FORM 10-QSB--QUARTERLY OR TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



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

                                   Form 10-QSB
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                    For the quarterly period ended June 30, 2001


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


                For the transition period from _________to _________

                         Commission file number 0-14528


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

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


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  preceding  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___



<PAGE>





                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS

a)

                        CENTURY PENSION INCOME FUND XXIII

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

                                  June 30, 2001



Assets
  Cash and cash equivalents                                       $   529
  Receivables and deposits, net of allowance for
   uncollectible amounts of $304                                      191
  Debt trustee escrow                                               2,158
  Investment properties                                             5,594
                                                                    8,472
Liabilities
  Accounts payable                                                     21
  Tenant security deposit liabilities                                  21
  Accrued property taxes                                               68
  Other liabilities                                                   344
  Non-recourse promissory notes:
   Principal                                                       13,983
   Interest payable                                                16,597
  Estimated costs during the period of liquidation                    360
                                                                   31,394

Net liabilities in liquidation                                   $(22,922)


            See Accompanying Notes to Consolidated Financial Statements


<PAGE>




b)

                        CENTURY PENSION INCOME FUND XXIII

               STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                   (in thousands)
                         Six Months Ended June 30, 2001




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

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                              (641)
        Decrease in receivables and deposits                               (704)
        Increase in debt trustee escrow                                   1,438
        Increase in investment in properties                                252
        Decrease in accounts payable                                         48
        Decrease in tenant security deposits                                  2
        Increase in accrued property taxes                                  (18)
        Decrease in other liabilities                                       667
        Increase in non-recourse promissory notes - interest
           payable                                                         (813)
        Increase in minority interest in consolidated joint
           venture                                                          168
        Decrease in estimated costs during the period of
           liquidation                                                      427

     Net liabilities in liquidation at end of period                   $(22,922)


            See Accompanying Notes to Consolidated Financial Statements


<PAGE>



c)
                        CENTURY PENSION INCOME FUND XXIII

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

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
loss of its investment properties.

The Partnership's Nonrecourse 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 their 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 net 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.
Commerce  Plaza is actively  being  marketed for sale and  Highland  Park III is
under contract to sell. 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
June 30,  2001 is  approximately  $360,000  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.

Principles of Consolidation

The  consolidated  financial  statements  include  all  of the  accounts  of the
Partnership  and the joint ventures in which the  Partnership  has a controlling
interest.  An affiliated  partnership owned the minority interest in these joint
ventures.  All  significant  inter-entity  transactions  and balances  have been
eliminated. The Managing General Partner is an affiliate of Apartment Investment
and  Management  Company  ("AIMCO"),  a publicly  traded real estate  investment
trust.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses  incurred by
affiliates on behalf of the  Partnership.  The following  transactions  with the
Managing  General  Partner and  affiliates  were  incurred  during the six month
periods ended June 30, 2001 and 2000:

                                                                  2001      2000
                                                                  (in thousands)

 Property management fees                                         $ --      $ 65
 Reimbursement for services of affiliates                           84        32

During the six months ended June 30, 2000,  affiliates  of the Managing  General
Partner were  entitled to receive 5% of gross  receipts  from the  Partnership's
residential property as compensation for providing property management services.
The Partnership paid to such affiliates approximately $65,000 for the six months
ended June 30, 2000.  The  residential  property was sold in May 2000 (see "Note
C"). For the Partnership's  commercial properties,  these services were provided
by an unrelated party for the six months ended June 30, 2001 and 2000.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $84,000 and
$32,000 for the six months ended June 30, 2001 and 2000, respectively.

There were no distributions during the six months ended June 30, 2001 and 2000.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO  owned  72  limited  partnership  units  in the  Partnership
representing  approximately  0.08% of the  outstanding  units at June 30,  2001.
Affiliates of the Managing General Partner also owned 5,410 limited  partnership
units (8.09%) of the Partnership's  1985 Nonrecourse  Promissory Notes and 1,585
limited   partnership  units  (9.34%)  of  the  Partnership's  1986  Nonrecourse
Promissory Notes at June 30, 2001.

Note C - Segment Reporting

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

Note D - Legal Proceedings

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

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

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

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

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

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

                                                   Average Occupancy
      Property                                      2001       2000

      Commerce Plaza                                 70%        75%
         Tampa, Florida
      Highland Park III                              87%        93%
         Charlotte, North Carolina

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
which resulted in other tenants vacating the property when their leases expired.
The  Managing  General  Partner  is  actively  marketing  the  remaining  space.
Occupancy at Highland Park III decreased due to an additional  8,297 square feet
of space vacated which has not been leased.

The Partnership recently entered into a contract to sell Highland Park III to an
unaffiliated third party for $3,451,000. The sale, which is conditioned upon the
purchaser  completing  its  due  diligence  review  of the  property  and  other
customary conditions,  is expected to close, if at all, during the third quarter
of 2001. There can be no assurance,  however, that the sale will be consummated,
or if  consummated,  on what  terms or in what  time  frame.  The  Partnership's
Commerce Plaza is being marketed for sale.

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 their  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 net 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  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.
Commerce  Plaza is actively  being  marketed for sale and  Highland  Park III is
under contract to sell, as discussed above.  Based on current market conditions,
it is  unlikely  that  the  sale  of  the  Partnership's  assets  will  generate
sufficient  proceeds to payoff 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.

The statement of net  liabilities  in  liquidation  as of June 30, 2001 includes
approximately  $360,000  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 extended beyond the projected period.

In light of the maturity of the Notes, no distributions were made to the limited
partners for the six month periods ended June 30, 2001 and 2000.

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.

Capital  improvements  planned  for  each of the  Partnership's  properties  are
detailed below. Additional capital expenditures will be incurred only if cash is
available from operations.

Commerce Plaza:

During the six months ended June 30, 2001, the  Partnership did not complete any
capital improvements at Commerce Plaza. The Partnership has not budgeted capital
improvements for 2001 since it anticipates selling this property in 2001.

Highland Park III:

During the six months ended June 30, 2001, the Partnership  spent  approximately
$3,000 in capital  improvements at Highland Park Commerce  Center  consisting of
tenant  improvements.  These  improvements were funded from operating cash flow.
The  Partnership  has not  budgeted  capital  improvements  for  2001  since  it
anticipates selling this property in 2001.

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

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO  owned  72  limited  partnership  units  in the  Partnership
representing  approximately  0.08% of the  outstanding  units at June 30,  2001.
Affiliates of the Managing General Partner also owned 5,410 limited  partnership
units (8.09%) of the Partnership's  1985 Nonrecourse  Promissory Notes and 1,585
limited   partnership  units  (9.34%)  of  the  Partnership's  1986  Nonrecourse
Promissory Notes at June 30, 2001.

<PAGE>

                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

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

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

ITEM 2.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2001.




<PAGE>


                                   SIGNATURES



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



                                    CENTURY PENSION INCOME FUND XXIII


                                    By:   FOX PARTNERS V
                                          Its General Partner


                                    By:   FOX CAPITAL MANAGEMENT CORPORATION
                                          Its Managing General Partner


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


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


                                    Date: