UNITED STATES
                       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         August 31, 2003
                                 -----------------------

                                       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 000-11023
                                               ---------

                    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)

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





                                       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 OR PLAN
               OF OPERATION                                                    7

ITEM 3.    CONTROLS AND PROCEDURES                                             9

PART II - OTHER INFORMATION                                                    9

ITEM 1.    LEGAL PROCEEDINGS                                                   9
ITEM 2.    CHANGES IN SECURITIES AND USE OF PROCEEDS                           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                                   10


SIGNATURES                                                                    11
EXHIBIT INDEX                                                                 12




                                       2
<PAGE>



PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                                 BALANCE SHEETS
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                                          August 31,             November 30,
                                                                             2003                    2002
                                                                         (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            16,166,000               15,940,000
                                                                       ------------             ------------
                                                                         17,180,000               16,954,000
   Less accumulated depreciation                                         10,921,000               10,456,000
                                                                       ------------             ------------
           Total investment property                                      6,259,000                6,498,000

Cash and cash equivalents                                                   736,000                  911,000
Prepaid expenses                                                             14,000                   86,000
Deferred expenses, less accumulated amortization                             75,000                   82,000
Accounts receivable                                                           2,000                      ---
Income tax deposit                                                           14,000                   18,000
                                                                       ------------             ------------
           Total assets                                              $    7,100,000                7,595,000
                                                                       ============             ============

LIABILITIES AND PARTNERS' DEFICIT:
Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    211,000                  232,000
   Real estate taxes payable                                                110,000                  126,000
   Refundable tenant deposits                                                67,000                   75,000
                                                                       ------------             ------------
           Total liabilities                                             10,288,000               10,333,000
Partners' deficit                                                        (3,188,000)              (2,738,000)
                                                                       ------------             ------------
           Total liabilities and partners' deficit                   $    7,100,000                7,595,000
                                                                       ============             ============

</TABLE>




                                       3
<PAGE>

                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

                                                           Three Months Ended                Nine Months Ended
                                                        August 31,      August 31,      August 31,       August 31,
                                                           2003            2002           2003              2002

Revenues:
       Rental                                        $   645,000         658,000        1,978,000        1,982,000
       Other                                              57,000          59,000          165,000          181,000
                                                      -----------     ----------       ----------       ----------
           Total revenues                                702,000         717,000        2,143,000        2,163,000
                                                      ----------      ----------       ----------       ----------


Expenses:
       Depreciation and amortization                     160,000         159,000          472,000          463,000
       Repairs and maintenance                            97,000          89,000          240,000          257,000
       Real estate taxes                                  39,000          34,000          123,000          103,000
       Professional fees                                  13,000          59,000           61,000          155,000
       Utilities                                          39,000          57,000          107,000          117,000
       Property management fees - related parties         35,000          50,000          126,000          136,000
       Other                                             139,000         111,000          381,000          341,000
                                                      ----------      ----------       ----------       ----------
              Total expenses                             522,000         559,000        1,510,000        1,572,000
                                                      ----------      ----------        ---------        ---------
              Net operating income                       180,000         158,000          633,000          591,000
                                                      ----------      ----------       ----------       ----------

              Interest
                Interest income                           (1,000)         (7,000)         (15,000)         (27,000)
                Interest expense                         184,000         184,000          553,000          553,000
                                                      ----------      ----------       ----------       ----------
                    Net income (loss)               $     (3,000)        (19,000)          95,000           65,000
                                                      ==========      ==========       ==========       ==========

Net income (loss) allocation:
       General partner                              $        ---             ---            2,000            1,000
       Limited partners                                   (3,000)        (19,000)          93,000           64,000
                                                      ----------      ----------       ----------        ---------
                                                    $     (3,000)        (19,000)          95,000           65,000
                                                      ==========      ==========       ==========        =========
Limited partners' data:
       Net income (loss) per unit                   $       (.26)          (1.58)            8.00             5.28
                                                      ==========      ==========       ==========        =========

Weighted average limited partnership
       units outstanding                                  11,517          12,033           11,624           12,126
                                                      ==========      ==========       ==========        =========

</TABLE>


                                       4
<PAGE>


                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>
                                                                                   Nine Months Ended
                                                                              August 31,        August 31,
                                                                                 2003              2002

Cash flows from operating activities:
    Net income                                                         $      95,000              65,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                                472,000             463,000
                Changes in accounts affecting operations:
                     Accounts receivable                                      (2,000)             30,000
                     Prepaid expenses                                         72,000              34,000
                     Accounts payable and accrued expenses                   (21,000)             43,000
                     Real estate taxes payable                               (16,000)            (33,000)
                     Refundable tenant deposits                               (8,000)            (15,000)
                     Income tax deposit                                        4,000              91,000
                                                                         -----------         -----------
                        Net cash provided by operating activities            596,000             678,000
                                                                         -----------         -----------

Cash flows from investing activities:
         Capital expenditures                                               (226,000)           (262,000)
                                                                         -----------         -----------

Cash flows from financing activities:
         Distributions                                                      (347,000)           (365,000)
         Repurchase of Partnership Units                                    (198,000)           (100,000)
                                                                         -----------         -----------

                        Net cash used in financing activities               (545,000)           (465,000)
                                                                         -----------         -----------

                        Net increase (decrease) in cash
                             and cash equivalents                           (175,000)             49,000

Cash and cash equivalents, beginning of period                               911,000           1,048,000
                                                                         -----------         -----------

Cash and cash equivalents, end of period                               $     736,000             999,000
                                                                         ===========         ===========

Supplemental disclosure of cash flow information -
    cash paid during the period for interest                           $     553,000             553,000
                                                                         ===========         ===========
</TABLE>


                                       5
<PAGE>


                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                            (A LIMITED PARTNERSHIP)
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
                   NINE MONTHS ENDED AUGUST 31, 2003 AND 2002


(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"
or the "Registrant"),  for the year ended November 30, 2002, 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. 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.  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 cash flows at August  31,  2003 and for all  periods
presented have been made. The results for the three and nine month periods ended
August  31,  2003 are not  necessarily  indicative  of the  results  that may be
expected for the entire year.

Certain  reclassifications have been made to the prior period amounts to conform
to the current period presentation.

(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 a
402-unit  apartment  building  located  in  West  St.  Louis  County,   Missouri
(Woodhollow Apartments).

(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.

(2) Repurchase of Partnership Interests

On May 23, 2003,  the  Partnership  commenced an odd-lot offer to purchase up to
3,468 of the  Registrant's  limited  partnership  units  from  limited  partners
holding 12 units or fewer (the "Offer").  The Offer expired on June 27, 2003. In
connection with the Offer, the Registrant redeemed 135 limited partnership units
of the  Registrant at $430 per unit. The redemption of units held by one limited
partner,  totaling 5 units,  is being  held  pending  receipt  of all  necessary
documents to satisfy the Registrant's redemption requirements.  Previously,  the
Partnership  commenced  an  odd-lot  offer  to  purchase  up  to  3,840  of  the
Registrant's limited partnership units from limited partners holding 12 units or
fewer, which expired on December 31, 2002. At that time, the Registrant redeemed
332 limited  partnership  units at $430 per unit. As a result,  as of October 1,
2003 there are 11,461 outstanding limited partnership units.



                                       6
<PAGE>


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

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,   general  market
conditions,   projected   leasing  and  sales,  and  future  prospects  for  the
Partnership.  Actual results could differ materially from those  contemplated by
such statements.

CRITICAL ACCOUNTING POLICIES

Refer to the Financial Statements of the Partnership for the year ended November
30, 2002, which are contained in the Partnership's Annual Report in Form 10-KSB,
for a description of the accounting policies,  which have been continued without
change, unless otherwise noted herein.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and  assumptions  that affect  amounts  reported in the  accompanying  financial
statements.  The most  significant  assumptions and estimates  relate to revenue
recognition for leases, treatment of capital expenditures,  depreciable lives of
investment  property,  capital  expenditures  and the  valuation  of  investment
property.  Application of these assumptions requires the exercise of judgment as
to future uncertainties and, as a result, actual results could differ from these
estimates.

Revenue Recognition

The  Partnership  leases its property  pursuant to  operating  leases with terms
generally of six or twelve  months.  Rental income is recognized  when received;
this method  approximates  recognition using the  straight-line  method over the
related lease term.

Investment Property Useful Lives

The  Partnership  is required to make  subjective  assessments  as to the useful
lives of its property for the purposes of determining the amount of depreciation
to reflect on an annual basis with respect to the  property.  These  assessments
have a direct impact on the Partnership's net income.

Investment  property is depreciated  over its estimated  useful life of 30 years
using the straight-line method.  Furnishings and appliances are depreciated from
5 to 7 years using the straight-line method.

Capital Expenditures

For  reporting  purposes,   the  Partnership   capitalizes  all  carpet,  vinyl,
appliance,   and  HVAC   replacements.   The  Partnership   expenses  all  other
expenditures  that  total  less than  $10,000.  Expenditures  over  $10,000  and
expenditures  related to contracts over $10,000 are evaluated  individually  for
capitalization.

