FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(Mark One)

x ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
OF 1934

For the fiscal year ended December 31, 1998

                                       OR

o 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: 0-28370


                 WNC HOUSING TAX CREDIT FUND IV, L.P. - Series 2

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

California                                                   33-0596399


              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626

                                 (714) 662-5565

           Securities registered pursuant to Section 12(b) of the Act:

Title of Securities                             Exchanges on which Registered

NONE                                            NOT APPLICABLE



           Securities registered pursuant to section 12(g) of the Act:

UNITS OF LIMITED PARTNERSHIP INTEREST
<PAGE>


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulation S-K is not contained  herein,  and will not be contained,
to the best of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part  III of this  Form  10-K or any
amendment to this Form 10-K. x


State the aggregate market value of the voting stock held by  non-affiliates  of
the registrant. Inapplicable.

                       DOCUMENTS INCORPORATED BY REFERENCE

         List hereunder the following documents if incorporated by reference and
the Part of the Form 10-K (e.g.,  Part I, Part II, etc.) into which the document
is  incorporated:  (1) Any annual report to security  holders;  (2) Any proxy or
information  statement;  and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the  Securities Act of 1933.  The listed  documents  should be clearly
described for identification  purposes (e.g.,  annual report to security holders
for fiscal year ended December 24, 1980).

NONE




<PAGE>
PART I.

Item 1.  Business

Organization

WNC  Housing  Tax  Credit  Fund  IV,  L.P.,  Series 2 (the  "Partnership")  is a
California limited  partnership formed under the laws of the State of California
on September 27, 1993 to acquire limited partnership  interests in local limited
partnerships  ("Local Limited  Partnerships")  which own  multifamily  apartment
complexes  that are eligible for low-income  housing  federal income tax credits
(the "Low Income Housing Credit")

The general partner of the Partnership is WNC Tax Credits Partner IV, L.P. ("The
General  Partner").  The  general  partner  of  the  General  Partner  is  WNC &
Associates,  Inc. ("Associates").  The business of the Partnerships is conducted
primarily through  Associates as neither the General Partner nor the Partnership
have employees of their own.

The  Partnership  conducted its public offering  ("Offering")  from July 1994 to
July 1995. 20,000 Units of Limited Partnership  Interests ("Units"),  at a price
of $1,000  per Unit  were  offered.  Since  inception  a total of  15,600  Units
representing  approximately $15,241,000 were sold throughout the offering. Enova
Financial,  Inc. a  California  corporation,  which is not an  affiliate  of the
Partnership or General  Partner,  has purchased  4,000 Units,  which  represents
25.6% of the  Units  outstanding  for the  Partnership.  Enova  Financial,  Inc.
invested  $3,641,000.  A  discount  of  $359,000  was  allowed  due to a  volume
discount. See Item 12(a) in this 10-K.

Holders of Limited  Partnership  Interests  are  referred  to herein as "Limited
Partners."

The  Partnership  has  applied and will apply  funds  raised  through its public
offerings,   including  the  installment   payments  of  the  Limited  Partners'
promissory  notes as received,  to the purchase price and  acquisition  fees and
costs of Local Limited  Partnership  Interests,  reserves,  and expenses of this
Offering.

Description of Business

The Partnership's principal business is to provide its Limited Partners with Low
Income Housing Credits. The Partnership's  principal business therefore consists
of investing as a limited  partner in Local Limited  Partnerships  each of which
will own and  operate an  apartment  complex  ("Apartment  Complex")  which will
qualify for the federal Low Income Housing Credit. In general, under Section 42,
an owner of a low-income  housing  project is entitled to receive the Low Income
Housing  Credit in each year of a ten-year  period (the  "Credit  Period").  The
Apartment   Complex  is  subject  to  a  fifteen-year   compliance  period  (the
"Compliance Period").

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships ("Local Limited Partnership Interests") or approve the sale
by a Local Limited  Partnership of any Apartment Complex prior to the end of the
applicable  Compliance  Period.  Because  of (i)  the  nature  of the  Apartment
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or  more  years  in the  future,  and  (iii)  the  inability  of the
Partnership  to directly  cause the sale of  Apartment  Complexes by the general
partners  of  the  respective   Local  Limited   Partnerships   ("Local  General
Partners"),  but generally  only to require such Local  General  Partners to use
their  respective best efforts to find a purchaser for the Apartment  Complexes,
it is  not  possible  at  this  time  to  predict  whether  the  liquidation  of
substantially  all  of the  Partnership's  assets  and  the  disposition  of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited

                                       1
<PAGE>

Partnership  ("Partnership  Agreement") will be able to be accomplished promptly
at the end of the 15-year  period.  If a Local Limited  Partnership is unable to
sell an Apartment Complex, it is anticipated that the Local General Partner will
either continue to operate such Apartment  Complex or take such other actions as
the Local  General  Partner  believes  to be in the best  interest  of the Local
Limited  Partnership.  In  addition,  circumstances  beyond  the  control of the
General  Partner may occur during the Compliance  Period which would require the
Partnership to approve the disposition of an Apartment  Complex prior to the end
thereof.

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management  and ownership  multifamily  residential  real estate.  Some of these
risks are that the Low Income Housing Credit could be recaptured and neither the
Partnership's  investments  nor the Apartment  Complexes  owned by Local Limited
Partnerships will be readily marketable. Additionally, there can be no assurance
that the  Partnership  will be able to  dispose  of its  interest  in the  Local
Limited  Partnerships  at the end of the  Compliance  Period.  The  value of the
Partnership's  investments  could be subject to  changes in  national  and local
economic conditions,  including unemployment  conditions,  which could adversely
impact vacancy levels, rental payment defaults and operating expenses.  This, in
turn,  could  substantially  increase  the  risk  of  operating  losses  for the
Apartment Complexes and the Partnership. The Apartment Complexes will be subject
to loss through  foreclosure.  In addition,  each Local Limited  Partnership  is
subject to risks relating to  environmental  hazards which might be uninsurable.
Because the Partnership's ability to control its operations will depend on these
and other  factors  beyond the  control  of the  General  Partner  and the Local
General Partners,  there can be no assurance that Partnership operations will be
profitable or that the  anticipated Low Income Housing Credits will be available
to Limited Partners.

The Apartment  Complexes  owned by the Local Limited  Partnerships  in which the
Partnership has invested or is expected to invest were or are being developed by
the Local  General  Partners who  acquired the sites and applied for  applicable
mortgages and  subsidies.  The  Partnership  became or will become the principal
limited  partner in these Local Limited  Partnerships  pursuant to  arm's-length
negotiations  with  the  Local  General  Partners.  As a  limited  partner,  the
Partnership's  liability for  obligations  of the Local Limited  Partnership  is
limited  to its  investment.  The Local  General  Partner  of the Local  Limited
Partnership retains  responsibility for developing,  constructing,  maintaining,
operating and managing the Apartment Complex.

As of December 31,  1998,  the  Partnership  had  invested in  twenty-two  Local
Limited Partnerships. Each of these Local Limited Partnerships owns an Apartment
Complex that is or is expected to be eligible for the Low Income Housing Credit.
All of the Local  Limited  Partnerships  also benefit from  government  programs
promoting low or moderate-income housing.

Following is recap of the status of the twenty-two  Apartment Complexes owned by
the  twenty-two   Limited   Partnerships   invested  in  or  identified  by  the
Partnership:

                                         Construction                Under
                                    or Rehabilitation         Construction
                                            Completed    or Rehabilitation

Properties acquired by 12/31/98                    21                    1
                                       2
<PAGE>

The  following  is a schedule  of the status as of  December  31,  1997,  of the
Apartment  Complexes owned by Local  Partnerships in which the Partnership was a
limited partner as of December 31, 1998:


            SCHEDULE OF PROJECTS OWNED BY LOCAL LIMITED PARTNERSHIPS
                   IN WHICH THE PARTNERSHIP HAS AN INVESTMENT
                             AS OF DECEMBER 31, 1998

                                        Number                    Percentage of
                                           of    Units      Units   Total Units
NAME & Location                          Apts.  Completed  Occupied    Occupied

APT HOUSING OF EAST BREWTON              40          0          0         0%
   East Brewton, (Escambia) Alabama
AUTUMN TRACE                             58         58         58       100%
  Silsbee (Hardin Co.) Texas
BROKEN BOW                               16         16         14        88%
  Broken Bow (Custer Co.), Nebraska
CHADWICK                                 48         48         48       100%
  Eden, (Rockingham Co.) N.C.
COMANCHE                                 22         22         22       100%
  Comanche (Comanche Co.) Texas
CROSSINGS                               114        114        105        92%
  Portage, Michigan
E.W.                                     16         16         13        81%
  Evansville (Rock Co.) Wisconsin
GARLAND                                  18         18         18       100%
  Malvern (Hot Spring Co.)Arkansas
HEREFORD                                 28         28         28       100%
  Hereford, (Deaf Smith Co.) Texas
HICKORY LANE                             24         24         23        96%
  Newton (Newton Co.) Texas
HONEYSUCKLE                              48         48         47        98%
  Vidor (Orange Co.) Texas
KLIMPEL MANOR                            59         59         59       100%
  Fullerton (Orange Co.) CA
LA MESA                                  24         24         23        96%
  Lamesa (Dawson Co.),
Texas
LAREDO HEIGHTS APTS                      48         48         47        98%
  Navasto, Texas
MOUNTAINVIEW                             24         24         23        96%
  North Wilkesboro (Wilkes Co.) N.C.
PALESTINE                                42         42         42       100%
  Palestine (Anderson Co.) Texas
PECAN                                    32         32         32       100%
  Forrest City (St. Francis Co.) AR
PIONEER                                 112        112        110        98%
  Bakersfield (Kern Co.) California
SIDNEY APARTMENTS I                      18         18         14        78%
   Omaha, Nebraska
SOUTHCOVE                                54         54         54       100%
  Orange Cove (Fresno Co.) CA
WALNUT BEND                              24         24         24       100%
  Buna (Jasper Co.) Texas
WAUKEE II                                23         23         23       100%
  Waukee (Dallas Co.) Iowa
                                     ======     ======     ======     ======
                                        892        852        827        93%
                                     ======     ======     ======     ======

                                       3
<PAGE>

Item 2.  Properties

Through its  investment  in Local Limited  Partnerships  the  Partnership  holds
interests in Apartment Complexes.  See Item 1 for information  pertaining to the
Apartment Complexes.

Item 3.  Legal Proceedings

NONE.

Item 4.  Submission of Matters to a Vote of Security Holders

NONE.

PART II.

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters
Item 5a.
(a) The Units are not traded on a public exchange but were sold through a public
offering.  It is not  anticipated  that any public  market will  develop for the
purchase  and  sale  of  any  Unit.  Units  can  be  assigned  only  if  certain
requirements in the Partnerships Agreement of Limited Partnership  ("Partnership
Agreement") are satisfied.

(b) At December 31, 1998, there were 840 Limited Partners.

(c) The  Partnership was not designed to provide cash  distributions  to Limited
Partners  in  circumstances   other  than  refinancing  or  disposition  of  its
investments in Local Limited  Partnerships.  c) The Partnership was not designed
to provide cash  distributions to Limited  Partners in circumstances  other than
refinancing or disposition of its investments in Local Limited Partnerships. The
Limited Partners received Low Income Housing Credits per Unit as follows:

                                         1998        1997           1996
                                         ----        ----           ----
       Federal                           $124        $113           $105

Item 6.  Selected Financial Data

         OMITTED
         Note  to  Reader.  Some  of  the  limited  partnerships  in  which  the
         Partnership has investments have yet to provide final audited financial
         statements  and other  information  as required  under the terms of the
         respective partnership agreements.  That information is critical to the
         completion of the  Partnership's  required  disclosures  in this Annual
         Report on Form 10K,  including  information on the underlying  property
         investments,   the  Partnership's  financial  statements  and  required
         supplementary  schedules.  Every  effort is being  made to obtain  this
         information and the registrant will file an amended Form 10K as quickly
         as possible.
                                       4
<PAGE>
Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operation

         OMITTED
         See the Note to Reader in Part II, Item 6.

Impact of Year 2000

The General  Partner has assessed the  Partnership's  exposure to date sensitive
computer  systems that may not be operative  subsequent  to 1999. As a result of
this  assessment,  the  General  Partner  has  executed a plan to  minimize  the
Partnership's  exposure to financial loss and/or  disruption of normal  business
operations  that may  occur  as a result  of Year  2000  non-compliant  computer
systems.

Business Computer Systems

These systems include both computer hardware and software  applications relating
to operations such as financial reporting. The Partnership does not maintain its
own systems and thus utilizes the computer systems of the General  Partner.  The
General Partner  developed a compliance  plan for each of its business  computer
systems,  with  particular  attention  given to  critical  systems.  The General
Partner  contracted  with an outside  vendor to  evaluate,  test and repair such
systems.  The assessment  consisted of determining the compliance with Year 2000
of critical  computer hardware and software.  Incidences of non-compliance  were
found with respect to computer  software  applications  and were corrected.  The
vendor found no instances of non-compliance with respect to computer hardware.

The Local General  Partners and/or property  management  companies  maintain the
business  computer  systems that relate to the  operations  of the Local Limited
Partnerships.  The  General  Partner is in the  process of  obtaining  completed
questionnaires   from  such  Local  General  Partners  and  property  management
companies to assess their  respective Year 2000  readiness.  The General Partner
intends to  identify  those  Local  General  Partners  and  property  management
companies  that have systems  critical to the  operations  of the Local  Limited
Partnerships that are not Year 2000 compliant.  For those Local General Partners
and property  management  companies which have business  computer  systems which
will not be Year 2000 compliant prior to December 31, 1999 and where the lack of
such  compliance  is  determined  to have a  potential  material  effect  on the
Partnership's financial condition and results of operations, the General Partner
intends  to  develop  contingency  plans  which may  include  changing  property
management companies.

Outside Vendors

The General  Partner has obtained  assurances  from its  suppliers of electrical
power and banking and telecommunication services that their critical systems are
all Year 2000 compliant.  There exists,  however,  inherent uncertainty that all
systems of outside vendors or other third parties on which the General  Partner,
and thus the Partnership, and the Local General Partners and property management
companies,  and thus the  Local  Limited  Partnerships,  rely  will be Year 2000
compliant. Therefore, the Partnership remains susceptible to the consequences of
third party critical computer systems being non-compliant.

Personal Computers

The General  Partner has  determined  that its  personal  computers  and related
software critical to the operations of the Partnership are Year 2000 compliant.

 

                                      5
<PAGE>
Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

         NONE.

Item 8.  Financial Statements and Supplementary Data

         OMITTED
         See the Note to Reader in Part II, Item 6.

Item  9.  Changes  in and  Disagreements  With  Accountants  on  Accounting  and
Financial Disclosure

          (a)(1) (i) On December 16, 1998,  Corbin & Wertz,  Irvine,  California
          was dismissed as the Partnership's principal independent accountant.

               (ii) The  reports  of  Corbin & Wertz  respecting  the  financial
          statements of the  Partnership did not contain an adverse opinion or a
          disclaimer of opinion, nor were any such reports qualified or modified
          as to uncertainty,  audit scope, or accounting  principles,  as of and
          for the years ended December 31, 1997 and 1996.

               (iii) The  decision  to change  accountants  was  approved by the
          board of directors of the General Partner.

               (iv)  During the last two  fiscal  years and  subsequent  interim
          period of the Partnership there were no disagreements between Corbin &
          Wertz and the  Partnership  on any matter of accounting  principles or
          practices,  financial  statement  disclosure,  or  auditing  scope  or
          procedure of the nature described in Item  304(a)(1)(iv) of Securities
          and Exchange Commission Regulation S-K.

               (v)  During  the last two  fiscal  years and  subsequent  interim
          period  of the  Partnership  there  were no  reportable  events of the
          nature  described  in Item  304(a)(1)(v)  of  Securities  and Exchange
          Commission Regulation S-K.

          (a)(2) On February 3, 1999, BDO Seidman,  LLP, Costa Mesa,  California
          was engaged as the  Partnership's  principal  independent  accountant.
          During the last two fiscal years and subsequent  interim period of the
          Partnership,   the  Partnership  did  not  consult  BDO  Seidman,  LLP
          regarding (i) either,  the  application of accounting  principles to a
          specified  transaction;  or the type of audit  opinion  that  might be
          rendered on the Partnership's financial statements, or (ii) any matter
          that  was  the  subject  of  a   disagreement   (as  defined  in  Item
          304(a)(1)(iv) of Securities and Exchange Commission Regulation S-K) or
          was a reportable event (as defined in Item  304(a)(1)(v) of Securities
          and Exchange Commission Regulation S-K).

                                       6
<PAGE>

PART III.

Item 10.  Directors and Executive Officers of the Registrant

The Partnership has no directors or executive officers of its own. The following
biographical  information is presented for the directors and executive  officers
of Associates which has principal responsibility for the Partnership's affairs.

Directors and Executive Officers of WNC & Associates, Inc.

     The  directors of WNC &  Associates,  Inc. are Wilfred N. Cooper,  Sr., who
serves as Chairman of the Board, John B. Lester,  Jr., David N. Shafer,  Wilfred
N.  Cooper,  Jr.  and  Kay  L.  Cooper.  The  principal  shareholders  of  WNC &
Associates, Inc. are Wilfred N. Cooper, Sr. and John B. Lester, Jr.

     Wilfred N. Cooper, Sr., age 68, is the founder, Chief Executive Officer and
a Director of WNC & Associates, Inc., a Director of WNC Capital Corporation, and
a general partner in some of the programs  previously  sponsored by the Sponsor.
Mr.  Cooper  has  been  involved  in  real  estate  investment  and  acquisition
activities  since 1968.  Previously,  during  1970 and 1971,  he was founder and
principal of Creative  Equity  Development  Corporation,  a predecessor of WNC &
Associates,  Inc., and of Creative Equity Corporation,  a real estate investment
firm.  For 12  years  prior  to  that,  Mr.  Cooper  was  employed  by  Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

     John B. Lester,  Jr., age 65, is  President,  a Director,  Secretary  and a
member of the Acquisition Committee of WNC & Associates, Inc., and a Director of
WNC Capital  Corporation.  Mr. Lester has 27 years of experience in  engineering
and construction and has been involved in real estate investment and acquisition
activities since 1986 when he joined the Sponsor. Previously, he was Chairman of
the Board and Vice President or President of E & L Associates,  Inc., a provider
of engineering and construction  services to the oil refinery and  petrochemical
industries which he co-founded in 1973. Mr. Lester graduated from the University
of Southern  California in 1956 with a Bachelor of Science  degree in Mechanical
Engineering.

     Wilfred N. Cooper, Jr., age 36, is Executive Vice President, a Director
and a member  of the  Acquisition  Committee  of WNC &  Associates,  Inc.  He is
President of, and a registered principal with, WNC Capital Corporation, a member
firm of the NASD, and is a Director of WNC Management, Inc. He has been involved
in investment and  acquisition  activities  with respect to real estate since he
joined  the  Sponsor in 1988.  Prior to this,  he served as  Government  Affairs
Assistant with Honda North America in Washington, D.C. Mr. Cooper is a member of
the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an Alternate
Director of NAHB.  He  graduated  from The  American  University  in 1985 with a
Bachelor of Arts degree.
                                     7
<PAGE>
     David N.  Shafer,  age 46, is Senior Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.
 
     Michael L. Dickenson,  age 42, is Vice President - Finance, Chief Financial
Officer and a member of the Acquisition Committee of WNC & Associates,  Inc. and
Chief  Financial  Officer of WNC  Management,  Inc.  He has been  involved  with
acquisition  and investment  activities  with respect to real estate since 1985.
Prior to joining  the Sponsor in March 1999,  he was the  Director of  Financial
Reporting at  TrizecHahn  Centers  Inc., a developer  and operator of commercial
real estate, from 1995 to 1999, a Senior Manager with E&Y Kenneth Leventhal Real
Estate  Group,  Ernst & Young,  LLP,  from 1988 to 1995,  and Vice  President of
Finance with Great Southwest Companies, a commercial and residential real estate
developer,  from  1985 to  1988.  Mr.  Dickenson  is a member  of the  Financial
Accounting  Standards  Committee  for the  National  Association  of Real Estate
Companies  and the American  Institute of Certified  Public  Accountants,  and a
Director of HomeAid Southern California,  a charitable  organization  affiliated
with the building industry. He graduated from Texas Tech University in 1978 with
a Bachelor of Business  Administration - Accounting  degree,  and is a Certified
Public Accountant.

     Thomas J. Riha, age 44, is Vice  President - Asset  Management and a member
of the Acquisition Committee of WNC & Associates,  Inc. and a Director and Chief
Executive  Officer  of WNC  Management,  Inc.  Mr.  Riha  has been  involved  in
acquisition  and investment  activities  with respect to real estate since 1979.
Prior to joining the  Sponsor in 1994,  Mr.  Riha was  employed by Trust  Realty
Advisor, a real estate acquisition and management company,  last serving as Vice
President - Operations. Mr. Riha graduated from the California State University,
Fullerton  in 1977 with a  Bachelor  of Arts  degree  (cum  laude)  in  Business
Administration  with a  concentration  in Accounting  and is a Certified  Public
Accountant  and  a  member  of  the  American   Institute  of  Certified  Public
Accountants.

     Sy P.  Garban,  age  53,  is  Vice  President  -  National  Sales  of WNC &
Associates, Inc. and has been employed by the Sponsor since 1989. Mr. Garban has
been involved in real estate investment  activities since 1978. Prior to joining
the Sponsor he served as Executive  Vice  President by MRW,  Inc., a real estate
development  and management  firm.  Mr. Garban is a member of the  International
Association of Financial  Planners.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

     N.  Paul  Buckland,  age 36,  is Vice  President  -  Acquisitions  of WNC &
Associates,   Inc.  He  has  been  involved  in  real  estate  acquisitions  and
investments  since 1986 and has been employed with WNC & Associates,  Inc. since
1994.  Prior to that, he served on the development team of the Bixby Ranch which
constructed  apartment  units  and  Class  A  office  space  in  California  and
neighboring states, and as a land acquisition  coordinator with Lincoln Property
Company where he identified and analyzed multi-family developments. Mr. Buckland
graduated from California State University, Fullerton in 1992 with a Bachelor of
Science degree in Business Finance.

                                       8
<PAGE>

     David Turek,  age 44, is Vice President - Originations of WNC & Associates,
Inc. He has been involved  with real estate  investment  and finance  activities
since 1976 and has been employed by WNC & Associates, Inc. since 1996. From 1995
to 1996,  Mr.  Turek served as a  consultant  for a national Tax Credit  sponsor
where he was  responsible  for on-site  feasibility  studies  and due  diligence
analyses of Tax Credit  properties.  From 1990 to 1995,  he was  involved in the
development  of  conventional  and  tax  credit  multi-family  housing.  He is a
Director with the Texas Council for Affordable  Rural Housing and graduated from
Southern Methodist University in 1976 with a Bachelor of Business Administration
degree.

     Kay L. Cooper, age 62, is a Director of WNC & Associates,  Inc. Mrs. Cooper
was the founder and sole proprietor of Agate 108, a manufacturer and retailer of
home  accessory  products,  from 1975 until 1998.  She is the wife of Wilfred N.
Cooper,  Sr.,  the mother of Wilfred  N.  Cooper,  Jr. and the sister of John B.
Lester,  Jr. Ms. Cooper graduated from the University of Southern  California in
1958 with a Bachelor of Science degree.

Item 11.  Executive Compensation

The Partnership has no officers,  employees,  or directors.  However,  under the
terms of the  Partnership  Agreement the Partnership is obligated to the General
Partner or Associates for the following fees:

(a)  Selection  fees in an  amount  equal  to 8% of the  gross  proceeds  of the
Partnerships'   Offering   ("Gross   Proceeds").   Through  December  31,  1998,
approximately $1,059,000 of selection fees had been incurred by the Partnership,

(b) A  nonaccountable  expense  reimbursement  in an amount equal to 2% of Gross
Proceeds.  Through December 31, 1998,  approximately  $312,000 of nonaccountable
expense reimbursement has been incurred the Partnership.

(c) An annual  asset  management  fee in an amount  equal to the  greater of (i)
$2,000  for each  Apartment  Complex  or (ii)  0.275% of gross  proceeds.  Asset
management  fees  of$42,900  $42,900 and $42,900 were incurred  during the years
ended December 31, 1998, 1997 and 1996, respectively.

(d) A  subordinated  disposition  fee in an amount equal to 1% of the sale price
received in connection  with the sale or disposition of an Apartment  Complex or
interest in a Local Limited Partnership.  Subordinated  disposition fees will be
subordinated to the prior return of the Limited Partners' capital  contributions
and  payment  of the  return  on  investment  (as  defined  in  Article I of the
Partnership  Agreement),  which  includes  Low Income  Housing  Credits,  to the
Limited  Partners.  Through  December  31,  1998,  no  disposition  fee had been
incurred by the Partnerships.

(e) The General  Partner was  allocated Low Income  Housing  Credits of $19,605,
$17,850 and $16,603 for the years ended December 31, 1998, 1997 and 1996.

                                       9
<PAGE>

Item 12.  Security Ownership of Certain Beneficial Owners and Management

         Security Ownership of Certain Beneficial Owners(1)

(1)  a)  Security Ownership of Certain Beneficial Owners
         The following is only person known to own  beneficially in excess of 5%
of the outstanding Limited Partnership Interests:

                        Name and Address            Amount and
Title of Class          of Beneficial Owner         Nature of           Percent
                                                    Beneficial Owner   of Class
-------------------------------------------------------------------------------
Units of Limited        Enova Financial , Inc.      4,000 units          25.6%
Partnership Interests   P.O. Box 126943
                        San Diego, CA  92113-6943


(b)      Security Ownership of Management

         Neither  the General  Partner,  Associates  nor any of the  officers or
directors of Associates  own directly or  beneficially  any limited  partnership
interests in the Partnership.

(c)      Changes in Control

         The  management  and control of the General  Partners may be changed at
any time in accordance with their respective organizational  documents,  without
the consent or approval of the Limited  Partners.  In addition,  the Partnership
Agreement  provides for the  admission of one or more  additional  and successor
General Partners in certain circumstances.

         First,   with  the  consent  of  any  other  General   Partners  and  a
majority-in-interest  of the Limited Partners, any General Partner may designate
one or more persons to be successor or additional General Partners. In addition,
any General Partner may, without the consent of any other General Partner or the
Limited  Partners,  (I)  substitute  in its stead as General  Partner any entity
which has, by merger, consolidation or otherwise,  acquired substantially all of
its  assets,  stock or other  evidence  of equity  interest  and  continued  its
business,  or (ii) cause to be admitted to the Partnership an additional General
Partner or Partners if it deems such  admission  to be necessary or desirable so
that the  Partnership  will be classified a partnership  for Federal  income tax
purposes. Finally, a majority-in-interest of the Limited Partners may at anytime
remove the General  Partner of the  Partnership  and elect a  successor  General
Partner

Item 13.  Certain Relationships and Related Transactions

         WNC & Associates,  Inc. All of the Partnership's affairs are managed by
the General  Partner,  through  Associates.  The  transactions  with the General
Partner and Associates are primarily in the form of fees paid by the Partnership
for  services  rendered to the  Partnership,  as discussed in Item 11 and in the
notes to the accompanying financial statements.

                                       10
<PAGE>

PART IV.

Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

         OMITTED
         See the Note to Reader in Part II, Item 6.
Exhibits
(3): Articles of incorporation and by-laws:  The registrant is not incorporated.
The  Partnership  Agreement is included as Exhibit B to the Prospectus  which is
included in  Post-Effective  No 11 to Registration  Statement on Form S-11 dated
May 24,  1995  incorporated  herein by  reference  as Exhibit  3. (10)  Material
contracts:  10.1  Amended  and  Restated  Agreement  of Limited  Partnership  of
Chadwick  Limited  Partnership  filed as exhibit 10.1 to Form 8-K dated July 22,
1994 is hereby incorporated herein by reference as exhibit 10.1.

10.2 Second  Amended and Restated  Agreement of Limited  Partnership  of Garland
Street Limited Partnership filed as exhibit 10.2 to Form 8-K dated July 22, 1994
is hereby incorporated herein by reference as exhibit 10.2

10.3 Amended and Restated  Agreement of Limited  Partnership  of Lamesa  Seniors
Community,  Ltd. filed as exhibit 10.3 to Form 8-K dated July 22, 1994 is hereby
incorporated herein by reference as exhibit 10.3.

10.4 Amended and Restated Agreement of Limited  Partnership of Palestine Seniors
Community,  Ltd. filed as exhibit 10.4 to Form 8-K dated July 22, 1994 is hereby
incorporated herein by reference as exhibit 10.4.

10.5 Second Amended and Restated  Agreement of Limited  Partnership of Southcove
Associates  filed as  exhibit  10.1 to Form 8-K  dated  August 8, 1994 is hereby
incorporated herein by reference as exhibit 10.5.

10.6 Third Amended and Restated  Agreement of Limited  Partnership  of Southcove
Associates  d. filed as exhibit  10.2 to Form 8-K dated August 8, 1994 is hereby
incorporated herein by reference as exhibit 10.6.

10.7  Amended  and  Restated  Agreement  of  Limited   Partnership  of  Comanche
Retirement Village, Ltd. filed as exhibit 10.1 to Form 8-K dated August 31, 1994
is hereby incorporated herein by reference as exhibit 10.7.

10.8  Amended and  Restated  Agreement of Limited  Partnership  of  Mountainview
Apartments Limited Partnership filed as exhibit 10.1 to Form 8-K dated September
21, 1994 is hereby incorporated herein by reference as exhibit 10.8.

10.9 Second Amendment to Amended and Restated  Agreement of Limited  Partnership
of Mountainview Apartments Limited Partnership filed as exhibit 10.2 to Form 8-K
dated September 21, 1994 is hereby  incorporated  herein by reference as exhibit
10.9.

                                       11
<PAGE>

10.10  Amended and  Restated  Agreement  of Limited  Partnership  of Pecan Grove
Limited  Partnership  filed as exhibit 10.3 to Form 8-K dated September 21, 1994
is hereby incorporated herein by reference as exhibit 10.10.

10.11 Second Amendment to Amended and Restated Agreement of Limited  Partnership
of Pecan  Grove  Limited  Partnership  filed as  exhibit  10.4 to Form 8-K dated
September 21, 1994 is hereby incorporated herein by reference as exhibit 10.11.

10.12 Second  Amendment to and Entire  Restatement  of the  Agreement of Limited
Partnership of Autumn Trace  Associates,  Ltd. filed as exhibit 10.1 to Form 8-K
dated  October 31, 1994 is hereby  incorporated  herein by  reference as exhibit
10.12.

10.13 Amended and Restated Agreement of Limited  Partnership of EW , a Wisconsin
Limited  Partnership filed as exhibit 10.2 to Form 8-K dated October 31, 1994 is
hereby incorporated herein by reference as exhibit 10.13.

10.14 Agreement of Limited  Partnership of Klimpel Manor,  Ltd. filed as exhibit
10.3 to Form 8-K  dated  September  21,  1994 is hereby  incorporated  herein by
reference as exhibit 10.14.

10.15  Amended and  Restated  Agreement of Limited  Partnership  of Hickory Lane
Associates  Limited filed as exhibit 10.15 to Form 10-K dated  December 31, 1995
is hereby incorporated herein by reference as exhibit 10.15.

10.16 Amended and Restated Agreement of Limited Partnership of Honeysuckle Court
Associates,  Ltd. filed as exhibit 10.16 to Form 10-K dated December 31, 1995 is
hereby incorporated herein by reference as exhibit 10.16.

10.17  Amended and  Restated  Agreement  of Limited  Partnership  of Walnut Turn
Associates,  Ltd. filed as exhibit 10.17 to Form 10-K dated December 31, 1995 is
hereby incorporated herein by reference as exhibit 10.17.


 Reports on Form 8-K

Current  report  on Form 8-K  Report  of  Unscheduled  Material  Event was filed
December 22, 1998 to report changes in principal independent accountants.

                                       12
<PAGE>

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

WNC HOUSING TAX CREDIT FUND IV, L.P., Series 2

By:  WNC Tax Credit Partners IV, L.P.         
     General Partner of the Registrant
Date: April 14, 1999

By:  WNC & Associates, Inc.                   
     General Partner of WNC Tax Credit Partners IV, L.P.
Date: April 14, 1999


By:/s/ John B. Lester, Jr
-----------------------------------------------------
John B. Lester, Jr.        
President of WNC & Associates, Inc.
Date: April 14, 1999


By: /s/ Michael L. Dickenson
-----------------------------------------------------
Michael L. Dickenson      
Vice-President - Chief Financial Officer of WNC & Associates, Inc.
Date: April 14, 1999


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.


By:  /s/ Wilfred N. Cooper, Sr.
-----------------------------------------------------
Wilfred N. Cooper, Sr.     
Director and Chairman of the Board    WNC & Associates, Inc.
Date: April 14, 1999


By: /s/ John B. Lester, Jr.
-----------------------------------------------------
John B. Lester, Jr.       
Director and Secretary of the Board   WNC & Associates, Inc.
Date: April 14, 1999


By:   /s/ David N. Shafer
-----------------------------------------------------
David N. Shafer           
Director       WNC & Associates, Inc.
Date: April 14, 1999

                                       13