SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

(Mark One)

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

                    For the fiscal year ended March 31, 2004

                                       OR

|_| 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: 0-26048

                 WNC HOUSING TAX CREDIT FUND IV, L.P., Series 1
             (Exact name of registrant as specified in its charter)

                  California                                     33-0563307
                (State or other jurisdiction of               (I.R.S. Employer
               incorporation or organization)                Identification No.)

               17782 Sky Park Circle                                  92614-6404
               Irvine, CA                                             (Zip Code)
               (Address of principal executive offices)

                                 (714) 662-5565
                               (Telephone number)

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

                                      NONE

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

                      UNITS OF LIMITED PARTNERSHIP INTEREST
                                (Title of Class)

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
    ---------      ---------



<PAGE>



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|
Indicate by check mark whether the  registrant is an accelerated
filer.
Yes               No      X
    -----------      ----------------

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common  equity,  as of
the last business day of the registrant's most recently  completed second fiscal
quarter.

                                  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





                                       2
<PAGE>



PART I.

Item 1.  Business

Organization

WNC  Housing  Tax  Credit  Fund  IV,  L.P.,  Series 1 (the  "Partnership")  is a
California Limited  Partnership formed under the laws of the State of California
on May 4,  1993.  The  Partnership  was formed to  acquire  limited  partnership
interests or membership  interests in limited  partnerships or limited liability
companies  ("Local  Limited   Partnerships")   which  own  multi-family  housing
complexes  that are  eligible  for Federal  low-income  housing  and, in certain
cases, California low-income housing tax credits ("Low Income Housing Credits").

The general partner of the Partnership is WNC Tax Credit Partners IV, L.P. ("TCP
IV"). The general  partner of TCP IV is WNC & Associates,  Inc.  ("Associates").
The  chairman  and  president  of  Associates  owns  substantially  all  of  the
outstanding  stock of Associates.  The business of the  Partnership is conducted
primarily  through  Associates  as  neither  TCP IV  nor  the  Partnership  have
employees of their own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission,  on October 20, 1993, the Partnership commenced a public offering of
10,000 Units of Limited Partnership Interest ("Units"), at a price of $1,000 per
Unit. The Partnership's  offering terminated on July 19, 1994. A total of 10,000
Limited Partnership Interests representing $10,000,000 had been sold. Holders of
Limited Partnership Interests are referred to herein as "Limited Partners."

The Partnership shall continue to be in full force and effect until December 31,
2050 unless terminated prior to that date pursuant to the partnership  agreement
or law.

Description of Business

The  Partnership's  principal  business  objective  is to  provide  its  Limited
Partners with Low Income Housing Credits.  The Partnership's  principal business
therefore  consists of investing as a limited partner or non-managing  member in
Local  Limited  Partnerships  each of which  owns and  operates  a  multi-family
housing  complex  (the  "Housing  Complexes")  which  qualify for the Low Income
Housing Credits.  In general,  under Section 42 of the Internal Revenue Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
to reduce  Federal  taxes  otherwise due in each year of a ten-year  period.  In
general,  under Section 17058 of the  California  Revenue and Taxation  Code, an
owner of low-income housing can receive the California Low Income Housing Credit
to be used against  California  taxes  otherwise due in each year of a four-year
period. Each Housing Complex is subject to a fifteen-year compliance period (the
"Compliance  Period"),  and  under  state law may have to be  maintained  as low
income housing for 30 or more years.

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 any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership,  dated May 4, 1993, (the "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 its Housing  Complex,  it is anticipated  that the
local general partner ("Local General  Partner") will either continue to operate
such Housing  Complex or take such other  actions as the Local  General  Partner
believes  to  be  in  the  best  interest  of  the  Local  Limited  Partnership.
Notwithstanding the preceding,  circumstances  beyond the control of the General
Partner or the Local General  Partners may occur during the  Compliance  Period,
which would  require the  Partnership  to approve the  disposition  of a Housing
Complex prior to the end thereof,  possibly resulting in recapture of Low Income
Housing Credits.


                                       3
<PAGE>


As of March 31, 2004, the Partnership  had invested in twenty-one  Local Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible  for the  federal  Low Income  Housing  Credit.  Certain  Local
Limited Partnerships may also benefit from government programs promoting low- or
moderate-income housing.

Certain Risks and Uncertainties

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules  results in the loss of future Low Income  Housing  credits and
the  fractional  recapture  of Low Income  Housing  Credits  already  taken.  An
individual  Limited  Partner's  ability to use tax credits is  limited.  In most
cases,  the  annual  amount of Low Income  Housing  Credits  that an  individual
Limited Partner can use is limited to the tax liability due on the person's last
$25,000 of taxable  income.  Low Income Housing Credits may be the only material
benefit from the  Partnership  because  Limited  Partners may not get back their
capital.  Any  transactions  between  the  Partnership  and  Associates  and its
affiliates will entail conflicts of interest.

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing  Complex  will have a greater  impact on the  Partnership.  With limited
diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income  Housing  Credits,  and a  fractional  recapture  of prior Low
Income Housing Credits,  would occur. At any time, a foreclosure would result in
a loss of the Partnership's  investment in the Housing Complex.  The Partnership
is a limited partner or non-managing  member of each Local Limited  Partnership.
Accordingly,  the  Partnership  will have very  limited  rights with  respect to
management of the Local Limited Partnerships.  The Partnership will rely totally
on the Local General Partners.  Neither the  Partnership's  investments in Local
Limited Partnerships, nor the Local Limited Partnerships' investments in Housing
Complexes,  are readily marketable.  To the extent the Housing Complexes receive
government financing or operating subsidies,  they may be subject to one or more
of the  following  risks:  difficulties  in  obtaining  tenants  for the Housing
Complexes;  difficulties  in  obtaining  rent  increases;  limitations  on  cash
distributions;  limitations  on  sales  or  refinancing  of  Housing  Complexes;
limitations on transfers of interests in Local Limited Partnerships; limitations
on removal of Local  General  Partners;  limitations  on subsidy  programs;  and
possible changes in applicable regulations. Uninsured casualties could result in
loss of property  and Low Income  Housing  Credits and  recapture  of Low Income
Housing Credits  previously  taken. The value of real estate is subject to risks
from fluctuating  economic conditions,  including  employment rates,  inflation,
tax, environmental,  land use and zoning policies,  supply and demand of similar
properties, and neighborhood conditions, among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.

There are limits on the transferability of units, including a prohibition on the
transfer of more than 50% of the Units in a 12-month  period.  No trading market
for the Units exists or is expected to develop.  Limited  Partners may be unable
to sell their Units except at a discount and should consider their Units to be a
long-term investment.  Individual Limited Partners will have no recourse if they
disagree with actions authorized by a vote of the majority of Limited Partners.

Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior low Income Housing Credits.

                                       4
<PAGE>

Anticipated  future and  existing  cash  resources  are not  sufficient  to meet
existing   contractual  cash  obligations.   Substantially  all  of  the  future
contractual  cash  obligations  of the  Partnership  are  payable to the General
Partner.  Though a substantial portion of the amounts contractually obligated to
the  General  Partner  are  contractually  currently  payable,  the  Partnership
anticipates  that the  General  Partner  will not  require  the payment of these
contractual  obligations  until  capital  reserves  are in excess of the  future
foreseeable  working  capital  requirements  of the  Partnership.  However,  the
Partnership is  contractually  required to pay these  obligations to the General
Partner on a current basis. The Partnership  would be adversely  affected should
the General Partner demand current payment of these contractual  obligations and
or suspend services for this or any other reason.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15  years  following   construction  or  rehabilitation   completion.
Associates was one of the first in the industry to offer syndicated  investments
in Low Income  Housing  Credits.  The  initial  programs  are  completing  their
compliance periods.

With that in mind, the Partnership is continuing its review of the Partnership's
holdings,  with special emphasis on the more mature  properties  including those
that have satisfied the IRS compliance  requirements.  The review considers many
factors  including  extended use requirements on the property (such as those due
to mortgage restrictions or state compliance  agreements),  the condition of the
property,  and the tax consequences to the Limited Partners from the sale of the
property.

Upon identifying  those  properties with the highest  potential for a successful
sale,  refinancing  or  syndication,  the  Partnership  expects to proceed  with
efforts to liquidate those properties.  The objective is to maximize the Limited
Partners' return wherever possible and, ultimately, to wind down the Partnership
when it no longer  provides tax  benefits to Limited  Partners.  However,  Local
Limited  Partnership  interests may be disposed at any time by Associates in its
discretion.  To date no  properties  in the  Partnership  have been selected for
disposition.

Item 2.  Properties

Through its investments in Local Limited  Partnerships,  the  Partnership  holds
indirect  ownership  interests in the Housing  Complexes.  The  following  table
reflects the status of the twenty-one Housing Complexes as the dates and for the
periods indicated:



                                       5
<PAGE>


<TABLE>
<CAPTION>
                                                        ----------------------------  ----------------------------------------------
                                                           As of March 31, 2004                   As of December 31, 2003
                                                        ----------------------------  ----------------------------------------------
                                                          Partnership's    Amount of                      Estimated         Mortgage
                                                         Total Investment  Investment                   Aggregate Low    Balances of
   Local Limited                       General Partner   in Local Limited  Paid to     Number          Income Housing  Local Limited
  Partnership Name        Location       Name               Partnership     Date     of Units  Occupancy   Credits (1)  Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>            <C>                  <C>           <C>          <C>    <C>       <C>              <C>
Alpine                    Alpine,        1600 Capital
Manor, L.P.               Texas          Company, Inc.        $ 195,000    $ 195,000     36      86%      $ 394,000       $  900,000

Baycity Village           Baytown,       Green Companies
Apartments,               Texas          Development
Limited                                  Group, Inc.            301,000      301,000     62      97%        629,000        1,428,000
Partnership

Beckwood Manor            Marianna,      Phillips
Seven Limited             Arkansas       Development
Partnership                              Corporation            307,000      307,000     42      100%       636,000        1,372,000

Briscoe Manor             Galena,        McKnight &
Limited                   Maryland       Decoster, Inc.
Partnership                                                     308,000      308,000     31      100%       648,000        1,470,000

Evergreen                 Maynard,       Phillips
Four Limited              Arkansas       Development
Partnership                              Corporation            195,000      195,000     24       88%       402,000          859,000

Fawn Haven                Manchester,    Georg E. Maharg
Limited                   Ohio           and Maharg
Partnership                              Realty, Inc.           167,000      167,000     28      100%       376,000          843,000

Fort Stockton             Ft.Stockton,   1600 Capital
Manor, L.P.               Texas          Company,Inc.           224,000      224,000     36       92%       453,000        1,037,000

Hidden Valley             Gallup, New    Alan Deke
Limited                   Mexico         Noftsker
Partnership                                                     412,000      412,000     40       97%       801,000        1,466,000

HOI Limited               Lenoir,        Housing
Partnership               North          Opportunities,
Of Lenoir                 Carolina       Inc.                   198,000      198,000     34      100%       400,000          512,000

Indian Creek              Bucyrus,       Georg E.
Limited                   Ohio           Maharg
Partnership                                                     306,000      306,000     48       96%       637,000        1,449,000

Laurel Creek              San Luis       San Luis Obispo
Apartments                Obispo,        Non-Profit
                          California     Housing Corp.        1,030,000    1,030,000     24      100%     2,103,000          576,000
</TABLE>

                                       6
<PAGE>



<TABLE>
<CAPTION>
                                                        ----------------------------  ----------------------------------------------
                                                           As of March 31, 2004                   As of December 31, 2003
                                                        ----------------------------  ----------------------------------------------
                                                          Partnership's    Amount of                      Estimated         Mortgage
                                                         Total Investment  Investment                   Aggregate Low    Balances of
   Local Limited                       General Partner   in Local Limited  Paid to     Number          Income Housing  Local Limited
  Partnership Name        Location       Name               Partnership     Date     of Units  Occupancy   Credits (1)  Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>            <C>                  <C>           <C>          <C>    <C>       <C>              <C>
Madisonville              Madisonville   Jean
Manor Senior              Texas          Johnson
Citizens
Complex, Ltd.                                                   174,000      174,000     32      100%       375,000          892,000

Mt. Graham                Safford,       Rural Housing,
Housing, Ltd.             Arizona        Inc.
                                                                410,000      410,000     40       88%       788,000        1,387,000

Northside Plaza           Angleton,      Jean
Apartments, Ltd.          Texas          Johnson                282,000      282,000     48       94%       607,000        1,341,000

Pampa Manor,              Pampa,         1600 Capital
L.P.                      Texas          Company,Inc.           180,000      180,000     32       69%       363,000          834,000

Regency                   Monrovia,      Community
Court                     California     Housing
Partners                                 Assistance
                                         Program,Inc.,
                                         a California
                                         Nonprofit
                                         Corporation          1,692,000    1,690,000    115      100%     3,293,000        4,045,000

Sandpiper                 Aulander,      I. Norwood
Square, a                 North          Stone
Limited                   Carolina
Partnership
                                                                219,000      219,000     24       96%       433,000          934,000

Seneca Falls              Seneca         David R. Bacon
East                      Falls, New     and Frank
Apartments                York           Salvatore
Company II, L.P.
                                                                270,000      270,000     32       94%       360,000          882,000

Vernon                    Vernon,        1600 Capital
Manor, L.P.               Texas          Company, Inc.          177,000      177,000     28      100%       325,000          743,000

Waterford                 Calhoun        Thomas E.
Place, a                  Falls,         Connelly, Jr.,
Limited                   South          TEC Rental
Partnership               Carolina       Properties Inc.,
                                         Warren H.Abernathy,
                                         II and Solid
                                         South, Inc.            272,000      272,000     32      100%       549,000        1,163,000
</TABLE>


                                       7
<PAGE>


<TABLE>
<CAPTION>
                                                        ----------------------------  ----------------------------------------------
                                                           As of March 31, 2004                   As of December 31, 2003
                                                        ----------------------------  ----------------------------------------------
                                                          Partnership's    Amount of                      Estimated         Mortgage
                                                         Total Investment  Investment                   Aggregate Low    Balances of
   Local Limited                       General Partner   in Local Limited  Paid to     Number          Income Housing  Local Limited
  Partnership Name        Location       Name               Partnership     Date     of Units  Occupancy   Credits (1)  Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>            <C>                <C>          <C>            <C>      <C>   <C>              <C>
Yantis                    Yantis,        Charles
Housing, Ltd.             Texas          Cannon Jr.             145,000      145,000     24      100%       287,000          619,000
                                                            ------------ -----------    ---      ----  ------------     ------------

                                                            $ 7,464,000  $ 7,462,000    812       95%  $ 14,859,000     $ 24,752,000
                                                            ============ ============   ===      ====  ============     ============
</TABLE>


(1) Represents  aggregate  anticipated Low Income Housing Credits to be received
over the 10 year credit  period if Housing  Complexes are retained and rented in
compliance with credit rules for the 15-year  compliance  period.  Approximately
87% of the  anticipated  Low Income Housing  Credits have been received from the
Local  Limited  Partnerships  and are no longer  available  to the  Partnerships
Limited Partners.






                                       8
<PAGE>

<TABLE>
<CAPTION>

                                         ---------------------------------------------------------------------------
                                                            For the year ended December 31, 2003
                                         ---------------------------------------------------------------------------
                                                                                           Low Income Housing
                                                                                            Credits Allocated to
            Partnership Name                 Rental Income       Net Income (Loss)             Partnership
--------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>                   <C>                       <C>
Alpine Manor, L.P.                                   $ 122,000             $(15,000)                 99%

Baycity Village Apartments, Limited
Partnership                                            321,000              (31,000)                 99%

Beckwood Manor Seven Limited Partnership               153,000              (64,000)                 95%

Briscoe Manor Limited Partnership                      187,000              (48,000)                 99%

Evergreen Four Limited Partnership                      86,000              (44,000)                 95%

Fawn Haven Limited Partnership                          87,000              (20,000)                 99%

Fort Stockton Manor, L.P.                              136,000              (15,000)                 99%

Hidden Valley Limited Partnership                      188,000              (23,000)                 99%

HOI Limited Partnership Of Lenoir                      150,000              (35,000)                 99%

Indian Creek Limited Partnership                       148,000              (39,000)                 99%

Laurel Creek Apartments                                206,000               19,000                  99%

Madisonville Manor Senior Citizens
Complex, Ltd.                                          122,000               (5,000)                 99%

Mt. Graham Housing, Ltd.                               158,000              (60,000)                 99%

Northside Plaza Apartments, Ltd.                       172,000              (15,000)                 99%

Pampa Manor, L.P.                                       93,000              (21,000)                 99%

Regency Court Partners                                 726,000             (227,000)                 99%


Sandpiper Square, a Limited Partnership                105,000              (15,000)                 99%

Seneca Falls East Apartments Company
II, L.P.                                               152,000              (32,000)               99.98%

Vernon Manor, L.P.                                     107,000               (2,000)                 99%

Waterford Place, a Limited Partnership                 132,000              (39,000)                 99%

Yantis Housing, Ltd.                                    82,000              (17,000)                 99%
                                                    ----------           ----------

                                                    $3,633,000            $(748,000)
                                                    ==========            ==========
</TABLE>

                                       9
<PAGE>


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,  Related Stockholder Matters and
        Issuer Purchases of Equity Securities

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 and  none  exists.  Units  can be
     assigned  only if certain  requirements  in the  Partnership  Agreement are
     satisfied.

(b)  At March 31, 2004, there were 707 Limited Partners and 9 assignees of Units
     who were not admitted as 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.  Any such distributions would be
     made in accordance with the terms of the Partnership Agreement.

(d)  No securities are authorized for issuance by the  Partnership  under equity
     compensation plans.

(e)  No unregistered  securities  were sold by the  Partnership  during the year
     ended March 31, 2004.

Item 5b. Use of Proceeds

NOT APPLICABLE

Item 5c. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

NONE



                                       10
<PAGE>


Item 6.  Selected Financial Data

Selected balance sheet information for the Partnership is as follows:
<TABLE>
<CAPTION>
                                                         March 31
                              ---------------------------------------------------------------

                                 2004         2003         2002         2001         2000
                              -----------  -----------  -----------  -----------  -----------
<S>                         <C>          <C>          <C>          <C>          <C>
ASSETS

Cash and cash equivalents   $    222,356 $    238,047 $    277,292 $    312,214 $    310,214
Investments in limited
  partnerships, net            1,395,876    1,965,138    2,234,002    2,823,846    3,538,899
Due from affiliate                     -            -            -            -       18,407
                              -----------  -----------  -----------  -----------  -----------

                            $  1,618,232 $  2,203,185 $  2,511,294 $  3,136,060 $  3,867,520
                              ===========  ===========  ===========  ===========  ===========
LIABILITIES

Payables to limited                                   $
partnerships                $      2,303 $      2,303        2,303 $      2,303 $      2,303
Accrued fees and expenses
  due to general partner
  and affiliates                 158,992      147,057      134,569      115,667      104,593

PARTNERS' EQUITY               1,456,937    2,053,825    2,374,422    3,018,090    3,760,624
                              -----------  -----------  -----------  -----------  -----------

                            $  1,618,232 $  2,203,185 $  2,511,294 $  3,136,060 $  3,867,520
                              ===========  ===========  ===========  ===========  ===========
</TABLE>
<TABLE>
<CAPTION>

Selected results of operations, cash flows and other information for the Partnership are as follows:

                                          For the Years Ended
                                               March 31
                          ----------------------------------------------------------------

                             2004         2003         2002         2001          2000
                          -----------  -----------  -----------   ----------   -----------

                         <S>          <C>          <C>         <C>          <C>
Loss from operations
(Note 1)                $   (197,156) $   (81,348) $   (78,700)$    (76,146)$      (79,134)
Equity in losses of
  limited
  partnerships              (399,732)    (239,249)    (564,968)    (666,388)      (693,836)
                          -----------  -----------  -----------   ----------   ------------

Net loss                $   (596,888) $  (320,597) $  (643,668)$   (742,534)$     (772,970)
                          ===========  ===========  ===========   ==========   ============

Net loss allocated to:
  General Partner       $     (5,969) $    (3,206) $    (6,437)$     (7,425)$       (7,730)
                          ===========  ===========  ===========   ==========   ============

  Limited Partners      $   (590,919) $  (317,391) $  (637,231)$   (735,109)$     (765,240)
                          ===========  ===========  ===========   ==========   ============

Net loss per limited
  partner unit          $     (59.09) $    (31.74) $    (63.72)$     (73.51)$       (76.52)
                          ===========  ===========  ===========   ==========   ============

Outstanding weighted
  limited partner units       10,000       10,000       10,000       10,000         10,000
                          ===========   ==========  ===========   ==========   ============
</TABLE>

Note 1 - Loss from  operations  for the year  ended  March 31,  2004  includes a
charge for impairment losses on investments in limited partnerships of $124,048.
(See Note 2 to the audited financial statements.)


                                       11
<PAGE>
<TABLE>
<CAPTION>
                                         For the Years Ended
                                              March 31
                          --------------------------------------------------   ------------

                             2004         2003         2002         2001          2000
                          -----------  -----------  -----------   ----------   ------------
<S>                     <C>          <C>          <C>          <C>          <C>
Net cash provided by
  (used in):
  Operating activities  $    (43,185)$    (45,048)$    (35,847)$    (18,169)$      (45,392)
  Investing activities        27,494        5,803          925       20,169         14,256
                          -----------  -----------  -----------   ----------   ------------

Net change in cash and
  cash equivalents           (15,691)     (39,245)     (34,922)       2,000        (31,136)

Cash and cash
  equivalents,
  beginning of period        238,047      277,292      312,214      310,214        341,350
                          -----------  -----------  -----------   ----------   ------------

Cash and cash
  equivalents,
  end of period         $    222,356 $    238,047 $    277,292  $   312,214  $     310,214
                          ===========  ===========  ===========   ==========   ============
</TABLE>
<TABLE>
<CAPTION>
Low Income Housing Credits per Unit were as follows for the years ended December 31:

                                      2003          2002           2001           2000            1999
                                   -----------   ------------   ------------   ------------    ------------

<S>                              <C>           <C>            <C>            <C>             <C>
Federal                          $        119  $         146  $         145  $         149   $         146

State                                       -              -              -              -               -
                                   -----------   ------------   ------------   ------------    ------------

Total                            $        119  $         146  $         145  $         149   $         146
                                   ===========   ============   ============   ============    ============
</TABLE>

Item 7. Management's  Discussion and Analysis of Financial Condition and Results
        of Operations

Forward Looking Statements

With  the  exception  of  the  discussion  regarding   historical   information,
"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations"  and other  discussions  elsewhere in this Form 10-K contain forward
looking statements. Such statements are based on current expectations subject to
uncertainties  and other  factors which may involve known and unknown risks that
could  cause  actual  results  of  operations  to differ  materially  from those
projected or implied. Further, certain forward-looking statements are based upon
assumptions about future events which may not prove to be accurate.

Risks and uncertainties  inherent in forward looking statements include, but are
not  limited  to,  our  future  cash  flows and  ability  to  obtain  sufficient
financing, level of operating expenses, conditions in the low income housing tax
credit property market and the economy in general, as well as legal proceedings.
Historical  results are not necessarily  indicative of the operating results for
any future period.

Subsequent  written and oral forward  looking  statements  attributable to us or
persons  acting on our behalf  are  expressly  qualified  in their  entirety  by
cautionary  statements  in this Form 10-K and in other reports we filed with the
Securities and Exchange  Commission.  The following discussion should be read in
conjunction  with  the  Financial  Statements  and the  Notes  thereto  included
elsewhere in this filing.

Critical Accounting Policies and Certain Risks and Uncertainties

The Company believes that the following  discussion  addresses the Partnership's
most  significant  accounting  policies,  which are the most  critical to aid in
fully understanding and evaluating the Company's reported financial results, and
certain of the Partnership's risks and uncertainties.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements,  and the  reported  amounts of revenues and expenses
during the reporting  period.  Actual results could materially differ from those
estimates.

                                       12
<PAGE>

Method of Accounting For Investments in Limited Partnerships

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnerships'  results of operations
and for any  contributions  made and  distributions  received.  The  Partnership
reviews the  carrying  amount of an  individual  investment  in a Local  Limited
Partnership for possible  impairment whenever events or changes in circumstances
indicate that the carrying  amount of such  investment  may not be  recoverable.
Recoverability  of such investment is measured by the estimated value derived by
management,  generally  consisting  of  the  product  of  the  remaining  future
Low-Income  Housing Credits estimated to be allocable to the Partnership and the
estimated  residual value to the Partnership.  If an investment is considered to
be impaired, the Partnership reduces the carrying value of its investment in any
such Local Limited  Partnership.  The  accounting  policies of the Local Limited
Partnerships,  generally,  are  expected  to be  consistent  with  those  of the
Partnership.  Costs incurred by the Partnership in acquiring the investments are
capitalized  as part of the investment  account and are being  amortized over 30
years (Notes 2 and 3).

Equity in losses of limited  partnerships for each year ended March 31 have been
recorded by the Partnership based on nine months of reported results provided by
the Local  Limited  Partnerships  for each year ended  December  31 and on three
months of results  estimated  by  management  of the  Partnership.  Management's
estimate for the three-month  period is based on either actual unaudited results
reported  by  the  Local  Limited  Partnerships  or  historical  trends  in  the
operations  of the Local Limited  Partnerships.  Equity in losses from the Local
Limited  Partnerships  allocated to the  Partnership  are not  recognized to the
extent that the investment  balance would be adjusted below zero. As soon as the
investment balance reaches zero,  amortization of the related costs of acquiring
the investment are accelerated to the extent of losses available.

Distributions  received from the Local Limited Partnerships are accounted for as
a  reduction  of  the  investment  balance.  Distributions  received  after  the
investment  has reached  zero are  recognized  as income.  If the Local  Limited
Partnerships  report net income in future  years,  the  Partnership  will resume
applying  the equity  method only after its share of such net income  equals the
share of net losses not  recognized  during the  period(s) the equity method was
suspended.

Income Taxes

No provision for income taxes has been  recorded in the financial  statements as
any  liability  and/or  benefits  for income  taxes flows to the partners of the
Partnership and is their obligation and/or benefit.  For income tax purposes the
Partnership reports on a calendar year basis.

Certain Risks and Uncertainties

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules results in the loss of future Low Income  Housing  Credit s and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing Credits that an individual can use
is limited to the tax  liability  due on the  person's  last  $25,000 of taxable
income.  The  Local  Limited  Partnerships  may be  unable  to sell the  Housing
Complexes  at a price  which  would  result in the  Partnership  realizing  cash
distributions or proceeds from the transaction. Accordingly, the Partnership may
be unable to distribute  any cash to its Limited  Partners.  Low Income  Housing
Credits may be the only benefit from an investment in the Partnership.

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing Complex will have a greater impact on the Partnership. With limited


                                     13
<PAGE>

diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income Housing  Credits,  a fractional  recapture of prior Low Income
Housing  Credits,  and a loss of the  Partnership's  investment  in the  Housing
Complex would occur. The Partnership is a limited partner or non-managing member
of each Local Limited Partnership.  Accordingly,  the Partnership will have very
limited rights with respect to management of the Local Limited Partnerships. The
Partnership  will  rely  totally  on the Local  General  Partners.  Neither  the
Partnership's  investments in Local Limited Partnerships,  nor the Local Limited
Partnerships'  investments in Housing Complexes, are readily marketable.  To the
extent  the  Housing  Complexes  receive   government   financing  or  operating
subsidies,  they  may be  subject  to  one  or  more  of  the  following  risks:
difficulties  in obtaining  tenants for the Housing  Complexes;  difficulties in
obtaining  rent  increases;  limitations on cash  distributions;  limitations on
sales or refinancing of Housing Complexes; limitations on transfers of interests
in Local Limited Partnerships; limitations on removal of Local General Partners;
limitations on subsidy programs; and possible changes in applicable regulations.
Uninsured  casualties  could result in loss of property  and Low Income  Housing
Credits and recapture of Low Income Housing Credits  previously taken. The value
of real  estate  is  subject  to risks  from  fluctuating  economic  conditions,
including employment rates, inflation,  tax, environmental,  land use and zoning
policies, supply and demand of similar properties,  and neighborhood conditions,
among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.

Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior low Income Housing Credits.

No trading  market  for the Units  exists or is  expected  to  develop.  Limited
Partners  may be unable to sell  their  Units  except at a  discount  and should
consider their Units to be a long-term  investment.  Individual Limited Partners
will have no recourse if they disagree with actions  authorized by a vote of the
majority of Limited Partners.

To date, certain Local Limited Partnerships have incurred significant  operating
losses and have working capital  deficiencies.  In the event these Local Limited
Partnerships continue to incur significant operating losses,  additional capital
contributions  by the  Partnership  and/or  the  Local  General  Partner  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired, and the loss and recapture of the related tax credits could occur.

Anticipated  future and  existing  cash  resources  are not  sufficient  to meet
existing   contractual  cash  obligations.   Substantially  all  of  the  future
contractual  cash  obligations  of the  Partnership  are  payable to the General
Partner.  Though a substantial portion of the amounts contractually obligated to
the  General  Partner  are  contractually  currently  payable,  the  Partnership
anticipates  that the  General  Partner  will not  require  the payment of these
contractual  obligations  until  capital  reserves  are in excess of the  future
foreseeable  working  capital  requirements  of the  Partnership.  However,  the
Partnership is  contractually  required to pay these  obligations to the General
Partner  and/or its  affiliates on a current  basis.  The  Partnership  would be
adversely  affected should the General Partner and/or  affiliates demand current
payment of these contractual obligations and or suspend services for this or any
other reason.


