SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C.  20549
                              
 [x]        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
              THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
                             OR
     [  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)
                             OF
               THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE
                          REQUIRED]

For Fiscal Year Ended
Commission File
December 31, 1996                              Number 0-14408

                  DELPHI FILM ASSOCIATES IV
   (Exact name of registrant as specified in its charter)

         New York
13-3261814
(State or other jurisdiction of
(IRS Employer
 incorporation or organization)
Identification No.)

        666 Third Avenue, New York, New York   10017
    (Address of principal executive offices)   (Zip Code)

Registrant's telephone number, including area code: (212) 983-
9040

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interests

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


Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K is not contained herein
and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this
Form 10-K.                         [x]
    As of March 15, 1997, there were 8,000 units of limited
partnership interests outstanding, all held by non-affiliates.
The aggregate market value of those interests is not determinable
because there is no active public trading market for the units.
See Item 5.  Market for the Registrant's Common Equity and
Related Security Holder Matters.
<PAGE>

                           PART I.

Item 1.  Business.

Introduction.

       Delphi Film Associates IV (the "Partnership") is a

limited partnership which was organized under the law of the

State of New York in December 1984 to participate in the

production, acquisition, ownership and exploitation of

feature length motion pictures through a joint venture with

Columbia Pictures Industries, Inc. ("Columbia"), known as

Columbia-Delphi IV Productions (the "Columbia Joint

Venture"), and through a joint venture with TriStar Pictures,

Inc. ("TriStar"), known as Tri-Star-Delphi IV Productions

(the "Tri-Star Joint Venture").  The terms of the Tri-Star

Joint Venture and the Columbia Joint Venture are

substantially the same.  Those two joint ventures are

referred to collectively as the "Joint Ventures" and

sometimes individually as a "Joint Venture," and the

Partnership's co-venturer in a joint venture is sometimes

referred to as the "Studio Venturer."

       A public offering (the "Offering") of limited

partnership interests in the Partnership, at $5,000 per unit,

was completed in June 1985 with the sale of 8,000 units.  Net

proceeds to the Partnership after deducting selling

commissions, organizational expenses and other expenses of

the offering were approximately $35,300,000.  The general

partner of the Partnership, The Delphi Company (the "General

Partner"), contributed approximately $404,000 as its capital

contribution to the Partnership.

Production and Acquisition of Films.

       The Partnership has an interest in 27 films through

the Joint Ventures (12 through the Columbia Joint Venture and

15 through the Tri-Star Joint Venture), all of which have

been released.  See "Films in Release."

The Partnership's contributions for the production of, and

acquisition of interests in, films have aggregated

approximately $45,818,000 (including interest).

Approximately one-half of the Partnership's contributions

were made to each Joint Venture.

       The Tri-Star Joint Venture acquired the right to

produce and  exploit each film that met certain criteria for

which TriStar commenced production after the expiration of a

similar existing commitment to an earlier joint venture

between TriStar and Delphi Film Associates III ("Delphi III")

and prior to the time the funds that the Partnership agreed

to contribute to the Tri-Star Joint Venture were fully

committed.  Until such time as the funds the Partnership

agreed to contribute to the Columbia Joint Venture were fully

committed, the Columbia Joint Venture acquired the right to

participate in completing the production of, and exploiting,

certain films being produced by Columbia which were either

designated or met certain criteria.

       Each Joint Venture has acquired interests in or co-

produced films in which Delphi Film Associates V ("Delphi V")

has an interest through its own joint ventures with TriStar

and Columbia.  Delphi III was a limited partnership organized

in 1983 to participate in the production, acquisition,

ownership and exploitation of films through Columbia-Delphi

III Productions and Tri-Star Delphi III Productions.  Delphi

III was liquidated in December 1996.  Delphi V is a  limited

partnership that was organized in 1985 to participate in the

production, acquisition, ownership and exploitation of films

through joint ventures with Columbia and TriStar.  Another

public limited partnership, ML Delphi Premier Partners, L.P.

("ML Delphi"), which was organized in 1986, participates in a

joint venture with TriStar ("Tri-Star-ML Delphi").  The Tri-

Star Joint Venture entered into agreements with Tri-Star-ML

Delphi pursuant to which Tri-Star-ML Delphi acquired

interests in four films in which the Tri-Star Joint Venture

has an interest ("Let's Get Harry," "Peggy Sue Got Married,"

"No Mercy" and "Nadine").  In addition, the Tri-Star Joint

Venture acquired interests in certain films produced by

independent producers that were distributed by TriStar.

       The Partnership has an interest ranging from 5% to 25%

in each of the Joint Ventures' films.  See "Films in

Release."  The Partnership's ownership interest with respect

to each film generally is equal to the percentage the

Partnership's cash contribution for the production or

acquisition of a film bears to the total cash contributions

for production or acquisition of that film.

       The Partnership, through the Tri-Star Joint Venture,

was granted a participation interest by TriStar in 1988 in

the motion pictures "Short Circuit 2" and "Rambo III."  See

"Films In Release."  The Partnership made no capital

contributions for its interest in these films but is entitled

to a share of any net proceeds from each of these films

beyond certain performance levels.  Payments due with respect

to "Rambo III" were made to the Partnership in June 1996.

The Partnership does not anticipate receiving any revenues

with respect to "Short Circuit 2."  However, as of December

31, 1996, the Partnership had accrued revenues of

approximately $118,000 in connection with "Rambo III."

"Short Circuit 2" and "Rambo III" are sometimes referred to

as the "Additional Films."

Future Sale of Interests in Films.

       The Partnership has been evaluating the value of its

interest in its film assets for the purpose of possibly

selling that interest and liquidating the Partnership.  The

General Partner anticipates that the Partnership may be

liquidated in 1997.   No assurance can be provided that the

film assets will be sucessfully sold, or if sold, when such

sale would occur.  Upon the ultimate sale of the film assets,

the Partnership will commence taking steps to dissolve and

liquidate.  Cash distributions as a result of the liquidation

may be made to the partners to the extent, and only to the

extent, the proceeds from the sale of the Partnership's

interest in the film assets in connection with the

liquidation are in excess of  the Distributors' entitlement

to the recoupment described below and a reserve for the

Partnership's remaining obligations and operating expenses.

Distribution of Films.

       The films of the Columbia Joint Venture and the Tri-

Star Joint Venture are distributed pursuant to distribution

agreements between Columbia Pictures, a division of Columbia

("Columbia Pictures"), and the Columbia Joint Venture, and

between TriStar and the Tri-Star Joint Venture, respectively.

Columbia Pictures and TriStar, as distributors, are sometimes

referred to collectively as the "Distributors" and

individually as a "Distributor."

       The Distributor has the ultimate authority for all

decisions with respect to the distribution of the films.  For

each film, the Partnership, through a Joint Venture, is

generally entitled to receive an amount equal to the greater

of the product of the Partnership's percentage interest in a

film multiplied by (a) an amount equal to 100% of the net

proceeds from the distribution of the film and (b) an amount

equal to 32% of the gross receipts from the distribution of

the film.  Distribution arrangements with respect to films in

which a Joint Venture has an interest that were produced by

independent producers may vary from those with respect to

films produced by a Joint Venture.  The Partnership and the

Studio Venturer share in the amount to which the Joint

Ventures are entitled from the distribution of any film in

proportion to their respective interests in the film.  The

distribution agreements provide, with certain exceptions,

that gross receipts consist of all sums received by the

Distributor from the exploitation of a film throughout the

world.  Net proceeds with respect to each film generally are

determined by deducting from gross receipts:

       (a) a distribution fee equal to 17-1/2% of

substantially all of the gross receipts of the film.  The

Distributor's entitlement to this distribution fee is

deferred until the Joint Venture has received from the

distribution of that film an amount equal to the amounts

contributed by the Joint Venture to produce or acquire an

interest in the film, other than amounts paid in the nature

of interest;

       (b) all expenses incurred in the distribution,

promotion and marketing of the film, including expenditures

for prints and advertising; and

       (c) payments to third party participants who have

contingent shares in the film.  The extent to which payments

to third party participants may be deducted from the gross

receipts of a film in determining net proceeds is limited by

the distribution agreements.

       Many of the Columbia Joint Venture's and the Tri-Star

Joint Venture's films have been licensed to Home Box Office,

Inc. ("HBO") for exhibition on its pay television services.

The distribution agreements with each Joint Venture provide

that gross receipts of a film with respect to pay television

exhibition by HBO shall be an amount equal to specified

percentages of the first year's domestic theatrical gross

receipts of that film, regardless of the actual license fee

payable to Columbia or TriStar under their respective license

agreements with HBO.  The amount initially included in gross

receipts may be less (and in some instances substantially

less) than the amount actually received by Columbia or

TriStar under their respective agreements with HBO.  See the

"Additional Payments" provision described below for

information concerning additional amounts that gross receipts

may be credited with in connection with pay television

exhibition by HBO.

       Columbia Pictures entered into an arrangement with CBS

Inc. ("CBS") for CBS to license for exhibition on the CBS

television network, a specified number of motion pictures

from among a specified number of groups of motion pictures.

The arrangement provides for CBS to pay a specified average

license fee for the motion pictures in each group licensed by

CBS.  The Columbia Joint Venture and its Distributor have

agreed that, subject to adjustment in certain circumstances,

gross receipts for films licensed to CBS under this

arrangement include an amount equal to the higher of the

license fees paid by CBS and the comparable fair market value

for the license rights involved for the relevant license

period.  Certain films in which the Partnership owns an

interest have been licensed for network television exhibition

under this arrangement.  Certain of the Tri-Star Joint

Venture Films have been licensed for network television

exhibition on CBS or on other television networks on a film-

by-film basis.

       The films in which the Partnership owns an interest

are subject to agreements between each Distributor and

Columbia TriStar Home Video (formerly known as RCA/Columbia

Pictures Home Video) and Columbia TriStar Home Video

(International) Inc. (formerly known as RCA/Columbia Pictures

International Video).  The distribution agreements between

each Joint Venture and its Distributor provide for the

inclusion in gross receipts of a specified royalty for video

cassettes and video discs regardless of the amounts payable

to TriStar or Columbia under their respective agreements with

such joint ventures (which may exceed the amounts includable

in gross receipts).

       Many films in which the Partnership has an interest

have been licensed by the Distributor for exhibition on other

cable television services, independent television stations in

the United States and on foreign television stations.

Generally, these films have been made available for foreign

television exhibition and domestic independent television

exhibition approximately three and five years, respectively,

after a film's domestic theatrical release.

       Each Distributor reports gross receipts and net

proceeds for each film to the Joint Venture on behalf of

which it acts, on a quarterly basis, and makes payment to

that Joint Venture based on those reports when the reports

are delivered.  In addition to distributing motion pictures

produced or acquired by the Joint Ventures, each Distributor

distributes films in which joint ventures between each of

Columbia and TriStar and certain other limited partnerships

(the "Delphi Partnerships") own an interest, as well as films

in which neither the Partnership nor any of the Delphi

Partnerships own an interest.

Additional Payments.

       The terms of the distribution agreements between each

Joint Venture and its respective Distributor provided that

the Partnership would be entitled to receive, through each

Joint Venture, a payment (an "Additional Payment") from that

Joint Venture's Distributor for each film (an "Unrecouped

Film"), if by March 1993, in the case of the Columbia Joint

Venture, and if by February l994, in the case of the Tri-Star

Joint Venture, for which the particular Joint Venture had not

received from the distribution of that film (or its sale) an

amount equal to the amount spent by the Joint Venture to

produce or acquire an interest in that film, other than

amounts spent for payments in the nature of interest ("Cost

Return").  Each Additional Payment was in the amount

necessary for the Partnership to be repaid (without interest)

its unrecouped contributions to the Joint Venture with

respect to the production or acquisition of an Unrecouped

Film (other than contributions for payments in the nature of

interest), but not more than the amount specified below.  The

Additional Payment was first payable only to the extent of

(and attributable to) the distribution fees received by the

Distributor from the distribution of all of its Joint

Venture's films.  The Additional Payments based on

distribution fees were allocated by the Joint Ventures first

to the Partnership to the extent necessary for the

Partnership to recoup its investment in such film; any excess

for such film was allocated to the respective Studio Venturer

until Cost Return.  If these distribution fees were

insufficient to enable a Distributor to make the Additional

Payments with respect to all of its Joint Venture's

Unrecouped Films, then gross receipts and net proceeds of

each remaining Unrecouped Film distributed by that

Distributor were recalculated by including as gross receipts

the minimum license fees under its license agreement with HBO

and certain minimum amounts in respect of video cassette and

video disc exploitation with respect to that Unrecouped Film.

Each Distributor then made an Additional Payment to the

Partnership, through its Joint Venture, with respect to each

Unrecouped Film to the extent of the Partnership's share of

additional gross receipts or net proceeds payable as a result

of the recalculation but only up to the amount of the

unrecouped contributions (other than contributions for

payments in the nature of interest) by the Partnership for

the production or acquisition of that Unrecouped Film.  Each

such Additional Payment made on the basis of such

recalculation was allocated between the Partnership and the

respective Studio Venturer in proportion to their respective

interest in the applicable Unrecouped Film.

       The distribution agreements provided that each

Distributor would be entitled to recoup the Additional

Payment made to the Partnership in respect of each Unrecouped

Film, with interest calculated at 110% of the prime rate from

time to time, from the Partnership's share of subsequent

gross receipts or net proceeds of that Unrecouped Film and

from the proceeds of any sale of the Partnership's interest

in that Unrecouped Film or amounts allocable to that

Unrecouped Film upon a sale of the Partnership's interest in

the Joint Venture.  Except for Unrecouped Films, the

Distributor does not have the right to recoup amounts from

the proceeds of any sale of a film.  In calculating the

amount of distribution fees available for the Additional

Payments, no distribution fee has been deemed received by a

Distributor (and therefore no distribution fee will be deemed

available for the Additional Payment) from (i) a film with

respect to which the most recent payment was based on gross

receipts (ii) a film that did not reach Cost Return or (iii)

an Additional Film.

       Based on the anticipated performance of one film in

release through the Tri-Star Joint Venture as of December 31,

1996, approximately $392,000 has been accrued by the Tri-Star

Joint Venture as an Additional Payment allocable to the

Partnership.  In February 1997, the Partnership received

approximately $409,000 representing its share of the Tri-Star

Joint Venture's Additional Payment relating to one film.  In

February, 1994 the Partnership received approximately

$7,886,000 representing its share of the Tri-Star Joint

Venture's Additional Payment relating to all but one film net

of  the repayment of a $200,000 advance previously received

by the Partnership.  The Partnership received approximately

$10,911,000 in May 1993 representing its share of the

Columbia Joint Venture's Additional Payment net of the

repayment of a $200,000 advance previously received by the

Partnership.

       The Additional Payments from the Distributors are

expected to enable the Partnership, through each Joint

Venture, to achieve Cost Return for each Unrecouped Film and

are not intended to enable the Partnership to recoup any

amounts paid by the Partnership for management fees or other

expenses of the Partnership.  The Columbia and TriStar

Distributors are not expected to fully recoup the Additional

Payments made.

Films in Release.

       All 12 films in which the Columbia Joint Venture has

an interest have been released.  Certain information

concerning these films is set forth below:

                         Initial             Partnership's
                         Release             Approximate
   Title                                      Date
Percentage Interest
   St. Elmo's Fire                           June 1985
25%
   Silverado                                 July 1985
15.6%
   Fright Night                                   August 1985
20.2%
   Agnes of God                              September 1985
11%
   Jagged Edge           October 1985             15%
   Quicksilver                               February 1986
15%
   Crossroads                                March 1986
15%
   Violets Are Blue                          April 1986
15%
   Desert Bloom                              April 1986
15%
   One More Saturday Night                   June 1986
15%
   Armed and Dangerous   August 1986               5%
   Happy New Year                            July 1987
6.3%
       All 15 films in which the Tri-Star Joint Venture has

acquired an interest have been released. Certain information

concerning these films is set forth below:

                         Initial             Partnership's
                         Release             Approximate
   Title                                     Date
Percentage Interest
   Rambo: First Blood
           Part II                                May 1985
7.5%
   Lifeforce                                 June 1985
7.5%
   Santa Claus: The Movie                    November 1985
5%
   Band of the Hand                          April 1986
20%
   Short Circuit                             May 1986
5%
   Labyrinth                                 June 1986
5%
   About Last Night...   July 1986               22.5%
   Nothing In Common     July 1986               17.8%
   Night of the Creeps   August 1986             20%
   Peggy Sue Got Married                     October 1986
17.8%
   Let's Get Harry                           October 1986
17%
   No Mercy                                  December 1986
9%
   Nadine                August 1987              5%
   Rambo III                                 May 1988  (See
Below)
   Short Circuit 2                           July 1988 (See
Below)

       The Partnership, through the Tri-Star Joint Venture,

has participation interests in the films "Short Circuit 2"

and "Rambo III."  The Partnership is entitled to a percentage

of net proceeds (3.2% in the case of "Short Circuit 2" and 6%

in the case of "Rambo III") after  "Breakeven" has been

reached.  "Breakeven" in this instance is defined as the

point at which 5.6% of net proceeds (after recoupment of

deferred distribution fees) in the case of "Short Circuit 2"

and 10% in the case of "Rambo III" equals 5% of the

production cost of the film (including an overhead charge of

12-1/2%).  The Partnership does not anticipate receiving any

revenues with respect to "Short Circuit 2."  However, as of

December 31, 1996, the Partnership had accrued revenues of

approximately $118,000 in connection with "Rambo III."

       All of the Partnership's films have been theatrically

released both domestically and in foreign markets.  In

addition, all of these films have been made available on

video cassettes and have been exhibited on pay television.

Many of these films have been exhibited on network television

and certain of these films are currently under license for

domestic syndicated television exhibition and foreign

television exhibition.  See "Distribution of Films."

Competition.

       Competition in the motion picture industry is intense,

both in theatrical distribution as well as in the ancillary

markets where the Partnership's films are now being

distributed.  All of the "major" studios and independent

distribution companies are distributing films that compete for

the attention of purchasers of product for these ancillary

markets which include pay cable television, home video, network

television exhibition, and syndicated television exhibition

both foreign and domestic.  The Partnership's films compete in

many of these markets not only with films that were released

contemporaneously, but also with many films that were released

in prior and subsequent years.  The level of theatrical success

that a film enjoyed is often an important factor with respect

to results achieved in these ancillary markets.

Employees.

       The Partnership has no employees.  The General

Partner, however, retains the services of Magera Management

Corporation ("Magera") to provide operational and financial

services to it.  See Item l0 "Directors and Executive

Officers of the Partnership-Operational and Financial

Services."  Magera has seven employees who perform services

for the General Partner and for the general partners of other

private and public limited partnerships, including the other

Delphi Partnerships.

Item 2.  Properties.

       The executive offices of the Partnership and the

General Partner are located at 666 Third Avenue, New York,

New York  10017.  The Partnership pays no rent.

Item 3.  Legal Proceedings.

       None.

Item 4.  Submission of Matters to a Vote of Security
             Holders.
       None.

<PAGE>

                          PART II.

Item 5.    Market for the Registrant's Common Equity and
       Related Security Holder Matters.


       An established public market for the Partnership's

Units does not now exist, and it is not anticipated that such

a market will develop in the future.  Accordingly, accurate

information as to the market value of a Unit at any given

date is not available.

       As of March 15, 1997, there were approximately 4,100

holders of record of Units of the Partnership.

       Beginning with the December 1994 client account

statements, Merrill Lynch, Pierce, Fenner & Smith

Incorporated ("Merrill Lynch") implemented new guidelines for

providing estimated values of limited partnerships and other

direct investments reported on client account statements.  As

a result, Merrill Lynch no longer reports general partner

estimates of limited partnership net asset value on its

client account statements, although the Partnership may

continue to provide its estimate of net asset value to Unit

holders.  Pursuant to the guidelines, estimated values for

limited partnership interests originally sold by Merrill

Lynch (such as the Partnership's Units) will be provided two

times per year to Merrill Lynch by independent valuation

services.  The estimated values will be based on financial

and other information available to the independent services

on (1) the prior August l5th for reporting on December year-

end and subsequent client account statements through the

following May's month-end client account statements and on

(2) March 31st for reporting on June month-end and subsequent

client account statements through the November month-end

client account statements of the same year.  Merrill Lynch

clients may contact their Merrill Lynch Financial Consultants

or telephone the number provided to them on their account

statements to obtain a general description of the methodology

used by the independent valuation services to determine their

estimates of value.  The estimated values provided by the

independent services and the Partnership's current net asset

value are not market values and Unit holders may not be able

to sell Units or realize either amount upon a sale of their

Units.  In addition, Unit holders may not realize the

independent estimated value or the Partnership's current net

asset value amount upon the liquidation of the Partnership's

assets over its remaining life.

Cash Distributions.

       The Partnership commenced making cash distributions in

April 1987.  The following chart sets forth the cash

distributions made by the Partnership through March 15, 1997:


           Year                         Amount Per Unit
           1987                           $       600
           1988                                   300
           1989                                   120
           1990                                        100
           1991                                        100
           1992                                        240
           1993                              1,400
           1994                                   875
           1995                                     50
           1996                                60
           1997  (through March 15)         0
           Total                           $3,845

       Accordingly, as of March 15, 1997, the partners have

received distributions aggregating 76.9% of their original

investment in the Partnership.  The Partnership does not

currently anticipate that the partners will receive cash

distributions in an aggregate amount sufficient to recover

their capital contribution to the Partnership.

 <PAGE>



<TABLE>
<CAPTION>

Item 6.    Selected Financial Data.
                    (000's omitted except for per unit

information)

                                                    Year Ended
December 31,
                   1996              1995       1994
1993         1992
<S>                <C>                 <C>                <C>
<C>             <C>
Operating
  revenues(1):   $       0       $        0            $
0               $      0       $        0
Share of profit
  in motion
  picture ventures:     $       622     $    338          $
312         $  2,275    $ 3,039
Net proft (loss):           $       337     $     (32)
$      (17)        $  1,789  $ 2,583
Net profit (loss)
  per unit:          $         42     $       (4)        $
(2)            $     221     $    320
Total assets:    $    2,687     $  2,825         $   3,303
$10,364     $l9,895
Total liabilities:              $         78     $       68
$      110        $       83     $      90
Cash distributions
  per unit:             $         60     $       50         $
875            $  1,400     $    240




(1)The Partnership's interests in the Joint Ventures are not
   included in Operating Revenues as they are accounted for
   by the equity method.
</TABLE>

Item 7.    Management's Discussion and Analysis of Financial
       Condition and Results of Operations.

   1.  Liquidity and Capital Resources.

       The Partnership fully satisfied its commitment to

contribute funds to the Joint Ventures for the production of,

and acquisition of interests in, films.  As of December 31,

1996, the Partnership held cash of approximately $57,000 and

short-term investments of approximately $991,000.  Short-term

investments consist solely of U.S. government securities.

   The Partnership received approximately $409,000 in Febuary

1997 representing its share of the Tri-Star Joint Venture's

Additional Payment relating to one film.  The Partnership

received approximately $7,886,000 in February 1994

representing its share of the Tri-Star Joint Venture's

Additional Payment relating to all but one film net of the

repayment of a $200,000 advance previously received by the

Partnership.  These funds, less a reserve for Partnership

operating expenses, were distributed to partners in May 1994.

The Partnership received approximately $10,911,000 in May

1993 representing its share of the Columbia Joint Venture's

Additional Payment net of the repayment of a $200,000 advance

previously received by the Partnership.  These funds, less a

reserve for Partnership operating expenses, were distributed

to partners in May 1993.  The Columbia and TriStar

Distributors are not expected to fully recoup these

Additional Payments and it is therefore currently expected

that the Partnership will not receive any additional revenue

with respect to the Columbia and Tri-Star Joint Venture's

Unrecouped Films.

       The Partnership has been evaluating the value of its

interest in its film assets for the purpose of possibly

selling that interest and liquidating the Partnership.  The

General Partner anticipates that the Partnership may be

liquidated in 1997.  No assurance can be provided that the

film assets will be sucessfully sold, or if sold, when such

sale would occur.  Upon the ultimate sale of the film assets,

the Partnership will commence taking steps to dissolve and

liquidate.  Cash distributions as a result of the liquidation

may be made to the partners to the extent, and only to the

extent, the proceeds from the sale of the Partnership's

interest in the film assets in connection with the

liquidation are in excess of the Distributors' entitlement to

the recoupment described above and a reserve for the

Partnership's remaining obligations and operating expenses.

   Since the Partnership's obligations to make contributions

to the Joint Ventures for the production of, and acquisition

of interests in, films have been satisfied, all revenue

received by the Partnership (for other than Unrecouped Films)

is used to pay operating expenses of the Partnership and to

make cash distributions to partners.  The Partnership does

not anticipate significant future revenues and accordingly,

the Partnership does not currently anticipate making cash

distributions to partners on a quarterly basis.  However, the

Partnership may make future distributions if it realizes

proceeds from its interest in films other than Unrecouped

Films.  The most recent cash distribution by the Partnership

was made in  August 1996.

       2.  Results of Operations.

       The Partnership's operating results are primarily

dependent upon the operating results of the Joint Ventures

and are significantly impacted by the Joint Ventures'

policies.

       The performance of each film is based upon the amount

expended for production and other costs associated with a

film and the revenue generated by a film.  The amount and

timing of revenue generated by each film is dependent upon

the degree of acceptance by the consumer public and the

particular ancillary market in which the film is then being

exhibited.

       Amounts contributed toward each film are compared

periodically to the expected total revenue to be generated

for that film, and write-downs may occur to the extent the

amounts invested exceed the expected total revenue for that

film.

       Additionally, each Joint Venture may record income

with respect to Additional Payments, to the extent available,

which may allow it to recover its investment in films.

       For the year ended December 31, 1996, the Columbia

Joint Venture had a net profit of which the Partnership's

share was approximately $551,000, due primarily to the

profitable results of certain films.  The Tri-Star Joint

Venture had a net profit of which the Partnership's share was

approximately $71,000, due primarily to the profitable

results of certain films.  In addition, the Partnership

earned approximately $61,000 of interest income from short-

term investments and incurred approximately $346,000 in

expenses from operations, resulting in an overall net profit

reported by the Partnership of approximately $337,000.

     For the year ended December 31, 1995, the Columbia Joint

Venture had a net profit of which the Partnership's share was

approximately $316,000, due primarily to the profitable

results of certain films.  The Tri-Star Joint Venture had a

net profit of which the Partnership's share was approximately

$22,000, due primarily to the profitable results of certain

films.  In addition, the Partnership earned approximately

$87,000 of interest income from short-term investments and

incurred approximately $457,000 in expenses from operations,

resulting in an overall net loss reported by the Partnership

of approximately $32,000.

   For the year ended December 31, 1994, the Columbia Joint

Venture had a net profit of which the Partnership's share was

approximately $250,000, due primarily to the profitable

results of certain films offset, in part, by expenses related

to foreign exchange losses.  The Tri-Star Joint Venture had a

net loss; however, the Partnership reported a net profit from

that Joint Venture of approximately $62,000, due primarily to

the profitable results of one film and interest income

related to the accrual of Additional Payments offset, in

part, by expenses related to foreign exchange losses.  In

addition, the Partnership earned approximately $119,000 of

interest income from short-term investments and incurred

approximately $448,000 in expenses from operations, resulting

in an overall net loss reported by the Partnership of

approximately $17,000.

   The decrease in interest income for the years ended

December 31, 1996 and 1995 as compared with the prior years

is due primarily to less funds available for short-term

investments.

   The decrease in the Partnership's total expenses for the

year ended December 31, 1996 as compared with the prior year

is primarily attributable to the Management Fee incurred in

1995 but not in 1996 due to the expiration of the Management

Fee arrangement at the end of 1995 offset, in part, by an

increase in Operating Expenses.  The increase in Operating

Expenses is primarily due to the reimbursement to the General

Partner for out-of-pocket expenses incurred in connection

with its management of the Partnership's business in lieu of

the Management Fee paid to the General Partner prior to 1996.

   The increase in the Partnership's total expenses for the

year ended December 31, 1995 as compared with the prior year

is due primarily to an increase in Operating Expenses.  The

increase in Operating Expenses is attributable to an increase

in professional fees related to film audits.

   The Partnership does not believe that the impact of

inflation on the results of its operations has been material.

Item 8.    Financial Statements and Supplementary Data.

       See the financial statements set forth in Item 14 of

this annual report.

Item 9.Changes in and Disagreements with Accountants on

       Accounting and Financial Disclosure.

       None.

<PAGE>
                          PART III.

Item 10.   Directors and Executive Officers of the
       Partnership.

       The General Partner of the partnership is The Delphi

Company, a New York general partnership originally formed in

December 1984 by Lewis J. Korman, Richard M. Mason, and two

other individuals.  In January 1987, ML Film Entertainment

Inc. ("ML Film"), a Delaware corporation, and a wholly-owned

subsidiary of ML Leasing Equipment Corp. (which is an

indirect wholly-owned subsidiary of Merrill Lynch & Co. Inc.,

and the successor in interest to Merrill Lynch Leasing Inc.

and Merlease Leasing Corp.) and an affiliate of Merrill

Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"),

was admitted as a partner in the General Partner and replaced

Mr. Korman as managing partner of the General Partner (the

"Managing Partner").  Set forth below is certain information

regarding the management of the General Partner.

ML Film.

The executive officers and directors of ML Film are:


Kevin K. Albert . . . . . . . .President, Director
Robert F. Aufenanger . . . Executive Vice President, Director
Steven N. Baumgarten . . .Vice President, Director
Michael E. Lurie . . . . . . . Vice President, Director
Diane T. Herte. . .  . . . . . . Treasurer

       Kevin K. Albert, 44, a Managing Director of

Merrill Lynch Investment Banking Group ("ML Investment

Banking"), joined Merrill Lynch in 1981.  Mr. Albert

works in the Equity Private Placement Group and is

involved in structuring and placing a diversified array

of private equity financings including common stock,

preferred stock, limited partnership interests and other

equity related securities. Mr. Albert is also a director

of  ML Media Management Inc. ("ML Media"), an affiliate

of ML Film and a joint venturer of Media Management

Partners, the general partner of ML Media Partners, L.P.;

a director of ML Opportunity Management Inc. ("ML

Opportunity"), an affiliate of ML Film and a joint

venturer in Media Opportunity Management Partners, the

general partner of ML Media Opportunity Partners, L.P.; a

director of ML Mezzanine II Inc. ("ML Mezzanine II"), an

affiliate of ML Film and the general partner of the

managing general partner of ML Lee Acquisition Fund II,

L.P. and ML Lee Acquisition Fund (Retirement Accounts)

II, L.P.; a director of ML Mezzanine Inc. ("ML

Mezzanine"), an affiliate of ML Film and the general

partner of the managing general partner of ML Lee

Acquisition Fund, L.P.; a director of Merrill Lynch

Venture Capital Inc. ("ML Venture"), an affiliate of ML

Film and the general partner of the Managing General

Partner of  ML Venture Partners II, L.P. ("Venture II"),

and ML Oklahoma Venture Partners Limited Partnership

("Oklahoma"); and a director of Merrill Lynch R&D

Management Inc. ("ML R&D"), an affiliate of ML Film and

the general partner of the Managing General Partner of ML

Technology Ventures, L.P.  Mr. Albert also serves as an

independent general partner of Venture II.

       Robert F. Aufenanger, 43, a Vice President of

Merrill & Co. Corporate Credit and a Director of the

Partnership Management Department, joined Merrill Lynch

in 1980.  Mr. Aufenanger is responsible for the ongoing

management of the operations of the equipment, real

estate and project related limited partnerships for which

subsidiaries of ML Leasing Equipment Corp. and Merrill

Lynch, Hubbard Inc., affiliates of Merrill Lynch, are

general partners.  Mr. Aufenanger is also a director of

ML Media, ML Opportunity, MLH Real Estate, Inc., an

affiliate of ML Film and the general partner of the

Associate General Partner of ML/EQ Real Estate Portfolio,

L.P., MLH Property Managers Inc., an affiliate of ML Film

and the Managing General Partner of MLH Income Realty

Partnership VI, ML Venture, ML R&D, ML Mezzanine, and ML

Mezanine II.

       Steven N. Baumgarten, 41, a Vice President of

Merrill Lynch & Co. Corporate Credit joined Merrill Lynch

in 1986.  Mr. Baumgarten shares responsibility for the

ongoing management of the operations of the equipment and

project related limited partnerships for which

subsidiaries of ML Leasing Equipment Corp., an affiliate

of Merrill Lynch, are general partners.

       Michael E. Lurie, 53, a First Vice President of

Merrill Lynch & Co. Corporate Credit and the Director of

the Asset Recovery Management Department, joined Merrill

Lynch in 1970.  Prior to his present position, Mr. Lurie

was the Director of Debt and Equity Markets Credit

responsible for the global allocation of credit limits

and the approval and structuring of specific transactions

relating to debt and equity products.  He also served as

Chairman of the Merrill Lynch International Bank Credit

Committee.  Mr. Lurie is also a director of ML Media, ML

Opportunity, ML Venture and ML R&D.

       Diane T. Herte, 36, a Vice President of Merrill

Lynch & Co. Investment Banking Group since 1996 and

previously an Assistant Vice President of Merrill Lynch &

Co. Corporate Credit Group since 1992, joined Merrill

Lynch in 1984.  Ms. Herte's responsibilities include

controllership and financial management functions for

certain partnerships for which subsidiaries of  Merrill

Lynch are the general partner.

       Mr. Aufenanger is an executive officer of Mid-

Miami Diagnostics Inc. ("Mid-Miami Inc.").  On October

28, 1994 both Mid-Miami Inc. and Mid-Miami Diagnostics,

L.P. filed voluntary petitions for protection from

creditors under Chapter 7 of the United States Bankruptcy

Code in the United States Bankruptcy Court for the

Southern District of New York.

       Merrill Lynch was a co-managing underwriter of the

initial public offering of Sony Pictures Entertainment

Inc. (then known as "Tri-Star Pictures, Inc.") securities

and of several subsequent public offerings of additional

SPE securities.  In addition, an affiliate of the

Managing Partner serves as a manager for certain film

financing transactions conducted on behalf of SPE in

Japan.  Therefore, ML Film and its affiliates could have

interests that may conflict with those of the

Partnership.

       Merrill Lynch, or an affiliate, has served as a

selling agent for the public offerings of units in each

of the Delphi Partnerships.

Operational and Financial Services.

       To assist it in the performance of its duties, the

General Partner engaged Magera, subject to the  direction

and supervision of the General Partner, to provide

operational and financial services which were provided at

no additional cost to the Partnership for each year for

which there was a management fee (see Item 11 Executive

Compensation).  Magera is owned by Richard M. Mason and

Aaron German.  Mr. Mason, a partner of the non-managing

partner of the General Partner and the Chairman of

Magera, and Mr. German, the President of Magera, also

previously acted as consultants to SPE.  Magera also

provides operational and financial services to the

general partners of other private and public limited

partnerships, including the other Delphi Partnerships,

and serves as a consultant to others engaged in the

entertainment industry.

Item 11.   Executive Compensation.

       The expense of professional fees rendered on

behalf of the Partnership, such as legal fees and fees to

certified public accountants are paid directly by the

Partnership.  For 1996 and subsequent years, there is no

fixed management fee payable to the General Partner, but

the General Partner is reimbursed for out-of-pocket

expenses with respect to administering the Partnership

and reporting to partners.  In that regard, the General

Partner, on behalf of the Partnership, retained Magera to

provide those services to the Partnership for 1996 and

1997.

        Until limited partners have received total cash

distributions equal to their capital contributions (the

"Capital Return"), they will receive 99% of, and the General

Partner will receive 1% of, all cash distributions.  The

General Partner, in addition to receiving distributions in

respect of the 1% interest for which it has paid, will be

entitled to receive distributions in amounts equal to 20% of

all cash distributions made after Capital Return.  The

payment to the General Partner of one-third of these

additional amounts with respect to the 20% interest will be

deferred until the limited partners have received total cash

distributions equal to l50% of Capital Return and the amounts

deferred will be payable from the next cash distributed after

l50% of Capital Return is reached.  If l50% of Capital Return

is not reached, the General Partner will not receive any

deferred amount.

        The foregoing describes the provisions of the

partnership agreement concerning the General Partner's right

to share in cash distributions, and is not intended to

suggest that any particular level of cash distributions will

be reached.

        Prior to reaching Capital Return, income will be

allocated 99% to the limited partners and l% to the General

Partner.  After Capital Return is reached, allocations of

income will be based on the aggregate prior allocations of

income and losses, the aggregate prior cash distributions and

cash available for distribution.

Item 12.   Security Ownership of Certain Beneficial Owners
and Management
       To the best of the knowledge of the Partnership, no

person beneficially owns in excess of 5% of the limited

partnership units of the Partnership.


       To the best of the knowledge of the Managing Partner,
as of March 1, 1997, no

person is the beneficial owner of 5% or more of the
outstanding common stock of Merrill

Lynch.

Item 13.   Certain Relationships and Related Transactions.

       The Partnership's operations relating to the ownership

and exploitation of films involve Columbia or TriStar.  See

Item 1 "Business."

       The General Partner is entitled to a portion of cash

distributions to partners.  The General Partner of the

Partnership is affiliated with the general partners of other

Delphi Partnerships all of which are limited partnerships

similar to the Partnership.

<PAGE>

                          PART IV.

Item 14.   Exhibits, Financial Statement Schedules, and
                  Reports on Form 8-K.

 (a)(1)    Financial Statements:

                  Delphi Film Associates IV


       Independent Auditors' Report

       Balance Sheets at December 31, 1996 and 1995

       Statements of Operations for the Years
         Ended December 31, 1996, 1995 and 1994

       Statements of Cash Flows for the Years
         Ended December 31, l996, 1995 and 1994

       Statements of Changes in Partners' Capital
         for the Years Ended December 31, 1996,
         1995 and 1994

       Notes to Financial Statements

               Columbia-Delphi IV Productions

       Report of Independent Accountants

       Balance Sheets at December 31, 1996 and 1995

       Statements of Operations for the Years ended
         December 31, 1996, 1995 and 1994

       Statements of Cash Flows for the Years
         Ended December 31, l996, 1995 and 1994

       Statements of Venturers' Capital for the
         Years ended December 31, 1996,
         1995 and 1994

       Notes to Financial Statements
               Tri-Star-Delphi IV Productions
       Report of Independent Accountants

       Balance Sheets at December 31, l996 and 1995

       Statements of Operations for the Years Ended
         December 31, 1996, 1995 and 1994

       Statements of Cash Flows for the Years
         Ended December 31, l996, 1995 and 1994

       Statements of Venturers' Capital for the Years
         Ended December 31, 1996, 1995 and 1994

       Notes to Financial Statements

 (a)(2)    Financial Statement Schedules:

          No financial statement schedules have been filed
       as part of this report as none are required.

<TABLE>
<CAPTION>
(a)(3) Exhibits
Exhibit No.
       <S>                              <C>
       Amended Agreement
         of Limited Partnership (1)
4.l(a)

       Amendment to the Amended Agreement
         of Limited Partnership dated
         as of December 26, 1986 (2)
4.1(b)

       Joint Venture Agreements (1)
10.1

       Product Origination
         Agreements (1)
l0.2

       Distribution Agreements (1)
l0.4(a)

       Amendment to the Columbia Distribution
         Agreement dated May 14, 1987 (3)
10.4(b)

       Amendment to the Tri-Star Distribution
         Agreement dated June 9, 1987 (3)
10.4(c)
           Amendment to the Columbia Distribution
         Agreement dated as of October 14, 1987 (4)
10.4(d)

       Amendment to the Tri-Star Distribution
         Agreement dated as of October 14, 1987 (4)
10.4(e)

          Financial Data Schedule                  27
</TABLE>
(1) Incorporated by reference to the Partnership's
    registration statement No. 2-96426, as amended, on file
    with the Securities and Exchange Commission.

(2) Incorporated by reference to the Partnership's Form 10-K
    for the year ended December 31, 1986 on file with the
    Securities and Exchange Commission.

(3) Incorporated by reference to the Partnership's Form 10-Q
    for the quarter ended June 30, 1987 on file with the
    Securities and Exchange Commission.

(4) Incorporated by reference to the Partnership's Form 10-Q
    for the quarter ended September 30, 1987 on file with the
    Securities and Exchange Commission.

(b)        Reports on Form 8-K.

       No reports on Form 8-K were filed during the last

quarter of the Partnership's fiscal year ended December 31,

1996.

(c)        Exhibits.

       The Exhibits required by Item 601 of Regulation S-K

are submitted as a separate section following the

Partnership's financial statements.

(d)        Financial Statement Schedules.

            No financial statement schedules have been filed

as part of this report as none are required.

<PAGE>                                              SIGNATURES


       Pursuant to the requirements of Section 13 or 15(d) 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.

       Dated: March 26, 1997          DELPHI FILM ASSOCIATES
IV
                                   By:  THE DELPHI COMPANY
                                     General Partner
                             By:  ML Film
                                    Entertainment Inc.,
Managing Partner
                                           /s/ Kevin K. Albert
                                    (Kevin K. Albert)
                                    President

       Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed below by the
following persons on behalf of the Registrant in the
capacities and on the dates indicated.

Signature                   Title          Date
/s/ Kevin K. Albert     Director and President of
March 26, 1997
(Kevin K. Albert)       the Managing Partner
                    of the General Partner
                    (principal executive
                    officer of the Registrant)

/s/ Robert F. Aufenanger              Director and Executive
Vice   March 26, 1997
(Robert F. Aufenanger)                President of the
Managing
                    Partner of the General Partner


/s/ Steven N. Baumgarten              Director and Vice
President  March 26 , 1997
(Steven N. Baumgarten)  of the Managing Partner
                    of the General Partner


/s/ Michael E. Luire                  Director and Vice
President  March 26, 1997
(Michael E. Lurie)      of the Managing Partner
                    of the General Partner

/s/ Diane T. Herte      Treasurer of the         March 26,
1997
(Diane T. Herte)                      Managing Partner
                    of the General Partner
                    (principal financial officer
                    and principal accounting
                    officer of the Registrant)
<PAGE>



                        EXHIBIT INDEX

                                                 Page
Reference

in Sequentially

Numbered Copy

            4.1(a)   Amended Agreement
                   of Limited Partnership*

    4.1(b)  Amendment to the Amended
              Agreement or Limited Partnership
              dated as of December 26, 1986*

    l0.l      Joint Venture Agreements*

    l0.2    Product Origination Agreements*

    l0.4(a) Distribution Agreements*

    10.4(b) Amendment to the Columbia Distribution
              Agreement dated May 14, 1987*

    10.4(c) Amendment to the Tri-Star Distribution
              Agreement dated June 9, 1987*

    10.4(d) Amendment to the Columbia Distribution
              Agreement dated as of October 14, 1987*

    10.4(e) Amendment to the Tri-Star Distribution Agreement
              dated as of October 14, 1987*

        27  Financial Data Schedule



*Incorporated by reference



<PAGE>
                INDEPENDENT AUDITORS' REPORT

The Partners
Delphi Film Associates IV:

We have audited the accompanying balance sheets of Delphi
Film Associates IV (a New York Limited Partnership) as of
December 31, 1996 and 1995, and the related statements of
operations, cash flows and changes in partners' capital for
each of the years in the three-year period ended December
31, 1996.  These financial statements are the responsibility
of the Partnership's management.  Our responsibility is to
express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally
accepted auditing standards.  Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Delphi Film Associates IV (a New York Limited
Partnership) at December 31, 1996 and 1995, and the results
of its operations and its cash flows for each of the years
in the three-year period ended December 31, 1996 in
conformity with generally accepted accounting principles.



                              KPMG PEAT MARWICK LLP

New York, New York
March  25, 1997
<PAGE>
                  DELPHI FILM ASSOCIATES IV
              (A New York Limited Partnership)
                              
                       BALANCE SHEETS
                       (000's Omitted)

<TABLE>
<CAPTION>


December 31,
                                            
                                1996        1995
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                        57         185
Short-Term Investments (Note 2)        991       1,227
Receivable from Columbia-Delphi                       
IV
  Productions, net (Note 4)            890         623
Receivable from Tri-Star-Delphi                       
IV
  Productions, net (Note 4)            736         777
Interest in Motion Picture                            
Venture-Columbia-
  Delphi IV Productions (Notes                        
2 & 4)                                  13          13
                     Total               $           $
Assets                               2,687       2,825
                                                      
LIABILITIES AND PARTNERS'                             
CAPITAL
                                                      
Liabilities:                                          
  Accrued Expenses and Accounts          $           $
Payable                                 78          68
                      Total                           
Liabilities                             78          68
                                                      
Partners' Capital (Note 1):                           
  General Partner                       71          73
   Limited Partners                                   
                                     2,538       2,684
                                                      
                       Total                          
Partners' Capital                    2,609       2,757
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              2,687       2,825
                                                      

     See accompanying notes to the financial statements.

</TABLE>

<PAGE>
                  DELPHI FILM ASSOCIATES IV
              (A New York Limited Partnership)

                  STATEMENTS OF OPERATIONS
     (000's Omitted, except net profit (loss) per unit)

<TABLE>
<CAPTION>
                            For the Year Ended December 31,

1996           1995          1994
<S>                      <C>    <C>      <C>
Interest Income               $       $      $
                             61      87    119
                                              
Expenses:                                     
    Management Fee           --     400    400
    Operating Expenses                        
                            346      57     48
                                              
                            346     457    448
                                              
Loss before Share of                          
Profit
  in Motion Picture       (285)   (370)  (329)
Ventures
Share of Profit in                            
Motion Picture
  Venture--Columbia-                          
Delphi IV
   Productions (Notes 2     551     316    250
& 4)
Share of Profit in                            
Motion Picture
    Venture--Tri-Star-                        
Delphi IV
     Productions (Notes                       
2 & 4)                       71      22     62
                                              
Net Profit (Loss)             $       $      $
                            337    (32)   (17)
                                              
Net Profit (Loss) Per                         
Unit of
  Limited Partnership                         
Interest
   ( 8,000 Units)             $       $      $
                             42     (4)    (2)



     See accompanying notes to the financial statements.
                              

</TABLE>
<PAGE>
                              
                              
                  DELPHI FILM ASSOCIATES IV
              (A New York Limited Partnership)
                              
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)
<TABLE>
<CAPTION>

For the Year Ended December 31,
                                          1996
1995     1994
<S>
<C>                           <C>             <C>
Cash Flow From Operating                                       
Activities:
Net Profit (Loss)                         $         $         $
                                        337      (32)      (17)
Adjustments to reconcile Net                                   
Profit (Loss) to net
   cash provided (used) by                                     
operating activities:
    Share of Profit in Motion         (622)     (338)     (312)
Picture Ventures
     Distributions from Joint           622       385       341
Ventures
     Changes in Assets and                                     
Liabilities:
        (Increase) Decrease in                                 
Receivables from
          Joint Ventures, net         (226)         1     7,864
        Increase (Decrease) in                                 
Accrued Expenses
          and Accounts Payable                                 
                                         10      (42)        27
                                                               
        Net Cash Provided (Used)                               
by Operating
           Activities                                          
                                        121      (26)     7,903
                                                               
Cash Flow From Investing                                       
Activities:
Purchases of Short-Term             (5,044)   (4,472)  (35,792)
Investments
Redemptions of Short-Term                                      
Investments                           5,280     4,614    34,967
                                                               
   Net Cash Provided (Used) by                                 
Investing
     Activities                                                
                                        236       142     (825)
                                                               
Cash Flow From Financing                                       
Activities:
Distributions to Partners                                      
                                      (485)     (404)   (7,071)
   Net Cash Used by Financing                                  
Activities                            (485)     (404)   (7,071)
                                                               
(Decrease) Increase In Cash           (128)     (288)         7
Cash at beginning of year                                      
                                        185       473       466
Cash at end of year                       $         $         $
                                         57       185       473
     See accompanying notes to the financial statements.
</TABLE>
<PAGE>
                  DELPHI FILM ASSOCIATES IV
              (A New York Limited Partnership)

         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
    FOR THE YEARS ENDED DECEMBER 3l, 1996, 1995 AND 1994
       (000's Omitted, except distributions per unit)

<TABLE>
<CAPTION>
                              General            Limited
Total
<S>                           <C>               <C>
<C>
Balance January 1, 1994              $         $         $
                                   148    10,133    10,281
                                                          
Net Loss for the Year Ended                               
  December 31, 1994                 --      (17)      (17)
                                                          
Distributions to Partners                                 
($875 per unit)                   (71)   (7,000)   (7,071)
                                                          
Balance December 31, 1994           77     3,116     3,193
                                                          
Net Loss for the Year Ended                               
  December 31, 1995                 --      (32)      (32)
                                                          
Distributions to Partners                                 
($50 per unit)                     (4)     (400)     (404)
                                                          
Balance December 31, 1995           73     2,684     2,757
                                                          
Net Profit for the Year                                   
Ended
  December 31, 1996                  3       334       337
                                                          
Distributions to Partners                                 
($60 per unit)                     (5)     (480)     (485)
                                                          
Balance December 31, 1996            $         $         $
                                    71     2,538     2,609

                              
     See accompanying notes to the financial statements.
</TABLE>


<PAGE>                                   DELPHI FILM
ASSOCIATES IV
              (A New York Limited Partnership)

                NOTES TO FINANCIAL STATEMENTS


1.  General

   Delphi Film Associates IV (the "Partnership") is a limited

partnership which was formed to participate in the

production, acquisition, ownership, and exploitation of

feature length motion pictures through Columbia-Delphi IV

Productions, a joint venture with Columbia Pictures

Industries, Inc. (the "Columbia Joint Venture"), and through

Tri-Star-Delphi IV Productions, a joint venture with TriStar

Pictures, Inc. (formerly Tri-Star Pictures, Inc.) ("TriStar")

(the "Tri-Star Joint Venture") (the "Joint Ventures").

   The Partnership was organized under the law of the State

of New York in December 1984.  The Delphi Company, a New York

general partnership (the "General Partner"), is the general

partner of the Partnership.  The General Partner, which has

the full responsibility for the management of the

Partnership's business, received a fee for its management

services of $400,000 in each of the years l995 and 1994.  For

1996, the General Partner was reimbursed approximately

$259,000 for out-of-pocket expenses incurred in connection

with its management of the Partnership's business.  A public

offering (the "Offering") of limited partnership interests

was completed on June 27, l985.  The Partnership had no

substantial operations until June l985 when the Offering was

completed.  A total of 8,000 units at $5,000 per unit were

sold.  The General Partner contributed $404,000, an amount

equal to l% of the total capital contributed to the

Partnership.  Profits and losses have been allocated l% to

the General Partner and 99% to the Limited Partners.

   The principal business of the Partnership is the

production, acquisition, ownership, and exploitation of

motion pictures through its participation in the Joint

Ventures.  Accordingly, the Partnership's operating results

are in large part dependent upon the operating results of the

Joint Ventures, and are significantly impacted by the Joint

Ventures' policies (see Note 4).

2.  Summary of Significant Accounting Policies

   (a)  Short-Term Investments

   Short-Term Investments consist solely of U.S. Government

Securities which are stated at cost plus accrued interest,

which approximates market value.

   (b)  Accounting for Participation in Joint Ventures

   The Partnership records its investment in the Joint

Ventures under the equity method of accounting.

   (c)  Accounting for Income Taxes

   No provision for income taxes has been made as Delphi Film

Associates IV is treated as a partnership for income tax

purposes, with all income tax consequences flowing directly

to its partners.

   As of December 31, 1996 and 1995, the reported amounts of

the Partnership's assets less liabilities were greater (less)

than the tax bases by approximately $192,000 and ($56,000),

respectively.

   (d)  Use of Estimates

   Management of the Partnership has made a number of

estimates and assumptions relating to the reporting of assets

and liabilities and the disclosure of contingent liabilities

to prepare these financial statements in conformity with

generally accepted accounting principles.  Actual results

could differ from those estimates.

3.  Supplemental Disclosure of Cash Flow Information

   No amounts for interest were paid in l996, l995 and l994.

4.  Transactions with Joint Ventures

   (a) Interests in Motion Pictures

   The Partnership, through each Joint Venture, generally has

interests ranging from 5% to 25% in (and has borne a

corresponding percentage of the cost of) motion pictures in

which a Joint Venture has an interest ("Joint Venture

Films").  In addition, the Partnership, through the Tri-Star

Joint Venture, has a participation interest in two films (the

"Additional Films").  The Partnership made no capital

contributions for its interest in these two films, and

payments due with respect to one of these interests was made

to the Partnership in June 1996.

   As of December 31, 1996, the Columbia Joint Venture had

twelve films in release for which the Partnership's cash

contributions (including interest) aggregated $23,117,000,

and the Tri-Star Joint Venture had fifteen films (including

the Additional Films) in release for which the Partnership's

cash contributions (including interest) aggregated

$22,701,000.

   (b)  Current Operations

   As of December 31, l996, all twenty-seven films in which

the Partnership has an interest had been released.  Based on

the performance of the films during the year ended

December 31, 1996, and after deducting the net operating

expenses of the Partnership, the Partnership is reporting a

net profit of $337,000 for the year ended December 31, 1996.

   (c)  Transactions with Columbia and TriStar

   The films in which the Columbia Joint Venture has an

interest are distributed pursuant to a distribution agreement

between Columbia Pictures, a division of Columbia Pictures

Industries, Inc. ("Columbia") (a "Distributor"), and the

Columbia Joint Venture.  The films in which the Tri-Star

Joint Venture has an interest are distributed pursuant to a

distribution agreement between TriStar Pictures, Inc. (a

"Distributor") and the Tri-Star Joint Venture (see Note 6).

The Distributors are entitled to receive a fee of l7.5% of

substantially all gross receipts from each film, except that

a Distributor's entitlement to its distribution fee is

deferred until its Joint Venture has received from the

distribution of a film an amount equal to that spent by the

Joint Venture to produce or acquire an interest in the film,

other than amounts spent for payments in the nature of

interest.  In light of the results of the Joint Venture

films, net revenue as of December 31, 1996, 1995 and 1994 has

been computed without deducting a distribution fee to the

Distributor with the exception of six films in l996 and seven

films in l995 and l994 for which a portion of the fee was

deducted and one film in l996 for which the entire

distribution fee has been deducted.

   (d)  Joint Venture Revenue Recognition

   Each Joint Venture recognizes net revenues from the

Distributor on an accrual basis.  Net revenues consist of:

(a) the portion of net proceeds (gross receipts less a

distribution fee, unless deferred, and other distribution and

releasing costs) or, if greater, the portion of gross

receipts payable to the Joint Ventures under the distribution

agreements, plus, (b) accrued gross receipts (not in excess

of the Columbia and Tri-Star Joint Venture's advertising

expenditures plus an amount intended to approximate the cost

of funds incurred by the Partnership in connection with the

Columbia and the Tri-Star Joint Ventures' advertising

obligations).  However, certain advances received by the

Distributor which are includable in gross receipts under the

distribution agreements are not reflected in the calculation

of net revenues until those advances are earned.

   (e)  Joint Venture Amortization Policies

   Advertising expenditures which benefit future periods were

capitalized as incurred by the Joint Ventures.  Advertising

expenditures and unamortized production costs are amortized

under the individual film forecast method based upon net

revenues recognized in proportion to the Joint Venture's

estimate of ultimate net revenues to be received without

regard to any Additional Payments (see Note 5).  Unamortized

production costs are compared with net realizable value on a

film by film basis, and losses are recognized to the extent

of any excess of costs over net realizable value.

Unamortized advertising expenditures are compared with net

realizable value for all films in the aggregate for each

Joint Venture and losses are recognized to the extent of any

excess of expenditures over net realizable value.

   (f)  Receivable from Columbia Joint Venture

   This asset represents the amounts receivable by the

Partnership from the Columbia Joint Venture.  The total

receivable in l996 and l995 of $890,000 and $623,000,

respectively, consists of amounts accrued with respect to net

proceeds and gross receipts payments.

   (g)  Receivable from Tri-Star Joint Venture, net

   This asset represents the net amounts receivable by the

Partnership from the Tri-Star Joint Venture.  The total

receivable in l996 of $736,000 consists of $344,000 accrued

with respect to net proceeds and gross receipts payments and

$392,000 accrued as Additional Payments (as defined below).

The total receivable in l995 of $777,000 consisted of

$385,000 accrued with respect to net proceeds and gross

receipts payments and $392,000 accrued as Additional Payments

(as defined below).

5.  Additional Payments

   The terms of the distribution agreements between each

Joint Venture and its respective Distributor provided that

the Partnership would be entitled to receive, through the

Joint Venture, a payment (an "Additional Payment") from that

Joint Venture's Distributor for each film (an "Unrecouped

Film"), if by March l993, in the case of the Columbia Joint

Venture, and if by February l994, in the case of the Tri-Star

Joint Venture, for which the Joint Venture had not received

from the distribution of that film (or its sale) an amount

equal to the amount spent by the Joint Venture to produce or

acquire an interest in that film, other than amounts spent

for payments in the nature of interest ("Cost Return").  Each

Additional Payment was in the amount necessary for the

Partnership to be repaid (without interest) its unrecouped

contributions to the Joint Venture with respect to the

production or acquisition of an Unrecouped Film (other than

contributions for payments in the nature of interest), but

not more than the amount specified below.  The Additional

Payment was first payable only to the extent of the

distribution fees received by the Distributor from the

distribution of all of its Joint Venture's films.  The

Additional Payments based on distribution fees were allocated

by the Joint Venture first to the Partnership to the extent

necessary for the Partnership to recoup its investment in

such film; any excess for such film was allocated to the

respective co-venturer of the Partnership in a Joint Venture

("Studio Venturer") until Cost Return.  If these distribution

fees were insufficient to enable a Distributor to make the

Additional Payments with respect to all of its Joint

Venture's Unrecouped Films, then gross receipts and net

proceeds of each remaining Unrecouped Film distributed by

that Distributor were recalculated by including as gross

receipts the minimum license fees under its license agreement

with Home Box Office, Inc. and certain minimum amounts in

respect of video cassette and video disc exploitation with

respect to that Unrecouped Film.  Each Distributor then made

an Additional Payment to the Partnership, through its Joint

Venture, with respect to each Unrecouped Film to the extent

of the Partnership's share of additional gross receipts or

net proceeds payable as a result of the recalculation but

only up to the amount of the unrecouped contributions (other

than contributions for payments in the nature of interest) by

the Partnership for the production or acquisition of that

Unrecouped Film.  Each such Additional Payment made on the

basis of such recalculation was allocated between the

Partnership and the respective Studio Venturer in proportion

to their respective interest in the applicable Unrecouped

Film.

   The Distribution Agreements provided that each Distributor

would be entitled to recoup the Additional Payments made to

the Partnership in respect of each Unrecouped Film, with an

amount in the nature of interest calculated at ll0% of the

prime rate from time to time, from the Partnership's share of

subsequent gross receipts or net proceeds of that Unrecouped

Film and from the proceeds of any sale of the Partnership's

interest in that Unrecouped Film or amounts allocable to that

Unrecouped Film upon a sale of the Partnership's interest in

the Joint Venture.  In no event will the Distributor be able

to recoup amounts from the proceeds of any sale from a film

that is not an Unrecouped Film.  In calculating the amount of

distribution fees available for the Additional Payments, no

distribution fee will be deemed received by a Distributor

(and therefore no distribution fee is deemed available for

the Additional Payment) from (i) a film with respect to which

the most recent payment was based on gross receipts, (ii) a

film that did not reach Cost Return or (iii) an Additional

Film.

   Based on the anticipated performance of one film in

release at December 31, l996 and 1995, $392,000 was accrued

by the Tri-Star Joint Venture as an Additional Payment

allocable to the Partnership for each respective year.  The

Additional Payments were due and payable to the Partnership,

net of the Advances through the respective Joint Ventures,

promptly after the dates set forth above following certain

certifications.  The Partnership received approximately

$409,000 in February 1997 representing its share of the Tri-

Star Joint Venture's Additional Payment relating to one film.

The Partnership received approximately $7,886,000 in February

l994 representing its share of the Tri-Star Joint Venture's

Additional Payment, relating to all but one film net of the

$200,000 advances previously received by the Partnership, and

approximately $l0,911,000 in May l993 representing its share

of the Columbia Joint Venture's Additional Payment net of the

$200,000 advance previously received by the Partnership.  The

Additional Payments from the Distributors are expected to

enable the Partnership, through each Joint Venture, to

achieve Cost Return for each Unrecouped Film and are not

intended to enable the Partnership to recoup any amounts paid

by the Partnership for management fees or other expenses of

the Partnership.

   Until the recoupment as referred to is complete, the

Partnership will not receive any additional revenue from the

distribution of any Unrecouped Film.  The Columbia and

TriStar Distributors are not expected to fully recoup these

Additional Payments and it is therefore currently expected

that the Partnership will not receive any additional revenue

with respect to the Columbia and Tri-Star Joint Venture's

Unrecouped Films.

6.  Future Sale of Interests in Films

       The Partnership has been evaluating the value of its

interest in its film assets for the purpose of possibly

selling that interest and liquidating the Partnership.  The

General Partner anticipates that the Partnership may be

liquidated in 1997.  No assurance can be provided that the

film assets will be sucessfully sold, or if sold, when such

sale would occur.  Upon the ultimate sale of the film assets,

the Partnership will commence taking steps to dissolve and

liquidate.  Cash distributions as a result of the liquidation

may be made to the partners to the extent, and only to the

extent, the proceeds from the sale of the Partnership's

interest in the film assets in connection with the

liquidation are in excess of  the Distributors' entitlement

to the recoupment described above and a reserve for the

Partnership's remaining obligations and operating expenses.


<PAGE>
              REPORT OF INDEPENDENT ACCOUNTANTS

Venturers
Columbia - Delphi IV Productions

In our opinion, the accompanying balance sheets and the
related statements of operations, of cash flows and of
venturers' capital present fairly, in all material respects,
the financial position of Columbia - Delphi IV Productions
at December 31, 1996 and 1995, and the results of its
operations and its cash flows for each of the three years in
the period ended December 31, 1996, in conformity with
generally accepted accounting principles.  These financial
statements are the responsibility of the Venture's
management; our responsibility is to express an opinion on
these financial statements based on our audits.  We
conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles
used and significant estimates made by management, and
evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for the
opinion expressed above.












Century City, California
March  14, l997
<PAGE>
              COLUMBIA - DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                       BALANCE SHEETS
                       (000's Omitted)

<TABLE>
<CAPTION>

      December 31,
                                                1996
1995
<S>                                        
                                 <C>       <C>
ASSETS                                               
Motion Picture Production and                       
Advertising
    Costs, net of accumulated                       
amortization
    of $164,114 and $164,104,            $         $
respectively                            72        82
     (Notes 1, 2 & 5)                               
Receivable from Columbia                            
Pictures
    (Distributor) (Note 6)                          
                                     5,974     6,278
                                                    
                     Total        $  6,046         $
Assets                                         6,360
                                                    
LIABILITIES AND VENTURERS'                          
CAPITAL
                                                    
Liabilities:                                        
  Payable to Columbia Pictures                      
Industries, Inc.
    (Note 6)                      $  5,084         $
                                               5,655
  Payable to Delphi Film                            
Associates IV
    (Note 6)                                        
                                       890       623
                                                    
                      Total                         
Liabilities                          5,974     6,278
                                                    
Venturers' Capital (Notes 1 &                       
3):
  Columbia Pictures Industries,         59        69
Inc.
  Delphi Film Associates IV                         
                                        13        13
                                                    
                       Total                        
Venturers' Capital                      72        82
                                                    
                       Total                        
Liabilities and Venturers'
                                         $          $
Capital                              6,046      6,360


     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
              COLUMBIA - DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                  STATEMENTS OF OPERATIONS
                       (000's Omitted)
<TABLE>
<CAPTION>
                                                  For the
Year Ended December 31,
                                                      1996
1995          1994
<S>                      <C>    <C>      <C>
Net Revenues From Motion                      
Picture
    Exploitation (Note        $       $      $
2)                        2,470   3,021  3,055
                                              
Less: Amortization of                         
Motion
         Picture                              
Production and
          Advertising                         
Costs
           (Notes 2 & 5)                      
                             10     696    652
                                              
Income from Operations    2,460   2,325  2,403
                                              
Additional Payment                            
Accrual
    (Notes 3 & 5)            --      --    158
                                              
Other Expense  (Note 7)                       
                             --      --  (146)
                                              
Net Income                    $       $      $
                          2,460   2,325  2,415




     See accompanying notes to the financial statements.


</TABLE>

<PAGE>
              COLUMBIA - DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)

<TABLE>
                                            For the Year
Ended December 31,
                                          1996
1995         1994
<S>
<C>               <C>                         <C>
Cash Flow From Operating                                       
Activities:
Net Income                                $         $         $
                                      2,460     2,325     2,415
Adjustments to reconcile Net                                   
Income to net cash
      provided by operating                                    
activities:
  Amortization of Motion Picture                               
Production and
     Advertising Costs                   10       696       652
  Accrued Distributions to              304       253     (237)
Venturers
  Changes in Assets and                                        
Liabilities:
      (Decrease) Increase in                                   
Payable to Columbia
         Pictures Industries,         (571)     (292)       269
Inc.
      Decrease (Increase) in                                   
Receivable from
         Columbia Pictures              304   (1,229)      (79)
(Distributor)
      Decrease (Increase) in                                   
Motion Picture Costs
         Recoverable from                --     1,482     (158)
Additional Payments
      Increase (Decrease) in                                   
Payable to Delphi
         Film Associates IV, net                               
                                        267        39      (32)
                                                               
          Net Cash Provided by                                 
Operating Activities                  2,774     3,274     2,830
                                                               
Cash Flow from Financing                                       
Activities:
Distributions to Venturers                                     
                                    (2,774)   (3,274)   (2,830)
                                                               
          Net Cash Used by                                     
Financing Activities                (2,774)   (3,274)   (2,830)
                                                               
Net Change in Cash                       --        --        --
Cash at beginning of year                                      
                                         --        --        --
Cash at end of year                       $         $         $
                                         --        --        --
                              
                              
     See accompanying notes to the financial statements.

</TABLE>
<PAGE>
              COLUMBIA - DELPHI IV PRODUCTIONS
                      (A Joint Venture)

              STATEMENTS OF VENTURERS' CAPITAL
    FOR THE YEARS ENDED DECEMBER 3l, 1996, 1995 AND 1994
                       (000's Omitted)
<TABLE>
<CAPTION>
                              Columbia         Delphi
                              Pictures            Film
Total
                              Industries,        Associates
Venturers'
                                   Inc.                    IV
     Capital
<S>                           <C>               <C>
<C>
Venturers' Capital as of             $         $         $
January 1, 1994                  1,376        54     1,430
                                                          
Net Income for the Year                                   
Ended
  December 31, 1994              2,165       250     2,415
                                                          
Accrued Distributions to                                  
Venturers                      (2,788)     (279)   (3,067)
                                                          
Venturers' Capital as of                                  
December 31,
    1994                           753        25       778
                                                          
Net Income for the Year                                   
Ended
  December 31, 1995              2,009       316     2,325
                                                          
Accrued Distributions to                                  
Venturers                      (2,693)     (328)   (3,021)
                                                          
Venturers' Capital as of                                  
December 31,
    1995                            69        13        82
                                                          
Net Income for the Year                                   
Ended
  December 31, 1996              1,909       551     2,460
                                                          
Accrued Distributions to                                  
Venturers                      (1,919)     (551)   (2,470)
                                                          
Venturers' Capital as of                                  
December 31,
    1996                             $         $         $
                                    59        13        72

     See accompanying notes to the financial statements.
</TABLE>
<PAGE>                         COLUMBIA - DELPHI IV
PRODUCTIONS
                      (A Joint Venture)

                NOTES TO FINANCIAL STATEMENTS



1. General

   Columbia-Delphi IV Productions (the "Joint Venture") is a

joint venture between Columbia Pictures Industries, Inc.

("Columbia") and Delphi Film Associates IV, a New York

limited partnership (the "Partnership") formed on April l8,

l985 to engage in the business of producing, acquiring,

owning and exploiting feature length motion pictures.

Through the Joint Venture, Columbia has interests in ten

films ranging from approximately 75-94% and the Partnership

has interests ranging from approximately 6-25% in these same

films and Columbia has a 65% interest and the Partnership has

a 15% interest in one film in which Columbia-Delphi V

Productions, a joint venture between Columbia and Delphi Film

Associates V, a New York limited partnership ("Delphi V"),

holds the remaining 20% interest (collectively the "Joint

Venture Films").  Columbia and the Partnership were each

responsible for these respective percentages of the

production cost of the Joint Venture Films.  In addition, the

Joint Venture acquired a 10% interest in one film during 1986

which was previously l00% owned by Columbia-Delphi V

Productions.  This l0% interest was acquired from Columbia,

which derived its ownership interest through Columbia-Delphi

V Productions.  The general partner of Delphi V is affiliated

with the general partner of the Partnership.

   As of December 31, 1996, all twelve Joint Venture Films

had been released (see Note 5).

   All of the Joint Venture's films are being distributed

pursuant to a distribution agreement between Columbia

Pictures (the "Distributor"), a division of Columbia, and the

Joint Venture (see Note 2).  The Joint Venture does not

anticipate the production of, or acquisition of interests in,

any additional films.

   The Partnership participates in a Joint Venture (the

"Other Venture") with TriStar Pictures, Inc. (formerly Tri-

Star Pictures, Inc.) ("TriStar") similar to the Joint

Venture.

   Sony Pictures Entertainment Inc., the parent company of

Columbia and TriStar, is an indirect wholly-owned subsidiary

of Sony Corporation.



2. Summary of Significant Accounting Policies

   Recognition of Revenue

   The Joint Venture recognizes net revenues from the

Distributor on the accrual basis.  Net revenues consist of:

a) the portion of net proceeds (gross receipts less a

distribution fee, unless deferred, and other distribution and

releasing costs) or, if greater, the portion of gross

receipts payable to the Joint Venture under the distribution

agreement, plus b) accrued gross receipts (not in excess of

the amount of the advertising and promotion charge paid by

the Joint Venture plus an amount intended to approximate the

cost of funds incurred by the Partnership in connection with

the payment of that charge).  However, certain advances

received by the Distributor which are includable in gross

receipts under the distribution agreement are not reflected

in the calculation of net revenues until those advances are

earned. The Joint Venture's advertising and promotion charge

expenditures are recovered (subject to certain limitations)

from gross receipts from all films in which the Joint Venture

has an interest.

   Distribution Fee

   The Distributor is entitled to receive a 17.5%

distribution fee on substantially all gross receipts in

calculating the net proceeds to which the Joint Venture is

entitled from the distribution of a film; however, the

Distributor's entitlement to this distribution fee will be

deferred until the Joint Venture has received from the

distribution of that film an amount equal to the amount spent

by the Joint Venture to produce or acquire an interest in the

film, other than amounts spent for payments in the nature of

interest ("Cost Return").  After Cost Return for a film, for

purposes of determining any additional payments based on net

proceeds to which the Joint Venture is entitled in respect of

that film, the Distributor will be entitled to receive a

distribution fee equal to 17.5% of substantially all gross

receipts of the film including gross receipts prior to Cost

Return.

   Net revenues accrued at December 31, 1996, 1995 and 1994

have been computed without deducting a distribution fee to

the Distributor in light of the results of the Joint Venture

Films released through those respective dates, with the

exception of four films for which a portion of the

distribution fees were deducted.

   Motion Picture Production and Advertising Costs

   Motion picture production costs include the direct costs

of production plus an overhead charge equivalent to 12.5% of

the direct production costs; these costs were capitalized as

incurred by the Joint Venture.  Payments by the Joint Venture

in respect of the advertising and promotion charge payable to

the Distributor were capitalized as incurred by the Joint

Venture to the extent that those charges benefit future

periods.  These costs are amortized under the individual film

forecast method based upon net revenues recognized in

proportion to the Joint Venture's estimate of ultimate net

revenues to be received.  Unamortized production costs are

compared with net realizable value on a film by film basis

and unamortized advertising costs are compared with net

realizable value in the aggregate; losses are recognized to

the extent of any excess of costs over net realizable value.

If losses are indicated for films, the Additional Payments

described in Note 3, to the extent available, are accrued as

Motion Picture Costs Recoverable from Additional Payments.



3. Additional Payments (See Note 5)

   The Joint Venture was entitled to a payment from the

Distributor if the Joint Venture had not received net

proceeds and gross receipts (excluding amounts paid to the

Joint Venture for the recovery of advertising and promotion

charge payments) at least equal to the amount spent by the

Joint Venture for the production of films and the acquisition

of interests in films (excluding amounts spent for payments

in the nature of interest) (the "Expenditures") by March

l993.  Consequently, a payment of approximately $7l,000,000

was made in May l993 representing the amount available to be

repaid to the Joint Venture, without interest, for its

unrecouped Expenditures.  The payment to the Joint Venture

was allocated first to the Partnership, to the extent

necessary for the Partnership to recoup (without interest)

the amount of its contribution to the Joint Venture for the

production or acquisition of the Unrecouped Films (other than

contributions for payments in the nature of interest); any

excess was then allocated to Columbia.  As a result, the

Partnership has recouped all Expenditures, Columbia is still

unrecouped.  After Columbia recoups the outstanding

Expenditures, the Distributor will be entitled to recoup

these payments, with an amount in the nature of interest,

from the Joint Venture's share of subsequent net proceeds and

gross receipts and from the proceeds of any subsequent sale

of the Joint Venture's interest in films which generated

Additional Payments.

   If the gross receipts from a film do not exceed the costs

of distributing the film, or if the most recent payment to

the Joint Venture with respect to the film is based on gross

receipts, no amounts from the distribution of that film will

be available for payment to the Joint Venture for this

purpose.



4. Income Taxes

   No provision for income taxes is made in the Joint

Venture's financial statements since the venturers treat the

Joint Venture as a partnership for income tax purposes, with

all income tax consequences flowing directly to the

venturers.

   As of October 31, 1996 and 1995 (the Joint Venture's tax

year end is October 31), the tax bases of the Joint Venture's

assets less liabilities exceeded amounts reported in the

financial statements at December 31, 1996 and l995 by

approximately $5,298,000 and $5,660,000, respectively.

Management estimates that the tax bases of the Joint

Venture's assets and liabilities did not differ significantly

between October 31 and December 31 in l996 and l995.

5. Current Operations

   As of December 31, 1996, the Distributor had released all

twelve films in which the Joint Venture has an interest.  The

Joint Venture was not expected to recoup its investment in

eight of these films out of the proceeds from their

distribution.  However, as a result of the Additional

Payments referred to below, the Partnership recouped its

investment in these films.  For the years ended December 31,

1996, 1995 and 1994, motion picture production and

advertising costs were reduced by amortization of $10,000,

$696,000 and $652,000, respectively.  In 1995, included in

amortization was a write-down of costs of $460,000 to current

net realizable value.

6. Receivables and Payables

   An analysis of the Joint Venture's receivables and

payables is as follows:

                                AT DECEMBER 31, l996
                    Receivable            Payable   Payable
to
                       from      to         the
                    Distributor            Columbia
Partnership
                              (000's omitted)
       Net Proceeds and Gross
     Receipts        $ 5,974    $ 5,084    $   890

                                      AT DECEMBER 31,
1995
                    Receivable            Payable
Payable to
                       from      to         the
                    Distributor            Columbia
Partnership
                              (000's omitted)

       Net Proceeds and Gross
     Receipts        $ 6,278    $ 5,655    $   623

7. Foreign Exchange Gains and Losses

   The distribution agreement between the Joint Venture and

the Distributor provides that revenues earned in foreign

currencies be valued as of the date that monies are remitted

or are "freely remittable" to the United States.  Other

Expense for the year ended December 31, l994 of $146,000

represents the cumulative difference between the monies

remitted in U.S. dollars and the value previously recorded

based on the exchange rate at the time of revenue recognition

in the applicable international territory.  No such revenue

valuation adjustment was necessary in 1996 or 1995.

<PAGE>
              REPORT OF INDEPENDENT ACCOUNTANTS

Venturers
Tri-Star - Delphi IV Productions

In our opinion, the accompanying balance sheets and the
related statements of operations, of cash flows and of
venturers' capital present fairly, in all material respects,
the financial position of Tri-Star - Delphi IV Productions
at December 31, 1996 and 1995, and the results of its
operations and its cash flows for each of the three years in
the period ended December 31, 1996, in conformity with
generally accepted accounting principles.  These financial
statements are the responsibility of the Venture's
management; our responsibility is to express an opinion on
these financial statements based on our audits.  We
conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles
used and significant estimates made by management, and
evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for the
opinion expressed above.












Century City, California
March 14, l997
<PAGE>
               TRI-STAR-DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                       BALANCE SHEETS
                       (000's Omitted)


<TABLE>
<CAPTION>

      December 31,
                                               1996
1995
<S>                                        
                                 <C>       <C>
ASSETS                                               
Motion Picture Production and                       
Advertising
    Costs, net of accumulated                       
amortization
    of $108,490 and $108,473,                       
respectively
     (Notes 1, 2 & 5)                    $         $
                                        85       102
Motion Picture Costs Recoverable                    
from
 Additional Payments (Notes 3, 5     1,853     1,835
& 6)
Receivable from TriStar                             
Pictures, Inc.
    (Distributor) (Note 6)                          
                                       913     1,083
                                                    
                     Total               $         $
Assets                               2,851     3,020
                                                    
LIABILITIES AND VENTURERS'                          
CAPITAL
                                                    
Liabilities:                                        
  Payable to TriStar Pictures,           $         $
Inc. (Note 6)                        2,030     2,141
  Payable to Delphi Film                            
Associates IV
    (Note 6)                                        
                                       736       777
                                                    
                      Total                         
Liabilities                          2,766     2,918
                                                    
Venturers' Capital (Notes 1 &                       
3):
  TriStar Pictures, Inc.                85       102
  Delphi Film Associates IV                         
                                        --        --
                                                    
                       Total                        
Venturers' Capital                      85       102
                                                    
                       Total                        
Liabilities and Venturers'
                                         $          $
Capital                              2,851      3,020
                              
     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
               TRI-STAR-DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                  STATEMENTS OF OPERATIONS
                       (000's Omitted)
<TABLE>
<CAPTION>
                                                  For the
Year Ended December 31,
                                                      1996
1995          1994

<S>                      <C>    <C>      <C>
Net Revenues From Motion                      
Picture
    Exploitation (Note        $       $      $
2)                          380     547  1,318
                                              
Less: Amortization of                         
Motion
         Picture                              
Production and
          Advertising                         
Costs
           (Notes 2 & 5)                      
                             17     205    277
                                              
Income from Operations      363     342  1,041
                                              
Additional Payments                           
Accrual
    (Recapture) (Notes 3     18       5 (3,010
& 5)                                         )
                                              
Interest Income              --      --    571
                                              
Other Expense (Note 7)                        
                             --      --  (508)
                                              
Net Income (Loss)             $       $ $(1,90
                            381     347     6)




     See accompanying notes to the financial statements.


</TABLE>

<PAGE>
               TRI-STAR-DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                              
                  STATEMENTS OF CASH FLOWS
                       (000's Omitted)
<TABLE>
<CAPTION>
                                       For the Year Ended
December 31,
                                            1996
1995              1994
<S>
<C>                 <C>                      <C>
Cash Flow From Operating                                       
Activities:
Net Income (Loss)                         $         $         $
                                        381       347   (1,906)
Adjustments to reconcile Net                                   
Income (Loss)
      to net cash provided by                                  
operating activities:
  Amortization of Motion Picture                               
Production and
     Advertising Costs                   17       205       277
  Accrued Distributions to              152        46    25,236
Venturers
  Changes in Assets and                                        
Liabilities:
      Decrease in Payable to          (111)       (6)  (17,204)
TriStar Pictures, Inc.
      Decrease (Increase) in                                   
Receivable from
         TriStar Pictures, Inc.         170       875     (405)
(Distributor)
      (Increase) Decrease in                                   
Motion Picture Costs
         Recoverable from              (18)     (829)    25,641
Additional Payments
      Decrease in Payable to                                   
Delphi Film
         Associates IV, net            (41)      (40)   (7,832)
      Decrease in Advance from                                 
TriStar
         Pictures, Inc.                                        
(Distributor)                            --        --     (200)
                                                               
          Net Cash Provided by                                 
Operating Activities                    550       598    23,607
                                                               
Cash Flow from Financing                                       
Activities:
Distributions to Venturers                                     
                                      (550)     (598)  (23,607)
                                                               
          Net Cash Used by                                     
Financing Activities                  (550)     (598)  (23,607)
                                                               
Net Change in Cash                       --        --        --
Cash at beginning of year                                      
                                         --        --        --
Cash at end of year                       $         $         $
                                         --        --        --
                              
     See accompanying notes to the financial statements.

</TABLE>
<PAGE>
               TRI-STAR-DELPHI IV PRODUCTIONS
                      (A Joint Venture)

              STATEMENTS OF VENTURERS' CAPITAL
    FOR THE YEARS ENDED DECEMBER 3l, 1996, 1995 AND 1994

                       (000's Omitted)
<TABLE>
<CAPTION>
                                                       Delphi
                              TriStar              Film
Total
                              Pictures,           Associates
Venturers'
                                   Inc.                   IV
Capital
<S>                           <C>                 <C>
<C>
Venturers' Capital as of             $         $         $
January 1, 1994                    549        35       584
                                                          
Net (Loss) Income for the                                 
Year Ended
  December 31, 1994            (1,968)        62   (1,906)
                                                          
Accrued Distributions to                                  
Venturers                        1,691      (62)     1,629
                                                          
Venturers' Capital as of                                  
December 31,
    1994                           272        35       307
                                                          
Net Income for the Year                                   
Ended
  December 31, 1995                325        22       347
                                                          
Accrued Distributions to                                  
Venturers                        (495)      (57)     (552)
                                                          
Venturers' Capital as of                                  
December 31,
    1995                           102        --       102
                                                          
Net Income for the Year                                   
Ended
  December 31, 1996                310        71       381
                                                          
Accrued Distributions to                                  
Venturers                        (327)      (71)     (398)
                                                          
Venturers' Capital as of                                  
December 31,
    1996                             $         $         $
                                    85        --        85

     See accompanying notes to the financial statements.
</TABLE>
<PAGE>                             TRI-STAR-DELPHI IV
PRODUCTIONS
                      (A Joint Venture)

                NOTES TO FINANCIAL STATEMENTS

1. General

   Tri-Star-Delphi IV Productions (the "Joint Venture") is a

joint venture between TriStar Pictures, Inc. (formerly Tri-

Star Pictures, Inc.) ("TSPI") ("TriStar") and Delphi Film

Associates IV, a New York limited partnership (the

"Partnership") formed in April 1985 to engage in the business

of producing, owning and exploiting feature length motion

pictures.  Through the Joint Venture, TSPI has interests

ranging from approximately 5-62% and the Partnership has

interests ranging from approximately 5-23% in twelve films

(the "Joint Venture Films").  In addition, the Joint Venture

acquired a l0% participation interest in one film during l987

which is l00% owned by Delphi VI (as defined below).  This

interest was derived from TSPI's interest in the film through

Delphi VI.  The Partnership's interest in this film was

obtained in exchange for a portion of the Partnership's

interest in two other films which were conveyed to TSPI.

   In addition, the Partnership, through the Joint Venture,

has a participation interest without cost to the Joint

Venture in two additional films.  Generally, the remaining

interests in the Joint Venture Films are held by Tri-Star-

Delphi III Productions (a joint venture between Delphi Film

Associates III ("DFA III"), a New York limited partnership,

and TSPI), which was liquidated in December 1996, Tri-Star-

Delphi V Productions, a joint venture between Delphi Film

Associates V ("DFA V"), a New York limited partnership, and

TSPI, or Tri-Star-ML Delphi Premier Productions ("Delphi

VI"), a joint venture between ML Delphi Premier Partners,

L.P. ("MLDP"), a Delaware limited partnership, and TSPI.

   As of December 31, 1996, the Joint Venture had released

all fifteen films in which the Joint Venture has an interest.

All of the Joint Venture's films are being distributed

pursuant to a distribution agreement with TSPI (the

"Distributor").  The general partner of the Partnership is

affiliated with the general partner of DFA V and MLDP.

   The Partnership participates in a similar joint venture

(the "Other Venture") with Columbia Pictures Industries, Inc.

("Columbia").

   Sony Pictures Entertainment Inc., the parent company of

Columbia and TriStar, is an indirect wholly-owned subsidiary

of Sony Corporation.



2. Summary of Significant Accounting Policies

   Recognition of Revenue

   The Joint Venture recognizes net revenues from the

Distributor on an accrual basis.  Net revenues consist of: a)

the portion of net proceeds (gross receipts, less a

distribution fee, unless deferred, and other distribution and

releasing costs) or, if greater, gross receipts payable to

the Joint Venture under the distribution agreement, plus b)

accrued gross receipts (not in excess of the amount of the

advertising and promotion charge paid by the Joint Venture

plus an amount intended to approximate the cost of funds

incurred by the Partnership in connection with payment of

that charge).  However, certain advances received by the

Distributor which are includable in gross receipts under the

distribution agreement are not reflected in the calculation

of net revenues until those advances are earned.

   Distribution Fee

   The Distributor is entitled to receive a distribution fee

equal to 17.5% on substantially all gross receipts of a film;

however, the Distributor's entitlement to this distribution

fee will be deferred until the Joint Venture has received

from the distribution of that film an amount equal to the

amount spent by the Joint Venture to produce or acquire an

interest in the film, other than amounts spent for payments

in the nature of interest ("Cost Return").  After Cost Return

for a film, in calculating subsequent payments to the Joint

Venture based on net proceeds, the Distributor will be

entitled to receive a distribution fee equal to l7.5% on

substantially all gross receipts of the film including gross

receipts prior to Cost Return.

   Net revenues accrued at December 31, 1996, 1995, and 1994

have been computed without deducting a distribution fee to

the Distributor in light of the results of the films released

through those dates with the exception of three films.  In

l996, the full distribution fee was deducted for one film and

a portion of the distribution fees has been deducted for two

other films.  In 1995 and 1994, a portion of the distribution

fees was deducted for three films.

   Motion Picture Production and Advertising Costs

   Motion picture production costs include the direct cost of

production plus an overhead charge equivalent to 12.5% of the

direct production costs; these costs were capitalized as

incurred by the Joint Venture.  Payments by the Joint Venture

in respect of the advertising and promotion charge payable to

the Distributor were capitalized as incurred by the Joint

Venture to the extent that those charges benefit future

periods.  These costs are amortized under the individual film

forecast method based upon net revenue recognized in

proportion to the Joint Venture's estimate of ultimate net

revenues to be received.  Unamortized production costs are

compared with net realizable value on a film by film basis

and unamortized advertising costs are compared with net

realizable value in the aggregate; losses are recognized to

the extent of any excess of costs over net realizable value.

If losses are indicated for films, the Additional Payments

described in Note 3, to the extent available, are accrued as

Motion Picture Costs Recoverable from Additional Payments.



3. Additional Payments (See Note 5)

   The Joint Venture was entitled to a payment (an

"Additional Payment") from the Distributor with respect to

each film for which the Joint Venture had not received from

the film's distribution (or its sale) by February 1994 an

amount equal to the amount spent by the Joint Venture to

produce or acquire an interest in the film (other than

amounts spent for payments in the nature of interest) (an

"Unrecouped Film").  Each Additional Payment would be made in

the amount necessary for the Joint Venture to be repaid

(without interest) the amounts spent by it with respect to

the production or acquisition of an Unrecouped Film, other

than contributions for payments in the nature of interest,

but not more than the amount specified below.  The Additional

Payment would be payable only to the extent of the

distribution fees received by the Distributor from the

distribution of all of the Joint Venture's films (reduced to

the extent of the Additional Payments made with respect to

other Unrecouped Films).  The Additional Payments to the

Joint Venture based on distribution fees would be allocated

by the Joint Venture first to the Partnership, to the extent

necessary for the Partnership to recoup (without interest)

the amount of its contributions to the Joint Venture for the

production or acquisition of the Unrecouped Films (other than

contributions for payments in the nature of interest); any

excess would then be allocated to TSPI.  If those

distribution fees were insufficient to enable the Distributor

to make the Additional Payments with respect to all

Unrecouped Films, gross receipts and net proceeds of each

remaining Unrecouped Film would be recalculated by including

as gross receipts in respect of that Unrecouped Film the

excess, if any, of the minimum license fees under the

Distributor's license agreement with Home Box Office, Inc.

and certain minimum amounts in respect of video cassette and

video disc exploitation over the amounts previously included

in the gross receipts of that Unrecouped Film in respect of

those arrangements.  The Distributor would then make

Additional Payments to the Joint Venture to the extent of the

additional gross receipts or net proceeds payable to the

Joint Venture as a result of the recalculation, but only up

to the amount of the unrecouped contributions (other than

contributions for payments in the nature of interest) for the

production or acquisition of that Unrecouped Film; each

Additional Payment made on the basis of such recalculation

would be allocated between the Partnership and TSPI in

proportion to their respective interests in the applicable

Unrecouped Film.  The Distributor is entitled to recoup the

Additional Payments made on either basis in respect of each

Unrecouped Film, with an amount in the nature of interest,

from the Joint Venture's share of subsequent gross receipts

or net proceeds of that Unrecouped Film and from the proceeds

of any sale of the Partnership's interest in that Unrecouped

Film or amounts allocable to that Unrecouped Film upon a sale

of the Partnership's interest in the Joint Venture.  In

calculating the amount of distribution fees available for the

Additional Payments, no distribution fee would be deemed

received by the Distributor (and therefore no distribution

fee would be deemed available for the Additional Payment)

from a film with respect to which the most recent payment to

the Joint Venture was based on gross receipts or from a film

that did not reach Cost Return.



4.  Income Taxes

   No provision for income taxes is made in the Joint

Venture's financial statements since the venturers treat the

Joint Venture as a partnership for income tax purposes, with

all income tax consequences flowing directly to the

venturers.

   As of October 31, 1996 and 1995 (the Joint Venture's tax

year end is October 31), the tax bases of the Joint Venture's

assets less liabilities exceeded amounts reported in the

financial statements at December 31, 1996 and 1995 by

approximately $2,731,000 and $2,602,000, respectively.

Management estimates that the tax bases of the Joint

Venture's assets and liabilities did not differ significantly

between October 31 and December 31 in l996 and l995.



5.  Current Operations

   As of December 31, 1996 the Distributor had released all

fifteen films in which the Joint Venture has an interest (see

Note 1).  The Joint Venture did not recoup its investment in

ten of these films out of the proceeds from their

distribution.  However, as a result of the Additional

Payments referred to below, and those required to be made in

future periods, the Partnership is expected to recoup its

investment in these films.  For the years ended December 31,

l996, 1995 and 1994 motion picture production and advertising

costs have been reduced by amortization of $17,000, $205,000

and $277,000, respectively.

   For the year ended December 31, 1996 the Joint Venture has

recorded an increase in the Additional Payment accrual of

$18,000 due to an increase in the amount of minimums

available for recoupment.

   The Joint Venture received approximately $23,202,000 in

February l994, net of a $200,000 advance previously received

from the Distributor, representing the Joint Venture's

Additional Payment.

6. Receivables and Payables

   An analysis of the Joint Venture's receivables and

payables is as follows:



                               AT DECEMBER 31, 1996
                    Receivable            Payable   Payable
to
                       from      to         the
                    Distributor           TriStar
Partnership
                                   (000's omitted)
Net Proceeds and Gross
  Receipts                                    $    913
$    569                 $   344

Accrued Additional
  Payments             1,853     1,461         392
     Total           $ 2,766   $ 2,030     $   736


                                    AT DECEMBER 31, 1995

                    Receivable           Payable    Payable
to
                       from        to       the
                    Distributor           TriStar
Partnership
                                   (000's omitted)
Net Proceeds and Gross
  Receipts                                $    1,083
$     698              $   385

Accrued Additional
  Payments                                     1,835
1,443                    392
     Total                                $    2,918
$   2,141            $   777

7. Foreign Exchange Gains and Losses

     The distribution agreement between the Joint Venture and the

Distributor provides that revenues earned in foreign currencies

be valued as of the date that monies are remitted or are "freely

remittable" to the United States.  Other Expense for the year

ended December 31, l994 of $508,000 represents the cumulative

difference between the monies remitted in U.S. dollars and the

value previously recorded based on the exchange rate at the time

of revenue recognition in the applicable international territory.

No such revenue valuation adjustment was necessary in 1996 or

1995.