SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

                  QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended:                                       Commission File Number:
------------------                                       -----------------------
  June 30, 1999                                                 2-95034LA


              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
              ----------------------------------------------------
             (Exact name of Registrant as specified in its charter)


            Arizona                                        85-0503193
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)


                        4425 North 24rd Street, Suite 225
                             Phoenix, Arizona 85016
            --------------------------------------------------------
            (Address of and zip code of principal executive offices)


                                 (602) 230-1656
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership


                                     PART I

                              FINANCIAL INFORMATION

ITEM 1 FINANCIAL STATEMENTS                                                PAGE
                                                                           ----

Balance Sheets                                                               3

Statements of Operations                                                     4

Statements of Cash Flows                                                     5

Notes to Unaudited Financial Statements                                      6
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                                 BALANCE SHEETS
                                   (Unaudited)

                                                       June 30,        June 30,
                                                         1999            1998
                                                      ----------      ----------
ASSETS

Property
  Land                                                $1,139,828      $1,139,828
  Buildings                                            5,856,762       5,856,762
  Furniture and fixtures                                 108,020          86,390
                                                      ----------      ----------
                                                       7,104,610       7,082,980
         Less accumulated depreciation                 2,541,800       2,343,891
                                                      ----------      ----------
                                                       4,562,810       4,739,089

Cash and cash equivalents                                658,144         780,630
Other assets                                              15,165          18,165
                                                      ----------      ----------
                                                      $5,236,119      $5,537,884
                                                      ==========      ==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                                      $  100,767      $   95,898


Commitments (Note 3)

Partners' capital
  General partner                                     $   85,632      $   76,720
  Limited partners                                     5,049,720       5,365,266
                                                      ----------      ----------
                                                      $5,236,119      $5,537,884
                                                      ==========      ==========

                       See notes to financial statements.

                                       3
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                            STATEMENTS OF OPERATIONS
                                   (unaudited)


                             For the Six Months             For the Years
                                   Ended                        Ended
                           ----------------------      -------------------------
                           June 30,      June 30,       Dec. 31,       Dec. 31,
                             1999          1998           1998           1997

Income
  Rental                   $532,319      $559,002      $1,089,040     $1,105,613
  Interest                    7,717        11,917          21,353         18,426
                           --------      --------      ----------     ----------
                            540,036       570,919       1,110,393      1,124,039
                           --------      --------      ----------     ----------

Expenses
  Property Operations       235,728       214,663         454,890        436,207
  Administration             72,800        58,266          91,685         96,005
  Amortization &
   Depreciation              99,000        99,000         197,909        195,224
                           --------      --------      ----------     ----------
                            407,528       371,929         744,484        727,436
                           --------      --------      ----------     ----------
Net Income                 $132,508      $198,990      $  365,909     $  396,603
                           ========      ========      ==========     ==========

                       See notes to financial statements.

                                       4
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                            STATEMENTS OF CASH FLOWS
                                   (unaudited)


                                                    For the six months ended
                                                   -----------------------------
                                                   June 30, 1999   June 30, 1998
                                                   -------------   -------------
CASH FLOWS FROM OPERATING ACTIVITIES
  Cash received from customers                        $ 532,319       $ 559,002
  Cash paid to suppliers                               (298,927)       (269,436)
  Interest received                                       7,717          11,917
                                                      ---------       ---------
  Net cash provided by (used in) operating
    activities                                        $ 241,109       $ 301,483
                                                      ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Capital improvements                                $      --       $ (11,814)
                                                      ---------       ---------
  Net cash used in investing activities                      --         (11,814)
                                                      ---------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Net cash used in financing activities                      --              --
                                                      ---------       ---------
 Increase (decrease) in cash                          $ 241,109       $ 289,669

Cash and cash equivalents:
  Beginning                                             417,035         490,961
                                                      ---------       ---------
  Ending                                              $ 658,144       $ 780,630
                                                      =========       ---------

RECONCILIATION OF NET LOSS TO NET CASH
 PROVIDED BY OPERATING ACTIVITIES:
  Net income                                          $ 132,508       $ 198,990
  Adjustments to reconcile net loss to net
   cash provided by operating activities:
   Depreciation and amortization                         99,000          99,000
   Increase (decrease) in accounts payable                9,601           3,493
                                                      ---------       ---------
   Net cash provided by operating activities          $ 241,109       $ 301,483
                                                      =========       =========

                       See notes to financial statements.

                                       5
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                  June 30, 1999

NOTE 1. Partnership Organization

     Armored Storage Income Investors Limited  Partnership  ("the  Partnership")
     was  organized  under  the laws of the  State  of  Arizona  pursuant  to an
     agreement of limited partnership filed December 4, 1984, for the purpose of
     acquiring,   developing,   owning  and   operating   self-service   storage
     facilities.  The initial General  Partners were Armored  Storage,  Inc., an
     Arizona  corporation (the "Managing  General  Partner") and Armored Storage
     One Limited Partnership,  an Arizona Limited  Partnership.  The Partnership
     commenced full activity on January 9, 1985.  During 1986,  the  Partnership
     completed an offering of limited  partnership  units wherein 15,000 limited
     partnership  units were purchased by investors for $7,500,000.  In December
     1987  Armored  Storage,  Inc.,  withdrew  and  Armored  Storage One Limited
     Partnership, became the "Managing General Partner."

NOTE 2. Summary of Significant Accounting Policies

     Property and equipment:

          Property  and  equipment is stated at cost.  Depreciation  is computed
          principally by the straight-line  method over the following  estimated
          useful lives:

                                                     Years
                                                     -----
          Buildings                                    30
          Furniture and fixtures                        5

     Rental Income:

          The  Partnership   receives   rental  income  from  its   self-storage
          facilities.  All rental  agreements  are for  month-to-month  tenancy.
          Rental income is  recognized  on the accrual basis in accordance  with
          generally accepted accounting principles.

                                       6
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                  June 30, 1999


NOTE 2. Summary of Significant Accounting Policies, continued

     Income taxes:

          The  Partnership  does not record a provision for income taxes,  since
          Federal and state  income tax  regulations  provide  that any taxes on
          income of a  Partnership  are payable by the partners as  individuals.
          The Partnership's tax returns are prepared on the accrual basis.

     Cash and cash equivalents:

          For purposes of reporting cash flows,  the  Partnership  considers all
          money market funds to be cash equivalents.

     Unaudited financial statements:

          The  financial  statement  for the six months  ended June 30, 1999 are
          unaudited,   however,   in  management's   opinion  they  include  all
          adjustments  necessarily  for a  fair  statement  of  the  results  of
          operations  for such interim  period.  The interim  period  results of
          operations are not necessarily indicative of results for a full year.

NOTE 3. Commitments

     The Partnership has the following commitments:

          The Partnership  entered into agreements with Armored  Management LLC,
          on  January  1,  1999,  to  manage  the   Partnership's   self-storage
          facilities.  The term of the  agreements are for one year and shall be
          renewed from year to year unless,  and until,  either party terminates
          the agreements. The agreements provide that the manager shall receive,
          as compensation for services, 6% of the actual gross cash receipts.

                                       7
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership

                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                  June 30, 1999

NOTE 3 Commitments, continued

          The   Partnership   also  entered  into  an  agreement   with  Armored
          Management,  LLC for the management of the  Partnership's  accounting,
          securities reporting,  database and investor relations activities. The
          term of the  agreement  is for one year and shall be renewed from year
          to year unless either party  terminates the  agreement.  The agreement
          provides  for a flat  fee of  $5,000  per  month as  compensation  for
          administration services.

          The Partnership  reimburses the General Partner for the costs of goods
          and  materials  used  by and for the  Partnership  and  administrative
          services necessary to the operation of the Partnership.


NOTE 4 Impact of Year 2000

          The  Company's  assessment  of its Year 2000 issues is  complete.  The
          Company has determined that there is likely to be no material  adverse
          consequence of Year 2000 issues on the Company's business,  results of
          operations,  or financial  condition.  The Company has few information
          technology or non-information technology aspects which may be affected
          by Year 2000; those that may be affected are the computing system used
          to administer  operations.  Investigation  and queries of the software
          and hardware  suppliers have determined by written statements or other
          assurances that they are Year 2000 compliant. The Company has no major
          supplier,  vendor,  or customers which is likely to materially  affect
          the Company if it is affected  by the Year 2000  problem.  The Company
          has determined that it is at little risk of material disruption of its
          business due to Year 2000 issues.

          In the event the computing system fails, the Company will purchase and
          replace the necessary  hardware and software for critical  systems and
          contact the software and hardware suppliers to replace, at their cost,
          the failed components for remaining computers. Costs for the Year 2000
          compliance have been for  investigation  only and no remedial  actions
          have or  will be  taken.  The  costs  have  been  minimal  and are not
          material to the financial condition of the Company.

                                       8
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership


ITEM 2. MANAGEMENT'S DISCUSSIONS AND ANALYSIS

RESULTS OF OPERATION

     The  Partnership has three  operating  facilities,  two located in Phoenix,
Arizona, and one in Albuquerque,  New Mexico. The Partnership's three facilities
generated an aggregate gross operating  revenue of $532,319 during the first six
months of 1999  compared  to  $559,002  during the first six  months of 1998.  A
decrease in income at the Bell Road  facility is primarily  responsible  for the
overall  reduction.  Management  continues  to work on ways to  increase  rental
revenue, be it through increased marketing, rental rate adjustments, or employee
incentive programs.

     Occupancies  (based on number of available  units) at the three  facilities
are summarized as follows:

                                     June 30, 1999              June 30, 1998
                                   ------------------         -----------------
      Bell Road                           76%                         90%
      63rd Avenue                         80%                         77%
      Tramway                             80%                         77%

     Operational  expenses  through  June 30,  1999 were  $235,728  compared  to
$214,663 for 1998.  Administrative  expenses  for 1999 were $72,800  compared to
$58,266  for the  corresponding  period in 1998.  Legal  expenses  incurred as a
result of the pending sale are responsible  for the increase.  Expenses for 1999
should continue to be similar or slightly higher than 1998.

     Pursuant to the authority granted under the limited  partnership  agreement
of the Registrant,  the General Partner, on behalf of the Registrant,  opened an
escrow on April 6, 1999 with Everest Storage II, a California  limited liability
company to sell  substantially all its assets,  consisting of three mini-storage
facilities,  to Everest  Storage II for a total sales price of  $7,113,402.  The
General  Partner has evaluated the offer and, after reviewing  comparable  sales
and capitalization  rates in the real estate market today,  believes it to be in
the best interest of the Registrant to proceed with the  transaction.  The terms
of the contract, which became effective April 6, 1999, provide for no assumption
of liabilities by the buyer,  except for customary  prorations of property taxes
and prepaid rents.

     The contract is  contingent on the buyer's  evaluation  of the  properties.
Everest Storage II had sixty days from the date the Registrant  provides it with
the required  documentation to complete its due diligence.  The buyer and seller
extended  due  diligence  period to August 16,  1999.  Everest  Storage II is an
affiliate of Everest Investors 8, LLC, which owns 1.26% of the Registrant.

                                       9
<PAGE>
     The terms of the contract provide that Everest Storage II will enter into a
management contract with the current property manager, Armored Management,  LLC,
the general partner of the general  partner of the  Registrant,  for a period of
one year after the closing.  It is anticipated  that the terms of the management
agreement will be substantially the same as the existing agreement in place with
the  Registrant.  A six  percent  commission  will be paid  should  the  sale be
consummated,  split between the buyers  broker,  Everest  Financial Inc. and the
seller's broker, Dale D. Ulrich, a member of Armored Management, LLC. Should the
sale occur, the Registrant has agreed to a limited non-competition covenant with
Everest Storage II.

     Should the transaction be  consummated,  the General Partner would begin to
wind  up  the  affairs  of  the  Registrant  in  order  to  make  a  liquidation
distribution.  The General Partner estimates the final  distribution would be in
the range of $425 to $445 per unit.  It is  anticipated  the final  distribution
would be made 60 to 120 days after the transaction closes.

LIQUIDITY AND CAPITAL RESOURCES

     As of June 30,  1999,  the  Partnership  held  cash  and  cash  equivalents
totaling $658,144 as compared to $780,630 for the corresponding quarter of 1998.
Should the potential sale referred to above close, the  Partnership's  liquidity
would increase substantially.

                                       10
<PAGE>
              ARMORED STORAGE INCOME INVESTORS LIMITED PARTNERSHIP
                         an Arizona Limited Partnership


                                     PART II

                                OTHER INFORMATION


ITEM 1:  LEGAL PROCEEDINGS:

         Not applicable.

ITEM 2:  CHANGES IN SECURITIES:

         Not applicable.

ITEM 3:  DEFAULTS UPON SENIOR SECURITIES:

         Not applicable.

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS:

         Not applicable.

ITEM 5:  OTHER INFORMATION:

         Not applicable.

                                       11
<PAGE>
                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                                ARMORED STORAGE INCOME INVESTORS
                                                           (Registrant)

                                                By:  Armored Management L.L.C.
                                                     Its General Partner


                                                By:  /s/ Dale D. Ulrich
                                                     ---------------------------
                                                     Dale D. Ulrich

                                                Its:  Member

                                                Dated: August 9, 1999
                                                       -------------------------

                                       12