UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549




FORM
10-K




(Mark
One)


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




For
the Fiscal Year Ended December 31, 2007




or





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


_______________________




Commission
File Number: 000-52599




AIS
FUTURES FUND IV L.P.


(Exact
name of registrant as specified in its charter)




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





c/o AIS
FUTURES MANAGEMENT LLC


187
Danbury Road, P.O. Box 806


Wilton,
Connecticut  06897


(Address
of principal executive offices) (zip code)




John
Hummel


AIS
Futures Management LLC


187
Danbury Road, P.O. Box 806


Wilton,
Connecticut  06897


(203)
563-1180


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


of agent
for service)





__________________________







Copies
to:





James
Biery


Nathan A.
Howell


Lauren
Wolf


Sidley
Austin LLP


One South
Dearborn


Chicago,
Illinois 60603





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





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





Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in
Rule 405 of the Securities Act. Yes[_]  No[X]





Indicate
by check mark if the registrant is not required to file reports pursuant to
Section 13 or Section 15(d) of the Act. Yes[_]  No[X]





Indicate
by check mark whether the Registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the Registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.Yes[X]No[_]





Indicate
by check mark if the disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best
of the Registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.  [X]





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




Large
      accelerated filer  [_]
            Accelerated
      filer  [_]Non-accelerated
      filer  [_]
            Smaller
      reporting company  [X]





Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Act). Yes[_]  No[X]





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





Not
Applicable.





DOCUMENTS
INCORPORATED BY REFERENCE





None.


ii


PART I


Item
1:  BUSINESS




(a)
            General Development of
      Business




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




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




As of
February 29, 2008 , the aggregate net asset value of the Partnership was
$107,383,206.




The
Partnership’s fiscal year ends on December 31.




The
Partnership has no subsidiaries.




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




·
            December 31,
      2026.




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




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




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




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




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




(b)
            Financial Information
      About Segments




The
Partnership’s business constitutes only one segment for financial reporting
purposes – a speculative commodity pool.  The Partnershipdoes not engage in sales
of goods or services.  Financial information regarding the
Partnership’s business is set forth under “Item 6: Selected Financial Data” and
in the Partnership’s financial statements, included herewith.






1








(c)
            Narrative Description
      of Business




General





The
Partnership was organized to engage in speculative trading of Futures Contracts
(as defined above).  AIS has authority over the Partnership’s assets
to trade in the futures and forward markets.  Newedge Financial Inc.
(“NFI” or the “Commodity Broker”) currently serves as the Partnership’s
commodity broker.  The offices of the Partnership, where its books and
records are kept, are located at the office of the General Partner: 187 Danbury
Road, P.O. Box 806, Wilton, Connecticut 06897; telephone (203)
563-1180.




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




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




Description
of Trading Approach





In
trading for the Partnership, AIS employs MAAP, which is a trend-following
trading process employing a combination of discretionary input from AIS’s
principals and its proprietary applied intelligence software, which is based on
a quantitative analysis over years of daily historical prices and probability
theory.




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




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




MAAP
allocates approximately 1/6 of the Partnership’s portfolio’s potential total
contract value (approximately two to four times the Partnership’s net asset
value when fully invested) to each of the six asset classes described
above.  Equities are represented by positions in the S&P 500
futures contract; fixed income is represented by United States Treasury bond
futures; and currency is represented by Japanese yen futures.  In
addition to the three financial markets currently traded, AIS has completed
research on additional stock index, fixed income and currency contracts for both
domestic and international markets, and may diversify trading within these three
asset classes by trading one or more of these additional
contracts.  However, this additional diversification will not change
the maximum 1/6 weight assigned to each of these three asset
classes.




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




The
profitability of trend-following trading techniques such as MAAP depends upon
the occurrence of major price moves, or trends, in the futures contracts
traded.  Although historically there have been such trends identified
by MAAP in the Futures Contracts traded by the Partnership, there is no
assurance that there will not be significant periods during which no such trends
occur, or that MAAP will be able to identify and capitalize upon future price
trends.






2






MAAP’s
fundamental analysis begins with an analysis of the global macro economic
conditions that could impact the environment for the six sectors
traded.  AIS believes that global economic growth rates, inflation
trends, government policies, currency and interest rate trends, and demographic
factors all interact to impact price trends in the various markets
traded.  In addition to global macro trends, analysis of specific
supply and demand trends within each of the three commodity sectors is conducted
on an ongoing basis.  Finally, AIS analyzes the potential of supply
demand conditions and price trends in one sector to impact prices in other
sectors.  Using their analysis of fundamental conditions, the
principals then compare their conclusions with signals from their quantitative
systematic components to challenge or confirm their fundamental
conclusions.  The principals believe that combining both fundamental
and quantitative analysis creates a more in-depth understanding of market
dynamics.




MAAP’s
systematic component consists of a valuation methodology and a trend-following
methodology.  Generally,  the systematic component enters
into a long (buy) position in a particular contract if: (i) the asset class is
undervalued based on the program’s application of probability theory; and (ii) a
statistically significant price reversal is evidenced while such asset class is
within the program’s definition of undervaluation.  On the other hand,
the valuation component only indicates a short sale when a market is no longer
defined as being statistically undervalued.




Once a
long position is signaled by MAAP’s systematic component, a trend-following
methodology is applied, which defines a minimum expectation level the asset must
meet in order to be classified as experiencing an “uptrend.”  Once
MAAP’s systematic component identifies an uptrend, following that uptrend
supersedes the signal generated by the valuation component of the MAAP system so
long as the minimum uptrend requirements set in the MAAP system are
satisfied.  This methodology is based on the theory that a major
uptrend will cause the price of the commodity or financial instrument to rise to
levels at which they may be considered overvalued.  Consequently, a
substantial percentage of an upward move may occur during periods in which
traditional fundamental and technical approaches would indicate that the
commodity or financial instrument is overvalued.  Only when price
changes fail to remain within the minimum definition of an uptrend will the
program signal a reversal to a short (sell) position.




MAAP’s
systematic component uses at least three sets of values for the parameters
applied to each market for determining whether to be long or short in that
market.  Though the multiple model sets are generally expected to
yield similar trading signals, there are slight differences in their indications
of when to be long or short and taken together, help to smooth out
returns.  AIS continually researches the benefits of using new models
or iterations of MAAP’s systematic parameters, other than the three model sets
currently in use.  As a result, AIS has  used additional
models that help in its decision making process in some of the markets traded,
and may do so again in other markets in the future.  Additionally, AIS
may deem it appropriate to reduce the number of MAAP models in use in some or
all of the markets traded by the Partnership.




Applying
MAAP using multiple models for each market traded, the portfolio has the ability
to be  neutral, partial (e.g., 1/10, 1/4, 1/3, 1/2 to 2/3, etc.) or
fully invested, long or short, in each of the markets traded.  AIS
believes that the separate MAAP models improve trading results during choppy or
non-trending markets in which trend-following approaches generally tend to
perform poorly.




AIS
currently uses discretion in making its long or short trading decisions within
all asset classes but monitors its systematic component to help with timing, and
as a major influence in its discretionary decision-making.  As such,
AIS exercises discretion with respect to the timing of placing new positions
when funds are added to the Partnership’s account.  When the number of
positions are recommended by the position weighting rules to be increased or
decreased as the account’s value changes or as the value of the contracts
purchased at the onset of a new position change, AIS may decide to wait for
corrections or advances to rebalance the number of contracts held in a
particular asset’s position.  During this time, leverage may
substantially exceed or fall short of what it would be if a new position were
initiated.  AIS may, if it deems the markets to be subject to
conditions of unusual risk, or possible government intervention, or temporary
illiquidity, temporarily reduce overall portfolio leverage or leverage in a
particular market.  In addition, AIS applies discretion in the timing
of its response to system signals to buy or sell either by anticipating a signal
change or delaying a response to a signal if it believes market conditions
justify such a response.  AIS may also take positions counter to those
suggested by its systematic component when its fundamental research presents a
compelling argument for an opposite position.  Such a situation could
develop as a result of government intervention or other factors, or might occur,
for instance, if fundamental research suggests extreme overvaluation and the
systematic components generate buy signals, or if fundamental research suggests
extreme undervaluation and the systematic components generate sell
signals.  Such discretionary decisions may cause the portfolio
leverage and individual positions to be greater or less than what would be
called for by a totally systematic approach.  AIS may also buy or sell
options on futures at its discretion as a means to reduce portfolio risk or to
enter or exit positions at certain prices and times.  Such
discretionary decision-making could impact performance either negatively or
positively compared to a purely systematic process.  As a means of
disguising its order flow, AIS may occasionally engage in extra trading in the
opposite direction of its intended orders.






3






Although
AIS generally takes positions in the most liquid, front month contract, it also
analyzes spread relationships in order to take advantage of extremes in pricing
between front month contracts and forward month contracts.  AIS
believes this strategy periodically offers opportunities to reduce portfolio
risk.  AIS continues an active research program seeking ways to
improve investment returns and to reduce portfolio risk.  Such
research may lead to the introduction of additional trading models in individual
markets and to more extensive use of options on futures
contracts.  AIS’ research in the use of options on futures is
primarily, but not solely, intended to seek ways to further reduce portfolio
volatility.




Regulation





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




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




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




The
Partnership has no employees.




(d)
            Partnership Assets and
      Cash Management Income




(i)           Partnership
Assets and Custody of Assets




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




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




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




(ii)           Interest
Income




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






4






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




(e)
            Charges




Recipient
            Nature
      of
              Payment
            Amount of PaymentVarious
      service
              providers
            Administrative
              expenses
            The
      Partnership pays its routine legal, accounting and filing fees, operating
      expenses and other administrative costs as incurred.  These
      costs are currently estimated at approximately $200,000 per year, although
      they may exceed this level.  The Partnership will pay any taxes
      or extraordinary expenses applicable to it, but these are not expected to
      be material.General
      Partner
            Profit
      Share
            The
      General Partner receives an annual Profit Share equal to 20% of any New
      Trading Profit realized on Series A Interests payable at the end of each
      calendar year.  New Trading Profit is calculated on a “high
      water mark” basis with respect to each Limited Partner so that a Limited
      Partner is charged a Profit Share only on the amount of trading profits
      allocated to such Limited Partner that exceed the previous high point in
      trading profit allocated to such limited partner since a Profit Share was
      last charged.  Because Limited Partners purchase Interests at
      different times, they may recognize different amounts of New Trading
      Profit.General
      Partner
            Management
      Fee
            Series
      A Units pay the  General  Partner a monthly
      Management  Fee equal to 1/12 of 2% of month-end Net Assets (a
      2% annual rate).The
      Commodity
              Broker
      and other
              executing
      brokers
            Brokerage
              Commissions
            The
      Partnership pays to the Commodity Broker brokerage commissions and certain
      other trading expenses incurred in connection with the Partnership’s
      futures trading.  The Partnership pays to the Commodity Broker
      up to $8 per “round turn” trade, which includes all exchange, clearing,
      give up and National Futures Association (“NFA”) fees.  If the
      Partnership uses an executing broker other than the Commodity Broker it
      pays up to $1.50 for trade execution.  The Partnership is
      charged half of these round-turn rates on each purchase and sale of
      futures options.  When an option is exercised and a futures
      position is acquired, the full round-turn rate is charged on that
      position.  There is no charge when an option
      expires.  The General Partner estimates that the annual
      brokerage commission expenses will, in the aggregate, be approximately
      0.45% of the Partnership’s average month-end Net Assets, but such expenses
      may exceed this estimate under certain circumstances.  If the
      Partnership engages in forward trading, the Partnership would typically be
      charged a bid/ask spread which is embedded in the price quoted by the
      forward contract counterparty and is thus
  unquantifiable.Selling
      Agents
            Selling
      Agent
              Administrative
      and
              Service
      Fee
            Series
      A Interests purchased by Limited Partners that were solicited by selling
      agents (collectively, the “Selling Agents”) will pay to the respective
      Selling Agent a Selling Agent Administrative and Service Fee (the “Service
      Fee”) equal to 1/12 of 2.5% (a 2.5% annual rate) of the month-end Net
      Asset Value of the Series A Interests sold by them which remain
      outstanding as of each month-end.  The Selling Agent may pass on
      a portion of such Service Fees to its investment
      executives.  The General Partner may also pay a portion of its
      Management Fee to the Selling Agents as additional sales compensation in
      respect of the Interests sold by the Selling
  Agents.







5





Recipient
            Nature
      of
              Payment
            Amount of PaymentVarious
      Selling
              Agents
            Upfront
      selling
              commissions
            A
      selling commission of up to 2% of the subscription amount may be deducted
      from the subscription proceeds and paid to the applicable Selling Agent,
      if any.





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





(f)
            Conflicts of
      Interest




The
General Partner




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




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




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




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




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




The
Selling Agents




Selling
Agents engaged by the Partnership will receive ongoing compensation based on
Interests sold by them which remain outstanding.  Consequently, when
advising clients whether to redeem their Interests, the Selling Agents have a
conflict of interest between maximizing the compensation they receive from the
Partnership and giving their






6






clients
financial advice the Selling Agents believe to be in such clients’ best
interests.  Additionally, one or more Selling Agents may provide other
services to the Partnership, which may include brokerage and execution
services.




(g)
            Allocation of Profit
      and Loss




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




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




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




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




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




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




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




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




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






7






(h)
            Reporting




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




Item
1A: Risk Factors




The
Partnership is a Speculative Investment.  Investors May Lose All or
Substantially All of Their Investment.




Investors
in the Partnership must be prepared to lose all or substantially all of their
investment.  The Partnership has no “principal protection” feature
assuring the return of investors’ initial investments as of a specified future
date.




Past
performance of the Partnership is not necessarily indicative of how the
Partnership will perform in the future.  The Partnership is a
speculative investment and involves a substantial risk of
loss.  Favorable market conditions from 2003 through early 2008
provided the Partnership with the opportunity to achieve returns well in excess
of the Partnership’s average return since inception.  There can be no
assurance, and investors should not expect, that similar performance will be
achieved in the future.




Investors
Have a Limited Ability to Liquidate Their Investment in Interests.




Interests
cannot be assigned, transferred, pledged or encumbered except on the terms and
conditions set forth in the Limited Partnership Agreement and with the consent
of the General Partner.  Investors may require the Partnership to
redeem all or any part of their Interests as of the close of business on the
last day of any month at the then current Net Asset Value of the
Interests.  However, the right to obtain payment on redemption is
contingent upon the receipt by the General Partner of ten days’ prior written
notice, and the redemption value of Interests may differ significantly from
their value when redemption is requested.




Trading
in Commodity Interest Contracts Is Speculative and Volatile.  The
Partnership may Incur Substantial Losses.




Commodity
interest contract prices are highly volatile.  Price movements of
commodity interest contracts are influenced by, among other things: changing
supply and demand relationships; climate; government agricultural, trade,
fiscal, monetary and exchange control programs and policies; national and
international political and economic events; crop diseases; the purchasing and
marketing programs of different nations; and changes in interest
rates.  In addition, governments from time to time intervene, directly
and by regulation, in certain markets, particularly those in currencies and
metals.  Such intervention is often intended to influence prices
directly.  None of these factors can be controlled by AIS and no
assurances can be given that its advice will result in profitable trades for the
Partnership or that the Partnership will not incur substantial
losses.  The Partnership has in the past incurred substantial losses
over certain periods, and there can be no assurance that such losses will not
occur again.




Futures
Trading Is Highly Leveraged.  Small Adverse Price Moves May Result in
Substantial Losses.




The low
margin deposits normally required in futures trading permit an extremely high
degree of leverage; margin requirements for futures trading being in some cases
as little as 2% of the face value of the contracts traded.  For
example, if at the time of purchase 10% of the price of the futures contract is
deposited as margin, a 10% decrease in the price of the futures contract would,
if the contract was then closed out, result in a total loss of the margin
deposit before any deduction for the trading commission.  A decrease
of more than 10% would result in a loss of more than the total margin
deposit.  Accordingly, a relatively small adverse price movement in a
futures contract may result in immediate and substantial loss to the
investor.  Like other leveraged investments, any futures trade may
result in losses in excess of the amount invested.  While AIS
generally limits the Partnership’s leverage to between two and four times the
Partnership’s total capital, thereby decreasing the impact of small adverse
price moves compared to what would be experienced by a more highly leveraged
portfolio, there can be no assurance that the Partnership will not suffer rapid
substantial losses.




Illiquidity
in the Futures Markets May Result in Losses to the Partnership.




United
States commodity exchanges impose “daily limits” on the amount by which the
price of most futures contracts traded on such exchanges may vary during a
single day.  Daily limits prevent trades from being executed during a
given trading day at a price above or below the daily limit.  Once the
price of a futures contract has moved to the limit price, it may be difficult,
costly or impossible to liquidate a position.  Such limits could
prevent AIS from promptly liquidating unfavorable positions and restrict its
ability to exercise or offset commodity options held in the Partnership’s
account.  In addition, even if futures prices have not moved the daily
limit, AIS may be unable to execute trades at favorable prices if the liquidity
of the market is not adequate.  It is also possible for an exchange or
the CFTC to






8






suspend
trading in a particular contract, order immediate settlement of a particular
contract or order that trading in a particular contract be conducted for
liquidation only.




It
is Unlikely that the Partnership Will Trade Profitably if There are no Price
Trends of the Kind MAAP Seeks to Identify.




AIS
applies a trend-following trading technique, which seeks to identify significant
price trends soon after they begin and participate in such trends until soon
after they have reversed.  The profitability of any trend following
strategy depends upon the occurrence of major price moves in some
markets.  Historically, the six asset classes employed in MAAP have
had, on average, approximately two moves per year up or down of 10% or
greater.  However, there is no guarantee that there will actually be
such trends in the future.  The best trend following strategy,
whatever elements it may contain, is unlikely to be profitable if there are no
trends of the kind it seeks to identify.  Furthermore, a strategy
which is successful in the case of upward price trends may not be successful in
downward trends and vice versa.  Any factor which may lessen the
prospects of major trends in the future (such as increased government control
of, or participation in, the markets) may reduce the prospects that any trend
following strategy will be profitable.




The
Discretionary Aspects of the AIS’ Trading Strategy May Result in Unprofitable
Trades Being Made for the Partnership.




Although
AIS applies a highly systematic strategy based upon MAAP, AIS’ strategy retains
certain discretionary aspects.  Decisions, for example, to adjust the
size of positions indicated by the systematic strategies, which futures
contracts to trade, delaying a response to a signal generated from MAAP if AIS
believes unusual market conditions justify such a response and method of order
entry, require judgmental input from AIS.  Discretionary
decision-making may result in AIS’ making unprofitable trades in situations when
a more wholly systematic approach based solely on MAAP’s trading signals would
not have done so.




The
Partnership is Dependent on Messrs. Hummel and Stern.  The Loss of
Either of Their Services Would Affect the Partnership Adversely.




The
Partnership is dependent on the services of Messrs. Hummel and
Stern.  The Partnership would be adversely affected if the services of
either of them were not available for any significant period of
time.  Although either could serve as an effective liquidating agent
for the Partnership, the availability of both Messrs. Hummel and Stern is more
conducive to the success of the Partnership’s ongoing operations.




Speculative
Position Limits May Require AIS to Liquidate Partnership Positions at a Cost to
the Partnership.




The CFTC
and the United States commodities exchanges have established limits referred to
as “speculative position limits” on the maximum net long or net short
speculative positions that any person may hold or control in any particular
futures or options contracts traded on United States commodities
exchanges.  All accounts (proprietary or client) owned or managed by
AIS are combined for position limit purposes.  AIS could be required
to liquidate positions held for the Partnership in order to comply with such
limits. Any such liquidation could result in substantial costs to the
Partnership.




Trading
in Options on Futures Contracts is Speculative and May Result in
Losses.




AIS
infrequently engages in trading options on futures contracts, generally to hedge
futures positions or to enter or increase an existing position to full
leverage.  Although successful trading in options on futures contracts
requires many of the same skills required for successful futures trading, the
risks involved are somewhat different.  When purchasing or selling an
option, the risks associated with the transaction vary depending on the type of
option (i.e., put or call). When purchasing an option, it is necessary to
calculate the extent to which the value of the underlying must increase (in the
case of a call) or decrease (in the case of a put) in order for the
Partnership’s position to become profitable, taking into account the premium and
all transaction costs.  If the purchased options expire worthless, the
Partnership will suffer a total loss of the amount invested in the option that
will consist of the option premium plus transaction costs.




Selling
an option generally entails considerably greater risk than purchasing an
option.  Although the premium received by the seller is fixed, the
seller may sustain a loss well in excess of that amount.  The seller
will be liable for additional margin to maintain the position if the market
moves unfavorably.  The seller will also be exposed to the risk of the
purchaser exercising the option, and, upon such exercise, the seller will be
obligated to either settle the option in cash or to acquire or deliver the
underlying interest, depending on the terms of the option. If the option is
“covered” by the






9






seller
holding a corresponding position in the underlying interest or a future or
another option, the risk may be reduced.  If the option is not
covered, the risk of loss can be unlimited.




The
Profit Share May Cause AIS to Trade the Partnership’s Account
Aggressively.




The
General Partner’s Profit Share gives it an incentive to trade more aggressively
than it otherwise would on behalf of the Partnership.




The
Failure of the Partnership’s Brokerage Firms Could Result in
Losses.




The
Partnership’s Commodity Broker, as a futures commission merchant (“FCM”), is
required to segregate all funds of the Partnership in compliance with CFTC
regulations.  If the assets of the Partnership were not so segregated,
the Partnership would be subject to the risk of the failure of the Commodity
Broker.  Even given proper segregation, in the event of the insolvency
of the Commodity Broker, the Partnership may be subject to a risk of loss of its
funds and would be able to recover only a pro rata share (together with all
other commodity customers of the Commodity Broker) of assets, such as United
States Treasury bills, specifically traceable to the Partnership’s
account.  In commodity broker insolvencies, customers have, in fact,
been unable to recover from the broker’s estate the full amount of their
“customer” funds.  In addition, under certain circumstances, such as
the inability of another client of an FCM or the FCM itself to satisfy
substantial deficiencies in such other client’s account, a client may be subject
to a risk of loss of the funds on deposit with the FCM, even if such funds are
properly segregated.  In the case of any such bankruptcy or client
loss, a client might recover, even in respect of property specifically traceable
to the client, only a pro
rata share (which may amount to a complete loss of funds on deposit with
the FCM or a de minimis
recovery) of all property available for distribution to all of the FCM’s
clients.




Item
1B: UNRESOLVED STAFF COMMENTS




Not
applicable.





Item
2:  PROPERTIES




The
Partnership does not own or use any physical properties in the conduct of its
business.  The General Partner performs all administrative services
for the Partnership from the General Partner’s offices at 187 Danbury Road, P.O.
Box 806, Wilton, Connecticut  06897.




Item
3:  LEGAL PROCEEDINGS




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




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




None.








10


PART II





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




(a)
            Market
      information




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




(b)
            Holders




As of
February 29, 2008, there were 800 holders of Interests.




(c)
            Dividends




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




(d)
            Securities
      Authorized for Issuance under Equity Compensation
  Plans




None.




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




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




(f)   Issuer
Purchases of Equity Securities




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




The
following table summarizes Limited Partner redemptions during the fourth
calendar quarter of 2007:




Month
      Ended
            
            
            Amount RedeemedOctober
      31, 2007
            
            $
            2,503,204November
      30, 2007
            
            $
            1,199,176December
      31, 2007
            
            $
            1,349,528Total
            
            $
            5,051,908





Item
6:  SELECTED FINANCIAL DATA




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




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




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




(a)           Capital Resources






11






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




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




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




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




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




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




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




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




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




(b)           Liquidity




The
Partnership’s assets are generally held as cash or cash equivalents which are
used to margin the Partnership’s futures positions and are withdrawn, as
necessary, to pay redemptions and expenses.  Other than potential
market-imposed  limitations on liquidity, due, for example, to limited open
interest in certain futures markets or to daily price fluctuation limits, which
are inherent in the Partnership’s futures trading, the Partnership’s assets are
highly liquid and are expected to remain so.  During its operations through
December 31, 2007, the Partnership experienced no meaningful periods of
illiquidity in any of the markets traded by the General Partner on behalf of the
Partnership.




(c)           Critical
Accounting Policies




The
Partnership records its transactions in futures contracts, including related
income and expenses, on a trade date basis.  Open futures contracts traded
on an exchange are valued at fair value, which is based on the closing






12






settlement
price on the exchange where the futures contract is traded by the Partnership on
the day with respect to which Net Assets are being
determined.




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




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




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




(d)           Off-Balance
Sheet Arrangements




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




(e)           Contractual
Obligations




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




(f)           Results of Operations




Performance
Summary




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




2007




During
2007, the Partnership achieved a net realized and unrealized gain of $34,149,681
from its trading operations, which is net of brokerage commissions of
$141,878.  The Partnership accrued total expenses of $2,980,296,
including $1,689,047 in Selling Agent Administrative and Service Fees,
$1,130,040 in Management Fees (paid to the General Partner) and $161,208 in
operating expenses.  The Partnership earned $2,990,447 in interest
income and allocated a Profit Share of $6,168,710 to the General
Partner.  An analysis of trading gains and losses (not adjusted for
any fees or expenses) by market sector is as follows:




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






13







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




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




2006




During
2006, the Partnership achieved a net realized and unrealized loss of $2,314,184
from its trading operations, which is net of brokerage commissions of
$125,731.  The Partnership accrued total expenses of $2,049,647,
including $1,292,554 in Selling Agent Administrative and Service Fees, $687,913
in Management Fees (paid to the General Partner) and $69,180 in operating
expenses.  The Partnership earned $2,140,749 in interest income and
allocated a Profit Share of $141,714 to the General Partner.  An
analysis of trading gains and losses (not adjusted for any fees or expenses) by
market sector is as follows:




Sector
            % Gain (Loss)S&P
      500
            0.48%Bonds
            1.44%Yen
            (4.36)%Energy
            (14.41)%Metals
            16.64%Grains
            8.83%Total
      Portfolio
            3.01%





The
Partnership generated a moderate gain for the year, led by strong performance of
the Partnership’s investments in metals and agricultural
commodities.  Trading in S&P 500 futures and U.S. treasuries added
small amounts to the Partnership’s performance, but the Partnership suffered
moderate losses on its Yen trading and significant losses in energy
trading.




Continued
strong global economic conditions led to strong performance of industrial and
precious metal prices.  Concerns over possible shortages also
supported prices of industrial metals.  Concerns over inflation,
weakening of the U.S. Dollar, and diversification away from U.S. Dollars also
boosted precious metal prices.




During
the first half of 2006, short positions in short-term and long-term interest
rate futures were widely profitable as interest rates rose on the back of strong
growth, inflation worries, and Fed Funds rate increases.  By July, however,
there was growing concern that tighter Central Bank monetary policies throughout
the world might induce a growth slowdown.  As a result, interest rates,
particularly long-term interest rates, came down.  The downward pressure on
long-term interest rates was augmented by OPEC and Bank of China purchases of
longer term government bonds for reserve management purposes.  On balance,
there was still a modest profit for the year from interest rate
trading.




The
Partnership’s Yen trading was unprofitable in 2006.  Significant volatility
without sustained trends characterized most currency markets.  Elsewhere,
trading of grains was profitable while the Partnership’s energy trading suffered
significant overall losses for the year, despite several strong
months.




2005




During
2005, the Partnership achieved a net realized and unrealized gain of $3,439,767
from its trading operations, which is net of brokerage commissions of
$104,850.  The Partnership accrued total expenses of $809,235,
including $490,891 in Selling Agent Administrative and Service Fees, $279,667 in
Management Fees (paid to the General Partner) and $38,677 in operating
expenses.  The Partnership earned $477,981 in interest income and
allocated a Profit Share of $692,016 to the General Partner.  An
analysis of trading gains and losses (not adjusted for any fees or expenses) by
market sector is as follows:






14






Sector
            % Gain (Loss)S&P
      500
            (0.23)%Bonds
            (0.49)%Yen
            (12.11)%Energy
            31.36%Metals
            16.21%Grains
            0.78%Total
      Portfolio
            35.27%





The
Partnership experienced another year of strong gains in 2005, led by strong
performance in the Partnership’s investments in energy and metals
futures.  The Partnership had small losses in its S&P 500 Futures
and U.S. treasuries and a small gain in its grain portfolio.  The
Partnership also suffered losses in its Yen portfolio.




Strong
growth of industrial production, especially in China, underpinned demand for
metals, and long positions in copper and silver generated
gains.  Continuing expansion of money supply worldwide fueled demand
for precious metals and long gold and silver positions were also
profitable.




Trading
of U.S. stock indices, which were range-bound for much of the year, was not
profitable in 2005.




Energy
prices were highly volatile in 2005 and the Partnership was able to capitalize
on that volatility.




Interest
rates were also quite volatile during 2005.  Early in the year, markets
expected continuing declines in non-U.S. interest rates, and further advances in
short term U.S. rates.  Later on, however, interest rates rose rather
broadly as the European Central Bank joined the Federal Reserve in raising
official rates, as growth in emerging economies remained strong, as Japan showed
evidence of exiting from its protracted slump, and as high prices for energy and
other commodities induced inflation fears that periodically roiled
markets.  The Partnership’s portfolio of treasuries was down for the
year, with a slight net loss for 2005.




Turning
to currencies, the Partnership’s currency trading suffered significant
losses.  Weakness in the Yen is a trend that continued from
2004.




Trading
of agricultural commodities generated only minimal gains on the
year.  Prices of corn, wheat and elements of the soybean complex
experienced wide swings in 2005, and modest gains were sustained across the
grain sector of the portfolio.




Item
7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK




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




Item
8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA




Financial
statements required by this item, including the reports of McGladrey &
Pullen, LLP for the fiscal years ended December 31, 2007 and 2006, and the
report of Salvatore Albanese & Co. for the fiscal year ended December 31,
2005 are included herewith following the Index to Financial
Statements.




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




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




None.






15






Item
9A:  CONTROLS AND PROCEDURES
  (a)           Disclosure
Controls and Procedures




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




(b)           Internal
Control over Financial Reporting




This
annual report does not include a report of management’s assessment regarding
internal control over financial reporting or an attestation report of the
company’s registered public accounting firm due to a transition period
established by rules of the Securities and Exchange Commission for newly public
companies.




Item
9B:  OTHER INFORMATION





None.





16


PART III





Item
10:  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE
GOVERNANCE




(a)           Identification
of Directors and Executive Officers.




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




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




John Hummel, age 62, has been
the President, Treasurer, Director, a member and a principal of AIS since its
inception.   Mr. Hummel has been a research analyst and portfolio
manager in the securities field since June 1967 and has traded commodities for
his personal account since February 1981 and for customers since June
1983.  Mr. Hummel has also been, since its inception in September
1993, the President and a Director and member of AIS Capital Management LLC
(“AIS Capital Management”) and its predecessor, AIS Capital Management, Inc., a
registered commodity pool operator and investment adviser.  From May
1990 until March 31, 1993, Mr. Hummel was affiliated with Cowen & Company, a
broker dealer and investment adviser formed in 1918 which is a member of the New
York Stock Exchange and all other principal United States
exchanges.  At Cowen & Company, Mr. Hummel was directly
responsible for managing individual and institutional stock and bond
portfolios.  From June 1987 until July 1990, Mr. Hummel was affiliated
with Matuschka & Co. L.P. (formerly Matuschka Moser Partners L.P.) , a
United States affiliate of The Matuschka Group, a privately-owned investment
firm headquartered in Germany, from June 1987 until October 1990, where he was
directly responsible for managing individual and institutional stock and bond
portfolios.  Also during such time, Mr. Hummel was affiliated with
Matuschka Moser Futures Management Corporation where he acted as a portfolio
manager with respect to futures trading.  Prior to joining Matuschka
& Co. L.P. in June 1987, Mr. Hummel was a Managing Director of Mitchell
Hutchins Asset Management, Inc., at the time a subsidiary of PaineWebber Inc.
(which was later acquired by UBS Global Asset Management US Inc.), where he had
been responsible for individual and institutional investment portfolios since
January 1977.  Mr. Hummel directed the trading of Mitchell
Hutchins Futures Fund, Ltd. from its inception in December 1983 through June
1987.  From April 1976 to December 1976, Mr. Hummel worked for
Reynolds Securities, Inc. in Milwaukee, Wisconsin.  From June 1969 to
April to 1976, Mr. Hummel served as President of Asset Management Corporation,
an investment advisory firm which he helped organize.  From June 1967
to June 1969, Mr. Hummel worked as a research analyst for Robert W. Baird &
Co., a brokerage firm in Milwaukee, Wisconsin.  Mr. Hummel received a
B.S. degree in investment management from Northwestern University in
1967.




Bradley C. Stern, age 41, is
the Vice President and a member and principal of AIS and of AIS Capital
Management.  Mr. Stern graduated from Emory University in May 1988
with a B.B.A. degree and did post-graduate work in finance at New York
University in 1991 and 1992.  In September 1988, he became an account
executive with Winston Resources, a recruiting firm.  From April 1989
to September 1989, he worked as a liaison between retail brokers and insurance
companies regarding such insurance products as annuities, term life and whole
life insurance at Thomson McKinnon Securities Inc., a registered
broker-dealer.   In September 1989, Mr. Stern became an Assistant
Portfolio Manager at Cowen & Company and his responsibilities increased
over the following three years to include acting as a Trading Analyst for
Cowen & Company.  In March 1993, Mr. Stern left
Cowen & Company with Mr. Hummel to join AIS as an associated
person.  Mr. Stern became a principal of AIS in November
1993.




Robert F. Ward, age 56, is a
member and principal of AIS.  Mr. Ward has 27 years of investment
consulting and investment experience.  Mr. Ward graduated from
Metropolitan State College in 1974.  Prior to joining AIS Capital
Management in December of 2005, Mr. Ward was a Senior Vice-President,
Investments with Morgan Stanley (March 2000 – December 2005), Paine Webber
(March 1988 – February 2000) and Kidder Peabody, Inc. (August 1983 – March
1988).  His business relationship with AIS and John Hummel has spanned
over two decades.




(ii)           Identification
of Certain Significant Employees




None.




(iii)           Family
Relationships




None.




(iv)           Business
Experience




See
above.






17






(v)           Involvement
in Certain Legal Proceedings.




None.




(vi)          Promoters
and Control Persons




Not
Applicable.




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




AIS
Futures Management LLC, John Hummel and Brad Stern each filed their initial
reports on Form 3 after the Interests became registered under Section 12 of the
Securities Exchange Act of 1934.  No subsequent filings on Form 4 or
Form 5 have been required.  [AIS – please confirm whether AIS, John or
Brad acquired Interests in the Partnership (as a Limited Partner) during
2007]




(c)           Code
of ethics




The
Partnership has no employees, officers or directors and is managed by AIS. 
AIS has adopted a Code of Ethics that applies to its principal executive officer
and certain other officers and employees of AIS.  A copy of this Code of
Ethics may be obtained at no charge by written request to AIS Futures Management
LLC, 187 Danbury Road, P.O. Box 806, Wilton, CT 06897 or by calling AIS at (203)
563-1180.




Item
11:  EXECUTIVE COMPENSATION




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




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




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




(a)
            Securities
      authorized for issuance under equity compensation
  plans




None.




