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 June 30, 2000
                               -------------
                                      OR
     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 0-15648
                       -------

                      BALCOR EQUITY PENSION INVESTORS-IV
                       A REAL ESTATE LIMITED PARTNERSHIP
            -------------------------------------------------------
            (Exact name of registrant as specified in its charter)

          Illinois                                      36-3447130
-------------------------------                     -------------------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                      Identification No.)

2333 Waukegan Road, Suite 100
Bannockburn, Illinois                                     60015
----------------------------------------            -------------------
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code (847) 267-1600
                                                   --------------

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
    -----     -----

                    BALCOR EQUITY PENSION INVESTORS - IV
                      A REAL ESTATE LIMITED PARTNERSHIP
                      (An Illinois Limited Partnership)

                               BALANCE SHEETS
                     June 30, 2000 and December 31, 1999
                                 (Unaudited)

                                   ASSETS

                                            2000               1999
                                         -----------        -----------
Cash and cash equivalents                $1,392,309         $1,605,938
Accounts and accrued interest receivable      7,076              7,676
                                         -----------        -----------
                                         $1,399,385         $1,613,614
                                         ===========        ===========


                      LIABILITIES AND PARTNERS' CAPITAL


Accounts payable                         $   56,400         $  120,757
Due to affiliates                             7,643            114,429
                                         -----------        -----------
    Total liabilities                        64,043            235,186
                                         -----------        -----------
Commitments and contingencies

Limited Partners' capital (185,486
  Interests issued and outstanding)       1,727,027          1,727,027

General Partner's deficit                  (391,685)          (348,599)
                                         -----------        -----------
    Total partners' capital               1,335,342          1,378,428
                                         -----------        -----------
                                         $1,399,385         $1,613,614
                                         ===========        ===========

The accompanying notes are an integral part of the financial statements.

                    BALCOR EQUITY PENSION INVESTORS - IV
                     A REAL ESTATE LIMITED PARTNERSHIP
                     (An Illinois Limited Partnership)

                     STATEMENTS OF INCOME AND EXPENSES
              for the six months ended June 30, 2000 and 1999
                                (Unaudited)


                                                        2000        1999
                                                     ----------- -----------
Income:
  Interest on short-term investments                 $   42,133  $   67,781
  Settlement income                                                 107,996
  Other income                                            4,417       5,266
                                                     ----------- -----------
    Total income                                         46,550     181,043
                                                     ----------- -----------
Expenses:
  Administrative                                         89,636     141,020
                                                     ----------- -----------
    Total expenses                                       89,636     141,020
                                                     ----------- -----------
Net (loss) income                                    $  (43,086) $   40,023
                                                     =========== ===========
Net (loss) income allocated to
  General Partner                                    $  (43,086)       None
                                                     =========== ===========
Net (loss) income allocated to
  Limited Partners                                         None  $   40,023
                                                     =========== ===========
Net (loss) income per Limited Partnership
  Interest (185,486 issued and oustanding)
  - Basic and Diluted                                      None  $     0.22
                                                     =========== ===========
Distribution to General Partner                            None  $   50,081
                                                     =========== ===========
Distribution to Limited Partners                           None  $3,804,852
                                                     =========== ===========
Distribution per Limited Partnership
  Interest:

The accompanying notes are an integral part of the financial statements.

                     BALCOR EQUITY PENSION INVESTORS - IV
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (An Illinois Limited Partnership)

                        STATEMENTS OF INCOME AND EXPENSES
                 for the six months ended June 30, 2000 and 1999
                                  (Unaudited)
                                  (Continued)

                                                        2000         1999
                                                     ----------- -----------
  Taxable                                                 None   $    20.54
                                                     =========== ===========
  Tax-exempt                                              None   $    20.51
                                                     =========== ===========

The accompanying notes are an integral part of the financial statements.

                    BALCOR EQUITY PENSION INVESTORS - IV
                     A REAL ESTATE LIMITED PARTNERSHIP
                     (An Illinois Limited Partnership)

                     STATEMENTS OF INCOME AND EXPENSES
               for the quarters ended June 30, 2000 and 1999
                                (Unaudited)


                                                        2000        1999
                                                     ----------- -----------
Income:
  Interest on short-term investments                 $   21,238  $   20,091
  Other income                                            4,417       5,266
                                                     ----------- -----------
    Total income                                         25,655      25,357
                                                     ----------- -----------
Expenses:
  Administrative                                         33,639      52,716
                                                     ----------- -----------
    Total expenses                                       33,639      52,716
                                                     ----------- -----------
Net loss                                             $   (7,984) $  (27,359)
                                                     =========== ===========
Net loss allocated to General Partner                $   (7,984)       None
                                                     =========== ===========
Net loss allocated to Limited Partners                     None  $  (27,359)
                                                     =========== ===========
Net loss per Limited Partnership Interest
  (185,486 issued and oustanding)
  - Basic and Diluted                                      None  $    (0.14)
                                                     =========== ===========

The accompanying notes are an integral part of the financial statements.

                    BALCOR EQUITY PENSION INVESTORS - IV
                     A REAL ESTATE LIMITED PARTNERSHIP
                     (An Illinois Limited Partnership)

                          STATEMENTS OF CASH FLOWS
              for the six months ended June 30, 2000 and 1999
                                (Unaudited)

                                                        2000        1999
                                                     ----------- -----------
Operating activities:
  Net (loss) income                                  $  (43,086) $   40,023
  Adjustments to reconcile net (loss)
    income to net cash used in operating
    activities:
      Net change in:
        Accounts and accrued interest
          receivable                                        600      10,902
        Accounts payable                                (64,357)   (120,296)
        Due to affiliates                              (106,786)     27,423
                                                     ----------- -----------
  Net cash used in operating activities                (213,629)    (41,948)
                                                     ----------- -----------
Investing activity:
  Release of escrow in connection with
    sale of property                                                 46,000
                                                                 -----------
  Cash provided by investing activity                                46,000
                                                                 -----------
Financing activities:
  Distribution to Limited Partners                               (3,804,852)
  Distribution to General Partner                                   (50,081)
                                                                 -----------
  Cash used in financing activities                              (3,854,933)
                                                                 -----------
Net change in cash and cash equivalents                (213,629) (3,850,881)
Cash and cash equivalents at beginning
  of year                                             1,605,938   5,525,151
                                                     ----------- -----------
Cash and cash equivalents at end of period           $1,392,309  $1,674,270
                                                     =========== ===========

The accompanying notes are an integral part of the financial statements.

                      BALCOR EQUITY PENSION INVESTORS-IV
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (An Illinois Limited Partnership)

                         NOTES TO FINANCIAL STATEMENTS

1. Accounting Policies:

(a) In the opinion of management, all adjustments necessary for a fair
presentation have been made to the accompanying statements for the six months
and quarter ended June 30, 2000, and all such adjustments are of a normal and
recurring nature.

(b) A reclassification has been made to the previously reported 1999 financial
statements in order to provide comparability with the 2000 statements. This
reclassification has not changed the 1999 results.

2. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates for the six
months and quarter ended June 30, 2000 are:

                                              Paid
                                   -------------------------
                                     Six Months     Quarter    Payable
                                    ------------   --------- ----------

   Reimbursement of expenses to
     the General Partner, at cost    $ 122,268      $ 11,588   $ 7,643


3. Other Income:

During the quarter ended June 30, 2000, the Partnership received $4,417 in
connection with a partial refund of a prior year's real estate taxes and a
utility deposit refund, both related to the Evanston Plaza Shopping Center,
which was sold in 1998. This amount has been recognized as other income for
financial statement purposes.

4. Contingency:

In May 1999, a lawsuit was filed, Madison Partnership Liquidity Investors XX,
et al. vs. The Balcor Company, et al. whereby the General Partner and certain
affiliates have been named as defendants. The plaintiffs are entities that
initiated tender offers to purchase and, in fact, purchased units in eleven
affiliated partnerships. The complaint alleges breach of fiduciary duties and
breach of contract under the partnership agreement and seeks the winding up of
the affairs of the Partnership, the establishment of a liquidating trust, the
appointment of an independent trustee for the trust and the distribution of a
portion of the cash reserves to limited partners. On June 1, 1999 a second
lawsuit was filed and was served on August 16, 1999, Sandra Dee vs. The Balcor
Company, et al. The Dee complaint is virtually identical to the Madison
Partnership complaint and on September 20, 1999 was consolidated into the

Madison Partnership case. On January 19, 2000, a hearing was held on the
defendants' motion to dismiss; the motion to dismiss was denied as to the
Partnership. The defendants intend to vigorously contest these actions. It is
not determinable at this time how the outcome of these actions will impact the
remaining cash reserves of the Partnership.

                      BALCOR EQUITY PENSION INVESTORS-IV
                       A REAL ESTATE LIMITED PARTNERSHIP
                       (An Illinois Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS

Balcor Equity Pension Investors-IV A Real Estate Limited Partnership (the
"Partnership") is a limited partnership formed in 1986 to make first mortgage
loans and to invest in and operate income-producing real property. The
Partnership raised $46,371,500 through the sale of Limited Partnership
Interests and utilized these proceeds to fund one acquisition loan and acquire
two real property investments. The Partnership sold its final real estate
investment in December 1998.

Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1999 for a more complete understanding of
the Partnership's financial position.

Operations
----------

Summary of Operations
---------------------

The operations of the Partnership in 2000 and 1999 consisted primarily of
administrative expenses which were partially offset by interest income earned
on short-term investments. During the first quarter of 1999, the Partnership
recognized settlement income in connection with amounts owed by former tenants
at the Evanston Plaza Shopping Center. As a result, the Partnership recognized
net income during the six months ended June 30, 1999 as compared to a net loss
during the same period in 2000. As a result of lower administrative expenses,
the Partnership's net loss decreased during the quarter ended June 30, 2000 as
compared to the same period in 1999. Further discussion of the Partnership's
operations is summarized below.

2000 Compared to 1999
---------------------

Unless otherwise noted, discussions of fluctuations between 2000 and 1999 refer
to both the six months and quarters ended June 30, 2000 and 1999.

As a result of higher cash balances in 1999 prior to a distribution to Limited
Partners in February 1999, interest income on short-term investments decreased
during the six months ended June 30, 2000 as compared to the same period in
1999. The decrease was partially offset by higher interest rates in 2000.

During January 1999 and March 1999, the Partnership received $105,000 and
$2,996, respectively, from settlements with former tenants at the Evanston
Plaza Shopping Center. The settlements relate to rental income owed to the
Partnership pursuant to the tenants' leases. These amounts have been recognized
as settlement income for financial statement purposes.

During the quarter ended June 30, 2000, the Partnership received $4,417 in
connection with a partial refund of a prior year's real estate taxes and a

utility deposit refund, both related to the Evanston Plaza Shopping Center,
which was sold in 1998. During April 1999, the Partnership received $5,266 in
connection with a partial refund of a prior year's insurance premium related to
the Evanston Plaza Shopping Center. These amounts have been recognized as other
income for financial statement purposes.

Primarily due to a decrease in accounting, legal, consulting and portfolio
management fees, administrative expenses decreased during 2000 as compared to
1999.

Liquidity and Capital Resources
-------------------------------

The cash position of the Partnership decreased by approximately $214,000 as of
June 30, 2000 as compared to December 31, 1999 due to cash used in operating
activities for the payment of administrative expenses, which was partially
offset by interest income earned on short-term investments.

In December 1998, the Partnership sold the Evanston Plaza Shopping Center. The
purchaser performed remediation at the property in 1999 and has represented to
the Partnership that the remediation was performed in accordance with the
remedial action plan filed with the Illinois Environmental Protection Agency.
The purchaser has not yet provided the Partnership with detailed information
regarding the costs associated with the remediation. The Partnership expects to
receive such information from the purchaser during 2000. At such time, the
Partnership will make its determination whether or not to pursue its potential
claims against third parties for the contamination at the property. In
connection with the sale, $517,651 related to tenant reimbursements was placed
in escrow at closing and will be held in escrow until such time as payment of
these reimbursements are received from the tenants. The Partnership will
recognize income as amounts are received from this escrow.

Limited Partners have received cumulative distributions of $199.82 per $250
Taxable Interest, of which $100.17 represents Net Cash Receipts and $99.65
represents Net Cash Proceeds, and $197.61 per $250 Tax-exempt Interest, of
which $97.96 represents Net Cash Receipts and $99.65 represents Net Cash
Proceeds. No additional distributions are anticipated to be made prior to the
termination of the Partnership. However, after paying final partnership
expenses, any remaining cash reserves will be distributed in accordance with
the Partnership Agreement. Amounts allocated to the Repurchase Fund will also
be distributed at that time. Limited Partners will not recover all of their
original investment.

In 1997, the Partnership discontinued the repurchase of Interests from Limited
Partners. As of June 30, 2000, there was cash of $398,864 in the Repurchase
Fund.

                      BALCOR EQUITY PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION

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

(a) Exhibits:

(4) Form of Subscription Agreement set forth as Exhibit 4.1 to Amendment No. 1
to Registrant's Registration Statement on Form S-11 dated November 28, 1986
(Registration No. 33-7133) and Form of Confirmation regarding Interests in the
Registrant set forth as Exhibit 4.2 to the Registrant's Report on Form 10-Q for
the quarter ended June 30, 1992 (Commission File No. 0-15648) are incorporated
herein by reference.

(27) Financial Data Schedule of the Registrant for the six months ended June
30, 2000 is attached hereto.

(b) Reports on Form 8-K: No Reports on Form 8-K were filed during the quarter
ended June 30, 2000.

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.


                              BALCOR EQUITY PENSION INVESTORS-IV
                              A REAL ESTATE LIMITED PARTNERSHIP


                              By: /s/Thomas E. Meador
                                  -------------------
                                  Thomas E. Meador
                                  President and Chief Executive Officer
                                  (Principal Executive Officer) of Balcor
                                  Equity Partners - IV, the General Partner



                              By: /s/Jayne A. Kosik
                                  -----------------
                                  Jayne A. Kosik
                                  Senior Managing Director and Chief Financial
                                  Officer (Principal Accounting and Financial
                                  Officer) of Balcor Equity Partners - IV, the
                                  General Partner


Date: August 11,2000
      -----------------