The Registrant did not consult Ernst & Young LLP prior to
their appointment as independent auditors regarding any of the matters or events
set forth in Item 304 (a)(2)(i) and (ii) of Regulation S-K.


                                    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 VI  ("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  directors of the Managing  General  Partner are set forth below.  No family
relationships  exist among any of the  officers  or  directors  of the  Managing
General Partner.

Name                        Age    Position

Patrick J. Foye              43    Executive Vice President and Director

Martha L. Long               41    Senior Vice President and Controller

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.  Prior to  joining  AIMCO,  Mr.  Foye was a
partner in the law firm of Skadden, Arps, Slate, Meagher & Flom LLP from 1989 to
1998 and was  Managing  Partner  of the  firm's  Brussels,  Budapest  and Moscow
offices from 1992  through  1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power   Authority  and  serves  as  a  member  of  the  New  York  State
Privatization  Council.  He received a B.A. from Fordham College and a J.D. from
Fordham University Law School.

Martha L. Long has been Senior Vice  President  and  Controller  of the Managing
General  Partner since October 1998 as a result of the  acquisition  of Insignia
Financial  Group,  Inc. As of February 2001, Ms. Long was also appointed head of
the service  business for AIMCO.  From June 1994 until January 1997, she was the
Controller for Insignia, and was promoted to Senior Vice President - Finance and
Controller in January 1997,  retaining that title until October 1998.  From 1988
to June 1994,  Ms. Long was Senior Vice  President and  Controller for The First
Savings Bank, FSB in Greenville, South Carolina.

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 generally  accepted
accounting  principles,  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
generally  accepted  auditing  standards.   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,  2000 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 the current
fiscal  year.  Fees for the last  fiscal  year were  annual  audit  services  of
approximately  $66,000  and  non-audit  services  (principally  tax-related)  of
approximately $35,000.

Item 10.    Executive Compensation

Neither the director nor officers  received any  remuneration  from the Managing
General Partner during the year ended December 31, 2000.

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 directors 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, 2000.

As of December 31, 2000,  Insignia  Properties LP ("IPLP"),  an affiliate of the
Managing  General  Partner,  owned 52  Individual  Investor  Units  ("Units") or
approximately 0.05%. 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. The following payments were made to the
Managing General Partner and affiliates during the years ended December 31, 2000
and 1999:

                                                   2000        1999
                                                    (in thousands)
Property management fees                           $ 54        $126
Reimbursement for services of affiliates             68         200
Partnership management fee                           --         452

During the years ended  December  31, 2000 and 1999  affiliates  of the Managing
General  Partner  were  entitled  to  receive  5% of  gross  receipts  from  the
Partnership's  residential  property for providing property management services.
The Registrant  paid to such affiliates  approximately  $54,000 and $126,000 for
the years ended December 31, 2000 and 1999, respectively.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $68,000 and
$200,000 for the years ended December 31, 2000 and 1999, respectively.

On January 4, 1999, an affiliate of the Managing General Partner purchased 3,554
of  the  Partnership's  1985  Nonrecourse  Promissory  Notes  and  1,270  of the
Partnership's  1986 Nonrecourse  Promissory Notes from a noteholder for $600 per
note.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent continuing interest in the Partnership's net income and loss and
taxable income and loss. The gain on sale of investment  properties in 1999 have
been  allocated 20% to the general  partner and 80% to the limited  partners per
the terms of the Partnership Agreement. For the year ended December 31, 1999 the
general partner received approximately $21,000 of cash distributions, which were
equal to two percent of cash  distributions  to the Promissory Note holders.  In
addition,  the general partner is entitled to a partnership management incentive
distribution,  which together with the partnership  management fee cannot exceed
ten  percent of cash  available  for  distribution,  as  defined.  No  incentive
distributions were made in 2000 or 1999; however, the general partner received a
partnership management fee of approximately $452,000 in 1999.


                                     PART IV

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

      (a)   Exhibits:

            None.

      (b)   Reports on Form 8-K filed during the fourth quarter of calendar year
            2000:

            None.

<PAGE>

                                   SIGNATURES



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


                                    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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date:


Pursuant to the requirements of the Securities Exchange Act of 1934, 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:
Patrick J. Foye         and Director


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



<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.

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.

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.

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.

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.

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.

10.7 Purchase and Sale Contract between  Registrant and Woolbright  Development,
     Inc., a Florida Corporation, dated November 30, 1999.

10.8 First  Amendment  to Purchase  and Sale  Contract  between  Registrant  and
     Woolbright  Development,  Inc., a Florida  Corporation,  dated December 16,
     1999.

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.

10.10Purchase  and Sale  Contract  between  Registrant  and Capreit  Acquisition
     Corporation, a Maryland Corporation, dated February 21, 2000.

10.11Reinstatement  and First  Amendment to Purchase and Sale  Contract  between
     Registrant and Capreit  Acquisition  Corporation,  a Maryland  Corporation,
     dated April 10, 2000.

10.12Second  Amendment  to Purchase and Sale  Contract  between  Registrant  and
     Capreit Acquisition  Corporation,  a Maryland Corporation,  dated April 19,
     2000.

10.13Purchase and Sale Contract  between  Registrant and Jeffrey C.  Ruttenburg,
     an individual, dated December 28, 1999.

10.14Amendment to Purchase and Sale Contract  between  Registrant and Jeffrey C.
     Ruttenburg, an individual, dated February 9, 2000.

10.15Second  Amendment  to Purchase and Sale  Contract  between  Registrant  and
     Jeffrey C. Ruttenburg, an individual, dated March 29, 2000.

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

10.17Purchase and Sale Contract  between  Registrant  and  Harkinson  Investment
     Corporation, a Texas Corporation, dated April 14, 2000.

10.18Amendment to Purchase and Sale Contract  between  Registrant  and Harkinson
     Investment Corporation, a Texas Corporation, dated May 26, 2000.

10.19Reinstatement  and Second  Amendment to Purchase and Sale Contract  between
     Registrant and Harkinson Investment Corporation, a Texas Corporation, dated
     June 13, 2000.

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.