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 February 28, 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 offi                  (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 [ ]


<PAGE>

                                     INDEX

                                                                          Page
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS:
         Balance Sheet                                                      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

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 SHEET
<TABLE>
<CAPTION>
<S>                                                               <C>            <C>
                                                             February 28,     November 30,
                                                                 2001            2000
                                                             (Unaudited)
ASSETS:
Investment property
   Land                                                     $  1,014,000       1,014,000
   Buildings and improvements                                 15,335,000      15,313,000
                                                            ------------    ------------

                                                              16,349,000      16,327,000

   Less accumulated depreciation                               9,392,000       9,259,000
                                                            ------------    ------------

           Total investment property                           6,957,000       7,068,000



Cash                                                           1,466,000       1,186,000
Accounts receivable, less allowance for doubtful accounts         30,000          51,000
Prepaid expenses                                                  33,000          12,000
Deferred expenses, less accumulated amortization                 101,000          93,000
                                                            ------------    ------------
           Total assets                                     $  8,587,000       8,410,000
                                                            ============    ============

LIABILITIES AND PARTNER'S DEFICIT:

Liabilities:
   Mortgage notes payable                                   $  9,900,000       9,900,000
   Accounts payable and accrued expenses                         246,000         124,000
   Refundable tenant deposits                                    100,000          99,000
                                                            ------------    ------------

           Total liabilities                                  10,246,000      10,123,000
Partners' deficit                                             (1,659,000)     (1,713,000)
                                                            ------------    ------------

           Total liabilities and partners' deficit             8,587,000       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>
                                                              Three Months Ended
                                                           February 28   February 29
                                                              2001          2000
Revenues:
   Rental                                                   $ 649,000      684,000
   Other                                                       45,000      115,000
                                                            ---------    ---------

           Total revenues                                     694,000      799,000
                                                            ---------    ---------

Expenses:
   Depreciation and amortization                              135,000      164,000
   Repairs and maintenance, including common
      area maintenance                                         80,000       84,000
   Real estate taxes                                           34,000       90,000
   Interest, net                                              173,000      317,000
   Professional fees                                           30,000       41,000
   General and administrative                                  54,000       42,000
   Utilities                                                   36,000       51,000
   Property management fees - related parties                  42,000       37,000
   Other                                                       56,000       61,000
                                                            ---------    ---------

           Total expenses                                     640,000      887,000
                                                            ---------    ---------

           Net Income (loss)                                $  54,000      (88,000)
                                                            =========    =========

Net income (loss) allocation:
   General partners                                         $   1,000       (1,000)
   Limited partners                                            53,000      (87,000)
                                                            ---------    ---------

                                                            $  54,000      (88,000)
                                                            =========    =========
Limited partners' data:
   Net income (loss) per unit                               $    3.92        (6.41)
                                                            =========    =========


   Weighted average limited partnership units outstanding      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>
                                                                         Three Months Ended
                                                                      February 28     February 29
                                                                          2001           2000
Cash flows from operating activities:
   Net income (loss)                                                $    54,000        (88,000)
   Adjustments to reconcile net income (loss) to net
     cash provided by (used in) operating activities:
       Depreciation and amortization                                    135,000        164,000
       Changes  in  accounts affecting operations:
           Accounts receivable                                           21,000         64,000
           Prepaid expenses                                             (21,000)         6,000
           Accounts payable and accrued expenses                        122,000        (80,000)
           Refundable tenant deposits                                     1,000          5,000
           Deferred expenses                                            (10,000)          --
                                                                    -----------    -----------

                        Net cash provided by operating activities       302,000         71,000
                                                                    -----------    -----------
Cash flows from investing activities - capital
   expenditures                                                         (22,000)       (19,000)
                                                                    -----------    -----------

Cash flows from financing activities -principal payments
   on mortgage notes payable                                               --          (63,000)
                                                                    -----------    -----------

                        Net (decrease) increase in cash                 280,000        (11,000)

Cash, beginning of period                                             1,186,000         21,000
                                                                    -----------    -----------
Cash, end of period                                                 $ 1,466,000         10,000
                                                                    ===========    ===========
Supplemental disclosure of cash flow information -
   cash paid during the quarter for interest                        $   184,000        404,000
                                                                    ===========    ===========

</TABLE>
                                       5
<PAGE>
                    MAXUS REAL PROPERTY INVESTORS-FOUR, L.P.
                            (A LIMITED PARTNERSHIP)
                    NOTES TO UNAUDITED FINANCIAL STATEMENTS
           THREE MONTHS ENDED FEBRUARY 28, 2001 AND FEBRUARY 29, 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.  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 cash flow at  February  28, 2001 and for all periods
presented have been made. The results for the three-month  period ended February
28, 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
February 28, 2001 and 76% of total  revenues for the quarter ended  February 29,
2000.  A retail  shopping  center  (Cobblestone  Court)  located in  Burnsville,
Minnesota,  a suburb of  Minneapolis,  which generated 24% of total revenues for
the quarter ended February 29, 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  reserves as of February  28, 2001 are  $1,466,000  an increase of $280,000
from November 30, 2000.  Cash provided from  operating  activities for the three
months ended  February 28, 2001 was  $302,000.  The increase in cash provided by
operating  activities was due primarily to an increase of $142,000 in net income
(loss) from  ($88,000) for the period ended February 29, 2000 to $54,000 for the
period  ended  February  28, 2001.  In  addition,  accounts  payable and accrued
expenses increased $122,000.  Investing  activities used $22,000 due to property
and equipment purchases.

Results of Operations

The results of  operations  for the  Partnership's  properties  for the quarters
ended  February  28, 2001 and  February  29, 2000 are  detailed in the  schedule
below. Expenses of the Partnership are excluded.



         2001                       Woodhollow Apartments      Cobblestone Court

Revenues                                   $ 694,000              $--
Expenses                                     640,000               --
                                           ---------             -------
Net Income                                 $  54,000              $--
                                           =========             =======

         2000                       Woodhollow Apartments      Cobblestone Court

Revenues                                   $ 610,000              $189,000
Expenses                                     637,000               251,000
                                           ---------             ----------
Net Loss                                   $ (27,000)            $ (62,000)
                                           =========             ==========

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

At Woodhollow  Apartments,  revenues  increased $84,000 in first quarter of 2001
compared to the same period in 2000. The increase in revenue is primarily due to
an increase in rental income of $70,000 and miscellaneous  income of $14,000. At
Woodhollow,  occupancy  increased to 99% from 95% at November 30, 2000. Expenses
remained consistent with 2000.
                                       7
<PAGE>
Pro Forma Results

The table below presents the pro-forma results of operations without Cobblestone
Court for the three months ended February 29, 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.

                                                         Three Months Ended
                                                  February 28,     February 29,
                                                     2001             2000
                                                                   (Proforma)

Revenues                                          $694,000         610,000
Repairs and maintenance, including
   common area maintenance                          80,000          35,000
Interest, net                                      173,000         212,000
Depreciation                                       135,000         160,000
General and administrative                          54,000          41,000
Property management fees                            42,000          29,000
Other                                              156,000         165,000
                                                  --------        --------
    Total expenses                                 640,000         642,000
                                                  --------        --------
Net income (loss)                                 $ 54,000         (32,000)
                                                  ========        ========
Net income (loss)
 per limited partnership unit                        3.92            (2.32)
                                                 ========         ========

Results of Operations - Consolidated

For  the  three  month  period  ended  February  28,  2001,  the   Partnership's
consolidated  revenues were $694,000 compared with $799,000 for the three months
ended February 29, 2000.  Revenues  decreased by $105,000  (13.1%) for the three
months ended  February 28, 2001  compared to the same period ended  February 29,
2000. Revenue at Woodhollow for the quarter ended February 28, 2001 increased by
$84,000,  offset by a decrease in income due to the sale of Cobblestone Court of
$189,000.

For the three month periods ended  February 28, 2001 and February 29, 2000,  the
Partnership's  consolidated  expenses were $640,000 and $887,000,  respectively.
Expenses decreased by $247,000 (27.8%) for the three month period ended February
28, 2001 as compared to the same period ended  February  29,  2000.  Expenses at
Woodhollow for the three months ended February 28, 2001 were consistent with the
period ended  February  29, 2000.  Expenses at  Cobblestone  Court  decreased by
$251,000 due to the sale of Cobblestone Court in May 2000.

                                        8
<PAGE>

PART II.  OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

None

ITEM 2.  CHANGES IN SECURITIES

None

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 Exhibit Index on Page 11

         (b) Reports on Form 8-K

             No  reports  on Form 8-K were  filed by the  Registrant  during the
             first quarter of 2001.

                                       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: April 11, 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 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     Amended of Certificate of Limited Partnership date December 21, 1999 is
         incorporated by reference to the Form 8-K filed by the Registrant under
         the Securities Act of 1933 (File No. 000-11023)

                                       11