Impairment of Investment Property Values

The Partnership is required to make  subjective  assessments as to whether there
are impairments in the value of its investment property.  Management's estimates
of  impairment in the value of the  investment  property have a direct impact on
the Partnership's net income.

The  Partnership  follows the  provisions  of Statement of Financial  Accounting
Standards  (SFAS)  No.  144,  "Accounting  for the  Impairment  or  Disposal  of
Long-Lived  Assets".   The  Partnership  assesses  the  carrying  value  of  its
long-lived asset whenever events or changes in  circumstances  indicate that the
carrying amount of the underlying asset may not be recoverable.  Certain factors
that may occur and  indicate  that an  impairment  exists  include,  but are not
limited to: significant  underperformance relative to projected future operating
results;  significant  changes  in the  manner  of the  use  of the  asset;  and
significant adverse industry or market economic trends. If the carrying value of
the property may not be  recoverable  based upon the existence of one or more of
the above indicators of impairment,  management measures the impairment based on
projected  discounted  cash flows using a discount rate determined by management
to be commensurate  with the risk inherent in the  Partnership,  compared to the
property's current carrying value.



                                       7
<PAGE>


Liquidity and Capital Resources

Cash as of August 31, 2003 was  $736,000,  a decrease of $175,000  from November
30, 2002.  Cash provided  from  operating  activities  for the nine months ended
August 31, 2003 was  $596,000,  which is $82,000 less than results from the same
period in 2002.  This  decrease is  primarily  caused by a reduction in the cash
received  from the IRS in 2003 for the income tax  deposit,  versus the  amounts
received in 2002.  Investing  activities  used  $226,000  due to  investment  in
property  improvements  including  roof  replacements  of  $62,000  and HVAC and
appliance  replacements  of  $90,000.  Cash  used in  financing  activities  was
$545,000,  comprised  of $347,000 of  distributions  of $10 per limited  partner
unit,  which  were paid in  January,  April and July of 2003,  and  $198,000  to
repurchase 462 limited partner units.

Contractual Obligations

The mortgage  note  payable is secured by  Woodhollow  Apartments  and calls for
monthly  interest  payments  of  $61,000,  with  interest  fixed at  7.45%.  The
principal  balance is due December 1, 2010.  In the event of  prepayment  by the
Partnership, the note requires a substantial prepayment penalty.

Management  believes the Partnership's  current cash position and the property's
ability to provide  operating  cash flow should enable the  Partnership  to fund
anticipated capital expenditures and meet debt obligations.

Results of Operations

For the three and nine month  periods ended August 31, 2003,  the  Partnership's
revenues  were  $702,000 and  $2,143,000,  respectively.  Revenues  decreased by
$15,000  (2.1%) and  $20,000  (.9%)  respectively  for the three and  nine-month
periods  ended August 31, 2003 as compared to the same periods  ended August 31,
2002.  This decrease was primarily due to an increase in vacancy loss of $15,000
and  $24,000  for the  three and  nine-month  periods  ended  August  31,  2003,
respectively.

For the three and nine month  periods ended August 31, 2003,  the  Partnership's
operating  expenses  were  $522,000  and  $1,510,000,   respectively.   Expenses
decreased by $37,000 (6.6%) for the three-month  period ended August 31, 2003 as
compared to the same period ended August 31, 2002.  The decrease in expenses was
primarily due to a decrease in professional fees of $46,000, with $32,000 of the
reduction  resulting  from lower legal fees due to the  completion  of the Mills
case in May 2003. Operating expenses decreased $62,000 (3.9%) for the nine-month
period  ended  August 31, 2003 as compared to the same period  ended  August 31,
2002.  The decrease in expenses was primarily due to a decrease in  professional
fees of $94,000,  which  included a $51,000  reduction  in legal fees due to the
completion of the Mills case in May 2003. The decrease in professional  fees was
also  partially  the  result of a property  tax study  completed  in 2002.  This
expense was not recurring in nature and did not recur in 2003. This decrease was
offset by an increase in other operating expenses of $40,000 of which $37,000 is
due to an increase in property insurance.

Woodhollow was 92% occupied at August 31, 2003.  Based on industry  information,
the average occupancy of the sub-market  Woodhollow  competes with is in the low
to mid 90% range. In 2002,  unemployment rose above 6% in the St. Louis area for
the first time since  1993.  The rate is  expected to continue to stay at higher
levels  until  the end of  2003.  Interest  rates  remain  low,  which  normally
increases losses of tenants who move out of apartments when they purchase homes.
Economic development is expected to continue in St. Louis, with various projects
such as new retail  developments and an airport  expansion being planned.  These
developments may lead to a decrease in the unemployment rate.

Inflation

The effects of inflation  did not have a material  impact upon the  Registrant's
operations  in fiscal 2002 or the nine months  ended August 31, 2003 and are not
expected to materially  affect the  Registrant's  operations in the remainder of
2003.


                                       8
<PAGE>


OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not have any "off-balance sheet arrangements" as defined in
Item 303 (c) of Regulations S-B promulgated under the Securities Exchange Act of
1934, as amended.

ITEM 3:  CONTROLS AND PROCEDURES

Under the  supervision  and with the  participation  of the  management of Maxus
Capital Corp.,  including the  Partnership's  Chief Executive  Officer and Chief
Financial  Officer,  the  Partnership  has  established a system of controls and
other procedures designed to ensure that information required to be disclosed in
its periodic reports filed under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), is recorded, processed, summarized and reported within the
time periods  specified in the  Securities and Exchange  Commission's  rules and
forms.  These  disclosure  controls and procedures have been evaluated under the
direction  of the Chief  Executive  Officer  and Chief  Financial  Officer as of
August 31, 2003.  Based on such  evaluations,  the Chief  Executive  Officer and
Chief  Financial  Officer  have  concluded  that  the  disclosure  controls  and
procedures  (as defined in the Exchange Act Rule  13a-15(e) and Rule  15d-15(e))
are effective.  There have been no significant changes in the system of internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the evaluation by the Chief Executive  Officer and Chief Financial
Officer.

PART II.  OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

None


ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

On May 23, 2003,  the  Partnership  commenced an odd-lot offer to purchase up to
3,468 of the  Registrant's  limited  partnership  units  from  limited  partners
holding 12 units or fewer (the "Offer").  The Offer expired on June 27, 2003. In
connection with the Offer, the Registrant redeemed 135 limited partnership units
of the  Registrant at $430 per unit. The redemption of units held by one limited
partner,  totaling 5 units,  is being  held  pending  receipt  of all  necessary
documents to satisfy the Registrant's redemption requirements.  Previously,  the
Partnership  commenced  an  odd-lot  offer  to  purchase  up  to  3,840  of  the
Registrant's limited partnership units from limited partners holding 12 units or
fewer, which expired on December 31, 2002. At that time, the Registrant redeemed
332 limited  partnership  units at $430 per unit. As a result,  as of October 1,
2003 there are 11,461 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

The Board of Directors  of the  Partnership's  general  partner  (Maxus  Capital
Corp.) declared cash distributions of $10 per limited  partnership unit, payable
to holders of record as of January  1, 2003,  April 1, 2003,  July 1, 2003,  and
October 1, 2003 that were paid on January 10,  2003,  April 10,  2003,  July 10,
2003,  and  will be paid on  October  10,  2003  respectively.  The  Partnership
anticipates  continuing  such  quarterly  distributions,  at  least  in the near
future.


                                       9
<PAGE>


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


         (a) Exhibits


             See Exhibit Index on Page 12


         (b) Reports on Form 8-K


             No  reports  on Form 8-K were  filed by the  Registrant  during the
             third quarter of 2003.





                                       10
<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.


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

Dated: October 7, 2003          By: /s/ Danley K. Sheldon
                                    ---------------------
                                    Danley K. Sheldon
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)

Dated: October 7, 2003          By: /s/ John W. Alvey
                                    ---------------------
                                    John W. Alvey
                                    Vice President, Treasurer and
                                    Chief Financial Officer
                                    (Principal Financial and Accounting Officer)



                                       11
<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 to the Form 10-K for
        the  year  ended  November  30, 1999  filed  by the Registrant under the
        Securities Act of 1933 (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 on
        January 21, 2000 under the Securities Act of 1933 (File No. 000-11023)

31.1    Certification  of the Chief Executive Officer Pursuant to Section 302 of
        the Sarbanes-Oxley Act of 2002

31.2    Certification  of the Chief Financial Officer Pursuant to Section 302 of
        the Sarbanes-Oxley Act of 2002

32.1    Certification  of the Chief Executive Officer Pursuant to Section 906 of
        the Sarbanes-Oxley Act of 2002

32.2    Certification  of the Chief Financial Officer Pursuant to Section 906 of
        the Sarbanes-Oxley Act of 2002


                                       12