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 September 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__


<PAGE>

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                              SHELTER PROPERTIES IV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                               September 30, 2001
<TABLE>
<CAPTION>

Assets
<S>                                                           <C>           <C>
   Cash and cash equivalents                                                $    550
   Receivables and deposits                                                       91
   Restricted escrows                                                          1,240
   Other assets                                                                  284
   Investment properties:
      Land                                                    $  2,759
      Buildings and related personal property                   51,272
                                                                54,031
      Less accumulated depreciation                            (31,122)       22,909
                                                                            $ 25,074

Liabilities and Partners' Capital
Liabilities
   Accounts payable                                                         $    139
   Tenant security deposit liabilities                                           210
   Accrued property taxes                                                        506
   Other liabilities                                                             458
   Mortgage notes payable                                                     17,550

Partners' Capital
   General partners                                             $ 104
   Limited partners (49,995 units issued and
      outstanding)                                               6,107         6,211
                                                                            $ 25,074


          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         Nine Months Ended
                                              September 30,              September 30,
                                            2001         2000          2001         2000
Revenues:
<S>                                        <C>          <C>           <C>          <C>
   Rental income                           $ 2,347      $ 2,401       $ 6,980      $ 8,064
   Other income                                213          165           579          518
   Gain on sale of investment
     property (Note F)                          --       12,350            --       12,350
   Casualty gain (Note E)                       --           --            20           --
      Total revenues                         2,560       14,916         7,579       20,932

Expenses:
   Operating                                 1,102        1,199         3,417        3,782
   General and administrative                  105          209           300          382
   Depreciation                                512          604         1,550        1,618
   Interest                                    448          451         1,241        1,478
   Property taxes                              163          195           506          604
      Total expenses                         2,330        2,658         7,014        7,864

Income before extraordinary loss               230       12,258           565       13,068
Extraordinary loss on early
 extinguishment of debt (Note F)                --         (246)           --         (246)

Net income                                 $   230      $12,012       $   565      $12,822

Net income allocated
   to general partners (1%)                $     3      $   120       $     6      $   128
Net income allocated
   to limited partners (99%)                   227       11,892           559       12,694

                                           $   230      $12,012       $   565      $12,822
Per limited partnership unit:
   Income before extraordinary loss        $  4.54      $242.72       $ 11.18      $258.76
   Extraordinary loss on early
    extinguishment of debt                      --        (4.86)           --        (4.86)
   Net income                              $  4.54      $237.86       $ 11.18      $253.90
Distributions per limited
   partnership unit                        $  5.26      $234.89       $ 18.58      $274.49

          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                   --            --         (929)      (929)

Net income for the nine months
   ended September 30, 2001                 --             6          559        565

Partners' capital at
   September 30, 2001                   49,995        $ 104       $ 6,107    $ 6,211

          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


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

<TABLE>
<CAPTION>
                                                                 Nine Months Ended
                                                                   September 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                             <C>          <C>
   Net income                                                   $   565      $12,822
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Gain on sale of investment property                          --      (12,350)
        Extraordinary loss on early extinguishment of debt           --          246
        Depreciation                                              1,550        1,618
        Amortization of discounts and loan costs                    201          199
        Casualty gain                                               (20)          --
        Change in accounts:
            Receivables and deposits                                 23          424
            Other assets                                           (105)         119
            Accounts payable                                        (12)        (128)
            Tenant security deposit liabilities                       7          (33)
            Accrued property taxes                                  313          209
            Other liabilities                                      (246)         575

               Net cash provided by operating activities          2,276        3,701
Cash flows from investing activities:
   Property improvements and replacements                        (1,723)      (2,540)
   Net (deposits to) withdrawals from restricted escrows           (526)         197
   Net proceeds from sale of investment property                     --       17,385
   Insurance proceeds received                                       28           --

               Net cash (used in) provided by investing
                  activities                                     (2,221)      15,042
Cash flows from financing activities:
   Distributions to partners                                       (929)     (14,743)
   Payments on mortgage notes payable                              (618)        (640)
   Repayment of mortgage note payable                                --       (4,172)
   Debt extinguishment costs                                         --         (116)

               Net cash used in financing activities             (1,547)     (19,671)
Net decrease in cash and cash equivalents                        (1,492)        (928)
Cash and cash equivalents at beginning of period                  2,042        3,630
Cash and cash equivalents at end of period                      $   550      $ 2,702
Supplemental disclosure of cash flow information:
   Cash paid for interest                                       $ 1,011      $ 1,298
Supplemental disclosure of non-cash flow information:
   Property improvements and replacements included in
    accounts payable                                            $    --      $   443

Included in property  improvements  for the nine months ended September 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 nine month periods ended September 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

As required by the Partnership  Agreement,  the following is a reconciliation of
"Net cash provided by operating  activities"  in the  accompanying  consolidated
statements  of cash  flows to "Net  cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "Net  cash  from  operations"  should  not be
considered  an  alternative  to net income as an indicator of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

<TABLE>
<CAPTION>

                                                        For the Nine Months Ended
                                                              September 30,
                                                          2001             2000
                                                             (in thousands)
<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 2,276          $ 3,701
        Payments on mortgage notes payable                  (618)            (640)
        Property improvements and replacements            (1,723)          (2,540)
        Change in restricted escrows, net                   (526)             197
        Changes in reserves for net operating
          liabilities                                         20           (1,166)
        Release of reserves                                  571              448

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

The Corporate General Partner released previously reserved cash of approximately
$571,000 and $448,000  during the nine months ended September 30, 2001 and 2000,
respectively.

Note C - Distributions

During the nine months ended  September 30, 2001, the  Partnership  declared and
paid distributions from previously undistributed sales proceeds from the sale of
Countrywood  Village in August  2000 of  approximately  $929,000  to the limited
partners  ($18.58  per  limited   partnership  unit).  At  September  30,  2001,
approximately  $424,000  of proceeds  from this sale  remain to be  distributed.
During  the nine  months  ended  September  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) and
paid a distribution to the limited  partners of  approximately  $11,743,000 from
sales  proceeds  ($234.89  per  limited  partnership  unit)  from  the  sale  of
Countrywood Village.


<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 nine months
ended September 30, 2001 and 2000:

                                                         2001       2000
                                                          (in thousands)
         Property management fees (included in
           operating expenses)                           $381       $431
         Reimbursement for services of affiliates
           (included in operating and general and
           administrative expenses and investment
           properties)                                    470        276

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from the Registrant's properties as compensation for providing property
management  services.  The  Registrant  paid  to such  affiliates  approximately
$381,000 and $431,000  for the nine months  ended  September  30, 2001 and 2000,
respectively.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $470,000 and
$276,000 for the nine months ended September 30, 2001 and 2000, respectively. Of
this amount,  approximately  $90,000 was accrued at September 30, 2000. Included
in  these  amounts  at  September  30,  2001  and  2000  are  reimbursements  of
approximately  $218,000 and $13,000,  respectively,  for construction  oversight
costs.

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 September 30, 2001.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 32,878 limited  partnership  units
(the "Units") in the Partnership representing 65.76% of the outstanding Units at
September  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  voting on
certain  amendments  to the  Partnership  Agreement  and  voting to  remove  the
Corporate  General  Partner.  As a result  of its  ownership  of  65.76%  of the
outstanding  Units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the Units it acquired in a manner  favorable to the interest of
the Corporate  General  Partner  because of its  affiliation  with the Corporate
General Partner.


<PAGE>



Note E - Casualty Event

During  the nine  months  ended  September  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 - Sale of Property

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. The Partnership realized a gain of approximately $12,350,000 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 the
unamortized  debt  discount  and loan costs being  written off and a  prepayment
penalty of  approximately  $116,000  relating to the  prepayment of the mortgage
encumbering  the property.  In connection  with the sale, the Corporate  General
Partner is allowed to receive 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 earned by the Corporate  General Partner
was accrued and is included in other  liabilities  at September  30, 2001 on the
accompanying consolidated balance sheet.

Note G - 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. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition of interests in certain  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.


<PAGE>


Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

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

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


<PAGE>





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

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

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

                                                            Average
                                                           Occupancy
       Property                                        2001          2000

       Baymeadows Apartments
         Jacksonville, Florida                         96%            93%

       Quail Run Apartments
         Columbia, South Carolina                      94%            90%

The Corporate  General Partner  attributes the increase in average  occupancy at
Baymeadows  Apartments to a quicker turnaround in getting vacant apartment units
ready for occupancy by new tenants and improved marketing strategies.

The Corporate  General Partner  attributes the increase in average  occupancy at
Quail Run to  improved  local  market  conditions  primarily  related to a local
military training base.

Results of Operations

The  Partnership  recorded net income of  approximately  $230,000 and  $565,000,
respectively, for the three and nine months ended September 30, 2001 compared to
net income of approximately $12,012,000 and $12,822,000,  respectively,  for the
corresponding periods in 2000. The decrease in net income for the three and nine
months  ended  September  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  $12,350,000  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 impact of the sale and  operations  of  Countrywood  Village,  net
income for the nine months ended  September 30, 2001 and 2000 was  approximately
$565,000 and $288,000,  respectively.  The net income for the three months ended
September 30, 2001 was  approximately  $230,000  versus a net loss for the three
months ended September 30, 2000 of  approximately  $66,000.  The increase in net
income for the nine months  ended  September  30, 2001 was due to an increase in
total  revenues and a recognition  of a casualty  gain,  partially  offset by an
increase in total  expenses.  The  increase  in net income for the three  months
ended September 30, 2001 was due to an increase in total revenues and a decrease
in total expenses.  Total revenues increased for the three and nine months ended
September 30, 2001 due to an increase in rental revenue and other income. Rental
revenue increased due to increases in average rental rates and occupancy at both
properties.  Other income  increased due to increases in utility  reimbursements
from tenants at both properties.

Total  expenses for the three months ended  September 30, 2001  decreased due to
decreases in general and  administrative  expenses.  Total expenses for the nine
months ended September 30, 2001 increased due to increases in  depreciation  and
operating expenses offset by a decrease in general and administrative  expenses.
Depreciation  expense increased for the nine months ended September 30, 2001 for
both  investment   properties  due  to  capital  improvements  and  replacements
completed  during  the past  twelve  months,  which are now  being  depreciated.
Operating  expense  increased for the nine months ended  September 30, 2001 as a
result of increased  insurance expense at both properties offset by decreases in
utility and salary expenses and related employee costs at Baymeadows.

General  and  administrative  expenses  decreased  for the three and nine months
ended September 30, 2001 due to decreases in audit expense and reimbursements to
the Corporate  General  Partner as allowed under the Partnership  Agreement.  In
addition  to these  costs,  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 in general
and administrative expenses.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expenses.  As part of this plan,  the  Corporate  General  Partner  attempts  to
protect  the  Partnership  from the  burden of  inflation-related  increases  in
expenses by increasing  rents and  maintaining a high overall  occupancy  level.
However,  due to  changing  market  conditions,  which can  result in the use of
rental  concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At  September  30,  2001,  the  Partnership  had cash and  cash  equivalents  of
approximately  $550,000  compared to  approximately  $2,702,000 at September 30,
2000.  Cash  and  cash  equivalents  decreased  approximately  $1,492,000  since
December 31, 2000 due to approximately $2,221,000 and $1,547,000 of cash used in
investing  and  financing   activities,   respectively,   partially   offset  by
approximately $2,276,000 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 insurance proceeds received.  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,   and  local  legal  and  regulatory   requirements.   Capital
improvements planned for each of the Registrant's properties are detailed below.

Baymeadows  Apartments:  The Partnership  budgeted  approximately  $2,422,000 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.  During the nine months ended  September 30, 2001, the Partnership
spent  approximately   $615,000   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 $241,000 in capital
improvements  at Quail  Run  Apartments  for 2001  consisting  primarily  of new
appliances,  structural  upgrades,  and flooring  replacements.  During the nine
months ended September 30, 2001, the Partnership  spent  approximately  $181,000
consisting primarily of flooring,  appliance and air conditioning  replacements.
These improvements were funded from operating cash flow and insurance proceeds.

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  $17,550,000,  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 nine months ended  September 30, 2001, the  Partnership  declared and
paid distributions from previously undistributed sales proceeds from the sale of
Countrywood  Village in August  2000 of  approximately  $929,000  to the limited
partners  ($18.58  per  limited   partnership  unit).  At  September  30,  2001,
approximately  $424,000  of proceeds  from this sale  remain to be  distributed.
During  the nine  months  ended  September  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) and
paid a distribution to the limited  partners of  approximately  $11,743,000 from
sales  proceeds  ($234.89  per  limited  partnership  unit)  from  the  sale  of
Countrywood Village.  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 monthly  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 September 30, 2001,  the
reserve account was fully funded with  approximately  $1,240,000 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 32,878 limited  partnership  units
(the "Units") in the Partnership representing 65.76% of the outstanding Units at
September  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  voting on
certain  amendments  to the  Partnership  Agreement  and  voting to  remove  the
Corporate  General  Partner.  As a result  of its  ownership  of  65.76%  of the
outstanding  Units,  AIMCO is in a position to control all such voting decisions
with  respect to the  Registrant.  When  voting on  matters,  AIMCO would in all
likelihood  vote the Units it acquired in a manner  favorable to the interest of
the Corporate  General  Partner  because of its  affiliation  with the Corporate
General Partner.


<PAGE>


                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative  unitholders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition of interests in certain  general  partner  entities by
Insignia  Financial  Group,  Inc.  ("Insignia")  and entities which were, at one
time,  affiliates of Insignia;  past tender offers by the Insignia affiliates to
acquire  limited  partnership  units;  management  of  the  partnerships  by the
Insignia  affiliates;  and the series of transactions which closed on October 1,
1998 and  February 26, 1999 whereby  Insignia  and  Insignia  Properties  Trust,
respectively,  were merged into AIMCO.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of responding to the motion,  the  plaintiffs  filed an amended
complaint.  The  Corporate  General  Partner  filed  demurrers  to  the  amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

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


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K filed during the quarter  ended  September
                  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:   November 13, 2001