SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-Q
(Mark One)

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

For the quarterly period ended June 30, 1998
                               --------------
                                      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
                      June 30, 1998 and December 31, 1997
                                  (UNAUDITED)

                                    ASSETS

                                                1998            1997
                                            --------------  --------------
Cash and cash equivalents                   $   2,438,933   $  13,969,707
Cash and cash equivalents Early
  Investment Incentive Fund                     3,985,606       2,713,854
Accounts and accrued interest receivable           76,380          93,696
                                            --------------  --------------
                                                6,500,919      16,777,257
                                                            --------------
Real estate held for sale (net of allowance                
  of $1,491,800 in 1997)                                          703,026
                                            --------------  --------------
                                            $   6,500,919   $  17,480,283
                                            ==============  ==============


                       LIABILITIES AND PARTNERS' CAPITAL
                                                               
Accounts and accrued real estate taxes
  payable                                   $       4,202   $      84,991
Due to affiliates                                  80,766          51,372
Mortgage Note Payable                                             768,601
                                            --------------  --------------
    Total liabilities                              84,968         904,964
                                            --------------  --------------

Commitments and contingencies

Limited Partners' capital (429,606 
  Interests issued and outstanding)            15,948,031      26,009,849

Less Interests held by Early Investment
  Incentive Fund (41,330 in 1998 and 1997)     (9,264,478)     (9,264,478)
                                            --------------  --------------
                                                6,683,553      16,745,371
General Partner's deficit                        (267,602)       (170,052)
                                            --------------  --------------
    Total partners' capital                     6,415,951      16,575,319
                                            --------------  --------------
                                            $   6,500,919   $  17,480,283
                                            ==============  ==============
                                               
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 six months ended June 30, 1998 and 1997
                                  (UNAUDITED)


                                                1998            1997
                                            --------------  --------------
Income:
  Interest on short-term investments        $     193,778   $     314,997
  Income (loss) from operations of real 
    estate held for sale                           37,330        (144,399)
  Other income                                     90,693
  Settlement income                                                75,000
  Recovery of loss on real estate held
    for sale                                      285,231
                                            --------------  --------------
      Total income                                607,032         245,598
                                            --------------  --------------
Expenses:
  Participation in loss of joint
    venture with affiliates                                        81,930
  Provision for potential losses on
    real estate                                                   585,000
  Administrative                                  216,790         423,984
                                            --------------  --------------
      Total expenses                              216,790       1,090,914
                                            --------------  --------------
Net income (loss)                           $     390,242   $    (845,316)
                                            ==============  ==============
Net income allocated to General Partner     $     131,572            None
                                            ==============  ==============
Net income (loss) allocated to Limited
  Partners                                  $     258,670   $    (845,316)
                                            ==============  ==============
Net income (loss) per average number of                    
  Limited Partnership Interests outstanding
  (388,276 in 1998 and 1997) - Basic                       
  and Diluted                               $        0.67   $       (2.18)
                                            ==============  ==============
Distributions to General Partner            $     229,122   $     134,252
                                            ==============  ==============
Settlement Distribution to Limited Partners          None   $      16,056
                                            ==============  ==============
Distributions to Limited Partners           $  10,320,488   $  20,481,779
                                            ==============  ==============
Distributions per Limited Partnership
  Interest                                  $       26.58   $       52.75
                                            ==============  ==============

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 June 30, 1998 and 1997
                                  (UNAUDITED)

                                                 1998            1997
                                            --------------  --------------
Income:
  Interest on short-term investments        $      82,449   $     121,377
  Income (loss) from operations of real 
    estate held for sale                            7,999         (57,984)
  Settlement income                                                75,000
                                            --------------  --------------
      Total income                                 90,448         138,393
                                            --------------  --------------
Expenses:
  Provision for potential losses on
    real estate                                                   585,000
  Administrative                                   91,538         242,003
                                            --------------  --------------
      Total expenses                               91,538         827,003
                                            --------------  --------------
Net loss                                    $      (1,090)  $    (688,610)
                                            ==============  ==============
Net loss allocated to General Partner                None            None
                                            ==============  ==============
Net loss allocated to Limited
  Partners                                  $      (1,090)  $    (688,610)
                                            ==============  ==============
Net loss per average number of 
  Limited Partnership Interests outstanding                
  (388,276 in 1998 and 1997) - Basic
  and Diluted                               $      (0.003)  $       (1.78)
                                            ==============  ==============
Distribution to General Partner                      None   $      98,451
                                            ==============  ==============
Distribution to Limited Partners                     None   $   1,067,770
                                            ==============  ==============
Distribution per Limited Partnership
  Interest                                           None   $        2.75
                                            ==============  ==============

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 six months ended June 30, 1998 and 1997
                                  (UNAUDITED)

                                                 1998            1997
                                            --------------  --------------
Operating activities:
  Net income (loss)                         $     390,242   $    (845,316)
  Adjustments to reconcile net income 
    (loss) to net cash provided by 
    operating activities:
      Recovery of loss on real estate owned      (285,231)
      Participation in loss of joint
        venture with affiliates                                    81,930
      Provision for potential losses on
        real estate                                               585,000
      Net change in:
        Accounts and accrued interest
          receivable                               17,316         813,950
        Prepaid expenses                                           34,791
        Accounts and accrued real estate
          taxes payable                           (80,789)       (333,559)
        Due to affiliates                          29,394          (4,968)
                                            --------------  --------------
  Net cash provided by operating activities        70,932         331,828
                                            --------------  --------------
Investing activities:
  Capital contribution to joint venture with 
    an affiliate                                                  (81,930)
  Proceeds from lease termination               1,000,000
  Proceeds from sale of real estate                25,000
  Costs incurred in connection with 
    disposition of real estate                    (36,743)
                                            --------------  --------------
  Net cash provided by or (used in) 
    investing activities                          988,257         (81,930)
                                            --------------  --------------

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 six months ended June 30, 1998 and 1997
                                  (UNAUDITED)
                                  (Continued)

                                                 1998            1997
                                            --------------  --------------
Financing Activities:
  Distributions to Limited Partners           (10,320,488)    (20,497,835)
  Distributions to General Partner               (229,122)       (134,252)
  Contribution by General Partner                                  35,801
  Change in cash and cash equivalents -
    Early Investment Incentive Fund            (1,271,752)     (2,272,085)
  Principal payments on mortgage notes
    payable                                        (5,166)       (141,144)
  Repayment of mortgage note payable             (763,435)
                                            --------------  --------------
  Net cash used in financing activities       (12,589,963)    (23,009,515)
                                            --------------  --------------
Net change in cash and cash equivalents       (11,530,774)    (22,759,617)
Cash and cash equivalents at beginning
  of year                                      13,969,707      29,204,900
                                            --------------  --------------
Cash and cash equivalents at end of period  $   2,438,933   $   6,445,283
                                            ==============  ==============

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 Policies:

(a) For financial statement purposes, the capital accounts of the General
Partner and the Limited Partners have been adjusted to appropriately reflect
their remaining economic interests as provided for in the Partnership
Agreement.

(b) A reclassification has been made to the previously reported 1997 financial
statements in order to provide comparability with the 1998 statements. This
reclassification has not changed the 1997 results.

(c) In the opinion of management, all adjustments necessary for a fair
presentation have been made to the accompanying statements for the six months
and quarter ended June 30, 1998 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 1997, the Partnership sold one property and surrendered a
portion of the North Kent Mall pursuant to a deed in lieu of foreclosure;
however, the Partnership continued to own its remaining real estate investment,
an outlot at the North Kent Mall (the "North Kent Outlot"), which was sold in
March 1998. The Partnership has retained a portion of the cash from the
property sales to satisfy the 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, the lawsuit
discussed in Note 7 of Notes to the 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 continues to exist or arises,
reserves may be held by the Partnership for a longer period of time.

3. Interest Expense:

During the six months ended June 30, 1998 and 1997, the Partnership incurred
interest expense on mortgage notes payable of $19,143 and $201,047 and paid
interest expense of $19,143 and $202,602, respectively.

4. Transactions with Affiliates:

Fees and expenses paid and payable by the Partnership to affiliates for the six
months and quarter ended June 30, 1998 are:
<PAGE>
                                           Paid
                                   -------------------------
                                     Six Months     Quarter    Payable
                                    ------------   --------- ----------

   Reimbursement of expenses to
     the General Partner, at cost   $    35,988    $  13,183  $   80,766

During 1997, the General Partner made a contribution to the Partnership of
$35,801 in connection with the settlement of certain litigation.

5. Sale of Real Estate:

In March 1998, the Partnership sold the North Kent Outlot in an all cash sale
for $25,000. In addition, the Partnership received $1,000,000 in March 1998
pursuant to a lease termination agreement between the Partnership and the
lessee of the theater located on the Outlot. From the aggregate proceeds
received, the Partnership paid $763,435 to the third party mortgage holder in
full satisfaction of the first mortgage loan and paid $36,743 in selling costs.
The basis of the property was $703,026, which is net of an allowance of
$1,491,800. For financial statement purposes, the Partnership recognized no
gain or loss on the sale of this property. However, the Partnership recognized
a recovery of loss on real estate of $285,231 and wrote off $1,206,569 against
the previously established loss allowance related to this property.

6. Other Income:

In January and May 1998, the Partnership recognized other income in connection
with a refund of 1996 real estate taxes related to the North Kent Mall of
$90,693.

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, which is pending.
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 of
the Partnership. The Partnership believes it has meritorious defenses to
contest the claims. 
<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 and subsequently funded four
additional loans and acquired fourteen properties through foreclosure. Prior to
1998, the Partnership had disposed of all of these investments with the
exception of an outlot at the North Kent Mall (the "North Kent Outlot"), which
was sold in March 1998. 

Inasmuch as the management's discussion and analysis below relates primarily to
the time period since the end of the last fiscal year, investors are encouraged
to review the financial statements and the management's discussion and analysis
contained in the annual report for 1997 for a more complete understanding of
the Partnership's financial position.

Operations
----------

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

During the first quarter of 1998, the Partnership recognized a recovery of a
provision for potential loss related to the sale of the North Kent Outlot.
During the second quarter of 1997, the Partnership recognized a provision for
potential losses on real estate related to North Kent Mall. As a result of
these events, the Partnership recognized net income during the six months ended
June 30, 1998 as compared to a net loss during the six months and quarter ended
June 30, 1997. Administrative expenses exceeded interest income earned on short
term investments and other income, which was the primary reason the Partnership
recognized a net loss during the quarter ended June 30, 1998. Further
discussion of the Partnership's operations is summarized below.

1998 Compared to 1997
---------------------

Unless otherwise noted, discussions of fluctuations between 1998 and 1997 refer
to both the six months and quarters ended June 30, 1998 and 1997.

Higher average cash balances were available for investment during 1997 due to
the proceeds received by the Partnership from property sales during the latter
part of 1996 and 1997 prior to distribution to Partners in January 1997 and
January 1998. This was the primary reason interest income on short-term
investments decreased during 1998 as compared to 1997.

Operations of real estate held for sale represent the net operations of those
properties acquired by the Partnership through foreclosure. During 1997, the
<PAGE>
Partnership sold the Glendale Fashion Center. In addition, in 1997, the lender
on the North Kent Mall acquired the property (with the exception of the North
Kent Outlot) pursuant to a deed in lieu of foreclosure. The loss generated by
Glendale Fashion Center prior to its sale was partially offset by the income
generated by North Kent Mall prior to the foreclosure. In March 1998, the
Partnership sold the North Kent Outlot which was generating income prior to the
sale. As a result, the Partnership recognized income from operations of real
estate held for sale during 1998 as compared to a loss in 1997.

In January and May 1998, the Partnership recognized other income in connection
with a refund of 1996 real estate taxes related to the North Kent Mall of
$90,693.

In June 1997, the Partnership received $75,000 as a final payment related to
the October 1996 settlement with a former tenant of the 240 East Ontario Office
Building, which was sold in 1993. The settlement related to rental income owed
to the Partnership pursuant to the terms of the tenant's lease. This amount was
recognized as settlement income for financial statement purposes.

Provisions were charged to income when the General Partner believed an
impairment had occurred to the value of its properties or in a borrower's
ability to repay a loan or in the value of the collateral 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 affect the value of real estate, including economic and
demographic conditions. The Partnership recognized a provision of $585,000
related to the North Kent Mall during 1997 to provide for a change in the
estimate of the fair value of the property. The Partnership recognized a
recovery of $285,231 and wrote off the remaining allowance of $1,206,569 in
connection with the sale of the North Kent Outlot in 1998.

Participation in loss of joint venture with affiliates represented 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
property.
  
Primarily due to decreased portfolio management, accounting, legal and
professional fees during 1998, administrative expenses decreased during 1998 as
compared to 1997. In addition, during 1997, the Partnership incurred higher
postage and investor processing costs in connection with its response to a
January 1997 tender offer.

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

The cash position of the Partnership decreased by approximately $11,531,000 as
of June 30, 1998 when compared to December 31, 1997 primarily due to the
payment of a distribution to Partners in January 1998 from proceeds received in
connection with the 1997 sale of the Glendale Fashion Center. The Partnership
<PAGE>
received cash from its operating activities of approximately $71,000 which
consisted of interest income earned on short-term investments, a refund of 1996
real estate taxes related to the North Kent Mall and cash flow generated by the
North Kent Outlot prior to its sale in March 1998, net of the payment of
administrative expenses. Cash received from investing activities consisted of
net proceeds of approximately $988,000 from the sale of the North Kent Outlot
and the related lease termination. Cash used in financing activities consisted
of the payment of a distribution to Partners of approximately $10,550,000, an
increase in restricted cash and cash equivalents in the Early Investment
Incentive Fund of approximately $1,272,000 due to the discontinuance of the
repurchase of Interests from Limited Partners in February 1997, the repayment
of the mortgage note payable of approximately $763,000 and principal payments
on the mortgage note payable of approximately $5,000. 

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 1997, the Partnership sold one property and surrendered a
portion of the North Kent Mall pursuant to a deed in lieu of foreclosure;
however, the Partnership continued to own its remaining real estate investment,
the North Kent Outlot, which was sold in March 1998. The Partnership has
retained a portion of the cash from the property sales 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, the lawsuit discussed in Note 7 of Notes to the 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 continues to exist or arises, reserves may be held by the
Partnership for a longer period of time.

In March 1998, the Partnership sold the North Kent Outlot in an all cash sale
for $25,000. As part of the transaction, the Partnership received $1,000,000 in
March 1998 pursuant to a lease termination agreement between the Partnership
and the lessee of the theater located on the property. From the aggregate
proceeds received, the Partnership paid $763,435 to the third party mortgage
holder in full satisfaction of the first mortgage loan and paid $36,743 in
selling costs. See Note 5 of Notes to the Financial Statements for additional
information.

In February 1997, the Partnership discontinued the repurchase of Interests from
Limited Partners. As of June 30, 1998, there were 41,330 Interests and cash of
$3,985,606 in the Early Investment Incentive Fund.

To date, Limited Partners have received cash distributions totaling $672.56 per
$500 Interest. Of this amount, $337.25 represents Cash Flow from operations and
$335.31 represents a return of Original Capital. 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. Amounts allocated to the Early Investment Incentive Fund
will also be distributed at that time.
<PAGE>
                          BALCOR PENSION INVESTORS-IV
                       (An Illinois Limited Partnership)

                          PART II - OTHER INFORMATION

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.

(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 Quarterly 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 Annual Report on 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 Annual Report on Form 10-K for the year ended
December 31, 1996, is incorporated herein by reference.
<PAGE>
(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 Annual Report on 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 Annual Report on 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 Annual Report on 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 Annual Report on 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, previously filed as Exhibit
(10)(c)(ix) to the Partnership's Quarterly Report on Form 10-Q for the quarter
ended March 31, 1997, is incorporated herein by reference.

(c)(x) Extension Letter dated April 25, 1997 relating to the sale of Glendale
Fashion Center, Glendale, California, previously filed as Exhibit (10)(c)(x) to
the Partnership's Quarterly Report on Form 10-Q for the quarter ended March 31,
1997, is incorporated herein by reference.

(c)(xi) Ninth Amendment to Agreement of Purchase and Sale relating to the sale
of Glendale Fashion Square, Glendale, California, previously filed as Exhibit
(10)(c)(xi) to the Partnership's Quarterly Report on Form 10-Q for the quarter
ended June 30, 1997, is incorporated herein by reference.

(c)(xii) Extension Letter dated July 24, 1997 relating to the sale of Glendale
Fashion Center, Glendale, California, previously filed as Exhibit (10)(c)(xii)
to the Partnership's Quarterly Report on Form 10-Q for the quarter ended June
30, 1997, is incorporated herein by reference.

(c)(xiii) Tenth Amendment to Agreement of Purchase and Sale relating to the
sale of Glendale Fashion Center, Glendale, California, previously filed as
Exhibit (99)(a) to the Partnership's Current Report on Form 8-K dated September
18, 1997, is incorporated herein by reference.

(c)(xiv) Extension Letter dated August 27, 1997 relating to the sale of
Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(99)(b) to the Partnership's Current Report on Form 8-K dated September 18,
1997, is incorporated herein by reference.

(c)(xv) Extension Letter dated September 23, 1997 relating to the sale of
<PAGE>
Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(99)(c) to the Partnership's Current Report on Form 8-K dated September 18,
1997, is incorporated herein by reference.

(c)(xvi) Extension Letter dated October 22, 1997 relating to the sale of
Glendale Fashion Center, Glendale, California, previously filed as Exhibit
(10)(c)(xvi) to the Partnership's Quarterly Report on Form 10-Q for the quarter
ended September 30, 1997, is incorporated herein by reference.

(c)(xvii) Eleventh Amendment to Agreement of Purchase and Sale relating to the
sale of Glendale Fashion Center, Glendale, California, previously filed as
Exhibit (10(c)(xvii) to the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1997, is incorporated herein by reference.

(c)(xviii) Twelfth Amendment to Agreement of Purchase and Sale relating to the
sale of Glendale Fashion Center, Glendale, California, previously filed as
Exhibit (10(c)(xviii) to the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1997, is incorporated herein by reference.

(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 Current Report on Form 8-K dated December 2, 1996, is
incorporated herein by reference.

(e)(i) Agreement of Sale and attachment thereto dated January 21, 1998 relating
to the sale of the North Kent Outlot, Grand Rapids, Michigan, previously filed
as Exhibit (10(e)(i) to the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1997, is incorporated herein by reference.

(e)(ii) Termination Agreement relating the sale of the North Kent Outlot, Grand
Rapids, Michigan, previously filed as Exhibit (10(e)(ii) to the Partnership's
Annual Report on Form 10-K for the year ended December 31, 1997, is
incorporated herein by reference.

(e)(iii) Agreement of Sale and attachment thereto dated February 27, 1998
relating to the sale of the North Kent Outlot, Grand Rapids, Michigan,
previously filed as Exhibit (10(e)(iii) to the Partnership's Annual Report on
Form 10-K for the year ended December 31, 1997, is incorporated herein by
reference.

(e)(iv) Lease Termination Agreement relating to the sale of North Kent Outlot,
Grand Rapids, Michigan, previously filed as Exhibit (10(e)(iv) to the
Partnership's Annual Report on Form 10-K for the year ended December 31, 1997,
is incorporated herein by reference.

(27) Financial Data Schedule of the Registrant for the six months ended June
30, 1998 is incorporated herein by reference.

(b) Reports on Form 8-K:  No reports were filed on Form 8-K during the quarter
ended June 30, 1998.  
<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
                                  Senior Managing Director and Chief Financial
                                  Officer (Principal Accounting Officer) of 
                                  Balcor Mortgage Advisors-III, the General 
                                  Partner



Date: August 13, 1998
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