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, 2001


[ ] 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 unit data)

                                  June 30, 2001
<TABLE>
<CAPTION>

Assets
<S>                                                             <C>          <C>
   Cash and cash equivalents                                                 $   492
   Receivables and deposits                                                      113
   Restricted escrows                                                          1,147
   Other assets                                                                  386
   Investment properties:
      Land                                                    $  2,759
      Buildings and related personal property                   50,815
                                                                53,574
      Less accumulated depreciation                            (30,610)       22,964
                                                                            $ 25,102

Liabilities and Partners' Capital
Liabilities
   Accounts payable                                                         $    194
   Tenant security deposit liabilities                                           211
   Accrued property taxes                                                        343
   Other liabilities                                                             415
   Mortgage notes payable                                                     17,695

Partners' Capital
   General partners                                           $    101
   Limited partners (49,995 units issued and
      outstanding)                                               6,143         6,244
                                                                            $ 25,102


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>




b)

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


<TABLE>
<CAPTION>

                                       Three Months Ended          Six Months Ended
                                            June 30,                   June 30,
                                       2001          2000         2001          2000
Revenues:
<S>                                   <C>           <C>          <C>           <C>
   Rental income                      $2,328        $2,823       $4,633        $5,663
   Other income                          204           201          366           353
   Casualty gain (Note E)                 20            --           20            --
      Total revenues                   2,552         3,024        5,019         6,016

Expenses:
   Operating                           1,196         1,315        2,315         2,583
   General and administrative             77            87          195           173
   Depreciation                          520           509        1,038         1,014
   Interest                              415           512          793         1,027
   Property taxes                        171           202          343           409
      Total expenses                   2,379         2,625        4,684         5,206

Net income                            $  173        $  399       $  335        $  810

Net income allocated
   to general partners (1%)           $    1        $    4       $    3        $    8
Net income allocated
   to limited partners (99%)             172           395          332           802

                                      $  173        $  399       $  335        $  810
Net income per limited
   partnership unit                   $ 3.44        $ 7.90       $ 6.64        $16.04

Distributions per limited
   partnership unit                   $ 7.02        $39.60       $13.32        $39.60


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<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, 2000                    49,995        $  98        $ 6,477    $ 6,575

Distributions to partners                   --           --           (666)      (666)

Net income for the six months
   ended June 30, 2001                      --            3            332        335

Partners' capital at
   June 30, 2001                        49,995        $ 101        $ 6,143    $ 6,244


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


d)

                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                       June 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
   Net income                                                   $   335      $   810
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation                                              1,038        1,014
        Amortization of discounts and loan costs                    123          141
        Casualty gain                                               (20)          --
        Change in accounts:
            Receivables and deposits                                  1          361
            Other assets                                           (189)         108
            Accounts payable                                         43          367
            Tenant security deposit liabilities                       8           42
            Accrued property taxes                                  150          105
            Other liabilities                                      (289)          27

               Net cash provided by operating activities          1,200        2,975

Cash flows from investing activities:
   Property improvements and replacements                        (1,266)      (1,396)
   Net insurance proceeds                                            28           --
   Net deposits to restricted escrows                              (433)        (528)

               Net cash used in investing activities             (1,671)      (1,924)

Cash flows from financing activities:
   Distributions to partners                                       (666)      (3,000)
   Payments on mortgage notes payable                              (413)        (443)

               Net cash used in financing activities             (1,079)      (3,443)

Net decrease in cash and cash equivalents                        (1,550)      (2,392)
Cash and cash equivalents at beginning of period                  2,042        3,630
Cash and cash equivalents at end of period                      $   492      $ 1,238

Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $   673      $   885

Included in  property  improvements  for the six months  ended June 30, 2001 are
approximately  $927,000 of improvements  which were included in accounts payable
at December 31, 2000.

Distributions of approximately  $1,000,000 were accrued at December 31, 1999 and
paid during January 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 and six month periods ended June 30, 2001,  are
not  necessarily  indicative  of the results  that may be expected  for the year
ending  December 31, 2001. 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, 2000. The Corporate
General Partner is an affiliate of Apartment  Investment and Management  Company
("AIMCO"), a publicly traded real estate investment trust.

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

Segment Reporting: Statement of Financial Accounting Standards ("SFAS") No. 131,
"Disclosure about Segments of an Enterprise and Related Information" established
standards for the way that public business  enterprises report information about
operating  segments  in annual  financial  statements  and  requires  that those
enterprises  report selected  information  about  operating  segments in interim
financial reports.  It also established  standards for related disclosures about
products and services, geographic areas, and major customers. As defined in SFAS
No. 131, the Partnership has only one reportable segment.  The Corporate General
Partner  believes  that  segment-based  disclosures  will not  result  in a more
meaningful  presentation than the consolidated financial statements as currently
presented.


<PAGE>




Note B - 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,
                                                          2001             2000
                                                             (in thousands)
<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 1,200          $ 2,975
        Payments on mortgage notes payable                  (413)            (443)
        Property improvements and replacements            (1,266)          (1,396)
        Change in restricted escrows, net                   (433)            (528)
        Changes in reserves for net operating
          liabilities                                        276           (1,010)
        Release of reserves                                  636              402

           Net cash from operations                      $    --          $    --
</TABLE>

The Corporate General Partner released previously reserved cash of approximately
$636,000  and  $402,000  during  the six months  ended  June 30,  2001 and 2000,
respectively.

Note C - Distributions

During the six months ended June 30,  2001,  the  Partnership  declared and paid
distributions  from  undistributed  sales  proceeds from the sale of Countrywood
Village in August 2000 of approximately $666,000 to the limited partners ($13.32
per limited  partnership  unit).  At June 30,  2001,  approximately  $687,000 of
proceeds from this sale remained to be distributed.  During the six months ended
June  30,  2000,  the  Partnership  paid  a  distribution   from  operations  of
approximately  $2,000,000  (approximately  $1,980,000 to the limited partners or
$39.60  per  limited  partnership  unit).  In  addition,   a  distribution  from
operations  of  approximately  $1,000,000  ($990,000 to the 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.


<PAGE>


Note D - 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, 2001 and 2000:

                                                         2001       2000
                                                          (in thousands)
         Property management fees (included in
           operating expenses)                           $253       $304
         Reimbursement for services of affiliates
           (included in operating and general and
           administrative expenses and investment
           properties)                                    168        119

Affiliates of the Corporate  General Partner are 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  $253,000  and $304,000 for the six months ended June 30, 2001 and
2000, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $168,000 and
$119,000 for the six months ended June 30, 2001 and 2000, respectively.

Pursuant  to the  Partnership  Agreement  and in  connection  with  the  sale of
Countrywood Village in August 2000, the Corporate General Partner is entitled to
a  commission  of up to 1% for  its  assistance  in the  sale.  Payment  of such
commission  is  subordinate  to the limited  partners  receiving a cumulative 7%
return on their investment. This return has not yet been met, and accordingly, a
commission of $178,000 was accrued and is included in other  liabilities  in the
accompanying consolidated balance sheet at June 30, 2001.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 32,854 limited  partnership  units
(the "Units") in the Partnership representing 65.72% of the outstanding Units at
June 30, 2001. 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 without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
Corporate  General  Partner.  As a result  of its  ownership  of  65.72%  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 its affiliation with the Corporate General
Partner.

<PAGE>

Note E - Casualty Event

During the six months ended June 30, 2001, a net casualty gain of  approximately
$20,000 was recorded at Quail Run  Apartments.  The  casualty  gain related to a
fire which  occurred on September 30, 1999. The gain was a result of the receipt
of insurance proceeds of approximately $28,000 and the write-off of the net book
value of the destroyed assets of approximately $8,000.

Note F - Legal Proceedings

In March 1998, several putative  unitholders 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,  among other things,  the  acquisition of interests in
certain 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.  Plaintiffs have until
August  16,  2001 to file a fourth  amended  complaint.  The  Corporate  General
Partner does not anticipate that any costs,  whether legal or settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.

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

<PAGE>

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

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

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the six months ended June 30, 2001 and 2000:

                                                            Average
                                                           Occupancy
       Property                                        2001          2000

       Baymeadows Apartments
         Jacksonville, Florida                         95%            94%

       Quail Run Apartments
         Columbia, South Carolina                      93%            88%

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

Results of Operations

The  Partnership  recorded net income of  approximately  $173,000 and  $335,000,
respectively,  for the three and six months ended June 30, 2001  compared to net
income  of   approximately   $399,000  and  $810,000,   respectively,   for  the
corresponding  periods in 2000. The decrease in net income for the three and six
months ended June 30, 2001 is primarily due to the sale of Countrywood Village.

On August 1, 2000,  the  Partnership  sold  Countrywood  Village to an unrelated
third party,  for net proceeds of  approximately  $17,385,000  after  payment of
closing costs. During the third quarter of 2000, the Partnership realized a gain
of  approximately  $12,451,000  as a  result  of  the  sale.  In  addition,  the
Partnership  recorded an extraordinary  loss on early  extinguishment of debt of
approximately  $246,000 as a result of unamortized  loan costs and debt discount
being written off and a prepayment penalty of approximately $116,000 relating to
the prepayment of the mortgage encumbering the property.

Excluding the  operations of Countrywood  Village,  net income for the three and
six  months  ended  June  30,  2001 was  approximately  $173,000  and  $335,000,
respectively, compared to $158,000 and $354,000 for the corresponding periods in
2000.  The decreases in total income for the three and six months ended June 30,
2001  compared  to the three and six months  ended  June 30,  2000 are due to an
increase  in total  expenses,  offset by an  increase  in total  revenues  and a
recognition  of a casualty  gain.  Total  expenses  for the three and six months
ended June 30, 2001  increased  due to increases in operating  and  depreciation
expenses and for the six months  ended June 30, 2001 general and  administrative
expenses  partially offset by a decrease in interest expense.  Operating expense
increased due to increased insurance premiums as a result of increased claims at
both investment  properties and due to a  rehabilitation  project at Baymeadows.
Depreciation  expense  increased at both investment  properties due to extensive
capital  improvements  completed  during  the  past  year  which  are now  being
depreciated,  especially  at  Baymeadows.  Interest  expense  decreased  due  to
scheduled  principal  payments  made on the  first  mortgages  encumbering  both
properties.

General and administrative  expenses increased for the six months ended June 30,
2001 as a  result  of an  increase  in the  cost  of  services  provided  by the
Corporate  General  Partner  and its  affiliates  as allowed by the  Partnership
Agreement.   In  addition,   cost  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 in general
and administrative expenses.

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 and
occupancy at both properties. Other income increased due to increases in utility
reimbursements from tenants and lease cancellation fees at both properties.

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, 2001, the Partnership had cash and cash equivalents of approximately
$492,000 as compared to approximately $1,238,000 at June 30, 2000. Cash and cash
equivalents  decreased  approximately  $1,550,000 since December 31, 2000 due to
approximately  $1,671,000 and $1,079,000 of cash used in investing and financing
activities,  respectively,  partially offset by approximately $1,200,000 of cash
provided by operating activities. Cash used in investing activities consisted of
property  improvements and  replacements and net deposits to restricted  escrows
maintained by the mortgage  lender  slightly  offset by net insurance  proceeds.
Cash used in financing  activities  consisted of  distributions  to partners and
principal   payments  made  on  the  mortgages   encumbering  the   Registrant's
properties.  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, local, legal, and regulatory requirements.  Capital improvements
planned for each of the Registrant's properties are detailed below.

Baymeadows  Apartments:  The Partnership  budgeted  approximately  $2,621,000 in
capital  improvements at Baymeadows  Apartments for 2001 consisting primarily of
appliance and flooring replacements, structural improvements, major landscaping,
plumbing,   parking  lot  and  air  conditioning  upgrades  and  other  building
improvements.  As of June 30,  2001,  the  Partnership  has spent  approximately
$272,000  consisting  primarily of carpet and vinyl  replacements,  plumbing and
structural  upgrades,  interior decoration,  appliances,  and major landscaping.
These improvements were funded from operating cash flow.

Quail Run Apartments: The Partnership budgeted approximately $172,000 in capital
improvements  at Quail  Run  Apartments  for 2001  consisting  primarily  of new
appliances, structural upgrades, and flooring replacements. As of June 30, 2001,
the  Partnership  has  spent  approximately   $67,000  consisting  primarily  of
flooring,  appliance and air conditioning replacements.  These improvements were
funded from operating cash flow.

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  $17,695,000,  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.

During the six months ended June 30,  2001,  the  Partnership  declared and paid
distributions  from  undistributed  sales  proceeds from the sale of Countrywood
Village in August 2000 of approximately $666,000 to the limited partners ($13.32
per limited  partnership  unit).  At June 30,  2001,  approximately  $687,000 of
proceeds from this sale remained to be distributed.  During the six months ended
June  30,  2000,  the  Partnership  paid  a  distribution   from  operations  of
approximately  $2,000,000  (approximately  $1,980,000 to the limited partners or
$39.60  per  limited  partnership  unit).  In  addition,   a  distribution  from
operations  of  approximately  $1,000,000  ($990,000 to the 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. 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 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 2001 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 June 30, 2001, the reserve account was fully
funded with approximately $1,134,000 on deposit with the mortgage lender.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 32,854 limited  partnership  units
(the "Units") in the Partnership representing 65.72% of the outstanding Units at
June 30, 2001. 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 without limitation,  voting
on certain  amendments  to the  Partnership  Agreement  and voting to remove the
Corporate  General  Partner.  As a result  of its  ownership  of  65.72%  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 its affiliation with the Corporate General
Partner.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative  unitholders 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,  among other things,  the  acquisition of interests in
certain 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.  Plaintiffs have until
August  16,  2001 to file a fourth  amended  complaint.  The  Corporate  General
Partner does not anticipate that any costs,  whether legal or settlement  costs,
associated  with  this  case  will  be  material  to the  Partnership's  overall
operations.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b) Reports on Form 8-K filed during the quarter ended June 30, 2001:

                  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:  August 13, 2001