UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549




Amendment No. 1


to




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 IVItem
      15:
                      Exhibits,
      Financial Statement Schedules
                      1











































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.






1




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:  May
1, 2009


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






2







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.












/s/ McGladrey &
Pullen, LLP




Chicago, Illinois


March 25,
2009








McGladrey & 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