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

                                   Form 10-QSB

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

                    For the quarterly period ended June 30, 2003


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


                For the transition period from _________to _________

                         Commission file number 0-17646


                       UNITED INVESTORS INCOME PROPERTIES
             (Exact name of registrant 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, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 263
   Receivables and deposits                                                      27
   Other assets                                                                  36
   Investment properties:
       Land                                                  $ 1,522
       Buildings and related personal property                 9,896
                                                              11,418
       Less accumulated depreciation                          (4,750)         6,668
                                                                            $ 6,994
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                          $ 21
   Tenant security deposit liabilities                                           50
   Accrued property taxes                                                        22
   Other liabilities                                                             75

Partners' (Deficiency) Capital
   General partner                                             $ (63)
   Limited partners (61,063 units
      issued and outstanding)                                  6,889          6,826
                                                                            $ 6,994


                   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,
                                          2003         2002         2003        2002
Revenues
<S>                                      <C>          <C>          <C>         <C>
  Rental income                          $ 390        $ 421        $ 754       $ 854
  Other income                               50           44          103          91
         Total revenues                     440          465          857         945

Expenses:
  Operating                                 208          177          389         362
  General and administrative                 28           19           50          66
  Depreciation                              104          104          208         207
  Property taxes                             33           38           72          77
         Total expenses                     373          338          719         712

Net income                                $ 67        $ 127        $ 138       $ 233

Net income allocated to general
  partner (1%)                            $ 1          $ 1          $ 1         $ 2
Net income allocated to limited
  partners (99%)                             66          126          137         231

                                          $ 67        $ 127        $ 138       $ 233

Net income per limited partnership
  unit                                   $ 1.08       $ 2.06      $ 2.24      $ 3.78
Distributions per limited
  partnership unit                       $ 2.82       $ 2.19      $ 6.57      $ 3.54

                   See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                       UNITED INVESTORS INCOME PROPERTIES

               STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) 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' (deficiency) capital
   at December 31, 2002               61,063      $ (60)      $ 7,153      $ 7,093

Distributions to partners                 --          (4)        (401)        (405)

Net income for the six months
   ended June 30, 2003                    --           1          137          138

Partners' (deficiency) capital
   at June 30, 2003                   61,063      $ (63)      $ 6,889      $ 6,826

                   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,
                                                                   2003         2002
Cash flows from operating activities:
<S>                                                               <C>          <C>
  Net income                                                      $ 138        $ 233
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Depreciation                                                    208          207
     Change in accounts:
      Receivables and deposits                                        13            3
      Other assets                                                     2            8
      Accounts payable                                                 6           11
      Tenant security deposit liabilities                              1           (3)
      Accrued property taxes                                          22           22
      Other liabilities                                              (19)           1
        Net cash provided by operating activities                    371          482

Cash flows used in investing activities:
  Property improvements and replacements                             (47)         (52)

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

Net (decrease) increase in cash and cash equivalents                 (81)         212

Cash and cash equivalents at beginning of period                     344          228

Cash and cash equivalents at end of period                        $ 263        $ 440

                   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" or
"UIRE"), 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, 2003,  are
not  necessarily  indicative  of the results that may be expected for the fiscal
year ending December 31, 2003. 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, 2002.

For part of the  period  ended  June  30,  2003,  the  General  Partner  was an
affiliate of Apartment  Investment and Management Company ("AIMCO"),  a publicly
traded real estate investment trust. On May 1, 2003, Everest Properties,  Inc. a
California  corporation  ("Everest")  acquired  all of the capital  stock of the
General Partner.  As the sole  stockholder of UIRE,  Everest is in a position to
remove the current directors and elect the directors of UIRE and consequently to
control  the  Partnership.  In  connection  with this  transaction,  the General
Partner and the Partnership have entered into a Services Agreement effective May
1, 2003 (the "Services  Agreement")  with NHP  Management  Company  ("NHP"),  an
affiliate of AIMCO,  whereby NHP will provide portfolio  management services and
property  management  services for the  Partnership.  The  portfolio  management
services  shall  include the  services  the General  Partner of the  Partnership
generally  performs  or  procures  in  connection  with  the  management  of the
Partnership. As compensation for providing the portfolio management services and
the property management  services,  the General Partner will pay and assign over
to NHP all of the income, distributions,  fees, commissions,  reimbursements and
other payments  payable by the  Partnership to the General Partner or any of its
affiliates.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees and depends on the Service  Agreement for the
management and  administration  of all Partnership  activities.  The Partnership
Agreement  and the  Service  Agreement  provide  for  payments  to AIMCO and its
affiliates for services and for  reimbursement of certain  expenses  incurred by
AIMCO and its affiliates on behalf of the Partnership.  Pursuant to the Services
Agreement  discussed in "Note A", all such payments for services provided for in
the Partnership  Agreement shall be paid to NHP which owns a significant  number
of limited partnership units as discussed below.

During the six months ended June 30, 2003 and 2002,  affiliates  of NHP received
5% of gross receipts from all of the  Partnership's  properties as  compensation
for providing property management services.  The Partnership paid to NHP and its
affiliates  approximately  $42,000 and $49,000 for the six months ended June 30,
2003 and 2002, respectively, which is included in operating expenses.

An  affiliate  of  NHP  received  reimbursement  of  accountable  administrative
expenses amounting to approximately $32,000 and $43,000 for the six months ended
June  30,  2003 and  2002,  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 amount is not payable  until the limited
partners  receive an amount equal to their  adjusted  capital  investment  and a
cumulative  distribution  equal to an 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, 2003,  the limited  partners had not
received  their  return.   Therefore,   the  commission  is  included  in  other
liabilities on the accompanying balance sheet at June 30, 2003.

The  Partnership  insures 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, 2003 and 2002, the Partnership was
charged  by  AIMCO  and  its  affiliates   approximately  $23,000  and  $28,000,
respectively,  for  insurance  coverage and fees  associated  with policy claims
administration.

Until May 1, 2003,  AIMCO was the indirect sole  stockholder  of UIRE,  the sole
general  partner  of the  Partnership  and  therefore  held  all of the  general
partnership interest in the Partnership.  On May 1, 2003 Everest acquired all of
the  capital  stock of the General  Partner.  As the sole  stockholder  of UIRE,
Everest is in a position to remove the current directors and elect the directors
of UIRE and consequently to control the Partnership.  As of June 30, 2003, AIMCO
and its affiliates owned 25,080 limited  partnership  units (the "Units") in the
Partnership  representing  41.07% of the  outstanding  units.  A number of these
Units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
AIMCO or its affiliates may acquire  additional  Units in exchange for cash or a
combination  of  cash  and  units  in  AIMCO  Properties,  L.P.,  the  operating
partnership of AIMCO, either through private purchases or tender offers. In this
regard,  on June 19, 2003, a tender offer by AIMCO  Properties,  L.P. to acquire
for a  purchase  price  of  $108.00  per  Unit  all of the  Units  not  owned by
affiliates expired.  Pursuant to this offer, AIMCO acquired 1,461 units or 2.39%
of the outstanding  units.  Pursuant to the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and  voting  to remove  the  General
Partner.  As a result of its ownership of 41.07% of the outstanding units, AIMCO
and its  affiliates  are in a position to influence  all voting  decisions  with
respect to the  Partnership.  Although the General Partner owes fiduciary duties
to the  limited  partners of the  Partnership,  the  General  Partner  also owes
fiduciary duties to Everest as its sole stockholder.  As a result, the duties of
the General  Partner,  as general  partner,  to the  Partnership and its limited
partners  may come into  conflict  with the  duties of the  General  Partner  to
Everest, as its sole stockholder.

Note C - Legal Proceedings

The Partnership is unaware of any pending or outstanding  litigation that is not
of a routine nature arising in the ordinary course of business.

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

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, 2003 and 2002:

                                                   Average Occupancy
      Property                                      2003       2002

      Bronson Place Apartments                      90%        89%
         Mountlake Terrace, Washington
      Meadow Wood Apartments                        94%        94%
         Medford, Oregon
      Defoors Crossing Apartments                   81%        96%
         Atlanta, Georgia

The General  Partner  attributes  the  decreased  occupancy at Defoors  Crossing
Apartments to increased  layoffs in the area,  increased  competition and a slow
local economy.

Results of Operations

The Partnership realized net income of approximately $138,000 for the six months
ended June 30, 2003,  compared to net income of  approximately  $233,000 for the
six  months  ended June 30,  2002.  The  Partnership's  net income for the three
months ended June 30, 2003 was  approximately  $67,000 compared to net income of
approximately $127,000 for the three months ended June 30, 2002. The decrease in
net income for the three and six months ended June 30, 2003 is due to a decrease
in total revenues and an increase in total expenses.

Total revenues decreased for the three and six months ended June 30, 2003 due to
a decrease in rental  income  partially  offset by an increase in other  income.
Rental  income  decreased  due to a decrease in  occupancy  at DeFoors  Crossing
Apartments,  reduced average rental rates at Bronson Place and Defoors  Crossing
Apartments,  and  increased  bad  debt  expense  at  all  of  the  Partnership's
properties  partially  offset by a slight increase in occupancy at Bronson Place
Apartments.  Other income increased  primarily due to increased late charges and
lease cancellation fees at Defoors Crossing Apartments.

Total  expenses  increased  for the three and six  months  ended  June 30,  2003
primarily  due to an increase in  operating  expenses.  For the six months ended
June 30, 2003,  this increase was partially  offset by a decrease in general and
administrative  expenses.  Operating  expenses  increased  primarily  due  to an
increase in advertising and maintenance  expenses partially offset by a decrease
in management fees.  Advertising  expenses  increased due to increased  referral
fees at Defoors  Crossing  Apartments,  web and newspaper  advertising  costs at
Meadow  Wood   Apartments,   and  periodical   expenses  at  all  three  of  the
Partnership's  properties.  Maintenance  expenses  increased due to increases in
contract repairs at Bronson Place and Meadow Wood  Apartments,  pool expenses at
Meadow Wood  Apartments,  floor  covering  repairs at Bronson  Place and Defoors
Crossing  Apartments,  and  painting  supplies  at Defoors  Crossing  Apartments
partially  offset by a decrease in contract yard and ground  services at Bronson
Place Apartments. Management fees decreased due to a decrease in rental revenues
primarily at Defoors Crossing Apartments.

General and administrative  expenses decreased for the six months ended June 30,
2003  primarily  due to reduced  costs of services  included  in the  management
reimbursements   to  the  General  Partner  as  allowed  under  the  Partnership
Agreement. Also included in general and administrative expenses at both June 30,
2003 and 2002 are costs associated with the quarterly and annual  communications
with  investors  and  regulatory  agencies and the annual audit  required by the
Partnership Agreement.

As part of the ongoing business plan of the Partnership, the General Partner and
NHP monitor the rental market environment of the 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 and NHP attempt 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, 2003, the Partnership had cash and cash equivalents of approximately
$263,000  compared to  approximately  $440,000 at June 30,  2002.  Cash and cash
equivalents  decreased by approximately  $81,000 since December 31, 2002, due to
approximately  $405,000 of cash used in financing  activities and  approximately
$47,000  of cash used in  investing  activities  which was  partially  offset by
approximately  $371,000 of cash provided by operating  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.  The General Partner
monitors  developments  in the area of legal and  regulatory  compliance  and is
studying  new  federal  laws,  including  the  Sarbanes-Oxley  Act of 2002.  The
Sarbanes-Oxley Act of 2002 mandates or suggests  additional  compliance measures
with regard to governance,  disclosure, audit and other areas. In light of these
changes,  the Partnership  expects that it will incur higher expenses related to
compliance,  including  increased  legal and audit  fees.  Capital  improvements
planned for each of the Partnership's properties are detailed below.

Bronson Place

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately  $15,000  of capital  improvements  at  Bronson  Place  Apartments
consisting  primarily  of  floor  covering  and  appliance  replacements.  These
improvements were funded from operating cash flow. The Partnership evaluates the
capital  improvement needs of the property during the year and currently expects
to complete an additional $11,000 in capital  improvements  during the remainder
of 2003. The additional  capital  improvements  will consist  primarily of floor
covering and air conditioning unit replacements. Additional capital improvements
may be considered  and will depend on the physical  condition of the property as
well as the anticipated cash flow generated by the property.

Meadow Wood

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately   $16,000  of  capital  improvements  at  Meadow  Wood  Apartments
consisting  primarily  of water,  sewer,  and heating  unit  upgrades  and floor
covering  and  appliance  replacements.  These  improvements  were  funded  from
operating cash flow. The Partnership  evaluates the capital improvement needs of
the property  during the year and  currently  expects to complete an  additional
$18,000 in capital  improvements  during the remainder of 2003.  The  additional
capital   improvements   will  consist  primarily  of  floor  covering  and  air
conditioning  unit  replacements.   Additional   capital   improvements  may  be
considered and will depend on the physical  condition of the property as well as
the anticipated cash flow generated by the property.

DeFoors Crossing

During  the  six  months  ended  June  30,  2003,  the   Partnership   completed
approximately  $16,000 of capital  improvements at DeFoors  Crossing  Apartments
consisting  primarily of floor covering and appliance  replacements  and heating
unit  upgrades.  These  improvements  were funded from  operating cash flow. The
Partnership  evaluates the capital  improvement needs of the property during the
year  and  currently  expects  to  complete  an  additional  $3,000  in  capital
improvements  during the remainder of 2003. The additional capital  improvements
will  consist  primarily  of floor  covering  replacements.  Additional  capital
improvements may be considered and will depend on the physical  condition of the
property as well as the 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, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                    Six Months       Per Limited       Six Months        Per Limited
                      Ended          Partnership         Ended           Partnership
                  June 30, 2003         Unit         June 30, 2002          Unit

<S>                   <C>              <C>               <C>               <C>
Operations            $ 405            $ 6.57            $ 218             $ 3.54
</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 2003 or subsequent periods.

