FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report

                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

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

                     For the quarterly period ended ___________

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


        For the transition period from November 1, 1999 to December 31, 1999


                         Commission file number 0-10884


                              SHELTER PROPERTIES IV
        (Exact name of small business issuer as specified in its charter)


         South Carolina                                         57-0721760
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

                          55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000

                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  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>



                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                              SHELTER PROPERTIES IV

                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                        (in thousands, except per unit data)

                                December 31, 1999

<TABLE>
<CAPTION>

Assets

<S>                                                           <C>             <C>

   Cash and cash equivalents                                                 $ 3,630
   Receivables and deposits                                                      726
   Restricted escrows                                                            901
   Other assets                                                                  510
   Investment properties:
      Land                                                    $  3,442
      Buildings and related personal property                   59,421
                                                               -------
                                                                62,863

      Less accumulated depreciation                            (36,714)       26,149
                                                               -------       -------
                                                                            $ 31,916

Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                                         $    204
   Tenant security deposit liabilities                                           232
   Accrued property taxes                                                        341
   Other liabilities                                                             287
   Distributions payable                                                       1,000
   Mortgage notes payable                                                     22,749

Partners' (Deficit) Capital

   General partners                                            $ (14)
   Limited partners (49,995 units issued and
      outstanding)                                               7,117         7,103
                                                               -------       -------

                                                                            $ 31,916
</TABLE>

          See Accompanying Notes to Consolidated Financial Statements

<PAGE>




b)

                              SHELTER PROPERTIES IV

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)



                                                       Two Months Ended
                                                         December 31,
                                                       1999       1998
                                                       ----       ----
                                                               (restated)
Revenues:
   Rental income                                      $1,840     $1,876
   Other income                                           90        107
                                                       -----      -----
      Total revenues                                   1,930      1,983
                                                       -----      -----

Expenses:
   Operating                                             865        773
   General and administrative                             48         46
   Depreciation                                          398        366
   Interest                                              345        356
   Property taxes                                        137        114
                                                       -----      -----
      Total expenses                                   1,793      1,655
                                                       -----      -----


Income before cumulative effect of a change in
  accounting principle                                   137        328

Cumulative effect on prior years of a change in
  accounting for the cost of exterior painting
  and major landscaping (Note A)                          --        403
                                                       -----      -----

Net income                                            $  137      $ 731
                                                       =====       ====

Net income allocated to general partners (1%)         $    1      $   7

Net income allocated to limited partners (99%)           136        724
                                                       -----       ----

                                                      $  137      $ 731
                                                       =====       ====

Net income per limited partnership unit:
  Income before cumulative effect of a change
   in accounting principle                              2.72       6.50
  Cumulative effect on prior years of a change
   in accounting for the cost of exterior
   painting and major landscaping                         --       7.98
                                                       -----      -----

                                                      $ 2.72     $14.48
                                                       =====      =====

Distributions per limited partnership unit            $19.80     $47.52
                                                       =====      =====

          See Accompanying Notes to Consolidated Financial Statements

<PAGE>


c)

                              SHELTER PROPERTIES IV

          CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)

                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                       Limited
                                     Partnership     General      Limited
                                        Units        Partners     Partners     Total

<S>                                    <C>             <C>        <C>        <C>

Original capital contributions          50,000       $     2        $50,000    $50,002
                                        ======        ======         ======     ======

Partners' (deficit) capital at
   October 31, 1999                     49,995        $   (5)       $ 7,971    $ 7,966

Net income for the two months
   ended December 31, 1999                  --             1            136        137

Partners' distributions                     --           (10)          (990)    (1,000)
                                        ------        ------         ------     ------

Partners' (deficit) capital at
   December 31, 1999                    49,995        $  (14)       $ 7,117    $ 7,103
                                        ======        ======         ======     ======

</TABLE>

          See Accompanying Notes to Consolidated Financial Statements
<PAGE>


d)

