UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549
                      ----------------------------------

                                   FORM 10-Q

    X       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

               For the quarterly period ended November 30, 1995

                                      OR

            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

            For the transition period from           to          .


                            Commission File Number    :  0-15036


             PAINE WEBBER  QUALIFIED  PLAN PROPERTY FUND FOUR, LP
             (Exact name of registrant as specified in its charter)


Delaware                                                      04-2841746
(State or other jurisdiction of                             (I.R.S.Employer
 incorporation or organization)                           Identification No.)



265 Franklin Street, Boston, Massachusetts                     02110
(Address of principal executive offices)                      (Zip Code)



Registrant's telephone number, including area code              (617) 439-8118
                                                                --------------



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 .



                              

<PAGE>





               

              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                                BALANCE SHEETS
                    November 30, 1995 and August 31, 1995
                                 (Unaudited)
                                (In thousands)

                                    ASSETS
                                                      November 30    August 31
Real estate investments:
   Investment properties held for sale                  $11,200     $11,200
   Land                                                   1,115       3,177
   Mortgage loans, net                                    6,813      13,001
                                                      ---------     -------
                                                         19,128      27,378

Cash and cash equivalents                                11,574       1,851
Interest receivable                                          60         118
Accounts receivable                                           8          23
Deferred expenses, net                                      113         138
Other assets                                                 33          43
                                                   ------------  ----------
                                                        $30,916     $29,551

                      LIABILITIES AND PARTNERS' CAPITAL

Accounts payable - affiliates                       $        44  $       44
Accounts payable and accrued expenses                       131         137
Unearned rental income                                       26          26
Tenant security deposits                                     47          47
Other liabilities                                             -          50
Partners' capital                                        30,668      29,247
                                                       --------    --------
                                                        $30,916     $29,551


             STATEMENTS OF CHANGES IN PARTNERS'  CAPITAL (DEFICIT)
           For the three  months ended November 30, 1995 and 1994
                                 (Unaudited)
                                (In thousands)

                                                          General   Limited
                                                          Partners  Partners

Balance at August 31, 1994                                 $(35)   $37,215
Net income                                                    6        548
Cash distributions                                           (7)      (673)
                                                         ------ ----------
Balance at November 30, 1994                               $(36)   $37,090
                                                           ====    =======

Balance at August 31, 1995                                $ (18)   $29,265
Net income                                                   20      1,914
Cash distributions                                           (7)      (506)
                                                        -------  ---------
Balance at November 30, 1995                             $   (5)   $30,673
                                                         ======    =======


                           See accompanying notes.


<PAGE>


              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                             STATEMENTS OF INCOME
            For the three months ended November 30, 1995 and 1994
                                 (Unaudited)
                     (In thousands, except per Unit data)

                                                         1995            1994
                                                         ----            ----

Revenues:
   Interest from mortgage loans                      $   338            $ 353
   Land rent                                              99              134
   Other interest income                                  38               30
                                                   ---------          -------
                                                         475              517

Expenses:
   Management fees                                        51               63
   General and administrative                             85               73
   Amortization of deferred expenses                      25                7
                                                   ---------          -------
                                                         161              143
                                                    --------            -----

Operating income                                         314              374

Income from operations of investment
   properties held for sale, net                         242              180

Gain on sale of land                                   1,378                -
                                                    --------        ---------
Net income                                           $ 1,934            $ 554
                                                     =======            =====

Net income per Limited
  Partnership Unit                                     $2.13            $0.61
                                                       =====            =====

Cash distributions per Limited
  Partnership Unit                                     $0.56            $0.75
                                                       =====            =====



   The above net income and cash distributions per Limited  Partnership Unit are
based upon the  896,993  Units ($50 per Unit) of  Limited  Partnership  Interest
outstanding during each period.















                            See accompanying notes.


<PAGE>


              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                           STATEMENTS  OF CASH FLOWS
            For the three  months ended  November 30, 1995 and 1994
               Increase (Decrease) in Cash and Cash Equivalents
                                 (Unaudited)
                                (In thousands)

                                                            1995        1994
Cash flows from operating activities:
  Net income                                          $     1,934      $  554
   Adjustments to reconcile net income
     to net cash provided by operating activities:
   Gain on sale of land                                    (1,378)          -
   Amortization of deferred expenses                           25           7
   Changes in assets and liabilities:
     Interest receivable                                       58           -
     Accounts receivable                                       15         (10)
     Tax and tenant security deposit escrows                    -         (35)
     Other assets                                              10           1
     Accounts payable and accrued expenses                     (6)         35
     Other liabilities                                        (50)          -
                                                    -------------  ----------
        Total adjustments                                  (1,326)         (2)
                                                      -----------   ---------
        Net cash provided by operating activities             608         552
                                                     ------------    --------

Cash flows from investing activities:
      Net proceeds from sale of land                        3,440           -
      Proceeds received from repayment
       of mortgage loan                                     6,188           -
                                                       -----------   --------
        Net cash provided by investing activities           9,628           -
                                                      ------------  ---------

Cash flows from financing activities:
   Distributions to partners                                 (513)       (680)
                                                       ----------     -------

Net increase (decrease) in cash and cash equivalents        9,723        (128)

Cash and cash equivalents, beginning of period              1,851       2,682
                                                        ---------     -------

Cash and cash equivalents, end of period                  $11,574      $2,554
                                                          =======      ======















                            See accompanying notes.


<PAGE>


              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP
                        Notes to Financial Statements
                                 (Unaudited)



1. General

   The accompanying  financial  statements,  footnotes and discussion  should be
   read in conjunction with the financial  statements and footnotes contained in
   the Partnership's Annual Report for the year ended August 31, 1995.

   In the opinion of management,  the accompanying  financial statements,  which
   have not been audited,  reflect all  adjustments  necessary to present fairly
   the  results  for  the  interim  period.  All of the  accounting  adjustments
   reflected in the accompanying  interim  financial  statements are of a normal
   recurring nature.

2. Mortgage Loan and Land Investments

   The following are the first  mortgage loans  outstanding  and the cost of the
   related land to the  Partnership at November 30, 1995 and August 31, 1995 (in
   thousands):

     Property                 Amount of Mortgage Loan         Cost of Land
                             11/30/95       8/31/95      11/30/95      8/31/95

   The Corner at Seven   $         -   (1) $ 6,188    $         -   (1)$2,062
   Corners Shopping Center
   Fairfax County, Virginia

   Willow Creek Apartments     3,055         3,055            345         345
   Wichita, Kansas

   Park South Apartments       4,230         4,230            770         770
                             -------      --------        -------    --------
   Charlotte, North Carolina
                               7,285        13,473          1,115       3,177

   Less:  General loan
          loss reserve          (472)         (472)             -           -
                             -------      --------        -------     -------
                              $6,813       $13,001         $1,115      $3,177
                              ======       =======         ======      ======

(1)  See below for  discussion  of The  Corner at Seven  Corners  mortgage  loan
     repayment and related land sale in the first quarter of fiscal 1996.

   In general,  the loans are secured by first mortgages on the properties,  the
   owner's  leasehold  interest  in the land  and an  assignment  of all  tenant
   leases. Interest is payable monthly and the principal is due at maturity. The
   interest  rates on the  mortgage  loans  range from 9.0% to 11.25%.  The land
   leases have terms of 40 years.  Among the provisions of the lease agreements,
   the  Partnership is entitled to additional  rent based upon gross revenues of
   the underlying properties in excess of a base amount, as defined.  During the
   three months ended November 30, 1995,  the  Partnership  received  additional
   rent  under the  terms of the Park  South  Apartments  land  lease  totalling
   $22,000.  During the three months ended  November 30, 1994,  the  Partnership
   received  additional  rent  under  the terms of The  Corner at Seven  Corners
   Shopping Center and Park South Apartments land leases  totalling  $32,000 and
   $17,000,  respectively.  The lessees have the option to purchase the land for
   specified periods of time, beginning between February of 1995 and December of
   1997,  at a price based on fair market value,  as defined,  but not less than
   the original  cost to the  Partnership.  The  Partnership's  investments  are
   structured to share in the  appreciation  in the value of the underlying real
   estate. Accordingly, upon either sale, refinancing,  maturity of the mortgage
   loan or exercise of the option to repurchase the land, the  Partnership  will
   receive a 40% to 50% share of the appreciation above a specified base amount.

   The mortgage  loan  secured by The Corner at Seven  Corners  Shopping  Center
   became  prepayable  in February  1995.  On December  16,  1994,  the borrower
   notified  the  Partnership  of its intent to prepay the loan and exercise the
   option to purchase the land during 1995.  Along with such formal notice,  the
   borrower sent a $50,000  deposit to the  Partnership  in accordance  with the
   terms of the ground lease.  On November 22, 1995,  the borrower of The Corner
   at Seven Corners loan prepaid the Partnership's first leasehold mortgage loan
   and purchased the  Partnership's  interest in the  underlying  land for total
   consideration of $9,628,000.  The principal  balance of the mortgage loan was
   $6,188,000 plus interest  accrued through  November 22, 1995 of $43,000.  The
   Partnership's  cost basis in the land was $2,062,000.  Pursuant to the ground
   lease, the Partnership  received  $1,378,000 in excess of its land investment
   as its  share  of the  appreciation  in  value  of the  operating  investment
   property above a specified base amount. The net proceeds from this prepayment
   transaction  will be distributed to the Limited Partners as part of a special
   distribution  to be paid  on  January  31,  1996 in the  amount  of $214  per
   original $1,000 investment.

3. Investment Properties Held for Sale

   Martin Sunnyvale Research and Development Center

   The  Partnership  foreclosed  under the terms of the mortgage loan secured by
   the Martin  Sunnyvale  Research and Development  Center on July 12, 1991. The
   borrower had  defaulted on the payment  terms of the loan due to  significant
   lease turnover during 1991. The property contains 39,000 rentable square feet
   and is located in Sunnyvale,  California.  The combined carrying value of the
   original  land  and  loan  investments,   of  $5,100,000,   was  adjusted  to
   management's estimate of the fair value of the property as of the date of the
   foreclosure,  of $3,400,000,  and reclassified to investment  properties held
   for  sale.  Since  the date of  foreclosure,  the  Partnership  has  recorded
   provisions for possible  investment loss totalling $900,000 to write down the
   carrying  value  of the  Martin  Sunnyvale  investment  property  to  reflect
   additional declines in its estimated fair value, net of selling expenses. The
   resulting  net  carrying  value of  $2,500,000  is included in the balance of
   investment  properties  held for sale on the  accompanying  balance sheets at
   November 30, 1995 and August 31, 1995.

   During fiscal 1994, the Partnership  engaged the management and leasing agent
   to explore the market for potential buyers for the investment  property which
   is 100% leased to three tenants.  All of the existing leases are scheduled to
   expire  within  the  next 2 years.  If any of the  existing  tenants  were to
   vacate,  the  market  value of  Martin  Sunnyvale,  as well as the  available
   property cash flow, could be severely reduced unless a replacement  tenant is
   secured.  Subsequent to the time that the Partnership  began to market Martin
   Sunnyvale for sale, the Partnership was notified by a California  state water
   agency of a potential  environmental problem at Martin Sunnyvale. As a result
   of governmental required testing,  management has learned that there has been
   a contamination of the underground  soil and water.  This  contamination  may
   have been caused by either a previous  occupant at the site or by an occupant
   of a nearby property.  The  environmental  testing was paid for by one of the
   parties identified as a potential contaminator. Management believes that this
   contamination  occurred prior to the Partnership's  initial mortgage loan and
   ground lease  investments  in the property,  which were made in 1985.  Due to
   this and other recently discovered  environmental  contamination in the area,
   there have been several  lawsuits  filed by California  state water  agencies
   against prior occupants of this site and nearby sites. Management has engaged
   local counsel to monitor all legal  actions to insure that the  Partnership's
   rights are fully protected.  Management will seek full  indemnification  from
   the  parties  potentially  responsible.  Until  such  time as  either  a full
   indemnification   is  obtained  or  the  property's   environmental  risk  is
   eliminated,  it is doubtful that a qualified purchaser for the property could
   be found.  Accordingly,  the Partnership has suspended its marketing  efforts
   until this matter is resolved.


<PAGE>


   Bell Forge Square Shopping Center

   On October 4, 1991, the Partnership received a deed in lieu of foreclosure on
   the  mortgage  loan  secured by the Bell Forge Square  Shopping  Center.  The
   property  contains  127,000 rentable square feet and is located in Nashville,
   Tennessee. The combined value of the land and the face amount of the mortgage
   loan, of $9,000,000,  was reclassified to investment properties held for sale
   at the time of the  foreclosure.  During  fiscal 1992,  the  Partnership  had
   recorded a provision for possible  investment  loss of $600,000 to write down
   the carrying value of the Bell Forge Square investment  property to reflect a
   decline in its estimated fair value,  net of selling  expenses,  as of August
   31, 1992.  During  fiscal 1993,  the  Partnership  recorded an  adjustment to
   reduce the valuation  allowance by $300,000 to reflect a subsequent  increase
   in the estimated fair value of the Bell Forge Square property.  The resulting
   net carrying  value of  $8,700,000  is included in the balance of  investment
   properties held for sale on the  accompanying  balance sheets at November 30,
   1995 and August 31, 1995.

   Cordova Creek Apartments

   The  Partnership  foreclosed  under the terms of the mortgage loan secured by
   Cordova Creek  Apartments  on February 20, 1990,  due to  non-payment  of the
   required interest payments.  As a result of the foreclosure,  the Partnership
   owned the land and  improvements  and  employed a local  property  management
   company  to manage  the  day-to-day  operations  of the 196 - unit  apartment
   complex, which is located in Memphis,  Tennessee.  An affiliated partnership,
   PaineWebber  Qualified  Plan  Property  Fund Three,  LP  ("QP3"),  originally
   invested $250,000 for a 3.5% interest in the mortgage loan secured by Cordova
   Creek and the  related  ground  lease.  As a result of the  foreclosure,  QP3
   retained a 3.5%  interest in the net cash flow and the eventual sale proceeds
   related to the operating property.  The fair value of the operating property,
   net of  selling  expenses,  at the  date  of  foreclosure  was  estimated  by
   management to be  approximately  equal to the combined cost basis of the land
   and the original face amount of the mortgage loan, totalling $6,900,500.

   During the quarter ended May 31, 1995, the Partnership sold the Cordova Creek
   Apartments to an unaffiliated  third party for  $9,100,000.  After payment of
   required transaction costs and compensation to QP3 for its 3.5% interest, the
   net proceeds realized by the Partnership from the sale totalled approximately
   $8.7  million.  Closing of this sale  occurred on April 12,  1995.  A special
   distribution of $215 per original $1,000 investment, or $9,643,000,  was made
   to Limited Partners on June 15, 1995, which  represented  approximately  $195
   from the Cordova Creek net sale proceeds and $20 as a distribution  from cash
   reserves  which  were  deemed to be in excess of the  Partnership's  expected
   future requirements.



<PAGE>


   The  Partnership  recognizes  income from the investment  properties held for
   sale equal to its share of the excess of the properties'  gross revenues over
   the sum of property operating expenses (including capital improvement costs),
   taxes and  insurance.  Combined  summarized  operating  results of the Martin
   Sunnyvale and Bell Forge  investment  properties  held for sale for the three
   months ended November 30, 1995 and 1994 and for the Cordova Creek  Apartments
   for the three months ended November 30, 1994 are shown below (in thousands):

                                                        1995            1994
                                                        ----            ----

   Revenues:
     Rental income                                    $  360            $ 666
     Other income                                         58               64
                                                    --------          -------
                                                         418              730
   Expenses:
     Property operating expenses                         127              496
     Property taxes and insurance                         49               47
                                                     -------          -------
                                                         176              543
                                                      ------           ------

   Income from operations, net                         $ 242            $ 187
                                                       =====            =====

   Partnership's share of  combined operations        $  242            $ 180
   QP3's share of Cordova Creek  operations                -                7
                                                  ----------         --------
                                                      $  242            $ 187
                                                      ======            =====

   Property  operating  expenses for the three  months  ended  November 30, 1994
   include capital improvement costs at the Bell Forge Square Shopping Center of
   approximately $326,000.

4. Related Party Transactions

   The  Adviser  earned  basic  management  fees of $51,000  and $63,000 for the
   three-month periods ended November 30, 1995 and 1994, respectively.  Accounts
   payable - affiliates  at both  November 30, 1995 and August 31, 1995 consists
   of management fees of $44,000 payable to the Adviser.

   Included in general and  administrative  expenses  for the three months ended
   November 30, 1995 and 1994 is $43,000 and $50,000, respectively, representing
   reimbursements  to an affiliate of the Managing General Partner for providing
   certain  financial,  accounting  and investor  communication  services to the
   Partnership.

   Also  included in general and  administrative  expenses  for the three months
   ended  November  30,  1995 is $5,000  representing  fees  earned by  Mitchell
   Hutchins  Institutional  Investors,  Inc. for managing the Partnership's cash
   assets.

5. Contingencies

   The Partnership is involved in certain legal actions.  The Managing  General
Partner believes these actions will be resolved without material  adverse
effect on the  Partnership's  financial statements, taken as a whole.



<PAGE>



              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP

                     MANAGEMENT'S DISCUSSION AND ANALYSIS
               OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources

    On November  22,  1995,  the  borrower of The Corner at Seven  Corners  loan
prepaid the  Partnership's  first  leasehold  mortgage  loan and  purchased  the
Partnership's  interest  in the  underlying  land  for  total  consideration  of
$9,628,000.  The  principal  balance of the mortgage  loan was  $6,188,000  plus
interest accrued through November 22, 1995 of $43,000.  The  Partnership's  cost
basis in the land was $2,062,000.  Pursuant to the ground lease, the Partnership
received  $1,378,000  in  excess  of its  land  investment  as its  share of the
appreciation  in value of the operating  investment  property  above a specified
base  amount.  The  net  proceeds  from  this  prepayment  transaction  will  be
distributed to the Limited Partners as part of a special distribution to be paid
on  January  31,  1996 in the  amount of $214 per  original  $1,000  investment.
Management  believes that the amount paid to the Partnership  under the terms of
the ground lease  reflects the fair value of the  property,  as supported by the
Partnership's most recent independent appraisal.

      As previously  reported,  the 39,000 square foot Martin Sunnyvale Research
and Development Center is 100% occupied by three tenants.  However, rental rates
continue to be depressed in the Sunnyvale market due to the substantial existing
oversupply of R&D space. Future prospects for the high technology  industries in
Northern California remain uncertain at the present time. Accordingly, there are
no  assurances  that  market  conditions  will be  improved  at the  time of the
expirations of the three existing  leases,  which are scheduled to occur between
November 1996 and April 1997. In light of this situation, during fiscal 1994 the
Partnership  engaged the  management and leasing agent to explore the market for
potential  buyers for this investment  property.  If any of the existing tenants
were to vacate,  the market value of Martin Sunnyvale,  as well as the available
property cash flow, could be significantly  reduced unless a replacement  tenant
is  secured.  Subsequent  to the time that the  Partnership  began to market the
property for sale,  the  Partnership  was  notified by a California  state water
agency of a potential  environmental problem at Martin Sunnyvale. As a result of
governmental  required  testing,  management  has learned  that there has been a
contamination  of the  underground  soil and water at the site.  The state water
agency has issued a final report  identifying two tenants which had occupied the
property prior to 1985 and may have caused the potential  environmental problem.
Both prior tenants are Fortune 500 companies and both have been ordered at their
own expense to perform the  necessary  testing,  cleanup  and  documentation  as
required by the California state water agency.  The Partnership will be required
to monitor the efforts of these two firms.  The  environmental  testing was paid
for by one of the parties identified as a potential contaminator. Management has
engaged  local  counsel  to  monitor  all  legal  actions  to  insure  that  the
Partnership's rights are fully protected. In addition, management will seek full
indemnification  from the parties  identified as being  responsible.  Until such
time  as  either  a  full   indemnification   is  obtained  or  the   property's
environmental risk is eliminated,  it is doubtful that a qualified purchaser for
the property  could be found.  Accordingly,  the  Partnership  has suspended its
marketing efforts until this matter is resolved.

      At the Partnership's other wholly-owned commercial investment,  Bell Forge
Square  Shopping  Center  in  Nashville,  Tennessee,  occupancy  stood at 97% at
November 30, 1995,  an increase  from 96% at August 31, 1995.  This  increase in
occupancy  is a result of a new lease for  1,980  square  feet with a  financial
services  firm.  Also during the quarter,  a 6,000 square foot pet store at Bell
Forge Square renewed its lease for an additional  five years.  Bell Forge Square
currently has 3,450 square feet of available space to lease. As discussed in the
Annual Report, the Partnership and its leasing agent are negotiating with one of
the  Center's  anchor  tenants to expand  its store and  extend  its  lease.  If
completed,  such  expansion  and  related  tenant  relocations  could  bring the
occupancy level at Bell Forge Square up to 100%.

      During the first quarter of fiscal 1995,  the  Partnership  began actively
marketing  the  Cordova  Creek  Apartments  for  sale.  On April 12,  1995,  the
Partnership  sold the property to an  unaffiliated  third party for  $9,100,000.
This  sale  represented  a  substantial  gain  on  the  Partnership's   original
investment in Cordova  Creek,  of  $6,900,500,  comprised of land  purchased for
$289,500 and a $6,611,000 mortgage loan secured by the improvements. In addition
to the Partnership's initial investment, an affiliated partnership, Paine Webber
Qualified Plan Property Fund Three ("QP3") contributed $250,000 or approximately
3.5% of the total net  investment,  toward the original  land and mortgage  loan
investments in Cordova Creek.  After payment of required  transaction  costs and
compensation  to QP3 for its 3.5 % interest,  the net  proceeds  realized by the
Partnership from the sale totalled  approximately $8.7 million.  The Partnership
made  a  special  distribution  of  $215  per  original  $1,000  investment,  or
$9,643,000, to the Limited Partners on June 15, 1995, which included the Cordova
Creek net sale proceeds and an amount of cash  reserves  which were deemed to be
in excess of the Partnership's expected future requirements.  As a result of the
dispositions  of the Cordova Creek and The Corner at Seven Corners  investments,
cash flow from the  Partnership's  remaining  investments  is not expected to be
sufficient to support the current quarterly distribution rate of 5.75% per annum
on remaining invested capital. As a result, the distribution rate is expected to
be reduced to 4.5% per annum  effective  for the payment to be made on April 15,
1996 for the second quarter of fiscal 1996.

    At  November  30,  1995,  the   Partnership  had  available  cash  and  cash
equivalents of  approximately  $11,574,000.  Such cash balance includes the $9.6
million  referred to above which  represents  the proceeds from the repayment of
The Corner at Seven Corners mortgage loan and the sale of the underlying land to
be distributed to the Limited Partners during the second quarter.  The remaining
amount of cash and cash  equivalents  will be used for the working capital needs
of the Partnership,  distributions to the partners and, if necessary, for tenant
improvement  expenses and other  leasing costs of the  Partnership's  investment
properties  acquired  through  foreclosure  proceedings.  The  source  of future
liquidity  and  distributions  to the  partners is  expected to be through  cash
generated from the Partnership's real estate and mortgage loan investments,  the
repayment of the mortgage loans  receivable and the future sales or refinancings
of the underlying land and the investment properties.  Such sources of liquidity
are expected to be adequate to meet the Partnership's needs on both a short-term
and long-term basis.

Results of Operations
Three Months Ended November 30, 1995

      The  Partnership  reported net income of  $1,934,000  for the three months
ended  November  30,  1995,  as compared to net income of $554,000  for the same
period in the prior year.  The primary  reason for the increase in net income is
the  gain  recognized  on the  sale  of The  Corner  at  Seven  Corners  land of
$1,378,000,  as discussed  further above.  In addition,  the  Partnership's  net
income  increased  due to an increase in income from  operations  of  investment
properties  held  for  sale  of  $62,000.  This  increase  is  primarily  due to
significantly higher capital improvement expenditures incurred in the prior year
at the Bell  Forge  Square  Shopping  Center in  connection  with the repair and
improvement of the property's  exterior facade. The gain on the sale of land and
increase in income from  operations of investment  properties held for sale were
partially offset by a decrease in operating  income of $60,000.  The decrease in
operating  income is primarily due to decreases in interest from mortgage  loans
and land rent due to The Corner at Seven  Corners  mortgage  loan  repayment and
related land sale in November 1995, as discussed further above.





<PAGE>


                                   PART II
                              Other Information

Item 1. Legal Proceedings

     As discussed in the Partnership's annual report on Form 10-K for the period
ended August 31, 1995,  in November  1994, a series of purported  class  actions
(the "New York Limited  Partnership  Actions")  were filed in the United  States
District  Court for the  Southern  District of New York  concerning  PaineWebber
Incorporated's sale and sponsorship of various limited partnership  investments,
including  those  offered  by the  Partnership.  The  status of such  litigation
remains unchanged at the present time. Refer to the description of the claims in
the fiscal 1995  annual  report for further  information.  The General  Partners
continue to believe that the action will be resolved  without  material  adverse
effect on the  Partnership's  financial  statements,  taken as a whole. 

 Items 2 through 5: NONE 

Item 6. Exhibits and Reports on Form 8-K

 (a) Exhibits:  NONE 

     (b) Reports on Form 8-K:

     A Current  Report on Form 8-K was filed during the first  quarter to report
the  prepayment  by the borrower of the  mortgage  loan secured by The Corner at
Seven Corners  Shopping Center and the purchase of the underlying land for total
consideration of $9,628,000 on November 22, 1995.


<PAGE>


              PAINE WEBBER QUALIFIED PLAN PROPERTY FUND FOUR, LP




                                  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.

                              PAINE WEBBER QUALIFIED PLAN PROPERTY
                                         FUND FOUR, LP


                              By:  FOURTH QUALIFIED PROPERTIES, INC.
                                       Managing General Partner






                              By:  /s/ Walter V. Arnold
                                  Walter V. Arnold
                                  Senior Vice President and Chief
                                  Financial Officer




Dated:  January 12, 1996