UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the year ended December 31, ~~2014~~2015

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

For the transition period from ~~____ to____________~~ to

Commission file number: 0-14207*

THE RANCON REALTY FUND IV, LIQUIDATING TRUST

A CALIFORNIA LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

	California		33-0016355
California.		33-0016355
(State or other jurisdiction	~~(State or other jurisdiction~~	(I.R.S. Employer	~~(I.R.S. Employer~~
Of incorporation or organization)	~~Of incorporation or organization)~~	Identification No.)	~~Identification No.)~~

400 South El Camino Real, Suite 1100
San Mateo, California		94402-1708
(Address of principal executive offices)		(Zip Code)

Partnership’s telephone number, including area code (650) 343-9300

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Units of Limited Partnership Interest

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act of 1933, as amended. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act of 1934, as amended. * Yes ¨ No x¨

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). * Yes x¨ No ¨

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ¨ Accelerated Filer ¨ Non-accelerated filer ¨ Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

No market for the ~~Limited~~Beneficial ~~Partnership Units~~Interests exists and therefore a market value for such ~~Units~~Beneficial Interest cannot be determined.

DOCUMENTS INCORPORATED BY REFERENCE:

*The Rancon Realty Fund IV Liquidating Trust is the transferee of the assets and liabilities of Rancon Realty Fund IV, A California Limited Partnership, and files reports under the Commission file number for Rancon Realty Fund IV, A California Limited Partnership. Rancon Realty Fund IV, A California Limited Partnership filed a Form 15 on March 25, 2016, indicating its notice of termination of registration and filing requirements.

INDEX

THE RANCON REALTY FUND IV, LIQUIDATING TRUST

A CALIFORNIA LIMITED PARTNERSHIP

		Page No.
	PART I

Item 1.	Business	3-4
Item 1A.	Risk Factors	4-6
Item 1B.	Unresolved Staff Comments	6
Item 2.	Properties	6
Item 3.	Legal Proceedings	6
Item 4.	Mine Safety Disclosures	6

	PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	7
Item 6.	Selected Financial Data	7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	7-10
Item 7A.	Qualitative and Quantitative Disclosures about Market Risk	10
Item 8.	Financial Statements and Supplementary Data	10
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	10
Item 9A.	Controls and Procedures	10-11
Item 9B.	Other information	11

	PART III

Item 10.	Directors, Executive Officers and Corporate Governance	11
Item 11.	Executive Compensation	11
Item 12.	Security Ownership of Certain Beneficial Owners and Management and related Stockholder Matters	11
Item 13.	Certain Relationships and Related Transactions, and Director Independence	11
Item 14.	Principal Accountant Fees and Services	12

	PART IV

Item 15.	Exhibits and Unaudited Consolidated Financial Statements and Schedules	13-14

	SIGNATURES	15

		Page No.
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	4-6
Item 1B.	Unresolved Staff Comments	6
Item 2.	Properties	6-8
Item 3.	Legal Proceedings	8
Item 4.	Mine Safety Disclosures	8
	PART II
Item 5.	Market for Partnership’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	8
Item 6.	Selected Financial Data	9
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9-12
Item 7A.	Qualitative and Quantitative Disclosures about Market Risk	12
Item 8.	Financial Statements and Supplementary Data	12
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	12
Item 9A.	Controls and Procedures	12
Item 9B.	Other information	12
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	12
Item 11.	Executive Compensation	13
Item 12.	Security Ownership of Certain Beneficial Owners and Management and related Stockholder Matters	13
Item 13.	Certain Relationships and Related Transactions, and Director Independence	14
Item 14.	Principal Accountant Fees and Services	14
	PART IV
Item 15.	Exhibits and Financial Statement Schedules.	15-16
	SIGNATURES	17

Part I

Item 1. Business

Rancon Realty Fund IV, a California Limited Partnership (“the Partnership”), was organized in accordance with the provisions of the California Uniform Limited Partnership Act for the purpose of acquiring, developing, operating and selling real property. The Partnership was organized in 1984 and reached final funding in July 1987. The general partners of the Partnership ~~are~~were Daniel L. Stephenson (“DLS”) and Rancon Financial Corporation (“RFC”), hereinafter collectively referred to as the “General Partner”. RFC is wholly owned by DLS. The Partnership ~~has~~had no employees.

The Partnership’s initial acquisition of property during 1984 and 1985 consisted of approximately 76.56 acres of partially developed and unimproved land located in San Bernardino, California. The property is part of a master-planned development of approximately 153 acres known as Tri-City (“Tri-City”) and is zoned for mixed commercial, office, hotel, transportation-related, and light industrial uses. Other than the two properties ~~which~~still ~~were~~owned ~~sold in 2005 and one property which was sold in 2013 to third parties~~ by the Partnership ~~and~~as ~~Rancon~~of ~~Realty~~December ~~Fund V (“Fund V”)~~31, ~~a limited partnership sponsored by the General Partner of the Partnership~~2015, ~~substantially~~ all of the parcels thereof ~~are~~ ~~separately~~have ~~owned~~been bysold ~~either~~to ~~the~~third ~~Partnership or Fund V~~parties. ~~As of December 31, 2014, the Partnership has twelve properties consisting of five office buildings and seven retail buildings. The Partnership’s properties are more fully described in Item 2.~~

In November 2005, in connection with a refinancing, the Partnership formed Rancon Realty Fund IV Subsidiary LLC, a Delaware limited liability company (“RRF IV SUB”), which iswas wholly owned by the Partnership. The ~~new~~ entity was formed to satisfy certain lender requirements for a loan obtained in in the fourth quarter of 2005. The loan iswas collateralized by ~~eight~~some ~~properties~~of ~~(as~~the ~~discussed~~Partnership’s inproperties ~~Item 2)~~ which ~~have~~were ~~been~~ contributed to to RRF IV SUB by the Partnership. Since RRF IV SUB iswas wholly owned by the Partnership, the financial statements of RRF IV SUB ~~have~~were ~~been~~ consolidated with those of the Partnership.

The Partnership commenced on April 3, 1984 and had a term which was set to expire on December 31, 2015, in accordance with the provisions of the Partnership Agreement. On April 21, 2014, the Partnership sent a Consent Solicitation Statement to its Limited Partners seeking their consent to the dissolution of the Partnership prior to December 31, 2015 in accordance with the terms of the Partnership Agreement and as detailed by a Plan of Liquidation and Dissolution adopted by the General Partner on April 10, 2014 (the “Plan of Liquidation”). The dissolution required the approval of Limited Partners holding a majority of the outstanding units. On May 8, 2014, the dissolution was approved by Limited Partners holding a majority of the outstanding units, and the Plan of Liquidation ~~and Dissolution~~ became effective. Consequently, the General Partner ~~has~~ ~~begun~~began an orderly sale of the Partnership’s assets. Management anticipates that the Partnership will complete the sale of its properties within 12-18 months from when the dissolution was approved. However, because of numerous uncertainties, the sale process may take longer than expected. Dissolution can be a complex process that may depend on a number of factors, most of which are beyond the Partnership’s control. There can be no assurance that the dissolution will be completed within a specified time frame. ~~Subsequent~~As toof December 31, ~~2014~~2015, the sales of five retail buildings and all of the office properties have ~~were~~been completed. Mimi’s Café sold on January 9, 2015 for $2,331,000, Palm Retail 1 sold on January 15, 2015 for $2,524,000, Service Retail sold on January 22, 2015 for $2,400,000, Palm Retail 2 sold on February 13, 2015 for $2,502,000 and TGI Fridays sold on February 19, 2015 for $3,350,000. On March 20, 2015, the Partnership sold the five office properties including Carnegie Business Center 1, Northcourt Plaza, North River Place, One Vanderbilt and Vanderbilt Plaza for $39,975,000. The last two properties, Promotional Retail 1 and 2, are expected to be sold later in the year.

~~Competition~~The ~~Within~~Plan of Liquidation authorized the General Partner to transfer and assign the Partnership’s remaining assets to a liquidating trust to facilitate the Partnership’s dissolution. In furtherance of the Plan of Liquidation, on March 21, 2016, the Partnership entered into a Liquidating Trust Agreement (the “Liquidating Trust Agreement”) with RFC, as trustee of the Liquidating Trust (the “Trustee”), in connection with the formation of The ~~Market~~Rancon Realty Fund IV Liquidating Trust (the “Liquidating Trust” or the “Trust”). In accordance with the Liquidating Trust Agreement, on March 22, 2016, the Partnership transferred all of its remaining assets to the Liquidating Trust to be administered, disposed of or provided for in accordance with the terms and conditions of the Liquidating Trust Agreement. Also as of March 22, 2016, the Partners, as beneficiaries of the Liquidating Trust (“Beneficiaries”), received beneficial interests in the Liquidating Trust (the “Beneficial Interests”). The purpose of the Liquidating Trust is to provide for the orderly liquidation of the assets transferred to it by the Partnership, to pay the liabilities of the Partnership and the expenses of administering the Liquidating Trust, and to make liquidating distributions to the Beneficiaries in accordance with their Beneficial Interests. The Liquidating Trust does not have any employees, officers or directors. The existence of the Liquidating Trust will terminate upon a date determined by the Trustee (the “Termination Date”) after the Trustee has distributed to all Beneficiaries, other than Beneficiaries who cannot be located (“Missing Beneficiaries”), all of the Trust’s assets in accordance with the terms of the Liquidating Trust Agreement, which is intended to take place within three years from the date of the Liquidating Trust’s formation; provided that the Trustee has the discretion to delay such final distribution if in its good faith determination it should not be made at that time, so long as such date is no more than 21 years after the date of the Liquidating Trust Agreement. The existence of the Liquidating Trust may, however, be extended beyond such three year term if the Trustee determines that the final distribution should not be made at that time. Notwithstanding such termination of the Liquidating Trust and the Trust Agreement on the Termination Date, the Liquidating Trust shall continue to exist for the purpose of winding up its affairs, collecting and discharging its remaining obligations, and disposing of its remaining assets, including disposing of any assets that are distributable to Missing Beneficiaries in accordance with applicable state laws regarding escheatment and abandoned property.

~~The~~On ~~Partnership~~March ~~competes~~25, ~~in the leasing of its properties primarily with other available properties in the local real estate market. Other than Fund V~~2016, ~~management is not aware of any specific competitors of~~ the Partnership’s ~~properties doing business on a significant scale in the local market.~~filed ~~Management believes that characteristics influencing the competitiveness of~~ a ~~real~~Certificate ~~estate project include the geographic location~~ of ~~the~~Cancellation ~~property,~~with the ~~professionalism~~California Secretary of ~~the property manager~~State, ~~the~~cancelling ~~maintenance and appearance of~~ the ~~property~~limited ~~and rental rates~~partnership, in ~~addition to external factors such as general economic circumstances, trends,~~ and ~~the~~filed ~~existence~~a ofForm ~~new~~15 ~~competing properties in~~with the ~~vicinity.~~Securities ~~Additional competitive factors with respect to commercial~~ and ~~industrial~~Exchange ~~properties~~Commission ~~include~~ (the ~~ease~~“Commission”), ofterminating ~~access to~~ the ~~property,~~registration ~~the adequacy~~ of ~~related facilities, such as parking, and~~ the ~~ability~~limited ~~to provide rent concessions and tenant improvements~~partnership ~~commensurate~~units ~~with~~in ~~local~~the ~~market conditions~~Partnership. ~~Although~~Accordingly, ~~management believes~~ the Partnership’s ~~properties~~has ~~are~~ceased ~~competitive~~filing ~~with comparable~~reports ~~properties~~under ~~as to those factors within~~ the ~~Partnership’s~~Securities ~~control,~~Exchange ~~over-building~~Act ~~and other external factors could adversely affect the ability~~ of ~~the Partnership to attract and retain tenants~~1934. ~~The marketability of the properties may also be affected (either positively or negatively) by these factors as well as by changes in general or local economic conditions~~However, ~~including~~ ~~prevailing interest rates and~~ the ~~availability~~Trustee ofwill ~~financing.~~cause ~~Depending~~annual onreports ~~market~~provided ~~and economic conditions, the Partnership may be required~~ to ~~retain~~Beneficiaries ~~ownership of its properties for periods longer than anticipated, or may need~~ to ~~sell~~be ~~earlier~~filed ~~than~~with ~~anticipated or~~the ~~refinance~~Commission aunder ~~property,~~cover atof aForm ~~time~~10-K ~~or under terms~~ and ~~conditions~~periodic reports ~~that~~provided ~~are~~to ~~less~~Beneficiaries ~~advantageous~~to ~~than~~be ~~would~~filed bewith the ~~case~~Commission ifunder ~~unfavorable economic~~cover orof ~~market~~Form ~~conditions did not exist~~8-K.

~~Working~~Overview ~~Capital~~of Sale of the Property

~~The~~In ~~Partnership~~the first quarter of 2015, the sales of five retail buildings and all of the office properties were completed as well as the partial sale of another retail property. Mimi’s ~~practice~~Café issold toon January 9, 2015 for $2,331,000, Palm Retail 1 sold on January 15, 2015 for $2,524,000, Service ~~maintain~~Retail ~~cash~~sold ~~reserves~~on January 22, 2015 for ~~normal~~$2,400,000, ~~repairs~~Palm Retail 2 sold on February 13, ~~replacements~~2015 for $2,502,000, ~~working~~and ~~capital~~TGI Fridays sold on February 19, 2015 for $3,350,000. On March 20, 2015, the Partnership sold the five office properties including Carnegie Business Center 1, Northcourt Plaza, North River Place, One Vanderbilt and ~~other~~Vanderbilt ~~contingencies~~Plaza for $39,975,000. One parcel of Promotional Retail Center I was sold on March 28, 2015 for $3,985,000. Promotional Retail II and the remaining parcels of Promotional Retail Center I are currently held for sale.

Other Factors

Approximately 14.7 acres of the Tri-City land owned by the Partnership was part of a 27-acre landfill operated by the City of San Bernardino (“the City”) from approximately 1950 to 1960. This landfill ~~incorporates~~incorporated two land parcels and part of a third parcel. In 1996, the Santa Ana Regional Water Quality Control Board ("SARWQCB"), with regulatory jurisdiction over the closure and monitoring of landfills, determined that the City was primarily responsible for the landfill. Therefore, the City and the Partnership entered into a Limited Access Easement Agreement, giving the City access to the site for development, implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002), perform groundwater monitoring and install a permanent gas extraction system (Landfill Gas Collection System). Under the Limited Access Easement Agreement with the Partnership, methane monitoring iswas handled directly by the City. The City's installation of the cover improvement system was completed in the first quarter of 2007 along with the gas extraction system. ~~The~~On ~~system~~December is16, ~~now~~2015, ~~operational~~the ~~and~~Partnership ~~working~~sold ~~properly~~the land to ~~eliminate methane from~~ the ~~landfill. All~~City ~~controlled wells~~of ~~are~~San inBernardino ~~compliance~~for ~~with~~a ~~County~~purchase ~~standards.~~price Noof ~~assurance can be made that circumstances will not arise which could impact the Partnership’s responsibility related to the land~~$10.

~~Item 1A. Risk Factors~~Distributions

~~Risks~~On August 14, 2015, the Partnership made its first distribution to Partners as part of the Plan of Liquidation. The distribution represents approximately $376 per unit and was paid from the ~~Current~~cash ~~Economic~~available ~~Environment~~for distribution as a result of the sales of properties to investors of record as of August 1, 2015. It is anticipated that another distribution will be made from the Trust to Beneficiaries after the remaining properties have been sold.

~~Financial~~Item ~~markets have experienced unusual volatility and uncertainty over the past few years~~1A. ~~Liquidity~~Risk has tightened in all financial markets, including the debt and equity markets. The Partnership’s ability to fund normal recurring expenses and capital expenditures as well as its ability to repay or refinance debt maturities could be adversely affected by an inability to secure financing at reasonable terms, if at all. If economic conditions persist or deteriorate, the Partnership may experience increases in past due accounts, defaults, lower occupancy and reduced effective rents. These conditions could negatively affect the Partnership’s future net income and cash flows and could adversely affect its ability to fund distributions, debt service payments and tenant improvements.Factors

~~Market~~Risk ~~Fluctuations~~Related into ~~Rental~~our ~~Rates and~~Business ~~Occupancy~~in ~~Could Adversely Affect Our Operations~~General

AsPotential ~~leases~~Liability ~~turn~~Due ~~over, our ability~~ to ~~re-lease~~Environmental the space to existing or new tenants at rates equal to or greater than those realized historically may be impacted by, among other things, the economic conditions of the market in which a property is located, the availability of competing space (including sublease space offered by tenants who have vacated space in competing buildings prior to the expiration of their lease term), and the level of improvements which may be required at the property. We cannot be assured that the rental rates we obtain in the future will be equal to or greater than those obtained under existing contractual commitments. If we cannot lease all or substantially all of the expiring space at our properties promptly, or if the rental rates are significantly lower than expected, then the results of operations and financial condition could be negatively impacted.Matters

~~Tenants’~~Under ~~Defaults~~federal, ~~Could~~state ~~Adversely~~and local laws relating ~~Affect~~to ~~Our~~protection ~~Operations~~of the environment (“Environmental Laws”), a current or previous owner or operator of real estate may be liable for contamination resulting from the presence or discharge of petroleum products or other hazardous or toxic substances on the property. These owners may be required to investigate and clean-up the contamination on the property as well as the contamination which has migrated from the property. Environmental Laws typically impose liability and clean-up responsibility without regard to whether the owner or operator knew of, or was responsible for, the presence of the contamination. This liability may be joint and several unless the harm is divisible and there is a reasonable basis for allocation of responsibility. In addition, the owner or operator of a property may be subject to claims by third parties based on personal injury, property damage and/or other costs, including investigation and clean-up costs, resulting from environmental contamination. Environmental Laws may also impose restrictions on the manner in which a property may be used or transferred or in which businesses may be operated. These restrictions may require expenditures. Under the Environmental Laws, any person who arranges for the transportation, disposal or treatment of hazardous or toxic substances may also be liable for the costs of investigation or clean-up of those substances at the disposal or treatment facility, whether or not the facility is or ever was owned or operated by that person.

Our ~~ability~~tenants togenerally ~~manage~~are ~~our~~required ~~assets~~by ~~is subject~~their leases to ~~federal~~operate ~~bankruptcy~~in ~~laws~~compliance ~~and~~with ~~state~~all ~~laws~~applicable ~~that~~Environmental ~~limit~~Laws, ~~creditors’ rights~~ and ~~remedies~~to ~~available~~indemnify tous ~~real~~against ~~property~~any ~~owners~~environmental toliability ~~collect~~arising ~~delinquent~~from ~~rents.~~their Ifactivities aon ~~tenant~~the ~~becomes~~properties. ~~insolvent or bankrupt~~However, we ~~cannot~~could be ~~sure~~subject ~~that we could recover the premises from the tenant promptly or from a trustee or debtor-in-possession in any bankruptcy proceeding relating~~ to ~~that~~strict ~~tenant.~~liability Weby ~~also~~virtue ~~cannot be~~of ~~sure~~our ~~that~~ownership ~~we would receive rent~~ interest in the ~~proceeding sufficient to cover our expenses with respect to the premises~~properties. ~~If a tenant becomes bankrupt~~Also, ~~the~~tenants ~~federal bankruptcy code will apply, which in some instances~~ may ~~restrict~~not ~~the~~satisfy ~~amount~~their ~~and~~indemnification ~~recoverability~~obligations ~~of our~~under ~~claims against~~ the ~~tenant~~leases. AWe ~~tenant’s~~are ~~defaulting~~also onsubject ~~their obligations~~ to ~~us could adversely affect our results of operations~~the ~~and~~risk ~~financial condition.~~that:

~~Potential~~• ~~Liability~~any ~~Due~~environmental toassessments ~~Environmental Matters~~of our properties may not have revealed all potential environmental liabilities,

~~Under~~• ~~federal,~~any ~~state~~prior ~~and local laws relating to protection of the environment (“Environmental Laws”), a current or previous~~ owner or ~~operator~~prior ~~of real estate may be liable for contamination resulting from the presence~~ or ~~discharge~~current of petroleum products or other hazardous or toxic substances on the property. These owners may be required to investigate and clean-up the contamination on the property as well as the contamination which has migrated from the property. Environmental Laws typically impose liability and clean-up responsibility without regard to whether the owner or operator ~~knew~~ of, orthese ~~was~~properties ~~responsible for, the presence of the contamination. This liability~~ may behave ~~joint and~~created ~~several~~an ~~unless~~environmental ~~the~~condition ~~harm~~not isknown ~~divisible and there is a reasonable basis for allocation of responsibility. In addition, the owner or operator of a property may be subject~~ to ~~claims by third parties based on personal injury~~us, ~~property damage and/~~or other costs, including investigation and clean-up costs, resulting from environmental contamination. Environmental Laws may also impose restrictions on the manner in which a property may be used or transferred or in which businesses may be operated. These restrictions may require expenditures. Under the Environmental Laws, any person who arranges for the transportation, disposal or treatment of hazardous or toxic substances may also be liable for the costs of investigation or clean-up of those substances at the disposal or treatment facility, whether or not the facility is or ever was owned or operated by that person.

4• an environmental condition may otherwise exist as to any one or more of these properties.

~~Our~~Any ~~tenants~~one ~~generally~~of ~~are~~these ~~required~~conditions bycould ~~their~~have ~~leases~~an toadverse ~~operate~~effect inon ~~compliance~~our ~~with~~results ~~all~~of ~~applicable~~operations ~~Environmental~~and ~~Laws,~~financial ~~and~~condition. toMoreover, ~~indemnify~~future usenvironmental ~~against~~laws, ~~any~~ordinances ~~environmental~~or ~~liability~~regulations ~~arising~~may ~~from~~have ~~their~~an ~~activities~~adverse effect on ~~the~~our ~~properties~~results of operations and financial condition. ~~However~~Also, wethe ~~could~~current environmental condition of those properties may be ~~subject~~affected toby ~~strict~~tenants ~~liability~~and occupants of the properties, by ~~virtue~~the condition of ~~our~~land ~~ownership~~or ~~interest~~ operations in the ~~properties.~~vicinity ~~Also,~~of the ~~tenants~~properties ~~may~~(such ~~not~~as ~~satisfy~~the ~~their~~presence ~~indemnification~~of ~~obligations~~underground ~~under~~storage ~~the~~tanks), ~~leases.~~or Weby ~~are~~third ~~also~~parties ~~subject~~unrelated to ~~the risk that:~~us.

●We are not aware of any current liabilities related to environmental ~~assessments~~matters ofthat ~~our~~are ~~properties~~material ~~may~~to ~~not~~us. ~~have~~However, ~~revealed~~the ~~all~~foregoing ~~potential~~risk ~~environmental~~factor ~~liabilities,~~is provided because such risks are inherent to real estate ownership.

~~● any prior owner or prior or current operator of these properties may have created an environmental condition not known to us, or~~4

●General anRisks ~~environmental~~of ~~condition~~Ownership ~~may otherwise exist as to any one or more~~ of ~~these properties.~~Real Estate

~~Any~~We ~~one~~are ofsubject ~~these~~to ~~conditions~~risks ~~could~~generally ~~have~~incidental anto ~~adverse~~the ~~effect~~ownership ~~on our results~~ of ~~operations~~real ~~and financial condition~~estate. ~~Moreover,~~These ~~future~~risks environmental laws, ordinances or regulations may have an adverse effect on our results of operations and financial condition. Also, the current environmental condition of those properties may be affected by tenants and occupants of the properties, by the condition of land or operations in the vicinity of the properties (such as the presence of underground storage tanks), or by third parties unrelated to us.include:

We• ~~are~~changes ~~not aware~~in ofgeneral ~~any~~economic ~~current~~or ~~liabilities~~local ~~related to environmental matters that are material to us. However, the foregoing risk factor is provided because such risks are inherent to real estate ownership.~~conditions;

~~Environmental~~• ~~Liabilities~~changes ~~May~~in ~~Adversely Affect~~supply ~~Operating~~of ~~Costs~~or ~~and~~demand ~~Ability~~for tosimilar ~~Borrow~~or competing properties in an area;

~~The~~• ~~obligation to pay for~~ the ~~cost~~impact of ~~complying with~~environmental ~~existing~~protection Environmental Laws as well as the cost of complying with future legislation may affect our operating costs. In addition, the presence of petroleum products or other hazardous or toxic substances at any of our properties, or the failure to remediate those properties properly, may adversely affect our ability to borrow by using those properties as collateral. The cost of defending against claims of liability and the cost of complying with Environmental Laws, including investigation or clean-up of contaminated property, could materially adversely affect our results of operations and financial condition.laws;

~~General~~• ~~Risks~~changes in interest rates and availability of ~~Ownership~~financing which may render the sale of ~~Real Estate~~a property difficult or unattractive;

We• ~~are~~changes ~~subject~~in totax, ~~risks generally incidental to the ownership of~~ real estate. ~~These~~and ~~risks~~zoning ~~include:~~laws; and

●• ~~changes~~the increation ~~general~~of ~~economic~~mechanics’ liens or ~~local~~similar ~~conditions;~~encumbrances placed on the property by a lessee or other parties without our knowledge and consent.

●Should ~~changes~~any inof ~~supply~~these ofevents oroccur, ~~demand~~our ~~for~~results of ~~similar~~operations orand ~~competing~~financial ~~properties~~condition incould anbe ~~area;~~adversely affected.

●Uninsured ~~the~~Losses ~~impact~~May ofAdversely ~~environmental protection laws;~~Affect Operations

●We, ~~changes~~or in ~~interest~~certain ~~rates~~instances, tenants of our properties, carry property and ~~availability~~liability insurance policies insuring the properties. This coverage has policy specifications and insured limits customarily carried for similar properties. However, certain types of ~~financing~~losses ~~which~~(such as from earthquakes and floods) may ~~render~~be ~~the~~either ~~sale~~uninsurable or ~~financing~~not ofeconomically insurable. Further, certain properties are located in areas that are subject to earthquake activity and floods. Should a property ~~difficult~~sustain damage as a result of an earthquake or ~~unattractive~~flood, we may incur losses due to insurance deductibles, co-payments on insured losses or uninsured losses. Additionally, we have elected to obtain insurance coverage for "certified acts of terrorism" as defined in the Terrorism Risk Insurance Act of 2002, as amended and reauthorized to date; however, our policies of insurance may not provide coverage for other acts of terrorism. Any losses from such other acts of terrorism might be uninsured. Should an uninsured loss occur, we could lose some or all of our capital investment, cash flow and anticipated profits related to one or more properties. This could have an adverse effect on our results of operations and financial condition.

●Risks ~~changes~~of ~~in tax, real estate and zoning laws; and~~Litigation

●Certain ~~the~~claims ~~creation~~and lawsuits have arisen against us in our normal course of ~~mechanics’~~business. ~~liens~~We orbelieve ~~similar~~that ~~encumbrances~~such ~~placed~~claims onand ~~the~~lawsuits ~~property~~will bynot have a ~~lessee~~material oradverse ~~other~~effect ~~parties~~on our ~~without~~financial ~~our~~position, ~~knowledge~~cash ~~and~~flow ~~consent~~or results of operations.

~~Should~~Risk ~~any~~Associated ofwith ~~these events occur,~~ our ~~results of operations and financial condition could be adversely affected.~~Liquidation

~~Uninsured~~In ~~Losses~~addition ~~May~~to ~~Adversely~~other ~~Affect~~information in this ~~Operations~~annual report on Form 10-K, the following risk factors should be carefully reviewed because such factors may have a significant impact on the execution of the Plan of Liquidation and the timing and amount of future liquidating distributions to Beneficiaries. As a result of the risk factors set forth below and elsewhere in this Form 10-K, actual results could differ materially from those projected in any forward-looking statements.

We, orcannot inassure ~~certain~~you ~~instances, tenants~~ of ~~our~~ ~~properties, carry property and liability insurance policies insuring~~ the ~~properties. This coverage has policy specifications~~exact ~~and~~amount ~~insured limits customarily carried for similar properties. However, certain types of losses (such as from earthquakes and floods) may be either uninsurable~~ or ~~not~~timing ~~economically insurable. Further, certain properties are located in areas that are subject to earthquake activity and floods. Should a property sustain damage as a result~~ of anany ~~earthquake~~future ordistribution ~~flood, we may incur losses due~~ to ~~insurance deductibles, co-payments on insured losses or uninsured losses~~Beneficiaries. Additionally, we have elected to obtain insurance coverage for "certified acts of terrorism" as defined in the Terrorism Risk Insurance Act of 2002, as amended and reauthorized to date; however, our policies of insurance may not provide coverage for other acts of terrorism. Any losses from such other acts of terrorism might be uninsured. Should an uninsured loss occur, we could lose some or all of our capital investment, cash flow and anticipated profits related to one or more properties. This could have an adverse effect on our results of operations and financial condition.

~~Illiquidity~~The ofliquidation ~~Real~~and ~~Estate~~dissolution ~~May~~process is ~~Limit~~subject to numerous uncertainties and may result in less than anticipated or no remaining capital available for future distribution ~~Our~~to ~~Ability~~Beneficiaries. The precise nature, amount and timing of any future distribution to ~~Vary~~Beneficiaries ~~Our~~will ~~Portfolio~~depend on and could be delayed by, among other things, currently unknown creditor claims or lawsuits and unexpected or greater than expected expenses.

~~Real~~Beneficial ~~estate~~Interests ~~investments~~ are ~~relatively illiquid~~not ~~and, therefore, will tend to limit our ability to vary our portfolio quickly in response to changes in economic or other conditions~~transferable.

~~Potential~~There ~~Liability~~is ~~Under~~no public market for Beneficial Interests in the ~~Americans~~Trust. Beneficial Interests in the Trust may not be transferred in any manner whatsoever (including, without limitation, ~~With~~by ~~Disabilities~~sale, ~~Act~~exchange, gift, pledge or creation of a security interest) except (a) a bequest or inheritance in the case of the death of an individual Beneficiary, or (b) by operation of law, provided, however, that in no event shall any such transfer by operation of law take place unless the Trustee has received reasonable assurance that the transfer is in compliance with federal and state securities laws.

~~All~~We ofwill ~~our~~continue ~~properties are required~~ to beincur liabilities inand ~~compliance~~expenses ~~with the Americans With Disabilities Act. The Americans With Disabilities Act generally requires~~ that ~~places~~will ofreduce ~~public accommodation be made accessible to people with disabilities to~~ the ~~extent~~amount ~~readily~~available ~~achievable.~~for ~~Compliance~~distribution ~~with~~out ~~the Americans With Disabilities Act requirements could require removal~~ of ~~access barriers. Non-compliance could result in imposition of fines by~~ the ~~federal~~ ~~government,~~liquidation ~~an award of damages~~ to ~~private litigants and/or a court order to remove access barriers~~Beneficiaries. Pursuant to lease agreements with tenants in certain of the “single-tenant” properties, the tenants are obligated to comply with the Americans With Disabilities Act provisions. If our costs are greater than anticipated or tenants are unable to meet their obligations, our results of operations and financial condition could be adversely affected.

5Liabilities and expenses from operations, such as legal, accounting and investor services fees and other operating expenses, will continue to be incurred as we complete the Plan of Liquidation. These expenses and liabilities will reduce the amount of assets available for future distribution to Beneficiaries.

~~Risks~~Our Beneficiaries could be liable to the extent of ~~Litigation~~liquidating distributions received from us if contingent reserves are insufficient to satisfy our liabilities.

~~Certain~~Similar ~~claims~~to ~~and~~the ~~lawsuits~~liquidation ~~have~~of ~~arisen~~any fund, ~~against~~including ushad inwe ~~our~~remained ~~normal~~as ~~course~~a partnership, if we fail to create an adequate contingency reserve for payment of ~~business.~~our Weexpenses ~~believe~~and liabilities, ~~that~~or ~~such~~if ~~claims~~the contingency reserve and ~~lawsuits~~the ~~will~~assets ~~not~~held ~~have~~by aus ~~material~~are ~~adverse~~less ~~effect~~than onthe amount ultimately found payable in respect ~~our~~of ~~financial~~expenses ~~position~~and liabilities, ~~cash~~each ~~flow~~of orour ~~results~~Beneficiaries could be held liable for the payment to creditors of ~~operations~~such Beneficiary’s pro rata portion of the excess, limited to the amounts previously received by each Beneficiary in distributions from us.

~~Item 1B. Unresolved Staff Comments~~5

~~None~~If a court holds at any time that we have failed to make adequate provision for our expenses and liabilities or if the amount ultimately required to be paid in respect of such liabilities exceeds the amount available from contingency reserve and our assets, our creditors could seek an injunction to prevent us from making distributions under the Plan of Liquidation on the grounds that the amounts to be distributed are needed to provide for the payment of our expenses and liabilities. Any such action could delay or substantially diminish the cash distributions to be made to our beneficiaries under the Liquidating Trust Agreement.

~~Item~~A 2.Successor ~~Properties~~Trustee may need to be appointed to complete the Plan of Liquidation, which could delay the final distribution and closing of the Trust.

~~During~~The ~~1984~~Trust ~~and~~Agreement ~~1985,~~provides ~~the~~that ~~Partnership~~in ~~acquired~~the aevent ~~total~~of the resignation of 76the Trustee, a successor trustee will be appointed.56 ~~acres~~In ofsuch ~~partially~~event, ~~developed~~there ~~land~~may be a delay in ~~Tri-City~~the ~~for~~administration of anthe ~~aggregate~~Trust ~~purchase~~while ~~price~~the ofsuccessor ~~$9,917,000.~~trustee Inis ~~1985~~appointed and takes office, ~~Fund~~which Vmay ~~acquired~~ delay the ~~remaining~~final ~~76.21~~liquidating ~~acres~~distribution, ~~within~~if any, ~~Tri-City~~and the closure of the Trust.

~~Tri-City~~Item is1B. ~~located~~Unresolved atStaff the northeastern quadrant of the intersection of Interstate 10 (San Bernardino Freeway) and Waterman Avenue in the southernmost part of the City of San Bernardino and is in the heart of the Inland Empire, the most densely populated area of San Bernardino and Riverside Counties.Comments

~~The Inland Empire is generally broken down into two major markets, Inland Empire East and Inland Empire West, which in the aggregate consist of approximately 24~~None.5 million square feet of office space. Tri-City is located within the Inland Empire East market. According to a fourth quarter 2014 market view report from an independent broker the overall vacancy rate was 17% within the Inland Empire East market as of December 31, 2014.

AsItem ~~of December 31, 2014, the Partnership owned twelve rental properties and approximately 14~~2.7 ~~acres of unimproved land.~~Properties

~~Properties~~As of December 31, 2015, the Partnership held for sale properties consisted of two retail properties totaling approximately 80,000 square feet.

The Partnership’s improved properties in Tri-City are as follows:

Property	Type	Square Footage
Promotional Retail Center I	Three retail buildings		41,202
Promotional Retail Center II	Retail building		39,123
			80,325

Property	Type	Square Footage
One Vanderbilt	Four-story office building		73,729
Carnegie Business Center I	Two office buildings		62,538
Service Retail Center	Two retail buildings		20,780
Promotional Retail Center	Four retail buildings		66,196
Northcourt Plaza	Two-story office building		77,589
TGI Friday’s	Restaurant		9,956
Promotional Retail Center II	Retail building		39,123
Mimi’s Café	Restaurant		6,455
Palm Court Retail I	Retail building		5,053
Palm Court Retail II	Retail building		7,433
Vanderbilt Plaza	Four-story office building		114,707
North River Place	Three-story office building		71,157
			554,716

Promotional Retail Center I was 100% leased as of December 31, 2015 and Promotional Retail Center II remained unoccupied but a lease with a fitness company has been signed and build out of the space is underway for an expected occupancy in the second quarter of 2016.

The five office properties totaling approximately 399,000 square feet were 65% occupied, and the seven retail properties totaling approximately 155,000 square feet were 54% occupied as of December 31, 2014.Land

As of December 31, 2014, the Partnership owned approximately 14.7 acres of unimproved land. The land owned by the Partnership was part of a 27-acre landfill operated by the City of San Bernardino (“the City”) from approximately 1950 to 1960. This landfill incorporated two ~~tenants~~land parcels and part of a third parcel. In 1996, anthe Santa Ana Regional Water Quality Control Board ("SARWQCB"), with regulatory ~~educational~~jurisdiction ~~institution~~over the closure and anmonitoring ~~insurance~~of ~~company~~landfills, ~~occupying~~determined ~~approximately~~that 99the City was primarily responsible for the landfill. Therefore,~~000~~ ~~square~~the ~~feet~~City and 29the Partnership entered into a Limited Access Easement Agreement,~~000~~ ~~square~~giving ~~feet~~the City access to the site for development, ~~respectively~~implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002), perform groundwater ofmonitoring and install a permanent gas extraction system (Landfill Gas Collection System). Under the ~~555~~Limited Access Easement Agreement with the Partnership,~~000~~ ~~total~~methane ~~rentable~~monitoring ~~square~~was ~~feet~~handled ~~accounted~~directly ~~for~~by ~~approximately~~the ~~38%~~City. The City's installation of ~~rental~~the ~~revenue~~cover ~~generated~~improvement system was completed in ~~2014~~the first quarter of 2007 along with the gas extraction system. On December 16, 2015, the Partnership sold the land to the City of San Bernardino for a purchase price of $10.

6Item 3. Legal Proceedings

~~Weighted~~Certain ~~Average~~claims ~~Occupancy~~and ~~rates~~lawsuits ~~for~~have ~~the~~arisen against the Partnership’s ~~properties~~in ~~for~~its ~~each~~normal course of business, and may arise against the ~~five~~Trust. ~~years~~We ~~ended~~believe ~~December~~that 31such claims and lawsuits will not in the future have a material adverse effect on our financial position, ~~2014~~cash ~~were~~flow asor ~~follows:~~results of operations.

	2014			2013			2012			2011			2010
One Vanderbilt		41	%		89	%		94	%		100	%		100	%
Carnegie Business Center I		100	%		100	%		100	%		100	%		100	%
Service Retail Center		61	%		63	%		56	%		54	%		77	%
Promotional Retail Center		65	%		63	%		63	%		63	%		63	%
Northcourt Plaza		60	%		56	%		53	%		53	%		49	%
TGI Friday’s		100	%		100	%		100	%		100	%		100	%
Promotional Retail Center II		0	%		25	%		17	%		0	%		0	%
Mimi’s Café		100	%		100	%		100	%		100	%		100	%
Palm Court Retail I		100	%		100	%		82	%		30	%		30	%
Palm Court Retail II		100	%		100	%		100	%		100	%		100	%
Vanderbilt Plaza		92	%		92	%		92	%		92	%		79	%
North River Place		44	%		44	%		44	%		44	%		44	%
Weighted average occupancy		65	%		73	%		72	%		71	%		68	%

Item 4. Mine Safety Disclosures

~~Management~~Not ~~is actively marketing the vacant space in all of the buildings for lease~~Applicable.

~~The annual effective rents per square foot for each of the five years ended December 31, 2014 were as follows:~~6

	2014		2013		2012		2011		2010
One Vanderbilt	$	21.96	$	13.24	$	17.74	$	18.96	$	22.26
Carnegie Business Center I	$	20.52	$	20.10	$	19.50	$	18.95	$	18.50
Service Retail Center	$	18.80	$	18.34	$	18.87	$	16.78	$	19.03
Promotional Retail Center	$	13.82	$	13.27	$	13.45	$	13.26	$	12.24
Northcourt Plaza	$	20.93	$	21.48	$	19.59	$	15.89	$	18.20
TGI Friday’s	$	21.57	$	21.57	$	21.57	$	21.57	$	19.17
Promotional Retail Center II	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
Mimi’s Café	$	17.04	$	17.04	$	16.67	$	16.67	$	16.67
Palm Court Retail I	$	27.20	$	26.84	$	24.94	$	22.09	$	22.09
Palm Court Retail II	$	19.22	$	20.69	$	20.18	$	20.18	$	20.18
Vanderbilt Plaza	$	23.63	$	23.11	$	21.11	$	23.97	$	24.45
North River Place	$	25.59	$	30.50	$	29.44	$	28.45	$	27.43

Part II

~~The~~Market ~~Partnership’s properties are owned by the Partnership subject to the following first deeds of trust as of December 31, 2014:~~Information

Collateral	Eight properties (discussed below)	Carnegie Business Center, Vanderbilt Plaza, Northcourt, and North River
Form of debt	Note payable	Line of credit
Availability	––	$15,000,000
Outstanding balance	$20,404,000	$7,749,000
Interest Rate	5.46%	variable
Monthly payment	$136,000	Interest only
Original Maturity date	1/1/2016	12/19/2010
Extended Maturity date	N/A	6/30/2015

There is no public market for Beneficial Interests in the Trust. Beneficial Interests in the Trust may not be transferred in any manner whatsoever (including, without limitation, by sale, exchange, gift, pledge or creation of a security interest) except (a) a bequest or inheritance in the case of the death of an individual Beneficiary, or (b) by operation of law, provided, however, that in no event shall any such transfer by operation of law take place unless the Trustee has received reasonable assurance that the transfer is in compliance with federal and state securities laws.

The note payable is collateralized by Promotional Retail Center II, Mimi’s Cafe, Palm Court Retail I and II, Promotional Retail Center, Service Retail Center, TGI Friday’s and One Vanderbilt. This note provides for a one-time loan assumption and release provisions for individual assets.Beneficiaries

OnAs ~~November 11, 2014, we modified the line~~ of ~~credit agreement to extend~~ the ~~maturity~~ date toof ~~June~~this 30filing, ~~2015.~~there ~~The total availability is $15~~were 6,~~000,000,~~297 ~~the~~holders ~~interest~~of ~~rate~~Beneficial isInterests ~~30-day LIBOR~~in ~~plus 3%, and~~ the ~~line is collateralized by Carnegie Business Center, Vanderbilt Plaza, North River Place and Northcourt Plaza~~Trust. The ~~line~~rights of ~~credit~~Beneficiaries ~~contains~~in athe ~~minimum~~Trust ~~net~~are ~~worth~~not ~~covenant~~represented ~~and~~by aany ~~debt~~form toof certificate ~~total~~or ~~assets~~other ~~covenant~~instrument. InRather, ~~order to extend~~ the ~~maturity date of the line of credit in the future~~Trustee, ~~the~~through ~~Partnership~~its ~~must~~transfer ~~meet several conditions precedent~~agent, ~~including a specified loan to value ratio. The Partnership~~ is inmaintaining ~~compliance~~a ~~with~~record of the ~~debt~~name ~~covenants~~ and ~~extension~~address of ~~conditions~~each Beneficiary and ~~contemplates~~such ~~paying~~Beneficiary’s ~~off~~aggregate ~~the~~Beneficial ~~line~~Interest ~~of credit~~ in ~~full upon~~ the ~~completion of the sale of the office properties as previously discussed~~Trust.

7Distributions

~~Land~~There was one distribution from the Partnership during 2015 and none during 2014. On August 14, 2015, the Partnership distributed $25,125,000 to the partners apportioned according to their respective interests in the Partnership.

AsDistributions offrom ~~December 31, 2014,~~ the Partnership ~~owned~~ ~~approximately 14.7 acres of unimproved land. This land was part of a 27-acre landfill operated by the City of San Bernardino~~are ~~(“the~~paid ~~City”)~~ from ~~approximately~~either ~~1950~~Cash toFrom ~~1960.~~Operations ~~This~~or ~~landfill~~Cash ~~incorporates~~From ~~two~~Sales ~~land~~or ~~parcels~~Refinancing ~~and part of a third parcel. In 1996, the Santa Ana Regional Water Quality Control Board~~ (~~"SARWQCB"),~~as ~~with~~such ~~regulatory~~terms ~~jurisdiction~~are ~~over~~defined ~~the~~in ~~closure and monitoring of landfills, determined that~~ the ~~City was primarily responsible for the landfill. Therefore, the City and the~~ Partnership ~~entered~~ ~~into a Limited Access Easement~~ Agreement, giving the City access to the site for development, implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002)~~, perform groundwater monitoring and install a permanent gas extraction system (Landfill Gas Collection System)~~. Under the Limited Access Easement Agreement with the Partnership, methane monitoring is handled directly by the City. The City's installation of the cover improvement system was completed in the first quarter of 2007 along with the gas extraction system. The system is now operational and working properly to eliminate methane from the landfill. All controlled wells are in compliance with County standards. No assurance can be made that circumstances will not arise which could impact the Partnership’s responsibility related to the land.

~~Item~~Cash 3From Operations includes all cash receipts from operations in the ordinary course of business (except for the sale, refinancing, exchange or other disposition of real property in the ordinary course of business) after deducting payments for operating expenses. ~~Legal~~All ~~Proceedings~~distributions of Cash From Operations are paid in the ratio of 90% to the limited partners and 10% to the General Partner.

~~Certain~~Cash ~~claims~~From ~~and~~Sales ~~lawsuits~~or ~~have~~Refinancing ~~arisen~~is the net ~~against~~cash realized by the Partnership infrom ~~its~~the ~~normal~~sale, ~~course~~disposition or refinancing of ~~business.~~any ~~The~~property ~~Partnership~~after ~~believes~~redemption ~~that~~of ~~such~~applicable ~~claims~~mortgage debt and ~~lawsuits~~all ~~will~~expenses ~~not~~related into the transaction, together with interest on any notes taken back by the Partnership upon the sale ~~future~~of a property. Distributions of Cash From Sales or Refinancing are generally allocated as follows: (i) first, 1% to the General Partner and 99% to the limited partners until the limited partners have received an amount equal to their capital contributions, plus a ~~material~~12% ~~adverse~~return ~~effect~~on their unreturned capital contributions (less prior distributions of Cash from Operations); (ii) second, to limited partners who purchased their Units of limited partnership interest prior to April 1, 1985, to the extent they receive an additional return (depending on the ~~Partnership’s~~date ~~financial~~on ~~position,~~which ~~cash~~they ~~flow~~purchased the Units) on their unreturned capital of either 9%, 6% or ~~results~~3% (calculated through October 31, 1985); and (iii) third, 20% to the General Partner and 80% to the limited partners. A more detailed statement of ~~operations~~these distribution policies is set forth in the Partnership Agreement.

Item 46. ~~Mine~~Selected ~~Safety~~Financial ~~Disclosures~~Data

Not ~~Applicable~~applicable.

~~Part~~Item II7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

~~Item~~The 5.following ~~Market~~discussion ~~for~~and ~~Partnership’s~~analysis ~~Common~~of our ~~Equity~~results of operations, ~~Related~~liquidity ~~Stockholder~~and ~~Matters~~capital resources, and ~~Issuer~~financial ~~Purchases~~condition should be read in conjunction with the unaudited consolidated financial statements, including the notes thereto, included in Item 15 of ~~Equity~~Part ~~Securities~~IV.

~~Market Information~~Background

~~There~~The Partnership’s initial acquisition of property in 1985 consisted of approximately 76.21 acres of partially developed and unimproved land located in San Bernardino, California. The property is nopart ~~established~~of ~~trading~~a ~~market~~master-planned development of approximately 153 acres known as Tri-City Corporate Centre and is zoned for ~~the~~mixed ~~Units~~commercial, ~~issued~~office, hotel, transportation-related, and light industrial uses. Except for two properties which are still owned by Fund IV, a limited partnership sponsored by the General Partner of the Partnership, all of the parcels thereof have been sold to third parties.

~~Holders~~The Partnership commenced on April 3, 1984, and had a term which was set to expire on December 31, 2015 in accordance with the provisions of the Partnership Agreement. On April 21, 2014, the Partnership sent a Consent Solicitation Statement to its Limited Partners seeking their consent to the dissolution of the Partnership prior to December 31, 2015, in accordance with the terms of the Partnership Agreement and as detailed by a Plan of Liquidation adopted by the General Partner on April 10, 2014. The dissolution required the approval of Limited Partners holding 50% of the outstanding units. On May 8, 2014, the dissolution was approved by Limited Partners holding 50% of the outstanding units, and the Plan of Liquidation became effective. Consequently the General Partner began an orderly sale of the Partnership’s assets.

~~As of December 31, 2014, there were 6,297 holders of Units.~~7

~~Distributions~~The Plan of Liquidation authorized the General Partners to transfer and assign the Partnership’s remaining assets to a liquidating trust to facilitate the Partnership’s dissolution. In furtherance of the Plan of Liquidation, on March 21, 2016, the Partnership entered into the Liquidating Trust Agreement with RFC, as Trustee, in connection with the formation of the Liquidating Trust. In accordance with the Liquidating Trust Agreement, on March 22, 2016, the Partnership transferred all of its remaining assets to the Liquidating Trust to be administered, disposed of or provided for in accordance with the terms and conditions of the Liquidating Trust Agreement. Also as of March 22, 2016, the Partners, as the Beneficiaries of the Liquidating Trust, received Beneficial Interests in the Liquidating Trust. The purpose of the Liquidating Trust is to provide for the orderly liquidation of the assets transferred to it by the Partnership, to pay the liabilities of the Partnership and the expenses of administering the Liquidating Trust, and to make liquidating distributions to the Beneficiaries in accordance with their Beneficial Interests. The Liquidating Trust does not have any employees, officers or directors. The existence of the Liquidating Trust will terminate upon a date determined by the Trustee (the “Termination Date”) after the Trustee has distributed to all Beneficiaries, other than Beneficiaries who cannot be located (“Missing Beneficiaries”), all of the Trust’s assets in accordance with the terms of the Liquidating Trust Agreement, which is intended to take place within three years from the date of the Liquidating Trust’s formation; provided that the Trustee has the discretion to delay such final distribution if in its good faith determination it should not be made at that time, so long as such date is no more than 21 years after the date of the Liquidating Trust Agreement. The existence of the Liquidating Trust may, however, be extended beyond such three year term if the Trustee determines that the final distribution should not be made at that time. Notwithstanding such termination of the Liquidating Trust and the Trust Agreement on the Termination Date, the Liquidating Trust shall continue to exist for the purpose of winding up its affairs, collecting and discharging its remaining obligations, and disposing of its remaining assets, including disposing of any assets that are distributable to Missing Beneficiaries in accordance with applicable state laws regarding escheatment and abandoned property.

~~Distributions~~On ~~are~~March ~~paid~~25, ~~from~~2016, ~~either~~the ~~Cash~~Partnership filed ~~From~~a ~~Operations~~Certificate orof ~~Cash~~Cancellation ~~From~~with ~~Sales~~the orCalifornia ~~Refinancing~~Secretary ~~(as~~of ~~such~~State, ~~terms~~cancelling ~~are~~the ~~defined~~limited partnership, and filed a Form 15 with the Commission, terminating the registration of the limited partnership units in the Partnership. ~~Agreement)~~Accordingly, the Partnership has ceased filing reports under the Securities Exchange Act of 1934. However, the Trustee will cause annual reports provided to Beneficiaries to be filed with the Commission under cover of Form 10-K and periodic reports provided to Beneficiaries to be filed with the Commission under cover of Form 8-K.

~~Cash~~Critical ~~From~~Accounting Operations includes all cash receipts from operations in the ordinary course of business (except for the sale, refinancing, exchange or other disposition of real property in the ordinary course of business) after deducting payments for operating expenses. All distributions of Cash From Operations are paid in the ratio of 90% to the limited partners and 10% to the General Partner.Policies

~~Cash~~Although ~~From~~our ~~Sales~~financial orstatements ~~Refinancing~~and ~~is the net~~accompanying ~~cash~~notes ~~realized~~are byprepared ~~the~~without ~~Partnership from the sale~~audit, ~~disposition~~they orcontinue ~~refinancing of any property after redemption of applicable mortgage debt and all expenses related~~ to ~~the~~be ~~transaction,~~prepared ~~together~~in accordance with ~~interest~~accounting onprinciples ~~any~~generally ~~notes~~accepted ~~taken~~in ~~back by~~ the ~~Partnership upon the sale~~ ofUnited aStates ~~property. Distributions~~ of ~~Cash~~America ~~From Sales or Refinancing are generally allocated as follows:~~ (i“GAAP”) ~~first,~~and 1%applicable tosections ~~the~~of ~~General Partner~~Regulation ~~and~~S-X ~~99%~~promulgated toby the ~~limited~~SEC. ~~partners~~The ~~until~~preparation of ~~the~~these ~~limited~~financial ~~partners~~statements ~~have~~requires ~~received~~us ~~an amount equal~~ to ~~their~~use ~~capital~~estimates ~~contributions, plus~~and aassumptions ~~12%~~that ~~return~~affect onreported ~~their~~amounts ~~unreturned capital contributions (less prior distributions~~ of ~~Cash~~assets ~~from~~and ~~Operations); (ii) second, to~~liabilities. ~~limited~~These ~~partners~~estimates ~~who~~are ~~purchased~~subject ~~their~~to ~~Units~~known ofand ~~limited~~unknown ~~partnership~~risks, ~~interest~~uncertainties ~~prior~~and toother ~~April~~factors 1,that ~~1985,~~could tomaterially impact the ~~extent they receive an~~amounts ~~additional~~reported ~~return~~and ~~(depending~~disclosed onin the ~~date~~financial onstatements. ~~which~~We ~~they~~believe ~~purchased~~ the ~~Units)~~following onto ~~their~~be ~~unreturned~~among ~~capital of either 9%, 6% or 3% (calculated through October 31, 1985); and (iii) third, 20% to~~ the ~~General~~most ~~Partner~~critical ~~and~~judgment ~~80%~~areas toin the ~~limited partners. A more detailed~~ ~~statement~~application of ~~these~~our ~~distribution~~accounting policies ~~is set forth in the Partnership Agreement~~.

~~There~~Use ~~were~~of ~~no distributions during 2014 or 2013.~~Estimates

8The preparation of financial statements in conformity with GAAP 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. The liquidation basis of accounting requires us to make assumptions, judgments and estimates that can have a significant impact on our reported net assets in liquidation. We base our assumptions, judgments and estimates on the most recent information available and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. Any increases in the amount of estimated costs to be incurred during liquidation or decreases in the estimated realizable value of assets will reduce the amount of net assets available for ultimate distribution to the trust beneficiaries

~~Item~~On 6.a ~~Selected~~regular ~~Financial~~basis, ~~Data~~we evaluate our assumptions, judgments and estimates and make changes accordingly.

~~Not~~Results ~~applicable.~~of Operations

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~Revenue

~~The~~Rental ~~following~~revenue ~~discussion~~decreased ~~and~~$97,000 ~~analysis~~for ofthe ~~our~~year ~~results~~ended ofDecember ~~operations~~31, ~~liquidity~~2015 ~~and~~as ~~capital~~compared ~~resources,~~to ~~and~~the ~~financial~~year ~~condition~~ended ~~should~~December be31, ~~read~~2014 indue ~~conjunction~~primarily ~~with~~to the ~~selected financial~~March ~~data~~28, in2015 ~~Item~~sale 6of ~~and~~one ~~the~~parcel of ~~consolidated~~Promotional ~~financial~~Retail ~~statements~~Center I, ~~including~~partially offset by the ~~notes~~June ~~thereto,~~2015 ~~included~~occupancy inof ~~Item~~another 15portion of ~~Part~~Promotional IVRetail Center I.

~~Overview~~Expenses

~~Leasing~~Property operating costs decreased $136,000 for the year ended December 31, 2015 as compared to the year ended December 31, 2014 primarily due to lower repairs and maintenance expenditures, the sale of one parcel of Promotional Retail Center I and a prior period property tax refund as the result of successful appeals.

~~During~~Depreciation ~~2014~~and amortization decreased by $111,000 ~~management~~for ~~executed~~the year ended December 31, 2015 as compared to the year ended December 31, 2014 due to the sale of one ~~new~~parcel ~~lease~~of ~~totaling~~Promotional ~~22,952~~Retail ~~square~~Center ~~feet~~I and the cessation of ~~space~~depreciation and ~~renewed~~amortization ~~eight~~when ~~leases~~the ~~totaling~~remaining ~~67,512~~properties ~~square~~were ~~feet~~determined to be held for sale.

~~Management~~General ~~continues~~and toadministrative ~~actively~~expense ~~market~~decreased by $139,000 for the ~~vacant~~year ~~space~~ended December 31, 2015 as compared to the year ended December 31, 2014 primarily due to higher initial costs incurred in ~~all~~2014 ofassociated with the ~~buildings~~pending ~~for~~dissolution ~~lease~~of the Partnership.

~~Results of Operations~~8

~~Comparison~~Non-operating ofincome ~~the~~/ ~~year ended December 31, 2014 to the year ended December 31, 2013~~expenses

~~Revenue~~Gain on sales of assets for the year ended December 31, 2015 in the amount of $3,803,000 represents the gain on the sale of one parcel of Promotional Retail Center I, sold on March 28, 2015 and one parcel sold on December 8, 2015.

~~Rental~~Interest ~~revenue~~expense decreased $27680,000, ~~or 4%,~~ for the year ended December 31, ~~2014~~2015 as compared to the year ended December 31, ~~2013~~2014 due ~~primarily~~ to athe ~~temporary~~March ~~lease~~2015 inpayoff ~~2013~~of all debt from ~~which~~the ~~did~~proceeds ~~not~~of ~~reoccur~~the inproperty ~~2014~~sales.

~~Expenses~~Loss on extinguishment of debt for the year ended December 31, 2015 in the amount of $1,096,000 represents prepayment penalties and the write-off of unamortized loan fees associated with the full repayment of the note payable and line of credit in the first quarter of 2015.

~~Property~~Gains ~~operating~~on ~~costs~~sales ~~decreased~~of ~~$32,000,~~assets included in income orfrom ~~7%,~~discontinued operations for the year ended December 31, ~~2014~~2015 asin ~~compared to~~ the ~~year~~amount ~~ended~~of ~~December 31~~$16,757,000 ~~2013~~represents ~~primarily~~the ~~due~~gains tofrom ~~lower~~the ~~expenses at~~sales ~~Promotional~~of ~~Retail~~Mimi’s ~~Center~~Café, IIPalm ~~which~~Retail ~~was~~I, ~~vacant~~Service ~~for~~Retail, ~~all~~Palm ofRetail ~~2014~~2, ~~but~~TGI ~~temporarily~~Fridays, ~~occupied~~and onthe afive ~~short-term~~office ~~basis~~properties in ~~2013~~the first quarter of 2015.

~~Depreciation~~Income ~~and~~from ~~amortization~~discontinued ~~decreased by~~operations was $40358,000, ~~or 15%,~~ for the year ended December 31, ~~2014~~2015 as compared to income of $479,000 for the year ended December 31, ~~2013~~2014 due to ~~assets~~the ~~becoming~~shorter ~~fully~~operating ~~depreciated~~period in 2015 due to the sale of properties.

~~General~~Liquidity and ~~administrative~~ ~~expense~~Capital ~~increased by $266,000, or 32% for the year ended December 31, 2014 as compared to the year ended December 31, 2013 primarily due to costs associated with the pending dissolution of the Partnership.~~Resources

~~Non-operating~~As of December 31, 2015, the Partnership ~~income~~had /cash ~~expenses~~and cash equivalents of $4,893,000 and a receivable for heldback proceeds from the sale of the office properties in March 2015 of $740,000, which was collected in January 2016.

~~Interest expense~~Cash increased $63,000, or 9%, for the year ended December 31, 2014 as compared to the year ended December 31, 2013 due to the amortization of additional loan fees related to the extension of the line of credit.Flows

~~Income~~During ~~from discontinued~~2015, ~~operations~~cash used in operating activities was $~~479~~487,000, compared to cash provided by operating activities of $1,606,000 for the ~~year~~same ~~ended~~period ~~December~~in 312014, ~~2014~~primarily due to the sale of operating properties while partnership overhead continues as the partnership is dissolved. During 2015, cash provided by investing activities was $56,107,000 compared to acash ~~loss~~used in investing activities of $1353,~~646,~~000 for the same period in 2014, primarily due to proceeds from sales of real estate in 2015. For the year ended December 31, ~~2013~~2015, ~~primarily~~cash ~~due~~used toin afinancing activities was $154,~~900~~195,000 ~~provision~~compared ~~for~~to ~~real~~cash ~~estate~~used ~~impairment~~in ~~recorded~~financing inactivities ~~2013~~of ~~related~~$673,000 tofor the ~~North~~same ~~River~~period in 2014, primarily due to note payable ~~Place~~principal ~~property~~payments and distributions to partners.

~~Liquidity~~Off ~~and~~Balance ~~Capital~~Sheet ~~Resources~~Arrangements

As of December 31, ~~2014~~2015, ~~the~~we ~~Partnership~~did not have ~~had~~any ~~cash~~off-balance ~~and~~sheet ~~cash~~arrangements ~~equivalents~~or ofother $3contractually narrow or limited purpose arrangements. As such,~~468~~ we are not exposed to any financing,~~000~~ liquidity, market or credit risk that could arise if we had engaged in such relationships.

~~The~~Obligations Partnership’s primary liability at December 31, 2014 is a note payable of approximately $20,404,000, collateralized by properties with an aggregate net carrying value of approximately $10,948,000. The note has a 10-year term with a 30-year amortization requiring monthly principal and ~~interest payments~~Commitments of approximately $136,000, bears a fixed interest rate of 5.46%, and has a maturity date of January 1, 2016. The note is collateralized by Promotional Retail II, Mimi’s Café, Palm Court Retail I and II, Promotional Retail Center, Service Retail Center, TGI Friday’s and One Vanderbilt. This note also provides for a one-time loan assumption and release provisions for individual assets. On March 20, 2015, the note was repaid in full.

OnOur ~~November~~contractual ~~11,~~obligations ~~2014,~~and ~~we modified the line~~commitments as of ~~credit~~December ~~agreement to extend the maturity date to June 30~~31, 2015. ~~The~~are ~~total~~reported ~~availability~~in ~~is $15,000,000,~~ the ~~interest~~statements ~~rate~~of isnet ~~30-day LIBOR~~assets ~~plus~~in 3%liquidation ~~and~~as ~~the~~estimated ~~line~~costs isto ~~collateralized~~be byincurred ~~Carnegie~~during ~~Business Center, Vanderbilt Plaza, North River Place and Northcourt Plaza~~liquidation. ~~The~~Obligations ~~line of credit contains a minimum net worth covenant~~ and acommitments ~~debt to total assets covenant. In order to extend the maturity date~~ of the ~~line~~Trust ofinclude ~~credit in~~ the ~~future,~~Trust ~~the Partnership must meet several conditions precedent~~Agreement, ~~including a specified loan to value ratio. The Partnership is in compliance with~~ the ~~debt~~purchase ~~covenants~~ and ~~extension~~sale ~~conditions.~~agreement Asrelating ofto ~~December 31, 2014, $7,749,000 was outstanding on~~ the ~~line of credit. The line of credit has been repaid upon the completion of the~~ sale of the ~~office properties~~ onProperty, ~~March~~and ~~20,~~all ~~2015~~banking arrangements.

9Critical Accounting Policies

~~The~~Revenue ~~Partnership~~recognized ison contingently liable for subordinated real estate commissions payable to the General Partner in the aggregate amount of $643,000 as of December 31, 2014, for sales that were completed in previous years. The subordinated real estate commissions are payable only after the limited partners have received distributions equal to their original invested capital plus a ~~cumulative non~~straight-~~compounded return of 12% per~~line annum on their adjusted invested capital. Since the circumstances under which these commissions would be payable are considered remote, the liability has not been recognized in the accompanying consolidated financial statements. However, the amount will be recorded when and if it becomes probable.basis

~~Operationally,~~The ~~the~~ Partnership’s recognized rental revenue ~~primary~~on ~~source~~a ofstraight-line ~~funds~~basis ~~consists~~over the term of ~~cash~~its ~~provided~~leases. byActual ~~its~~amounts ~~rental~~collected ~~activities.~~could ~~Other~~be ~~sources~~lower ofthan ~~funds~~the ~~may~~amounts ~~include~~recognized ~~permanent~~on ~~financing,~~a ~~draws~~straight-line onbasis if specific tenants are unable to pay rent that the ~~line~~Partnership ofhas ~~credit~~previously recognized as revenue. For tenants with percentage rent, ~~proceeds~~the ~~from~~Partnership ~~property~~recognizes revenue when the tenants’ specified sales targets have been met. The reimbursements from tenants for real estate taxes and ~~interest~~other ~~income~~recoverable operating expenses are recognized as revenue on ~~money~~an ~~market~~estimated ~~funds~~basis ~~and~~during the ~~short-term~~current ~~investments~~year. ~~Cash~~ ~~generated~~The Partnership develops a revised estimate of the amount recoverable from ~~property~~tenants ~~sales~~based ison ~~generally~~updated ~~added~~expenses for the year and amounts to ~~the~~be ~~Partnership’s~~recovered ~~cash~~and ~~reserves,~~records ~~pending~~adjustments ~~use~~to income in the ~~development~~current year financial statement accounts. Any offinal ~~properties,~~changes ~~leasing~~in ~~costs~~estimate orbased ~~distribution~~on tolease-by-lease ~~the~~reconciliations ~~partners~~and tenant negotiations and ~~payment~~collection ofare ~~debt~~recorded in the period those negotiations are settled.

~~Contractual~~Carrying ~~Obligations~~value of rental properties and land held for development

AtThe ~~December~~Partnership’s 31rental properties, including ~~2014~~the related land, weare ~~had~~stated ~~contractual~~at ~~obligations~~depreciated cost unless events or circumstances indicate that such amount cannot be recovered based on undiscounted cash flows, excluding interest, in which case the carrying value of the property is reduced to its estimated fair value. The valuation of impaired real estate assets, investments and real estate collateral is determined using widely accepted valuation techniques including income capitalization approach or discounted cash flow analysis on the expected cash flows of each asset considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations, bona fide purchase offers received from third parties and/or consideration of the amount that would be required to replace the asset, as ~~follows~~adjusted (for obsolescence. In general, the Partnership considers multiple valuation techniques when measuring fair value of an investment. However, in ~~thousands):~~certain circumstances, a single valuation technique may be appropriate.

	Less than 1 year		1 to 3 years		Total
Collateralized mortgage loans	$	489	$	19,915	$	20,404
Interest on indebtedness		1,010		91		1,101
Line of credit		7,749		-		7,749
Total	$	9,248	$	20,006	$	29,254

~~Management~~The ~~expects~~actual ~~that~~value of the Partnership’s ~~cash balance at December 31, 2014, together with cash from operations, sales and financings, will be sufficient to finance the Partnership’s and the~~ properties’ ~~continuing~~could ~~operations on a short-term basis and for the reasonably foreseeable future. There can~~ be nodifferent ~~assurance~~from ~~that~~their ~~the~~carrying ~~Partnership’s results of operations will not fluctuate in the future and at times affect its ability to meet its operating requirements~~amounts.

~~The~~Fair ~~Partnership~~Value ~~knows~~ of no demands, commitments, events or uncertainties, which might affect its capital resources in any material respect. In addition, the Partnership is not subject to any covenants pursuant to its secured debt that would constrain its ability to obtain additional capital.Investments

~~Cash~~The ~~Flows~~guidance related to accounting for fair value measurements defines fair value and establishes a framework for measuring fair value in order to meet disclosure requirements for fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. This hierarchy describes three levels of inputs that may be used to measure fair value.

~~During~~Financial ~~2014,~~assets ~~cash provided by operating activities was $1,606,000,~~ and ~~was~~liabilities ~~comparable to cash provided by operating activities of $1,670,000 for the same period in 2013.~~recorded ~~During~~at ~~2014,~~fair ~~cash~~value ~~used~~on ~~in investing activities was $353,000 compared to cash used in investing activities of $951,000 for~~ the ~~same period~~consolidated inbalance ~~2013~~sheets ~~primarily~~are ~~due~~categorized tobased ~~fewer~~on ~~building improvements in 2014. For~~ the ~~year~~inputs ~~ended December 31, 2014, cash used in financing activities was $673,000 and was comparable~~ to ~~cash used in financing activities of $687,000 for~~ the ~~same~~valuation ~~period~~techniques inas ~~2013.~~follows:

~~Critical~~Level ~~Accounting~~1. ~~Policies~~Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market.

~~Revenue~~Level ~~recognized~~2. onObservable ainputs ~~straight~~other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-~~line~~traded ~~basis~~instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.

~~The~~Level ~~Partnership recognizes rental revenue on a straight-line basis over the term of its leases~~3. ~~Actual~~Unobservable ~~amounts~~inputs ~~collected~~that ~~could~~are besupported by ~~lower~~little ~~than~~or ~~the~~no ~~amounts~~market ~~recognized~~activity onand ~~a straight-line~~that ~~basis if specific tenants~~ are ~~unable~~significant to ~~pay rent that~~ the ~~Partnership~~fair ~~has~~value ~~previously~~of ~~recognized as revenue. For tenants with percentage rent,~~ the ~~Partnership~~assets ~~recognizes~~or ~~revenue when the tenants’ specified sales targets have been met~~liabilities. ~~The~~Level ~~reimbursements from~~3 ~~tenants~~assets ~~for real estate taxes~~ and ~~other recoverable operating expenses are recognized as revenue on an estimated basis during~~liabilities ~~the~~include ~~current~~financial ~~year.~~instruments ~~The~~whose ~~Partnership~~value ~~develops~~is adetermined ~~revised~~using ~~estimate~~pricing ofmodels, ~~the~~discounted ~~amount~~cash ~~recoverable~~flow ~~from~~methodologies, ~~tenants~~or ~~based~~similar ~~on updated expenses~~techniques, ~~for~~as ~~the~~well ~~year~~as ~~and~~instruments ~~amounts~~for towhich bethe ~~recovered~~determination ~~and~~of ~~records~~fair ~~adjustments~~value torequires ~~income~~significant inmanagement ~~the~~judgment ~~current~~or ~~year~~estimation ~~financial~~using ~~statement accounts~~unobservable inputs. ~~Any final~~This ~~changes~~category ingenerally ~~estimate~~includes ~~based on lease~~long-~~by-lease~~term ~~reconciliations~~derivative ~~and~~contracts, ~~tenant~~real ~~negotiations~~estate and ~~collection~~unconsolidated ~~are~~joint ~~recorded in the period those negotiations are settled~~ventures.

~~Carrying~~Forward ~~value~~Looking ofStatements; ~~rental properties~~Factors ~~and~~That ~~land~~May ~~held~~Affect ~~for~~Operating ~~development~~Results

~~The~~This ~~Partnership’s~~Report ~~rental~~on ~~properties, including~~Form ~~the~~10-K ~~related~~contains ~~land, are stated at depreciated cost unless events or circumstances indicate that such amount cannot be recovered~~forward ~~based~~looking onstatements ~~undiscounted~~within ~~cash~~the ~~flows,~~meaning ~~excluding~~of ~~interest,~~Section in27A ~~which case the carrying value~~ of the ~~property~~Securities isAct ~~reduced to its estimated fair value. The valuation~~ of ~~impaired~~1933 ~~real estate assets, investments~~ and ~~real~~Section ~~estate~~21E ~~collateral~~of isthe ~~determined~~Securities ~~using~~Exchange ~~widely accepted~~Act ~~valuation~~of ~~techniques~~1934, including ~~income~~statements ~~capitalization~~regarding ~~approach or discounted cash flow analysis on~~ the ~~expected~~Trust’s ~~cash~~expectations, ~~flows~~hopes, ~~of each asset considering prevailing market capitalization rates~~intentions, ~~analysis~~beliefs ofand ~~recent~~strategies ~~comparable~~regarding ~~sales transactions, actual sales negotiations,~~the ~~bona~~future. ~~fide~~These ~~purchase~~forward ~~offers~~looking ~~received~~statements ~~from~~include ~~third~~statements ~~parties~~relating ~~and/or~~to ~~consideration~~our ofbelief ~~the amount~~ that ~~would~~we will be ~~required~~able to ~~replace~~complete the ~~asset,~~ assale ~~adjusted~~of our ~~for~~remaining ~~obsolescence.~~two Inproperties ~~general,~~prior to the ~~Partnership~~end ~~considers multiple valuation techniques when measuring fair value~~ of ~~an investment~~2016. ~~However, in certain circumstances, a single valuation technique may be appropriate.~~

10All forward-looking statements included in this document are based on information available to the Trust on the date hereof. Because these forward looking statements involve risk and uncertainty, there are important factors that could cause our actual results to differ materially from those stated or implied in the forward-looking statements.

~~Land~~Risks held for development is stated at cost unless events or circumstances indicate that cost cannot be recovered, in which case the carrying value is reduced to estimated fair value. Estimated fair value is computed using estimated sales price, based upon market values for comparable properties and considers the cost to complete and the estimated fair value of ~~the completed project.~~Litigation

~~The~~Certain ~~pre-development~~claims ~~costs~~and ~~for~~lawsuits ahave ~~new project~~arisen ~~are~~against ~~capitalized~~us ~~and~~in ~~include~~our ~~survey~~normal ~~fees~~course ~~and~~of ~~consulting fees~~business. ~~Interest,~~We ~~property~~believe ~~taxes and insurance related to the new project are capitalized during periods when activities~~ that ~~are~~such ~~necessary~~claims toand ~~get~~lawsuits ~~the~~will ~~project~~not ~~ready~~have ~~for~~a ~~its~~material ~~intended~~adverse ~~use~~effect ~~are in progress.~~on ~~The~~our ~~capitalization~~financial ~~ends~~position, ~~when~~cash ~~the~~flow ~~construction~~or isresults ~~substantially~~of ~~completed~~operations. ~~and~~See ~~the~~Item ~~project~~1A ~~is ready~~ for ~~its~~further ~~intended use~~discussion.

~~The~~Item ~~actual~~7A. ~~value~~Qualitative ~~of the Partnership’s portfolio of properties~~ and ~~land~~Quantitative ~~held~~Disclosures ~~for~~about ~~development~~Market ~~could be different from their carrying amounts.~~Risk

~~Fair~~Not ~~Value of Investments~~applicable.

~~The~~Item guidance related to accounting for fair value measurements which defines fair value and establishes a framework for measuring fair value in order to meet disclosure requirements for fair value measurements8. ~~Fair~~Financial ~~value~~Statements is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and ~~minimize~~Supplementary ~~the use of unobservable inputs when measuring fair value. This hierarchy describes three levels of inputs that may be used to measure fair value.~~Data

~~Financial~~For ~~assets~~information ~~and~~with ~~liabilities~~respect ~~recorded at~~to ~~fair~~this ~~value~~item, see onFinancial ~~the~~Statements ~~consolidated~~and ~~balance~~Financial ~~sheets~~Statement ~~are~~Schedule ~~categorized~~as ~~based~~included onin ~~the~~Item ~~inputs to the valuation techniques as follows:~~15.

~~Level~~Item 19. ~~Quoted~~Changes ~~prices~~ in ~~active markets for identical assets or liabilities. Level 1 assets~~ and ~~liabilities~~Disagreements ~~include~~with ~~debt~~Accountants ~~and~~on ~~equity~~Accounting ~~securities~~ and ~~derivative~~Financial ~~contracts that are traded in an active exchange market.~~Disclosure

~~Level 2~~None. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.

~~Level~~Item 39A. ~~Unobservable~~Controls ~~inputs that are supported by little or no market activity~~ and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation using unobservable inputs. This category generally includes long-term derivative contracts, real estate and unconsolidated joint ventures.Procedures

~~Inflation~~The Chairman of the Trustee, who performs the equivalent functions of the principal executive officer and principal financial officer of the Trust, has evaluated the disclosure controls and procedures of the Trust (as successor to the Partnership) as of the end of the period covered by this annual report. As used herein, the term “disclosure controls and procedures” has the meaning given to the term by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (“Exchange Act”), and includes the controls and other procedures of the Trust that are designed to ensure that information required to be disclosed by the Trust in the reports that it files with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Based upon his evaluation, the Chairman of the Trustee has concluded that the Trustee’s disclosure controls and procedures were effective such that the information required to be disclosed by the Trust in this annual report is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms applicable to the preparation of this report and is accumulated and communicated to the Trustee’s management, including the Trustee’s Chairman, as appropriate to allow timely decisions regarding required disclosures.

Leases at the office properties typically provide for rent adjustment and pass-through of certain operating expenses during the term of the lease. Substantially all of the leases at the office and retail properties provide for pass-through to tenants of certain operating costs, including real estate taxes, common area maintenance expenses, and insurance. We anticipate that these provisions may permit us to increase rental rates or other charges to tenants in response to rising prices and, therefore, serve to reduce our exposure to the adverse effects of inflation.10

~~Forward~~The ~~Looking~~report ~~Statements;~~called ~~Factors~~for by Item 308(a) of ~~That~~Regulation ~~May~~S-K ~~Affect~~is ~~Operating~~incorporated ~~Results~~herein by reference to “Management’s Annual Report on Internal Control Over Financial Reporting” (“Management’s Report”), included in the financial statements included as an exhibit to this report.

~~This~~There ~~Report~~have onnot ~~Form~~been ~~10-K~~any ~~contains~~changes ~~forward looking~~in ~~statements within~~ the Trust’s ~~meaning~~internal ofcontrol ~~Section~~over ~~27A~~financial ofreporting ~~the~~identified ~~Securities~~in ~~Act~~connection ofwith ~~1933~~Management’s ~~and~~Report ~~Section~~that ~~21E~~occurred of during the ~~Securities~~fourth ~~Exchange~~fiscal ~~Act of~~quarter ~~1934,~~ended ~~including~~December ~~statements~~31, ~~regarding~~2015 ~~the~~that ~~Partnership’s~~has ~~expectations,~~materially ~~hopes~~affected, ~~intentions,~~or ~~beliefs~~is ~~and~~reasonably ~~strategies~~likely ~~regarding the~~to ~~future.~~materially ~~These~~affect, ~~forward~~the Trust’s ~~looking~~internal ~~statements~~control ~~include~~over ~~statements~~financial ~~relating to:~~reporting.

§Item ~~Our~~9B. ~~belief~~Other ~~that we will be able to complete the sale of all of our properties prior to the end of 2015; and~~Information

~~§ Our belief that cash generated from such sales will be sufficient to fully pay off our note payable and line of credit~~None.

~~All~~Part forward-looking statements included in this document are based on information available to the Partnership on the date hereof. Because these forward looking statements involve risk and uncertainty, there are important factors that could cause our actual results to differ materially from those stated or implied in the forward-looking statements.III

11Item 10. Directors, Executive Officers and Corporate Governance

~~Risks~~The Trust has no directors or executive officers. Rancon Financial Corporation, as Trustee, manages the business affairs and assets of ~~Litigation~~the Trust.

~~Certain~~Section ~~claims and lawsuits have arisen against us in our normal course of business. We believe that such claims and lawsuits will not have~~ 16(a) ~~material~~Beneficial ~~adverse~~Ownership ~~effect on~~Reporting ~~our financial position, cash flow or results of operations. See Item 1A for further discussion.~~Compliance

~~Item~~Based ~~7A.~~on ~~Qualitative~~a ~~and~~review ~~Quantitative~~of ~~Disclosures~~the ~~about~~copies ~~Market~~of ~~Risk~~beneficial ownership reports filed pursuant to Section 16(a) of the Exchange Act received by the Partnership during the fiscal year ended December 31, 2015, the Trust believes that, during such fiscal year all such ownership reports were filed on a timely basis.

~~Interest~~Code ~~Rates~~of Ethics

The ~~Partnership’s primary~~Trust ~~market~~has ~~risk~~not ~~exposure~~adopted isa to“code of ~~changes~~ethics” inas ~~interest~~defined ~~rates~~in ~~obtainable~~rules onadopted ~~its~~by ~~secured~~the ~~borrowings~~SEC. Because ~~The~~the ~~Partnership~~Trust ~~expects~~does ~~that changes~~not inhave ~~market~~any ~~interest~~employees, ~~rates~~the ~~will~~Trust ~~not~~has ~~have~~determined that adopting a ~~material~~code ~~impact~~of onethics would not appreciably improve the ~~performance~~Trust’s ability to deter wrongdoing or ~~fair~~promote ~~value~~the ofconduct set ~~its~~forth ~~portfolio~~in such SEC rules.

~~For~~Item ~~debt obligations, the table below presents principal cash flows by expected maturity dates of the note payable with a fixed interest rate of 5~~11.~~46%~~ ~~and~~Executive ~~the line of credit with a variable interest rate of 30-day LIBOR plus 3.00% (3.19% at December 31, 2014.)~~Compensation

	Expected Maturity Date
	2015		2016		Total
	(in thousands)
Collateralized fixed rate debt	$	489	$	19,915	$	20,404
Line of credit		7,749		-		7,749
	$	8,238	$	19,915	$	28,153

As of December 31, 2015, we have no directors or executive officers. The Trustee manages the business affairs and assets of the Trust. The Trustee does not receive any compensation.

AItem ~~change~~12. ofSecurity ~~1/8%~~Ownership inof ~~the~~Certain ~~index~~Beneficial ~~rate~~Owners toand ~~which our~~Management ~~variable~~and ~~rate~~Related ~~debt~~Stockholder ~~is tied would change the annual interest we incur by approximately $9,600, based upon the balances outstanding on variable rate instruments at December 31, 2014.~~Matters

~~The~~On March 22, 2016, the Partnership ~~does~~transferred its remaining assets to the Trust, and on March 25, 2016, the Trust filed its Certificate of Cancellation with the Secretary of State of the State of California, which became effective on that date. There is no public market for Beneficial Interests in the Trust. Beneficial Interests in the Trust may not ~~own~~be transferred in any ~~derivative~~manner whatsoever (including, without limitation, by sale, ~~instruments~~exchange, gift, pledge or creation of a security interest) except (a) a bequest or inheritance in the case of the death of an individual Beneficiary, or (b) by operation of law, provided, however, that in no event shall any such transfer by operation of law take place unless the Trustee has received reasonable assurance that the transfer is in compliance with federal and state securities laws.

Item 813. Certain ~~Financial~~Relationships and ~~Statements~~Related Transactions, and ~~Supplementary~~Director ~~Data~~Independence

~~For~~The ~~information~~Trust ~~with~~has ~~respect~~no officers or directors. The Trustee manages the Trust’s day-to-day ~~this~~business ~~item~~affairs and assets. Prior to the dissolution of the Trust, the Trustee ~~see~~was ~~Financial~~a ~~Statements~~General ~~and~~Partner ~~Financial~~of ~~Statement~~the ~~Schedule~~Trust. asThe ~~included~~Trustee inis ~~Item~~a 15corporation wholly-owned by Daniel L. Stephenson. The Trustee does not receive any compensation.

~~Item~~Pursuant 9.to ~~Changes~~the inLiquidating Trust Agreement, the Trustee, and ~~Disagreements~~its officers, directors and affiliates (together, the “Indemnified Persons”), shall be indemnified, and may reimburse itself out of the Trust property, against and from any and all loss, cost, liability, expense or damage which any such Indemnified Person may sustain in connection with ~~Accountants~~the Trust, provided that the same were not the result of negligence or misconduct on ~~Accounting~~the ~~and~~part ~~Financial~~of ~~Disclosure~~such Indemnified Person. The Trust shall advance to each Indemnified Person all expenses incurred by such Indemnified Person in connection with the investigation, defense, settlement, or appeal of any claim or proceeding attributable to a matter described in the immediately preceding sentence. Such Indemnified Person shall promptly repay such amounts advanced only if it is ultimately determined that such Indemnified Person was not entitled to be indemnified by the Trust pursuant to the Liquidating Trust Agreement.

~~None.~~11

~~Item~~During 9Athe year ended December 31, 2015, the Partnership distributed $375,000 to the General Partner. ~~Controls~~During the year ended December 31, 2014, no distributions were made by the Partnership to the General Partner. In 2015 and ~~Procedures~~2014, the Partnership paid fees, as described in more detail in Note 6 to the consolidated financial statements attached hereto as an exhibit, to Glenborough LLC, an affiliate of Glenborough Property Partners, LLC, which held 11.22% of the Units of the Partnership as of December 31, 2015. Other than fees to Glenborough LLC, in 2015 and 2014, the Partnership did not incur any expenses or costs reimbursable to any related person of the Partnership during the fiscal years ended December 31, 2015 and 2014.

~~The~~Item principal executive officer and principal financial officer of the General Partner have evaluated the disclosure controls and procedures of the Partnership as of the end of the period covered by this annual report14. AsPrincipal ~~used~~Accountant ~~herein,~~Fees ~~the term “disclosure controls~~ and procedures” has the meaning given to the term by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (“Exchange Act”), and includes the controls and other procedures of the Partnership that are designed to ensure that information required to be disclosed by the Partnership in the reports that it files with the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Based upon his evaluation, the principal executive officer and principal financial officer of the General Partner has concluded that the Partnership’s disclosure controls and procedures were effective such that the information required to be disclosed by the Partnership in this annual report is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms applicable to the preparation of this report and is accumulated and communicated to the General Partner’s management, including the General Partner’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.Services

~~The~~Audit report called for by Item 308(a) of Regulation S-K is incorporated herein by reference to “Management’s Annual Report on Internal Control Over Financial Reporting” (“Management’s Report”), included in the financial statements included as an exhibit to this report.Fees

~~There~~The ~~have~~Partnership ~~not~~was ~~been~~billed ~~any~~$99,700 ~~changes in the~~and ~~Partnership’s~~$141,000 ~~internal~~for ~~control~~audit ~~over~~services ~~financial~~rendered ~~reporting~~by ~~identified~~its informer ~~connection~~registered ~~with~~public ~~Management’s~~accounting ~~Report~~firm ~~that~~for ~~occurred during~~ the ~~Partnership’s~~years ~~fourth fiscal quarter~~ ended December 31, ~~2014~~2015 ~~that has materially affected, or is reasonably likely~~and ~~to materially affect~~2014, ~~the Partnership’s internal control over financial reporting~~respectively.

~~Item~~Audit-Related ~~9B. Other Information~~Fees

~~None~~The Partnership did not incur audit-related fees for services provided by its former registered public accounting firm for the years ended December 31, 2015 and 2014.

~~Part~~Tax ~~III~~Fees

~~Item~~The ~~10.~~Partnership ~~Directors,~~did ~~Executive~~not ~~Officers~~incur ~~and~~tax ~~Corporate~~fees for ~~Governance~~services provided by its former registered public accounting firm for the years ended December 31, 2015 and 2014.

~~Daniel~~All L.Other Stephenson and Rancon Financial Corporation (“RFC”) are the general partners of the Partnership. Mr. Stephenson is the Director, President, Chief Executive Officer and Chief Financial Officer of RFC.Fees

12The Partnership did not incur any other fees for services provided by its former registered public accounting firm for the years ended December 31, 2015 and 2014.

Mr. Stephenson, age 71, founded RFC (formerly known as Rancon Corporation) in 1971 for the purpose of establishing a commercial, industrial and residential property syndication, development and brokerage concern. Mr. Stephenson has, from RFC’s inception, held the position of Director. In addition, Mr. Stephenson was President, Chief Executive Officer and Chief Financial Officer of RFC from 1971 to 1986, from August 1991 to September 1992, and from March 31, 1995 to present. Mr. Stephenson is Chairman of the Board of PacWest Group, Inc., a real estate firm which acquired a portfolio of assets from the Resolution Trust Corporation.12

~~Section~~Part ~~16(a) Beneficial Ownership Reporting Compliance~~IV

~~Based~~Item on15. aExhibits ~~review~~and ofUnaudited ~~the~~Financial ~~copies~~Statement of beneficial ownership reports filed pursuant to Section 16(a) of the Exchange Act received by the Partnership, the Partnership believes that, during the fiscal year ended December 31, 2014 all such ownership reports were filed on a timely basis.Schedules

Code of Ethics

(a)	The following documents are filed as part of the report:

		Management’s Annual Report on Internal Control over Financial Reporting

	(1)	Financial Statements:

		Unaudited Consolidated Balance Sheets as of December 31, 2015 and 2014

		Unaudited Consolidated Statements of Operations for the years ended December 31, 2015 and 2014

		Unaudited Consolidated Statements of Partners’ Equity for the years ended December 31, 2015 and 2014

		Unaudited Consolidated Statements of Cash Flows for the years ended December 31, 2015 and 2014

		Notes to Unaudited Consolidated Financial Statements

	(2)	Financial Statement Schedule:

		All schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto

	(3)	Exhibits:

		(2.1)	Plan of Liquidation of the Partnership, dated April 10, 2014 (included as Appendix A too Schedule 14A dated April 21, 2014, file number 0-14207, is incorporated herein by reference).

		(2.2)	Liquidating Trust Agreement of the Trust, dated March 21, 2016 (included as Exhibit 99.1 to the Form 8-K dated March 25, 2016, file number 0-14207, is incorporated herein by reference).

		(3.1)	Second Amended and Restated Certificate and Agreement of Limited Partnership of the Partnership (included as Exhibit B to the Prospectus dated December 29, 1986, as amended on January 5, 1987, filed pursuant to Rule 424(b), file number 2-90327), is incorporated herein by reference.

		(3.2)	First Amendment to the Second Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, dated March 11, 1991 (included as Exhibit 3.2 to 10-K dated October 31, 1992, file number 0-14207), is incorporated herein by reference.

		(3.3)	First Amendment to the Second amended and Restated Agreement of Limited Partnership of the Partnership, dated March 27, 2014, (included as Exhibit 3.1 to form 8-K dated March 27, 2014, file number 0-14207, is incorporated herein by reference).

		(3.4)	Limited Partnership Agreement of RRF IV Tri-City Limited Partnership, a Delaware limited Partnership of which Rancon Realty Fund IV, a California Limited Partnership is the limited partner (filed as Exhibit 3.3 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.

		(10.1)	First Amendment to the Second Amended Management, Administration and Consulting Agreement and amendment thereto for services rendered by Glenborough Corporation, dated August 31, 1998 (filed as Exhibit 10.1 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1998, file number 0-14207), is incorporated herein by reference.

		(10.2)	Agreement for Acquisition of Management Interests, dated December 20, 1994 (filed as Exhibit 10.3 to the Partnership’s quarterly report on Form 10-Q for the quarter ended September 30, 2003, file number 0-14207), is incorporated herein by reference.

		(10.3)	Property Management and Services Agreement dated July 30, 2004 (filed as Exhibit 10.4 to the Partnership’s quarterly report on Form 10-Q for the period ended September 30, 2004), is incorporated herein by reference.

		(10.4)	First Amendment to the Property Management and Services Agreement dated March 30, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K, filed with the SEC on February 27, 2009), is incorporated herein by reference.

The Partnership has not adopted a "code of ethics" as defined in rules adopted by the SEC. Because neither the Partnership nor the General Partner has any employees other than Daniel L. Stephenson, the Partnership has determined that adopting a code of ethics would not appreciably improve the Partnership's ability to deter wrongdoing or promote the conduct set forth in such SEC rules.13

Item 11. Executive Compensation

			(10.5)	Second Amendment to the Property Management and Services Agreement dated December 1, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K, filed with the SEC on February 27, 2009), is incorporated herein by reference.

			(10.6)	Third Amendment to the Property Management and Services Agreement dated May 1, 2006 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K, filed with the SEC on February 27, 2009), is incorporated herein by reference.

			(10.7)	Fourth Amendment to Property Management and Services Agreement dated March 1, 2010 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2009), is incorporated herein by reference.

			(31)	Section 302 Certification of Daniel L. Stephenson, Chairman of the Trustee of the Trust.

			(32)	Section 906 Certification of Daniel L. Stephenson, Chairman of the Trustee of the Trust.*

				* This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not to be deemed “filed” with the SEC or subject to the rules and regulations promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act.

~~The Partnership has no executive officers. For information relating to fees, compensation, reimbursement and distributions paid to related parties, reference is made to Item 13 below.~~14

~~Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters~~SIGNATURES

~~The~~Pursuant ~~table~~to ~~below~~the ~~sets~~requirements ~~forth~~of ~~beneficial holdings~~Section of13 ~~Units~~or bySection 15(id) of the ~~General~~Securities ~~Partners~~Exchange ~~and~~Act ~~(ii)~~of ~~all~~1934, ~~those~~the ~~known~~Trust byhas usduly tocaused bethis ~~beneficial~~report ~~owners~~to ofbe ~~more~~signed ~~than~~on 5%its ofbehalf by the ~~Units.~~undersigned, ~~The~~thereunto ~~Partnership does~~duly ~~not have any executive officers~~authorized.

Security Ownership of Certain Beneficial Owners

		THE RANCON REALTY FUND IV LIQUIDATING TRUST

		By:	Rancon Financial Corporation,
			a California corporation,
			its Trustee

Date:	March 28, 2016	By:	/s/ Daniel L. Stephenson
			Daniel L. Stephenson, Chairman

Title of Class	Name of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent of Class
Units	Glenborough Property Partners, LLC 400 South El Camino Real, Suite 1100 San Mateo, CA 94402	7,386 Units		11.22	%
Units	MacKenzie Capital Management, LP 1640 School Street Moraga, CA 94566	7,174 Units (indirect ownership)*		11.35	%

~~Security~~INDEX ~~Ownership~~TO ofFINANCIAL ~~Management~~STATEMENTS

Title of Class	Name of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent of Class
Units	Daniel L. Stephenson (IRA) 41391 Kalmia, Suite 200, Murrieta, CA 92562	4 Units (direct)		**
Units	Daniel L. Stephenson (IRA) 41391 Kalmia, Suite 200, Murrieta, CA 92562	100 Units (direct)***		**

AND SCHEDULE

	Page No.

Management’s Annual Report on Internal Control over Financial Reporting	17

Unaudited Consolidated Balance Sheets as of December 31, 2015 and 2014	18

Unaudited Consolidated Statements of Operations for the years ended December 31, 2015 and 2014	19

Unaudited Consolidated Statements of Partners’ Equity for the years ended December 31, 2015 and 2014	20

Unaudited Consolidated Statements of Cash Flows for the years ended December 31, 2015 and 2014	21

Notes to Unaudited Consolidated Financial Statements	22-30

*BasedAll onother aschedules ~~review~~are ofomitted ~~the Partnership’s~~because ~~records,~~they 23are ~~entities~~not ~~that~~applicable ~~appear~~or tothe berequired ~~controlled~~information byis ~~MacKenzie~~shown ~~Capital~~in ~~Management, LP or its affiliates are~~ the ~~record~~unaudited ~~owners~~consolidated ~~of 7,386~~financial ~~Units~~statements inor ~~the~~notes ~~aggregate~~thereto.

** Less than 1 percent.16

~~***~~Management’s ~~These~~Annual ~~Units~~Report ~~are~~on ~~held by Streamside~~Internal ~~Investors,~~Control ~~LP,~~over ofFinancial ~~which Mr. Stephenson is the general partner.~~Reporting

~~Changes~~The Trust, as such, has no officers or directors, but is managed by the Trustee. The Trustee’s Chairman is responsible for establishing and maintaining adequate internal control over financial reporting for the Trust. The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in ~~Control~~accordance with U.S. generally accepted accounting principles. The Trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of the management and directors of the Trustee; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets of the Trust that could have a material effect on the financial statements of the Trust.

~~The~~Because ~~limited~~of ~~partners~~its ~~have no right~~inherent limitations, ~~power or~~internal ~~authority~~control toover ~~act~~financial ~~for~~reporting ormay ~~bind~~not ~~the~~prevent ~~Partnership.~~or ~~However,~~detect ~~the~~misstatements ~~limited~~and ~~partners~~even ~~generally~~when ~~have~~determined ~~the power~~ to ~~vote~~be ~~upon the following matters affecting the basic structure of the Partnership~~effective, ~~passage of each of which requires the approval of limited partners holding~~ acan ~~majority~~only ofprovide ~~the~~reasonable ~~outstanding~~assurance ~~Units:~~with ~~(i)~~respect ~~amendment~~to offinancial ~~the~~statement ~~Partnership~~preparation ~~Agreement; (ii) termination~~ and ~~dissolution~~presentation. ~~of the Partnership; (iii) sale~~Also, ~~exchange~~projections ~~or pledge~~ of ~~all~~any evaluation ~~or substantially all~~ of ~~the~~effectiveness ~~assets~~to offuture ~~the~~periods ~~Partnership;~~are ~~(iv)~~subject ~~removal~~to of the ~~General~~risk ~~Partner or~~that ~~any~~controls ~~successor~~may ~~General~~become ~~Partner;~~inadequate ~~(v)~~because ~~election~~ of achanges ~~new General Partner upon the removal~~in conditions, ~~redemption, death, insanity, insolvency, bankruptcy~~ or ~~dissolution~~that of the ~~General~~degree ~~Partner or any successor General Partner;(vi) modification~~ of ~~the~~compliance ~~terms~~with ~~of any agreement between~~ the ~~Partnership~~policies ~~and the General Partner~~ or anprocedures ~~affiliate~~may ~~of the General Partner; and (vii) extension of the term of the Partnership~~deteriorate.

~~Item~~Management 13assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2015. ~~Certain~~In ~~Relationships~~making ~~and~~this ~~Related~~assessment, management ~~Transactions~~used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (1992). Based on its assessment, ~~and~~management ~~Director~~determined ~~Independence~~that the Trust maintained effective internal control over financial reporting as of December 31, 2015.

~~During~~March ~~the years ended December 31~~28, ~~2014~~ and 2013, no distributions were made by the Partnership to the General Partner. In 2014 and 2013, the Partnership paid fees, as described in more detail in Note 6 to the consolidated financial statements attached hereto as an exhibit, to Glenborough LLC, an affiliate of Glenborough Property Partners, LLC, which holds 11.22% of the Units. Other than fees to Glenborough LLC, in 2014 and 2013, the Partnership did not incur any expenses or costs reimbursable to any related person of the Partnership during the fiscal years ended December 31, 2014 and 2013.2016

~~Director Independence~~17

~~The~~Rancon ~~Partnership~~Realty ~~has~~Fund ~~no officers or directors. Information on Mr. Stephenson~~IV, one of the general partners of the Partnership and Director, President, Chief Executive Officer and Chief Financial Officer of the other general partner of the Partnership, is provided in the first paragraph of Item 10. Mr. Stephenson is not “independent” within the meaning of relevant SEC and stock exchange definitions of the term.

~~The~~A ~~Partnership~~CALIFORNIA ~~has~~LIMITED ~~no “parents” within the meaning of the Exchange Act and the SEC’s rules. See also Item 12 herein, “Security Ownership of Certain Beneficial Owners.”~~PARTNERSHIP

~~Item~~Consolidated ~~14.~~Balance ~~Principal Accountant Fees and Services~~Sheets

~~Audit~~(in ~~Fees~~thousands, except units outstanding)

~~The Partnership was billed $141,000 and $137,000 for audit services rendered by its registered public accounting firm for the years ended December 31, 2014 and 2013 respectively.~~(Unaudited)

Audit-Related Fees

	December 31,		December 31,
	2015		2014
Assets
Investments in real estate:
Rental properties	$	-	$	8,623
Accumulated depreciation		-		(3,724	)
Total investments in real estate		-		4,899

Cash and cash equivalents		4,893		3,468
Accounts receivable, net		970		68
Deferred costs, net of accumulated amortization of $397 as of December 31, 2014		-		356
Prepaid expenses and other assets		81		214
Assets held for sale		4,411		33,580
Total assets	$	10,355	$	42,585

Liabilities and Partners’ Equity (Deficit)
Liabilities:
Note payable and line of credit	$	-	$	28,153
Accounts payable and other liabilities		276		295
Deferred gain on disposition of assets		740		-
Prepaid rent		-		27
Liaiblities related to assets held for sale		1,694		350
Total liabilities		2,710		28,825

Commitments and contingent liabilities (Note 7)

Partners’ Equity (Deficit):
General Partner		31		(909	)
Limited partners, 65,819 limited partnership units outstanding as of December 31, 2015 and 2014		7,614		14,669

Total partners’ equity		7,645		13,760

Total liabilities and partners’ equity	$	10,355	$	42,585

~~The~~See ~~Partnership~~accompanying ~~did~~notes ~~not~~to ~~incur~~unaudited ~~audit-related fees~~consolidated ~~for services provided by its registered public accounting firm for the years ended December 31, 2014 and 2013~~financial statements.

~~Tax Fees~~18

~~The~~Rancon ~~Partnership~~Realty ~~did~~Fund ~~not incur tax fees for services provided by its registered public accounting firm for the years ended December 31~~IV, ~~2014 and 2013.~~

~~All~~A ~~Other~~CALIFORNIA ~~Fees~~LIMITED PARTNERSHIP

~~The~~Consolidated ~~Partnership~~Statements ~~did~~of ~~not incur any other fees for services provided by its registered public accounting firm for the years ended December 31, 2014 and 2013.~~Operations

14(in thousands, except per unit amounts and units outstanding)

~~Part IV~~(Unaudited)

Item 15. Exhibits and Financial Statement Schedules

	Year Ended
	December 31,
	2015			2014

Operating revenue
Rental revenue and other	$	610		$	707
Total operating revenue		610			707

Operating expenses
Property operating expenses		293			429
Depreciation and amortization		123			234
General and administrative		962			1,101
Total operating expenses		1,378			1,764

Operating loss		(768	)		(1,057	)

Interest and other income		2			-
Gain on sales of assets		3,803			-
Interest expense (including amortization of loan fees)		(46	)		(726	)

Income (loss) from continuing operations		2,991			(1,783	)
Loss on extinguishment of debt		(1,096	)		-
Gains on sales of assets		16,757			-
Income (loss) from discontinued operations		358			479
Total income from discontinued operations		16,019			479
Net (loss) income	$	19,010		$	(1,304	)

Basic and diluted net (loss) income per limited partnership unit	$	268.85		$	(19.61	)

Weighted average number of limited partnership units outstanding		65,819			65,819

~~(a)~~See ~~The~~accompanying ~~following~~notes ~~documents~~to ~~are~~unaudited ~~filed~~consolidated ~~as part of the report:~~financial statements.

~~Management’s Annual Report on Internal Control over Financial Reporting~~19

~~(1)~~Rancon ~~Financial~~Realty ~~Statements:~~Fund IV,

~~Report~~A ofCALIFORNIA ~~Independent Registered~~LIMITED ~~Public Accounting Firm~~PARTNERSHIP

Consolidated ~~Balance~~Statement ~~Sheets as~~ of ~~December 31, 2014 and 2013~~Partners’ Equity

~~Consolidated~~For ~~Statements of Operations for~~ the years ended December 31, ~~2014~~2015 and ~~2013~~ 2014

~~Consolidated~~(in ~~Statements of Partners’ Equity for the years ended December 31, 2014 and 2013~~thousands)

~~Consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013~~(Unaudited)

Notes to Consolidated Financial Statements

	General			Limited
	Partner			Partners			Total

Balance (deficit) at December 31, 2013	$	(896	)	$	15,960		$	15,064

Net loss		(13	)		(1,291	)		(1,304	)

Balance (deficit) at December 31, 2014		(909	)		14,669			13,760

Net income		1,315			17,695			19,010

Distributions		(375	)		(24,750	)		(25,125	)

Balance (deficit) at December 31, 2015	$	31		$	7,614		$	7,645

~~(2)~~See ~~Financial~~accompanying ~~Statement~~notes ~~Schedule:~~to unaudited consolidated financial statements.

~~Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2014 and Notes thereto~~20

~~All~~Rancon ~~other~~Realty ~~schedules~~Fund ~~are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto~~IV,

~~(3)~~A ~~Exhibits:~~CALIFORNIA LIMITED PARTNERSHIP

~~(2.1)~~Consolidated ~~Plan~~Statements of ~~liquidation~~Cash ~~of the Partnership, dated April 10, 2014 (included as Appendix A too Schedule 14A dated April 21, 2014, file number 0-14207, is incorporated herein by reference).~~Flows

(~~3.1)~~in Second Amended and Restated Certificate and Agreement of Limited Partnership of the Partnership (included as Exhibit B to the Prospectus dated December 29, 1986, as amended on January 5, 1987, filed pursuant to Rule 424(bthousands)~~, file number 2-90327), is incorporated herein by reference.~~

(~~3.2~~Unaudited) First Amendment to the Second Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, dated March 11, 1991 (included as Exhibit 3.2 to 10-K dated October 31, 1992, file number 0-14207), is incorporated herein by reference.

(3.3) First Amendment to the Second amended and Restated Agreement of Limited Partnership of the Partnership, dated March 27, 2014, (included as Exhibit 3.1 to form 8-K dated March 27, 2014, file number 0-14207, is incorporated herein by reference).

	For the Year Ended
	December 31,
	2015			2014
Cash flows from operating activities:
Net income (loss)	$	19,010		$	(1,304	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		123			2,632
Amortization of loan fees, included in interest expense		-			251
Loss on early extinguishment of debt		1,096			-
Gain on sale of real estate		(20,560	)		-
Changes in certain assets and liabilities:
Accounts receivable		(902	)		43
Deferred costs		356			(326	)
Prepaid expenses and other assets		133			331
Accounts payable and other liabilities		1,605			69
Deferred gain on disposition of assets		740			-
Prepaid rent		(27	)		(90	)

Net cash (used in) provided by operating activities		1,574			1,606

Cash flows from investing activities:
Additions to real estate investments		(2,967	)		(353	)
Proceeds from sales of real estate		57,013			-

Net cash provided by (used in) investing activities		54,046			(353	)

Cash flows from financing activities:
Note payable principal payments		(20,404	)		(505	)
Repayments on line of credit		(7,749	)		-
Payment of prepayment penalties		(917	)		-
Payment of deferred loan fees		-			(168	)
Distribution to limited partners		(24,750	)		-
Distribution to General Partner		(375	)		-

Net cash used in financing activities		(54,195	)		(673	)

Net increase in cash and cash equivalents		1,425			580

Cash and cash equivalents at beginning of period		3,468			2,888

Cash and cash equivalents at end of period	$	4,893		$	3,468

Supplemental disclosure of cash flow information:
Cash paid for interest	$	246		$	1,397

Supplemental disclosure of non-cash operating activities:
Write-off of fully depreciated rental property assets	$	-		$	826
Write-off of fully amortized deferred costs	$	33		$	594

~~(3.4)~~See ~~Limited~~accompanying ~~Partnership~~noties ~~Agreement of RRF IV Tri-City Limited Partnership, a Delaware limited partnership of which Rancon Realty Fund IV, a California Limited Partnership is the limited partner (filed as Exhibit 3.3~~ to ~~the~~unaudited ~~Partnership’s~~consolidated ~~annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.~~financial statement

(10.1) First Amendment to the Second Amended Management, Administration and Consulting Agreement and amendment thereto for services rendered by Glenborough Corporation, dated August 31, 1998 (filed as Exhibit 10.1 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1998, file number 0-14207), is incorporated herein by reference.21

~~(10.2)~~Note ~~Promissory note in the amount of $6,400,000, dated April 19, 1996, secured by Deeds of Trust on three of the Partnership’s Properties (filed as Exhibit 10~~1.6 ~~to the Partnership’s annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.~~ORGANIZATION

Rancon Realty Fund IV, a California Limited Partnership (~~10.3~~“the Partnership”), ~~Agreement~~was ~~for~~organized ~~Acquisition~~in accordance with the provisions of ~~Management~~the ~~Interests,~~California ~~dated~~Uniform ~~December~~Limited Partnership 20Act for the purpose of acquiring, ~~1994~~developing, ~~(filed~~operating asand ~~Exhibit~~selling 10real property.3 toThe ~~the~~ Partnership’s ~~quarterly~~was ~~report~~organized onin 1984 ~~Form~~and ~~10-Q~~reached ~~for~~final funding in July 1987. The general partners of the ~~quarter~~Partnership ~~ended~~were ~~September~~Daniel ~~30,~~L. ~~2003,~~Stephenson ~~file~~(“DLS”) and ~~number~~Rancon ~~0-14207~~Financial Corporation (“RFC”), hereinafter collectively referred to as the “General Partner”. RFC is ~~incorporated~~wholly ~~herein~~owned by ~~reference~~DLS. The Partnership had no employees.

15The Partnership’s initial acquisition of property during 1984 and 1985 consisted of approximately 76.56 acres of partially developed and unimproved land located in San Bernardino, California. The property is part of a master-planned development of approximately 153 acres known as Tri-City (“Tri-City”) and is zoned for mixed commercial, office, hotel, transportation-related, and light industrial uses. Other than the two properties still owned by the Partnership as of December 31, 2015, all of the parcels thereof have been sold to third parties.

~~(10.4)~~In ~~Property~~November ~~Management~~2005, ~~and~~in ~~Services~~connection ~~Agreement~~with ~~dated~~a refinancing, ~~July~~the 30Partnership formed Rancon Realty Fund IV Subsidiary LLC, ~~2004~~a Delaware limited liability company (~~filed~~“RRF asIV ~~Exhibit~~SUB”), which 10was wholly owned by the Partnership.4 The entity was formed to satisfy certain lender requirements for a loan obtained in the fourth quarter of 2005. The loan was collateralized by some of the Partnership’s ~~quarterly~~properties ~~report~~which onwere ~~Form~~been ~~10-Q~~contributed to ~~for~~RRF IV SUB by the ~~period~~Partnership. ~~ended~~Since ~~September~~RRF ~~30,~~IV ~~2004),~~SUB iswas ~~incorporated~~wholly ~~herein~~owned by ~~reference~~the Partnership, the financial statements of RRF IV SUB were consolidated with those of the Partnership.

~~(10.5)~~The ~~First~~Partnership ~~Amendment~~commenced on April 3, 1984 and had a term which was set to expire on December 31, 2015, in accordance with the ~~Property~~provisions ~~Management~~of ~~and~~the ~~Services~~Partnership Agreement. ~~dated~~On April ~~March~~21, 302014, ~~2005~~the ~~(filed~~Partnership assent ~~Exhibit~~a ~~10.4~~Consent Solicitation Statement to its Limited Partners seeking their consent to the ~~Partnership’s~~dissolution of ~~current~~the ~~report~~Partnership onprior ~~Form~~to ~~8-K~~December 31, ~~filed~~2015 in accordance with the ~~SEC~~terms of the Partnership Agreement and as detailed by a Plan of Liquidation and Dissolution adopted by the General Partner on ~~February~~April 2710, ~~2009~~2014 (the “Plan of Liquidation”). The dissolution required the approval of Limited Partners holding a majority of the outstanding units. On May 8, is2014, ~~incorporated~~the ~~herein~~dissolution was approved by ~~reference~~Limited Partners holding a majority of the outstanding units, and the Plan of Liquidation became effective. Consequently, the General Partner began an orderly sale of the Partnership’s assets. There can be no assurance that the dissolution will be completed within a specified time frame. As of December 31, 2015, the sales of five retail buildings and all of the office properties have been completed.

~~(10~~The Plan of Liquidation authorized the General Partner to transfer and assign the Partnership’s remaining assets to a liquidating trust to facilitate the Partnership’s dissolution.6 In furtherance of the Plan of Liquidation, on March 21, 2016, the Partnership entered into a Liquidating Trust Agreement (the “Liquidating Trust Agreement”) ~~Second~~with ~~Amendment~~RFC, as trustee of the Liquidating Trust (the “Trustee”), in connection with the formation of The Rancon Realty Fund IV Liquidating Trust (the “Liquidating Trust” or the “Trust”). In accordance with the Liquidating Trust Agreement, on March 22, 2016, the Partnership transferred all of its remaining assets to the ~~Property~~Liquidating ~~Management~~Trust to be administered, disposed of or provided for in accordance with the terms and ~~Services~~conditions of the Liquidating Trust Agreement. ~~dated~~Also ~~December~~as 1of March 22, ~~2005~~2016, ~~(filed~~the Partners, as ~~Exhibit~~beneficiaries 10of the Liquidating Trust (“Beneficiaries”), received beneficial interests in the Liquidating Trust (the “Beneficial Interests”).4 The purpose of the Liquidating Trust is to provide for the orderly liquidation of the assets transferred to it by the Partnership’s, ~~current~~to ~~report~~pay onthe ~~Form~~liabilities ~~8-K~~of the Partnership and the expenses of administering the Liquidating Trust, ~~filed~~and to make liquidating distributions to the Beneficiaries in accordance with their Beneficial Interests. The Liquidating Trust does not have any employees, officers or directors. The existence of the ~~SEC~~Liquidating onTrust ~~February~~will 27terminate upon a date determined by the Trustee (the “Termination Date”) after the Trustee has distributed to all Beneficiaries, ~~2009~~other than Beneficiaries who cannot be located (“Missing Beneficiaries”), all of the Trust’s assets in accordance with the terms of the Liquidating Trust Agreement, which is ~~incorporated~~intended ~~herein~~to bytake ~~reference~~place within three years from the date of the Liquidating Trust’s formation; provided that the Trustee has the discretion to delay such final distribution if in its good faith determination it should not be made at that time, so long as such date is no more than 21 years after the date of the Liquidating Trust Agreement. The existence of the Liquidating Trust may, however, be extended beyond such three year term if the Trustee determines that the final distribution should not be made at that time. Notwithstanding such termination of the Liquidating Trust and the Trust Agreement on the Termination Date, the Liquidating Trust shall continue to exist for the purpose of winding up its affairs, collecting and discharging its remaining obligations, and disposing of its remaining assets, including disposing of any assets that are distributable to Missing Beneficiaries in accordance with applicable state laws regarding escheatment and abandoned property.

~~(10.7)~~On ~~Third~~March ~~Amendment~~25, to2016, the ~~Property~~Partnership ~~Management~~filed a ~~and~~Certificate ~~Services~~of ~~Agreement~~Cancellation ~~dated~~with ~~May~~the 1California Secretary of State, ~~2006~~cancelling (the limited partnership, and filed asa ~~Exhibit~~Form 1015 with the Securities and Exchange Commission (the “Commission”), terminating the registration of the limited partnership units in the Partnership.4 toAccordingly, the Partnership’s ~~current~~has ~~report~~ceased onfiling ~~Form~~reports ~~8-K~~under the Securities Exchange Act of 1934. However, the Trustee will cause annual reports provided to Beneficiaries to be filed with the ~~SEC~~Commission onunder ~~February~~cover ~~27,~~of ~~2009),~~Form is10-K ~~incorporated~~and ~~herein~~periodic reports byprovided ~~reference~~to Beneficiaries to be filed with the Commission under cover of Form 8-K.

~~(10.8)~~Overview ~~Fourth~~of ~~Amendment~~Sale toof ~~Property Management and Services Agreement dated March 1, 2010 (filed as Exhibit 10.4 to~~ the ~~Partnership’s current report on Form 8-K filed with the SEC on February 27, 2009), is incorporated herein by reference.~~Property

~~(10.9)~~In ~~Promissory~~the ~~note~~first inquarter of 2015, the ~~amount~~sales of five retail buildings and all of the office properties were completed as well as the partial sale of another retail property. Mimi’s Café sold on January 9, 2015 for $242,~~100~~331,000, ~~dated~~Palm ~~November~~Retail 1 sold on January 15, ~~2005~~2015 ~~secured~~for by$2,524,000, ~~Deeds~~Service Retail ofsold ~~Trust~~on January 22, 2015 for $2,400,000, Palm Retail 2 sold on ~~eight~~February of13, ~~the~~2015 ~~Partnership’s~~for ~~Properties~~$2,502,000, ~~(filed~~and asTGI ~~Exhibit~~Fridays 10sold on February 19, 2015 for $3,350,000.9 toOn March 20, 2015, the Partnership’s ~~annual~~sold ~~report~~the onfive ~~Form~~office ~~10-K~~properties including Carnegie Business Center 1, Northcourt Plaza, North River Place, One Vanderbilt and Vanderbilt Plaza for ~~the~~$39,975,000. ~~year~~One ~~ended~~parcel ~~December~~of 31Promotional Retail Center I was sold on March 28, ~~2009)~~2015 for $3,985,000. isPromotional ~~incorporated~~Retail ~~herein~~II byand ~~reference~~the remaining parcels of Promotional Retail Center I are currently held for sale.

~~(31) Section 302 Certification of Daniel L. Stephenson, Chief Executive Officer and Chief Financial Officer of the General Partner of the Partnership.~~22

~~(32)~~Allocation ~~Section 906 Certification~~ of ~~Daniel~~Net L.Income ~~Stephenson, Chief Executive Officer~~ and ~~Chief~~Net Financial Officer of the General Partner of the Partnership. *Loss

~~101~~Allocation of net income and net loss is made pursuant to the terms of the Partnership Agreement.~~INS~~ ~~XBRL~~Generally, ~~Instance~~net ~~Document~~income from operations is allocated 90% to the limited partners and 10% to the General Partner. Net losses from operations are allocated 99% to the limited partners and 1% to the General Partner; however, if the limited partners or the General Partner would have, as a result of an allocation of cumulative net losses, a deficit balance in their capital accounts, then net losses shall not be allocated to the limited partners or General Partner, as the case may be, so as to create a capital account deficit, but such losses shall be allocated to the limited partners or General Partner with positive capital account balances until the positive capital account balances of such other partners are reduced to zero. However, if deficits are the result of cumulative distributions in excess of earnings, losses will continue to be allocated to the General Partner. Capital accounts shall be determined after taking into account all other allocations and distributions for the fiscal year.

~~101~~Net income other than net income from operations shall be allocated as follows: (i) first, to the partners who have a deficit balance in their capital account, provided that, in no event, shall the General Partner be allocated more than 5% of the net income other than net income from operations until the earlier of sale or disposition of substantially all of the assets or the distribution of cash (other than cash from operations) equal to the Unitholder’s original invested capital; (ii) second, to the limited partners in proportion to and to the extent of the amounts required to increase their capital accounts to an amount equal to the sum of the adjusted invested capital of their units plus an additional cumulative non-compounded 6% return per annum (plus additional amounts depending on the date Units were purchased); (iii) third, to the partners in the minimum amount required to first equalize their capital accounts in proportion to the number of units owned, and then, to bring the sum of the balances of the capital accounts of the limited partners and the General Partner into the ratio of 4 to 1; and (iv) the balance, if any, 80% to the limited partners and 20% to the General Partner.~~SCH~~ In ~~XBRL~~no ~~Taxonomy~~event ~~Extension~~shall ~~Schema~~the ~~Document~~General Partner be allocated less than 1% of the net income other than net income from operations for any period.

~~101~~Net losses other than net losses from operations are allocated 99% to the limited partners and 1% to the General Partner.~~CAL~~ ~~XBRL~~Such ~~Taxonomy~~net ~~Extension~~losses ~~Calculation~~will ~~Linkbase~~be ~~Document~~allocated among limited partners as necessary to equalize their capital accounts in proportion to their Units, and thereafter will be allocated in proportion to their Units.

~~101.DEF~~The ~~XBRL~~terms ~~Taxonomy~~of ~~Extension~~the ~~Definition~~Partnership ~~Linkbase~~Agreement call ~~Document~~for the General Partner to restore any deficits that may exist in its capital account after allocation of gains and losses from the sale of the final property owned by the Trust, but prior to any liquidating distributions being made to the partners.

~~101.LAB~~Distribution ~~XBRL~~of ~~Taxonomy Extension Labels Linkbase Document.~~Cash

~~101.PRE~~The ~~XBRL~~Partnership ~~Taxonomy~~had ~~Extension~~made ~~Presentation~~annual ~~Linkbase~~or ~~Document~~more frequent distributions of substantially all cash available to be distributed to partners as determined by the General Partner, subject to the following: (i) distributions may have bene restricted or suspended for limited periods when the General Partner determined in its absolute discretion that it was in the best interests of the Partnership; and (ii) all distributions were subject to the payment of Partnership expenses and maintenance of reasonable reserves for debt service, alterations and improvements, maintenance, replacement of furniture and fixtures, working capital and contingent liabilities.

*All ~~This~~excess ~~certification,~~cash ~~required by~~from ~~Section~~operations ~~906~~have ~~of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not to be deemed “filed”~~been ~~with~~distributed ~~the~~90% ~~SEC or subject~~ to the ~~rules~~limited partners and ~~regulations~~10% ~~promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or~~ to the ~~liabilities~~General ~~of Section 18 of said Act~~Partner.

16All cash from sales or refinancing and any other cash determined by the General Partner to be available for distribution other than cash from operations have been distributed in the following order of priority: (i) first, 1% to the General Partner and 99% to the limited partners in proportion to the outstanding positive amounts of Adjusted Invested Capital (as defined in the Trust Agreement) for each of their Units until Adjusted Invested Capital (as defined in the Trust Agreement) for each Unit is reduced to zero; (ii) second, 1% to the General Partner and 99% to the limited partners until each of the limited partners has received an amount which, including cash from operations previously distributed to the limited partners equals a 12 percent annual cumulative non-compounded return on the Adjusted Invested Capital (as defined in the Trust Agreement) of their Units plus such limited partners’ Limited Incremental Preferential Return (as defined in the Trust Agreement), if any, with respect to each such Unit, on the Adjusted Investment Capital (as defined in the Trust Agreement) of such Units for the twelve month period following the date upon which such Unit was purchased from the Trust and following the admission of such limited partner; (for limited partners admitted to the Trust before March 31, 1985, there are additional cumulative non-compounded returns of 9%, 6%, or 3% depending on purchase date, through October 31, 1985); (iii) third, 99% to the General Partner and 1 percent to the limited partners, until the General Partner has received an amount equal to 20% of all distributions of cash from sales or refinancing; and (iv) the balance, 80% to the limited partners, pro rata in proportion to the number of Units held by each, and 20% to the General Partner.

~~SIGNATURES~~23

~~Pursuant~~Note ~~to the requirements of Section~~2. Significant 13Accounting ~~or Section 15(d) of the Securities Exchange Act of 1934, the Partnership has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~Policies

		RANCON REALTY FUND IV,
		a California Limited Partnership
		By:	Rancon Financial Corporation
			a California corporation
			its General Partner
Date:	March 24, 2015	By:	/s/ Daniel L. Stephenson
			Daniel L. Stephenson, President
Date:	March 24, 2015	By:	/s/ Daniel L. Stephenson
			Daniel L. Stephenson,
			General Partner

Basis of Accounting and Consolidation

17The accompanying unaudited consolidated financial statements present the consolidated financial position of the Partnership and its wholly-owned subsidiaries as of December 31, 2015 and 2014, and the consolidated statements of operations, of partners’ equity and of cash flows of the Partnership and its wholly-owned subsidiaries for the years ended December 31, 2015 and 2014. All significant intercompany transactions and balances have been eliminated in consolidation.

~~INDEX~~Use TOof ~~FINANCIAL STATEMENTS~~Estimates

~~AND~~The ~~SCHEDULE~~preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) 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 results of operations during the reporting period. Actual results could differ from those estimates.

	Page No.
Management’s Annual Report on Internal Control over Financial Reporting	19
Report of Independent Registered Public Accounting Firm	20
Consolidated Balance Sheets as of December 31, 2014 and 2013	21
Consolidated Statements of Operations for the years ended December 31, 2014 and 2013	22
Consolidated Statements of Partners’ Equity for the years ended December 31, 2014 and 2013	23
Consolidated Statements of Cash Flows for the years ended December 31, 2014 and 2013	24
Notes to Consolidated Financial Statements	25-35
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2014 and Notes thereto	36-37

Rental Properties

~~All~~Rental ~~other~~properties, ~~schedules~~including ~~are~~the ~~omitted because~~related ~~they~~land, are ~~not~~stated ~~applicable~~at depreciated cost unless events or circumstances indicate that such amounts cannot be recovered based on undiscounted cash flows, excluding interest, in which case the ~~required~~carrying ~~information~~value of the property is ~~shown~~reduced to its estimated fair value. Estimated fair value is computed using estimated sales price, as determined by prevailing market values for comparable properties and/or the use of capitalization rates applied to annualized net operating income based upon the age, construction and use of the building. Due to uncertainties inherent in the ~~consolidated~~valuation ~~financial~~process ~~statements~~and orin ~~notes~~the ~~thereto~~economy, it is reasonably possible that the actual results of operating and disposing of the Partnership’s properties could be materially different than current expectations. Rental properties are reviewed for impairment whenever there is a triggering event and at least annually. There was no impairment of rental properties recorded for the years ended December 31, 2015 and 2014.

18Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The useful lives are as follows:

Management’s Annual Report on Internal Control over Financial Reporting

Building and improvements	5 to 40 years
Tenant improvements	Lesser of the initial term of the related lease, or the estimated useful life of the improvement

~~The~~Real ~~Partnership,~~Estate ~~as such,~~Impairment has no officers or directors, but is managed by the General Partner. The General Partner’s principal officer is responsible for establishing and maintaining adequate internal control over financial reporting for the Partnership. The Partnership’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The Partnership’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of the management and directors of the General Partner; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets of the Partnership that could have a material effect on the financial statements of the Partnership.Charges

~~Because~~The ofPartnership ~~its~~conducted ~~inherent~~a comprehensive ~~limitations,~~review ~~internal~~of ~~control~~all ~~over~~real ~~financial~~estate ~~reporting~~assets ~~may~~in ~~not~~accordance ~~prevent~~with orguidance ~~detect~~related ~~misstatements~~to ~~and~~accounting ~~even~~for ~~when~~the ~~determined~~impairment toor bedisposal ~~effective,~~of long lived ~~can~~assets, ~~only~~which ~~provide~~indicates ~~reasonable~~that ~~assurance~~asset ~~with~~values ~~respect~~should tobe ~~financial~~analyzed ~~statement~~whenever ~~preparation~~events ~~and~~or ~~presentation.~~changes ~~Also,~~in ~~projections~~circumstances ofindicate ~~any~~that the carrying ~~evaluation~~value of ~~effectiveness~~a toproperty ~~future~~may ~~periods~~not ~~are~~be ~~subject~~fully torecoverable. The process entailed the ~~risk~~analysis ~~that~~of ~~controls~~each ~~may~~asset ~~become~~for ~~inadequate~~instances ~~because~~where the book value exceeded the estimated fair value. As a result of ~~changes~~changing in market conditions, orone ~~that~~of the ~~degree~~Partnership’s ofreal ~~compliance~~estate assets ~~with~~was ~~the~~written ~~policies~~down orto ~~procedures~~fair ~~may~~value ~~deteriorate~~and a non-cash impairment charge was recognized.

~~Management~~In ~~assessed~~order to comply with the disclosure requirements as outlined in the ~~effectiveness~~guidance, the designation of the ~~Partnership’s~~level ~~internal~~of ~~control~~inputs ~~over~~used ~~financial~~in ~~reporting~~the asfair ofvalue ~~December~~models ~~31,~~must ~~2014~~be determined. Inputs Inused ~~making~~in ~~this assessment,~~establishing ~~management~~fair ~~used~~value ~~the~~for ~~criteria~~real ~~set~~estate ~~forth~~assets bygenerally ~~the~~fall ~~Committee~~within oflevel ~~Sponsoring~~three, ~~Organizations~~which ofare ~~the~~characterized ~~Treadway~~as ~~Commission (COSO)~~requiring insignificant ~~Internal~~judgment ~~Control—Integrated~~as ~~Framework~~there ~~(1992)~~is little or no observable market activity. ~~Based~~The onmain ~~its~~indicator ~~assessment,~~used ~~management~~to ~~determined~~establish ~~that~~the classification of the ~~Partnership~~inputs ~~maintained effective~~was ~~internal~~current ~~control~~market ~~over~~conditions ~~financial~~that, ~~reporting~~in asmany instances, resulted in the use of ~~December~~significant ~~31,~~estimates ~~2014~~in establishing fair value measurements.

~~March~~The 24estimated fair value of the rental properties was based on the Partnership’s current market information which was used to determine capitalization and rental growth rates. When market information was not readily available, ~~2015~~the inputs were based on management’s understanding of market conditions and the experience of the management team, although actual results could differ significantly from management’s estimates. Additional impairments may be necessary in the future in the event that market conditions deteriorate and impact the drivers used to estimate fair value.

19Sale of Real Estate

~~Report~~The Partnership periodically classified real estate as held for sale. An asset is classified as held for sale after the approval of ~~Independent~~Management ~~Registered~~and ~~Public~~after an active program ~~Accounting~~to ~~Firm~~sell the asset has commenced. Upon the classification of real estate as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset at the lower of fair value or the depreciated balance had the asset never been classified as held for sale and depreciation is reinstated. As of December 31, 2015, the Partnership had two retail properties classified as held for sale on the unaudited consolidated balance sheet.

~~To The General Partner of~~24

~~Rancon~~Fair ~~Realty~~Value ~~Fund~~of ~~IV, a California Limited Partnership:~~Investments

InThe ~~our~~Partnership ~~opinion,~~adopted ~~the~~policies ~~consolidated financial statements present~~related ~~fairly,~~to ~~in all material respects,~~ the ~~financial~~accounting ~~position~~for offair ~~Rancon~~value ~~Realty~~measurements. ~~Fund~~The ~~IV,~~guidance arelated ~~California~~to ~~Limited~~accounting ~~Partnership,~~for ~~and~~fair ~~its~~value ~~subsidiaries (the~~measurements ~~“Partnership”)~~defines atfair ~~December 31, 2014~~ value and ~~2013~~establishes ~~and~~a ~~the~~framework ~~results of their operations and their cash flows~~ for ~~each of~~measuring ~~the~~fair ~~years~~value ~~then ended~~ in ~~conformity~~order ~~with~~to ~~accounting~~meet ~~principles~~disclosure ~~generally~~requirements ~~accepted~~for infair ~~the~~value ~~United States of America~~measurements. InFair value ~~addition,~~is indefined ~~our~~as ~~opinion,~~ the ~~financial~~exchange ~~statement~~price ~~schedule~~that ~~presents~~would ~~fairly,~~be inreceived ~~all~~for ~~material~~an ~~respects,~~asset ~~the information~~or ~~set~~paid ~~forth~~to ~~therein~~transfer ~~when~~a ~~read~~liability in(an ~~conjunction~~exit ~~with~~price) ~~the~~in ~~related consolidated financial statements. These financial statements~~the ~~and~~principal ~~financial~~or ~~statement~~most ~~schedule~~advantageous ~~are~~market ~~the~~for ~~responsibility of~~ the ~~Partnership’s~~asset ~~management.~~or ~~Our~~liability ~~responsibility~~in ~~is to express~~ an ~~opinion~~orderly ontransaction ~~these~~between ~~financial~~market ~~statements~~participants ~~based~~ on ~~our~~the ~~audits~~measurement date. WeThis ~~conducted~~guidance ~~our~~also ~~audits~~establishes ofa ~~these~~fair ~~statements~~value inhierarchy ~~accordance~~which ~~with~~requires ~~the standards~~an ofentity ~~the~~to ~~Public~~maximize ~~Company~~the ~~Accounting~~use ~~Oversight~~of ~~Board~~observable ~~(United~~inputs ~~States). Those standards require that we plan~~ and ~~perform the~~ ~~audit~~minimize ~~to obtain reasonable assurance about whether~~ the ~~financial~~use ~~statements are free~~ of ~~material~~unobservable ~~misstatement.~~inputs Anwhen ~~audit~~measuring ~~includes examining,~~fair onvalue. aThis ~~test~~hierarchy ~~basis,~~describes ~~evidence~~three ~~supporting~~levels ~~the~~of ~~amounts~~inputs ~~and~~that ~~disclosures~~may ~~in the financial statements, assessing the accounting~~be ~~principles~~ used ~~and~~to ~~significant~~measure ~~estimates~~fair ~~made by management, and evaluating the overall financial statement presentation~~value. ~~We believe that our audits provide a reasonable basis for our opinion.~~

~~Emphasis~~Financial ofassets ~~Matter~~and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

AsLevel ~~discussed in Note~~ 1. toQuoted ~~the~~prices ~~consolidated~~in ~~financial~~active ~~statements,~~markets infor ~~accordance~~identical ~~with~~assets ~~the~~or ~~terms~~liabilities. ofLevel ~~the~~1 ~~Partnership~~assets ~~Agreement~~and ~~the~~liabilities ~~Partnership~~include ~~has~~debt ~~entered~~and ~~into~~equity asecurities ~~process~~and ofderivative ~~dissolution. Our opinion~~contracts isthat ~~not~~are ~~modified~~traded ~~with~~in ~~respect~~an toactive ~~this~~exchange ~~matter~~market.

~~/s/~~Level ~~PricewaterhouseCoopers~~2. ~~LLP~~Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.

~~San~~Level ~~Francisco~~3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, CAdiscounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation using unobservable inputs. This category generally includes long-term derivative contracts, real estate and unconsolidated joint ventures.

~~March~~Cash ~~24,~~and ~~2015~~Cash Equivalents

20The Partnership considered short-term investments with an original maturity of three months or less at the time of investment to be cash and cash equivalents.

~~RANCON~~Deferred ~~REALTY FUND IV~~Costs

ADeferred ~~California~~loan ~~Limited~~fees ~~Partnership,~~were capitalized and ~~Subsidiaries~~amortized on a straight-line basis, which approximated the effective interest method, over the life of the related loan. Deferred lease commissions were capitalized and amortized on a straight-line basis over the initial fixed term of the related lease agreements.

~~Consolidated Balance Sheets~~Revenues

~~December~~The 31Partnership recognized rental revenue on a straight-line basis over the term of the leases. Actual amounts collected could be lower than the amounts recognized on a straight-line basis if specific tenants were unable to pay rent that the Partnership had previously recognized as revenue. For tenants with percentage rent, ~~2014~~the Partnership recognized revenue when the tenants’ specified sales targets were met. The reimbursements from tenants for real estate taxes and ~~2013~~other recoverable operating expenses were recognized as revenue on an estimated basis during the current year. The Partnership developed a revised estimate of the amount recoverable from tenants based on updated expenses for the year and amounts to be recovered and records adjustments to income in the current year financial statement accounts. Any final changes in estimate based on lease-by-lease reconciliations and tenant negotiations and collection are recorded in the period those reconciliations and negotiations are settled.

~~(in~~Net ~~thousands,~~Loss ~~except~~Per ~~units~~Limited ~~outstanding)~~Partnership Unit

	2014			2013
Assets
Investments in real estate:
Rental properties	$	8,623		$	62,146
Accumulated depreciation		(3,724	)		(25,511	)
Rental properties, net		4,899			36,635
Cash and cash equivalents		3,468			2,888
Accounts receivable, net		68			230
Deferred costs, net of accumulated amortization of $397 and $2,046 as of December 31, 2014 and 2013, respectively		356			2,093
Prepaid expenses and other assets		214			2,569
Assets held for sale		33,580			-
Total assets	$	42,585		$	44,415
Liabilities and Partners’ Equity (Deficit)
Liabilities:
Note payable and line of credit	$	28,153		$	28,658
Accounts payable and other liabilities		295			398
Prepaid rent		27			295
Liabilities related to assets held for sale		350			-
Total liabilities		28,825			29,351
Commitments and contingent liabilities (Note 8)
Partners’ Equity (Deficit):
General Partner		(909	)		(896	)
Limited partners, 65,819 limited partnership units outstanding as of December 31, 2014 and 2013		14,669			15,960
Total partners’ equity		13,760			15,064
Total liabilities and partners’ equity	$	42,585		$	44,415

Net loss per Unit was calculated using the weighted average number of Units outstanding during the period and the limited partners’ allocable share of the net loss.

~~The accompanying notes are an integral part of these consolidated financial statements~~25

21Net loss per Unit was as follows (in thousands, except for weighted average shares and per share amounts):

RANCON REALTY FUND IV

	For the year ended
	December 31, 2015				December 31, 2014
	General		Limited		General			Limited
Income (loss) allocation:	Partner		Partners		Partner			Partners

Net income (loss)	$	1,315	$	17,695	$	(13	)	$	(1,291	)

Weighted average number of limited partnership units outstanding during each period				65,819					65,819

Basic and diluted income (loss) per limited partnership unit			$	268.85				$	(19.61	)

Basic and diluted income (loss) from discontinued operations per limited partnership unit			$	243.38				$	7.20

AIncome ~~California Limited Partnership, and Subsidiaries~~Taxes

~~Consolidated~~Income ~~Statements~~taxes on Partnership income are the responsibility of ~~Operations~~the individual Partners. Accordingly, no provision for income taxes was included in the accompanying unaudited consolidated financial statements. The Partnership determined whether a tax position of the Partnership was more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized was measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Partnership recording a tax liability that would reduce partners’ capital. Based on its analysis, the Partnership determined that it had not incurred any liability for unrecognized tax benefits as of December 31, 2015. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of changes to tax laws, regulations and interpretations thereof. As of December 31, 2015, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are 2012, 2013, and 2014.

~~For~~The ~~the~~Partnership ~~years~~filed ~~ended~~US ~~December~~Federal tax returns 31and state tax returns in California, ~~2014~~Georgia, Indiana, Missouri, New Jersey, New York, Pennsylvania, and ~~2013~~West Virginia.

~~(in~~Note ~~thousands,~~3. INVESTMENTS ~~except~~IN ~~per~~REAL ~~unit amounts and units outstanding)~~ESTATE

	2014			2013
Operating revenue
Rental revenue and other	$	574		$	601
Tenant reimbursements		133			133
Total operating revenue		707			734
Operating expenses
Property operating expenses		429			461
Depreciation and amortization		234			274
General and administrative		1,101			835
Total operating expenses		1,764			1,570
Operating income (loss)		(1,057	)		(836	)
Interest and other income		-			15
Interest expense (including amortization of loan fees)		(726	)		(663	)
Loss from continuing operations		(1,783	)		(1,484	)
Income (loss) from discoutinued operations		479			(1,646	)
Net Loss	$	(1,304	)	$	(3,130	)
Basic and diluted net loss per limited partnership unit	$	(19.61	)	$	(47.08	)

Rental properties consist of the following (in thousands):

The accompanying notes are an integral part of these consolidated financial statements

	December 31,		December 31,
	2015		2014
Land	$	-	$	1,246
Buildings		-		7,129
Building and tenant improvements		-		248
		-		8,623
Less: accumulated depreciation		-		(3,724	)
Total rental properties, net	$	-	$	4,899

22As of December 31, 2015, the Partnership’s rental properties consist of two retail properties, both of which are classified as assets held for sale.

~~RANCON~~Note ~~REALTY~~4. LAND ~~FUND~~HELD IVFOR DEVELOPMENT

AApproximately ~~California~~14.7 ~~Limited~~acres of the Tri-City land owned by the Partnership was part of a 27-acre landfill operated by the City of San Bernardino (“the City”) from approximately 1950 to 1960. This landfill incorporated two land parcels and part of a third parcel. In 1996, the Santa Ana Regional Water Quality Control Board ("SARWQCB"), with regulatory jurisdiction over the closure and monitoring of landfills, determined ~~Subsidiaries~~that the City was primarily responsible for the landfill. Therefore, the City and the Partnership entered into a Limited Access Easement Agreement, giving the City access to the site for development, implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002), perform groundwater monitoring and install a permanent gas extraction system (Landfill Gas Collection System). Under the Limited Access Easement Agreement with the Partnership, methane monitoring was handled directly by the City. The City's installation of the cover improvement system was completed in the first quarter of 2007 along with the gas extraction system. On December 16, 2015, the Partnership sold the land to the City of San Bernardino for a purchase price of $10.

~~Consolidated Statements of Partners’ Equity~~26

~~For~~NOTE ~~the~~5. ASSETS HELD ~~years~~FOR ~~ended~~SALE ~~December 31,~~AND ~~2014~~DISCONTINUED ~~and 2013~~OPERATIONS

(In response to the Limited Partners May 8, 2014 approval of the dissolution of the Partnership, the General Partner began an orderly liquidation of the Partnership’s assets and began actively marketing 10 buildings for sale. Carnegie Business Center I, Mimi’s Café, Northcourt Plaza, North River Place, One Vanderbilt, Palm Court Retail I, Palm Court Retail II, Service Retail Center, TGI Friday’s and Vanderbilt Plaza were sold in ~~thousands)~~the first quarter of 2015. As discussed in Note 2, the related assets and liabilities of those properties were classified as held for sale as of December 31, 2014. A portion of Promotional Retail Center I was sold in the first quarter of 2015 but had not been considered held for sale at December 31, 2014. As of December 31, 2015, the remaining portion of Promotional Retail Center I and Promotional Retail II are considered held for sale.

	General			Limited
	Partner			Partners			Total
Balance (deficit) at December 31, 2012		(865	)		19,059			18,194
Net loss		(31	)		(3,099	)		(3,130	)
Balance (deficit) at December 31, 2013		(896	)		15,960			15,064
Net loss		(13	)		(1,291	)		(1,304	)
Balance (deficit) at December 31, 2014	$	(909	)	$	14,669		$	13,760

Reconciliation of Total Assets and Liabilities

~~The accompanying notes are an integral part~~ of ~~these~~the ~~consolidated~~Properties ~~financial~~Held ~~statements~~for Sale

23That are Presented Separately in the Consolidated Balance Sheet

~~RANCON~~(in ~~REALTY FUND IV~~thousands)

A California Limited Partnership, and Subsidiaries

	December 31,		December 31,
	2015		2014

Carrying amounts of major classes of assets included as part of held for sale:
Investments in real estate:
Rental properties, net	$	4,166	$	29,857
Accounts receivable, net		85		119
Deferred costs, net of accumulated amortization of $37 and $2,133 as of December 31, 2015 and 2014, respectively		245		1,580
Prepaid expenses and other assets		-		2,024

Total assets classified as held for sale	$	4,411	$	33,580

Carrying amounts of major classes of liabilities included as part of held for sale:

Accounts payable and other liabilities	$	1,624	$	172
Prepaid rent		70		178

Total liabilities classified as held for sale	$	1,694	$	350

~~Consolidated~~Investments ~~Statements~~in real estate held for sale consisted of ~~Cash~~the following ~~Flows~~(in thousands):

For the years ended December 31, 2014 and 2013

	December 31,			December 31,
	2015			2014
Land	$	656		$	3,371
Buildings		2,933			40,708
Building and tenant improvements		513			8,971
Construction in progress		1,622			-
		5,724			53,050
Less: accumulated depreciation		(1,558	)		(23,193	)
	$	4,166		$	29,857

(In accordance with guidance relating to discontinued operations, the related operating results from the properties held for sale as of December 31, 2014 were classified as discontinued operations in ~~thousands)~~the accompanying statement of oprations. Properties sold during the first quarter of 2015, which were not previsously held for sale, were not included as discontinued operations as they did not qualify under ASU No. 2014-08. Assets currently held for sale do not qualify as discontinued operations under ASU No. 2014-08.

	2014			2013
Cash flows from operating activities:
Net loss	$	(1,304	)	$	(3,130	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		2,632			3,600
Amortization of loan fees, included in interest expense		251			178
Provision for impairment of real estate		-			1,900
Changes in certain assets and liabilities:
Accounts receivable		43			(15	)
Deferred costs		(326	)		(555	)
Prepaid expenses and other assets		331			(370	)
Accounts payable and other liabilities		69			(93	)
Prepaid rent		(90	)		155
Net cash provided by operating activities		1,606			1,670
Cash flows from investing activities:
Additions to real estate investments		(353	)		(951	)
Net cash used in investing activities		(353	)		(951	)
Cash flows from financing activities:
Note payable principal payments		(505	)		(479	)
Payment of deferred loan fees		(168	)		(208	)
Net cash used in financing activities		(673	)		(687	)
Net increase in cash and cash equivalents		580			32
Cash and cash equivalents at beginning of year		2,888			2,856
Cash and cash equivalents at end of year	$	3,468		$	2,888
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,397		$	1,427
Supplemental disclosure of non-cash operating activities:
Write-off of fully depreciated rental property assets	$	826		$	1,082
Write-off of fully amortized deferred costs	$	594		$	205

~~The~~In ~~accompanying~~accordance ~~notes~~with the guidance relating to discontinued operations, the related operating results from the properties held for sale are anclassified ~~integral~~as ~~part~~discontinued operations in the accompanying statements of ~~these~~operations ~~consolidated~~as ~~financial~~follows ~~statements~~(in thousands):

24Reconciliation of Line Items Constituting Discontinued

~~RANCON~~Operations ~~REALTY~~That ~~FUND~~Are IVDisclosed in the Notes to Financial Statements

AThat ~~California~~Are ~~Limited~~Presented ~~Partnership,~~in ~~and~~the Statements of ~~Subsidiaries~~Operations

Notes to Consolidated Financial Statements

	For the year ended
	December 31,
	2015			2014

Major classes of line items constituting income from discontinued operations:
Rental revenue and other	$	1,277		$	7,493

Operating expenses		719			3,692
Depreciation and amortization		-			2,397
Total operating expenses		719			6,089

Operating income		558			1,404

Interest expense (including amortization of loan fees)		(200	)		(925	)
Loss on extinguishment of debt		(1,096	)		-
Gain on sale of assets		16,757			-

Total income from discontinued operations	$	16,019		$	479

~~December~~Note ~~31,~~6. NOTE ~~2014~~PAYABLE ~~and~~AND ~~2013~~LINE OF CREDIT

~~Note~~As 1of December 31, 2014, the Partnership had a note payable with a balance of $20,404,000 and a line of credit with a balance of $7,749,000. ~~ORGANIZATION~~As of December 31, 2015, both the note payable and the line of credit had been paid in full and the Partnership had no outstanding debt balances.

~~Rancon~~The ~~Realty~~prior ~~Fund~~note ~~IV,~~payable awas ~~California Limited~~collateralized ~~Partnership,~~by ~~(“the~~Promotional ~~Partnership”)~~Retail II, ~~was~~Mimi’s ~~organized~~Cafe, inPalm ~~accordance~~Court ~~with~~Retail ~~the~~I ~~provisions~~and ofII, ~~the~~Promotional ~~California~~Retail ~~Uniform~~Center, ~~Limited Partnership~~Service ~~Act~~Retail ~~for the purpose of acquiring~~Center, ~~developing,~~TGI Friday’s ~~operating~~ and ~~disposing~~One ~~of real property~~Vanderbilt. ~~The~~As ~~Partnership~~buildings ~~was~~were ~~organized in~~sold ~~1984 and reached final funding~~ in ~~July~~2015, ~~1987.~~the ~~The~~proceeds ~~general~~were ~~partners~~applied ofto the ~~Partnership~~note ~~are~~payable ~~Daniel L. Stephenson~~ and ~~Rancon~~upon ~~Financial~~closing ~~Corporation~~of ~~(“RFC”),~~the ~~hereinafter~~sale ~~collectively~~of ~~referred~~the tooffice asbuildings, the ~~General~~note ~~Partner.~~was ~~RFC~~completely ~~is wholly-owned by Daniel L~~repaid. ~~Stephenson. The Partnership has no employees.~~

~~The~~On ~~Partnership’s~~November ~~initial~~11, ~~acquisition of~~2014, ~~property~~we ~~between~~modified ~~December~~the ~~1984 and August 1985 consisted~~ line of ~~approximately~~credit ~~76.56~~agreement ~~acres~~to ~~(unaudited)~~extend ofthe ~~partially~~maturity ~~developed~~date ~~and unimproved~~to ~~land~~June ~~located in San Bernardino~~30, ~~California~~2015. The ~~property~~total isavailability ~~part~~was of$15,000,000 aand ~~master-planned~~the ~~development~~line ofwas ~~153 acres (unaudited)~~collateralized ~~known~~by asCarnegie ~~Tri-City~~Business ~~(“Tri-City”)~~Center, ~~and~~Vanderbilt ~~is zoned for mixed commercial~~Plaza, ~~office,~~North ~~hotel,~~River ~~transportation-related,~~Place and ~~light industrial~~Northcourt ~~uses~~Plaza. ~~and~~The ~~substantially~~line ~~all~~ of ~~the~~credit ~~parcels~~was ~~thereof~~repaid ~~are~~upon ~~separately owned either by~~ the ~~Partnership or Rancon Realty Fund~~completion ~~V (“Fund V”), a limited partnership sponsored by the General Partner~~ of the ~~Partnership.~~sale As of ~~December 31, 2014,~~ the ~~Partnership~~ ~~has twelve properties which consisted of five~~ office ~~buildings, five retail buildings and two restaurants~~properties.

In November 2005, in connection with a refinancing, the Partnership formed Rancon Realty Fund IV Subsidiary LLC, a Delaware limited liability company (“RRF IV SUB”), which is wholly owned and consolidated by the Partnership. The new entity was formed to satisfy certain lender requirements for a note obtained in the fourth quarter of 2005. The note is collateralized by eight properties (as discussed in Note 5) which have been contributed to RRF IV SUB by the Partnership.28

AsNote ~~of December 31, 2014, there were 65,819~~7. RELATED ~~Units~~PARTY ~~outstanding.~~TRANSACTIONS

~~The~~Glenborough ~~Partnership~~LLC ~~commenced~~earned onfees ~~April~~from ~~3, 1984 and had a term which was set to expire on December 31, 2015, in accordance with~~ the ~~provisions of the~~ Partnership ~~Agreement. On~~ April 21, 2014 the Partnership sent a Consent Solicitation Statement to its Limited Partners seeking their consent to the dissolution of the Partnership prior to December 31, 2015 in accordance with the terms of the Partnership Agreement and as ~~detailed~~prescribed by athe ~~Plan of~~Property ~~Liquidation~~Management and ~~Dissolution~~Services ~~adopted~~Agreement by (the ~~General Partner on April 10, 2014~~“Agreement”). The ~~dissolution~~terms ~~required the approval of Limited Partners holding a majority of the outstanding units. On May 8, 2014, the dissolution was approved by Limited Partners holding a majority of the outstanding units,~~ and ~~the~~conditions ~~Plan~~ of ~~Liquidation and Dissolution became effective. Consequently,~~ the ~~General Partner~~ ~~has~~Agreement begun an orderly sale of the Partnership’s assets. Management anticipates that the Partnership will complete the sale of its properties within 12-18 months from when the dissolution was approved. However, because of numerous uncertainties, the sale process may take longer than expected. Dissolution can be a complex process that may depend on a number of factors, most of which are ~~beyond the Partnership’s control. There can be no assurance that the dissolution will be completed within a specified time frame. Subsequent~~ to ~~December~~perform ~~31,~~services ~~2014, the sales of five retail buildings and all of the office properties were completed. Mimi’s Café sold on January 9, 2015~~ for $2,331,000, Palm Retail 1 sold on January 15, 2015 for $2,524,000, Service Retail sold on January 22, 2015 for $2,400,000, Palm Retail 2 sold on February 13, 2015 for $2,502,000 and TGI Fridays sold on February 19, 2015 for $3,350,000. On March 20, 2015, the ~~Partnership~~following sold the five office properties including Carnegie Business Center 1, Northcourt Plaza, North River Place, One Vanderbilt and Vanderbilt Plaza for $39,975,000. The last two properties, Promotional Retail 1 and 2, are expected to be sold later in the year.fees:

Any references to the number of buildings, square footage, customers and occupancy stated in the financial statement footnotes are unaudited.

	For the year ended
	December 31,		December 31,
	2015		2014
(i) property management fees of 2.5% of gross rental revenue which were included in property operating expenses in the accompanying unaudited statements of operations	$	53,000	$	218,000
(ii) construction services fees which were capitalized and included in rental properties on the accompanying consolidated balance sheets		23,000		35,000
(iii) an asset and Partnership management fee which was included in general and administrative expenses in the accompanying consolidated statements of operations		250,000		250,000
(iv) leasing services fees which were included in deferred costs on the accompanying consolidated balance sheets		86,000		211,000
(v) a sales fee of 1% for all properties which was included in gains on sale of assets in the accompanying consolidated statements of operations		618,500		-
(vi) a financing services fee of 1% of the gross loan amount which was included in the deferred costs on the accompanying consolidated balance sheets		-		150,000
(vi) data processing fees which were included in property operating expenses in the accompanying consolidated statements of operations		45,000		106,000
(vii) engineering fees which were included in property operating expenses in the accompanying consolidated statements of operations		-		17,000

~~Allocation~~On October 1, 2010, Glenborough Holdings, LLC (Glenborough Holdings) transferred all of ~~Net~~its ~~Income~~interest ~~and~~in ~~Net~~the ~~Loss~~Partnership to Glenborough Investors, LLC, which currently holds those units in its subsidiary, Glenborough Property Partners, LLC (“Glenborough Property Partners”). As part of the same transaction, Glenborough Holdings transferred its ownership of Glenborough LLC to Glenborough Investors, LLC, which currently holds the ownership interests in that entity in its subsidiary, Glenborough Service, LP, the parent of Glenborough Property Partners. As of December 31, 2015, Glenborough Property Partners, an affiliate of Glenborough LLC, held 7,386 or 11.22% of the Units.

~~Allocation~~Note ~~of net income and net loss is made pursuant to the terms of the Partnership Agreement~~8. ~~Generally, net income from operations is allocated 90% to the limited~~ COMMITMENTS ~~partners~~AND ~~and~~CONTINGENT 10% to the General Partner. Net losses from operations are allocated 99% to the limited partners and 1% to the General Partner; however, if the limited partners or the General Partner would have, as a result of an allocation of cumulative net losses, a deficit balance in their capital accounts, then net losses shall not be allocated to the limited partners or General Partner, as the case may be, so as to create a capital account deficit, but such losses shall be allocated to the limited partners or General Partner with positive capital account balances until the positive capital account balances of such other partners are reduced to zero. However, if deficits are the result of cumulative distributions in excess of earnings, losses will continue to be allocated to the General Partner. Capital accounts shall be determined after taking into account all other allocations and distributions for the fiscal year.LIABILITIES

~~Net~~Environmental income other than net income from operations shall be allocated as follows: (i) first, to the partners who have a deficit balance in their capital account, provided that, in no event, shall the General Partner be allocated more than 5% of the net income other than net income from operations until the earlier of sale or disposition of substantially all of the assets or the distribution of cash (other than cash from operations) equal to the Unitholder’s original invested capital; (ii) second, to the limited partners in proportion to and to the extent of the amounts required to increase their capital accounts to an amount equal to the sum of the adjusted invested capital of their units plus an additional cumulative non-compounded 6% return per annum (plus additional amounts depending on the date Units were purchased); (iii) third, to the partners in the minimum amount required to first equalize their capital accounts in proportion to the number of units owned, and then, to bring the sum of the balances of the capital accounts of the limited partners and the General Partner into the ratio of 4 to 1; and (iv) the balance, if any, 80% to the limited partners and 20% to the General Partner. In no event shall the General Partner be allocated less than 1% of the net income other than net income from operations for any period.Matters

25The Partnership follows a policy of monitoring its properties for the presence of hazardous or toxic substances. The Partnership is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Partnership’s business, assets or results of operations. There can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Partnership’s consolidated results of operations and cash flows.

~~RANCON~~As ~~REALTY~~of ~~FUND~~December IV31, 2014, the Partnership owned approximately 14.7 acres of unimproved land. The land owned by the Partnership was part of a 27-acre landfill operated by the City of San Bernardino (“the City”) from approximately 1950 to 1960. This landfill incorporated two land parcels and part of a third parcel. In 1996, the Santa Ana Regional Water Quality Control Board ("SARWQCB"), with regulatory jurisdiction over the closure and monitoring of landfills, determined that the City was primarily responsible for the landfill. Therefore, the City and the Partnership entered into a Limited Access Easement Agreement, giving the City access to the site for development, implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002), perform groundwater monitoring and install a permanent gas extraction system (Landfill Gas Collection System). Under the Limited Access Easement Agreement with the Partnership, methane monitoring was handled directly by the City. The City's installation of the cover improvement system was completed in the first quarter of 2007 along with the gas extraction system. On December 16, 2015, the Partnership sold the land to the City of San Bernardino for a purchase price of $10.

~~A California Limited Partnership, and Subsidiaries~~29

~~Notes~~General toUninsured ~~Consolidated Financial Statements~~Losses

~~December~~The 31Trust carries property and liability insurance with respect to the properties. This coverage has policy specification and insured limits customarily carried for similar properties. However, ~~2014~~certain types of losses (such as from earthquakes and ~~2013~~floods) may be either uninsurable or not economically insurable. Should the properties sustain damage as a result of an earthquake or flood, the Trust may incur losses due to insurance deductibles, co-payments on insured losses or uninsured losses. Additionally, the Trust has elected to obtain insurance coverage for “certified acts of terrorism” as defined in the Terrorism Risk Insurance Act of 2002, as amended and reauthorized to date; however, our policies of insurance may not provide coverage for other acts of terrorism. Any losses from such other acts of terrorism might be uninsured. Should an uninsured loss occur, the Trust could lose some or all of its capital investment, cash flow and anticipated profits related to the properties.

Net losses other than net losses from operations are allocated 99% to the limited partners and 1% to the General Partner. Such net losses will be allocated among limited partners as necessary to equalize their capital accounts in proportion to their Units, and thereafter will be allocated in proportion to their Units.Indemnifications

~~The~~Pursuant ~~terms~~to of the ~~Partnership~~Liquidating Trust Agreement, ~~call~~the ~~for~~Trustee, and its officers, directors and affiliates (together, the ~~General~~“Indemnified ~~Partner~~Persons”), toshall ~~restore~~be indemnified, and may reimburse itself out of the Trust property, against and from any ~~deficits~~and ~~that~~all loss, cost, liability, expense or damage which any such Indemnified Person may ~~exist~~sustain in ~~its~~connection ~~capital~~with ~~account~~the ~~after~~Trust, ~~allocation~~provided ofthat ~~gains~~the ~~and~~same ~~losses from~~were not the ~~sale~~result of negligence or misconduct on the ~~final~~part ~~property~~of ~~owned~~such Indemnified Person. The Trust shall advance to each Indemnified Person all expenses incurred by such Indemnified Person in connection with the ~~Partnership~~investigation, ~~but~~defense, ~~prior~~settlement, toor appeal of any ~~liquidating~~claim ~~distributions~~or ~~being~~proceeding ~~made~~attributable to a matter described in the immediately preceding sentence. Such Indemnified Person shall promptly repay such amounts advanced only if it is ultimately determined that such Indemnified Person was not entitled to be indemnified by the ~~partners~~Trust pursuant to the Liquidating Trust Agreement.

~~Distribution~~Note ~~of Cash~~10. Subsequent Events

~~The~~On ~~Partnership~~March ~~shall~~21, ~~make~~2016, ~~annual~~the orPartnership ~~more~~entered ~~frequent~~into ~~distributions~~a ofLiquidating ~~substantially~~Trust ~~all~~Agreement ~~cash~~with ~~available~~RFC, ~~to be distributed to partners~~ as ~~determined~~trustee byof the ~~General~~Liquidating ~~Partner~~Trust, ~~subject~~ toin ~~the~~connection ~~following:~~with ~~(i)~~the ~~distributions~~formation ~~may~~of ~~be restricted or suspended for limited periods when~~ the ~~General Partner determines~~Liquidating inTrust. ~~their~~In ~~absolute~~accordance ~~discretion~~with ~~that~~the itLiquidating isTrust inAgreement, ~~the~~on ~~best~~March ~~interests~~22, of2016, the Partnership; ~~and~~transferred ~~(ii)~~ all ~~distributions~~of ~~are~~its ~~subject~~remaining assets to the ~~payment~~ ofLiquidating ~~partnership~~Trust ~~expenses~~to ~~and~~be ~~maintenance~~administered, disposed of ~~reasonable~~or ~~reserves~~provided for ~~debt~~in ~~service,~~accordance ~~alterations~~with ~~and~~the ~~improvements,~~terms ~~maintenance, replacement of furniture~~ and ~~fixtures,~~conditions ~~working~~of the ~~capital~~Liquidating ~~and~~Trust ~~contingent liabilities~~Agreement.

~~All~~On ~~excess~~March ~~cash~~25, ~~from~~2016, ~~operations~~the ~~shall~~Partnership befiled ~~distributed~~a ~~90%~~Certificate toof Cancellation with the California Secretary of State, cancelling the limited ~~partners~~partnership, and ~~10%~~filed toa Form 15 with the ~~General~~Commission, ~~Partner~~terminating the registration of the limited partnership units in the Partnership. Accordingly, the Partnership has ceased filing reports under the Securities Exchange Act of 1934.

All cash from sales or refinancing and any other cash determined by the General Partner to be available for distribution other than cash from operations shall be distributed in the following order of priority: (i) first, 1% to the General Partner and 99% to the limited partners in proportion to the outstanding positive amounts of Adjusted Invested Capital (as defined in the Partnership Agreement) for each of their Units until Adjusted Invested Capital (as defined in the Partnership Agreement) for each Unit is reduced to zero; (ii) second, 1% to the General Partner and 99% to the limited partners until each of the limited partners has received an amount which, including cash from operations previously distributed to the limited partners equals a 12 percent annual cumulative non-compounded return on the Adjusted Invested Capital (as defined in the Partnership Agreement) of their Units plus such limited partners’ Limited Incremental Preferential Return (as defined in the Partnership Agreement), if any, with respect to each such Unit, on the Adjusted Investment Capital (as defined in the Partnership Agreement) of such Units for the twelve month period following the date upon which such Unit was purchased from the Partnership and following the admission of such limited partner; (for limited partners admitted to the Partnership before March 31, 1985, there are additional cumulative non-compounded returns of 9%, 6%, or 3% depending on purchase date, through October 31, 1985); (iii) third, 99% to the General Partner and 1 percent to the limited partners, until the General Partner has received an amount equal to 20% of all distributions of cash from sales or refinancing; and (iv) the balance, 80% to the limited partners, pro rata in proportion to the number of Units held by each, and 20% to the General Partner.30

~~Note~~EXHIBIT ~~2. Significant Accounting Policies~~INDEX

Basis of Accounting and Consolidation

Exhibit No.		Exhibit Title

(2.1)		Plan of Liquidation of the Partnership dated April 10, 2014 (included as Appendix A to Schedule 14A dated April 21, 2014, file number 0-14207, is incorporated herein by reference).

(2.2)		Liquidating Trust Agreement of the Trust, dated March 21, 2016 (included as Exhibit 99.1 to the Form 8-K dated March 25, 2016, file number 0-14207, is incorporated herein by reference).

(3.1)		Second Amended and Restated Certificate and Agreement of Limited Partnership of the Partnership (included as Exhibit B to the Prospectus dated December 29, 1986, as amended on January 5, 1987, filed pursuant to Rule 424(b), file number 2-90327), is incorporated herein by reference.

(3.2)		First Amendment to the Second Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, dated March 11, 1991 (included as Exhibit 3.2 to 10-K dated October 31, 1992, file number 0-14207), is incorporated herein by reference.

(3.3)		First Amendment to the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated March 27, 2014 (included as Exhibit 3.1 to Form 8-K dated March 27, 2014, file number 0-14207, is incorporated herein by reference).

(3.4)		Limited Partnership Agreement of RRF IV Tri-City Limited Partnership, a Delaware limited Partnership of which Rancon Realty Fund IV, a California Limited Partnership is the limited partner (filed as Exhibit 3.3 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.

(10.1)		First Amendment to the Second Amended Management, Administration and Consulting Agreement and amendment thereto for services rendered by Glenborough Corporation, dated August 31, 1998 (filed as Exhibit 10.1 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1998, file number 0-14207), is incorporated herein by reference.

(10.2)		Agreement for Acquisition of Management Interests, dated December 20, 1994 (filed as Exhibit 10.3 to the Partnership’s quarterly report on Form 10-Q for the quarter ended September 30, 2003, file number 0-14207), is incorporated herein by reference.

(10.3)		Property Management and Services Agreement dated July 30, 2004 (filed as Exhibit 10.4 to the Partnership’s quarterly report on Form 10-Q for the quarter ended September 30, 2004), is incorporated herein by reference.

(10.4)		First Amendment to Property Management and Services Agreement dated March 30, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.

(10.5)		Second Amendment to Property Management and Services Agreement dated December 1, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.

(10.6)		Third Amendment to Property Management and Services Agreement dated May 1, 2006 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.

(10.7)		Fourth Amendment to Property Management and Services Agreement dated March 1, 2010 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.

(31)		Section 302 Certification of Daniel L. Stephenson, Chairman of the Trustee of the Trust.

(32)		Section 906 Certification of Daniel L. Stephenson, Chairman of the Trustee of the Trust.*

		* This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not to be deemed “filed” with the SEC or subject to the rules and regulations promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act.

~~The accompanying consolidated financial statements present the consolidated financial position of the Partnership and its wholly-owned subsidiaries as of December~~ 31, 2014 and 2013, and the consolidated statements of operations, of partners’ equity and of cash flows of the Partnership and its wholly-owned subsidiaries for the years ended December 31, 2014 and 2013. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) 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 results of operations during the reporting period. Actual results could differ from those estimates.

Rental Properties

Rental properties, including the related land, are stated at depreciated cost unless events or circumstances indicate that such amounts cannot be recovered based on undiscounted cash flows, excluding interest, in which case the carrying value of the property is reduced to its estimated fair value. Estimated fair value is computed using estimated sales price, as determined by prevailing market values for comparable properties and/or the use of capitalization rates applied to annualized net operating income based upon the age, construction and use of the building. Due to uncertainties inherent in the valuation process and in the economy, it is reasonably possible that the actual results of operating and disposing of the Partnership’s properties could be materially different than current expectations. Rental properties are reviewed for impairment whenever there is a triggering event and at least annually. The Partnership recorded an impairment charge related to rental properties of $1,900,000 in 2013. There was no impairment of rental properties recorded for the year ended December 31, 2014.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The useful lives are as follows:

Building and improvements	5 to 40 years
Tenant improvements	Lesser of the initial term of the related lease, or the estimated useful life of the improvement
Furniture and equipment	5 to 7 years

Real Estate Impairment Charges

The Partnership conducted a comprehensive review of all real estate assets in accordance with guidance related to accounting for the impairment or disposal of long lived assets, which indicates that asset values should be analyzed whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. The process entailed the analysis of each asset for instances where the book value exceeded the estimated fair value. As a result of changing market conditions, one of the Partnership’s real estate assets was written down to fair value and a non-cash impairment charge was recognized.

In order to comply with the disclosure requirements as outlined in the guidance, the designation of the level of inputs used in the fair value models must be determined. Inputs used in establishing fair value for real estate assets generally fall within level three, which are characterized as requiring significant judgment as there is little or no observable market activity. The main indicator used to establish the classification of the inputs was current market conditions that, in many instances, resulted in the use of significant estimates in establishing fair value measurements.

The estimated fair value of the rental properties was based on the Partnership’s current market information which was used to determine capitalization and rental growth rates. When market information was not readily available, the inputs were based on management’s understanding of market conditions and the experience of the management team, although actual results could differ significantly from management’s estimates. Additional impairments may be necessary in the future in the event that market conditions deteriorate and impact the drivers used to estimate fair value. The impairment charge recognized on this asset, which is shown below (in thousands), represents the difference between the carrying value and the estimated fair value for the years ended December 31, 2014 and 2013 respectively.

		2014				2013
Rental properties		$	-			$	1,900

Sale of Real Estate

The Partnership periodically classified real estate as held for sale. An asset is classified as held for sale after the approval of Management and after an active program to sell the asset has commenced. Upon the classification of real estate as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying consolidated balance sheets. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset at the lower of fair value or the depreciated balance had the asset never been classified as held for sale and depreciation is reinstated. As of December 31, 2014, the Partnership had five office properties and five retail properties classified as held for sale on the consolidated balance sheet.

Fair Value of Investments

The Partnership has adopted policies related to the accounting for fair value measurements. The guidance related to accounting for fair value measurements defines fair value and establishes a framework for measuring fair value in order to meet disclosure requirements for fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. This hierarchy describes three levels of inputs that may be used to measure fair value.

Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Level 1. Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market.

Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.

Level 3. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation using unobservable inputs. This category generally includes long-term derivative contracts, real estate and unconsolidated joint ventures.

The fair value disclosures below relate to the asset impaired as of December 31, 2014 and 2013.

Nonrecurring Fair Value Measurements as of December 31, 2014 and 2013:

	2014				2013
	Assets/Liabilities at Fair Value				Assets/Liabilities at Fair Value
	Level 3		Total		Level 3		Total
Assets:
Rental properties	$	-	$	-	$	8,869,000	$	8,869,000

The following table presents quantitative information about the Level 3 fair value measurements at December 31, 2014 and 2013.

Quantitative Information about Level 3 Fair Value Measurements:

Fair Value at

Valuation

Unobservable

Description

December 31, 2014

December 31, 2013

Technique

Inputs

Range

Rental Properties

8,869,000

Discounted Cash Flow

Discount Rate

11.00

Terminal Capitalization Rate

9.50

Cash and Cash Equivalents

The Partnership considers short-term investments with an original maturity of three months or less at the time of investment to be cash and cash equivalents.

Deferred Costs

Deferred loan fees are capitalized and amortized on a straight-line basis, which approximates the effective interest method, over the life of the related loan. Deferred lease commissions are capitalized and amortized on a straight-line basis over the initial fixed term of the related lease agreements.

Revenues

The Partnership recognizes rental revenue on a straight-line basis over the term of the leases. Actual amounts collected could be lower than the amounts recognized on a straight-line basis if specific tenants are unable to pay rent that the Partnership has previously recognized as revenue. For tenants with percentage rent, the Partnership recognizes revenue when the tenants’ specified sales targets have been met. The reimbursements from tenants for real estate taxes and other recoverable operating expenses are recognized as revenue on an estimated basis during the current year. The Partnership develops a revised estimate of the amount recoverable from tenants based on updated expenses for the year and amounts to be recovered and records adjustments to income in the current year financial statement accounts. Any final changes in estimate based on lease-by-lease reconciliations and tenant negotiations and collection are recorded in the period those reconciliations and negotiations are settled.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Net Loss Per Limited Partnership Unit

Net loss per Unit is calculated using the weighted average number of Units outstanding during the period and the limited partners’ allocable share of the net loss.

Net loss per Unit is as follows (in thousands, except for weighted average shares and per share amounts):

	2014						2013
Loss (Income) Allocation:	General Partner			Limited Partners			General Partner			Limited Partners
Net loss	$	(13	)	$	(1,291	)	$	(31	)	$	(3,099	)
Weighted average number of limited partnership units outstanding during each year					65,819						65,819
Basic and diluted loss per limited partnership unit				$	(19.61	)				$	(47.08	)
Basic and diluted income (loss) from discontinued operations per limited partnership unit				$	7.20					$	(24.76	)

As discussed in Note 1, because distributions of available cash have exceeded cumulative earnings and the General Partner has a deficit, the General Partner would restore that deficit in liquidation.

Income Taxes

Income taxes on Partnership income are the responsibility of the individual Partners. Accordingly, no provision for income taxes is included in the accompanying consolidated financial statements. The partnership determines whether a tax position of the Partnership is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized in measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Partnership recording a tax liability that would reduce partners’ capital. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2014. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, ongoing analysis of changes to tax laws, regulations and interpretations thereof. As of December 31, 2014, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are 2011, 2012, and 2013.

The Partnership files US Federal tax returns and state tax returns in California, Georgia, Indiana, Missouri, New Jersey, New York, Pennsylvania, and West Virginia.

Concentration Risk

As of December 31, 2014, two tenants, an educational institution and an insurance company, occupying approximately 99,000 square feet and 29,000 square feet, respectively, of the 555,000 total rentable square feet accounted for approximately 38% of rental revenue generated in 2014.

Recent accounting pronouncements

On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU No. 2014-08”). ASU No. 2014-08 clarified that discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). ASU No. 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. Early adoption is permitted, and the Partnership is currently assessing the impact, if any, that the adoption of this standard will have on the consolidated financial statements and related disclosures. The Partnership will adopt the standard on January 1, 2015.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new guidance is effective for the Partnership in the first quarter of 2017, with no early adoption permitted. The Partnership is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures.

Note 3. INVESTMENTS IN REAL ESTATE

Rental properties consisted of the following at December 31, 2014 and 2013 (in thousands):

	2014			2013
Land	$	1,246		$	4,617
Buildings		7,129			47,837
Building and tenant improvements		248			9,692
		8,623			62,146
Less: accumulated depreciation		(3,724	)		(25,511	)
Total rental properties, net	$	4,899		$	36,635

As of December 31, 2014, the Partnership’s rental properties included two retail properties. Five office properties and five retail properties are included in assets held for sale.

Note 4. LAND HELD FOR DEVELOPMENT

As of December 31, 2014, the Partnership owned approximately 14.7 acres of undeveloped land which is part of a landfill-monitoring program managed by the City of San Bernardino (as discussed in Note 7). Annually the partnership conducts a comprehensive review of all real estate assets in accordance with the guidance related to impairment of long lived assets, which indicates that asset values should be analyzed whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. The process entails the analysis of each asset for instances where the book value exceeds the estimated fair value. As a result of the analysis performed during 2008, the Partnership concluded that this asset was impaired and accordingly the asset was written down to fair value of zero and a non-cash impairment charge of $268,000 was recognized, as management does not believe development or sale of this asset is probable.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Note 5. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

In response to the Limited Partners May 8, 2014 approval of the dissolution of the Partnership, the General Partner has begun an orderly liquidation of the Partnership’s assets and began actively marketing 10 buildings for sale: Carnegie Business Center I, Mimi’s Café, Northcourt Plaza, North River Place, One Vanderbilt, Palm Court Retail I, Palm Court Retail II, Service Retail Center, TGI Friday’s and Vanderbilt Plaza. In accordance with the current guidance, the related assets and liabilities of these properties have been classified as held for sale on the accompanying balance sheet as follows (in thousands):

Reconciliation of Total Assets and Liabilities

of the Properties Held for Sale

That are Presented Separately in the Consolidated Balance Sheet

(in thousands)

	December 31,
	2014
Carrying amounts of major classes of assets included as part of held for sale:
Investments in real estate:
Rental properties, net	$	29,857
Accounts receivable, net		119
Deferred costs, net of accumulated amortization of $2,133 as of December 31, 2014		1,580
Prepaid expenses and other assets		2,024
Total assets classified as held for sale	$	33,580
Carrying amounts of major classes of liabilities included as part of held for sale:
Accounts payable and other liabilities	$	172
Prepaid rent		178
Total liabilities classified as held for sale	$	350

Investments in real estate held for sale consist of the following (in thousands):

	December 31,
	2014
Land	$	3,371
Buildings		40,708
Building and tenant improvements		8,971
		53,050
Less: accumulated depreciation		(23,193	)
Total rental properties, net	$	29,857

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

In accordance with the guidance relating to discontinued operations, the related operating results from the properties held for sale are classified as discontinued operations in the accompanying statements of operations as follows (in thousands):

Reconciliation of Line Items Constituting Discontinued Operations That Are Disclosed in the Notes to Financial Statements That Are Presented in the Statements of Operations

	For the year Ended
	December 31,
	2014		2013
Major classes of line items constituting income (loss) from discontinued operations:
Rental revenue and other	$	6,836	$	7,520
Tenant reimbursements		657		732
Revenue		7,493		8,252
Operating expenses		3,692		3,729
Depreciation and amortization		2,397		3,326
Provision for impairment		-		1,900
Interest expense (including amortization of loan fees)		925		943
Total income (loss) from discontinued operations	$	479	$	(1,646	)

The provision for impairment of $1,900,000 for the year ended December 31, 2013 relates to Northriver Place. The Partnership conducts a comprehensive review of all real estate assets in accordance with the guidance related to accounting for impairment or disposal of long lived assets, which indicates that asset values should be analyzed whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. The process entails the analysis of each asset for instances where book value exceeded the estimated fair value. As a result of continued vacancy, the Partnership’s Northriver Place property was written down to fair value and a non-cash impairment charge of $1,900,000 was recognized in the year ended December 31, 2013.

Note 6. NOTE PAYABLE AND LINE OF CREDIT

Note payable and line of credit as of December 31, 2014 and 2013 were as follows (in thousands):

	2014		2013
Note payable collateralized by first deeds of trust on eight properties (discussed below). The note has a fixed interest rate of 5.46%, a maturity date of January 1, 2016, with a 30-year amortization requiring monthly payments of principal and interest totaling $136.	$	20,404	$	20,909
Line of credit		7,749		7,749
Total note payable and line of credit	$	28,153	$	28,658

The note payable is collateralized by Promotional Retail II, Mimi’s Cafe, Palm Court Retail I and II, Promotional Retail Center, Service Retail Center, TGI Friday’s and One Vanderbilt. This note provides for a one-time loan assumption and release provisions for individual assets. The loan documents provide that if a debt service coverage ratio of 1.2 to 1 (as calculated by the lender) is not maintained, the lender has the right to notify the Partnership that a triggering event has occurred. If a triggering event has occurred, the lender would have certain rights to retain revenues generated by the property in excess of property operating expenses, taxes, insurance, capital improvement costs and debt service as additional cash collateral, rather than returning such amounts to the Partnership. As of December 31, 2014, the Partnership has not been notified by the lender that a triggering event has occurred. As buildings are sold in 2015, the proceeds will be applied to the note payable and upon closing of the sale of the office buildings, the note will be completely repaid.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

On November 11, 2014, we modified the line of credit agreement to extend the maturity date to June 30, 2015. The total availability is $15,000,000, the interest rate is 30-day LIBOR plus 3% (3.19% as of December 31, 2014), and the line is collateralized by Carnegie Business Center, Vanderbilt Plaza, North River Place and Northcourt Plaza. The line of credit contains a minimum net worth covenant and a debt to total assets covenant. In order to extend the maturity date of the line of credit in the future, the Partnership must meet several conditions precedent, including a specified loan to value ratio. The Partnership is in compliance with the debt covenants. The line of credit will be repaid upon the completion of the sale of the office properties.

The annual maturities of the Partnership’s note payable subsequent to December 31, 2014 are as follows (in thousands):

2015	$	489
2016		19,915
Total	$	20,404

Note 7. RELATED PARTY TRANSACTIONS

Glenborough LLC earns fees from the Partnership as prescribed by the Property Management and Services Agreement (the “Agreement”). The Agreement is in effect until the earlier of December 31, 2015 or the completion of the sale of all real property assets of the Partnership. The terms and conditions of the Agreement are to perform services for the following fees:

	2014		2013
(i) property management fees of 2.5% of gross rental revenue which were included in property operating expenses in the accompanying consolidated statements of operations	$	218,000	$	218,000
(ii) construction services fees which were capitalized and included in rental properties on the accompanying consolidated balance sheets		35,000		44,000
(iii) an asset and Partnership management fee which was included in general and administrative expenses in the accompanying consolidated statements of operations		250,000		250,000
(iv) leasing services fees which were included in the deferred costs on the accompanying consolidated balance sheets		211,000		204,000
(v) a sales fee of 1% for all properties, which were included in net gain on sale of property		-		-
(vi) a financing services fee of 1% of the gross loan amount which was included in the deferred costs on the accompanying consolidated balance sheets		150,000		150,000
(vii) data processing fees which were included in property operating expenses in the accompanying consolidated statements of operations		106,000		98,000
(viii) engineering fees which were included in property operating expenses in the accompanying consolidated statements of operations		17,000		28,000

On October 1, 2010, Glenborough Holdings, LLC (Glenborough Holdings) transferred all of its interest in the Partnership to Glenborough Investors, LLC, which currently holds those units in its subsidiary, Glenborough Property Partners, LLC (“Glenborough Property Partners”). As part of the same transaction, Glenborough Holdings transferred its ownership of Glenborough LLC to Glenborough Investors, LLC, which currently holds the ownership interests in that entity in its subsidiary, Glenborough Service, LP, the parent of Glenborough Property Partners. As of December 31, 2013, Glenborough Property Partners, an affiliate of Glenborough LLC, held 7,386 or 11.22% of the Units.

Note 8. COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters

The Partnership follows a policy of monitoring its properties for the presence of hazardous or toxic substances. The Partnership is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Partnership’s business, assets or results of operations. There can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Partnership’s consolidated results of operations and cash flows.

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Approximately 14.7 acres of the Tri-City land owned by the Partnership was part of a 27-acre landfill operated by the City of San Bernardino (“the City”) from approximately 1950 to 1960. This landfill incorporates two land parcels and part of a third parcel. In 1996, the Santa Ana Regional Water Quality Control Board ("SARWQCB"), with regulatory jurisdiction over the closure and monitoring of landfills, determined that the City was primarily responsible for the landfill. Therefore, the City and the Partnership entered into a Limited Access Easement Agreement, giving the City access to the site for development, implementation and financial responsibility for a plan for the remediation of the landfill. It was determined that the City was to improve the landfill cover system (The Waterman Landfill Cover Improvement Plans, April 2002), perform groundwater monitoring and install a permanent gas extraction system (Landfill Gas Collection System). Under the Limited Access Easement Agreement with the Partnership, methane monitoring is handled directly by the City. The City's installation of the cover improvement system was completed in the first quarter of 2007 along with the gas extraction system. The system is now operational and working properly to eliminate methane from the landfill. All controlled wells are in compliance with County standards. No assurance can be made that circumstances will not arise which could impact the Partnership’s responsibility related to the land.

General Uninsured Losses

The Partnership carries property and liability insurance with respect to the properties. This coverage has policy specification and insured limits customarily carried for similar properties. However, certain types of losses (such as from earthquakes and floods) may be either uninsurable or not economically insurable. Should the properties sustain damage as a result of an earthquake or flood, the Partnership may incur losses due to insurance deductibles, co-payments on insured losses or uninsured losses. Additionally, the Partnership has elected to obtain insurance coverage for “certified acts of terrorism” as defined in the Terrorism Risk Insurance Act of 2002, as amended and reauthorized to date; however, our policies of insurance may not provide coverage for other acts of terrorism. Any losses from such other acts of terrorism might be uninsured. Should an uninsured loss occur, the Partnership could lose some or all of its capital investment, cash flow and anticipated profits related to the properties.

Other Matters

The Partnership is contingently liable for subordinated real estate commissions payable to the General Partner in the aggregate amount of $643,000 at December 31, 2014, for sales that were completed in previous years. The subordinated real estate commissions are payable only after the Limited Partners have received distributions equal to their original invested capital plus a cumulative non-compounded return of 12% per annum on their adjusted invested capital. Since the circumstances under which these commissions would be payable are considered remote, the liability has not been recognized in the accompanying consolidated financial statements; however, the amount will be recorded when and if it becomes probable.

Note 9. LEASES

The Partnership’s rental properties are leased under non-cancelable operating leases that expire at various dates through August 2024. In addition to monthly base rents, several of the leases provide for additional rents based upon a percentage of sales levels attained by the tenants. Future minimum rents under non-cancelable operating leases as of December 31, 2014 are as follows (in thousands):

2015	$	6,397
2016		6,039
2017		5,172
2018		4,552
2019		3,948
Thereafter		11,679
Total	$	37,787

RANCON REALTY FUND IV

A California Limited Partnership, and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2014 and 2013

Note 10. Subsequent Events

Subsequent to December 31, 2014, the Partnership sold five retail buildings in separate transactions for a combined sales price of $13,107,000 and sold all of the office properties in one transaction for a purchase price of $39,975,000. Net proceeds were utilized to pay down the note payable and related prepayment penalties. Sale prices and dates are as follows:

Building	Date of Sale	Sales Price
Mimi's Café	January 9, 2015	$	2,331,000
Palm Retail 1	January 15, 2015	$	2,524,000
Service Retail	January 22, 2015	$	2,400,000
Palm Retail 2	February 13, 2015	$	2,502,000
TGI Fridays	February 19, 2015	$	3,350,000
Office Portfolio	March 20, 2015	$	39,975,000

RANCON REALTY FUND IV,

A CALIFORNIA LIMITED PARTNERSHIP, AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(in thousands)

COLUMN A	COLUMN B			COLUMN C					COLUMN D					COLUMN E									COLUMN F		COLUMN G	COLUMN H	COLUMN I
				Initial Cost to					Cost Capitalized Subsequent					Gross Amount Carried
				Partnership					to Acquisition					at December 31, 2014
							Buildings										Buildings								Date		Life
							and					Carrying					and			(a)			Accumulated		Construction	Date	Depreciated
Description	Encumbrances			Land			Improvements		Improvements			Cost		Land			Improvements			Total			Depreciation		Began	Acquired	Over
Rental Properties:
Commercial Office -
One Vanderbilt			(b)	$	572		$	-	$	6,615		$	-	$	570		$	6,617		$	7,187		$	4,643	Nov-85	11/6/84	3-40 yrs.
Carnegie Business Center I			(a)		380			-		4,716			-		380			4,716			5,096			3,474	Jul-86	11/6/84	3-40 yrs.
Northcourt Plaza			(a)		608			-		10,449			-		947			10,110			11,057			4,535	Jan-96	6/26/87	10-40 yrs.
Less: Provision for impairment of real estate		-			-			-		(1,678	)		-		(196	)		(1,482	)		(1,678	)		-
Vanderbilt Plaza			(a)		511			-		13,469			-		509			13,471			13,980			5,218	Nov-03	11/6/84	40yrs.
North River Place			(a)		219			-		12,853			-		219			12,853			13,072			2,593	Oct-06	11/6/84	40yrs.
Less: Provision for impairment of real estate		-			-			-		(1,900	)				(33	)		(1,867	)		(1,900	)
Commercial Retail -
Service Retail Center			(b)		300			-		1,617			-		300			1,617			1,917			944	Jul-86	11/6/84	3-40 yrs.
Less: Provision for impairment of real estate		-			-			-		(250	)		-		(41	)		(209	)		(250	)		-
Promo Retail			(b)		811			-		5,913			-		801			5,923			6,724			3,013	Feb-93	11/6/84	10-40 yrs.
Less: Provision for impairment of real estate		-			-			-		(119	)		-		(7	)		(112	)		(119	)		-
TGI Friday’s			(b)		181			1,624		8			-		181			1,632			1,813			716	N/A	2/28/97	40yrs.
Promo Retail II			(b)		284			-		1,734			-		450			1,568			2,018			712	Jul-96	11/6/84	20-40yrs.
Mimi’s Café			(b)		149			675		70			-		150			744			894			387	Jul-98	11/6/84	40yrs.
Palm Court Retail I			(b)		194			617		195			-		183			823			1,006			383	Jul-98	11/6/84	40yrs.
Palm Court Retail II			(b)		212			636		8			-		204			652			856			299	Jul-98	11/6/84	40yrs.
		28,153			4,421			3,552		53,700			-		4,617			57,056			61,673			26,917
Land held for development -
14.7 acres		-			2,750			-		4,925			-		7,407			268			7,675			-	N/A	11/6/84	N/A
Less: Provision for impairment of real estate		-			(2,750	)		-		(4,925	)		-		(7,407	)		(268	)		(7,675	)		-
		-			-			-		-			-		-			-			-			-
	$	28,153		$	4,421		$	3,552	$	53,700		$	-	$	4,617		$	57,056		$	61,673		$	26,917

The aggregate cost of land and buildings for federal income tax purposes is $84,615.

(a) Carnegie Business Center I, Vanderbilt Plaza, Northcourt Plaza and North River Place are collateral for the debt of line of credit in the amount of $7,749.

(b) One Vanderbilt, Service Retail Center, Promo Retail, TGI Friday’s, Promotional Retail II, Mimi Café, Palm Court Retail I and II are collateral for debt in the aggregate amount of $20,404.

(continued)

RANCON REALTY FUND IV,

A CALIFORNIA LIMITED PARTNERSHIP, AND SUBSIDIARIES

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(in thousands)

Reconciliation of gross amount at which real estate was carried for the years ended December 31, 2014 and 2013:

	2014			2013
Investments in real estate:
Balance at beginning of year	$	62,146		$	64,177
Additions during year		353			951
Provision for impairment		-			(1,900	)
Write-off of fully depreciated rental property		(826	)		(1,082	)
Balance at end of year	$	61,673		$	62,146
Accumulated Depreciation:
Balance at beginning of year	$	25,511		$	23,518
Additions charged to expense		2,232			3,075
Write-off of fully depreciated rental property		(826	)		(1,082	)
Balance at end of year	$	26,917		$	25,511

See accompanying independent registered public accounting firm’s report.

EXHIBIT INDEX

Exhibit No.		Exhibit Title
(2.1)		Plan of liquidation of the Partnership dated April 10, 2014 (included as Appendix A to Schedule 14A dated April 21, 2014, file number 0-14207, is incorporated herein by reference).
(3.1)		Second Amended and Restated Certificate and Agreement of Limited Partnership of the Partnership (included as Exhibit B to the Prospectus dated December 29, 1986, as amended on January 5, 1987, filed pursuant to Rule 424(b), file number 2-90327), is incorporated herein by reference.
(3.2)		First Amendment to the Second Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, dated March 11, 1991 (included as Exhibit 3.2 to 10-K dated October 31, 1992, file number 0-14207), is incorporated herein by reference.
(3.3)		First Amendment to the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated March 27, 2014 (included as Exhibit 3.1 to Form 8-K dated March 27, 2014, file number 0-14207, is incorporated herein by reference).
(3.4)		Limited Partnership Agreement of RRF IV Tri-City Limited Partnership, a Delaware limited partnership of which Rancon Realty Fund IV, a California Limited Partnership is the limited partner (filed as Exhibit 3.3 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.
(10.1)		First Amendment to the Second Amended Management, Administration and Consulting Agreement and amendment thereto for services rendered by Glenborough Corporation, dated August 31, 1998 (filed as Exhibit 10.1 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1998, file number 0-14207), is incorporated herein by reference.
(10.2)		Promissory note in the amount of $6,400,000, dated April 19, 1996, secured by Deeds of Trust on three of the Partnership’s Properties (filed as Exhibit 10.6 to the Partnership’s annual report on Form 10-K for the year ended December 31, 1996, file number 0-14207), is incorporated herein by reference.
(10.3)		Agreement for Acquisition of Management Interests, dated December 20, 1994 (filed as Exhibit 10.3 to the Partnership’s quarterly report on Form 10-Q for the quarter ended September 30, 2003, file number 0-14207), is incorporated herein by reference.
(10.4)		Property Management and Services Agreement dated July 30, 2004 (filed as Exhibit 10.4 to the Partnership’s quarterly report on Form 10-Q for the quarter ended September 30, 2004), is incorporated herein by reference.
(10.5)		First Amendment to Property Management and Services Agreement dated March 30, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.
(10.6)		Second Amendment to Property Management and Services Agreement dated December 1, 2005 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.
(10.7)		Third Amendment to Property Management and Services Agreement dated May 1, 2006 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.
(10.8)		Fourth Amendment to Property Management and Services Agreement dated March 1, 2010 (filed as Exhibit 10.4 to the Partnership’s current report on Form 8-K filed with the SEC on February 27, 2010), is incorporated herein by reference.
(10.9)		Promissory note in the amount of $24,100,000, dated November 15, 2005 secured by Deeds of Trust on eight of the Partnership’s Properties (filed as Exhibit 10.9 to the Partnership’s annual report on Form 10-K for the year ended December 31, 2009), is incorporated herein by reference.
(31)		Section 302 Certification of Daniel L. Stephenson, Chief Executive Officer and Chief Financial Officer of the General Partner and the Partnership.

(32)		Section 906 Certification of Daniel L. Stephenson, Chief Executive Officer and Chief Financial Officer of the General Partner and the Partnership.*
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema Document.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

* This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as required by Section 906, is not to be deemed “filed” with the SEC or subject to the rules and regulations promulgated by the SEC under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of said Act.

Filing Compare · RANCON REALTY FUND IV