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

                                    FORM 10-Q

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
Act of 1934

For the period ended June 30, 1998
                     -------------

                                       or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 [No Fee Required]

For the transition period from                to
                              ----------------  ---------------

Commission File Number 0-14475
                       -------

                              PS PARTNERS IV, LTD.
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            California                                      95-3931619
------------------------------------                 -----------------------
(State or other jurisdiction of                          (I.R.S. Employer
 incorporation or organization)                       Identification Number)


        701 Western Avenue
       Glendale, California                                 91201-2394
------------------------------------                 -----------------------
(Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code:  (818) 244-8080
                                                     --------------






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
requirements for the past 90 days.

                                    Yes X No
                                       ---  ---


<PAGE>


                                      INDEX



PART I.   FINANCIAL INFORMATION

Condensed consolidated balance sheets at June 30, 1998
     and December 31, 1997                                                  2

Condensed consolidated statements of income for the three
     and six months ended June 30, 1998 and 1997                            3

Condensed consolidated statements of cash flows for the
     six months ended June 30, 1998 and 1997                                4-5

Notes to condensed consolidated financial statements                        6

Management's discussion and analysis of financial condition
     and results of operations                                              7-9

PART II.  OTHER INFORMATION

(Items 1 through 5 are not applicable)

Item 6 - Exhibits and Reports on Form 8-K                                   10


<PAGE>


                              PS PARTNERS IV, LTD.
                      CONDENSED CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                                      June 30,        December 31,
                                                                                        1998             1997
                                                                                 -----------------------------------
                                                                                     (Unaudited)

                                     ASSETS


<S>                                                                                  <C>              <C>       
Cash and cash equivalents                                                             $2,773,000       $1,523,000

Rent and other receivables                                                                84,000           81,000

Real estate facilities, at cost:
    Land                                                                              14,428,000       14,428,000
    Buildings and equipment                                                           46,469,000       46,279,000
                                                                                 -----------------------------------
                                                                                      60,897,000       60,707,000

    Less accumulated depreciation                                                    (23,612,000)     (22,444,000)
                                                                                 -----------------------------------
                                                                                      37,285,000       38,263,000

Investment in real estate entity                                                      20,038,000       20,001,000

Other assets                                                                             107,000          106,000
                                                                                 -----------------------------------

                                                                                     $60,287,000      $59,974,000
                                                                                 ===================================


                        LIABILITIES AND PARTNERS' EQUITY


Accounts payable                                                                        $731,000         $702,000

Advance payments from renters                                                            450,000          389,000

Minority interest in general partnerships                                             39,232,000       39,189,000

Partners' equity:
    Limited partners' equity, $500 per unit, 128,000
      units authorized, issued and outstanding                                        19,593,000       19,414,000
    General partner's equity                                                             281,000          280,000
                                                                                 -----------------------------------

         Total partners' equity                                                       19,874,000       19,694,000
                                                                                 -----------------------------------

                                                                                     $60,287,000      $59,974,000
                                                                                 ===================================
</TABLE>
                            See accompanying notes.
                                       2


<PAGE>


                              PS PARTNERS IV, LTD.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                     Three Months Ended                 Six Months Ended
                                                                          June 30,                          June 30,
                                                             -------------------------------------------------------------------
                                                                    1998            1997             1998             1997
                                                             -------------------------------------------------------------------

       REVENUE:

       <S>                                                       <C>             <C>             <C>              <C>       
       Rental income                                             $3,208,000      $3,012,000      $6,271,000       $5,928,000
       Equity in income of real estate entity                       213,000         182,000         394,000          310,000
       Interest income                                               31,000           8,000          52,000           12,000
                                                             -------------------------------------------------------------------
                                                                  3,452,000       3,202,000       6,717,000        6,250,000
                                                             -------------------------------------------------------------------

       COSTS AND EXPENSES:

       Cost of operations                                         1,059,000       1,016,000       2,048,000        2,032,000
       Management fees                                              195,000         181,000         379,000          356,000
       Depreciation and amortization                                586,000         551,000       1,168,000        1,095,000
       Administrative                                                64,000          60,000          84,000           79,000
                                                             -------------------------------------------------------------------
                                                                  1,904,000       1,808,000       3,679,000        3,562,000
                                                             -------------------------------------------------------------------

       Income before minority interest                            1,548,000       1,394,000       3,038,000        2,688,000

       Minority interest in income                                 (902,000)       (940,000)     (1,858,000)      (1,814,000)
                                                             -------------------------------------------------------------------

       NET INCOME                                                  $646,000        $454,000      $1,180,000         $874,000
                                                             ===================================================================

       Limited partners' share of net income
          ($8.35 per unit in 1998 and
          $5.98 per unit in 1997)                                                                $1,069,000         $766,000
       General partner's share of net income                                                        111,000          108,000
                                                                                             -----------------------------------
                                                                                                 $1,180,000         $874,000
                                                                                             ===================================
</TABLE>
                            See accompanying notes.
                                       3


<PAGE>


                              PS PARTNERS IV, LTD.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                                        Six Months Ended
                                                                                            June 30,
                                                                               ----------------------------------
                                                                                     1998              1997
                                                                               ----------------------------------

          CASH FLOWS FROM OPERATING ACTIVITIES:

             <S>                                                                  <C>                 <C>     
             Net income                                                           $1,180,000          $874,000

             Adjustments to reconcile net income to net cash
                 provided by operating activities

                 Depreciation and amortization                                     1,168,000         1,095,000
                 (Increase) decrease in rent and other receivables                    (3,000)           47,000
                 (Increase) decrease in other assets                                  (1,000)          125,000
                 Increase (decrease) in accounts payable                              29,000          (499,000)
                 Increase in advance payments from renters                            61,000            18,000
                 Equity in income of real estate entity                             (394,000)         (310,000)
                 Minority interest in income                                       1,858,000         1,814,000
                                                                               ----------------------------------

                   Total adjustments                                               2,718,000         2,290,000
                                                                               ----------------------------------

                   Net cash provided by operating activities                       3,898,000         3,164,000
                                                                               ----------------------------------

          CASH FLOWS FROM INVESTING ACTIVITIES:

             Distributions from real estate entity                                   357,000                 -
             Investment in real estate entity                                              -            (1,000)
             Additions to real estate facilities                                    (190,000)         (370,000)
                                                                               ----------------------------------

                   Net cash provided by (used in) investing activities               167,000          (371,000)
                                                                               ----------------------------------

          CASH FLOWS FROM FINANCING ACTIVITIES:

             Distributions to holder of minority interest                         (1,815,000)       (1,405,000)
             Distributions to partners                                            (1,000,000)       (1,000,000)
                                                                               ----------------------------------

                   Net cash used in financing activities                          (2,815,000)       (2,405,000)
                                                                               ----------------------------------

          Net increase in cash and cash equivalents                                1,250,000           388,000

          Cash and cash equivalents at the beginning of the period                 1,523,000           413,000
                                                                               ----------------------------------

          Cash and cash equivalents at the end of the period                      $2,773,000          $801,000
                                                                               ==================================
</TABLE>
                            See accompanying notes.
                                       4


<PAGE>


                              PS PARTNERS IV, LTD.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                   (Continued)


<TABLE>
<CAPTION>
                                                                                          Six Months Ended
                                                                                              June 30,
                                                                                  ----------------------------------
                                                                                        1998             1997
                                                                                  ----------------------------------


Supplemental schedule of noncash investing and financing activities:


    <S>                                                                                  <C>         <C>          
    Investment in real estate entity                                                     $-          $(19,650,000)

    Transfer of real estate facilities for interest in real estate entity, net            -            19,650,000
 
</TABLE>
                            See accompaying notes.
                                       5


<PAGE>


                              PS PARTNERS IV, LTD.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1998
                                   (UNAUDITED)


1.   The accompanying unaudited condensed consolidated financial statements have
     been prepared  pursuant to the rules and  regulations of the Securities and
     Exchange Commission.  Certain information and footnote disclosures normally
     included in financial  statements  prepared in  accordance  with  generally
     accepted  accounting  principles have been condensed or omitted pursuant to
     such  rules  and  regulations,   although   management  believes  that  the
     disclosures contained herein are adequate to make the information presented
     not misleading. These unaudited condensed consolidated financial statements
     should be read in  conjunction  with the financial  statements  and related
     notes appearing in the Partnership's  Form 10-K for the year ended December
     31, 1997.

2.   In  the  opinion  of  management,   the  accompanying  unaudited  condensed
     consolidated  financial  statements reflect all adjustments,  consisting of
     only  normal  accruals,  necessary  to  present  fairly  the  Partnership's
     financial  position at June 30,  1998,  the results of  operations  for the
     three and six months  ended  June 30,  1998 and 1997 and cash flows for the
     six months then ended.

3.   The results of operations  for the three and six months ended June 30, 1998
     are not  necessarily  indicative of the results to be expected for the full
     year.



                                       6


<PAGE>


                              PS PARTNERS IV, LTD.
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



Results of Operations:
----------------------

THREE MONTHS ENDED JUNE 30, 1998 COMPARED TO THREE MONTHS ENDED JUNE 30, 1997:

     The  Partnership's  net income for the three months ended June 30, 1998 was
$646,000  compared  to  $454,000  for the  three  months  ended  June 30,  1997,
representing an increase of $192,000,  or 42%. The increase was primarily due to
an increase in property  operations at the Partnership's real estate facilities,
decreased  minority  interest in income for those  properties  held jointly with
PSI, and increased interest income.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$3,208,000  compared to $3,012,000  for the three months ended June 30, 1998 and
1997, respectively, representing an increase of $196,000, or 7%. The increase in
rental  income was  primarily  attributable  to  increased  rental  rates at the
mini-warehouse facilities,  combined with increased average occupancy rates. The
monthly average realized rent per square foot for the mini-warehouse  facilities
was $.65  compared  to $.62 for the three  months  ended June 30, 1998 and 1997,
respectively.  The  weighted  average  occupancy  levels  at the  mini-warehouse
facilities  increased  from 89% to 91% for the three  months ended June 30, 1997
and 1998, respectively. Cost of operations (including management fees) increased
$57,000,  or 5%, to $1,254,000  from  $1,197,000 for the three months ended June
30, 1998 and 1997,  respectively.  This  increase is primarily  attributable  to
increases  in  advertising  and  promotion  (due  primarily  to the PSI national
telephone reservations center) and property tax expenses.  Accordingly,  for the
Partnership's mini-warehouse operations, property net operating income increased
by $139,000,  or 8%, from  $1,815,000 to  $1,954,000  for the three months ended
June 30, 1997 and 1998, respectively.

     Interest income increased $23,000,  or 288%, from $8,000 to $31,000 for the
three  months  ended June 30, 1997 and 1998,  respectively.  This  increase  was
primarily attributable to increased average invested cash balances.

     Depreciation and amortization  increased  $35,000,  or 6%, from $551,000 to
$586,000 for the three months ended June 30, 1997 and 1998,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1997 and 1998.

     Minority  interest in income  decreased  $38,000,  or 4%, to $902,000  from
$940,000 for the three months ended June 30, 1998 and 1997,  respectively.  This
decrease was  primarily  attributable  to the  allocation  of  depreciation  and
amortization  expense  (pursuant to the  partnership  agreement  with respect to
those  real  estate  facilities  which  are  jointly  owned  with PSI) to PSI of
$200,000 for the three  months  ended June 30, 1998  compared to $48,000 for the
same  period in 1997,  partially  offset by an  increase  in  operations  at the
Partnership's real estate facilities owned jointly with PSI.


                                       7

<PAGE>


SIX MONTHS ENDED JUNE 30, 1998 COMPARED TO SIX MONTHS ENDED JUNE 30, 1997:

     The  Partnership's  net income for the six months  ended June 30,  1998 was
$1,180,000  compared  to  $874,000  for the six  months  ended  June  30,  1997,
representing an increase of $306,000,  or 35%. The increase was primarily due to
an increase in property  operations at the Partnership's real estate facilities,
combined with increased interest income,  partially offset by increased minority
interest in income for those properties held jointly with PSI.

     Rental  income  for  the   Partnership's   mini-warehouse   operations  was
$6,271,000  compared to  $5,928,000  for the six months  ended June 30, 1998 and
1997, respectively, representing an increase of $343,000, or 6%. The increase in
rental  income was  primarily  attributable  to  increased  rental  rates at the
mini-warehouse facilities,  combined with increased occupancy rates. The monthly
average realized rent per square foot for the mini-warehouse facilities was $.64
compared to $.61 for the six months ended June 30, 1998 and 1997,  respectively.
The weighted average occupancy levels at the mini-warehouse facilities increased
from 88% to 90% for the six months  ended June 30, 1997 and 1998,  respectively.
Cost of operations  (including  management  fees) increased  $39,000,  or 2%, to
$2,427,000  from  $2,388,000  for the six months  ended June 30,  1998 and 1997,
respectively.   This  increase  was  primarily   attributable  to  increases  in
advertising  and  promotion  (due  primarily  to  the  PSI  national   telephone
reservations  center) and property tax expenses,  partially offset by a decrease
in  payroll  expenses.   Accordingly,   for  the  Partnership's   mini-warehouse
operations,  property net operating  income  increased by $304,000,  or 9%, from
$3,540,000  to  $3,844,000  for the six  months  ended  June 30,  1997 and 1998,
respectively.

     Interest income increased $40,000, or 333%, from $12,000 to $52,000 for the
six  months  ended  June 30,  1997 and 1998,  respectively.  This  increase  was
primarily attributable to increased average invested cash balances.

     Depreciation and amortization  increased $73,000, or 7%, from $1,095,000 to
$1,168,000 for the six months ended June 30, 1997 and 1998,  respectively.  This
increase was primarily  attributable to the depreciation of capital expenditures
made during 1997 and 1998.

     Minority  interest in income was  $1,858,000 in 1998 compared to $1,814,000
in 1997, representing an increase of $44,000, or 2%. This increase was primarily
attributable  to an  increase in  operations  at the  Partnership's  real estate
facilities  owned jointly with PSI,  partially  offset by the the  allocation of
depreciation and  amortization  expense  (pursuant to the partnership  agreement
with respect to those real estate  facilities  which are jointly owned with PSI)
to PSI of $231,000 for the six months  ended June 30, 1998  compared to $100,000
for the same period in 1997.


                                       8


<PAGE>


Liquidity and Capital Resources
-------------------------------

     The  Partnership  has adequate  sources of cash to finance its  operations,
both on a short-term and long-term  basis,  primarily from internally  generated
cash from property operations and cash reserves.  Cash generated from operations
($3,898,000  for the six months ended June 30, 1998) has been sufficient to meet
all current obligations of the Partnership.

     During 1998, the Partnership anticipates  approximately $850,000 of capital
improvements  (of which $420,000  represents  PSI's joint venture share).  Total
capital  improvements  were  $190,000  for the six months ended June 30, 1998 of
which $99,000 represents the Partnership's share.

     The  Partnership  paid  distributions  to the limited and general  partners
totaling $890,000 ($6.96 per unit) and $110,000, respectively,  during the first
six months of 1998.  Future  distribution  rates may be adjusted to levels which
are supported by operating  cash flow after capital  improvements  and any other
necessary obligations.


                                       9


<PAGE>


                           PART II. OTHER INFORMATION

ITEMS 1 through 5 are not applicable.

Item 6 Exhibits and Reports on Form 8-K
       --------------------------------

     (a) The following Exhibits are included herein:

          (27) Financial Data Schedule

     (b) Reports on Form 8-K

          None

                                   SIGNATURES

      Pursuant to the requirements 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.


                           DATED:   August 13, 1998

                                    PS PARTNERS IV, LTD.

                           BY:      Public Storage, Inc.
                                    General Partner

                           BY:      /s/ John Reyes
                                    --------------------------------------------
                                    John Reyes
                                    Senior Vice President and Chief Financial
                                    Officer of Public Storage, Inc.
                                    (principal financial and accounting officer)


                                       10