UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549




FORM
10-K




(Mark
One)




x
            ANNUAL
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934




For
the Fiscal Year Ended December 31, 2008


or




o
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934












Commission
File Number: 000-52599




AIS
FUTURES FUND IV L.P.




(Exact
name of registrant as specified in its charter)




DELAWARE
                  (State
      or other jurisdiction of
                  incorporation
      or organization)
                
                13-3909977
                  (I.R.S.
      Employer
                  Identification
      No.)





c/o AIS
FUTURES MANAGEMENT LLC


187
Danbury Road, Suite 201


Wilton,
Connecticut  06897


(Address
of principal executive offices) (zip code)




John
Hummel


AIS
Futures Management LLC


187
Danbury Road, Suite 201


Wilton,
Connecticut  06897


(203)
563-1180


(Name,
address, including zip code, and telephone number, including area
code,


of agent
for service)










Copies
to:





James
Biery


Nathan A.
Howell


Lauren
Wolf


Sidley
Austin LLP


One South
Dearborn


Chicago,
Illinois 60603











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





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





Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act.


Yeso No x





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act.


Yes o No x





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 o





Indicate
by check mark if the 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 the 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.


Yes x No o





Indicate
by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of “accelerated
filer and large accelerated filer” in Rule 12b-2 of the Exchange
Act.




Large
      accelerated filer o
                Accelerated
      filer oNon-accelerated
      filer o
                Smaller
      reporting company x





Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Act).


Yes oNo x





State the
aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
last sold, or the average bid and asked price of such common equity, as of the
last business day of the registrant’s most recently completed second fiscal
quarter.





Not
Applicable.





DOCUMENTS
INCORPORATED BY REFERENCE





None.






ii






TABLE OF
CONTENTS




Part IItem
      1:
                      Business
                      1Item
      1A:
                      Risk
      Factors
                      7Item
      1B:
                      Unresolved
      Staff Comments
                      7Item
      2:
                      Properties
                      7Item
      3:
                      Legal
      Proceedings
                      8Item
      4:
                      Submission
      of Matters to a Vote of Security Holders
                      8Part IIItem
      5:
                      Market
      for Registrant’s Common Equity, Related Stockholder Matters and
      Issuer Purchases of Equity Securities
                      9Item
      6:
                      Selected
      Financial Data
                      9Item
      7:
                      Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
                      9Item
      7A:
                      Quantitative
      and Qualitative Disclosures About Market Risk
                      13Item
      8:
                      Financial
      Statements and Supplementary Data
                      13Item
      9:
                      Changes
      in and Disagreements with Accountants on Accounting and Financial
      Disclosure
                      13Item
      9A(T):
                      Controls
      and Procedures
                      13Item
      9B:
                      Other
      Information
                      14Part IIIItem
      10:
                      Directors,
      Executive Officers and Corporate Governance
                      15Item
      11:
                      Executive
      Compensation
                      16Item
      12:
                      Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholder Matters
                      16Item
      13:
                      Certain
      Relationships and Related Transactions, and Director
      Independence
                      17Item
      14:
                      Principal
      Accounting Fees and Services
                      18Part IVItem
      15:
                      Exhibits,
      Financial Statement Schedules
                      19












PART I


Item
1:  BUSINESS




(a)
            General Development of
      Business




AIS
Futures Fund IV, L.P. (the “Partnership”) is a Delaware limited partnership
organized on August 11, 1997 under the Delaware Revised Uniform Limited
Partnership Act.  AIS Futures Management LLC (“AIS” or the “General
Partner”), a Delaware limited liability company, is the general partner and
trading advisor of the Partnership.  The Partnership’s business is
speculative trading of futures contracts, options on futures contracts and
physical commodities and other commodity-related contracts traded primarily on
domestic markets (collectively “Futures Contracts”) pursuant to the trading and
investment methodology of AIS.  The Partnership holds a substantial
majority of its assets in United States Treasury as margin, or available for
margin, to support its futures trading activity.  The Partnership
began its trading activities on February 2, 1997.  Under its Limited
Partnership Agreement, as amended through the date of this annual report (the
“Limited Partnership Agreement”), the Partnership has delegated all aspects of
the Partnership’s management to AIS.  Accordingly, AIS controls and
manages the business of the Partnership, and purchasers of limited partnership
interests (“Interests”) in the Partnership, as the Partnership’s “Limited
Partners”, have no right to participate in management or control of the
Partnership.




AIS is
the successor to AIS Futures Management, Inc., has been continuously registered
with the Commodity Futures Trading Commission (“CFTC”) as a Commodity Pool
Operator (“CPO”) since May 14, 1990 and as a Commodity Trading Advisor (“CTA”)
since August 20, 1992, and has been a member of the National Futures Association
(“NFA”) in such capacities since such dates.




As of
February 28, 2009, the aggregate net asset value of the Partnership was
$41,314,064.




The
Partnership’s fiscal year ends on December 31.




The
Partnership has no subsidiaries.




The
Partnership will terminate when the first of the following occurs:




·
            December 31,
      2026.




·
            A
      decline in the Net Assets of the Partnership as of the close of business
      in New York, New York to $50,000 or
less.




·
            The
      withdrawal (including withdrawal after suspension of trading),
      dissolution, bankruptcy or removal of the General Partner (unless a new
      general partner has been substituted and the Partnership is
      continued).




·
            Any
      event which shall make unlawful the continued existence of the Partnership
      or requiring termination of the
Partnership.




The
Partnershiphas
not, to date, (1) been the subject of any bankruptcy, receivership or similar
proceeding, (2) undergone any material reclassification, merger or
consolidation, (3) had any material amount of its assets acquired or disposed of
other than in the ordinary course of its business, or (4) undergone any material
changes in the mode of conducting its business.




The Partnership is not a registered
investment company or mutual fund.  Accordingly, Limited Partners do
not have the protections afforded by the Investment Company Act of 1940, as
amended.




(b)
            Financial Information
      About Segments




The Partnership’s business constitutes
only one segment for financial reporting purposes – a speculative commodity
pool.  The Partnershipdoes not engage in sales
of goods or services.  Financial information regarding the
Partnership’s business is set forth in the Partnership’s financial statements,
included herewith.






1






(c)
            Narrative Description
      of Business




General





The Partnership was organized to engage
in speculative trading of Futures Contracts (as defined above).  AIS
has authority over the Partnership’s assets to trade in the futures and forward
markets.  Newedge USA, LLC (“NUSA” or the “Commodity Broker”)
currently serves as the Partnership’s commodity broker.  The offices
of the Partnership, where its books and records are kept, are located at the
office of the General Partner: 187 Danbury Road, Suite 201, Wilton, Connecticut
06897; telephone (203) 563-1180.




The Partnership trades Futures
Contracts pursuant to a multi-asset investment program called the Multi Asset
Allocation Portfolio (“MAAP”).  MAAP was developed by Mr. John R.
Hummel and Mr. Bradley C. Stern, principals and members of AIS.




The Partnership generally maintains
positions, both long (contracts to buy) and short (contracts to sell), in
Futures Contracts with a face value equal to between approximately two and four
times the Partnership’s aggregate net asset value.  Except for
temporary deviations from time to time, for example, as the value of the
contracts purchased at the onset of a new position change or as prices in the
market move up or down substantially, leverage in the Partnership is not
substantially greater than four times the total capital of the Partnership, but
depending on MAAP trading signals and AIS’ discretionary input, the leverage in
the Partnership may be significantly less than four times total
capital.




Description
of Trading Approach





In trading for the Partnership, AIS
employs its MAAP strategy.  The MAAP investment process begins with a
global macro-economic analysis and then uses a technical and systematic study of
current trends and futures contract valuation to determine the direction and
size of positions to be taken in MAAP.  Once in a position, the MAAP
investment process includes consideration of both trend-following strategies and
the valuation levels of the underlying futures contracts in making adjustments
to position size and direction.  The principals of AIS, have used the
MAAP investment process for over 16 years.




MAAP maintains long, short or neutral
positions in markets within each of the following six asset
classes:  equities, fixed income, currency, metals, agricultural
products, energy products.




AIS believes that these six asset
classes represent major economic/financial sectors of the global economy and
that, historically, the performance of many of these asset classes has been
non-correlated or negatively correlated to each other.  AIS believes
that a portfolio combining these six asset classes has the potential for a
higher risk-adjusted return than would be achieved by a portfolio consisting of
any one of these classes managed individually.




MAAP allocates approximately 1/6 of the
portfolio’s potential total contract value (when fully invested) to each of the
six asset classes described above.  Approximately 1/6 of the
portfolio’s potential value is allocated to each of the following three
financial markets:  equities, represented by positions in the S&P
500 futures contracts; fixed income, represented by U.S. Treasury bond futures;
and currencies, represented by Japanese yen, British pound, Swiss franc,
Canadian dollar, Australian dollar, and euro currency futures.




Within each of the three physical
commodity asset classes, while still allocating 1/6 to each asset class, AIS
trades several markets that at times have a high degree of
correlation.  Within the 1/6 “agricultural products” allocation,
soybean futures generally represent the largest potential position, but the
portfolio also may include positions in corn, wheat, soybean oil and soybean
meal futures.  Within the 1/6 “metals” allocation, gold futures
generally represent the largest potential position, but the portfolio also may
include positions in silver and copper futures.  Within the 1/6
“energy products” allocation, crude oil futures generally represent the largest
potential position, but the portfolio also may include positions in heating oil,
unleaded gasoline and natural gas futures.  When the portfolio is
fully invested, the relative weight of each contract position within the asset
class is influenced by the relative liquidity and perceived profit potential of
each contract traded.




The profitability of MAAP depends upon
the occurrence of major price moves, or trends, in the futures contracts
traded.  However, there is no guarantee that there will actually be
such trends in the future or that AIS will be able to identify or properly
capitalize on future price trends.




2




MAAP’s investment process begins with
an analysis of the global macro economic conditions that could impact the
environment for the six sectors traded.  AIS believes that global
economic growth rates, inflation trends, government policies, currency and
interest rate trends, and demographic factors all interact to impact price
trends in the various markets traded.  In addition to global macro
trends, analysis of specific supply and demand trends within each of the three
commodity sectors is conducted on an ongoing basis.  Finally, AIS
analyzes the potential of supply demand conditions and price trends in one
sector to impact prices in other sectors.  Using their analysis of
fundamental conditions, the trading principals then look to their quantitative
and systematic models and utilize technical analysis to help with timing of
trades and determination of size of new or adjusted positions.  The
trading principals believe that combining both fundamental and quantitative
analysis creates a more in-depth understanding of market dynamics.




AIS exercises discretion with respect
to the timing of entering into new positions when additional funds are added,
and the timing of closing out existing positions when there are withdrawals, but
this usually occurs on the first and last business days of each
month.  When MAAP’s position weighting parameters signal that the
number of positions in a futures contract should be increased or decreased due
to overall portfolio gains or due to a need to rebalance, AIS may wait for
corrections or advances prior to adjusting the number of contracts held in a
particular asset’s position.  During these periods, the Partnership’s
leverage may substantially exceed or fall short of what it would be if a new
position were initiated immediately upon additions to or withdrawals from the
Partnership.  If AIS believes the markets are subject to unusual risk,
possible government intervention or temporary illiquidity, it may temporarily
reduce overall portfolio leverage or leverage in a particular
market.




Although AIS generally takes positions
in the most liquid, front month futures contracts, it also analyzes spread
relationships in order to take advantage of extremes in pricing between front
month futures contracts and forward month futures contracts and may at times
utilize forward month futures.  AIS believes this flexibility
periodically offers opportunities to reduce portfolio risk.  AIS may
also buy or sell options on futures at its discretion in an effort to reduce
portfolio risk or to allow a managed account to enter or exit positions at
certain prices and times.




AIS continues an active research
program designed to improve investment returns and to reduce portfolio risk or
increase portfolio return.  Such research may lead to the introduction
of trading models in individual markets and to more extensive use of options on
futures contracts.  AIS’ research in the use of options on futures is
primarily, but not solely, intended to seek ways to further reduce portfolio
volatility.




Regulation





Under the Commodity Exchange Act, as
amended (the “CEA”), commodity exchanges and futures trading are subject to
regulation by the CFTC.  NFA, a “registered futures association” under the
CEA, is the only non-exchange self-regulatory organization for futures industry
professionals.  The CFTC has delegated to NFA responsibility for the
registration of “commodity trading advisors,” “commodity pool operators,”
“futures commission merchants,” “introducing brokers” and their respective
associated persons and “floor brokers” and “floor traders.”  The CEA
requires commodity pool operators and commodity trading advisors, such as the
General Partner, and commodity brokers or futures commission merchants, such as
NUSA to be registered and to comply with various reporting and record keeping
requirements.  The CFTC may suspend a commodity pool operator’s or trading
advisor’s registration if it finds that its trading practices tend to disrupt
orderly market conditions or in certain other situations.  In the event
that the registration of the General Partner as a commodity pool operator or a
commodity trading advisor were terminated or suspended, the General Partner
would be unable to continue to manage the business of the Partnership. 
Should the General Partner’s registration be suspended, termination of the
Partnership might result.




In addition to such registration
requirements, the CFTC and certain commodity exchanges have established limits
on the maximum net long or net short position which any person may hold or
control in particular commodities.  Most exchanges also limit the changes
in futures contract prices that may occur during a single trading
day.




Items 101(c)(i) through (xii) of
Regulation S-K are not applicable.




The Partnership has no
employees.




3




(d)
            Partnership Assets and
      Cash Management Income




(i)           Partnership
Assets and Custody of Assets




The Partnership’s assets are not used
to “purchase” any futures positions, but rather as good faith deposits to secure
the Partnership’s obligations under the positions which it holds.  The
Partnership’s margin commitments generally range between 10% and 35% of net
assets.




Due to the high degree of leverage
available in the futures markets (the margin deposits required to initiate
individual futures positions typically range from as little as 2% up to no more
than approximately 25% of contract value, and maintenance margins tend to be
significantly lower), the Partnership ordinarily holds futures positions with a
gross value ranging between two times and four times its net asset value, but
may hold positions with a gross value outside this range from time to
time.




The Partnership does not and will not:
(1) invest in any equity security, (2) make loans to any person or entity (other
than by the purchase of U.S. Treasury instruments) or (3) commingle its property
with the property of any other person or entity.




(ii)           Interest
Income




Partnership assets necessary to margin
the Partnership’s futures positions are deposited in the Partnership’s customer
segregated trading account with the Commodity Broker in cash or in United States
Treasury bills in accordance with CFTC regulations.  The remainder of
the Partnership’s assets are held at banks and broker-dealers, which includes a
checking account containing nominal funds to pay expenses.  All
interest income earned on the Partnership’s assets, in accounts with both the
Commodity Broker and banks and broker-dealers, accrues to the benefit of the
Partnership.




AIS may trade foreign futures contracts
on behalf of the Partnership.  In connection with such trading,
certain Partnership funds may be kept on deposit in accounts inside or outside
the United States with entities eligible to act as depositories under the CFTC
regulations governing foreign futures trading.  The Commodity Broker
obtains from each such depository an acknowledgment that such funds are held on
behalf of foreign futures customers and are being held in accordance with
applicable CFTC regulations.  The interest, if any, earned by the
Partnership on such funds varies depending upon the specific foreign futures
contracts traded on behalf of the Partnership.




(e)
            Charges




Recipient
                    Nature
      of Payment
                    Amount of PaymentVarious
      service providers
                    Administrative
      expenses
                    The
      Partnership pays its routine legal, accounting and filing fees, operating
      expenses and other administrative costs as incurred.  These
      costs are currently estimated at approximately $200,000 per year, although
      they may exceed this level.  The Partnership will pay any taxes
      or extraordinary expenses applicable to it, but these are not expected to
      be material.General
      Partner
                    Profit
      Share
                    The
      General Partner receives an annual Profit Share equal to 20% of any New
      Trading Profit realized on Series A Interests payable at the end of each
      calendar year.  New Trading Profit is calculated on a “high
      water mark” basis with respect to each Limited Partner so that a Limited
      Partner is charged a Profit Share only on the amount of trading profits
      allocated to such Limited Partner that exceed the previous high point in
      trading profit allocated to such limited partner since a Profit Share was
      last charged.  Because Limited Partners purchase Interests at
      different times, they may recognize different amounts of New Trading
      Profit.







4








Recipient
                      Nature
      of Payment
                      Amount of PaymentGeneral
      Partner
                      Management
      Fee
                      Series
      A Interests pay the  General  Partner a monthly
      Management  Fee equal to 1/12 of 2% of month-end Net Assets (a
      2% annual rate).The
      Commodity
                        Broker
      and other
                        executing
      brokers
                      Brokerage
                        Commissions
                      The
      Partnership pays to the Commodity Broker brokerage commissions and certain
      other trading expenses incurred in connection with the Partnership’s
      futures trading.  The Partnership pays to the Commodity Broker
      up to $8 per “round turn” trade, which includes all exchange, clearing,
      give up and National Futures Association (“NFA”) fees.  If the
      Partnership uses an executing broker other than the Commodity Broker it
      pays up to $1.50 for trade execution.  The Partnership is
      charged half of these round-turn rates on each purchase and sale of
      futures options.  When an option is exercised and a futures
      position is acquired, the full round-turn rate is charged on that
      position.  There is no charge when an option
      expires.  The General Partner estimates that the annual
      brokerage commission expenses will, in the aggregate, range from 0.10% to
      1.00% of the Partnership’s average month-end Net Assets, but such expenses
      may exceed this estimate under certain circumstances.  If the
      Partnership engages in forward trading, the Partnership would typically be
      charged a bid/ask spread which is embedded in the price quoted by the
      forward contract counterparty and is thus
  unquantifiable.Selling
      Agents
                      Selling
      Agent
                        Administrative
      and
                        Service
      Fee
                      Series
      A Interests purchased by Limited Partners that were solicited by selling
      agents (collectively, the “Selling Agents”) will pay to the respective
      Selling Agent a Selling Agent Administrative and Service Fee (the “Service
      Fee”) equal to 1/12 of 2.5% (a 2.5% annual rate) of the month-end Net
      Asset Value of the Series A Interests sold by them which remain
      outstanding as of each month-end.  The Selling Agent may pass on
      a portion of such Service Fees to its investment
      executives.  The General Partner may also pay a portion of its
      Management Fee to the Selling Agents as additional sales compensation in
      respect of the Interests sold by the Selling Agents.Various
      Selling
                        Agents
                      Upfront
      selling
                        commissions
                      A
      selling commission of up to 2% of the subscription amount may be deducted
      from the subscription proceeds and paid to the applicable Selling Agent,
      if
any.





Series B
Interests, which are available only to the General Partner, its principals and
employees, pay no Management Fee, Selling Agent Administrative and Service Fee
or Profit Share, although they pay brokerage commissions and all other
Partnership expenses and are otherwise identical to Series A
Interests.





(f)
            Conflicts of
      Interest




The
General Partner




The responsibilities of the General
Partner include engaging a trading advisor to make trading decisions for the
Partnership.  The General Partner does not engage an outside trading
advisor, but rather it is the sole trading advisor.  The General
Partner will not hire an outside trading advisor even if its own performance is
unsatisfactory.  The General Partner and its principals have a
conflict of interest between their responsibility to manage the Partnership for
the benefit of the Limited Partners and their interest in obtaining favorable
advisory fees for the trading advisor.  The Partnership’s Management
Fee and the General Partner’s Profit Share have not been negotiated at arm’s
length.




The General Partner and its principals
have a conflict of interest in determining whether to make distributions to
Limited Partners because the Management Fee payable by the Partnership will be
higher if the amount of assets under management is greater.  As is
typical in most commodity pools, the General Partner does not intend to make any
distributions to Limited Partners.




5






AIS, its principals and its employees
may invest in accounts managed by AIS (including the Partnership), and may trade
commodity interest contracts for their own proprietary accounts.  For
such accounts, AIS may use trading approaches which are different from
MAAP.  Hence, it is possible that AIS, its principals and its
employees may, from time to time, be competing with the Partnership’s account
for similar commodity interest contract positions in one or several markets or
may take positions in their proprietary accounts which are opposite, or ahead
of, the positions taken in the Partnership’s account.  The records of
such trading will not be made available to Limited Partners.




All of the positions held by all
accounts directed by AIS are added together for purposes of determining
compliance with speculative position limits.  If open positions must
be reduced as a result of the application of speculative position limits, AIS is
required to take such action, consistent with its obligation to not deliberately
favor any account advised by it over the Partnership’s account, as may be
necessary to comply with such limits.




AIS manages and trades additional
accounts, including commodity pools.  AIS will not, however, knowingly
or deliberately employ a trading method or recommendation on behalf of any
account which it manages or trades which it knows to be inferior to any trading
method or recommendation which is employed for other accounts or knowingly or
deliberately favor one account over any other such account.  Moreover,
the General Partner has a fiduciary duty to the Limited Partners to exercise
good faith and fairness in all dealings affecting the Partnership and, if the
underlying assets of the Partnership are considered for purposes of ERISA to be
assets of employee benefit plans, to comply with the fiduciary provisions of
ERISA with respect to the assets of the Partnership.  Because of price
volatility, occasional variations in liquidity, and differences in order
execution, it is impossible for AIS to obtain identical trade execution for all
of its clients, including the Partnership.  Such variations and
differences may produce differences in performance among client accounts over
time.  In an effort to treat its clients fairly, when block orders for
client accounts are filled at different prices, AIS assigns trades on a
systematic basis.  Although AIS trades all its MAAP accounts in
parallel (except as prohibited by law in respect of trading in certain foreign
markets), for reasons of confidentiality records of other customers’ trading are
not available for inspection by Limited Partners.




The
Selling Agents




Selling Agents engaged by the
Partnership will receive ongoing compensation based on Interests sold by them
which remain outstanding.  Consequently, when advising clients whether
to redeem their Interests, the Selling Agents have a conflict of interest
between maximizing the compensation they receive from the Partnership and giving
their clients financial advice the Selling Agents believe to be in such clients’
best interests.  Additionally, one or more Selling Agents may provide
other services to the Partnership, which may include brokerage and execution
services.




(g)
            Allocation of Profit
      and Loss




Partnership
Accounting.  Each Limited Partner and the General Partner
(hereinafter individually referred to as a “Partner,” and collectively as
“Partners”) has a capital account, the initial balance of which consists of such
Partner’s cash contribution to the Partnership.  The Net Asset Value
of the Partnership is determined monthly and any increase or decrease in such
Net Asset Value from the preceding month is added to or subtracted from the
Partners’ respective capital accounts on a monthly basis.




Federal Tax
Allocations.  At the end of each fiscal year, the Partnership’s
income and expense and capital gain or loss is allocated among the Partners, on
a Series by Series basis, and each Partner is required to include in his
personal income tax return his share of such items, irrespective of the fact
that no distributions of cash or other property have been made by the
Partnership.  Allocations of capital gain or loss will be pro rata
from short-term capital gain or loss and long-term capital gain or
loss.




The General Partner receives a priority
allocation of income and capital gain in respect of its Profit
Share.  Any remaining ordinary income and expenses will be allocated
to each Partner in the ratio of each Partner’s capital account to the aggregate
capital accounts of all Partners.




For the purpose of allocating capital
gain or capital loss, a “tax allocation account” is established with respect to
each Interest, the initial balance of which will be the amount paid for the
Interest.  At the end of each fiscal year, an outstanding Interest’s
tax allocation account is increased by the amount of income allocated to the
Partner holding the Interest and decreased by the amount of loss and expense
allocated, and any distributions made, to the Partner holding the
Interest.




6






Capital gain remaining after the Profit
Share allocation will be allocated to each Partner who has redeemed an Interest
during the fiscal year up to any excess of the amount received upon redemption
of the Interest over the tax allocation account maintained for the redeemed
Interest.  If the capital gain to be so allocated is less than the
excess of all amounts received for redeemed Interests over all corresponding tax
allocation accounts, the entire amount of such capital gain will be allocated
among the Partners who redeemed Interests at a value in excess of such
Interests’ respective tax allocation accounts in the ratio that each such
Partner’s excess bears to the aggregate excess of all such
Partners.




Capital gain remaining after the
allocation described in the previous paragraph is allocated among all Partners
whose capital accounts are in excess of their tax allocation accounts (after
increasing such accounts in the amount of the allocations described in the
previous paragraph) in the ratio that each such Partner’s excess bears to all
Partners’ excesses.  If the gain to be so allocated is greater than
the excess of all such Partners’ capital accounts over all such tax allocation
accounts, the amount of such additional gain will be allocated among all
Partners in the ratio that each Partner’s capital account bears to all Partners’
capital accounts.




Capital loss is allocated first to each
Partner who has redeemed an Interest during the fiscal year up to any excess of
the tax allocation account maintained for the redeemed Interest over the amount
received upon redemption of the Interest.  If the aggregate capital
loss to be so allocated is less than the excess of all tax allocation accounts
for redeemed Interests over the amount received upon redemption of such
Interests, the entire amount of such loss will be allocated among the Partners
who redeemed Interests at a value less than such Interests’ respective tax
allocation accounts in proportion to the respective amounts by which the
redemption value for each Interest was less than the applicable tax allocation
account.




Capital loss remaining after the
allocation described in the previous paragraph is allocated among the Partners
whose tax allocation accounts (after decreasing such accounts by the amount of
the allocations described in the previous paragraph) are in excess of their
capital accounts in the ratio that each such Partner’s excess bears to all such
Partners’ excesses.  If the loss to be so allocated is greater than
the excess of all such Partners’ tax allocation accounts over all such capital
accounts, the amount of such additional loss will be allocated among all
Partners in the ratio that each Partner’s capital account bears to all Partners’
capital accounts.




Any “mark-to-market” gain or loss
required to be taken into account in accordance with Section 1256 of the
Code will be considered a realized capital gain or loss for purposes of the
foregoing allocations.




(h)
            Reporting




Limited Partners receive monthly
account statements, annual audited financial statements and tax
information.




Item
1A: RISK FACTORS




The Partnership is a Smaller Reporting
Company, as defined by Rule 229.10(f)(1) and therefore this item is not
applicable.




Item
1B: UNRESOLVED STAFF COMMENTS




Not applicable.





Item
2:  PROPERTIES




The Partnership does not own or use
any physical properties in the conduct of its business.  The General
Partner performs all administrative services for the Partnership from the
General Partner’s offices at 187 Danbury Road, Suite 201, Wilton,
Connecticut  06897.




7






Item
3:  LEGAL PROCEEDINGS




The Partnership is not aware of any
pending legal proceedings to which either the Partnership is a party or to which
any of its assets are subject.  In addition there are no pending
material legal proceedings involving the General Partner.




Item
4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS




None.
                      8





PART II





Item
5:  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASE OF EQUITY SECURITIES




(a)
            Market
      information




There is no trading market for the
Interests, and none is likely to develop.  Interests may be redeemed
or transferred subject to the conditions imposed by the Limited Partnership
Agreement.




(b)
            Holders




As of February 28, 2009, there were
1321 holders of Interests.




(c)
            Dividends




AIS has sole discretion in
determining what distributions, if any, the Partnership makes to Limited
Partners.  To date no distributions or dividends have been paid on the
Interests, and the General Partner has no present intention to make
any.




(d)
            Securities
      Authorized for Issuance under Equity Compensation
  Plans




None.




(e)
            Recent
      Sales of Unregistered Securities; Use of Proceeds from Registered
      Securities




The Partnership did not sell any
unregistered securities within the past three years which have not previously
been included in the Partnership’s Quarterly Reports on Form 10-Q or in a
Current Report on Form 8-K.




(f)
            Issuer
      Purchases of Equity Securities




Pursuant to the Limited Partnership
Agreement, Limited Partners may redeem their Interests in the Partnership as of
the last business day of each calendar month upon ten days’ written notice to
AIS.  The redemption of capital from capital accounts by Limited Partners
has no impact on the value of the capital accounts of other Limited
Partners.




The following table summarizes
Limited Partner redemptions during the fourth calendar quarter of
2008:




Month
      Ended
                  
                  Amount RedeemedOctober
      31, 2008
                  
                  $
                  4,007,000November
      30, 2008
                  
                  
                  1,463,653December
      31, 2008
                  
                  
                  766,248Total
                  
                  $
                  6,236,901







Item
6:  SELECTED FINANCIAL DATA




The Partnership is a Smaller
Reporting Company, as defined by Rule 229.10(f)(1) and therefore this item is
not applicable.




Item
7:  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS




Reference is made to “Item 8.
Financial Statements and Supplementary Data.”  The information
contained therein is essential to, and should be read in conjunction with, the
following analysis.




9




(a)
            Capital Resources




Interests may be offered for sale as
of the beginning, and may be redeemed as of the end, of each month.




The amount of capital raised for the
Partnership should not have a significant impact on its operations, as the
Partnership has no significant capital expenditure or working capital
requirements other than for monies to pay trading losses, brokerage commissions
and expenses.  Within broad ranges of capitalization, the General Partner’s
trading positions should increase or decrease in approximate proportion to the
size of the Partnership.




The Partnership raises additional
capital only through the sale of Interests and capital is increased through
trading profits (if any) and interest income.  The Partnership does not
engage in borrowing.




The Partnership trades futures
contracts and options on futures contracts on domestic markets.  Risk
arises from changes in the value of these instruments (market risk) and the
potential inability of counterparties or brokers to perform under the terms of
their contracts (credit risk).  Market risk is generally to be measured by
the face amount of the futures positions acquired and the volatility of the
markets traded.  The credit risk from counterparty non-performance
associated with these instruments is the net unrealized gain, if any, on these
positions plus the value of the margin or collateral held by the
counterparty.  The counterparty for futures and options on futures
contracts traded in the United States is the clearinghouse associated with the
relevant exchange.  Clearinghouse arrangements are generally perceived
to reduce credit risk because, in general, clearinghouses are backed by the
corporate members of the clearinghouses, which are required to share any
financial burden resulting from the non-performance of any one of the members of
the clearinghouse.




The General Partner attempts to
control market risk through: (1) real time monitoring of open positions;
(2) diversifying positions among various markets; (3) moderating position
size in each market traded on the basis of the trading signals indicated by MAAP
(that is, taking a full, partial or no position); and (4) limiting the
leverage in the Partnership’s portfolio to not more than approximately four
times the net asset value of the Partnership.  The
Partnership  controls credit risk by dealing exclusively with large,
well capitalized financial institutions and futures brokers.




The financial instruments traded by
the Partnership contain varying degrees of off-balance sheet risk whereby
changes in the market values of the futures underlying the financial instruments
or the Partnership’s satisfaction of the obligations may exceed the amount
recognized in the statement of financial condition of the
Partnership.




Due to the nature of the
Partnership’s business, substantially all its assets are represented by cash and
United States government obligations, while the Partnership maintains its market
exposure through open futures contract positions.




The Partnership’s futures contracts
are settled by offset and are cleared by the exchange clearinghouse
function.  Open futures positions are marked to market each trading day and
the Partnership’s trading accounts are debited or credited accordingly. 
Options on futures contracts are settled either by offset or by exercise. 
If an option on a future is exercised, the Partnership is assigned a position in
the underlying future which is then settled by offset.




The value of the Partnership’s cash
and financial instruments is not materially affected by inflation.  Changes
in interest rates, which are often associated with inflation, could cause the
value of certain of the Partnership’s debt securities to decline, but only to a
limited extent.  More importantly, changes in interest rates could cause
periods of strong up or down market price trends, during which the Partnership’s
profit potential generally increases.  However, inflation can also give
rise to markets which have numerous short price trends followed by rapid
reversals, markets in which the Partnership is likely to suffer
losses.




(b)
            Liquidity




The Partnership’s assets are
generally held as cash or cash equivalents which are used to margin the
Partnership’s futures positions and are withdrawn, as necessary, to pay
redemptions and expenses.  Other than potential market-imposed 
limitations on liquidity, due, for example, to limited open interest in certain
futures markets or to daily price fluctuation limits, which are inherent in the
Partnership’s futures trading, the Partnership’s assets are highly liquid and
are expected to remain so.  During its operations through December 31,
2008, the Partnership experienced no meaningful periods of illiquidity in any of
the markets traded by the General Partner on behalf of the
Partnership.




10




(c)
            Critical
      Accounting Policies




The
Partnership records its transactions in futures contracts, including related
income and expenses, on a trade date basis.  Open futures contracts traded
on an exchange are valued at fair value, which is based on the closing
settlement price on the exchange where the futures contract is traded by the
Partnership on the day with respect to which Net Assets are being
determined.




The
Partnership accounts for certain assets and liabilities at fair value under
various accounting literature and applicable industry guidance.  The
Partnership adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurement (SFAS
No. 157) on January 1, 2008, which did not have a material impact on the
Partnership’s financial condition or results of operations.  SFAS No. 157
defines fair value, establishes a framework for measuring fair value,
establishes a fair value hierarchy based on the quality of inputs used to
measure fair value, and enhances disclosure requirements for fair value
measurements.  In accordance with SFAS No. 157, the Partnership has
categorized its financial instruments, based on the priority of inputs to the
valuation technique, into a three-level fair value hierarchy.  The fair
value gives the highest priority to quoted prices in active markets for
identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).  If the inputs used to measure the financial
instruments fall within different levels of the hierarchy, the categorization is
based on the lowest level input that is significant to the fair value
measurement of the instrument.




Financial
assets and liabilities recorded on the statement of financial condition at
December 31, 2008 are categorized as Level 1 and Level 2 based on the inputs to
the valuation techniques.  Level 1 denotes fair value is based on
unadjusted quoted prices for identical assets or liabilities in an active market
that the Partnership has the ability to access.  Level 2 denotes fair value
is based on inputs other than quoted market prices that the Partnership has the
ability to access.




A fair
value measurement assumes that the transaction to sell the asset or transfer the
liability occurs in the principal market for the asset or liability or, in the
absence of a principal market, the most advantageous market.  A
financial instrument’s level within the fair value hierarchy is based on the
lowest level of any input that is significant to the fair value
measurement.




The fair
values of futures contracts are based upon exchange settlement
prices.  The fair value of U.S. Government Securities is based on
amortized cost plus accrued interest, which approximates fair value, based on
quoted market prices.




The Partnership accounts for
subscriptions, allocations and redemptions on a per partner capital account
basis.  Income or loss, prior to the General Partner Profit Share
allocation, is allocated pro rata to the capital accounts of all
partners.




The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions,
such as accrual of expenses, that affect the amounts and disclosures reported in
the financial statements.  Based on the nature of the business and
operations of the Partnership, the General Partner believes that the estimates
utilized in preparing the Partnership’s financial statements are appropriate and
reasonable; however, actual results could differ from these
estimates.




The estimates used do not provide a
range of possible results that would require the exercise of subjective
judgment.  The General Partner further believes that, based on the nature
of the business and operations of the Partnership, no other reasonable
assumptions relating to the application of the Partnership’s critical accounting
estimates other than those currently used would likely result in materially
different amounts from those reported.




(d)
            Off-Balance
      Sheet Arrangements




The Partnership does not engage in
off-balance sheet arrangements with other entities.




(e)
            Contractual
      Obligations




The
Partnership is a Smaller Reporting Company, as defined by Rule 229.10(f)(1) and
therefore this item is not applicable.




11




(f)
            Results of Operations




Performance
Summary




The profitability of trend-following
trading techniques such as MAAP depends upon the occurrence of major price moves
in at least some of the futures contracts traded.  The General
Partner’s trading methods are confidential, so that the only information that
can be furnished regarding the Partnership’s results of operations is its
performance record.  The Partnership engages in speculative trading and the
Partnership may enter into long, short or neutral positions in the markets in
which it trades.  Because the Partnership’s trading strategies depend
heavily on global price trends (both positive and negative), and these price
trends may be affected by global economic conditions and may at times be
seasonal, the Partnership will be affected by such conditions and
trends.  The past performance of the Partnership is not necessarily
indicative of future results.  The General Partner believes, however, that
there are certain market conditions — for example, markets with strong price
trends — in which the Partnership has a better opportunity of being profitable
than in others.




2008




During 2008, the Partnership achieved
a net realized and unrealized loss of $62,034,588 from its trading operations,
which is net of brokerage commissions of $145,223.  The Partnership
incurred total expenses of $4,729,122 including $2,677,876 in Selling Agent
Administrative and Service Fees, $1,840,216 in Management Fees (paid to the
General Partner) and $211,030 in operating expenses.  The Partnership
earned $2,627,131 in interest income and allocated a Profit Share of $769,386 to
the General Partner.  An analysis of trading gains and losses (not
adjusted for any fees or expenses) by market sector is as follows:




Sector
                    % Gain (Loss)S&P
      500
                    4.85%Bonds
                    (8.87)%Yen
                    9.11%Energy
                    (31.95)%Metals
                    (9.55)%Grains
                    (17.13)%Total
      Portfolio
                    (52.46)%




The
Partnership experienced sharp losses in 2008, primarily due to the reversal of
commodity markets at mid-year.  Although the Partnership profited from
a short position in the S&P 500 and a long position in Japanese yen, the
long positions in the three commodity sectors were unprofitable and more than
offset the Partnership’s gains.  In particular, the long position in
energy contributed the largest loss, followed by the long position in grains,
and to a lesser extent, the long position in metals.  In addition,
bond trading was also unprofitable, primarily due to a short position in U.S.
Treasury bond contracts in the fourth quarter.




2007




During 2007, the Partnership achieved
a net realized and unrealized gain of $34,149,681 from its trading operations,
which is net of brokerage commissions of $141,878.  The Partnership
accrued total expenses of $2,980,295, including $1,689,047 in Selling Agent
Administrative and Service Fees, $1,130,040 in Management Fees (paid to the
General Partner) and $161,208 in operating expenses.  The Partnership
earned $2,990,447 in interest income and allocated a Profit Share of $6,168,710
to the General Partner.  An analysis of trading gains and losses (not
adjusted for any fees or expenses) by market sector is as follows:




Sector
                    % Gain (Loss)S&P
      500
                    (3.98)%Bonds
                    (3.74)%Yen
                    1.24%Energy
                    24.85%Metals
                    11.53%Grains
                    30.07%Total
      Portfolio
                    66.93%








12




The
Partnership experienced strong gains in 2007, particularly after mid-August when
the Federal Reserve began a series of monetary easing moves to counteract the
financial market turmoil resulting from the sub-prime mortgage
crisis.  Although energy and grain markets had been strengthening
since early in 2007, these markets along with precious metals and the yen
developed accelerating advances with the advent of easier monetary
policy.  Because the Partnership was long the three commodity sectors
(energy grains, and metals) and the yen these advancing prices yielded strong
returns for the Partnership.




The
Partnership was short the long-term bond futures throughout most of 2007 which
proved to be a moderately unprofitable position.  Although the
Partnership was neutral in the S&P 500 futures position throughout much of
the year, the few positions that it did take were also moderately
unprofitable.




Item
7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK




The Partnership is a Smaller Reporting
Company, as defined by Rule 229.10(f)(1) and therefore this item is not
applicable.




Item
8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA




Financial
statements required by this item, including the reports of McGladrey &
Pullen, LLP (“Independent Registered Public Accounting Firm”) for the fiscal
years ended December 31, 2008 and 2007,  are included herewith
following the Index to Financial Statements.




Because
the Partnership is a Smaller Reporting Company, as defined by Rule 229.10(f)(1),
the supplementary financial information required by Item 302 of Regulation S-K
is not applicable.




Item
9:  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE




None.




Item
9A(T):  CONTROLS AND PROCEDURES




(a) Disclosure
Controls and Procedures
  AIS, the
general partner and trading advisor of the Partnership, with the participation
of AIS’ President and Vice President, has evaluated the effectiveness of the
design and operation of its disclosure controls and procedures with respect to
the Partnership as of the end of the period covered by this annual report, and,
based on their evaluation, have concluded that these disclosure controls and
procedures are effective.  Additionally, there were no significant changes
in the Partnership’s internal controls or in other factors that could
significantly affect these controls subsequent to the date of their evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.




(b)
            Management’s
      Annual Report on Internal Control over Financial
  Reporting




AIS, the
general partner and trading advisor of the Partnership, is responsible for
establishing and maintaining adequate controls over financial reporting for the
Partnership.  Internal control over financial reporting is defined in
Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as
amended, as a process designed by, or under the supervision of, a company’s
principal executive and principal financial officers and effected by a company’s
board of directors, management and other personnel, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles (“GAAP”).




The
General Partner’s internal control over financial reporting includes those
policies and procedures that (1) relate to records maintained by the Partnership
to accurately and fairly reflect Partnership transactions and disposition of
Partnership assets; (2) provide reasonable assurances that Partnership
transactions are recorded accurately to permit preparation of Partnership
financial statements in accordance with GAAP and that Partnership receipts and
expenditures are being made in accordance with the authorizations of AIS’
management; and (3) provide reasonable assurances regarding the prevention and
detection of unauthorized acquisition, use or disposal of Partnership assets
that would have a material effect on the Partnership’s financial
statements.




13






Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.  Projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.




AIS has
assessed the effectiveness of its internal control over the financial reporting
with respect to the Partnership as of December 31, 2008.  Based on its
assessment, management of AIS has concluded that, as of December 31, 2008, its
internal control over financial reporting with respect to the Partnership is
effective.




This
annual report does not include an attestation report of the Partnership’s
registered public accounting firm regarding internal control over financial
reporting.  This report was not subject to attestation by the
Partnership’s registered public accounting firm pursuant to temporary rules of
the Securities and Exchange Commission that permit the company to provide only
management’s report in this annual report.




(c)
            Changes
      in Internal Control over Financial
Reporting




Section
404 of the Sarbanes-Oxley Act of 2002 requires the General Partner to evaluate
annually the effectiveness of its internal controls over financial reporting as
of the end of each fiscal year, and to include a management report assessing the
effectiveness of its internal control over financial reporting in all annual
reports.




There
were no changes in the General Partner’s internal control over financial
reporting during the period ended December 31, 2008 that have materially
affected, or are reasonably likely to materially affect, our internal control
over financial reporting.




Item
9B:  OTHER INFORMATION





None.
   14





PART III





Item
10:  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE




(a)
            Identification
      of Directors and Executive
Officers.




(i)              As
a limited partnership, the Partnership itself has no officers, directors or
employees.  The Partnership’s affairs are managed by the General
Partner.  Trading decisions are made by the General Partner on behalf
of the Partnership.




The
principals of the General Partner and their business backgrounds are as
follows.




John Hummel, age 63, has been
the President, Treasurer and Director of AIS since its inception.  Mr.
Hummel has been a member, associated person and principal of AIS since May
1990.  Mr. Hummel has been a research analyst and portfolio manager in
the securities field since June 1967 and has traded commodities for his personal
account since February 1981 and for customers since June 1983.  Mr.
Hummel has also been, since its inception in September 1993, the President and a
Director, member, associated person and principal of AIS Capital Management LLC
(“AIS Capital Management”) and its predecessor, AIS Capital Management, Inc., a
registered commodity pool operator and investment adviser.  Mr. Hummel
currently serves as the portfolio manager of AIS Balanced Fund L.P. (formerly
Cowen Premier Balanced Fund L.P.), AIS Capital Growth Fund, L.P., and AIS Gold
Fund L.P., the general partner of each of which is AIS Capital
Management.  From May 1990 until March 31, 1993, Mr. Hummel was
affiliated with Cowen & Company, a broker-dealer and investment adviser
formed in 1918 which is a member of the New York Stock Exchange and all other
principal United States exchanges.  At Cowen & Company,
Mr. Hummel was directly responsible for managing individual and
institutional stock and bond portfolios.  From June 1987 until July
1990, Mr. Hummel was affiliated with Matuschka & Co. L.P. (formerly
Matuschka Moser Partners L.P.), a United States affiliate of The Matuschka
Group, a privately-owned investment firm headquartered in Germany, where he was
directly responsible for managing individual and institutional stock and bond
portfolios.  Also during such time, Mr. Hummel was affiliated with
Matuschka Moser Futures Management Corporation from June 1987 until October 1990
where he acted as a portfolio manager with respect to futures
trading.  Prior to joining Matuschka & Co. L.P. in June 1987, Mr.
Hummel was a Managing Director of Mitchell Hutchins Asset Management, Inc., at
the time a subsidiary of PaineWebber Inc. (which was later acquired by UBS
Global Asset Management US Inc.), where he had been responsible for individual
and institutional investment portfolios since January
1977.  Mr. Hummel directed the trading of Mitchell Hutchins
Futures Fund, Ltd. from its inception in December 1983 through June
1987.  From April 1976 to December 1976, Mr. Hummel worked for
Reynolds Securities, Inc. in Milwaukee, Wisconsin.  From June 1969 to
April 1976, Mr. Hummel served as President of Asset Management Corporation, an
investment advisory firm which he helped organize.  From June 1967 to
June 1969, Mr. Hummel worked as a research analyst for Robert W. Baird &
Co., a brokerage firm in Milwaukee, Wisconsin.  Mr. Hummel received a
B.S. degree in investment management from Northwestern University in
1967.




Bradley C. Stern, age 42, is
the Vice President of AIS and of AIS Capital Management.  Mr. Stern
has been a member and associated person of AIS since March 1993, a member and
associated person of AIS Capital Management since March 2004 and a principal of
both AIS and AIS Capital Management since November 1993.  Mr. Stern
graduated from Emory University in with a B.B.A. degree and did post graduate
work in finance at New York University in 1991 and 1992.  From
September 1988 to April 1989, he was an account executive with Winston
Resources, a recruiting firm.  From April 1989 to September 1989, he
worked as a liaison between retail brokers and insurance companies regarding
such insurance products as annuities, term life and whole life insurance at
Thomson McKinnon Securities Inc., a registered broker-dealer.  From
September 1989 through March 1993, Mr. Stern was an Assistant Portfolio Manager
at Cowen & Company, a broker-dealer and investment adviser formed in 1918
which is a member of the New York Stock Exchange and all other principal United
States exchanges, and his responsibilities increased during his time there to
include acting as a Trading Analyst for Cowen & Company.  In March
1993, Mr. Stern left Cowen & Company with Mr. Hummel to join AIS and has
been with AIS since that time.




Robert F. Ward, age 57, has
been a member of AIS since January 2006 and both a principal and branch manager
of AIS since March 2006.  Mr. Ward has been a member and associated
person of AIS Capital Management since December 2005 and a branch manager and
principal of AIS Capital Management since March 2006.  Mr. Ward has 27
years of investment consulting and investment experience.  Mr. Ward
graduated from Metropolitan State College.  Prior to joining AIS
Capital Management in December of 2005, Mr. Ward was a Senior Vice-President,
Investments with Morgan Stanley (March 2000-December 2005), Paine Webber (March
1988-February 2000) and Kidder Peabody, Inc. (August 1983-March
1988).  At each of these financial firms, Mr. Ward was an account
executive and advised clients on their financial investments.  His
business relationship with AIS and John Hummel has spanned over two
decades.




15






(ii)
            Identification
      of Certain Significant Employees




None.




(iii)
            Family
      Relationships




None.




(iv)
            Business
      Experience




See
above.




(v)
            Involvement
      in Certain Legal Proceedings.




None.




(vi)
            Promoters
      and Control Persons




Not
Applicable.




(b)
            Section
      16(a) Beneficial Ownership Reporting
Compliance




AIS
Futures Management LLC, John Hummel and Brad Stern each filed their initial
reports on Form 3 after the Interests became registered under Section 12 of the
Securities Exchange Act of 1934.  No subsequent filings on Form 4 or
Form 5 have been required.




(c)
            Code
      of ethics




The
Partnership has no employees, officers or directors and is managed by AIS. 
AIS has adopted a Code of Ethics that applies to its principal executive officer
and certain other officers and employees of AIS.  A copy of this Code of
Ethics may be obtained at no charge by written request to AIS Futures Management
LLC, 187 Danbury Road, Suite 201, Wilton, CT 06897 or by calling AIS at (203)
563-1180.




Item
11:  EXECUTIVE COMPENSATION




The
Partnership itself has no officers, directors or employees.  None of
the principals, officers or employees of AIS receive compensation from the
Partnership.  AIS makes all trading decisions for the
Partnership.  AIS receives a monthly Management Fee from the
Partnership of 1/12 of 2% month-end Net Assets attributable to Series A
Interests and an annual Profit Share equal to 20% of New Trading Profit realized
on Series A Interests, payable at the end of each calendar year on a “high water
mark” basis.  Because Limited Partners purchase Interests at different
times, they may recognize different amounts of New Trading
Profit.  Each Limited Partner is charged a Profit Share only on the
New Trading Profit allocable to such Limited Partner’s investment in the
Partnership.  There is no Management Fee or Profit Share with respect
to Series B Interests, which are available only to AIS, its principals and
employees.




The
officers of AIS are compensated by AIS in their respective
positions.  The officers receive no other compensation from the
Partnership.  There are no compensation plans or arrangements relating
to a change in control of either the Partnership or AIS.




Item
12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS




(a)
            Securities
      authorized for issuance under equity compensation
  plans




None.




16






(b)
            Security
      ownership of certain beneficial
owners




As of
February 28, 2009, the General Partner knows of the following persons who own
beneficially more than 5% of the Partnership’s Interests as
follows:




Name and Address
                Value of Interests held
                Percentage OwnershipA.G.
      Edwards Trust Co. FSB C/F
                  City
      of Meridian Police and Fire Fund H
                  P.O.
      Box 66734
                  St.
      Louis, MO 63166
                $3,212,747
                7.78%A.G.
      Edwards Trust Co. FSB C/F
                  City
      of Meridian Employees Fund M
                  P.O.
      Box 66734
                  St.
      Louis, MO 63166
                $3,212,747
                7.78%




All of
the Partnership’s general partner interest is held by AIS Futures Management
LLC.




(c)
            Security
      Ownership of Management




The
Partnership has no officers or directors.  Under the terms of the
Limited Partnership Agreement, the Partnership’s affairs are managed by the
General Partner, which has discretionary authority over the Partnership’s
trading.  As of February 28, 2009, the General Partner’s interest in
the Partnership was valued at $129,941, which constituted 0.315% of the
Partnership’s total assets.




As of
February 28, 2009, no director, executive officer or member of the General
Partner beneficially owned Interests in the Partnership.




(d)
            Changes
      in Control




There
have been no changes in control of the Partnership.




Item
13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE




See “Item
11: Executive Compensation” and “Item 12: Security Ownership of Certain
Beneficial Owners and Management and Related Stockholder
Matters.”  The Partnership paid the General Partner $1,840,216 in
Management Fees for the year ended December 31, 2008.  The Partnership
allocated to the General Partner $769,386 in Profit Shares for the year ended
December 31, 2008.  The General Partner’s interest in the Partnership
showed an allocation of profit (loss) of $(160,986) for the year ended December
31, 2008.  The Management Fees and Profit Shares paid by the
Partnership to AIS were not negotiated and are higher than they would have been
had they been the result of arm’s-length bargaining.




The
Partnership has not and does not make any loans to the General Partner, its
affiliates, their respective officers, directors or employees or the immediate
family members of any of the foregoing, or to any entity, trust or other estate
in which any of the foregoing has any interest, or to any other person (provided
that the purchase of U.S. Treasury obligations and the deposit of Partnership
assets with banks, futures brokers and foreign exchange counterparties in
connection with the trading operations of the Partnership are not considered to
be loans).




None of
the General Partner, its affiliates, their respective officers, directors and
employees or the immediate family members of any of the foregoing, or any entity
trust or other estate in which any of the foregoing has any interest has, to
date, sold any asset, directly or indirectly, to the Partnership.




The
Partnership has no directors, officers or employees and is managed by the
General Partner.  The General Partner is managed by its principals,
none of whom are independent of the General Partner.




17






Item
14:  PRINCIPAL ACCOUNTING FEES AND SERVICES




The
following table sets forth the fees billed to the Partnership for professional
audit services provided by McGladrey & Pullen, LLP, the Partnership’s
independent registered public accountant, for the audit of the Partnership’s
annual financial statements for the years ended December 31, 2008 and
2007.




FEE CATEGORY
                2008
                2007Audit
      Fees(1)
                $67,500
                $54,000Audit-Related
      Fees
                -
                -Tax
      Fees(2)
                -
                -All
      Other Fees
                -
                -TOTAL
      FEES
                $67,500
                $54,000







(1)
            Audit
      fees consist of fees for professional services rendered for the audit of
      the Partnership’s financial statements and review of financial statements
      included in the Partnership’s quarterly
reports.




(2)
            Tax
      fees consist of compliance fees for the preparation of original tax
      returns.







Neither
the Partnership nor AIS has an audit committee to pre-approve accountant and
auditor fees and services.  In lieu of an audit committee, the principals
of AIS pre-approve all billings prior to the commencement of
services.
  
 18




PART IV




Item
15:  EXHIBITS, FINANCIAL STATEMENT SCHEDULES




(a)
            Financial
      Statements




The
financial statements required by this Item are included herewith, beginning
following the Index to Financial Statements appearing after the signature page
hereof, and are incorporated into this Item 15.




(b)
            Exhibits




The
following documents (unless otherwise indicated) are filed herewith and made
part of this registration statement.




Exhibit Designation
                                
                                Description*3.1
                                
                                
                                Certificate
      of Formation of AIS Futures Fund IV L.P.**4.2
                                
                                
                                Fourth
      Amended and Restated Limited Partnership Agreement of AIS Futures Fund IV
      L.P., dated as of March 1, 2008***10.1
                                
                                
                                Customer
      Agreement between Calyon Financial Inc. and AIS Futures Fund IV
      L.P.31.01
                                
                                
                                Rule
      13a-14(a)/15d-14(a) Certification32.01
                                
                                
                                Section
      1350
Certification





* This
exhibit is incorporated by reference to the exhibit of the same number and
description filed with the Partnership’s Registration Statement (File No.
000-52599) filed on April 30, 2007 on Form 10 under the Securities Exchange Act
of 1934.




** This
exhibit is incorporated by reference to the exhibit of the same number and
description filed with the Partnership’s Current Report (File No. 000-52599)
filed on March 5, 2008 on Form 8-K under the Securities Exchange Act of
1934.




*** This
exhibit is incorporated by reference to the exhibit of the same number and
description filed with the Partnership’s Registration Statement (File No.
000-52599) filed on April 30, 2007 on Form 10 under the Securities Exchange Act
of 1934.  As of January 2, 2008, Calyon Financial Inc. was renamed
Newedge Financial Inc.  The existing Customer Agreement remains in
effect, but under the new name.






19




SIGNATURES




Pursuant to the requirements of
Section 12 of the Securities Exchange Act of 1934, as amended, the registrant
has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.


Dated:  March
31, 2009


AIS
      FUTURES FUND IV L.P.By:
                            AIS
      FUTURES MANAGEMENT LLCBy:
                            /s/ John
      HummelName:
                            John
      HummelTitle:
                            President






20







INDEX TO FINANCIAL
STATEMENTS









AIS
Futures Fund IV L.P. Annual Report, December 31, 2008




Report
      of Independent Registered Public Accounting Firm
              F-2Statements
      of Financial Condition at December 31, 2008 and 2007
              F-3Condensed
      Schedule of Investments at December 31, 2008
              F-4Condensed
      Schedule of Investments at December 31, 2007
              F-5Statements
      of Operations For the Years Ended December 31, 2008 and
    2007
              F-6Statements
      of Changes in Partners’ Capital (Net Asset Value) For the Years Ended
      December 31, 2008 and 2007
              F-7Notes
      to Financial Statements
              F-8
      – F-14


























F-1





REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM











To the
General Partner


AIS
Futures Fund IV L.P.











We have
audited the accompanying statements of financial condition, including the
condensed schedules of investments, of AIS Futures Fund IV L.P. (the
Partnership) as of December 31, 2008 and 2007 and the related statements of
operations and changes in partners’ capital for the years then
ended.  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 the standards of the Public Company
Accounting Oversight Board (United States).  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 AIS Futures Fund IV L.P. as of
December 31, 2008 and 2007, and the results of its operations for the years then
ended in conformity with U.S. generally accepted accounting
principles.





We were
not engaged to examine management’s assessment of the effectiveness of AIS
Futures Fund IV L.P.’s internal control over financial reporting as of December
31, 2008, included in the accompanying management’s annual report on internal
controls over financial reporting and, accordingly, we do not express an opinion
thereon.














Chicago,
Illinois


March 25,
2009




















McGladrey and Pullen, LLP
is a member firm of RSM International - an affiliation of separate and
independent legal entities.








F-2





AIS
FUTURES FUND IV L.P.


STATEMENTS
OF FINANCIAL CONDITION


December
31, 2008 and 2007


_________________





2008
                
                
                2007ASSETSEquity
      in broker trading accountCash
      (deficit)
                
                $
                1,564,334
                
                
                $
                (2,627,100
                )United
      States government securities, at fair value
                
                
                41,470,056
                
                
                
                78,742,449Unrealized
      gain on open contracts, net
                
                
                5,316,844
                
                
                
                6,768,725Interest
      receivable
                
                
                2,293
                
                
                
                13,234Deposits
      with broker
                
                
                48,353,527
                
                
                
                82,897,308Cash
                
                
                540,030
                
                
                
                4,353,255Total
      assets
                
                $
                48,893,557
                
                
                $
                87,250,563LIABILITIESAccounts
      payable
                
                $
                58,861
                
                
                $
                38,996Commissions
      and other trading feeson
      open contracts payable
                
                
                13,434
                
                
                
                18,810Management
      fee payable
                
                
                69,791
                
                
                
                126,174General
      Partner Profit Share allocation payable
                
                
                0
                
                
                
                5,851,372Selling
      agent administrative and service fee payable
                
                
                132,341
                
                
                
                207,659Subscriptions
      received in advance
                
                
                540,000
                
                
                
                1,726,500Redemptions
      payable
                
                
                766,248
                
                
                
                1,349,528Total
      liabilities
                
                
                1,580,675
                
                
                
                9,319,039PARTNERS’CAPITAL (Net Asset Value)General
      Partner - Series B
                
                
                152,807
                
                
                
                313,793Limited
      Partners - Series A
                
                
                47,160,075
                
                
                
                77,617,731Total
      partners’
      capital (Net Asset Value)
                
                
                47,312,882
                
                
                
                77,931,524$
                48,893,557
                
                
                $
                87,250,563










The
accompanying notes are an integral part of these financial
statements.




F-3






AIS
FUTURES FUND IV L.P.


CONDENSED
SCHEDULE OF INVESTMENTS


December
31, 2008


_______________


UNITED STATES GOVERNMENT SECURITIES
      *Face Value
                                              
                                              Maturity Date
                                              Description
                                              
                                              Fair Value
                                              
                                              
                                              %
      of Net Asset Value$
                                              10,500,000
                                              
                                              01/02/09
                                              U.S.
      Treasury Bills
                                              
                                              $
                                              10,498,827
                                              
                                              
                                              
                                              22.19
                                              %500,000
                                              
                                              01/08/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              499,786
                                              
                                              
                                              
                                              1.06
                                              %1,000,000
                                              
                                              02/19/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              997,395
                                              
                                              
                                              
                                              2.11
                                              %500,000
                                              
                                              02/26/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              498,503
                                              
                                              
                                              
                                              1.05
                                              %6,500,000
                                              
                                              06/04/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              6,491,897
                                              
                                              
                                              
                                              13.72
                                              %10,500,000
                                              
                                              06/11/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              10,492,440
                                              
                                              
                                              
                                              22.18
                                              %12,000,000
                                              
                                              06/25/09
                                              U.S.
      Treasury Bills
                                              
                                              
                                              11,991,208
                                              
                                              
                                              
                                              25.34
                                              %Total
      United States government securities(cost
      - $41,347,804)
                                              
                                              $
                                              41,470,056
                                              
                                              
                                              
                                              87.65
                                              %LONG FUTURES CONTRACTS **Description
                                              
                                              
                                              Fair Value
                                              
                                              
                                              %
      of Net Asset ValueAgricultural
                                              
                                              
                                              $
                                              2,480,686
                                              
                                              
                                              
                                              5.24
                                              %Currencies
                                              
                                              
                                              
                                              1,469,813
                                              
                                              
                                              
                                              3.11
                                              %Energy
                                              
                                              
                                              
                                              (33,947
                                              )
                                              
                                              
                                              (0.07
                                              )%Metals
                                              
                                              
                                              
                                              1,400,292
                                              
                                              
                                              
                                              2.96
                                              %Total
      long futures contracts
                                              
                                              $
                                              5,316,844
                                              
                                              
                                              
                                              11.24
                                              %
 *  Pledged
      as collateral for the trading of futures and options on futures
      contracts.**  No
      individual futures contract position constituted greater than 5 percent of
      Net Asset Value.  Accordingly, the number of contracts and
      expiration dates are not presented.



















The
accompanying notes are an integral part of these financial
statements.






F-4






AIS
FUTURES FUND IV L.P.


CONDENSED
SCHEDULE OF INVESTMENTS


December
31, 2007


_______________





UNITED STATES GOVERNMENT SECURITIES
      *Face Value
                                                          
                                                          Maturity Date
                                                          Description
                                                          
                                                          Fair Value
                                                          
                                                          
                                                          %
      of Net Asset Value$
                                                          6,000,000
                                                          
                                                          01/03/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          $
                                                          5,997,565
                                                          
                                                          
                                                          
                                                          7.70
                                                          %4,000,000
                                                          
                                                          01/10/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          3,994,571
                                                          
                                                          
                                                          
                                                          5.13
                                                          %1,500,000
                                                          
                                                          01/31/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          1,493,796
                                                          
                                                          
                                                          
                                                          1.92
                                                          %5,000,000
                                                          
                                                          02/07/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          4,974,904
                                                          
                                                          
                                                          
                                                          6.38
                                                          %1,500,000
                                                          
                                                          02/14/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          1,491,737
                                                          
                                                          
                                                          
                                                          1.91
                                                          %1,000,000
                                                          
                                                          02/21/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          994,307
                                                          
                                                          
                                                          
                                                          1.27
                                                          %6,000,000
                                                          
                                                          03/06/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          5,954,244
                                                          
                                                          
                                                          
                                                          7.64
                                                          %5,000,000
                                                          
                                                          03/20/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          4,956,104
                                                          
                                                          
                                                          
                                                          6.36
                                                          %8,000,000
                                                          
                                                          04/03/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          7,916,032
                                                          
                                                          
                                                          
                                                          10.16
                                                          %3,000,000
                                                          
                                                          04/10/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          2,965,056
                                                          
                                                          
                                                          
                                                          3.80
                                                          %2,000,000
                                                          
                                                          04/17/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          1,976,567
                                                          
                                                          
                                                          
                                                          2.53
                                                          %4,000,000
                                                          
                                                          04/24/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          3,950,253
                                                          
                                                          
                                                          
                                                          5.07
                                                          %10,000,000
                                                          
                                                          05/01/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          9,871,133
                                                          
                                                          
                                                          
                                                          12.67
                                                          %9,000,000
                                                          
                                                          05/08/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          8,884,209
                                                          
                                                          
                                                          
                                                          11.40
                                                          %2,500,000
                                                          
                                                          05/15/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          2,467,981
                                                          
                                                          
                                                          
                                                          3.17
                                                          %3,000,000
                                                          
                                                          05/22/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          2,961,271
                                                          
                                                          
                                                          
                                                          3.80
                                                          %4,500,000
                                                          
                                                          05/29/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          4,440,666
                                                          
                                                          
                                                          
                                                          5.70
                                                          %3,500,000
                                                          
                                                          06/05/08
                                                          U.S.
      Treasury Bills
                                                          
                                                          
                                                          3,452,053
                                                          
                                                          
                                                          
                                                          4.43
                                                          %Total
      United States government securities(cost
      - $77,920,140)
                                                          
                                                          $
                                                          78,742,449
                                                          
                                                          
                                                          
                                                          101.04
                                                          %LONG FUTURES CONTRACTS **Description
                                                          
                                                          
                                                          Fair Value
                                                          
                                                          
                                                          %
      of Net Asset ValueAgricultural
                                                          
                                                          
                                                          $
                                                          4,457,287
                                                          
                                                          
                                                          
                                                          5.72
                                                          %Currencies
                                                          
                                                          
                                                          
                                                          (758,831
                                                          )
                                                          
                                                          
                                                          (0.97
                                                          )%Energy
                                                          
                                                          
                                                          
                                                          1,704,336
                                                          
                                                          
                                                          
                                                          2.19
                                                          %Metals
                                                          
                                                          
                                                          
                                                          802,902
                                                          
                                                          
                                                          
                                                          1.03
                                                          %Total
      long futures contracts
                                                          
                                                          
                                                          6,205,694
                                                          
                                                          
                                                          
                                                          7.97
                                                          %SHORT FUTURES CONTRACTSNumber of Contracts
                                                          
                                                          Description419
                                                          
                                                          Interest
      Rates (30 Year U.S. Treasury Bond, expires 3/2008)
                                                          
                                                          
                                                          563,031
                                                          
                                                          
                                                          
                                                          0.72
                                                          %Total
      futures contracts
                                                          
                                                          $
                                                          6,768,725
                                                          
                                                          
                                                          
                                                          8.69
                                                          %* Pledged
      as collateral for the trading of futures and options on futures
      contracts.** No
      individual futures contract position constituted greater than 5 percent of
      Net Asset Value. Accordingly, the number of contracts and expiration
      dates are not presented.





The
accompanying notes are an integral part of these financial
statements.






F-5








AIS
FUTURES FUND IV L.P.


STATEMENTS
OF OPERATIONS


For
the Years Ended December 31, 2008 and 2007


_______________





2008
              
              
              2007TRADING
      GAINS (LOSSES)Trading
      gains (losses)Realized
              
              $
              (60,437,484
              )
              
              $
              25,544,758Change
      in unrealized
              
              
              (1,451,881
              )
              
              
              8,746,801Brokerage
      commissions
              
              
              (145,223
              )
              
              
              (141,878
              )Total
      trading gains (losses)
              
              
              (62,034,588
              )
              
              
              34,149,681NET
      INVESTMENT INCOME (LOSS)IncomeInterest
      income
              
              
              2,627,131
              
              
              
              2,990,447ExpensesSelling
      agent administrativeand
      service fee
              
              
              2,677,876
              
              
              
              1,689,047Management
      fees
              
              
              1,840,216
              
              
              
              1,130,041Operating
      expenses
              
              
              211,030
              
              
              
              161,208Total
      expenses
              
              
              4,729,122
              
              
              
              2,980,296Net
      investment income (loss)
              
              
              (2,101,991
              )
              
              
              10,151NET
      INCOME (LOSS)
              
              
              (64,136,579
              )
              
              
              34,159,832Less:
      General PartnerProfit
      Share allocation
              
              
              769,386
              
              
              
              6,168,710Net
      income (loss) for pro rataallocation
      to all partners
              
              $
              (64,905,965
              )
              
              $
              27,991,122





The
accompanying notes are an integral part of these financial
statements.




F-6






AIS
FUTURES FUND IV L.P.


STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)


For
the Years Ended December 31, 2008 and 2007


_______________





Partners'
      CapitalSeries
      B
              
              
              Series
      AGeneral
              
              
              LimitedPartner
              
              
              Partners
              
              
              TotalBalances
      at December 31, 2006
              
              $
              179,169
              
              
              $
              51,565,105
              
              
              $
              51,744,274Net
      income for the year endedDecember
      31, 2007General
      Partner Profit Share allocation
              
              
              6,168,710
              
              
              
              0
              
              
              
              6,168,710Pro
      rata allocation to all partners
              
              
              134,624
              
              
              
              27,856,498
              
              
              
              27,991,122Subscriptions
              
              
              0
              
              
              
              12,488,075
              
              
              
              12,488,075Redemptions
              
              
              (6,168,710
              )
              
              
              (14,291,947
              )
              
              
              (20,460,657
              )Balances
      at December 31, 2007
              
              
              313,793
              
              
              
              77,617,731
              
              
              
              77,931,524Net
      loss for the year endedDecember
      31, 2008General
      Partner Profit Share allocation
              
              
              769,386
              
              
              
              0
              
              
              
              769,386Pro
      rata allocation to all partners
              
              
              (160,986
              )
              
              
              (64,744,979
              )
              
              
              (64,905,965
              )Subscriptions
              
              
              0
              
              
              
              56,526,470
              
              
              
              56,526,470Redemptions
              
              
              (769,386
              )
              
              
              (22,239,147
              )
              
              
              (23,008,533
              )Balances
      at December 31, 2008
              
              $
              152,807
              
              
              $
              47,160,075
              
              
              $
              47,312,882










The
accompanying notes are an integral part of these financial
statements.






F-7




AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS


_______________




Note
      1.
            ORGANIZATION AND
      SUMMARY OF SIGNIFICANT ACCOUNTING
  POLICIES




A.
            General
      Description of the Partnership




AIS
      Futures Fund IV L.P. (the Partnership) is a Delaware limited partnership,
      which operates as a commodity investment pool.  The Partnership
      engages in the speculative trading of futures contracts and options on
      futures contracts.  The Partnership is subject to the
      regulations of the Commodity Futures Trading Commission, an agency of the
      United States (U.S.) government which regulates most aspects of the
      commodity futures industry; rules of the National Futures Association, an
      industry self-regulatory organization; and the requirements of commodity
      exchanges and Futures Commission Merchants (brokers) through which the
      Partnership trades.




The
      limited partnership agreement provides, among other things, that the
      Partnership shall dissolve no later than December 31,
  2026.




B.
            Method
      of Reporting and Use of Estimates




The
Partnership’s financial statements are presented in conformity with U.S.
generally accepted accounting principles which requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period.  Actual results could differ from those
estimates.




C.
            Futures
      and Options on Futures Contracts




Futures
and options on futures are recorded on trade date and reflected at fair value,
based on quoted market prices, which is generally the closing settlement price
on the primary exchange.  Gains or losses are realized when contracts
are liquidated.  Net unrealized gains or losses on open contracts (the
difference between contract trade price and quoted market price) are reflected
in the statement of financial condition.  Any change in net unrealized
gain or loss from the preceding period is reported in the statement of
operations.  Brokerage commissions include other trading fees and are
charged to expense when contracts are opened.




D.
            Securities




United
      States government securities are stated at cost plus accrued interest,
      which approximates fair value based on quoted market
      prices.  Any change in value of these securities is reported in
      interest income on the statement of
operations.




E.
            Income
      Taxes




The
      Partnership prepares calendar year U.S. and applicable state information
      tax returns and reports to the partners their allocable shares of the
      Partnership’s income, expenses and trading gains or losses.  No
      provision for income taxes has been made in these financial statements as
      each partner is individually responsible for reporting income or loss
      based on its respective share of the Partnership’s income and expenses as
      reporting for income tax purposes.






F-8





AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      1.
            ORGANIZATION AND
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    (CONTINUED)





E.
            Income
      Taxes (Continued)




The
      Partnership applies the provisions of Financial Accounting Standards Board
      (FASB) Interpretation No. 48 (FIN 48) entitled Accounting for Uncertainty in
      Income Taxes – an interpretation of FASB Statement No.
      109.  FIN 48 provides guidance for how uncertain tax
      positions should be recognized, measured, presented and disclosed in the
      financial statements.  FIN 48 requires the evaluation of tax
      positions taken or expected to be taken in the course of preparing the
      Partnership’s financial statements to determine whether the tax positions
      are “more-likely-or-not” of being sustained by the applicable tax
      authority.  Tax positions with respect to tax at the partnership
      level not deemed to meet the “more-likely-than-not” threshold would be
      recorded as a tax benefit or expense in the current year.  The
      General Partner has concluded there is no tax expense or associated
      interest and penalties to be recorded by the Partnership for the years
      ended December 31, 2008 and 2007.  The Partnership has elected
      an accounting policy to classify interest and penalties, if any, as
      interest expense.  The Partnership files U.S. federal and state
      tax returns.  The 2005 through 2008 tax years generally remain
      subject to examination by U.S. federal and most state tax
      authorities.




F.
            Capital
      Accounts




The
      Partnership offers two Series of Interests.  The Series A
      Interests are available to all qualified investors, subject to applicable
      conditions and restrictions.  The Series B Interests are
      available for sale to the General Partner and its
      principals.  The Partnership accounts for subscriptions,
      allocations and redemptions on a per partner capital account
      basis.  Income or loss, prior to the General Partner Profit
      Share allocation, is allocated pro rata to the capital accounts of all
      partners.  The General Partner Profit Share allocation
      applicable to each Limited Partner is allocated to the General Partner’s
      capital account from the Limited Partner’s capital account at the end of
      each calendar year or upon redemption by a Limited
  Partner.




On March
1, 2008, the Partnership adopted its Fourth Amended and Restated Limited
Partnership Agreement.  This agreement changed the defined term used
to describe interests in Partnership from “Units of Limited Partnership
Interest” to “Limited Partnership Interests” to prevent confusion over the use
of the term “units”.  The Partnership accounted for its “Units of
Limited Partnership Interest” on a capital account basis prior to March 1, 2008
and will continue to account for its “Limited Partnership Interests” on the same
basis going forward.




G.
            Redemptions




Limited
Partners may require the Partnership to redeem some or all of their capital upon
ten days prior written notice.  The ten days prior written notice may
be waived at the discretion of the General Partner.  Partner
redemptions are recorded on their effective date, which is generally the last
day of the month.




H.
              Statement
      of Cash Flows




The
Partnership has elected not to provide statements of cash flows as permitted by
Statement of Financial Accounting Standards No. 102, Statements of Cash Flows – Exemption
of Certain Enterprises and Classification of Cash Flows from Certain Securities
Acquired for Resale.






F-9




AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      1.
            ORGANIZATION AND
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    (CONTINUED)




I.
            Fair
      Value




The
Partnership accounts for certain assets and liabilities at fair value under
various accounting literature and applicable industry guidance.  The
Company adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurement (SFAS
No. 157) on January 1, 2008, which did not have a material impact on the
Partnership’s financial condition or results of operations.  SFAS No. 157
defines fair value, establishes a framework for measuring fair value,
establishes a fair value hierarchy based on the quality of inputs used to
measure fair value, and enhances disclosure requirements for fair value
measurements.  In accordance with SFAS No. 157, the Partnership has
categorized its financial instruments, based on the priority of inputs to the
valuation technique, into a three-level fair value hierarchy.  The fair
value gives the highest priority to quoted prices in active markets for
identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).  If the inputs used to measure the financial
instruments fall within different levels of the hierarchy, the categorization is
based on the lowest level input that is significant to the fair value
measurement of the instrument.




Financial
assets and liabilities recorded on the statement of financial condition at
December 31, 2008 are categorized as Level 1 and Level 2 based on the inputs to
the valuation techniques.  Level 1 denotes fair value is based on
unadjusted quoted prices for identical assets or liabilities in an active market
that the Partnership has the ability to access.  Level 2 denotes fair value
is based on inputs other than quoted market prices that the Partnership has the
ability to access.  The Partnership has no Level 3 assets or
liabilities at December 31, 2008.




A fair
value measurement assumes that the transaction to sell the asset or transfer the
liability occurs in the principal market for the asset or liability or, in the
absence of a principal market, the most advantageous market.  A
financial instrument’s level within the fair value hierarchy is based on the
lowest level of any input that is significant to the fair value
measurement.




The fair
values of financial instruments at December 31, 2008, consisted of the
following:




Level
      1
                  Futures
      contracts
                  $    5,316,844Level
      2
                  U.S.
      Government
      Securities
                  $  
      41,470,056




The fair
values of futures contracts are based upon exchange settlement
prices.  The fair value of U.S. Government Securities is based on
amortized cost plus accrued interest, which approximates fair
value.




F-10







AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      1.
            ORGANIZATION AND
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    (CONTINUED)




J.
            Recently
      Issued Accounting Pronouncement




In March
2008, the FASB issued Statement of Financial Accounting Standards No. 161 (SFAS
161), Disclosures about
Derivative Instruments and Hedging Activities.  SFAS 161 amends
and expands the disclosure requirements of SFAS 133, Accounting for Derivative
Instruments and Hedging Activities, to provide users of financial
statements with an enhanced understanding of the use of derivative instruments,
financial performance, and cash flows.  This Statement requires
qualitative disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of and gains and losses on
agreements.  SFAS 161 is effective for financial statements issued for
the Partnership’s first fiscal year beginning after November 15,
2008.  The Partnership is currently evaluating the impact, if any,
that this statement will have on its disclosures related to derivative
instruments.




Note
      2.
            GENERAL
      PARTNER




The
General Partner and commodity trading advisor of the Partnership is AIS Futures
Management LLC, which conducts and manages the business and trading activities
of the Partnership.




The
Fourth Amended and Restated Limited Partnership Agreement (the Limited
Partnership Agreement) provides for the General Partner to receive a monthly
Management Fee equal to 1/12 of 2% (2% annually) of each Series A Limited
Partner’s month-end Net Assets, as defined.  The General Partner also
receives a Profit Share allocation equal to 20% of any New Trading Profit, as
defined, attributable to each Series A Limited Partner’s Interest achieved as of
each calendar year-end or upon redemption.




During
2008 and 2007, certain Series A Limited Partners were charged Management Fees at
a rate lower than described above, to offset the effect of the additional 1.5%
per annum Selling Agent Service Fee described in Note 3.  Accordingly,
for the years ended December 31, 2008 and 2007, Management Fees were reduced by
approximately $192,000 and $129,000, respectively.




The
General Partner has paid all organizational and offering costs and will not be
reimbursed therefor.




Note
      3.
            SELLING AGENT
      ADMINISTRATIVE AND SERVICE
FEES




Certain
Series A Limited Partners that were solicited by Selling Agents are charged an
Administrative and Service Fee (the Service Fee equal to 1/12 of 2.5% (2.5%
annually)) of each Series A Limited Partner’s month-end Net Assets, as defined,
sold by them which remain outstanding as of each month-end.  The
Selling Agents may pass on a portion of the Service Fee to its investment
executives.  In the event the Service Fee is no longer payable to a
Selling Agent, the relevant Limited Partner who was solicited by such Selling
Agent will no longer be charged the Service Fee.  For the years ended
December 31, 2008 and 2007, certain Limited Partners were not subject to the
Service Fee.  The Service Fee is accrued and expensed as
incurred.






F-11






AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      3.
            SELLING AGENT
      ADMINISTRATIVE AND SERVICE FEES
  (CONTINUED)




For
investment executives associated with the sale of Limited Partner Interests in
excess of $500,000, the investment executive’s firm will receive an additional
1.5% per annum Service Fee with respect to such Limited Partner Interests in
excess of $500,000, for the first twelve months following the sale of such
Limited Partner Interests.  The additional Service Fee is paid by the
Partnership, however, the General Partner reduces their Management Fee (see Note
2) related to the Limited Partner’s Interest.  Accordingly, this
additional Service Fee does not affect the total fees charged to the Limited
Partner.




Note
      4.
            SUBSCRIPTIONS,
      DISTRIBUTIONS AND
REDEMPTIONS




Investments
in the Partnership are made by subscription agreement, subject to acceptance by
the General Partner.  A selling commission of up to 2% of the
subscription amount may be deducted from the subscription proceeds and paid to
the applicable Selling Agent, if any.  For the years ended December
31, 2008 and 2007, $30,737 and $0, respectively, in selling commissions were
charged to Limited Partners.  Limited Partner subscriptions, as
presented in the statement of changes in partners’ capital (net asset value),
are net of such selling commissions, if any.




The
Partnership is not required to make distributions, but may do so at the sole
discretion of the General Partner.  A Limited Partner may request and
receive partial or full redemptions of their capital account as of the close of
business on the last business day of any month, subject to restrictions in the
Limited Partnership Agreement.




Note
      5.
            DEPOSITS WITH
      BROKER




The
Partnership deposits funds with Newedge USA, LLC, subject to Commodity Futures
Trading Commission regulations and various exchange and broker
requirements.  Margin requirements are satisfied by the deposit of
U.S. Treasury bills and cash with such brokers.  Accordingly, assets
used to meet margin and other broker or regulatory requirements are partially
restricted.  The Partnership earns interest income on its assets
deposited with the broker.




Note
      6.
            TRADING ACTIVITIES AND
      RELATED RISKS




The
Partnership engages in speculative trading of U.S. futures contracts and options
on U.S. futures contracts.  The Partnership is exposed to both market
risk, the risk arising from changes in the fair value of the contracts, and
credit risk, the risk of failure by another party to perform according to the
terms of a contract.




Purchase
and sale of futures and options on futures contracts requires margin deposits
with the broker. Additional deposits may be necessary for any loss on contract
value.  The Commodity Exchange Act requires a broker to segregate all
customer transactions and assets from such broker’s proprietary activities. A
customer’s cash and other property (for example, U.S. Treasury bills) deposited
with a broker are considered commingled with all other customer funds subject to
the broker’s segregation requirements.  In the event of a broker’s
insolvency, recovery may be limited to a pro rata share of segregated funds
available.  It is possible that the recovered amount could be less
than total cash and other property deposited.




F-12







AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      6.
            TRADING ACTIVITIES AND
      RELATED RISKS (CONTINUED)




For
futures and options on futures contracts, risks arise from changes in the fair
value of the contracts. Theoretically, the Partnership is exposed to a market
risk equal to the notional contract value of futures contracts purchased and
unlimited liability on such contracts sold short.  As both a buyer and
seller of options, the Partnership pays or receives a premium at the outset and
then bears the risk of unfavorable changes in the price of the contract
underlying the option.  Written options expose the Partnership to
potentially unlimited liability; for purchased options, the risk of loss is
limited to the premiums paid.




In
addition to market risk, in entering into commodity interest contracts, there is
a credit risk that a counterparty will not be able to meet its obligations to
the Partnership.  The counterparty for futures and options on futures
contracts traded in the United States and on most non-U.S. futures exchanges are
brokers, futures commissions merchants and other financial
institutions.  In the event these counterparties do not fulfill their
obligations, the Partnership may be exposed to risk.  The risk of
default depends on the credit worthiness of the counterparty or issuers of the
instrument.  In general, clearinghouses are backed by the corporate
members of the clearinghouse who are required to share any financial burden
resulting from nonperformance by one of their members and, as such, should
significantly reduce the credit risk.




The
Partnership maintains its cash in bank deposit accounts at Wachovia Bank, N.A.,
Greenwich, Connecticut.  Such accounts may, at times, exceed federally
insured limits.  The Partnership has not experienced any losses in
such accounts.  The General Partner believes the Partnership is not
exposed to any significant credit risk on cash.




The
General Partner has established procedures to actively monitor market risk and
minimize credit risk, although there can be no assurance that it will, in fact,
succeed in doing so.  The Limited Partners bear the risk of loss only
to the extent of the fair value of their respective investments and, in certain
specific circumstances, distributions and redemptions received.




Note
      7.
            INDEMNIFICATIONS




In the
normal course of business, the Partnership enters into contracts and agreements
that contain a variety of representations and warranties, both of which provide
general indemnifications.  The Partnership’s maximum exposure under
these arrangements is unknown, as this would involve future claims that may be
made against the Partnership that have not yet occurred.  The
Partnership expects the risk of any future obligation under these
indemnifications to be remote.






F-13





AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      8.
            FINANCIAL
      HIGHLIGHTS




The
following information presents the financial highlights of the Partnership for
the years ended December 31, 2008 and 2007.  This information has
been derived from information presented in the financial
statements.







2008
                                                                  
                                                                  2007Total
      return for Series A Limited Partners taken as a wholeTotal
      return before Profit Share allocation
                                                                  
                                                                  
                                                                  (53.42
                                                                  )%
                                                                  
                                                                  
                                                                  67.45
                                                                  %Profit
      Share allocation
                                                                  
                                                                  
                                                                  (0.01
                                                                  )%
                                                                  
                                                                  
                                                                  (13.86
                                                                  )%Total
      return after Profit Share allocation
                                                                  
                                                                  
                                                                  (53.43
                                                                  )%
                                                                  
                                                                  
                                                                  53.59
                                                                  %Supplemental
      Data for Series A Limited PartnersRatio of expenses to average
      net asset value:(1)Expenses,
      excluding Profit Share allocation
                                                                  
                                                                  
                                                                  4.44
                                                                  %
                                                                  
                                                                  
                                                                  4.98
                                                                  %Profit
      Share allocation
                                                                  
                                                                  
                                                                  0.72
                                                                  %
                                                                  
                                                                  
                                                                  10.30
                                                                  %Total
      expenses
                                                                  
                                                                  
                                                                  5.16
                                                                  %
                                                                  
                                                                  
                                                                  15.28
                                                                  %Net
      investment income (loss) (2)
                                                                  
                                                                  
                                                                  (1.98
                                                                  )%
                                                                  
                                                                  
                                                                  0.00
                                                                  %








The
total returns and ratios are presented for Series A Limited Partners taken as a
whole based on the Partnership’s standard Management Fee, Service Fee and Profit
Share allocation arrangements.  An individual partner’s total returns
and ratios may vary from the above total returns and ratios based on the timing
of their capital additions and redemptions and given potentially different fee
arrangements for a Series A Limited Partner.




The
total returns and ratios exclude the effects of any 2% upfront selling
commissions charged by Selling Agents.







(1)
            The
      ratio of expenses to average net asset value does not include brokerage
      commissions.


(2)
            The
      net investment income (loss) is comprised of interest income less total
      expenses, excluding the General Partner Profit Share
      allocation.










F-14