UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended ~~December~~June 3130, ~~2013~~ 2014

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

For the transition period from ___________ to ___________

Commission file number: 0-26048

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

California	33-0563307
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

17782 Sky Park Circle
Irvine, CA	92614-6404
(Address of principal executive offices)	(Zip Code)

(714) 662-5565

(Telephone number)

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

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [X] Smaller reporting company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ] No [X]

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

INDEX TO FORM 10 – Q

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

PART I. FINANCIAL INFORMATION
	Item 1.	Financial Statements	F-1
		Condensed Balance Sheets As of December 31, 2013 and March 31, 2013	F-1
		Condensed Balance Sheets As of June 30, 2014 and March 31, 2014	F-1
		Condensed Statements of Operations For the Three and Nine Months Ended December 31, 2013 and 2012	F-2
		Condensed Statements of Operations For the Three Months Ended June 30, 2014 and 2013	F-2
		Condensed Statement of Partners’ Equity (Deficit) For the Nine Months Ended December 31, 2013	F-3
		Condensed Statement of Partners’ Equity (Deficit) For the Three Months Ended June 30, 2014	F-3
		Condensed Statements of Cash Flows For the Nine Months Ended December 31, 2013 and 2012	F-4
		Condensed Statements of Cash Flows For the Three Months Ended June 30, 2014 and 2013	F-4
		Notes to Condensed Financial Statements	F-5
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
	Item 3.	Quantitative and Qualitative Disclosures about Market Risks	54
	Item 4.	Controls and Procedures	54
PART II. OTHER INFORMATION
	Item 1.	Legal Proceedings	65
	Item 1A.	Risk Factors	65
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	65
	Item 3.	Defaults Upon Senior Securities	65
	Item 4.	Mine Safety Disclosures	65
	Item 5.	Other Information	65
	Item 6.	Exhibits	65
	Signatures		76

~~PART~~Part I. ~~FINANCIAL~~Financial ~~INFORMATION~~Information

Item 1. Financial Statements

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

CONDENSED BALANCE SHEETS

(Unaudited)

	December 31, 2013			March 31, 2013
	June 30, 2014			March 31, 2014
ASSETS
Cash	$	~~228~~224,~~052~~812		$	~~277~~227,~~329~~091
Investments in Local Limited Partnerships, net (Note 2 and 3)		-			-
Investments in Local Limited Partnerships, net (Note 2)		-			-
Prepaid asset management fees		6,487			24,250
Other assets		1,955			1,611
Prepaid expenses		4,065			8,692
Total Assets	$	226,767		$	228,702
Other assets		1,890			15,448
LIABILITIES AND PARTNERS’ EQUITY ( DEFICIT)
	$	240,494		$	325,719
Total Assets
LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)
Liabilities:
Accrued expenses	$	-		$	446
Accrued fees and expenses due to General Partner and affiliates (Note 3)	$	7,385		$	13,217
Total Liabilities		-7,385			~~446~~13,217
Partners’ Equity (Deficit):
General Partner		(71,~~109~~320	)		(7071,~~261~~359	)
Limited Partners (10,000 Partnership Units authorized; 9,939 and 9,962 Partnership Units issued and outstanding, respectively)		311,603			395,534
Limited Partners (10,000 Partnership Units authorized; 9,939 Partnership Units, respectively, issued and outstanding)		290,702			286,844
Total Partners’ Equity (Deficit)		~~240~~219,~~494~~382			~~325~~215,~~273~~485
Total Liabilities and Partners’ Equity (Deficit)	$	~~240~~226,~~494~~767		$	~~325~~228,~~719~~702

See accompanying notes to condensed financial statements

F-1

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

CONDENSED STATEMENTS OF OPERATIONS

For the Three ~~and Nine~~ Months Ended ~~December 31~~June 30, ~~2013~~2014 and ~~2012~~2013

(Unaudited)

	2013						2012
	2014			2013
	Three Months			~~Nine~~Three Months			~~Three Months~~			~~Nine Months~~
Reporting fees	$	-		$	9,633		$	-		$	30,046
Operating income:
Total operating income		-			9,633			-			30,046
Reporting fees	$	10,951		$	9,633
Operating expenses:
Total operating income		10,951			9,633
Asset management fees (Note 3)		4,971			17,763			6,875			18,375
Operating expenses:
Legal and accounting fees		2,400			33,930			3,515			27,825
Asset management fees (Note 3)		5,797			6,396
Write off of advances to Local Limited Partnerships		-			6,589			-			12,256
Legal and accounting fees		108			5,710
Professional services		~~650~~1,166			72,~~293~~287			~~707~~			~~17,370~~
Write off of other assets		-			4,292			13,550			21,605
Other		-			5,153
Other		704			6,401			529			3,154
Total operating expenses		7,071			19,546
Total operating expenses		8,725			76,268			25,176			100,585
Income (loss) from operations		3,880			(9,913	)
Loss from operations		(8,725	)		(66,635	)		(25,176	)		(70,539	)
Interest income		17			18
Gain (loss) on sale of Local limited Partnerships (Note 2)		(18,215	)		(18,215	)		41,440			138,567
Net income (loss)	$	3,897		$	(9,895	)
Interest income		27			71			5			25
Net income (loss) allocated to:
Net income (loss)	$	(26,913	)	$	(84,779	)	$	16,269		$	68,053
General Partner	$	39		$	(99	)
Net income (loss) allocated to:
Limited Partners	$	3,858		$	(9,796	)
General Partner	$	(269	)	$	(848	)	$	163		$	681
Net income (loss) per Partnership Unit	$	-		$	(1	)
Limited Partners	$	(26,644	)	$	(83,931	)	$	16,106		$	67,372
Outstanding weighted Partnership Units		9,939			9,962
Net income (loss) per Partnership Unit	$	(3	)	$	(8	)	$	2		$	7
Outstanding weighted Partnership Units		9,939			9,939			10,000			10,000

See accompanying notes to condensed financial statements

F-2

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

CONDENSED STATEMENT OF PARTNERS’ EQUITY (DEFICIT)

For ~~the~~ ~~Nine~~the Three Months Ended ~~December~~June 3130, ~~2013~~2014

(Unaudited)

	General			Limited
	Partner			Partners			Total
Partners’ equity (deficit) at March 31, 2013	$	(70,261	)	$	395,534		$	325,273
Partners’ equity (deficit) at March 31, 2014	$	(71,359	)	$	286,844		$	215,485
Net loss		(848	)		(83,931	)		(84,779	)
Net income		39			3,858			3,897
Partners’ equity (deficit) at December 31, 2013	$	(71,109	)	$	311,603		$	240,494
Partners’ equity (deficit) at June 30, 2014	$	(71,320	)	$	290,702		$	219,382

See accompanying notes to condensed financial statements

F-3

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

CONDENSED STATEMENTS OF CASH FLOWS

For the ~~Nine~~Three Months Ended ~~December~~June 3130, ~~2013~~ 2014 and ~~2012~~2013

(Unaudited)

	2013			2012
	2014			2013
Cash flows from operating activities:
Net income (loss)	$	~~(84~~3,~~779~~897	)	$	68(9,~~053~~895	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
(Gain) loss on sale of Local Limited Partnerships		18,215			(138,567	)
Increase in other assets		(344	)		(3,621	)
Decrease in other assets		13,558			24,241
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates		(5,832	)		2,969
(Increase) decrease in prepaid asset management fees		17,763			(5,125	)
Decrease in prepaid asset management fees		-			6,396
(Increase) decrease in prepaid expenses		4,627			(21,973	)
Decrease in prepaid expenses		-			8,692
Decrease in accrued expenses		(446	)		-
Increase in due from affiliate		-			(64,504	)
Decrease in accrued fees and expenses due to General Partner and affiliates		-			(101,181	)
Decrease in accrued expenses		-			(446	)
Net cash used in operating activities		(312,~~062~~279	)		(~~174~~60,~~552~~409	)
Cash flows from investing activities:
Net decrease in cash		(2,279	)		(60,409	)
Advances to Local Limited Partnerships		(6,589	)		(12,256	)
Cash, beginning of period		227,091			277,329
Write off of advances to Local Limited Partnerships		6,589			12,256
Cash, end of period	$	224,812		$	216,920
Net proceeds (payments) made on sale of Local Limited Partnerships		(18,215	)		138,567
Net cash provided by (used in) investing activities		(18,215	)		138,567
Net decrease in cash		(49,277	)		(35,985	)
Cash, beginning of period		277,329			103,674
Cash, end of period	$	228,052		$	67,689
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Taxes paid	$	-		$	-

See accompanying notes to condensed financial statements

F-4

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the ~~nine~~three months ended ~~December~~June 3130, ~~2013~~2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, ~~2014~~ 2015. For further information, refer to the financial statements and footnotes thereto included in the Partnership’s annual report on Form 10-K for the fiscal year ended March 31, ~~2013~~2014.

