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 September 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)

                               September 30, 2000



Assets
  Cash and cash equivalents                                      $  1,793
  Receivables and deposits, net of allowance for
   uncollectible amounts of $289                                    1,280
  Debt trustee escrow                                               2,052
  Investment properties                                            12,933
                                                                   18,058
Liabilities
  Accounts payable                                                     33
  Tenant security deposit liabilities                                  49
  Accrued property taxes                                              182
  Other liabilities                                                 1,111
  Non-recourse promissory notes:
   Principal                                                       18,516
   Interest payable                                                20,328
  Minority interest in consolidated joint venture                     214
  Estimated costs during the period of liquidation                    853
                                                                   41,286

Net liabilities in liquidation                                   $(23,228)


            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)
                      Nine Months Ended September 30, 2000




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

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                              (286)
        Increase in receivables and deposits                                720
        Decrease in debt trustee escrow                                  (2,693)
        Decrease in mortgage loan receivable                             (1,000)
        Decrease in investment in properties                            (34,004)
        Decrease in accounts payable                                         17
        Decrease in tenant security deposits                                145
        Increase in accrued property taxes                                  (81)
        Increase in other liabilities                                      (814)
        Decrease in accrued interest - notes payable                        295
        Decrease in mortgage note payable                                 6,856
        Decrease in non-recourse promissory notes - principal            14,260
        Decrease in non-recourse promissory notes - interest
           payable                                                       12,911
        Decrease in minority interest in consolidated joint
           venture                                                        1,400
        Increase in estimated costs during the period of
           liquidation                                                     (445)

     Net liabilities in liquidation at end of period                   $(23,228)

            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   Nine Months Ended
                                                       September 30, 1999  September 30, 1999
Revenues:
<S>                                                          <C>                 <C>
   Rental income                                             $ 2,051             $ 7,575
   Interest income on mortgage loans                              20                  61
   Other income                                                  259                 936
         Total revenues                                        2,330               8,572

Expenses:
   Operating                                                     530               2,061
   General and administrative                                    649               1,184
   Depreciation                                                  460               1,656
   Interest on notes payable                                     206                 620
   Interest to promissory note holders                         1,216               3,647
   Amortization of deferred charges                               --                  52
   Property taxes                                                174                 938
   Gain (loss) on disposal of investment properties               (3)                433
         Total expenses                                        3,232              10,591

Loss before minority interest in joint ventures'
   operations                                                   (902)             (2,019)
Minority interest in joint ventures' operations                 (124)               (149)
Net loss                                                     $(1,026)            $(2,168)

Net loss allocated to general partner (2%)                    $  (21)              $ (43)
Net loss allocated to limited partners (98%)                  (1,005)             (2,125)
                                                             $(1,026)            $(2,168)

Net loss per limited partnership unit (95,789
   units issued and outstanding)                             $(10.49)            $(22.18)
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements


<PAGE>


d)

                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
                      Nine Months Ended September 30, 1999


Cash flows from operating activities:
  Net loss                                                             $ (2,168)
  Adjustments to reconcile net loss to net cash provided by
    operating activities:
     Depreciation                                                         1,656
     Amortization of deferred charges and lease commissions                 217
     Minority interest in joint ventures' operations                        149
     Deferred interest on non-recourse promissory notes                   2,075
     Loss on disposal of investment properties                              433
     Change in accounts:
       Receivables and deposits                                              80
       Other assets                                                        (230)
       Accounts payable                                                      (7)
       Tenant security deposit liabilities                                 (106)
       Accrued property taxes                                              (122)
       Due to general partner                                               397
       Indenture trustee escrow                                          (1,000)
       Other liabilities                                                   (173)
       Accrued interest on promissory notes                                 525
       Accrued interest on mortgage note payable                             90
          Net cash provided by operating activities                       1,816

Cash flows from investing activities:
   Property replacements and improvements                                  (320)
   Lease commissions paid                                                  (252)
   Distribution to minority interest holder                              (5,901)
   Proceeds from sale of investment properties                           14,202
          Net cash provided by investing activities                       7,729

Cash flows from financing activities:
   Payment of deferred interest on promissory notes                      (8,657)
   Cash distributions to the general partner                                (21)
   Payment on non-recourse promissory notes                              (9,163)
          Net cash used in financing activities                         (17,841)

Net decrease in cash and cash equivalents                                (8,296)

Cash and cash equivalents at beginning of period                         11,698
Cash and cash equivalents at end of period                              $ 3,402

Supplemental disclosure of cash flow information:
   Cash paid for interest - notes payable                                $  596

   Cash paid for interest - non-recourse promissory notes               $ 9,705


            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,  one of which
is currently  under  contract  for sale and two of which are being  marketed for
sale. 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, 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 consolidated financial statements.

Included in  liabilities  in the  consolidated  statement of net  liabilities in
liquidation as of September 30, 2000 is approximately  $853,000 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 April 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.

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 nine month
periods ended September 30, 2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)
 Property management fees (included in operating expenses
   in 1999)                                                       $ 65      $ 94
 Reimbursement for services of affiliates
   (included in general and administrative expenses in 1999)        35       153
 Partnership management fee (included in
   general and administrative expenses in 1999)                     --       452

During the nine months  ended  September  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  $94,000 for the nine  months  ended  September  30, 2000 and 1999,
respectively. On May 26, 2000, the residential property was sold (see "Note D").
For the Partnership's commercial properties,  these services were provided by an
unrelated party for the nine months ended September 30, 2000 and 1999.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $35,000 and
$153,000 for the nine months ended September 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 nine months ended September 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.  During the nine months ended  September 30, 1999,  the general
partner received a Partnership management fee of approximately  $452,000.  There
were no distributions during the nine months ended September 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 were paid to the indenture
trustee to be applied to the amounts due to the noteholders.

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

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

On January 19,  2000,  Coral Palm Joint  Venture,  a joint  venture in which the
Partnership  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 nine months ended  September 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.

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 nine month periods ended September 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.

Segment  information  for the three and nine month periods  ended  September 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
       September 30, 1999          Residential    Commercial      Other       Totals

<S>                                   <C>            <C>            <C>       <C>
Rental income                         $  621         $ 1,430        $ --      $ 2,051
Interest income on mortgage
  loans                                   --             --           20          20
Other income                              10              8          241         259
Interest expense                         206             --        1,216       1,422
Depreciation                              91            369           --         460
General and administrative
  expense                                 --             --          649         649
Gain on disposal of investment
  properties                              --              3           --           3
Minority interest in joint
  ventures' operations                    --           (124)          --        (124)
Segment profit (loss)                     94            484       (1,604)     (1,026)


    For the Nine Months Ended
       September 30, 1999          Residential    Commercial      Other       Totals

Rental income                        $ 1,844        $ 5,731        $  --     $ 7,575
Interest income on mortgage
  loans                                   --             --           61          61
Other income                              36            306          594         936
Interest expense                         620             --        3,647       4,267
Amortization of deferred costs            --             --           52          52
Depreciation                             266          1,390           --       1,656
General and administrative
  expense                                 --             --        1,184       1,184
Loss on disposal of investment
  properties                              --           (433)          --        (433)
Minority interest in joint
  ventures' operations                    --           (149)          --        (149)
Segment profit (loss)                    208          1,852       (4,228)     (2,168)
Total assets                           8,965         33,212        5,110      47,287
Capital expenditures for
  investment properties                   98            222           --         320
</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. ("Insignia") 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 is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. 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 nine months ended
September 30, 2000 and 1999:

                                                   Average Occupancy
      Property                                      2000       1999

      Commerce Plaza                                 73%       100%
         Tampa, Florida
      Highland Park III                              92%        94%
         Charlotte, North Carolina
      Centre Stage Shopping Center                   99%        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
Partnership's  Centre Stage Shopping Center is currently under contract for sale
to an unaffiliated  third party.  This sale, which is subject to the purchaser's
completing its due diligence review and other customary closing  conditions,  is
expected to close, if at all, during the fourth quarter of 2000 at its estimated
liquidation  value.  There can be no assurance,  however,  that this transaction
will  be  consummated  or  as to  what  the  final  sales  terms  will  be.  The
Partnership's Highland Park III and Commerce Plaza are 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.  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, one of which is currently under contract for
sale and two of which are being  marketed  for sale.  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, the Partnership is
expected to terminate.

The  statement  of net  liabilities  in  liquidation  as of  September  30, 2000
includes  approximately  $853,000  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 April
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.

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 nine months ended  September 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 is currently under contract for
sale to an  unaffiliated  third  party.  This  sale,  which  is  subject  to the
purchasers  completing  their due diligence  review and other customary  closing
conditions,  is expected to close,  if at all, during the fourth quarter of 2000
at their estimated  liquidation value. There can be no assurance,  however, that
this transaction will be consummated or as to what the final sale terms will be.
The  Partnership's  Highland Park III and Commerce  Plaza are being marketed for
sale.

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 nine month  periods  ended  September  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 nine months  ended
September 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  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  nine  months  ended  September  30,  2000,  the  Partnership  spent
approximately  $71,000 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 but will make capital
improvements as they are needed.

Regency Centre:

During the nine  months  ended  September  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 nine  months  ended  September  30,  2000,  the  Partnership  did not
complete  any  capital  improvements  at  Highland  Park  Commerce  Center.  The
Partnership has not budgeted capital improvements for 2000 but will make capital
improvements as they are needed.

Interrich Plaza:

During  the  nine  months  ended  September  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  nine  months  ended  September  30,  2000,  the  Partnership  spent
approximately  $9,000 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 but
will make capital improvements as they are needed.

The Enclaves:

During  the  nine  months  ended  September  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. ("Insignia") 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 is considering applications for lead
counsel and has  currently  scheduled a hearing on the matter for  November  20,
2000. 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 September 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: