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 June 30, 2000

                                       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) 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 June 30, 2000



PART I. FINANCIAL INFORMATION

 Item 1. Financial Statements

 Balance Sheets
          June 30, 2000 and March 31, 2000....................................2

 Statements of Operations
          For the three months ended June 30, 2000 and 1999...................3

 Statement of Partners' Equity (Deficit)
          For the three months ended June 30, 2000............................4

 Statements of Cash Flows
          For the three months ended June 30, 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
          Above Market Risks.................................................14


PART II. OTHER INFORMATION

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

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

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

                                       1

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

                                 BALANCE SHEETS
<TABLE>
<CAPTION>



                                                      June 30, 2000             March 31, 2000
                                                    ------------------       --------------------
                                                       (unaudited)

ASSETS
<S>                                               <C>                      <C>
Cash and cash equivalents                         $          470,940       $            497,221
Receivables from affiliates                                       25                         25
Investments in limited partnerships,
 net (Note 2 and 3)                                        5,844,979                  6,052,638
                                                    ------------------       --------------------

                                                  $        6,315,944       $          6,549,884
                                                    ==================       ====================

LIABILITIES AND PARTNERS' EQUITY
 (DEFICIT)

Liabilities:
 Payable to limited partnership (Note 5)          $            4,740       $             25,977
 Accrued expenses                                             22,767                     23,835
 Accrued fees and expenses due to General
  Partner and affiliates (Note 4)                             11,509                      8,124
                                                    ------------------       --------------------

   Total liabilities                                          39,016                     57,936
                                                    ------------------       --------------------

Commitments and contingencies

Partners' equity (deficit):
 General partner                                             (38,404)                   (36,254)
 Limited partners (25,000 units authorized,
  11,500 units issued and outstanding)                     6,315,332                  6,528,202
                                                    ------------------       --------------------

   Total partners' equity                                  6,276,928                  6,491,948
                                                    ------------------       --------------------

                                                  $        6,315,944       $          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 Months Ended June 30, 2000 and 1999
                                   (unaudited)
<TABLE>
<CAPTION>


                                                      2000                           1999
                                             -----------------------       --------------------------
<S>                                        <C>                           <C>
Interest income                            $                 5,358       $                      758
Miscellaneous income                                             -                           14,258
                                             -----------------------       --------------------------

                                                             5,358                           15,016
                                             -----------------------       --------------------------

Operating expenses:
 Amortization (Note 3)                                       6,409                            6,394
 Asset management fees (Note 4)                              7,906                            7,906
 Other expenses                                              5,191                            5,946
                                             -----------------------       --------------------------

  Total operating expenses                                  19,506                           20,246
                                             -----------------------       --------------------------

Loss from operations                                       (14,148)                          (5,230)

Other expenses and losses:
 Equity in losses of limited                              (200,872)                        (187,528)
  partnerships (Note 3)
                                             -----------------------       --------------------------

Net loss                                   $              (215,020)      $                 (192,758)
                                             =======================       ==========================

Net loss allocated to:
 General partner                           $                (2,150)      $                   (1,928)
                                             =======================       ==========================

 Limited partners                          $              (212,870)      $                 (190,830)
                                             =======================       ==========================

Net loss per limited partner unit          $                   (19)      $                      (17)
                                             =======================       ==========================

Outstanding weighted limited
 partner units                                              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 OWNERS' EQUITY (DEFICIT)

                    For the Three Months Ended June 30, 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                                                          (2,150)          (212,870)           (215,020)
                                                            --------------     ---------------     ---------------

Partners' equity (deficit) at June 30, 2000               $      (38,404)    $    6,315,332      $    6,276,928
                                                            ==============     ===============     ===============

</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 Three Months Ended June 30, 2000 and 1999
                                   (unaudited)
<TABLE>
<CAPTION>


                                                                      2000                         1999
                                                             -----------------------      -----------------------

<S>                                                      <C>                          <C>
Cash flows from operating activities:
 Net loss                                                $              (215,020)     $              (192,758)
 Adjustments to reconcile net loss to net cash
  provided by (used in) operating activities:
  Equity in losses of limited partnerships                               200,872                      187,528
  Amortization                                                             6,409                        6,394
  Change in accrued expenses                                              (1,068)                           -
  Change in accrued fees and expenses due
   to General Partner and affiliates                                       3,385                       13,052
                                                           -----------------------      -----------------------

Net cash provided by (used in) operating
 activities                                                               (5,422)                      14,216
                                                           -----------------------      -----------------------

Cash flows from investing activities:
 Investments in limited partnerships, net                                (21,237)                           -
 Distributions from limited partnerships                                     378                        1,569
                                                           -----------------------      -----------------------

Net cash provided by (used in) investing
 activities                                                              (20,859)                       1,569
                                                           -----------------------      -----------------------

Net increase (decrease) in cash and
 cash equivalents                                                        (26,281)                      15,785

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

Cash and cash equivalents, end of period                 $               470,940      $               691,656
                                                           =======================      =======================

SUPPLEMENTAL DISCLOSURE OF
 CASH FLOW INFORMATION
  Taxes paid                                             $                   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

                                  June 30, 2000
                                   (unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying condensed consolidated 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 months ended June 30, 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

                                  June 30, 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

                                  June 30, 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 June 30, 2000
and March 31, 2000 the Partnership had cash equivalents of $450,000.

Concentration of Credit Risk

At June 30,  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.

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

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                                  June 30, 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 June 30, 2000 and March
31, 2000 totals $310,219 and $329,597 (which  represent  approximately 5% and 5%
of total investment in limited  partnerships of the Partnership),  respectively.
The  Partnership  has  reflected  equity in the net losses of  Chadron  totaling
$19,378 ($1.69 per limited partnership unit) for the three months ended June 30,
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 three months ended June 30, 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 $19,378 for
the three months ended June 30, 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

                                  June 30, 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 three months ended June 30, 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>
                                                            June 30, 2000              March 31, 2000
                                                          -------------------        --------------------
<S>                                                     <C>                        <C>
Investments per balance sheet, beginning of period      $         6,052,638        $          6,899,934
Capitalized acquisition fees and costs                                    -                       1,921
Equity in losses of limited partnerships                           (200,872)                   (817,069)
Distributions received                                                 (378)                     (6,509)
Amortization of paid acquisition fees and costs                      (6,409)                    (25,639)
                                                          -------------------        --------------------

Investments per balance sheet, end of period            $         5,844,979        $          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

                                  June 30, 2000
                                   (unaudited)

NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued

Selected  financial  information  for the three  months  ended  June 30 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):

                   COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                          2000               1999
                                                     ---------------    ---------------
<S>                                                <C>                <C>
Revenues                                           $       271,000    $       255,000
                                                     ---------------    ---------------

Expenses:
 Operating expenses                                        189,000            172,000
 Interest expense                                          116,000            110,000
 Depreciation and amortization                             149,000            148,000
                                                     ---------------    ---------------

   Total expenses                                          454,000            430,000
                                                     ---------------    ---------------

Net loss                                           $      (183,000)   $      (175,000)
                                                     ===============    ===============

Net loss allocable to the Partnership              $      (181,000)   $      (174,000)
                                                     ===============    ===============

Net loss recorded by the Partnership,
 before equity in losses of Chadron                $      (181,000)   $      (174,000)

Net loss of Chadron allocable to the Partnership           (20,000)           (14,000)
                                                     ---------------    ---------------

Net loss recorded by the Partnership               $      (201,000)   $      (188,000)
                                                     ===============    ===============
</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

                                  June 30, 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.  Management  fees of $7,906 and $7,906 were incurred during
          the three months ended June 30, 2000 and 1999, respectively,  of which
          $0 was paid during the three months ended June 30, 2000 and 1999.

   (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  consist of
the following at:
<TABLE>
<CAPTION>

                                                      June 30, 2000          March 31, 2000
                                                    -------------------    -------------------
<S>                                               <C>                    <C>
Reimbursement for expenses paid by the General
 Partner or an affiliate                          $              3,404   $              7,925

Asset management fee payable                                     8,105                    199
                                                    -------------------    -------------------

Total                                             $             11,509   $              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
fiscal  quarter ended June 30, 2000 and 1999,  and should be read in conjunction
with the condensed  consolidated  financial  statements and  accompanying  notes
included within this report.

Financial Condition

The  Partnership's  assets at June 30, 2000  consisted  primarily of $471,000 in
cash  and  aggregate  investments  in the  ten  Local  Limited  Partnerships  of
$5,845,000.  Liabilities  at June 30,  2000  primarily  consisted  of $23,000 in
accrued expenses,  $11,000 due to the General Partner and affiliates, and $5,000
due to limited partnerships.

Results of Operations

Three Months  Ended June 30, 2000  Compared to Three Months Ended June 30, 1999.
The  Partnership's  net loss  for the  three  months  ended  June  30,  2000 was
$(215,000),  reflecting an increase of $22,000 from the net loss experienced for
the three months ended June 30, 1999 of $(193,000).  The increase in net loss is
due to equity in losses of limited  partnerships  which  decreased by $13,000 to
$(201,000)  for the three month period ended June 30, 2000 from  $(188,000)  for
the three  month  period  ended  June 30,  1999 and loss from  operations  which
increased by $9,000 to $(14,000)  for the three month period ended June 30, 2000
from $(5,000) for the three month period ended June 30, 1999.

Cash Flows

Three Months  Ended June 30, 2000  Compared to Three Months Ended June 30, 1999.
Net decrease in cash during the three  months ended June 30, 2000 was  $(26,000)
compared to a net  increase in cash for the three  months ended June 30, 1999 of
$16,000.  The change was due to an  increase  in capital  contributions  paid to
limited  partnerships  of $21,000,  a decrease in  distributions  received  from
limited  partnerships  of $1,000 and an increase in operating  expenses  paid of
$20,000.

During the three months ended June 30, 2000,  accrued  payables,  which  consist
primarily of management  fees due to the General  Partner,  increased by $2,000.
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 June 30,  2000,  to be  sufficient  to meet all  currently  forseeable
future cash requirements.

                                       13

<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






                                       14

<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/ Wilfred N. Cooper, Jr

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

Date: December 8, 2000



By:  /s/ Michael L. Dickenson

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

Date: December 8, 2000


                                       15