FORM 10-KSB--ANNUAL OR TRANSITIONAL REPORT UNDER
                             SECTION 13 OR 15(d)

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      [No Fee Required]

                 For the fiscal year ended December 31, 2000

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934
      [No Fee Required]

             For the transition period from _________to _________

                         Commission file number 0-14283

                      ANGELES INCOME PROPERTIES, LTD. IV
                (Name of small business issuer in its charter)

         California                                              95-3974194
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, PO Box 1089
                       Greenville, South Carolina 29602
                   (Address of principal executive offices)

                   Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                            Limited Partnership Units
                                (Title of class)

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

Check if there is no disclosure  of delinquent  filers in response to Item 405
of  Regulation  S-B  contained  in  this  form,  and  no  disclosure  will  be
contained,  to the best of the  registrant's  knowledge in definitive proxy or
information  statements  incorporated  by  reference  in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.  [X]

State issuer's revenues for its most recent fiscal year.  $3,790,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2000. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

<PAGE>

                                     PART I

Item 1.     Description of Business

Angeles Income  Properties,  Ltd. IV (the  "Partnership"  or  "Registrant") is a
publicly held limited partnership organized under the California Uniform Limited
Partnership Act on June 29, 1984. The  Partnership's  general partner is Angeles
Realty  Corporation II, a California  corporation (the "General Partner" or "ARC
II").  ARC II was  wholly-owned  by MAE GP  Corporation  ("MAE  GP").  Effective
February 25, 1998,  MAE GP was merged into Insignia  Properties  Trust  ("IPT").
Effective  February  26,  1999,  IPT was merged into  Apartment  Investment  and
Management Company  ("AIMCO").  Thus, the General Partner is now wholly-owned by
AIMCO. The Partnership  Agreement  provides that the Partnership is to terminate
on December 31, 2035 unless terminated prior to such date.

The Registrant,  through its public offering of Limited  Partnership Units, sold
131,800 units aggregating  $65,900,000.  The General Partner contributed capital
in the amount of $1,000 for a 2% interest in the Partnership.  Since its initial
offering, the Partnership had not received, nor are limited partners required to
make,  additional  capital  contributions.  The  Partnership  is  engaged in the
business of operating and holding real estate  properties  for  investment  (see
"Item  2.  Description  of  Property").   The  Partnership  presently  owns  one
commercial property.  The Partnership owned a general partnership interest in an
additional property which was sold in 1999.

The Partnership  has no employees.  Management and  administrative  services are
provided by an unrelated party.

The business in which the  Partnership is engaged is highly  competitive.  There
are other  commercial  properties  within  the market  area of the  Registrant's
property.  The number and quality of competitive  properties in such market area
could have a material  effect on the rental market for the  commercial  space at
the Registrant's property and the rents that may be charged for such space.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations  might adversely  affect the property
owned by the Partnership.

The  Partnership  monitors its property for evidence of  pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

The  Partnership  receives  income  from its  property  and is  responsible  for
operating  expenses,  capital  improvements  and  debt  service  payments  under
mortgage  obligations  secured by the  property.  The  Partnership  financed its
property through  non-recourse  debt.  Therefore,  in the event of default,  the
lender can generally  look only to the subject  property for recovery of amounts
due.

Both the income and expenses of operating the property owned by the  Partnership
are subject to factors outside of the Partnership's  control, such as changes in
the supply and demand for  similar  properties  resulting  from  various  market
conditions, increases/decreases in unemployment or population shifts, changes in
the  availability of permanent  mortgage  financing,  changes in zoning laws, or
changes in patterns or needs of users. In addition,  there are risks inherent in
owning  and  operating   commercial   properties  because  such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and IPT merged into Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment  trust,  with AIMCO being the surviving  corporation  (the  "Insignia
Merger").  As a result,  AIMCO acquired 100%  ownership  interest in the General
Partner.  The General Partner does not believe that this  transaction has had or
will have a material effect on the affairs and operations of the Partnership.

Item 2.     Description of Property

The following table sets forth the Partnership's investment in property:
<TABLE>
<CAPTION>

                                Date of
Property                        Purchase       Type of Ownership     Use

Factory Merchants Mall          05/22/86    Fee ownership subject    Commercial
<S>                                                             <C>  <C>
  Pigeon Forge, Tennessee                   to a first mortgage (1)  200,000 sq. ft.
</TABLE>

(1)   Owned by a limited partnership of which the Registrant is the sole
      limited partner.

Schedule of Property

Set forth  below for the  Registrant's  property  is the gross  carrying  value,
accumulated  depreciation,  depreciable life, method of depreciation and Federal
tax basis.
<TABLE>
<CAPTION>

                           Gross
                          Carrying   Accumulated                         Federal
Property                   Value    Depreciation     Rate    Method     Tax Basis
                              (in thousands)                         (in thousands)

<S>                       <C>          <C>         <C>                   <C>
Factory Merchants Mall    $20,608      $13,342     5-20 yrs    S/L       $ 8,590
</TABLE>

See  "Note A" of the  consolidated  financial  statements  included  in "Item 7.
Financial Statements" for a description of the Partnership's depreciation policy
 .

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the  loan
encumbering the Registrant's property.
<TABLE>
<CAPTION>

                           Principal                                      Principal
                           Balance At                                      Balance
                          December 31,  Interest    Period    Maturity      Due At
        Property              2000        Rate    Amortized     Date       Maturity
                         (in thousands)                                 (in thousands)
Factory Merchants Mall
<S>                         <C>           <C>       <C>       <C>          <C>
  1st mortgage              $14,657       9.75%     25 yrs    10/2006      $12,955
</TABLE>

See "Item 7. Financial  Statements - Note C" for information with respect to the
Registrant's  ability to prepay this loan and other  specific  details about the
loan.

Rental Rates and Occupancy

Average  annual  rental rate and occupancy for 2000 and 1999 for the property is
as follows:

                                  Average Annual                   Average
                                   Rental Rates                   Occupancy
                                 (per square foot)
 Property                       2000            1999          2000         1999

 Factory Merchants Mall        $ 9.30          $13.11         90%           90%

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly competitive. The property is subject to competition from other commercial
buildings  in the area.  The  General  Partner  believes  that the  property  is
adequately  insured.  The  property is in good  physical  condition,  subject to
normal  depreciation and deterioration as is typical for assets of this type and
age.