                              SHELTER PROPERTIES IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

                                   (in thousands)

<TABLE>
<CAPTION>

                                                                  Two Months Ended
                                                                    December 31,

                                                                  1999        1998
                                                                           (restated)

Cash flows from operating activities:
<S>                                                            <C>          <C>

   Net income                                                   $   137     $   731
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation                                                398         366
        Amortization of discounts and loan costs                     47          46
        Cumulative effect on prior year of a change in
          accounting principle                                       --        (403)
        Change in accounts:
            Receivables and deposits                                425         465
            Other assets                                             32           4
            Accounts payable                                       (255)         (3)
            Tenant security deposit liabilities                     (14)         (5)
            Accrued property taxes                                 (335)       (371)
            Other liabilities                                       (32)        (34)
                                                                 ------      ------

               Net cash provided by operating activities            403         796
                                                                 ------      ------

Cash flows from investing activities:

   Property improvements and replacements                          (230)       (259)
   Net (deposits to) withdrawals from restricted escrows            (13)         89
                                                                 ------      ------

               Net cash used in investing activities               (243)       (170)
                                                                 ------      ------

Cash flows from financing activities:

   Partners' distributions                                           --      (2,400)
   Payments on mortgage notes payable                              (144)       (134)
                                                                 ------      ------

               Net cash used in financing activities               (144)     (2,534)
                                                                 ------      ------

Net increase (decrease) in cash and cash equivalents                 16      (1,908)
Cash and cash equivalents at beginning of period                  3,614       3,181
                                                                 ------      ------
Cash and cash equivalents at end of period                      $ 3,630     $ 1,273
                                                                 ======      ======

Supplemental disclosure of cash flow information:

   Cash paid for interest                                       $   298     $   309
                                                                 ======      ======
</TABLE>


Supplemental disclosure of non-cash activity:

      At  December  31,  1999  distributions  payable  and  partners  equity was
      adjusted  by  $1,000,000  for  unpaid   distributions.   Also,  investment
      properties,  accumulated  depreciation and other liabilities were adjusted
      by $23,000,  $11,000 and $12,000,  respectively due to write-off of assets
      as a result of a casualty.

          See Accompanying Notes to Consolidated Financial Statements

<PAGE>



e)

                              SHELTER PROPERTIES IV

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  IV  (the  "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with  the  instructions  to Form  10-QSB  and  Item 310 (b) of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the  opinion of Shelter  Realty IV  Corporation  (the
"Corporate  General Partner"),  all adjustments  (consisting of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the two month  period ended  December  31, 1999,  are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2000. For further information,  refer to the consolidated financial
statements and footnotes thereto included in the Partnership's  Annual Report on
Form 10-KSB for the year ended October 31, 1999.

Principles of Consolidation:  The financial  statements include all the accounts
of the Partnership and its 99.99% owned partnership.  The general partner of the
consolidated partnership is the Corporate General Partner. The Corporate General
Partner may be removed as the general partner of the consolidated partnership by
the  Registrant;  therefore,  the  consolidated  partnership  is controlled  and
consolidated by the Registrant.  All significant  interpartnership balances have
been eliminated.

Change in Accounting  Principle:  During the two months ended December 31, 1998,
the  Partnership  changed its method of  accounting  to  capitalize  the cost of
exterior  painting and major  landscaping.  The  Partnership  believes that this
accounting  principle change is preferable because it provides a better matching
of expenses with the related  benefit of the  expenditures  and it is consistent
with industry  practice and the policies of the Corporate  General Partner.  The
effect of the change for the two months ended  December 31, 1998 was to decrease
income before the change by approximately  $24,000 ($.48 per limited partnership
unit). The cumulative effect adjustment of approximately  $403,000 is the result
of applying the aforementioned change in accounting principle  retroactively and
is  included  in net income for the two months  ended  December  31,  1998.  The
accounting principle change will not have an effect on cashflow, funds available
for distributions or fees payable to the general partners or affiliates.

Change in Fiscal  Year End:  The  Partnership  elected to change its fiscal year
from October 31, to December 31,  effective for the period  ending  December 31,
1999.

Note B - Transfer of Control

Pursuant  to a series  of  transactions  which  closed  on  October  1, 1998 and
February 26, 1999,  Insignia Financial Group, Inc. and Insignia Properties Trust
merged into Apartment  Investment and Management Company  ("AIMCO"),  a publicly
traded real estate investment trust, with AIMCO being the surviving  corporation
(the "Insignia Merger").  As a result, AIMCO acquired 100% ownership interest in
the Corporate  General Partner.  The Corporate  General Partner does not believe
that this  transaction has had or will have a material effect on the affairs and
operations of the Partnership.


<PAGE>




Note C - Reconciliation of Cash Flows

The  following  is  a  reconciliation   of  the  subtotal  on  the  accompanying
consolidated  statements of cash flows captioned "net cash provided by operating
activities"  to "net cash used in  operations",  as defined  in the  partnership
agreement of the Partnership (the "Partnership  Agreement").  However, "net cash
used in operations"  should not be considered an alternative to net income as an
indicator  of the  Partnership's  operating  performance  or to cash  flows as a
measure of liquidity.

                                                        For the Two Months Ended
                                                              December 31,
                                                          1999             1998
                                                          ----             ----
                                                             (in thousands)
     Net cash provided by operating activities            $  403         $  796
        Payments on mortgage notes payable                  (144)          (134)
        Property improvements and replacements              (230)          (259)
        Change in restricted escrows, net                    (13)            89
        Changes in reserves for net operating
           liabilities                                       179            (56)
        Additional reserves                                 (195)          (436)
                                                           -----          -----
           Net cash from operations                       $-----         $-----
                                                           =====          =====

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership to reserve net cash from  operations of  approximately  $195,000 and
$436,000 at December 31, 1999 and 1998, respectively, to fund continuing capital
improvements and repairs at the Partnership's three investment properties.

Note D - Distributions

A cash  distribution  from operations of  approximately  $1,000,000 was declared
during the two months ended December 31, 1999, of which  approximately  $990,000
was payable to limited  partners  ($19.80 per limited  partnership  unit).  This
distribution was paid during January 2000. A cash  distribution of approximately
$2,400,000  was made from  operations  during the two months ended  December 31,
1998, of which approximately $2,376,000 was paid to limited partners ($47.52 per
limited partnership unit).


<PAGE>



Note E - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership. The following payments were
made to the Corporate  General Partner and its affiliates  during the two months
ended December 31, 1999 and 1998:

                                                         1999       1998
                                                         ----       ----
                                                          (in thousands)

         Property management fees (included in
           operating expenses)                           $ 97       $ 98
         Reimbursement for services of affiliates
           (included in operating, general and
           administrative expenses, and investment
           properties)                                     33         30

During  the two months  ended  December  31,  1999 and 1998,  affiliates  of the
Corporate General Partner were entitled to receive 5% of gross receipts from all
of the Registrant's properties as compensation for providing property management
services.  The  Registrant  paid to such  affiliates  approximately  $97,000 and
$98,000 for the two months ended December 31, 1999 and 1998, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $33,000 and
$30,000 for the two months ended December 31, 1999 and 1998, respectively.

Several tender offers were made by various parties,  including affiliates of the
general  partners,  during the two months ended December 31, 1999 and the fiscal
years ended October 31, 1999 and 1998. As a result of these tender offers, AIMCO
and its affiliates  currently own 28,913 units of limited  partnership  units in
the Partnership  representing  57.83% of the  outstanding  units. It is possible
that AIMCO or its affiliates will make one or more additional  offers to acquire
additional  limited  partnership  interests  in the  Partnership  for cash or in
exchange for units in the operating partnership of AIMCO. Consequently, AIMCO is
in a position to  significantly  influence all voting  decisions with respect to
the Registrant. Under the Partnership Agreement,  unitholders holding a majority
of the Units are  entitled to take action with  respect to a variety of matters.
When voting on matters, AIMCO would in all likelihood vote the Units it acquired
in a manner  favorable to the interest of the Corporate  General Partner because
of their affiliation with the Corporate General Partner.


<PAGE>



Note F - Segment Reporting

Description  of the types of products  and  services  from which the  reportable
segment derives its revenues:

The Partnership has one reportable segment: residential properties consisting of
three  apartment  complexes  located  in  Florida,  South  Carolina,  and  North
Carolina.  The  Partnership  rents apartment units to tenants for terms that are
typically twelve months or less.

Measurement of segment profit or loss:

The  Partnership  evaluates  performance  based on net  income.  The  accounting
policies  of the  reportable  segment  are the  same as those  described  in the
summary of significant accounting policies in the Partnership's Annual Report on
Form 10-KSB for the year ended October 31, 1999.

Factors management used to identify the Partnership's reportable segment:

The  Partnership's  reportable  segment  consists of investment  properties that
offer similar products and services.  Although each of the investment properties
are  managed  separately,  they have been  aggregated  into one  segment as they
provide services with similar types of products and customers.

Segment  information  for the two month periods ended December 31, 1999 and 1998
is shown in the  tables  below  (in  thousands).  The  "Other"  column  includes
partnership administration related items and income and expense not allocated to
the reportable segment.

                 1999                   Residential      Other       Totals
                 ----                   -----------      -----       ------

Rental income                             $ 1,840         $  --     $ 1,840
Other income                                   88             2          90
Interest expense                              345            --         345
Depreciation                                  398            --         398
General and administrative expense             --            48          48
Segment profit (loss)                         183           (46)        137
Total assets                               30,534         1,382      31,916
Capital expenditures for investment
  properties                                  230            --         230


<PAGE>

                 1998                   Residential      Other       Totals
                 ----                   -----------      -----       ------

Rental income                             $ 1,876         $  --     $ 1,876
Other income                                   88            19         107
Interest expense                              356            --         356
Depreciation                                  366            --         366
General and administrative expense             --            46          46
Cumulative effect on prior years of
  a change in accounting principle            403            --         403
Segment profit (loss)                         758           (27)        731
Total assets                               30,308           465      30,773
Capital expenditures for investment
  properties                                  259            --         259

Note G - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the Partnership,  the Corporate  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999.  Prior to the  December  10,  1999  hearing  the  Court  received  various
objections to the settlement,  including a challenge to the Court's  preliminary
approval based upon the alleged lack of authority of class  plaintiffs'  counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Corporate  General Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.


<PAGE>





Item 2.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment  properties consist of three apartment  complexes.
The following table sets forth the average  occupancy of the properties for each
of the two months ended December 31, 1999 and 1998:

                                                            Average
                                                           Occupancy

       Property                                        1999          1998
       --------                                        ----          ----

       Baymeadows Apartments
         Jacksonville, Florida                         93%            95%

       Quail Run Apartments
         Columbia, South Carolina                      93%            92%

       Countrywood Village Apartments
         Raleigh, North Carolina                       90%            92%

Results of Operations

The  Partnership's net income before cumulative effect of a change in accounting
principle for the two months ended December 31, 1999 was approximately  $137,000
compared to  approximately  $328,000 for the  corresponding  period in 1998. The
decrease in income before cumulative effect of a change in accounting  principle
for the comparable two months periods is due to a decrease in total revenues and
an increase in total  expenses.  The decrease in total revenues is primarily due
to a decrease in rental  income.  Rental  income  decreased due to a decrease in
occupancy at both Baymeadows and  Countrywood  Village which more than offset an
increase in average rental rates at all three investment properties.

