FORM 10-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

(Mark One)

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

                    For the fiscal year ended March 31, 2000

                                       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: 33-76970


              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4

California                                                           33-0531301
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                               Identification No.)


              3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626

                                 (714) 662-5565

               Securities registered pursuant to Section 12(b) of
                                    the Act:

                                      NONE

               Securities registered pursuant to section 12(g) of
                                    the Act:

                      UNITS OF LIMITED PARTNERSHIP INTEREST

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____

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.  X


<PAGE>


State the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant.

                                  INAPPLICABLE


                       DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K  (e.g.,  Part I, Part II,  etc.)  into  which the  document  is
incorporated:  (1) Any  annual  report  to  security  holders;  (2) Any proxy or
information  statement;  and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the  Securities Act of 1933.  The listed  documents  should be clearly
described for identification  purposes (e.g.,  annual report to security holders
for fiscal year ended December 24, 1980).

                                      NONE












                                       2

<PAGE>
PART I.

Item 1.  Business

Organization

WNC  California  Housing  Tax  Credits  IV,  Series 4 (the  "Partnership")  is a
California Limited  Partnership formed under the laws of the State of California
on February 16, 1994. The Partnership was formed to acquire limited  partnership
interests in other limited  partnerships or limited liability  companies ("Local
Limited Partnerships") which own multifamily housing complexes that are eligible
for  low-income  housing  federal and, in certain cases,  California  income tax
credits ("Low Income Housing Credit").

The general partner of the Partnership is WNC California Tax Credit Partners IV,
L.P.  (the "General  Partner").  WNC & Associates,  Inc.  ("Associates")  is the
general  partner of the General  Partner.  Wilfred N. Cooper,  Sr.,  through the
Cooper  Revocable  Trust,  owns 66.8% of the  outstanding  stock of WNC. John B.
Lester,  Jr.  was the  original  limited  partner of the  Partnership  and owns,
through the Lester Family Trust,  28.6% of the outstanding  stock of Associates.
Wilfred N. Cooper,  Jr.,  President of Associates,  owns 3.6% of the outstanding
stock of  Associates.  The business of the  Partnership  is conducted  primarily
through Associates, as the Partnership has no employees of its own.

Pursuant to a  registration  statement  filed with the  Securities  and Exchange
Commission  on July 26, 1994,  the  Partnership  commenced a public  offering of
25,000 Units of Limited Partnership  Interest ("Units") at a price of $1,000 per
Unit.  As of the close of the public  offering  on August 10,  1995,  a total of
11,500 Units  representing  approximately  $11,099,000 had been sold. Holders of
Units are referred to herein as "Limited Partners."

Description of Business

The  Partnership's  principal  business  objective  is to  provide  its  Limited
Partners with Low Income Housing Credits.  The Partnership's  principal business
therefore  consists of investing as a limited partner or non-managing  member in
Local  Limited  Partnerships  each of which will own and operate a  multi-family
housing  complex (the "Housing  Complex")  which will qualify for the Low Income
Housing Credit.  In general,  under Section 42 of the Internal  Revenue Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
to reduce  Federal  taxes  otherwise due in each year of a ten-year  period.  In
general,  under Section 17058 of the  California  Revenue and Taxation  Code, an
owner of low-income housing can receive the Low Income Housing Credit to be used
against  California taxes otherwise due in each year of a four-year period.  The
Housing Complex is subject to a fifteen-year  compliance period (the "Compliance
Period"),  and under state law may have to be maintained  as low income  housing
for 30 or more years.

In general,  in order to avoid  recapture  of Low Income  Housing  Credits,  the
Partnership  does not  expect  that it will  dispose of its  interests  in Local
Limited Partnerships ("Local Limited Partnership Interests") or approve the sale
by any Local Limited  Partnership of its Housing Complex prior to the end of the
applicable  Compliance  Period.  Because  of  (i)  the  nature  of  the  Housing
Complexes,  (ii) the  difficulty of predicting  the resale market for low-income
housing  15 or more years in the  future,  and (iii) the  ability of  government
lenders to  disapprove  of transfer,  it is not possible at this time to predict
whether the liquidation of the  Partnership's  assets and the disposition of the
proceeds,  if any, in  accordance  with the  Partnership's  Agreement of Limited
Partnership,   as  amended  by  Supplements  to  the  Prospectus   thereto  (the
"Partnership Agreement"), will be able to be accomplished promptly at the end of
the 15-year period. If a Local Limited Partnership is unable to sell its Housing
Complex,  it is  anticipated  that the local  general  partner  ("Local  General
Partner")  will either  continue to operate  such  Housing  Complex or take such
other actions as the Local General  Partner  believes to be in the best interest
of the Local Limited Partnership.  Notwithstanding the preceding,  circumstances
beyond the  control of the General  Partner or the Local  General  Partners  may
occur during the  Compliance  Period,  which would  require the  Partnership  to
approve the disposition of a Housing Complex prior to the end thereof,  possibly
resulting in recapture of Low Income Housing Credits.

                                       3

<PAGE>
As of  March  31,  2000,  the  Partnership  had  invested  in 10  Local  Limited
Partnerships.  Each of these Local Limited  Partnerships  owns a Housing Complex
that is eligible for the federal Low Income Housing Credit and four of them were
eligible for the California Low Income  Housing  Credits.  Certain Local Limited
Partnerships  may  also  benefit  from  government  programs  promoting  low- or
moderate-income housing.

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the Low  Income  Housing  Credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are subject to mortgage
indebtedness.  If a  Local  Limited  Partnership  does  not  make  its  mortgage
payments,  the lender could foreclose resulting in a loss of the Housing Complex
and Low Income Housing Credits.  As a limited partner or non-managing  member of
the Local Limited  Partnerships,  the Partnership  will have very limited rights
with respect to  management  of the Local  Limited  Partnerships,  and will rely
totally  on the  general  partners  or  managing  members  of the Local  Limited
Partnerships for management of the Local Limited Partnerships.  The value of the
Partnership's  investments  will be subject to  changes  in  national  and local
economic conditions,  including unemployment  conditions,  which could adversely
impact vacancy levels, rental payment defaults and operating expenses.  This, in
turn, could substantially  increase the risk of operating losses for the Housing
Complexes and the Partnership.  In addition,  each Local Limited  Partnership is
subject to risks relating to environmental hazards and natural disasters,  which
might be uninsurable.  Because the Partnership's operations will depend on these
and other  factors  beyond the  control  of the  General  Partner  and the Local
General  Partners,  there can be no assurance  that the  anticipated  Low Income
Housing Credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the Low Income  Housing  Credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the Low
Income Housing Credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will  develop.  All  Partnership  management
decisions are made by the General Partner.

As a limited partner or non-managing  member,  the  Partnership's  liability for
obligations of each Local Limited Partnership is limited to its investment.  The
Local General Partners of each Local Limited  Partnership retain  responsibility
for developing,  constructing,  maintaining,  operating and managing the Housing
Complexes.

Item 2.  Properties

Through its  investment  in Local Limited  Partnerships  the  Partnership  holds
limited partnership interests in Housing Complexes. The following table reflects
the  status of the ten  Housing  Complexes  as of the dates and for the  periods
indicated.

                                       4
<PAGE>
<TABLE>
<CAPTION>
                                                    ------------------------------  ------------------------------------------------
                                                         As of March 31, 2000                    As of December 31, 1999
                                                    ------------------------------  ------------------------------------------------
                                                     Partnership's                                        Estimated    Encumbrances
                                                     Total Investment  Amount of                          Low Income   of Local
                               General Partner       in Local Limited  Investment    Number     Occu-     Housing      Limited
Partnership Name   Location    Name                  Partnerships      Paid to Date  of Units   pancy     Credits      Partnerships
------------------------------------------------------------------------------------------------------------------------------------
<S>                <C>         <C>                       <C>           <C>             <C>     <C>   <C>             <C>
Chadron            Chadron,    Retro Development, Inc.   $    483,000  $   472,000     16      100%   $   1,029,000   $     800,000
Apartments I, L.P. Nebraska


Colonial Village   Auburn,     S.P. Thomas Company
Auburn             California  of Northern California
                               and Project Go, Inc.,
                               a California Non-profit
                               Corporation                  2,979,000    2,979,000     56       98%       4,115,000       2,063,000

Eagleville         Eagleville, Kenneth M. Vitor and
Associates I, L.P. Missouri    Joseph A. Shepard               79,000       79,000     16      100%         145,000         354,000

Havana Associates  Havana,     Joseph A. Shepard              252,000      237,000     16       81%         360,000         821,000
I, L.P.            Illinois

Maharlika, Ltd.    Stockton,   Daniels C. Logue and
                   California  Cyrus Youssefi               1,524,000    1,524,000     69       81%       1,958,000       1,562,000

Pawnee Associates  Pawnee,     Kenneth M. Vitor and
I, L.P.            Illinois    Joseph A. Shepard              130,000      130,000     20       90%         239,000         536,000

Rancheria Village  Santa       Community Housing
Apartments, a      Barbara,    Program, Inc., Richard A.
California         California  Bialosky, Detlev Peikert,
Limited                        Francis C. Thompson,
Partnership                    Peter Koelsch, and Real
                               Estate Concepts, Inc.          950,000      950,000     14      100%       1,335,000         987,000

Sycamore Hills     Salem,      Larry A. Swank and Lance
L.P.               Indiana     A. Swank                       185,000      185,000     24       92%         346,000         750,000

Wills Point        Wills       1600 Capital Company, Inc.     234,000      234,000     36       86%         395,000         977,000
Crossing, L.P.     Point,
                   Texas

Woodlake Valencia  Woodlake,   Philip R. Hammond, Jr.
Partners           California  and Diane M. Hammond         1,798,000    1,798,000     47       98%       2,522,000         952,000
                                                           ----------   ----------   ----      ----      ----------      ----------
                                                         $  8,614,000  $ 8,588,000    314       93%   $  12,444,000   $   9,802,000
                                                           ==========   ==========   ====      ====      ==========      ==========

</TABLE>
                                       5


<PAGE>
                                       -----------------------------------------
                                         For the year ended December 31, 1999
                                       -----------------------------------------

                                                             Low Income Housing
                                       Rental        Net     Credit Allocated to
Partnership Name                       Income        Loss    Partnership
--------------------------------------------------------------------------------

Chadron Apartments I, L.P.       $     69,000  $   (78,000)        99%

Colonial Village Auburn               374,000     (162,000)        99%

Eagleville Associates I, L.P.          47,000      (16,000)        99%

Havana Associates I, L.P.              22,000      (22,000)     99.89%

Maharlika, Ltd.                       117,000     (237,000)        99%

Pawnee Associates I, L.P.              59,000      (29,000)        99%

Rancheria Village Apartments, a
California Limited Partnership        105,000      (68,000)        99%

Sycamore Hills L.P.                    85,000      (15,000)        99%

Wills Point Crossing, L.P.            119,000       (2,000)        99%

Woodlake Valencia Partners            109,000     (182,000)        99%
                                    ---------    ---------
                                 $  1,106,000  $  (811,000)
                                    =========    =========



*    Results of Chadron Apartments I, L.P. have not been audited.  See Note 2 to
     the financial  statements and report of the  independent  certified  public
     accountants included elsewhere herein.


                                       6


<PAGE>
Item 3.  Legal Proceedings

The  Partnership  has an  investment  consisting  of a 99%  limited  partnership
interest in Chadron Apartments I, Limited  Partnership  ("Chadron"),  a Nebraska
limited   partnership.   Chadron,   together   with  five  other  Local  Limited
Partnerships in two other  low-income  housing tax credit funds sponsored by WNC
(collectively referred to as the "Defendants"), is a defendant in a lawsuit. The
lawsuit  has been  filed by eight  partnerships  (the  "Plaintiffs")  and  seeks
recovery of $811,715. All of the Defendants involved in the lawsuit had the same
general  partner  and the  Plaintiffs  allege  that the  local  general  partner
accepted funds from them and improperly loaned those funds to the Defendants.

The Defendants  have filed actions against the general partner for violating the
limited partnership  agreements and for breach of fiduciary duties. During 1999,
the  Defendants  held a partners'  meeting and voted to remove the local general
partner.  A receiver  was  appointed by the  District  Court of Douglas  County,
Nebraska  to  oversee  the  operations  of  the  Defendants  as a  result  of an
injunction  filed against the local general partner by the defendants to prevent
the local  general  partner  from further  acting as the general  partner of the
Defendants.

Chadron may not be  successful in its defense of the  aforementioned  litigation
and, as a result,  the  Partnership  may lose its  investment  in Chadron and be
subject to tax credit recapture.

Item 4.  Submission of Matters to a Vote of Security Holders

NONE

PART II.

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

Item 5a.

(a)  The  Units  are not  traded on a public  exchange  but were sold  through a
     public offering.  It is not anticipated that any public market will develop
     for the  purchase  and  sale of any  Unit and  none  exists.  Units  can be
     assigned  only if certain  requirements  in the  Partnership  Agreement are
     satisfied.

(b)  At March 31, 2000, there were 438 Limited Partners.

(c)  The Partnership was not designed to provide cash  distributions  to Limited
     Partners in  circumstances  other than  refinancing  or  disposition of its
     investments in Local Limited Partnerships.

(d)  No  unregistered  securities  were sold by the Partnership  during the year
     ended March 31, 2000.

Item 5b.

NOT APPLICABLE

                                       7

<PAGE>
Item 6. Selected Financial Data

Selected balance sheet information for the Partnership is as follows:
<TABLE>
<CAPTION>
                                                March 31                              December 31
                                         ------------------------  --------------------------------------------------
                                            2000         1999         1998         1997         1996         1995
                                         -----------  -----------  -----------  -----------  -----------  -----------
ASSETS

<S>                                    <C>          <C>          <C>          <C>          <C>          <C>
Cash and cash equivalents              $    497,221 $    675,871 $    760,343 $  1,147,906 $  2,614,756 $  3,827,214
Receivables from affiliates                      25            -            -       31,646      121,825            -
Loans receivable                                  -            -      201,611            -            -            -
Investments in limited
 partnerships, net                        6,052,638    6,899,934    6,845,203    7,622,211    8,467,424    8,494,018
Other assets                                      -            -            -            -       12,912       25,824
                                         -----------  -----------  -----------  -----------  -----------  -----------

                                       $  6,549,884 $  7,575,805 $  7,807,157 $  8,801,763 $ 11,216,917 $ 12,347,056
                                         ===========  ===========  ===========  ===========  ===========  ===========
LIABILITIES

Payable to limited partnerships        $     25,977 $    142,124 $     91,746 $    363,634 $  1,929,597 $  2,785,857
Accrued expenses                             23,835            -            -            -            -            -
Accrued fees and expenses
 due to general partner
 and affiliates                               8,124      (19,496)      62,779        6,445       43,755      102,526

PARTNERS' EQUITY                          6,491,948    7,453,177    7,652,632    8,431,684    9,243,565    9,458,673
                                         -----------  -----------  -----------  -----------  -----------  -----------

                                       $  6,549,884 $  7,575,805 $  7,807,157 $  8,801,763 $ 11,216,917 $ 12,347,056
                                         ===========  ===========  ===========  ===========  ===========  ===========
</TABLE>

Selected results of operations,  cash and other  information for the Partnership
is as follows:
<TABLE>
<CAPTION>

                            For the
                           Year Ended    For the Three Months                     For the Years Ended
                            March 31        Ended March 31                            December 31
                          -----------  ------------------------   --------------------------------------------------
                             2000          1999         1998         1998          1997         1996         1995
                          -----------  -----------  -----------   -----------   ----------   ----------   ----------
                                                    (Unaudited)
<S>                     <C>           <C>           <C>          <C>         <C>          <C>          <C>
Income (loss) from
 operations             $   (93,638)  $   (11,927)  $   (7,453)  $  (28,938) $    (5,242) $    70,901  $    23,654
Equity in losses of
 limited partnerships      (817,069)     (187,528)    (222,248)    (750,114)    (806,639)    (528,288)    (100,224)
Other expenses and
 losses                     (50,522)            -            -            -            -            -            -
                          ----------   -----------  -----------  -----------   ----------   ----------   ----------

Net loss                $  (961,229)  $  (199,455)  $ (229,701)  $ (779,052) $  (811,881) $  (457,387) $   (76,570)
                          ==========   ===========  ===========  ===========   ==========   ==========   ==========

Net loss allocated to:
 General Partner        $    (9,612)  $    (1,995)  $   (2,297)  $   (7,791) $    (8,119) $    (4,574) $      (766)
                          ==========   ===========  ===========  ===========   ==========   ==========   ==========

 Limited Partners       $  (951,617)  $  (197,460)  $ (227,404)  $ (771,261) $  (803,762) $  (452,813) $   (75,804)
                          ==========   ===========  ===========  ===========   ==========   ==========   ==========

Net loss per limited
 partner unit           $    (82.75)  $    (17.17)  $   (19.77)  $   (67.07) $    (69.89) $    (39.38) $     (8.68)
                          ==========   ===========  ===========  ===========   ==========   ==========   ==========

Outstanding weighted
 limited partner units       11,500        11,500       11,500       11,500       11,500       11,500        8,735
                          ==========   ===========  ===========  ===========   ==========   ==========   ==========


</TABLE>
                                       8

<PAGE>

<TABLE>
<CAPTION>
                            For the
                           Year Ended    For the Three Months                     For the Years Ended
                            March 31        Ended March 31                            December 31
                          -----------  ------------------------   --------------------------------------------------
                             2000          1999         1998         1998         1997         1996         1995
                          -----------  -----------  -----------   -----------   ----------   ----------   ----------
                                                    (Unaudited)
<S>                    <C>          <C>          <C>         <C>           <C>          <C>          <C>
Net cash provided by
 (used in):
 Operating activities  $   (67,091) $   (87,823) $    10,707 $     84,603  $   123,268  $   108,678  $    26,322
 Investing activities     (111,559)       3,351        2,539     (472,166)  (1,552,808)  (1,382,819)  (1,979,131)
 Financing activities            -            -            -            -      (37,310)      61,683    5,295,252
                         ----------  -----------  -----------  -----------   ----------   ----------   ----------

Net change in cash
 and cash equivalents     (178,650)     (84,472)      13,246     (387,563)  (1,466,850)  (1,212,458)   3,342,443


Cash and cash
 equivalents,
 beginning of period       675,871      760,343    1,147,906    1,147,906    2,614,756    3,827,214      484,771
                         ----------  -----------  -----------  -----------   ----------   ----------   ----------

Cash and cash
 equivalents,
 end of period         $   497,221  $   675,871  $ 1,161,152 $    760,343  $ 1,147,906  $ 2,614,756  $ 3,827,214
                         ==========  ===========  ===========  ===========   ==========   ==========   ==========

Low Income Housing  Credit per limited  partner unit was as follows for the year
ended December 31:

                            1999           1998            1997             1996            1995             1994
                         ------------  --------------  --------------   --------------  --------------  ---------------

Federal                  $       102    $        99     $        86     $         64   $          21   $            -
State                             27             67              91               70              70                -
                          -----------     ----------      ----------       ----------    ------------     ------------
Total                    $       129    $       166     $       177     $        134   $          91   $            -
                          ===========     ==========      ==========       ==========    ============     ============



</TABLE>

                                       9

<PAGE>
Item 7. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Uncertainty with respect to Chadron Investments

The  Partnership  has an  investment,  accounted  for under the  equity  method,
consisting  of a 99% limited  partnership  investment  in Chadron  Apartments I,
Limited Partnership ("Chadron"), a Nebraska limited partnership.  The investment
in Chadron carried on the  Partnership's  balance sheet at March 31, 2000 totals
$329,597  (which  represents  approximately  5% of total  investment  in limited
partnerships of the  Partnership).  The Partnership has reflected  equity in the
net losses of Chadron totaling $82,794  ($(7.20) per limited  partnership  unit)
for the year ended March 31, 2000.

Chadron,  together with five other Local Limited  Partnerships  in two other low
income housing tax credit funds  sponsored by WNC  (collectively  referred to as
the  "Defendants"),  is a defendant in a lawsuit.  The lawsuit has been filed by
eight partnerships (the "Plaintiffs") and seeks recovery of $811,715. All of the
Defendants  involved  in the  lawsuit  had  the  same  general  partner  and the
Plaintiffs  allege that the local general  partner  accepted funds from them and
improperly  loaned  those funds to the  Defendants.  The  Defendants  have filed
actions  against  the  general  partner for  violating  the limited  partnership
agreements and for breach of fiduciary duties.  During 1999, the Defendants held
a partners'  meeting and voted to remove the local general  partner.  A receiver
was appointed by the District Court of Douglas  County,  Nebraska to oversee the
operations  of the  Defendants  as a result of an  injunction  filed against the
local general  partner by the  defendants  to prevent the local general  partner
from further acting as the general partner of the Defendants.

Legal  costs in the amount of $31,645  were  incurred  through  March 31,  2000,
including an accrual for management's estimate of future legal costs of $16,667,
which  is the  Partnership's  prorated  portion  of the  collective  accrual  of
$100,000  booked across the three  affected WNC sponsored low income housing tax
credit funds.  In addition,  the  Partnership  has accrued  $5,000 for estimated
additional  audit fees and recognized  approximately  $3,300 for estimated costs
related to the receivership, which is included in other expenses.

The  independent  auditors  engaged to perform an audit of  Chadron's  financial
statements as of and for the year ended December 31, 1999 were unable to form an
opinion  on  those  financial  statements  due to the  lack  of  general  ledger
information for a period of approximately  three months, the inability to obtain
reliable  confirmations of advances to/notes  receivable from the former general
partner and the inability to obtain a management  representation letter from the
former  management  company which is an affiliate of the former general partner.
As a result,  the  Partnership  has not included the  financial  information  of
Chadron in the combined condensed financial  statements presented in Note 3. The
combined condensed financial information for previous periods presented has been
restated to exclude the accounts of Chadron.

The Partnership has recognized  equity in losses of Chadron totaling $82,794 for
the year ended March 31, 2000 based on nine months of reported  results provided
by  Chadron  and on three  months of  results  estimated  by  management  of the
Partnership.  Such  estimates  may be  materially  misstated  due to the lack of
corroborative financial information, as discussed above.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will be able to realize its  investment  in  Chadron.  Chadron is a
defendant in the litigation described above and may owe substantial  liabilities
not currently  reflected in its financial  statements in the event a judgment is
rendered against Chadron. In addition, Chadron has and is currently experiencing
substantial  negative cash flows from  operations and is currently in default on
its  construction  loan.  Chadron may not be able to refinance its  construction
loan into a permanent  loan,  which would  increase  cash flow from  operations.
Furthermore,  the Partnership may have to sell its investment in Chadron. If the
construction  loan is not refinanced,  the construction  lender may foreclose on
Chadron.  In  addition,  Chadron  may not be  successful  in its  defense of the
aforementioned  litigation. As a result, the Partnership may lose its investment
in Chadron and be subject to tax credit recapture. There is an uncertainty as to
the amounts the  Partnership  will  ultimately  realize from its  investment  in
Chadron.  The  financial  statements do not include any  adjustments  that might
result from the outcome of these uncertainties.

Financial Condition

The  Partnership's  assets at March 31, 2000 consisted  primarily of $497,000 in
cash  and  aggregate  investments  in the  ten  Local  Limited  Partnerships  of
$6,053,000.  Liabilities at March 31, 2000 primarily consisted of $26,000 due to
limited partnerships,  $24,000 of accrued expenses and $8,000 due to the general
partner of affiliates for annual management and advances.

                                       10
<PAGE>
Results of Operations

Year  Ended  March 31,  2000  Compared  to Year Ended  December  31,  1998.  The
Partnership's  net  loss for the  year  ended  March  31,  2000 was  $(961,000),
reflecting  an increase of $182,000 from the net loss  experienced  for the year
ended  December 31, 1998. The increase in net loss is primarily due to equity in
losses of limited  partnerships which increased by $67,000 to $(817,000) for the
year ended March 31, 2000 from  $(750,000) for the year ended December 31, 1998.
The  increase  in  equity  in  losses  of  limited  partnerships  is  due to the
acquisition of a Local Limited Partnership, Havana Associates I, in 1999 and the
completion of construction of that Local Limited  Partnership during the current
fiscal year.  The losses of this Local  Limited  Partnership  recognized  by the
Partnership for the year ended March 31, 2000 were $(28,000).  In addition,  one
Local Limited Partnership,  Colonial Village - Auburn, experienced significantly
higher  maintenance costs, taxes and insurance and other expenses which resulted
in the  Partnership  recognizing  $(169,000)  of  losses of this  Local  Limited
Partnership  for the year ended March 31, 2000 as compared to $(128,000) for the
year ended  December  31, 1998.  In  addition,  the  Partnership  experienced  a
decrease in interest income of $15,000  resulting from a decrease in cash due to
capital  contributions  paid to Local  Limited  Partnerships  of $318,000  since
December 31, 1998.  The  Partnership  also  experienced an increase in operating
expenses  paid to third  parties of  $50,000  due to the  litigation  related to
Chadron Apartments I. Additionally, the Partnership recognized losses on sale of
securities  of  approximately  $(51,000)  for the year ended  March 31,  2000 as
compared  to $0 for  the  year  ended  December  31,  1998.  The  realized  loss
experienced  from the sale of securities  was the result of market  fluctuations
that reduced the values of certain tax-exempt investments by $(21,522). In order
to avoid future losses,  these investments were liquidated prior to maturity and
deferred  brokerage  charges  paid upon  liquidation  amounted to an  additional
$(29,000).  The cash generated from the sale of these investments was reinvested
in  tax-exempt,  auction rate preferred  instruments  that are highly liquid and
diversified  securities  backed by 200%  collateral.  Accordingly,  losses  from
investing activities are not expected to recur in the future.

Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
The  Partnership's  net loss for the  three  months  ended  March  31,  1999 was
$(199,000),  reflecting a decrease of $31,000 from the net loss  experienced for
the three months ended March 31, 1998.  The decline in net loss is due to equity
in losses of limited  partnerships  which decreased by $34,000 to $(188,000) for
the three month period ended March 31, 1999 from  $(222,000) for the three month
period  ended  March 31,  1998.  The  reduction  in equity in losses of  limited
partnerships  was partially  offset by loss from  operations  which increased by
$5,000 to  $(12,000)  for the  three  month  period  ended  March 31,  1999 from
$(7,000)  for the three month  period  ended March 31, 1998 due to a  comparable
decrease in operating income.

Year Ended  December 31, 1998  Compared to Year Ended  December  31,  1997.  The
Partnership's net loss for 1998 was $(779,000), reflecting a decrease of $33,000
from the net loss  experienced in 1997. The decline in net loss is primarily due
to equity in losses from limited  partnerships  which  declined to $(750,000) in
1998 from  $(807,000) in 1997.  The reduction in equity  losses  recognized  was
partially  offset by an increase in loss from operations of $(24,000) in 1998 to
$(29,000),  from $(5,000) in 1997,  due to a $5,000  increase in office  expense
allocations and a $19,000 decrease in interest income.

Cash Flows

Year Ended March 31, 2000  Compared to Year Ended  December 31,  1998.  Net cash
used during the year ended March 31, 2000 was  $(179,000),  compared to net cash
used for the year ended  December  31, 1998 of  $(388,000).  Net cash flows from
operating  activities  decreased  by  $152,000  to net  cash  used in  operating
activities  of $(67,000)  for the year ended March 31, 2000 compared to net cash
provided by  operating  activities  of $85,000 for the year ended  December  31,
1998.  This  decrease  was  primarily  due to  changes in  operating  results as
discussed  under  Results  of  Operations.  Net  cash  flows  used in  investing
activities decreased by $361,000 to $(112,000) for the year ended March 31, 2000
from  $(472,000)  due primarily to a decrease in capital  contributions  paid to
Local  Limited   Partnerships   of  $156,000,   a  decrease  in  cash  paid  for
pre-development  loans  receivable of $202,000 and an increase in  distributions
received from Local Limited Partnerships of $3,000.

                                       11
<PAGE>
Three Months Ended March 31, 1999 Compared to Three Months Ended March 31, 1998.
Net decrease in cash during the three months ended March 31, 1999 was $(84,000),
compared to a net  increase in cash for the three months ended March 31, 1998 of
$13,000.  The change was due to an increase in cash paid to the General  Partner
of affiliates of $94,000 and a decrease in operating income of $3,000.

Year Ended  December 31, 1998 Compared to Year Ended December 31, 1997. Net cash
used in 1998 was $(388,000),  compared to net cash used in 1997 of $(1,467,000).
The change was due primarily to a decrease in cash used for investments in Local
Limited  Partnerships  of $1,084,000  and a decrease in cash paid to the General
Partner or  affiliates of $37,000  partially  offset by an increase in operating
costs paid to third  parties and a decline in  distributions  from Local Limited
Partnerships.

During the year ended March 31, 2000 and the three  months ended March 31, 1999,
accrued fees and expenses due to general partner and  affiliates,  which include
related  party  management  fees due to  Associates,  increased  by $28,000  and
decreased by $82,000, respectively.

The Partnership  expects its future cash flows,  together with its net available
assets at March 31, 2000, to be  sufficient  to meet all  currently  foreseeable
future cash requirements.

                                       12
<PAGE>
IMPACT OF YEAR 2000

WNC & Associates, Inc.

Status of Readiness

Information Technology (IT) Systems. The Partnership relies on the IT systems of
WNC, its ultimate  general  partner.  IT systems include  computer  hardware and
software  used to produce  financial  reports and tax return  information.  This
information  is then  used to  generate  reports  to  investors  and  regulatory
agencies, including the Internal Revenue Service and the Securities and Exchange
Commission. The IT systems of WNC are year 2000 compliant.

Non-IT Systems. The Partnership also relies on the non-IT systems of WNC. Non-IT
systems  include  machinery and  equipment  such as  telephones,  voice mail and
electronic postage equipment. The non-IT systems of WNC are year 2000 compliant.

Service  Providers.  WNC also  relies on the IT and  non-IT  systems  of service
providers. Service providers include utility companies,  financial institutions,
telecommunications carriers,  municipalities, and other outside vendors. WNC has
obtained verbal assurances from its material service providers (electrical power
provider,  financial institutions and telecommunications carriers) that their IT
and non-IT systems are year 2000  compliant.  To date,  WNC has not  encountered
significant year 2000 issues or business disruptions from its service providers.

Costs to Address Year 2000 Issues

The cost to address year 2000 issues for WNC has been less than $25,000.

Risk of Year 2000 Issues

Although WNC has  encountered no significant  year 2000 issues to date, the most
reasonable  and likely result from  non-year  2000  compliance of systems of the
service  providers  noted  above  would be the  disruption  of  normal  business
operations for WNC. This disruption could, in turn, lead to delays in performing
reporting and fiduciary responsibilities on behalf of the Partnership. The worst
case scenario would be the replacement of a service provider. These delays would
likely  be  temporary  and  would  likely  not  have a  material  effect  on the
Partnership or WNC.

Local Limited Partnerships

Status of Readiness

To date, WNC and the  Partnership  have  encountered  no  significant  year 2000
issues with respect to the Local Limited Partnerships.

Costs to Address Year 2000 Issues

There has been and will be no cost to the  Partnership  as a result of assessing
year 2000 issues for the Local  Limited  Partnerships.  Although no  significant
year 2000 issues have been  encountered to date, the cost to deal with potential
year 2000 issues of the Local Limited  Partnerships  cannot be estimated at this
time.

                                       13

<PAGE>
Risk of Year 2000 Issues

Although no significant  year 2000 issues have been  encountered to date,  there
can be no assurance that the Partnership will be unaffected by year 2000 issues.
The most  reasonable and likely result from non-year 2000 compliance will be the
disruption of normal  business  operations  for the Local Limited  Partnerships,
including but not limited to the possible  failure to properly collect rents and
meet their obligations in a timely manner.  This disruption would, in turn, lead
to  delays  by the  Local  Limited  Partnerships  in  performing  reporting  and
fiduciary responsibilities on behalf of the Partnership. The worst-case scenario
would  include the  initiation  of  foreclosure  proceedings  on the property by
mortgage debt holders.  Under these  circumstances,  WNC or its affiliates  will
take  actions  necessary  to minimize  the risk of  foreclosure,  including  the
removal and  replacement of a Local General  Partner by the  Partnership.  These
delays would likely be temporary and would likely not have a material  effect on
the Partnership or WNC.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

NONE.

Item 8.  Financial Statements and Supplementary Data












                                       14

<PAGE>


               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS




To the Partners
WNC California Housing Tax Credits IV, L.P., Series 4

We have audited the  accompanying  balance sheets of WNC California  Housing Tax
Credits  IV,  L.P.,   Series  4  (a   California   Limited   Partnership)   (the
"Partnership")  as of March 31, 2000 and 1999,  and December  31, 1998,  and the
related statements of operations,  partners' equity (deficit) and cash flows for
the year ended March 31,  2000,  the three  months  ended March 31, 1999 and the
year ended December 31, 1998. These financial  statements are the responsibility
of the Partnership's management.  Our responsibility is to express an opinion on
these financial  statements  based on our audits.  A significant  portion of the
financial  statements of the limited  partnerships in which the Partnership is a
limited partner were audited by other auditors whose reports have been furnished
to us. As  discussed  in Note 3 to the  financial  statements,  the  Partnership
accounts for its  investments in limited  partnerships  using the equity method.
The portion of the Partnership's  investment in limited  partnerships audited by
other  auditors  represented  77%,  73%  and  73% of  the  total  assets  of the
Partnership at March 31, 2000 and 1999, and December 31, 1998, respectively. Our
opinion,  insofar  as it  relates  to the  amounts  included  in  the  financial
statements for the limited  partnerships  which were audited by others, is based
solely on the reports of the other auditors.

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

As  more  thoroughly  discussed  in  Note 2 to  the  financial  statements,  the
independent  auditors engaged to perform an audit of Chadron  Apartments I, L.P.
("Chadron"), a Nebraska limited partnership's financial statements as of and for
the year  ended  December  31,  1999 were  unable to express an opinion on those
financial  statements.  The investment in Chadron  carried on the  Partnership's
balance sheet at March 31, 2000 totals $329,597 (which represents  approximately
5% of  total  investment  in  limited  partnerships  of  the  Partnership).  The
Partnership has reflected  equity in the net losses of Chadron  totaling $82,794
($(7.20) per limited partnership unit) for the year ended March 31, 2000.

In our  opinion,  except for the effects of such  adjustments,  if any, as might
have been determined to be necessary had the  independent  auditors been able to
form an opinion on Chadron's  financial  statements,  the  financial  statements
referred to above  present  fairly,  in all  material  respects,  the  financial
position of WNC California  Housing Tax Credits IV, L.P., Series 4 (a California
Limited  Partnership)  as of March 31, 2000 and 1999, and December 31, 1998, and
the  results of its  operations  and its cash flows for the year ended March 31,
2000,  the three  months  ended March 31, 1999 and the year ended  December  31,
1998, in conformity with generally accepted accounting principles.



                                /s/ BDO SEIDMAN, LLP
                                    BDO SEIDMAN, LLP

Orange County, California
June 26, 2000

                                       15

<PAGE>





                          INDEPENDENT AUDITORS' REPORT



To the Partners
WNC California Housing Tax Credits IV, L.P., Series 4


We have audited the statements of  operations,  partners'  equity  (deficit) and
cash  flows  of WNC  California  Housing  Tax  Credits  IV,  L.P.,  Series  4 (a
California Limited  Partnership) (the "Partnership") for the year ended December
31, 1997. These financial statements are the responsibility of the Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audit. We did not audit the financial  statements of the
limited  partnerships  in which WNC  California  Housing Tax  Credits IV,  L.P.,
Series 4 is a limited partner. These investments,  as discussed in Note 3 to the
financial statements, are accounted for by the equity method. The investments in
these limited partnerships represented 87% of the total assets of WNC California
Housing Tax Credits IV, L.P.,  Series 4 at December 31, 1997.  Substantially all
of the financial  statements of the limited  partnerships  were audited by other
auditors whose reports have been furnished to us, and our opinion, insofar as it
relates to the amounts included for these limited partnerships,  is based solely
on the reports of the other auditors.

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

In our opinion,  based on our audit and the reports of the other  auditors,  the
financial statements referred to above present fairly, in all material respects,
the results of operations and cash flows of WNC  California  Housing Tax Credits
IV,  L.P.,  Series 4 (a  California  Limited  Partnership)  for the  year  ended
December 31, 1997, in conformity with generally accepted accounting principles.



                               /s/ CORBIN & WERTZ
                                   CORBIN & WERTZ


Irvine, California
April 10, 1998


                                       16

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                 March 31                 December 31
                                                       ------------------------------    ---------------
                                                           2000             1999              1998
                                                       --------------   -------------    ---------------
ASSETS

<S>                                                  <C>              <C>              <C>
Cash and cash equivalents                            $       497,221  $      675,871   $        760,343
Receivables from affiliates                                       25               -                  -
Loans receivable (Note 7)                                          -               -            201,611
Investments in limited partnerships (Note 2 and 3)         6,052,638       6,899,934          6,845,203
                                                       --------------   -------------    ---------------

                                                     $     6,549,884  $    7,575,805   $      7,807,157
                                                       ==============   =============    ===============
LIABILITIES AND PARTNERS' EQUITY
  (DEFICIT)

Liabilities:
 Payable to limited partnerships (Note 5)            $        25,977  $      142,124   $         91,746
 Accrued expenses                                             23,835               -                  -
 Accrued fees and expenses due to General
  Partner and affiliates (Note 4)                              8,124         (19,496)            62,779
                                                       --------------   -------------    ---------------

   Total liabilities                                          57,936         122,628            154,525
                                                       --------------   -------------    ---------------
Commitments and contingencies

Partners' equity (deficit):
 General partner                                             (36,254)        (26,642)           (24,647)
 Limited partners (25,000 units authorized,
  11,500 units issued and outstanding)                     6,528,202       7,479,819          7,677,279
                                                       --------------   -------------    ---------------

   Total partners' equity                                  6,491,948       7,453,177          7,652,632
                                                       --------------   -------------    ---------------

                                                     $     6,549,884  $    7,575,805   $      7,807,157
                                                       ==============   =============    ===============
</TABLE>

See independent auditors' report and accompanying notes to financial statements
                                       17

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
                                                                  For the
                                                                   Three
                                                  For the          Months
                                                 Year Ended        Ended            For the Years Ended
                                                  March 31        March 31              December 31
                                                -------------   ------------   -----------------------------
                                                    2000           1999            1998            1997
                                                -------------   ------------   ------------    -------------
<S>                                         <C>             <C>            <C>              <C>
Interest income                             $       31,345  $       7,756  $       46,032   $      65,307
                                              -------------   ------------    ------------   -------------
Operating expenses:
 Amortization (Note 3)                              25,639          6,379          25,561          25,419
 Asset management fees (Note 4)                     31,625          7,906          31,625          31,625
 Other expenses                                     67,719          5,398          17,784          13,505
                                              -------------   ------------    ------------   -------------

  Total operating expenses                         124,983         19,683          74,970          70,549
                                              -------------   ------------    ------------   -------------

Loss from operations                               (93,638)       (11,927)        (28,938)         (5,242)

Other expenses and losses:
 Equity in losses of limited
  partnerships (Note 3)                           (817,069)      (187,528)       (750,114)       (806,639)
 Loss from sale of securities (Note 8)             (50,522)             -               -               -
                                              -------------   ------------    ------------   -------------

Total other expenses and losses                   (867,591)      (187,528)       (750,114)       (806,639)
                                              -------------   ------------    ------------   -------------

Net loss                                    $     (961,229) $    (199,455) $     (779,052)  $    (811,881)
                                              =============   ============    ============   =============
Net loss allocated to:
 General partner                            $       (9,612) $      (1,995) $       (7,791)  $      (8,119)
                                              =============   ============    ============   =============

 Limited partners                           $     (951,617) $    (197,460) $     (771,261)  $    (803,762)
                                              =============   ============    ============   =============

Net loss per limited partner unit           $       (82.75) $      (17.17) $       (67.07)  $      (69.89)
                                              =============    ===========    ============   =============

Outstanding weighted limited
 partner units                                      11,500         11,500          11,500          11,500
                                              =============   ============    ============   =============

</TABLE>

See independent auditors' report and accompanying notes to financial statements
                                       18

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    STATEMENTS OF PARTNERS' EQUITY (DEFICIT)

                       For The Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997
<TABLE>
<CAPTION>

                                                               General            Limited
                                                               Partner            Partners             Total
                                                            --------------    ---------------     ---------------

<S>                                   <C>                 <C>               <C>                 <C>
Partners' equity (deficit) at January 1, 1997             $        (8,737)  $      9,252,302    $      9,243,565


Net loss                                                           (8,119)          (803,762)           (811,881)
                                                            --------------    ---------------     ---------------

Partners' equity (deficit) at December 31, 1997                   (16,856)         8,448,540           8,431,684

Net loss                                                           (7,791)          (771,261)           (779,052)
                                                            --------------    ---------------     ---------------

Partners' equity (deficit) at December 31, 1998                   (24,647)         7,677,279           7,652,632

Net loss                                                           (1,995)          (197,460)           (199,455)
                                                            --------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 1999                      (26,642)         7,479,819           7,453,177

Net loss                                                           (9,612)          (951,617)           (961,229)
                                                            --------------    ---------------     ---------------

Partners' equity (deficit) at March 31, 2000              $       (36,254)  $      6,528,202    $      6,491,948
                                                            ==============    ===============     ===============
</TABLE>

See independent auditors' report and accompanying notes to financial statements
                                       19


<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                        For the
                                                                         Three
                                                        For the          Months
                                                       Year Ended        Ended            For the Years Ended
                                                        March 31        March 31              December 31
                                                      -------------   ------------   -----------------------------
                                                          2000           1999            1998            1997
                                                      -------------   ------------   ------------    -------------
<S>                                                   <C>           <C>            <C>            <C>
Cash flows from operating activities:
 Net loss                                             $   (961,229) $   (199,455)  $   (779,052)  $   (811,881)
 Adjustments to reconcile net loss to net cash
  provided by (used in) operating activities:
  Amortization                                              25,639         6,379         25,561         25,419
  Equity in losses of limited partnerships                 817,069       187,528        750,114        806,639
  Change in receivables from affiliates                        (25)            -         31,646         90,179
  Change in other assets                                         -             -              -         12,912
  Change in accrued expenses                                23,835             -              -              -
  Change in accrued fees and expenses due
   to general partner and affiliates                        27,620       (82,275)        56,334              -
                                                        -----------   -----------    -----------    -----------
Net cash provided by (used in) operating
 activities                                                (67,091)      (87,823)        84,603        123,268
                                                        -----------   -----------    -----------    -----------
Cash flows from investing activities:
 Investments in limited partnerships, net                 (116,147)     (201,611)      (271,888)    (1,555,241)
 Capitalized acquisition costs and fees                     (1,921)          (27)        (1,584)        (3,567)
 Distributions from limited partnerships                     6,509         3,378          2,917          6,000
 Loans receivable                                                -       201,611       (201,611)             -
                                                        -----------   -----------    -----------    -----------
Net cash provided by (used in) investing
 activities                                               (111,559)        3,351       (472,166)    (1,552,808)
                                                        -----------   -----------    -----------    -----------
Cash flows from financing activities:
 Payments to affiliates or general
  partner, net                                                   -             -              -        (37,310)
                                                        -----------   -----------    -----------    -----------

Net cash used in financing activities                            -             -              -        (37,310)
                                                        -----------   -----------    -----------    -----------

Net decrease in cash and
 cash equivalents                                         (178,650)      (84,472)      (387,563)    (1,466,850)

Cash and cash equivalents, beginning
 of period                                                 675,871       760,343      1,147,906      2,614,756
                                                        -----------   -----------    -----------    -----------

Cash and cash equivalents, end of period              $    497,221   $   675,871   $    760,343   $  1,147,906
                                                        ===========   ===========    ===========    ===========
SUPPLEMENTAL DISCLOSURE OF
 CASH FLOW INFORMATION
  Taxes paid                                          $        800   $         -   $        800   $        800
                                                        ===========   ===========    ===========    ===========
</TABLE>
                 See accompanying notes to financial statements
                                       20

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

WNC  California  Housing Tax Credits IV,  L.P.,  Series 4 a  California  Limited
Partnership (the "Partnership"),  was formed on February 16, 1994 under the laws
of the  State  of  California,  and  began  operations  on July  26,  1994.  The
Partnership was formed to invest  primarily in other limited  partnerships  (the
"Local  Limited   Partnership")  which  own  and  operate  multi-family  housing
complexes  (the  "Housing  Complex")  that are eligible  for low income  housing
credits. The local general partners (the "Local General Partners") of each Local
Limited  Partnership  retain  responsibility  for  maintaining,   operating  and
managing the Housing Complex.

The  general  partner is WNC  California  Tax Credit  Partners,  IV,  L.P.  (the
"General Partner"),  a California limited  partnership.  WNC & Associates,  Inc.
("WNC") is the general partner of the General Partner.  Wilfred N. Cooper,  Sr.,
through the Cooper Revocable Trust,  owns 66.8% of the outstanding stock of WNC.
John B. Lester,  Jr. was the original  limited  partner of the  Partnership  and
owns,  through the Lester Family Trust,  28.6% of the outstanding  stock of WNC.
Wilfred N. Cooper,  Jr., President of WNC, owns 3.6% of the outstanding stock of
WNC.

The Partnership shall continue to be in full force and effect until December 31,
2050 unless terminated prior to that date pursuant to the partnership  agreement
or law.

The financial  statements  include only activity relating to the business of the
Partnership,  and do not give  effect to any assets that the  partners  may have
outside of their interests in the Partnership, or to any obligations,  including
income taxes, of the partners.

The  Partnership  Agreement  authorized the sale of up to 25,000 units at $1,000
per Unit ("Units"). The offering of Units concluded in August 1995 at which time
11,500  Units  representing  subscriptions,  net of  discounts  of $400,950  for
purchases of 100 units or more, in the amount of $11,099,050  had been accepted.
The General Partner has a 1% interest in operating  profits and losses,  taxable
income and losses,  in cash available for distribution  from the Partnership and
tax credits of the  Partnership.  The limited  partners  will be  allocated  the
remaining 99% of these items in proportion to their respective investments.

After the limited  partners  have received  proceeds from a sale or  refinancing
equal to their capital  contributions and their return on investment (as defined
in the  Partnership  Agreement)  and the General  Partner has received  proceeds
equal  to its  capital  contribution  and a  subordinated  disposition  fee  (as
described in Note 4) from the  remainder,  any  additional  sale or  refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.

Change in Reporting Year End

In 1999, the Partnership  elected to change its year end for financial reporting
purposes from December 31 to March 31. All  financial  information  reflected in
the financial statements and related footnotes has been adjusted for this change
in year end except for the combined condensed financial  information relating to
the Local Limited Partnerships included in Note 3.

                                       21



<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Risks and Uncertainties

The Partnership's  investments in Local Limited  Partnerships are subject to the
risks incident to the management and ownership of low-income  housing and to the
management and ownership of multi-unit  residential  real estate.  Some of these
risks  are that the low  income  housing  credit  could be  recaptured  and that
neither the  Partnership's  investments  nor the Housing  Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes  receive  government  financing  or operating  subsidies,  they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests;  limitations on
removal of Local  General  Partners;  limitations  on  subsidy of Local  Limited
Partnership  Interests;  limitations  on  removal  of  Local  General  Partners;
limitations on subsidy programs; and possible changes in applicable regulations.
The  Housing  Complexes  are or will be subject to mortgage  indebtedness.  If a
Local Limited Partnership does not make its mortgage payments,  the lender could
foreclose  resulting  in a loss of the Housing  Complex  and low income  housing
credits. As a limited partner of the Local Limited Partnerships, the Partnership
will have very limited  rights with respect to  management  of the Local Limited
Partnerships,  and will rely totally on the Local General  Partners of the Local
Limited Partnerships for management of the Local Limited Partnerships. The value
of the  Partnership's  investments  will be subject to changes in  national  and
local  economic  conditions,  including  unemployment  conditions,  which  could
adversely impact vacancy levels, rental payment defaults and operating expenses.
This, in turn, could substantially increase the risk of operating losses for the
Housing  Complexes  and  the  Partnership.   In  addition,  each  Local  Limited
Partnership  is subject to risks relating to  environmental  hazards and natural
disasters which might be uninsurable.  Because the Partnership's operations will
depend on these and other factors beyond the control of the General  Partner and
the Local General  Partners,  there can be no assurance that the anticipated low
income housing credits will be available to Limited Partners.

In addition,  Limited  Partners are subject to risks in that the rules governing
the low income  housing  credit are  complicated,  and the use of credits can be
limited.  The only  material  benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop.  All management decisions will
be made by the General Partner.

Method of Accounting For Investments in Limited Partnerships

The Partnership  accounts for its investments in limited  partnerships using the
equity method of  accounting,  whereby the  Partnership  adjusts its  investment
balance for its share of the Local Limited  Partnership's  results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnership's  are consistent with those of the  Partnership.  Costs incurred by
the  Partnership  in  acquiring  the  investment  in  limited  partnerships  are
capitalized  as part of the investment  account and are being  amortized over 30
years (see Note 3).

Losses from limited  partnerships for the years ended December 31, 1998 and 1997
have been recorded by the Partnership  based on reported results provided by the
Local  Limited  Partnerships.  Losses from  limited  partnerships  for the three
months  ended  March  31,  1999  have  been   estimated  by  management  of  the
Partnership. Losses from Local Limited Partnerships for the year ended March 31,
2000 have been  recorded  by the  Partnership  based on nine  months of reported
results  provided  by the  Local  Limited  Partnerships  and on three  months of
results  estimated  by  management  of  the  Partnership.  Losses  from  limited
partnerships  allocated to the Partnership  will not be recognized to the extent
that the investment balance would be adjusted below zero.

                                       22

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

Offering Expenses

Offering  expenses consist of underwriting  commissions,  legal fees,  printing,
filing and  recordation  fees,  and other costs  incurred  with selling  limited
partnership  interests in the  Partnership.  The General Partner is obligated to
pay all  offering  and  organization  costs in  excess of 15%  (including  sales
commissions) of the total offering proceeds.  Offering expenses are reflected as
a reduction of partners'  capital and amounted to $1,312,054,  at the end of all
periods presented.

Use of Estimates

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

Cash and Cash Equivalents

The Partnership considers highly liquid investments with remaining maturities of
three months or less when purchased to be cash equivalents. As of March 31, 2000
and  1999,  and  December  31,  1998 the  Partnership  had cash  equivalents  of
$450,000, $609,587 and $750,309, respectively.

Concentration of Credit Risk

At March 31,  2000,  the  Partnership  maintained  a cash  balance  at a certain
financial institution in excess of the maximum federally insured amounts.

Net Loss Per Limited Partner Unit

Net loss per limited  partnership  unit is  calculated  pursuant to Statement of
Financial  Accounting  Standards No. 128,  Earnings Per Share. Net loss per unit
includes no dilution  and is computed  by  dividing  loss  available  to limited
partners by the weighted average number of units outstanding  during the period.
Calculation of diluted net loss per unit is not required.

Reporting Comprehensive Income

In June 1997,  the FASB  issued  Statement  of  Financial  Accounting  Standards
("SFAS") No. 130, Reporting  Comprehensive  Income.  This statement  establishes
standards for reporting the components of comprehensive income and requires that
all items that are  required to be  recognized  under  accounting  standards  as
components of comprehensive  income be included in a financial statement that is
displayed with the same prominence as other financial statements.  Comprehensive
income  includes net income as well as certain items that are reported  directly
within a separate  component  of  Partners'  equity and bypass net  income.  The
Partnership  adopted the  provisions of this  statement in 1998. For the periods
presented,  the Partnership has no elements of other  comprehensive  income,  as
defined by SFAS No. 130.

                                       23
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 2 - UNCERTAINTY WITH RESPECT TO INVESTMENT IN CHADRON

The  Partnership  has an  investment,  accounted  for under the  equity  method,
consisting  of a 99% limited  partnership  investment  in Chadron  Apartments I,
Limited Partnership ("Chadron"), a Nebraska limited partnership.  The investment
in Chadron carried on the  Partnership's  balance sheet at March 31, 2000 totals
$329,597  (which  represents  approximately  5% of total  investment  in limited
partnerships of the  Partnership).  The Partnership has reflected  equity in the
net losses of Chadron totaling $82,794  ($(7.20) per limited  partnership  unit)
for the year ended March 31, 2000.

Chadron,  together with five other Local Limited  Partnerships  in two other low
income housing tax credit funds  sponsored by WNC  (collectively  referred to as
the  "Defendants"),  is a defendant in a lawsuit.  The lawsuit has been filed by
eight partnerships (the "Plaintiffs") and seeks recovery of $811,715. All of the
Defendants  involved  in the  lawsuit  had  the  same  general  partner  and the
Plaintiffs  allege that the local general  partner  accepted funds from them and
improperly  loaned  those funds to the  Defendants.  The  Defendants  have filed
actions  against  the  general  partner for  violating  the limited  partnership
agreements and for breach of fiduciary duties.  During 1999, the Defendants held
a partners'  meeting and voted to remove the local general  partner.  A receiver
was appointed by the District Court of Douglas  County,  Nebraska to oversee the
operations  of the  Defendants  as a result of an  injunction  filed against the
local general  partner by the  defendants  to prevent the local general  partner
from further acting as the general partner of the Defendants.

Legal  costs in the amount of $31,645  were  incurred  through  March 31,  2000,
including an accrual for management's estimate of future legal costs of $16,667,
which  is the  Partnership's  prorated  portion  of the  collective  accrual  of
$100,000  booked across the three  affected WNC sponsored low income housing tax
credit funds.  In addition,  the  Partnership  has accrued  $5,000 for estimated
additional  audit fees and recognized  approximately  $3,300 for estimated costs
related to the receivership, which is included in other expenses.

The  independent  auditors  engaged to perform an audit of  Chadron's  financial
statements as of and for the year ended December 31, 1999 were unable to form an
opinion  on  those  financial  statements  due to the  lack  of  general  ledger
information for a period of approximately  three months, the inability to obtain
reliable  confirmations of advances to/notes  receivable from the former general
partner and the inability to obtain a management  representation letter from the
former  management  company which is an affiliate of the former general partner.
As a result,  the  Partnership  has not included the  financial  information  of
Chadron in the combined condensed financial  statements presented in Note 3. The
combined condensed financial  information for previous periods presented in Note
3 has been restated to exclude the accounts of Chadron.

The Partnership has recognized  equity in losses of Chadron totaling $82,794 for
the year ended March 31, 2000 based on nine months of reported  results provided
by  Chadron  and on three  months of  results  estimated  by  management  of the
Partnership.  Such  estimates  may be  materially  misstated  due to the lack of
corroborative financial information, as discussed above.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will be able to realize its  investment  in  Chadron.  Chadron is a
defendant in the litigation described above and may owe substantial  liabilities
not currently  reflected in its financial  statements in the event a judgment is
rendered against  Chadron.  Chadron has and is currently  experiencing  negative
cash flows from operations and is currently in default on its construction loan.
Chadron  may not be able to  refinance  its  construction  loan into a permanent
loan,  which  would  increase  cash  flow  from  operations.   Furthermore,  the
Partnership may have to sell its investment in Chadron. If the construction loan
is not  refinanced,  the  construction  lender  may  foreclose  on  Chadron.  In
addition,  Chadron may not be  successful  in its defense of the  aforementioned
litigation.  As a result, the Partnership may lose its investment in Chadron and
be subject to tax credit  recapture.  There is an  uncertainty as to the amounts
the  Partnership  will  ultimately  realize from its investment in Chadron.  The
financial  statements do not include any adjustments  that might result from the
outcome of these uncertainties.

                                       24
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS

As of the periods  presented,  the Partnership had acquired limited  partnership
interests  in ten Local  Limited  Partnerships  each of which  owns one  Housing
Complex  consisting  of an  aggregate of 314  apartment  units.  The  respective
general  partners  of the  Local  Limited  Partnerships  manage  the  day-to-day
operations  of the entities.  Significant  Local  Limited  Partnership  business
decisions require approval from the Partnership.  The Partnership,  as a limited
partner,  is  generally  entitled  to 99%,  as  specified  in the Local  Limited
Partnership agreements,  of the operating profits and losses, taxable income and
losses and tax credits of the Local Limited Partnerships.

The  Partnership's  investment  in Local  Limited  Partnerships  as shown in the
balance  sheets  at March 31,  2000 and 1999,  are  approximately  $781,000  and
$1,152,000, respectively, greater than the Partnership's equity at the preceding
December 31 as shown in the Local  Limited  Partnerships'  financial  statements
presented  below.  This  difference  is due to unrecorded  losses,  acquisition,
selection and other costs related to the  acquisition of the  investments  which
have been  capitalized  in the  Partnership's  investment  account  and  capital
contributions  payable to the limited  partnerships  which were  netted  against
partner capital in the Local Limited  Partnership's  financial  statements.  The
Partnership's investment is also lower than the Partnership's equity as shown in
the Local Limited Partnership's  combined financial statements due to the losses
recorded by the  Partnership  for the three month period ended March 31. Lastly,
the  difference is due to the  exclusion of the financial  statements of Chadron
Apartments I, L.P. from the combined condensed financial  information  presented
below. See Note 2 for further discussion.

Equity  in  losses  of the  Local  Limited  Partnerships  is  recognized  in the
financial  statements until the related  investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the  Partnership  will resume applying the equity method only after its share of
such net  income  equals  the share of net  losses  not  recognized  during  the
period(s) the equity method was suspended.

Distributions  received by limited  partners are accounted for as a reduction of
the investment balance.  Distributions received after the investment has reached
zero are  recognized as income.  During the year ended March 31, 2000, the three
month  period  ended March 31, 1999,  and the year ended  December 31, 1998,  no
investment accounts in Local Limited Partnerships reached a zero balance.

Following is a summary of the equity method activity of the investments in Local
Limited Partnerships for the periods presented:
<TABLE>
<CAPTION>

                                                    For the Year     For the Three
                                                       Ended          Months Ended         For the Years Ended
                                                      March 31          March 31               December 31
                                                   ---------------   ---------------   ----------------------------
                                                        2000              1999             1998           1997
                                                   ---------------   ---------------   -------------   ------------

<S>                                              <C>               <C>               <C>             <C>
Investments per balance sheet, beginning of      $      6,899,934  $      6,845,203  $    7,622,211  $   8,467,424
 period
Capital contributions paid, net of tax credit                   -           201,611               -        (10,722)
 adjustments
Capital contributions payable                                   -            50,378               -              -
Capitalized acquisition fees and costs                      1,921                27           1,584          3,567
Equity in losses of limited partnerships                 (817,069)         (187,528)       (750,114)      (806,639)
Distributions received                                     (6,509)           (3,378)         (2,917)        (6,000)
Amortization of paid acquisition fees and costs           (25,639)           (6,379)        (25,561)       (25,419)
                                                   ---------------   ---------------   -------------   ------------

Investments per balance sheet, end of period     $      6,052,638  $      6,899,934  $    6,845,203  $   7,622,211
                                                   ===============   ===============   =============   ============
</TABLE>

                                       25
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

The  financial  information  from the  individual  financial  statements  of the
limited partnerships include rental and interest subsidies. Rental subsidies are
included in total revenues and interest  subsidies are generally  netted against
interest expense.  Approximate combined condensed financial information from the
individual financial statements of the Local Limited Partnerships as of December
31 and for the years  then  ended is as follows  (Combined  condensed  financial
information for Chadron Apartments I Limited  Partnership has been excluded from
the presentations below. See Note 2 for further discussion):

                        COMBINED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                    1999                1998
                                                               ---------------     ---------------

ASSETS
<S>                                                          <C>                 <C>
Buildings and improvements,(net of accumulated
 depreciation  for  1999 and  1998 of  $2,396,000  and
 $1,805,000, respectively)                                   $     14,383,000    $     13,919,000
Land                                                                  914,000             889,000
Other assets                                                          573,000             612,000
                                                               ---------------     ---------------

                                                             $     15,870,000    $     15,420,000
                                                               ===============     ===============

LIABILITIES

Mortgage and construction loans payable                      $      9,002,000    $      8,241,000
Due to related parties                                                581,000             554,000
Other liabilities                                                     988,000             839,000
                                                               ---------------     ---------------

                                                                   10,571,000           9,634,000
                                                               ---------------     ---------------

PARTNERS' CAPITAL

WNC California Housing Tax Credits IV, L.P., Series 4               5,272,000           5,748,000
Other partners                                                         27,000              38,000
                                                               ---------------     ---------------

                                                                    5,299,000           5,786,000
                                                               ---------------     ---------------

                                                             $     15,870,000    $     15,420,000
                                                               ===============     ===============
</TABLE>

                                       26

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                 1999               1998                1997
                                                            ---------------    ---------------     ---------------

<S>                                                       <C>               <C>                 <C>
Revenues                                                  $      1,085,000  $       1,019,000   $       1,045,000
                                                            ---------------    ---------------     ---------------
Expenses:
 Operating expenses                                                758,000            688,000             705,000
 Interest expense                                                  465,000            441,000             535,000
 Depreciation and amortization                                     595,000            591,000             619,000
                                                            ---------------    ---------------     ---------------

  Total expenses                                                 1,818,000          1,720,000           1,859,000
                                                            ---------------    ---------------     ---------------

Net loss                                                  $       (733,000) $        (701,000)  $        (814,000)
                                                            ===============    ===============     ===============

Net loss allocable to the Partnership                     $       (726,000) $        (694,000)  $        (807,000)
                                                            ===============    ===============     ===============

Net loss recorded by the Partnership,
 before equity in losses of Chadron                       $       (734,000) $        (694,000)  $        (807,000)

Net loss of Chadron allocable to the Partnership                   (83,000)           (56,000)                 -
                                                            ---------------    ---------------     ---------------

Net loss recorded by the Partnership                      $       (817,000) $        (750,000)  $        (807,000)
                                                            ===============    ===============     ===============
</TABLE>

Certain Local Limited  Partnerships have incurred  significant  operating losses
and  have  working  capital  deficiencies.  In the  event  these  Local  Limited
Partnerships continue to incur significant operating losses,  additional capital
contributions  by the  Partnership  and/or  the Local  General  Partners  may be
required  to sustain  the  operations  of such Local  Limited  Partnerships.  If
additional  capital  contributions  are not made  when  they are  required,  the
Partnership's  investment in certain of such Local Limited Partnerships could be
impaired and the loss and recapture of the related tax credits could occur.

