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, 2002
                                 --------------------

                                       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)                  (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                                          8

ITEM 1.  LEGAL PROCEEDINGS                                           8
ITEM 2.  CHANGES IN SECURITIES                                       8
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                             8
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS         8
ITEM 5.  OTHER INFORMATION                                           8
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>
<S>                                                                  <C>                       <C>    <C>

                                                                           May 31,              November 30,
                                                                            2002                   2001
                                                                         (Unaudited)
ASSETS:
Investment property
   Land                                                              $    1,014,000                1,014,000
   Buildings and improvements                                            15,758,000               15,615,000
                                                                       ------------              -----------
                                                                         16,772,000               16,629,000
   Less accumulated depreciation                                         10,143,000                9,844,000
                                                                       ------------              -----------
           Total investment property                                      6,629,000                6,785,000

Cash                                                                      1,073,000                1,048,000
Accounts receivable, less allowance for doubtful accounts                      ---                    30,000
Prepaid expenses                                                             27,000                   48,000
Deferred expenses, less accumulated amortization                             88,000                   93,000
Income tax deposit                                                           18,000                  109,000
                                                                       ------------              -----------
           Total assets                                              $    7,835,000                8,113,000
                                                                       ============              ===========

LIABILITIES AND PARTNERS' DEFICIT:

Liabilities:
   Mortgage notes payable                                            $    9,900,000                9,900,000
   Accounts payable and accrued expenses                                    171,000                  216,000
   Real estate taxes payable                                                 57,000                  125,000
   Refundable tenant deposits                                                88,000                   94,000
                                                                       ------------              -----------
           Total liabilities                                             10,216,000               10,335,000
Partners' deficit                                                        (2,381,000)              (2,222,000)
                                                                       ------------              -----------
           Total liabilities and partners' deficit                   $    7,835,000                8,113,000
                                                                       ============              ===========


</TABLE>



                                       3
<PAGE>





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

                                                              Three Months Ended             Six Months Ended
                                                            May 31,      May 31,            May 31         May 31
                                                             2002         2001               2002           2001

Revenues:
       Rental                                          $   668,000       669,000          1,324,000      1,318,000
       Other                                                71,000        57,000            142,000        113,000
                                                          --------      --------          ---------      ---------
           Total revenues                                  739,000       726,000          1,466,000      1,431,000
                                                          --------      --------          ---------      ---------

Expenses:
       Depreciation and amortization                       154,000       152,000            304,000        287,000
       Repairs and maintenance, including common
          area maintenance                                  82,000        72,000            168,000        152,000
       Real estate taxes                                    34,000        34,000             69,000         68,000
       Interest                                            184,000       185,000            369,000        369,000
       Professional fees                                    29,000        58,000             96,000         88,000
       General and administrative                           57,000        49,000            115,000        103,000
       Utilities                                            33,000        33,000             60,000         69,000
       Property management fees - related parties           43,000        43,000             87,000         85,000
       Other                                                59,000        64,000            114,000        120,000
                                                          --------      --------          ---------      ---------
           Total expenses                                  675,000       690,000          1,382,000      1,341,000
                                                          --------      --------          ---------      ---------
           Net Income                                 $     64,000        36,000             84,000         90,000
                                                          ========      ========          =========      =========

Net income allocation:
       General partners                               $      1,000         2,000              2,000          2,000
       Limited partners                                     63,000        34,000             82,000         88,000
                                                          --------      --------          ---------      ---------
                                                      $     64,000        36,000             84,000         90,000
                                                          ========      ========          =========      =========
Limited partners' data:
       Net income per unit                            $       5.18          2.51               6.74           6.50
                                                          ========      ========          =========      =========

Weighted average limited partnership units outstanding      12,173        13,529             12,173         13,529
                                                          ========      ========          =========      =========

</TABLE>




                                       4
<PAGE>


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

                                                                                  Six Months Ended
                                                                              May 31,            May 31,
                                                                               2002               2001

Cash flows from operating activities:
    Net income                                                           $   84,000              90,000
    Adjustments to reconcile net income to net
         cash provided by operating activities:
                Depreciation and amortization                               304,000             287,000
                Changes in accounts affecting operations:
                     Accounts receivable                                     30,000             (89,000)
                     Prepaid expenses                                        21,000              (6,000)
                     Accounts payable and accrued expenses                  (45,000)            175,000
                     Real estate taxes payable                              (68,000)                ---
                     Refundable tenant deposits                              (6,000)              3,000
                     Deferred expenses                                          ---             (10,000)
                     Income tax deposit                                      91,000                 ---
                                                                         ----------          ----------
                             Net cash provided by operating activities      411,000             450,000
                                                                         ----------          ----------

Cash flows from investing activities - capital expenditures                (143,000)           (106,000)
                                                                         ----------          ----------

Cash flows from financing activities - distributions                       (243,000)                ---
                                                                         ----------          ----------

                             Net increase in cash                            25,000             344,000

Cash, beginning of period                                                 1,048,000           1,186,000
                                                                         ----------          ----------

Cash, end of period                                                   $   1,073,000           1,530,000
                                                                         ==========          ==========

Supplemental disclosure of cash flow information -
    cash paid during the period for interest                           $    369,000             307,000
                                                                         ==========          ==========

</TABLE>



                                       5
<PAGE>




                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                            (A LIMITED PARTNERSHIP)
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
                 SIX MONTHS ENDED MAY 31, 2002 AND MAY 31, 2001


(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, 2001,  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.  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  May 31, 2002  and  for all periods presented have been made. The
results  for  the  three  and  six-month  periods  ended  May 31, 2002  are  not
necessarily indicative of the results which 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 an
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.




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                                       6
<PAGE>



ITEM 2:    MANAGEMENT'S DISCUSSION AND ANALYSIS OF 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.

CRITICAL ACCOUNTING POLICIES

Refer to the Financial Statements of the Partnership for the year ended November
30, 2001, 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.

Liquidity and Capital Resources

Cash  as  of  May  31,  2002  was  $1,073,000,  an   increase  of  $25,000  from
November 30, 2001.  Cash provided from  operating  activities for the six months
ended May 31, 2002 was  $411,000.  The  decrease in cash  provided by  operating
activities  was due  primarily  to payment of 2001 real estate taxes in December
2001, along with a decrease in accounts payable and accrued expenses,  offset by
a decrease in income tax deposit and accounts  receivable.  Investing activities
used $143,000 due to property and equipment purchases.  Distributions of $10 per
limited partner unit were paid in January and April of 2002.

Results of Operations

For  the  three  and  six  month periods ended May 31, 2002,  the  Partnership's
revenues  were  $739,000 and  $1,466,000,  respectively.  Revenues  increased by
$13,000  (1.8%) and $35,000 (2.4%) for the three and six month periods ended May
31, 2002 as compared to the same periods  ended May 31, 2001.  This increase was
primarily due to an increase in miscellaneous  income (primarily laundry income)
of  $14,000  and  $29,000  for the three  and six  months  ended  May 31,  2002,
respectively.

For  the  three  and  six  month periods ended May 31, 2002,  the  Partnership's
expenses  were  $675,000 and  $1,382,000,  respectively.  Expenses  decreased by
$15,000  (2.2%) for the three month period ended May 31, 2002 as compared to the
same period ended May 31, 2001.  The decrease in expenses was primarily due to a
decrease in professional fees of $29,000 and other expenses of $5,000, offset by
an  increase  in repairs  and  maintenance  expenses  of $10,000 and general and
administrative expenses of $8,000. Expenses increased $41,000 (3.1%) for the six
month  period  ended May 31, 2002 as  compared to the same period  ended May 31,
2001. The increase in expenses was primarily due to an increase in  depreciation
and  amortization  expense of  $17,000,  repairs  and  maintenance  expenses  of
$16,000,  professional fees of $8,000 and general and administrative expenses of
$12,000, offset by a decrease in utilities of $9,000.





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                                       7
<PAGE>




PART II.  OTHER INFORMATION



ITEM 1: LEGAL PROCEEDINGS


O. Bruce Mills  v.  Maxus  Capital  Corp. and  Maxus  Real  Property Investors -
Four, L.P., Case No. 01CC-004237, Circuit Court  of  St. Louis County, Missouri.

On  December 11, 2001,  Mills  filed  suit  against  the  Registrant  and  Maxus
Capital Corp. in St. Louis County,  Missouri  alleging that the  Registrant  and
Maxus  Capital Corp.  had refused to recognize  Mills as the owner of units that
were tendered to him and had converted  distributions  allegedly  owed to Mills.
Mills also  brought a claim for  injunctive  relief.  On December  19,  2001,  a
hearing was held on Mills' request for  injunctive  relief in which Mills sought
an order from the court recording him on the books and records of the Registrant
as the owner for units that were  tendered  to him  during his tender  offer and
seeking the escrow of any  distributions  made by the  Registrant  for the units
tendered to Mills.  The Court  refused to exempt Mills from  complying  with the
transfer  requirements to have units transferred on the books and records of the
Registrant,   but  the  Court  did  require  that  the  Registrant   escrow  any
distributions  made for units tendered to Mills until such time as the Court can
determine  who should  receive the  distributions.  Mills was required to post a
$7,000  bond as  security  for the  relief  granted  by the  Court.  On or about
February 26, 2002,  the  Registrant  and Maxus  Capital  Corp.  filed a pleading
responding to the claims brought by Mills. The Registrant  believes these claims
are meritless. The case is currently in discovery and is expected to go to trial
in the Fall of this year.


ITEM 2.  CHANGES IN SECURITIES


The Partnership  commenced  an  odd-lot  offer  to purchase the units of holders
of nine  units  or less on May 24, 2002. This offer expired on June 24, 2002 and
the  Partnership  purchased  156  units at $425 per unit. As a result, there are
now 12,017  outstanding  units.  An  additional  89 units were  received  by the
Partnership,  which  the  Partnership  intends  to  purchase  when the  transfer
document deficiencies related to these units are cured.


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 a cash distribution of $10 per limited partnership unit that was
paid on April 10, 2002 to holders of record as of April 1, 2002,  and declared a
cash distribution of $10 per limited  partnership unit that was paid on July 10,
2002 to holders  of record as of July 1,  2002.  The  Partnership  has  recently
commenced  payment of quarterly  cash  distributions  of $10 per Unit to limited
partners and anticipates  continuing such quarterly  distributions,  at least in
the near future.



                                       8
<PAGE>




ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K



         (a) Exhibits



              See Exhibit Index on Page 11



         (b) Reports on Form 8-K



              No  reports  on  Form  8-K were filed by the Registrant during the
              second quarter of 2002.











                                       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 10, 2002         MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                             By:    MAXUS CAPITAL CORP.
                                    General Partner

                             By:    /s/ John W. Alvey
                                    -----------------
                                    John W. Alvey

                                    Director, Vice President

                                    Treasurer

                                    (Principal Financial and Accounting 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 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  date 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)



















                                       11