FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                   U.S. 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 March 31, 2002


[ ]   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 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)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.
Yes X  No___



<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                       UNITED INVESTORS INCOME PROPERTIES

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

                                 March 31, 2002

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $  269
   Receivables and deposits                                                      27
   Other assets                                                                  54
   Investment properties:
       Land                                                  $ 1,522
       Buildings and related personal property                 9,759
                                                              11,281
       Less accumulated depreciation                          (4,236)         7,045
                                                                            $ 7,395
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $   19
   Tenant security deposit liabilities                                           51
   Accrued property taxes                                                        26
   Other liabilities                                                             59

Partners' (Deficit) Capital
   General partner                                             $ (59)
   Limited partners (61,063 units
      issued and outstanding)                                  7,299          7,240
                                                                            $ 7,395


                See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>
b)

                       UNITED INVESTORS INCOME PROPERTIES

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

<TABLE>
<CAPTION>

                                                               Three Months Ended
                                                                    March 31,
                                                                2002          2001
Revenues:
<S>                                                            <C>           <C>
   Rental income                                               $ 433         $ 419
   Other income                                                    47            27
       Total revenues                                             480           446

Expenses:
   Operating                                                      185           183
   General and administrative                                      47            34
   Depreciation                                                   103            98
   Property taxes                                                  39            42
       Total expenses                                             374           357

Net income                                                     $ 106          $ 89

Net income allocated to general partner (1%)                    $ 1           $ 1
Net income allocated to limited partners (99%)                    105            88

                                                               $ 106          $ 89

Net income per limited partnership unit                        $ 1.72        $ 1.44

Distributions per limited partnership unit                     $ 1.34        $ 4.63

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
c)

                       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                  --            (1)         (82)         (83)

Net income for the three months
   ended March 31, 2002                    --             1          105          106

Partners' (deficit) capital
   at March 31, 2002                   61,063        $ (59)      $ 7,299      $ 7,240

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
d)
                       UNITED INVESTORS INCOME PROPERTIES

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                      March 31,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net income                                                     $ 106        $ 89
  Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation                                                   103           98
     Change in accounts:
      Receivables and deposits                                       (2)           3
      Other assets                                                  (15)          (4)
      Accounts payable                                                5            7
      Tenant security deposit liabilities                            (2)          (2)
      Accrued property taxes                                         23           29
      Other liabilities                                             (56)         (29)

              Net cash provided by operating activities             162          191

Cash flows used in investing activities:
  Property improvements and replacements                            (38)         (40)

Cash flows used in financing activities:
  Distributions to partners                                         (83)        (286)

Net increase (decrease) in cash and cash equivalents                 41         (135)

Cash and cash equivalents at beginning of period                    228          332

Cash and cash equivalents at end of period                       $ 269        $ 197

                See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>
e)
                       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 month  period ended March 31,  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 three months ended March 31, 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  $25,000 and
$23,000 for the three months ended March 31, 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  $34,000 and $11,000 for the
three months ended March 31, 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 March 31, 2002,  the limited  partners  had not received  their
priority return.  Therefore,  the commission is included in other liabilities at
March 31, 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 three months ended March 31,
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 three months ended March 31, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001

      Bronson Place Apartments                      92%        90%
         Mountlake Terrace, Washington
      Meadow Wood Apartments                        92%        92%
         Medford, Oregon
      Defoors Crossing Apartments                   95%        92%
         Atlanta, Georgia

The General  Partner  attributes  the  increased  occupancy at Defoors  Crossing
Apartments to a more aggressive  pricing  approach used during the first quarter
of 2002.

Results of Operations

The  Partnership  realized  net income of  approximately  $106,000 for the three
months ended March 31, 2002, compared to net income of approximately $89,000 for
the three months  ended March 31, 2001.  The increase in net income is due to an
increase in total revenues partially offset by an increase in total expenses.

Total revenues increased for the three months period ended March 31, 2002 due to
an increase in rental and other income. Rental income increased primarily due to
an  increase  in  average  rental  rates  at  Bronson  Place  and  Meadow  Woods
Apartments,  an  increase in  occupancy  at Bronson  Place and Defoors  Crossing
Apartments, and increased month-to-month rental fees at all of the Partnership's
investment   properties.   Other  income  increased  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.

Total  expenses  increased  for the three month  period ended March 31, 2002 due
primarily  to  increased  general  and  administrative  expenses.   General  and
administrative  expenses  increased  primarily  due to  increases in the cost of
services included in the management  reimbursements  paid to the General Partner
as  allowed  under  the  Partnership   Agreement  partially  offset  by  reduced
professional expenses.  Also included in general and administrative  expenses at
both March 31, 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.

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 expense.  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  March  31,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $269,000  compared to  approximately  $197,000 at March 31, 2001.
Cash and cash equivalents  increased by approximately $41,000 since December 31,
2001, due to  approximately  $162,000 of cash provided by operating  activities,
which was partially  offset by  approximately  $83,000 of cash used in financing
activities and approximately $38,000 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  three  months  ended  March  31,  2002,   the   Partnership   spent
approximately  $14,000 on capital  improvements  at  Bronson  Place  Apartments,
consisting  primarily of floor covering  replacements.  These  improvements were
funded from cash flow from operations. For 2002, the amount budgeted for capital
improvements is approximately  $26,000,  consisting  primarily of floor covering
replacements and appliances.  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  three  months  ended  March  31,  2002,   the   Partnership   spent
approximately  $10,000  on  capital  improvements  at  Meadow  Wood  Apartments,
consisting primarily of appliance  replacements.  These improvements were funded
from cash flow from  operations.  For 2002,  the  amount  budgeted  for  capital
improvements is approximately $31,000,  consisting primarily of air conditioning
unit  replacements,  appliance  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  three  months  ended  March  31,  2002,   the   Partnership   spent
approximately  $14,000 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.  For 2002, the
amount budgeted for capital  improvements is approximately  $30,000,  consisting
primarily of carpet 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 three months ended
March 31, 2002 and 2001 (in thousands, except per unit data):

                  Three Months     Per Limited      Three Months     Per Limited
                     Ended         Partnership         Ended         Partnership
                 March 31, 2002        Unit        March 31, 2001        Unit

Operations            $ 83            $ 1.34           $ 286            $ 4.63

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.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 20,756 limited partnership
units in the Partnership  representing 33.99% of the outstanding units. 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 make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. 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. When voting on matters, AIMCO would in all
likelihood  vote the units it acquired in a manner  favorable to the interest of
the General Partner because of its affiliation with the General Partner.



<PAGE>


                           PART II - OTHER INFORMATION



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K filed  during the quarter  ended March 31,
                  2002:

                  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.
                                          Its General Partner


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


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President
                                          and Controller


                                    Date: