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, 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)

                                 March 31, 2001
<TABLE>
<CAPTION>

Assets
<S>                                                            <C>           <C>
   Cash and cash equivalents                                                 $   874
   Receivables and deposits                                                      106
   Restricted escrows                                                            861
   Other assets                                                                  494
   Investment properties:
      Land                                                    $  2,759
      Buildings and related personal property                   50,597
                                                                              53,356
      Less accumulated depreciation                            (30,093)       23,263
                                                                            $ 25,598

Liabilities and Partners' Capital
Liabilities
   Accounts payable                                                         $    184
   Tenant security deposit liabilities                                           216
   Accrued property taxes                                                        171
   Other liabilities                                                             767
   Mortgage notes payable                                                     17,838

Partners' Capital
   General partners                                             $ 100
   Limited partners (49,995 units issued and
      outstanding)                                               6,322         6,422
                                                                            $ 25,598


            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
                                                                March 31,
                                                           2001             2000
Revenues:
<S>                                                       <C>              <C>
   Rental income                                          $2,305           $2,840
   Other income                                              162              152
      Total revenues                                       2,467            2,992

Expenses:
   Operating                                               1,119            1,268
   General and administrative                                118               86
   Depreciation                                              518              505
   Interest                                                  378              515
   Property taxes                                            172              207
      Total expenses                                       2,305            2,581

Net income                                                $ 162             $ 411

Net income allocated to general partners (1%)             $   2             $   4

Net income allocated to limited partners (99%)              160               407

                                                          $ 162             $ 411

Net income per limited partnership unit                   $3.21             $8.14

Distributions per limited partnership unit                $6.30             $  --


            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

Net income for the three months
   ended March 31, 2001                     --            2           160        162

Distributions to partners                   --           --          (315)      (315)

Partners' capital at
   March 31, 2001                       49,995      $   100       $ 6,322    $ 6,422


            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,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
   Net income                                                   $   162      $   411
   Adjustments to reconcile net income to net
     cash provided by operating activities:
      Depreciation                                                  518          505
      Amortization of discounts and loan costs                       45           71
      Change in accounts:
        Receivables and deposits                                     19          288
        Other assets                                               (279)        (130)
        Accounts payable                                            (23)        (126)
        Tenant security deposit liabilities                          13           20
        Accrued property taxes                                      (22)         (97)
        Other liabilities                                            63           89

               Net cash provided by operating activities            496        1,031

Cash flows from investing activities:
   Property improvements and replacements                          (992)        (207)
   Net deposits to restricted escrows                              (147)        (442)

               Net cash used in investing activities             (1,139)        (649)

Cash flows from financing activities:
   Partners' distributions                                         (315)      (1,000)
   Payments on mortgage notes payable                              (210)        (221)

               Net cash used in financing activities               (525)      (1,221)

Net decrease in cash and cash equivalents                        (1,168)        (839)
Cash and cash equivalents at beginning of period                  2,042        3,630
Cash and cash equivalents at end of period                      $   874      $ 2,791

Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $   332      $   444

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

Organization:  Shelter  Properties IV (the  "Partnership" or  "Registrant")  was
organized as a limited partnership under the laws of the State of South Carolina
on August 21, 1981. The Corporate  General  Partner is a subsidiary of Apartment
Investment  and  Management   Company  ("AIMCO").   The  Partnership   commenced
operations  on July  22,  1982,  and  completed  its  acquisition  of  apartment
properties  on March 31,  1983.  The  Partnership  Agreement  provides  that the
Partnership is to terminate on December 31, 2022 unless terminated prior to such
date.  The  Partnership   operates  two  apartment  properties  located  in  the
Southeast.

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.

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 establishes  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.

                                                      For the Three Months Ended
                                                                March 31,
                                                          2001             2000
                                                             (in thousands)
     Net cash provided by operating activities            $  496        $ 1,031
        Payments on mortgage notes payable                  (210)          (221)
        Property improvements and replacements              (992)          (207)
        Change in restricted escrows, net                   (147)          (442)
        Changes in reserves for net operating
          liabilities                                        229            (44)
        Release of (additional) reserves                     624           (117)

           Net cash from operations                       $   --        $    --

The Corporate General Partner released previously reserved cash of approximately
$624,000 during the quarter ended March 31, 2001.

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership  to reserve net cash from  operations of  approximately  $117,000 at
March 31,  2000,  to fund  continuing  capital  improvements  and repairs at the
Partnership's three investment properties.

Note C - Distributions

During the three months ended March 31, 2001, the Partnership  declared and paid
distributions  from  undistributed  sales  proceeds from the sale of Countrywood
Village in August 2000 of approximately  $315,000 to the limited partners ($6.30
per limited  partnership unit). At March 31, 2001,  approximately  $1,038,000 of
proceeds from the sale of Countrywood Village remained to be distributed. During
the three months ended March 31, 2000, the Partnership paid a distribution  from
operations of approximately  $1,000,000  (approximately $990,000 paid to limited
partners  or $19.80 per limited  partnership  unit)  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 three months
ended March 31, 2001 and 2000:

                                                         2001       2000
                                                          (in thousands)

         Property management fees (included in
           operating expenses)                           $125       $152
         Reimbursement for services of affiliates
           (included in general and administrative
           expenses)                                       85         50

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.  During the three months ended March 31, 2001 and
2000,  the  Registrant  paid  to  such  affiliates  approximately  $125,000  and
$152,000, respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $85,000 and
$50,000 for the three months ended March 31, 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,
the  $178,000  was  accrued  and  is  included  in  other   liabilities  in  the
accompanying consolidated balance sheet at March 31, 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 32,668 limited  partnership  units
(the "Units") in the Partnership representing 65.34% of the outstanding units at
March 31, 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  65.34%  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 - 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,  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 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 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.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later than June 15, 2001. The Corporate  General  Partner does
not  anticipate  that costs  associated  with this case will be  material to the
Partnership's overall operations.

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


<PAGE>





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

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

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the three months ended March 31, 2001 and 2000:

                                                            Average
                                                           Occupancy
       Property                                        2001          2000

       Baymeadows Apartments
         Jacksonville, Florida                         95%            94%

       Quail Run Apartments
         Columbia, South Carolina                      95%            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's  net income for the three  months  ended  March 31,  2001 was
approximately  $162,000 compared to approximately $411,000 for the corresponding
period in 2000.  The  decrease  in net income for the  comparable  three  months
periods 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 months
ended  March  31,  2001  and  2000  was  approximately  $162,000  and  $196,000,
respectively.  The  decrease in net income for the three  months ended March 31,
2001  compared to the three months ended March 31, 2000 is due to an increase in
total  expenses,  partially  offset  by an  increase  in total  revenues.  Total
expenses   increased   due  to  increases  in   depreciation   and  general  and
administrative  expenses  partially  offset by a decrease in  interest  expense.
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 three months ended March
31,  2001  compared to the three  months  ended March 31, 2000 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 at both
properties and an increase in occupancy at Quail Run. Other income increased due
to increases in local telephone income,  utility  reimbursement from tenants and
interest income at both  properties.  Interest  income  increased as a result of
larger average cash balances invested in interest bearing accounts.

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,  2001,  the  Partnership   had  cash  and  cash   equivalents  of
approximately  $874,000  as compared to  approximately  $2,791,000  at March 31,
2000. Cash and cash equivalents decreased approximately $1,168,000 for the three
months ended March 31, 2001 from the Registrant's year end of December 31, 2000.
The  decrease  was  due to  approximately  $525,000  of cash  used in  financing
activities  and  approximately  $1,139,000 of cash used in investing  activities
partially  offset  by  approximately  $496,000  of cash  provided  by  operating
activities.  Cash used in financing  activities  consisted of  distributions  to
partners  and  principal   payments  made  on  the  mortgages   encumbering  the
Registrant's properties. Cash used in investing activities consisted of property
improvements and replacements and net deposits to 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, 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 $248,600 in capital improvements at Baymeadows Apartments for 2001
consisting  primarily of carpet and vinyl  replacements,  new appliances,  major
landscaping,  air conditioning upgrades and other building  improvements.  As of
March 31,  2001 the  Partnership  has  spent  approximately  $79,000  consisting
primarily of carpet and vinyl  replacements,  appliances,  major landscaping and
plumbing upgrades. These improvements were funded from operating cash flow.

Quail Run  Apartments:  The  Partnership  has  budgeted,  but is not limited to,
approximately  $91,300 in capital  improvements at Quail Run Apartments for 2001
consisting primarily of new appliances and carpet and vinyl replacements.  As of
March 31,  2001 the  Partnership  has  spent  approximately  $42,000  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.



<PAGE>


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  $17,838,000,  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 three months ended March 31, 2001, the Partnership  declared and paid
distributions  from  undistributed  sales  proceeds from the sale of Countrywood
Village in August 2000 of approximately  $315,000 to the limited partners ($6.30
per limited  partnership unit). At March 31, 2001,  approximately  $1,038,000 of
proceeds from the sale of Countrywood Village remained to be distributed. During
the three months ended March 31, 2000, the Partnership paid a distribution  from
operations of approximately  $1,000,000  (approximately $990,000 paid to limited
partners  or $19.80 per limited  partnership  unit)  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 March 31,
2001,  the reserve  account  was fully  funded  with  approximately  $848,000 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 32,668 limited  partnership  units
(the "Units") in the Partnership representing 65.34% of the outstanding units at
March 31, 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  65.34%  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 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,  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 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 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.  The demurrer is scheduled to be heard
on May 14,  2001.  The Court has also  scheduled a hearing on a motion for class
certification  for August 27, 2001.  Plaintiffs must file their motion for class
certification  no later than June 15, 2001. The Corporate  General  Partner does
not  anticipate  that 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 three months ended March
                  31, 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:  May 11, 2001