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, 2000


[ ] 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, 2000

Assets

  Cash and cash equivalents                                       $ 3,294
  Receivables and deposits, net of allowance for
   uncollectible amounts of $435                                    1,417
  Debt trustee escrow                                              21,014
  Investment properties                                            12,933
                                                                   38,658

Liabilities

  Accounts payable                                                     58
  Tenant security deposit liabilities                                  53
  Accrued property taxes                                              121
  Other liabilities                                                 1,320
  Non-recourse promissory notes:
   Principal                                                       28,418
   Interest payable                                                30,376
  Minority interest in consolidated joint venture                     467
  Estimated costs during the period of liquidation                    452
                                                                   61,265

Net liabilities in liquidation                                   $(22,607)


            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, 2000

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

     Changes in net liabilities in liquidation attributed to:
        Increase in cash and cash equivalents                             1,215
        Increase in receivables and deposits                                857
        Increase in debt trustee escrow                                  16,269
        Decrease in mortgage loan receivable                             (1,000)
        Decrease in investment in properties                            (34,004)
        Increase in accounts payable                                         (8)
        Decrease in tenant security deposits                                141
        Increase in accrued property taxes                                  (20)
        Increase in other liabilities                                    (1,023)
        Decrease in accrued interest - notes payable                        295
        Decrease in mortgage note payable                                 6,856
        Decrease in non-recourse promissory notes - principal             4,358
        Decrease in non-recourse promissory notes - interest
           payable                                                        2,863
        Decrease in minority interest in consolidated joint
           venture                                                        1,147
        Increase in estimated costs during the period of
           liquidation                                                      (44)

     Net liabilities in liquidation at end of period                   $(22,607)

            See Accompanying Notes to Consolidated Financial Statements


<PAGE>


c)

                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                                      Three Months Ended   Six Months Ended
                                                         June 30, 1999      June 30, 1999
Revenues:
<S>                                                         <C>                <C>
   Rental income                                            $ 2,773            $ 5,524
   Interest income on mortgage loans                             28                 41
   Other income                                                 434                677
      Total revenues                                          3,235              6,242

Expenses:
   Operating                                                    739              1,531
   General and administrative                                   246                535
   Depreciation                                                 562              1,196
   Interest on notes payable                                    207                414
   Interest to promissory note holders                        1,215              2,431
   Amortization of deferred charges                              --                 52
   Property taxes                                               373                764
   Loss on disposal of investment properties                    436                436
      Total expenses                                          3,778              7,359

Loss before minority interest in joint ventures'
   operations                                                  (543)            (1,117)
Minority interest in joint ventures' operations                  50                (25)
Net loss                                                    $  (493)           $(1,142)

Net loss allocated to general partner (2%)                   $  (10)             $ (23)
Net loss allocated to limited partners (98%)                   (483)            (1,119)
                                                            $  (493)           $(1,142)

Net loss per limited partnership unit (95,789
   units issued and outstanding)                            $ (5.04)           $(11.68)

</TABLE>

            See Accompanying Notes to Consolidated Financial Statements


<PAGE>


d)

                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)
                         Six Months Ended June 30, 1999

Cash flows from operating activities:

  Net loss                                                              $(1,142)
  Adjustments to reconcile net loss to net cash provided by
    operating activities:
     Depreciation                                                         1,196
     Amortization of deferred charges and lease commissions                 173
     Minority interest in joint ventures' operations                         25
     Deferred interest on non-recourse promissory notes                   1,383
     Loss on disposal of investment properties                              436
     Change in accounts:
       Receivables and deposits                                            (118)
       Other assets                                                        (299)
       Accounts payable                                                     106
       Tenant security deposit liabilities                                 (148)
       Accrued property taxes                                              (316)
       Other liabilities                                                   (146)
       Accrued interest on notes payable                                     82
          Net cash provided by operating activities                       1,232

Cash flows from investing activities:

   Property replacements and improvements                                  (270)
   Lease commissions paid                                                  (260)
   Proceeds from sale of investment properties                           14,199
          Net cash provided by investing activities                      13,669

Cash flows used in financing activities:

   Cash distributions to the general partner                                (21)

Net increase in cash and cash equivalents                                14,880

Cash and cash equivalents at beginning of period                         11,698
Cash and cash equivalents at end of period                              $26,578

Supplemental disclosure of cash flow information:

   Cash paid for interest - notes payable                                $  398

   Cash paid for interest - non-recourse promissory notes               $ 1,048


            See Accompanying Notes to Consolidated Financial Statements


<PAGE>

e)
                        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
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, by a security interest in the
joint venture interests held by the Partnership, and by a pledge of the note and
of the deed of trust on the real  properties  underlying the mortgage loans made
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.  Portions of the interest on both the "1985  Series  Notes" and the "1986
Series  Notes" were  permitted to be 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") the Managing  General  Partner of the  Partnership's  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.  The trustee has  indicated,
however,  that it  will  extend  the  forebearance  period  to  accommodate  the
completion of the sale of the Partnership's remaining properties pursuant to the
current  purchase and sale  agreements.  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.  Based on the  proceeds  received  to date from sales of  Partnership
assets  and  the  anticipated  net  proceeds  from  sales  of the  Partnership's
remaining  properties,  it is unlikely that the sale of the Partnership's assets
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full and  accordingly,  generate  any cash  for  distribution.  Upon the sale or
disposal of the last property  (which is  anticipated to occur during the second
half of 2000), 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  consolidated  financial  statements at
December 31, 1999, to the liquidation basis of accounting.  Consequently, assets
have been valued at their  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 financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
June 30,  2000 is  approximately  $452,000  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, 2000.  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.

Note B - 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 Apartment  Investment and Management Company  ("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 C - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  on the  Managing  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership activities.  The Partnership Agreement provides for certain payments
to affiliates for services and as reimbursement of certain expenses  incurred by
affiliates  on  behalf  of the  Partnership.  The  following  transactions  with
affiliates of the Managing  General  Partner were incurred  during the six month
periods ended June 30, 2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)
 Property management fees (included in operating expenses
   in 1999)                                                       $ 65      $ 63
 Reimbursement for services of affiliates
   (included in general and administrative expenses in 1999)        32        95
 Partnership management fee (included in
   general and administrative expenses in 1999)                     --        55

During the six months ended June 30, 2000 and 1999,  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  and  $63,000  for  the  six  months  ended  June  30,  2000  and  1999,
respectively.  For the Partnership's commercial properties,  these services were
provided by an unrelated party for the six months ended June 30, 2000 and 1999.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $32,000 and
$95,000 for the six months ended June 30, 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.

During the six months ended June 30, 1999, the general  partner  received a cash
distribution of  approximately  $21,000,  which was equal to two percent of cash
distributions  to the  Promissory  Note  holders  prior  to  July 1,  1999.  The
partnership  management fee and partnership  management incentive are limited by
the  Partnership  Agreement to ten percent of cash  available  for  distribution
before  interest  payments to the  Promissory  Note holders and the  partnership
management fee. There were no distributions during the six months ended June 30,
2000.

Note D - Sale of Investment Properties

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 are held by 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 are held by 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 are held by
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  has  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 six months ended June 30, 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 has 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  was  approximately  $9,657,000  and the  minority  holder's  share was
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 was 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's  share of the net sales proceeds were
used to pay a portion of the principal and accrued  interest on the  Nonrecourse
Promissory Notes.

<PAGE>

Note E - 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.

Note F - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The  Partnership  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  apartment  complex  was  sold  on May  26,  2000  (see  "Note  D - Sale of
Investment  Properties").  The  commercial  property  segment  consists  of  two
business  parks  located in Florida and North  Carolina and one shopping  center
located in  Georgia.  In  addition,  the  Partnership  also owned a  controlling
interest in a joint  venture  whose  property  was sold  January 19,  2000.  The
Partnership  also  owned  a  controlling  interest  in  a  joint  venture  whose
properties were sold June 1, 1999.  Effective December 31, 1999, the Partnership
adopted  the   liquidation   basis  of  accounting  (see  "Note  A  -  Basis  of
Presentation").  As a result, segment information is only provided for the three
and six month periods ended June 30, 1999.

Measurement of segment profit or loss:

The  Partnership  evaluated  performance  based on segment  profit (loss) before
depreciation. The accounting policies of the reportable segments are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-K for the year ended December 31, 1999.

Factors management used to identify the Partnership's reportable segments:

The Partnership's  reportable  segments consisted of investment  properties that
offered  different  products and  services.  The  reportable  segments were each
managed  separately because they provided distinct services with different types
of products and customers.

<PAGE>


Segment  information for the three and six month periods ended June 30, 1999, is
shown  in  the  tables  below  (in  thousands).   The  "Other"  column  includes
partnership administration related items and income and expense not allocated to
the reportable segments.
<TABLE>
<CAPTION>

   For the Three Months Ended
          June 30, 1999            Residential    Commercial      Other       Totals

<S>                                   <C>           <C>            <C>       <C>
Rental income                         $  603        $ 2,170        $  --     $ 2,773
Interest income on mortgage
  loans                                   --             --           28          28
Other income                              15            125          294         434
Interest expense                         207             --        1,215       1,422
Depreciation                              88            474           --         562
General and administrative
  expense                                 --             --          246         246
Loss on disposal of investment
  properties                              --            436           --         436
Minority interest in joint
  ventures' operations                    --             50           --          50
Segment profit (loss)                     70            579       (1,142)       (493)


    For the Six Months Ended
          June 30, 1999            Residential    Commercial      Other       Totals

Rental income                        $ 1,223        $ 4,301        $  --     $ 5,524
Interest income on mortgage
  loans                                   --             --           41          41
Other income                              26            298          353         677
Interest expense                         414             --        2,431       2,845
Amortization of deferred costs            --             --           52          52
Depreciation                             175          1,021           --       1,196
General and administrative
  expense                                 --             --          535         535
Loss on disposal of investment
  properties                              --            436           --         436
Minority interest in joint
  ventures' operations                    --            (25)          --         (25)
Segment profit (loss)                    114          1,368       (2,624)     (1,142)
Total assets                           6,864         11,095       52,233      70,192
Capital expenditures for
  investment properties                   52            218           --         270
</TABLE>

Note G - 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 the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  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  have 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 final 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. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on August 21, 2000 to address the issue of appointing lead counsel. 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.


<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  Partnership'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
and one shopping  center.  The following table sets forth the average  occupancy
for each of the  Partnership's  investment  properties  for the six months ended
June 30, 2000 and 1999:

                                                   Average Occupancy

      Property                                      2000       1999

      Commerce Plaza                                 75%       100%
         Tampa, Florida
      Highland Park III                              93%        93%
         Charlotte, North Carolina
      Centre Stage Shopping Center                  100%        97%
         Norcross, Georgia

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
Managing  General  Partner  attributes the increase in occupancy at Centre Stage
Shopping  Center to 2,854  square feet of space being  leased to two new tenants
since June 30, 1999. The Partnership's Centre Stage Shopping Center and Commerce
Plaza are currently under contract for sale to unaffiliated third parties. These
sales, which are subject to the purchasers completing their due diligence review
and other customary closing conditions, are expected to close, if at all, during
the third quarter of 2000 at their estimated  liquidation value. There can be no
assurance,  however,  that these  transactions will be consummated or as to what
the final sales terms will be.

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.  Fox Capital  Management  Corporation  ("FCMC" or the  "Managing  General
Partner"),  the Managing General Partner of the  Partnership's  general partner,
contacted the indenture  trustee for the Nonrecourse  Promissory Notes regarding
this  default.  The  trustee  has  indicated,  however,  that it will extend the
forebearance   period  to  accommodate   the  completion  of  the  sale  of  the
Partnership's  remaining  properties  pursuant to the current  purchase and sale
agreements.  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.  Based on the
proceeds  received to date from sales of Partnership  assets and the anticipated
net  proceeds  from  sales  of the  Partnership's  remaining  properties,  it is
unlikely  that the sale of the  Partnership's  assets will  generate  sufficient
proceeds to pay off the Nonrecourse  Promissory  Notes in full and  accordingly,
generate  any cash for  distribution.  Upon  the  sale or  disposal  of the last
property  (which is  anticipated  to occur during the second half of 2000),  the
Partnership is expected to terminate.

The statement of net  liabilities  in  liquidation  as of June 30, 2000 includes
approximately  $452,000  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,
2000.  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.

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 are held by 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 are held by 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 are held by
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  has  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 six months ended June 30, 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 has 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  was  approximately  $9,657,000  and the  minority  holder's  share was
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 was 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's  share of the net sales proceeds were
used to pay a portion of the principal and accrued  interest on the  Nonrecourse
Promissory Notes.

The Partnership's  Centre Stage Shopping Center and Commerce Plaza are currently
under contract for sale to unaffiliated  third parties.  These sales,  which are
subject  to the  purchasers  completing  their due  diligence  review  and other
customary closing conditions, are expected to close, if at all, during the third
quarter of 2000 at their estimated liquidation value. There can be no assurance,
however,  that these  transactions  will be  consummated or as to what the final
sales terms will be.

<PAGE>

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 six month  periods  ended June 30, 2000 and 1999. In accordance
with the Partnership Agreement,  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 six months ended June 30, 1999.

The following is a general description of the tax consequences that my 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, 2000, the Partnership  spent  approximately
$30,000  in  capital   improvements  at  Commerce  Plaza  consisting  of  tenant
improvements.  The  improvements  were  funded  from  operating  cash flow.  The
Partnership has not budgeted capital  improvements for 2000 since it anticipates
selling this property in 2000.

Regency Centre:

During the six months ended June 30, 2000, the  Partnership did not complete any
capital improvements at Regency Center. This property was sold June 8, 2000.

Highland Park III:

During the six months ended June 30, 2000, the  Partnership did not complete any
capital  improvements at Highland Park Commerce Center.  The Partnership has not
budgeted  capital  improvements  for 2000  since  it  anticipates  selling  this
property in 2000.

Interrich Plaza:

During the six months ended June 30, 2000, the Partnership  spent  approximately
$9,000  in  capital   improvements  at  Interrich  Plaza  consisting  of  tenant
improvements. This property was sold June 29, 2000.

Centre Stage Shopping Center:

During the six months ended June 30, 2000, the Partnership  spent  approximately
$17,000 in capital  improvements at Centre Stage Shopping  Center  consisting of
tenant  improvements.  These  improvements were funded from operating cash flow.
The  Partnership  has not  budgeted  capital  improvements  for  2000  since  it
anticipates selling this property in 2000.

The Enclaves:

During the six months ended June 30, 2000, the Partnership  spent  approximately
$55,000 for capital  improvements  consisting  primarily of carpet  replacement,
plumbing  upgrades,  and wall covering  replacements.  These  improvements  were
funded from operating cash flow. This property was sold May 26, 2000.

Coral Palm Plaza:

During the period  January 1, 2000  through  January 19, 2000,  the  Partnership
completed  approximately  $29,000  of capital  improvements  at Coral Palm Plaza
consisting of tenant improvements. These improvements were funded from operating
cash flow. The property was sold January 19, 2000.

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.

<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 the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  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  have 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 final 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. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on August 21, 2000 to address the issue of appointing lead counsel. The Managing
General Partner does not anticipate that 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:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2000.


<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: