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 September 30, 1999
                               ------------------
                                      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.)

2355 Waukegan Road
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
                   September 30, 1999 and December 31, 1998
                                  (Unaudited)

                                    ASSETS

                                                   1999           1998
                                               ------------   ------------
Cash and cash equivalents                    $   1,651,674  $   5,525,151
Accrued interest receivable                          6,932         19,163
Escrow deposits - restricted                                       46,000
                                               ------------   ------------
                                             $   1,658,606  $   5,590,314
                                               ============   ============


                       LIABILITIES AND PARTNERS' CAPITAL

Accounts payable                             $      68,594  $     193,118
Due to affiliates                                  139,339         85,665
                                               ------------   ------------
     Total liabilities                             207,933        278,783
                                               ------------   ------------
Commitments and contingencies

Limited Partners' capital (185,486
  Interests issued and outstanding)              1,721,102      5,531,879
General Partner's deficit                         (270,429)      (220,348)
                                               ------------   ------------
     Total partners' capital                     1,450,673      5,311,531
                                               ------------   ------------
                                             $   1,658,606  $   5,590,314
                                               ============   ============

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 nine months ended September 30, 1999 and 1998
                                  (Unaudited)


                                                   1999           1998
                                               ------------   ------------
Income:
  Rental                                                    $   1,130,409
  Service                                                         601,126
  Interest on short-term investments         $      87,909        124,194
  Settlement income                                107,996
  Other income                                       5,266
                                               ------------   ------------
    Total income                                   201,171      1,855,729
                                               ------------   ------------
  Depreciation                                                    134,003
  Property operating                                 9,226        207,830
  Real estate taxes                                               721,459
  Property management fees                                         78,868
  Administrative                                   197,870        776,335
  Provision for investment property
    writedown                                                   3,400,000
                                               ------------   ------------
    Total expenses                                 207,096      5,318,495
                                               ------------   ------------
Net loss                                     $      (5,925) $  (3,462,766)
                                               ============   ============
Net loss allocated to General Partner                 None  $    (200,150)
                                               ============   ============
Net loss allocated to Limited Partners       $      (5,925) $  (3,262,616)
                                               ============   ============
Net loss per Limited Partnership Interest
  (185,486 issued and outstanding)
  - Basic and Diluted                        $       (0.03) $      (17.59)
                                               ============   ============
Distribution to General Partner              $      50,081           None
                                               ============   ============
Distribution to Limited Partners             $   3,804,852           None
                                               ============   ============
Distribution per Limited Partnership
  Interest:

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

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 September 30, 1999 and 1998
                                       (Unaudited)


                                                   1999           1998
                                               ------------   ------------
Income:
  Rental                                                    $     376,126
  Service                                                         112,816
  Interest on short-term investments         $      20,128         46,328
                                               ------------   ------------
    Total income                                    20,128        535,270
                                               ------------   ------------
Expenses:
  Depreciation                                                     14,667
  Property operating                                               56,365
  Real estate taxes                                               226,627
  Property management fees                                         22,115
  Administrative                                    66,076        301,904
                                               ------------   ------------
    Total expenses                                  66,076        621,678
                                               ------------   ------------
Net loss                                     $     (45,948) $     (86,408)
                                               ============   ============
Net loss allocated to General Partner                 None           None
                                               ============   ============
Net loss allocated to Limited Partners       $     (45,948) $     (86,408)
                                               ============   ============
Net loss per Limited Partnership Interest
  (185,486 issued and outstanding) - Basic
  and Diluted                                $       (0.25) $       (0.47)
                                               ============   ============

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 nine months ended September 30, 1999 and 1998
                                  (Unaudited)

                                                   1999           1998
                                               ------------   ------------
Operating activities:
  Net loss                                   $      (5,925) $  (3,462,766)
  Adjustments to reconcile net loss
    to net cash (used in) or provided by
    operating activities:
      Depreciation of properties                                  134,003
      Amortization of deferred expenses                             4,191
      Provision for investment property
        writedown                                               3,400,000
      Net change in:
        Accounts and accrued interest
          receivable                                12,231         13,829
        Accounts payable                          (124,524)       153,862
        Due to affiliates                           53,674         19,294
        Accrued real estate taxes                                 220,722
        Security deposits                                          (2,700)
                                               ------------   ------------
  Net cash (used in) or provided by
    operating activities                           (64,544)       480,435
                                               ------------   ------------
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         (3,873,477)       480,435
Cash and cash equivalents at beginning
  of year                                        5,525,151      3,032,525
                                               ------------   ------------
Cash and cash equivalents at end of period   $   1,651,674  $   3,512,960
                                               ============   ============

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 Policy:

In the opinion of management, all adjustments necessary for a fair presentation
have been made to the accompanying statements for the nine months and quarter
ended September 30, 1999, and all such adjustments are of a normal and
recurring nature.

2. Partnership Termination:

The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events. The Partnership sold its final real estate
investment in December 1998. The Partnership has retained a portion of the cash
from the sale of its real estate investments to satisfy obligations of the
Partnership as well as to establish a reserve for contingencies. The timing of
the termination of the Partnership and final distribution of cash will depend
upon the nature and extent of liabilities and contingencies which exist or may
arise. Such contingencies may include legal and other fees and costs stemming
from litigation involving the Partnership including, but not limited to,
potential costs to be incurred if the Partnership initiates legal proceedings
against third parties relating to the environmental issues at the Evanston
Plaza Shopping Center. Due to these matters, the Partnership will not be
dissolved and reserves will be held by the Partnership until the conclusion of
all contingencies. There can be no assurances as to the time frame for the
conclusion of contingencies which exist or may arise.

3.   Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates during the
nine months and quarter ended September 30, 1999 are:


                                             Paid
                                    -----------------------
                                     Nine Months   Quarter   Payable
                                    ------------- --------- ---------
     Reimbursement of expenses to
       the General Partner, at cost     $ 50,401   $ 6,301 $ 139,339

4. Settlement Income:

During the first quarter of 1999, the Partnership received $107,996 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.

5. Other Income:

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, which was sold in 1998. This amount has been recognized as
other income for financial statement purposes.

6. Contingency:

In May 1999, a lawsuit was filed against the Partnership, Madison Partnership
Liquidity Investors XX, et al. vs. The Balcor Company, et al. whereby the
Partnership 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. The defendants intend to vigorously contest
these actions. The Partnership believes that it has meritorious defenses to
contest the claims. 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 September 30, 1999, 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 1998 for a more complete understanding of
the Partnership's financial position.

Operations
----------

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

The operations of the Partnership in 1999 consisted primarily of administrative
expenses, settlement income received during the first quarter of 1999 in
connection with amounts owed by former tenants at the Evanston Plaza Shopping
Center and interest income earned on short-term investments. During the nine
months ended September 30, 1998, the Partnership recognized a significant
provision related to a decline in the fair value of the Evanston Plaza Shopping
Center. In addition, during 1998, the Partnership incurred legal and
environmental consulting expenses related to environmental issues at the
Evanston Plaza Shopping Center, which were partially offset by net income from
operations at the property. As a result, the Partnership's net loss decreased
substantially during the nine months and quarter ended September 30, 1999 as
compared to the same periods in  1998. Further discussion of the Partnership's
operations is summarized below.

1999 Compared to 1998
---------------------

Unless otherwise noted, discussions of fluctuations between 1999 and 1998 refer
to the nine months and quarters ended September 30, 1999 and 1998.

The Partnership sold the Evanston Plaza Shopping Center in December 1998. As a
result, rental income, service income, depreciation, real estate taxes and
property management fees ceased during 1998.

Interest income on short-term investments decreased during 1999 as compared to
1998 primarily due to the distribution to partners of proceeds received in
connection with the December 1998 sale of the Evanston Plaza Shopping Center
and Net Cash Receipts reserves in February 1999.

During the first quarter of 1999, the Partnership received $107,996 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 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. This amount has been recognized as other income for financial
statement purposes.

Property operating expenses decreased during 1999 as compared to 1998 due to
the sale of the Evanston Plaza Shopping Center. During the first quarter of
1999, the Partnership paid additional expenditures related to the property.

Primarily as a result of legal and environmental consulting expenses incurred
during 1998 related to environmental issues at the Evanston Plaza Shopping
Center and the sale of the property, administrative expenses decreased during
1999 as compared to 1998.

Provisions were charged to income when the General Partner believed an
impairment had occurred to the value of its property. Determinations of fair
value were made periodically on the basis of assessments of property operations
and the property's estimated sales price less closing costs. Determinations of
fair value represented estimations based on many variables which affected the
value of real estate, including economic and demographic conditions. During the
nine months ended September 30, 1998, the Partnership recognized a provision
for investment property writedown of $3,400,000 to provide for a change in the
estimate of the fair value of the Evanston Plaza Shopping Center.

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

The cash position of the Partnership decreased by approximately $3,873,000 as
of September 30, 1999 when compared to December 31, 1998 primarily due to the
payment of a distribution to Partners in February 1999 which included proceeds
received in connection with the December 1998 sale of the Evanston Plaza
Shopping Center. The Partnership used cash of approximately $65,000 for its
operating activities to pay administrative expenses and property operating
expenses, which were partially offset by settlement income received in
connection with amounts owed by former tenants at the Evanston Plaza Shopping
Center and interest income earned on short-term investments. Investing
activities consisted of the release of an escrow set up in connection with the
sale of the Evanston Plaza Shopping Center of $46,000. Financing activities
consisted of the payment of a distribution to Partners of approximately
$3,855,000.

The Partnership Agreement provides for the dissolution of the Partnership upon
the occurrence of certain events. The Partnership sold its final real estate
investment in December 1998. The Partnership has retained a portion of the cash
from the sale of its real estate investments to satisfy obligations of the
Partnership as well as to establish a reserve for contingencies. The timing of
the termination of the Partnership and final distribution of cash will depend
upon the nature and extent of liabilities and contingencies which exist or may
arise. Such contingencies may include legal and other fees and costs stemming
from litigation involving the Partnership including, but not limited to,
potential costs to be incurred if the Partnership initiates legal proceedings
against third parties relating to the environmental issues at the Evanston
Plaza Shopping Center. Due to these matters, the Partnership will not be

dissolved and reserves will be held by the Partnership until the conclusion of
all contingencies. There can be no assurances as to the time frame for the
conclusion of contingencies which exist or may arise.

In December 1998, the Partnership sold the Evanston Plaza Shopping Center. 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. In addition, $46,000
was being held in escrow until a lien waiver was received from the former
property management company regarding the payment of its fees. Those funds were
released in full to the Partnership in March 1999.

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 September 30, 1999, there was cash of $398,864 in the
Repurchase Fund.

The Partnership sold its remaining real property investment and distributed a
majority of the proceeds from this sale to Limited Partners in February 1999.
Since the Partnership no longer has any operating assets, the number of
computer systems and programs necessary to operate the Partnership has been
significantly reduced. The Partnership relies on third party vendors to perform
most of its functions and has implemented a plan to determine the Year 2000
compliance status of these key vendors. The Partnership is within its timeline
for having these plans completed prior to the year 2000.

The Partnership's plan to determine the Year 2000 compliance status of its key
vendors has involved soliciting information from these vendors through the use
of surveys, follow-up discussions and review of data where needed.  The
Partnership has received the surveys from each of these vendors. While the
Partnership cannot guarantee Year 2000 compliance by its key vendors, and is
relying on statements from these vendors without independent verification,
these surveys, testing of systems, where applicable and discussions with the
key vendors performing services for the Partnership indicate that the key
vendors are substantially Year 2000 compliant as of September 30, 1999. The
Partnership will continue to monitor the Year 2000 compliance of its key
vendors during the fourth quarter of 1999. In addition, the Partnership has
developed a contingency plan in the event of non-compliance by these key
vendors in the Year 2000. The Partnership does not believe that failure by any
of its key vendors to be Year 2000 compliant by the year 2000 would have a
material effect on the business, financial position or results of operations of
the Partnership.

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

                          PART II - OTHER INFORMATION

Item 1. Legal Proceedings
-------------------------

Madison Partnership Liquidity Investors XX, et al vs. The Balcor Company, et
----------------------------------------------------------------------------
al.
---

On May 7, 1999, a proposed class action complaint was filed, and on May 13,
1999 was served on the defendants, Madison Partnership Liquidity Investors XX,
et al vs. The Balcor Company, et al (Circuit Court, Chancery Division, Cook
County, Illinois, Docket No. 99CH 06972). The general partner of the
Partnership, the general partners of twenty-one additional limited partnerships
which were sponsored by The Balcor Company, The Balcor Company and one
individual are named as defendants in this action. The Partnership and the
twenty-one other limited partnerships are referred to herein as the "Affiliated
Partnerships". Plaintiffs are entities that initiated tender offers to purchase
units and, in fact, purchased units in eleven of the Affiliated Partnerships.
The complaint alleges breach of fiduciary duties and breach of contract under
the partnership agreements for each of the Affiliated Partnerships. The
complaint seeks the winding up of the affairs of the Affiliated Partnerships,
the establishment of a liquidating trust for each of the Affiliated
Partnerships until a resolution of all contingencies occurs, the appointment of
an independent trustee for each such liquidating trust and the distribution of
a portion of the cash reserves to limited partners. The complaint also seeks
compensatory damages, punitive and exemplary damages, and costs and expenses in
pursuing the litigation. On July 14, 1999, the defendants filed a Motion to
Dismiss the complaint. A hearing date on the motion has not yet been set. On
September 20, 1999 the Sandra Dee case described below was consolidated with
this case. Future reports to investors will report only the consolidated case.

The defendants intend to vigorously contest this action. No class has been
certified as of this date. The Partnership believes that it has meritorious
defenses to contest the claims. It is not determinable at this time how the
outcome of this action will impact the remaining cash reserves of the
Partnership.

Sandra Dee vs. The Balcor Company, et al.
-----------------------------------------

On June 1, 1999, a proposed class action complaint was filed, and on August 16,
1999 was served on the defendants, Sandra Dee vs. The Balcor Company, et al
(Circuit Court, Chancery Division, Cook County, Illinois, Docket No. 99CH
08123). The general partner of the Partnership, the general partners of
twenty-one additional limited partnerships which were sponsored by The Balcor
Company, The Balcor Company and one individual are named as defendants in this
action. The Partnership and the twenty-one other limited partnerships are
referred to herein as the "Affiliated Partnerships". This complaint is
identical in all material respects to the Madison Partnership Liquidity
Investors XX, et al vs. The Balcor Company et al complaint filed in May 1999.

The complaint alleges breach of fiduciary duties and breach of contract under
the partnership agreements for each of the Affiliated Partnerships. The
complaint seeks the winding up of the affairs of the Affiliated Partnerships,
the establishment of a liquidating trust for each of the Affiliated
Partnerships until a resolution of all contingencies occurs, the appointment of
an independent trustee for each such liquidating trust and the distribution of
a portion of the cash reserves to limited partners. The complaint also seeks
compensatory damages, punitive and exemplary damages, and costs and expenses in
pursuing the litigation. The defendants filed on September 15, 1999 a motion to
consolidate this case with the Madison Partnership case. On September 20, 1999,
the motion was granted and this case was consolidated with the Madison
Partnership case. Future reports to investors will report only the consolidated
case. On September 15, 1999, the defendants also filed a Motion to Dismiss the
complaint.

The defendants intend to vigorously contest this action. No class has been
certified as of this date. The defendants believe that they  have meritorious
defenses to contest the claims. It is not determinable at this time how the
outcome of this action will impact the remaining cash reserves of the
Partnership.

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.

(10) Material Contracts:

(i) Agreement of Sale and attachment thereto relating to the sale of Evanston
Plaza Shopping Center, Evanston, Illinois, previously filed as Exhibit (2) to
the Registrant's Current Report on Form 8-K dated December 8, 1997 is
incorporated herein by reference.

(ii) Extension letter dated February 24, 1998 relating to the sale of Evanston
Plaza Shopping Center, Evanston, Illinois, previously filed as Exhibit
(10)(b)(ii) to the Registrant's Report on Form 10-K for the year ended December
31, 1997 is incorporated herein by reference.

(iii) Extension letter dated March 24, 1998 relating to the sale of Evanston
Plaza Shopping Center, Evanston, Illinois, previously filed as Exhibit
(10)(b)(iii) to the Registrant's Report on Form 10-K for the year ended
December 31, 1997 is incorporated herein by reference.

(iv) First Amendment to Agreement of Sale dated May 25, 1998 relating to the
sale of the Evanston Plaza Shopping Center, Evanston, Illinois, previously
filed as Exhibit (10)(b)(iv) to the Registrant's Report on Form 10-Q for the
quarter ended June 30, 1998, is incorporated herein by reference.

(v) Second Amendment to Agreement of Sale dated July 21, 1998 relating to the
sale of the Evanston Plaza Shopping Center, Evanston, Illinois, previously
filed as Exhibit (10)(b)(v) to the Registrant's Report on Form 10-Q for the
quarter ended June 30, 1998 is incorporated herein by reference.

(vi) Third Amendment to Agreement of Sale dated August 28, 1998 relating to the
sale of the Evanston Plaza Shopping Center, Evanston, Illinois, previously
filed as Exhibit 2(a) to the Registrant's Current Report on Form 8-K dated
August 28, 1998 is incorporated herein by reference.

(vii) Fourth Amendment to Agreement of Sale dated September 10, 1998 relating
to the sale of the Evanston Plaza Shopping Center, Evanston, Illinois,
previously filed as Exhibit 2(b) to the Registrant's Current Report on Form 8-K
dated August 28, 1998 is incorporated herein by reference.

(viii) Environmental Remediation Agreement relating to the sale of the Evanston
Plaza Shopping Center, Evanston, Illinois, previously filed as Exhibit 2(c) to
the Registrant's Current Report on Form 8-K dated August 28, 1998 is
incorporated herein by reference.

(ix) Fifth Amendment to Agreement of Sale dated October 30, 1998 relating to
the sale of the Evanston Plaza Shopping Center, Evanston, Illinois, previously
filed as Exhibit (10)(b)(ix) to the Registrant's Report on Form 10-Q for the
quarter ended September 30, 1998 is incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the nine months ending
September 30, 1999 is attached hereto.

(b) Reports on Form 8-K: No Reports on Form 8-K were filed during the quarter
ended September 30, 1999.

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: November 8, 1999
      ----------------