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, 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)

                                 March 31, 2000

Assets

  Cash and cash equivalents                                      $  4,419
  Receivables and deposits, net of allowance for
   uncollectible amounts of $487                                      531
  Debt trustee escrow                                               8,827
  Mortgage loan receivable                                          1,000
  Investment properties                                            40,370
                                                                   55,147

Liabilities

  Accounts payable                                                     73
  Tenant security deposits                                            131
  Accrued property taxes                                              136
  Other liabilities                                                   152
  Accrued interest - note payable                                     303
  Mortgage note payable                                             6,856
  Non-recourse promissory notes:
   Principal                                                       32,776
   Interest payable                                                34,189
  Minority interest in consolidated joint venture                     478
  Estimated costs during the period of liquidation                    227
                                                                   75,321

Net liabilities in liquidation                                   $(20,174)

            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)
                        Three Months Ended March 31, 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                             2,340
        Decrease in receivables and deposits                                (29)
        Increase in debt trustee escrow                                   4,082
        Decrease in investment in properties                             (6,567)
        Increase in accounts payable                                        (23)
        Decrease in tenant security deposits                                 63
        Increase in accrued property taxes                                  (35)
        Decrease in other liabilities                                       145
        Increase in accrued interest - notes payable                         (8)
        Increase in non-recourse promissory notes - interest
           payable                                                         (950)
        Decrease in minority interest in consolidated joint
           venture                                                        1,136
        Decrease in estimated costs during the period of
           liquidation                                                      181

     Net liabilities in liquidation at end of period                   $(20,174)

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

c)

                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                          (in thousands, except unit data)
                        Three Months Ended March 31, 1999



     Revenues:
        Rental income                                                    $2,751
        Interest income on mortgage loans                                    13
        Other income                                                        243
           Total revenues                                                 3,007

     Expenses:
        Operating                                                           795
        General and administrative                                          286
        Depreciation                                                        634
        Interest on notes payable                                           207
        Interest to promissory note holders                               1,216
        Amortization of deferred charges                                     52
        Property taxes                                                      391
           Total expenses                                                 3,581

     Loss before minority interest in joint ventures' operations           (574)
     Minority interest in joint ventures' operations                        (75)
     Net loss                                                            $ (649)

     Net loss allocated to general partner (2%)                           $ (13)
     Net loss allocated to limited partners (98%)                          (636)
                                                                         $ (649)

     Net loss per limited partnership unit                               $(6.64)

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

d)

                        CENTURY PENSION INCOME FUND XXIII

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)
                        Three Months Ended March 31, 1999


Cash flows from operating activities:

  Net loss                                                              $  (649)
  Adjustments to reconcile net loss to net cash used in
    operating activities:
     Depreciation                                                           634
     Amortization of deferred charges and lease commissions                 117
     Minority interest in joint ventures' operations                         75
     Deferred interest on non-recourse promissory notes                     692
     Change in accounts:
       Receivables and deposits                                            (378)
       Other assets                                                        (205)
       Deferred charges                                                      11
       Accounts payable                                                     (39)
       Tenant security deposit liabilities                                   (8)
       Accrued property taxes                                              (222)
       Accrued interest on notes payable                                      8
       Accrued interest - promissory notes                                 (524)
          Net cash used in operating activities                            (488)

Cash flows from investing activities:

   Property replacements and improvements                                  (149)
   Lease commissions paid                                                  (156)
          Net cash used in investing activities                            (305)

Cash flows used in financing activities:

   Cash distributions to the general partner                                (21)

Net decrease in cash and cash equivalents                                  (814)

Cash and cash equivalents at beginning of period                         11,698
Cash and cash equivalents at end of period                              $10,884

Supplemental disclosure of cash flow information:

   Cash paid for interest - notes payable                                $  199

   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" may be deferred,  provided the Partnership  makes 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. 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 current
market conditions, it is unlikely that the sale of the Partnership's assets will
generate sufficient proceeds to pay off the Nonrecourse Promissory Notes in full
and accordingly,  generate any cash for distribution.  If the Partnership cannot
sell its properties for sufficient  value,  in accordance  with the terms of the
forbearance  agreement,  it  is  likely  that  the  Partnership  will  lose  its
properties  through delivery to an auctioneer.  Upon the sale or disposal of the
last property, the Partnership is expected to terminate.

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

Included in liabilities in the statement of net liabilities in liquidation as of
March 31,  2000 is  approximately  $227,000  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.

<PAGE>

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 three month
periods ended March 31, 2000 and 1999:

                                                                  2000      1999
                                                                  (in thousands)
 Property management fees (included in operating expenses
   in 1999)                                                       $ 32      $ 30
 Reimbursement for services of affiliates
   (included in general and administrative expenses in 1999)        48        63
 Partnership management fee (included in
   general and administrative expenses in 1999)                     --        55

During  the three  months  ended  March 31,  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
$32,000  and  $30,000  for the  three  months  ended  March  31,  2000 and 1999,
respectively.  For the Partnership's commercial properties,  these services were
provided by an  unrelated  party for the three  months  ended March 31, 2000 and
1999.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $48,000 and
$63,000 for the three months ended March 31, 2000 and 1999, respectively.

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

During the three  months ended March 31, 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 three months ended March
31, 2000.

Note D - Sale of Investment Properties

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 three months ended March 31, 2000.
The  Partnership's  share of the net  sales  proceeds  is held by the  indenture
trustee.

Note E - 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 consists
of one apartment  complex located in Atlanta,  Georgia.  The  Partnership  rents
apartment  units to tenants for terms that are typically  twelve months or less.
The  commercial  property  segment  consists of three  business parks located in
Florida,  North Carolina and Texas and two shopping  centers located in Kentucky
and Georgia. In addition, the Partnership also owned a controlling interest in a
joint venture whose property 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 month period ended March 31, 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 months ended March 31, 1999, is shown in the
tables below.  The "Other" column includes  partnership  administration  related
items and income and expense not allocated to the reportable segments.
<TABLE>
<CAPTION>

              1999                 Residential    Commercial      Other       Totals
                                                     (in thousands)

<S>                                   <C>           <C>             <C>      <C>
Rental income                         $  620        $ 2,131         $ --     $ 2,751
Other income                              11            173           72         256
Interest expense                         207             --        1,216       1,423
Amortization of deferred costs            --             --           52          52
Depreciation                              87            547           --         634
General and administrative
  expense                                 --             --          286         286
Minority interest in joint
  ventures' operations                    --            (75)          --         (75)
Segment profit (loss)                     44            789       (1,482)       (649)
Total assets                           6,756         36,119       26,806      69,681
Capital expenditures for
  investment properties                   22            127           --         149
</TABLE>

Note F - 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,  the 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  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  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 own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, 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 class  plaintiffs'  counsel
to enter the settlement.  On December 14, 1999, the Managing General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  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 one  apartment
complex, three business parks and two shopping centers. The following table sets
forth the average occupancy for each of the Partnership's  investment properties
for the three months ended March 31, 2000 and 1999:

                                                   Average Occupancy

      Property                                      2000       1999

      Commerce Plaza                                 80%       100%
         Tampa, Florida
      Regency Centre                                100%        99%
         Lexington, Kentucky
      Highland Park III                              94%        91%
         Charlotte, North Carolina
      Interrich Plaza                               100%        96%
         Richardson, Texas
      Centre Stage Shopping Center                  100%        97%
         Norcross, Georgia
      The Enclaves                                   97%        99%
         Atlanta, 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.
Occupancy at Highland Park III increased due to 3,627 square feet of space being
leased to new  tenants  at the end of the first  quarter of 1999.  Occupancy  at
Interrich Plaza increased due to a new tenant bringing occupancy to 100% late in
1999.  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 March 31, 1999.

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  parter 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. 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 current market conditions, it is unlikely that the sale
of the  Partnership's  assets will generate  sufficient  proceeds to pay off the
Nonrecourse  Promissory  Notes  in  full.  If the  Partnership  cannot  sell its
properties for sufficient value, in accordance with the terms of the forbearance
agreement,  it is likely that the Partnership  will lose its properties  through
delivery to an auctioneer.  Upon the sale or disposal of the last property,  the
Partnership will terminate.

The statement of net  liabilities in liquidation as of March 31, 2000,  includes
approximately  $227,000  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 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  three  months  ended  March 31  2000.  The
Partnership's share of the net sales proceeds is held by the indenture trustee.

The  Partnership's  The Enclaves and Regency Centre 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 second quarter of 2000.
There can be no assurance,  however, that these transactions will be consummated
or as to what the final sales terms will be.

In  addition to the Notes,  the  Partnership's  Enclaves  property is secured by
mortgage indebtedness of approximately $6,856,000,  which requires interest only
payments with a balloon payment due in 2001.

In light of the maturity of the Notes, no distributions were made to the limited
partners  for the  three  month  periods  ended  March  31,  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 three  months ended
March 31, 1999.

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 three months ended March 31, 2000, the  Partnership  did not complete
any capital  improvements  at Commerce  Plaza.  The Partnership has not budgeted
capital  improvements  for 2000 since it  anticipates  selling this  property in
2000.

Regency Centre:

During the three months ended March 31, 2000, the  Partnership  did not complete
any capital  improvements  at Regency  Center.  The Partnership has not budgeted
capital  improvements  for 2000 since it  anticipates  selling this  property in
2000.

Highland Park III:

During the three months ended March 31, 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 three months ended March 31, 2000, the  Partnership  did not complete
any capital  improvements at Interrich  Plaza.  The Partnership has not budgeted
capital  improvements  for 2000 since it  anticipates  selling this  property in
2000.

Centre Stage Shopping Center:

During  the  three  months  ended  March  31,  2000,   the   Partnership   spent
approximately  $1,000 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:

$99,000 has been  budgeted  for capital  improvements  for 2000 at The  Enclaves
Apartments  consisting  primarily of carpet and vinyl replacement,  parking area
improvements and air  conditioning  unit  replacements.  During the three months
ended March 31, 2000, the Partnership  spent  approximately  $18,000 for capital
improvements   consisting   primarily  of  carpet  replacement,   wall  covering
replacements  and  plumbing  upgrades.   These  improvements  were  funded  from
operating cash flow.

Coral Palm Plaza:

During  the  three  months  ended  March 31,  2000,  the  Partnership  completed
approximately  $29,000 of capital improvements at Coral Palm Plaza consisting of
tenant improvements. These improvements were funded from 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,  the 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  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Part 1 - Financial Information, Item 1. Financial Statements, Note B - Transfer
of  Control").  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 own units as of November
3, 1999. Preliminary approval of the settlement was obtained on November 3, 1999
from the  Superior  Court of the State of  California,  County of San Mateo,  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 class  plaintiffs'  counsel  to  enter  the
settlement.  On  December  14,  1999,  the  Managing  General  Partner  and  its
affiliates  terminated the proposed settlement.  Certain plaintiffs have filed a
motion to disqualify some of the plaintiffs' counsel in the action. 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 March 31, 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: