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 June 30, 2000


[ ] 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 BALANCE SHEET

                                   (Unaudited)

                          (in thousands, except unit data)

                                  June 30, 2000
<TABLE>
<CAPTION>

Assets

<S>                                                                          <C>
   Cash and cash equivalents                                                 $   427
   Receivables and deposits, net of $293 allowance
      for doubtful accounts                                                      351
   Restricted escrows                                                            730
   Other assets                                                                  415
   Investment property:
      Land                                                    $  2,414
      Buildings and related personal property                   18,113
                                                                20,527

      Less accumulated depreciation                            (12,876)        7,651

                                                                             $ 9,574

Liabilities and Partners' Deficit
Liabilities

   Accounts payable                                                           $   28
   Tenant security deposit liabilities                                            16
   Accrued property taxes                                                        239
   Other liabilities                                                             198
   Mortgage note payable                                                      14,749
Partners' Deficit

   General partner                                             $  (129)
   Limited partners (131,585 units issued and
      outstanding)                                              (5,527)       (5,656)

                                                                             $ 9,574
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

b)

                         ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                          Three Months Ended        Six Months Ended
                                               June 30,                 June 30,
                                           2000        1999        2000         1999
Revenues:
<S>                                        <C>          <C>       <C>         <C>
  Rental income                            $  810       $ 894     $ 1,741     $ 1,966
  Other income                                 20          62          42         117
  Gain on sale of property                     --       3,565          --       3,565
     Total revenues                           830       4,521       1,783       5,648

Expenses:
  Operating                                   362         409         759         847
  General and administrative                   33          42          80          87
  Depreciation                                237         262         474         531
  Interest                                    355         372         726         748
  Property taxes                               38          51          78         111
  Bad debt expense                             54         120          69         256
     Total expenses                         1,079       1,256       2,186       2,580

Net (loss) income                         $ (249)     $ 3,265     $ (403)     $ 3,068

Net (loss) income allocated to
  general partner                              (5)      1,330          (8)      1,326
Net (loss) income allocated to
  limited partners                           (244)      1,935        (395)      1,742

                                          $ (249)     $ 3,265     $  (403)    $ 3,068
Net (loss) income per limited
  partnership unit                        $ (1.85)    $ 14.71     $ (3.00)    $ 13.24

Distributions per limited partnership
  unit                                    $  7.08       $  --      $ 7.08        $ --
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

c)

                         ANGELES INCOME PROPERTIES, LTD. IV
               CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' DEFICIT
                                   (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, 1999                   131,585        $ (102)     $(4,201)   $(4,303)

Distributions to partners                   --           (19)        (931)      (950)

Net loss for the six months
   ended June 30, 2000                      --            (8)        (395)      (403)

Partners' deficit at
   June 30, 2000                       131,585        $ (129)     $(5,527)   $(5,656)
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

d)

                         ANGELES INCOME PROPERTIES, LTD. IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)

<TABLE>
<CAPTION>

                                                                   Six Months Ended
                                                                        June 30,

                                                                   2000        1999
Cash flows from operating activities:
<S>                                                               <C>         <C>
  Net (loss) income                                               $ (403)     $ 3,068
  Adjustments to reconcile net (loss) income to net
   cash provided by (used in) operating activities:
     Gain on sale of property                                          --      (3,565)
     Depreciation                                                     474         531
     Amortization of loan costs and leasing commissions                59          62
     Bad debt expense                                                  69         256
     Change in accounts:
      Receivables and deposits                                        166         (40)
      Other assets                                                     (3)         69
      Accounts payable                                                 (7)          5
      Tenant security deposit liabilities                              10          (2)
      Accrued property taxes                                           78         (64)
      Other liabilities                                               (31)       (417)
         Net cash provided by (used in) operating
            activities                                                412         (97)

Cash flows from investing activities:

  Lease commissions paid                                               --         (27)
  Property improvements and replacements                               (9)         --
  Net deposits to restricted escrows                                  (81)        (49)
  Net proceeds from sale of investment property                        --       4,588
         Net cash (used in) provided by investing activities          (90)      4,512

Cash flows from financing activities:

  Payments on mortgage note payable                                  (115)        (92)
  Distribution to partners                                           (950)         --
         Net cash used in financing activities                     (1,065)        (92)

Net (decrease) increase in cash and cash equivalents                 (743)      4,323

Cash and cash equivalents at beginning of period                    1,170       3,637
Cash and cash equivalents at end of period                         $  427     $ 7,960

Supplemental disclosure of cash flow information:

  Cash paid for interest                                           $ 709       $ 731

Supplemental disclosure of non-cash transaction:
  Distribution payable to limited partners                         $  --       $ 144
</TABLE>

            See Accompanying Notes to Consolidated Financial Statements

<PAGE>

e)

                         ANGELES INCOME PROPERTIES, LTD. IV
                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The accompanying  unaudited  consolidated financial statements of Angeles Income
Properties,  Ltd. IV (the  "Partnership" or "Registrant")  have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information  and  with the  instructions  to Form  10-QSB  and  Item  310(b)  of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements.  In the opinion of Angeles Realty Corporation II ("ARC II"
or the "General  Partner"),  all  adjustments  (consisting  of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three and six month periods ended June 30, 2000,  are
not  necessarily  indicative  of the results that may be expected for the fiscal
year  ending  December  31,  2000.  For  further   information,   refer  to  the
consolidated   financial  statements  and  footnotes  thereto  included  in  the
Partnership's  Annual  Report on Form 10-KSB for the fiscal year ended  December
31, 1999.

Principles of Consolidation

The   consolidated   financial   statements  of  the  Partnership   include  its
wholly-owned limited partnership interest in Factory Merchants, AIP IV, L.P. and
AIP IV GP,  LP.  The  Partnership  may  remove  the  general  partner of Factory
Merchants,  AIP IV, L.P.  and AIP IV GP, LP;  therefore,  the  partnerships  are
controlled and consolidated by the Partnership. All significant interpartnership
balances have been  eliminated.  Minority  interest is immaterial  and not shown
separately in the consolidated financial statements.

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 Insignia Properties Trust
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.

Note C - 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 to the General Partner and affiliates during the
six months ended June 30, 2000 and 1999:

                                                              2000       1999
                                                              (in thousands)
   Reimbursement for services of affiliates (included
      in general and administrative expense)                  $ 14       $ 34

<PAGE>

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $14,000 and $34,000 for the
six months ended June 30, 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 six months  ended June 30,
1999, the Partnership declared a distribution of approximately  $144,000 payable
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.

AIMCO and its affiliates  currently own 28,012 limited  partnership units in the
Partnership  representing  21.288% 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.  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 D - Distribution

During  the six months  ended June 30,  2000,  the  Partnership  declared 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.

Note E - Sale of Investment Property

On June  16,  1999,  the  Partnership  sold  Eastgate  Mall to  Pearce-Woodfield
Development  Co.,  LLC, an unrelated  party,  for net proceeds of  approximately
$4,588,000 after payment of closing costs. The Partnership  recognized a gain of
approximately $3,565,000 on the sale during the second quarter of 1999.

Note F - Segment Reporting

Description of the types of products and services from which reportable  segment
derives its revenues:

The  Partnership  has  one  reportable  segment:   commercial  properties.   The
Partnership's commercial property segment consists of one retail shopping center
in Tennessee at June 30, 2000. This property  leases space to various  specialty
retail outlets and fast food enterprises at terms ranging from 1 to 9 years. The
Partnership's other commercial property was sold on June 16, 1999.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on segment  profit (loss) before
depreciation.  The accounting policies of the reportable segment are the same as
those of the Partnership as described in the Partnership's Annual Report on Form
10-KSB for the fiscal year ended December 31, 1999.

<PAGE>


Segment  information for the three and six month periods ended June 30, 2000 and
1999 is shown in the tables below (in  thousands).  The "Other" column  includes
Partnership administration related items and income and expense not allocated to
the reportable segment.

    Three months ended June 30, 2000        Commercial      Other       Totals

Rental income                                 $ 810          $  --        $ 810
Other income                                       9            11           20
Interest expense                                 355            --          355
Depreciation                                     237            --          237
General and administrative expense                --            33           33
Segment loss                                    (227)          (22)        (249)

     Six months ended June 30, 2000         Commercial      Other       Totals

Rental income                                $ 1,741         $  --      $ 1,741
Other income                                      21            21           42
Interest expense                                 726            --          726
Depreciation                                     474            --          474
General and administrative expense                --            80           80
Segment loss                                    (344)          (59)        (403)
Total assets                                   9,415           159        9,574
Capital expenditures for investment
  property                                         9            --            9

    Three months ended June 30, 1999        Commercial       Other       Totals

Rental income                                 $ 894          $  --        $ 894
Other income                                      33             29          62
Interest expense                                 372             --         372
Depreciation                                     262             --         262
General and administrative expense                --             42          42
Gain on sale of property                       3,565             --       3,565
Segment profit (loss)                          3,278            (13)      3,265

     Six months ended June 30, 1999         Commercial       Other       Totals

Rental income                                $ 1,966         $  --      $ 1,966
Other income                                      58             59         117
Interest expense                                 748             --         748
Depreciation                                     531             --         531
General and administrative expense                --             87          87
Gain on sale of property                       3,565             --       3,565
Segment profit (loss)                          3,096            (28)      3,068
Total assets                                  10,216          7,773      17,989

Note G - 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 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; the management of 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
have 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 final 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. The Court will entertain applications for lead counsel which must
be filed by August 4, 2000. The Court has scheduled a hearing on August 21, 2000
to address the issue of appointing  lead counsel.  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.

<PAGE>

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the 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 six
months ended June 30, 2000 and 1999:

                                         Average Occupancy

Property                                 2000        1999

Factory Merchants Mall                    89%         91%
   Pigeon Forge, Tennessee

Results from Operations

The Partnership realized a net loss of approximately $403,000 for the six months
ended June 30, 2000 as compared to a net income of approximately  $3,068,000 for
the  comparable  period  in  1999.  The  Partnership  realized  a  net  loss  of
approximately  $249,000 for the three months ended June 30, 2000, as compared to
net income of  approximately  $3,265,000 for the comparable  period in 1999. The
increase  in net  loss for the  three  and six  months  ended  June 30,  2000 is
primarily  due  to  the  gain  recognized  on  the  sale  of  Eastgate  Mall  of
approximately  $3,565,000 in June 1999.  Excluding  Eastgate Mall's  operations,
total  expenses and total  revenues  decreased  at Factory  Merchant  Mall,  the
Partnership's  remaining investment property, for the three and six months ended
June 30, 2000.

Total  revenues for Factory  Merchant Mall  decreased due to a decrease in other
income, partially offset by an increase in rental income. Other income decreased
due to  decreased  late  charges and a decrease in interest  income due to lower
cash balances in interest bearing accounts.  Rental revenue increased  primarily
due to an increase in percentage  rent,  partially  offset by a decrease in rent
revenue.  Total  expenses  decreased  primarily due to a decrease in general and
administrative  expenses and property  tax expense.  General and  administrative
expenses decreased  primarily due to a decrease in reimbursements to the General
Partner,  partially  offset by an increase in  professional  fees related to the
administration  of the  Partnership.  The  decrease in  property  tax expense is
primarily  due to the timing of the receipt of the tax bill which  affected  the
accrual recorded in 1999.

Included in general and  administrative  expenses  for the six months ended June
30, 2000 and 1999, 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.

On June  16,  1999,  the  Partnership  sold  Eastgate  Mall to  Pearce-Woodfield
Development  Co.,  LLC, an unrelated  party,  for net proceeds of  approximately
$4,588,000 after payment of closing costs. The Partnership  recognized a gain of
approximately $3,565,000 on the sale during the second quarter of 1999.

<PAGE>

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 expenses. 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.

Liquidity and Capital Resources

At June 30, 2000, the Partnership had cash and cash equivalents of approximately
$427,000 as compared to  approximately  $7,960,000 at June 30, 1999. For the six
months ended June 30, 2000, cash and cash  equivalents  decreased  approximately
$743,000 from the  Partnership's  year ended December 31, 1999. This decrease in
cash and cash  equivalents  is due to  approximately  $1,065,000 of cash used in
financing  activities  and  approximately  $90,000  of cash  used  in  investing
activities  partially  offset by  approximately  $412,000  of cash  provided  by
operating activities. Cash used in financing activities consists of distribution
to the  partners  and, to a lesser  extent,  payments of  principal  made on the
mortgage  encumbering  Factory  Merchants  Mall.  The  cash  used  in  investing
activities  consists of net deposits to  restricted  escrows  maintained  by the
mortgage  lender,  as  well  as  property  improvements  and  replacements.  The
Partnership invests its working capital reserves in a money market account.

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 are detailed below.

Factory Merchants Mall

During  the  six  months  ended  June  30,  2000,   the   Partnership   expended
approximately  $9,000 for budgeted  capital  improvements  consisting  of tenant
improvements and roof replacement. These improvements were funded from operating
cash flow. Capital  improvements  budgeted for 2000 are expected to be $138,000,
which  include,  but  are not  limited  to,  tenant  improvements,  parking  lot
improvements,  roof replacement, and signage. As the property is currently being
marketed for sale, capital improvements will be made only as needed.

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  $14,749,000  matures in October 2006. The General
Partner  will attempt to refinance  such  indebtedness  and/or sell the property
prior to such maturity date.  Although the property is currently  being marketed
for sale,  there is no guarantee when, or if, a buyer and the  Partnership  will
agree to terms that are mutually  acceptable to complete a sale transaction.  If
the  property  cannot  be  refinanced  or  sold  for a  sufficient  amount,  the
Registrant will risk losing such property through foreclosure.

During  the  six  months  ended  June  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.
The Registrant's  distribution policy is reviewed on a semi-annual 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  Registrant  will  generate  sufficient  funds  from  operations  after
required capital expenditures to permit additional distributions to its partners
during the remainder of 2000 or subsequent periods.

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEDINGS

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 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; the management of 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
have 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 final 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. The Court will entertain applications for lead counsel which must
be filed by August 4, 2000. The Court has scheduled a hearing on August 21, 2000
to address the issue of appointing  lead counsel.  The General  Partner does not
anticipate  that  costs  associated  with  this  case  will be  material  to the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2000.

<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: