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

                For the quarterly period ended March 31, 2002


[ ]   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 0-10884


                              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 unit data)

                                 March 31, 2002
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   272
   Receivables and deposits                                                      209
   Restricted escrows                                                          1,239
   Other assets                                                                  524
   Investment properties:
      Land                                                    $  2,759
      Buildings and related personal property                   52,573
                                                                55,332
      Less accumulated depreciation                            (32,154)       23,178
                                                                            $ 25,422

Liabilities and Partners' Capital
Liabilities
   Accounts payable                                                          $   291
   Tenant security deposit liabilities                                           229
   Accrued property taxes                                                        201
   Other liabilities                                                             460
   Mortgage notes payable                                                     17,285

Partners' Capital
   General partners                                             $ 112
   Limited partners (49,995 units issued and
      outstanding)                                               6,844         6,956
                                                                            $ 25,422

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>
<PAGE>
b)

                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                     (in thousands, except per unit data)

                                                           Three Months Ended
                                                                March 31,
                                                           2002           2001
Revenues:
   Rental income                                          $2,265         $2,305
   Other income                                              270            162
      Total revenues                                       2,535          2,467

Expenses:
   Operating                                               1,067          1,119
   General and administrative                                103            118
   Depreciation                                              544            518
   Interest                                                  396            378
   Property taxes                                            167            172
      Total expenses                                       2,277          2,305

Net income                                                $ 258           $ 162

Net income allocated to general partners (1%)              $ 3              $ 2

Net income allocated to limited partners (99%)               255            160

                                                          $ 258           $ 162

Net income per limited partnership unit                   $ 5.10         $ 3.21

Distributions per limited partnership unit                 $ --          $ 6.30

         See Accompanying Notes to Consolidated Financial Statements


<PAGE>


c)

                            SHELTER PROPERTIES IV
            CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' 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' capital at
   December 31, 2001                   49,995         $ 109       $ 6,589    $ 6,698

Net income for the three months
   ended March 31, 2002                    --              3          255        258

Partners' capital at
   March 31, 2002                      49,995          $ 112      $ 6,844    $ 6,956

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
d)
                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                (in thousands)
<TABLE>
<CAPTION>

                                                                 Three Months Ended
                                                                       March 31,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                              <C>          <C>
   Net income                                                    $ 258        $ 162
   Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                                                  544          518
      Amortization of discounts and loan costs                       63           45
      Change in accounts:
        Receivables and deposits                                    (30)          19
        Other assets                                               (372)        (279)
        Accounts payable                                            (83)         (23)
        Tenant security deposit liabilities                           4           13
        Accrued property taxes                                        7          (22)
        Other liabilities                                            91           63
               Net cash provided by operating activities            482          496

Cash flows from investing activities:
   Property improvements and replacements                          (525)        (992)
   Net withdrawals from (deposits to) restricted escrows              8         (147)
               Net cash used in investing activities               (517)      (1,139)

Cash flows from financing activities:
   Partners' distributions                                           --         (315)
   Payments on mortgage notes payable                              (210)        (210)
   Advances from affiliate                                           95           --
   Repayments of advances from affiliate                            (95)          --
               Net cash used in financing activities               (210)        (525)

Net decrease in cash and cash equivalents                          (245)      (1,168)
Cash and cash equivalents at beginning of period                    517        2,042
Cash and cash equivalents at end of period                       $ 272        $ 874

Supplemental disclosure of cash flow information:
   Cash paid for interest                                        $ 334        $ 332

Supplemental disclosure of non-cash information:
   Property improvements and replacements included in
     accounts payable                                             $ 96        $ 56

Included in property  improvements  and  replacements for the three months ended
March 31, 2001 are approximately $927,000 of improvements which were included in
accounts payable at December 31, 2000.

         See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<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 three month  period  ended  March 31,  2002,  are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2002. 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 fiscal year ended December 31, 2001.  The Corporate  General
Partner  is  a  subsidiary  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Note B - Reconciliation of Cash Flows

As required by the Partnership  Agreement,  the following is a reconciliation of
"net cash provided by operating  activities"  in the  accompanying  consolidated
statements  of cash  flows to "net  cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "net  cash  from  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 Three Months Ended
                                                                March 31,
                                                          2002             2001
                                                             (in thousands)
     Net cash provided by operating activities            $ 482           $ 496
        Payments on mortgage notes payable                  (210)          (210)
        Property improvements and replacements              (525)          (992)
        Change in restricted escrows, net                      8           (147)
        Changes in reserves for net operating
          liabilities                                        383            229
        (Additional) release of reserves                    (138)           624
           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  $138,000 at
March 31,  2002,  to fund  continuing  capital  improvements  and repairs at the
Partnership's two investment properties.  The Corporate General Partner released
previously  reserved  cash of  approximately  $624,000  during the quarter ended
March 31, 2001.

Note C - 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.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from both of the Registrant's  properties as compensation for providing
property management  services.  During the three months ended March 31, 2002 and
2001,  the  Registrant  paid  to  such  affiliates  approximately  $133,000  and
$125,000, respectively, which is included in operating expense.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $167,000 and
$85,000 for the three months ended March 31, 2002 and 2001, respectively,  which
is included in general and  administrative  expense and  investment  properties.
Included in these amounts are fees related to construction  management  services
provided by an  affiliate  of the  Corporate  General  partner of  approximately
$84,000 for the three months ended March 31,  2002.  No such fees were  incurred
during the three  months  ended  March 31,  2001.  The  construction  management
service fees are calculated based upon a percentage of current year additions to
the investment properties.

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned the  Partnership  funds to assist in paying  property  taxes at Quail Run
Apartments.  During the three  months  ended  March 31,  2002,  the  Partnership
received  advances  of  approximately  $95,000  and made  principal  payments of
approximately  $95,000.  Interest is charged at the prime rate plus 2%. Interest
expense was approximately $200 for the three months ended March 31, 2002.

Beginning in 2001, the  Partnership  began insuring its properties up to certain
limits through coverage provided by AIMCO which is generally  self-insured for a
portion of losses and  liabilities  related  to workers  compensation,  property
casualty and vehicle liability. The Partnership insures its properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the Corporate  General Partner.  During the three months ended
March 31, 2002 and 2001, the Partnership was charged by AIMCO and its affiliates
approximately  $164,000 and $172,000,  respectively,  for insurance coverage and
fees associated with policy claims administration.

Note D - 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. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its 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,  among other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  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  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 court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  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 prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.  The  Corporate  General  Partner  and  affiliated
defendants oppose the motion. On April 29, 2002, the Court heard argument on the
motion and ordered  further  briefing  after which time the matter will be taken
under submission. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint.

The Corporate General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases 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 two apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the three months ended March 31, 2002 and 2001:

                                                            Average
                                                           Occupancy
       Property                                        2002          2001

       Baymeadows Apartments
         Jacksonville, Florida                         96%            95%

       Quail Run Apartments
         Columbia, South Carolina                      90%            95%

The Corporate  General Partner  attributes the decrease in average  occupancy at
Quail Run to a decrease in the leasing of corporate units by area businesses.

Results of Operations

The  Partnership's  net income for the three  months  ended  March 31,  2002 was
approximately  $258,000 compared to approximately $162,000 for the corresponding
period  in 2001.  The  increase  in net  income is due to an  increase  in total
revenues and a decrease in total expenses. The increase in total revenues is due
to an increase in other  income  offset by a decrease in rental  income.  Rental
income  decreased due to a decrease in occupancy at Quail Run  Apartments and an
increase in bad debt expense at Baymeadows  Apartments  offset by an increase in
rental rates at both  investment  properties.  Other income  increased due to an
increase in utility  reimbursements  and lease  cancellation  fees at Baymeadows
Apartments.

Total  expenses  decreased  due  to  decreases  in  operating  and  general  and
administrative expenses offset by an increase in depreciation expense. Operating
expense decreased due to decreases in bonuses,  salaries and maintenance expense
at both  investment  properties.  These  decreases were  partially  offset by an
increase  in  insurance   premiums  at   Baymeadows   Apartments.   General  and
administrative  expense  decreased  due  to a  decrease  in  professional  fees.
Depreciation  expense  increased due to property  improvements  and replacements
being placed into service.

Included in general and administrative  expense for the three months ended March
31, 2002 and 2001 are management reimbursements to the Corporate General Partner
as allowed under the Partnership  Agreement.  In addition,  cost associated with
the quarterly and annual  communications  with investors and regulatory agencies
and the annual audit required by the Partnership  Agreement are also included in
general and administrative expenses.

