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, 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 BALANCE SHEET
                                   (Unaudited)
                       (in thousands, except unit data)

                                  June 30, 2001


<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   249
   Receivables and deposits, net of allowance for
      doubtful accounts of $169                                                  177
   Restricted escrows                                                            581
   Other assets                                                                  359
   Investment property:
      Land                                                    $ 2,414
      Buildings and related personal property                   18,205
                                                                20,619
      Less accumulated depreciation                            (13,812)        6,807

                                                                            $ 8,173
Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                           $  15
   Tenant security deposit liabilities                                            16
   Accrued property taxes                                                         68
   Other liabilities                                                             216
   Mortgage note payable                                                      14,546
Partners' Deficit
   General partner                                             $ (150)
   Limited partners (131,585 units issued and
      outstanding)                                              (6,538)       (6,688)

                                                                            $ 8,173

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

b)

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


<TABLE>
<CAPTION>

                                           Three Months Ended        Six Months Ended
                                                June 30,                 June 30,
                                            2001        2000         2001        2000
Revenues:
<S>                                        <C>          <C>        <C>          <C>
  Rental income                            $ 820        $ 810      $ 1,527      $ 1,741
  Other income                                 11           20          21           42
     Total revenues                           831          830       1,548        1,783

Expenses:
  Operating                                   363          362         715          759
  General and administrative                   71           33         118           80
  Depreciation                                235          237         470          474
  Interest                                    367          355         729          726
  Property taxes                               30           38          61           78
  Bad debt expense, net                        51           54          67           69
     Total expenses                         1,117        1,079       2,160        2,186

Net loss                                   $ (286)     $ (249)      $ (612)     $ (403)

Net loss allocated to general
  partner (2%)                              $ (6)       $ (5)       $ (12)       $ (8)
Net loss allocated to limited
  partners (98%)                             (280)        (244)       (600)        (395)

                                           $ (286)     $ (249)      $ (612)     $ (403)

Net loss per limited partnership unit     $ (2.13)     $ (1.85)    $ (4.56)     $ (3.00)

Distributions per limited partnership
  unit                                      $ --       $ 7.08        $ --       $ 7.08

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<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, 2000                   131,585        $ (138)     $(5,938)   $(6,076)

Net loss for the six months
   ended June 30, 2001                      --           (12)        (600)      (612)

Partners' deficit at
   June 30, 2001                       131,585        $ (150)     $(6,538)   $(6,688)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


d)

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


                                                                      Six Months Ended
                                                                          June 30,
                                                                      2001        2000
Cash flows from operating activities:
<S>                                                                  <C>         <C>
  Net loss                                                           $ (612)     $ (403)
  Adjustments to reconcile net loss to net cash (used in)
   provided by operating activities:
     Depreciation                                                        470         474
     Amortization of loan costs and leasing commissions                   37          59
     Bad debt expense, net                                                67          69
     Change in accounts:
      Receivables and deposits                                           113         166
      Other assets                                                       (21)         (3)
      Accounts payable                                                   (85)         (7)
      Tenant security deposit liabilities                                 --          10
      Accrued property taxes                                             (60)         78
      Other liabilities                                                   22         (31)
         Net cash (used in) provided by operating
            activities                                                   (69)        412

Cash flows from investing activities:
  Property improvements and replacements                                 (11)         (9)
  Net deposits to restricted escrows                                     (96)        (81)
         Net cash used in investing activities                          (107)        (90)

Cash flows from financing activities:
  Payments on mortgage note payable                                     (111)       (115)
  Distribution to partners                                               (89)       (950)
         Net cash used in financing activities                          (200)     (1,065)

Net decrease in cash and cash equivalents                               (376)       (743)

Cash and cash equivalents at beginning of period                         625       1,170
Cash and cash equivalents at end of period                            $ 249       $ 427

Supplemental disclosure of cash flow information:
  Cash paid for interest                                              $ 712       $ 709

A distribution of approximately $89,000 was declared and accrued at December 31,
2000. This distribution was paid during the six months ended June 30, 2001.

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<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, 2001,  are
not  necessarily  indicative  of the results that may be expected for the fiscal
year  ending  December  31,  2001.  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,  2000.  The General  Partner is an affiliate  of  Apartment  Investment  and
Management Company ("AIMCO"), a publicly traded real estate investment trust.

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 interentity balances have been eliminated.

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 six months ended June 30, 2001 and 2000:

                                                              2001       2000
                                                              (in thousands)
   Reimbursement for services of affiliates (included
      in general and administrative expense)                  $ 47       $ 14

An  affiliate  of the General  Partner  received  reimbursement  of  accountable
administrative  expenses amounting to approximately  $47,000 and $14,000 for the
six months ended June 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 June 30, 2001. 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  acquire
additional  limited  partnership  interests  in the  Partnership  for cash or in
exchange for units in the operating  partnership of AIMCO either through private
purchases or tender offers. 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 its affiliation with
the General Partner.

Note C - Distribution

During the six months ended June 30, 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 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.

Note D - 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  required  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 E - 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 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.  Plaintiffs have until August 16, 2001
to file a fourth amended complaint. The General Partner does not anticipate that
any costs, whether legal or settlement 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, 2001 and 2000:

                                         Average Occupancy
Property                                 2001        2000

Factory Merchants Mall                    90%         89%
  Pigeon Forge, Tennessee

Results from Operations

The Partnership realized a net loss of approximately $612,000 for the six months
ended June 30, 2001 as compared to a net loss of approximately  $403,000 for the
comparable period in 2000. The Partnership  realized a net loss of approximately
$286,000 for the three months ended June 30, 2001,  as compared to a net loss of
approximately  $249,000 for the  comparable  period in 2000. The increase in net
loss for the six  months  ended  June  30,  2001 is due to a  decrease  in total
revenues  partially  offset by a  decrease  in total  expenses.  Total  revenues
decreased due to decreases in rental and other incomes.  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
decreased  primarily due to lower interest income due to a decrease in cash held
in interest  bearing  accounts.  Total  expenses  decreased due to a decrease in
operating  and  property  tax  expenses  offset by an  increase  in general  and
administrative  expense.  Operating  expense  decreased  due  to a  decrease  in
merchant association dues which are affected by the decrease in rental income at
Factory  Merchant  Mall for the six months ended June 30, 2001.  The decrease in
property tax expense is due to a lowering of assessed value on the Partnership's
remaining property.

The  increase in net loss for the three  months ended June 30, 2001 is due to an
increase  in total  expenses  partially  offset  by a slight  increase  in total
revenues.  Total expenses increased  primarily due to an increase in general and
administrative  expense.  Total  revenues  increased  due to an increase in rent
income partially offset by a decrease in other income. Rent income increased due
to an increase in occupancy at Factory  Merchants Mall.  Other income  decreased
primarily  due to  lower  interest  income  due to a  decrease  in cash  held in
interest bearing accounts.

General and administrative  expense increased for the three and six months ended
June 30,  2001 due to an  increase  in the  costs of  services  included  in the
management   reimbursements   to  the  General  Partner  as  allowed  under  the
Partnership Agreement.  Also included in general and administrative expenses for
the three and six months ended June 30, 2001 and 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.

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, 2001, the Partnership had cash and cash equivalents of approximately
$249,000 as compared to  approximately  $427,000 at June 30,  2000.  For the six
months ended June 30, 2001, cash and cash  equivalents  decreased  approximately
$376,000 from the  Partnership's  year ended December 31, 2000. This decrease in
cash and cash  equivalents  is due to  approximately  $200,000  of cash  used in
financing  activities,   approximately   $107,000  of  cash  used  in  investing
activities and approximately $69,000 of cash used in operating activities.  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 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 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  six  months  ended  June  30,  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.

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 purchaser's  feasibility  period under the contract ended on
August 10, 2001 with the closing expected no sooner than 10 days thereafter. The
Partnership  is to  receive  $49,750  for its 99.5%  ownership  and ARC II is to
receive $250 for its 0.5%  ownership of the joint  venture.  For a period of one
year after the  transaction  is completed,  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.

During the six months ended June 30, 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 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 monthly basis.  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 2001 or subsequent periods.

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 June 30, 2001. 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  acquire
additional  limited  partnership  interests  in the  Partnership  for cash or in
exchange for units in the operating  partnership of AIMCO either through private
purchases or tender offers. 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 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. 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.  Plaintiffs have until August 16, 2001
to file a fourth amended complaint. The General Partner does not anticipate that
any costs, whether legal or settlement 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:

            None.

      b)    Reports on Form 8-K:

            None filed during the quarter ended June 30, 2001.


<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: