UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                 FORM 10-K

   X         ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
------       SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

                         For the fiscal year ended
                             December 31, 1996

                                    OR

             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
------       THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

                          Commission File Number
                                  0-16890
                                  -------
                RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                -------------------------------------------
        (Exact name of registrant as specified in its charter)

           Wisconsin                          39-1558614         
--------------------------------      -----------------------------
(State or other jurisdiction of              (I.R.S. Employer
 incorporation or organization             Identification Number)

   20875 Crossroads Circle
         Suite 800
     Waukesha, Wisconsin                         53186
--------------------------------       ----------------------------
       (Address of principal                  (Zip Code)
        executive offices)

Registrant's telephone number, including area code (414) 798-0900
                                                   --------------
       Securities registered pursuant to Section 12(b) of the Act:
                                        None
                                        ----
       Securities registered pursuant to Section 12(g) of the Act:
                       LIMITED PARTNERSHIP INTERESTS
                       -----------------------------
                             (Title of Class)

Indicate by check mark whether the Registrant (1) has 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 requirement
for the past 90 days.
      Yes     X                                 No         
          ---------                                ---------     
                        RAL YIELD + EQUITIES IV                  
                          LIMITED PARTNERSHIP

                              1996 FORM 10-K
                             TABLE OF CONTENTS
                             -----------------
                                                           
Part I                                                      

Item 1       Business                                         

Item 2       Properties                                       

Item 3       Legal Proceedings                                

Item 4       Submission of Matters to a Vote of
             Security Holders                                
Part II

Item 5       Market for Registrant's Common Equity and
             Related Stockholder Matters                     

Item 6       Selected Financial Data                         

Item 7       Management's Discussion and Analysis of
             Financial Condition and Results of
             Operations                                      

Item 8       Financial Statements and Supplementary
             Data                                            

Item 9       Changes in and Disagreements with
             Accountants on Accounting and Financial
             Disclosure                                     
Part III

Item 10      Directors and Executive Officers of the
             Partnership                                     

Item 11      Executive Compensation                          

Item 12      Security Ownership of Certain Beneficial
             Owners and Management                           

Item 13      Certain Relationships and Related
             Transactions                                   
Part IV

Item 14      Exhibits, Financial Statement Schedules,
             and Reports on Form 8-K                         

Signatures

Financial Statements and Supplementary Data                       


                            PART 1
Item 1.  BUSINESS

RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP (the "Registrant" or
"Partnership") is a Wisconsin Limited Partnership formed on August
8, 1986, under the Wisconsin Revised Uniform Limited Partnership
Act.  The Registrant was organized to acquire, for cash (no debt),
real estate projects, including real estate for restaurants, mobile
home communities, apartment complexes and other commercial
properties.  The Partnership sold $19,620,500 in Limited
Partnership Interests (19,620.5 Interests at $1,000 per unit)
pursuant to a registration statement on Form S-11 under the
Securities Act of 1933.  The Partnership utilized the net offering
proceeds to acquire the real property investments described under
"Properties" (Item 2).

The Registrant originally acquired fourteen real property
investments, utilizing the net offering proceeds available for
investment.  The Registrant sold three of the original properties
during 1993.  A fourth property was sold during 1994, and a fifth
was sold in 1996.
<TABLE>
Provided below is certain financial information by property type
for the three years covered by this report:
<CAPTION>
                    Apartment        Mobile Home         Commercial
                    Complexes          Parks             Properties
             ----------------    ----------------  ----------------
            1996  1995  1994    1996  1995  1994    1996  1995 1994
            ----  ----  ----    ----  ----  ----    ----  ---- ----
<S>        <C>   <C>   <C>    <C>  <C>    <C>      <C>   <C>   <C>
Number of 
properties   2      2     2      4    5     5        3      3    3
owned at December 31:

Gross rental
revenues   $998  $990  $978   $979 $1,028 $1,000   $210  $210  $193
</TABLE>
The officers and employees of RAL Asset Management Group, a
Wisconsin General Partnership, and its affiliates, performed
services for the Registrant until June 1, 1993.  RAL Asset
Management Group is controlled by the General Partners of the
Partnership.  Effective June 1, 1993 the Partnership made separate
property and partnership management agreements.

The partnership management agreement is with an unrelated
management company.  The property management agreement is with a
related entity with the same general partners as the Partnership.
The related property management firm simultaneously subcontracted
with the same unrelated management company handling the partnership
management.  The terms and conditions of these agreements are
similar to the above related party agreements, which they replace.

The Registrant itself employs individual onsite managers and
maintenance personnel in the mobile home parks and apartment
complexes.  The Registrant employed 16 at March 28, 1997.

                           
Item 2.  PROPERTIES

As of March 28, 1997, the Registrant owned the following
properties:

Name, Type of           Date of
Property and Location   Purchase    Approximate Size
---------------------   --------    ------------------------

South Hills             12/31/86   170 mobile home site on 40 acres
 Mobile Home Park                 of land and a small vacant
Beaver Dam, WI*                   building formerly used as an
                                  office.

Lakeshore Terrace       06/30/87  135 mobile home sites on
 Mobile Home Park                 approximately 25 acres of land
Rice Lake, WI 

Alexandria Estates      08/17/87  89 mobile home sites on
 Mobile Home Park                 approximately 17 acres of land
Alexandria, MN

Maplewood               08/17/87  75 mobile home sites on
 Mobile Home Park                 approximately 9 acres of land
Lake City, MN

Hardee's Restaurant     08/18/87  A 3,900 sq. ft. building on
Mundelein, IL (vacant)            approximately 0.8 acres of land

Hardee's Restaurant     08/18/87  A 3,900 sq. ft. building on
Joliet, IL (vacant)               approximately 0.7 acres of land

Firestone                02/02/88 A 7,716 square foot building on
 Retail/Service Center            approximately 1.7 acres of land
Neenah, WI

Northrup Court          03/08/88  A 90 unit garden apartment
 Apartments                        complex located on approximately
North Canton, OH*                 7.6 acres of land

Cedar Crossing          08/19/88  Majority ownership (87.709%)
 Apartments             12/23/88  in a 109 unit garden apartment
Frederick, MD*                    complex (RAL Income + Equity
                                  Growth V Limited Partnership, an
                                  affiliated limited partnership,
                                  owns the remaining interest)

*Denotes a material property, having gross revenues greater than
10% of total revenues.

All the above properties were unencumbered as of March 28, 1997.
                             
Leases on Investment Properties:

The Partnership operates four mobile home parks which lease rental
spaces.  The Partnership also operates two apartment complexes.
The mobile home parks and apartment complexes receive income on a
monthly basis from tenant leases which normally have lease terms of
one year or less.

The restaurant properties are leased under 10-20 year leases with
some having two five-year options to renew the lease at the end of
the original terms.  Rent on the restaurant properties, which is
payable monthly, is equal to the greater of (a) 6.00% or (b) 6.50%
of gross sales, depending on the lease, or a minimum base rental
stated in the lease.  The leases are "triple net" to the
Partnership with the lessee being responsible for occupancy costs
such as maintenance, insurance, taxes and utilities.

Both restaurant properties are now vacant.  These properties have
been classified in the Partnership's financial statements as
properties held for sale or re-lease.

The real estate business is highly competitive and the Partnership
competes with many other real estate investment entities many of
which have greater financial resources.  No one firm or group of
firms, in the opinion of the General Partners, is dominant in the
industry.  The Partnership, therefore, faces substantial
competition from a variety of sources for attracting tenants to its
properties.

All commercial, residential and mobile home community properties
acquired by the Partnership have competition for tenants from
similar properties in the vicinity.  To the extent that the
Partnership owns or acquires commercial properties, such as
restaurants, which have leases entitling the Partnership to
participate in gross receipts of tenants above fixed minimum
amounts, the success of the Partnership will depend in part on the
success of its tenants in competing with similar businesses in the
vicinity.

In the opinion of management of the Partnership, all properties are
adequately covered by insurance.

MATERIAL PROPERTIES
-------------------

Following is information with respect to each property whose
revenues are greater than 10% of total revenues as denoted above.
<TABLE>
The following is a listing of the approximate average physical
occupancy rates for the Partnership's material properties during
each of the last five years:
<CAPTION>


                                     Occupancy Rate
                                --------------------------------

                                1996   1995   1994   1993   1992
                                ----   ----   ----   ----   ----
<S>                             <C>    <C>     <C>    <C>    <C>
Cedar Crossings Apts.           96%    100%    99%    96%    97%
Northrup Court Apts.            94%     99%    97%    89%    89%
South Hills MHP                 99%     99%    99%    99%    99%
</TABLE>
<TABLE>
The following is a listing of the average annual per unit rental
rates for the Partnership's material properties for each of the
last five years:
<CAPTION>
                                 Annual Per Unit Rental Rate
                              --------------------------------

                              1996   1995   1994   1993   1992
                              ----   ----   ----   ----   ----
<S>                          <C>     <C>    <C>    <C>    <C>
Cedar Crossings Apts.        $5,835  5,639  5,596  5,610  5,457
Northrup Court Apts.         $4,388  4,215  4,174  4,274  4,100
South Hills MHP              $2,516  2,402  2,305  2,251  2,139
</TABLE>
The Federal tax basis for each of the material properties is
identical to the book basis as listed in Schedule III on page F-15
of the report.  Depreciation information for tax purposes on the
properties is as follows:

     Type of Asset        Rate        Method      Depreciable Life
     -------------        ----        ------      ----------------
     Land Improvements     SL          ACRS        15/19/20 Year
     Building              SL          ACRS       19/31.5/40 Year
     Equipment            DDB       ACRS/MACRS      5/7/12 Year
<TABLE>
Real estate tax information for the three years covered by this
report for material properties is as follows:
<CAPTION>
                                     1996       1995       1994
                                     ----       ----       ----
<S>                                <C>        <C>         <C>
Cedar Crossings Apts.
     Tax rate (per 1,000)           .02260     .02260     .02260
     Real estate taxes             $39,396     39,285     38,816
Northrup Court Apts.
     Tax rate (per 1,000)           .05223     .04638     .05428
     Real estate taxes             $24,361     22,785     34,578
South Hills MHP
     Tax rate (per 1,000)           .02541     .02821     .02847
     Real estate taxes             $29,182     32,776     33,080
</TABLE>

Item 3.  LEGAL PROCEEDINGS

The Partnership is not subject to any material pending legal
action.
                             
Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no matters submitted to a vote of security holders
during 1996.


                              PART II

Item 5.      MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED
             STOCKHOLDER MATTERS
(a)&(b)      As of December 31, 1996, there were approximately   
       2,430 record holders of Interests of the Partnership.  There
       is no public market for Interests and it is not anticipated
       that a public market for Interests will develop.  The
       General Partners will not redeem or repurchase Interests.

(c)    All cash available for distribution other than sale or
       refinancing proceeds will be distributed 95% to the
       Limited Partners and 5% to the General Partners, at least
       semiannually.  See attached financial statements and
       footnotes for a detailed discussion of amounts and timing
       of distributions to Limited Partners.

Item 6.  SELECTED FINANCIAL DATA
<TABLE>
             Year Ended Year Ended Year Ended Year Ended Year Ended
              12/31/96   12/31/95   12/31/94   12/31/93   12/31/92
             ---------- ---------- ---------- ---------- ----------
<S>          <C>        <C>        <C>        <C>        <C>
Rental Income$2,186,579 $2,228,310 $2,161,239 $2,394,977 $2,452,779

Interest Income  12,506      7,700     17,049      9,517     12,805

Net Income
   (Loss)       (70,824)   549,106    529,276    918,686    420,951

Total Assets  9,161,505 10,581,715 10,979,236 14,049,594 14,506,738

Long Term Obligations 0          0          0          0         0 

Distributions to
 Limited Partners
 Cash Flow      898,812    945,550  3,501,235  1,177,230  1,323,931
 Return of
   Capital      300,000          0  2,429,000          0         0

Gain (Loss) on Sale
 of Investment
 Property      (338,622)         0    (20,535)   335,777         0

Per Unit Data:
 Net Income(Loss) (3.43)     26.59      25.63      44.48      20.38

  Distributions   61.10      48.19     178.45      60.00      67.48
<FN>
The above selected financial data should be read in conjunction
with financial statements and related footnotes elsewhere herein.
(A)  The net income per Interest is computed on the basis of the
net income allocated to the Limited Partners divided by the
outstanding Interests at the end of the period.
</FN>
</TABLE>
                             
Item 7.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
             CONDITION AND RESULTS OF OPERATIONS

RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP is a Wisconsin Limited
Partnership formed on August 8, 1986, under the Wisconsin Revised
Uniform Limited Partnership Act.  The Partnership was formed to
acquire new and existing income-producing properties for cash.

The Partnership originally purchased a total of fifteen income-
producing properties.  The Partnership is managing four mobile home
communities (two in Wisconsin and two in Minnesota) and two garden
apartment complexes located in Ohio and Maryland.  The Partnership
is leasing the retail auto supply store in Neenah, Wisconsin.  The
Partnership has sold the following properties:  a restaurant
building located in Longmont, Colorado; a retail auto parts and
service store located in Menasha, Wisconsin; a mobile home park
located in Little Chute, Wisconsin; a mobile home park located in
Willmar, Minnesota; and a restaurant building located in Eagan,
Minnesota.  The Partnership also owns restaurant properties in
Mundelein, Illinois and Joliet, Illinois which are vacant.  The
lessee vacated both properties during 1996.  The properties have
been classified as properties available for sale or re-lease in the
Partnership's financial statements.

Liquidity and Capital Resources:

Properties acquired by the Partnership are intended to be held for
approximately seven to ten years.  Since the Partnership has
purchased the Properties for cash, liquidity is not reduced by debt
service payments.  During the Properties' holding periods, the
investment strategy is to maintain (on the "triple net lease"
restaurant properties) and improve (on  the residential properties)
occupancy rates through the application of professional property
management (including selective capital improvements).  Cash flow
generated  from property operations is distributed to the partners
on a quarterly basis.  The Partnership also accumulates working
capital reserves for normal repairs, replacements, working capital,
and contingencies.

Net cash provided by operating activities was $921,000 in 1996,
$1,188,000 in 1995, and $1,118,000 in 1994.  During 1996 and 1994
cash provided from the sale of income-producing properties amounted
to $475,000 and $285,000 respectively.  As of December 31, 1996,
the Partnership had cash of approximately $382,000 consisting
of undistributed cash flow, working capital reserves, and tenant
security deposits.  Liabilities totaled approximately $338,000.