                                       14
<PAGE>



Financial Condition

The  Partnership's  assets at March 31, 2004 consisted  primarily of $222,000 in
cash  and  aggregate  investments  in  the  21  Local  Limited  Partnerships  of
$1,396,000.  Liabilities at March 31, 2004 were $161,000,  of which $159,000 was
accrued  annual  management  fees and advances due to the General  Partner,  and
$2,000 was a payable to a limited partnership.

Results of Operations

Year  Ended  March  31,  2004   Compared  to  Year  Ended  March  31,  2003  The
Partnership's  net  loss for the  year  ended  March  31,  2004 was  $(597,000),
reflecting an increase of $(276,000) from the net loss  experienced for the year
ended March 31,  2003.  The increase in net loss is due to equity in losses from
limited  partnerships  which  increased by $(161,000) to $(400,000) for the year
ended March 31, 2004 from  $(239,000) for the year ended March 31, 2003.  Equity
in losses  of  limited  partnerships  increased  from the  prior  year due to an
increase of the  write-off  of  acquisition  fees and costs in the current  year
related to the investments that have gone below zero. Additionally, there was an
increase in loss from operations of approximately  $(116,000)  largely due to an
impairment  loss of $(124,000) for the year ended March 31, 2004. The impairment
loss was due to a  certain  limited  partnership  whose net  investment  balance
exceeded the remaining tax credits and residual  value.  The impairment loss was
offset by a decrease in  amortization  of  acquisition  fees and costs of $6,000
along with an increase in income of $3,000 in the current year.

Year  Ended  March  31,  2003   Compared  to  Year  Ended  March  31,  2002  The
Partnership's  net  loss for the  year  ended  March  31,  2003 was  $(321,000),
reflecting  a decrease of $323,000  from the net loss  experienced  for the year
ended  March 31,  2002.  The decline in net loss is  primarily  due to equity in
losses from limited  partnerships  which  declined by $326,000 to $(239,000) for
the year ended March 31, 2003 from $(565,000) for the year ended March 31, 2002.
Equity in losses of  limited  partnerships  decreased  from  prior year due to a
reduction  of the  write-off of  acquisition  fees and costs in the current year
related  to the  investments  that have gone  below  zero.  The equity in losses
decrease  is  also  due to  one of the  Local  Limited  Partnerships  having  an
extraordinary gain of $86,000 in the current year.

Liquidity and Capital Resources

Year Ended  March 31,  2004  Compared to Year Ended March 31, 2003 Net cash used
during the year ended March 31, 2004 was $(16,000) compared to net cash used for
the year ended March 31, 2003 of  $(39,000).  The change was  primarily due to a
$21,000  increase of cash  provided by investing  activities  due to the $21,000
increase in distributions received from limited partnerships.

Year Ended March 31, 2003  Compared to Year Ended March 31, 2002.  Net cash used
during the year ended March 31, 2003 was $(39,000) compared to net cash used for
the year ended March 31, 2002 of  $(35,000).  The change was  primarily due to a
$9,000  increase of cash used for  operating  expenses of which $4,000  resulted
from a decrease  in  interest  income,  offset by an  increase of $5,000 of cash
provided by investing  activities  resulting  from a decrease of  investments in
limited  partnerships of $16,000 from prior year offset by a decrease of $11,000
in distributions from limited partners.

The financial statements of one Local Limited Partnership were prepared assuming
the limited  partnership will continue as a going concern.  The auditor for this
entity has expressed  substantial  doubt as to this entity's ability to continue
as a going concern as a result of the property tax issue  discussed  below.  The
Partnership  had a $0 and $183,195,  remaining  investment in such Local Limited
Partnership at March 31, 2004 and 2003, respectively. The Partnership's original
investment in the Local Limited  Partnership  approximated  $1,691,585.  Through
December 31, 2003,  the Local  Limited  Partnership  has had  recurring  losses,
working capital  deficiencies  and has not been billed for certain  property tax
expenses due since 1994. The Local Limited  Partnership is seeking  abatement or
an extended payment plan to pay down certain of these liabilities;  however,  if
the  Local  Limited  Partnership  is  unsuccessful,  additional  funding  may be
requested from the  Partnership.  In the event the Local Limited  Partnership is
required  to  liquidate  or  sell  its  property,  the  net  proceeds  could  be
significantly less than the carrying value of such property. As of

                                       15
<PAGE>

December 31, 2003 and 2002, the carrying value of such property on the books and
records of the Local Limited  Partnership  totaled  $6,114,888  and  $6,311,179,
respectively.

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2004, to be  sufficient  to meet all  currently  foreseeable
future cash  requirements.  This  excludes  amounts  owed to  Associates  by the
Partnership disclosed below.



Future Contractual Cash Obligations
<TABLE>
<CAPTION>
The following table summarizes our future contractual cash obligations as of March 31, 2004:

                                  2005       2006       2007        2008       2009      Thereafter    Total

                                ---------  ---------  ---------   ---------  ---------  ----------   ----------

<S>                           <C>        <C>        <C>         <C>        <C>        <C>          <C>
Asset Management Fees (1)     $  199,167 $   42,000 $   42,000  $   42,000 $   42,000 $ 1,722,000  $ 2,089,167
Capital Contributions
   Payable to Lower Tier
   Partnerships                    2,000          -          -           -          -           -        2,000
                                ---------  ---------  ---------   ---------  ---------  ----------   ----------
Total contractual cash
   obligations                $  201,167 $   42,000 $   42,000  $   42,000 $   42,000 $ 1,722,000  $ 2,091,167
                                =========  =========  =========   =========  =========  ==========   ==========
</TABLE>
(1)  Asset  Management  Fees  are  payable  annually  until  termination  of the
Partnership,  which is to occur no later than  2050.  The  estimate  of the fees
payable included herein assumes the retention of the  Partnership's  interest in
all Housing Complexes until 2050. Amounts due to the General Partner as of March
31, 2004 have been  included in the 2005  column.  The General  Partner does not
anticipate that these fees will be paid until such time as capital  reserves are
in  excess  of  the  future  foreseeable  working  capital  requirements  of the
Partnership.

For   additional   information  on  our  Asset   Management   Fees  and  Capital
Contributions  Payable  to Lower  Tier  Partnerships,  see  Notes 3 and 4 to the
financial statements included elsewhere herein.

Off-Balance Sheet Arrangements

The Partnership has no off-balance sheet arrangements.

Exit Strategy

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind, we are continuing our review of the  Partnership's  holdings,
with special  emphasis on the more mature  properties  including those that have
satisfied the IRS compliance requirements. Our review will consider many factors
including  extended  use  requirements  on the  property  (such as those  due to
mortgage  restrictions  or state  compliance  agreements),  the condition of the
property,  and the tax consequences to the Limited Partners from the sale of the
property.

Upon identifying  those  properties with the highest  potential for a successful
sale, refinancing or syndication, we expect to proceed with efforts to liquidate
those  properties.  Our  objective is to maximize the Limited  Partners'  return
wherever  possible  and,  ultimately,  to wind down  those  funds that no longer
provide  tax  benefits  to  Limited  Partners.  To  date  no  properties  in the
Partnership have been selected.

Impact of New Accounting Pronouncements

In January 2003, the FASB issued Interpretation No. 46 ("FIN46"), "Consolidation
of  Variable  Interest  Entities."  FIN 46  provides  guidance on when a company
should include the assets,  liabilities,  and activities of a variable  interest
entity  ("VIE")  in  its  financial  statements  and  when  it  should  disclose
information  about its relationship  with a VIE. A VIE is a legal structure used
to conduct activities or hold assets, which must be consolidated by a company if
it is the primary  beneficiary  because it absorbs the  majority of the entity's
expected losses, the majority of the expected returns, or both.

                                       16
<PAGE>

In  December  2003,  the FASB issued a revision of FIN 46 ("FIN 46R") to clarify
some of its provisions.  The revision results in multiple  effective dates based
on the  nature  as well as the  creation  date of the VIE.  VIEs  created  after
January 31,  2003,  but prior to January 1, 2004,  may be  accounted  for either
based on the original interpretations or the revised  interpretations.  However,
all VIEs must be accounted for under the revised interpretations as of March 31,
2004, when FIN 46R is effective for the Partnership.

This  Interpretation  would require  consolidation by the Partnership of certain
Local Limited  Partnerships' assets and liabilities and results of operations if
the Partnership determined that the Local Limited Partnership was a VIE and that
the  Partnership  was  the  "Primary  Beneficiary."  Minority  interests  may be
recorded for the Local Limited  Partnerships'  ownership  share  attributable to
other Limited Partners. Where consolidation of Local Limited Partnerships is not
required,   additional  financial  information   disclosures  of  Local  Limited
Partnerships  may be  required.  The  Partnership  has  assessed  the  potential
consolidation effects of the Interpretation and preliminarily concluded that the
adoption of the Interpretation  will not have a material impact on the financial
statements of the Partnership.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

NOT APPLICABLE

Item 8.  Financial Statements and Supplementary Data





                                       17
<PAGE>






             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Partners
WNC Housing Tax Credit Fund IV, L.P., Series 1

     We have  audited the  accompanying  balance  sheet of WNC Housing Tax redit
Fund IV, L.P., Series 1 (a California Limited  Partnership) (the  "Partnership")
as of March 31, 2004 and the related statements of operations,  partners' equity
and cash  flows for the year then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these  financial  statements  based on our  audit.  A  significant
portion of the  financial  statements of the limited  partnerships  in which the
Partnership  is a limited  partner were audited by other  auditors whose reports
have been  furnished to us. As discussed in Note 2 to the financial  statements,
the Partnership  accounts for its investments in limited  partnerships using the
equity  method.   The  portion  of  the  Partnership's   investment  in  limited
partnerships  audited  by other  auditors  represented  $1,212,000  of the total
assets of the  Partnership  at March 31, 2004 and $259,000 of the  Partnership's
net loss for the year ended March 31, 2004.  Our opinion,  insofar as it relates
to the amounts included in the financial statements for the limited partnerships
which  were  audited  by  others,  is based  solely on the  reports of the other
auditors.

     We  conducted  our audit in  accordance  with the  standards  of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain  reasonable  assurance about whether the
financial  statements  are free of  material  misstatement.  An  audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audit and the reports of the other auditors  provide a reasonable  basis for our
opinion.

     In our opinion,  based on our audit and the reports of the other  auditors,
the  financial  statements  referred to above  present  fairly,  in all material
respects, the financial position of WNC Housing Tax Credit Fund IV, L.P., Series
1 (a California  Limited  Partnership)  as of March 31, 2004, and the results of
its  operations  and its cash flows for the year then ended in  conformity  with
accounting principles generally accepted in the United States of America.


/s/ Reznick Fedder & Silverman

Bethesda, Maryland
June 11, 2004

                                       18
<PAGE>


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
             -------------------------------------------------------





To the Partners
WNC Housing Tax Credit Fund IV, L.P., Series 1


We have audited the  accompanying  balance  sheet of WNC Housing Tax Credit Fund
IV, L.P., Series 1 (a California Limited  Partnership) (the "Partnership") as of
March 31,  2003 and the  related  statements  of  operations,  partners'  equity
(deficit)  and cash flows for the years  ended  March 31,  2003 and 2002.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.  A significant  portion of the  financial  statements of the limited
partnerships in which the Partnership is a limited partner were audited by other
auditors  whose reports have been furnished to us. As discussed in Note 2 to the
financial  statements,  the Partnership  accounts for its investments in limited
partnerships   using  the  equity  method.  The  portion  of  the  Partnership's
investment in limited  partnerships audited by other auditors represented 74% of
the total  assets of the  Partnership  at March 31, 2002 and 79%, and 79% of the
Partnership's equity in losses of limited partnerships for the years ended March
31,  2003 and 2002,  respectively.  Our  opinion,  insofar  as it relates to the
amounts included in the financial  statements for the limited partnerships which
were audited by others, is based solely on the reports of the other auditors.

We conducted  our audits in  accordance  with  standards  of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial statement presentation.  We believe that our audits and the reports of
the other auditors provide a reasonable basis for our opinion.

In our opinion,  based on our audits and the reports of the other auditors,  the
financial statements referred to above present fairly, in all material respects,
the  financial  position of WNC Housing  Tax Credit Fund IV,  L.P.,  Series 1 (a
California  Limited  Partnership)  as of March 31, 2003,  and the results of its
operations  and its cash flows for the years ended  March 31, 2003 and 2002,  in
conformity with accounting principles generally accepted in the United States of
America.





                                               /s/  BDO SEIDMAN, LLP

Costa Mesa, California
May 12, 2003





                                       19
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                               March 31
                                                                    -------------------------------

                                                                        2004              2003
                                                                    --------------    -------------

<S>                                                               <C>               <C>
ASSETS

Cash and cash equivalents                                         $       222,356   $      238,047
Investments in limited partnerships (Notes 2 and 3)                     1,395,876        1,965,138
                                                                    --------------    -------------

                                                                  $     1,618,232   $    2,203,185
                                                                    ==============    =============

LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
   Payable to a limited partnership (Note 4)                      $         2,303   $        2,303
   Accrued fees and advances due to General
     Partner and affiliate (Note 3)                                       158,992          147,057
                                                                    --------------    -------------

     Total liabilities                                                    161,295          149,360
                                                                    --------------    -------------

Commitments and contingencies

Partners' equity (deficit):
   General partner                                                        (85,332)         (79,363)
   Limited partners (10,000 units authorized,
     10,000 units issued and outstanding)                               1,542,269        2,133,188
                                                                    --------------    -------------

     Total partners' equity                                             1,456,937        2,053,825
                                                                    --------------    -------------

                                                                  $     1,618,232   $    2,203,185
                                                                    ==============    =============
</TABLE>

                 See accompanying notes to financial statements
                                       20
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                       For the Years Ended
                                                                             March 31
                                                            -------------------------------------------

                                                               2004            2003           2002
                                                            ------------   -------------   ------------

<S>                                                       <C>            <C>             <C>
Interest income                                           $       2,093  $        3,714  $       7,808
Other income                                                     12,238           7,475          9,798
                                                            ------------   -------------   ------------

Total income                                                     14,331          11,189         17,606
                                                            ------------   -------------   ------------

Operating expenses:
   Amortization (Notes 2 and 3)                                  17,988          23,812         23,951
   Asset management fees (Note 3)                                42,000          42,000         42,000
   Impairment loss (Note 2)                                     124,048               -              -
   Other                                                         27,451          26,725         30,355
                                                            ------------   -------------   ------------

    Total operating expenses                                    211,487          92,537         96,306
                                                            ------------   -------------   ------------

Loss from operations                                           (197,156)        (81,348)       (78,700)

Equity in losses of limited
  partnerships (Note 2)                                        (399,732)       (239,249)      (564,968)
                                                            ------------   -------------   ------------

Net loss                                                  $    (596,888) $     (320,597) $    (643,668)
                                                            ============   =============   ============

Net loss allocated to:
   General partner                                        $      (5,969) $       (3,206) $      (6,437)
                                                            ============   =============   ============

   Limited partners                                       $    (590,919) $     (317,391) $    (637,231)
                                                            ============   =============   ============

Net loss per limited partner unit                         $      (59.09) $       (31.74) $      (63.72)
                                                            ============   =============   ============

Outstanding weighted limited
  partner units                                                  10,000          10,000         10,000
                                                            ============   =============   ============
</TABLE>
                 See accompanying notes to financial statements
                                       21
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                For The Years Ended March 31, 2004, 2003 and 2002
<TABLE>
<CAPTION>


                                                               General            Limited              Total
                                                               Partner            Partners
                                                            ---------------    ---------------     ---------------

<S>                                                       <C>              <C>                   <C>
Partners' equity (deficit) at March 31, 2001              $        (69,720)$        3,087,810    $      3,018,090

Net loss                                                            (6,437)          (637,231)           (643,668)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2002                       (76,157)         2,450,579           2,374,422

Net loss                                                            (3,206)          (317,391)           (320,597)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2003                       (79,363)         2,133,188           2,053,825

Net loss                                                            (5,969)          (590,919)           (596,888)
                                                            ---------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2004              $        (85,332) $       1,542,269    $      1,456,937
                                                            ===============    ===============     ===============
</TABLE>
                 See accompanying notes to financial statements
                                       22

<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS





<TABLE>
<CAPTION>

                                                                                       For the Years Ended
                                                                                            March 31
                                                                         ------------------------------------------------

                                                                            2004            2003              2002
                                                                         -----------    --------------   ----------------
<S>                                                                    <C>           <C>               <C>
Cash flows from operating activities:
   Net loss                                                            $   (596,888) $       (320,597) $        (643,668)
   Adjustments to reconcile net loss to
   net cash used in operating activities:
    Amortization                                                             17,988            23,812             23,951
    Equity in losses of limited
      partnerships                                                          399,732           239,249            564,968
   Impairment loss                                                          124,048                 -                  -
    Increase in accrued fees and
      expenses due to General Partner
      and affiliates                                                         11,935            12,488             18,902
                                                                         -----------    --------------   ----------------

Net cash used in operating activities                                       (43,185)          (45,048)           (35,847)
                                                                         -----------    --------------   ----------------

Cash flows from investing activities:
   Investments in limited partnerships,
     net                                                                          -                 -            (16,028)
   Distributions from limited
     partnerships                                                            27,494             5,803             16,953
                                                                         -----------    --------------   ----------------

Net cash provided by
  investing activities                                                       27,494             5,803                925
                                                                         -----------    --------------   ----------------

Net decrease in cash and cash equivalents                                   (15,691)          (39,245)           (34,922)

Cash and cash equivalents, beginning
  of period                                                                 238,047           277,292            312,214
                                                                         -----------    --------------   ----------------

Cash and cash equivalents, end of
  period                                                               $    222,356   $       238,047  $         277,292
                                                                         ===========    ==============   ================

SUPPLEMENTAL DISCLOSURE OF
  CASH FLOW INFORMATION
   Taxes paid                                                          $        800   $           800  $             800
                                                                         ===========    ==============   ================
</TABLE>


                                       23
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------

Organization
------------

WNC Housing Tax Credit Fund IV, L.P., Series 1, a California Limited Partnership
(the  "Partnership"),  was  formed on May 4, 1993 under the laws of the state of
California,  and commenced  operations on October 20, 1993. The  Partnership was
formed to invest  primarily in other limited  partnerships  (the "Local  Limited
Partnerships")  which  own  and  operate  multi-family  housing  complexes  (the
"Housing Complexes") that are eligible for low income housing credits. The local
general   partners  (the  "Local  General   Partners")  of  each  Local  Limited
Partnership retain  responsibility  for maintaining,  operating and managing the
Housing Complex.

The  general  partner  is WNC  Tax  Credit  Partners,  IV,  L.P.  (the  "General
Partner"),   a  California   limited   partnership.   WNC  &  Associates,   Inc.
("Associates")  is the general partner of the General Partner.  The chairman and
president  of  Associates  own  substantially  all of the  outstanding  stock of
Associates.  The  business of the  Partnership  is conducted  primarily  through
Associates, as the Partnership has no employees of its own.

The Partnership shall continue to be in full force and effect until December 31,
2050 unless terminated prior to that date pursuant to the partnership  agreement
or law.

The financial  statements  include only activity relating to the business of the
Partnership,  and do not give  effect to any assets that the  partners  may have
outside of their interests in the Partnership, or to any obligations,  including
income taxes, of the partners.

The  Partnership  Agreement  authorized the sale of up to 10,000 units at $1,000
per Unit  ("Units").  The offering of Units concluded in July 1994 at which time
10,000 Units in the amount of $10,000,000 had been accepted. The General Partner
has a 1% interest in operating  profits and losses,  taxable  income and losses,
cash  available  for  distribution  from the  Partnership  and tax credits.  The
limited  partners  will  be  allocated  the  remaining  99% of  these  items  in
proportion to their respective investments.

After the limited partners have received proceeds from sale or refinancing equal
to their capital contributions and their return on investment (as defined in the
Partnership  Agreement) and the General  Partner has received  proceeds equal to
its capital contribution and subordinated  disposition fee (as described in Note
3) from the  remainder,  any  additional  sale or  refinancing  proceeds will be
distributed  90% to the limited  partners  (in  proportion  to their  respective
investments) and 10% to the General Partner.


                                       24
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

Risks and Uncertainties
-----------------------

An investment in the  Partnership  and the  Partnership's  investments  in Local
Limited  Partnerships  and their Housing  Complexes are subject to risks.  These
risks may impact the tax benefits of an investment in the  Partnership,  and the
amount of proceeds  available for distribution to the Limited Partners,  if any,
on liquidation of the Partnership's investments. Some of those risks include the
following:

The Low Income  Housing  Credit rules are extremely  complicated.  Noncompliance
with these rules results in the loss of future Low Income  Housing  Credit s and
the fractional  recapture of Low Income Housing  Credits  already taken. In most
cases the annual amount of Low Income Housing Credits that an individual can use
is limited to the tax  liability  due on the  person's  last  $25,000 of taxable
income.  The  Local  Limited  Partnerships  may be  unable  to sell the  Housing
Complexes  at a price  which  would  result in the  Partnership  realizing  cash
distributions or proceeds from the transaction. Accordingly, the Partnership may
be unable to distribute  any cash to its Limited  Partners.  Low Income  Housing
Credits may be the only benefit from an investment in the Partnership.

The Partnership has invested in a limited number of Local Limited  Partnerships.
Such  limited  diversity  means that the  results of  operation  of each  single
Housing  Complex  will have a greater  impact on the  Partnership.  With limited
diversity,   poor   performance   of  one  Housing   Complex  could  impair  the
Partnership's ability to satisfy its investment objectives. Each Housing Complex
is subject to mortgage  indebtedness.  If a Local Limited  Partnership failed to
pay its  mortgage,  it  could  lose  its  Housing  Complex  in  foreclosure.  If
foreclosure  were to occur during the first 15 years,  the loss of any remaining
future Low Income Housing  Credits,  a fractional  recapture of prior Low Income
Housing  Credits,  and a loss of the  Partnership's  investment  in the  Housing
Complex would occur. The Partnership is a limited partner or non-managing member
of each Local Limited Partnership.  Accordingly,  the Partnership will have very
limited rights with respect to management of the Local Limited Partnerships. The
Partnership  will  rely  totally  on the Local  General  Partners.  Neither  the
Partnership's  investments in Local Limited Partnerships,  nor the Local Limited
Partnerships'  investments in Housing Complexes, are readily marketable.  To the
extent  the  Housing  Complexes  receive   government   financing  or  operating
subsidies,  they  may be  subject  to  one  or  more  of  the  following  risks:
difficulties  in obtaining  tenants for the Housing  Complexes;  difficulties in
obtaining  rent  increases;  limitations on cash  distributions;  limitations on
sales or refinancing of Housing Complexes; limitations on transfers of interests
in Local Limited Partnerships; limitations on removal of Local General Partners;
limitations on subsidy programs; and possible changes in applicable regulations.
Uninsured  casualties  could result in loss of property  and Low Income  Housing
Credits and recapture of Low Income Housing Credits  previously taken. The value
of real  estate  is  subject  to risks  from  fluctuating  economic  conditions,
including employment rates, inflation,  tax, environmental,  land use and zoning
policies, supply and demand of similar properties,  and neighborhood conditions,
among others.

The  ability of Limited  Partners to claim tax losses  from the  Partnership  is
limited.  The IRS may audit the  Partnership or a Local Limited  Partnership and
challenge  the tax  treatment  of tax items.  The  amount of Low Income  Housing
Credits and tax losses allocable to the Limited Partners could be reduced if the
IRS were  successful  in such a  challenge.  The  alternative  minimum tax could
reduce tax benefits from an investment in the  Partnership.  Changes in tax laws
could also impact the tax benefits from an investment in the Partnership  and/or
the value of the Housing Complexes.

Substantially  all of the Low Income Housing Credits  anticipated to be realized
from the Local Limited Partnerships have been realized. The Partnership does not
anticipate  being  allocated a significant  amount of Low Income Housing Credits
from the Local  Limited  Partnerships  in the  future.  Until the Local  Limited
Partnerships  have completed the 15 year Low Income  Housing  Credit  compliance
period risks exist for potential recapture of prior low Income Housing Credits.


                                       25
<PAGE>



                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

No trading  market  for the Units  exists or is  expected  to  develop.  Limited
Partners  may be unable to sell  their  Units  except at a  discount  and should
consider their Units to be a long-term  investment.  Individual Limited Partners
will have no recourse if they disagree with actions  authorized by a vote of the
majority of Limited Partners.

Anticipated  future and  existing  cash  resources  of the  Partnership  are not
sufficient to meet existing  contractual cash obligations.  Substantially all of
the future  contractual  cash  obligations of the Partnership are payable to the
General  Partner.  Though a  substantial  portion of the  amounts  contractually
obligated  to the  General  Partner are  contractually  currently  payable,  the
Partnership anticipates that the General Partner will not require the payment of
these contractual obligations until capital reserves are in excess of the future
foreseeable  working  capital  requirements  of the  Partnership.  However,  the
Partnership is  contractually  required to pay these  obligations to the General
Partner on a current basis. The Partnership  would be adversely  affected should
the General Partner demand current payment of these contractual  obligations and
or suspend services for this or any other reason.

Exit Strategy
-------------

The IRS  compliance  period for  low-income  housing  tax credit  properties  is
generally  15 years from  occupancy  following  construction  or  rehabilitation
completion.  WNC was one of the first in the industry to offer investments using
the tax credit.  Now these very first programs are completing  their  compliance
period.

With that in mind,  the  Partnership  is continuing to review the  Partnership's
holdings,  with special emphasis on the more mature  properties  including those
that have satisfied the IRS compliance  requirements.  The Partnership's  review
will consider many factors  including  extended use requirements on the property
(such as those due to mortgage restrictions or state compliance agreements), the
condition of the property, and the tax consequences to the Limited Partners from
the sale of the property.

Upon identifying  those  properties with the highest  potential for a successful
sale,  refinancing  or  syndication,  the  Partnership  expects to proceed  with
efforts  to  liquidate  those  properties.  The  Partnership's  objective  is to
maximize the Limited Partners' return wherever possible and, ultimately, to wind
down those funds that no longer  provide tax  benefits to Limited  Partners.  To
date no properties in the Partnership have been selected.

Method of Accounting for Investments in Limited Partnerships
------------------------------------------------------------

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnerships'  results of operations
and for any  contributions  made and  distributions  received.  The  Partnership
reviews the  carrying  amount of an  individual  investment  in a Local  Limited
Partnership for possible  impairment whenever events or changes in circumstances
indicate that the carrying  amount of such  investment  may not be  recoverable.
Recoverability  of such investment is measured by the estimated value derived by
management,  generally  consisting  of  the  product  of  the  remaining  future
Low-Income  Housing Credits estimated to be allocable to the Partnership and the
estimated  residual value to the Partnership.  If an investment is considered to
be impaired, the Partnership reduces the carrying value of its investment in any
such Local Limited  Partnership.  The  accounting  policies of the Local Limited
Partnerships,  generally,  are  expected  to be  consistent  with  those  of the
Partnership.  Costs incurred by the Partnership in acquiring the investments are
capitalized  as part of the investment  account and are being  amortized over 30
years (see Note 2).

Equity in losses of limited  partnerships for each year ended March 31 have been
recorded by the Partnership based on nine months of reported results provided by
the Local  Limited  Partnerships  for each year ended  December  31 and on three
months of results  estimated  by  management  of the  Partnership.  Management's
estimate for the three-month

                                       26
<PAGE>



                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
-------------------------------------------------------------------------------

period is based on either actual unaudited results reported by the Local Limited
Partnerships  or  historical  trends  in the  operations  of the  Local  Limited
Partnerships.  Equity in losses from the Local Limited Partnerships allocated to
the  Partnership  are not recognized to the extent that the  investment  balance
would be adjusted  below zero. As soon as the investment  balance  reaches zero,
amortization of the related costs of acquiring the investment are accelerated to
the extent of losses  available (see Note 3). If the Local Limited  Partnerships
report net income in future  years,  the  Partnership  will resume  applying the
equity  method  only after its share of such net income  equals the share of net
losses not recognized during the period(s) the equity method was suspended.

Use of Estimates
----------------

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the  financial  statements,  and the  reported  amounts of revenues and expenses
during the reporting  period.  Actual results could materially differ from those
estimates.

Cash and Cash Equivalents
-------------------------

The Partnership considers all highly liquid investments with original maturities
of three months or less when purchased to be cash  equivalents.  As of March 31,
2004 and 2003, the Partnership had no cash equivalents.

Concentration of Credit Risk
----------------------------

At March 31,  2004,  the  Partnership  maintained  a cash  balance  at a certain
financial institution in excess of the maximum federally insured amounts.

Net Loss Per Limited Partner Unit
---------------------------------

Net loss per  limited  partner  unit is  calculated  pursuant  to  Statement  of
Financial  Accounting  Standards No. 128,  Earnings Per Share. Net loss per unit
includes no dilution  and is computed  by  dividing  loss  available  to limited
partners by the weighted average number of units outstanding  during the period.
Calculation of diluted net loss per unit is not required.

Income Taxes
------------

No provision  for income taxes has been recorded in the  accompanying  financial
statements  as any  liability  and/or  benefits for income taxes as income taxes
flows to the partners of the Partnership and is their obligation and/or benefit.
For income tax purposes the Partnership reports on a calendar year basis.

New Accounting Pronouncements
-----------------------------

In January 2003, the FASB issued Interpretation No. 46 ("FIN46"), "Consolidation
of  Variable  Interest  Entities."  FIN 46  provides  guidance on when a company
should include the assets,  liabilities,  and activities of a variable  interest
entity  ("VIE")  in  its  financial  statements  and  when  it  should  disclose
information  about its relationship  with a VIE. A VIE is a legal structure used
to conduct activities or hold assets, which must be consolidated by a company if
it is the primary  beneficiary  because it absorbs the  majority of the entity's
expected losses, the majority of the expected returns, or both.

In  December  2003,  the FASB issued a revision of FIN 46 ("FIN 46R") to clarify
some of its provisions.  The revision results in multiple  effective dates based
on the nature as well as the creation date of the VIE. VIEs created

                                       27
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002




NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued.
-------------------------------------------------------------------------------
after  January 31,  2003,  but prior to January 1, 2004,  may be  accounted  for
either based on the  original  interpretations  or the revised  interpretations.
However, all VIEs must be accounted for under the revised  interpretations as of
March 31, 2004, when FIN 46R is effective for the Partnership.

This  Interpretation  would require  consolidation by the Partnership of certain
Local Limited  Partnerships' assets and liabilities and results of operations if
the Partnership determined that the Local Limited Partnership was a VIE and that
the  Partnership  was  the  "Primary  Beneficiary."  Minority  interests  may be
recorded for the Local Limited  Partnerships'  ownership  share  attributable to
other Limited Partners. Where consolidation of Local Limited Partnerships is not
required,   additional  financial  information   disclosures  of  Local  Limited
Partnerships  may be  required.  The  Partnership  has  assessed  the  potential
consolidation effects of the Interpretation and preliminarily concluded that the
adoption of the Interpretation  will not have a material impact on the financial
statements of the Partnership.

NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
--------------------------------------------

As of the periods  presented,  the Partnership had acquired limited  partnership
interests  in  twenty-one  Local  Limited  Partnerships,  each of which owns one
Housing  Complex  consisting  of  an  aggregate  of  812  apartment  units.  The
respective Local General Partners of the Local Limited  Partnerships  manage the
day-to-day  operations of the entities.  Significant  Local Limited  Partnership
business decisions require approval from the Partnership.  The Partnership, as a
limited partner, is generally entitled to 99%, as specified in the Local Limited
Partnership agreements,  of the operating profits and losses, taxable income and
losses and tax credits of the Local Limited Partnerships.

As discussed in Note 1, the Partnership  accounts for its investments in limited
partnerships   using  the  equity  method  of  accounting.   The   Partnership's
investments  in Local  Limited  Partnerships  as shown in the balance  sheets at
March  31,  2004  and  2003,  are   approximately   $1,403,000  and  $1,207,000,
respectively, greater than the Partnership's equity at the preceding December 31
as  shown in the  Local  Limited  Partnerships'  combined  financial  statements
presented  below.  This  difference is primarily due to  unrecorded  losses,  as
discussed  below,  acquisition,   selection  and  other  costs  related  to  the
acquisition of the investments  which have been capitalized in the Partnership's
investment account,  impairment losses recorded in the Partnership's  investment
account and to capital  contributions  payable to the limited partnerships which
were netted against partner capital in the Local Limited Partnership's financial
statements.  The  Partnership's  investment is also lower than the Partnership's
equity as shown in the Local Limited Partnership's combined financial statements
due to the  estimated  losses  recorded by the  Partnership  for the three month
period ended March 31.

Equity  in  losses  of the  Local  Limited  Partnerships  is  recognized  in the
financial  statements until the related  investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the  Partnership  will resume applying the equity method only after its share of
such net  income  equals  the share of net  losses  not  recognized  during  the
period(s) the equity method was suspended.

A loss in value from a Local Limited  Partnership other than a temporary decline
would be recorded as an impairment loss. Impairment is measured by comparing the
investment  carrying  amount to the sum of the total amount of the remaining tax
credits  allocated  to  the  fund  and  the  estimated  residual  value  of  the
investment.   Accordingly,  the  Partnership  recorded  an  impairment  loss  of
$124,048,  $0 and $0 during  the years  ended  March  31,  2004,  2003 and 2002,
respectively.

Distributions  from the Local Limited  Partners are accounted for as a reduction
of the  investment  balance.  Distributions  received  after the  investment has
reached zero are recognized as income.


                                       28
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

At March 31, 2004 and 2003,  the  investment  accounts in certain  Local Limited
Partnerships  have  reached  a zero  balance.  Consequently,  a  portion  of the
Partnership's  estimate  of its share of losses  for the years  ended  March 31,
2004, 2003 and 2002 amounting to approximately $354,000,  $332,000 and $212,000,
respectively,  have not been  recognized.  As of March 31, 2004,  the  aggregate
share of net losses not recognized by the Partnership amounted to $1,250,000.


Following is a summary of the equity method activity of the investments in Local
Limited Partnerships for the periods presented:
<TABLE>
<CAPTION>

                                                                                For the Years Ended
                                                                                     March 31
                                                                ----------------------------------------------------

                                                                     2004               2003              2002
                                                                ----------------   ---------------    --------------

<S>                                                           <C>                <C>                <C>
Investments per balance sheet,
    beginning of period                                       $       1,965,138  $      2,234,002   $     2,823,846
Capital contributions paid, net                                               -                 -            16,028
Distributions received from limited
    partnerships                                                        (27,494)           (5,803)          (16,953)
Equity in losses of limited partnerships                               (399,732)         (239,249)         (564,968)
Impairment loss                                                        (124,048)                -                 -
Amortization of paid acquisition fees
    and costs                                                           (17,988)          (23,812)          (23,951)
                                                                ----------------   ---------------    --------------
Investments per balance sheet,
    end of period                                             $       1,395,876  $      1,965,138   $     2,234,002
                                                                ================   ===============    ==============
</TABLE>




                                       29
<PAGE>



                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

The financial  information from the individual financial statements of the Local
Limited Partnerships include rental and interest subsidies. Rental subsidies are
included in total revenues and interest  subsidies are generally  netted against
interest expense.  Approximate combined condensed financial information from the
individual financial statements of the Local Limited Partnerships as of December
31 and for the years then ended is as follows:

                        COMBINED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                     2003               2002
                                                                                ---------------    ---------------

<S>                                                                           <C>                <C>
ASSETS

Buildings and improvements, net of accumulated
  depreciation as of December 31, 2003 and 2002 of
  $ 9,941,414  and $8,876,000, respectively                                   $     24,858,000   $     25,862,000
Land                                                                                 1,674,000          1,668,000
Due from related parties                                                                13,000             14,000
Other assets                                                                         2,362,000          2,260,000
                                                                                ---------------    ---------------

                                                                              $     28,907,000   $     29,804,000
                                                                                ===============    ===============

LIABILITIES

Mortgage loans payable                                                        $     24,752,000   $     25,864,000
Due to related parties                                                                 914,000            923,000
Other liabilities                                                                    1,969,000            976,000
                                                                                ---------------    ---------------

                                                                                    27,635,000         27,763,000
                                                                                ---------------    ---------------

PARTNERS' CAPITAL (DEFICIT)

WNC Housing Tax Credits Fund IV, L.P., Series 1                                         (7,000)           758,000
Other partners                                                                       1,279,000          1,283,000
                                                                                ---------------    ---------------

                                                                                     1,272,000          2,041,000
                                                                                ---------------    ---------------

                                                                              $     28,907,000   $     29,804,000
                                                                                ===============    ===============
</TABLE>


                                       30
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002




NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
-------------------------------------------------------

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                 2003                2002               2001
                                                            ---------------     ---------------    ---------------

<S>                                                       <C>                 <C>                <C>
Revenues                                                  $      3,746,000    $      3,581,000   $      3,400,000
                                                            ---------------     ---------------    ---------------

Expenses:
  Operating expenses                                             2,583,000           2,251,000          2,250,000
  Interest expense                                                 833,000             860,000            841,000
  Depreciation and amortization                                  1,078,000           1,076,000          1,098,000
                                                            ---------------     ---------------    ---------------

   Total expenses                                                4,494,000           4,187,000          4,189,000
                                                            ---------------     ---------------    ---------------

Net loss                                                  $       (748,000)   $       (606,000) $        (789,000)
                                                            ===============     ===============    ===============

Net loss allocable to the Partnership                     $       (736,000)   $       (597,000) $        (777,000)
                                                            ===============     ===============    ===============

Net loss recorded by the Partnership                      $       (400,000)   $       (239,000) $        (565,000)
                                                            ===============     ===============    ===============
</TABLE>
Certain Local Limited Partnerships incurred operating losses and/or have working
capital deficiencies.  In the event these Local Limited Partnerships continue to
incur significant  operating  losses,  additional  capital  contributions by the
Partnership  and/or the Local  General  Partner  may be  required to sustain the
operations  of  such  Local   Limited   Partnerships.   If  additional   capital
contributions are not made when they are required, the Partnership's  investment
in certain of such Local Limited Partnerships could be impaired, and the loss of
future and recapture of prior Low Income Housing Credits could occur.

The financial statements of one Local Limited Partnership were prepared assuming
the limited  partnership will continue as a going concern.  The auditor for this
entity has expressed  substantial  doubt as to this entity's ability to continue
as a going concern as a result of the property tax issue  discussed  below.  The
Partnership  had a $0 and $183,195,  remaining  investment in such Local Limited
Partnership at March 31, 2004 and 2003, respectively. The Partnership's original
investment in the Local Limited  Partnership  approximated  $1,691,585.  Through
December 31, 2003,  the Local  Limited  Partnership  has had  recurring  losses,
working capital  deficiencies  and has not been billed for certain  property tax
expenses due since 1994. The Local Limited  Partnership is seeking  abatement or
an extended payment plan to pay down certain of these liabilities;  however,  if
the  Local  Limited  Partnership  is  unsuccessful,  additional  funding  may be
requested from the  Partnership.  In the event the Local Limited  Partnership is
required  to  liquidate  or  sell  its  property,  the  net  proceeds  could  be
significantly less than the carrying value of such property.  As of December 31,
2003 and 2002,  the carrying  value of such property on the books and records of
the Local Limited Partnership totaled $6,114,888 and $6,311,179, respectively.



                                       31
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002

NOTE 3 - RELATED PARTY TRANSACTIONS
-----------------------------------

Under the terms of the  Partnership  Agreement,  the  Partnership has paid or is
obligated to the General Partner or its affiliates for the following items:

          Acquisition  fees of up to 8% of the gross  proceeds  from the sale of
          Partnership  units as compensation for services rendered in connection
          with the acquisition of Local Limited Partnerships.  At the end of all
          periods  presented,  the  Partnership  incurred  acquisition  fees  of
          $800,000.  Accumulated  amortization  of these  capitalized  costs was
          $616,251 and $457,719 as of March 31, 2004 and 2003, respectively.  Of
          the  accumulated  amortization  recorded on the balance sheet at March
          31, 2004, $ 140,544,  $49,656 and $117,011 of the related  expense was
          reflected as equity in losses of limited partnerships during the years
          ended  March 31,  2004,  2003 and 2002,  respectively,  to reduce  the
          respective  net  acquisition  fee  component of  investments  in local
          limited  partnerships  to zero for those  Local  Limited  Partnerships
          which would otherwise be below a zero balance.

          Reimbursement  of costs incurred by the General  Partner in connection
          with  the   acquisition   of   Local   Limited   Partnerships.   These
          reimbursements  have not exceeded 1.2% of the gross  proceeds.  At the
          end of all periods presented, the Partnership had incurred acquisition
          costs of $54,949,  which have been included in  investments in limited
          partnerships.   At  the  end  of  all  years   presented   accumulated
          amortization amounted to $54,949.

          An annual  asset  management  fee equal to the  greater  amount of (i)
          $2,000 for each apartment  complex,  or (ii) 0.275% of gross proceeds.
          In either case, the fee will be decreased or increased  annually based
          on changes to the Consumer Price Index.  However, in no event will the
          maximum amount exceed 0.2% of the invested assets of the Local Limited
          Partnerships,  including  the  Partnership's  allocable  share  of the
          mortgages, for the life of the Partnership. Management fees of $42,000
          were incurred during the years ended March 31, 2004, 2003 and 2002, of
          which $30,000, $30,000 and $24,500 was paid, respectively.

          The  Partnership  reimbursed the General Partner or its affiliates for
          operating  expenses  incurred on behalf of the Partnership.  Operating
          expense  reimbursements  were  approximately  $ 27,500 during the year
          ended March 31, 2004.

          A subordinated  disposition  fee in an amount equal to 1% of the sales
          price of real estate sold.  Payment of this fee is subordinated to the
          limited partners  receiving a preferred return of 16% through December
          31, 2003 and 6% thereafter (as defined in the  Partnership  Agreement)
          and is payable only if the General  Partner or its  affiliates  render
          services in the sales  effort.  No such fee was  incurred in the three
          year period ended March 31, 2004.

          An affiliate of the General Partner provides  management  services for
          one of the  properties in the limited  partnerships.  Management  fees
          were earned by the  affiliate  in the amount of  $35,780,  $33,926 and
          $55,040 for the years ended March 31, 2004, 2003 and 2002.

The accrued fees and advances due to the General Partner and affiliates  consist
of the following at:
<TABLE>
<CAPTION>
                                                                                             March 31
                                                                                   ------------------------------

                                                                                       2004             2003
                                                                                   -------------    -------------

<S>                                                                              <C>              <C>
Reimbursement for expenses paid by the General Partner
  or an affiliate                                                                $        1,825   $        1,890

Asset management fee payable                                                            157,167          145,167
                                                                                   -------------    -------------

                                                                                 $      158,992   $      147,057
                                                                                   =============    =============
</TABLE>


                                       32
<PAGE>


                 WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                For The Years Ended March 31, 2004, 2003 and 2002



NOTE 4 - PAYABLES TO LIMITED PARTNERSHIPS
-----------------------------------------

Payables  to limited  partnerships  represent  amounts  which are due at various
times based on conditions specified in the limited partnership agreement.  These
contributions  are  payable  in  installments  and  are  due  upon  the  limited
partnership  achieving certain operating and development  benchmarks  (generally
within two years of the Partnership's initial investment).

NOTE 5 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
----------------------------------------------------
<TABLE>
<CAPTION>
The following is a summary of the quarterly operations for the years ended March 31:

                                           June 30           September 30       December 31           March 31
                                        ---------------     ---------------    ---------------     ---------------

               2004
               ----

<S>                                   <C>                 <C>                <C>                 <C>
Income                                $          3,000    $          4,000   $              -    $          7,000

Operating expenses                             (24,000)            (31,000)           (18,000)           (138,000)

Equity in losses of limited
     partnerships                              (48,000)            (48,000)           (48,000)           (256,000)

Net loss                                       (69,000)            (75,000)           (66,000)           (387,000)

Net Loss available to limited
     partners                                  (68,000)            (75,000)           (65,000)           (383,000)

Net Loss per limited partner unit                   (7)                 (7)                (7)                (38)

               2003
               ----

Income                                $          1,000    $          7,000   $          1,000    $          2,000

Operating expenses                             (23,000)            (28,000)           (19,000)            (23,000)

Equity in losses of limited
     partnerships                              (70,000)            (74,000)           (72,000)            (23,000)

Net loss                                       (92,000)            (95,000)           (90,000)            (44,000)

Net Loss available to limited
     partners                                  (91,000)            (94,000)           (90,000)            (42,000)

Net Loss per limited partner unit                   (9)                 (9)                (9)                 (5)
</TABLE>



                                       33
<PAGE>



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

NOT APPLICABLE

Item 9a. Controls and Procedures

As of the end of the period covered by this report,  the  Partnership's  General
Partner, under the supervision and with the participation of the Chief Executive
Officer and Chief Financial  Officer of Associates  carried out an evaluation of
the effectiveness of the Fund's "disclosure  controls and procedures" as defined
in  Securities  Exchange  Act of 1934  Rule  13a-15  and  15d-15.  Based on that
evaluation,  the Chief Executive  Officer and Principal  Financial  Officer have
concluded  that  as of  the  end of the  period  covered  by  this  report,  the
Partnership's  disclosure controls and procedures were adequate and effective in
timely  alerting  them  to  material  information  relating  to the  Partnership
required to be included in the Partnership's periodic SEC filings.

Changes  in  internal  controls.  There  were no  changes  in the  Partnership's
internal control over financial reporting that occurred during the quarter ended
March 31, 2004 that materially affected,  or are reasonably likely to materially
affect, the Partnership's internal control over financial reporting.

PART III

Item 10. Directors and Executive Officers of the Registrant

(a)  Identification of Directors,  (b) Identification of Executive Officers, (c)
     ---------------------------------------------------------------------------
     Identification of Certain Significant Employees,  (d) Family Relationships,
     ---------------------------------------------------------------------------
     and (e) Business Experience
     ---------------------------

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

Associates is a California corporation which was organized in 1971. Its officers
and significant employees are:
<TABLE>
<CAPTION>
<S>                                   <C>
Wilfred N. Cooper, Sr.                Chairman of the Board
Wilfred N. Cooper, Jr.                President and Chief Executive Officer
David N. Shafer, Esq.                 Executive Vice President and Director of Asset Management
Sylvester P. Garban                   Senior Vice President - Institutional Investments
Thomas J. Riha, CPA                   Senior Vice President - Chief Financial Officer
David C. Turek                        Senior Vice President - Originations
Michael J. Gaber                      Senior Vice President - Acquisitions
Diemmy T. Tran                        Vice President - Portfolio Management
</TABLE>
In addition to Wilfred N. Cooper,  Sr., the directors of Associates  are Wilfred
N. Cooper, Jr., David N. Shafer, and Kay L. Cooper. The principal shareholder of
Associates is a trust established by Wilfred N. Cooper, Sr. and Kay L. Cooper.

Wilfred N.  Cooper,  Sr.,  age 73, is the founder  and  Chairman of the Board of
Directors of Associates,  a Director of WNC Capital  Corporation,  and a general
partner in some of the  partnerships  previously  sponsored by  Associates.  Mr.
Cooper has been actively involved in the affordable housing industry since 1968.
Previously,  during 1970 and 1971,  he was  founder and a principal  of Creative
Equity  Development  Corporation,  a predecessor of Associates,  and of Creative
Equity Corporation, a real estate investment firm. For 12 years before 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.  He has testified before committees of the U.S. Senate and the U.S.
House  of  Representatives.  Mr.  Cooper  is a Life  Director  of  the  National
Association of Home Builders and a National  Trustee for NAHB's Political Action
Committee,  and the Chairman of NAHB's Multifamily  Council. He is a Director of
the National Housing Conference and a member of NHC's Executive Committee, and a
founder and Director of the California Housing Consortium.  He is the husband of
Kay Cooper and the father of Wilfred N. Cooper,  Jr. Mr. Cooper  graduated  from
Pomona College in 1956 with a Bachelor of Arts degree.

                                       34
<PAGE>

Wilfred  N.  Cooper,  Jr.,  age  41,  is  President,  Chief  Executive  Officer,
Secretary,  a Director and a member of the Acquisition  Committee of Associates.
He is President of, and a registered  principal  with, WNC Capital  Corporation,
and is a Director of WNC  Management,  Inc. He has been  involved in real estate
investment  and  acquisition  activities  since 1988 when he joined  Associates.
Previously, he served as a Government Affairs Assistant with Honda North America
in Washington,  D.C. Mr. Cooper is a member of the Editorial  Advisory Boards of
Affordable  Housing  Finance and LIHC Monthly  Report,  a Steering Member of the
----------------------------     --------------------
Housing Credit Group of the National Association of Home Builders,  an Alternate
Director  of  NAHB,  a  member  of the  Advisory  Board  of the New  York  State
Association for Affordable Housing and a member of the Urban Land Institute.  He
is the son of Wilfred Cooper,  Sr. and Kay Cooper. Mr. Cooper graduated from The
American University in 1985 with a Bachelor of Arts degree.

David N. Shafer,  age 51, is Executive Vice President,  a Director,  Director of
Asset Management and a member of the Acquisition Committee of Associates,  and a
Director and Secretary of WNC Management, Inc. Mr. Shafer has been active in the
real estate  industry  since 1984.  Before  joining  Associates  in 1990, he was
engaged as an attorney in the private  practice of 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.

Sylvester  P.  Garban,   age  58,  is  Senior  Vice  President  -  Institutional
Investments  of  Associates.  Mr.  Garban  has  been  involved  in  real  estate
investment  activities since 1978. Before joining  Associates in 1989, he served
as  Executive  Vice  President  with MRW,  Inc., a real estate  development  and
management  firm.  Mr.  Garban  is a  member  of  the  National  Association  of
Affordable Housing Lenders and the Financial Planning Association.  He graduated
from  Michigan  State  University  in 1967 with a Bachelor of Science  degree in
Business Administration.

Thomas J. Riha, age 48, is Senior Vice President - Chief Financial Officer and a
member of the Acquisition Committee of Associates and President, Treasurer and a
Director of WNC Management, Inc. He has been involved in real estate acquisition
and investment  activities  since 1979.  Before joining  Associates in 1994, Mr.
Riha was  employed  by Trust  Realty  Advisor,  a real  estate  acquisition  and
management  company,  last  serving  as Vice  President  -  Operations.  He is a
Director  of the Task  Force on Housing  Credit  Certification  of the  National
Association  of Home Builders.  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.

David C. Turek,  age 49, is Senior Vice President - Originations  of Associates.
His  experience  with real estate  investments  and finance has continued  since
1976, and he has been employed by Associates since 1996.  Previously,  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 1992 to 1995 he served as Executive Vice
President for Levcor, Inc., a multi-family development company, and from 1990 to
1992 he served as Vice President for the Paragon Group where he was  responsible
for tax credit development activities.  He is a Director of the National Housing
and Rehabilitation  Association,  the Rural Rental Housing Association of Texas,
and the Alabama Council of Affordable  Rental Housing.  Mr. Turek graduated from
Southern Methodist University in 1976 with a Bachelor of Business Administration
degree.

Michael J. Gaber,  age 38, is Senior Vice President - Acquisitions  and a member
of the Acquisition Committee of Associates.  Mr. Gaber has been involved in real
estate acquisition,  valuation and investment activities since 1989 and has been
associated  with  Associates  since 1997.  Prior to joining  Associates,  he was
involved in the valuation and  classification of major assets,  restructuring of
debt and analysis of real estate taxes with H.F.  Ahmanson & Company,  parent of
Home  Savings  of  America.  Mr.  Gaber  graduated  from  the  California  State
University,  Fullerton  in 1991 with a Bachelor  of Science  degree in  Business
Administration - Finance.

Diemmy T. Tran, age 38, is Vice President - Portfolio  Management of Associates.
She is responsible for overseeing  portfolio  management and investor  reporting
for  all  WNC  funds,  and  for  monitoring   investment  returns  for  all  WNC
institutional  funds. Ms. Tran has been involved in real estate asset management
and finance  activities for 12 years.  Prior to joining  Associates in 1998, Ms.
Tran served as senior asset manager for a national Tax Credit  sponsor and as an
asset specialist for the Resolution Trust  Corporation where she was responsible
for the disposition  and management of commercial  loan and REO portfolios.  Ms.
Tran is  licensed  as a  California  real  estate  broker.  She  graduated  from
California  State  University,  Northridge  in 1989 with a  Bachelor  of Science
degree in finance and a minor in real estate.

                                       35
<PAGE>


Kay L. Cooper,  age 67, is a Director of  Associates.  Mrs.  Cooper was the sole
proprietor of Agate 108, a manufacturer and retailer of home accessory products,
from 1975 until its sale in 1998. She is the wife of Wilfred Cooper, Sr. and the
mother of Wilfred  Cooper,  Jr. Ms.  Cooper  graduated  from the  University  of
Southern California in 1958 with a Bachelor of Science degree.

(f)  Involvement in Certain Legal Proceedings
     ----------------------------------------

     Inapplicable.

(g)  Promoters and Control Persons
     -----------------------------

     Inapplicable.

(h)  Audit  Committee  Financial  Expert,  and (i)  Identification  of the audit
     ---------------------------------------------------------------------------
     Committee
     ---------

     Neither the Partnership nor Associates has an audit committee.

(j)  Changes to Nominating Procedures
     --------------------------------

     Inapplicable

(k)  Code of Ethics
     --------------

     WNC & Associates  has adopted a Code of Ethics  which  applies to the Chief
     Executive Officer and Chief Financial Officer of WNC & Associates. The Code
     of Ethics will be provided  without  charge to any person who  requests it.
     Such requests  should be directed to: Investor  Relations at  (714)662-5565
     extension 118.

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 TCP IV or
Associates during the current or future years for the following fees:

(a)  Annual Asset  Management Fee. An annual asset  management fee accrues in an
     amount  greater of (i) $2,000 per  multi-family  housing  complex,  or (ii)
     0.275% of Gross  Proceeds.  The base fee amount will be  adjusted  annually
     based on the change in the Consumer Price Index.  However, in no event will
     the annual asset management fee exceed 0.2% of Invested  Assets.  "Invested
     Assets"  means the sum of the  Partnership's  investment  in Local  Limited
     Partnerships  and the  Partnership's  allocable  share of the amount of the
     indebtedness  related  to the  Housing  Complexes.  Fees  of  $42,000  were
     incurred  during  the  years  ended  March  31,  2004,  2003  and  2002 The
     Partnership paid the General Partner or its affiliates $30,000, $30,000 and
     $24,000 of those fees during the years ended March 31, 2004, 2003 and 2002,
     respectively.

(b)  Subordinated  Disposition Fee. A subordinated  disposition fee in an amount
     equal to 1% of the sale price may be received in  connection  with the sale
     or disposition of a Housing Complex.  Subordinated disposition fees will be
     subordinated  to  the  prior  return  of  the  Limited   Partners'  capital
     contributions  and  payment  of the  return on  investment  to the  Limited
     Partners.  "Return  on  Investment"  means an  annual,  cumulative  but not
     compounded,  "return" to the Limited Partners (including Low Income Housing
     Credits) as a class, on their adjusted capital contributions commencing for
     each Limited  Partner on the last day of the calendar  quarter during which
     the Limited Partner's capital  contribution is received by the Partnership,
     calculated at the following  rates:  (i) 16% through December 31, 2003, and
     (ii) 6% for the balance of the Partnership's term. No disposition fees have
     been incurred.


                                       36
<PAGE>

(c)  Operating Expenses.  The Partnership  reimbursed the General Partner or its
     affiliates for operating  expenses of  approximately $ 27,500,  $25,000 and
     $28,000 during the years ended March 31, 2004, 2003 and 2002, respectively.

(d)  Interest  in  Partnership.   The  General   Partner   receives  1%  of  the
     Partnership's  allocated Low Income  Housing  Credits,  which  approximated
     $15,000 for the General  Partner for all tax years  presented.  The General
     Partner is also  entitled to receive a  percentage  of cash  distributions.
     There were no distributions of cash to the General Partner during the years
     presented.

Item 12.  Security  Ownership of Certain  Beneficial  Owners and  Management and
          Related Stockholder Matters

(a)  Securities Authorized for Issuance Under Equity Compensation Plans
     ------------------------------------------------------------------

     The  Partnership has no  compensation  plans under which  intereests in the
     Partnership are authorized for issuance.

(b)  Security Ownership of Certain Beneficial Owners
     -----------------------------------------------

     No person is known to the General Partner to own  beneficially in excess of
     5% of the outstanding units.

(c)  Security Ownership of Management
     --------------------------------

     Neither the General  Partner,  its  affiliates,  nor any of the officers or
     directors  of  the  General  Partner  or its  affiliates  own  directly  or
     beneficially any Units in the Partnership.

(d)  Changes in Control
     ------------------

     The  management  and control of the General  Partner and of Associates  and
     their  affiliates  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 any time remove the
     General Partner of the Partnership and elect a successor General Partner.

Item 13.  Certain Relationships and Related Transactions

The General Partner manages all of the Partnership's  affairs.  The transactions
with  the  General  Partner  are  primarily  in the  form  of  fees  paid by the
Partnership for services rendered to the Partnership, reimbursement of expenses,
and the General Partner's interests in the Partnership,  as discussed in Item 11
and in the notes to the Partnership's financial statements.



                                       37
<PAGE>



Item 14.  Principal Accountant Fees and Services

The following is a summary of fees paid to the Fund's independent auditors for
the years ended March 31:
                                             2004                2003
                                        ---------------     ---------------

Audit Fees                            $         19,351              18,570
Audit-related Fees                                   -                   -
Tax Fees                                         1,625               1,500
All Other Fees                                       -                   -
                                        ---------------     ---------------
TOTAL                                 $         20,976              20,070
                                        ===============     ===============


The  Partnership  has no Audit  Committee.  All audit services and any permitted
non-audit services performed by the Fund's independent  auditors are preapproved
by the General Partner.



                                       38
<PAGE>


PART IV.

Item 15.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K

Financial Statements

(a)(1)    Financial statements included in Part II hereof:
          ------------------------------------------------
          Report of  Independent  Registered  Public  Accounting  Firm - Reznick
            Fedder & Silverman
          Report of Independent Registered Public Accounting Firm - BDO Seidman,
            LLP
          Balance Sheets, March 31, 2004 and 2003
          Statements of Operations for the years ended March 31, 2004,  2003 and
            2002
          Statements of Partners' Equity (Deficit) for the years ended March 31,
            2004, 2003 and 2002
          Statements of Cash Flows for the years ended March 31, 2004,  2003 and
            2002
          Notes to Financial Statements

(a)(2)    Financial statement schedule included in Part IV hereof:
          --------------------------------------------------------

          Report of Independent  Registered  Public Accounting Firm on Financial
            Statement Schedules - Reznick Fedder & Silverman
          Report of Independent  Registered  Public Accounting Firm on Financial
            Statement Schedules - BDO Seidman, LLP
          Schedule III - Real Estate Owned by Local Limited Partnerships

(b)       Reports on Form 8-K.
          --------------------

          NONE

(c)       Exhibits.
          ---------

3.1       Articles  of  incorporation   and  by-laws:   The  registrant  is  not
          incorporated.  The Partnership Agreement filed as Exhibit 28.1 to Form
          10-K for fiscal year ended December 31, 1995.

31.1      Certification  of the  Principal  Executive  Officer  pursuant to Rule
          13a-14  and  15d-14,  as  adopted  pursuant  to  section  302  of  the
          Sarbanes-Oxley Act of 2002. (filed herewith)

31.2      Certification  of the  Principal  Financial  Officer  pursuant to Rule
          13a-14  and  15d-14,  as  adopted  pursuant  to  section  302  of  the
          Sarbanes-Oxley Act of 2002. (filed herewith)

32.1      Section 1350  Certification  of the Chief  Executive  Officer.  (filed
          herewith)

32.2      Section 1350  Certification  of the Chief  Financial  Officer.  (filed
          herewith)

99.1      Second  Amended  and  Restated  Agreement  of Limited  Partnership  of
          Beckwood Manor Seven Limited Partnership filed as exhibit 10.1 to Form
          8-K dated December 8, 1993 is hereby  incorporated herein by reference
          as exhibit 99.1.

99.2      Amended and Restated Agreement of Limited  Partnership of Alpine Manor
          filed as exhibit 10.3 to Post-Effective  Amendment No 1 dated February
          16, 1994 is hereby incorporated herein by reference as exhibit 99.2.

99.3      Second  Amended  and  Restated  Agreement  of Limited  Partnership  of
          Briscoe  Manor,   Limited   Partnership   filed  as  exhibit  10.4  to
          Post-Effective  Amendment  No 1 dated  February  16,  1994  is  hereby
          incorporated herein by reference as exhibit 99.3.

99.4      Amended and Restated Agreement and Certificate of Limited  Partnership
          of  Evergreen  Four,  Limited  Partnership  filed as  exhibit  10.5 to
          Post-Effective  Amendment  No 1 dated  February  16,  1994  is  hereby
          incorporated herein by reference as exhibit 99.4.

                                       39
<PAGE>

99.5      Amended and Restated Agreement and Certificate of Limited  Partnership
          of  Fawn  Haven,   Limited   Partnership  filed  as  exhibit  10.6  to
          Post-Effective  Amendment  No 1 dated  February  16,  1994  is  hereby
          incorporated herein by reference as exhibit 99.5.

99.6      Amended  and  Restated  Agreement  of  Limited   Partnership  of  Fort
          Stockton, L. P. filed as exhibit 10.7 to Post-Effective Amendment No 1
          dated February 16, 1994 is hereby  incorporated herein by reference as
          exhibit 99.6.

99.7      Amended and Restated Agreement and Certificate of Limited  Partnership
          of Madison Manor Senior Citizens  Complex,  Ltd. filed as exhibit 10.8
          to  Post-Effective  Amendment  No 1 dated  February 16, 1994 is hereby
          incorporated herein by reference as exhibit 99.7.

99.8      Amended and Restated Agreement and Certificate of Limited  Partnership
          of Mt. Graham  Housing,  Ltd. filed as exhibit 10.9 to  Post-Effective
          Amendment No 1 dated February 16, 1994 is hereby  incorporated  herein
          by reference as exhibit 99.8.

99.9      Amended and Restated Agreement and Certificate of Limited  Partnership
          of  Northside  Plaza  Apartments,  Ltd.  filed  as  exhibit  10.10  to
          Post-Effective  Amendment  No 1 dated  February  16,  1994  is  hereby
          incorporated herein by reference as exhibit 99.9.

99.10     Amended and Restated Agreement of Limited  Partnership of Pampa Manor,
          L.P.  filed as exhibit  10.11 to  Post-Effective  Amendment No 1 dated
          February  16,  1994 is  hereby  incorporated  herein by  reference  as
          exhibit 99.10.

99.11     Amended and Restated Agreement of Limited Partnership of Vernon Manor,
          L.P.  filed as exhibit  10.12 to  Post-Effective  Amendment No 1 dated
          February  16,  1994 is  hereby  incorporated  herein by  reference  as
          exhibit 99.11.

99.12     Amended and  Restated  Agreement of Limited  Partnership  of Waterford
          Place, A Limited  Partnership filed as exhibit 10.13 to Post-Effective
          Amendment No 1 dated February 16, 1994 is hereby  incorporated  herein
          by reference as exhibit 99.12.

99.13     Amended  and  Restated  Agreement  of  Limited  Partnership  of Yantis
          Housing,  Ltd filed as exhibit 10.13 to Post-Effective  Amendment No 1
          dated February 16, 1994 is hereby  incorporated herein by reference as
          exhibit 99.13.

99.14     Third  Amended  and  Restated  Agreement  of Limited  Partnership  and
          Certificate of Limited Partnership of Indian Creek Limited Partnership
          filed as exhibit  10.16 to  Post-Effective  Amendment No 2 dated March
          11, 1994 is hereby incorporated herein by reference as exhibit 99.14.

99.15     Agreement of Limited  Partnership of Laurel Creek  Apartments filed as
          exhibit  10.1 to Form 8-K  dated May 25,  1994 is hereby  incorporated
          herein by reference as exhibit 99.15.

99.16     Second  Amended  and  Restated  Agreement  of Limited  Partnership  of
          Sandpiper Square, A Limited  Partnership filed as exhibit 10.2 to Form
          8-K dated May 25, 1994 is hereby  incorporated  herein by reference as
          exhibit 99.16.

99.17     Amended and Restated Agreement of Limited Partnership of Regency Court
          Partners  filed as  exhibit  10.1 to Form 8-K dated  June 30,  1994 is
          hereby incorporated herein by reference as exhibit 99.17.

99.18     Disposition  and  Development  Agreement By and Between The  Community
          Development  Commission of the County of Los Angeles and Regency Court
          Partners  (including  forum of Ground  Lease) filed as exhibit 10.2 to
          Form  8-K  dated  June  30,  1994 is  hereby  incorporated  herein  by
          reference as exhibit 99.18.

99.19     Amended and  Restated  Agreement  of Limited  Partnership  of Bay City
          Village  Apartments,  Limited  Partnership  filed as exhibit  10.19 to
          Post-Effective   Amendment   No  4  dated  July  14,  1994  is  hereby
          incorporated herein by reference as exhibit 99.19.

99.20     Second Amended and Restated Agreement of Limited Partnership of Hidden
          Valley Limited  Partnership  filed as exhibit 10.20 to  Post-Effective
          Amendment  No 4 dated July 14, 1994 is hereby  incorporated  herein by
          reference as exhibit 99.20.

                                       40
<PAGE>

99.21     Amended and Restated  Agreement of Limited  Partnership of HOI Limited
          Partnership of Lenoir and Amendments thereto filed as exhibit 10.21 to
          Post-Effective   Amendment   No  4  dated  July  14,  1994  is  hereby
          incorporated herein by reference as exhibit 99.21.

99.22     Financial  Statements of Regency Court,  as of and for the years ended
          December 31, 2002 and 2001 together with Independent  Auditors' Report
          thereon;  filed as exhibit  99.6 on Form 10-K dated March 31,  2003; a
          significant subsidiary of the Partnership.

99.23     Financial  Statements  of Laurel Creek  Apartments,  as of and for the
          years ended  December  31,  2003 and 2002  together  with  Independent
          Auditors' Report thereon; a significant subsidiary of the Partnership.
          (filed herewith)

99.24     Financial  Statements of Regency Court,  as of and for the years ended
          December 31, 2003 and 2002 together with Independent  Auditors' Report
          thereon; a significant subsidiary of the Partnership. (filed herewith)

(d)       Financial  statement  schedules  follow,  as set  forth in  subsection
          ---------------------------------------
          (a)(2) hereof.


                                       41
<PAGE>


      REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON FINANCIAL
                               STATEMENT SCHEDULES


To the Partners
WNC Housing Tax Credit Fund IV, L.P., Series 1


The audits  referred to in our report  dated June 11, 2004  relating to the 2004
financial  statements  of WNC  Housing  Tax Credit  Fund IV,  L.P.,  Series 1 (a
California Limited Partnership) (the "Partnership"), which are contained in Item
8 of this Form 10-K, included the audit of the accompanying  financial statement
schedule "Real Estate Owned by Local Limited  Partnerships March 31, 2004." This
financial   statement  schedule  is  the  responsibility  of  the  Partnership's
management.  Our  responsibility  is to express  an  opinion  on this  financial
statement schedule based upon our audit.

In our opinion, based upon our audit and the reports of the other auditors, such
financial  statement schedule referred to above presents fairly, in all material
respects, the information set forth therein.



/s/ Reznick Fedder & Silverman

Bethesda, Maryland
June 11, 2004




                                       42
<PAGE>


 Report of Independent Registered Public Accounting Firm on Financial Statement
                                   Schedules




To the Partners
WNC Housing Tax Credit Fund IV, L.P. Series 1


The audits  referred to in our report dated May 12,  2003,  relating to the 2003
and 2002 financial  statements of WNC Housing Tax Credit Fund IV, L.P.  Series 1
(the  "Partnership"),  which is contained in Item 8 of this Form 10-K,  included
the audit of the  accompanying  financial  statement  schedules.  The  financial
statement schedules are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial  statement  schedules
based upon our audits.

In our opinion,  such financial  statement  schedules  presents  fairly,  in all
material respects, the financial information set forth therein.


                                            /s/ BDO SEIDMAN, LLP
Costa Mesa, California
May 12, 2003





                                       43
<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>
                                                -------------------------------  ---------------------------------------------------
                                                   As of March 31, 2004                          As of December 31, 2003
                                                ------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>            <C>             <C>          <C>             <C>           <C>          <C>
Alpine Manor,                     Alpine,
L.P.                              Texas          $  195,000      $  195,000   $   900,000     $1,171,000    $  278,000   $   893,000

Baycity                           Baytown,
Village                           Texas
Apartments,
Limited
Partnership                                         301,000         301,000     1,428,000      1,838,000       677,000     1,161,000

Beckwood                          Marianna,
Manor Seven                       Arkansas
Limited
Partnership                                         307,000         307,000     1,372,000      1,805,000       651,000     1,154,000

Briscoe Manor                     Galena,
Limited                           Maryland
Partnership                                         308,000         308,000     1,470,000      1,845,000       633,000     1,212,000

Evergreen                         Maynard,
Four Limited                      Arkansas
Partnership                                         195,000         195,000       859,000      1,129,000       403,000       726,000

Fawn Haven                        Manchester,
Limited                           Ohio
Partnership                                         167,000         167,000       843,000      1,073,000       407,000       666,000

Fort Stockton                     Ft.Stockton,
Manor, L.P.                       Texas             224,000         224,000     1,037,000      1,248,000       277,000       971,000

Hidden                            Gallup,
Valley                            New
Limited                           Mexico
Partnership                                         412,000         412,000     1,466,000      2,005,000       482,000     1,523,000

HOI Limited                       Lenoir,
Partnership                       North
Of Lenoir                         Carolina          198,000         198,000       512,000      1,174,000       346,000       828,000

Indian Creek                      Bucyrus,
Limited                           Ohio
Partnership                                         306,000         306,000     1,449,000      1,778,000       603,000     1,175,000

Laurel                            San Luis
Creek                             Obispo,
Apartments                        California      1,030,000       1,030,000       576,000      2,165,000       670,000     1,495,000

</TABLE>


                                       44
<PAGE>

WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>
                                                -------------------------------  ---------------------------------------------------
                                                   As of March 31, 2004                          As of December 31, 2003
                                                ------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>          <C>               <C>           <C>            <C>           <C>          <C>
Madisonville                      Madisonville,
Manor Senior                      Texas
Citizens
Complex, Ltd.                                       174,000         174,000       892,000      1,154,000       188,000       966,000

Mt. Graham                        Safford,
Housing, Ltd.                     Arizona           410,000         410,000     1,387,000      1,908,000       664,000     1,244,000

Northside Plaza                   Angleton,
Apartments, Ltd.                  Texas             282,000         282,000     1,341,000      1,753,000       315,000     1,438,000

Pampa Manor,                      Pampa,
L.P.                              Texas             180,000         180,000       834,000      1,033,000       237,000       796,000

Regency Court                     Monrovia,
Partners                          California      1,692,000       1,690,000     4,045,000      7,707,000     1,593,000     6,114,000

Sandpiper                         Aulander,
Square, a                         North
Limited                           Carolina
Partnership                                         219,000         219,000       934,000      1,200,000       290,000       910,000

Seneca Falls                      Seneca
East Apartments                   Falls, New
Company II, L.P.                  York              270,000         270,000       882,000      1,235,000       241,000       994,000

Vernon Manor,                     Vernon,
L.P.                              Texas             177,000         177,000       743,000        906,000       206,000       700,000

Waterford                         Calhoun
Place, a Limited                  Falls, South
Partnership                       Carolina          272,000         272,000     1,163,000      1,503,000       574,000       929,000

Yantis Housing,                   Yantis,
Ltd.                              Texas             145,000         145,000       619,000        843,000       206,000       637,000
                                               -------------     ----------   ------------    -----------   -----------  -----------

                                               $  7,464,000      $7,462,000    $24,752,000    $36,473,000   $9,941,000   $26,532,000
                                               =============     ==========    ============   ===========   ===========  ===========
</TABLE>

                                       45

<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2003
                              --------------------------------------------------------------------------------------
                                                    Net Income     Year Investment                Estimated Useful
      Partnership Name          Rental Income         (Loss)          Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                     <C>             <C>             <C>                              <C>
Alpine Manor, L.P.                      $122,000        $(15,000)       1994           Completed         40

Baycity Village Apartments,
Limited Partnership                      321,000         (31,000)       1994           Completed         30

Beckwood Manor Seven Limited
Partnership                              153,000         (64,000)       1993           Completed        27.5

Briscoe Manor Limited
Partnership                              187,000         (48,000)       1994           Completed        27.5

Evergreen Four Limited
Partnership                               86,000         (44,000)       1994           Completed        27.5

Fawn Haven Limited
Partnership                               87,000         (20,000)       1994           Completed        27.5

Fort Stockton Manor, L.P.                136,000         (15,000)       1994           Completed         40

Hidden Valley Limited
Partnership                              188,000         (23,000)       1994           Completed         40

HOI Limited Partnership Of
Lenoir                                   150,000         (35,000)       1993           Completed         40

Indian Creek Limited
Partnership                              148,000         (39,000)       1994           Completed        27.5

Laurel Creek Apartments                  206,000          19,000        1994           Completed        27.5

Madisonville Manor Senior
Citizens Complex, Ltd.                   122,000          (5,000)       1994           Completed         50

Mt. Graham Housing, Ltd.                 158,000         (60,000)       1994           Completed        27.5

Northside Plaza Apartments,
Ltd.                                     172,000         (15,000)       1994           Completed         50

Pampa Manor, L.P.                         93,000         (21,000)       1994           Completed         40

Regency Court Partners                   726,000        (227,000)       1994           Completed         40

Sandpiper Square, a Limited
Partnership                              105,000         (15,000)       1994           Completed         35

Seneca Falls East Apartments
Company II, L.P.                         152,000         (32,000)       1998           Completed         40

</TABLE>

                                       46
<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2004
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2003
                              --------------------------------------------------------------------------------------
                                                    Net Income     Year Investment                Estimated Useful
      Partnership Name          Rental Income         (Loss)          Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                     <C>             <C>             <C>                              <C>
Vernon Manor, L.P.                       107,000          (2,000)       1994           Completed         40

Waterford Place, a Limited
Partnership                              132,000         (39,000)       1994           Completed         40

Yantis Housing, Ltd.                      82,000         (17,000)       1994           Completed         40
                                      ----------       ----------

                                      $3,633,000       $(748,000)
                                      ==========       ==========



</TABLE>



                                       47
<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>
                                              -------------------------------  -----------------------------------------------------
                                                   As of March 31, 2003                          As of December 31, 2002
                                              --------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>            <C>             <C>          <C>             <C>           <C>          <C>
Alpine Manor,                     Alpine,
L.P.                              Texas          $  195,000      $  195,000   $   904,000     $1,169,000    $  249,000   $   920,000

Baycity                           Baytown,
Village                           Texas
Apartments,
Limited
Partnership                                         301,000         301,000     1,442,000      1,837,000       613,000     1,224,000

Beckwood                          Marianna,
Manor Seven                       Arkansas
Limited
Partnership                                         307,000         307,000     1,377,000      1,805,000       589,000     1,216,000

Briscoe Manor                     Galena,
Limited                           Maryland
Partnership                                         308,000         308,000     1,476,000      1,845,000       570,000     1,275,000

Evergreen                         Maynard,
Four Limited                      Arkansas
Partnership                                         195,000         195,000       862,000      1,129,000       364,000       765,000

Fawn Haven                        Manchester,
Limited                           Ohio
Partnership                                         167,000         167,000       847,000      1,072,000       370,000       702,000

Fort Stockton                     Ft.Stockton,
Manor, L.P.                       Texas             224,000         224,000     1,042,000      1,249,000       246,000     1,003,000

Hidden                            Gallup,
Valley                            New
Limited                           Mexico
Partnership                                         412,000         412,000     1,472,000      1,988,000       430,000     1,558,000

HOI Limited                       Lenoir,
Partnership                       North
Of Lenoir                         Carolina          198,000         198,000       526,000      1,178,000       316,000       862,000

Indian Creek                      Bucyrus,
Limited                           Ohio
Partnership                                         306,000         306,000     1,456,000      1,776,000       543,000     1,233,000

Laurel                            San Luis
Creek                             Obispo,
Apartments                        California      1,030,000       1,030,000       609,000      2,165,000       602,000     1,563,000

</TABLE>


                                       48
<PAGE>

WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>
                                                -------------------------------  ---------------------------------------------------
                                                   As of March 31, 2003                          As of December 31, 2002
                                                ------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>          <C>               <C>           <C>            <C>           <C>          <C>
Madisonville                      Madisonville,
Manor Senior                      Texas
Citizens
Complex, Ltd.                                       174,000         174,000       895,000      1,151,000       164,000       987,000

Mt. Graham                        Safford,
Housing, Ltd.                     Arizona           410,000         410,000     1,394,000      1,886,000       594,000     1,292,000

Northside                         Angleton,
Plaza                             Texas
Apartments,
Ltd.                                                282,000         282,000     1,348,000      1,745,000       280,000     1,465,000

Pampa Manor,                      Pampa,
L.P.                              Texas             180,000         180,000       838,000      1,032,000       212,000       820,000

Regency                           Monrovia,
Court                             California
Partners                                          1,692,000       1,690,000     5,017,000      7,707,000     1,396,000     6,311,000

Sandpiper                         Aulander,
Square, a                         North
Limited                           Carolina
Partnership                                         219,000         219,000       938,000      1,193,000       261,000       932,000

Seneca Falls                      Seneca
East Apartments                   Falls, New
Company II, L.P.                  York              270,000         270,000       885,000      1,229,000       195,000     1,034,000

Vernon Manor,                     Vernon,
L.P.                              Texas             177,000         177,000       745,000        905,000       184,000       721,000

Waterford                         Calhoun
Place, a Limited                  Falls, South
Partnership                       Carolina          272,000         272,000     1,169,000      1,503,000       513,000       990,000

Yantis Housing,                   Yantis,
Ltd.                              Texas             145,000         145,000       622,000        842,000       185,000       657,000
                                               -------------     ----------   ------------    -----------  ---- -------  -----------

                                               $  7,464,000      $7,462,000    $25,864,000    $36,406,000   $8,876,000   $27,530,000
                                               =============     ==========    ============   ===========   ===========  ===========
</TABLE>

                                       49
<PAGE>



WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2002
                              --------------------------------------------------------------------------------------
                                                                   Year Investment                Estimated Useful
      Partnership Name          Rental Income        Net Loss         Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                    <C>           <C>                <C>                              <C>
Alpine Manor, L.P.                     $ 121,000     $   (17,000)       1994           Completed         40

Baycity Village Apartments,
Limited Partnership                      309,000         (31,000)       1994           Completed         30

Beckwood Manor Seven Limited
Partnership                              148,000         (41,000)       1993           Completed        27.5

Briscoe Manor Limited
Partnership                              179,000         (50,000)       1994           Completed        27.5

Evergreen Four Limited
Partnership                               83,000         (40,000)       1994           Completed        27.5

Fawn Haven Limited
Partnership                               85,000         (15,000)       1994           Completed        27.5

Fort Stockton Manor, L.P.                131,000         (22,000)       1994           Completed         40

Hidden Valley Limited
Partnership                              182,000         (23,000)       1994           Completed         40

HOI Limited Partnership Of
Lenoir                                   148,000         (18,000)       1993           Completed         40

Indian Creek Limited
Partnership                              148,000         (28,000)       1994           Completed        27.5

Laurel Creek Apartments                  194,000         (19,000)       1994           Completed        27.5

Madisonville Manor Senior
Citizens Complex, Ltd.                   110,000          (1,000)       1994           Completed         50

Mt. Graham Housing, Ltd.                 148,000         (64,000)       1994           Completed        27.5

Northside Plaza Apartments,
Ltd.                                     171,000         (10,000)       1994           Completed         50

Pampa Manor, L.P.                         95,000         (26,000)       1994           Completed         40

Regency Court Partners                   686,000         (75,000)       1994           Completed         40

Sandpiper Square, a Limited
Partnership                               98,000         (23,000)       1994           Completed         35

Seneca Falls East Apartments
Company II, L.P.                         152,000         (25,000)       1998           Completed         40

</TABLE>


                                       50
<PAGE>



WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2003
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2002
                              --------------------------------------------------------------------------------------
                                                                   Year Investment                Estimated Useful
      Partnership Name          Rental Income        Net Loss         Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------

<S>                                       <C>             <C>           <C>                              <C>
Vernon Manor, L.P.                        96,000          (8,000)       1994           Completed         40

Waterford Place, a Limited
Partnership                              126,000         (46,000)       1994           Completed         40


Yantis Housing, Ltd.                      77,000         (24,000)       1994           Completed         40
                                     -----------      -----------

                                     $ 3,487,000      $ (606,000)
                                     ===========      ===========
</TABLE>


                                       51
<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>
                                              -------------------------------  -----------------------------------------------------
                                                   As of March 31, 2002                          As of December 31, 2001
                                              --------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>            <C>             <C>          <C>             <C>           <C>          <C>
Alpine Manor,                     Alpine,
L.P.                              Texas          $  195,000      $  195,000   $   909,000     $1,170,000    $  221,000   $   949,000

Baycity                           Baytown,
Village                           Texas
Apartments,
Limited
Partnership                                         301,000         301,000     1,455,000      1,829,000       550,000     1,279,000

Beckwood                          Marianna,
Manor Seven                       Arkansas
Limited
Partnership                                         307,000         307,000     1,383,000      1,789,000       527,000     1,262,000

Briscoe Manor                     Galena,
Limited                           Maryland
Partnership                                         308,000         308,000     1,481,000      1,845,000       505,000     1,340,000

Evergreen                         Maynard,
Four Limited                      Arkansas
Partnership                                         195,000         195,000       865,000      1,129,000       325,000       804,000

Fawn Haven                        Manchester,
Limited                           Ohio
Partnership                                         167,000         167,000       851,000      1,072,000       333,000       739,000

Fort Stockton                     Ft.Stockton,
Manor, L.P.                       Texas             224,000         224,000     1,046,000      1,248,000       216,000     1,032,000

Hidden                            Gallup,
Valley                            New
Limited                           Mexico
Partnership                                         412,000         412,000     1,477,000      1,981,000       378,000     1,603,000

HOI Limited                       Lenoir,
Partnership                       North
Of Lenoir                         Carolina          198,000         198,000       539,000      1,173,000       283,000       890,000

Indian Creek                      Bucyrus,
Limited                           Ohio
Partnership                                         306,000         306,000     1,462,000      1,777,000       483,000     1,294,000

Laurel                            San Luis
Creek                             Obispo,
Apartments                        California      1,030,000       1,030,000       611,000      2,165,000       534,000     1,631,000

</TABLE>

                                       52
<PAGE>


WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>
                                                -------------------------------  ---------------------------------------------------
                                                   As of March 31, 2002                          As of December 31, 2001
                                                ------------------------------------------------------------------------------------
                                                                                   Mortgage
                                             Total Investment      Amount of      Balances of
                                             in Local Limited    Investment Paid Local Limited   Property and  Accumulated  Net Book
      Partnership Name            Location       Partnerships        to Date      Partnerships    Equipment    Depreciation   Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>          <C>               <C>           <C>            <C>           <C>          <C>
Madisonville                      Madisonville,
Manor Senior                      Texas
Citizens
Complex, Ltd.                                       174,000         174,000       898,000      1,150,000       140,000     1,010,000

Mt. Graham                        Safford,
Housing, Ltd.                     Arizona           410,000         410,000     1,400,000      1,883,000       525,000     1,358,000

Northside                         Angleton,
Plaza                             Texas
Apartments,
Ltd.                                                282,000         282,000     1,354,000      1,741,000       244,000     1,497,000

Pampa Manor,                      Pampa,
L.P.                              Texas             180,000         180,000       841,000      1,032,000       186,000       846,000

Regency                           Monrovia,
Court                             California
Partners                                          1,692,000       1,690,000     5,088,000      7,708,000     1,200,000     6,508,000

Sandpiper                         Aulander,
Square, a                         North
Limited                           Carolina
Partnership                                         219,000         219,000       942,000      1,193,000       231,000       962,000

Seneca Falls                      Seneca
East Apartments                   Falls, New
Company II, L.P.                  York              270,000         270,000       888,000      1,227,000       151,000     1,076,000

Vernon Manor,                     Vernon,
L.P.                              Texas             177,000         177,000       748,000        905,000       162,000       743,000

Waterford                         Calhoun
Place, a Limited                  Falls, South
Partnership                       Carolina          272,000         272,000     1,174,000      1,501,000       452,000     1,049,000

Yantis Housing,                   Yantis,
Ltd.                              Texas             145,000         145,000       625,000        839,000       163,000       676,000
                                               -------------     ----------   ------------    -----------  ---- -------  -----------

                                               $  7,464,000      $7,462,000    $26,037,000    $36,357,000   $7,809,000   $28,548,000
                                               =============     ==========    ============   ===========   ===========  ===========
</TABLE>


                                       53
<PAGE>



WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2001
                              --------------------------------------------------------------------------------------
                                                                   Year Investment                Estimated Useful
      Partnership Name          Rental Income        Net Loss         Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------

<S>                                    <C>           <C>                <C>                              <C>
Alpine Manor, L.P.                     $ 113,000     $   (19,000)       1994           Completed         40

Baycity Village Apartments,
Limited Partnership                      248,000         (51,000)       1994           Completed         30

Beckwood Manor Seven Limited
Partnership                              148,000         (75,000)       1993           Completed        27.5

Briscoe Manor Limited
Partnership                              174,000         (64,000)       1994           Completed        27.5

Evergreen Four Limited
Partnership                               89,000         (37,000)       1994           Completed        27.5

Fawn Haven Limited
Partnership                               84,000         (24,000)       1994           Completed        27.5

Fort Stockton Manor, L.P.                123,000         (14,000)       1994           Completed         40

Hidden Valley Limited
Partnership                              176,000         (18,000)       1994           Completed         40

HOI Limited Partnership Of
Lenoir                                   142,000         (26,000)       1993           Completed         40

Indian Creek Limited
Partnership                              145,000         (33,000)       1994           Completed        27.5

Laurel Creek Apartments                  180,000          (4,000)       1994           Completed        27.5

Madisonville Manor Senior
Citizens Complex, Ltd.                   104,000         (12,000)       1994           Completed         50

Mt. Graham Housing, Ltd.                 138,000         (69,000)       1994           Completed        27.5

Northside Plaza Apartments,
Ltd.                                     151,000         (30,000)       1994           Completed         50

Pampa Manor, L.P.                         94,000         (27,000)       1994           Completed         40

Regency Court Partners                   657,000        (162,000)       1994           Completed         40

Sandpiper Square, a Limited
Partnership                               99,000         (17,000)       1994           Completed         35

Seneca Falls East Apartments
Company II, L.P.                         144,000         (27,000)       1998           Completed         40
</TABLE>

                                       54
<PAGE>
WNC Housing Tax Credit Fund IV, L.P., Series 1
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2002
<TABLE>
<CAPTION>
                              --------------------------------------------------------------------------------------
                                                      For the year ended December 31, 2001
                              --------------------------------------------------------------------------------------
                                                                   Year Investment                Estimated Useful
      Partnership Name          Rental Income        Net Loss         Acquired         Status       Life (Years)
--------------------------------------------------------------------------------------------------------------------
<S>                                    <C>           <C>                <C>                              <C>
Vernon Manor, L.P.                        92,000          (4,000)       1994           Completed         40

Waterford Place, a Limited
Partnership                              125,000         (50,000)       1994           Completed         40


Yantis Housing, Ltd.                      73,000         (26,000)       1994           Completed         40
                                     -----------      -----------

                                     $ 3,299,000      $ (789,000)
                                     ===========      ===========
</TABLE>


                                       55
<PAGE>



                                   SIGNATURES


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 1

By:      WNC & Associates, Inc.,
         General Partner

         By:      /s/ Wilfred N. Cooper, Jr.
                  --------------------------
                  Wilfred N. Cooper, Jr.,
                  President of WNC & Associates, Inc.

Date:  July 14, 2004

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, Jr.
         --------------------------
         Wilfred N. Cooper, Jr.,
         Chief Executive Officer, President and Director of
         WNC & Associates, Inc. (principal executive officer)

Date:  July 14, 2004


         By: /s/ Thomas J. Riha
         ----------------------
         Thomas J. Riha,
         Senior Vice-President - Chief Financial Officer of
         WNC & Associates, Inc. (principal financial officer and principal
         accounting officer)

Date:  July 14, 2004


By:      /s/ Wilfred N. Cooper, Sr.
         --------------------------
         Wilfred N. Cooper, Sr.,
         Chairman of the Board of WNC & Associates, Inc.

Date:  July 14, 2004

By:      /s/ David N. Shafer
         -------------------
         David N Shafer,
         Director of WNC & Associates, Inc.

Date:  July 14, 2004



                                       56