SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

(Mark One)

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

For the quarter period ended        August 31, 2001

                                       OR

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

For the transition period from _____ To _____

                         Commission file number 0-11023

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

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

104 Armour Road, North Kansas City, Missouri                   64116
(Address of principal executive offices)                     (Zip Code)

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

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











                                       -1-

<PAGE>




                                      INDEX


                                                              Page
PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS:
            Balance Sheets                                      3
            Statements of Operations .......................    4
            Statements of Partners' Deficit .................   5
            Statements of Cash Flows .......................    6

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
            OF OPERATIONS ..................................    8

PART II - OTHER INFORMATION ................................   10

ITEM 1.  LEGAL PROCEEDINGS .................................   10
ITEM 2.  CHANGES IN SECURITIES .............................   10
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES ...................   10
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS   10
ITEM 5.  OTHER INFORMATION .................................   10
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K ..................   10

SIGNATURES .................................................   11
EXHIBIT INDEX ..............................................   12





















                                      -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>


                                                                                         August 31,    November 30,
                                                                                            2001           2000
                                                                                         (Unaudited)


ASSETS:
Investment property
   Land ...........................................................................   $  1,014,000       1,014,000
Buildings and improvements ........................................................     15,490,000      15,313,000
                                                                                      ------------      ----------
                                                                                        16,504,000      16,327,000

   Less accumulated depreciation ..................................................      9,692,000       9,259,000
                                                                                      ------------      ----------
       Total investment property ..................................................      6,812,000       7,068,000

Cash and cash equivalents .........................................................      1,085,000       1,186,000
Accounts receivable, less allowance for doubtful accounts .........................        139,000          51,000
Prepaid expenses ..................................................................          7,000          12,000
Deferred expenses, less accumulated amortization ..................................         96,000          93,000
                                                                                      ------------      ----------
       Total Assets ...............................................................   $  8,139,000       8,410,000
                                                                                      ============      ==========
LIABILITIES AND PARTNERS' DEFICIT:

Liabilities:
   Mortgage notes payable .........................................................   $  9,900,000       9,900,000
   Accounts payable and accrued expenses ..........................................        318,000         124,000
   Refundable tenant deposits .....................................................        101,000          99,000
                                                                                      ------------      ----------
       Total liabilities ..........................................................     10,319,000      10,123,000

Partners' deficit .................................................................     (2,180,000)     (1,713,000)
                                                                                      -------------     ----------
       Total liabilities and partners' deficit ....................................   $  8,139,000       8,410,000
                                                                                      =============     ==========
</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      Nine Months Ended
                                                               August 31,  August 31,  August 31,   August 31,
                                                                  2001        2000        2001         2000
Revenues:
   Rental .................................................   $ 681,000     655,000    1,999,000    2,133,000
   Other ..................................................      70,000      55,000      183,000      239,000
                                                                -------     -------    ---------    ---------
       Total revenues .....................................     751,000     710,000    2,182,000    2,372,000
                                                                -------     -------    ---------    ---------
Expenses:
   Depreciation and amortization ..........................     154,000     160,000      441,000      512,000
   Repairs and maintenance, including common
      area maintenance ....................................     120,000     105,000      272,000      290,000
   Real estate taxes ......................................      34,000      34,000      102,000      194,000
   Interest ...............................................     184,000     221,000      553,000      826,000
   Professional fees ......................................      73,000      37,000      161,000       96,000
   General and administrative .............................      61,000      53,000      164,000      146,000
   Utilities ..............................................      44,000      42,000      113,000      144,000
   Management fees - related parties ......................      50,000      61,000      135,000      142,000
   Other ..................................................      60,000      53,000      180,000      187,000
                                                                -------     -------    ---------    ---------
       Total expenses .....................................     780,000     766,000    2,121,000    2,537,000
                                                                -------     -------    ---------    ---------
       Income (loss) before gain on sale ..................     (29,000)    (56,000)      61,000     (165,000)
                                                                =======     =======    =========    =========
Gain on sale of Cobblestone Court .........................         ---         ---          ---    1,541,000
                                                                -------     -------    ---------    ---------
       Net income (loss) ..................................   $ (29,000)    (56,000)      61,000    1,376,000
                                                              =========     =======    =========    =========
Net income (loss) allocation:
   General partners .......................................   $  (1,000)     (1,000)       1,000       24,000
   Limited partners .......................................     (28,000)    (55,000)      60,000    1,352,000
                                                              ---------     -------     --------    ---------
                                                              $ (29,000)    (56,000)      61,000    1,376,000
                                                              =========     =======     ========    =========
Limited partners' data:
   Net income (loss) per unit:
      Loss before gain on sale ............................   $   (2.31)      (4.07)        4.61       (11.95)
      Gain on sale of Cobblestone Court ...................         ---         ---          ---       111.90
                                                              ---------     -------      -------    ---------
       Total ..............................................   $   (2.31)      (4.07)        4.61        99.95
                                                              =========     =======      =======    =========
   Weighted average limited partnership units outstanding .      12,247      13,529       13,098       13,529
                                                              =========     =======      =======    =========
</TABLE>




                                       -4-

<PAGE>




                   MAXUS REAL PROPERTY INVESTORS - FOUR, L.P.
                             (A LIMITED PARTNERSHIP)
                         STATEMENTS OF PARTNERS' DEFICIT
                                   (UNAUDITED)

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

                                             Nine Months Ended Nine Months Ended
                                               August 31, 2001   August 31, 2000

Deficit at beginning of year .................     $(1,713,000)     $(3,046,000)
Net income for the nine month period .........          61,000        1,376,000
Repurchase of Partnership units ..............        (406,000)             ---
Distribution .................................        (122,000)             ---
                                                   -----------      -----------
Deficit at end of period .....................     $(2,180,000)     $(1,670,000)
                                                   ===========      ===========




</TABLE>
































                                      -5-

<PAGE>


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

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

                                                                                Nine Months Ended
                                                                              August 31,  August 31,
                                                                                 2001        2000

Cash flows from operating activities:
   Net income ..........................................................   $    61,000     1,376,000
   Adjustments to reconcile net income to net
     cash provided by operating activities:
       Gain on sale of Cobblestone Court ...............................           ---    (1,541,000)
       Depreciation and amortization ...................................       441,000       512,000
       Changes in accounts affecting operations:
           Accounts receivable .........................................       (88,000)      156,000
           Prepaid expenses ............................................         5,000        19,000
           Deferred expense ............................................       (11,000)          ---
           Accounts payable and accrued expenses .......................       194,000      (154,000)
           Refundable tenant deposits ..................................         2,000        26,000
                                                                            ----------    ----------
                  Net cash provided by operating activities ............       604,000       394,000
                                                                            ----------    ----------
Cash flows from investing activities:
   Capital expenditures ................................................      (177,000)      (60,000)
   Proceeds from sale of Cobblestone Court, net of
        related expenses ...............................................           ---     4,941,000
                                                                            ----------    ----------
                  Net cash provided by (used in) by investing activities      (177,000)    4,881,000
                                                                            ----------    ----------
Cash flows from financing activities:
   Principal payments on mortgage notes payable ........................           ---    (4,667,000)
   Repurchase of Partnership Units .....................................      (406,000)          ---
   Distribution paid ($10.00 per share) ................................      (122,000)          ---
                                                                            ----------    ----------

                  Net cash used in financing activities ................      (528,000)   (4,667,000)
                                                                            ----------    ----------
                  Net increase (decrease) in cash ......................      (101,000)      608,000

Cash, beginning of period ..............................................     1,186,000        21,000
                                                                            ----------    ----------
Cash, end of period ....................................................   $ 1,085,000       629,000
                                                                            ==========    ==========
Supplemental disclosure of cash flow information -
   cash paid during the nine months for interest .......................   $   553,000       826,000
                                                                            ==========    ==========
</TABLE>


                                      -6-

<PAGE>


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


(1) Summary of Significant Accounting Policies

Refer to the financial statements of Maxus Real Property Investors - Four, L.P.,
formerly   known  as  Nooney  Real   Property   Investors  -  Four,   L.P.  (the
"Partnership"), for the year ended November 30, 2000, which are contained in the
Partnership's  Annual Report on Form 10-KSB, for a description of the accounting
policies which have been continued  without change except as noted below.  Also,
refer to the  footnotes  to  those  statements  for  additional  details  of the
Partnership's  financial condition.  The details in those notes have not changed
except as a result of normal  transactions  in the interim or as noted below. In
the opinion of the general partner,  all adjustments  (which include only normal
recurring  adjustments)  necessary  to present  fairly the  financial  position,
results of operations  and changes in financial  position at August 31, 2001 and
for all periods  presented  have been made.  The results for the three and nine-
month  periods  ended  August 31,  2001 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  complex  located  in West  St.  Louis  County,  Missouri  (Woodhollow
Apartments)  which generated 100% of total revenues for the quarter ended August
31, 2001 and 97.5% of total  revenues  for the quarter  ended August 31, 2000. A
retail shopping center (Cobblestone Court) located in Burnsville,  Minnesota,  a
suburb of  Minneapolis,  which  generated 2.5% of total revenues for the quarter
ended August 31, 2000, was sold on May 24, 2000.