Total expenses  increased for the two months ended December 31, 1999 as compared
to the two months ended  December 31,  1998,  due to increases in operating  and
property  tax  expenses  at  Baymeadows  and  depreciation  at all  three of the
properties.  Operating  expense  increased  at  Baymeadows  due to  increases in
salaries,  commissions and other related  benefits as well as increases in sewer
repair, floor covering repairs and interior painting at Baymeadows.  The general
partners are currently in the process of evaluating an increase in  expenditures
to upgrade  Baymeadows  so that it may improve its position in the  Jacksonville
market.  As of this report,  approximately  $1,350,000  has been  approved to be
spent on upgrading the  property.  Depreciation  expense  increased at all three
properties due to the increase in capital  improvements  and  replacements  made
over the past twelve months.

Included in general and  administrative  expense for the two month  period ended
December 31, 1999 are  reimbursements  to the Corporate  General Partner allowed
under  the  Partnership  Agreement.  In  addition,  costs  associated  with  the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audit and appraisals  required by the Partnership  Agreement are also
included.

During the two months  ended  December  31, 1998,  the  Partnership  changed its
method of  accounting  to  capitalize  the cost of exterior  painting  and major
landscaping.  The Partnership  believes that this accounting principle change is
preferable  because it provides a better  matching of expenses  with the related
benefit of the expenditures and it is consistent with industry  practice and the
policies of the Corporate General Partner.  The effect of the change for the two
months  ended  December  31,  1998 was to decrease  income  before the change by
approximately $24,000 ($.48 per limited partnership unit). The cumulative effect
adjustment   of   approximately   $403,000  is  the  result  of   applying   the
aforementioned  change in accounting principle  retroactively and is included in
net income for the two months ended December 31, 1998. The accounting  principle
change will not have an effect on cashflow, funds available for distributions or
fees payable to the general partners or affiliates.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expenses.  As part of this plan,  the  Corporate  General  Partner  attempts  to
protect  the  Partnership  from the  burden of  inflation-related  increases  in
expenses by increasing  rents and  maintaining a high overall  occupancy  level.
However,  due to  changing  market  conditions,  which can  result in the use of
rental  concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At  December  31,  1999,  the  Partnership  had  cash and  cash  equivalents  of
approximately $3,630,000 as compared to approximately $1,273,000 at December 31,
1998.  Cash and cash  equivalents  increased  approximately  $16,000 for the two
months ended  December 31, 1999 from the  Registrant's  prior fiscal year end of
October 31, 1999.  The increase  was due to  approximately  $403,000 of net cash
provided by operating  activities  which was partially  offset by  approximately
$243,000 of cash used in investing activities and approximately $144,000 of cash
used in financing  activities.  Cash used in financing  activities  consisted of
payments  of  principal  made  on the  mortgages  encumbering  the  Registrant's
properties. Cash used in investing activities consisted of property improvements
and  replacements,  and to a lesser extent,  net deposits to restricted  escrows
maintained by the mortgage  lender.  The Registrant  invests its working capital
reserves in money market accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state, local, legal, and regulatory requirements.  Capital improvements
planned for each of the Registrant's properties are detailed below.

Baymeadows  Apartments:  The  Partnership  completed  approximately  $97,000  in
capital  expenditures  at  Baymeadows   Apartments  as  of  December  31,  1999,
consisting  primarily  of  flooring,  appliance  and drapery  replacements,  and
plumbing  work.  These  improvements  were  funded  primarily  from  replacement
reserves.  The general  partners are  currently in the process of  evaluating an
increase  in  expenditures  to upgrade  Baymeadows  so that it may  improve  its
position in the Jacksonville market. As of this report, approximately $1,350,000
has been approved to be spent on upgrading the property.

Quail Run Apartments: The Partnership completed approximately $48,000 in capital
expenditures  at Quail  Run  Apartments  as of  December  31,  1999,  consisting
primarily of electrical improvements, plumbing work and a roofing project. These
improvements were funded primarily from replacement reserves. The Partnership is
currently  evaluating  the capital  improvement  needs of the  property  for the
upcoming year. The minimum amount to be budgeted is expected to be $300 per unit
or approximately  $100,000.  Additional  improvements may be considered and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Countrywood Village Apartments:  The Partnership completed approximately $85,000
in capital  expenditures  at  Countrywood  Apartments  as of December  31, 1999,
consisting primarily of parking area improvements,  interior decoration and pool
improvements.   These   improvements  were  funded  primarily  from  replacement
reserves.  The Partnership is currently evaluating the capital improvement needs
of the  property  for the upcoming  year.  The minimum  amount to be budgeted is
expected to be $300 per unit or approximately $115,000.  Additional improvements
may be considered  and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness of approximately  $22,749,000,  net of discount,  is amortized over
257 months with a balloon payment of  approximately  $20,669,000 due on November
15,  2002.  The  Corporate  General  Partner  will  attempt  to  refinance  such
indebtedness  and/or sell the  properties  prior to such  maturity  date. If the
properties cannot be refinanced or sold for a sufficient  amount, the Registrant
will risk losing such properties through foreclosure.

A cash  distribution  from operations of  approximately  $1,000,000 was declared
during the two months ended December 31, 1999, of which  approximately  $990,000
was payable to limited  partners  ($19.80 per limited  partnership  unit).  This
distribution was paid during January 2000. A cash  distribution of approximately
$2,400,000  was made from  operations  during the two months ended  December 31,
1998, of which approximately $2,376,000 was paid to limited partners ($47.52 per
limited  partnership unit).  Future cash distributions will depend on the levels
of net cash generated from operations, the availability of cash reserves and the
timing  of  debt   maturities,   refinancings,   and/or  property   sales.   The
Partnership's distribution policy is reviewed on a quarterly basis. There can be
no assurance,  however, that the Partnership will generate sufficient funds from
operations,  after  required  capital  expenditures,  to permit  any  additional
distributions to its partners in the year 2000 or subsequent periods.

Tender Offer

Several tender offers were made by various parties,  including affiliates of the
general  partners,  during the two months ended December 31, 1999 and the fiscal
years ended October 31, 1999 and 1998. As a result of these tender offers, AIMCO
and its affiliates  currently own 28,913 units of limited  partnership  units in
the Partnership  representing  57.83% of the  outstanding  units. It is possible
that AIMCO or its affiliates will make one or more additional  offers to acquire
additional  limited  partnership  interests  in the  Partnership  for cash or in
exchange for units in the operating partnership of AIMCO. Consequently, AIMCO is
in a position to  significantly  influence all voting  decisions with respect to
the Registrant. Under the Partnership Agreement,  unitholders holding a majority
of the Units are  entitled to take action with  respect to a variety of matters.
When voting on matters, AIMCO would in all likelihood vote the Units it acquired
in a manner  favorable to the interest of the Corporate  General Partner because
of their affiliation with the Corporate General Partner.

Year 2000 Compliance

General Description

The Year 2000 issue is the result of computer  programs  being written using two
digits rather than four digits to define the applicable year. The Partnership is
dependent upon the Corporate  General  Partner and its affiliates for management
and  administrative  services  ("Managing  Agent").  Any of the Managing Agent's
computer programs or hardware that had date-sensitive software or embedded chips
might have  recognized  a date using "00" as the year 1900  rather than the year
2000.  This could have resulted in a system failure or  miscalculations  causing
disruptions of operations,  including, among other things, a temporary inability
to process  transactions,  send invoices,  or engage in similar normal  business
activities.

Computer Hardware, Software and Operating Equipment

In 1999,  the Managing  Agent  completed  all phases of its Year 2000 program by
completing  the  replacement  and repair of any  hardware or software  system or
operating  equipment that was not yet Year 2000 compliant.  The Managing Agent's
hardware  and software  systems and its  operating  equipment  are now Year 2000
compliant.  As of February 11, 2000,  no material  failure or erroneous  results
have  occurred in the  Managing  Agent's  computer  applications  related to the
failure to reference the Year 2000.

Third Parties

To  date,  the  Managing  Agent  is not  aware of any  significant  supplier  or
subcontractor  (external agent) or financial institution of the Partnership that
has a Year 2000 issue that  would  have a material  impact on the  Partnership's
results of operations,  liquidity or capital  resources.  However,  the Managing
Agent  has no means of  ensuring  or  determining  the Year 2000  compliance  of
external  agents.  At this time, the Managing Agent does not believe that a Year
2000 issue of any  non-compliant  external agent will have a material  impact on
the Partnership's financial position or results of operations.

Costs

The total cost of the Managing Agent's Year 2000 project was approximately  $3.2
million and was funded from operating cash flows.

Risks Associated with the Year 2000

The Managing  Agent  completed all necessary  phases of its Year 2000 program in
1999,  and did not  experience  system or  equipment  malfunctions  related to a
failure to reference the Year 2000. The Managing  Agent or Partnership  have not
been  materially  adversely  effected by  disruptions  in the economy  generally
resulting from the Year 2000 issue.

At this  time,  the  Managing  Agent  does not  believe  that the  Partnership's
businesses,  results of  operations  or financial  condition  will be materially
adversely effected by the Year 2000 issue.

Contingency Plans Associated with the Year 2000

The  Managing  Agent has not had to implement  contingency  plans such as manual
workarounds or selecting new relationships for its banking or elevator operation
activities in order to avoid the Year 2000 issue.


<PAGE>


                           PART II - OTHER INFORMATION

ITEM 1.     LEGAL PROCEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial  Group,  Inc., et al. in the Superior Court of the State of California
for the County of San Mateo. The plaintiffs  named as defendants,  among others,
the Partnership,  the Corporate  General Partner and several of their affiliated
partnerships  and corporate  entities.  The action  purports to assert claims on
behalf of a class of limited  partners and derivatively on behalf of a number of
limited  partnerships  (including  the  Partnership)  which are named as nominal
defendants,  challenging  the  acquisition  by Insignia  Financial  Group,  Inc.
("Insignia")  and  entities  which  were,  at one time,  affiliates  of Insignia
("Insignia  Affiliates") of interests in certain general partner entities,  past
tender offers by Insignia  Affiliates to acquire limited  partnership units, the
management of partnerships  by Insignia  Affiliates and the Insignia Merger (see
"Note B - Transfer  of  Control").  The  plaintiffs  seek  monetary  damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of  responding  to the  motion,  the  plaintiffs  have filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint which were heard February 1999.  Pending the ruling on such demurrers,
settlement negotiations commenced. On November 2, 1999, the parties executed and
filed a  Stipulation  of  Settlement,  settling  claims,  subject to final court
approval, on behalf of the Partnership and all limited partners who own units as
of November 3, 1999.  Preliminary  approval of the  settlement  was  obtained on
November 3, 1999 from the Superior Court of the State of  California,  County of
San Mateo, at which time the Court set a final approval hearing for December 10,
1999.  Prior to the  December  10,  1999  hearing  the  Court  received  various
objections to the settlement,  including a challenge to the Court's  preliminary
approval based upon the alleged lack of authority of class  plaintiffs'  counsel
to enter the settlement. On December 14, 1999, the Corporate General Partner and
its affiliates terminated the proposed settlement. Certain plaintiffs have filed
a motion to  disqualify  some of the  plaintiffs'  counsel  in the  action.  The
Corporate  General Partner does not anticipate  that costs  associated with this
case will be material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  Exhibit 27, Financial Data Schedule, is filed as an exhibit to
                  this report.

            b)    Reports on Form 8-K filed during the two months ended December
                  31, 1999:

                  None.


<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.

                              SHELTER PROPERTIES IV

                                 By:     Shelter Realty IV Corporation
                                         Corporate General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President and Director

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President and
                                         Controller

                                 Date:   February 14, 2000