Organization

WNC Housing Tax Credit Fund IV, L.P., Series 1 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on May 4, 1993 and commenced operations on October 20, 1993. The Partnership was formed to acquire limited partnership interests in other limited partnerships (“Local Limited Partnerships”) which own multi-family housing complexes (“Housing Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”). The local general partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility for maintaining, operating and managing the Housing Complex. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local Limited Partnership Agreement”).

The general partner of the Partnership is WNC Tax Credit Partners IV, L.P. (“TCP IV’” or the “General Partner”). The General Partner of TCP IV is WNC & Associates, Inc. (“Associates”). The chairman and the president of Associates owns all of the outstanding stock of Associates. The business of the Partnership is conducted primarily through the General Partner, as the Partnership has no employees of its own.

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

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

The partnership agreement authorized the sale of up to 10,000 units of limited partnership interest (“Partnership Units”) at $1,000 per Partnership Unit. The offering of Partnership Units had concluded in July 1994, at which time 10,000 Partnership Units representing subscriptions in the amount of $10,000,000 had been accepted. As of ~~December~~June 3130, ~~2013~~2014, a total of 9,939 Partnership units remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”) in the Partnership will be allocated the remaining 99% of these items in proportion to their respective investments.

F-5

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

The proceeds from the disposition of any of the ~~Local Limited Partnership’s~~ Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership., including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership. Should such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds remaining after payment of Partnership obligations and funding reserves, equal to their capital contributions and their return on investment (as defined in the Partnership Agreement). ~~and~~The ~~the~~ General Partner would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 90 99% to the Limited Partners (in proportion to their respective investments) and 101% to the General Partner.

Risks and Uncertainties

An investment in the Partnership and the Partnership’s investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits of an investment in the Partnership, and the amount of proceeds available for distribution to the Limited Partners, if any, on liquidation of the Partnership’s investments. Some of those risks include the following:

The Low Income Housing Tax Credits rules are extremely complicated. Noncompliance with these rules results in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Local Limited Partnerships may be unable to sell the Housing Complexes at a price which would result in the Partnership realizing cash distributions or proceeds from the transaction. Accordingly, the Partnership may be unable to distribute any cash to its Limited Partners. Low Income Housing Tax Credits may be the only benefit from an investment in the Partnership.

The Partnership has invested in a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The Partnership is a limited partner or a non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar Housing Complexes, and neighborhood conditions, among others.

F-6

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

The ability of Limited Partners to claim tax losses from the Partnership is limited. The IRS may audit the Partnership or a Local Limited Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to Limited Partners could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value of the Housing Complexes.

All of the Low Income Housing Tax Credits anticipated to be realized from the Local Limited Partnerships have been realized. The Partnership does not anticipate being allocated any Low Income Housing Tax Credits from the Local Limited Partnerships in the future. No trading market for the Partnership Units exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should consider their Partnership Units to be a long-term investment. Individual Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority of Limited Partners.

Exit Strategy

The Compliance Period for a Housing Complex is generally 15 years following construction or rehabilitation completion. Associates was one of the first in the industry to offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods.

Upon the sale of a Local Limited Partnership ~~Interest~~ interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing Tax Credits. A sale prior to the end of the Compliance Period could result in recapture if certain conditions are not met. All of the remaining Housing Complexes have completed their ~~15-year~~ Compliance Period.

With that in mind, the General Partner is continuing its review of the Housing Complexes. The review considers many factors, including extended use requirements (such as those due to mortgage restrictions or state compliance agreements), the condition of the Housing Complexes, and the tax consequences to the Limited Partners from the sale of the Housing Complexes.

Upon identifying those Housing Complexes with the highest potential for a successful sale, refinancing or re-syndication, the Partnership expects to proceed with efforts to liquidate them. The objective is to maximize the Limited Partners’ return wherever possible and, ultimately, to wind down the Partnership as Low Income Housing Tax Credits are no longer available. Local Limited Partnership interests may be disposed of any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the dissolution of the Partnership was not imminent as of June 30, 2014.

~~Partner~~Upon management of the Partnership identifying a Local Limited Partnership for disposition, costs incurred by the Partnership in ~~its~~preparation for ~~discretion~~the disposition are deferred. ~~While~~Upon ~~liquidation~~ the sale of the ~~Housing~~Local ~~Complexes~~Limited ~~continues~~Partnership tointerest, bethe ~~evaluated,~~Partnership nets the ~~dissolution~~costs that had been deferred against the proceeds from the sale in determining the gain or loss on sale of the Local Limited Partnership. Deferred ~~was~~disposition ~~not~~costs ~~imminent~~are asincluded ofin ~~December~~other ~~31,~~assets ~~2013~~on the condensed balance sheets.

~~Upon~~The Partnership ~~management~~has ofreceived the ~~Partnership~~majority ~~identifying a~~vote ~~Local~~in ~~Limited~~favor ~~Partnership~~of ~~for~~the ~~disposition,~~plan ~~costs~~of ~~incurred~~liquidation byof the Partnership. inTherefore, ~~preparation~~the ~~for~~Partnership is ~~the~~engaging ~~disposition~~third ~~are~~party ~~deferred. Upon~~appraisers ~~the~~to ~~sale~~appraise several or all of the Local Limited ~~Partnership~~Partnerships ~~interest,~~in ~~the~~this Partnership. ~~nets~~The appraisal is one of the ~~costs~~preliminary steps that ~~had~~need ~~been~~to ~~deferred~~be ~~against~~completed in order to move forward with the ~~proceeds~~approved liquidation plan. The expense ~~from~~incurred for the ~~sale~~appraisals, inor ~~determining~~any other disposition related expenses the ~~gain~~Partnership orincurs, ~~loss~~are being capitalized and will remain on ~~sale~~the ofbalance sheet until the respective Local Limited Partnership is sold. ~~Deferred~~At the time of disposition the capitalized costs will be netted with any cash proceeds that are ~~included~~ received in ~~other~~order ~~assets~~to oncalculate the ~~condensed~~gain ~~balance~~or ~~sheets~~loss on the disposition.

F-7

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~The Partnership has received the majority vote~~Prior into ~~favor of~~ the ~~plan~~quarter ofended ~~liquidation~~June of30, ~~the Partnership. Therefore~~2014, the Partnership issold ~~engaging~~its ~~third party appraisers to appraise several or all of the~~ Local Limited ~~Partnerships in this~~ Partnership. ~~The~~Interest ~~appraisal~~in isBeckwood ~~one~~Manor ofSeven, ~~the preliminary steps that need to~~L.P., beAlpine ~~completed~~Manor, inL.P., ~~order~~Briscoe toManor, ~~move~~Fawn ~~forward~~Haven, ~~with the approved liquidation plan~~L.P., ~~The~~Fort ~~expense~~Stockton ~~incurred~~Manor, ~~for~~Pampa ~~the~~Manor ~~appraisals~~Apartments, orVernon ~~any~~Manor ~~other~~Apartments, Baycity ~~disposition~~Village ~~related~~Apartments, ~~expenses~~L.P., ~~the~~Madisonville ~~Partnership~~Manor, ~~incurs~~L.P., ~~are~~Northside ~~being~~Plaza ~~capitalized~~Apartments, ~~and~~L.P., ~~will~~Evergreen ~~remain~~Four, onL.P., ~~the~~Waterford ~~balance~~Place, ~~sheet until the respective~~L.P., ~~Local~~Hidden ~~Limited~~Valley, ~~Partnership is sold~~L.P., AtSeneca ~~the~~Falls ~~time~~East ofApartment ~~disposition~~Company ~~the~~II, ~~capitalized~~L.P., ~~costs~~Regency ~~will~~Court beApartments, ~~netted~~L.P., ~~with~~and ~~any~~Yantis ~~cash~~Housing, ~~proceeds~~L.P. ~~that~~Each ~~are~~of ~~received~~the inLocal ~~order~~Limited toPartnerships ~~calculate~~had ~~the~~completed ~~gain~~its orCompliance ~~loss on the disposition~~Period.

~~Prior~~As of toJune ~~the~~30, ~~nine months ended December 31~~2014, ~~2013,~~ the Partnership ~~sold~~has ~~its~~identified three Local Limited ~~Partnership~~Partnerships ~~Interest~~for inpossible ~~Beckwood~~disposition ~~Manor~~as ~~Seven,~~listed ~~L.P.,~~in ~~Alpine~~the ~~Manor, L~~table below.~~P.,~~ ~~Briscoe~~Once ~~Manor, Fawn~~the ~~Haven,~~sales ~~L.P.~~are finalized, ~~Fort~~the ~~Stockton~~Partnership ~~Manor,~~will ~~Pampa~~use ~~Manor~~the ~~Apartments,~~cash ~~Vernon~~proceeds ~~Manor~~to ~~Apartments,~~reimburse ~~Baycity~~the ~~Village~~General ~~Apartments,~~Partner ~~L.P.,~~or ~~Madisonville~~an affiliate ~~Manor,~~for ~~L.P.,~~expenses ~~Northside~~paid ~~Plaza~~on ~~Apartments,~~its ~~L.P.,~~behalf ~~Evergreen~~or ~~Four,~~pay ~~L.P.,~~accrued ~~Waterford~~asset ~~Place,~~management Lfees.~~P.,~~ ~~Hidden~~Any ~~Valley,~~remaining ~~L.P.,~~proceeds ~~Seneca~~will ~~Falls~~be ~~East~~placed in the Partnership’s ~~Apartment~~reserves ~~Company~~for ~~II,~~future Loperating expenses.P. ~~and~~No ~~Regency~~distributions ~~Court~~will ~~Apartments,~~be Lmade to the Limited Partners.P. ~~Each~~The ofCompliance ~~the~~Period ~~Local~~for all Local Limited ~~Partnerships~~Partnership ~~had~~has ~~completed~~expired ~~its~~so ~~Compliance Period~~there is no risk of tax credit recapture to the investors in the Partnership.

During the nine months ended December 31, 2013, the Partnership sold its Local Limited Partnership Interest in Yantis Housing, Ltd. (“Yantis”) to an unrelated third party for $2. Yantis was appraised for $180,000 and had a mortgage balance of $579,452 as of December 31, 2012. The Partnership incurred approximately $18,217 in sales related expenses which were netted against the proceeds to calculate a loss on sale of $(18,215). No cash distribution will be made to the Limited Partners as a result of this sale. The Partnership’s investment balance was zero at the time of the sale. The Compliance Period has been completed therefore there is no risk of recapture.

Local Limited Partnership	Debt at 12/31/13		Appraisal Value		Estimated Sales Price		Estimated Sales Related Expenses		Estimated Gain on sale
Sandpiper Square, LP	$	871,521	$	465,000	$	20,000	$	5,000	$	15,000
HOI Limited Partnership of Lenoir		276,747		635,000		11,100		7,000		4,100
Laurel Creek Apartments*		59,280		2,270,000		-		-		-

* As of ~~December 31, 2013,~~ the ~~Partnership~~date ~~has identified~~of ~~four~~this ~~Local~~report, ~~Limited Partnerships for possible disposition as listed in~~ the ~~table~~sales ~~below.~~price ~~Once~~and ~~the~~ sales ~~are~~related ~~finalized, the Partnership will use the cash proceeds to reimburse the General Partner or an affiliate for~~ expenses ~~paid~~cannot ~~on its behalf or pay accrued asset management fees. Any remaining proceeds will~~ be ~~placed in the Partnership’s reserves for future operating expenses~~determined. No distributions will be made to the Limited Partners. The Compliance Period for all Local Limited Partnership has expired so there is no risk of tax credit recapture to the investors in the Partnership.

Local Limited Partnership	Debt at 12/31/12		Appraisal Value		Estimated Sales Price		Estimated Sales Related Expenses		Estimated Gain on sale
Sandpiper Square, LP	$	879,758	$	465,000	$	20,000	$	5,000	$	15,000
Mt Graham Housing, Ltd		1,304,327		1,035,000		40,000		3,000		37,000
HOI Limited Partnership of Lenoir		310,817		635,000		11,100		7,000		4,100
Laurel Creek Apartments*		127,528		2,270,000		-		-		-

As of June 30, 2014, the Local Limited Partnership interest in Mt. Graham, Ltd (“Mt. Graham”) was identified for sale and sold subsequent thereto for $32,000. Mt. Graham was appraised for $1,035,000 and had a mortgage note balance of $1,291,776 as of June 30, 2014. The cash proceeds will be used to pay $27,000 of accrued and future asset management fees and expenses due to the General Partner and affiliates, and retain the remaining $5,000 in reserves for future operating expenses. The Partnership incurred $1,019 in sales related expenses which were netted against the proceeds from the sale in calculating the gain on the sale. The Partnership’s investment balance is zero; therefore a gain of $30,981 will be recorded during the respective period. The Compliance Period has been completed therefore there is no risk of recapture and investor approval is not required.

* As of the date of this report, the sales price and sales related expenses cannot be determined.F-8

~~F-8~~WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

~~WNC HOUSING TAX CREDIT FUND IV, L.P.,~~(A ~~SERIES~~California 1Limited Partnership)

(ANOTES TO ~~California~~CONDENSED ~~Limited~~FINANCIAL ~~Partnership)~~STATEMENTS - CONTINUED

~~NOTES~~For the TOQuarterly ~~CONDENSED~~Period ~~FINANCIAL~~Ended ~~STATEMENTS~~June ~~- CONTINUED~~30, 2014

~~For the Quarterly Period Ended December 31, 2013~~ (Unaudited)

~~(Unaudited)~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~NOTE~~Method of 1Accounting -for ~~SUMMARY~~Investments OFin ~~SIGNIFICANT~~Local ~~ACCOUNTING POLICIES,~~Limited ~~continued~~Partnerships

~~Method~~The Partnership accounts for its investments in Local Limited Partnerships using the equity method of ~~Accounting~~accounting, whereby the Partnership adjusts its investment balance for ~~Investments~~its share of the Local Limited Partnerships’ results of operations and for any contributions made and distributions received. The Partnership reviews the carrying amount of an individual investment in a Local Limited Partnership for possible impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. Recoverability of such investment is measured by the estimated value derived by management, generally consisting of the sum of the remaining future Low Income Housing Tax Credits estimated to be allocable to the Partnership and the estimated residual value to the Partnership. If an investment is considered to be impaired, the Partnership reduces the carrying value of its investment in any such Local Limited Partnership. The accounting policies of the Local Limited Partnerships, generally, are expected to be consistent with those of the Partnership. Costs incurred by the Partnership in acquiring the investments are capitalized as part of the investment account and were amortized over 30 years (see Note 2).

~~The Partnership accounts for~~“Equity ~~its~~in ~~investments~~losses inof Local Limited Partnerships” ~~using~~for the ~~equity~~periods ~~method~~ended ofJune ~~accounting~~30, ~~whereby~~2014 ~~the~~and ~~Partnership~~2013 ~~adjusts~~has ~~its investment~~been ~~balance~~recorded ~~for~~by ~~its share of~~ the ~~Local Limited Partnerships~~Partnership. Management’s ~~results~~estimate ~~of operations and~~ for ~~any~~the ~~contributions made~~three-month ~~and~~periods ~~distributions~~is ~~received.~~based ~~The~~on ~~Partnership~~either ~~reviews~~actual ~~the~~unaudited ~~carrying~~results ~~amount~~reported ofby anthe ~~individual investment in a~~ Local Limited ~~Partnership~~Partnerships ~~for possible impairment at least annually~~ or ~~whenever~~historical ~~events~~trends ~~or changes~~ in ~~circumstances indicate that~~ the ~~carrying~~ ~~amount~~operations of ~~such~~the ~~investment~~Local ~~may~~Limited ~~not be recoverable~~Partnerships. ~~Recoverability~~Equity ofin ~~such~~losses ~~investment is measured by the estimated value derived by management, generally consisting~~ of ~~the~~Local ~~sum~~Limited ~~of the remaining future Low Income Housing Tax Credits estimated~~Partnerships toallocated ~~be allocable~~ to the Partnership ~~and~~is ~~the~~not ~~estimated~~recognized ~~residual value~~ to the ~~Partnership.~~extent Ifthat anthe investment isbalance ~~considered~~would to be ~~impaired,~~ ~~the~~adjusted ~~Partnership~~below ~~reduces~~zero. If the Local ~~carrying~~Limited ~~value~~Partnerships ofreport ~~its~~net ~~investment~~income in ~~any~~future ~~such~~years, ~~Local~~the ~~Limited~~ Partnership. ~~The~~will ~~accounting policies~~resume ofapplying the ~~Local~~equity ~~Limited~~method ~~Partnerships,~~only ~~generally,~~after its ~~are~~share ~~expected~~of tosuch benet ~~consistent~~income ~~with~~equals ~~those of~~ the ~~Partnership.~~share ~~Costs incurred~~of bynet ~~the~~losses ~~Partnership~~not inrecognized ~~acquiring~~during the ~~investments~~period(s) ~~are capitalized as part of~~ the ~~investment~~equity ~~account~~method ~~and~~was ~~were amortized~~suspended ~~over 30 years~~ (see Note 2).

~~“Equity~~In accordance inwith ~~losses~~the accounting guidance for the consolidation of ~~Local~~variable ~~Limited~~interest ~~Partnerships” for~~entities, the ~~periods~~Partnership ~~ended~~determines ~~December~~when 31it should include the assets, ~~2013~~liabilities, and ~~2012~~activities ~~has~~of ~~been~~a ~~recorded~~variable byinterest ~~the~~entity ~~Partnership.~~(VIE) ~~Management’s~~in ~~estimate~~its ~~for~~financial ~~the~~statements, ~~three~~ and ~~nine~~when it ~~month~~should ~~periods~~disclose isinformation ~~based~~about onits ~~either~~relationship ~~actual~~with ~~unaudited~~a ~~results~~VIE. ~~reported~~The byanalysis ~~the~~that ~~Local~~must ~~Limited~~be ~~Partnerships~~performed orto ~~historical~~determine ~~trends~~which entity inshould ~~the~~consolidate ~~operations~~a ofVIE ~~the~~focuses ~~Local~~on ~~Limited~~control ~~Partnerships.~~and ~~Equity~~economic infactors. ~~losses~~A ofVIE ~~Local~~is ~~Limited~~a ~~Partnerships~~legal ~~allocated~~structure used to ~~the~~conduct ~~Partnership~~activities or hold ~~are~~assets, ~~not~~which ~~recognized~~must tobe ~~the~~consolidated ~~extent~~by ~~that~~a ~~the~~company ~~investment~~if ~~balance~~it ~~would~~is bethe ~~adjusted~~primary ~~below~~beneficiary ~~zero.~~because Ifit has (1) the ~~Local~~power ~~Limited~~to ~~Partnerships~~direct ~~report~~the activities ~~net~~of ~~income~~the inVIE ~~future~~that ~~years,~~most significantly impact the ~~Partnership~~VIE’s ~~will~~economic ~~resume~~performance ~~applying~~and (2) the ~~equity~~obligation ~~method~~to ~~only~~absorb ~~after~~losses ~~its~~or ~~share~~receive ofbenefits that ~~such~~could ~~net~~potentially ~~income~~be ~~equals~~ significant to the VIE. If multiple unrelated parties share ofsuch ~~net~~power, ~~losses~~as ~~not~~defined, ~~recognized~~no ~~during~~party will be required to consolidate the ~~period(s)~~VIE. Further, the ~~equity~~guidance ~~method~~requires ~~was~~continual ~~suspended~~reconsideration ~~(see~~of ~~Note~~the 2)primary beneficiary of a VIE.

InBased on ~~accordance~~this ~~with~~guidance, the ~~accounting~~ ~~guidance~~Local ~~for~~Limited ~~the~~Partnerships ~~consolidation~~in ofwhich ~~variable~~the ~~interest~~Partnership ~~entities,~~invests meet the ~~Partnership~~definition ~~determines~~of ~~when~~a itVIE ~~should~~because ~~include~~the owners of the ~~assets,~~equity ~~liabilities,~~at ~~and~~risk ~~activities~~in ofthese aentities ~~variable~~do ~~interest~~not ~~entity~~have ~~(VIE)~~the inpower ~~its~~to ~~financial~~direct ~~statements~~their operations. However, ~~and~~management ~~when~~does itnot ~~should~~consolidate ~~disclose~~the ~~information~~Partnership’s ~~about~~interests ~~its~~in ~~relationship~~these ~~with~~VIEs, aas ~~VIE.~~it ~~The~~is ~~analysis~~not ~~that~~considered ~~must~~to be ~~performed~~the toprimary ~~determine~~beneficiary ~~which~~since ~~entity~~it ~~should~~does not have the power ~~consolidate~~to adirect ~~VIE~~the ~~focuses~~activities onthat ~~control~~are ~~and~~considered most significant to the economic ~~factors~~performance of these entities. AThe ~~VIE~~Partnership iscurrently records athe ~~legal~~amount ~~structure~~of ~~used~~its toinvestment ~~conduct~~in ~~activities~~these orLocal ~~hold assets,~~Limited ~~which~~Partnerships ~~must~~as bean ~~consolidated~~asset byon aits ~~company~~balance ifsheets, itrecognizes isits share of partnership income or losses in the ~~primary~~statements ~~beneficiary~~of ~~because~~operations, itand ~~has~~discloses ~~(1)~~how ~~the~~it ~~power~~accounts tofor ~~direct~~material ~~the activities~~types of ~~the~~these ~~VIE~~investments in ~~that~~its ~~most~~financial ~~significantly~~statements. ~~impact~~The ~~the VIE~~Partnership’s ~~economic~~balance ~~performance~~in ~~and~~investment ~~(2)~~in Local Limited Partnerships, plus the ~~obligation~~risk toof ~~absorb~~recapture ~~losses~~of ortax ~~receive~~credits ~~benefits~~previously ~~that~~recognized ~~could~~on ~~potentially~~these beinvestments, ~~significant~~represents toits ~~the~~maximum ~~VIE~~exposure to loss. IfThe ~~multiple~~Partnership’s ~~unrelated~~exposure to ~~parties~~loss ~~share~~on ~~such~~these ~~power, as~~Local ~~defined,~~Limited noPartnerships ~~party~~is ~~will~~mitigated beby ~~required~~the tocondition ~~consolidate~~and ~~the~~financial ~~VIE.~~performance ~~Further,~~of the ~~guidance~~underlying ~~requires~~Housing Complexes ~~continual~~as ~~reconsideration~~well ofas the ~~primary~~ ~~beneficiary~~strength of athe ~~VIE~~Local General Partners and their guarantee against credit recapture to the investors in the Partnership.

~~Based on this guidance, the~~Distributions ~~Local~~received ~~Limited~~by ~~Partnerships in which~~ the Partnership ~~invests~~are ~~meet~~accounted ~~the~~for ~~definition~~as of a ~~VIE~~reduction ~~because the owners~~ of the ~~equity~~investment ~~at risk in these entities do not have the power to direct their operations~~balance. ~~However,~~Distributions ~~management~~received ~~does~~after ~~not consolidate~~ the ~~Partnership’s~~ ~~interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the~~investment ~~power~~has toreached ~~direct~~zero ~~the activities that~~ are ~~considered~~recognized ~~most significant to the economic performance of these entities. The Partnership currently records the amount of its investment in these Local Limited Partnerships~~ as ~~an asset on its balance sheets, recognizes its share of partnership~~ income ~~or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements~~. ~~The~~As ~~Partnership’s balance in investment in Local Limited Partnerships, plus the risk~~ of ~~recapture~~all ofperiods ~~tax credits previously recognized on these investments~~presented, ~~represents~~all ~~its maximum exposure to loss. The Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the condition and financial performance~~ of the ~~underlying~~investment ~~Housing~~balances ~~Complexes~~had asreached ~~well as the strength of the Local General Partners and their guarantee against credit recapture to the investors in the Partnership~~zero.

F-9

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

(A California Limited Partnership)

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED

For the Quarterly Period Ended ~~December~~June 3130, ~~2013~~ 2014

(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

~~Distributions received by the Partnership are~~Use ~~accounted for as a reduction~~ of ~~the investment balance. Distributions received after the investment has reached zero are recognized as income. As of all periods presented, all of the investment balances had reached zero.~~Estimates

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

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

~~Cash~~The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of June 30, 2014 and ~~Cash~~March ~~Equivalents~~31, 2014, the Partnership had no cash equivalents.

~~The Partnership considers all highly liquid~~Reporting ~~investments~~Comprehensive ~~with original maturities of three months or less when purchased to be cash equivalents. For all periods presented, the Partnership had no cash equivalents.~~Income

~~Reporting~~The Partnership ~~Comprehensive~~had ~~Income~~no items of other comprehensive income for all periods presented.

~~The Partnership had no items of other comprehensive~~Income ~~income for all periods presented.~~Taxes

The Partnership has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure Income ~~Taxes~~tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open.

~~The Partnership has elected to be treated as~~Net aLoss ~~pass-through~~Per entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Partnership~~’s federal~~ tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.Unit

Net ~~Loss~~loss per ~~Per~~Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average number of Partnership Units outstanding during the period. Calculation of diluted net loss per Partnership Unit is not required.

~~Net loss per Partnership Unit includes no dilution~~Revenue and is computed by dividing loss allocated to Limited Partners by the weighted average number of Partnership Units outstanding during the period. Calculation of diluted net loss per Partnership Unit is not required.Recognition

~~F-10~~The Partnership is entitled to receive reporting fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees, the Partnership recognizes reporting fees as collections are made.

~~WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1~~F-10

(AWNC HOUSING ~~California~~TAX ~~Limited~~CREDIT ~~Partnership)~~FUND IV, L.P., SERIES 1

~~NOTES~~(A California TOLimited ~~CONDENSED FINANCIAL STATEMENTS - CONTINUED~~Partnership)

NOTES TO ~~For~~CONDENSED ~~the~~FINANCIAL ~~Quarterly~~STATEMENTS ~~Period~~- ~~Ended December 31, 2013~~ CONTINUED

~~(Unaudited)~~For the Quarterly Period Ended June 30, 2014

~~NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued~~(Unaudited)

~~Revenue~~NOTE 2 ~~Recognition~~- INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS

~~The~~As of ~~Partnership~~June is30, ~~entitled~~2014 toand ~~receive~~March ~~reporting fees~~31, ~~from~~2014, the Partnership owns limited partnership interests in 4 Local Limited Partnerships, each of which owns one Housing Complex consisting of an aggregate of 122 apartment units, respectively. The ~~intent~~respective Local General Partners of the ~~reporting~~Local ~~fees~~Limited isPartnerships tomanage ~~offset~~the ~~(in~~day ~~part)~~to ~~administrative~~day ~~costs~~operations ~~incurred by~~of the entities. Significant Local Limited Partnership business indecisions ~~corresponding~~require ~~with~~approval from the ~~Local~~Partnership. The Partnership, as a Limited ~~Partnerships.~~Partner, ~~Due~~is generally entitled to 99%, as specified in the ~~uncertainty~~Local Limited Partnership Agreements, of the ~~collection~~operating ofprofits ~~these~~and ~~fees~~losses, taxable income and losses, and ~~the~~Low ~~Partnership~~Income ~~recognizes~~Housing ~~reporting~~Tax ~~fees~~Credits asof ~~collections~~the ~~are~~Local ~~made~~Limited Partnerships.

~~NOTE~~Selected 2financial -information ~~INVESTMENTS~~for INthe ~~LOCAL~~three ~~LIMITED~~months ~~PARTNERSHIPS~~ended June 30, 2014 and 2013 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

~~As of December 31, 2013 and March 31, 2013,~~COMBINED ~~the~~CONDENSED ~~Partnership~~STATEMENTS ~~had~~OF limited partnership interests in 4 and 5 Local Limited Partnerships, respectively, each of which owns one Housing Complex consisting of an aggregate of 269 and 293 apartment units, respectively. The respective Local General Partners of the Local Limited Partnerships manage the day to day operations of the entities. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to 99%, as specified in the Local Limited Partnership Agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnerships.OPERATIONS

Selected financial information for the nine months ended December 31, 2013 and 2012 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

	2014		2013

Revenues	$	210,000	$	227,000

Expenses:
Interest expense		9,000		15,000
Depreciation and amortization		55,000		61,000
Operating expenses		124,000		155,000
Total expenses		188,000		231,000

Net loss	$	22,000	$	(4,000	)
Net loss allocable to the Partnership	$	22,000	$	(4,000	)
Net loss recorded by the Partnership	$	-	$	-

~~COMBINED~~Certain Local ~~CONDENSED~~Limited ~~STATEMENTS~~Partnerships have incurred significant operating losses and/or have working capital deficiencies. In the event these OFLocal ~~OPERATIONS~~Limited Partnerships continue to incur significant operating losses, additional capital contributions by the Partnership may be required to sustain operations of such Local Limited Partnerships.

	2013			2012
Revenues	$	666,000		$	1,765,000
Expenses
Interest expense		43,000			273,000
Depreciation and amortization		180,000			434,000
Operating expenses		447,000			1,057,000
Total expenses		670,000			1,764,000
Net income (loss)	$	(4,000	)	$	1,000
Net income (loss) allocable to the Partnership	$	(4,000	)	$	1,000
Net income (loss) recorded by the Partnership	$	-		$	-

F-11

~~F-11~~WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

~~WNC HOUSING TAX CREDIT FUND IV, L.P.,~~(A ~~SERIES~~California 1Limited Partnership)

(ANOTES TO ~~California~~CONDENSED ~~Limited~~FINANCIAL ~~Partnership)~~STATEMENTS - CONTINUED

~~NOTES~~For the TOQuarterly ~~CONDENSED~~Period ~~FINANCIAL~~Ended ~~STATEMENTS~~June ~~- CONTINUED~~30, 2014

~~For the Quarterly Period Ended December 31, 2013~~ (Unaudited)

~~(Unaudited)~~NOTE 3 - RELATED PARTY TRANSACTIONS

~~NOTE~~Under 2the -terms ~~INVESTMENTS~~of INthe ~~LOCAL~~Partnership ~~LIMITED PARTNERSHIPS~~Agreement, ~~continued~~the Partnership has paid or is obligated to the General Partner or its affiliates the following fees:

~~Certain Local~~a) ~~Limited~~An ~~Partnerships~~annual ~~have~~asset ~~incurred~~management ~~significant~~fee ~~operating~~equal ~~losses~~to ~~and/~~the greater amount of (i) $2,000 for each Housing complex, or ~~have~~(ii) ~~working~~0.275% ~~capital~~of ~~deficiencies~~gross proceeds. In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event ~~these~~ will the maximum amount exceed 0.2% of the invested assets of the limited Partnerships, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. ~~continue~~Asset management fees of $5,797 and $6,396 were incurred during the three months ended June 30, 2014 and 2013, respectively. The Partnership made no payments to ~~incur~~the ~~significant~~General ~~operating~~Partner ~~losses~~and or its affiliates during the three months ended June 30, ~~additional~~2014 ~~capital~~and ~~contributions~~2013, respectively. b) The Partnership reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements paid were $13,247 and $5,556 during the three months ended June 30, 2014 and 2013, respectively c) A subordinated disposition fee in an amount equal to 1% of the sale price may be ~~required~~received toin ~~sustain~~connection ~~operations~~with the sale or disposition of ~~such~~a Housing Complex or Local Limited ~~Partnerships~~Partnership interest. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 16% through December 31, 2004 and 6 % thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fee was incurred for all periods presented.

~~NOTE~~The 3accrued -fees ~~RELATED~~and ~~PARTY~~expenses ~~TRANSACTIONS~~due to the General Partner and affiliates consist of the following at:

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

	June 30, 2014		March 31, 2014

Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	1,253	$	12,882
Asset management fee payable		6,132		335

Total	$	7,385	$	13,217

(a) An annual asset management fee equal to the greater amount of (i) $2,000 for each Housing complex, or (ii) 0.275% of gross proceeds. In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event will the maximum amount exceed 0.2% of the invested assets of the limited Partnerships, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $17,763 and $18,375 were incurred during the nine months ended December 31, 2013 and 2012, respectively. The Partnership paid the General Partner and or its affiliates $0 and $111,409 of those fees during the nine months ended December 31, 2013 and 2012, respectively. Prior to December 31, 2013, the Partnership overpaid its asset management fees, of which $6,487 remains included as prepaid management fees on the condensed balance sheets. (b) The Partnership reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements paid were $50,895 and $103,296 during the nine months ended December 31, 2013 and 2012, respectively. During the nine months ended December 31, 2013, the Partnership overpaid the reimbursements by $4,065, which is included as prepaid expenses on the condensed balance sheets. (c) A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 16% through December 31, 2004 and 6 % thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fee was incurred for all periods presented.F-12

~~F-12~~WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

~~Item~~(A 2.California ~~Management’s~~Limited ~~Discussion and Analysis of Financial Condition and Results of Operations~~Partnership)

~~Forward~~NOTES TO CONDENSED FINANCIAL STATEMENTS -~~Looking~~ ~~Statements~~CONTINUED

~~With~~ For the ~~exception~~Quarterly ofPeriod ~~the~~Ended ~~discussion~~June ~~regarding historical information~~30, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other discussions elsewhere in this Form 10-Q contain forward looking statements. Such statements are based on current expectations subject to uncertainties and other factors which may involve known and unknown risks that could cause actual results of operations to differ materially from those projected or implied. Further, certain forward-looking statements are based upon assumptions about future events which may not prove to be accurate.2014

Risks and uncertainties inherent in forward looking statements include, but are not limited to, the Partnership’s future cash flows and ability to obtain sufficient financing, level of operating expenses, conditions in the Low Income Housing Tax Credit property market and the economy in general, as well as legal proceedings. Historical results are not necessarily indicative of the operating results for any future period.(Unaudited)

~~Subsequent written and oral forward looking~~NOTE ~~statements~~4 ~~attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by cautionary statements in this Form 10~~-Q ~~and~~SUBSEQUENT ~~in other reports filed with the Securities and Exchange Commission.~~EVENTS

~~The~~As of ~~following~~June ~~discussion~~30, 2014, the Local Limited Partnership interest in Mt. Graham, Ltd (“Mt. Graham”) was identified for sale and ~~analysis~~sold subsequent ~~compares~~thereto for $32,000. Mt. Graham was appraised for $1,035,000 and had a mortgage note balance of $1,291,776 as of June ~~the~~30, ~~results~~2014. The cash proceeds will be used to pay $27,000 of ~~operations~~accrued ~~for~~and future asset management fees and expenses due to the ~~three~~General Partner and ~~nine~~affiliates, ~~months~~and ~~ended~~retain ~~December~~the 31remaining $5,000 ~~2013~~in ~~and~~reserves ~~2012~~for future operating expenses. The Partnership incurred $1,019 in ~~and~~sales ~~should~~related beexpenses ~~read~~which were netted against the proceeds from the sale in ~~conjunction~~calculating ~~with~~the gain on the sale. The Partnership’s investment balance is zero; therefore a gain of $30,981 will be recorded during the ~~condensed~~respective ~~unaudited~~period. ~~financial~~The ~~statements~~Compliance ~~and~~Period ~~accompanying~~has been ~~notes~~completed ~~included~~therefore ~~within~~there ~~this~~is ~~report~~no risk of recapture and investor approval is not required.

~~Financial Condition~~F-13

~~The~~Item ~~Partnership~~2. Management’s ~~assets~~Discussion atand ~~December~~Analysis ~~31, 2013 consisted~~ of ~~$228,000~~Financial inCondition ~~cash, $6,000 in prepaid asset management fees, $4,000 in prepaid expenses~~ and ~~$2,000~~Results inof ~~other assets. The Partnership had no liabilities at December 31, 2013.~~Operations

~~Results~~Forward-Looking ~~of Operations~~Statements

~~Three Months Ended December 31, 2013 Compared~~With ~~to Three Months Ended December 31, 2012. The Partnership’s net loss for~~ the ~~three~~exception ~~months ended December 31, 2013 was $(27,000) reflecting a decrease~~ of ~~$43,000 from~~ the ~~$16,000~~discussion ~~net~~regarding ~~income~~historical ~~for the three months ended December 31~~information, ~~2012.~~this ~~The~~“Management’s ~~decrease in~~Discussion ~~net~~and ~~income~~Analysis ~~was partially due to an $(18,000) loss on sale~~ of ~~Local Limited Partnerships for the three months ended December~~Financial ~~31,~~Condition ~~2013~~and ~~compared~~Results ~~to a gain~~ of ~~$41,000~~Operations” ~~for~~and ~~the~~other ~~three~~discussions ~~months~~elsewhere ~~ended~~in ~~December~~this ~~31,~~Form ~~2012.~~10-Q ~~The~~contain ~~gain~~forward ~~(loss)~~looking ~~on sale of Local Limited Partnerships~~statements. ~~will~~Such ~~vary~~statements ~~from~~are ~~period~~based ~~to period depending~~ on ~~the~~current ~~values~~expectations ~~and~~subject ~~sales~~to ~~prices~~uncertainties ~~of the Housing Complexes that have been identified for disposition~~ and ~~the~~other ~~closing~~factors ~~dates~~which ofmay ~~such~~involve ~~transactions.~~known ~~Legal~~ and ~~accounting fees decreased by $1,000 for the three months ended~~unknown ~~December~~risks ~~31,~~that ~~2013~~could ~~due~~cause toactual ~~the~~results ~~timing~~ of ~~the~~operations ~~accounting~~to ~~work~~differ ~~performed.~~materially ~~The write off of other assets decreased by $14,000 during the three months ended December 31, 2013. Capitalized costs~~ from ~~the~~those ~~potential~~projected ~~disposition~~or ~~of Local Limited Partnership were expensed due to the length of time it has taken to dispose of the properties~~implied. ~~Asset management fees decreased by $2~~Further,~~000~~ ~~for~~certain ~~the three months~~forward-looking ~~ended~~statements ~~December 31, 2013. The fees~~ are ~~calculated~~ based onupon ~~the~~assumptions ~~value~~about offuture ~~the~~events ~~invested~~which ~~assets.~~may Asnot ~~Local~~prove ~~Limited~~to ~~Partnerships~~be ~~are sold the invested assets decrease, thereby decreasing the asset management fees~~accurate.

3Risks and uncertainties inherent in forward looking statements include, but are not limited to, the Partnership’s future cash flows and ability to obtain sufficient financing, level of operating expenses, conditions in the Low Income Housing Tax Credit property market and the economy in general, as well as legal proceedings. Historical results are not necessarily indicative of the operating results for any future period.

~~Item~~Subsequent 2.written ~~Management’s~~and ~~Discussion~~oral ~~and~~forward ~~Analysis~~looking ofstatements ~~Financial~~attributable ~~Condition~~to the Partnership or persons acting on its behalf are expressly qualified in their entirety by cautionary statements in this Form 10-Q and ~~Results~~in ofother ~~Operations,~~reports ~~continued~~filed with the Securities and Exchange Commission.

~~Nine Months Ended December 31, 2013 Compared to the Nine Months Ended December 31, 2012.~~ The ~~Partnership’s net loss for the~~ ~~nine~~following ~~months~~discussion ~~ended~~and ~~December~~analysis ~~31,~~compares ~~2013 was $(85,000) reflecting a decrease of $153,000 from~~ the ~~$68,000~~results ~~net increase for the nine months ended December 31, 2012. The decrease in income was partially due to an $(18,000) loss on sale~~ of ~~Local~~operations ~~Limited Partnerships~~ for the ~~nine~~three months ended ~~December~~June 3130, ~~2013~~2014 ~~compared to a gain of $139,000 for the nine months ended December 31, 2012. The gain on sale of Local Limited Partnerships will vary from period to period depending on the values~~ and sales prices of the Housing Complexes that have been identified for disposition and the closing dates of such transactions. Legal and accounting fees increased by $(6,000) for the nine months ended December 31, 2013 ~~due to the timing of the accounting work performed. The asset management fees decreased by $1~~,~~000~~ for the nine months ended December 31, 2013 due to the fact that the fees are calculated based on the value of the invested assets, which decreased due to the sale of the Local Limited Partnership Interests. The write off of advances to Local Limited Partnership decreased by $6,000 during the nine months ended December 31, 2013. The advances and ~~write offs vary from period to~~should ~~period~~be ~~based~~read ~~on the needs of the Local Limited Partnerships. There was a $17,000 decrease~~ in ~~write~~conjunction ~~off~~with ~~of other assets for~~ the ~~nine~~ ~~months~~condensed ~~ended~~unaudited ~~December~~financial ~~31,~~statements ~~2013.~~and ~~Capitalized~~accompanying ~~costs~~notes ~~from~~included ~~the~~within ~~potential~~this ~~disposition of Local Limited Partnership were expensed due to the length of time it has taken to dispose of the properties~~report. Professional services decreased by $10,000 for the nine months ended December 31, 2013 due to the timing of consulting work performed. During the nine months ended December 31, 2013 the Partnership received $20,000 less in reporting fees. Reporting fees can fluctuate from year to year due to the fact that the Local Limited Partnerships pay those fees to the Partnership when the Local Limited Partnerships’ cash flows will allow for the payment.

~~Liquidity~~Financial ~~and Capital Resources~~ Condition

~~Nine Months Ended December 31, 2013 Compared to Nine Months Ended December 31, 2012.~~ The ~~net~~ ~~decrease~~Partnership’s inassets ~~cash~~at ~~during~~June ~~the nine months ended December 31~~30, ~~2013~~2014 ~~was~~consisted ~~$(49,000)~~of ~~compared to a~~ $~~(36~~225,000) ~~decrease~~ in cash ~~for~~and ~~the~~other ~~nine~~assets ~~months ended December 31, 2012. The change was partially due to net payments made for the disposition~~ of ~~the Local Limited Partnership interest during the nine months ended December 31, 2013 compared to net proceeds of~~ $~~139~~2,000. ~~received~~Liabilities ~~during~~at ~~the~~June ~~nine months ended December 31~~30, ~~2012. During the nine~~ ~~months~~2014 ~~ended~~consisted ~~December~~of ~~31, 2013 the Partnership reimbursed~~ $~~(51~~7,000) of operating expenses paid on its behalf to the General Partner or an affiliate compared to $(103,000) reimbursed during the nine months ended December 31, 2012. Additionally, during the nine months ended December 31, 2013 the Partnership paid no accrued ~~asset management~~ fees ~~compared to $(111,000) during the nine months ended December 31, 2012. Each quarter the Partnership evaluates the cash position~~ and ~~determines how much accrued asset management fees and operating~~ expenses ~~reimbursements~~due ~~will be paid~~ to the General Partner orand ~~an affiliate~~affiliates. The Partnership advanced $(7,000) to a Local Limited Partnership during the nine months ended December 31, 2013 compared to $(12,000) advanced during the nine months ended December 31, 2012. The advances vary from period to period based on the needs of the Local Limited Partnerships. During the nine months ended December 31, 2013 the Partnership received $20,000 less in reporting fees as discussed above.

~~Recent~~Results of ~~Accounting Changes~~Operations

InThree Months ~~May~~Ended ~~2011~~June 30, ~~the~~2014 ~~FASB~~Compared ~~issued~~to anThree ~~update~~Months toEnded ~~existing~~June 30, 2013. The Partnership’s net income for the three ~~guidance~~months ~~related~~ended toJune ~~fair~~30, ~~value~~2014 ~~measurements~~was on$4,000, ~~how~~reflecting toan ~~measure~~increase ~~fair~~of ~~value~~$14,000 ~~and~~from ~~what~~the ~~disclosures~~$(10,000) tonet ~~provide~~loss ~~about~~for ~~fair~~the ~~value~~three ~~measurements.~~months ended ~~For~~June ~~fair~~30, ~~value~~2013. ~~measurements~~Legal ~~categorized~~and asaccounting ~~level~~expenses 3decreased by $6,000 afor ~~reporting~~the ~~entity~~three ~~should~~months ~~disclose~~ended ~~quantitative~~June ~~information~~30, of2014 compared to the ~~unobservable~~three ~~inputs~~months ~~and~~ended ~~assumptions~~June 30, a2013. ~~description~~This is due to the timing of the ~~valuation~~accounting ~~processes~~work ~~and~~performed. ~~narrative~~Professional ~~description~~services ofdecreased by $1,000 during the ~~sensitivity~~three ofmonths ~~the~~ended ~~fair~~June ~~value~~ 30, 2014, compared to ~~changes~~the inthree ~~unobservable~~months ~~inputs~~ended June 30, 2013. This ~~update~~ is ~~effective~~due ~~for~~to ~~interim~~the ~~and~~timing ~~annual~~of ~~periods~~the consulting ~~beginning~~work ~~after~~performed. ~~December~~Asset 15management fees decreased by $1,000 ~~2011~~during the three months ended June 30, 2014. The fees are ~~adoption~~calculated based on the value of ~~this~~invested ~~update~~assets, ~~did~~which ~~not~~decreased ~~materially~~due ~~affect~~to the sales of Local Limited Partnerships. For the three months ended June 30, 2014, there was a $1,000 increase in reporting fees. Reporting fees fluctuate each period due to the fact that Local Limited Partnerships pay those fees to the Partnership when the Local Limited Partnerships’s ~~condensed~~cash ~~financial~~flows ~~statements~~will allow for the payment.

4Liquidity and Capital Resources

~~Item~~Three Months 3Ended June 30, 2014 Compared to Three Months Ended June 30, 2013. ~~Quantitative~~The ~~and~~net ~~Qualitative~~decrease ~~Disclosures~~in cash ~~About~~during ~~Market~~the ~~Risks~~three months ended June 30, 2014 was $(2,000) compared to a $(60,000) decrease in cash for the three months ended June 30, 2013. The Partnership reimbursed $(13,000) of operating advances to the General Partner or an affiliate during the three months ended June 30, 2014 compared to $(6,000) reimbursed during the three months ended June 30, 2013. No payments were made to the General Partner or an affiliate for accrued asset management fees during either of the three months ended June 30, 2014 or 2013. During the three months ended June 30, 2014 the Partnership received $1,000 more in reporting fees as discussed above.

~~NOT APPLICABLE~~3

Item 4 2. ~~Controls~~Management’s Discussion and ~~Procedures~~Analysis of Financial Condition and Results of Operations, continued

(a)	Disclosure controls and procedures
	As of the end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Partnership’s disclosure controls and procedures were not effective to ensure that material information required to be disclosed in the Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the SEC’s rules and forms, consistent with the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.
	The Partnership must rely on the Local Limited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports. Factors in the accounting at the Local Limited Partnerships have caused delays in the provision of such information during past reporting periods, and resulted in the Partnership’s inability to file its periodic reports in a timely manner.
	Once the Partnership has received the necessary information from the Local Limited Partnerships, the Chief Executive Officer and the Chief Financial Officer of Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner. Going forward, the Partnership will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic reports.
(b)	Changes in internal controls
	There were no changes in the Partnership’s internal control over financial reporting that occurred during the quarter ended December 31, 2013 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

During the three months ended June 30, 2014, accrued payables, which consist primarily of related party asset management fees and advances due to the General Partner, decreased by $(6,000). The General Partner does not anticipate that these accrued fees and advances will be paid until such time as capital reserves are in excess of foreseeable working capital requirements of the Partnership.

5Item 3. Quantitative and Qualitative Disclosures About Market Risks

Part II.	Other Information
Item 1.	Legal Proceedings
	NONE
Item 1A.	Risk Factors
	No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	NONE
Item 3.	Defaults Upon Senior Securities
	NONE
Item 4.	Mine Safety Disclosures
	NOT APPLICABLE
Item 5	Other Information
	NONE
Item 6.	Exhibits
32.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
32.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)
32.3	Section 1350 Certification of the Chief Executive Officer. (filed herewith)
32.4	Section 1350 Certification of the Chief Financial Officer. (filed herewith)
101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at December 31, 2013 and March 31, 2013, (ii) the Condensed Statements of Operations for the three and nine months ended December 31, 2013 and 2012, (iii) the Condensed Statement of Partners’ Equity (Deficit) for the nine months ended December 31, 2013, (iv) the Condensed Statements of Cash Flows for the nine months ended December 31, 2013 and 2012 and (v) the Notes to Condensed Financial Statements.
	Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

NOT APPLICABLE

6Item 4. Controls and Procedures

~~SIGNATURE~~(a) Disclosure controls and procedures

~~Pursuant~~As toof the ~~requirements~~end of the period covered by this report, the Partnership’s General Partner, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer of Associates, carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in Securities Exchange Act of 1934 Rule 13a-15 and 15d-15. Based on that evaluation, the ~~registrant~~Chief ~~has~~Executive ~~duly~~Officer ~~caused~~and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Partnership’s disclosure controls and procedures were not effective to ensure that material information required to be ~~signed~~disclosed onin ~~its~~the ~~behalf~~Partnership’s periodic report filings with SEC is recorded, processed, summarized and reported within the time period specified by the ~~undersigned~~SEC’s rules and forms, ~~thereunto~~consistent ~~duly~~with ~~authorized~~the definition of “disclosure controls and procedures” under the Securities Exchange Act of 1934.

~~WNC~~The Partnership ~~HOUSING~~must ~~TAX~~rely ~~CREDIT~~on ~~FUND~~the ~~IV,~~Local LLimited Partnerships to provide the Partnership with certain information necessary to the timely filing of the Partnership’s periodic reports.P. Factors in the accounting at the Local Limited Partnerships have caused delays in the provision of such information during past reporting periods, ~~SERIES~~and 1resulted in the Partnership’s inability to file its periodic reports in a timely manner.

~~By:~~Once the ~~WNC~~Partnership ~~Tax~~has ~~Credit~~received ~~Partners~~the IVnecessary information from the Local Limited Partnerships, Lthe Chief Executive Officer and the Chief Financial Officer of Associates believe that the material information required to be disclosed in the Partnership’s periodic report filings with SEC is effectively recorded, processed, summarized and reported, albeit not in a timely manner.P. ~~General~~Going forward, ~~Partner~~the Partnership will use the means reasonably within its power to impose procedures designed to obtain from the Local Limited Partnerships the information necessary to the timely filing of the Partnership’s periodic reports.

~~By:~~(b) ~~WNC~~Changes &in ~~ASSOCIATES,~~internal ~~INC. General Partner of WNC Tax Credit Partners IV, L.P.~~controls

~~By:~~There were /no changes in the Partnership’s/ ~~Wilfred~~internal N.control ~~Cooper,~~over Jrfinancial ~~Wilfred~~reporting N.that ~~Cooper~~occurred during the quarter ended June 30, ~~Jr.~~2014 ~~President~~that ~~and~~materially ~~Chief~~affected, ~~Executive~~or ~~Officer~~are ofreasonably ~~WNC~~likely &to ~~Associates~~materially affect, ~~Inc~~the Partnership’s internal control over financial reporting.

~~Date: February 11, 2014~~ 4

By: /s/ Melanie R. Wenk Melanie R. Wenk Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Part II.	Other Information

Item 1.	Legal Proceedings

	NONE

Item 1A.	Risk Factors

	No material changes in risk factors as previously disclosed in the Partnership’s Form 10-K.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	NONE
Item 3.	Defaults Upon Senior Securities

	NONE

Item 4.	Mine Safety Disclosures

	NOT APPLICABLE

Item 5.	Other Information

	NONE

Item 6.	Exhibits

~~Date:~~31.1 Certification ~~February~~of 11the Chief Executive Officer pursuant to Rule 13a-14 or 15d-14, ~~2014~~ as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

731.2 Certification of the Chief Financial Officer pursuant to Rule 13a-14 or 15d-14, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002. (filed herewith)

32.1 Section 1350 Certification of the Chief Executive Officer. (filed herewith)

32.2 Section 1350 Certification of the Chief Financial Officer. (filed herewith)

101	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Balance Sheets at June 30, 2014 and March 31, 2014, (ii) the Condensed Statements of Operations for the three-month periods ended June 30, 2014 and June 30, 2013, (iii) the Condensed Statement of Partners’ Equity (Deficit) for the three months ended June 30, 2014, (iv) the Condensed Statements of Cash Flows for the three months ended June 30, 2014 and June 30, 2013 and (v) the Notes to Condensed Financial Statements.

	Exhibits 32.1, 32.2 and 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.

SIGNATURES

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

WNC HOUSING TAX CREDIT FUND IV, L.P., SERIES 1

By:	WNC Tax Credit Partners IV, L.P. General Partner

By:	WNC & ASSOCIATES, INC. General Partner of WNC Tax Credit Partners IV, L.P.

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

Date:	August 12, 2014

By:	/s/ Melanie R. Wenk
	Melanie R. Wenk
	Vice-President - Chief Financial Officer of WNC & Associates, Inc.

Date:	August 12, 2014

Filing Compare · WNC HOUSING TAX CREDIT FUND IV L P SERIES 1