(b) Basis of Accounting

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


             (the remainder of this page left blank intentionally)





                                      -7-

<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.

Liquidity and Capital Resources

Cash as of August 31, 2001 was $1,085,000,  a decrease of $101,000 from November
30, 2000.  Cash provided  from  operating  activities  for the nine months ended
August 31, 2001 was $604,000. Investing activities used $177,000 due to property
and equipment purchased.  Financing activities used $528,000,  of which $406,000
was used to  repurchase  1,356 units at $300 per unit and  $122,000 was due to a
distribution of $10 per limited partner unit paid in July, 2001.

Results of Operations

The results of operations  for the  Partnership's  properties  for the three and
nine  months  ended  August 31,  2001 and August 31,  2000 are  detailed  in the
schedule below.
<TABLE>
<S>                                                           <C>             <C>            <C>             <C>

                                                                    Woodhollow Apartments          Cobblestone Court
                                                                  Three Months Nine Months    Three Months  Nine Months
                                                                    Ended        Ended           Ended         Ended
                                                                     August 31, 2001               August 31, 2001

Revenues ..................................................   $   751,000      2,182,000      $      ---            ---
Expenses ..................................................       780,000      2,121,000             ---            ---
                                                               ----------     ----------      ----------     ----------
Net income (loss) before
  gain on sale ............................................   $   (29,000)        61,000      $      ---            ---
                                                               ==========     ==========      ==========     ==========

                                                                  Woodhollow Apartments            Cobblestone Court
                                                                Three Months Nine Months      Three Months  Nine Months
                                                                    Ended        Ended           Ended        Ended
                                                                     August 31, 2000              August 31, 2000

Revenues ..................................................   $   692,000      2,000,000      $   18,000        372,000
Expenses ..................................................       709,000      1,997,000          27,000        510,000
                                                               ----------     ----------      ----------     ----------
Net income (loss) before
  gain on sale ............................................       (17,000)       3,000        $  (9,000)       (138,000)
                                                               ==========     ==========      ==========     ==========
</TABLE>


Pro Forma Results

The table below presents the pro-forma results of operations without Cobblestone
Court for the three and nine months  ended  August 31, 2001 and August 31, 2000.
Cobblestone  Court was sold May 24, 2000. These pro forma operating  results are
not  necessarily  indicative of what the actual  results would have been had the
Cobblestone  Court  property been sold at the  beginning of the earliest  period
presented.

                                      -8-

<PAGE>


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

Pro Forma Results, Continued
                                                 Three Months Ended              Nine Months Ended
                                              August 31,    August 31,        August 31,    August 31,
                                                 2001         2000               2001          2000
                                                           (Pro Forma)                     (Pro Forma)

   Revenues                                 $   751,000       692,000        2,182,000      2,000,000
   Repairs and maintenance, including
      common area maintenance                   120,000        98,000          272,000        205,000
   Interest, net                                184,000       221,000          553,000        631,000
   Depreciation                                 154,000       159,000          441,000        476,000
   General and administrative                    61,000        53,000          164,000        144,000
   Other                                        261,000       208,000          691,000        571,000
                                               --------      --------        ---------      ---------
       Total expenses                           780,000       739,000        2,121,000      2,027,000
                                               --------      --------        ---------      ---------
   Net income (loss) before gain on sale    $  (29,000)      (47,000)           61,000       (27,000)
                                               ========      ========        =========      =========
   Net income (loss) before gain on sale
       per limited partnership unit:        $    (2.31)        (3.44)             4.61         (1.99)
                                               ========      ========        =========      =========
</TABLE>


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

Results of Operations - Woodhollow

At Woodhollow Apartments, revenues increased $59,000 (8.5%) in the third quarter
of 2001  compared to the same period in 2000.  Occupancy  and rental  rates have
increased  contributing to the increased  revenue.  Expenses  increased  $71,000
(10.0%)  when  compared  to the third  quarter of last  year.  The  increase  in
expenses  is  primarily  due to an  increase  in  professional  fees of $50,000,
repairs and maintenance of $22,000 and property management fees of $20,000.  The
increase in  professional  fees was due  primarily to an increase in legal fees.
The increased  expenses were partially  offset by a decrease in interest expense
of $37,000. At Woodhollow Apartments, the occupancy increased to 98% from 95% at
November 30, 2000.

Results of Operations - Consolidated

For the three and nine month  periods ended August 31, 2001,  the  Partnership's
consolidated revenues were $751,000 and $2,182,000,  respectively.  Revenues for
the three  months  ended  August 31, 2001  increased  by $41,000  (5.8%),  while
revenue for the nine months ended August 31, 2001  decreased by $190,000  (8.0%)
as  compared  to the same period in 2000.  Revenue at  Woodhollow  for the three
months ended August 31, 2001 increased by $59,000 and was partially  offset by a
decrease in income due to the sale of Cobblestone Court of $18,000. For the nine
months ended August 31, 2001, revenue increased at Woodhollow by $182,000 offset
by a decrease in revenue from  Cobblestone  Court of $372,000,  primarily due to
the sale of Cobblestone Court.

For the three and nine month  periods ended August 31, 2001,  the  Partnership's
consolidated expenses were $780,000 and $2,121,000,  respectively.  Expenses for
the three  months  ended  August 31,  2001  increased  by $14,000  (1.8%)  while
expenses for the nine months ended August 31, 2001 decreased by $416,000 (16.4%)
when compared to the same periods in 2000.  Expenses at Woodhollow for the three
months ended August 31, 2001 increased by $71,000,  primarily due to an increase
in professional fees of $50,000 and repairs and maintenance of $22,000. The sale
of  Cobblestone  Court  resulted in reduced  expenses of $27,000.  The increased
expenses were partially offset by decreases in interest expenses of $37,000. For
the nine months  ended  August 31,  2001,  expenses at  Woodhollow  increased by
$124,000,  primarily due to an increase in  professional  fees of $65,000.  This
increase  was offset by a reduction  in expenses of $510,000  due to the sale of
Cobblestone Court.

                                      -9-

<PAGE>



PART II.     OTHER INFORMATION

  ITEM 1:    LEGAL PROCEEDINGS

          On July 10, 2001, O. Bruce Mills ("Mills") commenced a tender offer to
          purchase any and all of the outstanding  limited  partnership units of
          the  Partnership at a purchase price of $400 per unit in cash upon the
          terms and subject to the conditions set forth in the Offer to Purchase
          dated July 10, 2001 and the related letter of  transmittal,  copies of
          which  were  sent to the  limited  partners.  On July  16,  2001,  the
          Partnership  filed its response on Schedule  14D-9,  in which it urged
          the  limited  partners  to reject the offer  because  the offer  would
          breach the terms of the Partnership's  limited  partnership  agreement
          and might cause a default under the  Partnership's  mortgage  loan. On
          August 21, 2001, Mills announced that, in connection with his offer, a
          total  of 473  limited  partnership  units  were  tendered  to  Mills,
          representing 3.9% of the outstanding units of the Partnership.

          On September 5, 2001, the Partnership and its general  partner,  Maxus
          Capital Corp. ("Maxus Capital"),  filed a lawsuit against Mills in the
          United States District Court for the Western  District of Missouri for
          securities fraud, tortious interference with contract,  and injunctive
          and  declaratory  relief.  This  lawsuit  was  necessary  because  the
          Partnership  believes Mills made material  misstatements in attempting
          to convince  the limited  partners  of the  Partnership  to accept his
          tender  offer for units.  The  Partnership  believes  Mills made false
          statements  regarding  the status of units  tendered  to him,  the tax
          consequences of accepting  Mills' tender offer, and the reason for the
          Partnership's  self-tender  offer. Also, Mills attempted in his tender
          offer to induce the limited partners to breach their obligations under
          the limited partnership agreement by tendering units that could result
          in a tax termination of the  partnership.  Mills has yet to answer the
          complaint filed by the Partnership and Maxus Capital.

     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

          On September  17,  2001,  the  Board of Directors of the Partnerships'
          general partner (Maxus Capital  Corp.)declared a cash  distribution of
          $10 per limited  partnership  unit payable to the limited  partners of
          record on October 1, 2001. The General  Partner  anticipates  that the
          distribution  will  be paid  on  October  10,  2001.  The  Partnership
          anticipates declaring a quarterly cash distribution of $10 per limited
          partnership  unit each  quarter.  ITEM 6: EXHIBITS AND REPORTS ON FORM
          8-K

                (a) Exhibits
                    See Exhibits Index on Page 12

                (b) Reports on Form 8-K
                    None

                                      -10-

<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: October ____, 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)














                                      -11-

<PAGE>


EXHIBIT INDEX
Exhibit Number                              Description

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

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

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

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

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

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



                                      -12-