<PAGE>

                          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 quarter ended June 30, 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 No. 0-15745


                   AMERICAN CABLE TV INVESTORS 4, LTD.
      --------------------------------------------------------
       (Exact name of Registrant as specified in its charter)


     State of Colorado                                84-1013221
------------------------------                   ------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                   Identification No.)
                                                           


       5619 DTC Parkway                                 
      Englewood, Colorado                               80111
----------------------------------------          ------------------
(Address of principal executive offices)              (Zip Code)


Registrant's telephone number, including area code:  (303) 267-5500


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,
and (2) has been subject to such filing requirements for the past
90 days.     Yes   X       No
                 -----   -----

<PAGE>

PART I - FINANCIAL INFORMATION

               AMERICAN CABLE TV INVESTORS 4, LTD.
                (A Colorado Limited Partnership)
                        AND SUBSIDIARIES

                         Balance Sheets
                                
                           (unaudited)
                                
                          (see note 1)

<TABLE>
<CAPTION>
                                            June 30,    December 31,
                                              1997          1996
                                            --------    ------------

Assets                                        amounts in thousands
------                                                          
<S>                                         <C>         <C>

Cash and cash equivalents (note 4)          $ 6,873         4,216
                                                          
Amounts due from related parties (note 5)       132         2,717
                                                          
Funds held in escrow (note 6)                 2,025         2,025
                                            -------     ---------

                                            $ 9,030         8,958
                                            =======     =========

Liabilities and Partners' Equity                         
--------------------------------                                        
Accounts payable                            $     9             9
                                                          
Accrued expenses                                  4            76
                                            -------     ---------
                          
     Total liabilities                           13            85
                                            -------     ---------

Partners' equity:                                         
 General partner                              1,858         1,822
 Limited partners                             7,159         7,051
                                            -------     ---------
                                                          
     Total partners' equity                   9,017         8,873
                                            -------     ---------

Contingency (note 6)                                      
                                            $ 9,030         8,958
                                            =======     =========

</TABLE>
See accompanying notes to financial statements.

                                 I-1
<PAGE>

                                
               AMERICAN CABLE TV INVESTORS 4, LTD.
                (A Colorado Limited Partnership)
                        AND SUBSIDIARIES
                                
                    Statements of Operations
                                
                           (unaudited)
                                
                          (see note 1)


<TABLE>
<CAPTION>
                                                                    
                                        Three months ended  Six months ended
                                             June 30,           June 30,
                                        ------------------  ----------------
                                         1997       1996     1997      1996
                                        --------  --------  -------  -------
                                                amounts in thousands,
                                                 except unit amounts
<S>                                     <C>        <C>      <C>      <C>
                                                                    
General and administrative expenses     $    (37)       (7)    (125)    (132)
                                                                  
Gain on sale of cable television                                  
  system, net of $510,000 of costs                                  
  and expenses related to 1995                                     
  operations (note 2)                         --        --       --   99,700
                                                                  
Interest expense                              --        --       --      (10)
                                                                  
Interest income                              128       171      269      424
                                                                  
Minority interest's share of losses                               
  of Newport News Cablevision, Ltd.                                
  ("Newport News")                            --        (8)      --  (39,915)
                                        --------   -------  -------  ------- 

         Net earnings                   $     91       156      144   60,067
                                        ========   =======  =======  =======

Net earnings per limited partnership                              
  unit                                  $    .57      0.97      .90   421.02
                                        ========   =======  =======  =======
                                                                    
Limited partnership units outstanding    120,005   120,005  120,005  120,005
                                        ========   =======  =======  =======
                                                                    
</TABLE>
See accompanying notes to financial statements.


                                     I-2

<PAGE>

               AMERICAN CABLE TV INVESTORS 4, LTD.
                (A Colorado Limited Partnership)
                        AND SUBSIDIARIES
                                
                  Statement of Partners' Equity
                                
                 Six months ended June 30, 1997
                                
                           (unaudited)
                                
                          (see note 1)

<TABLE>
<CAPTION>

                                      General   Limited  
                                      partner  partners   Total
                                      -------  --------  -------

                                        amounts in thousands
<S>                                   <C>      <C>       <C>
Balance at January 1, 1997            $1,822    7,051     8,873
                                                         
   Net earnings                           36      108       144
                                      ------   ------    ------

Balance at June 30, 1997              $1,858    7,159     9,017
                                      ======   ======    ======    
</TABLE>

See accompanying notes to financial statements.

                                   I-3

<PAGE>


               AMERICAN CABLE TV INVESTORS 4, LTD.
                (A Colorado Limited Partnership)
                        AND SUBSIDIARIES
                                
                    Statements of Cash Flows
                                
                           (unaudited)
                                
                          (see note 1)
<TABLE>
<CAPTION>
                                                       Six months ended
                                                           June 30,
                                                      ---------------------
                                                         1997        1996
                                                      ---------   ---------
                                                       amounts in thousands
<S>                                                   <C>          <C>
Cash flows from operating activities:                       
   Net earnings                                       $    144       60,067
   Adjustments to reconcile net earnings to net             
     cash provided by (used in) operating
     activities:
         Gain on sale of cable television system            --     (100,210)
         Minority interest's share of earnings of                
           Newport News                                     --       39,915
         Changes in operating assets and 
           liabilities, net of effects from sale 
           of cable television system:     
              Net change in receivables, prepaid                
                expenses, and other assets                  --          863
              Net change in accounts payable, 
                accrued expenses, subscriber 
                advance payments and converter 
                deposits, and amounts due 
                to/from related parties                  2,513       (9,431)
                                                       -------     --------

                Net cash provided by (used in)                  
                  operating activities                   2,657       (8,796)
                                                       -------     -------- 
Cash flows from investing activities:                       
   Capital expended for property and equipment              --          (36)
   Proceeds from sale of cable television system,           
     net of disposition fees paid                           --      113,218
                                                       -------     --------
      
                 Net cash provided by investing                  
                   activities                               --      113,182
                                                       -------     --------
                                                            
Cash flows from financing activities:                       
   Repayments of debt                                       --      (24,255)
   Distributions to partners                                --      (88,609)
   Distribution to minority owners of Newport               
     News                                                   --      (33,696)
   Change in cash overdraft                                 --       (5,930)
                                                       -------     --------
                                                            
                  Net cash used in financing 
                    activities                              --     (152,490)
                                                       -------     --------
                                                                    
              Net increase (decrease) in cash and               
                cash equivalents                         2,657      (48,104)
                                                                    
              Cash and cash equivalents:                        
                Beginning of period                      4,216       48,104
                                                       -------     --------

                                                                    
                End of period                          $ 6,873           --
                                                       =======     ======== 
</TABLE>

See accompanying notes to financial statements.

                                  I-4            
<PAGE>


                 AMERICAN CABLE TV INVESTORS 4, LTD.
                  (A Colorado Limited Partnership)
                         AND SUBSIDIARIES

                   Notes to Financial Statements

                          June 30, 1997
                           (unaudited)


(1)  Basis of Financial Statement Preparation
     ----------------------------------------

     The  accompanying unaudited financial statements include the
     accounts  of American Cable TV Investors 4, Ltd.  ("ACT  4")
     and Newport News prior to its liquidation.  Newport News was
     formed   for  the  purpose  of  acquiring,  developing   and
     operating the cable television system located in and  around
     Newport News, Virginia (the "Newport News System").   ACT  4
     and  Newport News are collectively referred to herein as the
     Partnership.   As a result of the sale of the  Newport  News
     Systems,  Newport  News  was liquidated  during  the  fourth
     quarter  of  1996.   ACT 4 had a 60% ownership  interest  in
     Newport  News.   American Cable TV Investors 5,  Ltd.  ("ACT
     5"),  an  affiliate,  owned  the 40%  minority  interest  in
     Newport News.

     The Partnership is no longer engaged in the cable television
     business   and  is  currently  seeking  to  make   a   final
     determination   of  its  liabilities  so  that   liquidating
     distributions   can   be  made  in   connection   with   its
     dissolution.  See notes 2 and 6.

     TCI  Cablevision  Associates, Inc.  ("Cablevision")  is  the
     managing  agent  of the Partnership and  owns  100%  of  the
     common stock of a general partner of the general partner  of
     ACT 4.  Cablevision is an indirect majority-owned subsidiary
     of Tele-Communications, Inc. ("TCI").

     The  preparation of financial statements in conformity  with
     generally accepted accounting principles requires management
     to  make  estimates and assumptions that affect the reported
     amounts  of  assets  and liabilities  at  the  date  of  the
     financial  statements and the reported amounts  of  revenues
     and  expenses  during the reporting period.  Actual  results
     could differ from those estimates.

     The accompanying financial statements are unaudited.  In the
     opinion  of management, all adjustments (consisting only  of
     normal   recurring  accruals)  have  been  made  which   are
     necessary  to present fairly the financial position  of  the
     Partnership  as  of  June  30,  1997  and  its  results   of
     operations for the six months ended June 30, 1997 and  1996.
     The  results  of operations for any interim period  are  not
     necessarily indicative of the results for the entire year.

     These  financial  statements should be read  in  conjunction
     with  the  financial  statements and related  notes  thereto
     included in ACT 4's December 31, 1996 Annual Report on  Form
     10-K.


                                                      (continued)

                                I-5
<PAGE>

                   AMERICAN CABLE TV INVESTORS 4, LTD.
                    (A Colorado Limited Partnership)
                           AND SUBSIDIARIES

                      Notes to Financial Statements

(2)  Sales Transaction
     -----------------

     The  Newport News System was sold on January 1, 1996 to  Cox
     Communications  Rhode Island, Inc. ("Cox"), an  unaffiliated
     third party, for cash proceeds of $121,886,000 (the "Newport
     News  Sale").  Pursuant to the terms of the sale  agreement,
     $5,000,000  of  the sales price was placed  in  escrow  (the
     "Newport  News Escrow") and was subject to any indemnifiable
     claims  made by Cox through September 27, 1996.  During  the
     fourth  quarter  of  1996,  the Newport  News  Escrow,  plus
     accrued interest of $170,000, was released to Newport  News.
     The  Partnership  had  a 60% ownership interest  in  Newport
     News.   Accordingly, ACT 4 received $53,684,000 of  the  net
     cash  proceeds (after satisfaction of transaction costs  and
     Newport  News' liabilities) from the Newport  News  Sale  in
     1996.

     The  gain  on  the  Newport News Sale has  been  reduced  by
     $510,000 to reflect certain of Newport News' operating costs
     and  expenses  which were incurred in 1995  but  which  were
     reflected in the 1996 financial records of Newport News.

     The  Newport News Sale was approved by the Limited  Partners
     of  ACT  4  at a special meeting that occurred on  June  20,
     1995.

     In  connection with the Newport News Sale, Newport News used
     most  of the cash proceeds to (i) pay a disposition  fee  of
     $3,668,000  ($2,751,000  to  Cablevision  and  $917,000   to
     Presidio  Cable  IV  Corp. ("PCC")),  (ii)  repay  debt  and
     related accrued interest of $24,306,000 and (iii) make  cash
     distributions  to  ACT  4  and  ACT  5  of  $53,684,000  and
     $35,789,000,  respectively.  The Partnership  used  proceeds
     from  the  Newport News Sale and previous sales transactions
     to  make  initial distributions to its general  and  limited
     partners  of  $7,606,000 and $81,003,000  ($675  per  Unit),
     respectively, in January 1996.

(3)  Allocation of Net Earnings and Net Losses
     -----------------------------------------

     Pursuant  to  ACT  4's  limited partnership  agreement,  net
     earnings and net losses of ACT 4 are to be allocated  1%  to
     the  general partners and 99% to the limited partners  until
     the  limited partners have received cumulative distributions
     equal  to  their original capital contributions ("Payback").
     After the limited partners have received distributions equal
     to  Payback, the allocations of net earnings and net  losses
     shall  be 25% to the general partner and 75% to the  limited
     partners.

     Earnings  per  limited  partnership unit  is  calculated  by
     dividing  the  net  earnings  attributable  to  the  limited
     partners   by  the  number  of  limited  partnership   units
     outstanding  during  the  period.   ACT  4's  aforementioned
     January  1996  distributions  allowed  limited  partners  to
     achieve  Payback.   As  such, Payback  was  deemed  to  have
     occurred in connection with the consummation of the  Newport
     News  Sale.   Accordingly, the limited  partners'  share  of
     earnings  for the six months ended June 30, 1997  have  been
     allocated  using  the  post-Payback  percentages  set  forth
     above.  The limited partners' share of earnings for the  six
     months  ended  June 30, 1996 includes $22,578,000  allocated
     prior  to achieving Payback and $27,946,000 allocated  after
     achieving Payback.

                                                      (continued)

                               I-6
<PAGE>

                   AMERICAN CABLE TV INVESTORS 4, LTD.
                    (A Colorado Limited Partnership)
                           AND SUBSIDIARIES

                    Notes to Financial Statements


(4)  Supplemental Disclosure of Cash Flow Information
     ------------------------------------------------

     The   Partnership   considers   investments   with   initial
     maturities of six months or less to be cash equivalents.  At
     June 30, 1997, $6,873,000 of the Partnership's cash and cash
     equivalents was invested in money market funds.

     The  Partnership is exposed to credit loss in the  event  of
     non-performance  by  the  other parties  to  such  financial
     instruments.   However, the Partnership does not  anticipate
     non-performance by the other parties.

     Cash  paid  by  the Partnership for interest  was  none  and
     $62,000 during the six months ended June 30, 1997 and  1996,
     respectively.

(5)  Transactions with Related Parties
     ---------------------------------

     The  Partnership reimburses Cablevision for  direct  out-of-
     pocket  and  indirect expenses allocable to the  Partnership
     and  for  certain personnel employed on a full- or part-time
     basis  to perform accounting, marketing, technical or  other
     services.  Such reimbursements amounted to $18,000 for  each
     of the six months ended June 30, 1997 and 1996.

     The Partnership was obligated to pay a disposition fee equal
     to  3%  (2-1/4% to Cablevision and 3/4% to PCC) of the gross
     proceeds  from  the  sale  of any of  its  cable  television
     systems.  Such fee was due and payable at the time the cable
     system  was  sold if the consideration received was  greater
     than  its  adjusted  cost, as defined  in  ACT  4's  limited
     partnership  agreement.  Newport News paid disposition  fees
     of  $3,668,000  during 1996 in connection with  the  Newport
     News  Sale.   ACT  4's  share  of  Newport  News'  aggregate
     disposition fee was $2,201,000.  See note 2.

     Amounts due to related parties, which represent non-interest-
     bearing payables to TCI and its affiliates, consist  of  the
     net effect of cash advances and certain intercompany expense
     allocations.

     Amounts  due from related parties bear interest at  variable
     rates  (5.3% at June 30, 1997).  During the six months ended
     June  30, 1997 and 1996, interest earned on amounts due from
     TCI and its affiliates was $162,000 and none, respectively.

(6)  Contingency
     -----------

     In  May  1996,  Citizens  Century Cable  Television  Venture
     ("Citizens-Century"), the buyer of the  Partnership's  cable
     television  system  which was located in and  around  Chino,
     California (the "Chino System"), filed a claim for a  breach
     of  warranty in connection with the sale of the Chino System
     by  ACT 4.  Citizens-Century has not submitted to ACT  4  an
     estimate of the cost associated with such claim.  The  claim
     for  indemnification has had and will continue to  have  the
     effect of delaying the release of funds held in escrow  from
     the  sale  of  the  Chino System (the "Chino  Escrow").   In
     addition, any successful indemnification claim will have the
     effect of reducing the amount of the Chino Escrow ultimately
     released to ACT 4.

                               I-7

<PAGE>

                 AMERICAN CABLE TV INVESTORS 4, LTD.
                  (A Colorado Limited Partnership)
                         AND SUBSIDIARIES

Management's Discussion and Analysis of
---------------------------------------

  Financial Condition and Results of Operations
  ---------------------------------------------

      The following discussion should be read in conjunction with
the  accompanying statements and ACT 4's December 31, 1996 Annual
Report on Form 10-K.


     Material Changes in Results of Operations
     -----------------------------------------

     The Partnership is no longer engaged in the cable television
business  and  is currently seeking to make a final determination
of  its liabilities so that liquidating distributions can be made
in  connection with its dissolution.  For additional information,
see  notes 2 and 6 to the accompanying financial statements.  The
Partnership's results of operations for the three and six  months
ended  June 30, 1997 and 1996 are primarily comprised of  general
and  administrative  ("G&A") expenses, interest  income  and  the
minority  interest's share of Newport News'  net  earnings.   The
Partnership's  G&A  expenses  are comprised  primarily  of  costs
associated  with  the  administration  of  the  Partnership.   In
addition,  the Partnership's results of operations  for  the  six
months ended June 30, 1996 reflect the gain from the Newport News
Sale.   The  gain from the Newport News Sale has been reduced  by
$510,000 to reflect certain of Newport News' operating costs  and
expenses which were incurred in 1995 but which were reflected  in
the  1996 financial records of Newport News.  See note 2  to  the
accompanying financial statements.

      Interest  income decreased $43,000 and $155,000 during  the
three  and  six  months ended June 30, 1997 as  compared  to  the
corresponding  prior year periods.  Such decreases are  primarily
due  to  a  decrease in the average balance of the  Partnership's
interest-earning assets (primarily cash and cash equivalents).

      Material Changes in Financial Condition
      ---------------------------------------

       ACT   4   anticipates  that  it  will   make   liquidating
distributions  in  connection with its  dissolution  as  soon  as
possible  following the final determination and  satisfaction  of
the  Partnership's liabilities, but not prior to the  release  of
funds  from the Chino Escrow. In May 1996, Citizens-Century filed
a  claim for a breach of warranty in connection with the sale  of
the Chino System.  Citizens-Century has not submitted to ACT 4 an
estimate  of the cost associated with such claim.  The claim  for
indemnification has had and will continue to have the  effect  of
delaying  the  release  of  funds  from  the  Chino  Escrow.   In
addition,  any  successful indemnification claim  will  have  the
effect  of  reducing  the amount of the Chino  Escrow  ultimately
released to ACT 4.

                             I-8

<PAGE>

               AMERICAN CABLE TV INVESTORS 4, LTD.
                (A Colorado Limited Partnership)
                      AND SUBSIDIARIES

PART II - OTHER INFORMATION


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

     (a)  Exhibits:

          (27 ) Financial Data Schedule

     (b)  Reports on Form 8-K filed during the quarter ended
          June 30, 1997 - none

                              II-1
<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.

                                    AMERICAN CABLE TV INVESTORS 4, LTD.
                                     (A Colorado Limited Partnership)
                                    
                                    By:  IR-TCI PARTNERS IV, L.P.,
                                         Its General Partner
                                         
                                    By:  TCI VENTURES FOUR, INC.,
                                         A General Partner
                                         
                                         
                                         
Date:  August 11, 1997              By:  /s/ Gary K. Bracken
                                         Gary K. Bracken
                                         Vice President and Controller
                                         (Principal Accounting Officer)
                                         

                                 II-2