(b)
            Security
      ownership of certain beneficial
owners




As of
February 29, 2008, the General Partner knows of the following persons who own
beneficially more than 5% of the Partnership’s Interests as follows: [AIS to
provide info]




Name and Address
            Value of Interests held
            Percentage OwnershipCity
      of Meridian Police and Fire Fund
              P.O.
      Box 66734
              St.
      Louis, MO 36166
            $7,527,546
            7.01%City
      of Meridian Employees Fund
              P.O.
      Box 66734
              St.
      Louis, MO 63166
            $7,527,546
            7.01%






18




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




(c)
            Security
      Ownership of Management




The
Partnership has no officers or directors.  Under the terms of the
Limited Partnership Agreement, the Partnership’s affairs are managed by the
General Partner, which has discretionary authority over the Partnership’s
trading.  As of February 29, 2008, the General Partner’s interest in
the Partnership was valued at $442,326, which constituted 0.41% of the
Partnership’s total assets. As of
February 29, 2008, no director, executive officer or member of the General
Partner beneficially owned Interests in the Partnership.




(d)
            Changes
      in Control




There
have been no changes in control of the Partnership.




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




See “Item
11: Executive Compensation” and “Item 12: Security Ownership of Certain
Beneficial Owners and Management and Related Stockholder
Matters.”  The Partnership paid the General Partner $1,130,041 in
Management Fees for the year ended December 31, 2007.  The Partnership
allocated to the General Partner $6,168,710 in Profit Shares for the year ended
December 31, 2007.  The General Partner’s interest in the Partnership
showed an allocation of profit (loss) of $134,624 for the year ended December
31, 2007.  The Management Fees and Profit Shares paid by the
Partnership to AIS were not negotiated and are higher than they would have been
had they been the result of arm’s-length bargaining.




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




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




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




Item
14:  PRINCIPAL ACCOUNTING FEES AND SERVICES




The
following table sets forth the fees billed to the Partnership for professional
audit services provided by McGladrey & Pullen, LLP, the Partnership’s
independent registered public accountant, for the audit of the Partnership’s
annual financial statements for the years ended December 31, 2007 and
2006.
  FEE CATEGORY
                
                2007
                
                
                2006Audit
      Fees(1)
                
                $
                54,000
                
                
                $
                40,000Audit-Related
      Fees
                
                
                -
                
                
                
                -Tax
      Fees(2)
                
                
                -
                
                
                
                -All
      Other Fees
                
                
                -
                
                
                
                -TOTAL
      FEES
                
                $
                54,000
                
                
                $
                40,000
  
 (1)
                Audit
      fees consist of fees for professional services rendered for the audit of
      the Partnership’s financial statements and review of financial statements
      included in the Partnership’s quarterly
reports.
  (2)
                Tax
      fees consist of compliance fees for the preparation of original tax
      returns.




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












19


PART IV




Item
15:  EXHIBITS, FINANCIAL STATEMENT SCHEDULES




(a)
            Financial
      Statements




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




(b)
            Exhibits




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




Exhibit
      Designation
            Description*3.1
            Certificate
      of Formation of AIS Futures Fund IV L.P.**4.2
            Fourth
      Amended and Restated Limited Partnership Agreement of AIS Futures Fund IV
      L.P., dated as of March 1, 2008***10.1
            Customer
      Agreement between Calyon Financial Inc. and AIS Futures Fund IV
      L.P.*16.1
            Letter
      re: Change in Certifying Accountant31.1
            Rule
      13a-14(a) Certification of Principal Executive Officer31.2
            Rule
      13a-14(a) Certification of Principal Financial Officer32.1
            Section
      1350 Certification of Principal Executive Officer32.2
            Section
      1350 Certification of Principal Financial
  Officer





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




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




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




20


SIGNATURES




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




Dated:  March
      26, 2008
            AIS
      FUTURES FUND IV L.P.
              By:  AIS
      FUTURES MANAGEMENT LLCBy:/s/ John
      Hummel
              Name:  John
      Hummel
              Title:  President








21







INDEX TO FINANCIAL
STATEMENTS







AIS
Futures Fund IV L.P. Annual Report, December 31, 2007




Report
      of Independent Registered Public Accounting Firm
            F-2Independent
      Auditor’s Report
            F-3Statements
      of Financial Condition at December 31, 2007 and 2006
            F-4Condensed
      Schedule of Investments at December 31, 2007
            F-5Condensed
      Schedule of Investments at December 31, 2006
            F-6Statements
      of Operations For the Years Ended December 31, 2007, 2006 and
      2005
            F-7Statements
      of Changes in Partner’s Capital (Net Asset Value) For the Years Ended
      December 31, 2007, 2006 and 2005
            F-8Notes
      to Financial Statements
            F-9





F-1


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM











To the
Partners


AIS
Futures Fund IV L.P.














We have
audited the accompanying statements of financial condition, including the
condensed schedules of investments, of AIS Futures Fund IV L.P. (the
Partnership) as of December 31, 2007 and 2006 and the related statements of
operations and changes in partners’ capital for each of the two years in the
period ended December 31, 2007.  These financial statements are the
responsibility of the Partnership’s management.  Our responsibility is
to express an opinion on these financial statements based on our
audits.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable basis
for our opinion.





In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of AIS Futures Fund IV L.P. as of
December 31, 2007 and 2006, and the results of its operations for each of the
two years in the period ended December 31, 2007 in conformity with U.S.
generally accepted accounting principles.








/s/
McGladrey & Pullen, LLP





Chicago,
Illinois


March 25,
2008





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








F-2


Salvatore Albanese &
Co.


CERTIFIED
PUBLIC ACCOUNTANTS











INDEPENDENT
AUDITOR’S REPORT





To the
Partners


AIS
Futures Fund IV L.P.


Wilton,
Connecticut





We have
audited the accompanying statement of financial condition, including the
condensed schedule of investments, of AIS Futures Fund IV L.P. as of December
31, 2005, and the statements of operations and changes in partners’ capital for
the years ended December 31, 2005 and 2004. These financial statements are the
responsibility of the Partnership’s management. Our responsibility to express an
opinion on these financial statements based on our audits.