Other

Until May 1, 2003,  AIMCO was the indirect sole  stockholder  of UIRE,  the sole
general  partner  of the  Partnership  and  therefore  held  all of the  general
partnership interest in the Partnership.  On May 1, 2003 Everest acquired all of
the  capital  stock of the General  Partner.  As the sole  stockholder  of UIRE,
Everest is in a position to remove the current directors and elect the directors
of UIRE and consequently to control the Partnership.  As of June 30, 2003, AIMCO
and its affiliates owned 25,080 limited  partnership  units (the "Units") in the
Partnership  representing  41.07% of the  outstanding  units.  A number of these
Units were acquired  pursuant to tender offers made by AIMCO or its  affiliates.
AIMCO or its affiliates may acquire  additional  Units in exchange for cash or a
combination  of  cash  and  units  in  AIMCO  Properties,  L.P.,  the  operating
partnership of AIMCO, either through private purchases or tender offers. In this
regard,  on June 19, 2003, a tender offer by AIMCO  Properties,  L.P. to acquire
for a  purchase  price  of  $108.00  per  Unit  all of the  Units  not  owned by
affiliates expired.  Pursuant to this offer, AIMCO acquired 1,461 units or 2.39%
of the outstanding  units.  Pursuant to the Partnership  Agreement,  unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters  that  include,  but are not  limited  to,  voting on certain
amendments  to the  Partnership  Agreement  and  voting  to remove  the  General
Partner.  As a result of its ownership of 41.07% of the outstanding units, AIMCO
and its  affiliates  are in a position to influence  all voting  decisions  with
respect to the  Partnership.  Although the General Partner owes fiduciary duties
to the  limited  partners of the  Partnership,  the  General  Partner  also owes
fiduciary duties to Everest as its sole stockholder.  As a result, the duties of
the General  Partner,  as general  partner,  to the  Partnership and its limited
partners  may come into  conflict  with the  duties of the  General  Partner  to
Everest, 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 and
the Partnership  fully reserves all balances  outstanding  over thirty days. The
Partnership will offer rental concessions during  particularly slow months or in
response to heavy  competition  from other  similar  complexes in the area.  Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the General Partner,  who are the equivalent of the  Partnership's  principal
executive officer and principal financial officer,  respectively,  has evaluated
the  effectiveness of the Partnership's  disclosure  controls and procedures (as
such term is defined  in Rules  13a-15(e)  and  15d-15(e)  under the  Securities
Exchange  Act of 1934,  as amended  (the  "Exchange  Act")) as of the end of the
period covered by this report. Based on such evaluation, the principal executive
officer and  principal  financial  officer of the General  Partner,  who are the
equivalent  of the  Partnership's  principal  executive  officer  and  principal
financial  officer,  respectively,  have  concluded  that, as of the end of such
period, the Partnership's disclosure controls and procedures are effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fiscal quarter to which this report relates that have  materially  affected,  or
are reasonably likely to materially affect,  the Partnership's  internal control
over financial reporting.

ITEM 4.     LEGAL PROCEEDINGS

The Partnership is unaware of any pending or outstanding  litigation that is not
of a routine nature arising in the ordinary course of business.

ITEM 5.     OTHER INFORMATION

On May 1,  2003,  there was a change in control  of the  General  Partner of the
Partnership.  See  discussion in Part I - Item 2.  Management's  Discussion  and
Analysis or Plan of Operation - Other.

                           PART II - OTHER INFORMATION


ITEM 5.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  Exhibit 3.1, Form of Agreement of Limited  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  (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 31.1,  Certification  of equivalent of Chief Executive
                  Officer   pursuant   to   Securities    Exchange   Act   Rules
                  13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

                  Exhibit 31.2,  Certification  of equivalent of Chief Financial
                  Officer   pursuant   to   Securities    Exchange   Act   Rules
                  13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.

                  Exhibit  32.1,  Certification  Pursuant  to 18 U.S.C.  Section
                  1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002.

            b) Reports on Form 8-K filed during the quarter ended June 30, 2003:

                  None.





<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 13, 2003



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of United  Investors
      Income Properties;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  August 13, 2003

                                /s/Patrick J. Foye
                                Patrick J. Foye
                                Executive  Vice  President  of United  Investors
                                Real  Estate,  Inc.,  equivalent  of  the  chief
                                executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1.    I have reviewed this quarterly  report on Form 10-QSB of United  Investors
      Income Properties;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  August 13, 2003

                                /s/Paul J. McAuliffe
                                Paul J. McAuliffe
                                Executive  Vice  President  and Chief  Financial
                                Officer of United Investors Real Estate, Inc.,
                                equivalent  of the chief  financial  officer  of
                                the Partnership


<PAGE>


Exhibit 32.1


                          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,
2003 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 13, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 13, 2003


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