UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

                 For the quarterly period ended June 30, 2002


[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934


             For the transition period from _________to _________

                         Commission file number 0-14578


               HCW PENSION REAL ESTATE FUND LIMITED  PARTNERSHIP
        (Exact name of small business issuer as specified in its charter)



         Massachusetts                                      04-2825863
(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)

<PAGE>


                         PART I - FINANCIAL INFORMATION


ITEM 1.     FINANCIAL STATEMENTS



               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                                  BALANCE SHEET
                                   (Unaudited)
                       (in thousands, except unit data)

                                  June 30, 2002
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 463
   Receivables and deposits                                                     128
   Other assets                                                                 103
   Investment property:
     Land                                                     $ 621
     Buildings and related personal property                   9,953
                                                              10,574
     Less accumulated depreciation                            (6,110)         4,464
                                                                            $ 5,158
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $ 11
   Tenant security deposit liabilities                                          114
   Accrued property taxes                                                       375
   Other liabilities                                                            153
   Mortgage note payable                                                      5,292

Partners' Deficit
   General partner                                            $ (150)
   Limited partners (15,698 units issued and
     outstanding)                                               (637)          (787)
                                                                            $ 5,158


                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>



               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                     (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                     Three Months Ended           Six Months Ended
                                          June 30,                    June 30,
                                     2002          2001          2002          2001
Revenues:
<S>                                  <C>          <C>           <C>            <C>
  Rental income                      $ 436        $ 377         $ 916          $ 836
  Other income                           45           64            75            100
       Total revenues                   481          441           991            936

Expenses:
  Operating                             155          151           276            291
  General and administrative             54           50           103            115
  Depreciation                          135          135           267            271
  Interest                              107          110           216            222
  Property taxes                         62           54           125            120
       Total expenses                   513          500           987          1,019

       Net (loss) income             $ (32)       $ (59)         $ 4           $ (83)

Net (loss) income allocated
  to general partner (2%)            $ (1)         $ (2)         $ --          $ (2)
Net (loss) income allocated
  to limited partners (98%)             (31)         (57)            4            (81)
                                     $ (32)       $ (59)         $ 4           $ (83)

Net (loss) income per limited
  partnership unit                  $ (1.97)     $ (3.63)       $ 0.25        $ (5.16)
Distributions per limited
  partnership unit                  $ 5.61        $ 8.15        $ 8.09        $ 44.40

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                  STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (Unaudited)
                       (in thousands, except unit data)

<TABLE>
<CAPTION>

                                     Limited
                                   Partnership    General      Limited
                                      Units       Partner      Partners      Total

<S>                                   <C>           <C>        <C>          <C>
Original capital contributions        15,698        $ --       $15,698      $15,698

Partners' deficit at
   December 31, 2001                  15,698       $ (147)      $ (514)      $ (661)

Distributions paid to partners            --           (3)        (127)        (130)

Net income for the six months
   ended June 30, 2002                    --           --            4            4

Partners' deficit
   at June 30, 2002                   15,698       $ (150)      $ (637)      $ (787)

                See Accompanying Notes to Financial Statements
</TABLE>


<PAGE>

               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                               <C>         <C>
  Net income (loss)                                               $ 4         $ (83)
  Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
     Depreciation                                                   267          271
     Amortization of loan costs                                       2            2
     Change in accounts:
      Receivables and deposits                                       16           31
      Other assets                                                  (11)         (10)
      Due from affiliate                                             --           57
      Accounts payable                                                5           23
      Tenant security deposit liabilities                           (14)         (23)
      Accrued property taxes                                        126         (123)
      Other liabilities                                               2         (126)
        Net cash provided by operating activities                   397           19

Cash flows used in investing activities:
  Property improvements and replacements                            (42)         (22)

Cash flows from financing activities:
  Distributions to partners                                        (130)        (700)
  Payments on mortgage note payable                                 (63)         (57)
        Net cash used in financing activities                      (193)        (757)

Net increase (decrease) in cash and cash equivalents                162         (760)

Cash and cash equivalents at beginning of period                    301        1,152

Cash and cash equivalents at end of period                       $ 463        $ 392

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 215        $ 220

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>


               HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited financial statements of HCW Pension Real Estate Fund
Limited  Partnership (the  "Partnership" or "Registrant")  have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The general  partner of the  Partnership  is HCW General
Partner  Ltd.,  whose sole general  partner is IH, Inc. (the  "Managing  General
Partner").  In the opinion of the  Managing  General  Partner,  all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have been included.  Operating results for the three and six month
periods ended June 30, 2002, are not necessarily  indicative of the results that
may be expected  for the fiscal  year  ending  December  31,  2002.  For further
information, refer to the financial statements and footnotes thereto included in
the  Partnership's  Annual  Report on Form  10-KSB  for the  fiscal  year  ended
December 31, 2001. The General  Partner is an affiliate of Apartment  Investment
and  Management  Company  ("AIMCO"),  a publicly  traded real estate  investment
trust.

Note B - Transactions with Affiliated Parties

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

Affiliates of the Managing  General Partner were entitled to receive 5% of gross
receipts  from the  Registrant's  property  for  providing  property  management
services. The Registrant paid to such affiliates  approximately $51,000 for both
of the six month  periods  ended June 30,  2002 and 2001,  which is  included in
operating expenses.

An affiliate of the Managing  General Partner  received  reimbursement  of asset
management  fees  amounting  to  approximately  $42,000  and $50,000 for the six
months  ended  June 30,  2002 and  2001,  respectively,  which  is  included  in
operating expenses.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $37,000 and
$36,000 for the six months ended June 30, 2002 and 2001, respectively,  which is
included in operating expenses.

Beginning in 2001,  the  Partnership  began  insuring its property up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability.  The Partnership  insures its property above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the Managing General Partner. During the six months ended June
30,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately $14,000 and $15,000, respectively, for insurance coverage and fees
associated with policy claims administration.

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 Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  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  investment property consists of one apartment complex located
in  Carbondale,  Illinois.  The average  occupancy  of the  property for the six
months ended June 30, 2002 and 2001 was 84% and 78%, respectively.  The Managing
General Partner attributes the increase in occupancy to the restructuring of the
property's leases and the implementation of a resident retention program.

Results of Operations

The Partnership recognized net income of approximately $4,000 for the six months
ended June 30, 2002 as compared to a net loss of  approximately  $83,000 for the
six  months  ended  June 30,  2001.  The  Partnership  recognized  a net loss of
approximately  $32,000 and $59,000 for the three  months ended June 30, 2002 and
2001, respectively. The increase in net income for the six months ended June 30,
2002 was  attributable  to an increase in total revenues and a decrease in total
expenses.  The decrease in net loss for the three months ended June 30, 2002 was
due to an increase in total  revenues  partially  offset by an increase in total
expenses.  Total  revenues  increased  for the three and six month periods ended
June 30, 2002 due to an increase in rental income  slightly offset by a decrease
in other  income.  Rental  income  increased  due to an increase in occupancy at
Lewis Park Apartments,  increased  student housing fees and reduced  concessions
partially  offset  by  reduced  rental  rates.  Other  income  decreased  due to
decreases in cleaning and damage fees and interest  income  partially  offset by
increased nonrefundable administrative fees.

Total  expenses  decreased  for the six  months  ended  June  30,  2002 due to a
decrease  in  operating  and  general  and  administrative  expenses.  Operating
expenses  decreased  for the six  months  ended  June 30,  2002  due to  reduced
advertising and property  expenses.  Advertising  expenses  decreased due to the
increase in  occupancy  at the  Partnership's  investment  property as discussed
above.  Property expenses  decreased due to reduced payroll and related benefits
at the Partnership's  investment property.  General and administrative  expenses
decreased  for the six  months  ended June 30,  2002 due to a decrease  in asset
management fees paid to the Managing General Partner pursuant to the Partnership
Agreement.

Total  expenses  increased  for the  three  months  ended  June 30,  2002 due to
increased  property tax and general and  administrative  expenses.  Property tax
expense  increased  for the three  months  ended  June 30,  2002 due to a refund
received for prior years  during the three  months ended June 30, 2001.  General
and  administrative  expenses increased for the three months ended June 30, 2002
due to  increased  professional  fees  associated  with  the  management  of the
Partnership,  largely  offset  by  reduced  asset  management  fees  paid to the
Managing General Partner.

Included  in general and  administrative  expense at both June 30, 2002 and 2001
are management  reimbursements to the Managing General Partner allowed under the
Partnership  Agreement.  In addition,  costs  associated  with the quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement are also included.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors the rental market  environment of its  investment  property to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting the Registrant 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.

Liquidity and Capital Resources

At June 30, 2002, the Partnership had cash and cash equivalents of approximately
$463,000 as compared to  approximately  $392,000 at June 30, 2001. Cash and cash
equivalents  increased  approximately  $162,000 from  December 31, 2001,  due to
approximately  $397,000 of cash provided by operating activities slightly offset
by  approximately  $193,000 and $42,000 of cash used in financing  and investing
activities,  respectively.  Cash  used  in  financing  activities  consisted  of
distributions  paid to the partners and, to a lesser extent,  principal payments
on the  mortgage  encumbering  Lewis  Park  Apartments.  Cash used in  investing
activities consisted of property improvements and replacements.  The Partnership
invests its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating needs of the Partnership and to comply with Federal,  state,
and local legal and regulatory requirements.

During  the  six  months  ended  June  30,  2002,  the   Partnership   completed
approximately   $42,000  of  capital  improvements  at  Lewis  Park  Apartments,
consisting primarily of floor covering and appliance replacements, furniture and
fixtures and gutter replacements.  These improvements were funded from operating
cash flow.  The  Partnership  has  budgeted  approximately  $90,000  for capital
improvements  for 2002,  consisting  primarily of parking lot  improvements  and
appliance  and  floor  covering  replacements.  Additional  improvements  may be
considered and will depend on the physical  condition of the property as well as
anticipated cash flow generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The Registrant's  current assets are thought to be sufficient for any short term
needs  exclusive  of  capital  improvements  of the  Partnership.  The  mortgage
indebtedness of approximately $5,292,000 is being amortized over 20 years with a
maturity  date of September  1, 2020,  at which time the loan is scheduled to be
fully amortized.

The Partnership  distributed  the following  amounts during the six months ended
June 30, 2002 and 2001 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2002         Unit        June 30, 2001         Unit

<S>                     <C>              <C>              <C>              <C>
Operations              $ 130            $ 8.09           $ 153            $ 9.56
Financing (1)               --               --              547            34.84
                        $ 130            $ 8.09           $ 700            $44.40
</TABLE>

(1)   From the financing of Lewis Park Apartments in August 2000.

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves,  and the timing of debt
refinancing  and/or  a  property  sale.  There  can  be no  assurance  that  the
Partnership  will  generate  sufficient  funds from  operations,  after  planned
capital improvement expenditures,  to permit any additional distributions to its
partners during the remainder of 2002 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership, AIMCO and its affiliates owned 5,464 limited partnership units (the
"Units") in the Partnership  representing  34.81% of the outstanding units as of
June 30, 2002. A number of these units were  acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire additional units of limited partnership interest in the Partnership
in  exchange  for  cash or a  combination  of cash and  units  in the  operating
partnership of AIMCO either through  private  purchases or tender offers.  Under
the  Partnership  Agreement,  unitholders  holding a  majority  of the Units are
entitled  to take  action  with  respect to a variety of  matters,  which  would
include  without  limitation,  voting on certain  amendments to the  Partnership
Agreement  and voting to remove  the  Managing  General  Partner.  Although  the
Managing  General Partner owes fiduciary  duties to the limited  partners of the
Partnership, the Managing General Partner also owes fiduciary duties to AIMCO as
its sole stockholder.  As a result,  the duties of the Managing General Partner,
as managing  general  partner,  to the Partnerships and its limited partners may
come into conflict with the duties of the Managing  General Partner to AIMCO, as
its sole stockholder.

Critical Accounting Policies and Estimates

The financial  statements are prepared in accordance with accounting  principles
generally  accepted in the United States which require the  Partnership  to make
estimates and  assumptions.  The  Partnership  believes that of its  significant
accounting  policies,  the following may involve a higher degree of judgment and
complexity.

Impairment of Long-Lived Assets

The  Partnership's  investment  property is recorded at cost,  less  accumulated
depreciation,  unless considered impaired.  If events or circumstances  indicate
that the carrying amount of the property may be impaired,  the Partnership  will
make an assessment of its  recoverability by estimating the undiscounted  future
cash flows,  excluding interest charges, of the property. If the carrying amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's   investment  property.  These  factors  include  changes  in  the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.



<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 3.1, Limited Partnership Agreement,  incorporated by
                  reference  to  Registration  Statement  No.  2-91006 on Form
                  S-11 filed by Registrant.

                  Exhibit 99,  Certification  of Chief  Executive  Officer and
                  Chief Financial Officer.

            b)    Reports on Form 8-K filed  during the  quarter  ended June 30,
                  2002:

                  Current  Report on Form 8-K/A dated June 27, 2002 and filed on
                  July 16,  2002,  disclosing  the  dismissal of KPMG LLP as the
                  Registrant's certifying auditor and the appointment of Ernst &
                  Young  LLP,  as the  certifying  auditor  for the year  ending
                  December 31, 2002.



<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    HCW  PENSION   REAL  ESTATE  FUND  LIMITED
                                   PARTNERSHIP


                                    By:   HCW General Partner, Ltd.,
                                          General Partner


                                    By:   IH, Inc.,
                                          Managing General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: August 14, 2002


<PAGE>


Exhibit 99


                          Certification of CEO and CFO
                     Pursuant to 18 U.S.C. Section 1350,
                            As Adopted Pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the  Quarterly  Report on Form 10-QSB of HCW  Pension  Real
Estate Fund Limited  Partnership (the  "Partnership"),  for the quarterly period
ended June 30, 2002 as filed with the Securities and Exchange  Commission on the
date hereof (the  "Report"),  Patrick J. Foye,  as the  equivalent  of the Chief
Executive Officer of the Partnership,  and Paul J. McAuliffe,  as the equivalent
of the Chief  Financial  Officer  of the  Partnership,  each  hereby  certifies,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                    /s/  Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 14, 2002


                                    /s/  Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 14, 2002


This  certification  accompanies  the  Report  pursuant  to  Section  906 of the
Sarbanes-Oxley  Act of 2002 and shall not,  except to the extent required by the
Sarbanes-Oxley  Act of 2002, be deemed filed by the  Partnership for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended.