UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             -----------------------

                                    FORM 10-Q
                   Quarterly Report Under Section 13 or 15(d)
              of the United States Securities Exchange Act of 1934

                             -----------------------


For The Quarter Ended June 30, 1996                 Commission File No. 33-18859


                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
             (Exact name of registrant as specified in its charter)


         Massachusetts                                                04-2985041
(State or other jurisdiction of                                 (I.R.S. Employer
incorporation or organization)                               Identification No.)


    One Financial Center, 21st Floor, Boston, MA                           02111
(Address of principal executive offices)                              (Zip Code)


Registrant's telephone number, including area code                (617) 482-8000

                           --------------------------


                                 Not Applicable
              (Former name, former address and former fiscal year,
                          if changed since last report)

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 ___

                             There are no Exhibits.

                                  Page 1 of 14






                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)


                                    INDEX                                                                            Page No.

                                                                                                               
Part I.       FINANCIAL INFORMATION

              Financial Statements

                    Balance Sheets as of June 30, 1996 and December 31, 1995                                              3

                    Statements of Operations For the Quarters Ended
                          June 30, 1996 and 1995 and For the Six Months Ended
                          June 30, 1996 and 1995                                                                          4

                    Statements of Cash Flows For the Six Months Ended
                          June 30, 1996 and 1995                                                                          5

                    Notes to Financial Statements                                                                     6 - 8

              Management's Discussion and Analysis of Financial Condition
                    and Results of Operations                                                                        9 - 11

              Computer Equipment Portfolio                                                                               12

Part II.      OTHER INFORMATION

              Items 1 - 6                                                                                                13

              Signature                                                                                                  14








                          PART I. FINANCIAL INFORMATION

                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                                 Balance Sheets

                                     Assets                                         (Unaudited)              (Audited)
                                                                                      6/30/96                 12/31/95

                                                                                                                
Investment property, at cost (note 3):
   Computer equipment                                                            $      5,914,285        $      7,388,216
     Less accumulated depreciation                                                      4,505,539               5,674,559
                                                                                 ----------------        ----------------
       Investment property, net                                                         1,408,746               1,713,657

Cash and cash equivalents                                                                 143,305                 336,360
Rents receivable, net (note 2)                                                             78,070                 125,765
Account receivable - affiliates (note 4)                                                    1,940                  43,054
Sales receivable, net (note 2)                                                                  -                  16,069
Marketable securities (note 7)                                                              4,097                   4,644
                                                                                 ----------------        ----------------

     Total assets                                                                $      1,636,158        $      2,239,549
                                                                                 ================        ================

                        Liabilities and Partners' Equity
Liabilities:
   Current portion of long-term debt (note 6)                                    $        556,258        $        491,254
   Notes payable - affiliate (notes 4 and 5)                                              124,147                       -
   Accounts payable and accrued expenses - affiliates (note 4)                            104,124                 420,457
   Accounts payable and accrued expenses                                                  246,796                 237,953
   Unearned rental revenue                                                                 15,970                  27,685
   Long-term debt, less current portion (note 6)                                          322,987                 469,249
                                                                                 ----------------        ----------------

     Total liabilities                                                                  1,370,282               1,646,598
                                                                                 ----------------        ----------------

Partners' equity:
   General Partner:
     Capital contribution                                                                   1,000                   1,000
     Cumulative net income                                                                479,530                 476,748
     Cumulative cash distributions                                                       (602,743)               (588,414)
     Unrealized losses on marketable securities (note 7)                                      (14)                     (8)
                                                                                 ----------------        ----------------
                                                                                         (122,227)               (110,674)
                                                                                 ----------------        ----------------
   Limited Partners (27,226 units):
     Capital contribution, net of offering costs                                       12,148,459              12,148,459
     Cumulative net loss                                                                 (288,232)               (245,511)
     Cumulative cash distributions                                                    (11,470,772)            (11,198,512)
     Unrealized losses on marketable securities (note 7)                                   (1,352)                   (811)
                                                                                 ----------------        ----------------
                                                                                          388,103                 703,625
                                                                                 ----------------        ----------------
     Total partners' equity                                                               265,876                 592,951
                                                                                 ----------------        ----------------

     Total liabilities and partners' equity                                      $      1,636,158        $      2,239,549
                                                                                 ================        ================


                 See accompanying notes to financial statements.







                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                            Statements of Operations
                                   (Unaudited)

                                                     Quarters Ended                         Six Months Ended
                                                        June 30,                                June 30,
                                           --------------------------------       ----------------------------------
                                                 1996              1995                1996                1995
                                           --------------------------------       ----------------------------------

                                                                                                     
Revenue:
   Rental income                           $     375,727     $      430,266       $      832,863     $       897,719
   Interest income                                 1,306              4,368                2,755              14,844
   Net gain on sale of equipment                   2,081              3,336                3,221               1,516
   Recovery of unsecured
     pre-petition claim                                -              4,610                    -               4,610
                                           -------------     --------------       --------------     ---------------

       Total revenue                             379,114            442,580              838,839             918,689
                                           -------------     --------------       --------------     ---------------

Costs and expenses:
   Depreciation                                  281,337            413,345              684,446             807,305
   Interest                                       22,854             10,447               46,203              23,011
   Related party expenses (note 4):
     Management fees                              36,936             23,693               64,957              52,097
     General and administrative                   40,302             31,571               76,978              63,700
   Provision for doubtful accounts                 6,194                566                6,194               3,666
                                           -------------     --------------       --------------     ---------------

       Total costs and expenses                  387,623            479,622              878,778             949,779
                                           -------------     --------------       --------------     ---------------

Net loss                                   $      (8,509)    $      (37,042)      $      (39,939)    $       (31,090)
                                           =============     ==============       ==============     ===============

Net loss per Limited
   Partnership Unit                        $       (0.39)    $        (1.61)      $        (1.57)    $         (2.57)
                                           =============     ==============       ==============     ===============


                 See accompanying notes to financial statements.







                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                            Statements of Cash Flows
                 For the Six Months Ended June 30, 1996 and 1995
                                   (Unaudited)

                                                                                           1996                      1995
                                                                                           ----                      ----

                                                                                                                     
Cash flows from operating activities:
   Net loss                                                                          $      (39,939)          $       (31,090)
                                                                                     --------------           ---------------

   Adjustments  to  reconcile  net  loss  to  net  cash
     provided  by  operating  activities:
       Depreciation                                                                         684,446                   807,305
       Provision for doubtful accounts                                                        6,194                     3,666
       Net gain on sale of equipment                                                         (3,221)                   (1,516)
       Net decrease in current assets                                                        98,684                    61,818
       Net decrease in current liabilities                                                 (319,205)                  (80,287)
                                                                                     --------------           ---------------

         Total adjustments                                                                  466,898                   790,986
                                                                                     --------------           ---------------

         Net cash provided by operating activities                                          426,959                   759,896
                                                                                     --------------           ---------------

Cash flows from investing activities:
   Purchase of investment property                                                         (506,622)                 (899,234)
   Proceeds from sales of investment property                                               130,308                   224,650
                                                                                     --------------           ---------------

         Net cash used in investing activities                                             (376,314)                 (674,584)
                                                                                     --------------           ---------------

Cash flows from financing activities:
   Proceeds from borrowing on notes payable                                                 124,147                         -
   Proceeds from borrowing on long-term debt                                                      -                   344,520
   Principal payments on long-term debt                                                     (81,258)                 (181,903)
   Cash distributions to partners                                                          (286,589)                 (630,496)
                                                                                     --------------           ---------------

         Net cash used in financing activities                                             (243,700)                 (467,879)
                                                                                     --------------           ---------------

Net decrease in cash and cash equivalents                                                  (193,055)                 (382,567)

Cash and cash equivalents at beginning of period                                            336,360                   843,110
                                                                                     --------------           ---------------

Cash and cash equivalents at end of period                                           $      143,305           $       460,543
                                                                                     ==============           ===============

Supplemental cash flow information:
   Interest paid during the period                                                   $       40,324           $        24,088
                                                                                     ==============           ===============


                 See accompanying notes to financial statements.





                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                          Notes to Financial Statements
            For the Six Months Ended June 30, 1996 and June 30, 1995
                                   (Unaudited)

(1)   Organization and Partnership Matters

The foregoing financial statements of Wellesley Lease Income Limited Partnership
IV (the  "Partnership")  have been  prepared  in  accordance  with the rules and
regulations of the Securities and Exchange  Commission for Form 10-Q and reflect
all  adjustments  which are, in the opinion of management,  necessary for a fair
presentation of the results for the interim periods presented.  Pursuant to such
rules and  regulations,  certain note  disclosures  which are normally  required
under  generally  accepted  accounting  principles  have  been  omitted.  It  is
recommended  that these  financial  statements be read in  conjunction  with the
Partnership's Annual Report on Form 10-K for the year ended December 31, 1995.

(2)   Significant Accounting Policies

Allowance for Doubtful Accounts

The financial  statements  include allowances for estimated losses on receivable
balances.  The  allowances  for  doubtful  accounts  are based on past write off
experience  and an evaluation  of potential  uncollectible  accounts  within the
current  receivable  balances.  Receivable  balances  which are determined to be
uncollectible  are charged against the allowance and subsequent  recoveries,  if
any, are credited to the allowance.  At June 30, 1996 and December 31, 1995, the
allowance  for  doubtful  accounts  included in rents  receivable  was  $34,889,
respectively.  The allowance for doubtful  accounts included in sales receivable
was $11,100 and $4,906 at June 30, 1996 and December 31, 1995, respectively.

(3)   Investment Property

At June 30, 1996, the Partnership owned computer  equipment with a cost basis of
$4,965,441,  subject  to  existing  leases  and  equipment  with a cost basis of
$948,844 in  inventory,  awaiting  re-lease or sale.  All  purchases of computer
equipment are subject to a 3% acquisition fee paid to the General Partner.





                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                          Notes to Financial Statements
            For the Six Months Ended June 30, 1996 and June 30, 1995
                                   (Unaudited)

(4)   Related Party Transactions

Fees,  commissions  and other expenses paid or accrued by the Partnership to the
General  Partner or affiliates  of the General  Partner for the six months ended
June 30, 1996 and 1995 are as follows:



                                                      1996              1995
                                                      ----              ----

                                                                        
Equipment acquisition fees                        $     14,756       $     26,191
Management fees                                         64,957             52,097
Reimbursable expenses paid                              82,964             62,211
                                                  ------------       ------------

                                                  $    162,677       $    140,499
                                                  ============       ============


Under the terms of the Partnership Agreement, the General Partner is entitled to
an equipment acquisition fee of 3% of the purchase price paid by the Partnership
for the  equipment.  The General  Partner is also  entitled to a management  fee
equal to 7% of the monthly  rental  billings.  The  Partnership  reimburses  the
General  Partner and its  affiliates  for certain  expenses  incurred by them in
connection with the operation of the Partnership.

(5)   Notes Payable - Affiliate

Notes  payable - affiliate  at June 30,  1996,  consists  of three  non-recourse
promissory  notes payable to TLP Leasing  Programs,  Inc. in the total amount of
$124,147,  bearing interest at the rate of 8.75%.  TLP Leasing Program,  Inc. is
one of the corporate  general  partners of Wellesley  Leasing  Partnership,  the
General Partner of the Partnership. The notes payable matures in 1996.

(6)   Long-term Debt

Long-term  debt at June 30, 1996  consisted of two loans  totaling  $18,070 from
Randolph  Computer  Company,  each  bearing  interest at 6.00%,  one loan in the
amount of $219,480  from Pioneer  Bank and Trust  Company,  bearing  interest at
8.15%,  two loans  totaling  $393,738  from Pullman  Capital  Corporation,  each
bearing interest at 8.00%, and three loans totaling  $247,957 from Liberty Bank,
each  bearing  interest  at  8.125%.  The  total  outstanding  debt  balance  is
collateralized by equipment with a net book value of $1,100,614,  and assignment
of the related leases.

The annual maturities of long-term debt for the next three years are as follows:

         Year Ending December 31,

                           1996                      $     288,071
                           1997                            437,438
                           1998                            153,736
                                                     -------------

                                                     $     879,245
                                                     =============




                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                          Notes to Financial Statements
            For the Six Months Ended June 30, 1996 and June 30, 1995
                                   (Unaudited)

(7)   Fair Values of Financial Instruments

Pursuant to Statement of Financial Accounting Standards No. 115, "Accounting for
Certain Investments in Debt and Equity  Securities," which requires  investments
in debt and equity  securities  other than those  accounted for under the equity
method  to be  carried  at fair  value or  amortized  cost  for debt  securities
expected to be held to maturity,  the Partnership has classified its investments
in equity  securities as available  for sale.  Accordingly,  the net  unrealized
gains and losses computed in marking these  securities to market are reported as
a component of partners'  equity.  At June 30, 1996 the  difference  between the
fair  value and the cost  basis of these  securities  is an  unrealized  loss of
$1,366.

The fair value is based on currently  quoted market  prices.  The cost basis and
estimated fair value of the Partnership's marketable securities at June 30, 1996
and December 31, 1995, respectively, are as follows:



                                                                            June 30, 1996               December 31, 1995
                                                                       ------------------------     --------------------------

                                                                       Cost           Fair          Cost               Fair
                                                                       Basis          Value         Basis              Value


                                                                                                               
Investment in Continental Information
     Systems Corporation Stock                                         $ 5,463        $ 4,097       $ 5,463            $ 4,644
                                                                       =======        =======       =======            =======







                     WELLESLEY INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations
                                   (Unaudited)

Results of Operations

The following discussion relates to the Partnership's operations for the quarter
and six month periods ended June 30, 1996 compared to the same periods in 1995.

The  Partnership  realized a net loss of $8,509 and $37,042 for the three months
ended June 30, 1996 and 1995,  respectively.  Rental income decreased by $54,539
or 13% between the three month  periods.  The decrease is primarily due to lower
rental rates obtained on equipment lease extensions and  remarketings  resulting
after the initial  lease term  expires and due to a net  decrease in the overall
size of the equipment  portfolio.  Interest income  decreased as result of lower
average  short-term  investment  balances  held during the  current  three month
period.  The recovery of the unsecured  pre-petition claim for the quarter ended
June 30, 1995, was the result of the  establishment of the carrying value of the
stock  received in the  December 27, 1994  distribution  from the Trustee of the
Liquidating  Estate of CIS Corporation,  et al. The receivables  associated with
the stock settlement had been fully reserved in a prior year;  accordingly,  the
Partnership was able to show a recovery on those receivables as of June 30, 1995
at which time an objective  stock value could be  determined  due to the stock's
trading activities.

Total  costs and  expenses  decreased  $91,999 or 19%  between  the three  month
periods.  The decrease in costs and  expenses is  primarily  the result of lower
depreciation expense. The decrease in depreciation expense of $132,008 or 32% is
due  to  a  large  portion  of  the  equipment  portfolio  having  become  fully
depreciated  and a net reduction in the overall  equipment  portfolio.  Interest
expense  increased  significantly  as a result of the current quarter receipt of
the notes payable - affiliate and the  continued  paydown of the existing  debt.
Management  fees  increased  $13,243 or 56% due to the  increased  collection of
delinquent rent receivables in the current quarter.  General and  administrative
expenses  increased  $8,731  or 28% in  the  current  quarter.  A  major  factor
contributing  to the increase is that  salaries and expenses of the  partnership
accounting  and  reporting  personnel,   of  the  General  Partner,   which  are
reimbursable by the various  partnerships  under  management are being allocated
over a diminishing number of partnerships.  A provision for doubtful accounts of
$6,194 was established to reserve  against  delinquent  rents  receivable in the
current quarter.

The  Partnership  realized a net loss of $39,939  and  $31,090 for the six month
periods  ended June 30, 1996 and 1995,  respectively.  Rental  income  decreased
$64,856 or 7%. As  discussed  in the quarter  analysis  above,  the  decrease in
rental income is primarily due to lower rental rates obtained on equipment lease
extensions and remarketings and due to a net reduction in the overall  equipment
portfolio. Interest income decreased significantly between the six month periods
as a result of lower  average  short-term  balances  held during the current six
month  period.  Equipment  acquisitions  totaled  $506,622 in the current  year,
reducing the cash  balance held by the  Partnership.  As  mentioned  above,  the
recovery  of the  unsecured  pre-petition  claim in 1995 was the  result  of the
establishment  of the carrying  value of the stock  received in the December 27,
1994 distribution from the Trustee of the Liquidating Estate of CIS Corporation,
et al.  The  receivables  associated  with the stock  settlement  had been fully
reserved  in a prior  year;  accordingly,  the  Partnership  was  able to show a
recovery on those  receivables  as of June 30,  1995 at which time an  objective
stock value could be determined due to the stock's trading activities.






                     WELLESLEY INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations
                                   (Unaudited)

Total  costs  and  expenses  decreased  $71,001  or  7% between  the  six  month
periods.  The decrease in costs and  expenses is  primarily  the result of lower
depreciation  expense. As discussed above, the decrease in depreciation  expense
of $122,859 or 15% is due to a large portion of the equipment portfolio becoming
fully  depreciated  and a net  reduction  in the  overall  equipment  portfolio.
Interest expense increased significantly due to the Partnership's receipt of the
$124,147  notes  payable  -  affiliate  in the  second  quarter  of 1996 and the
continued  paydown of its existing  long-term  debt. As discussed in the quarter
analysis  above,  the  Partnership  established a $6,194  provision for doubtful
accounts in 1996 to reserve against delinquent rents receivable. Management fees
increased  $12,860 or 25% due to the increased  collection  of  delinquent  rent
receivables in 1996.  General and  administrative  expenses increased $13,278 or
21% in the current  quarter as the  salaries  and  expenses  of the  partnership
accounting  and  reporting  personnel,   of  the  General  Partner,   which  are
reimbursable by the various  partnerships  under  management are being allocated
over a diminishing number of partnerships.

The Partnership  recorded a net loss per Limited  Partnership  Unit of $0.39 and
$1.61 for the  quarters  ended June 30, 1996 and 1995,  respectively,  and a net
loss of $1.57  and  $2.57  for the six  months  ended  June 30,  1996 and  1995,
respectively.  The  allocation  for the six months ended June 30, 1996 and 1995,
respectively,  includes a cost recovery  allocation of profit and loss among the
General and Limited  Partners  which results in an allocation of net loss to the
Limited Partners.  This cost recovery allocation is required to maintain capital
accounts  consistent  with  the  distribution   provisions  of  the  Partnership
Agreement.  In certain periods,  the cost recovery of profit and loss may result
in an  allocation  of net loss to the  Limited  Partners in  instances  when the
Partnership's operations were profitable for the period.

Liquidity and Capital Resources

For the six months ended June 30, 1996,  rental revenue generated from operating
leases was the primary source of funds for the Partnership.  As equipment leases
terminate,  the General Partner  determines if the equipment will be extended to
the same lessee,  remarketed  to another  lessee,  or if it is less  marketable,
sold. This decision is made upon analyzing which options would generate the most
favorable results.

Rental income will continue to decrease due to two factors.  The first factor is
the lower rate  obtained  due to the  remarketing  of  existing  equipment  upon
expiration of the original leases.  Typically the remarketed rates are lower due
to the decrease in useful life of the equipment. Secondly, the increasing change
of technology in the computer  industry  usually  decreases the demand for older
equipment,  thus  increasing  the  possibility  of  obsolescence.  Both of these
factors together will cause remarketed rates to be lower than original rates and
will cause certain leases to terminate upon expiration.  This decrease  however,
should  not  affect  the   Partnership's   ability  to  meet  its  future   cash
requirements,  including  its  long-term  debt and  notes  payable  -  affiliate
obligations. To the extent that future cash flows should be insufficient to meet
the Partnership's operating expenses and liabilities,  additional funds could be
obtained  through  the sale of  equipment,  or a  reduction  in the rate of cash
distributions.   Future  rental revenues  amount  to $2,328,721 and  are  to  be
received over the next six years.






                     WELLESLEY INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations
                                   (Unaudited)

The  Partnership's  investing  activities  resulted in  equipment  purchases  of
$506,622  and sales of  equipment  with a  depreciated  cost basis of  $127,087,
generating  $130,308 in sales proceeds.  The Partnership has no material capital
expenditure  commitments  and will not  purchase  equipment in the future as the
Partnership has reached the end of its reinvestment period.

The  Partnership's  financing  activities  during the  quarter  resulted  in the
paydown on long-term  debt of $81,258.  Such long-term debt bears interest rates
ranging from 6.00% to 8.15% with  installments  to be paid  monthly.  Total debt
assumed by the Partnership  from inception is $14,270,105,  for a total leverage
of 43%. The Partnership also received $124,147 in cash proceeds from the receipt
of three notes  payable - affiliate.  The notes  payable  each bear  interest at
8.75% and mature in 1996.

Cash  distributions  are  currently  at  an  annual  level  of  2%  per  Limited
Partnership Unit or $2.50 per Limited Partnership Unit on a quarterly basis. For
the quarter ended June 30, 1996, the Partnership declared a cash distribution of
$71,647,  of which $3,582 was  allocated to the General  Partner and $68,065 was
allocated to the Limited  Partners.  The distribution will be made on August 29,
1996. The  Partnership's  distribution  rate dropped  significantly in 1996 from
those paid in 1995, due to the large amount of equipment  purchases in 1996, for
which there existed firm purchase  commitments in 1995. Since the  Partnership's
reinvestment  period  ended on December  31,  1995,  the General  Partner made a
concerted effort to purchase as many equipment leases as possible to sustain the
Partnership in future years. The effort resulted in significant  equipment lease
acquisitions  with a resulting  reduction  in cash  available  for  distribution
purposes.  All future cash received will be used to cover operating expenses and
to make cash distributions to the Partners.

On  January 9, 1996,  TLP  Holding  LLC  purchased  all the common  stock of TLP
Leasing  Programs,  Inc.  from CMI Holding Co.  Under the new  ownership,  it is
expected  that TLP Leasing  Programs,  Inc. will continue to operate in the same
manner of business as it has in the past.





                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)

                    Computer Equipment Portfolio (Unaudited)
                                  June 30, 1996

Lessee

American  Freightways,  Incorporated  American  Telephone and Telegraph Company,
Incorporated  Bassin  Distributors,  Incorporated Blue Cross of Western New York
Burroughs  Welcome Company,  Incorporated  Carr  Separations,  Incorporated Case
Corporation  Chrysler  Corporation  Cincinnati Gas & Electric Company  Comdisco,
Incorporated  Coulter  Corporation  Cybersmith,  Incorporated Dave's Custom Caps
Delphi  Internet,  Incorporated  FAX  International,   Incorporated  Halliburton
Company H.J. Meyer Company,  Incorporated Hughes Aircraft Company,  Incorporated
Internet Access Company,  Incorporated  J. Walter Thompson  Company  Mastercard,
Incorporated  ON  Technology  Corporation  Sero Company,  Incorporated  Sports &
Recreation, Incorporated



Equipment Description                       Acquisition Price

                                                       
Computer peripherals                         $      2,602,285
Processors & upgrades                               1,596,857
Telecommunications                                    414,000
Other                                               1,301,143
                                             ----------------

                                             $      5,914,285
                                             ================







                           PART II. OTHER INFORMATION

                  WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
                      (A Massachusetts Limited Partnership)


            
Item 1.        Legal Proceedings
               Response:  None

Item 2.        Changes in the Rights of the Partnership's Security Holders
               Response:  None

Item 3.        Defaults by the Partnership on its Senior Securities
               Response:  None

Item 4.        Results of Votes of Security Holders
               Response:  None

Item 5.        Other Information
               Response:  None

Item 6.        Exhibits and Reports on Form 8-K
               Response:

               A.  None

               B.  None






                                    SIGNATURE

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.

WELLESLEY LEASE INCOME LIMITED PARTNERSHIP IV
(Registrant)

By:    Wellesley Leasing Partnership,
       its General Partner

By:    TLP Leasing Programs, Inc.,
       one of its Corporate General Partners


Date:  August 14, 1996

By:    Arthur P. Beecher,
       President