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
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     EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2000
                               --------------
                                      OR
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
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     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
                         March 31, 2000 and December 31, 1999
                                     (Unaudited)

                                        ASSETS

                                             2000                1999
                                         ------------        ------------
Cash and cash equivalents                $  1,424,984        $  1,605,938
Accounts and accrued interest receivable        6,433               7,676
Prepaid expenses                                4,720
                                         ------------        ------------
                                         $  1,436,137        $  1,613,614
                                         ============        ============


                          LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                         $     79,852        $    120,757
Due to affiliates                              12,959             114,429
                                         ------------        ------------
    Total liabilities                          92,811             235,186
                                         ------------        ------------
Commitments and contingencies

Limited Partners' capital (185,486
  Interests issued and outstanding)         1,727,027           1,727,027
General Partner's deficit                    (383,701)           (348,599)
                                         ------------        ------------
    Total partners' capital                 1,343,326           1,378,428
                                         ------------        ------------
                                         $  1,436,137        $  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 quarters ended March 31, 2000 and 1999
                                   (Unaudited)

                                                   2000             1999
                                               ------------     ------------
Income:
  Interest on short-term investments           $     20,895     $     47,690
  Settlement income                                                  107,996
                                               ------------     ------------
    Total income                                     20,895          155,686
                                               ------------     ------------
Expenses:
  Administrative                                     55,997           88,304
                                               ------------     ------------
    Total expenses                                   55,997           88,304
                                               ------------     ------------
Net (loss) income                              $    (35,102)    $     67,382
                                               ============     ============
Net (loss) income allocated to
  General Partner                              $    (35,102)            None
                                               ============     ============
Net (loss) income allocated to
  Limited Partners                                     None     $     67,382
                                               ============     ============
Net (loss) income per Limited Partnership
  Interest (185,486 issued and oustanding)
  - Basic and Diluted                                  None     $       0.36
                                               ============     ============
Distribution to General Partner                        None     $     50,081
                                               ============     ============
Distribution to Limited Partners                       None     $  3,804,852
                                               ============     ============
Distribution per Limited Partnership
  Interest:

  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 CASH FLOWS
                  for the quarters ended March 31, 2000 and 1999
                                   (Unaudited)

                                                      2000            1999
                                                 -------------    ------------
Operating activities:
  Net (loss) income                              $    (35,102)    $     67,382
  Adjustments to reconcile net (loss)
    income to net cash used in operating
    activities:
      Net change in:
        Accounts and accrued interest
          receivable                                    1,243            3,477
        Prepaid expenses                               (4,720)            (687)
        Accounts payable                              (40,905)        (120,764)
        Due to affiliates                            (101,470)          13,787
                                                 ------------     ------------
  Net cash used in operating activities              (180,954)         (36,805)
                                                 ------------     ------------
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              (180,954)      (3,845,738)

Cash and cash equivalents at beginning
  of year                                           1,605,938        5,525,151
                                                 ------------     ------------
Cash and cash equivalents at end of period       $  1,424,984     $  1,679,413
                                                 ============     ============

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 quarter
ended March 31, 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 during the
quarter ended March 31, 2000 are:

                                       Paid         Payable
                                    ----------     ---------
   Reimbursement of expenses to
     the General Partner, at cost   $ 110,680      $ 12,959

3. 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. As of March 31, 2000, the Partnership has no
loans outstanding or properties remaining in its portfolio.

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. However, during the first quarter of 1999, the
Partnership recognized settlement income received in connection with amounts
owed by former tenants at the Evanston Plaza Shopping Center. As a result, the
Partnership recognized net income during the three months ended March 31, 1999
as compared to a net loss during the same period in 2000. Further discussion of
the Partnership's operations is summarized below.

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

Discussions of fluctuations between 2000 and 1999 refer to the quarters ended
March 31, 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 2000 as compared to 1999.

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.

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

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

The cash position of the Partnership decreased by approximately $181,000 as of
March 31, 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 March 31, 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 quarter ended March 31,
2000 is attached hereto.

(b) Reports on Form 8-K: No Reports on Form 8-K were filed during the quarter
ended March 31, 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: May 9, 2000
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