FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                For the quarterly period ended December 31, 1999

                                       OR

           o 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                                                           33-0601852
State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization                                Identification No.)


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

                                 (714) 622-5565


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X No.


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

                               INDEX TO FORM 10-Q

                     For the Quarter Ended December 31, 1999



PART I. FINANCIAL INFORMATION

  Item 1. Financial Statements

    Balance Sheets
      December 31, 1999 and March 31, 1999..................................3

    Statements of Operations
      For the three and nine months ended December 31, 1999 and 1998........4

    Statement of Partners' Equity (Deficit)
      For the nine months ended December 31, 1999...........................5

    Statements of Cash Flows
      For the nine months ended December 31, 1999 and 1998..................6

    Notes to Financial Statements ..........................................7

  Item 2. Management's Discussion and Analysis of Financial
          Condition and Results of Operations...............................12

  Item 3. Quantitative and Qualitative Disclosures About Market Risk........14

PART II. OTHER INFORMATION

  Item 1. Legal Proceedings.................................................14

  Item 6. Exhibits and Reports on Form 8-K..................................14

  Signatures................................................................15

                                       2

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

                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                December 31, 1999      March 31, 1999
                                                -----------------      --------------
                                                  (unaudited)
                                     ASSETS

<S>                                             <C>                  <C>
Cash and cash equivalents                       $         537,148    $        675,871
 Investment in limited partnerships - Note 2            6,391,386           6,899,934
 Receivables from affiliates                                   25                   -
 Loans to limited partnerships                             69,055                   -
                                                   --------------       -------------

                                                $       6,997,614    $      7,575,805
                                                   ==============       =============


                        LIABILITIES AND PARTNERS' EQUITY

Liabilities:
Payables to limited partnerships - Note 5                 106,867             142,124
 Accrued fees and expenses due to
  general partner and affiliates - Note 3       $          22,806    $        (19,496)
                                                   --------------       -------------

Total Liabilities                                         129,673             122,628
                                                   --------------       -------------

Partners' equity (deficit):
 General partner                                          (32,494)            (26,642)
 Limited partners (11,500 units issued
  and outstanding)                                      6,900,435           7,479,819
                                                   --------------       -------------

Total partners' equity                                  6,867,941           7,453,177
                                                   --------------       -------------

                                                $       6,997,614    $      7,575,805
                                                   ==============       =============
</TABLE>

                 See accompanying notes to financial statements
                                        3

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

                            STATEMENTS OF OPERATIONS

          For the Three and Nine Months Ended December 31, 1999 and1998
                                   (unaudited)
<TABLE>
<CAPTION>

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

                                             Three             Nine             Three              Nine
                                             Months            Months           Months             Months
                                             ------            ------           ------             ------

<S>                                    <C>             <C>               <C>               <C>
Interest income                        $      7,927    $        5,654    $       9,308     $       35,136
                                         ----------      ------------      -----------       ------------

                                              7,927             5,654            9,308             35,136
                                         ----------      ------------      -----------       ------------

Operating expenses:
Amortization                                  6,394            19,182            6,394             19,182
Asset management fees - Note 3                7,906            23,718            7,906             23,719
Legal and accounting                          6,755            22,688                -              8,000
Other                                        39,281            37,505            1,934              5,720
                                         ----------      ------------      -----------       ------------

Total operating expenses                     60,336           103,093           16,234             56,621
                                         ----------      ------------      -----------       ------------

Loss from operations                        (52,409)          (97,439)          (6,926)           (21,485)

Equity in loss from
 limited partnerships                      (168,316)         (487,797)        (125,414)          (527,866)
                                         ----------      ------------      -----------       ------------

Net loss                               $   (220,725)   $     (585,236)   $    (132,340)    $     (549,351)
                                         ==========      ============      ===========       ============

Net loss allocated to:
 General partner                       $     (2,207)   $       (5,852)   $      (1,323)    $       (5,494)
                                         ==========      ============      ===========       ============

 Limited partners                      $   (218,518)   $     (579,384)   $    (131,017)    $     (543,857)
                                         ==========      ============      ===========       ============

Net loss per weighted limited
 partner unit (11,500 units issued
 and outstanding)                      $        (19)   $          (50)   $         (11)    $          (47)
                                         ==========      ============      ===========       ============

</TABLE>

                 See accompanying notes to financial statements
                                        4

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

                          STATEMENT OF PARTNERS' EQUITY

                   For the Nine Months Ended December 31, 1999
                                   (unaudited)

<TABLE>
<CAPTION>

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

<S>                                               <C>                <C>                <C>
Partners' equity (deficit), March 31, 1999        $      (26,642)    $    7,479,819     $     7,453,177

Net loss for the nine months ended
 December 31, 1999                                        (5,852)          (579,384)           (585,236)
                                                     -----------       ------------        ------------

Partners' equity (deficit), December 31, 1999     $      (32,494)    $    6,900,435     $     6,867,941
                                                     ===========       ============        ============


</TABLE>

                 See accompanying notes to financial statements
                                        5

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

                            STATEMENTS OF CASH FLOWS

              For the Nine Months Ended December 31, 1999 and 1998
                                   (unaudited)

<TABLE>
<CAPTION>

                                                                1999              1998
                                                                ----              ----
Cash flows from operating activities:
<S>                                                   <C>              <C>
 Net loss                                             $     (585,236)  $      (549,351)
 Adjustments to reconcile net loss to net
  cash provided by (used in) operating activities:
  Equity in loss from limited partnerships                   487,797           527,866
  Amortization                                                19,182            19,182
  Asset management fees                                       23,718            23,719
  Change in receivables from affiliates                          (25)           31,646
  Change in other assets                                           -               189

  Accrued fees and expense due to
   general partner and affiliates                             18,584            20,645
                                                         -----------      ------------

Net cash provided by (used in) operating activities          (35,980)           73,896
                                                         -----------      ------------

Cash flows from investing activities:
 Investments in limited partnerships                        (104,312)         (271,888)
 Acquisition costs and fees                                        -            (1,584)
 Distributions from limited partnerships                       1,569               378
 Loans receivable                                                  -          (201,611)
                                                         -----------      ------------

Net cash  used in investing activities                      (102,743)         (474,705)
                                                         -----------      ------------

Net decrease in cash and cash equivalents                   (138,723)         (400,809)
                                                         -----------      ------------

Cash and cash equivalents, beginning of period               675,871         1,161,152
                                                         -----------      ------------

Cash and cash equivalents, end of period              $      537,148   $       760,343
                                                         ===========      ============

</TABLE>

                 See accompanying notes to financial statements
                                        6

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

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 1999
                                   (unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The information  contained in the following notes to the financial statements is
condensed  from that  which  would  appear in the annual  financial  statements;
accordingly,  the  financial  statements  included  herein should be reviewed in
conjunction  with the audited  financial  statements  and related  notes thereto
contained in the  Partnership's  Annual Report on Form 10-K for the period ended
March 31, 1999 (audited).

In the opinion of the Partnership,  the unaudited  financial  statements contain
all  adjustments  (consisting of only normal  recurring  accruals)  necessary to
present fairly the financial position as of December 31, 1999 and the results of
operations and changes in cash flows for the three months then ended. Accounting
measurements at interim dates  inherently  involve greater reliance on estimates
than at year end. The results of operations for the interim period presented are
not necessarily indicative of the results for the entire year.

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.

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 3) 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.

                                       7
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 1999
                                   (unaudited)

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.

                                       8
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 1999
                                   (unaudited)

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.

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 income per unit is not required.

NOTE 2 - INVESTMENT 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.

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.

                                       9
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., SERIES 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 1999
                                   (unaudited)

NOTE 2 - INVESTMENT IN LIMITED PARTNERSHIPS,  CONTINUED

The  following is a summary of the equity method  activity of the  investment in
Local Limited  Partnerships  for the nine months ended December 31, 1999 and the
three months ended March 31, 1999:

                                          December 31, 1999     March 31, 1999
                                          -----------------     --------------

Investment balance, beginning of period        $  6,899,934      $   6,845,203
Equity in loss from limited partnerships           (487,797)          (187,528)
Capital Contributions paid, net of tax credit             -            201,611
adjusters
Capital Contributions payable                             -             50,378
Capitalized acquisition fees and costs                    -                 27
Distributions from limited partnerships              (1,569)            (3,378)
Amortization of acquisition costs                   (19,182)            (6,379)
                                                 ----------         ----------

Investment per balance sheet, end of period    $  6,391,386      $   6,899,934
                                                 ==========         ==========


Selected  financial  information  for the nine months ended December 31 from the
combined  financial   statements  of  the  limited  partnerships  in  which  the
partnership has invested is as follows:

                                                       1999               1998
                                                       ----               ----

Total revenue                                  $    894,100      $     809,000
                                                 ----------         ----------

Interest expense                                    364,400            323,000
Depreciation                                        405,700            470,000
Operating expenses                                  616,700            550,000
                                                 ----------         ----------

Total Expenses                                    1,386,800          1,343,000
                                                 ----------         ----------

Net loss                                       $   (492,700)     $    (534,000)
                                                 ==========         ==========

Net loss allocable to the Partnership          $   (487,797)     $    (527,866)
                                                 ==========         ==========

Net loss recognized by the Partnership         $   (487,797)     $    (527,866)
                                                 ==========         ==========

                                       10

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 1999
                                   (unaudited)

NOTE 3- RELATED PARTY TRANSACTIONS

(a)  Annual Asset  Management Fee. An annual asset management fee of 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 changes in
     the  Consumer  Price  Index,  however  in no event  will the  annual  asset
     management fee exceed 0.2% of Invested Assets.  "Invested Assets" means the
     sum of the Partnership's  investment in Local Limited  Partnerships and the
     Partnership's  allocable share of the amount of indebtedness related to the
     Housing  Complexes.  Fees of $23,718 and $23,719 were  incurred  during the
     nine months ended December 31, 1999 and 1998, respectively. The Partnership
     paid the General Partner or its affiliates $0 of those fees during the nine
     months ended December 31, 1999 and 1998, respectively.

(a)  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) 16% through December 31, 2003, and
     (ii) 6% for the balance of the Partnership's term. No disposition fees have
     been paid.

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

Accrued fees and advance due to  affiliates of the General  Partner  included in
the balance  sheet  consist of the  following at December 31, 1998 and March 31,
1999:

                                     December 31, 1999           March 31, 1999
                                     -----------------           --------------

Asset management fee            $                1,232      $           (22,486)
Reimbursement due on expenses
 paid by affiliate                              21,574                    2,990
                                     -----------------           --------------

Total related party payables    $               22,806      $           (19,496)
                                     =================           ==============


NOTE 4 - INCOME TAXES

No provision  for income taxes has been made,  as the liability for income taxes
is an obligation of the partners of the Partnership.


                                       11

<PAGE>
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Financial Condition

The Partnership's assets at December 31, 1999 consisted primarily of $537,000 in
cash  and  aggregate  investments  in the nine  Local  Limited  Partnerships  of
$6,391,000.  Liabilities at December 31, 1999 primarily consisted of $107,000 of
payables to limited partnerships.

Results of Operations

Three Months Ended December 31, 1999 Compared to Three Months Ended December 31,
1998.  The  Partnership's  net loss for the three months ended December 31, 1999
was $(221,000),  reflecting an increase of $89,000 from the net loss experienced
for the three  months  ended  December  31,  1998.  The  increase in net loss is
primarily due to an increase in equity in loss from limited  partnerships  which
increased by $43,000 to $(168,000)  for the three months ended December 31, 1999
from  $(125,000)  for the three months ended  December 31, 1998.  Along with the
increase in equity in loss from  limited  partnerships  there was an increase in
loss from  operations of $45,000 for the three months ended December 31, 1999 to
$(52,000),  from $(7,000) for the three months ended December 31, 1998, due to a
comparable increase in operating expenses.

Nine Months Ended  December 31, 1999 Compared to Nine Months Ended  December 31,
1998. The Partnership's net loss for the nine months ended December 31, 1999 was
$(585,000),  reflecting an increase of $36,000 from the net loss experienced for
the nine months ended  December 31, 1998.  The increase in net loss is primarily
due to an increase in loss from  operations of $76,000 for the nine months ended
December  31,  1999 to  $(97,000),  from  $(21,000)  for the nine  months  ended
December 31, 1998.  Offsetting  the increase in net loss from  operations  was a
decrease in equity in losses from limited partnerships which declined by $40,000
to $(488,000)  for the nine months ended  December 31, 1999 from  $(528,000) for
the nine months ended December 31, 1998.

Cash Flows

Nine Months Ended  December 31, 1999 Compared to Nine Months Ended  December 31,
1998.  Net cash  used  during  the  nine  months  ended  December  31,  1999 was
$(139,000)  reflecting a decrease of $262,000  compared to a net use of cash for
the nine  months  ended  December  31,  1998 of  $(401,000).  The change was due
primarily to a decrease in payments for  investments in limited  partnerships of
$168,000 and a decrease in payments for loans receivable of $202,000,  offset by
an increase in operating activities of $110,000.

During the nine months ended December 31, 1999 and 1998, accrued payables, which
consist  primarily of related party  management fees due to the General Partner,
increased by $42,000. The General Partner does not anticipate that these accrued
fees will be paid until such time as  capital  reserves  are in excess of future
foreseeable working capital requirements of the partnership.

The Partnership  expects its future cash flows,  together with its net available
assets at December 31, 1999, 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 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.  Except  for one  telephone  system,  the non-IT
systems of WNC are year 2000  compliant.  The one telephone  system will require
the replacement of one computer and one software application, both of which will
be completed on or before December 15, 1999.

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.  There can be no assurance that this
compliance  information  is  correct.  There also can be no  assurance  that the
systems of other,  less-important  service providers and outside vendors will be
year 2000 compliant.

Costs to Address Year 2000 Issues

The cost to address  year 2000  issues for WNC has been less than  $20,000.  The
cost to replace the telephone  system noted above will be less than $5,000.  The
cost to deal with potential year 2000 issues of other outside  vendors cannot be
estimated at this time.

Risk of Year 2000 Issues

The most  reasonable and likely result from non-year 2000  compliance of systems
of the service  providers  noted above will be the disruption of normal business
operations for WNC. This disruption would, 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

WNC is in the  process of  obtaining  year 2000  certifications  from each Local
General Partner of each Local Limited  Partnership.  Those  certifications  will
represent  to the  Partnership  that the IT and non-IT  systems  critical to the
operation of the Housing Complexes and investor reporting to the Partnership are
year 2000 compliant. These certifications will also represent to the Partnership
that the IT and non-IT  systems of property  management  companies,  independent
accountants,    electrical   power   providers,   financial   institutions   and
telecommunications  carriers used by the Local Limited Partnership are year 2000
compliant.

There can be no assurance that the representations in the certifications will be
correct.   There  also  can  be  no   assurance   that  the  systems  of  other,
less-important  service  providers  and  outside  vendors,  upon which the Local
Limited Partnerships rely, will be year 2000 compliant.

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<PAGE>
Costs to Address Year 2000 Issues

There  will be no cost to the  Partnership  as a result of  assessing  year 2000
issues for the Local Limited Partnerships.  The cost to deal with potential year
2000 issues of the Local Limited Partnerships cannot be estimated at this time.

Risk of Year 2000 Issues

There may be Local  General  Partners who indicate  that they or their  property
management  company are not year 2000  compliant and do not have plans to become
year 2000  compliant  before the end of 1999.  There may be other Local  General
Partners who are  unwilling to respond to the  certification  request.  The most
likely result of either non-compliance or failure to respond will be the removal
and  replacement  of the property  management  company  and/or the Local General
Partner with year 2000 compliant operators.

Despite the efforts to obtain certifications, 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 3.  Quantitative and Qualitative Disclosures About Market Risks

         NONE

Part II. Other Information

Item 1.  Legal Proceedings

         NONE

Item 6.  Exhibits and Reports on Form 8-K

         NONE

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<PAGE>

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

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

By:    WNC & ASSOCIATES, INC.       General Partner



By:   /s/ Wilfred N. Cooper, Jr.
Wilfred N. Cooper, Jr., President
WNC & Associates, Inc.

Date: February 22, 2000



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

Date: February 22, 2000









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