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 March 31, 1997
                              
                             OR
                              
  ___ Transition Report Pursuant to Section 13 or 15(d) of
             the Securities Exchange Act of 1934
    For the transition period from __________to__________
                              
               Commission File Number 0-14408
                              
                  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>

                                   March     December
                                31,         31,
                                            
                                1997        1996
                                            
<S>                             <C>         <C>
ASSETS                                                
Cash                                     $           $
                                       150          57
Short-Term Investments               1,297         991
Receivable from Columbia-Delphi                       
IV
  Productions                        1,052         890
Receivable from Tri-Star-Delphi                       
IV
  Productions                          406         736
Interest in Motion Picture                            
Venture-
   Columbia-Delphi IV                                 
Productions                             12          13
                                                      
                     Total               $           $
Assets                               2,917       2,687
                                                      
LIABILITIES AND PARTNERS'                             
CAPITAL
                                                      
Liabilities:                                          
  Accrued Expenses and Accounts          $           $
Payable                                 58          78
                      Total                           
Liabilities                             58          78
                                                      
Partners' Capital (Note 2):                           
  General Partner                       73          71
   Limited Partners                                   
                                     2,786       2,538
                                                      
                       Total                          
Partners' Capital                    2,859       2,609
                                                      
                       Total                          
Liabilities and Partners'
                                         $           $
Capital                              2,917       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 profit per unit)
                          Unaudited

<TABLE>
<CAPTION>

                                            For the Three
Months Ended March 31,
                                                        1997
1996
<S>                      <C>    <C>
Interest Income               $       $
                             13      17
                                       
Expenses:                              
    Operating Expenses                 
                             67      64
                                       
                             67      64
                                       
Loss before Share of                   
Profit in
  Motion Picture           (54)    (47)
Ventures
Share of Profit in                     
Motion
  Picture Venture--                    
Columbia-
   Delphi IV Productions    220     125
Share of Profit in                     
Motion Picture
  Venture--Tri-Star-                   
   Delphi IV Productions               
                             84      20
                                       
Net Profit                    $       $
                            250      98
                                       
Net Profit Per Unit of                 
Limited
  Partnership Interest        $       $
(8,000 units)                31      12



                              
                              
     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 Three Months Ended March 31,

1997                        1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Profit                                   $           $
                                           250          98
Adjustments to reconcile Net                              
Profit to net cash
   provided by operating                                  
activities:
    Share of Profit in Motion            (304)       (145)
Picture Ventures
    Distributions from Joint               305         145
Ventures
    Changes in Assets and                                 
Liabilities:
     Decrease  (Increase) in                              
Receivables from
        Joint Ventures, net                168        (85)
       Decrease in Accrued                                
Expenses and Accounts
         Payable                                          
                                          (20)        (10)
                                                          
        Net Cash Provided by                              
Operating
           Activities                                     
                                           399           3
                                                          
Cash Flow From Investing
Activities:
Purchases of Short-Term                (1,693)       (297)
Investments
Redemptions of Short-Term                                 
Investments                              1,387         233
                                                          
       Net Cash Used by Investing                         
Activities                               (306)        (64)
                                                          
Increase (Decrease) In Cash                 93        (61)
Cash at beginning of period                               
                                            57         185
Cash at end of period                        $           $
                                           150         124

                              
                              
                              
                              
     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, necessary to present fairly the

financial position of the Partnership as of March 31, 1997

and the results of operations and cash flows for the periods

ended March 31, 1997 and 1996.  Results of operations for

the period ended March 31, 1997 are not necessarily

indicative of the results that may be expected for the

entire fiscal year.

2.  Current Operations

    As of March 31, 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.

    For the purpose of computing the net profit per unit,

the net 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 March 31,

1997, the Partnership held cash of approximately $150,000

and short-term investments of approximately $1,297,000.

    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 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 March 31,

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 March 31, 1997, the Columbia

Joint Venture had

a net profit of which the Partnership's share was

approximately $220,000, 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 $84,000 due primarily to the profitable

results of one film.  In addition, the Partnership earned

approximately $13,000 of interest income from its short-term

investments and incurred approximately $67,000 of  expenses

from its operations, resulting in an overall net profit to

the Partnership of approximately $250,000.

    For the three months ended March 31, 1996, the Columbia

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

share was approximately $125,000, 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 $20,000 due primarily to the profitable

results of certain films.  In addition, the Partnership

earned approximately $17,000 of interest income from its

short-term investments and incurred approximately $64,000 of

expenses from its operations, resulting in an overall net

profit to the Partnership of approximately $98,000.

     The Partnership's interest income and total expenses

for the three month period ended March 31, 1997 as compared

with the corresponding period in 1996 was virtually

unchanged.




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

                                             December
                                 March 31,   31,
                                             
                                 1997        1996
                                             
<S>                                  <C>     <C>
ASSETS                                                
Motion Picture Production and                         
Advertising
     Costs, net of accumulated                        
amortization
     of $164,120 and $164,114,    $      66          $
respectively                                        72
Receivable from Columbia                              
Pictures
     (Distributor)                                    
                                      6,570      5,974
                     Total         $  6,636          $
Assets                                           6,046
                                                      
LIABILITIES AND VENTURERS'                            
CAPITAL
                                                      
Liabilities:                                          
  Payable to Columbia Pictures    $   5,518          $
Industries, Inc.                                 5,084
  Payable to Delphi Film                              
Associates IV                         1,052        890
                                                      
                      Total                           
Liabilities                           6,570      5,974
                                                      
Venturers' Capital:                                   
  Columbia Pictures Industries,          54         59
Inc.
   Delphi Film Associates IV                          
                                         12         13
                                                      
                       Total                          
Venturers' Capital                       66         72
                                                      
                       Total                          
Liabilities and Venturers'
                                  $   6,636          $
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 Ended March 31,

1997                  1996
<S>                      <C>    <C>
Net Revenues From Motion               
    Picture Exploitation      $       $
                          1,022     601
                                       
Less: Amortization of                  
Motion
          Picture                      
Production and
           Advertising                 
Costs                         6      33
                                       
Net Income                    $       $
                          1,016     568








                              
                              
                              
                              
                              
                              
     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 Three Months Ended March 31,

1997                         1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                         1,016         568
Adjustments to reconcile Net                              
Income to
  net cash  provided by operating                         
activities:
 Amortization of Motion Picture                           
Production and
    Advertising Costs                        6          33
 Accrued Distributions                   (596)        (78)
toVenturers
 Changes in Assets and                                    
Liabilities:
     Increase in Payable to                               
Delphi Film
        Associates IV                      162          70
     Increase in Payable to                               
Columbia Pictures
         Industries, Inc.                  434         489
     Increase in Receivable from                          
Columbia
         Pictures (Distributor)                           
                                         (596)       (559)
                                                          
   Net Cash Provided by Operating                         
Activities                                 426         523
                                                          
Cash Flow from Financing                                  
Activities:
Distributions to Venturers                                
                                         (426)       (523)
                                                          
   Net Cash Used by Financing                             
Activities                               (426)       (523)
                                                          
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, necessary to present fairly the

financial position of the Joint Venture as of March 31, 1997

and the results of its operations and cash flows for the

periods ended March 31, 1997 and 1996.  Results of

operations for the period ended March 31, 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 month period ended March 31, 1997, the Joint Venture

is reporting net revenue of $1,022,000, due primarily to the

performance of certain films in the domestic home video,

worldwide free and pay television markets.

    For the three month period ended March 31, 1996, the

Joint Venture reported net revenue of $601,000, due

primarily to the performance of certain films in the

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>


                                     March   December
                                 31,         31,
                                             
                                 1997        1996
                                             
<S>                                    <C>       <C>
ASSETS                                                
Motion Picture Production and                         
Advertising
    Costs, net of accumulated                         
amortization of
    $108,509 and $108,490,              $            $
respectively                           66           85
Motion Picture Costs Recoverable                      
from
    Additional Payments             1,144        1,853
Receivable from TriStar                               
Pictures, Inc.
    (Distributor)                                     
                                    1,230          913
                     Total        $ 2,440            $
Assets                                           2,851
                                                      
LIABILITIES AND VENTURERS'                            
CAPITAL
                                                      
Liabilities:                                          
  Payable to TriStar Pictures,          $            $
Inc.                                1,968        2,030
  Payable to Delphi Film                              
Associates IV                         406          736
                                                      
                      Total                           
Liabilities                         2,374        2,766
                                                      
Venturers' Capital:                                   
  TriStar Pictures, Inc.               66           85
   Delphi Film Associates IV                          
                                        0            0
                                                      
                       Total                          
Venturers' Capital                     66           85
                                                      
                       Total                          
Liabilities and Venturers'
                                        $            $
Capital                             2,440        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 Ended March 31,

1997                   1996
<S>                      <C>    <C>
Net Revenues From Motion               
Picture
    Exploitation              $       $
                            371      89
                                       
Less: Amortization of                  
Motion
          Picture                      
Production and
            Advertising                
Costs                        19       2
                                       
Income from Operations      352      87
                                       
Additional Payments                    
Accrual                      --      18
                                       
Net Income                    $       $
                            352     105








     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 Three Months Ended March 31,

1997                         1996
<S>
<C>                           <C>
Cash Flow From Operating                                  
Activities:
Net Income                                   $           $
                                           352         105
Adjustments to reconcile Net                              
Income to net cash
    provided by operating                                 
activities:
  Amortization of Motion Picture                          
Production and
     Advertising Costs                     19            2
  Accrued Distributions                  (317)        (62)
toVenturers
  Changes in Assets and                                   
Liabilities:
       (Decrease) Increase in                             
Payable to Delphi
          Film Associates IV             (330)          15
       (Decrease) Increase in                             
Payable to TriStar
          Pictures, Inc.                  (62)          47
       Increase in Receivable                             
from
          TriStar Pictures, Inc.         (317)        (44)
(Distributor)
       Decrease (Increase) in                             
Motion Picture Costs
          Recoverable from                                
Additional Payments                        709        (18)
                                                          
        Net Cash Provided  by                             
Operating Activities                        54          45
                                                          
Cash Flow From Financing
Activities:
Distributions to Venturers                                
                                          (54)        (45)
                                                          
        Net Cash Used by                                  
Financing Activities                      (54)        (45)
                                                          
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, necessary to present fairly the

financial position of the Joint Venture as of  March 31,

1997 and the results of its operations and cash flows for

the periods ended  March 31, 1997 and 1996.  Results of

operations for the period ended March 31, 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



  month  period ended March 31, 1997, the Joint  Venture  is

reporting  net  revenue of $371,000, due  primarily  to  the

performance  of  its films in the worldwide free  television

market.   The Joint Venture received approximately  $709,000

in February 1997 representing the Joint Venture's Additional

Payment relating to one film.

    For the three month period ended March 31, 1996, the

Joint Venture reported net revenue of $89,000, due primarily

to the performance of its films in the worldwide free

television market.  For the three month period ended March

31, 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




May 13, 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)



May 13, 1997                  /s/ Steven N.
Baumgarten
     Date                     Steven N. Baumgarten
                              Director and Vice President of
the                                        Managing Partner
of the General Partner