Capital Improvements

During  the year  ended  December  31,  2000,  approximately  $90,000 of capital
improvements were made at Factory Merchants Mall consisting  primarily of tenant
improvements,  curb, sidewalk and parking lot improvements and roof replacement.
These  improvements  were  funded  from  operating  cash  flow  and  replacement
reserves.  The Partnership is currently evaluating the capital improvement needs
of the property for the year 2001. As the property is currently  being  marketed
for sale, capital improvements will be made only as needed.

Schedule of Lease Expirations

The following is a schedule of the commercial  lease  expirations  for the years
2001-2010:
<TABLE>
<CAPTION>

                            Number of                      Annual       % of Gross
  Factory Merchants Mall   Expirations   Square Feet        Rent        Annual Rent
                                                       (in thousands)

<S>      <C>                     <C>        <C>             <C>           <C>
         2001                    9          41,000          $581          31.98%
         2002                    5          11,795           187          10.28%
         2003                    8          29,099           210          11.55%
         2004                    5          29,832           460          25.29%
         2005                    2           5,260            90           4.95%
         2006                    1          10,455           166           9.11%
         2007                   --              --            --             --
         2008                   --              --            --             --
         2009                    1           5,435           124           6.85%
         2010                   --              --            --             --
</TABLE>

Factory  Merchants  Mall has no tenants  occupying  10% or more of the  leasable
square  footage (See "Notes A and H" of the  consolidated  financial  statements
included in "Item 7.  Financial  Statements"  for a description of the principle
terms of the leases of the available space).

Real Estate Taxes and Rates

Real estate taxes and rates in 2000 for the property are as follows:

                                    2000             2000
                                  Billing            Rate
                               (in thousands)

Factory Merchants Mall              $116             1.50%

Item 3.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended complaint. The General Partner does not anticipate that costs associated
with this case will be material to the Partnership's overall operations.

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

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

The unit  holders  of the  Partnership  did not vote on any  matter  during  the
quarter ended December 31, 2000.


                                     PART II

Item 5.     Market for the  Partnership's  Common Equity and Related  Security
            Holder Matters

The Partnership,  a publicly-held limited partnership,  offered and sold 131,800
Limited Partnership Units aggregating $65,900,000. The Partnership currently has
4,455 holders of record owning an aggregate of 131,585 units.  Affiliates of the
General  Partner  owned 28,462  units or 21.63% at December 31, 2000.  No public
trading market has developed for the Units,  and it is not anticipated that such
a market will develop in the future.

The following table sets forth the distributions made by the Partnership for the
years ended December 31, 2000 and 1999.

                                                Distributions
                                                            Per Limited
                                        Aggregate        Partnership Unit
                                      (in thousands)

       01/01/99 - 12/31/99              $6,700 (1)            $49.90
       01/01/00 - 12/31/00               1,039 (2)              7.74

(1)   Consists  of   approximately   $2,124,000  of  cash  from  operations  and
      approximately  $4,576,000  of proceeds from the sale of Eastgate Mall (see
      "Item 6.  Management's  Discussion  and Analysis or Plan of Operation" for
      further details).

(2)   Consists of  approximately  $1,039,000 of cash from  operations,  of which
      approximately   $89,000  was  declared  at  December  31,  2000  and  paid
      subsequent to December 31, 2000.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves,  and the  timing  of the debt
maturity,  refinancing  and/or  property  sale. The  Partnership's  distribution
policy is reviewed on a semi-annual basis.  There can be no assurance,  however,
that the  Partnership  will  generate  sufficient  funds from  operations  after
required capital expenditures to permit distributions to its partners in 2001 or
subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,462 limited partnership
units in the Partnership  representing 21.63% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

Item 6.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-KSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions, competitive and regulatory matters, etc.) detailed in the disclosure
contained  in this Form 10-KSB and the other  filings  with the  Securities  and
Exchange  Commission made by the Registrant from time to time. The discussion of
the Registrant's business and results of operations,  including  forward-looking
statements  pertaining to such matter, does not take into account the effects of
any changes to the Registrant's business and results of operation.  Accordingly,
actual   results   could  differ   materially   from  those   projected  in  the
forward-looking  statements as a result of a number of factors,  including those
identified herein.

This item should be read in conjunction with "Item 7. Financial  Statements" and
other items contained elsewhere in this report.

Results of Operations

The Partnership  realized net loss of approximately  $734,000 for the year ended
December 31, 2000 as compared to net income of approximately  $2,735,000 for the
year  ended  December  31,  1999.  The  increase  in net loss for the year ended
December  31,  2000 is  primarily  due to the  gain  recognized  on the  sale of
Eastgate Mall of  approximately  $3,553,000 in June 1999.  Excluding the gain on
sale of and results of operations  for Eastgate Mall for 1999,  the  Partnership
realized a net loss of  approximately  $734,000 and $713,000 for the years ended
December 31, 2000 and 1999, respectively.

The increase in net loss,  excluding the results of operations for Eastgate Mall
for 1999, is due to an increase in total expenses, which was partially offset by
an increase in total  revenues.  The increase in total expenses is primarily due
to increases in operating and bad debt expenses  partially  offset by a decrease
in general and  administrative  and property tax  expenses.  Operating  expenses
increased  primarily  due to an  increase in  merchant  association  dues and an
increase in the cost of security at Factory  Merchants at Pigeon Forge. Bad debt
expense  increased due to tenants  vacating  without  paying all of their common
area maintenance  expense.  General and  administrative  expenses have decreased
primarily due to a decrease in management  reimbursements to the General Partner
allowed by the Partnership  Agreement.  Property tax expense decreased primarily
due to a decrease in the assessed value for Factory Merchants Mall.

The increase in total revenues, excluding the results of operations for Eastgate
Mall for 1999,  is  primarily  due to an  increase in rental  revenue  and, to a
lesser  extent,  an increase in other income.  Rental  revenue  increased due to
several  tenants  converting  over to  percentage  rent on  their  sales  and an
increase in tenant  recoveries  partially  offset by  decreases  in rent revenue
based on a fixed rate, common area maintenance,  and tax recovery.  Other income
increased  primarily  due to an increase in lease  cancellation  fees  partially
offset by a  decrease  in  interest  income  due to a  decrease  in cash held in
interest bearing accounts.

Also included in general and administrative expenses for the year ended December
31,  2000  and  1999,  are  costs  associated  with  the  quarterly  and  annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement are also included.

On June 16, 1999, the Partnership  sold Eastgate Mall to an unrelated party, for
net proceeds of  approximately  $4,576,000  after payment of closing costs.  The
Partnership  recognized a gain of  approximately  $3,553,000  on the sale during
1999.

As part of the ongoing  business plan of the  Partnership,  the General  Partner
monitors the rental market environment of its investment  property to assess the
feasibility of increasing rents,  maintaining or increasing occupancy levels and
protecting the Partnership from increases in expense.  As part of this plan, the
General  Partner  attempts  to  protect  the  Partnership  from  the  burden  of
inflation-related  increases in expenses by increasing  rents and  maintaining a
high overall occupancy level. However, due to changing market conditions,  which
can  result in the use of rental  concessions  and rental  reductions  to offset
softening market conditions, there is no guarantee that the General Partner will
be able to sustain such a plan.

Capital Resources and Liquidity

At December 31, 2000, the  Partnership  held cash  equivalents of  approximately
$625,000 compared to approximately $1,170,000 at December 31, 1999. The decrease
in cash and cash  equivalents  was  approximately  $545,000  from the year ended
December 31, 1999. The decrease is due to approximately  $1,157,000 of cash used
in  financing  activities  partially  offset by  approximately  $559,000 of cash
provided by operating  activities and approximately  $53,000 of cash provided by
investing  activities.  Cash used in financing activities consisted primarily of
distributions  to partners  and, to a lesser  extent,  payments on the  mortgage
securing  the  Partnership's  remaining  property.  Cash  provided by  investing
activities  consisted  primarily  of net  withdrawals  from  restricted  escrows
maintained  by  the  lender  partially  offset  by  property   improvements  and
replacements  and lease  commissions  paid. The Partnership  invests its working
capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the property to adequately maintain the physical assets
and other operating  needs of the Registrant and to comply with Federal,  state,
and local  legal and  regulatory  requirements.  The  Partnership  is  currently
evaluating the capital  improvement needs of the property for the upcoming year.
As the property is currently being marketed for sale, capital  improvements will
be made only as needed.  In addition,  improvements  may be considered  and will
depend on the physical condition of the property as well as replacement reserves
and anticipated  cash flow generated by the property.  The capital  expenditures
will be incurred only if cash is available from  operations or from  Partnership
reserves.  To the extent that such budgeted capital  improvements are completed,
the Registrant's  distributable  cash flow, if any, may be adversely affected at
least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $14,657,000  matures  in October  2006.  If the
property is not sold prior to the mortgage  maturity date,  the General  Partner
will attempt to refinance  such  indebtedness  and/or sell the property prior to
such  maturity  date.  If the  property  cannot  be  refinanced  or  sold  for a
sufficient  amount,  the  Registrant  will  risk  losing  the  property  through
foreclosure.

During the year ended  December 31, 2000,  the  Partnership  declared and paid a
distribution of approximately  $950,000 from operations,  of which approximately
$931,000  ($7.08 per  limited  partnership  unit) is  allocable  to the  limited
partners.  As of December 31, 2000, the  Partnership  declared a distribution of
approximately $89,000 from operations, of which approximately $87,000 ($0.66 per
limited  partnership  unit)  is  allocable  to  limited  partners  and was  paid
subsequent to December 31, 2000.  During the year ended  December 31, 1999,  the
Partnership distributed  approximately $6,700,000  (approximately  $6,566,000 to
the limited  partners,  $49.90 per limited  partnership  unit) to the  partners.
Approximately  $2,124,000  (approximately  $2,082,000  to the limited  partners,
$15.82 per limited partnership unit) of the distribution was from operations and
approximately  $4,576,000  (approximately  $4,484,000  to the limited  partners,
$34.08 per limited  partnership  unit) was from proceeds of the sale of Eastgate
Mall in June  1999.  The  Partnership's  distribution  policy is  reviewed  on a
quarterly basis. Future cash distributions will depend on the levels of net cash
generated from  operations,  the availability of cash reserves and the timing of
the debt maturity, refinancing, and/or property sale. There can be no assurance,
however,  that the Partnership  will generate  sufficient  funds from operations
after required capital  expenditures to permit  distributions to its partners in
2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,462 limited partnership
units in the Partnership  representing 21.63% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

<PAGE>


Item 7.     Financial Statements

ANGELES INCOME PROPERTIES, LTD. IV

LIST OF FINANCIAL STATEMENTS


      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 2000

      Consolidated  Statements of  Operations - Years ended  December 31, 2000
      and 1999

      Consolidated  Statements of Changes in Partners' (Deficit) Capital - Years
      ended December 31, 2000 and 1999

      Consolidated  Statements  of Cash Flows - Years ended  December 31, 2000
      and 1999

      Notes to Consolidated Financial Statements


<PAGE>


              Report of Ernst & Young LLP, Independent Auditors



The Partners
Angeles Income Properties, Ltd. IV


We have audited the  accompanying  consolidated  balance sheet of Angeles Income
Properties,  Ltd.  IV as of December  31,  2000,  and the  related  consolidated
statements of operations, changes in partners' (deficit) capital, and cash flows
for each of the two years in the period ended December 31, 2000. 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.

We conducted our audits in accordance with auditing standards generally accepted
in the 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 the  Partnership's  management,  as  well  as  evaluating  the  overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the consolidated  financial  position of Angeles Income
Properties,  Ltd. IV at December 31, 2000, and the  consolidated  results of its
operations  and its cash  flows  for each of the two years in the  period  ended
December 31, 2000, in conformity with accounting  principles  generally accepted
in the United States.


                                                          /s/ERNST & YOUNG LLP


Greenville, South Carolina
March 2, 2001



<PAGE>



                      ANGELES INCOME PROPERTIES, LTD. IV

                           CONSOLIDATED BALANCE SHEET
                       (in thousands, except unit data)

                                December 31, 2000
<TABLE>
<CAPTION>



Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   625
   Receivables and deposits, net of allowance for
      doubtful accounts of $102                                                  357
   Restricted escrows                                                            485
   Other assets                                                                  375
   Investment property (Notes C and G):
      Land                                                    $ 2,414
      Buildings and related personal property                   18,194
                                                                20,608
      Less accumulated depreciation                            (13,342)        7,266
                                                                            $  9,108
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                          $   100
   Tenant security deposit liabilities                                            16
   Accrued property taxes                                                        128
   Distribution payable                                                           89
   Other liabilities                                                             194
   Mortgage note payable (Note C)                                             14,657

Partners' Deficit
   General partner                                             $  (138)
   Limited partners (131,585 units issued and
      outstanding)                                              (5,938)       (6,076)
                                                                             $ 9,108

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

                      ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                       (in thousands, except unit data)

<TABLE>
<CAPTION>


                                                           Years Ended December 31,
                                                              2000         1999
Revenues:
<S>                                                          <C>          <C>
   Rental income                                             $ 3,545      $ 3,724
   Other income                                                  245          247
   Gain on sale of property (Note E)                              --        3,553
      Total revenues                                           3,790        7,524

Expenses:
   Operating                                                   1,771        1,655
   General and administrative                                    178          232
   Depreciation                                                  940        1,004
   Interest                                                    1,469        1,494
   Property taxes                                                108          194
   Bad debt expense net                                           58          210
      Total expenses                                           4,524        4,789

Net (loss) income (Note D)                                   $  (734)     $ 2,735

Net (loss) income allocated to general partner                $  (15)     $ 1,178
Net (loss) income allocated to limited partners                 (719)       1,557
                                                             $  (734)     $ 2,735

Net (loss) income per limited partnership unit               $ (5.46)     $ 11.83

Distributions per limited partnership unit                   $  7.74      $ 49.90
</TABLE>

        See Accompanying Notes to Consolidated Financial Statements


<PAGE>


                      ANGELES INCOME PROPERTIES, LTD. IV

      CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                       (in thousands, except unit data)

<TABLE>
<CAPTION>


                                         Limited
                                       Partnership    General     Limited
                                          Units       Partner    Partners     Total

<S>                                      <C>          <C>          <C>        <C>
Original capital contributions           131,800      $     1      $65,900    $65,901

Partners' (deficit) capital at
   December 31, 1998                     131,585      $(1,146)     $  808     $ (338)

Distributions to partners                     --         (134)     (6,566)    (6,700)

Net income for the year ended
   December 31, 1999                          --        1,178       1,557      2,735

Partners' deficit at
   December 31, 1999                     131,585         (102)     (4,201)    (4,303)

Distributions to partners                     --          (21)     (1,018)    (1,039)

Net loss for the year ended
   December 31, 2000                          --          (15)       (719)      (734)

Partners' deficit at
   December 31, 2000                     131,585      $ (138)     $(5,938)   $(6,076)

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

                      ANGELES INCOME PROPERTIES, LTD. IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (in thousands, except per unit data)
<TABLE>
<CAPTION>


                                                              Years Ended December 31,
                                                                  2000        1999
Cash flows from operating activities:
<S>                                                              <C>         <C>
   Net (loss) income                                             $ (734)     $ 2,735
   Adjustments to reconcile net (loss) income to net
    cash provided by operating activities:
      Depreciation                                                  940        1,004
      Amortization of loan costs and leasing commissions            111          116
      Gain on sale of property                                       --       (3,553)
      Bad debt expense, net                                          58          210
      Change in accounts:
         Receivables and deposits                                   171          (50)
         Other assets                                                 6           70
         Accounts payable                                            65           28
         Tenants security deposit liabilities                        10           (1)
         Accrued taxes                                              (33)          16
         Other liabilities                                          (35)        (389)
            Net cash provided by operating activities               559          186

Cash flows from investing activities:
   Property improvements and replacements                           (90)         (90)
   Lease commissions paid                                           (21)         (61)
   Net withdrawals from (deposits to) restricted escrows            164         (190)
   Net proceeds from sale of investment property                     --        4,576
            Net cash provided by investing activities                53        4,235

Cash flows from financing activities:
   Payments on mortgage notes payable                              (207)        (188)
   Distributions to partners                                       (950)      (6,700)
            Net cash used in financing activities                (1,157)      (6,888)

Net decrease in cash and cash equivalents                          (545)      (2,467)

Cash and cash equivalents at beginning of the year                1,170        3,637

Cash and cash equivalents at end of the year                     $  625      $ 1,170

Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $ 1,440      $ 1,459

Supplemental disclosure of non-cash activity:
   A distribution of approximately  $89,000 was declared and accrued at December
   31, 2000. This distribution was paid subsequent to December 31, 2000.

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>

                      ANGELES INCOME PROPERTIES, LTD. IV

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                December 31, 2000


Note A - Organization and Significant Accounting Policies

Organization:   Angeles  Income  Properties,   Ltd.  IV  (the  "Partnership"  or
"Registrant") is a publicly-held limited partnership organized under the Uniform
Limited  Partnership  Laws of California on June 29, 1984.  The general  partner
responsible  for  management  of the  Partnership's  business is Angeles  Realty
Corporation II, a California  corporation  (the "General  Partner" or "ARC II").
ARC II was wholly-owned by MAE GP Corporation ("MAE GP"). Effective February 25,
1998,  MAE GP was merged  into  Insignia  Properties  Trust  ("IPT").  Effective
February 26,  1999,  IPT was merged into  Apartment  Investment  and  Management
Company  ("AIMCO").  Thus the General Partner is now  wholly-owned by AIMCO (see
"Note B - Transfer  of  Control").  The  directors  and  officers of the General
Partner also serve as executive  officers of AIMCO.  The  Partnership  Agreement
provides  that the  Partnership  is to  terminate  on  December  31, 2035 unless
terminated  prior to such date.  The  Partnership  operates a commercial  retail
center located in Tennessee.

Principles of Consolidation:  The consolidated  financial statements include the
Partnership's  majority interest in a joint venture which owns Factory Merchants
AIP IV,  L.P.,  and AIP IV Factory GP, LLC. The  Partnership  has the ability to
control the major  operating and financial  policies of the joint  venture.  The
Partnership  may remove the general  partner of its 99.5%  owned joint  venture,
therefore,  the joint venture is deemed controlled and therefore consolidated by
the Partnership.  No minority  interest has been reflected for the joint venture
because  minority  interests are limited to the extent of their equity  capital,
and losses in excess of the minority interest equity capital are charged against
the Partnership's interest.  Should the losses reverse, the Partnership would be
credited with the amount of minority  interest losses previously  absorbed.  All
significant interpartnership balances have been eliminated.

Allocations of Profits,  Gains and Losses:  In accordance  with the  Partnership
Agreement,  any gain from the sale or other  disposition of  Partnership  assets
will be  allocated  first to the General  Partner to the extent of the amount of
any brokerage  compensation and incentive  interest to which the General Partner
is entitled.  Any gain remaining  after said allocation will be allocated to the
extent of any partners' negative capital balance then to the General Partner and
Limited Partners in proportion to their interests in the Partnership.

The Partnership will allocate other profits and losses 2% to the General Partner
and 98% to the Limited Partners.

Except as discussed below, the Partnership will allocate distributions 2% to the
General Partner and 98% to the Limited Partners.

Upon  the  sale or  other  disposition,  or  refinancing,  of any  asset  of the
Partnership,  the  distributable  net proceeds  shall be distributed as follows:
First, to the General Partner,  on account of the current and accrued management
fee  payable,  deferred as  contemplated  therein;  Second,  to the  partners in
proportion to their interests until the Limited Partners have received  proceeds
equal to their original capital investment applicable to the property;  Third to
the partners  until the Limited  Partners have received  distributions  from all
sources  equal to their  8%  cumulative  distribution;  Fourth,  to the  General
Partner until it has received its brokerage compensation and thereafter,  88% to
the Limited  Partners  in  proportion  to their  interests  and 12%  ("Incentive
Interest") to the General Partner.

Uses of Estimates:  The  preparation of financial  statements in conformity with
generally accepted  accounting  principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's long term debt, after discounting the scheduled loan payments at a
borrowing  rate  currently   available  to  the  Partnership  is   approximately
$16,239,000 at December 31, 2000.

Cash and Cash  Equivalents:  Includes  cash on hand,  in banks and money  market
accounts.  At certain  times,  the amount of cash deposited at a bank may exceed
the limit on insured deposits.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the commercial  property and related personal  property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
for real property over 15 years for additions  prior to March 16, 1984, 18 years
for  additions  after  March 15,  1984 and before May 9, 1985,  and 19 years for
additions  after May 8, 1985,  and before  January 1, 1987, and (2) for personal
property over 5 years for additions prior to January 1, 1987. As a result of the
Tax Reform Act of 1986,  for  additions  after  December 31, 1986,  the modified
accelerated  cost recovery method is used for  depreciation of (1) real property
over 27 1/2 years and (2) personal property additions over 7 years.

Loan Costs: Loan costs of approximately $337,000, less accumulated  amortization
of approximately  $143,000, are included in other assets and are being amortized
on a straight-line basis over the life of the loan.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
certain commercial space lessees for the duration of the lease and such deposits
are included in receivables and deposits.  Deposits are refunded when the tenant
vacates,  provided the tenant has not damaged its space and is current on rental
payments.

Restricted  Escrows:  At  the  time  the  Partnership  refinanced  the  mortgage
encumbering  Factory  Merchants  Mall in October 1996, a portion of the proceeds
were  used to  establish  restricted  escrows.  These  escrows  are used to fund
capital  improvements  and  replacements.  At December 31, 2000,  these  escrows
equaled approximately $485,000 which includes interest.

Leases:  Commercial  building lease terms are generally for one to twenty years.
Several  tenants have  percentage rent clauses which provide for additional rent
upon the tenant  achieving  certain rental  objectives.  Percentage rent totaled
approximately  $449,000 in 2000 and  approximately  $122,000 in 1999. For leases
containing  fixed rental  increases during their term, rents are recognized on a
straight-line basis over the terms of the lease. For all other leases, rents are
recognized  over the terms of the leases as earned.  In  addition,  the  General
Partner's policy is to offer rental concessions during  particularly slow months
or in response to heavy  competition from other similar  commercial retail malls
in the area. Concessions are charged against rental income as incurred.

Lease  Commissions:  Lease  commissions  of  approximately  $528,000,  which are
included in other assets in the  accompanying  consolidated  balance sheet,  are
amortized  on a straight  line basis  over the terms of the  respective  leases.
Current accumulated amortization is approximately $398,000.

Investment Property:  Investment property consists of one commercial retail mall
which is  stated at cost.  Acquisition  fees are  capitalized  as a cost of real
estate.  In  accordance  with SFAS No. 121,  "Accounting  for the  Impairment of
Long-Lived  Assets and for Long-Lived Assets to Be Disposed Of", the Partnership
records  impairment  losses on long-lived  assets used in operations when events
and   circumstances   indicate  that  the  assets  might  be  impaired  and  the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying amounts of those assets. Costs of the commercial property that have
been  permanently  impaired  have  been  written  down to  appraised  value.  No
adjustments for impairment of value were necessary for the years ending December
31, 2000, or 1999.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.  The General Partner believes that  segment-based  disclosures will not
result  in a  more  meaningful  presentation  than  the  consolidated  financial
statements as currently presented.

Advertising:  The  Partnership  expenses  the cost of  advertising  as incurred.
Advertising  costs of  approximately  $9,000  and  $8,000  for the  years  ended
December 31, 2000 and 1999, respectively, were included in operating expense.


Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia  Financial Group, Inc. and IPT merged into AIMCO, a
publicly  traded real estate  investment  trust,  with AIMCO being the surviving
corporation (the "Insignia Merger").  As a result, AIMCO acquired 100% ownership
interest in the General Partner.  The General Partner does not believe that this
transaction has had or will have a material effect on the affairs and operations
of the Partnership.

Note C - Mortgage Note Payable

The principle terms of the mortgage note payable are as follows:
<TABLE>
<CAPTION>

                            Principal     Monthly                           Principal
                           Balance At     Payment    Stated                  Balance
                          December 31,   Including  Interest   Maturity      Due At
Property                      2000       Interest     Rate       Date       Maturity
                               (in thousands)                            (in thousands)

Factory Merchants Mall
<S>                          <C>           <C>        <C>      <C>           <C>
  1st mortgage               $14,657       $ 137      9.75%    10/2006       $12,955
</TABLE>

The  mortgage  note  payable  is  nonrecourse  and is  secured  by pledge of the
Partnership's  investment property and by pledge of revenues from the investment
property.  Prepayment penalties are imposed if the mortgage note is repaid prior
to  maturity.  Further,  the  property  may  not be  sold  subject  to  existing
indebtedness.

Scheduled principal payments of the mortgage note payable subsequent to December
31, 2000 are as follows (in thousands):


                                     2001       $   228
                                     2002           251
                                     2003           277
                                     2004           305
                                     2005           336
                                  Thereafter     13,260
                                                $14,657

Note D - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax returns of its partners.

The  following is a  reconciliation  of reported  net (loss)  income and Federal
taxable income (loss) income (in thousands, except per unit data):

                                          2000          1999

Net income (loss) as reported            $  (734)     $ 2,735
Add (deduct):
   Depreciation differences                  100           87
   Gain on sale of property                   --       (2,614)
   Change in prepaid rental                  (21)         (19)
   Accrued expenses                           13          108
   Other                                      (9)        (442)

Federal taxable loss                     $  (651)      $ (145)

Federal taxable loss per
   limited partnership unit              $ (4.85)     $ (1.08)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

Net liabilities as reported              $(6,076)
Land and buildings                          (221)
Accumulated depreciation                   1,545
Syndication                                8,848
Other                                        395

Net assets - tax basis                   $ 4,491

Note E - Sale of Investment Property

On June 16, 1999, Eastgate Mall, located in Walla Walla, Washington, was sold to
an unaffiliated  third party for $4,800,000.  After payment of closing expenses,
the net proceeds received by the Partnership were approximately $4,576,000.  The
sale of the property resulted in a gain on sale of the property of approximately
$3,553,000.

Note F - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and as  reimbursement  of certain  expenses  incurred by  affiliates on
behalf of the  Partnership.  The following  payments were paid or accrued to the
General Partner and affiliates in 2000 and 1999:

                                                               2000       1999
                                                               (in thousands)
Reimbursement for services of affiliates (included in
  general and administrative expense)                          $ 55       $ 71

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $55,000 and $71,000 for the
years ended December 31, 2000 and 1999, respectively.

Pursuant  to the  Partnership  Agreement,  the  General  Partner is  entitled to
receive a distribution  equal to 3% of the aggregate  disposition  price of sold
properties.  Pursuant to this provision, during the twelve months ended December
31, 1999,  the  Partnership  declared and paid a distribution  of  approximately
$144,000 to the General Partner  related to the sale of Eastgate Mall.  However,
this fee is subordinate to the limited partners receiving a preferred return, as
specified  in  the  Partnership  Agreement.  This  repayment  was  reflected  in
receivables  and deposits as of December 31, 1999. In January 2000,  the General
Partner  determined the limited  partner  preferred  return would not be met and
repaid approximately $144,000 to the Partnership.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,462 limited partnership
units in the Partnership  representing 21.63% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

Note G - Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                   Initial Cost
                                                  To Partnership
                                                  (in thousands)

                                                         Buildings          Cost
                                                        and Related     Capitalized
                                                          Personal     Subsequent to
        Description           Encumbrance      Land       Property      Acquisition
                             (in thousands)                            (in thousands)
Factory Merchants Mall
<S>                             <C>           <C>         <C>             <C>
  Pigeon Forge, Tennessee       $14,657       $ 2,414     $16,155         $ 2,039
</TABLE>

<TABLE>
<CAPTION>

                              Gross Amount At Which
                                     Carried
                              At December 31, 2000
                                 (in thousands)

                                    Buildings
                                   And Related
                                   Personal             Accumulated     Date   Depreciable
       Description         Land    Property    Total    Depreciation  Acquired Life-Years
                                                       (in thousands)
Factory Merchants Mall
<S>                       <C>       <C>       <C>         <C>         <C>   <C>   <C>
  Pigeon Forge, Tennessee $ 2,414   $18,194   $20,608     $13,342     05/22/86    5-20
</TABLE>


Reconciliation of "Real Estate and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  2000            1999
                                                     (in thousands)
Investment Property
Balance at beginning of year                    $20,518          $23,591
    Property improvements                            90               90
    Disposal of property                             --           (3,163)
Balance at end of year                          $20,608          $20,518

Accumulated Depreciation
Balance at beginning of year                    $12,402          $13,645
    Additions charged to expense                    940            1,004
    Disposal of property                             --           (2,247)
Balance at end of year                          $13,342          $12,402

The Partnership's remaining property is being marketed for sale.

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2000 and 1999,  is  approximately  $20,387,000  and  $20,297,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2000 and 1999, is  approximately  $11,797,000  and  $10,956,000,
respectively.

Note H - Operating Leases

Tenants of the commercial properties are responsible for their own utilities and
maintenance of their space, and payment of their  proportionate  share of common
area  maintenance,  utilities,  insurance  and real  estate  taxes.  Tenants are
generally not required to pay a security deposit.

As of December  31, 2000,  the  Partnership  had minimum  future  rentals  under
non-cancelable  leases with initial or remaining  terms in excess of one year as
follows (in thousands):

                              2001             $ 1,384
                              2002               1,184
                              2003               1,037
                              2004                 557
                              2005                 353
                           Thereafter              423
                                               $ 4,938

Note I - Ground Lease

Factory  Merchants Mall is subject to three ground leases.  The aggregate annual
lease expense was approximately  $176,000 for both years ended December 31, 2000
and 1999. Such amounts are included in the consolidated statements of operations
as  operating  expenses.  The terms of two of the leases  provide for  increases
every year,  based on the  Consumer  Price  Index.  The terms of the third lease
provide for increases every five years, based on the Consumer Price Index.

As of December 31, 2000, the aggregate  minimum  rental  payments under the land
leases were as follows (in thousands):

                              2001             $   176
                              2002                 176
                              2003                 176
                              2004                 176
                              2005                 176
                           Thereafter            3,915
                                               $ 4,795

Note J - Distributions

During the year ended  December 31, 2000,  the  Partnership  declared and paid a
distribution of approximately  $950,000 from operations,  of which approximately
$931,000  ($7.08 per  limited  partnership  unit) is  allocable  to the  limited
partners.  As of December 31, 2000, the  Partnership  declared a distribution of
approximately $89,000 from operations, of which approximately $87,000 ($0.66 per
limited  partnership  unit)  is  allocable  to  limited  partners  and was  paid
subsequent to December 31, 2000.  During the year ended  December 31, 1999,  the
Partnership distributed  approximately $6,700,000  (approximately  $6,566,000 to
the limited  partners,  $49.90 per limited  partnership  unit) to the  partners.
Approximately  $2,124,000  (approximately  $2,082,000  to the limited  partners,
$15.82 per limited partnership unit) of the distribution was from operations and
approximately  $4,576,000  (approximately  $4,484,000  to the limited  partners,
$34.08 per limited  partnership unit) was from the sale of Eastgate Mall in June
1999.

Note K - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the   Partnership,   its  General  Partner  and  several  of  their   affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging,  among other things,  the  acquisition of interests in
certain general partner entities by Insignia Financial Group, Inc.  ("Insignia")
and entities which were, at one time, affiliates of Insignia; past tender offers
by the Insignia affiliates to acquire limited  partnership units;  management of
the  partnerships  by the  Insignia  affiliates;  and the Insignia  Merger.  The
plaintiffs  seek  monetary  damages and  equitable  relief,  including  judicial
dissolution of the  Partnership.  On June 25, 1998, the General  Partner filed a
motion seeking dismissal of the action. In lieu of responding to the motion, the
plaintiffs  filed an amended  complaint.  The General Partner filed demurrers to
the amended complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December  14,  1999,  the General  Partner  and its  affiliates  terminated  the
proposed settlement.  In February 2000, counsel for some of the named plaintiffs
filed a motion to disqualify plaintiff's lead and liaison counsel who negotiated
the settlement.  On June 27, 2000, the Court entered an order disqualifying them
from the case and an appeal was taken  from the order on  October  5,  2000.  On
December 4, 2000, the Court  appointed the law firm of Lieff Cabraser  Heimann &
Bernstein  LLP as new  lead  counsel  for  plaintiffs  and the  putative  class.
Plaintiffs  filed a third  amended  complaint on January 19,  2001.  On March 2,
2001,  the  General  Partner  and its  affiliates  filed a demurrer to the third
amended complaint. The General Partner does not anticipate that costs associated
with this case will be material to the Partnership's overall operations.

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


Item 8.     Changes in and  Disagreements  with  Accountant on Accounting  and
            Financial Disclosures

            None.


                                    PART III

Item 9.     Directors,  Executive  Officers,  Promoters  and Control  Persons;
            Compliance with Section 16(a) of the Exchange Act

The names of the directors and executive  officers of Angeles Realty Corporation
II  ("ARC  II" or the  "General  Partner"),  their  ages and the  nature  of all
positions presently held by them are as follows:

Name                        Age    Position

Patrick J. Foye              43    Executive Vice President and Director

Martha L. Long               41    Senior Vice President and Controller

Patrick J. Foye has been  Executive Vice President and Director of the General
Partner  since  October  1,  1998.  Mr.  Foye has  served  as  Executive  Vice
President  of AIMCO  since May 1998.  Prior to joining  AIMCO,  Mr. Foye was a
partner in the law firm of Skadden,  Arps, Slate, Meagher & Flom LLP from 1989
to 1998 and was Managing Partner of the firm's  Brussels,  Budapest and Moscow
offices from 1992 through 1994.  Mr. Foye is also Deputy  Chairman of the Long
Island  Power  Authority  and  serves  as a  member  of  the  New  York  State
Privatization  Council.  He received a B.A.  from  Fordham  College and a J.D.
from Fordham University Law School.

Martha L. Long has been  Senior Vice  President  and  Controller  of the General
Partner since October 1998 as a result of the acquisition of Insignia  Financial
Group, Inc. As of February 2001, Ms. Long was also appointed head of the service
business for AIMCO.  From June 1994 until January 1997,  she was the  Controller
for Insignia, and was promoted to Senior Vice President - Finance and Controller
in January 1997,  retaining  that title until  October  1999.  From 1988 to June
1994,  Ms. Long was Senior Vice  President and  Controller for The First Savings
Bank, FSB in Greenville, South Carolina.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act:  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The  executive  officers  and  director  of  the  General  Partner  fulfill  the
obligations  of the Audit  Committee  and  oversee the  Partnership's  financial
reporting  process on behalf of the General Partner.  Management has the primary
responsibility for the financial  statements and the reporting process including
the systems of internal controls. In fulfilling its oversight  responsibilities,
the executive  officers and director of the General Partner reviewed the audited
financial  statements with management including a discussion of the quality, not
just the  acceptability,  of the accounting  principles,  the  reasonableness of
significant  judgments,   and  the  clarity  of  disclosures  in  the  financial
statements.

The  executive  officers and director of the General  Partner  reviewed with the
independent  auditors,  who are  responsible  for  expressing  an opinion on the
conformity  of  those  audited  financial  statements  with  generally  accepted
accounting  principles,  their  judgments  as  to  the  quality,  not  just  the
acceptability, of the Partnership's accounting principles and such other matters
as are required to be discussed with the Audit Committee or its equivalent under
generally  accepted  auditing  standards.   In  addition,  the  Partnership  has
discussed  with  the  independent  auditors  the  auditors'   independence  from
management and the Partnership  including the matters in the written disclosures
required by the Independence Standards Board and considered the compatibility of
non-audit services with the auditors' independence.

The executive  officers and director of the General  Partner  discussed with the
Partnership's  independent auditors the overall scope and plans for their audit.
In  reliance on the reviews and  discussions  referred to above,  the  executive
officers and director of the General  Partner have approved the inclusion of the
audited financial  statements in the Form 10-KSB for the year ended December 31,
2000 for filing with the Securities and Exchange Commission.

The General Partner has reappointed Ernst & Young LLP as independent auditors to
audit the consolidated  financial  statements of the Partnership for the current
fiscal  year.  Fees for the last  fiscal  year were  annual  audit  services  of
approximately  $31,000  and  non-audit  services  (principally  tax-related)  of
approximately $15,000.

Item 10.    Executive Compensation

None  of  the  directors  and  officers  of the  General  Partner  received  any
remuneration from the Registrant.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 2000.

Entity                                  Number of Units      Percentage

Cooper River Properties, LLC                 12,561             9.54%
  (an affiliate of AIMCO)
Insignia Properties LP                        8,668             6.59%
  (an affiliate of AIMCO)
AIMCO Properties, L.P.                        7,233             5.50%
  (an affiliate of AIMCO)

Cooper  River  Properties,   LLC  and  Insignia  Properties  LP  are  indirectly
ultimately  owned  by  AIMCO.  Their  business  address  is  55  Beattie  Place,
Greenville, South Carolina 29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 2000 South Colorado Boulevard, Denver, Colorado 80222.

No director or officer of the General Partner owns any Units.

The Partnership knows of no contractual arrangements, the operation of the terms
of  which  may at a  subsequent  date  result  in a  change  in  control  of the
Partnership,  except for: Article 12.1 of the Agreement, which provide that upon
a vote of the limited  partners  holding  more than 50% of the then  outstanding
limited  partnership  units  the  general  partner  may  be  expelled  from  the
Partnership  upon 90 days written  notice.  In the event that successor  general
partner have been elected by limited  partners holding more than 50% of the then
outstanding  limited  partnership  Units and if said limited  partners  elect to
continue the business of the Partnership,  the Partnership is required to pay in
cash to the expelled  general  partner an amount equal to the accrued and unpaid
management  fee  described  in Article 10 of the  Agreement  and to purchase the
general  partner's  interest in the  Partnership  on the  effective  date of the
expulsion,  which shall be an amount equal to the difference between the balance
of the general  partner's capital account and the fair market value of the share
of  distributable  net proceeds to which the general  partner would be entitled.
Such  determination of the fair market value of the share of  distributable  net
proceeds is defined in Article 12.2(b) of the Agreement.

Item 12.    Certain Relationships and Related Transactions

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and as  reimbursement  of certain  expenses  incurred by  affiliates on
behalf of the  Partnership.  The following  payments were paid or accrued to the
Managing General Partner and affiliates in 2000 and 1999:

                                                                2000       1999
                                                                (in thousands)

Reimbursement for services of affiliates                        $ 55       $ 71

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $55,000 and $71,000 for the
years ended December 31, 2000 and 1999, respectively.

Pursuant  to the  Partnership  Agreement,  the  General  Partner is  entitled to
receive a distribution  equal to 3% of the aggregate  disposition  price of sold
properties.  Pursuant to this provision, during the twelve months ended December
31, 1999,  the  Partnership  declared and paid a distribution  of  approximately
$144,000 to the General Partner  related to the sale of Eastgate Mall.  However,
this fee is subordinate to the limited partners receiving a preferred return, as
specified in the  Partnership  Agreement.  In January 2000, the General  Partner
determined  the limited  partner  preferred  return  would not be met and repaid
approximately $144,000 to the Partnership.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  currently own 28,462 limited partnership
units in the Partnership  representing 21.63% of the outstanding units. A number
of these  units were  acquired  pursuant  to tender  offers made by AIMCO or its
affiliates.  It is possible that AIMCO or its  affiliates  will make one or more
additional offers to acquire  additional  limited  partnership  interests in the
Partnership  for cash or in exchange for units in the operating  partnership  of
AIMCO. Under the Partnership  Agreement,  unitholders  holding a majority of the
Units are  entitled to take action with  respect to a variety of matters,  which
would  include  without   limitation,   voting  on  certain  amendments  to  the
Partnership  Agreement and voting to remove the General Partner.  When voting on
matters,  AIMCO would in all  likelihood  vote the Units it acquired in a manner
favorable to the interest of the General  Partner  because of their  affiliation
with the General Partner.

                                     PART IV

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            None.

      (b)   Reports on Form 8-K filed in the quarter ended December 31, 2000:

            None.


<PAGE>


                                   SIGNATURES



In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                    ANGELES INCOME PROPERTIES, LTD. IV


                                    By:   Angeles Realty Corporation II
                                          General Partner


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


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


                                      Date:


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Registrant and in the capacities on the date
indicated.


/s/Patrick J. Foye            Executive Vice President      Date:
Patrick J. Foye               and Director


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




<PAGE>


                      ANGELES INCOME PROPERTIES, LTD. IV

                                  EXHIBIT INDEX


Exhibit Number                   Description of Exhibit

       2.1        Agreement and Plan of Merger,  dated as of October 1, 1998, by
                  and  between  AIMCO  and IPT  (incorporated  by  reference  to
                  Exhibit 2.1 of  Registrant's  Current Report on Form 8-K dated
                  October 1, 1998)

       3.1        Amended  Certificate and Agreement of the Limited  Partnership
                  filed in Amendment  Number 2 to Form S-11 dated April 25, 1985
                  which is incorporated herein by reference

      10.1        Agreement of Purchase  and of Real  Property  with  Exhibits -
                  Northtown  Mall filed in Form 8K dated July 15,  1985 which is
                  incorporated herein by reference

      10.2        Agreement of Purchase and Sale of Real  Property with Exhibits
                  - Burlington Mall Partners filed in Form 8K dated December 19,
                  1985 which is incorporated herein by reference

      10.3        Agreement of Purchase and Sale of Real  Property with Exhibits
                  -  Moraine  West  Carrollton  Partners  filed in Form 8K dated
                  December 20, 1985 which is incorporated herein by reference

      10.4        Agreement  of  Purchase  and  Sale  of  Real  Property  with
                  Exhibits - Factory Merchants Etc.  Mall-Phase I and Phase II
                  filed in Form 8K dated May 22,  1986  which is  incorporated
                  herein by reference

      10.5        Promissory  Note - Fort Worth  Center and the W.T.  Waggoner
                  Building  filed in Form 8-K  dated  July 16,  1986  which is
                  incorporated herein by reference

      10.6        Deed of Trust,  Assignment  of Leases and Rents and Security
                  Agreement  -  Fort  Worth  Center  and  the  W.T.   Waggoner
                  Building  filed in Form 8-K  dated  July 16,  1986  which is
                  incorporated herein by reference

      10.7        Deed of  Trust -  Option - Fort  Worth  Center  and the W.T.
                  Waggoner  Building  filed in Form 8-K  dated  July 16,  1986
                  which is incorporated herein by reference

      10.8        Security   Agreement  -  Fort  Worth  Center  and  the  W.T.
                  Waggoner  Building  filed in Form 8-K  dated  July 16,  1986
                  which is incorporated herein by reference

      10.9        Option  Agreement - Fort Worth center and the W.T.  Waggoner
                  Building  filed in Form 8-K  dated  July 16,  1986  which is
                  incorporated herein by reference

      10.10       Covenant  not to  compete - Fort  Worth  center and the W.T.
                  Waggoner  Building filed in Form 8-K dated November 1, 1987,
                  which is incorporated herein by reference

      10.12       Acquisition or Disposition of Assets - Fort Worth Option Joint
                  Venture - filed in Form 8K dated  November  1, 1997,  which is
                  incorporated herein by reference

      10.13       Promissory Note - Northtown  Mall.  Filed in Form 10-K dated
                  December  31, 1990,  Exhibit  10.13,  which is  incorporated
                  herein by reference

      10.14       Stock Purchase  Agreement  dated November 24, 1992 showing the
                  purchase of 100% of the  outstanding  stock of Angeles  Realty
                  Corporation II, a subsidiary of MAE GP  Corporation,  filed in
                  Form 8-K dated December 31, 1992, which is incorporated herein
                  by reference

      10.15       Acquisition or Disposition of Assets - Moraine West Carrollton
                  - filed in Form 8-K dated July 21, 1994, which is incorporated
                  herein by reference

      10.16       Promissory  note - dated  August 19, 1996,  between  Factory
                  Merchants AIP IV, L.P., and Union Capital Investments, LLC.

      10.17       Purchase   and  Sale   Contract   between   Registrant   and
                  Pearce-Woodfield   Development   Co.,   LLC.,  a  Washington
                  limited partnership, dated June 16, 1999.

      16          Letter from the Registrant's  former accountant  regarding its
                  concurrence  with the  statements  made by the  registrant  is
                  incorporated  by reference to the Exhibit  filed with Form 8-K
                  dated September 1, 1993