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 June 30, 2000


[ ] 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__

                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS

a)

                              SHELTER PROPERTIES IV

                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

                        (in thousands, except per unit data)

                                  June 30, 2000
<TABLE>
<CAPTION>

Assets

<S>                                                            <C>             <C>
   Cash and cash equivalents                                                $  1,238
   Receivables and deposits                                                      365
   Restricted escrows                                                          1,429
   Other assets                                                                  360
   Investment properties:
      Land                                                    $  3,442
      Buildings and related personal property                   60,817
                                                                64,259

      Less accumulated depreciation                            (37,728)       26,531
                                                                            $ 29,923

Liabilities and Partners' (Deficit) Capital
Liabilities

   Accounts payable                                                         $    571
   Tenant security deposit liabilities                                           274
   Accrued property taxes                                                        446
   Other liabilities                                                             314
   Mortgage notes payable                                                     22,405

Partners' (Deficit) Capital

   General partners                                            $ (26)
   Limited partners (49,995 units issued and
      outstanding)                                               5,939         5,913
                                                                            $ 29,923

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

b)

                              SHELTER PROPERTIES IV

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                          (in thousands, except unit data)

<TABLE>
<CAPTION>

                                       Three Months Ended          Six Months Ended
                                            June 30,                   June 30,
                                       2000          1999         2000          1999
Revenues:
<S>                                   <C>           <C>          <C>           <C>
   Rental income                      $2,823        $2,766       $5,663        $5,555
   Other income                          201           133          353           234
      Total revenues                   3,024         2,899        6,016         5,789

Expenses:
   Operating                           1,315         1,089        2,583         2,237
   General and administrative             87           103          173           176
   Depreciation                          509           452        1,014           949
   Interest                              512           529        1,027         1,058
   Property taxes                        202           205          409           403
      Total expenses                   2,625         2,378        5,206         4,823

Net income                            $  399        $  521       $  810        $  966

Net income allocated
   to general partners (1%)           $    4        $    6       $    8        $   10
Net income allocated
   to limited partners (99%)             395           515          802           956
                                      $  453        $  521       $  810        $  966
Net income per limited
   partnership unit                   $ 7.90        $10.30       $16.04        $19.12

Distributions per limited
   partnership unit                   $39.60        $   --       $39.60        $   --

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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
   December 31, 1999                    49,995        $ (14)      $ 7,117    $ 7,103

Distributions to partners                               (20)      (1,980)    (2,000)

Net income for the six months
   ended June 30, 2000                      --             8          802        810

Partners' (deficit) capital at
   June 30, 2000                        49,995        $ (26)      $ 5,939    $ 5,913


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)

                              SHELTER PROPERTIES IV

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)
                                  (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,

                                                                  2000        1999
Cash flows from operating activities:

<S>                                                             <C>         <C>
   Net income                                                   $   810     $   966
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation                                              1,014         949
        Amortization of discounts and loan costs                    141         139
        Change in accounts:
            Receivables and deposits                                361         (23)
            Other assets                                            108        (307)
            Accounts payable                                        367         (72)
            Tenant security deposit liabilities                      42          --
            Accrued property taxes                                  105         121
            Other liabilities                                        27          (1)

               Net cash provided by operating activities          2,975       1,772

Cash flows from investing activities:

   Property improvements and replacements                        (1,396)       (581)
   Net (deposits to) withdrawals from restricted escrows           (528)        859

               Net cash (used in) provided by investing
                  activities                                     (1,924)        278

Cash flows from financing activities:

   Partners' distributions                                       (3,000)         --
   Payments on mortgage notes payable                              (443)       (410)

               Net cash used in financing activities             (3,443)       (410)

Net (decrease) increase in cash and cash equivalents             (2,392)      1,640
Cash and cash equivalents at beginning of period                  3,630       1,273
Cash and cash equivalents at end of period                      $ 1,238     $ 2,913

Supplemental disclosure of cash flow information:

   Cash paid for interest                                       $   885     $   918

Distributions of approximately  $1,000,000 were accrued at December 31, 1999 and
paid in January 2000.

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

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 and six month periods ended June 30, 2000,  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 fiscal year ended October 31, 1999.

Change in Fiscal  Year End:  The  Partnership  elected to change its fiscal year
from October 31, to December 31,  effective for the period ending June 30, 2000,
as announced in its Form 8-K filed on January 3, 2000. This Quarterly  Report on
Form 10-QSB presents the unaudited results of the  Partnership's  operations for
the six months ended June 30, 2000 and 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.

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.

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.

<TABLE>
<CAPTION>

                                                        For the Six Months Ended
                                                                June 30,
                                                          2000             1999
                                                             (in thousands)
<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 2,975          $ 1,772
        Payments on mortgage notes payable                  (443)            (410)
        Property improvements and replacements            (1,396)            (581)
        Change in restricted escrows, net                   (528)             859
        Changes in reserves for net operating
           liabilities                                    (1,010)             282
        Additional reserves                                   --           (1,922)

           Net cash (used in) from operations            $ (402)           $ --
</TABLE>

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership to reserve net cash from operations of  approximately  $1,922,000 at
June 30,  1999,  to fund  continuing  capital  improvements  and  repairs at the
Partnership's three investment properties.

Note D - Distributions

During the six months ended June 30, 2000, the  Partnership  declared and paid a
distribution  from operations of  approximately  $2,000,000  ($1,980,000 paid to
limited  partners  or $39.60 per  limited  partnership  unit).  In  addition,  a
distribution  from operations of approximately  $1,000,000  ($990,000 to limited
partners or $19.80 per limited  partnership unit) was paid during the six months
ended June 30, 2000 relating to a distribution  payable as of December 31, 1999.
There were no distributions paid during the six months ended June 30, 1999.

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 six months
ended June 30, 2000 and 1999:

                                                         2000       1999
                                                          (in thousands)

         Property management fees (included in
           operating expenses)                           $304       $293
         Reimbursement for services of affiliates
           (included in operating, general and
           administrative expenses, and investment
           properties)                                    119         99

During the six months ended June 30, 2000 and 1999,  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  $304,000 and
$293,000 for the six months ended June 30, 2000 and 1999, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $119,000 and
$99,000 for the six months ended June 30, 2000 and 1999, respectively.

AIMCO and its affiliates  currently own 29,140 limited  partnership units in the
Partnership  representing  58.286% of the  outstanding  units. 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 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. In this
regard,  on July 24, 2000 an  affiliate  of AIMCO  commenced  a tender  offer to
purchase any and all of the remaining partnership interests for a purchase price
of $574.10, which is currently scheduled to expire on August 21, 2000. Under the
Partnership Agreement,  unitholders holding a majority of the Units are entitled
to take  action  with  respect  to a  variety  of  matters.  As a result  of its
ownership  of  58.286%  of the  outstanding  units,  AIMCO is in a  position  to
influence all 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 their
affiliation with the Corporate General Partner.

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,  one each 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 segment  profit (loss) before
depreciation.  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 fiscal 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 three and six month periods ended June 30, 2000 and
1999 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.

Three Months Ended June 30, 2000

                                      Residential     Other     Totals
Rental income                           $ 2,823      $  --      $ 2,823
Other income                                200          1          201
Interest expense                            512         --          512
Depreciation                                509         --          509
General and administrative expense           --         87           87
Segment profit (loss)                       485        (86)         399

Six Months Ended June 30, 2000

                                      Residential     Other     Totals
Rental income                            $ 5,663     $   --     $ 5,663
Other income                                345           8         353
Interest expense                          1,027          --       1,027
Depreciation                              1,014          --       1,014
General and administrative expense           --         173         173
Segment profit (loss)                       975        (165)        810
Total assets                             29,797         126      29,923
Capital expenditures                      1,396          --       1,396

Three Months Ended June 30, 1999

                                      Residential     Other     Totals
Rental income                          $ 2,766      $    --     $ 2,766
Other income                               125            8         133
Interest expense                           529           --         529
Depreciation                               452           --         452
General and administrative expense          --          103         103
Segment profit (loss)                      616          (95)        521

Six Months Ended June 30, 1999

                                      Residential     Other     Totals
Rental income                          $ 5,555       $   --     $ 5,555
Other income                               218           16         234
Interest expense                         1,058           --       1,058
Depreciation                               949           --         949
General and administrative expense          --          176         176
Segment profit (loss)                    1,126         (160)        966
Total assets                            30,602          872      31,474
Capital expenditures                       581           --         581

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,  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 the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  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 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. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on  August  21,  2000 to  address  the issue of  appointing  lead  counsel.  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.

Note H - Subsequent Event

On August 1, 2000, the Partnership sold Countrywood  Village  Apartments to DCF,
Sr.,  LLC,  an  unrelated  third  party,   for  net  proceeds  of  approximately
$17,208,000 after payment of closing costs. The Partnership recognized a gain of
approximately  $12,376,000  on the sale  during the third  quarter  of 2000.  In
addition,  the Partnership is waiting on the calculation of a prepayment premium
by the mortgage lender. As a result,  the Partnership has the potential to incur
further costs related to this sale.

The sales transaction is summarized as follows (amounts in thousands):

   Sales price, net of selling costs   $ 17,208
   Real estate (1)                       (4,832)
   Gain on sale of real estate         $ 12,376

(1)   Net of accumulated depreciation of approximately $9,167,000.

The following  unaudited pro forma  information  reflects the  operations of the
Partnership  for the six months ended June 30, 2000 and 1999, as if  Countrywood
had been sold on January 1, 1999 (in thousands):

                                               2000           1999

Revenues                                      $ 4,650        $ 4,443
Expenses                                        4,296          3,901
Net income                                    $   354        $   542
Net income per Limited Partnership Unit       $  7.01        $ 10.73

These pro forma  adjustments are not necessarily  reflective of the results that
actually  would have  occurred  if the sale had been in effect as of the periods
presented or what may be achieved in the future.

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 six months ended June 30, 2000 and 1999:

                                                            Average
                                                           Occupancy

       Property                                        2000          1999

       Baymeadows Apartments

         Jacksonville, Florida                         94%            93%

       Quail Run Apartments

         Columbia, South Carolina                      88%            92%

       Countrywood Village Apartments

         Raleigh, North Carolina                       92%            93%

The Corporate  General Partner  attributes the decrease in average  occupancy at
Quail  Run to  increased  competition  in the  local  market  as a result of the
addition of five new apartment complexes in the local area.

Results of Operations

The  Partnership  recorded  net income of  approximately  $399,000 for the three
months ended June 30, 2000 compared to net income of approximately  $521,000 for
the  corresponding  period in 1999.  The  Partnership's  net  income for the six
months ended June 30, 2000 was approximately  $810,000 compared to net income of
approximately $966,000 for the corresponding period in 1999. The decrease in net
income for the three and six month periods ended June 30, 2000 compared with the
three and six month  periods ended June 30, 1999 is primarily due to an increase
in total  expenses  partially  offset by an  increase in total  revenues.  Total
expenses  increased for the three and six months ended June 30, 2000 as compared
to the  three  and six  months  ended  June 30,  1999,  predominately  due to an
increase in operating  expense at  Baymeadows.  Operating  expense  increased at
Baymeadows due to increases in salaries,  commissions and other related benefits
as well as increases in utilities,  sewer  repair,  floor  covering  repairs and
interior  painting  at  Baymeadows.  These  repairs  were  completed  to upgrade
Baymeadows so that it may improve its position in the Jacksonville  market.  All
other expenses  remained  relatively  constant for the comparable  three and six
month periods.

The  increase  in total  revenues is due to  increases  in both rental and other
income.  Rental income increased due to increases in average rental rates at all
three  properties,  slightly  offset  by  decreases  in  occupancy  at Quail Run
Apartments  in  addition  to an  increase  in  concession  costs  at  all  three
properties.   Other  income  increased  primarily  due  to  increases  in  lease
cancellation  fees and late charges at Baymeadows  Apartments,  local  telephone
income at all properties and interest  income.  Interest  income  increased as a
result of larger cash balances invested in interest bearing accounts.

Included in general and  administrative  expense for the six month periods ended
June 30,  2000 and 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.

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 June 30, 2000, the Partnership had cash and cash equivalents of approximately
$1,238,000 as compared to  approximately  $2,913,000 at June 30, 1999.  Cash and
cash  equivalents  decreased  approximately  $2,392,000 for the six months ended
June 30, 2000 from the Registrant's  year end of December 31, 1999. The decrease
was due to  approximately  $3,443,000 of cash used in financing  activities  and
approximately  $1,924,000  of  cash  used in  investing  activities,  which  was
partially  offset by  approximately  $2,975,000  of cash  provided by  operating
activities.  Cash used in financing  activities  consisted of  distributions  to
partners  and, to lesser  extent,  payments of principal  made on the  mortgages
encumbering  the  Registrant's  properties.  Cash used in  investing  activities
consisted primarily 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 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  $3,401,000 in capital  improvements at Baymeadows  Apartments for
2000   consisting   primarily  of  pool  upgrades,   plumbing   upgrades,   roof
replacements,  structural  improvements,  carpet  and  vinyl  replacements,  new
appliances,  new cabinets,  and air conditioning  upgrades. As of June 30, 2000,
the  Partnership  has spent  approximately  $1,178,000 in budgeted  improvements
consisting   primarily  of  plumbing   upgrades,   structural   upgrades,   roof
replacements,  appliances, and carpet and vinyl replacements. These improvements
were funded from operating cash flow.

Quail Run  Apartments:  The  Partnership  has  budgeted,  but is not limited to,
approximately  $232,000 in capital improvements at Quail Run Apartments for 2000
consisting  primarily  of new  appliances,  carpet and vinyl  replacements,  and
fencing upgrades.  As of June 30, 2000, the Partnership has spent  approximately
$137,000  in  budgeted  improvements  consisting  primarily  of carpet and vinyl
replacements,  new appliances and lighting  upgrades.  These  improvements  were
funded from operating cash flow.

Countrywood  Apartments:  The Partnership  has budgeted,  but is not limited to,
approximately  $125,000 in capital  improvements  at Countrywood  Apartments for
2000   consisting   primarily   of  carpet  and  vinyl   replacements,   cabinet
replacements,  new appliances,  and air  conditioning  upgrades.  As of June 30,
2000, the Partnership has spent approximately  $81,000 in budgeted  improvements
consisting primarily of carpet and vinyl replacements and new appliances.  These
improvements were funded from operating cash flow.

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  $22,405,000,  net of discount,  is amortized over
257 months with a balloon payment of  approximately  $20,671,000 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.

During the six months ended June 30, 2000, the  Partnership  declared and paid a
distribution  from operations of  approximately  $2,000,000  ($1,980,000 paid to
limited  partners  or $39.60  per  limited  partnership  unit).  In  addition  a
distribution  from operations of approximately  $1,000,000  ($990,000 to limited
partners or $19.80 per limited  partnership unit) was paid during the six months
ended June 30, 2000 relating to a distribution  payable as of December 31, 1999.
There were no  distributions  paid  during the six months  ended June 30,  1999.
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 for
the remainder of 2000 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  $648,000.  As of June 30, 2000, the reserve account was fully
funded with approximately $1,429,000 on deposit with the mortgage lender.

                           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. 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 the acquisition of interests in certain general partner
entities by Insignia Financial Group, Inc. and entities which were, at one time,
affiliates of Insignia; past tender offers by the Insignia affiliates to acquire
limited  partnership  units;  the  management  of  partnerships  by the Insignia
affiliates;  and the Insignia  Merger.  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 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. The Court will entertain applications for lead
counsel which must be filed by August 4, 2000. The Court has scheduled a hearing
on  August  21,  2000 to  address  the issue of  appointing  lead  counsel.  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 quarter ended June 30, 2000:

                  None.

                                   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
                                         Its 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:      August 14, 2000