The Partnership has not experienced, and is not currently
experiencing any liquidity problems.  It is not expected that the
Partnership will experience liquidity problems due to the nature of
the current liabilities.  Approximately $135,000 of the current
liabilities represent tenant security deposits.  The majority of
the remaining current liabilities are accrued and escrowed real
estate taxes payable in installments in 1997.  The Partnership
expects to meet all of its obligations as they come due.

Total limited partner distributions made during 1995 were
approximately $1,199,000.

Results of Operations:
<TABLE>
Total revenues fluctuated during the three year period covered by
this report:
<CAPTION>
             <S>          <C>
             1996         $2,187,000
             1995         $2,228,000
             1994         $2,161,000
</TABLE>
The increase in revenues from 1994 to 1995 is a result of annual
rent increases at the mobile home parks and apartments.  The
decrease in revenues from 1995 to 1996 is a result of the sale of
Parkwood Estates mobile home park, reductions in the occupancy
rates at the apartment complexes and offset by the increased rates
at the apartment complexes and remaining mobile home parks.

Total expenses were $2,317,000 in 1996, $1,725,000 in 1995, and
$1,678,000 in 1994.  Operating expenses have decreased in 1995
compared to 1994 as the number of properties in the Partnership
declined due to property sales in 1993 and 1994.  The operating
expenses rose significantly in 1996 due to several factors.  The
Partnership incurred a loss on sale of the Parkwood Estates mobile
home park of $339,000.  Bad debt expense for 1996 amounted to
$217,000 as a result of the two restaurant properties in Mundelein,
Illinois and Joliet, Illinois being vacated by the lessor prior to
the expiration of the lease.  As a result of the vacancies of the
two restaurant properties the carrying value of the building
improvements and the land were written down to their estimated net
realizable value.  The writedown resulted in a charge to income of
$159,000 in 1996.

The Partnership incurred a net loss of $71,000 in 1996 compared to
net income of $549,000 in 1995 and $529,000 in 1994.  The decrease
in 1996 is attributable to the factors discussed in the previous
paragraph.

Except for property sales, future net income should increase as a
result of rent increases on the mobile home communities, re-leasing
or selling the vacant commercial properties, and base rent
increases on the "triple net" lease commercial properties.


Inflation:

Due to the relatively low level of inflation since the Partnership
commenced operations, the effect of inflation on the Partnership
has not been material to date.  Should the rate of inflation
increase substantially over the life of the Partnership, it is
likely to influence ongoing operations, in particular, the
operating expenses of the Partnership.  The commercial leases
contain clauses permitting pass-through of certain increased
operating costs.  Residential leases are typically of one year or
less in duration; this allows the Partnership to react quickly
(through rental increases) to changes in the level of inflation.
These factors should serve to reduce, to a certain degree, any
impact of rising costs on the Partnership.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See Index to Financial Statements and Financial Statement Schedule
on page F-1, incorporated herein by reference.

The supplemental financial information specified by Item 302 of
Regulation S-K is not applicable.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON        
         ACCOUNTING AND FINANCIAL DISCLOSURE

    a.  None.

    b.  None.






















                         PART III

Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

The General Partners of RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
(the "Partnership") are Robert A. Long, John A. Hanson, Thomas R.
Brophy and Bart Starr.   The General Partners manage and control
the Partnership's affairs and have the general responsibility and
the ultimate authority in all matters affecting the Partnership's
business.  The Partnership has available to it the services,
personnel, and experience of certain other organizations affiliated
with the General Partners, including RAL Asset Management Group.
Some of the General Partners are also General Partners of an
affiliate, RAL Asset Management Group.  The responsibilities of RAL
Asset Management Group were subcontracted to an unrelated third
party beginning June 1, 1993.

The general partners and significant employee of First Financial
Realty Management are as follows:

                                        Position with Ral Asset
Name                                       Management Group
----                                    -----------------------

Robert A. Long                             General Partner
John A. Hanson                             General Partner
Thomas R. Brophy                           General Partner
Bart Starr                                 General Partner
Douglas C. Heston                          President (FFRM)

There is no family relationship among any of the foregoing
officers.  The business experience of the General Partners and
significant employees includes the following:

Robert A. Long, age 55, has, since January 1982, been a partner in
RAL Asset Management Group.  He is co-founder of RAL Asset
Management Group.  Since 1966 Mr. Long has been involved in real
estate consulting, development and syndication.  Mr. Long is a
licensed securities agent.  Since 1981 Mr. Long has been involved
as an individual, general partner, or affiliate in ownership and
management of twenty-six (26) mobile home parks totaling over 2,600
pads in the states of Wisconsin and Minnesota.  Prior to 1981, Mr.
Long developed or purchased over 200 commercial properties in six
states and currently owns individually or through partnerships over
50 restaurants (land and building) leased to restaurant operators,
including Pizza Hut, Hardee's, Taco Bell, and Rocky Rococo (or
their franchisees).  Mr. Long also played professional football for
the Green Bay Packers, Atlanta Falcons, and Washington Redskins.
Mr. Long received a Bachelor of Science Degree in Business from
Wichita State University in 1965 and is currently Executive
Director of the Vince Lombardi Scholarship Fund for Wichita State
University.  Mr. Long is also on the Board of Directors of Roundy's
Inc., a major Midwest food distributor and originator of the Pick
'N Save stores.

John A. Hanson, age 55, has, since March 1982, been a partner in
RAL Asset Management Group.  Mr. Hanson is involved individually,
as a general partner, or as an affiliate, in the ownership and
management of twenty-six (26) mobile home parks in the states of
Wisconsin and Minnesota.  Mr. Hanson has been involved in pension
and profit-sharing and tax consulting for 25 years.  In 1975 he
founded, and since that time has been president of Pension
Designers, Inc., of Appleton, Wisconsin, a firm that specializes in
structuring and consulting with respect to qualified retirement
plans, estate planning, investment sales and sales of life, health
and disability insurance products to individuals, groups or
corporations.  From 1966 to 1971 Mr. Hanson was engaged in tax
consulting, having management and tax accounting responsibilities
for a farm management firm with approximately 200 clients.  Mr.
Hanson is past president of the Fox River Valley Association of
Life Underwriters, and the General Agents and Managers Association,
an associate member of the American Society of Pension Actuaries,
a member of the International Association of Financial Planners, a
qualifying and life member of the Million Dollar Round Table, and
a registered principal with the National Association of Securities
Dealers.  Mr. Hanson received his Bachelor of Science Degree in
Agri-Business from the University of Wisconsin - River Falls in
1966.  Mr. Hanson is a licensed securities agent.

Thomas R. Brophy, CLU, ChFC., age 51, has, since March 1982, been
a partner of RAL Asset Management Group.  Mr. Brophy is involved
individually, as a general partner, or as an affiliate in the
ownership and management of twenty-six (26) mobile home parks in
the states of Wisconsin and Minnesota which total approximately
2,600 pads.  Mr. Brophy has been a NASD registered securities
representative since 1969, active in the marketing and sales of
mutual funds, unit investment trusts, stocks, bonds, limited
partnerships and private ventures.  Since 1967 Mr. Brophy has also
been active in the marketing, selling, training, supervising and
managing of personnel, with respect to qualified retirement plans
and personal or business life, health and disability insurance
plans.  He is active in the financial planning field, having been
conferred the degree of Chartered Financial Consultant, by the
American College, Bryn Mawr, PA, in 1984.  He is associated with
the Principal Financial Group.  Mr. Brophy is an active member of
the National and Wisconsin Association of Life Underwriters,
Million Dollar Round Table, Fox Valley Estate Planning Council and
International Association of Financial Planners.  He is recipient
of the Fox River Valley Association of Life Underwriters' 1983
"Agent of the Year" award.  A 1967 Bachelor of Science graduate
from Marquette University, Mr. Brophy went on for advanced studies
in insurance, receiving his Chartered Life Underwriter (CLU) degree
from the American College, Bryn Mawr, PA, in 1975.  Mr. Brophy is
a licensed securities agent.
              

Bart Starr, age 64, has, since January 1984, been a partner in RAL
Asset Management Group.  He is a University of Alabama graduate
with a B.S. Degree in Education.  Since 1970, he has been a partner
in the Bart Starr Motor Company, Birmingham, Alabama.  Since 1979
he has been a member of the Board of Directors of the Sentry
Insurance Company, Stevens Point, Wisconsin.  He was a Green Bay
Packer football player from 1956-1972, the Green Bay Packer Head
Coach from 1975-1983, the NFL Most Valuable Player in 1966, and the
Most Valuable Player in Super Bowls I and II.  Mr. Starr was a CBS
Game Analyst in 1973 and 1974 and the first winner of the Byron
White Award in 1967.  Mr. Starr has been the recipient of numerous
civic and sports awards and is actively engaged in many charitable
and public service organizations.

The following individual is an employee of the unaffiliated
property management firm who makes significant contributions to the
business of the Partnership:

Douglas C. Heston, age 43, is President of First Financial Realty
Management (FFRM). FFRM and affiliates own and/or manage over 50
investment properties.  Mr. Heston received a B.A. degree from Duke
University (North Carolina) with a double major in Economics and
Public Policy Analysis (Statistics) in 1975.  He received an M.S.
degree in Real Estate Investment Analysis from the University of
Wisconsin in 1979.  Previously he worked for real estate appraisal
firms in Atlanta and Milwaukee.  He co-founded RAL Asset Management
Group in 1982 and left at the end of 1984 to found his current
firm.

Item 11.  EXECUTIVE COMPENSATION

(a,b,c, and d)
       The Registrant has not paid and does not propose to pay
       any executive compensation to the General Partners or any
       of their affiliates (other than described in Item 13
       below).

(e)    There are no compensatory plans or arrangements regarding
       termination of employment or change of control.

Item 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
             MANAGEMENT

(a)    No person owns of record or is known by the Registrant to
       own beneficially more than 5% of the outstanding Interests
       of the Registrant as of March 28, 1997.
<TABLE>
(b)    As of March 28, 1997, the General Partners beneficially
owned the following Interests in the Partnership:
<CAPTION>
Title of Class            Name of Partner        Percent of Class
--------------            ---------------        ----------------
<S>                       <C>                       <C>
General Partnership       Robert A. Long             46.73%
Interests                 John A. Hanson             22.14
                          Thomas R. Brophy           19.68
                          Bart Starr                 11.45
                                                    ------
                                                    100.00
                                                  ========
</TABLE>
<TABLE>
As of March 28, 1997, the General Partners owned as a group the
following Limited Partnership Interests in the Registrant:
<CAPTION>
Title of Class        Amount Beneficially Owned  Percent of Class
--------------        -------------------------  ----------------
<S>                        <C>                      <C>
Limited Partnership        6 Interests              Less than 1%
Interests

(c)    None
</TABLE>

Item 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

(a and b)
       The Partnership sold Hickory Lane Mobile Home Park to
       Wisconsin Homesites III Limited Partnership.  Doug Heston
       is the President of the Corporate General Partner of
       Wisconsin Homesites III.  Mr. Heston is also the President
       of First Financial Realty Management, the company which
       now manages RAL Yield + Equities IV.

       Certain General Partners own or control businesses which
       have agreed to perform a variety of services for the
       Partnership.

       In consideration for these services, the General Partners
       and related parties receive certain compensation at
       amounts which were established by the General Partners.
       The following table sets forth the types, amounts and
       recipients of compensation related to the Partnership.


Real estate commissions payable    The total compensation paid
to RAL Asset Management Group or   to all persons for the sale
other related party on sale of     of properties shall be
Partnership properties.            limited to a competitive real
                                   estate commission not to
                                   exceed 6% of the contract
                                   price for the sale of the
                                   property.  An affiliate may
                                   receive up to one-half of such
                                   compensation, where it
                                   provides brokerage services,
                                   subject to certain limitations
                                   based on a subordinated return
                                   to limited partners.  No fees
                                   have been paid to date.

General Partner's share of         The General Partners receive
Partnership Cash Available         5% of all Cash Available for
for Distribution.                  Distribution.  Distributions
                                   paid to the General Partners
                                   were $47,000 in 1996, $50,000
                                   in 1995, and $56,000 in 1994.

(c)    No management person is indebted to the Registrant.
(d)    Not applicable.












                             





























                                  PART IV

Item 14.     EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
             ON FORM 8-K

(a)    (1 and 2) See Index to Financial Statements and Financial
       Statement Schedule on Page F-1

(b)    Reports on Form 8-K

       None.

(c)    Exhibits

       See Exhibit 27.

(d)    Financial Statement Schedule
       See Index to Financial Statements and Financial Statement
       Schedule on Page F-1.
































                              


                RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                     (A Wisconsin Limited Partnership)

                 TABLE OF CONTENTS TO FINANCIAL STATEMENTS
                     AND FINANCIAL STATEMENT SCHEDULE

                COVERED BY REPORTS OF INDEPENDENT AUDITORS

                                Item 14(a)

Report of Independent Auditors                              F-2

Consolidated Balance Sheets at
December 31, 1996 and 1995                                  F-3

Consolidated Statements of Income for the years ended
December 31, 1996, 1995 and 1994                            F-4

Consolidated Statements of Partners' Equity for the
years ended December 31, 1996, 1995 and 1994                F-5

Consolidated Statements of Cash Flows for the years ended
December 31, 1996, 1995 and 1994                            F-6

Notes to Consolidated Financial Statements              F-7 to F-13

Financial Statement Schedule:  III - Real Estate
and Accumulated Depreciation                           F-14 to F-18

Schedules, other than those listed, are omitted for the reason that
they are inapplicable or equivalent information has been included
elsewhere herein.


















                             
                              F-1



                   INDEPENDENT AUDITOR'S REPORT

January 16, 1997



To the Partners of
RAL Yield + Equities IV Limited Partnership

We have audited the accompanying Consolidated Balance Sheets of RAL
Yield + Equities IV Limited Partnership (a Wisconsin Limited
partnership) as of December 31, 1996 and 1995, and the related
Consolidated Statements of Income, Partners' Equity and Cash Flows
for each of the three years in the period ended December 31, 1996.
Our audit also included the financial statement schedule listed in
the Index at Item 14.  These consolidated financial statements and
are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these consolidated
financial statements based on our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial
position of RAL Yield + Equities IV Limited Partnership as of
December 31, 1996 and 1995, and the results of its operations and
cash flows for each of the three years in the period ended December
31, 1996 in conformity with generally accepted accounting
principles.  Also, in our opinion, such financial statement
schedule, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly in material
respects the information set forth therein.


KOLB LAUWASSER & CO., S.C.

Milwaukee, Wisconsin



                              F-2




<TABLE>
                  RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                           Consolidated Balance Sheets
                           ---------------------------
                                As of December 31,
<CAPTION>
       ASSETS                                  1996       1995
       ------                                  ----       ----
<S>                                        <C>          <C>
Properties
----------
Income-Producing Properties - Notes #1, #3, and #4
Buildings and land improvements             9,253,924    10,971,048
Equipment                                     466,952       468,891
                                           ----------    ----------
                                            9,720,876    11,439,939
   Less:  Accumulated depreciation          3,196,705     3,324,125
                                           ----------    ----------
                                            6,524,171     8,115,814
   Land                                     1,214,304     1,943,781
                                           ----------    ----------
     Total Income-Producing Property        7,738,475    10,059,595
   Properties held for sale or re-lease,
     net-Note #5                            1,000,000          -
                                           ----------    ----------
      Total Properties                      8,738,475    10,059,595
                                           ----------    ----------
Other
-----
   Cash and cash equivalents - Note #1        381,659       293,125
   Rent and other receivables - Note #1        14,588        76,653
   Deposits                                       560           560
   Deferred charges - Note #1                   6,525       128,199
   Prepaid expenses                            19,698        23,583
                                           ----------     ---------
     Total Other                              423,030       522,120
                                           ----------     ---------
     Total Assets                           9,161,505    10,581,715
                                           ==========    ==========
       LIABILITIES AND PARTNERS' EQUITY
       --------------------------------

Liabilities
-----------
   Accounts payable and accrued expenses      166,940       242,573
   Deferred rents                              35,406        43,157
   Tenants' security deposits                 135,155       139,006
                                           ----------     ---------
     Total Liabilities                        337,501       424,736
                                           ----------     ---------
Minority interest in joint venture - Note #6  403,748       419,781
                                           ----------     ---------




Partners' Equity (Deficit)
--------------------------
   General partners                          (98,014)      (47,167)
   Limited partners                         8,518,270     9,784,365
                                           ----------    ----------
     Total Partners' Equity                 8,420,256     9,737,198
                                           ----------    ----------
    Total Liabilities and Partners' Equity  9,161,505    10,581,715
                                           ==========    ==========
<FN>
   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.

                              F-3
</FN>
</TABLE>
                                






































<TABLE>
               RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                    Consolidated Statements of Income
                    ---------------------------------
                     For the years ended December 31,
<CAPTION>
                                    1996       1995      1994
                                    ----       ----      ----
<S>                              <C>         <C>         <C>
Revenue
-------
   Rental income                 2,186,579   2,228,310   2,161,239
                                 ---------   ---------   ---------
Expenses
--------
   Property management fees        103,963     107,388     104,548
   Administrative expenses         385,853     408,545     400,840
   Property operating expenses     632,056     613,325     582,328
   Amortization and depreciation   481,083     540,612     568,520
   Loss on sale of investment
    properties                     338,622        -         20,535
   Bad debt expense                216,582      54,716       1,360
   Write down of investment
     properties-Note #5            158,859         -           -
                                 ---------   ---------   ---------
     Total Expenses              2,317,018   1,724,586   1,678,131
                                 ---------   ---------   ---------
     (Loss) Income Before Other Income
         and Minority Interest    (130,439)    503,724     483,108
                                 ---------   ---------   ---------
Other Income (Expense)
----------------------
   Interest income                  12,506       7,700      17,049
   Interest expense                 (3,927)     (6,109)     (9,491)
   Miscellaneous                    85,396      77,703      68,499
                                  ---------   ---------   ---------
     Total Other Income             93,975      79,294      76,057
                                  ---------   ---------   ---------
   Net (Loss) Income Before
     Minority Interest             (36,464)    583,018     559,165

   Minority interest               (34,360)    (33,912)    (29,889)
                                  ---------   ---------   ---------
     Net (Loss) Income             (70,824)    549,106     529,276
                                  =========   =========   =========
Net (Loss)income per limited
   partnership interest              (3.43)      26.59       25.63
                                  =========   =========   =========
Allocation of Income (Loss):
   Limited partners                (67,283)    521,651     502,812
   General partners                 (3,541)     27,455      26,464
                                  ---------   ---------   ---------
                                   (70,824)    549,106     529,276
                                  =========   =========   =========
<FN>
   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
STATEMENTS.

                              F-4
</FN>
</TABLE>
                                















































<TABLE>
                      RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                      Consolidated Statements of Partners' Equity
                      -------------------------------------------
                              For the years ended December 31,
<CAPTION>

           Limited   General    1996       1995       1994
          Partners   Partners    Total      Total      Total
         ----------  -------- ----------  --------------------
<S>     <C>         <C>      <C>         <C>          <C>
Capital contributions:
  Contributed cash
         19,620,500    1,000  19,621,500  19,621,500   19,621,500
  Less: Syndication
    costs 2,057,653      -     2,057,653   2,057,653    2,057,653
         -----------  ------  ----------  ----------   ----------
  Net contributions
         17,562,847    1,000  17,563,847  17,563,847   17,563,847
        -----------   ------  ----------  ----------   ----------

Accumulated income:
  Balance, beginning   
          5,051,798  499,405   5,551,203   5,002,097    4,472,821
  Current net income    
    (loss)  (67,283)  (3,541)    (70,824)    549,106      529,276
         -----------  -------  ----------   ---------  ----------

  Balance, ending      
          4,984,515  495,864   5,480,379   5,551,203    5,002,097
         ----------- -------   ----------  ----------   ---------

Accumulated distributions:
  Balance, beginning                                             
        (12,830,280)(547,572)(13,377,852)(12,382,536)  (8,824,868)
  Current distributions 
         (1,198,812) (47,306) (1,246,118)   (995,316)  (3,557,668)
         ----------  -------   ---------- ----------   -----------

  Balance, ending                                                
        (14,029,092)(594,878)(14,623,970)(13,377,852) (12,382,536)
          ----------  -------  ----------  ---------- -----------

Total Partners' Equity (Deficit)
          8,518,270  (98,014)  8,420,256   9,737,198   10,183,408
          ========== ========  =========   =========   ==========

<FN>
     THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
STATEMENTS.

