UNITED STATES
                           SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549

                                   FORM 10-QSB




[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1997

or

[  ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE 
SECURITIES EXCHANGE ACT OF 1934

For the transition period from      to     




COMMISSION FILE NUMBER:  333-22239


AEROCENTURY IV, INC.
(Exact name of small business issuer as specified in its charter)


                               CALIFORNIA
                     (State or other jurisdiction
                   of incorporation or organization)
                              94-3260392
                  (I.R.S. Employer Identification No.)
                     1440 CHAPIN AVENUE, SUITE 310
                        BURLINGAME, CALIFORNIA
              (Address of principal executive office)
                                  94010
                              (Zip Code)
    Issuer's telephone number, including area code:    (415) 696-3900




Indicate by check mark whether the issuer: (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 the filing requirements 
for the past 90 days.    Yes    X        No    


On August 14, 1997, 140,800 shares of common stock were outstanding.

Transitional Small Business Disclosure Format (check one): Yes  No X




PART I.    FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS


                             AEROCENTURY IV, INC.
               (A Development Stage California Corporation)
                             Balance Sheet
                             June 30, 1997
                              (Unaudited)

<TABLE>
<CAPTION>
                              ASSETS

<BTB>
<S>                                <C>
Cash                               $    467,440    

Debt issue costs                         50,900        
                                     ----------
                                   $    518,340    
                                    ===========
           LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

        Payable to affiliates      $     2,545
        Interest payable                 1,555
                                     ---------
Total current liabilities                4,100

Medium-term secured
   promissory notes                    509,000
                                    ----------
Total liabilities                      513,100    
                                     ---------
Common stock, no par value,    
    1,000,000 shares authorized,
    10,000 issued and outstanding       10,000        
Accumulated deficit                     (4,760)    
                                   -----------
Total shareholders' equity               5,240    
                                   -----------
                                  $    518,340
                                    ==========









<FN>
See accompanying notes.
</TABLE>



                           AEROCENTURY IV, INC.
               (A Development Stage California Corporation)
                          Statement of Operations
             For the Period From Inception (February 7, 1997)
                            to June 30, 1997
                              (Unaudited)


<TABLE>
<CAPTION>
<BTB>
<S>                                   <C>
Revenues:

                                      $       -
                                      ---------
Expenses:

        Management fees                   2,545
        Interest expense                  1,555
        General and administrative          660
                                      ---------
                                          4,760
                                      ---------
Net loss                            $    (4,760)    
                                         ======
Weighted average common shares           10,000    
                                         ======

Loss per common share                $    (0.48)    
                                         ======






















<FN>
See accompanying notes.
</TABLE>




                              AEROCENTURY IV, INC.
                  (A Development Stage California Corporation)
                           Statement of Cash Flows
                For the Period From Inception (February 7, 1997)
                                to June 30, 1997
                                 (Unaudited)

<TABLE>
<CAPTION>
<BTB>
<S>                                           <C>
Net cash used in operating activities         $     (660)

Financing activities:
    Proceeds from issuance of medium-term 
        secured promissory notes                 509,000
    Debt issue costs                             (50,900)
    Proceeds from issuance of common stock        10,000
                                               ---------

        Net cash provided by 
          financing activities                   468,100
                                               ---------

Net increase in cash                             467,440 

Cash, beginning of period                              - 
                                               ---------

Cash, end of period                         $    467,440 
                                            ============

















<FN>
See accompanying notes.
</TABLE>



                            AEROCENTURY IV, INC.
                (A Development Stage California Corporation)
                        Notes to Financial Statements
                               June 30, 1997
                                (Unaudited)

1.    Basis of Presentation

    AeroCentury IV, Inc. (the "Company") was incorporated in the 
state of California on February 7, 1997 ("Inception").  All of the 
Company's outstanding stock is owned by JetFleet Management Corp. 
("JMC"), a California corporation formed in January 1994.  JMC is 
an integrated aircraft management, marketing and financing 
business, and also manages, on behalf of their general partners 
and shareholders, the aircraft assets of JetFleet Aircraft, L.P. 
and JetFleet Aircraft II, L.P and JetFleet III.  The accompanying 
balance sheet at June 30, 1997 and statement of operations and 
cash flows for the period from Inception through June 30, 1997 
reflect all adjustments (consisting of only normal recurring 
accruals) which are, in the opinion of the Company, necessary for 
a fair presentation of the financial results.  The results of 
operations of such period is not necessarily indicative of results 
of operations for a full year.

2.    Organization and Capitalization

    The Company was formed solely for the purpose of acquiring 
Income Producing Assets.  The Company anticipates that these 
will be Equipment, consisting mainly of aircraft, aircraft 
engines, aircraft parts subject to operating or full payout leases 
with third parties.

    From May 21, 1997 through June 30, 1997, the Company raised 
$509,000 in $1,000 10% Secured Promissory Notes ("the Notes") 
maturing on April 30, 2005 (the "Offering"), pursuant to 
a prospectus dated May 21, 1997 (the "Prospectus").  The Notes 
bear an annual interest rate of 10.00% from issuance through April 
30, 2005.  The Company may prepay all or a portion of the 
outstanding principal of the Notes at any time beginning May 1, 
2000.  All of the Company's outstanding common stock is owned by 
JMC.

    JMC has incurred certain costs in connection with the 
organization of the Company and the Offering.  The Company will 
pay an Organization and Offering Expense Reimbursement (the 
"Reimbursement") to JMC in an amount up to 2.0% of Aggregate 
Offering Proceeds. To the extent that JMC incurs expenses in 
excess of the 2.0% cash limit, such excess expenses will be repaid 
to JMC in the form of Common Stock issued by the Company at a 
of $1.00 per share.  In no event will the Reimbursement exceed 
$200,000.  The amount of Excess Stock that the Company 
can issue is limited according to the amount of Aggregate Gross
Offering Proceeds raised by the Company.  The Company capitalizes 
the Reimbursement paid by the Company and amortizes such costs 
the life of the Notes (approximately 8 years).

3.    Medium-term secured promissory notes

    As mentioned above, the Company has raised funds through the 
Offering which is ongoing.  Each $1,000 Note subscribed in the 
offering matures on April 30, 2005.  During the period from 
Inception through June 30, 1997, the Company accepted 
subscriptions for $509,000 of Gross Offering Proceeds and, 
pursuant to the Prospectus, issued Notes totaling such amount.


 


AEROCENTURY IV, INC.
(A Development Stage California Corporation)
Notes to Financial Statements
June 30, 1997
(Unaudited)


4.    Related Party Transactions

    The Company's Income Producing Asset portfolio is managed and 
administered under the terms of a management agreement with JMC.  
Under this agreement, on the last day of each calendar quarter, 
receives a quarterly management fee equal to 0.5% of the Company's 
Aggregate Gross Proceeds received through the last day of such 
quarter. During the period from Inception through June 30, 1997, 
the Company accrued a total of $2,545 in management fees due JMC.

    Capital Management Associates ("CMA"), an affiliate of JMC, 
provides certain administrative services to the Company.  The 
Company does not reimburse CMA for those services.  JMC may 
pay a portion of its management fee to CMA in connection with 
services rendered for the Company.

    JMC may receive a brokerage fee for locating assets for the 
Company, provided that such fee is not more than the customary and 
usual brokerage fee that would be paid to an unaffiliated party 
for such a transaction and provided that the total of the 
Aggregate Purchase Price plus the brokerage fee does not exceed 
the fair market value of the asset based on appraisal.  No 
brokerage fees were due JMC during the period from Inception 
through June 30, 1997.

    As discussed in Note 2, the Company reimburses JMC for certain 
costs incurred in connection with the organization of the Company 
the Offering.  During the period from Inception through June 30, 
1997, the Company paid $10,180 to JMC.

    Crispin Koehler Securities, a member of the National 
Association of Securities Dealers, Inc. and a related party of 
JMC, serves as underwriter of the Offering and, as such, receives 
retail commissions and underwriter, due diligence and marketing 
fees, portions of which are paid to third parties.  The Company 
paid Crispin Koehler Securities a total of $40,720 in commissions 
and underwriter, due diligence and marketing fees during the 
period from Inception through June 30, 1997.

5.    Subsequent Events

    During July 1997, JetFleet III purchased a 50% undivided 
interest in a Shorts 360 aircraft, serial number SH3676 ("S/N 
SH3676").  The remaining undivided interest in SH3676 is owned by 
JetFleet III, an affiliate of the Company.  S/N SH3676 is subject 
to a 48-month lease with a regional carrier in the United Kingdom. 

    On August 6, 1997 JMC purchased an additional 130,800 shares 
of common stock in the Company at a price of $1.00 per share in 
order to make its investment in common stock equal to it's initial 
investment plus 4% of the proceeds raised by the Company.





ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Capital Resources and Liquidity

    At the end of the second quarter of 1997, the Company had cash
balances of $467,440.  This amount was held for the interest 
payments to the Noteholders, for the purchase of aircraft in July 
1997 and for normal recurring expenses.


    Since Inception, the Company's source of capital has come in
the form of an initial contribution from JMC and proceeds from the 
Offering.  The Company's liquidity will vary in the future, 
increasing to the extent cash flows from operations exceed 
expenses, and decreasing as interest payments are made to the 
Noteholders and to the extent expenses exceed cash flows from 
Leases.

    AeroCentury IV currently has available adequate reserves to 
meet its immediate cash requirements.

    Cash flow from operations of ($660) for the period from 
Inception through June 30, 1997 included recording payables of 
$2,545 and $1,555 for management fees and interest expense, 
respectively.  At June 30, 1997, the Company had not purchased any 
aircraft and, therefore, had not had any significant operations.

Results of Operations

    The Company recorded a net loss of ($4,760) or ($0.48) per 
common share for the period from Inception through June 30, 1997.  
Because the Company had not yet had significant operations at 
June 30, 1997, it had no revenue to offset the management fees due 
JMC or its miscellaneous expenses.

    Pursuant to the Prospectus, management fees equal to 0.5% of 
the Gross Offering Proceeds accepted by the Company through June 
30, 1997 were accrued as payable to JMC.

    The Company uses substantially all its operating cash flow to 
make interest payments to its Noteholders.  Any excess funds, 
after interest payment, will be aggregated and invested in 
additional Income Producing Assets.  Since the Company plans to 
acquire Income Producing Assets which are subject to triple net 
leases (the lessee pays operating and maintenance expenses, 
insurance and taxes), the Company does not anticipate that it will 
incur significant operating expenses in connection with ownership 
of its Income Producing Assets as long as they remain on lease.



SIGNATURES


    Pursuant to the requirements of Section 13 or 15(d) of the
Securities Act of 1934, the Registrant has duly caused this report to 
be signed on its behalf by the undersigned, thereunto duly authorized 
on August 14, 1997.

    AEROCENTURY IV, INC.


<TABLE>
<BTB>
<S>            <C>
    By:        /s/ Neal D. Crispin
                ------------------------
                Neal D. Crispin
                Title:  President
</TABLE>
    Pursuant to the requirements of the Securities Act of 1934, this
report has been signed below by the following persons in the 
capacities indicated on August 14, 1997.

    Signature    Title



<TABLE>
<CAPTION>
<BTB>
<S>                                 <C>
 /s/ Neal D. Crispin               President and Chairman of the 
------------------------               Board of Directors of the Registrant
Neal D. Crispin                       Chief Financial Officer
</TABLE>



EXHIBIT INDEX


Exhibit No.           Description       Page No.
------------          ------------         ---------

EX-27                Financial Data Schedule