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 0-17646


                      UNITED INVESTORS INCOME PROPERTIES
      (Exact name of small business issuer as specified in its charter)



         Missouri                                           43-1483942
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                         Identification No.)

                          55 Beattie Place, PO 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



                       UNITED INVESTORS INCOME PROPERTIES

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

                                  June 30, 2002

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 440
   Receivables and deposits                                                      22
   Other assets                                                                  31
   Investment properties:
       Land                                                  $ 1,522
       Buildings and related personal property                 9,773
                                                              11,295
       Less accumulated depreciation                          (4,340)         6,955
                                                                            $ 7,448
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $ 25
   Tenant security deposit liabilities                                           50
   Accrued property taxes                                                        25
   Other liabilities                                                            116

Partners' (Deficit) Capital
   General partner                                             $ (59)
   Limited partners (61,063 units
      issued and outstanding)                                  7,291          7,232
                                                                            $ 7,448

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            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                          $ 421        $ 436        $ 854       $ 855
  Other income                               44           35           91          62
         Total revenues                     465          471          945         917

Expenses:
  Operating                                 177          176          362         359
  General and administrative                 19           47           66          81
  Depreciation                              104           99          207         197
  Property taxes                             38           42           77          84
         Total expenses                     338          364          712         721

Net income                               $ 127        $ 107        $ 233       $ 196

Net income allocated to general
  partner (1%)                            $ 1          $ 1          $ 2         $ 2
Net income allocated to limited
  partners (99%)                            126          106          231         194

                                         $ 127        $ 107        $ 233       $ 196

Net income per limited partnership
  unit                                   $ 2.06       $ 1.74      $ 3.78      $ 3.18
Distributions per limited
  partnership unit                       $ 2.19       $ 1.94      $ 3.54      $ 6.57

                See Accompanying Notes to Financial Statements

</TABLE>
<PAGE>


                       UNITED INVESTORS INCOME PROPERTIES

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

<TABLE>
<CAPTION>


                                     Limited
                                   Partnership   General      Limited
                                      Units      Partner     Partners       Total

<S>                                   <C>          <C>        <C>          <C>
Original capital contributions        61,063       $ --       $15,266      $15,266

Partners' (deficit) capital at
   December 31, 2001                  61,063      $ (59)      $ 7,276      $ 7,217

Distributions to partners                 --          (2)        (216)        (218)

Net income for the six months
   ended June 30, 2002                    --           2          231          233

Partners' (deficit) capital
   at June 30, 2002                   61,063      $ (59)      $ 7,291      $ 7,232

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

                            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                                                      $ 233        $ 196
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                    207          197
     Change in accounts:
      Receivables and deposits                                         3            7
      Other assets                                                     8           10
      Accounts payable                                                11           (4)
      Tenant security deposit liabilities                             (3)          --
      Accrued property taxes                                          22           34
      Other liabilities                                                1          (16)
        Net cash provided by operating activities                    482          424

Cash flows used in investing activities:
  Property improvements and replacements                             (52)        (107)

Cash flows used in financing activities:
  Distributions to partners                                         (218)        (405)

Net increase (decrease) in cash and cash equivalents                 212          (88)

Cash and cash equivalents at beginning of period                     228          332

Cash and cash equivalents at end of period                        $ 440        $ 244

                See Accompanying Notes to Financial Statements

</TABLE>


<PAGE>


                       UNITED INVESTORS INCOME PROPERTIES

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The  accompanying  unaudited  financial  statements of United  Investors  Income
Properties (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.
In the opinion of United Investors Real Estate, Inc. (the "General Partner"),  a
Delaware corporation,  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 General Partner and its
affiliates for the management and administration of all Partnership  activities.
The Partnership  Agreement  provides for payments to affiliates for services and
for  reimbursement of certain  expenses  incurred by affiliates on behalf of the
Partnership.

During the six months  ended June 30, 2002 and 2001,  affiliates  of the General
Partner  were  entitled  to  receive  5% of  gross  receipts  from  all  of  the
Partnership's  properties  as  compensation  for providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $49,000 and
$47,000 for the six months ended June 30, 2002 and 2001, respectively,  which is
included in operating expenses.

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $43,000 and $37,000 for the
six months  ended June 30,  2002 and 2001,  respectively,  which is  included in
general and administrative expenses.

For acting as real estate broker in  connection  with the 1999 sale of Peachtree
Corners Medical Building, the General Partner earned a real estate commission of
approximately $21,000. However, this commission is not payable until the limited
partners receive  distributions equal to their adjusted capital investment and a
cumulative  8%  annual  return  from the last  additional  closing  date or,  if
greater,  a 6%  cumulative  annual  return from their date of  admission  to the
Partnership.  At June 30, 2002,  the limited  partners  had not  received  their
priority return.  Therefore,  the commission is included in other liabilities at
June 30, 2002.

Beginning in 2001, the  Partnership  began insuring its properties 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 properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the General Partner. During the six months ended June 30, 2002
and 2001, the Partnership was charged by AIMCO and its affiliates  approximately
$19,000 and $20,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

<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  Partnership'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  investment  properties consist of three apartment  complexes.
The following table sets forth the average  occupancy of the properties for each
of the six months ended June 30, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Bronson Place Apartments                      89%        93%
         Mountlake Terrace, Washington
      Meadow Wood Apartments                        94%        94%
         Medford, Oregon
      Defoors Crossing Apartments                   96%        92%
         Atlanta, Georgia

The  General  Partner  attributes  the  decreased  occupancy  at  Bronson  Place
Apartments  to  increased  layoffs in the area and  increased  competition  from
nearby  properties.  The General Partner  attributes the increased  occupancy at
Defoors  Crossing  Apartments to a more aggressive  pricing approach used during
the first half of 2002.

Results of Operations

The Partnership realized net income of approximately $233,000 for the six months
ended June 30, 2002, compared to net income of $196,000 for the six months ended
June 30, 2001. The  Partnership's net income for the three months ended June 30,
2002 was approximately $127,000 compared to net income of approximately $107,000
for the three months ended June 30, 2001. The increase in net income for the six
months  ended  June  30,  2002 is due to an  increase  in total  revenues  and a
decrease in total  expenses.  The  increase  in net income for the three  months
ended  June 30,  2002 is due to a  decrease  in total  expenses  which more than
offset a decrease in total revenues.

Total  revenues  increased  for the six  months  ended  June 30,  2002 due to an
increase in other income.  Total  revenues  decreased for the three months ended
June 30, 2002 due to a decrease in rental income partially offset by an increase
in other income.  Other income increased for the three and six months ended June
30, 2002 due to increased  utility  reimbursements  and tenant charges at all of
the  Partnership's  investment  properties  partially offset by reduced interest
income resulting from lower average cash balances in interest bearing  accounts.
Rental  income  decreased  for the  three  months  ended  June  30,  2002 due to
decreased occupancy at Bronson Place Apartments and a decrease in average rental
rates at Defoors Crossing Apartments  partially offset by an increase in average
rental  rates at Meadow  Woods  Apartments,  an increase in occupancy at Defoors
Crossing Apartments, and a decrease in concessions at Bronson Place Apartments.

Total  expenses  decreased  for the three and six  months  ended  June 30,  2002
primarily due to decreased general and administrative  expenses partially offset
by an increase in  depreciation  expense.  General and  administrative  expenses
decreased  primarily due to reduced  administrative  and  professional  expenses
partially offset by increases in the cost of services included in the management
reimbursements  paid to the  General  Partner as allowed  under the  Partnership
Agreement. Also included in general and administrative expenses at both June 30,
2002 and 2001 are costs associated with the quarterly and annual  communications
with  investors  and  regulatory  agencies and the annual audit  required by the
Partnership   Agreement.   Depreciation   expenses   increased  due  to  capital
improvements  completed  during  the past  twelve  months  which  are now  being
depreciated.

As part of the ongoing  business plan of the  Partnership,  the 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  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.  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 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
$440,000  compared to  approximately  $244,000 at June 30,  2001.  Cash and cash
equivalents increased by approximately  $212,000 since December 31, 2001, due to
approximately  $482,000 of cash  provided  by  operating  activities,  which was
partially offset by approximately  $218,000 of cash used in financing activities
and  approximately  $52,000 of cash used in investing  activities.  Cash used in
financing activities consisted of distributions paid to the partners.  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 various  properties  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. Capital improvements
planned for each of the Partnership's properties are detailed below.

Bronson Place

During the six months ended June 30, 2002, the Partnership  spent  approximately
$12,000  on  capital  improvements  at  Bronson  Place  Apartments,   consisting
primarily of floor covering  replacements.  These  improvements were funded from
cash flow from operations. The Partnership has evaluated the capital improvement
needs of the property for the year 2002.  The amount  budgeted is  approximately
$21,000,  consisting  primarily of floor  covering and  appliance  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.

Meadow Wood

During the six months ended June 30, 2002, the Partnership  spent  approximately
$22,000 on capital improvements at Meadow Wood Apartments,  consisting primarily
of  swimming  pool  upgrades,   floor  covering   replacements,   and  appliance
replacements. These improvements were funded from cash flow from operations. The
Partnership has evaluated the capital  improvement needs of the property for the
year 2002. The amount budgeted is approximately $28,000, consisting primarily of
appliance  replacements,  air conditioning  unit replacements 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.

Defoors Crossing

During the six months ended June 30, 2002, the Partnership  spent  approximately
$18,000  on capital  improvements  at Defoors  Crossing  Apartments,  consisting
primarily of floor  covering  replacements  and  appliance  replacements.  These
improvements  were funded from cash flow from  operations.  The  Partnership has
evaluated the capital  improvement  needs of the property for the year 2002. The
amount budgeted is approximately $29,000, consisting primarily of floor covering
replacements and water  submetering.  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 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              $ 218            $ 3.54           $ 405            $ 6.57
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the timing of financings
and/or  property sales.  The  Partnership's  cash available for  distribution is
reviewed  on a monthly  basis.  There  can be no  assurance,  however,  that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital  improvements  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 21,085 limited partnership units in
the Partnership representing 34.53% of the outstanding units at 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  voting on
certain amendments to the Partnership Agreement and voting to remove the General
Partner.  Although  the General  Partner  owes  fiduciary  duties to the limited
partners of the  Partnership,  the General Partner also owed fiduciary duties to
AIMCO as its sole stockholder.  As a result,  the duties of the General Partner,
as general  partner,  to the Partnerships and its limited partners may come into
conflict  with  the  duties  of the  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

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a 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  properties.  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,  Form of  Agreement  of Limited  Partnership  of
                  Partnership (filed on May 2, 1988 as part of the Prospectus of
                  Partnership  contained in the  Partnership's  Amendment to the
                  Registration   Statement   and  is   incorporated   herein  by
                  reference).

                  Exhibit  3.2,  Tenth  Amendment  to the  Agreement  of Limited
                  Partnership of  Partnership  (filed on May 15, 1989 as Exhibit
                  4.3 to the Quarterly  Report on Form 10-Q and is  incorporated
                  herein by reference).

                  Exhibit 3.3,  Certificate of Limited Partnership (Exhibit 3 to
                  Partnership's   Form  8-K   filed  on  April  29,   1991,   is
                  incorporated herein by reference).

                  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.



                                    UNITED INVESTORS INCOME PROPERTIES


                                    By:   United Investors Real Estate, Inc.
                                          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 United  Investors
Income Properties (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.