SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)*

CENTILLIUM COMMUNICATIONS, INC.
(Name of Issuer)

COMMON STOCK
(Title of Class of Securities)

152319109
(CUSIP Number)

OCTOBER 17, 2008
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[_] Rule 13d-1(b)

[X] Rule 13d-1(c)

[_] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 

CUSIP No. Page 2

--------------------------------------------------------------------------------
1. Name of Reporting Persons
 I.R.S. Identification Nos. of above persons (entities only)

 Riley Investment Partners Master Fund, L.P.
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
 (a) [_]
 (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only

--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
 Cayman Islands
--------------------------------------------------------------------------------
 5. Sole Voting Power
 NUMBER OF 3,500
 SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
 OWNED BY 0
 EACH -----------------------------------------------------------------
 REPORTING 7. Sole Dispositive Power
 PERSON 3,500
 WITH: -----------------------------------------------------------------
 8. Shared Dispositive Power
 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
 3,500
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
 (See Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
 .01%(1)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
 PN
--------------------------------------------------------------------------------
_____________
(1) Based on 41,723,329 shares of common stock of Centillium Communications,
Inc. ("CTLM" or the "Issuer") outstanding at July 29, 2008, as reported in the
CTLM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed
with the Securities and Exchange Commission on August 8, 2008.


CUSIP No. Page 3

--------------------------------------------------------------------------------
1. Name of Reporting Persons
 I.R.S. Identification Nos. of above persons (entities only)

 Riley Investment Management LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
 (a) [_]
 (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only

--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
 Cayman Islands
--------------------------------------------------------------------------------
 5. Sole Voting Power
 NUMBER OF 903,254(1)
 SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
 OWNED BY 1,264,725(2)
 EACH -----------------------------------------------------------------
 REPORTING 7. Sole Dispositive Power
 PERSON 903,254(1)
 WITH: -----------------------------------------------------------------
 8. Shared Dispositive Power
 1,264,725(2)
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
 2,167,979(2)
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
 (See Instructions) [X]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
 5.2%(3)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
 IA
--------------------------------------------------------------------------------

_____________
(1) Because Riley Investment Management LLC has sole investment and voting power
over 3,500 shares of Common Stock held by Riley Investment Partners Master Fund,
L.P. and 899,754 shares held in managed accounts by its investment advisory
clients, Riley Investment Management LLC may be deemed to have beneficial
ownership of these shares.

(2) Riley Investment Management LLC has shared voting and dispositive power over
1,264,725 shares of Common Stock held by its investment advisory clients,
1,264,725 of which are held by investment advisory accounts indirectly
affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P.
However, Riley Investment Management LLC disclaims beneficial owndership of the
non-affiliated shares.

(3) Based on 41,723,329 shares of common stock of Centillium Communications,
Inc. ("CTLM" or the "Issuer") outstanding at July 29, 2008, as reported in the
CTLM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed
with the Securities and Exchange Commission on August 8, 2008.


CUSIP No. Page 4

--------------------------------------------------------------------------------
1. Name of Reporting Persons
 I.R.S. Identification Nos. of above persons (entities only)

 B. Riley & Co., LLC
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
 (a) [_]
 (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only

--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
 Delaware
--------------------------------------------------------------------------------
 5. Sole Voting Power
 NUMBER OF -0-
 SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
 OWNED BY -0-
 EACH -----------------------------------------------------------------
 REPORTING 7. Sole Dispositive Power
 PERSON -0-
 WITH: -----------------------------------------------------------------
 8. Shared Dispositive Power
 -0-
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
 -0-
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
 (See Instructions) [_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
 0.0%(1)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
 BD
--------------------------------------------------------------------------------
_____________
(1) Based on 41,723,329 shares of common stock of Centillium Communications,
Inc. ("CTLM" or the "Issuer") outstanding at July 29, 2008, as reported in the
CTLM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed
with the Securities and Exchange Commission on August 8, 2008.


CUSIP No. Page 5

--------------------------------------------------------------------------------
1. Name of Reporting Persons
 I.R.S. Identification Nos. of above persons (entities only)

 B. Riley & Co. Retirement Trust
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
 (a) [_]
 (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only

--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
 California
--------------------------------------------------------------------------------
 5. Sole Voting Power
 NUMBER OF 106,250
 SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
 OWNED BY -0-
 EACH -----------------------------------------------------------------
 REPORTING 7. Sole Dispositive Power
 PERSON 106,250
 WITH: -----------------------------------------------------------------
 8. Shared Dispositive Power
 -0-
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
 106,250
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
 (See Instructions) [X]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
 0.2%(1)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
 EP
--------------------------------------------------------------------------------
_____________
(1) Based on 41,723,329 shares of common stock of Centillium Communications,
Inc. ("CTLM" or the "Issuer") outstanding at July 29, 2008, as reported in the
CTLM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed
with the Securities and Exchange Commission on August 8, 2008.


CUSIP No. Page 6

--------------------------------------------------------------------------------
1. Name of Reporting Persons
 I.R.S. Identification Nos. of above persons (entities only)

 Bryant R. Riley
--------------------------------------------------------------------------------
2. Check the Appropriate Box If a Member of a Group (See Instructions)
 (a) [_]
 (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only

--------------------------------------------------------------------------------
4. Citizenship or Place of Organization
 California
--------------------------------------------------------------------------------
 5. Sole Voting Power
 NUMBER OF 1,009,504(1)
 SHARES -----------------------------------------------------------------
BENEFICIALLY 6. Shared Voting Power
 OWNED BY 1,264,725(2)
 EACH -----------------------------------------------------------------
 REPORTING 7. Sole Dispositive Power
 PERSON 1,009,504(1)
 WITH: -----------------------------------------------------------------
 8. Shared Dispositive Power
 1,264,725(2)
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
 2,274,229(2)
--------------------------------------------------------------------------------
10. Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares
 (See Instructions) [X]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
 5.5%(3)
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
 IN
--------------------------------------------------------------------------------
_____________

(1) Because Riley Investment Management LLC has sole voting and investment power
over security holdings of Riley Investment Partners Master Fund, L.P.'s security
holdings and certain managed accounts of its investment advisory clients and Mr.
Riley, in his role as the sole manager of Riley Investment Management LLC,
controls its voting and investment decisions, Mr. Riley may be deemed to have
beneficial ownership of the 3,500 shares of Common Stock held by Riley
Investment Partners Master Fund, L.P. and 899,754 shares held in managed
accounts by its investment advisory clients. Includes 106,250 shares owned by B.
Riley & Co. Retirement Trust. Mr. Riley, in his role as Trustee of the B. Riley
& Co. Retirement Trust, controls its voting and investment decisions.

(2) Riley Investment Management LLC has shared voting and dispositive power over
1,264,725 shares of Common Stock held by its investment advisory clients,
1,264,725 of which are held by investment advisory accounts indirectly
affiliated with Mr. Riley or Riley Investment Partners Master Fund, L.P.

(3) Based on 41,723,329 shares of common stock of Centillium Communications,
Inc. ("CTLM" or the "Issuer") outstanding at July 29, 2008, as reported in the
CTLM's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed
with the Securities and Exchange Commission on August 8, 2008.


CUSIP No. Page 7


ITEM 1.

(a) Name of Issuer
 Centillium Communications, Inc.

(b) Address of Issuer's Principal Executive Offices
 215 Fourier Ave
 Fremont, CA 94539

ITEM 2.

(a) Name of Person Filing
 1. Riley Investment Partners Master Fund, L.P. (Cayman Islands limited
 partnership)
 Riley Investment Management, LLC (Delaware limited liability company)
 Bryant R. Riley (individual residing in California)

 2. B. Riley & Co., LLC (Delaware incorporated broker-dealer)
 B. Riley & Co. Retirement Trust (employee benefit plan)

(b) Address of Principal Business Office or, if none, Residence
 1. 11100 Santa Monica Blvd.
 Suite 810
 Los Angeles, CA 90025

 2. 11100 Santa Monica Blvd.
 Suite 800
 Los Angeles, CA 90025

(c) Citizenship
 United States

(d) Title of Class of Securities
 Common Stock

(e) CUSIP Number
 152319109

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SS.SS.240.13d-1(b) OR
 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

 (a) [_] Broker or dealer registered under Section 15 of the Act
 (15 U.S.C. 78o).
 (b) [_] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
 (c) [_] Insurance company as defined in Section 3(a)(19) of the Act (15
 U.S.C. 78c).
 (d) [_] Investment company registered under Section 8 of the Investment
 Company Act of 1940 (15 U.S.C. 80a-8).
 (e) [_] An investment adviser in accordance with
 ss.240.13d-1(b)(1)(ii)(E);
 (f) [_] An employee benefit plan or endowment fund in accordance with
 ss.240.13d-1(b)(1)(ii)(F);
 (g) [_] A parent holding company or control person in accordance with
 ss.240.13d-1(b)(1)(ii)(G);
 (h) [_] A savings associations as defined in Section 3(b) of the Federal
 Deposit Insurance Act (12 U.S.C. 1813);
 (i) [_] A church plan that is excluded from the definition of an
 investment company under section 3(c)(14) of the Investment
 Company Act of 1940 (15 U.S.C. 80a-3);
 (j) [_] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J).


CUSIP No. Page 8

ITEM 4. OWNERSHIP.

 Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

(a) Amount beneficially owned: Please see Line 9 on the cover sheet for each
reporting person (including footnotes thereto).

(b) Percent of class: Please see Line 11 on the cover sheet for each reporting
person (including footnotes thereto).

(c) Number of shares as to which the person has:

 (i) Sole power to vote or to direct the vote: Please see Line 5 on the
 cover sheet for each reporting person (including footnotes thereto).

 (ii) Shared power to vote or to direct the vote: Please see Line 6 on
 the cover sheet for each reporting person (including footnotes
 thereto).

 (iii) Sole power to dispose or to direct the disposition of: Please see
 Line 7 on the cover sheet for each reporting person (including
 footnotes thereto).

 (iv) Shared power to dispose or to direct the disposition of: Please
 see Line 8 on the cover sheet for each reporting person (including
 footnotes thereto).

INSTRUCTION. For computations regarding securities which represent a right to
acquire an underlying security see ss.240.13d-3(d)(1).

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

 If this statement is being filed to report the fact that as of the date
 hereof the reporting person has ceased to be the beneficial owner of
 more than five percent of the class of securities, check the following
 [ ].

INSTRUCTION: Dissolution of a group requires a response to this item.

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

 Not Applicable

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
 SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

 Not Applicable

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.

 Not Applicable

ITEM 9. NOTICE OF DISSOLUTION OF GROUP.

 Not Applicable

ITEM 10. CERTIFICATION

(b) The following certification shall be included if the statement is filed
 pursuant to ss.240.13d-1(c):

 By signing below I certify that, to the best of my knowledge and
 belief, the securities referred to above were not acquired and are not
 held for the purpose of or with the effect of changing or influencing
 the control of the issuer of the securities and were not acquired and
 are not held in connection with or as a participant in any transaction
 having that purpose or effect.


CUSIP No. Page 9

 SIGNATURE

 After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date: October 21, 2008


 Riley Investment Partners Master Fund, L.P.
 By: Riley Investment Management, its General
 Partner

 By: /s/ Bryant R. Riley
 ------------------------------------------
 Bryant R. Riley, Managing Member


 Riley Investment Management, LLC

 By: /s/ Bryant R. Riley
 ------------------------------------------
 Bryant R. Riley, Managing Member


 B. Riley and Co., LLC

 By: /s/ Bryant R. Riley
 ------------------------------------------
 Bryant R. Riley, Chairman


 B. Riley & Co. Retirement Trust

 By: /s/ Bryant R. Riley
 ------------------------------------------
 Bryant R. Riley, Trustee


 By: /s/ Bryant R. Riley
 ------------------------------------------
 Bryant R. Riley

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