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



                   U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

              For the quarterly period ended September 30, 2001


[ ]   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 0-14283


                      ANGELES INCOME PROPERTIES, LTD. IV
      (Exact name of small business issuer as specified 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)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act  during the  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>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                      ANGELES INCOME PROPERTIES, LTD. IV
           CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                (in thousands)

                               September 30, 2001



Assets
  Cash and cash equivalents                                       $ 185
  Receivables and deposits                                           174
  Restricted escrow                                                  675
  Other assets                                                        22
  Investment property                                             11,840
                                                                  12,896
Liabilities
  Accounts payable                                                   107
  Tenant security deposit liabilities                                 10
  Accrued property taxes                                              87
  Other liabilities                                                  186
  Mortgage payable                                                12,509
  Estimated costs during the period of liquidation                   124
                                                                  13,023

Net liabilities in liquidation                                    $ (127)

         See Accompanying Notes to Consolidated Financial Statements


<PAGE>



b)

                      ANGELES INCOME PROPERTIES, LTD. IV
            STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION
                                   (Unaudited)
                                (in thousands)
               Period From August 23 through September 30, 2001




     Net liabilities in liquidation at August 22, 2001                  $ (127)

     Changes in net liabilities in liquidation attributed to:
        Decrease in cash and cash equivalents                             (165)
        Increase in receivables and deposits                                50
        Increase in restricted escrows                                      61
        Increase in accounts payable                                       (86)
        Decrease in other liabilities                                      100
        Decrease in mortgage note payable                                   28
        Decrease in estimated costs during the period of
          liquidation                                                       12

     Net liabilities in liquidation at September 30, 2001               $ (127)

         See Accompanying Notes to Consolidated Financial Statements


<PAGE>


c)

                      ANGELES INCOME PROPERTIES, LTD. IV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                       (in thousands, except unit data)

                                 August 22, 2001

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   350
   Receivables and deposits, net of allowance for
      doubtful accounts of $169                                                  124
   Restricted escrows                                                            614
   Other assets                                                                  366
   Investment property:
      Land                                                    $ 2,414
      Buildings and related personal property                   18,205
                                                                20,619
      Less accumulated depreciation                            (13,969)        6,650

                                                                            $ 8,104
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $ 21
   Tenant security deposit liabilities                                            10
   Accrued property taxes                                                         87
   Other liabilities                                                             287
   Mortgage note payable                                                      14,507
Partners' Deficit
   General partner                                             $ (158)
   Limited partners (131,585 units issued and
      outstanding)                                              (6,650)       (6,808)

                                                                            $ 8,104


         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
d)

                      ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                     (in thousands, except per unit data)

<TABLE>
<CAPTION>

                          Period From                          Period From
                        July 1 through Three Months Ended  January 1 through Nine Months Ended
                          August 22,      September 30,       August 22,       September 30,
                             2001             2000               2001              2000
Revenues:
<S>                          <C>               <C>               <C>               <C>
  Rental income              $ 504             $ 824             $ 2,031           $ 2,565
  Other income                  48                19                 69                61
     Total revenues            552               843              2,100             2,626

Expenses:
  Operating                    241               449                956             1,208
  General and                   19                63                137               143
    administrative
  Depreciation                 157               237                627               711
  Interest                     230               376                959             1,102
  Property taxes                20                30                 81               108
  Bad debt (recovery)
    expense, net                --               (18)                67                51
     Total expenses            667             1,137              2,827             3,323

Net loss                    $ (115)          $ (294)            $ (727)           $ (697)

Net loss allocated to
  general partner (2%)       $ (2)            $ (6)              $ (15)            $ (14)
Net loss allocated to
  limited partners (98%)      (113)             (288)              (712)             (683)

                            $ (115)          $ (294)            $ (727)           $ (697)

Net loss per limited       $ (0.86)          $ (2.19)           $ (5.41)          $ (5.19)
  partnership unit
Distributions per limited
  partnership unit            $ --             $ --               $ --             $ 7.08

</TABLE>

         See Accompanying Notes to Consolidated Financial Statements

<PAGE>
e)

                      ANGELES INCOME PROPERTIES, LTD. IV
   CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT/NET LIABILITIES IN
                                   LIQUIDATION
                                   (Unaudited)
                       (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 at
   December 31, 2000                   131,585        $ (138)     $(5,938)   $(6,076)

Distributions to partners                   --            (5)          --         (5)

Net loss for the period ended
   August 22, 2001                          --           (15)        (712)      (727)

Partners' deficit at
   August 22, 2001                     131,585        $ (158)     $(6,650)    (6,808)

Adjustment to liquidation basis
   (Note C)                                                                    6,681

Net liabilities in liquidation
   at August 22, 2001                                                         $ (127)


         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
f)
                      ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)
<TABLE>
<CAPTION>

                                                                   Period From
                                                      January 1 through  Nine Months Ended
                                                         August 22,        September 30,
                                                            2001                2000
Cash flows from operating activities:
<S>                                                        <C>                 <C>
  Net loss                                                 $ (727)             $ (697)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
     Depreciation                                              627                711
     Amortization of loan costs and leasing
      commissions                                               41                 86
     Bad debt expense, net                                      67                 51
     Change in accounts:
      Receivables and deposits                                 166                295
      Other assets                                             (32)                40
      Accounts payable                                         (79)                 1
      Tenant security deposit liabilities                       (6)                10
      Accrued property taxes                                   (41)               (32)
      Other liabilities                                         43                 (9)
         Net cash provided by operating activities              59                456

Cash flows from investing activities:
  Lease commission paid                                         --                (59)
  Property improvements and replacements                       (11)               (69)
  Net deposits to restricted escrows                          (129)              (144)
  Deposit on sale of investment in joint venture                50                 --
         Net cash used in investing activities                 (90)              (272)

Cash flows from financing activities:
  Payments on mortgage note payable                           (150)              (154)
  Distribution to partners                                     (94)              (950)
         Net cash used in financing activities                (244)            (1,104)

Net decrease in cash and cash equivalents                     (275)              (920)

Cash and cash equivalents at beginning of period               625              1,170
Cash and cash equivalents at end of period                   $ 350              $ 250

Supplemental disclosure of cash flow information:
  Cash paid for interest                                     $ 949             $ 1,082

A distribution of approximately $89,000 was declared and accrued at December 31,
2000. This distribution was paid during the period ended August 22, 2001.

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
g)
                      ANGELES INCOME PROPERTIES, LTD. IV
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

As of August 22, 2001, Angeles Income Properties,  Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint  venture  interest  in its sole  investment  property.  Upon  passing  the
one-year right of rescission under the sale of the  Partnership's  joint venture
interest  entered  into on August 22,  2001,  the  Partnership  is  expected  to
terminate.

The  Partnership and ARC II have entered into a contract with an unrelated third
party to sell their  ownership in the joint venture that indirectly owns Factory
Merchants Mall. The contract closed on August 22, 2001. The Partnership received
$49,750  for its 99.5%  ownership  and  Angeles  Realty  Corporation  ("ARC II")
received $250 for its 0.5% ownership of the joint  venture.  For a period of one
year  after the  transaction,  should  the  lender  declare a default  under the
mortgage debt  encumbering  the Factory  Merchants  Mall property as a result of
this transfer or prior act or omission of the lower tier partnership  which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership  interest back to the  Partnership and ARC II with the cash being paid
back to the purchaser. Assuming that the aforementioned recission right does not
occur, the Partnership will then be terminated.

This  sale  transaction  will be  complete  upon  the  elapse  of the  right  of
recission.  Until that time,  the purchaser can transfer the ownership  interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities  in  liquidation  will include the  operations  of the joint venture
property.  The funds received by the Partnership for its joint venture  interest
are currently being considered as a deposit from the purchaser in advance of the
sales  transaction  completion  and are  included  in other  liabilities  on the
accompanying statement of net liabilities in liquidation.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting for its financial statements at August 22, 2001,
to the liquidation basis of accounting. Consequently, assets have been valued at
estimated net realizable  value and liabilities are presented at their estimated
settlement  amounts,  including estimated costs associated with carrying out the
liquidation  of the  Partnership  and estimated  operations of the joint venture
property.  The  valuation of assets and  liabilities  necessarily  requires many
estimates and assumptions and there are  substantial  uncertainties  in carrying
out the  liquidation.  The  actual  realization  of  assets  and  settlement  of
liabilities  could be higher or lower than amounts  indicated  and is based upon
estimates  of  ARC  II  (or  the  "General  Partner")  as of  the  date  of  the
consolidated financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
September 30, 2001 is  approximately  $124,000 of cost, net of income,  that the
General  Partner  estimates  will be incurred  during the period of  liquidation
based on the assumption that the liquidation process will be completed by August
22, 2002. If the mortgage  encumbering the joint venture  property is refinanced
during the one year right of  rescission  period  without the  current  mortgage
being called due as the result of the change in ownership of the joint  venture,
the liquidation period will be shorter than currently projected.

Principles of Consolidation

The consolidated financial statements include a joint venture which owns Factory
Merchants AIP IV, L.P., and AIP IV Factory GP, LLC.,  which the Partnership held
a majority  interest in until its sale on August 22, 2001.  Due to the nature of
the  right of  rescission,  the  statement  of net  liabilities  in  liquidation
includes  amounts for the joint venture  property.  All significant  interentity
balances have been eliminated.  The General Partner is an affiliate of Apartment
Investment  and  Management  Company  ("AIMCO"),  a publicly  traded real estate
investment trust.

Note B - Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the General Partner and its
affiliates for the management and administration of all Partnership  activities.
The  Partnership  Agreement  provides  for certain  payments to  affiliates  for
services and  reimbursement of certain expenses incurred by affiliates on behalf
of the Partnership.

The following amounts were paid or accrued to the General Partner and affiliates
during the nine months ended September 30, 2001 and 2000, respectively:

                                                              2001       2000
                                                              (in thousands)
   Reimbursement for services of affiliates (included
      in general and administrative expense)                  $ 65       $ 36

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $65,000 and $36,000 for the
nine months ended September 30, 2001 and 2000, respectively.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 28,838 limited partnership units in
the Partnership  representing  21.92% of the outstanding  units at September 30,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its affiliates. Under the Partnership Agreement,  unitholders holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters,  which would include  voting on certain  amendments to the  Partnership
Agreement  and voting to remove the  General  Partner.  When  voting on matters,
AIMCO would in all likelihood  vote the Units it acquired in a manner  favorable
to the  interest  of the General  Partner  because of its  affiliation  with the
General Partner.

Note C - Adjustment to Liquidation Basis of Accounting

At August 22, 2001,  in accordance  with the  liquidation  basis of  accounting,
assets were adjusted to their  estimated net  realizable  value and  liabilities
were adjusted to their settlement amount. The net adjustment required to convert
to the  liquidation  basis  of  accounting  was an  increase  in net  assets  of
approximately  $6,681,000  which is  included  in the  Statement  of  Changes in
Partners' Deficit/Net Liabilities In Liquidation. The adjustments are summarized
as follows:

                                                                  Increase in
                                                                   Net Assets
                                                                 (in thousands)
 Adjustment from book value of property and
   improvements to estimated net realizable value                   $ 5,190
 Adjustment of mortgage note payable to estimated
   settlement amount                                                  1,970
 Adjustment of other assets and liabilities, net                       (479)
 Net increase in net assets                                         $ 6,681

Note D - Distribution

During the period ended August 22, 2001, the Partnership  paid  distributions of
approximately $89,000 from operations, of which approximately $87,000 ($0.66 per
limited   partnership  unit)  is  allocable  to  the  limited   partners.   This
distribution  was declared and accrued as of December 31, 2000.  During the nine
months ended September 30, 2000, the Partnership paid a cash  distribution  from
operations of approximately $950,000, of which approximately $931,000 ($7.08 per
limited partnership unit) was paid to the limited partners.  In conjunction with
the transfer of funds from the  majority-owned  joint venture to the Partnership
during the period ended August 22, 2001, approximately $5,000 was distributed to
the general partner of the majority-owned joint venture.

Note E - Segment Reporting

Statement of Financial  Accounting Standards ("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 established  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.

Note F - 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. (the "Nuanes action") 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 series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which,  together  with a  demurrer  filed  by other  defendants,  is
currently  scheduled  to be heard on November  15,  2001.  The Court has set the
matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike  the  complaint.  The  matters  are  currently  scheduled  to be heard on
November 15, 2001.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  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 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussions of the  Registrant's  business and results of operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  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.

The Partnership's  investment property consists of one commercial property.  The
following table sets forth the average  occupancy of the property for the period
ended  August  22,  2001  and  the  nine  months  ended   September   30,  2000,
respectively:

                                         Average Occupancy
Property                                 2001        2000

Factory Merchants Mall                    86%         90%
  Pigeon Forge, Tennessee

As of August 22, 2001, Angeles Income Properties,  Ltd. IV (the "Partnership" or
"Registrant") adopted the liquidation basis of accounting due to the sale of its
joint  venture  interest  in its sole  investment  property.  Upon  passing  the
one-year right of rescission under the sale of the  Partnership's  joint venture
interest  entered  into on August 22,  2001,  the  Partnership  is  expected  to
terminate.

The  Partnership and ARC II have entered into a contract with an unrelated third
party to sell their  ownership in the joint venture that indirectly owns Factory
Merchants Mall. The contract closed on August 22, 2001. The Partnership received
$49,750  for its 99.5%  ownership  and  Angeles  Realty  Corporation  ("ARC II")
received $250 for its 0.5% ownership of the joint  venture.  For a period of one
year  after the  transaction,  should  the  lender  declare a default  under the
mortgage debt  encumbering  the Factory  Merchants  Mall property as a result of
this transfer or prior act or omission of the lower tier partnership  which owns
the Factory Merchants Mall property, the purchaser has the right to transfer the
ownership  interest back to the  Partnership and ARC II with the cash being paid
back to the purchaser. Assuming that the aforementioned recission right does not
occur, the Partnership will then be terminated.

This  sale  transaction  will be  complete  upon  the  elapse  of the  right  of
recission.  Until that time,  the purchaser can transfer the ownership  interest
back to the Partnership and ARC II. Therefore, the consolidated statement of net
liabilities  in  liquidation  will include the  operations  of the joint venture
property.  The funds received by the Partnership for its joint venture  interest
are currently being considered as a deposit from the purchaser in advance of the
sales  transaction  completion  and are  included  in other  liabilities  on the
accompanying statement of net liabilities in liquidation.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of accounting for its financial statements at August 22, 2001,
to the liquidation basis of accounting. Consequently, assets have been valued at
estimated net realizable  value and liabilities are presented at their estimated
settlement  amounts,  including estimated costs associated with carrying out the
liquidation  of the  Partnership  and estimated  operations of the joint venture
property.  The  valuation of assets and  liabilities  necessarily  requires many
estimates and assumptions and there are  substantial  uncertainties  in carrying
out the  liquidation.  The  actual  realization  of  assets  and  settlement  of
liabilities  could be higher or lower than amounts  indicated  and is based upon
estimates  of  ARC  II  (or  the  "General  Partner")  as of  the  date  of  the
consolidated financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
September 30, 2001 is  approximately  $124,000 of cost, net of income,  that the
General  Partner  estimates  will be incurred  during the period of  liquidation
based on the assumption that the liquidation process will be completed by August
22, 2002. If the mortgage  encumbering the joint venture  property is refinanced
during the one year right of  rescission  period  without the  current  mortgage
being called due as the result of the change in ownership of the joint  venture,
the liquidation period will be shorter than currently projected.

Results from Operations

The  Partnership  realized a net loss of  approximately  $727,000 for the period
ending August 22, 2001 as compared to a net loss of  approximately  $697,000 for
the nine months  ended  September  30,  2000.  The  increase in net loss for the
period ending August 22, 2001 as compared to the nine months ended September 30,
2000 is due to a decrease in total  revenues  partially  offset by a decrease in
total  expenses.  The  majority of the increase in net loss is  attributable  to
reporting  less  than nine  months of  activity  for  2001,  resulting  from the
adoption of  liquidation  basis on August 22, 2001.  Excluding the effect of the
difference in time periods being  reported,  total  revenues  decreased due to a
decrease in rental  income  partially  offset by an  increase  in other  income.
Rental income decreased due to decreased rent revenue and percentage rent caused
by increased  competition in the local market for comparable  commercial  space.
Other income increased  primarily due to an increase in lease  cancellation fees
partially offset by a decrease in interest income due a decrease in cash held in
interest bearing accounts.

Excluding the effect of the  difference in time periods  being  reported,  total
expenses  decreased  due to a decrease in  operating  and  property tax expenses
partially  offset by an increase in bad debt expense.  The decrease in operating
expense  is due lower  merchant  association  dues,  which are  affected  by the
decrease in rental income at Factory Merchant Mall. The decrease in property tax
expense is due to a lowering of assessed  value on the  Partnership's  remaining
property through August 22, 2001. Bad debt expense  increased due to an increase
in past due account receivables.

Included in general and administrative  expenses for the period ended August 22,
2001 and the nine months ended  September 30, 2000,  are  reimbursements  to the
General  Partner  allowed under the  Partnership  Agreement  associated with its
management of the Partnership.  In addition, 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.

Liquidity and Capital Resources

At  August  22,  2001,  the  Partnership  had  cash  and  cash   equivalents  of
approximately  $350,000 as compared to  approximately  $250,000 at September 30,
2000. For the period ended August 22, 2001, cash and cash equivalents  decreased
approximately $275,000 from the Partnership's year ended December 31, 2000. This
decrease in cash and cash  equivalents is due to  approximately  $90,000 of cash
used  in  investing  activities  and  approximately  $244,000  of  cash  used in
financing activities partially offset by approximately  $59,000 of cash provided
by operating  activities.  The cash used in investing activities consists of net
deposits to  restricted  escrows  maintained  by the  mortgage  lender and, to a
lesser extent,  property  improvements  and  replacements  offset by the deposit
received  from  the sale of  joint  venture  interest.  Cash  used in  financing
activities  consists of payments of principal  made on the mortgage  encumbering
Factory Merchants Mall and payment of a distribution  accrued in the prior year.
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 asset
and other operating  needs of the Registrant and to comply with Federal,  state,
and local legal and regulatory  requirements.  Capital  improvements planned for
the Partnership's property is detailed below.

Factory Merchants Mall

During the period ended August 22, 2001, the Partnership completed approximately
$11,000 of capital  improvements  consisting  of parking area  improvements  and
tenant improvements. These improvements were funded from operating cash flow.

During the period ended August 22, 2001, the Partnership  paid  distributions of
approximately $89,000 from operations, of which approximately $87,000 ($0.66 per
limited   partnership  unit)  is  allocable  to  the  limited   partners.   This
distribution  was declared and accrued as of December 31, 2000.  During the nine
months ended September 30, 2000, the Partnership paid a cash  distribution  from
operations of approximately $950,000, of which approximately $931,000 ($7.08 per
limited partnership unit) was paid to the limited partners.  In conjunction with
the transfer of funds from the  majority-owned  joint venture to the Partnership
during the period ended August 22, 2001, approximately $5,000 was distributed to
the general partner of the majority-owned  joint venture. The attached statement
of net assets in liquidation includes cash of both the Partnership and the joint
venture property.  However,  the cash of the joint venture property is currently
not available to the Partnership.  Once the right of rescission expires and when
the  Partnership  terminates,  any cash  available  after payment of Partnership
termination costs will be distributed to the partners. However, based on current
estimates, there will be no cash available to distribute at that time.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 28,838 limited partnership units in
the Partnership  representing  21.92% of the outstanding  units at September 30,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its affiliates. Under the Partnership Agreement,  unitholders holding a
majority of the Units are  entitled to take action with  respect to a variety of
matters,  which would include  voting on certain  amendments to the  Partnership
Agreement  and voting to remove the  General  Partner.  When  voting on matters,
AIMCO would in all likelihood  vote the Units it acquired in a manner  favorable
to the  interest  of the General  Partner  because of its  affiliation  with the
General Partner.

<PAGE>
                           PART II - OTHER INFORMATION


ITEM 1.     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. (the "Nuanes action") 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 series of
transactions  which  closed on October 1, 1998 and  February  26,  1999  whereby
Insignia and Insignia  Properties Trust,  respectively,  were merged into AIMCO.
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.  On May 14, 2001,  the Court heard the demurrer to the third
amended  complaint.  On July 10,  2001,  the Court  issued  an order  sustaining
defendants'  demurrer on certain grounds.  On July 20, 2001,  plaintiffs filed a
motion for  reconsideration  of the Court's July 10, 2001 order granting in part
and denying in part defendants' demurrer. On September 7, 2001, plaintiffs filed
a fourth amended class and derivative action  complaint.  On September 12, 2001,
the Court denied plaintiffs' motion for reconsideration. On October 5, 2001, the
General Partner and affiliated defendants filed a demurrer to the fourth amended
complaint,  which,  together  with a  demurrer  filed  by other  defendants,  is
currently  scheduled  to be heard on November  15,  2001.  The Court has set the
matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the General Partner and affiliated defendants
moved to strike the first  amended  complaint in its entirety for  violating the
Court's  July 10, 2001 order  granting  in part and denying in part  defendants'
demurrer in the Nuanes action, or  alternatively,  to strike certain portions of
the  complaint  based on the statute of  limitations.  Other  defendants  in the
action demurred to the fourth amended complaint,  and,  alternatively,  moved to
strike  the  complaint.  The  matters  are  currently  scheduled  to be heard on
November 15, 2001.

The  General  Partner  does not  anticipate  that any  costs,  whether  legal or
settlement  costs,   associated  with  these  cases  will  be  material  to  the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

      a)    Exhibits:

            None.

      b)    Reports on Form 8-K:

            Current  Report on Form 8-K dated  August 23, 2001 and filed  August
            28,  2001,  disclosing  the sale of the  Partnership's  and ARC II's
            ownership  in  the  joint  venture  that   indirectly  owns  Factory
            Merchants Mall.


<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                                    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: