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 March 31, 1997
                               ------------------
                                      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 0-11699
                       -------

                        BALCOR PENSION INVESTORS-IV         
          -------------------------------------------------------
          (Exact name of registrant as specified in its charter)

          Illinois                                      36-3202727    
-------------------------------                     -------------------
(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     
    -----     -----
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                                BALANCE SHEETS
                     March 31, 1997 and December 31, 1996
                                  (UNAUDITED)

                                    ASSETS
                                                  1997            1996
                                            --------------   ---------------
Cash and cash equivalents                   $   7,819,616    $ 29,204,900
Cash and cash equivalents - Early
  Investment Incentive Fund                     2,279,904         185,167
Accounts and accrued interest receivable          366,225       1,092,340
Prepaid expenses                                   30,863          54,692
                                            --------------   -------------
                                               10,496,608      30,537,099
                                            --------------   -------------
Real estate held for sale (net of allowance  
  of $4,023,000 in 1997 and 1996)              13,258,400      13,258,400

Investment in joint venture with affiliates       268,975         268,975
                                            --------------   -------------
                                               13,527,375      13,527,375
                                            --------------   -------------
                                            $  24,023,983    $ 44,064,474
                                            ==============   =============

                       LIABILITIES AND PARTNERS' CAPITAL
                                                                
Accounts and accrued real estate taxes
  payable                                   $     158,022    $    533,906
Due to affiliates                                 137,665         145,771
Security deposits                                  12,489          12,489
Mortgage notes payable                          3,814,098       3,883,828
                                            --------------   -------------
    Total liabilities                           4,122,274       4,575,994
                                            --------------   -------------
Commitments and contingencies

Limited Partners' capital (429,606 
  Interests issued and outstanding)            29,166,187      48,752,958

Less Interests held by Early Investment                         
  Incentive Fund (41,330 in 1997 and 1996)     (9,264,478)     (9,264,478)
                                            --------------   -------------
                                               19,901,709      39,488,480
General Partner's capital                            None            None
                                            --------------   -------------
    Total partners' capital                    19,901,709      39,488,480
                                            --------------   -------------
                                            $  24,023,983    $ 44,064,474
                                            ==============   =============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                       STATEMENTS OF INCOME AND EXPENSES
                for the quarters ended March 31, 1997 and 1996
                                  (UNAUDITED)


                                                  1997            1996
                                            --------------   -------------
Income:
  Interest on loan receivable                                $     31,405
  Interest on short-term investments        $     193,620          53,366
                                            --------------   -------------
      Total income                                193,620          84,771
                                            --------------   -------------
Expenses:
  Loss (income) from operations of real 
    estate held for sale                           86,415        (374,936)
  Participation in loss (income) of joint
    venture with affiliates                        81,930         (80,728)
  Administrative                                  181,981         156,672
                                            --------------   -------------
      Total expenses                              350,326        (298,992)
                                            --------------   -------------
Net (loss) income                           $    (156,706)   $    383,763
                                            ==============   =============
Net income allocated to General
  Partner                                            None    $     28,782
                                            ==============   =============
Net (loss) income allocated to Limited 
  Partners                                  $    (156,706)   $    354,981
                                            ==============   =============
Net (loss) income per average number of 
  Limited Partnership Interests outstanding
  (388,276 in 1997 and 394,691 in 1996)     $        (.40)          $ .90
                                            ==============   =============
Distribution to General Partner             $      35,801    $     35,801
                                            ==============   =============
Settlement Distribution to Limited Partners $      16,056            None
                                            ==============   =============
Distribution to Limited Partners            $  19,414,009    $    394,691
                                            ==============   =============
Distribution per Limited Partnership
  Interest                                  $       50.00    $       1.00
                                            ==============   =============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                for the quarters ended March 31, 1997 and 1996
                                  (UNAUDITED)

                                                  1997            1996
                                            --------------   -------------
Operating activities:
  Net (loss) income                         $    (156,706)   $    383,763
  Adjustments to reconcile net (loss) income 
   to net cash provided by operating 
   activities:
      Participation in loss (income) of 
        joint venture with affiliates              81,930         (80,728)
      Amortization of deferred expenses                             5,632
      Net change in:
        Escrow deposits                                           (43,725)
        Accounts and accrued interest
          receivable                              726,115         157,952
        Prepaid expenses                           23,829          94,398
        Accounts and accrued real estate
          taxes payable                          (375,884)         89,221
        Due to affiliates                          (8,106)         16,093
        Other liabilities                                          35,586
                                            --------------   -------------
  Net cash provided by operating activities       291,178         658,192
                                            --------------   -------------
Investing activities:
  Distribution from joint venture
    with affiliates                                                 1,740
  Contribution to joint venture with
    affiliates                                    (81,930)
  Collection of principal payments on 
    loan receivable                                                34,359
  Additions to real estate                                       (174,887)
                                            --------------   -------------
  Net cash used in investing activities           (81,930)       (138,788)
                                            --------------   -------------
Financing activities:
  Distribution to Limited Partners            (19,430,065)       (394,691)
  Distribution to General Partner                 (35,801)        (35,801)
  Contribution by General Partner                  35,801
  Change in cash and cash equivalents -
    Early Investment Incentive Fund            (2,094,737)        (49,797)
  Principal payments on mortgage notes
    payable                                       (69,730)        (73,791)
                                            --------------   -------------
  Net cash used in financing activities       (21,594,532)       (554,080)
                                            --------------   -------------
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                           STATEMENTS OF CASH FLOWS
                for the quarters ended March 31, 1997 and 1996
                                  (UNAUDITED)
                                  (Continued)

Net change in cash and cash equivalents       (21,385,284)        (34,676)
Cash and cash equivalents at beginning
  of year                                      29,204,900       4,220,385
                                            --------------   -------------
Cash and cash equivalents at end of period  $   7,819,616    $  4,185,709
                                            ==============   =============

The accompanying notes are an integral part of the financial statements.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (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 quarter ended March 31,
1997 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, including the disposition of all interests in
real estate. During 1996, the Partnership sold five properties and its minority
joint venture interest in one additional property. A majority of the proceeds
from the sales were distributed to Limited Partners in January 1997. The
Partnership has two remaining properties. The Partnership has entered into a
contract to sell the Glendale Fashion Center and is actively marketing the
North Kent Mall for sale. 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 stemming from litigation involving the Partnership
including, but not limited to, the lawsuit discussed in Note 7 of Notes to
Financial Statements. In the absence of any such contingency, the reserves will
be paid within twelve months of the last property being sold. In the event a
contingency exists, reserves may be held by the Partnership for a longer period
of time.

3. Interest Expense:

During the quarters ended March 31, 1997 and 1996, the Partnership incurred
interest expense on mortgage notes payable of $101,847 and $240,111 and paid
interest expense of $102,443 and $240,374, respectively.

4. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates for the
quarter ended March 31, 1997 are:
                                               
                                       Paid       Payable
                                    ------------  ---------     
   Reimbursement of expenses to
     the General Partner, at cost     $30,185      $137,665             


The General Partner made a contribution of $35,801 in connection with the
settlement of certain litigation as further discussed in Note 6 of Notes to
Financial Statements.
<PAGE>
5. Investment in Joint Venture with Affiliates:

The Perimeter 400 Center Office Building was owned by a joint venture
consisting of the Partnership and three affiliates. The Partnership's sharing
percentage is 15.37%. In 1996, the joint venture sold the property.  Pursuant
to the terms of the sale, $1,750,000 of the proceeds will be retained by the
joint venture until September 1997, of which $268,975 is the Partnership's
share.  
 
6. Settlement of Litigation:

A settlement received final approval by the court in November 1996 in the class
action, Paul Williams and Beverly Kennedy, et. al. v. Balcor Pension Investors,
et. al. upon the terms described in the notice to class members in September
1996. The General Partner made a contribution of $35,801 to the Partnership,
from which the plaintiff's counsel was paid $3,581 pursuant to the settlement
agreement. In February 1997, the General Partner made a settlement payment of
$32,220 ($0.08 per Interest) to members of the class pursuant to the settlement
agreement. Of the total settlement amount, $16,056 was paid to original
investors who held their Limited Partnership Interests at the date of the
settlement and was recorded as a distribution to Limited Partners in the
Financial Statements. The remaining portion of the settlement of $16,164 was
paid to original investors who previously sold their Interests in the
Partnership. This amount was recorded as an administrative expense in the
Financial Statements. The settlement had no material impact on the Partnership.

7. Contingency:

The Partnership is currently involved in a lawsuit whereby the Partnership, the
General Partner and certain third parties have been named as defendants seeking
damages relating to tender offers to purchase interests in the Partnership and
nine affiliated partnerships initiated by the third party defendants in 1996.
The defendants continue to vigorously contest this action. The action has been
dismissed with prejudice and plaintiffs have filed an appeal. It is not
determinable at this time whether or not an unfavorable decision in this action
would have a material adverse impact on the financial position, operations and
liquidity of the Partnership. The Partnership believes it has meritorious
defenses to contest the claims.  

8. Subsequent Event:

In April 1997, the Partnership made a distribution of $1,181,416 ($2.75 per
Interest) to the holders of Limited Partnership Interests which represents a
regular quarterly distribution of available Cash Flow of $1.00 per Interest for
the first quarter of 1997, and a special distribution of $1.75 per Interest
from Cash Flow received from certain 1996 property sales.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                     MANAGEMENT'S DISCUSSION AND ANALYSIS

Balcor Pension Investors-IV (the "Partnership") is a limited partnership formed
in 1982 to invest in wrap-around mortgage loans and, to a lesser extent, make
other junior mortgage loans and first mortgage loans. The Partnership raised
$214,803,000 through the sale of Limited Partnership Interests and utilized
these proceeds to fund thirty-eight loans.  As a result of the repayments,
foreclosures and write-offs of loans in prior years, the Partnership has no
loans in its portfolio as of March 31, 1997.  Currently, the Partnership is
operating two properties held for sale.

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 1996 for a more complete understanding of
the Partnership's financial position.

Operations
----------

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

The 1996 sales of the Partnership's properties, which were generating income
from operations prior to their sales, including the 1996 sale of the Perimeter
400 Center Office Building in which the Partnership held a minority joint
venture interest, were the primary reason the Partnership recognized a net loss
during the quarter ended March 31, 1997 as compared to net income for the same
period in 1996. Further discussion of the Partnership's operations is
summarized below.

1997 Compared to 1996
---------------------

Discussions of fluctuations between 1997 and 1996 refer to the quarters ended
March 31, 1997 and 1996.

As a result of the prepayment of the Stonehaven South Apartments loan in July
1996, interest income on loans receivable ceased in 1996. 

Higher average cash balances were available for investment due to proceeds
received by the Partnership from the 1996 property sales prior to distribution
to Limited Partners in January 1997. This resulted in an increase in interest
income on short-term investments in 1997 as compared to 1996.

Operations of real estate held for sale represent the net operations of those
properties acquired by the Partnership through foreclosure. During the quarter
ended March 31, 1997, the Partnership operated two properties. The funds
advanced for these two properties by the Partnership total approximately
<PAGE>
$11,900,000, representing approximately 6% of original funds advanced. The 1996
sales of the Partnership's properties, which were generating income from
operations prior to their sales, was the primary reason the Partnership
recognized a loss from real estate held for sale during 1997 as compared to
income in 1996. The decrease in income of approximately $611,000 was partially
offset by lower repairs and tenant improvements costs of approximately $150,000
at the North Kent Mall.

Participation in income of joint venture with affiliates represents the
Partnership's 15.37% share of the operations from the Perimeter 400 Center
Office Building. In December 1996, the joint venture sold the property.  During
1997, the Partnership paid its share of additional expenses related to the
joint venture's period of ownership. The combined effect of these events
resulted in participation in loss of joint venture with affiliates in 1997 as
compared to income in 1996.
  
During February 1997, the General Partner made a payment relating to the
settlement of certain litigation to original investors who previously sold
their Interests in the Partnership, which was recorded as an administrative
expense. See Note 6 of Notes to Financial Statements for additional
information. In addition, the Partnership incurred printing and postage costs
in connection with its response to a January 1997 tender offer. As a result,
administrative expenses increased by approximately $49,000 during 1997 as
compared to 1996. During 1996, the Partnership incurred additional legal and
portfolio management fees related to sold properties, which partially offset
the increase by approximately $38,000.

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

The cash position of the Partnership as of March 31, 1997 decreased by
approximately $21,385,000 when compared to December 31, 1996 primarily due to
the payment of a special distribution to Limited Partners in January 1997 of
proceeds from the 1996 property sales. The Partnership received cash flow of
approximately $291,000 from its operating activities, primarily from interest
income earned on short-term interest bearing instruments, collection of
receivables related to properties sold in 1996, net of administrative expenses.
The Partnership used cash in its investing activities to make a contribution to
the joint venture with affiliates of approximately $82,000. The Partnership's
financing activities consisted of the payment of distributions to the Partners
totaling approximately $19,466,000, an increase in restricted cash and cash
equivalents of approximately $2,095,000, a contribution by the General Partner
of approximately $36,000, and the payment of principal of approximately $70,000
on the mortgage notes payable.

The Partnership classifies the cash flow performance of its properties as
either positive, a marginal deficit or a significant deficit, each after
consideration of debt service payments unless otherwise indicated. A deficit is
considered to be significant if it exceeds $250,000 annually or 20% of the
property's rental and service income. The Partnership defines cash flow
generated from its properties as an amount equal to the property's revenue
receipts less property related expenditures, which include debt service
<PAGE>
payments. During 1997 and 1996, North Kent Mall generated positive cash flow.
However, significant leasing costs were incurred in 1996 at North Kent Mall in
order to lease vacant space and renew existing tenant leases which were
scheduled to expire during 1996. These costs were not included in classifying
the cash flow performance of the mall in 1996 since they were non-recurring
expenditures. Had these non-recurring expenditures been included, the property
would have operated at a significant cash flow deficit during 1996. During 1997
and 1996, Glendale Fashion Center operated at a significant cash flow deficit.
The Colony, Del Lago, Palm View, Pelican Pointe and Regency Club apartment
complexes, which were sold in 1996, generated positive cash flow during the
first quarter of 1996. In addition, the Perimeter 400 Center Office Building,
the property in which the Partnership held a minority joint venture interest,
was sold in December 1996 and generated a positive cash flow during the first
quarter of 1996. 

The Partnership's remaining assets are two shopping centers, one located in
Glendale, California and one in Grand Rapids, Michigan. Currently, Glendale
Fashion Center has no tenants in occupancy. The property continues to proceed
through the local government entitlement process as part of the sale and
redevelopment plan. This property is currently under contract for a sale price
of $10,700,000 and the sale is scheduled to close in May 1997. North Kent Mall
was impacted by a number of tenant bankruptcies in 1996 that led to the
departure of several major tenants. Occupancy as of March 31, 1997 for North
Kent Mall was 52%. After reviewing current market conditions, the General
Partner determined that it is in the best interest of the Partnership to sell
the North Kent Mall and therefore, is actively marketing the property for sale.

During 1996, the Partnership sold five properties and its minority joint
venture interest in one additional property. A majority of the proceeds from
the sales were distributed to Limited Partners in January 1997.  The
Partnership has retained a portion of the cash to satisfy obligations of the
Partnership as well as establish a reserve for contingencies. The Partnership
has two remaining properties as discussed above. 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 stemming from litigation
involving the Partnership including, but not limited to, the lawsuit discussed
in Note 7 of Notes to Financial Statements. In the absence of any such
contingency, the reserves will be paid within twelve months of the last
property being sold. In the event a contingency exists, reserves may be held by
the Partnership for a longer period of time.

The Partnership has one loan maturing within the next two years, a mortgage
loan of approximately $1,753,000 collateralized by North Kent Mall. In March
1997, the Partnership and the lender executed an agreement effective as of
January 1, 1997, pursuant to which, the maturity date of the loan was extended
to September 1, 1997. If the property is sold prior to September 1, 1997, the
Partnership is obligated to pay all amounts due pursuant to the loan terms plus
an additional amount equal to 10% of the net sale proceeds, as defined by the
agreement. In the event the property is not sold prior to September 1, 1997,
title to the property will be conveyed to the lender pursuant to a deed in lieu
of foreclosure on such date, and the Partnership will have no further
obligations under the loan and no further interest in the property. The
Partnership is marketing the property for sale to satisfy the obligation.
<PAGE>
Pursuant to the sale agreement for the Regency Club Apartments, $250,000 of the
sale proceeds was retained by the Partnership and was unavailable for
distribution until January 1997, at which time the holdback was released in
full.

In February 1997, the General Partner made a settlement payment of $32,220
($.08 per Interest) to members of the class pursuant to the settlement approved
by the court in November 1996 in the Paul Williams and Beverly Kennedy, et.
al., v. Balcor Pension Investors, et. al. class action lawsuit. The General
Partner made a contribution of $35,801 to the Partnership, from which the
plaintiffs' counsel was paid $3,581 pursuant to the settlement agreement. Of
the total settlement amount, $16,056 was paid to the original investors who
held their Limited Partnership Interests at the date of the settlement and was
recorded as a distribution to Limited Partners in the Financial Statements. The
remaining portion of the settlement of $16,164 was paid to original investors
who previously had sold their Interests in the Partnership. This amount was
recorded as an administrative expense in the Financial Statements.

In February 1997, the Partnership discontinued the repurchase of Interests from
Limited Partners. 

In April 1997, the Partnership paid a distribution of $1,181,416 ($2.75 per
Interest) to the holders of Limited Partnership Interests representing the
regular quarterly distribution of Cash Flow of $1.00 per Interest for the first
quarter of 1997 and a special distribution of $1.75 per Interest from Cash Flow
received from the 1996 property sales. The level of the regular quarterly
distribution is consistent with the amount distributed for the fourth quarter
of 1996. Including the April 1997 distribution, Limited Partners have received
cash distributions totaling $641.98 per $500 Interest. Of this amount, $328.85
represents Cash Flow from operations and $313.13 represents a return of
Original Capital. In April 1997, the Partnership also paid $98,451 to the
General Partner as its distributive share of Cash Flow distributed for the
first quarter of 1997, and made a contribution to the Early Investment
Incentive Fund of $32,817. Future distributions will be made from available
sale proceeds from the Partnership's remaining properties, as to which there
can be no assurances.

Changing interest rates can impact real estate values in several ways.
Generally, declining interest rates may lower the cost of capital allowing
buyers to pay more for a property whereas rising interest rates may increase
the cost of capital and lower the price of real estate.

Inflation has several types of potentially conflicting impacts on real estate
investments. Short-term inflation can increase real estate operating costs
which may or may not be recovered through increased rents and/or sales prices
depending on general or local economic conditions. In the long-term, inflation
can be expected to increase operating costs and replacement costs and may lead
to increased rental revenues and real estate values.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION


Item 5.  Other Information
--------------------------

Glendale Fashion Center
----------------------

As previously reported, on October 10, 1996, the Partnership entered into a
contract to sell the Glendale Fashion Center, Glendale, California, to an
unaffiliated party, Vestar Development Co., an Arizona corporation. The sale
price is $10,700,000. Pursuant to an agreement between the purchaser and the
Partnership, the purchaser has the option to extend the originally scheduled
closing date of March 31, 1997 for up to four 30 day periods upon three 
business days' advance notice to the Partnership and the deposit of 
additional earnest money.  The purchaser has exercised options to extend the 
closing date to May 30, 1997 and has deposited $150,000 as additional 
earnest money.

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

(a)(3) Exhibits:

(4) Form of Confirmation regarding Interests in the Registrant set forth as
Exhibit 4 to the Registrant's Report on Form 10-Q for the quarter ended June
30, 1992 (Commission File No. 0-11699) is incorporated herein by reference.

(10) Material Contracts:

(a) Agreement of Sale and attachment thereto relating to the sale of Regency
Club Apartments, Evansville, Indiana, previously filed as Exhibit (2) to the
Partnership's Current Report on Form 8-K dated August 13, 1996, are
incorporated herein by reference.

(b)(i) Agreement of Sale and attachment thereto relating to the sale of Pelican
Pointe Apartments, Pompano Beach, Florida, previously filed as Exhibit (2) to
the Partnership's Current Report on Form 8-K dated August 29, 1996, are
incorporated herein by reference.

(b)(ii) First Amendment dated September 30, 1996 to Agreement of Sale relating
to the sale of Pelican Pointe Apartments, Pompano Beach, Florida, previously
filed as Exhibit (99)(b) to the Partnership's Current Report on Form 8-K dated
September 16, 1996, is incorporated herein by reference.

(c)(i) Agreement of Sale dated October 10, 1996 and attachment thereto relating
to the sale of Glendale Fashion Center, Glendale, California previously filed
as Exhibit (2) to the Partnership's Current Report on Form 8-K dated September
16, 1996, are incorporated herein by reference.
<PAGE>
(c)(ii) First Amendment to Agreement of Purchase and Sale dated November 8,
1996 relating to the sale of Glendale Fashion Center, Glendale, California
previously filed as Exhibit (10)(c)(ii) to the Partnership's Report on Form
10-Q for the quarter ended September 30, 1996 is incorporated herein by
reference.

(c)(iii) Second Amendment to Agreement of Purchase and Sale relating to the
sale of Glendale Fashion Center, Glendale, California, previously filed as
Exhibit (10)(c)(iii) to the Partnership's Report in Form 10-K for the year
ended December 31, 1996 is incorporated herein by reference.

(c)(iv) Third Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(10)(c)(iv) to the Partnership's Report in Form 10-K for the year ended
December 31, 1996 is incorporated herein by reference.

(c)(v) Fourth Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(10)(c)(v) to the Partnership's Report in Form 10-K for the year ended December
31, 1996 is incorporated herein by reference.

(c)(vi) Fifth Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(10)(c)(vi) to the Partnership's Report in Form 10-K for the year ended
December 31, 1996 is incorporated herein by reference.

(c)(vii) Sixth Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(10)(c)(vii) to the Partnership's Report in Form 10-K for the year ended
December 31, 1996 is incorporated herein by reference.

(c)(viii) Seventh Amendment to Agreement of Purchase and Sale relating to the
sale of Glendale Fashion Center, Glendale, California, previously filed as
Exhibit (10)(c)(viii) to the Partnership's Report in Form 10-K for the year
ended December 31, 1996 is incorporated herein by reference.

(c)(ix) Eighth Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Center, Glendale, California, is attached hereto.

(c)(x) Extension Letter dated April 25, 1997 relating to the sale of Glendale
Fashion Center, Glendale, California, is attached hereto.

(d) Agreement of Sale and attachment thereto relating to the sale of Perimeter
400 Center, Fulton County, Georgia, previously filed as Exhibit (2) to the
Partnership's Report on Form 8-K dated December 2, 1996, is incorporated herein
by reference.

(27) Financial Data Schedule of the Registrant for the quarter ended March 31,
1997 is attached hereto.

(b) Reports on Form 8-K:  There were no reports filed on Form 8-K during the
quarter ended March 31, 1997.  
<PAGE>
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 PENSION INVESTORS-IV



                              By:  /s/ Thomas E. Meador
                                  -----------------------------               
                                  Thomas E. Meador
                                  President and Chief Executive Officer 
                                  (Principal Executive Officer) of Balcor 
                                  Mortgage Advisors-III, the General Partner



                              By:  /s/ Jayne A. Kosik
                                  ------------------------------              
                                  Jayne A. Kosik
                                  Managing Director and Chief Financial 
                                  Officer (Principal Accounting Officer) of 
                                  Balcor Mortgage Advisors-III, the General 
                                  Partner



Date:  May 9, 1997
      ---------------
<PAGE>