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



                                    FORM 10-Q

(Mark One)

   |X|      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
            EXCHANGE ACT OF 1934

For the quarterly period ended              September 30, 2001
                              --------------------------------------------------

                                       OR

   |_|      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
            EXCHANGE ACT OF 1934

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

            Commission file number             0-11987
                                  -------------------------------

                      Krupp Realty Limited Partnership - IV

          Massachusetts                                  04-2772783
----------------------------------------    ------------------------------------
(State or other jurisdiction of                      (IRS employer
incorporation or organization)                         identification no.)

 One Beacon Street, Boston, Massachusetts                      02108
---------------------------------------------      -----------------------------
(Address of principal executive offices)                     (Zip Code)

                                 (617) 523-7722
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


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 |_|

The total number of pages in this document is 13.






<PAGE>


                          PART I. FINANCIAL INFORMATION

Item 1.   CONSOLIDATED FINANCIAL STATEMENTS
------

This Form 10 - Q  contains  forward-looking  statements  within  the  meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act of  1934.  Actual  results  could  differ  materially  from  those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                           (Unaudited)
                                          September 30,      December 31,
                                               2001              2000
                                          -------------     -------------

<S>                                       <C>               <C>
Multi-family apartment communities, net
   of accumulated depreciation of $0
   and $26,362,441, respectively          $          -      $  10,139,898
Multi-family apartment communities
held for sale (Notes 7 & 8)                   7,067,296                 -
Cash and cash equivalents                     3,241,820           740,853
Real estate tax escrows                         542,696           723,394
Prepaid expenses and other assets
   (Notes 1 & 6)                                252,886           277,631
Investment in securities (Note 2)                95,516            95,516
Deferred expense, net of accumulated
   amortization of $363,204 and
   $341,854, respectively (Note 3)               18,950            40,300
                                          -------------     -------------

         Total assets                     $  11,219,164     $  12,017,592
                                          =============     =============

                        LIABILITIES AND PARTNERS' DEFICIT

Liabilities:
  Mortgage  notes payable (Note 3)        $  12,367,069     $  16,224,646
  Due to affiliates (Note 6)                     88,065                 -
  Other liabilities                           1,036,099         1,190,128
                                          -------------     -------------
         Total liabilities                   13,491,233        17,414,774
                                          -------------     -------------

Partners' deficit (Note 5):
  Investor Limited Partners
       (30,000 Units outstanding)              (586,300)       (3,702,397)
  Original Limited Partner                   (1,404,495)       (1,382,261)
  General Partners                             (281,274)         (312,524)
                                          -------------     -------------

         Total partners' deficit             (2,272,069)       (5,397,182)
                                          -------------     -------------

         Total liabilities and partners'
           deficit                        $  11,219,164     $  12,017,592
                                          =============     =============
</TABLE>



                     The accompanying notes are an integral
                 part of the consolidated financial statements.



                                       2
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                               For the Three Months      For the Nine Months
<TABLE>
<CAPTION>
                                Ended September 30,      Ended September 30,
                             ------------------------  ------------------------
                                2001          2000         2001         2000
                             -----------  -----------  -----------  -----------
Revenue:
<S>                          <C>          <C>          <C>          <C>
  Rental                     $ 1,504,813  $ 1,817,770  $ 5,150,000  $ 5,408,494
  Other income                    71,365       17,238      100,084       53,837
                             -----------  -----------  -----------  -----------

         Total revenue         1,576,178    1,835,008    5,250,084    5,462,331
                             -----------  -----------  -----------  -----------

Expenses:
  Operating (Note 6)             405,315      453,183    1,399,175    1,330,825
  Maintenance                     98,427      149,500      371,845      423,094
  Real estate taxes              168,348      196,697      547,662      618,465
  Management fees (Note 6)        73,787       68,463      227,456      213,838
  General and administrative
    (Note 6)                     75,879        61,306      270,777      167,571
  Depreciation and
    amortization                 341,632      441,801    1,155,927    1,240,333
  Interest                       299,962      393,137    1,050,154    1,162,245
                             -----------  -----------  -----------  -----------

         Total expenses        1,463,350    1,764,087    5,022,996    5,156,371
                             -----------  -----------  -----------  -----------

Income before minority
  interest and gain  on sale
  of property                    112,828       70,921      227,088      305,960

Minority interest                 (1,918)        (626)      (3,369)      (2,323)

Gain on sale of property
  (Note 4)                    12,219,145            -   12,219,145            -
                             -----------  -----------  -----------  -----------

Net income                   $12,330,055  $    70,295  $12,442,864  $   303,637
                             ===========  ===========  ===========  ===========

</TABLE>


                     The accompanying notes are an integral
                 part of the consolidated financial statements.

                                    Continued



                                       3
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                CONSOLIDATED STATEMENTS OF OPERATIONS, Continued

                                   (Unaudited)



<TABLE>
<CAPTION>
                               For the Three Months       For the Nine Months
                                Ended September 30,       Ended September 30,
                             ------------------------  ------------------------
                                2001          2000         2001         2000
                             -----------  -----------  -----------  -----------

<S>                          <C>          <C>          <C>          <C>
Allocation of net income
  (Note 5):

 Investor Limited Partners
  (30,000 Units outstanding):
     Income before gain on
      sale of property       $   105,365  $    66,780  $   212,533  $   288,455
     Gain on sale of property 12,096,954            -   12,096,954            -
                             -----------  -----------  -----------  -----------

         Net income          $12,202,319  $    66,780  $12,309,487  $   288,455
                             ===========  ===========  ===========  ===========

 Investor Limited Partners
   Per Unit:
     Income before gain on
      sale of Property       $      3.51  $      2.23  $      7.08  $      9.62
     Gain on sale of property     403.23            -       403.23            -
                             -----------  -----------  -----------  -----------

          Net income         $    406.74  $      2.23  $    410.31  $      9.62
                             ===========  ===========  ===========  ===========

 Original Limited Partner
  (100 Units outstanding):
     Income before gain on
      sale of Property       $     4,436  $     2,812  $     8,949  $    12,146
     Gain on sale of property          -            -            -            -
                             -----------  -----------  -----------  -----------

         Net income          $     4,436  $     2,812  $     8,949  $    12,146
                             ===========  ===========  ===========  ===========

 General Partners:
     Income before gain on
      sale of Property       $     1,109  $       703  $     2,237  $     3,036
     Gain on sale of property    122,191            -      122,191            -
                             -----------  -----------  -----------  -----------

         Net income          $   123,300  $       703  $   124,428  $     3,036
                             ===========  ===========  ===========  ===========


</TABLE>






                     The accompanying notes are an integral
                 part of the consolidated financial statements.


                                       4
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                For the Nine Months
                                                Ended September 30,
                                          -------------------------------
                                              2001               2000
                                          -------------     -------------

Cash flows from operating activities:
<S>                                       <C>               <C>
    Net income                            $  12,442,864     $     303,637
    Adjustments to reconcile net income to
     net cash provided by operating
     activities:
        Depreciation and amortization         1,155,927         1,240,333
        Changes in assets and liabilities:
            Gain on sale of property
             (Note 4)                       (12,219,145)                -
            Decrease in prepaid expenses
             and other assets                   205,442           104,845
            Decrease (increase) in other
             liabilities                       (154,940)            8,039
            Increase in due to affiliates        88,065            18,751
                                          -------------     -------------

                Net cash provided by
                 operating activities         1,518,213         1,675,605
                                          -------------     -------------

Cash flows from investing activities:
    Increase (decrease) in other
     liabilities related to fixed
     asset additions                                911            (7,105)
    Fixed asset additions                      (305,447)         (620,441)
    Proceeds from sale of property
     (Note 4)                                14,462,618                 -
                                          -------------     -------------

                Net cash provided by
                 (used in) investing
                 activities                  14,158,082          (627,546)
                                          -------------     -------------

Cash flows from financing activities:
    Principal payments on mortgage notes
     payable                                   (220,190)         (238,908)
    Distributions                            (9,317,751)         (779,567)
    Repayment of mortgage note payable
     (Note 4)                                (3,637,387)                -
                                          -------------     -------------

                Net cash used in
                 financing activities       (13,175,328)       (1,018,475)
                                          -------------     -------------

Net increase in cash and cash equivalents     2,500,967            29,584

Cash and cash equivalents, beginning of
  period                                        740,853           856,738
                                          -------------     -------------

Cash and cash equivalents, end of period  $   3,241,820     $     886,322
                                          =============     =============

</TABLE>




                     The accompanying notes are an integral
                  part of the consolidated financial statements



                                       5
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1)  Accounting Policies

     Certain information and footnote disclosures normally included in financial
     statements  prepared  in  accordance  with  generally  accepted  accounting
     principles  have been  condensed  or  omitted  in this  report on Form 10-Q
     pursuant  to the Rules  and  Regulations  of the  Securities  and  Exchange
     Commission.  In the opinion of the General Partners of Krupp Realty Limited
     Partnership - IV and  Subsidiaries ( the  "Partnership"),  the  disclosures
     contained in this report are adequate to make the information presented not
     misleading.  See notes to Consolidated Financial Statements included in the
     Partnership's  Annual  Report on Form 10-K for the year ended  December 31,
     2000 for additional information relevant to significant accounting policies
     followed by the Partnership.

     The  consolidated   financial   statements  present   consolidated  assets,
     liabilities  and  operations  of  Pavillion  Partners,   Ltd.,   Westbridge
     Partners,  Ltd.,  and  Krupp  Realty  Limited  Partnership  -  IV.  Westcop
     Corporation  has a 1% interest in the  operations of  Westbridge  Partners,
     Ltd. and  Pavillion  Partners,  Ltd. At September 30, 2001 and December 31,
     2000, minority interest of $5,220 and $8,589, respectively,  is included in
     other assets.

     In the opinion of the General Partners of the Partnership, the accompanying
     unaudited   consolidated   financial  statements  reflect  all  adjustments
     (consisting of only normal recurring  accruals) necessary to present fairly
     the Partnership's consolidated financial position as of September 30, 2001,
     its results of operations for the three and nine months ended September 30,
     2001 and 2000 and its cash flows for the nine months  ended  September  30,
     2001 and 2000.

     The results of operations for the three and nine months ended September 30,
     2001 are not  necessarily  indicative  of the results which may be expected
     for the full year.  See  Management's  Discussion and Analysis of Financial
     Condition and Results of Operations included in this report.

(2)  Investment in Securities

     On October 5, 2000,  the  Partnership,  as a member of an alliance of major
     multi-family  real  estate  companies,  executed a master  lease  agreement
     ("MLA") with a provider of high-speed internet, video and voice services to
     multi-family communities.  Pursuant to the MLA, the Partnership granted the
     provider  preferred  lease,  license  and  access  rights to  provide  data
     services,  consisting of  high-speed  broadband  internet  access and video
     services,  to the residents at some of its  multi-family  communities for a
     ten year period.  In exchange for these rights,  the  Partnership  received
     366,691  shares of common  stock  which were  valued at $.2285 per share or
     $83,823.  In  addition,  the  Partnership  will  receive  7.5% of the gross
     revenues that the provider obtains from providing its services as well as a
     fixed amount for each  resident that  executes a subscriber  agreement.  In
     conjunction  with  the  execution  of the  MLA,  the  Partnership  made  an
     investment  of $8,406 in exchange  for 36,785  additional  shares of common
     stock  also  valued  at  $.2285  per  share.   The   Partnership   incurred
     approximately  $3,287 in closing  costs related to the  acquisition  by the
     Partnership  and the closing costs  incurred were recorded as an investment
     in securities  in the financial  statements as of September 30, 2001 and of
     December 31, 2000.







                                    Continued



                                       6
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued


(3)  Mortgage Notes Payable

     On April 27, 2001, the General  Partners signed an agreement  extending the
     mortgage note payable on Pavillion  Apartments,  under the original  terms,
     until May 1, 2002.  The  Partnership  paid an extension  fee of $32,969 for
     this privilege.

4)   Sale of Property

     On  August  1,  2001,  the  Partnership  sold  Fenland  Field,  a  234-unit
     multi-family  apartment  complex,  located in Maryland,  to an unaffiliated
     third party. The Partnership received $14,462,618,  net of closing costs of
     $37,382 and repaid the  mortgage  note  payable of  $3,637,387  and accrued
     interest of $28,973.  For financial  reporting  purposes,  the  Partnership
     realized a gain of  $12,219,145 on the sale. The gain was calculated as the
     difference  between the property's selling price less net book value of the
     property and closing costs.

(5)  Changes in Partners' Deficit

     A summary  of  changes  in  Partners'  deficit  for the nine  months  ended
     September 30, 2001 is as follows:


<TABLE>
<CAPTION>
                        Investor       Original                      Total
                        Limited        Limited        General        Partners'
                        Partners       Partner        Partners       Deficit
                       ------------   ------------   ------------   -----------
Balance at
<S>                    <C>            <C>            <C>            <C>
  December 31, 2000    $ (3,702,397)  $ (1,382,261)  $   (312,524)  $(5,397,182)

Income before gain on
  sale of property          212,533          8,949          2,237       223,719

Gain on sale of
  property               12,096,954              -        122,191    12,219,145

Distributions:
  Operations               (740,589)       (31,183)        (7,796)     (779,568)
  Capital Transactions   (8,452,801)             -        (85,382)   (8,538,183)
                       ------------   ------------   ------------   -----------

Balance at
  September 30, 2001   $   (586,300)  $ (1,404,495)  $   (281,274)  $(2,272,069)
                       ============   ============   ============   ===========
</TABLE>













                                    Continued


                                       7
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

(6)  Related Party Transactions

     The  Partnership  pays  property  management  fees to an  affiliate  of the
     General  Partners  for  management  services.  Pursuant  to the  management
     agreements,  management  fees are  payable  monthly  at a rate of 5% of the
     gross receipts from the properties under  management.  The Partnership also
     reimburses affiliates of the General Partners for certain expenses incurred
     in connection  with the operation of the  Partnership  and its  properties,
     including administrative expenses.

     Amounts  accrued  or  paid  to the  General  Partners'  affiliates  were as
     follows:


<TABLE>
<CAPTION>
                          For the Three Months          For the Nine Months
                           Ended September 30,          Ended September 30,
                       ---------------------------   --------------------------
                           2001           2000           2001           2000
                       ------------   ------------   ------------   -----------

Property management
<S>                    <C>            <C>            <C>            <C>
 fees                  $     73,787   $     68,463   $    227,456   $   213,838

Expense reimbursements       94,090         79,279        364,078       216,226
                       ------------   ------------   ------------   -----------

  Charge to operations $    167,877   $    147,742   $    591,534   $   430,064
                       ============   ============   ============   ===========
</TABLE>

     Due to (from) affiliates consisted of expense reimbursements of $88,065 and
     $(28,007) at September 30, 2001 and December 31, 2000, respectively.

(7)  Multi-family Apartment Communities Held for Sale

     The  Partnership  classifies  assets as available for sale upon the General
     Partners' committing to a formal plan of disposition.

     Multi-family apartment communities held for sale are stated at the lower of
     their  carrying  amount  or  estimated  fair  value  less  disposal  costs.
     Depreciation is not recorded on assets  classified as held for sale. In the
     normal course of business the  Partnership  may receive  offers for sale of
     its properties,  either solicited or unsolicited. For those offers that are
     accepted, the prospective buyer will usually acquire a due diligence period
     before  consummation of the  transaction.  It is not unusual for matters to
     arise that result in the  withdrawal  or rejection of the offer during this
     process. As a result,  multi-family apartment communities are classified as
     `held for sale' once it is likely,  in the  opinion of  management,  that a
     property will be disposed of in the near term.

     On August  28,  2001,  the  General  Partners  signed a  purchase  and sale
     agreement on Pavillion Apartments for a price of approximately $15,573,000.
     The sale is  subject  to  financing  and is  expected  to close on or about
     November 20,  2001.  The  property  has a carrying  value of  approximately
     $3,190,000  on the books of the  Partnership  at September  30, 2001 and is
     classified as held for sale.

     On August 8,  2001,  the  Partnership  filed  Schedule  13E-3 as amended on
     September  21, 2001 as further  amended on October 3, 2001  indicating  the
     intent of Walden Pond Limited Partnership, an entity related to the General
     Partners,  to purchase Walden Pond  Apartments.  The purchase is subject to
     unit holder  approval.  The property has a carrying value of  approximately
     $3,877,000  on the books of the  Partnership  at September  30, 2001 and is
     classified as held for sale.

                                    Continued


                                       8
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued

(8)  Subsequent Event

     On October 11, 2001,  the  Partnership  mailed to  unitholders of record on
     October 10,  2001 a  solicitation  proxy  asking  unitholders  to approve a
     modification  to the Partnership  Agreement  authorizing the Partnership to
     enter  into a purchase  and sale  agreement  between  Walden  Pond  Limited
     Partnership,  an entity  related to the General  Partners,  and  Westbridge
     Partners,  Ltd., the owner of Walden Pond  Apartments,  to sell Walden Pond
     Apartments.

     On November  12, 2001 a majority of the  unitholders  voted in favor of the
     modification and sale.





                                       9
<PAGE>



             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS


This Management's  Discussion and Analysis of Financial Condition and Results of
Operations  contains  forward-looking   statements  including  those  concerning
management's  expectations regarding the future financial performance and future
events.   These   forward-looking   statements  involve  significant  risks  and
uncertainties,  including  those  described  herein.  Actual  results may differ
materially from those anticipated by such forward-looking statements.

Liquidity and Capital Resources

The  Partnership's  ability  to  generate  cash  adequate  to meet its  needs is
dependent  primarily  upon the operations of its real estate  investments.  Such
ability would also be impacted by the future  availability  of bank  borrowings,
and upon the future  refinancing  and sale of the  Partnership's  remaining real
estate  investments.  These sources of liquidity will be used by the Partnership
for payment of expenses related to real estate operations, capital improvements,
debt service and other expenses.  Cash flow, if any, as calculated under Section
8.2 (a) of the Partnership Agreement, will then be available for distribution to
the Partners.

As previously disclosed,  the General Partners have begun an orderly sale of the
Partnership's  multi-family  apartment  communities.  The  Partnership  sold its
interest in Fenland Field Apartments ("Fenland Field") on August 1, 2001, and on
August 28, 2001,  signed a  purchase-and-sale  agreement to sell its interest in
Pavillion  Apartments.  These  transactions  are more fully discussed below. The
Partnership  has  filed  a  solicitation  proxy  with  the  Securities  Exchange
Commission  requesting  that  unitholders  authorize the Partnership to sell its
interest in Walden  Pond  Apartments  to an  affiliate  of the General  Partner,
Walden Pond Limited Partnership.

On April 27,  2001,  the General  Partners  signed an  agreement  extending  the
mortgage notes payable on Pavillion Apartments,  under the original terms, until
May 1,  2002.  The  Partnership  paid  an  extension  fee of  $32,969  for  this
privilege.

On August 1, 2001, the Partnership  sold Fenland Field to an unaffiliated  third
party. The Partnership received $14,462,618, net of closing costs of $37,382 and
repaid the mortgage note payable of $3,637,387 and accrued  interest of $28,973.
(See Note 4).

August 28, 2001,  the  Partnership  signed a  purchase-and-sale  agreement  with
Alexon Ventures LLC, an unrelated third party, to sell Pavillion  Apartments,  a
350-unit  apartment  community  located  in  Garland,  Texas,  for  a  price  of
approximately  $15,573,000.  The sale is expected to close on or about  November
20, 2001. The property has a carrying value of  approximately  $3,190,000 on the
books of the Partnership at September 30, 2001.

On September  25, 2001,  the General  Partners  made a special  distribution  of
approximately  $282 per Investor Limited Partner Unit, based on the net proceeds
from the sale of Fenland Field, after providing for Partnership liabilities, and
maintaining reserves for contingent liabilities.

As of the August 14, 2001 distribution and as a result of the sale and impending
sales of the Partnership's real estate holdings, the Partnership does not expect
sufficient  funds  to  make  any  further  distributions  from  operations.  The
Partnership  does expect to make future  distributions  of the net proceeds from
the sale of the  Partnership's  properties during the next six to twelve months.
Per the Partnership agreement,  any distributions from capital transactions will
be  distributed  1% to the  General  Partners  and 99% to the  Investor  Limited
Partners.

                                   Continued




                                       10
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

Operations

The following  discussion  relates to the operation of the  Partnership  and its
properties  (Pavillion and Walden Pond Apartments) for the three and nine months
ended  September 30, 2001 and 2000. The sale of Fenland Field on August 1, 2001,
significantly impacts the comparability of the Partnership's  operations between
these periods.

Net income, net of Fenland Field's activity, increased during the three and nine
months ended September 30, 2001 when compared to the three and nine months ended
September 30, 2000,  as the increase in total  revenue  exceeded the increase in
total  expenses.  The increase in total  revenue is primarily a result of rental
rate increases implemented at all of the Partnership's  properties at the end of
the first quarter of 2001.

Total  expenses,  net of Fenland  Field's  activity,  for the three months ended
September 30, 2001 decreased  when compared to the three months ended  September
30,  2000,  due to  decreases in  operating  expense,  maintenance  and interest
expense.  Operating  expenses  decreased  primarily  as a result of decreases in
utilities  expense.  Maintenance  expense decreased with a reduction in painting
and decorating expenditures. Interest expense decreased as a result of decreases
in the prime-lending rate.

Total  expenses,  net of Fenland  Field's  activity,  for the nine months  ended
September 30, 2001  increased  when compared to the nine months ended  September
30, 2000 due to increases in operating and general and administrative  expenses.
These  increases  were  partially  offset by  decreases in real estate taxes and
interest  expense.  Operating  expenses  increased  due to increases in payroll,
insurance and  utilities.  General and  administrative  expenses  increased as a
result of increased  investor  communication  costs, which includes printing and
mailing of quarterly and annual reports.  Real estate tax expense decreased as a
result of an  adjustment  to the prior year  accrual  for Walden Pond to correct
historical under accruals.  Interest expense  decreased due to reasons discussed
above.

Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


The  Partnership's  future  earnings,  cash flows and fair  values  relevant  to
financial  instruments are dependent upon prevalent market rates. Market risk is
the risk of loss from adverse changes in market prices and interest  rates.  The
Partnership  manages its market risk by matching  projected  cash  inflows  from
operating  activities,   investing  activities  and  financing  activities  with
projected   cash  outflows  to  fund  debt   payments,   acquisitions,   capital
expenditures,  distributions  and other cash  requirements.  The majority of the
Partnership's  outstanding  debt  (maturing at various times through 2002) has a
fixed interest rate, which minimizes the interest rate risk.

A detailed  analysis of quantitative  and qualitative  market risk exposures was
provided  in the  Partnership's  Annual  Report on Form 10-K for the year  ended
December 31, 2000. There have been no material changes in market risk subsequent
to that date.
















                                       11
<PAGE>

             KRUPP REALTY LIMITED PARTNERSHIP - IV AND SUBSIDIARIES

                           PART II - OTHER INFORMATION



         Item 1.  Legal Proceedings
                    None

         Item 2.  Changes in Securities
                    None

         Item 3.  Defaults upon Senior Securities
                    None

         Item 4.  Submission of Matters to a Vote of Security Holders
                    None

         Item 5.  Other Information
                    None

         Item 6.  Exhibits and Reports on Form 8-K

                    Exhibits:
                     None

                    Reports on Form 8-K:
                     Form 8-K filed on August 6, 2001 regarding the sale of
                      Fenland Field Apartments



































                                       12
<PAGE>

                                    SIGNATURE

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.




                                  Krupp Realty Limited Partnership - IV
                                  ---------------------------------------------
                                                      (Registrant)

                      BY:         /s/ David C. Quade
                                  ---------------------------------------------
                                  Treasurer (Principal Financial and Accounting
                                   Officer) of The Krupp Corporation, a General
                                   Partner





DATE:    November 14, 2001