NOTE 4 - RELATED PARTY TRANSACTIONS

Under the terms of the  Partnership  Agreement,  the  Partnership has paid or is
obligated to the General Partner or its affiliates for the following items:

         Acquisition  fees  equal to 7% of the gross  proceeds  from the sale of
         Units as  compensation  for services  rendered in  connection  with the
         acquisition  of Local Limited  Partnerships.  At the end of all periods
         presented,  the  Partnership  incurred  acquisition  fees of  $654,580.
         Accumulated  amortization  of these  capitalized  costs  was  $106,414,
         $84,594  and  $79,140 as of March 31,  2000 and 1999 and  December  31,
         1998, respectively.

         Reimbursement  of costs incurred by an affiliate of the General Partner
         in connection with the acquisition of Local Limited Partnerships. These
         reimbursements will not exceed 1.0% of the gross proceeds.  As of March
         31, 2000 and 1999 and  December  31,  1998,  the  Partnership  incurred
         acquisition  costs of $114,628,  $112,707 and  $112,680,  respectively,
         which  have been  included  in  investments  in  limited  partnerships.
         Accumulated  amortization was $17,504,  $13,685 and $12,760 as of March
         31, 2000 and 1999 and December 31, 1998, respectively.

                                       27

<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 4 - RELATED PARTY TRANSACTIONS, continued

         An  annual  asset  management  fee equal to the  greater  amount of (i)
         $2,000 for each Housing Complex,  or (ii) 0.275% of gross proceeds.  In
         either case,  the fee will be decreased or increased  annually based on
         changes to the  Consumer  Price  Index.  However,  in no event will the
         maximum amount exceed 0.2% of the invested  assets of the Local Limited
         Partnerships,  including  the  Partnership's  allocable  share  of  the
         mortgages.  Management  fees of $31,625 and $7,906 were incurred during
         the year ended  March 31,  2000 and the three  months  ended  March 31,
         1999,  respectively,  and  $31,625 was  incurred  for each of the years
         ended December 31, 1998 and 1997, of which $8,940 and $35,761 were paid
         during the year ended March 31, 2000 and the three  months  ended March
         31,  1999,  respectively,  and  $31,646 and $0 were was paid during the
         year ended December 31, 1998 and 1997, respectively.

         A  subordinated  disposition  fee in an amount equal to 1% of the sales
         price of real estate sold.  Payment of this fee is  subordinated to the
         limited  partners  receiving a preferred return of 14% through December
         31, 2005 and 6% thereafter  (as defined in the  Partnership  Agreement)
         and is payable  only if the General  Partner or its  affiliates  render
         services in the sales effort.

The accrued fees and expenses due to General  Partner and affiliates  consist of
the following at:
<TABLE>
<CAPTION>

                                                                          March 31                 December 31
                                                                ------------------------------    ---------------
                                                                    2000             1999              1998
                                                                -------------     ------------    ---------------
<S>                                                           <C>               <C>             <C>
Cash advances by WNC to acquire an interest in a
 limited partnership (Note 7)                                 $            -    $           -   $         55,200

Reimbursement for expenses paid by the General
 Partner or an affiliate                                               7,925            2,990              2,210

Asset management fee payable                                             199          (22,486)             5,369
                                                                -------------     ------------    ---------------

Total                                                         $        8,124    $     (19,496)  $         62,779
                                                                =============     ============    ===============
</TABLE>

NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS

Payables  to limited  partnerships  represent  amounts  which are due at various
times based on conditions specified in the limited partnership agreements. These
contributions  are  payable  in  installments  and  are  due  upon  the  limited
partnership  achieving certain operating and development  benchmarks  (generally
within two years of the Partnership's initial investment).

NOTE 6 - INCOME TAXES

No provision  for income taxes has been recorded in the  accompanying  financial
statements as any  liability for income taxes is the  obligation of the partners
of the Partnership.

NOTE 7 - LOANS RECEIVABLE

Loans  receivable  represent  amounts loaned by the Partnership to certain Local
Limited  Partnerships  in which the  Partnership  may invest.  Loans  receivable
consisted  of one loan with a balance of $201,611 as of December  31, 1998 which
was  applied  as a  capital  contribution  in  1999  upon  finalization  of  its
acquisition of an interest in a new Local Limited Partnership.

                                       28
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                       For the Year Ended March 31, 2000,
                  For The Three Months Ended March 31, 1999 and
                 For The Years Ended December 31, 1998 and 1997

NOTE 8 - LOSS FROM SALE OF SECURITIES

The $(50,522)  realized  loss  experienced  from the sale of securities  was the
result of market  fluctuations  that  reduced  the values of certain  tax-exempt
investments  by $(21,522).  In order to avoid future losses,  these  investments
were  liquidated  prior to maturity  and  deferred  brokerage  charges paid upon
liquidation  amounted to an additional  $(29,000).  The cash  generated from the
sale of these  investments was reinvested in tax-exempt,  auction rate preferred
instruments  that are highly liquid and  diversified  securities  backed by 200%
collateral.  Accordingly,  losses from investing  activities are not expected to
recur in the future.










                                       29

<PAGE>
Item  9.  Changes  in and  Disagreements  With  Accountants  on  Accounting  and
Financial Disclosure

NOT APPLICABLE

PART III.

Item 10.  Directors and Executive Officers of the Registrant

The Partnership has no directors or executive officers of its own. The following
biographical  information is presented for the directors and executive  officers
of Associates which has principal responsibility for the Partnership's affairs.

Directors and Executive Officers of WNC & Associates, Inc.

The directors of WNC & Associates,  Inc. are Wilfred N. Cooper,  Sr., who serves
as Chairman of the Board,  John B.  Lester,  Jr.,  David N.  Shafer,  Wilfred N.
Cooper, Jr. and Kay L. Cooper.  The principal  shareholders of WNC & Associates,
Inc. are trusts established by Wilfred N. Cooper, Sr. and John B. Lester, Jr.

Wilfred N.  Cooper,  Sr.,  age 69, is the  founder,  Chairman,  Chief  Executive
Officer  and a Director  of WNC &  Associates,  Inc.,  a Director of WNC Capital
Corporation,  and a general partner in some of the programs previously sponsored
by the  Sponsor.  Mr.  Cooper has been  involved in real estate  investment  and
acquisition  activities  since 1968.  Previously,  during 1970 and 1971,  he was
founder and principal of Creative Equity Development Corporation,  a predecessor
of WNC & Associates,  Inc., and of Creative  Equity  Corporation,  a real estate
investment firm. For 12 years prior to that, Mr. Cooper was employed by Rockwell
International  Corporation,  last  serving as its  manager of housing  and urban
developments where he had  responsibility  for factory-built  housing evaluation
and project  management  in urban  planning  and  development.  Mr.  Cooper is a
Director of the  National  Association  of Home  Builders  (NAHB) and a National
Trustee  for NAHB's  Political  Action  Committee,  a Director  of the  National
Housing  Conference  (NHC)  and a member  of  NHC's  Executive  Committee  and a
Director of the National Multi-Housing Council (NMHC). Mr. Cooper graduated from
Pomona College in 1956 with a Bachelor of Arts degree.

John B. Lester, Jr., age 66, is Vice-Chairman,  a Director,  and a member of the
Acquisition  Committee of WNC & Associates,  Inc., and a Director of WNC Capital
Corporation.   Mr.  Lester  has  28  years  of  experience  in  engineering  and
construction  and has been involved in real estate  investment  and  acquisition
activities since 1986 when he joined the Sponsor. Previously, he was Chairman of
the Board and Vice President or President of E & L Associates,  Inc., a provider
of engineering and construction  services to the oil refinery and  petrochemical
industries,  which  he  co-founded  in  1973.  Mr.  Lester  graduated  from  the
University of Southern  California in 1956 with a Bachelor of Science  degree in
Mechanical Engineering.

Wilfred N.  Cooper,  Jr.,  age 37, is  President,  Chief  Operating  Officer,  a
Director and a member of the Acquisition Committee of WNC & Associates,  Inc. He
is President of, and a registered  principal  with, WNC Capital  Corporation,  a
member firm of the NASD, and is a Director of WNC  Management,  Inc. He has been
involved in investment and  acquisition  activities  with respect to real estate
since he joined the  Sponsor  in 1988.  Prior to this,  he served as  Government
Affairs  Assistant with Honda North America in Washington,  D.C. Mr. Cooper is a
member of the Advisory Board for LIHC Monthly Report,  a Director of NMHC and an
Alternate  Director of NAHB. He graduated  from The American  University in 1985
with a Bachelor of Arts degree.

David N.  Shafer,  age 48, is  Executive  Vice  President,  a Director,  General
Counsel,  and a member of the Acquisition  Committee of WNC & Associates,  Inc.,
and a  Director  and  Secretary  of WNC  Management,  Inc.  Mr.  Shafer has been
involved in real estate investment and acquisition  activities since 1984. Prior
to joining the Sponsor in 1990, he was  practicing  law with a specialty in real
estate and taxation.  Mr.  Shafer is a Director and President of the  California
Council of Affordable  Housing and a member of the State Bar of California.  Mr.
Shafer graduated from the University of California at Santa Barbara in 1978 with
a Bachelor of Arts  degree,  from the New  England  School of Law in 1983 with a
Juris  Doctor  degree (cum laude) and from the  University  of San Diego in 1986
with a Master of Law degree in Taxation.

                                       30

<PAGE>
Michael L. Dickenson, age 43, is Vice President and Chief Financial Officer, and
a member of the  Acquisition  Committee  of WNC &  Associates,  Inc.,  and Chief
Financial Officer of WNC Management,  Inc. He has been involved with acquisition
and  investment  activities  with  respect to real estate  since 1985.  Prior to
joining the Sponsor in March 1999, he was the Director of Financial  Services at
TrizecHahn  Centers Inc., a developer  and operator of  commercial  real estate,
from 1995 to 1999,  a Senior  Manager  with E&Y  Kenneth  Leventhal  Real Estate
Group, Ernst & Young, LLP, from 1988 to 1995, and Vice President of Finance with
Great Southwest  Companies,  a commercial and residential real estate developer,
from  1985 to 1988.  Mr.  Dickenson  is a  member  of the  Financial  Accounting
Standards  Committee for the National  Association of Real Estate  Companies and
the  American  Institute  of  Certified  Public  Accountants,  and a Director of
HomeAid  Southern  California,  a charitable  organization  affiliated  with the
building  industry.  He  graduated  from  Texas Tech  University  in 1978 with a
Bachelor of Business  Administration  -  Accounting  degree,  and is a Certified
Public Accountant in California and Texas.

Thomas J. Riha, age 45, is Vice President - Asset Management and a member of the
Acquisition  Committee  of WNC &  Associates,  Inc.  and a  Director  and  Chief
Executive  Officer  of WNC  Management,  Inc.  Mr.  Riha  has been  involved  in
acquisition  and investment  activities  with respect to real estate since 1979.
Prior to joining the  Sponsor in 1994,  Mr.  Riha was  employed by Trust  Realty
Advisor, a real estate acquisition and management company,  last serving as Vice
President - Operations. Mr. Riha graduated from the California State University,
Fullerton  in 1977 with a  Bachelor  of Arts  degree  (cum  laude)  in  Business
Administration  with a  concentration  in Accounting  and is a Certified  Public
Accountant  and  a  member  of  the  American   Institute  of  Certified  Public
Accountants.

Sy P. Garban,  age 54, is Vice  President -  Institutional  Investments of WNC &
Associates, Inc. and has been employed by the Sponsor since 1989. Mr. Garban has
been involved in real estate investment  activities since 1978. Prior to joining
the Sponsor he served as Executive  Vice  President of MRW,  Inc., a real estate
development  and management  firm.  Mr. Garban is a member of the  International
Association of Financial  Planners.  He graduated from Michigan State University
in 1967 with a Bachelor of Science degree in Business Administration.

N. Paul Buckland,  age 37, is Vice President - Acquisitions  and a member of the
Acquisition  Committee of WNC &  Associates,  Inc. He has been  involved in real
estate  acquisitions and investments since 1986 and has been employed with WNC &
Associates, Inc. since 1994. Prior to that, he served on the development team of
the Bixby Ranch that  constructed  apartment  units and Class A office  space in
California and neighboring  states,  and as a land acquisition  coordinator with
Lincoln  Property   Company  where  he  identified  and  analyzed   multi-family
developments. Mr. Buckland graduated from California State University, Fullerton
in 1992 with a Bachelor of Science degree in Business Finance.

David Turek, age 45, is Vice President - Originations of WNC & Associates,  Inc.
He has been involved with real estate  investment and finance  activities  since
1976 and has been employed by WNC & Associates,  Inc.  since 1996.  From 1995 to
1996,  Mr. Turek served as a consultant  for a national Tax Credit sponsor where
he was responsible for on-site feasibility studies and due diligence analyses of
Tax Credit properties.  From 1990 to 1995, he was involved in the development of
conventional  and tax credit  multi-family  housing.  He is a Director  with the
Texas Council for Affordable Rural Housing and graduated from Southern Methodist
University in 1976 with a Bachelor of Business Administration degree.

Kay L. Cooper,  age 63, is a Director of WNC & Associates,  Inc. Mrs. Cooper was
the founder and sole  proprietor  of Agate 108, a  manufacturer  and retailer of
home  accessory  products,  from 1975 until 1998.  She is the wife of Wilfred N.
Cooper,  Sr.,  the mother of Wilfred  N.  Cooper,  Jr. and the sister of John B.
Lester,  Jr. Ms. Cooper graduated from the University of Southern  California in
1958 with a Bachelor of Science degree.

Item 11.  Executive Compensation

The Partnership has no officers,  employees,  or directors.  However,  under the
terms of the  Partnership  Agreement the Partnership is obligated to the General
Partner or its  affiliates  during the current or future years for the following
fees:

(a)  Acquisition  Expenses.  The Partnership  incurred  acquisition  expenses of
     $115,000,  $113,000 and  $113,000 as of March 31, 2000,  March 31, 1999 and
     December 31, 1998, respectively.

                                       31
<PAGE>

(b)   Annual Asset Management Fee. An annual asset management fee the greater of
      (i) $2,000  per  multi-family  housing  complex,  or (ii)  0.275% of Gross
      Proceeds.  The base fee  amount  will be  adjusted  annually  based on the
      change in the Consumer Price Index.  However,  in no event will the annual
      asset management fee exceed 0.2% of Invested Assets.  "Invested Assets" is
      defined  as the  sum of the  Partnership's  investment  in  Local  Limited
      Partnerships  and the  Partnership's  allocable share of the amount of the
      indebtedness related to the Housing Complexes. Fees of $32,000, $7,900 and
      $32,000  were  incurred  during the year ended March 31,  2000,  the three
      months  ended  March  31,  1999  and the year  ended  December  31,  1998,
      respectively.  The Partnership  paid the General Partner or its affiliates
      $9,000,  $7,900 and  $32,000 of those fees during the year ended March 31,
      2000,  the three months  ended March 31, 1999 and the year ended  December
      31, 1998, respectively.

(c)   Subordinated  Disposition Fee. A subordinated disposition fee in an amount
      equal to 1% of the sale  price  received  in  connection  with the sale or
      disposition of a Housing  Complex.  Subordinated  disposition fees will be
      subordinated  to  the  prior  return  of  the  Limited  Partners'  capital
      contributions  and  payment of the  Return on  Investment  to the  Limited
      Partners.  "Return  on  Investment"  means an annual,  cumulative  but not
      compounded, "return" to the Limited Partners (including Low Income Housing
      Credits) as a class on their adjusted capital contributions commencing for
      each Limited Partner on the last day of the calendar  quarter during which
      the Limited Partner's capital contribution is received by the Partnership,
      calculated at the following  rates: (i) 14% through December 31, 2005, and
      (ii) 6% for the balance of the  Partnership's  term. No  disposition  fees
      have been paid.

(d)   Operating Expense.  The Partnership  reimbursed the General Partner or its
      affiliates for operating  expenses of  approximately  $22,792,  $5,000 and
      $2,000 during the year ended March 31, 2000,  the three months ended March
      31, 1999 and the year ended December 31, 1998, respectively.

(e)   Interest  in  Partnership.   The  General   Partners  receive  1%  of  the
      Partnership's  allocated Low Income Housing  Credits,  which  approximated
      $15,000 and $19,000 for the General  Partner for the years ended  December
      31, 1999 and 1998. The General Partners are also entitled to receive 1% of
      cash  distributions.  There were no  distributions  of cash to the General
      Partners  during the year ended March 31,  2000,  the three  months  ended
      March 31, 1999 or the year ended December 31, 1998.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners

(a)   Security Ownership of Certain Beneficial Owners

      No person is known to own  beneficially in excess of 5% of the outstanding
      Units.

(b)   Security Ownership of Management

      Neither the General  Partner,  its  affiliates  nor any of the officers or
      directors  of the  General  Partner  or its  affiliates  own  directly  or
      beneficially any Units in the Partnership.

(c)   Changes in Control

      The  management  and control of the General  Partner may be changed at any
      time in accordance with their respective organizational documents, without
      the  consent  or  approval  of the  Limited  Partners.  In  addition,  the
      Partnership Agreement provides for the admission of one or more additional
      and successor General Partners in certain circumstances.

      First,   with  the   consent  of  any  other   General   Partners   and  a
      majority-in-interest  of the Limited  Partners,  any  General  Partner may
      designate  one or more  persons  to be  successor  or  additional  General
      Partners. In addition, any General Partner may, without the consent of any
      other General Partner or the Limited Partners, (i) substitute in its stead
      as General  Partner  any entity  which has,  by merger,  consolidation  or
      otherwise,  acquired  substantially  all of its  assets,  stock  or  other
      evidence of equity  interest and continued its business,  or (ii) cause to
      be admitted to the  Partnership an additional  General Partner or Partners
      if it deems  such  admission  to be  necessary  or  desirable  so that the
      Partnership  will be  classified  a  partnership  for  Federal  income tax
      purposes.  Finally, a majority-in-interest  of the Limited Partners may at
      anytime  remove  the  General  Partner  of the  Partnership  and  elect  a
      successor General Partner.

                                       32
<PAGE>
Item 13.  Certain Relationships and Related Transactions

The General Partner manages all of the Partnership's  affairs.  The transactions
with  the  General  Partner  are  primarily  in the  form  of  fees  paid by the
Partnership for services  rendered to the Partnership and the General  Partner's
interests  in the  Partnership,  as discussed in Item 11 and in the notes to the
Partnership's financial statements.

PART IV.

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

(a)(1)   Financial statements included in Part II hereof:

         Report of Independent Certified Public Accountants
         Independent Auditors' Report
         Balance Sheets,  March 31, 2000 and 1999 and December 31, 1998
         Statements of Operations  for the year ended March 31, 2000,  the three
          months ended March 31, 1999 and the years ended  December 31, 1998 and
          1997
         Statements of Partners'  Equity (Deficit) for the  year ended March 31,
          2000, the  three  months ended  March 31, 1999 and for the years ended
          December 31, 1998 and 1997
         Statements of Cash Flows for the year ended March 31, 2000,  the  three
          months ended March 31, 1999 and for the years ended  December 31, 1998
          and 1997
         Notes to Financial Statements

(a)(2)   Financial statement schedules included in Part IV hereof:

         Report of Independent Certified Public Accountants on  Financial State-
          ment Schedules
         Schedule III - Real Estate Owned by Local Limited Partnerships

(b)      Reports on Form 8-K

1.       A Form 8-K dated May 13, 1999 was filed on May 14, 1999  reporting  the
         Partnership's  change  in  fiscal  year end to March 31.  No  financial
         statements were included.

(c)      Exhibits.

3.1      Articles  of   incorporation   and  by-laws:   The  registrant  is  not
         incorporated.  The Partnership  Agreement  included as Exhibit B to the
         Prospectus,  and  the  First  Amendment  to the  Partnership  Agreement
         included in the Supplement dated April 30, 1996 to Prospectus,  each of
         which is included in Post-Effective No. 10 to Registration Statement on
         Form S-11 dated May 3, 1996 are  incorporated  herein by  reference  as
         Exhibit 3.

10.1     Escrow  Agreement  between  Registrant  and National  Bank of  Southern
         California filed as exhibit 10.1 to the Pre-effective  Amendment  No. 2
         to Registration  Statement on Form S-11 of the Partnership  dated  July
         22, 1994 is hereby incorporated herein by reference as exhibit 10.1.

10.2     Amended and  Restated  Agreement  of Limited  Partnership  of  Colonial
         Village  Auburn  filed as exhibit  10.1 to Form 8-K  dated  October 28,
         1994 is hereby incorporated herein by reference as exhibit 10.2

10.3     Amended and  Restated  Agreement  of Limited  Partnership  of  Sycamore
         Hills, L.P. filed as exhibit 10.1 to Form 8-K dated January 9, 1995  is
         hereby incorporated herein by reference as exhibit 10.3.

10.4     Amended and Restated Agreement of Limited Partnership  of Maharlika,  a
         California Limited Partnership filed as exhibit 10.1 to  Form 8-K dated
         May 31, 1995 is hereby  incorporated  herein by  reference  as  exhibit
         10.4.

                                       33
<PAGE>

10.5     Amended and Restated  Agreement of Limited  Partnership of Wills  Point
         Crossing,  L.P.  filed as exhibit 10.1 to Form 8-K dated  July 26, 1995
         is hereby incorporated herein by reference as exhibit 10.5.

10.6     Amended and  Restated  Agreement of Limited  Partnership  of  Rancheria
         Village Apartments,  a California Limited Partnership filed as  exhibit
         10.1 to Form 8-K  dated  September  26,  1995  is  hereby  incorporated
         herein by reference as exhibit 10.6.

10.7     Amended and  Restated  Agreement  of Limited  Partnership  of  Woodlake
         Valencia House, a California Limited Partnership filed as  exhibit 10.7
         to Form 10-K  dated  July 1, 1999  is  hereby  incorporated  herein  by
         reference as exhibit 10.7.

10.8     Amended  and  Restated  Agreement  of  Limited  Partnership  of  Pawnee
         Associates  I,  L.P.   filed  as  exhibit  10.8  to  Form  10-K   dated
         July 1, 1999 is  hereby  incorporated  herein  by reference  as exhibit
         10.8.

10.9     Amended and Restated  Agreement of Limited  Partnership  of  Eagleville
         Associates  I,  L.P.   filed  as  exhibit  10.9  to  Form  10-K   dated
         July 1, 1999 is hereby incorporated  herein  by  reference  as  exhibit
         10.9.

21.1     Financial  Statements of Colonial Village Auburn,  for the years  ended
         December 31, 1999 and 1998 together  with auditors  report  thereon;  a
         significant  subsidiary of the  Partnership.

(d)      Financial  statement  schedules  follow,  as set  forth  in  subsection
         (a)(2) hereof.










                                      34
<PAGE>



               Report of Independent Certified Public Accountants
                        on Financial Statement Schedules



To the Partners
WNC California Housing Tax Credits IV, L.P., Series 4


The audits referred to in our report dated June 26, 2000,  relating to the 2000,
1999 and 1998  financial  statements of WNC  California  Housing Tax Credits IV,
L.P., Series 4 (the  "Partnership"),  which are contained in Item 8 of this Form
10-K, included the audit of the accompanying financial statement schedules.  The
financial  statement  schedules  are  the  responsibility  of the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statement  schedules  based  upon  our  audits.  The  opinion  to the  financial
statements contains an audit scope limitation paragraph describing the inability
of other auditors to express an opinion on the financial statements of a limited
partnership.

In our opinion,  such  financial  statement  schedules  present  fairly,  in all
material respects, the financial information set forth therein.




                                 /s/ BDO SEIDMAN, LLP
                                     BDO SEIDMAN, LLP

Orange County, California
June 26, 2000






                                       35

<PAGE>
WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                                            ----------------------------------- ----------------------------------------------------
                                                     As of March 31, 2000                      As of December 31, 1999
                                            ----------------------------------- ----------------------------------------------------
                                             Partnership's Total   Amount of     Encumbrances of                             Net
                                             Investment in Local   Investment    Local Limited  Property and   Accumulated   Book
Partnership Name               Location      Limited Partnerships  Paid to Date  Partnerships   Equipment      Depreciation  Value
------------------------------------------------------------------------------- ----------------------------------------------------
<S>                                               <C>           <C>           <C>            <C>           <C>          <C>
Chadron Apartments I, L.P.     Chadron,
                               Nebraska           $     483,000 $    472,000             *               *            *            *

Colonial Village Auburn        Auburn,
                               California             2,979,000    2,979,000  $  2,063,000   $   5,327,000 $    870,000 $  4,457,000

Eagleville Associates I, L.P.  Eagleville,
                               Missouri                  79,000       79,000       354,000         416,000       58,000      358,000

Havana Associates, I,          Havana,
Limited Partnership            Illinois                 252,000      237,000       821,000       1,074,000       20,000    1,054,000

Maharlika, Ltd.                Stockton,
                               California             1,524,000    1,524,000     1,562,000       3,038,000      484,000    2,554,000

Pawnee Associates I, L.P.      Pawnee,
                               Illinois                 130,000      130,000       536,000         684,000       87,000      597,000

Rancheria Village Apartments,  Santa Barbara,
a California Limited           California               950,000      950,000       987,000       1,851,000      147,000    1,704,000
Partnership

Sycamore Hills L.P.            Salem,
                               Indiana                  185,000      185,000       750,000         989,000      198,000      791,000

Wills Point Crossing, L.P.     Wills Point,
                               Texas                    234,000      234,000       977,000       1,258,000      128,000    1,130,000

Woodlake Valencia Partners     Woodlake,
                               California             1,798,000    1,798,000       952,000       3,056,000      404,000    2,652,000
                                                     ----------   ----------    ----------      ----------   ----------   ----------
                                                  $   8,614,000 $  8,588,000  $  9,002,000   $  17,693,000 $  2,396,000 $ 15,297,000
                                                     ==========   ==========    ==========      ==========   ==========   ==========
</TABLE>
                                       36


<PAGE>
WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 2000
<TABLE>
<CAPTION>
                           ----------------------------------------------------------------------------------------
                                                    For the year ended December 31, 1999
-------------------------------------------------------------------------------------------------------------------
Partnership Name                Rental Income    Net loss       Year Investment     Status      Estimated Useful
                                                                    Acquired                      Life (Years)
-------------------------------------------------------------------------------------------------------------------
<S>                            <C>         <C>                         <C>         <C>               <C>
Chadron Apartments I, L.P.               *             *               1996        Completed          40

Colonial Village Auburn        $   374,000 $   (162,000)               1994        Completed         27.5

Eagleville Associates I,
L.P.                                47,000      (16,000)               1996        Completed         27.5

Havana Associates, I, L.P.          22,000      (22,000)               1999        Completed         27.5

Maharlika, Ltd.                    117,000     (237,000)               1995        Completed         27.5

Pawnee Associates I, L.P.           59,000      (29,000)               1996        Completed         27.5

Rancheria Village
Apartments, a California
Limited Partnership                105,000      (68,000)               1995        Completed          40

Sycamore Hills L.P.                 85,000      (15,000)               1995        Completed         27.5

Wills Point Crossing, L.P.         119,000       (2,000)               1995        Completed          40

Woodlake Valencia Partners         109,000     (182,000)               1995        Completed         27.5
                               ------------  -----------
                              $  1,037,000  $  (733,000)
                               ============  ===========
</TABLE>


*    Results of Chadron  Apartments  I, L.P. have not been audited and thus have
     been  excluded.  See  Note 2 to the  financial  statements  and  report  of
     Certified Public Accountants.

                                       37


<PAGE>
WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                                             ---------------------------------- ----------------------------------------------------
                                                  As of March 31, 1999                       As of December 31, 1999
                                             ---------------------------------- ----------------------------------------------------
                                             Partnership's Total   Amount of     Encumbrances of                             Net
                                             Investment in Local   Investment    Local Limited  Property and   Accumulated   Book
Partnership Name               Location      Limited Partnerships  Paid to Date  Partnerships   Equipment      Depreciation  Value
------------------------------------------------------------------------------- ----------------------------------------------------
<S>                                              <C>            <C>           <C>             <C>           <C>         <C>
Chadron Apartments I, L.P.     Chadron,
                               Nebraska          $     483,000  $    391,000  $      800,000  $  1,265,000  $    33,000 $  1,232,000


Colonial Village Auburn        Auburn,
                               California            2,979,000     2,979,000       2,087,000     5,326,000      685,000    4,641,000

Eagleville Associates I, L.P.  Eagleville,
                               Missouri                 79,000        79,000         356,000       416,000       43,000      373,000

Havana Associates I,           Havana,
Limited Partnership            Illinois                252,000       202,000               -             -            -            -

Maharlika, Ltd.                Stockton,
                               California            1,524,000     1,524,000       1,565,000     3,038,000      370,000    2,668,000

Pawnee Associates I, L.P.      Pawnee,
                               Illinois                130,000       130,000         539,000       684,000       63,000      621,000

Rancheria Village Apartments,  Santa Barbara,
a California Limited           California              950,000       950,000         995,000     1,848,000      104,000    1,744,000
Partnership

Sycamore Hills L.P.            Salem,
                               Indiana                 185,000       185,000         763,000       989,000      162,000      827,000

Wills Point Crossing, L.P.     Wills Point,
                               Texas                   234,000       234,000         984,000     1,256,000       97,000    1,159,000

Woodlake Valencia Partners     Woodlake,
                               California            1,798,000     1,798,000         952,000     3,056,000      281,000    2,775,000
                                                    ----------    ----------      ----------    ----------   ----------   ----------
                                                 $   8,614,000  $  8,472,000  $    9,041,000  $ 17,878,000  $ 1,838,000 $ 16,040,000
                                                    ==========    ==========      ==========    ==========   ==========   ==========
</TABLE>
                                       38
<PAGE>

WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
March 31, 1999
<TABLE>
<CAPTION>
                           ----------------------------------------------------------------------------------------
                                                    For the year ended December 31, 1998
-------------------------------------------------------------------------------------------------------------------
Partnership Name               Rental Income    Net loss        Year Investment     Status      Estimated Useful
                                                                   Acquired                       Life (Years)
-------------------------------------------------------------------------------------------------------------------
<S>                          <C>            <C>                        <C>         <C>               <C>
Chadron Apartments I, L.P.   $      49,000  $   (57,000)               1996        Completed          40

Colonial Village Auburn            377,000     (130,000)               1994        Completed         27.5

Eagleville Associates I,
L.P.                                46,000      (12,000)               1996        Completed         27.5

Maharlika, Ltd.                    110,000     (253,000)               1995        Completed         27.5

Pawnee Associates I, L.P.           65,000      (22,000)               1996        Completed         27.5

Rancheria Village
Apartments, a California
Limited Partnership                106,000      (47,000)               1995        Completed          40

Sycamore Hills L.P.                 85,000      (13,000)               1995        Completed         27.5

Wills Point Crossing, L.P.         103,000      (14,000)               1995        Completed          40

Woodlake Valencia Partners          84,000     (210,000)               1995        Completed         27.5
                                -----------   ----------
                              $  1,025,000  $  (758,000)
                                ===========   ==========

</TABLE>
                                       39

<PAGE>


WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998
<TABLE>
<CAPTION>
                                             ---------------------------------------------------------------------------------------
                                                                                As of December 31, 1998
                                             ---------------------------------------------------------------------------------------
                                             Partnership's Total   Amount of     Encumbrances of                             Net
                                             Investment in Local   Investment    Local Limited  Property and   Accumulated   Book
Partnership Name               Location      Limited Partnerships  Paid to Date  Partnerships   Equipment      Depreciation  Value
------------------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>            <C>           <C>             <C>           <C>         <C>
Chadron Apartments I, L.P.     Chadron,
                               Nebraska          $     483,000  $    391,000  $      800,000  $  1,265,000  $    33,000 $  1,232,000


Colonial Village Auburn        Auburn,
                               California            2,979,000     2,979,000       2,087,000     5,326,000      685,000    4,641,000

Eagleville Associates I, L.P.  Eagleville,
                               Missouri                 79,000        79,000         356,000       416,000       43,000      373,000

Maharlika, Ltd.                Stockton,
                               California            1,524,000     1,524,000       1,565,000     3,038,000      370,000    2,668,000

Pawnee Associates I, L.P.      Pawnee,
                               Illinois                130,000       130,000         539,000       684,000       63,000      621,000

Rancheria Village Apartments,  Santa Barbara,
a California Limited           California              950,000       950,000         995,000     1,848,000      104,000    1,744,000
Partnership

Sycamore Hills L.P.            Salem,
                               Indiana                 185,000       185,000         763,000       989,000      162,000      827,000

Wills Point Crossing, L.P.     Wills Point,
                               Texas                   234,000       234,000         984,000     1,256,000       97,000    1,159,000

Woodlake Valencia Partners     Woodlake,
                               California            1,798,000     1,798,000         952,000     3,056,000      281,000    2,775,000
                                                    ----------    ----------      ----------    ----------   ----------   ----------
                                                 $   8,362,000  $  8,270,000  $    9,041,000  $ 17,878,000  $ 1,838,000 $ 16,040,000
                                                    ==========    ==========      ==========    ==========   ==========   ==========
</TABLE>
                                       40
<PAGE>



WNC California Housing Tax Credit Fund IV, L.P. Series 4
Schedule III
Real Estate Owned by Local Limited Partnerships
December 31, 1998
<TABLE>
<CAPTION>
                           ----------------------------------------------------------------------------------------
                                                    For the year ended December 31, 1998
-------------------------------------------------------------------------------------------------------------------
Partnership Name               Rental Income    Net loss        Year Investment     Status      Estimated Useful
                                                                   Acquired                       Life (Years)
-------------------------------------------------------------------------------------------------------------------
<S>                          <C>            <C>                        <C>         <C>               <C>
Chadron Apartments I, L.P.   $      49,000  $   (57,000)               1996        Completed          40

Colonial Village Auburn            377,000     (130,000)               1994        Completed         27.5

Eagleville Associates I,
L.P.                                46,000      (12,000)               1996        Completed         27.5

Maharlika, Ltd.                    110,000     (253,000)               1995        Completed         27.5

Pawnee Associates I, L.P.           65,000      (22,000)               1996        Completed         27.5

Rancheria Village
Apartments, a California
Limited Partnership                106,000      (47,000)               1995        Completed          40

Sycamore Hills L.P.                 85,000      (13,000)               1995        Completed         27.5

Wills Point Crossing, L.P.         103,000      (14,000)               1995        Completed          40

Woodlake Valencia Partners          84,000     (210,000)               1995        Completed         27.5
                                -----------   ----------
                              $  1,025,000  $  (758,000)
                                ===========   ==========

</TABLE>
                                       41
<PAGE>


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.

WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4

By:  WNC California Tax Credit Partners IV, L.P.
General Partner of the Registrant

By:  WNC & Associates, Inc.
General Partner of WNC California Tax Credit Partners III, L.P.


By:  /s/ Wilfred N. Cooper, Sr.
Wilfred N. Cooper, Sr.,
President - Chairman and Chief Executive Officer of WNC & Associates, Inc.

Date: August 3, 2000


By:  /s/ Michael L. Dickenson
Michael L. Dickenson,
Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date: August 3, 2000



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


By  /s/ Wilfred N. Cooper, Jr.
Wilfred N. Cooper, Jr., Director of WNC & Associates, Inc.

Date: August 3, 2000




By: /s/ John B. Lester, Jr.
John B. Lester, Jr., Director of WNC & Associates, Inc.

Date: August 3, 2000



By:  /s/ David N. Shafer
David N Shafer, Director of WNC & Associates, Inc.

Date: August 3, 2000







                                       42