                              F-5
</FN>
</TABLE>

<TABLE>
                       RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
                         Consolidated Statements of Cash Flows
                       -------------------------------------------
                           For the years ended December 31,
<CAPTION>
                                     Cash Increase or (Decrease)
                                 ----------------------------------
                                      1996     1995     1994
                                     ------   ------   ------
<S>                               <C>        <C>        <C>
Cash Flows From Operating Activities
------------------------------------
  Net (loss) income                  (70,824)   549,106    529,276
  Adjustments to reconcile net (loss) income to
   net cash provided by operating activities:
     Amortization and depreciation   481,083    540,612    568,520
     Loss on sale of investment
       properties                    338,622       -        20,535
     Minority interest
       in joint venture               34,360     33,912     29,889
     Additions to reserve for doubtful
       accounts                      208,729     53,000       -
     Write down of investment
       properties                    158,859       -          -
Decrease (increase) in
----------------------
  Rent and other receivables, net   (146,665)   (48,495)     1,578
  Prepaid expenses                     3,885     (4,157)       (36)
  Deferred charges                       -         -        (8,700)
Increase (decrease) in
----------------------
  Accounts payable and
   accrued expenses                  (83,384)    53,662    (31,401)
  Tenants' security deposits          (3,851)    10,279      8,710
                                   ---------   ---------  ---------
 Net Cash Provided by
  Operating Activities               920,814  1,187,919  1,118,371
                                   ---------  ---------  ---------

Cash Flows From Investing Activities
------------------------------------
Additions to income-
  producing properties               (10,779)   (80,815)  (103,303)
Proceeds from sale of
  income-producing properties        475,009       -       284,893
                                   ---------  ---------   ---------
    Net Cash Provided (Used) by
      Investing Activities           464,230    (80,815)   181,590
                                   ---------  ---------   ---------
Cash Flows From Financing Activities
------------------------------------
  Distributions to partners       (1,246,118)  (995,316)(3,557,668)

  Distributions from joint
    venture partner                  (50,393)   (49,164)   (49,164)
                                    ---------  ---------  ---------
   Net Cash (Used) by
     Financing Activities         (1,296,511)(1,044,480)(3,606,832)
                                   --------- ----------  ---------
    Net Increase (Decrease) in Cash   88,533     62,624 (2,306,871)
    Cash and cash equivalents -
      Beginning of Year              293,125    230,502  2,537,373
                                   --------- ----------  ---------
    Cash and cash equivalents -
      End of Year                    381,658    293,126    230,502
                                   ========= ==========  =========
  Supplementary Information
     Interest Paid                     3,927      6,109      9,491
                                   ========= ==========  =========
<FN>
          THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
STATEMENTS.

                              F-6
</FN>
</TABLE>
                                       
               






























              RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP
              Notes to Consolidated Financial Statements
               ------------------------------------------
          For the years ended December 31, 1996, 1995 and 1994

Note #1  Nature of the Business and Summary of Significant
-------  -------------------------------------------------
         Accounting Policies
         -------------------

A.  Nature of the Business
    ----------------------
RAL Yield + Equities IV Limited Partnership (the Partnership) is
a Wisconsin limited partnership formed on August 8, 1986, under the
provisions of the Wisconsin Uniform Limited Partnership Act, to
acquire for cash, operate, lease, develop and eventually sell real
estate properties.  Currently, the Partnership owns nine
properties. It operates four mobile home parks located in the upper
midwest and two apartment complexes located in Maryland and Ohio.
The partnership also leases a commercial property to a
retail/service business in the upper midwest.  As of December 31,
1996, two commercial restaurant properties, located in the upper
midwest, which had been leased to a franchisee, are vacant.  The
Partnership will terminate December 31, 2016, except in the event
of prior sale of the Partnership's properties, action by a
majority interest of the Limited Partners or certain other events.

Effective July 26, 1988, the Partnership completed its offering of
limited partnership interests.  A total of 19,620.5 interests were
sold for an aggregate contribution of $19,620,500.  In connection
with the sale of limited partnership interests, the Partnership
incurred approximately $2,058,000 of costs to raise capital
including sales commissions of $1,766,000 and other offering costs
of $292,000, which were charged against partners' equity.

B.  Method of Accounting
    --------------------
Assets, liabilities, revenue and expenses are recognized on the
accrual basis method of accounting.

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from these estimates.

C.  Basis of Presentation
    ---------------------
The consolidated financial statements include the accounts of RAL
Yield + Equities IV Limited Partnership and its majority owned

                              F-7
investment in Cedar Crossing Apartments.  All intercompany
transactions and accounts have been eliminated in the
consolidation.  The Partnership records are maintained in
accordance with generally accepted accounting principles.

D.  Income-Producing Properties
    ---------------------------
Income-producing properties are carried at the lower of cost less
accumulated depreciation or fair value.  Cost includes acquisition
fees paid to RAL Asset Management Group.  Management periodically
evaluates a property's fair value based upon occupancy rate and
comparison to similar properties in the same geographic area.
                                     

<TABLE>
For financial statement purposes, depreciation is determined using
the straight-line method.  For income tax reporting purposes,
building and land improvements are depreciated using the straight
-line method, while equipment is depreciated using accelerated
methods.  Depreciable lives for financial statement and income tax
purposes are set forth below:
<CAPTION>
                                              Depreciable Lives
                                       ---------------------------
                                         Financial       Income Tax
                                         Reporting        Reporting
                                         ---------       ----------
<S>                                 <C>               <C>
Land improvements                     30 years        15-31.5 years
Buildings                             30 years        31.5-40 years
Equipment                            5-7 years        3-7 years
</TABLE>
E.  Allowance for Doubtful Accounts
    -------------------------------
Receivables are reviewed periodically by management to determine
the adequacy of the allowance for doubtful accounts.  Based upon
management's evaluation, an allowance for doubtful accounts of
$261,729 and $53,000 was necessary as of December 31, 1996 and
1995, respectively.












                              F-8


F.  Deferred Charges
    ----------------
Costs incurred with respect to organizing the Partnership were
deferred and have been fully amortized.  Prepaid management fees
incurred in the initial public offering were amortized to expense
on the straight-line method over the term (ten years) of the
management agreement and have been fully amortized.  Commission
fees incurred to lease the properties have been deferred and
amortized over the respective lease term.

<TABLE>
         Deferred charges consist of the following at December 31,
<CAPTION>
                                            1996            1995
                                         ---------       ---------
<S>                                      <C>             <C>
Deferred management fees                 1,177,230       1,177,230
Lease commissions                            8,700           8,700
                                         ---------       ---------
                                         1,185,930       1,185,930
Less:  Accumulated amortization          1,179,405       1,057,731
                                         ---------       ---------

                                             6,525         128,199
                                         =========       =========
</TABLE>
                             
G.  Leases
    ------
The Partnership has determined that all leases relating to the
income-producing properties are properly classified as operating
leases; therefore, rental income is reported when earned and the
cost of each of the properties, excluding cost of land, is
depreciated over its estimated useful life.

H.  Income Taxes
    ------------
No income taxes will be payable or provided by the Partnership
since net income or loss is includable in the respective tax
returns of the partners.  In the initial year of ownership of
partnership interests, each partner's share of taxable income or
loss, tax credits and distributions is allocated to them on a pro
rata basis that considers the number of days in the year during
which their respective interests were held.
<TABLE>
The Partnership files its income tax return on the accrual basis of
accounting.  The following reconciles the income reported in the
accompanying Statements of Income to that reported in the tax
returns.


                              F-9


<CAPTION>
                                     1996       1995        1994
                                   --------   --------    --------
<S>                                 <C>        <C>        <C>
Net (loss) income per Consolidated
  Statements of Income              (70,824)   549,106     529,276
Difference in depreciation          (75,609)   (64,681)   (46,671)
Difference in gain/loss on the sale
  of investment properties          169,276       -       (108,920)
Bad debt expense and
  asset write down                  208,730     53,000        -
Difference in write down of
  properties                        158,859       -           -
Prepaid rent and other differences  (23,059)    (3,202)    (28,776)
                                    -------     -------    --------
  Net income for tax purposes       367,373     534,223    344,909
                                    =======    ========    ========
</TABLE>
    
I.  Cash and Cash Equivalents
    -------------------------
For purposes of the Consolidated Statements of Cash Flows, the
Partnership considers all short-term investments in
interest-bearing bank accounts and certificates of deposit with a
maturity of three months or less, to be equivalent to cash.
Several demand deposit accounts are at one financial institution.
Such funds on deposit exceeded the federally insured limit by
$253,004 and $152,319 for the years ended December 31, 1996 and
1995, respectively.

Note #2  General Provisions of the Limited Partnership Agreement
-------  ------------------------------------------------------
Pursuant to the terms of the partnership agreement, net income or
losses of the Partnership from operations and losses on sale of
income-producing properties are allocated 95% to the limited
partners and 5% to the general partners. Notwithstanding the
foregoing, all depreciation from tax-exempt use properties is
allocated to tax-exempt limited partners.

In general, subject to certain limitations, all income from the
sale of income-producing properties will be allocated first to the
Partners with deficit capital accounts, then to each limited
partner in an amount equal to the limited partner's original
capital contribution, less prior distributions of sale or
refinancing proceeds, then to the limited partners in the amount,
if any, of the investment preference that is paid from sale or
refinancing proceeds and the remainder shall be allocated 85% to
the limited partners and 15% to the general partners, provided that
general partners shall be allocated at least 1% of such income.


                              F-10


The partnership agreement requires that distributions to limited
partners of Cash Available for Distribution (as defined in the
partnership agreement) shall be made in such amounts and at such
times as the general partners may determine, but not less
frequently than semi-annually.

Note #3  Income-Producing Properties
-------  ---------------------------
<TABLE>
         A summary of income-producing properties as of December 31
follows:
<CAPTION>
                                              1996         1995
                                           ----------  ---------
<S>                                       <C>         <C>
Apartment complexes (two in 1996 and 1995) 6,710,810   6,710,810
Mobile home park (four in 1996 and
   five in 1995)                           3,865,438   4,889,321
Restaurant properties (two in 1995)           -        1,424,657
Retail property (one in 1996 and 1995)       358,932     358,932
                                          ----------  ----------
                                          10,935,180  13,383,720
Less:  Accumulated depreciation            3,196,705   3,324,125
                                          ----------  ----------
                                           7,738,475  10,059,595
                                          ==========  ==========
</TABLE>
During 1994, the Partnership recorded a loss on the sale of one
retail property in the amount of $20,535.

During 1996, the Partnership recorded a loss on the sale of one
mobile home park in the amount of $338,622.

Note #4  Leases of Income-Producing Properties
-------  -------------------------------------
<TABLE>
The Partnership leases space to a tenant under a noncancellable
operating lease, with a term of ten years.  Future minimum annual
rental commitments receivable under this long-term lease agreement
in effect at December 31, 1996 is as follows:
<CAPTION>
                      <S>                     <C>
                      1997                     29,250
                      1998                     29,250
                      1999                     29,250
                      2000                     29,250
                      2001                     29,250
                      After 2001               75,563
                                              -------
                                              221,813
                                              =======
</TABLE>
                              F-11

The Partnership also operates mobile home parks, four in 1996 and
five in 1995, which have a total of 467 and 577 rental spaces,
respectively.  As of December 31, 1996 and 1995, a total of 438 and
516 spaces, respectively, were leased.  The mobile home parks
receive income on a monthly basis from tenant leases which normally
have lease terms of one year or less.  Rental revenue for the parks
was approximately $983,000, $1,028,000 and $1,000,000 in 1996, 1995
and 1994, respectively.

The Partnership also operates two apartment complexes which have a
total of 199 rental spaces.  As of December 31, 1996 and 1995, a
total of 187 and 191 spaces, respectively, were leased.  The
apartment complexes receive income on a monthly basis from tenant
leases which also normally have lease terms of one year or less.
Rental revenue for the apartment complexes was approximately
$998,000, $995,000, $972,400 in 1996, 1995 and 1994, respectively.

Note #5  Properties Held for Sale or Re-Lease
-------  ------------------------------------
At December 31, 1996, two commercial properties were vacant and are
being held for sale or re-lease.  Accordingly, these properties
have been reclassified in the accompanying consolidated balance
sheet at December 31, 1996.

At December 31, 1996, the Partnership recorded an allowance of
$158,859 for these properties.  Management recorded this allowance
to reduce the carrying value of the properties to the respective
estimated net realizable values in light of the area's real estate
market conditions and the vacant status of the properties.

<TABLE>
A summary of properties held for sale or re-lease at December 31,
follows:
<CAPTION>
                                      1996         1995
                                  ---------     ---------
     <S>                          <C>               <C>
     Land                           577,845         -

     Building                       846,812         -
                                  ---------     ---------
                                  1,424,657         -

     Less:
        Accumulated depreciation   (265,798)        -

        Estimated net realizable
          value allowance          (158,859)        -
                                  ---------     ---------
                                  1,000,000         -
                                  =========     =========
</TABLE>
                              F-12

Note #6  Affiliate's Participation in Joint Venture
-------  ------------------------------------------
The Cedar Crossing Apartments are owned by a joint venture between
the Partnership and an affiliated partnership.  All assets,
liabilities, revenue and expenses of the joint venture are included
in the financial statements of the Partnership with the appropriate
adjustment of income for the affiliate's interest in the joint
venture.  Profits, losses and distributions are allocated 87.709%
to the Partnership and 12.291% to the affiliate.










































                              F-13



<TABLE>
RAL- YIELD EQUITIES IV LIMITED PARTNERSHIP
  (A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation
                          December 31, 1996
<CAPTION>
Col. A                     Col. B    Col. C              Col.D
--------------------- ------- ---------------------- ------------
<S>                      <C>   <C>         <C>        <C>
                               Initial cost to           Costs
                               Partnership            Capitalized
                             -----------------------  Subsequent to
                                                       Acquisition
                        Encum-          Buildings&    -------------
Description            brances    Land    Improvements
Improvements(b)
---------------------  ------- ---------- ------------ ------------
South Hills MHP
 Beaver Dam, WI          (a)     $100,000  $1,078,221   $484,321
Vacant Auto Service Center
 Menasha, WI             (a)      195,095     274,512   (469,607)
Vacant Restaurant
 Longmont, Co            (a)      261,258     358,887   (620,145)
Lakeshore Terrace MHP
 Rice Lake, WI           (a)       51,227     794,416     19,842
Alexandria Estates MHP
 Alexandria, MN          (a)      110,650     556,197     38,258
Maplewood MHP
 Lake City, MN           (a)       54,300     385,138     64,380
Hardee's Restaurant
 Mundelein, IL (vacant)  (a)      339,125     398,817   (112,760)
Hardee's Restaurant
 Joliet, IL (vacant)     (a)      238,720     447,995    (46,099)
South Hills Office
 Beaver Dam, WI          (a)       15,245     113,244          0
Hardee's Restaurant
 Eagan, MN               (a)      368,834     425,630   (794,464)
Hickory Lane MHP
 Little Chute, WI        (a)      300,190     917,186 (1,217,376)
Firestone Auto Service Center
 Neenah, WI              (a)      157,779     316,650   (115,497)
Northrup Court Apartments
 North Canton, OH        (a)      254,086   2,167,507     30,254
Parkwood Estates MHP
 Willmar, MN             (a)      151,632     778,599   (930,231)

Cedar Crossing Apartments
 Frederick, MD           (a)      471,017   3,768,843     19,102
                                ----------  ---------- ----------
Total                          $3,069,158  12,781,842 (3,650,022)
                               ==========  ========== ==========
</TABLE>
                              F-14


<TABLE>
RAL- YIELD EQUITIES IV LIMITED PARTNERSHIP
  (A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation      
December 31, 1996
<CAPTION>
Col. A                           Col. E
------------------------- ---------------------------------------
                          Gross Amount at which Carried
                          at Close of Period
                          ---------------------------------------
                                       Buildings and
Description                 Land       Improvements(b)    Total
-------------------------- ----------- --------------- -----------
<S>                       <C>           <C>            <C>
South Hills MHP               
 Beaver Dam, WI            $100,000     $1,555,763      $1,655,763
Vacant Auto Service Center
 Menasha, WI                      0              0               0
Vacant Restaurant
 Longmont, Co                     0              0               0
  Lakeshore Terrace MHP
 Rice Lake, WI               51,227        814,258         865,485
Alexandria Estates MHP
 Alexandria, MN             110,650        594,455         705,105
Maplewood MHP
 Lake City, MN               54,300        449,518         503,818
Hardee's Restaurant
 Mundelein, IL (vacant)     339,125        286,057         625,182
Hardee's Restaurant
 Joliet, IL (vacant)        238,720        401,896         640,616
South Hills Office
 Beaver Dam, WI              15,245        120,023         135,268
Hardee's Restaurant
 Eagan, MN                        0              0               0
Hickory Lane MHP
 Little Chute, WI                 0              0               0
Firestone Auto Service Center
 Neenah, WI                 157,779        201,153         358,932
Northrup Court Apartments
 North Canton, OH           254,086      2,197,761       2,451,847
Parkwood Estates MHP
 Willmar, MN                      0              0               0

Cedar Crossing Apartments
 Frederick, MD              471,017      3,787,945       4,258,962
                          ---------     ----------      ----------
Total                     1,792,149     10,408,829      12,200,978
                          =========     ==========      ==========

</TABLE>
                              F-15


<TABLE>
RAL- YIELD EQUITIES IV LIMITED PARTNERSHIP
  (A Wisconsin Limited Partnership)
Schedule of Real Estate and Accumulated Depreciation      
December 31, 1996
<CAPTION>
Col. A                  Col. F      Col. G     Col. H    Col. I 
-------------------- -----------  ----------- ---------- --------
                                                        Depreciable
                     Accumulated                 Date    Life per
                     Depreciation   Date of  Acquired by  Income
Description          (Book basis) Construction  P-shp    Statement
-------------------- ------------ ------------ --------- ----------
<S>                  <C>            <C>        <C>          <C>
South Hills MHP
 Beaver Dam, WI       $490,106      VAR        12/31/86     (d)
Vacant Auto Service Center
 Menasha, WI                 0      1987       04/16/87     (d)
Vacant Restaurant
 Longmont, Co                0      1987       04/28/87     (d)
Lakeshore Terrace MHP
 Rice Lake, WI         258,060       VAR       06/30/87     (d)
Alexandria Estates MHP
 Alexandria, MN        183,374       VAR       08/17/87     (d)
Maplewood MHP
 Lake City, MN         132,360       VAR       08/17/87     (d)
Hardee's Restaurant
 Mundelein, IL(vacant) 125,182      1986       08/18/87     (d)
Hardee's Restaurant
 Joliet, IL (vacant)   140,616      1986       08/18/87     (d)
South Hills Office
 Beaver Dam, WI         35,230       VAR       09/03/87     (d)
Hardee's Restaurant
 Eagan, MN                   0      1987       09/10/87     (d)
Hickory Lane MHP
 Little Chute, WI            0       VAR       10/30/87     (d)
Firestone Auto Service Center
 Neenah, WI             91,476      1987       02/02/88     (d)
Northrup Court Apartments
 North Canton, OH      729,953      1986       03/08/88     (d)
Parkwood Estates MHP
 Willmar, MN                 0       VAR       06/10/88     (d)

Cedar Crossing Apartments                       8/19/88
 Frederick, MD       1,276,146      1986       12/23/88     (d)
                     ---------
Total                3,462,503
                     =========
</TABLE>

    
                              F-16


               RAL-YIELD EQUITIES IV LIMITED PARTNERSHIP
                        (A Wisconsin Limited Partnership)
NOTES TO SCHEDULE III

(a)  All properties are unencumbered at December 31, 1996.

(b)  Includes personal property.  The Joliet and Mundelien,
Illinois properties were written down to management's estimated net
realizable value during 1996.  The write-downs were based on the
current real estate market conditions in the respective areas.

(c)  The Cedar Crossing Apartments are owned by a joint venture
between the Partnership and the affiliated partnership.  All assets
of the joint venture are included in the financial statements of
the Partnership.  For tax purposes, the Partnership includes only
its portion of the joint venture's assets on its tax balance
sheet.
<TABLE>
(d)  Depreciation expense is computed based upon the following
estimated useful lives:
<CAPTION>
                                           Years
                              --------------------------------
                                  Financial              Income
                                  Statement                Tax
                                  Purposes              Purposes
                                  ---------             --------
<S>                                 <C>                  <C>
Buildings and Improvements           30                  15-40
Personal Property                   5-7                   5-12
</TABLE>
<TABLE>
(e)     Reconciliation of Real Estate
-------------------------------------
<S>                                                  <C>
Balance at January 1, 1994                           $13,568,319

     Acquisitions                                              0
     Improvements                                        103,300
     Cost of investment property sold                   (368,711)
                                                     ------------
Balance at December 31, 1994                          13,302,908

     Acquisitions                                              0
     Improvements                                         80,812
     Cost of investment property sold                          0
                                                     -----------
Balance at December 31, 1995                          13,383,720








     Acquisitions                                              0
     Improvements                                         10,779
     Reduction of net realizable value                  (158,859)
     Cost of investment property sold                 (1,034,662)
                                                     -----------
Balance at December 31, 1996                         $12,200,978
</TABLE>

                              F-17














































<TABLE>
                    RAL-YIELD EQUITIES IV LIMITED PARTNERSHIP
                        (A Wisconsin Limited Partnership)

                    Reconciliation of Accumulated Depreciation
<CAPTION>
<S>                                                     <C>
Balance at January 1, 1994                              $2,543,155

  Depreciation expense for the period                      436,298
  Sale of investment property                              (63,283)
                                                        -----------
Balance at December 31, 1994                             2,916,170

  Depreciation expense for the period                      407,955
  Sale of investment property                                    0
                                                        ----------
Balance at December 31, 1995                             3,324,125
  Depreciation expense for 1996                            359,409
  Cost of investment property sold                        (221,031)
                                                        ----------
Balance at December 31, 1996                            $3,462,503
                                                        ==========
</TABLE>


























                              F-18



                                SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

RAL YIELD + EQUITIES IV LIMITED PARTNERSHIP


BY:    Robert A. Long
       -------------------------------
       Robert A. Long, General Partner


DATE:  March 28, 1997

Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.

Signature                 Title                        Date
----------------------------------------------------------------

Robert A. Long            General Partner of RAL       3/28/97
--------------------      Yield + Equities IV          -------
Robert A. Long            Limited Partnership


John A. Hanson            General Partner of RAL       3/28/97
--------------------      Yield + Equities IV          -------
John A. Hanson            Limited Partnership               


Douglas C. Heston         President, First Financial   3/28/97
--------------------      Realty Management            -------
Douglas C. Heston