FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   (Mark One)

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

                For the quarterly period ended December 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                                                           33-0601852
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                               Identification No.)


               3158 Redhill Avenue, Suite 120 Costa Mesa, CA 92626

                                 (714) 662-5565


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    No X



<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, 2000


PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

  Balance Sheets
    December 31, 2000 and March 31, 2000..................................2

  Statements of Operations
    For the Three and Nine Months Ended December 31, 2000 and 1999........3

  Statement of Partners' Equity (Deficit)
    For the Nine Months Ended December 31, 2000...........................4

  Statements of Cash Flows
    For the Nine Months Ended December 31, 2000 and 1999..................5

  Notes to Financial Statements...........................................6

 Item 2. Management's Discussion and Analysis of Financial
         Condition and Results of Operations.............................13

 Item 3.  Quantitative and Qualitative Disclosures
          About Market Risks.............................................15


PART II. OTHER INFORMATION

 Item 1. Legal Proceedings...............................................15

 Item 6. Exhibits and Reports on Form 8-K................................15

 Signatures..............................................................16

                                       1

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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                        December 31, 2000         March 31, 2000
                                                                       --------------------     --------------------
                                                                           (unaudited)
ASSETS
<S>                                                                  <C>                      <C>
Cash and cash equivalents                                            $            429,034     $            497,221
Receivables from affiliates                                                         2,107                       25
Investments in limited partnerships, net (Notes 2 and 3)                        5,430,416                6,052,638
                                                                       --------------------     --------------------

                                                                     $          5,861,557     $          6,549,884
                                                                       ====================     ====================

LIABILITIES AND PARTNERS' EQUITY (DEFICIT)

Liabilities:
 Payables to limited partnerships (Note 5)                           $                  -     $             25,977
 Accrued expenses                                                                  15,226                   23,835
 Accrued fees and expenses due to General
  Partner and affiliates (Note 4)                                                  10,816                    8,124
                                                                       --------------------     --------------------

   Total liabilities                                                               26,042                   57,936
                                                                       --------------------     --------------------
Commitments and contingencies

Partners' equity (deficit):
 General Partner                                                                  (42,818)                 (36,254)
 Limited Partners (25,000 units authorized,
  11,500 units issued and outstanding)                                          5,878,333                6,528,202
                                                                       --------------------     --------------------

  Total partners' equity                                                        5,835,515                6,491,948
                                                                       --------------------     --------------------

                                                                     $          5,861,557     $          6,549,884
                                                                       ====================     ====================
</TABLE>

                 See accompanying notes to financial statements
                                       2

<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, 2000 and 1999
                                   (unaudited)
<TABLE>
<CAPTION>
                                                     2000                               1999
                                         ------------------------------    --------------------------------
                                           Three            Nine              Three             Nine
                                           Months           Months            Months            Months
                                         ------------    --------------    -------------     --------------
<S>                                    <C>             <C>               <C>               <C>
Interest income                        $      4,609    $       14,501    $       7,927     $        5,654
                                         ------------    --------------    -------------     --------------

Operating expenses:
 Amortization (Note 3)                        6,410            19,228            6,394             19,182
 Asset management fees (Note 4)               7,906            23,718            7,906             23,718
 Other                                        4,530            25,372           46,036             60,193
                                         ------------    --------------    -------------     --------------

    Total operating expenses                 18,846            68,318           60,336            103,093
                                         ------------    --------------    -------------     --------------

Loss from operations                        (14,237)          (53,817)         (52,409)           (97,439)

Equity in losses of
 limited partnerships (Note 3)             (200,872)         (602,616)        (168,316)          (487,797)
                                         ------------    --------------    -------------     --------------

Net loss                               $   (215,109)   $     (656,433)   $    (220,725)    $     (585,236)
                                         ============    ==============    =============     ==============

Net loss allocated to:
 General Partner                       $     (2,151)   $       (6,564)   $      (2,207)    $       (5,852)
                                         ============    ==============    =============     ==============

 Limited Partners                      $   (212,958)   $     (649,869)   $    (218,518)    $     (579,384)
                                         ============    ==============    =============     ==============

Net loss per limited partner unit      $        (19)   $          (57)   $         (19)    $          (50)
                                         ============    ==============    =============     ==============

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

</TABLE>
                 See accompanying notes to financial statements
                                        3
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4
                       (A California Limited Partnership)

                     STATEMENT OF PARTNERS' EQUITY (DEFICIT)

                   For the Nine Months Ended December 31, 2000

                                   (unaudited)
<TABLE>
<CAPTION>

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

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

Net loss                                                          (6,564)          (649,869)           (656,433)
                                                            --------------     ---------------     ---------------

Partners' equity (deficit) at December 31, 2000           $      (42,818)    $    5,878,333      $    5,835,515
                                                            ==============     ===============     ===============




</TABLE>


                 See accompanying notes to financial statements
                                        4
<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, 2000 and 1999
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                      2000                         1999
                                                             -----------------------      -----------------------
<S>                                                      <C>                          <C>
Cash flows from operating activities:

 Net loss                                                $              (656,433)     $              (585,236)
 Adjustments to reconcile net loss to net cash
  used in operating activities:
  Amortization                                                            19,228                       19,182
  Equity in losses of limited partnerships                               602,616                      487,797
  Change in accrued asset management fees payable                          2,857                       23,718
  Change in accrued expenses                                              (8,609)                           -
  Change in receivables from affiliates                                   (2,082)                         (25)
  Change in accrued fees and expenses due                                   (165)                      18,584
   to General Partner and affiliates
                                                             -----------------------      -----------------------

Net cash  used in operating  activities                                  (42,588)                     (35,980)
                                                             -----------------------      -----------------------

Cash flows from investing activities:
 Investments in limited partnerships                                     (25,977)                    (104,312)
 Distributions from limited partnerships                                     378                        1,569
                                                             -----------------------      -----------------------

Net cash  used in investing activities                                   (25,599)                    (102,743)
                                                             -----------------------      -----------------------

Net decrease in cash and  cash equivalents                               (68,187)                    (138,723)

Cash and cash equivalents, beginning  of period                          497,221                      675,871
                                                             -----------------------      -----------------------

Cash and cash equivalents, end of period                 $               429,034      $               537,148
                                                             =======================      =======================

SUPPLEMENTAL DISCLOSURE OF
  CASH FLOW INFORMATION
   Taxes paid                                            $                   800      $                   800
                                                             =======================      =======================
</TABLE>

                 See accompanying notes to financial statements
                                        5
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4
                       (A California Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2000
                                   (unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying  condensed unaudited financial statements have been prepared in
accordance with generally accepted  accounting  principles for interim financial
information and with the  instructions to Form 10-Q for quarterly  reports under
Section 13 or 15(d) of the Securities Exchange Act of 1934. Accordingly, they do
not include all of the information and footnotes  required by generally accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the
three and nine months ended December 31, 2000 are not necessarily  indicative of
the results that may be expected for the fiscal year ending March 31, 2001.  For
further  information,  refer to the financial  statements and footnotes  thereto
included  in the  Partnership's  annual  report on Form 10-K for the fiscal year
ended March 31, 2000.

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 2.1% 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.

                                       6
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

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.

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).

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (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.  As of December 31,
2000 and March 31, 2000 the  Partnership  had cash  equivalents  of $425,000 and
$450,000, respectively.

Concentration of Credit Risk

At December 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  partner  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 September 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.

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (unaudited)

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 December 31, 2000 and
March 31, 2000 totals $271,463 and $329,597 (which  represent  approximately  5%
and 5% of  total  investments  in  limited  partnerships  of  the  Partnership),
respectively.  The Partnership has reflected equity in the net losses of Chadron
totaling  $58,134  ($5.06 per limited  partner  unit) for the nine months  ended
December 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. No additional
legal costs were incurred during the nine months ended December 31, 2000.

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  statement of operations  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 $58,134 for
the nine months ended  December 31, 2000 as pro-rated from the amount of $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.

                                       9

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (unaudited)

NOTE 2 - UNCERTAINTY WITH RESPECT TO INVESTMENT IN CHADRON, continued

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.

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.

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 nine months ended  December 31, 2000
and the year ended March 31,  2000,  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>


                                                                   December 31, 2000           March 31, 2000
                                                                 ----------------------      -------------------
<S>                                                            <C>                         <C>
Investments in limited partnerships, beginning of period       $            6,052,638      $         6,899,934
Capitalized acquisition fees and costs                                              -                    1,921
Equity in losses of limited partnerships                                     (602,616)                (817,069)
Distributions received from limited partnerships                                 (378)                  (6,509)
Amortization of capitalized acquisition fees and costs                        (19,228)                 (25,639)
                                                                 ----------------------      -------------------

Investments in limited partnerships, end of period             $            5,430,416      $         6,052,638
                                                                 ======================      ===================
</TABLE>
                                       10
<PAGE>
              WNC CALIFORNIA HOUSING TAX CREDITS IV, L.P., Series 4
                       (A California Limited Partnership)

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (unaudited)

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

Selected  financial  information  for the nine months ended December 31 from the
unaudited combined financial statements of the limited partnerships in which the
Partnership has invested 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):
<TABLE>
<CAPTION>

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS

                                                                 2000               1999
                                                            ---------------    ---------------
<S>                                                       <C>                <C>
Revenues                                                  $       814,000    $       774,000
                                                            ---------------    ---------------

Expenses:
 Operating expenses                                               569,000            257,000
 Interest expense                                                 349,000            374,000
 Depreciation and amortization                                    446,000            560,000
                                                            ---------------    ---------------

   Total expenses                                               1,364,000          1,191,000
                                                            ---------------    ---------------

Net loss                                                  $      (550,000)   $      (417,000)
                                                            ===============    ===============

Net loss allocable to the Partnership before equity in
 losses of Chadron                                        $      (544,000)   $      (413,000)
                                                            ===============    ===============
Net loss of Chadron allocable to and recorded by
 the Partnership                                                  (59,000)           (75,000)
                                                            ---------------    ---------------

Net loss recorded by the Partnership                      $      (603,000)   $      (488,000)
                                                            ===============    ===============
</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.
                                       11

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                December 31, 2000
                                   (unaudited)

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:

     (a)  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.  Asset management fees of $23,718 were incurred during each
          of the nine months ended  December 31, 2000 and 1999, of which $20,861
          and $7,513 were paid during the nine months  ended  December  31, 2000
          and 1999, respectively.

   (b)   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 consisted of
the following at:
<TABLE>
<CAPTION>
                                                               December 31, 2000         March 31, 2000
                                                              ---------------------    -------------------
<S>                                                         <C>                      <C>
Reimbursement for expenses paid by the General
 Partner or an affiliate                                    $                7,760   $              7,925
Asset management fee payable                                                 3,056                    199
                                                              ---------------------    -------------------

Total                                                       $               10,816   $              8,124
                                                              =====================    ===================
</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.

                                       12


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

This  Quarterly  Report  contains  forward-looking   statements  concerning  the
Partnership's anticipated future revenues and earnings,  adequacy of future cash
flow and related matters. These forward-looking  statements include, but are not
limited to, statements containing the words "expect",  "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties  that could cause actual
results to differ materially from the statements, including competition, as well
as those  risks  described  in the  Partnership's  SEC  reports,  including  the
Partnership's  Form 10-K filed  pursuant to the  Securities  and Exchange Act of
1934 on August 3, 2000.

The following discussion and analysis compares the results of operations for the
three and nine months ended  December  31, 2000 and 1999,  and should be read in
conjunction  with the condensed  financial  statements  and  accompanying  notes
included within this report.

Financial Condition

The Partnership's assets at December 31, 2000 consisted primarily of $429,000 in
cash and cash  equivalents  and aggregate  investments  in the ten Local Limited
Partnerships of $5,430,000. Liabilities at December 31, 2000 primarily consisted
of $15,000 in accrued  expenses  and  $11,000  due to the  General  Partner  and
affiliates.

Results of Operations

Three Months Ended December 31, 2000 Compared to Three Months Ended December 31,
1999.  The  Partnership's  net loss for the three months ended December 31, 2000
was  $(215,000),  reflecting a decrease of $6,000 from the net loss  experienced
for the three months ended December 31, 1999 of $(221,000).  The decrease in net
loss is due to operating  losses which decreased by $38,000 to $(14,000) for the
three month period ended  December 31, 2000 from  $(52,000)  for the three month
period ended  December 31, 1999.  The $38,000 change was primarily due to market
fluctuations  that  reduced  the values of  certain  tax-exempt  investments  by
$(24,000)in  1999.  In order to avoid  future  losses,  these  investments  were
liquidated  in  October  1999.  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.  The  decrease  was offset by equity in losses of  limited  partnerships
which  increased  by $32,000 to  $(201,000)  for the three  month  period  ended
December 31, 2000 from  $(169,000) for the three month period ended December 31,
1999.

Nine Months Ended  December 31, 2000 Compared to Nine Months Ended  December 31,
1999. The Partnership's net loss for the nine months ended December 31, 2000 was
$(656,000),  reflecting an increase of $71,000 from the net loss experienced for
the nine months ended December 31, 1999 of $(585,000).  The increase in net loss
was due to equity in losses of limited  partnerships which increased by $115,000
to $(603,000) for the nine month period ended December 31, 2000 from  $(488,000)
for the nine month period ended December 31, 1999. This was partially  offset by
a decrease in  operating  losses of $43,000 to  $(54,000)  for the period  ended
December 31, 2000 from  $(97,000)  for the period ended  December 31, 1999.  The
$43,000 change was primarily due to market  fluctuations that reduced the values
of certain tax-exempt investments by $(30,000) in 1999. In order to avoid future
losses,  these  investments  were liquidated in October 1999. 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.

                                       13

<PAGE>
Cash Flows

Nine Months Ended  December 31, 2000 Compared to Nine Months Ended  December 31,
1999. Net cash used during the nine months ended December 31, 2000 was $(68,000)
compared to cash used for the nine months ended December 31, 1999 of $(139,000).
The  change  was due to a  decrease  in  capital  contributions  paid to limited
partnerships  of  $78,000,  offset by an  increase  in cash  paid for  operating
expenses of $7,000.

During the nine months ended December 31, 2000, accrued fees and expenses due to
General Partner and affiliates,  which consist  primarily of operating  advances
due to the General  Partner,  increased by $3,000.  The General Partner does not
anticipate  that these accrued fees and expenses 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, 2000, to be sufficient to
meet all currently forseeable future cash requirements.




                                       14
<PAGE>




Item 3.  Quantitative and Qualitative Disclosures About Market Risks

         NOT APPLICABLE

Part II. Other Information

Item 1.  Legal Proceedings

         NONE

Item 6.  Exhibits and Reports on Form 8-K

         NONE






                                       15
<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 of the Registrant





By: /s/ Will N. Cooper, Jr.

Will N Cooper,  Jr.,
President - Chief  Operating  Officer of WNC & Associates, Inc.

Date:  May 15, 2001





By:  /s/ Tom J. Riha

Tom J. Riha,
Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date:  May 15, 2001









                                       16