UNITED STATES
                              
             SECURITIES AND EXCHANGE COMMISSION

                   Washington, D.C.  20549
                              
                          FORM 10-Q
                              
       X Quarterly Report Under Section 13 or 15(d) of
             the Securities Exchange Act of 1934
          For the Quarter Ended September 30, 1997
                              
                             OR
                              
  ___ Transition Report Pursuant to Section 13 or 15(d) of
             the Securities Exchange Act of 1934
    For the transition period from __________to__________
                              
               Commission File 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)

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


     Indicate by check mark whether the registrant (1) has
filed all reports
     required to be filed by Section 13 or 15(d) of the
Securities Exchange
     Act of 1934 during the preceding 12 months (or for such
shorter period
     that the registrant was required to file such reports),
and (2) has been
     subject to such filing requirements for the past 90
days.

                              Yes  X         No____

<PAGE>
                  DELPHI FILM ASSOCIATES IV
              (A New York Limited Partnership)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>

                                September    December
                                30,         31,
                                            
                                1997        1996
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                       183          57
Short-Term Investments               1,348         991
Receivable from Columbia-Delphi                       
IV
  Productions                          798         890
Receivable from Tri-Star-Delphi                       
IV
  Productions                          210         736
Interest in Motion Picture                            
Venture-
   Columbia-Delphi IV                                 
Productions                             10          13
                                                      
                     Total               $           $
Assets                               2,549       2,687
                                                      
LIABILITIES AND PARTNERS'                             
CAPITAL
                                                      
Liabilities:                                          
  Accrued Expenses and Accounts          $           $
Payable                                 53          78
                      Total                           
Liabilities                             53          78
                                                      
Partners' Capital (Note 2):                           
  General Partner                       70          71
  Limited Partners                                    
                                     2,426       2,538
                                                      
                       Total                          
Partners' Capital                    2,496       2,609
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              2,549       2,687
                              
                              
                              
     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 (loss) profit per unit)
                          Unaudited

<TABLE>
<CAPTION>

                                                        For
the Three Months    For the Nine Months
                             Ended September 30,   Ended
September 30,

1997                   1996     1997              1996
<S>                       <C>     <C>    <C>    <C>
Interest Income                $      $      $       $
                              17     16     45      50
                                                      
Expenses:                                             
    Operating Expenses                                
                              78     91    227     246
                                                      
                              78     91    227     246
                                                      
Loss before Share of                                  
Profit (Loss) in
  Motion Picture Ventures   (61)   (75)  (182)   (196)
Share of (Loss) Profit in                             
Motion
  Picture Venture--                                   
Columbia-
   Delphi IV Productions   (239)    132    105     332
Share of  (Loss)Profit in                             
Motion
  Picture Venture--Tri-                               
Star-
   Delphi IV Productions                              
                           (120)     10   (36)      68
                                                      
Net (Loss) Profit              $      $      $       $
                           (420)     67  (113)     204
                                                      
Net (Loss) Profit Per                                 
Unit of Limited
  Partnership Interest         $      $      $       $
(8,000 units)               (52)      8   (14)      25



                              
                              
     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)
                          Unaudited
<TABLE>
<CAPTION>

For the Nine Months Ended September 30,

1997                        1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net (Loss) Profit                            $           $
                                         (113)         204
Adjustments to reconcile Net                              
(Loss) Profit to net
   cash provided by operating                             
activities:
    Share of Profit in Motion             (69)       (400)
Picture Ventures
    Distributions from Joint                72         401
Ventures
    Changes in Assets and                                 
Liabilities:
       Decrease (Increase) in                             
Receivables from
        Joint Ventures, net                618        (65)
       Decrease in Accrued                                
Expenses and Accounts
         Payable                                          
                                          (25)        (14)
                                                          
        Net Cash Provided by                              
Operating Activities                       483         126
                                                          
Cash Flow From Investing                                  
Activities:
Purchases of Short-Term                (8,262)     (3,109)
Investments
Redemptions of Short-Term                                 
Investments                              7,905       3,442
                                                          
       Net Cash (Used) Provided                           
by Investing                             (357)         333
          Activities                                      
                                                          
Cash Flow from Financing                                  
Activities:
Distribution to Partners                                  
                                             0       (485)
                                                          
       Net Cash Used by Financing                         
Activities                                   0       (485)
                                                          
Increase (Decrease) In Cash                126        (26)
Cash at beginning of period                               
                                            57         185
Cash at end of period                        $           $
                                           183         159
                              
     See accompanying notes to the financial statements.
</TABLE>
<PAGE>
                              


                 DELPHI  FILM ASSOCIATES IV
              (A New York Limited Partnership)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change in

the information disclosed in the notes to financial

statements of the Partnership included in the Annual Report

on Form 10-K for the year ended December 31, 1996.  The

information furnished includes all adjustments which are, in

the opinion of management normal and recurring except as set

forth in footnote 2, and necessary to present fairly the

financial position of the Partnership as of September 30,

1997 and the results of operations and cash flows for the

periods ended September 30, 1997 and 1996.  Results of

operations for the three and nine month periods ended

September 30, 1997 are not necessarily indicative of the

results that may be expected for the entire fiscal year.

2.  Current Operations

    As of September 30, 1997, all twenty-seven films in

which the Partnership has an interest have been released.

All of these films have completed their theatrical release

and are being distributed in various ancillary markets.

    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.

    A current period adjustment has been made which

resulted from an over-accrual recorded by the Columbia Joint

Venture of the contractually defined amounts receivable from

the Joint Venture's Distributor for transactions occurring

during the six month period ended June 30, 1997 in the

amount of $164,000 and an aggregate of $191,000 for the

three years ended December 31, 1994.  In addition, a current

period adjustment in the amount of $207,000 has been made

which resulted from an over-accrual recorded by the Tri-Star

Joint Venture of the contractually defined amounts

receivable from the Joint Venture's Distributor for

transactions occurring in 1992.  The prior quarters and

years have not been restated because the impact on those

quarters and years was not material.

    For the purpose of computing the net (loss) profit per

unit, the net (loss) profit for the period is allocated  99%

to the limited partners and 1% to the General Partner.

3.  Additional Information

    Additional information, including the audited year end

1996 Financial Statements and the Summary of Significant

Accounting Policies, is included in the Partnership's Annual

Report on Form 10-K for the year ended December 31, 1996 on

file with the Securities and Exchange Commission.

<PAGE>
Management's Discussion and Analysis of Financial Condition
and Results of Operations

a.  Financial Condition


    The Partnership has satisfied its commitment to

contribute funds to the Joint Ventures for the production

of, and acquisition of interests in, films.  As of September

30, 1997, the Partnership held cash of approximately

$183,000 and short-term investments of approximately

$1,348,000.

    The Partnership has been evaluating the value of its

interest in its film assets and has commenced active

negotiations for the purpose of possibly selling that

interest and liquidating the Partnership.  The General

Partner anticipates that the Partnership may be liquidated

in late 1997.  No assurance can be provided that the film

assets will be successfully 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 of the Additional Payments and

a reserve for the Partnership's remaining obligations and

operating expenses.

     Since the Partnership's obligation to make

contributions to the Joint Ventures for the production of,

and acquisition of interests in, films has been satisfied,

all revenue received by the Partnership (for other than

Unrecouped Films) is used to establish a reserve for

operating expenses of the Partnership and, to the extent

possible, 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 or from the sale of its interest in films (should the

sale occur) net of a reserve for the Partnership's operating

expenses.

    The Partnership commenced cash distributions to its

partners in April 1987.  Distributions through September 30,

1997 have aggregated $3,845 per unit (76.9% of the limited

partners' original investment in the Partnership).

b.  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 revenues 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 has recorded income

with respect to Additional Payments, to the extent

available, which has allowed it to recover its investment in

films.

    For the three months ended September 30, 1997, the

Columbia Joint Venture had

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

from that Joint Venture of  approximately $239,000, due

primarily to the unprofitable results of certain films and a

current period adjustment which resulted from an over-

accrual recorded by the Columbia Joint Venture of the

contractually defined amounts receivable from the Joint

Venture's Distributor for transactions ocurring during the

six month period ended June 30, 1997 in the amount of

$164,000 and an aggregate of $191,000 for the three years

ended December 31, 1994.  The prior quarters and  years have

not been restated because the impact on those quarters and

years was not material.  The Tri-Star Joint Venture had a

net profit; however, the Partnership reported a net loss

from that Joint Venture of  approximately $120,000, due

primarily to a current period adjustment which resulted from

an over-accrual recorded by the Tri-Star Joint Venture of

the contractually defined amounts receivable from the Joint

Venture's Distributor for transactions occurring in 1992 in

the amount of $207,000 offset, in part, by the profitable

results of one film.  The prior year has not been restated

because the impact on that year was not material.  In

addition, the Partnership earned approximately $17,000 of

interest income from its short-term investments and incurred

approximately $78,000 of  expenses from its operations,

resulting in an overall net loss to the Partnership of

approximately $420,000.

    For the three months ended September 30, 1996, the

Columbia Joint Venture had

a net profit of which the Partnership's share was

approximately $132,000, 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 $10,000 due primarily to the profitable

results of one film.  In addition, the Partnership earned

approximately $16,000 of interest income from its short-term

investments and incurred approximately $91,000 of  expenses

from its operations, resulting in an overall net profit to

the Partnership of approximately $67,000.

    For the nine months ended September 30, 1997, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $105,000, due

primarily to the profitable results of certain films,

offset, in part, by a current period adjustment which

resulted fom an over-accrual recorded by the Columbia Joint

Venture of the contractually defined amounts receivable from

the Joint Venture's  Distributor for transactions ocurring

during the six month period ended June 31, 1997 in the

amount of $164,000 and an aggregate of $191,000 for the

three years ended December 31, 1994. The prior quarters and

years have not been restated because the impact on those

quarters and years was not material.  The Tri-Star Joint

Venture had a net profit; however the Partnership reported a

net loss from the Joint Venture of  approximately $36,000

due primarily to a current period adjustment which resulted

from an over-accrual recorded by the Tri-Star Joint Venture

of the contractually defined amounts receivable from the

Joint Venture's Distributor for transactions occurring in

1992 in the amount of $207,000 offset, in part, by the

profitable results of certain films. The prior year has not

been restated because the impact on that year was not

material.  In addition, the Partnership earned approximately

$45,000 of interest income from its short-term investments

and incurred approximately $227,000 of expenses from its

operations, resulting in an overall net loss to the

Partnership of approximately $113,000.

    For the nine months ended September 30, 1996, the

Columbia Joint Venture had a net profit of which the

Partnership's share was approximately $332,000, 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 $68,000 due primarily

to the profitable results of certain films.  In addition,

the Partnership earned approximately $50,000 of interest

income from its short-term investments and incurred

approximately $246,000 of expenses from its operations,

resulting in an overall net profit to the Partnership of

approximately $204,000.

   The Partnership's interest income and total expenses for

the three and nine month periods ended September 30, 1997 as

compared with the corresponding periods in 1996 was

virtually unchanged.



<PAGE>
               COLUMBIA-DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>

                                 September   December
                                 30,         31,
                                             
                                 1997        1996
                                             
<S>                                  <C>     <C>
ASSETS                                                
Motion Picture Production and                         
Advertising
     Costs, net of accumulated                        
amortization
     of $164,129 and $164,114,    $      57          $
respectively                                        72
Receivable from Columbia                              
Pictures
     (Distributor)                                    
                                      6,824      5,974
                     Total         $  6,881          $
Assets                                           6,046
                                                      
LIABILITIES AND VENTURERS'                            
CAPITAL
                                                      
Liabilities:                                          
  Payable to Columbia Pictures    $   6,026          $
Industries, Inc.                                 5,084
  Payable to Delphi Film                              
Associates IV                           798        890
                                                      
                      Total                           
Liabilities                           6,824      5,974
                                                      
Venturers' Capital:                                   
  Columbia Pictures Industries,          47         59
Inc.
   Delphi Film Associates IV                          
                                         10         13
                                                      
                       Total                          
Venturers' Capital                       57         72
                                                      
                       Total                          
Liabilities and Venturers'
                                  $   6,881          $
Capital                                          6,046

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

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

<TABLE>
<CAPTION>
                                                         For
the Three Months    For the Nine Months
                              Ended September 30,   Ended
September 30,

1997                  1996      1997              1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
    Picture Exploitation      $       $      $       $
                            309     595  1,912   1,514
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
           Advertising                                
Costs                         6       4     15       6
                                                      
Net Income                    $       $      $       $
                            303     591  1,897   1,508








                              
                              
                              
                              
                              
                              
     See accompanying notes to the financial statements.


</TABLE>

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

<TABLE>
<CAPTION>

For the Nine Months Ended September 30,

1997                         1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                         1,897       1,508
Adjustments to reconcile Net                              
Income to
  net cash  provided by operating                         
activities:
 Amortization of Motion Picture                           
Production and
    Advertising Costs                       15           6
 Accrued Distributions                   (850)         778
toVenturers
 Changes in Assets and                                    
Liabilities:
     (Decrease) Increase in                               
Payable to Delphi Film
         Associates IV                    (92)         100
     Increase in Payable to                               
Columbia Pictures
        Industries, Inc.                   942         449
     Increase in Receivable from                          
Columbia
         Pictures (Distributor)                           
                                         (850)       (549)
                                                          
   Net Cash Provided by Operating                         
Activities                               1,062       2,292
                                                          
Cash Flow from Financing                                  
Activities:
Distributions to Venturers                                
                                       (1,062)     (2,292)
                                                          
   Net Cash Used by Financing                             
Activities                             (1,062)     (2,292)
                                                          
Net Change in Cash                           0           0
Cash at beginning of period                               
                                             0           0
Cash at end of period                        $           $
                                             0           0
                              
     See accompanying notes to the financial statements.
</TABLE>
<PAGE>
              COLUMBIA - DELPHI  IV PRODUCTIONS
                      (A Joint Venture)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change in

the information disclosed in the notes to financial

statements of the Joint Venture included in the Annual

Report on Form 10-K of Delphi Film Associates IV (the

"Partnership") for the year ended December 31, 1996.  The

information furnished includes all adjustments which are, in

the opinion of management normal and recurring except as set

forth in footenote 2, and necessary to present fairly the

financial position of the Joint Venture as of September 30,

1997 and the results of its operations and cash flows for

the periods ended September 30, 1997 and 1996.  Results of

operations for the period ended September 30, 1997 are not

necessarily indicative of the results that may be expected

for the entire fiscal year.

2.  Current Operations

    All twelve films in which the Joint Venture has an

interest have completed their theatrical release and are

being distributed in various ancillary markets.  For the

three and nine month periods ended September 30, 1997, the

Joint Venture is reporting net revenue of $309,000 and

$1,912,000, respectively, due primarily to the performance

of certain films in the domestic home video and worldwide

free and pay television markets, offset, in part,  by a

current period adjustment which resulted from an over-

accrual by the Joint Venture of the contractually defined

amounts receivable from the Distributor thus resulting in a

reduction in the amount payable to Delphi

Film Associates IV for transactions occurring during the six

month period ended June 30, 1997 in the amount of $164,000,

and an aggregate of $191,000 for 1994, 1993 and 1992.  No

adjustment to the payable to Columbia Pictures Industries,

Inc. was required as the amounts were receivable from

Columbia Pictures (Distributor), a related party.  Prior

quarters and years have not been restated because the impact

on those quarters and years was not material.

    For the three and nine month periods ended September

30, 1996, the Joint Venture reported net revenue of $595,000

and $1,514,000, respectively, due primarily to the

performance of certain films in the domestic home video and

worldwide free and pay television markets.

3.  Additional Information

    Additional information, including the audited year end

1996 Financial Statements and the Summary of Significant

Accounting Policies, is included in the Annual Report on

Form 10-K of the Partnership for the year ended December 31,

1996.

<PAGE>
               TRI-STAR -DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                       BALANCE SHEETS
                       (000's Omitted)
                          Unaudited
<TABLE>
<CAPTION>


                                 September   December
                                 30,         31,
                                             
                                 1997        1996
                                             
<S>                                    <C>       <C>
ASSETS                                                
Motion Picture Production and                         
Advertising
    Costs, net of accumulated                         
amortization of
    $108,520 and $108,490,              $            $
respectively                           55           85
Motion Picture Costs Recoverable                      
from
    Additional Payments             1,144        1,853
Receivable from TriStar                               
Pictures, Inc.
    (Distributor)                                     
                                      982          913
                     Total        $ 2,181            $
Assets                                           2,851
                                                      
LIABILITIES AND VENTURERS'                            
CAPITAL
                                                      
Liabilities:                                          
  Payable to TriStar Pictures,          $            $
Inc.                                1,916        2,030
  Payable to Delphi Film                              
Associates IV                         210          736
                                                      
                      Total                           
Liabilities                         2,126        2,766
                                                      
Venturers' Capital:                                   
  TriStar Pictures, Inc.               55           85
   Delphi Film Associates IV                          
                                        0            0
                                                      
                       Total                          
Venturers' Capital                     55           85
                                                      
                       Total                          
Liabilities and Venturers'
                                        $            $
Capital                             2,181        2,851

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

<PAGE>
                              
               TRI-STAR-DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                  STATEMENTS OF OPERATIONS
                       (000's Omitted)
                          Unaudited
                              
<TABLE>
<CAPTION>


For the Three Months  For the Nine Months
                               Ended September 30, Ended
September 30,

1997                1996      1997             1996
<S>                      <C>    <C>     <C>    <C>
Net Revenues From Motion                              
Picture
    Exploitation              $       $      $       $
                             33      44    497     251
                                                      
Less: Amortization of                                 
Motion
          Picture                                     
Production and
            Advertising                               
Costs                         6       0     30       4
                                                      
Income from Operations       27      44    467     247
                                                      
Additional Payments                                   
Accrual                       0       0      0      18
                                                      
Net Income                    $       $      $       $
                             27      44    467     265








     See accompanying notes to the financial statements.


</TABLE>


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

<TABLE>
<CAPTION>

For the Nine Months Ended September 30,

1997                         1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                           467         265
Adjustments to reconcile Net                              
Income to net cash
    provided by operating                                 
activities:
  Amortization of Motion Picture                          
Production and
     Advertising Costs                     30            4
  Accrued Distributions                   (69)          72
toVenturers
  Changes in Assets and                                   
Liabilities:
       Decrease in Payable to                             
Delphi Film
          Associates IV                  (526)        (35)
       Decrease in Payable to            (114)        (37)
TriStar Pictures, Inc.
       (Increase) Decrease in                             
Receivable from
          TriStar Pictures, Inc.          (69)          90
(Distributor)
        Decrease (Increase) in                            
Motion Picture Costs
          Recoverable from                                
Additional Payments                        709        (18)
                                                          
        Net Cash Provided  by                             
Operating Activities                       428         341
Cash Flow From Financing                                  
Activities:
Distributions to Venturers                                
                                         (428)       (341)
                                                          
        Net Cash Used by                                  
Financing Activities                     (428)       (341)
                                                          
Net Change in Cash                           0           0
Cash at beginning of period                               
                                             0           0
Cash at end of period                        $           $
                                             0           0
                              
                              
                              
                              
                              
     See accompanying notes to the financial statements.
</TABLE>

<PAGE>
               TRISTAR - DELPHI IV PRODUCTIONS
                      (A Joint Venture)
                NOTES TO FINANCIAL STATEMENTS
                          Unaudited
                              
1.  Basis of Presentation

    The accompanying unaudited financial statements have

been prepared in accordance with generally accepted

accounting principles for interim financial information.

They do not include all information and notes required by

generally accepted accounting principles for complete

financial statements.  There has been no material change in

the information disclosed in the notes to financial

statements of the Joint Venture included in the Annual

Report on Form 10-K of Delphi Film Associates IV (the

"Partnership") for the year ended December 31, 1996.  The

information furnished includes all adjustments which are, in

the opinion of management normal and recurring except as set

forth in footenote 2, and necessary to present fairly the

financial position of the Joint Venture as of  September 30,

1997 and the results of its operations and cash flows for

the periods ended  September 30, 1997 and 1996.  Results of

operations for the period ended September 30, 1997 are not

necessarily indicative of the results that may be expected

for the entire fiscal year.

2.  Current Operations

    All fifteen films in which the Joint Venture has an

interest have completed their theatrical release and are

being distributed in various ancillary markets.  For the

three

and nine month periods ended September 30, 1997, the Joint

Venture is reporting net revenue of $33,000 and $497,000,

respectively, due primarily to the performance of its films

in the worldwide free television market offset, in part, by

a current period adjustment which resulted from an over-

accrual by the Joint Venture of the contractually defined

amounts receivable from the Distributor thus resulting in a

reduction in the amount payable to Delphi Film Assciates IV

for transactions occurring in 1992 in the amount of

$207,000. No adjustment to the payable to TriStar Pictures,

Inc. was required as the amounts were receivable from

TriStar Pictures, Inc. (Distributor), a related party.  The

prior year has not been restated because the impact on 1992

was not material.  The Joint Venture received approximately

$709,000 in February 1997 representing the Joint Venture's

Additional Payment relating to one film.

    For the three and nine month periods ended September

30, 1996, the Joint Venture reported net revenue of $44,000

and $251,000, respectively, due primarily to the performance

of its films in the worldwide free television market.  For

the nine month period ended September 30, 1996, the Joint

Venture recorded an increase in the Additional Payment

accrual of $18,000 due to an increase in the estimated

distribution fee to be earned by its Distributor.

3.  Additional Information

    Additional information, including the audited year end

1996 Financial Statements and the Summary of Significant

Accounting Policies, is included in the Annual Report on

Form 10-K of the Partnership for the year ended December 31,

1996.





<PAGE>
                           PART II
                              

Item 1.      Legal Proceedings

     None

Item 2.  Changes in Securities

     None

Item 3.Defaults Upon Senior Securities

     None

Item 4.Submission of Matters to a Vote of Security Holders

     None

Item 5.      Other Information

     None

Item 6.Exhibits and Reports on Form 8-K

     A).  Exhibits

                     <TABLE>
                     <CAPTION>

                      EXHIBIT
                      NUMBERDESCRIPTIONPAGE NUMBER

               <S>                 <C>
<C>

                  27                 Financial Data Schedule
                       </TABLE>

     B).  Reports on Form 8-K

                     None


<PAGE>
                              
                         SIGNATURES
                              

   Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.


                              DELPHI FILM ASSOCIATES IV
                              A New York Limited Partnership

                              By:  THE DELPHI COMPANY,
                                   General Partner

                              By:  ML Film Entertainment
Inc.,
                                   Managing Partner




November 14, 1997             /s/ Roger F. Castoral, Jr.

            Date              Roger F. Castoral, Jr.
                              Vice President and Treasurer
of the
                              Managing Partner of the
General Partner
                              (principal financial officer
and principal
                              accounting officer of the
Registrant)



November 14, 1997             /s/ Steven N.
Baumgarten
     Date                     Steven N. Baumgarten
                              Director and Vice President of
the                                        Managing Partner
of the General Partner