UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   -----------

                                   FORM 10-QSB

  X    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
-----  OF 1934

                  For the quarterly period ended March 31, 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 0-18278
                                                -------

                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
                                   Registrant

            California                                    68-0191380
---------------------------------             ----------------------------------
      State of Jurisdiction                   I.R.S. Employer Identification No.


2401 Kerner Boulevard, San Rafael, California             94901-5527
--------------------------------------------------------------------------------
   Address of Principal Executive Offices                  Zip Code

       Registrant's telephone number, including area code: (415) 485-4500
                                                           --------------

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
preceding requirements for the past 90 days.

                              Yes   X      No
                                  -----       -----

6,192,840 Units of Limited Partnership Interest were outstanding as of March 31,
2001.

Transitional small business disclosure format:

                              Yes          No   X
                                  -----       -----

                                  Page 1 of 12
<PAGE>


                          Part I. Financial Information
                          -----------------------------
                          Item 1. Financial Statements
                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
                           CONSOLIDATED BALANCE SHEETS
                 (Amounts in Thousands Except for Unit Amounts)
                                   (Unaudited)


                                                         March 31,  December 31,
                                                           2001         2000
                                                           ----         ----
ASSETS

Cash and cash equivalents                                 $1,227       $1,180
                                                          ------       ------


     Total Assets                                         $1,227       $1,180
                                                          ======       ======

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

   Accounts payable and accrued expenses                  $   86       $   75
                                                          ------       ------

     Total Liabilities                                        86           75
                                                          ------       ------

Partners' Capital

   General Partner                                           --           --

   Limited Partners, 6,500,000 units authorized,
     6,492,727 units issued, 6,192,840 units
     outstanding at March 31, 2001 and December 31,
     2000                                                  1,141        1,105
                                                          ------       ------

     Total Partners' Capital                               1,141        1,105
                                                          ------       ------

Total Liabilities and Partners' Capital                   $1,227       $1,180
                                                          ======       ======

        The accompanying notes are an integral part of these statements.

                                       2
<PAGE>

                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                            AND COMPREHENSIVE INCOME
               (Amounts in Thousands Except for Per Unit Amounts)
                                   (Unaudited)
                                                             Three Months Ended
                                                                   March 31,
                                                               2001       2000
                                                               ----       ----
INCOME
   Rental income                                              $  --     $   218
   Gain on sale of securities                                    --         155
   Earned income, financing leases                               --          63
   Interest income, notes receivable                                2        79
   Equity in earnings from joint ventures, net                   --           6
   Other income                                                    56       124
                                                              -------   -------
     Total Income                                                  58       645
                                                              -------   -------

EXPENSES
   Depreciation                                                  --           7
   Amortization of acquisition fees                              --          26
   Lease related operating expenses                                 1         7
   Management fees to General Partner                            --          41
   Reimbursed administrative costs to General Partner               7        67
   Recovery of losses on leases and loans                        --        (375)
   Legal expense                                                    2       119
   General and administrative expenses                             12        29
                                                              -------   -------
     Total Expenses                                                22       (79)
                                                              -------   -------

NET INCOME                                                         36       724

Other comprehensive income:
   Unrealized gains on securities:
     Unrealized holding gains arising during period              --         504
     Less: reclassification adjustment for gains
           included in net income                                --        (155)
                                                              -------   -------

Other comprehensive income                                       --         349
                                                              -------   -------
COMPREHENSIVE INCOME                                          $    36   $ 1,073
                                                              =======   =======

NET INCOME PER LIMITED PARTNERSHIP UNIT                       $   .01   $   .12
                                                              =======   =======

DISTRIBUTIONS PER LIMITED PARTNERSHIP UNIT                    $  --     $  --
                                                              =======   =======

ALLOCATION OF NET INCOME:
     General Partner                                          $  --     $  --
     Limited Partners                                              36       724
                                                              -------   -------
                                                              $    36   $   724
                                                              ======    =======

        The accompanying notes are an integral part of these statements.

                                       3
<PAGE>

                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Amounts in Thousands)
                                   (Unaudited)

                                                              Three Months Ended
                                                                    March 31,
                                                                2001      2000
                                                                ----      ----
Operating Activities:
--------------------

   Net income                                                  $    36  $   724

   Adjustments to reconcile net income to net cash
     provided by operating activities:
       Depreciation                                               --          7
       Amortization of acquisition fees                           --         26
       Equity in earnings from joint ventures, net                --         (6)
       Gain on sale of securities                                 --       (155)
       Gain on sale of equipment                                  --        (37)
       Provision for early termination, financing leases          --          1
       Recovery of losses on notes receivable                     --       (376)
       Decrease in accounts receivable                            --         13
       Increase (decrease) in accounts payable and
         accrued expenses                                           11     (101)
       Decrease in other assets                                   --         39
                                                               -------  -------

Net cash provided by operating activities                           47      135
                                                               -------  -------

Investing Activities:
--------------------
   Principal payments, financing leases                           --        335
   Principal payments, notes receivable                           --        300
   Proceeds from sale of equipment                                --         38
   Proceeds from sale of securities                               --        155
   Distributions from joint ventures                              --         69
                                                               -------  -------

Net cash provided by investing activities                         --        897
                                                               -------  -------

Increase in cash and cash equivalents                               47    1,032

Cash and cash equivalents, beginning of period                   1,180    7,732
                                                               -------  -------

Cash and cash equivalents, end of period                       $ 1,227  $ 8,764
                                                               =======  =======

Supplemental Disclosure of Non-Cash Investing Activities:
--------------------------------------------------------
Reclassification of financing leases to operating leases       $  --    $    13

        The accompanying notes are an integral part of these statements.

                                       4
<PAGE>

                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1.  General.
         -------

         The accompanying  unaudited condensed consolidated financial statements
have been prepared by the  Partnership  in accordance  with  generally  accepted
accounting  principles,  pursuant to the rules and regulations of the Securities
and  Exchange  Commission.  In  the  opinion  of  Management,   all  adjustments
(consisting  of  normal  recurring  accruals)  considered  necessary  for a fair
presentation  have  been  included.   Although   management  believes  that  the
disclosures are adequate to make the information presented not misleading, it is
suggested that these condensed financial  statements be read in conjunction with
the financial  statements and the notes included in the Partnership's  Financial
Statement, as filed with the SEC in the latest annual report on Form 10-K.

         The Partnership  Agreement  stipulates the methods by which income will
be allocated to the General Partner and the limited  partners.  Such allocations
will be made using income or loss calculated under Generally Accepted Accounting
Principles  for book purposes,  which varies from income or loss  calculated for
tax purposes.

         The  calculation  of items of income and loss for book and tax purposes
may result in book basis  capital  accounts that vary from the tax basis capital
accounts. The requirement to restore any deficit capital balances by the General
Partner  will  be  determined  based  on the  tax  basis  capital  accounts.  At
liquidation  of the  Partnership,  the General  Partner's  remaining  book basis
capital  accounts  will be reduced to zero through the  allocation  of income or
loss.

         The Partnership's scheduled termination date was December 31, 2000. The
Partnership is anticipated to close in the near term.

Note 2.  Reclassification.
         ----------------

         Reclassification  - Certain  2000  amounts  have been  reclassified  to
conform  to the 2001  presentation.  These  reclassifications  had no  impact on
previously reported net income or partners' capital.

Note 3.  Income Taxes.
         ------------

         Federal  and state  income tax  regulations  provide  that taxes on the
income  or loss of the  Partnership  are  reportable  by the  partners  in their
individual income tax returns. Accordingly, no provision for such taxes has been
made in the accompanying financial statements.



                                       5
<PAGE>

Note 4.  Accounts Receivable.
         -------------------

         The activity in the allowance for losses on accounts  receivable during
the three months ended March 31, is as follows:

                                                    2001          2000
                                                    ----          ----
                                                  (Amounts in Thousands)

         Beginning balance                          $ -           $ 161
              Provision for losses                    -              -
              Write downs                             -             (12)
                                                    -----         -----
         Ending balance                             $ -           $ 149
                                                    =====         =====

Note 5.  Notes Receivable.
         ----------------

         Impaired Notes Receivable. At March 31, 2001 and December 31, 2000, the
recorded  investment in notes that are  considered to be impaired was $0, net of
specific  write-downs of $32,000.  The average  recorded  investment in impaired
loans  during  the months  ended  March 31,  2001 and 2000 was $0 and  $176,000,
respectively.

         The activity in the allowance for losses on notes receivable during the
three months ended March 31, is as follows:

                                                    2001          2000
                                                    ----          ----
                                                  (Amounts in Thousands)

         Beginning balance                          $ -           $ 409
              Recovery of losses                                   (376)
              Write downs                             -             -
                                                    -----         -----
         Ending balance                             $ -           $  33
                                                    =====         =====

Note 6.  Net Income (Loss) and Distributions Per Limited Partnership Unit.
         -----------------------------------------------------------------

         Net income and distributions per limited partnership unit were based on
the limited  partners' share of net income and  distributions,  and the weighted
average  number of units  outstanding  of  6,192,840  for the three months ended
March 31,  2001 and 2000.  For  purposes  of  allocating  net income  (loss) and
distributions to each individual limited partner, the Partnership  allocates net
income (loss) and distributions based upon each respective limited partner's net
capital contributions.

Note 7.  Investment in Joint Ventures.
         ----------------------------

Equipment Joint Venture
-----------------------

         The aggregate  financial  information of the Equipment Joint Venture is
presented as follows:


                                       6
<PAGE>

                                                   Three Months Ended
                                                        March 31,
                                                    2001          2000
                                                    ----          ----
                                                  (Amounts in Thousands)

         Revenue                                    $ -           $  16
         Expenses                                     -               3
         Net Income                                   -              13

         The  remaining  equipment  joint  venture  was closed  during the first
quarter of 2000.

Note 8.  Legal Proceedings.
         -----------------

         On October 28, 1997, a Class Action  Complaint  (the  "Complaint")  was
filed against Phoenix Leasing Inc., Phoenix Leasing Associates, II and III L.P.,
Phoenix   Securities  Inc.  and  Phoenix  American  Inc.  (the  "Companies")  in
California  Superior Court for the County of Sacramento by eleven individuals on
behalf of investors in Phoenix Leasing Cash Distribution  Funds I through V (the
"Partnerships").  The  Companies  were served with the  Complaint on December 9,
1997. The Complaint sought  declaratory and other relief  including  accounting,
receivership,  imposition of  constructive  trust and judicial  dissolution  and
winding up of the Partnerships,  and damages based on fraud, breach of fiduciary
duty and  breach  of  contract  by the  Companies  as  general  partners  of the
Partnerships.

         Plaintiffs  severed  one cause of action  from the  Complaint,  a claim
related to the marketing and sale of Cash  Distribution  Fund V, and transferred
it to Marin  County  Superior  Court  (the  "Berger  Action").  Plaintiffs  then
dismissed the remaining claims in Sacramento Superior Court and re-filed them in
a separate lawsuit making similar allegations (the "Ash Action").

         The Ash  complaint  includes six causes of action:  breach of fiduciary
duty,  constructive  fraud,  judicial  dissolution of Cash Distribution Fund IV,
judicial  dissolution of Cash Distribution Fund V, accounting and alter ego. The
Companies  recently  answered the complaint and  discovery  has  commenced.  The
plaintiffs'   depositions  have  been  taken,   and  plaintiffs   recently  took
depositions of the Companies.

         The Berger  complaint  relates to  alleged  misrepresentations  made in
connection  with the offering of Cash  Distribution  Fund V. The Companies  have
answered the complaint and discovery has commenced.  A class has been certified.
The  plaintiffs'  depositions  have been taken,  and  plaintiffs  recently  took
depositions of defendants.

         On August 28, 2000, the Ash and Berger actions were  consolidated  (the
"Consolidated  Action")  pursuant to  stipulation  by both parties.  The parties
continue to engage in discovery, including document production, interrogatories,
requests for admission and depositions,  in the Consolidated  Action.  The court
recently set a trial date of October 19, 2001.

         The Companies intend to vigorously defend the Consolidated Action.

         The  Partnership is not a direct party to any legal  proceedings  which
would have a material adverse impact on its financial position.


                                       7
<PAGE>

Note 9.  New Accounting Pronouncements.
         -----------------------------

         Effective  January  1,  2001,  the  Partnership  adopted  Statement  of
Financial Accounting Standards No. 133 (SFAS 133), as amended by SFAS 138, which
establishes  accounting and reporting  standards requiring that every derivative
instrument be recorded in the balance sheet as either an asset or as a liability
measured at its fair value.  The Partnership  currently has warrants to purchase
non-marketable  equities covered by this statement.  The Partnership  previously
carried  these  warrants at fair value on the balance  sheet and changes in fair
value  were  reported  as a  component  of  other  comprehensive  income  on the
Statement of Partners'  Capital.  With the adoption of SFAS 133,  these warrants
are  carried at fair value on the  balance  sheet and  changes in fair value are
reported as part of other income on the Statement of  Operations.  The effect of
the change was not material.



                                       8
<PAGE>

                     PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         -----------------------------------------------------------------------
         of Operations.
         -------------

Results of Operations

         Phoenix  Leasing  Cash  Distribution  Fund  IV,  a  California  limited
partnership  (the  "Partnership"),  reported  net income of $36,000 and $724,000
during the three months ended March 31, 2001 and 2000, respectively. The decline
in net income for the three months  ended March 31,  2001,  compared to the same
period in 2000,  is due  primarily  to a decrease  in  revenues  generated  from
leasing  activities  and winding down of  operations  as the  Partnership  nears
closing.

         The  decrease in total  income of $587,000  for the three  months ended
March 31, 2001,  as compared to the same period in 2000 is primarily  the result
of a  decrease  in rental  income of  $218,000,  gain on sale of  securities  of
$155,000,  interest  income from notes  receivable  of $77,000 and earned income
from financing leases of $63,000.

         Rental  income  decreased  by $218,000 for the three months ended March
31, 2001,  compared to the same period in 2000. The decrease in rental income is
due to the decrease in the Partnership's  equipment  portfolio.  The Partnership
owned  equipment  with an aggregate  original  cost of $0 at March 31, 2001,  as
compared to $5.5  million at March 31,  2000.  The  Partnership  sold all of its
equipment as of December 31, 2000.

         The  Partnership  reported a gain on sale of  securities  of $0 for the
three months ended March 31, 2001,  compared to $155,000 in 2000. The securities
sold in 2000  consisted of common stock  received  through the exercise of stock
warrants  granted  to the  Partnership  as part  of  financing  agreements  with
emerging growth  companies that are publicly  traded.  The Partnership  received
proceeds of $155,000 from the sale of these  securities  during the three months
ended March 31, 2000.

         Interest  income  from notes  receivable  decreased  by $77,000 for the
three  months  ended March 31,  2001,  compared to the same period in 2000.  The
decrease in interest  income from notes  receivable  is due to a decrease in the
Partnerships  net  investment  in notes  receivable to $0 at March 31, 2000 from
$2,136,000 at March 31, 2000.

         The decrease in earned income from financing  leases of $63,000 for the
three  months  ended  March 31,  2001,  compared to the same period in the prior
year,  is due to a decrease in the  Partnerships  net  investment  in  financing
leases to $0 at March 31, 2001 from $741,000 at March 31, 2000.  The  investment
in financing leases,  as well as earned income from financing leases,  decreases
over the lease  term as the  Partnership  amortizes  income  over the lease term
using the interest method of accounting.

         Total  expenses  increased  by $101,000  during the three  months ended
March 31,  2001,  as compared to the same period in 2000.  The increase in total
expenses is a result of a recovery of the provision for losses on receivables of
$375,000  in the three  months  ended  March 31,  2000.  This  recovery  was due
primarily  to a change in estimate of the  provision  for early  termination  of
financing leases. This increase was partially offset by a decrease in all of the
other items comprising expenses.  Management fees decreased $41,000, acquisition
fees  decreased  $26,000,  reimbursed  costs to the  general  partner  decreased

                                       9
<PAGE>


$60,000 and lease related operating  expenses  decreased by $7,000 for the three
months  ended March 31,  2001,  as  compared  to the same period in 2000.  These
decreases are  attributable  to the decline in the amount of equipment  owned as
previously discussed.

Liquidity and Capital Resources

         The  Partnership  reported net cash generated by equipment  leasing and
financing activities of $47,000 and $770,000 during the three months ended March
31, 2001 and 2000, respectively.  The net decrease in cash generated is due to a
decrease in payments on financing leases, notes receivable and rental income.

         The Partnership  received cash  distributions from joint ventures of $0
during the three months ended March 31, 2001, as compared to cash  distributions
of $69,000  during the same period in 2000. The decrease in  distributions  from
joint  ventures  is  attributable  to  the  last  joint  venture  owned  by  the
Partnership closing during the first quarter of 2000.

         Proceeds  from the sale of  equipment  decreased as result of decreased
sales activity in the Partnership's  equipment  portfolio.  The Partnership sold
equipment  with an  aggregate  original  cost of $0 million for the three months
ended March 31, 2001,  compared to $4.5 million for the same period in 2000. The
Partnership had sold all of its equipment as of December 31, 2000.

         As of March 31, 2001, the  Partnership  owned  equipment held for lease
with an original  purchase  price of $0 and a net book value of $0,  compared to
$695,000 and $13,000, respectively, at March 31, 2000.

         The total cash  distributed  to  partners  was $0 for the three  months
ended March 31, 2001 and 2000. In accordance with the partnership agreement, the
limited  partners are entitled to 95% of the cash available for distribution and
the  General  Partner  is  entitled  to 5%. As a result,  the  limited  partners
received $0 in  distributions  during the three  months ended March 31, 2001 and
2000. The cumulative  distributions to the Limited Partners are $133,410,000 and
$122,934,000  as of March 31, 2001 and 2000,  respectively.  The General Partner
received  $0 for its share of the cash  available  for  distribution  during the
three months ended March 31, 2001 and 2000. The  Partnership is planning to make
a final distribution in 2001.


                                       10
<PAGE>


                   PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                        A CALIFORNIA LIMITED PARTNERSHIP

                                 March 31, 2001
                           Part II. Other Information.
                                    -----------------

Item 1.  Legal Proceedings.
         -----------------

         On October 28, 1997, a Class Action  Complaint  (the  "Complaint")  was
filed against Phoenix Leasing Inc., Phoenix Leasing Associates, II and III L.P.,
Phoenix   Securities  Inc.  and  Phoenix  American  Inc.  (the  "Companies")  in
California  Superior Court for the County of Sacramento by eleven individuals on
behalf of investors in Phoenix Leasing Cash Distribution  Funds I through V (the
"Partnerships").  The  Companies  were served with the  Complaint on December 9,
1997. The Complaint sought  declaratory and other relief  including  accounting,
receivership,  imposition of  constructive  trust and judicial  dissolution  and
winding up of the Partnerships,  and damages based on fraud, breach of fiduciary
duty and  breach  of  contract  by the  Companies  as  general  partners  of the
Partnerships.

         Plaintiffs  severed  one cause of action  from the  Complaint,  a claim
related to the marketing and sale of Cash  Distribution  Fund V, and transferred
it to Marin  County  Superior  Court  (the  "Berger  Action").  Plaintiffs  then
dismissed the remaining claims in Sacramento Superior Court and re-filed them in
a separate lawsuit making similar allegations (the "Ash Action").

         The Ash  complaint  includes six causes of action:  breach of fiduciary
duty,  constructive  fraud,  judicial  dissolution of Cash Distribution Fund IV,
judicial  dissolution of Cash Distribution Fund V, accounting and alter ego. The
Companies  recently  answered the complaint and  discovery  has  commenced.  The
plaintiffs'   depositions  have  been  taken,   and  plaintiffs   recently  took
depositions of the Companies.

         The Berger  complaint  relates to  alleged  misrepresentations  made in
connection  with the offering of Cash  Distribution  Fund V. The Companies  have
answered the complaint and discovery has commenced.  A class has been certified.
The  plaintiffs'  depositions  have been taken,  and  plaintiffs  recently  took
depositions of defendants.

         On August 28, 2000, the Ash and Berger actions were  consolidated  (the
"Consolidated  Action")  pursuant to  stipulation  by both parties.  The parties
continue to engage in discovery, including document production, interrogatories,
requests for admission and depositions,  in the Consolidated  Action.  The court
recently set a trial date of October 19, 2001.

         The Companies intend to vigorously defend the Consolidated Action.

Item 2.  Changes in Securities.  Inapplicable
         ---------------------
Item 3.  Defaults Upon Senior Securities.  Inapplicable
         -------------------------------
Item 4.  Submission of Matters to a Vote of Securities Holders.  Inapplicable
         -----------------------------------------------------
Item 5.  Other Information.  Inapplicable
         -----------------
Item 6.  Exhibits and Reports on 8-K:
         ---------------------------
         a)  Exhibits: None
         b)  Reports on 8-K:  None


                                       11
<PAGE>
                                   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.

                                      PHOENIX LEASING CASH DISTRIBUTION FUND IV,
                                          A CALIFORNIA LIMITED PARTNERSHIP
                                      ------------------------------------------
                                                      (Registrant)

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


May 11, 2001       Executive Vice President,             /S/ GARY W. MARTINEZ
-----------------  Chief Operating Officer               --------------------
                   and a Director of                     (Gary W. Martinez)
                   Phoenix Leasing Incorporated
                   General Partner


May 11, 2001       Vice President, Chief Financial       /S/ ANDREW N. GREGSON
-----------------  Officer and a Director of             ---------------------
                   Phoenix Leasing Incorporated          (Andrew N. Gregson)
                   General Partner


                                       12