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 March 31, 2002


[ ]   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)

                                 March 31, 2002



Assets
  Cash and cash equivalents                                       $   575
  Receivables and deposits                                             95
  Debt trustee escrow                                                 637
  Investment property                                               2,820
                                                                    4,127
Liabilities
  Accounts payable                                                     10
  Tenant security deposit liabilities                                   9
  Accrued property taxes                                               22
  Other liabilities                                                    86
  Non-recourse promissory notes:
   Principal                                                       11,847
   Interest payable                                                15,078
  Minority interest in consolidated joint venture                     170
  Estimated costs during the period of liquidation                    586
                                                                   27,808

Net liabilities in liquidation                                   $(23,681)


         See Accompanying Notes to Consolidated Financial Statements
<PAGE>

b)

                        CENTURY PENSION INCOME FUND XXIII

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

                        Three Months Ended March 31, 2002

<TABLE>
<CAPTION>

                                                                 For The Three Months
                                                                    Ended March 31,
                                                                  2002          2001
<S>                                                             <C>           <C>
Net liabilities in liquidation at beginning of period           $(23,942)     $(23,748)

Changes in net liabilities in liquidation attributed to:
  Increase (decrease) in cash and cash equivalents                   114          (645)
  Decrease in receivables and deposits                               (16)         (813)
  (Decrease) increase in debt trustee escrow                          (6)        1,418
  Increase in investment properties                                   --           410
  Decrease in accounts payable                                        --            57
  (Increase) decrease in accrued property taxes                      (22)           16
  (Increase) decrease in other liabilities                           (13)          106
  Increase in non-recourse promissory notes - interest
   payable                                                          (339)         (405)
  Increase in minority interest in consolidated joint
   venture                                                            --           (23)
  Decrease in estimated costs during the period of
   liquidation                                                       543            65

Net liabilities in liquidation at end of period                 $(23,681)     $(23,562)

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<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 extension is being negotiated to accommodate the
sale of the  Partnership's  remaining asset,  which is currently  anticipated to
occur  by the end of the  second  quarter  of  2002.  Based  on  current  market
conditions,  it is unlikely that the sale of the  Partnership's  remaining asset
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full.  If the  Partnership  cannot sell the property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership will lose its property  through delivery to an auctioneer.  Upon the
sale or disposal of the last property, the Partnership is expected to terminate.

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

Included in liabilities in the statement of net liabilities in liquidation as of
March 31,  2002 is  approximately  $586,000  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 August 31, 2002.  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 - Transactions with Affiliated Parties

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

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative expenses amounting to approximately $3,000, net of a
refund for prior year payment,  and $51,000 for the three months ended March 31,
2002 and 2001, respectively.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated  with the Managing General  Partner.  During the three months ended
March 31, 2002 and 2001, the Partnership was charged by AIMCO and its affiliates
approximately $19,000 and $12,000, respectively, for insurance coverage and fees
associated with policy claims administration.

Note C - Legal Proceedings

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

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

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

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

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

ITEM 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 property consists of one business park.
The  following  table sets forth the  average  occupancy  for the  Partnership's
investment property for the three months ended March 31, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Commerce Plaza                                70%        70%
         Tampa, Florida

The  Partnership  recently  entered into a contract to sell Commerce Plaza to an
unaffiliated  third party.  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 second quarter of 2002.
There can be no assurance,  however,  that the sale will be  consummated,  or if
consummated, on what terms or in what time frame.

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 the consent of the indenture
trustee, the forbearance period extension is being negotiated to accommodate the
sale of the  Partnership's  remaining asset,  which is currently  anticipated to
occur  by the end of the  second  quarter  of  2002.  Based  on  current  market
conditions,  it is unlikely that the sale of the  Partnership's  remaining asset
will generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in
full.  If the  Partnership  cannot sell the property for  sufficient  value,  in
accordance  with the terms of the forbearance  agreement,  it is likely that the
Partnership will lose its property  through delivery to an auctioneer.  Upon the
sale or disposal of the last property, the Partnership 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 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.

During the three  months  ended March 31,  2002,  net  liabilities  decreased by
approximately  $261,000.  This  decrease is primarily due to an increase in cash
and cash  equivalents and a decrease in the estimated costs during the period of
liquidation  partially  offset by an  increase  in the  interest  payable on the
non-recourse  promissory  notes.  The increase in cash and cash  equivalents  is
primarily due to operating cash generated by the Partnership's  remaining asset.
The  decrease  in the  estimated  costs  during  the  period of  liquidation  is
primarily due to the reduced number of months remaining until the  Partnership's
liquidation.  The  increase in  interest  payable is due to the accrual of three
months  of  interest  on  the  current   principal   balance  of   approximately
$11,847,000.

During the three  months  ended March 31,  2001,  net  liabilities  decreased by
approximately  $186,000. This decrease is primarily due to increases in the debt
trustee  escrow and investment  properties  and a decrease in other  liabilities
partially  offset by decreases in cash and cash  equivalents and receivables and
deposits and an increase in the interest payable on the non-recourse  promissory
notes. The increase in the debt trustee escrow,  as well as the decrease in cash
and cash  equivalents and  receivables  and deposits,  is due to the transfer of
excess cash of the Partnership and previously escrowed sale proceeds,  held by a
title company, to the debt trustee per the forbearance  agreement.  The increase
in  investment  properties  is due to an increase in the  estimated  fair market
value of one of the Partnership's properties.  The decrease in other liabilities
is  primarily  due to payment of certain  obligations.  The increase in interest
payable  is due to the  accrual of three  months of  interest  on the  principal
balance of approximately $13,983,000.

The statement of net  liabilities in liquidation as of March 31, 2002,  includes
approximately  $586,000  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 August 31,
2002.  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 three month periods ended March 31, 2002 and 2001.

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

Capital improvements planned for the Partnership's property are detailed below.

Commerce Plaza:

During the three months ended March 31, 2002, the  Partnership  did not complete
any capital  improvements  at Commerce  Plaza.  The Partnership has not budgeted
capital  improvements  for 2002 since it  anticipates  selling this  property in
2002.
In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO  owned  108  limited  partnership  units in the  Partnership
representing 0.11% of the outstanding units as of March 31, 2002.  Affiliates of
the Managing General Partner also owned 5,511 limited  partnership units (8.24%)
of the  Partnership's  1985  Nonrecourse  Promissory  Notes  and  1,635  limited
partnership units (9.64%) of the Partnership's 1986 Nonrecourse Promissory Notes
as of March 31, 2002.

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

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

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

The Managing  General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases 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 March 31, 2002.

<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: