Interim Management Statement
             



Downing Protected VCT IV plc
Interim Management Statement for the three months ended 29 February
2008

In accordance with Rule 4.3 of the Disclosure and Transparency  Rules
of the UK Listing Authority, Downing Protected VCT IV plc presents an
Interim Management  Statement for  the three  month period  ended  29
February 2008.    The  statement  also  includes  relevant  financial
information between  the end  of  the period  and  the date  of  this
statement.


Dividends paid or declared in the period
On 20 February 2008,  the Company declared a  final dividend of  2.5p
per Ordinary share to be paid (subject to Shareholder approval) on 25
April 2008 to shareholders on the register at 7 March 2008.


Performance


                          29 February  30 November 31 May 30 November
                                 2008         2007   2007        2006
                                Pence        Pence  Pence       Pence
Net Asset Value ("NAV")          97.9         97.0   95.6        95.7
Cumulative Dividends              1.0          1.0    1.0           -
Total Return *                   98.9         98.0   96.6        95.7
* (NAV plus cumulative dividends paid since
launch)



Investment portfolio summary at 29 February 2008

                                                            Valuation
                                                             movement
                                        Cost   Valuation    in period
                                       �'000       �'000        �'000
VCT qualifying investments
Cadbury House Limited                  3,000       3,000            -
Heyford Contracting (South) Limited    2,000       2,000            -
Hoole Hall Country Club Ltd            1,625       1,625            -
Richstone Contracting Limited          1,592       1,592            -
The Really Fine Leisure Company        1,100       1,100            -
Limited
Heyford Contracting (North) Limited    1,038       1,038            -
Nu Nu plc                              1,000       1,000            -
West Tower Holdings Limited            1,000       1,000            -
Future Films Production Services         825         825            -
Limited

                                      13,180      13,180            -
Non-qualifying investments
Hoole Hall Hotel Ltd                   1,250       1,250
Vermont Development Ltd                1,000       1,000            -
Aminghurst Limited                       992         992            -
The New Swan Holding Company Limited     750         750
Cymbal Contracting Limited               650         650
Bowman Care Homes Limited                600         600            -
Gatewales Limited                        500         500            -
Property Solutions Ltd                   500         500            -
Heyford Homes VCT Ltd                    300         300            -
Sanguine Hospitality Ltd                 243         243            -
Coastal Partnerships Limited              75          75            -
                                       6,860       6,860
Listed fixed income securities
Merrill Lynch 5.125%                     497         478          (1)

                                      20,537      20,518          (1)




Investment additions during the 3 months ended 29 February 2008


                                      Cost
                                     �'000

Hoole Hall Hotel Limited             1,250
West Tower Holdings Limited          1,000
The New Swan Holding Company Limited   750
Cymbal Contracting Limited             650
Hoole Hall Country Club Ltd            250

                                     3,900



Investment disposals during the 3 months ended 29 February 2008


                       Market value           Gain/(loss)       Total
                                 at  Disposal     against    realised
                  Cost   1 December  proceeds        cost gain/(loss)
                               2007
                 �'000        �'000     �'000       �'000       �'000
Listed fixed
income
securities
 disposals
Bank of Ireland
4.75%              496          491       490         (6)         (1)
ASIF III
 (Jersey) Ltd
5.625%             504          493       495         (9)           2
HSBC Finance
Corp 6.125%        513          494       497        (16)           3
Metropolitan
Life 5.25%         501          493       495         (6)           2
ING 4.75%          492          490       492           -           2
John Hancock
6.625%             521          507       505        (16)         (2)
Toyota 5.25%       502          498       502           -           4
                 3,529        3,466     3,476        (53)          10

VCT investments
disposals
Calthorpe Street
Limited            113          113       125          12          12
Heyford Homes
Limited            300          300       300           -           -
Sanguine
Hospitality
Limited              7            7        15           8           8
                   420          420       420          20          20

                 3,949        3,886     3,896        (33)          30



Changes to share capital
There have been no changes to the share capital during the period


Material events
Other than described above, there were no material events during  the
period from 1 December 2007 to 29 February 2008 or in the period from
1 March 2008 to the date of this announcement.

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