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  March  31,  2002,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $272,000 as compared to approximately $874,000 at March 31, 2001.
Cash and cash equivalents decreased  approximately $245,000 for the three months
ended March 31, 2002 from the  Registrant's  year end of December 31, 2001.  The
decrease  was  due to  approximately  $210,000  and  $517,000  of  cash  used in
financing  and  investing   activities,   respectively,   partially   offset  by
approximately  $482,000 of cash provided by operating  activities.  Cash used in
financing  activities  consisted of  principal  payments  made on the  mortgages
encumbering  the  Registrant's  properties.  Cash used in  investing  activities
consisted of property  improvements  and  replacements,  slightly  offset by net
withdrawals  from  restricted  escrows  maintained by the mortgage  lender.  The
Registrant invests its working capital reserves in interest bearing 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 and local legal and regulatory requirements. Capital improvements
planned for each of the Registrant's properties are detailed below.

Baymeadows  Apartments:  The  Partnership  has budgeted,  but is not limited to,
approximately  $1,490,000 in capital  improvements at Baymeadows  Apartments for
2002 consisting primarily of roof replacement,  structural  improvements,  major
landscaping,  light fixtures, parking lot improvements,  plumbing,  recreational
facility upgrades, wall coverings,  air conditioning and electrical upgrades and
cabinet,  appliance and floor  covering  replacements.  As of March 31, 2002 the
Partnership  has  spent  approximately  $581,000  consisting  primarily  of roof
replacements, floor covering replacements, structural improvements, recreational
facility upgrades and air conditioning upgrades.  These improvements were funded
from operating  cash flow.  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.

Quail Run  Apartments:  The  Partnership  has  budgeted,  but is not limited to,
approximately  $157,000 in capital improvements at Quail Run Apartments for 2002
consisting  primarily  of  structural  upgrades,   air  conditioning   upgrades,
appliances and floor covering replacements. As of March 31, 2002 the Partnership
has  spent  approximately   $40,000  consisting   primarily  of  floor  covering
replacements and appliances.  These improvements were funded from operating cash
flow. 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  $17,285,000,  net of discount,  is amortized over
257 months with a balloon payment of  approximately  $16,907,000 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.

The  Partnership  is  currently  planning on  refinancing  the debt  encumbering
Baymeadows and Quail Run Apartments prior to their November 2002 maturities.

The Partnership  distributed the following amounts during the three months ended
March 31, 2002 and 2001 (in thousands except per unit data):

                  Three Months     Per Limited      Three Months     Per Limited
                     Ended         Partnership         Ended         Partnership
                 March 31, 2002        Unit        March 31, 2001        Unit

Sale (1)              $ --             $ --            $ 315            $ 6.30

(1)   From undistributed  proceeds of the sale of Countrywood Village Apartments
      in August 2000.

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  cash  available for
distribution is reviewed on a monthly basis.  There can be no assurance that the
Partnership  will generate  sufficient  funds from  operations,  after  required
capital  expenditures,  to permit  any  distributions  to its  partners  for the
remainder of 2002 or subsequent  periods.  In addition,  the  Partnership may be
restricted  from making  distributions  if the amount in the reserve account for
each property is less than $400 per  apartment  unit at such property or a total
of approximately  $494,000.  As of March 31, 2002, the reserve account was fully
funded with approximately $1,239,000 on deposit with the mortgage lender.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 32,975 limited  partnership  units
(the "Units") in the Partnership representing 65.96% of the outstanding units at
March 31, 2002. A number of these units were acquired  pursuant to tender offers
made by AIMCO or its  affiliates.  It is possible  that AIMCO or its  affiliates
will acquire  additional  limited  partnership  interests in the Partnership for
cash or in  exchange  for units in the  operating  partnership  of AIMCO  either
through private  purchases or tender offers.  Under the  Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect  to a  variety  of  matters,  which  would  include  voting  on  certain
amendments  to the  Partnership  Agreement  and voting to remove  the  Corporate
General  Partner.  As a result of its  ownership  of  65.96% of the  outstanding
Units,  AIMCO is in a position to control all such voting decisions with respect
to the  Registrant.  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 its affiliation with the Corporate General Partner.
<PAGE>
                           PART II - OTHER INFORMATION


ITEM 1.     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. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its 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,  among other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc. ("Insignia") and entities which were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged  into AIMCO.  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  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 court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  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 prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.  The  Corporate  General  Partner  and  affiliated
defendants oppose the motion. On April 29, 2002, the Court heard argument on the
motion and ordered  further  briefing  after which time the matter will be taken
under submission. The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint.

The Corporate General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K filed  during the three months ended March
                  31, 2002:

                  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


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


                                    Date: