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 quarter period ended         May 31, 2001

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from ____________________ To ____________________

                         Commission file number 0-11023
                                    --------

                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
       (Exact name of small business issuer as specified in its charter)

       Missouri                                          43-1250566
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

104 Armour Road, North Kansas City, Missouri                64116

(Address of principal executive offices)                 (Zip Code)

Registrant's telephone number, including area code     (816) 303-4500


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
Yes [X]   No [ ]

                                        1
<PAGE>

                                      INDEX

                                                                           Page
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS:
            Balance Sheets                                                   3
            Statements of Operations                                         4
            Statements of Cash Flows                                         5

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
         OF OPERATIONS                                                       7

PART II - OTHER INFORMATION                                                  9

ITEM 1.  LEGAL PROCEEDINGS                                                   9
ITEM 2.  CHANGES IN SECURITIES                                               9
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                     9
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                 9
ITEM 5.  OTHER INFORMATION                                                   9
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                                    9


SIGNATURES                                                                  10
EXHIBIT INDEX                                                               11

                                        2
<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS

<TABLE>
<CAPTION>
<S>                                                                       <C>                    <C>
                                                                           May 31,               November 30,
                                                                            2001                     2000
                                                                        (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            15,419,000               15,313,000
                                                                         ----------               ----------

                                                                         16,433,000               16,327,000

   Less accumulated depreciation                                          9,541,000                9,259,000
                                                                          ---------                ---------

           Total investment property                                      6,892,000                7,068,000



Cash and cash equivalents                                                 1,530,000                1,186,000
Accounts receivable, less allowance for doubtful accounts                   140,000                   51,000
Prepaid expenses                                                             18,000                   12,000
Deferred expenses, less accumulated amortization                             98,000                   93,000
                                                                          ---------                ---------
           Total assets
                                                                     $    8,678,000                8,410,000
                                                                         ==========               ==========

LIABILITIES AND PARTNERS' DEFICIT:

Liabilities:
   Mortgage notes payable                                             $   9,900,000                9,900,000
   Accounts payable and accrued expenses                                    299,000                  124,000
   Refundable tenant deposits                                               102,000                   99,000
                                                                         ----------                ---------

           Total liabilities                                             10,301,000               10,123,000
Partners' deficit                                                        (1,623,000)              (1,713,000)
                                                                        -----------              -----------

           Total liabilities and partners' deficit                   $    8,678,000                8,410,000
                                                                        ===========               ==========
</TABLE>

                                        3
<PAGE>

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
<S>                                                          <C>              <C>          <C>           <C>
                                                                 Three Months Ended           Six Months Ended
                                                                May 31,       May 31,       May 31,       May 31,
                                                                 2001          2000          2001          2000
Revenues:
   Rental                                                   $   669,000      794,000      1,318,000     1,478,000
   Other                                                         48,000       69,000         93,000       184,000
                                                               --------     --------      ---------      --------
       Total revenues                                           717,000      863,000      1,411,000     1,662,000
                                                               --------     --------      ---------     ---------

Expenses:
   Depreciation and amortization                                152,000      188,000        287,000       352,000
   Repairs and maintenance, including common
      area maintenance                                           72,000      101,000        152,000       185,000
   Real estate taxes                                             34,000       70,000         68,000       160,000
   Interest, net                                                176,000      288,000        349,000       605,000
   Professional fees                                             58,000       18,000         88,000        59,000
   General and administrative                                    49,000       51,000        103,000        93,000
   Utilities                                                     33,000       51,000         69,000       102,000
   Property management fees - related parties                    43,000       44,000         85,000        81,000
   Other                                                         64,000       73,000        120,000       134,000
                                                               --------     --------      ---------     ---------
       Total expenses                                           681,000      884,000      1,321,000     1,771,000
                                                               --------     --------      ---------     ---------
       Income (loss) before gain on sale                         36,000      (21,000)        90,000      (109,000)
Gain on sale of Cobblestone Court                                   --     1,541,000           --       1,541,000
                                                             ----------   ----------      ---------     ---------
       Net Income                                           $    36,000    1,520,000         90,000     1,432,000
                                                             ==========   ==========      =========    ==========
Net income allocation:
   General partners                                         $     2,000       26,000          2,000        25,000
   Limited partners                                              34,000    1,494,000         88,000     1,407,000
                                                            $    36,000    1,520,000         90,000     1,432,000
                                                              =========   ==========     ==========    ==========
Limited partners' data:
   Net income (loss) per unit:
      Income (loss) before gain on sale                     $      2.51        (1.46)          6.50         (7.89)
      Gain on sale of Cobblestone Court                             --        111.89            --         111.89
                                                                -------      -------       --------       -------

       Total                                                $      2.51       110.43           6.50        104.00
                                                                =======      =======        =======       =======

   Weighted average limited partnership units outstanding        13,529       13,529         13,529        13,529
                                                                =======      =======        =======      ========
</TABLE>

                                        4

<PAGE>

                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
<S>                                                                     <C>           <C>
                                                                          Six Months Ended
                                                                         May 31        May 31
                                                                          2001          2000
                                                                          ----          ----
Cash flows from operating activities:
   Net income                                                        $    90,000     1,432,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Gain on sale of Cobblestone Court                                    --      (1,541,000)
       Depreciation and amortization                                     287,000       352,000
       Changes in accounts affecting operations:
           Accounts receivable                                           (89,000)      158,000
           Prepaid expenses                                               (6,000)       15,000
           Deferred expense                                              (10,000)         --
           Accounts payable and accrued expenses                         175,000      (221,000)
           Refundable tenant deposits                                      3,000        17,000
                                                                     -----------    ----------

                  Net cash provided by operating activities              450,000       212,000
                                                                     -----------    ----------

Cash flows from investing activities:
   Capital expenditures                                                 (106,000)      (32,000)
   Proceeds from sale of Cobblestone Court, net of
        related expenses                                                    --       4,941,000
                                                                     -----------    ----------

                  Net cash provided (used) by investing activities      (106,000)    4,909,000
                                                                     -----------    ----------

Cash flows from financing activities:
   Principal payments on mortgage notes payable                             --      (4,633,000)
                                                                     -----------    ----------

                  Net increase in cash and cash equivalents              344,000       488,000

Cash and cash equivalents, beginning of period                         1,186,000        21,000
                                                                     -----------    ----------

Cash and cash equivalents, end of period                             $ 1,530,000       509,000
                                                                     ===========    ==========
Supplemental disclosure of cash flow information -
   cash paid during the six months for interest                      $   307,000       605,000
                                                                     ===========    ==========

</TABLE>
                                        5

<PAGE>
                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                     NOTES TO UNAUDITED FINANCIAL STATEMENTS
                THREE MONTHS ENDED MAY 31, 2001 AND MAY 31, 2000


(1) Summary of Significant Accounting Policies

Refer to the financial statements of Maxus Real Property Investors - Four, L.P.,
formerly   known  as  Nooney  Real   Property   Investors  -  Four,   L.P.  (the
"Partnership"), for the year ended November 30, 2000, which are contained in the
Partnership's  Annual Report on Form 10-KSB, for a description of the accounting
policies which have been continued  without change except as noted below.  Also,
refer to the  footnotes  to  those  statements  for  additional  details  of the
Partnership's  financial  condition  and results of  operations.  The details in
those notes have not changed  except as a result of normal  transactions  in the
interim  or as  noted  below.  In  the  opinion  of  the  general  partner,  all
adjustments  (which  include  only normal  recurring  adjustments)  necessary to
present  fairly the financial  position,  results of  operations  and changes in
financial position at May 31, 2001 and for all periods presented have been made.
The  results  for the three and  six-month  periods  ended May 31,  2001 are not
necessarily indicative of the results which may be expected for the entire year.


(a) Description of Business

The Partnership is a limited  partnership  organized under the laws of the State
of Missouri  on  February  9, 1982.  The  Partnership  was  organized  to invest
primarily in income-producing  real properties such as shopping centers,  office
buildings and other commercial properties,  apartment buildings, warehouses, and
light  industrial  properties.  The  Partnership's  portfolio is comprised of an
apartment  building  located  in West St.  Louis  County,  Missouri  (Woodhollow
Apartments) which generated 100% of total revenues for the quarter ended May 31,
2001 and 81% of total  revenues  for the quarter  ended May 31,  2000.  A retail
shopping center (Cobblestone Court) located in Burnsville,  Minnesota,  a suburb
of Minneapolis,  which generated 19% of total revenues for the quarter ended May
31, 2000, was sold on May 24, 2000.


(b) Basis of Accounting

The financial statements include only those assets, liabilities,  and results of
operations  of the partners  which relate to the business of Maxus Real Property
Investors-Four, L.P. The statements do not include assets, liabilities, revenues
or expenses  attributable to the partners' individual  activities.  No provision
has been made for  federal  and state  income  taxes  since  these taxes are the
responsibility of the partners.


              (the remainder of this page left blank intentionally)


                                        6

<PAGE>

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OR RESULTS OF OPERATIONS

This  10-QSB  contains  forward-looking  information  (as defined in the Private
Securities  Litigation  Reform Act of 1995) that involves risk and  uncertainty,
including trends in the real estate  investment  market,  projected  leasing and
sales,  and future  prospects for the  Partnership.  Actual results could differ
materially from those contemplated by such statements.

Liquidity and Capital Resources

Cash as of May 31, 2001 was  $1,530,000,  an increase of $344,000  from November
30, 2000.  Cash provided from operating  activities for the six months ended May
31, 2001 was $450,000.  Investing  activities  used $106,000 due to property and
equipment purchased. Management believes the Partnership's current cash position
and  ability  to  provide  cash  flow is  adequate  to  service  debt  and  fund
anticipated capital requirements.

Results of Operations

The results of operations for the Partnership's properties for the three and six
months ended May 31, 2001 and May 31, 2000 are detailed in the schedule below.

<TABLE>
<CAPTION>
<S>                                <C>               <C>                       <C>                <C>
                                        Woodhollow Apartments                       Cobblestone Court
                                    Three Months      Six Months               Three Months       Six Months
                                      Ended             Ended                     Ended             Ended
                                           May 31, 2001                                May 31, 2001

Revenues                           $ 717,000         1,411,000                  $      --              --
Expenses                             681,000         1,321,000                         --              --
                                    --------         ---------                     -------       ---------
Net Income
                                  $   36,000          90,000                  $        --              --
                                    ==========       =========                  ==========      ==========


                                        Woodhollow Apartments                       Cobblestone Court
                                    Three Months      Six Months               Three Months       Six Months
                                      Ended             Ended                     Ended             Ended
                                             May 31, 2000                              May 31, 2000

Revenues                            $ 698,000        1,308,000                 $ 165,000           354,000
Expenses                              651,000        1,288,000                   233,000           483,000
                                    --------         ---------                  --------           -------
Net Income (Loss) before
 gain on sale                       $   47,000          20,000                 $ (68,000)         (129,000)
                                    ==========       =========                 ==========        =========
</TABLE>

Pro Forma Results

The table below presents the pro-forma results of operations without Cobblestone
Court for the three and six months  ended May 31,  2000.  Cobblestone  Court was
sold May 24,  2000.  These  pro  forma  operating  results  are not  necessarily
indicative of what the actual results would have been had the Cobblestone  Court
property been sold at the beginning of the earliest period presented.

                                        7
<PAGE>
Pro Forma Results - Continued
<TABLE>
<CAPTION>
<S>                                   <C>             <C>               <C>             <C>
                                          Three Months Ended              Six Months Ended
                                        May 31,         May 31,          May 31,       May 31,
                                         2001            2000             2001          2000
                                             (pro forma)                      (pro forma)

Revenues                             $   717,000       698,000         1,411,000      1,308,000
Repairs and maintenance, including
   common area maintenance                72,000        71,000           152,000        106,000
Interest, net                            176,000       198,000           349,000        410,000
Depreciation                             152,000       157,000           287,000        317,000
General and administrative                49,000        50,000           103,000         91,000
Property management fees                  43,000        31,000            85,000         60,000
Other                                    189,000       139,000           345,000        304,000
                                         -------       -------           -------        -------
    Total expenses                       681,000       646,000         1,321,000      1,288,000
                                         -------       -------         ---------      ---------

Net income before gain on sale    $       36,000        52,000            90,000         20,000
                                         =======       =======           =======        =======
Net income before gain on sale
    per limited partnership units:   $      2.51          3.77              6.50           1.45
                                       =========      ========          ========        =======

</TABLE>

Cobblestone  Court was sold May 24, 2000, and accordingly is not included in the
2001 results.

At Woodhollow  Apartments,  revenues  increased $19,000 in the second quarter of
2001  compared  to the same  period in 2000.  Expenses  increased  $30,000  when
compared  to the second  quarter of last year.  This  increase  in  expenses  is
primarily  due to an  increase  in  professional  fees of $32,000  and  property
management fees of $12,000.  The increase in professional fees was due primarily
to an increase in legal fees. The increased  expenses were  partially  offset by
decreases  in interest  expenses  of  $22,000.  At  Woodhollow  Apartments,  the
occupancy increased to 98% from 95% at November 30, 2000.


Results of Operations - Consolidated

For the three and six  month  periods  ended  May 31,  2001,  the  Partnership's
consolidated  revenues  were  $717,000 and  $1,411,000,  respectively.  Revenues
decreased by $146,000  (16.9%) and $251,000  (15.1%) for the three and six month
periods  ended May 31, 2001 as compared to the same periods  ended May 31, 2000.
This  decrease  was  primarily  due to a decline  in  income  due to the sale of
Cobblestone  Court,  which  generated  revenue of $165,000  and $354,000 for the
three and six months ended May 31, 2000,  respectively.  Revenues at  Woodhollow
for the three and six  months  ended  May 31,  2001  increased  by  $19,000  and
$103,000, respectively.

For the three and six  month  periods  ended  May 31,  2001,  the  Partnership's
consolidated  expenses  were  $681,000 and  $1,321,000,  respectively.  Expenses
decreased by $203,000  (23.0%) and $450,000  (25.4%) for the three and six month
periods  ended May 31, 2001 as compared to the same periods  ended May 31, 2000.
The  decrease  is  primarily  due to a reduction  in  expenses  of $233,000  and
$483,000  respectively  for the three and six month  periods ended May 31, 2000,
due to the sale of Cobblestone Court.

                                        8
<PAGE>

PART II. OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

None

ITEM 2: CHANGES IN SECURITIES

The Partnership  commenced an Offer to Purchase on April 20, 2001 to purchase up
to 2,025 limited partnership units in the Partnership. The Offer expired on June
5, 2001.  In  connection  with the Offer,  the  Partnership  has redeemed  1,356
limited  partnership  units of the  Partnership  at $300 per unit.  As a result,
there are now 12,173 outstanding limited partnership units.

ITEM 3: DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5: OTHER INFORMATION

None

ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K

        (a)  Exhibits

             See Exhibits Index on Page 12

        (b)  Reports on Form 8-K

             On June 14, 2001,  the  Partnership  filed a Form 8-K reporting the
             results of the tender offer  commenced by the  Partnership  and the
             declaration of a cash  distribution  to the  Partnership's  limited
             partners (Item 5).

                                        9
<PAGE>

SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.





Dated: July 12, 2001                   MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                                       By: MAXUS CAPITAL CORP.
                                           General Partner

                                       By: /s/ John W. Alvey
                                               John W. Alvey
                                               Director, Vice President
                                               Secretary and Treasurer
                                               (Principal Financial Officer)

                                       10

<PAGE>

EXHIBIT INDEX
Exhibit Number                         Description

   3.1         Amended  and  Restated   Agreement  and  Certificate  of  Limited
               Partnership  dated April 7, 1982,  is  incorporated  by reference
               from  Exhibit  3.1 to the  Registrant's  Form 10-K for the fiscal
               year ended November 30, 1999 (File No. 000-11023).

   3.2         Amendment of  Certificate of Limited  Partnership  dated December
               21, 1999 is  incorporated  by  reference to the Form 8-K filed by
               the Registrant (File No. 000-11023).

  10.1         Contract for the sale of Cobblestone  Court Shopping Center dated
               January 28, 2000 is  incorporated  by  reference  to the Form 8-K
               filed by the  Registrant  under the  Securities Act of 1933 (File
               No. 000- 11023).

  10.2         Letter agreement dated March 29, 2000 amending  the  Contract for
               the Sale of Cobblestone  Court Shopping Center is incorporated by
               reference to the Form 10-QSB  filed by the  Registrant under  the
               Securties Act of 1933 (File  No.000-11023).

  10.3         Letter  agreement dated May 3, 2000 amending the Contract for the
               Sale of  Cobblestone  Court  Shopping  Center is  incorporated by
               reference to the Form 10-QSB  filed by the  Registrant under  the
               Securties Act of 1933 (File  No.000-11023).

  10.4         Letter  agreement date May 19, 2000 amending the Contract for the
               Sale  of  Cobblestone  Court  Shopping  Center is incorporated by
               reference to the Form 10-QSB  filed by the  Registrant under  the
               Securties Act of 1933 (File  No.000-11023).

                                       11