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

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

| DELAWARE(State or other jurisdiction ofincorporation or organization) |   | 13-3909977(I.R.S. EmployerIdentification No.) |
|-----------------------------------------------------------------------|--------|-----------------------------------------------|
|                                                                  |   |                                          |

----

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   x       No   o |   |
|--------|--------|------------------------------------------------------------------------------------------------|--------|

|   |   |  Yes   o       No   o |   |
|--------|--------|------------------------------------------------------------------------------------------------|--------|

|   |   |  x |   |
|--------|--------|---------|--------|

| Large accelerated filer | o | Accelerated filer               | o |
|-------------------------|---|---------------------------------|---|
| Non-accelerated filer   | o | Smaller reporting company  | x |

|   |   |  Yes   o       No    x |   |
|--------|--------|------------------------------------------------------------------------------------------------------|--------|

----

| Item 1: Business                                                                                                                     | 1      |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                 |   |
| Item 1A: Risk Factors                                                                                                                | 6      |
|                                                                                                                                 |   |
| Item 1B: Unresolved Staff Comments                                                                                                   | 6      |
|                                                                                                                                 |   |
| Item 2: Properties                                                                                                                   | 6      |
|                                                                                                                                 |   |
| Item 3: Legal Proceedings                                                                                                            | 6      |
|                                                                                                                                 |   |
| Item 4: Removed and Reserved                                                                                                         | 6      |
|                                                                                                                                 |   |
| Part II                                                                                                                              |   |
|                                                                                                                                 |   |
| Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters                                                     |   |
|              and Issuer Purchases of Equity Securities              | 7      |
|                                                                                                                                 |   |
| Item 6: Selected Financial Data                                                                                                      | 7      |
|                                                                                                                                 |   |
| Item 7: Management’s Discussion and Analysis of Financial Condition                                                            |   |
|              and Results of Operations                              | 7      |
|                                                                                                                                 |   |
| Item 7A: Quantitative and Qualitative Disclosures About Market Risk                                                                  | 11     |
|                                                                                                                                 |   |
| Item 8: Financial Statements and Supplementary Data                                                                                  | 11     |
|                                                                                                                                 |   |
| Item 9: Changes in and Disagreements with Accountants on Accounting                                                                  |   |
|              and Financial Disclosure                               | 11     |
|                                                                                                                                 |   |
| Item 9A: Controls and Procedures                                                                                                     | 11     |
|                                                                                                                                 |   |
| Item 9B: Other Information                                                                                                           | 12     |
|                                                                                                                                 |   |
| Part III                                                                                                                             |   |
|                                                                                                                                 |   |
| Item 10: Directors, Executive Officers and Corporate Governance                                                                      | 13     |
|                                                                                                                                 |   |
| Item 11: Executive Compensation                                                                                                      | 14     |
|                                                                                                                                 |   |
| Item 12: Security Ownership of Certain Beneficial Owners and                                                                         |   |
|                Management and Related Stockholder Matters | 14     |
|                                                                                                                                 |   |
| Item 13: Certain Relationships and Related Transactions, and Director                                                                |   |
|                Independence                               | 15     |
|                                                                                                                                 |   |
| Item 14: Principal Accounting Fees and Services                                                                                      | 16     |
|                                                                                                                                 |   |
| Part IV                                                                                                                              |   |
|                                                                                                                                 |   |
| Item 15: Exhibits, Financial Statement Schedules                                                                                     | 17     |
|                                                                                                                                 |   |

----

| (a)   | General Development of Business |
|-----------------|---------------------------------|

| (b)   | Financial Information About Segments |
|-----------------|--------------------------------------|

| (c)   | Narrative Description of Business |
|-----------------|-----------------------------------|

----

----

----

| (d)  | Partnership Assets and Cash Management Income |
|-----------|-----------------------------------------------|

----

| (e)   | Charges |
|-----------------|---------|

| Recipient                                   | Nature of Payment                     | Amount of Payment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------------------------------------------------|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Various 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 between $200,000 and $250,000 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| General 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 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 AgentAdministrative andService 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

----

| Recipient         | Nature of Payment      | Amount of Payment                                                                                                                                             |
|------------------------|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 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.  |

----

| (a)   | Market information |
|-----------------|--------------------|

| (b)   | Holders |
|-----------------|---------|

| (c)   | Dividends |
|-----------------|-----------|

| (d)   | Securities Authorized for Issuance under Equity Compensation Plans |
|-----------------|--------------------------------------------------------------------|

| Month Ended    |   |   | Amount Redeemed |
|-------------------------------|--------|--------|----------------------|
|                          |   |   |
| October 31, 2010              |   | $      | 2,281,538            |
| November 30, 2010             |   |   | 2,375,669            |
| December 31, 2010             |   |   | 2,119,313            |
| Total                         |   | $      |  6,776,520      |

----

----

----

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |
| Stock Index |   |          | 7.03 | % |
| Bonds       |   |          | (4.28 | )% |
| Currency    |   |          | 6.42 | % |
| Energy      |   |          | 1.65 | % |
| Metals      |   |          | 23.54 | % |
| Grains      |   |          | 16.31 | % |

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |   |
| S&P 500 |   |          | 3.39 | % |
| Bonds       |   |          | 0.66 | % |
| Currency    |   |          | 11.22 | % |
| Energy      |   |          | 9.90 | % |
| Metals      |   |          | 28.78 | % |
| Grains      |   |          | 10.61 | % |

----

| Item 7A.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------------|------------------------------------------------------------|

| Item 8: | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---------|---------------------------------------------|

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

| Item 9A:  | CONTROLS AND PROCEDURES |
|----------------|-------------------------|

----

| Item 9B:  | OTHER INFORMATION |
|----------------|-------------------|

----

----

| (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. |
|--------|-----------------|

| Item 11: | EXECUTIVE COMPENSATION |
|----------|------------------------|

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

| (a)   | Securities authorized for issuance under equity compensation plans |
|-----------------|--------------------------------------------------------------------|

----

| (b)   | Security ownership of certain beneficial owners |
|-----------------|-------------------------------------------------|

| Name and Address                                                            | Value of Interests held | Percentage Ownership |
|-----------------------------------------------------------------------------|-------------------------|----------------------|
| City of Meriden Police and Fire Fund H142 East Main StreetMeriden, CT 06108 | $9,021,396              | 9.08%                |
| City of Meriden Employees Fund M142 East Main StreetMeriden, CT 06108       | $10,901,152             | 10.97%               |

| (c)   | Security Ownership of Management |
|-----------------|----------------------------------|

| (d)   | Changes in Control |
|-----------------|--------------------|

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

----

| Item 14: | PRINCIPAL ACCOUNTING FEES AND SERVICES  |
|----------|----------------------------------------------|

| Arthur F. Bell, Jr. & Associates, L.L.C. FEE CATEGORY |   | 2010   |   |   | 2009   |   |
|----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                           |   |   |   |   |   |   |
| Audit Fees(1)                                                  |   | $      | 70,556 |   |   | $      | 28,673 |   |
| Audit-Related Fees                                             |   |   | -      |   |   |   | - |   |
| Tax Fees(2)                                                    |   | $      | 15,101 |   |   | $      | 15,011 |   |
| All Other Fees                                                 |   |   | -      |   |   |   | - |   |
|                                                           |   |   |   |   |   |   |   |   |
| TOTAL FEES                                                     |   | $      | 85,657 |   |   | $      | 43,684 |   |

----

| (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 fees for the preparation of the Partnership’s U.S. federal and required state tax returns.  The entire amount of such fees were pre-approved by the principals of AIS. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (a)   | Financial Statements |
|-----------------|----------------------|

|   | · | Statements of Financial Condition at December 31, 2010 and 2009; |
|--------|--------|------------------------------------------------------------------|

|   | · | Condensed Schedule of Investments at December 31, 2010; |
|--------|--------|---------------------------------------------------------|

|   | · | Condensed Schedule of Investments at December 31, 2009; |
|--------|--------|---------------------------------------------------------|

|   | · | Statements of Operations For the Years Ended December 31, 2010 and 2009; and |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Statements of Changes in Partners’ Capital (Net Asset Value) For the Years Ended December 31, 2010 and 2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

| (b) | Exhibits |
|-----|----------|

| 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) Certification                                                                           |
|      32.01            | Section 1350 Certification                                                                                       |

----

----

| Dated:  March 31, 2011 | AIS FUTURES FUND IV L.P. By:  AIS FUTURES MANAGEMENT LLC                                                                                                                                                                                                                                          |
|----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             | By:  /s/ John Hummel                                       Name:  John HummelTitle:  President |

| Dated:  March 31, 2011 |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             | By:  /s/ John Hummel                                       Name:  John HummelTitle:  Executive Officer, Principal Financial Officer and majority of the board of directors, or equivalent thereof, of AIS Futures Management LLC |

----

| Report of Independent Registered Public Accounting Firm                 | F-2              |
|-------------------------------------------------------------------------|------------------|
|                                                                    |             |
| Statements of Financial Condition at December 31, 2010 and 2009         | F-3              |
|                                                                    |             |
| Condensed Schedule of Investments at December 31, 2010                  | F-4              |
|                                                                    |             |
| Condensed Schedule of Investments at December 31, 2009                  | F-5              |
|                                                                    |             |
| Statements of Operations For the Years Ended December 31, 2010 and 2009 | F-6              |
|                                                                    |             |
|                                                                    |             |
| Statements of Changes in Partners’ Capital (Net Asset Value)      |             |
| For the Years Ended December 31, 2010 and 2009                          | F-7              |
|                                                                    |             |
| Notes to Financial Statements                                           | F-8 – F-16 |

----

----

----

|                                                                                                                                                              |   | 2010   |        |   | 2009   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
| ASSETS                                                                                                                                                            |   |   |        |   |   |   |
|     Equity in broker trading account                                                                                                          |   |   |        |   |   |   |
|         Cash                                                                                                              |   | $      | 697,456     |   |   | $      | 5,944,256 |   |
|         United States government securities, at fair value                                                                |   |   | 88,149,577  |   |   |   | 74,460,891 |   |
|         Unrealized gain on open futures contracts, net                                                                    |   |   | 13,508,816  |   |   |   | 170,497 |   |
|         Interest receivable                                                                                               |   |   | 1,141       |   |   |   | 739 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|                     Deposits with broker                      |   |   | 102,356,990 |   |   |   | 80,576,383 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|     Cash                                                                                                                                      |   |   | 17,227      |   |   |   | 390,030 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|                     Total assets                              |   | $      | 102,374,217 |   |   | $      | 80,966,413 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
| LIABILITIES                                                                                                                                                       |   |   |        |   |   |   |   |   |
|     Accounts payable                                                                                                                          |   | $      | 94,504      |   |   | $      | 62,710 |   |
|     Commissions and other trading fees        on open contracts payable                               |   |   | 18,750      |   |   |   | 22,020 |   |
|     Management fee payable                                                                                                                    |   |   | 164,660     |   |   |   | 127,373 |   |
|     Selling agent administrative and service fee payable                                                                                      |   |   | 230,239     |   |   |   | 184,320 |   |
|     Subscriptions received in advance                                                                                                         |   |   | 17,197      |   |   |   | 390,000 |   |
|     Redemptions payable                                                                                                                       |   |   | 4,717,000   |   |   |   | 2,374,478 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|                     Total liabilities                         |   |   | 5,242,350   |   |   |   | 3,160,901 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
| PARTNERS' CAPITAL (Net Asset Value)                                                                                                                               |   |   |        |   |   |   |   |   |
|     General Partner - Series B                                                                                                                |   |   | 392,355     |   |   |   | 261,382 |   |
|     Limited Partners - Series A                                                                                                               |   |   | 96,739,512  |   |   |   | 77,544,130 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|                     Total partners' capital (Net Asset Value) |   |   | 97,131,867  |   |   |   | 77,805,512 |   |
|                                                                                                                                                              |   |   |        |   |   |   |   |   |
|                                                                                                                                                              |   | $      | 102,374,217 |   |   | $      | 80,966,413 |   |

----

----

| UNITED STATES GOVERNMENT SECURITIES* |                                                                                                                                                                                                                                         |   |                                                |   |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                 | Face Value                                                                                                                                                                                                                                   |   | Maturity Date                                       |   |      Description |   | Fair Value |   | % of NetAsset Value |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |   |
|                                 |  $     2,200,000                                                                                                                                                                                               |   | 01/13/11                                            |   | U.S. Treasury Bills |   |  $         2,199,857 |   | 2.27% |   |
|                                 |         2,000,000                                                                                                                                                                                    |   | 01/27/11                                            |   | U.S. Treasury Bills |   |             1,999,748 |   | 2.06% |   |
|                                 |         3,000,000                                                                                                                                                                                    |   | 03/03/11                                            |   | U.S. Treasury Bills |   |             2,999,109 |   | 3.09% |   |
|                                 |         2,500,000                                                                                                                                                                                    |   | 03/10/11                                            |   | U.S. Treasury Bills |   |             2,499,185 |   | 2.57% |   |
|                                 |         6,000,000                                                                                                                                                                                    |   | 03/17/11                                            |   | U.S. Treasury Bills |   |             5,997,783 |   | 6.17% |   |
|                                 |         5,500,000                                                                                                                                                                                    |   | 03/24/11                                            |   | U.S. Treasury Bills |   |             5,497,735 |   | 5.66% |   |
|                                 |         5,000,000                                                                                                                                                                                    |   | 03/31/11                                            |   | U.S. Treasury Bills |   |             4,997,750 |   | 5.15% |   |
|                                 |         9,500,000                                                                                                                                                                                    |   | 04/07/11                                            |   | U.S. Treasury Bills |   |             9,496,170 |   | 9.78% |   |
|                                 |         6,000,000                                                                                                                                                                                    |   | 04/21/11                                            |   | U.S. Treasury Bills |   |             5,996,993 |   | 6.17% |   |
|                                 |         7,000,000                                                                                                                                                                                    |   | 05/05/11                                            |   | U.S. Treasury Bills |   |             6,996,475 |   | 7.20% |   |
|                                 |       13,000,000                                                                                                                                                                                               |   | 06/02/11                                            |   | U.S. Treasury Bills |   |           12,990,054 |   | 13.37% |   |
|                                 |       14,000,000                                                                                                                                                                                               |   | 06/09/11                                            |   | U.S. Treasury Bills |   |           13,989,462 |   | 14.40% |   |
|                                 |         2,500,000                                                                                                                                                                                    |   | 06/16/11                                            |   | U.S. Treasury Bills |   |             2,497,912 |   | 2.57% |   |
|                                 |         4,000,000                                                                                                                                                                                    |   | 06/23/11                                            |   | U.S. Treasury Bills |   |             3,996,568 |   | 4.12% |   |
|                                 |         6,000,000                                                                                                                                                                                    |   | 06/30/11                                            |   | U.S. Treasury Bills |   |             5,994,776 |   | 6.17% |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   | Total United States government securities |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   | (cost - $88,124,920) |   |  $    88,149,577 |   |     90.75% |   |
| LONG FUTURES CONTRACTS**             |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Description                                         |   |   |   | Fair Value |   | % of NetAsset Value |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Agricultural                                        |   |   |   |  $         6,380,557           |   | 6.57% |   |
|                                 |                                                                                                                                                                                                                                         |   | Currencies                                          |   |   |   |           1,485,000         |   | 1.53% |   |
|                                 |                                                                                                                                                                                                                                         |   | Energy                                              |   |   |   |           1,272,672        |   | 1.31% |   |
|                                 |                                                                                                                                                                                                                                         |   | Metals                                              |   |   |   |           3,693,172       |   | 3.80% |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Total long futures contracts                        |   |           12,831,401          |   |     13.21% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |
| SHORT FUTURES CONTRACTS**            |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 | No. ofContracts                                                                                                                                                                                                                              |   | Description                                         |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 | 210                                                                                                                                                                                                                                          |   | Interest rates (U.S. Treasury Bond, expires 3/2011) |   |               677,415    |   | 0.70% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Total futures contracts                             |   |    $    13,508,816       |   |  13.91% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
| *                                    | 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, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented. |

----

----

| UNITED STATES GOVERNMENT SECURITIES* |                                                                                                                                                                                                                                         |   |                                                |   |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
|                                 | Face Value                                                                                                                                                                                                                                   |   | Maturity Date                                       |   | Description |   | Fair Value |   | % of NetAsset Value |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |  $     4,000,000                                                                                                                                                                                               |   | 01/14/10                                            |   | U.S. Treasury Bills |   |  $         3,999,595 |   | 5.14% |
|                                 |         2,000,000                                                                                                                                                                                    |   | 01/21/10                                            |   | U.S. Treasury Bills |   |             1,999,694 |   | 2.57% |
|                                 |         4,500,000                                                                                                                                                                                    |   | 01/28/10                                            |   | U.S. Treasury Bills |   |             4,499,167 |   | 5.78% |
|                                 |         4,000,000                                                                                                                                                                                    |   | 03/11/10                                            |   | U.S. Treasury Bills |   |             3,998,639 |   | 5.14% |
|                                 |         6,500,000                                                                                                                                                                                    |   | 03/18/10                                            |   | U.S. Treasury Bills |   |             6,497,566 |   | 8.35% |
|                                 |         7,500,000                                                                                                                                                                                    |   | 04/08/10                                            |   | U.S. Treasury Bills |   |             7,497,039 |   | 9.64% |
|                                 |         6,000,000                                                                                                                                                                                    |   | 04/22/10                                            |   | U.S. Treasury Bills |   |             5,997,200 |   | 7.71% |
|                                 |         4,000,000                                                                                                                                                                                    |   | 05/13/10                                            |   | U.S. Treasury Bills |   |             3,998,227 |   | 5.14% |
|                                 |         8,000,000                                                                                                                                                                                    |   | 06/03/10                                            |   | U.S. Treasury Bills |   |             7,995,294 |   | 10.28% |
|                                 |       13,000,000                                                                                                                                                                                               |   | 06/10/10                                            |   | U.S. Treasury Bills |   |           12,991,715 |   | 16.69% |
|                                 |         4,000,000                                                                                                                                                                                    |   | 06/24/10                                            |   | U.S. Treasury Bills |   |             3,996,597 |   | 5.14% |
|                                 |       11,000,000                                                                                                                                                                                               |   | 07/01/10                                            |   | U.S. Treasury Bills |   |           10,990,158 |   | 14.12% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   | Total United States government securities |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   | (cost - $74,437,283) |   |  $        74,460,891 |   | 95.70% |
| LONG FUTURES CONTRACTS**             |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Description                                         |   |   |   | Fair Value |   | % of NetAsset Value |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Agricultural                                        |   |   |   |  $          (221,904) |   |  (0.28)% |
|                                 |                                                                                                                                                                                                                                         |   | Currencies                                          |   |   |   |              (417,748) |   |  (0.54)% |
|                                 |                                                                                                                                                                                                                                         |   | Energy                                              |   |   |   |             2,450,797 |   | 3.15% |
|                                 |                                                                                                                                                                                                                                         |   | Metals                                              |   |   |   |           (3,225,817) |   |  (4.15)% |
|                                 |                                                                                                                                                                                                                                         |   | Stock Index                                         |   |   |   |               297,750 |   | 0.38% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Total long futures contracts                        |   |         (1,116,922) |   |  (1.44)% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |
| SHORT FUTURES CONTRACTS**            |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |
|                                 | No. ofContracts                                                                                                                                                                                                                              |   | Description                                         |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 | 229                                                                                                                                                                                                                                          |   | Interest rates (U.S. Treasury Bond, expires 3/2010) |   |             1,287,419 |   | 1.66% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
|                                 |                                                                                                                                                                                                                                         |   | Total futures contracts                             |   |  $            170,497 |   | 0.22% |
|                                 |                                                                                                                                                                                                                                         |   |                                                |   |   |   |   |   |   |
| *                                    | 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, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented. |

----

----

|                                                                                                                                                                                                                                                                                                                            |   | 2010   |       |   | 2009   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| TRADING GAINS (LOSSES)                                                                                                                                                                                                                                                                                                          |   |   |       |   |   |   |
|     Realized                                                                                                                                                                                                                                                                                                |   | $      | 20,797,707 |   |   | $      | 39,173,736 |   |
|     Change in unrealized                                                                                                                                                                                                                                                                                    |   |   | 13,338,319 |   |   |   | (5,146,347 | ) |
|     Brokerage commissions                                                                                                                                                                                                                                                                                   |   |   | (103,822   | )      |   |   | (128,483 | ) |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Total trading gains                                                                                                                                                                                     |   |   | 34,032,204 |   |   |   | 33,898,906 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
| NET INVESTMENT (LOSS)                                                                                                                                                                                                                                                                                                           |   |   |       |   |   |   |   |   |
|     Income                                                                                                                                                                                                                                                                                                  |   |   |       |   |   |   |   |   |
|         Interest income                                                                                                                                                                                                                                                                 |   |   | 126,946    |   |   |   | 130,650 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|     Expenses                                                                                                                                                                                                                                                                                                |   |   |       |   |   |   |   |   |
|         Selling agent administrative and service fee                                                                                                                                                                                                                                    |   |   | 1,790,869  |   |   |   | 1,582,995 |   |
|         Management fee                                                                                                                                                                                                                                                                  |   |   | 1,425,576  |   |   |   | 1,117,262 |   |
|         Operating expenses                                                                                                                                                                                                                                                              |   |   | 219,076    |   |   |   | 228,040 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Total expenses                                                                                                                                                                                          |   |   | 3,435,521  |   |   |   | 2,928,297 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Net investment (loss)                                                                                                                                                                                   |   |   | (3,308,575 | )      |   |   | (2,797,647 | ) |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     NET INCOME                                                                                                                                                                                              |   |   | 30,723,629 |   |   |   | 31,101,259 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Less:  General Partner                        Profit Share allocation |   |   | 2,623,482  |   |   |   | 406,628 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Net income for pro rata                        allocation to all partners       |   | $      | 28,100,147 |   |   | $      | 30,694,631 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Net income is comprised as follows:                                                                                                                                                                     |   |   |       |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                     Net income attributable to General Partner                                                                                                                                                              |   | $      | 2,754,455  |   |   | $      | 515,203 |   |
|                     Net income attributable to Limited Partners                                                                                                                                                             |   |   | 27,969,174 |   |   |   | 30,586,056 |   |
|                                                                                                                                                                                                                                                                                                                            |   |   |       |   |   |   |   |   |
|                             Total net income                                                                                                                                        |   | $      | 30,723,629 |   |   | $      | 31,101,259 |   |

----

----

|                                                                                                                                                           |   | Partners' Capital |       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|------------|
|                                                                                                                                                           |   | Series B -        |       |   | Series A - |   |   |   |   |
|                                                                                                                                                           |   | General           |       |   | Limited |   |   |   |   |
|                                                                                                                                                           |   | Partner           |       |   | Partners |   |   | Total |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |
| Balances at December 31, 2008                                                                                                                                  |   | $                 | 152,807    |   |   | $ | 47,160,075 |   |   | $ | 47,312,882 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Net income for the year ended    December 31, 2009:        General Partner Profit Share allocation |   |              | 406,628    |   |   |   | 0 |   |   |   | 406,628 |   |
|         Pro rata allocation to all partners                                                                            |   |              | 108,575    |   |   |   | 30,586,056 |   |   |   | 30,694,631 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                                                                                                                  |   |              | 0          |   |   |   | 9,981,105 |   |   |   | 9,981,105 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Redemptions                                                                                                                                                    |   |              | (406,628   | ) |   |   | (10,183,106 | ) |   |   | (10,589,734 | ) |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2009                                                                                                                                  |   |              | 261,382    |   |   |   | 77,544,130 |   |   |   | 77,805,512 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Net income for the year ended    December 31, 2010:        General Partner Profit Share allocation |   |              | 2,623,482  |   |   |   | 0 |   |   |   | 2,623,482 |   |
|         Pro rata allocation to all partners                                                                            |   |              | 130,973    |   |   |   | 27,969,174 |   |   |   | 28,100,147 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                                                                                                                  |   |              | 0          |   |   |   | 5,140,642 |   |   |   | 5,140,642 |   |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Redemptions                                                                                                                                                    |   |              | (2,623,482 | ) |   |   | (13,914,434 | ) |   |   | (16,537,916 | ) |
|                                                                                                                                                           |   |              |       |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2010                                                                                                                                  |   | $                 | 392,355    |   |   | $ | 96,739,512 |   |   | $ | 97,131,867 |   |

----

----

| 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 Partnership is also subject to the applicable reporting requirements of the Securities Exchange Act of 1934. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Fourth Amended and Restated Limited Partnership Agreement (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 Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification), is the single source of U.S. GAAP for interim and annual periods ending after September 15, 2009. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Pursuant to the Cash Flows Topic of the Codification, the Partnership qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Futures Contracts and Options on Futures Contracts |
|--------|----|----------------------------------------------------|

|   | D.  | United States Government Securities |
|--------|----------|-------------------------------------|

|   | At December 31, 2010 and 2009, 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 as reported as interest income in the statements of operations. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

|   | E.  | Income Taxes |
|--------|----------|--------------|

|   | F. | Foreign Currency Transactions |
|--------|----|-------------------------------|

|   | G. | Capital Accounts |
|--------|----|------------------|

----

----

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

|   | H. | Redemptions |
|--------|----|-------------|

|   | I.  | Recently Issued Accounting Pronouncement |
|--------|----------|------------------------------------------|

| Note 2.  | GENERAL PARTNER |
|---------------|-----------------|

----

----

| Note 3.  | SELLING AGENT ADMINISTRATIVE AND SERVICE FEES |
|---------------|-----------------------------------------------|

| Note 4.  | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS |
|---------------|----------------------------------------------|

| Note 5.  | DEPOSITS WITH BROKER |
|---------------|----------------------|

----

----

| Note 6.  | FAIR VALUE |
|---------------|------------|

|                 |   | December 31, 2010 |       |
|----------------------|--------|-------------------|------------|
| Description          |   | Level 1           |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |
| Assets               |   |              |       |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | 13,514,066 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 13,514,066 |   |
| U.S. Treasury bills  |   |              | 0          |   |   |   | 88,149,577 |   |   |   | 0 |   |   |   | 88,149,577 |   |
| Total assets         |   | $                 | 13,514,066 |   |   | $ | 88,149,577 |   |   | $ | 0 |   |   | $ | 101,663,643 |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities          |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | (5,250     | ) |   | $ | 0 |   |   | $ | 0 |   |   | $ | (5,250 | ) |

|                |   | December 31, 2009 |    |
|---------------------|--------|-------------------|---------|
| Description         |   | Level 1           |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts   |   | $                 | 170,497 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 170,497 |   |
| U.S. Treasury bills |   |              | 0       |   |   |   | 74,460,891 |   |   |   | 0 |   |   |   | 74,460,891 |   |
| Total               |   | $                 | 170,497 |   |   | $ | 74,460,891 |   |   |   | 0 |   |   | $ | 74,631,388 |   |

----

----

----

| Note 7.  | DERIVATIVES |
|---------------|-------------|

|                                  |   | December 31, 2010 |       |
|---------------------------------------|--------|-------------------|------------|
| Futures Contracts                     |   | Assets            |       |   | Liabilities |   |   | Net |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Agricultural                          |   | $                 | 6,380,557  |   |   | $ | 0 |   |   | $ | 6,380,557 |   |
| Currencies                            |   |              | 1,485,000  |   |   |   | 0 |   |   |   | 1,485,000 |   |
| Energy                                |   |              | 1,272,672  |   |   |   | 0 |   |   |   | 1,272,672 |   |
| Interest rates                        |   |              | 682,665    |   |   |   | (5,250 | ) |   |   | 677,415 |   |
| Metals                                |   |              | 3,693,172  |   |   |   | 0 |   |   |   | 3,693,172 |   |
| Total gross fair value of derivatives |   | $                 | 13,514,066 |   |   | $ | (5,250 | ) |   | $ | 13,508,816 |   |
|                                  |   |              |       |
|                                  |   | December 31, 2009 |       |
|                                  |   |              |       |
| Futures Contracts                     |   | Assets            |       |   | Liabilities |   |   | Net |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Agricultural                          |   | $            | 347,471    |   |   | $ | (569,375 | )  |   | $ | (221,904 | )  |
| Currencies                            |   |              | 134,062    |   |   |   | (551,810 | ) |   |   | (417,748 | ) |
| Energy                                |   |              | 2,585,858  |   |   |   | (135,061 | ) |   |   | 2,450,797 |   |
| Interest rates                        |   |              | 1,287,731  |   |   |   | (312 | ) |   |   | 1,287,419 |   |
| Metals                                |   |              | 321,200    |   |   |   | (3,547,017 | ) |   |   | (3,225,817 | ) |
| Stock index                           |   |              | 297,750    |   |   |   | 0 |   |   |   | 297,750 |   |
| Total gross fair value of derivatives |   | $                 | 4,974,072  |   |   | $ | (4,803,575 | )  |   | $ | 170,497 |   |

----

----

| Note 7.  | DERIVATIVES (CONTINUED) |
|---------------|-------------------------|

|                         |   | Year Ended December 31, 2010 |       |   | Year Ended December 31, 2009 |   |
|------------------------------|--------|------------------------------|------------|--------|------------------------------|--------|
|                         |   | Trading Gains (Losses)       |       |   |                         |   |   | Trading Gains (Losses) |   |   |   |   |
|                         |   |                         |       |   | Change in                    |   |   | Number of |   |   |   |   |   | Change in |   |   | Number of |   |
| Futures Contracts            |   | Realized                     |       |   | Unrealized                   |   |   | Contracts Closed |   |   | Realized |   |   | Unrealized |   |   | Contracts Closed |   |
|                         |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agricultural                 |   | $                            | 4,478,525  |   |                         | $      | 6,602,461 |   |   |   | 5,554 |   |   | $ | 8,033,424 |   |   | $ | (2,702,590 | ) |   |   | 6,343 |   |
| Currencies                   |   |                         | 2,208,998  |   |                         |   | 1,902,748 |   |   |   | 1,936 |   |   |   | 7,471,336 |   |   |   | (1,887,561 | ) |   |   | 1,694 |   |
| Energy                       |   |                         | 3,065,343  |   |                         |   | (1,178,125 | ) |   |   | 6,378 |   |   |   | 3,623,623 |   |   |   | 2,484,744 |   |   |   | 7,663 |   |
| Interest rates               |   |                         | (2,419,445 | )      |                         |   | (610,004 | ) |   |   | 845 |   |   |   | (581,282 | ) |   |   | 1,287,419 |   |   |   | 229 |   |
| Metals                       |   |                         | 8,593,092  |   |                         |   | 6,918,989 |   |   |   | 1,995 |   |   |   | 18,716,716 |   |   |   | (4,626,109 | ) |   |   | 2,510 |   |
| Stock index                  |   |                         | 3,697,681  |   |                         |   | (297,750 | ) |   |   | 1,104 |   |   |   | 1,909,919 |   |   |   | 297,750 |   |   |   | 277 |   |
|                         |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts      |   |                         | 19,624,194 |   |                         |   | 13,338,319 |   |   |   |   |   |   |   | 39,173,736 |   |   |   | (5,146,347 | ) |   |   |   |   |
|                         |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options on Futures Contracts |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                         |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock index                  |   |                         | 1,173,513  |   |                         |   | 0 |   |   |   | 364 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                         |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gains (losses) from    |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| derivatives trading per      |   |                         |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| statements of operations     |   | $                            | 20,797,707 |   |                         | $      | 13,338,319 |   |   |   |   |   |   | $ | 39,173,736 |   |   | $ | (5,146,347 | ) |   |   |   |   |

| Note 8.  | MARKET AND CREDIT RISKS |
|---------------|-------------------------|

----

----

| Note 8.  | MARKET AND CREDIT RISKS (CONTINUED) |
|---------------|-------------------------------------|

| Note 9.  | INDEMNIFICATIONS |
|---------------|------------------|

----

----

| Note 10.  | FINANCIAL HIGHLIGHTS |
|----------------|----------------------|

|                                                        |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Total return for Series A Limited Partners taken as a whole |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |
| Total return before General Partner Profit Share allocation |   |   | 43.64  | %      |   |   | 63.67 | % |
| General Partner Profit Share allocation                     |   |   | (3.90  | )%     |   |   | (0.89 | )% |
|                                                        |   |   |   |   |   |   |   |   |
| Total return after General Partner Profit Share allocation  |   |   | 39.74  | %      |   |   | 62.78 | % |
|                                                        |   |   |   |   |   |   |   |   |
| Supplemental Data for Series A Limited Partners             |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |
| Ratios to average net asset value:(1)                       |   |   |   |   |   |   |   |   |
| Expenses, excluding General Partner Profit Share allocation |   |   | 4.88   | %      |   |   | 5.01 | % |
| General Partner Profit Share allocation                     |   |   | 3.73   | %      |   |   | 0.70 | % |
|                                                        |   |   |   |   |   |   |   |   |
| Total expenses                                              |   |   | 8.61   | %      |   |   | 5.71 | % |
|                                                        |   |   |   |   |   |   |   |   |
|                                                        |   |   |   |   |   |   |   |   |
| Net investment (loss)(2)                                    |   |   | (4.70  | )%     |   |   | (4.78 | )% |

----

|   | (1) | The ratios of expenses and net investment (loss) to average net asset value do not include brokerage commissions. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

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

----