We
conducted our audits in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An Audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.





In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of AIS Futures Fund IV L.P. as of
December 31, 2005, and the results of its operations for the years ended
December 31, 2005 and 2004, in conformity with accounting principles generally
accepted in the United States of America.





Our
audits were conducted for the purpose of forming an opinion on the 2005 and 2004
basic financial statements taken as a whole. The supplementary information is
presented for purposes of additional analysis and is not a required part of the
basic financial statements, but is supplementary information required by
Regulation 4.22(c) under the Commodity Exchange Act. Such information as of
December 31, 2005 and 2004 has been subjected to the auditing procedures applied
in the audit of the 2005 and 2004 basic financial statements taken as a
whole.





/s/
Salvatore Albanese & Co.





New York,
New York


March 19,
2006





875
Avenue of the Americas, New York, NY 10001


Tel:
(212) 714-0064 Fax: (212) 629-9553


65 East
John Street, Hicksville, NY 11801


Tel:
(516) 417-8503 Fax: (516) 213-4895


www.salabanese.com


F-3


AIS
FUTURES FUND IV L.P.


STATEMENTS
OF FINANCIAL CONDITION


December
31, 2007 and 2006


_________________





2007
            
            
            2006ASSETSEquity
      in broker trading accountCash
            
            $
            (2,627,100
            )
            
            $
            3,341,803United
      States government securities
            
            
            78,742,449
            
            
            
            50,875,254Unrealized
      gain (loss) on open contracts
            
            
            6,768,725
            
            
            
            (1,978,076
            )Interest
      receivable
            
            
            13,234
            
            
            
            2,712Deposits
      with broker
            
            
            82,897,308
            
            
            
            52,241,693Cash
            
            
            4,353,255
            
            
            
            546,030Total
      assets
            
            $
            87,250,563
            
            
            $
            52,787,723LIABILITIESAccounts
      payable
            
            $
            38,996
            
            
            $
            51,208Commissions
      and other trading fees
              on
      open contracts
            
            
            18,810
            
            
            
            19,112Management
      Fee payable
            
            
            126,174
            
            
            
            72,095General
      Partner Profit Share allocation payable
            
            
            5,851,372
            
            
            
            83,935Selling
      Agent administrative and service fee payable
            
            
            207,659
            
            
            
            140,573Subscriptions
      received in advance
            
            
            1,726,500
            
            
            
            546,000Redemptions
      payable
            
            
            1,349,528
            
            
            
            130,526Total
      liabilities
            
            
            9,319,039
            
            
            
            1,043,449PARTNERS’
      CAPITAL (Net Asset Value)General
      Partner – Series B(57.468
      units outstanding at December 31, 2007 and 2006)
            
            
            313,793
            
            
            
            179,169Limited
      Partners – Series A(29,522.064
      and 30,118.862 (as restated) unitsoutstanding
      at December 31, 2007 and 2006)
            
            
            77,617,731
            
            
            
            51,565,105Total
      partners’ capital (Net Asset Value)
            
            
            77,931,524
            
            
            
            51,744,274$
            87,250,563
            
            
            $
            52,787,723








See
accompanying notes.


F-4


AIS
FUTURES FUND IV L.P.


CONDENSED
SCHEDULE OF INVESTMENTS


December
31, 2007


_______________





UNITED STATES
      GOVERNMENT SECURITIESFace
      Value
            Maturity
      Date
            Description
            Fair
      Value
            
            %
      of Net
              Asset
      Value$        6,000,000
            01/03/08
            U.S.
      Treasury Bills
            $       5,997,565
            
            7.70%4,000,000
            01/10/08
            U.S.
      Treasury Bills
            3,994,571
            
            5.13%1,500,000
            01/31/08
            U.S.
      Treasury Bills
            1,493,796
            
            1.92%5,000,000
            02/07/08
            U.S.
      Treasury Bills
            4,974,904
            
            6.38%1,500,000
            02/14/08
            U.S.
      Treasury Bills
            1,491,737
            
            1.91%1,000,000
            02/21/08
            U.S.
      Treasury Bills
            994,307
            
            1.27%6,000,000
            03/06/08
            U.S.
      Treasury Bills
            5,954,244
            
            7.64%5,000,000
            03/20/08
            U.S.
      Treasury Bills
            4,956,104
            
            6.36%8,000,000
            04/03/08
            U.S.
      Treasury Bills
            7,916,032
            
            10.16%3,000,000
            04/10/08
            U.S.
      Treasury Bills
            2,965,056
            
            3.80%2,000,000
            04/17/08
            U.S.
      Treasury Bills
            1,976,567
            
            2.53%4,000,000
            04/24/08
            U.S.
      Treasury Bills
            3,950,253
            
            5.07%10,000,000
            05/01/08
            U.S.
      Treasury Bills
            9,871,133
            
            12.67%9,000,000
            05/08/08
            U.S.
      Treasury Bills
            8,884,209
            
            11.40%2,500,000
            05/15/08
            U.S.
      Treasury Bills
            2,467,981
            
            3.17%3,000,000
            05/22/08
            U.S.
      Treasury Bills
            2,961,271
            
            3.80%4,500,000
            05/29/08
            U.S.
      Treasury Bills
            4,440,666
            
            5.70%3,500,000
            06/05/08
            U.S.
      Treasury Bills
            3,452,053
            
            4.43%Total
      United States government securities*
              (cost,
      plus accrued interest, - $78,742,449)
            $       78,742,449
            
            101.04%LONG
      FUTURES CONTRACTS**Description
            
            Fair
      Value
            
            %
      of Net
              Asset
      ValueAgricultural
            
            $         4,457,287
            
            5.72%Currencies
            
            (758,831)
            
            (0.97)%Energy
            
            1,704,336
            
            2.19%Metals
            
            802,902
            
            1.03%Total
      long futures contracts
            6,205,694
            
            7.97%SHORT FUTURES
      CONTRACTSNumber
      of
              Contracts
            Description419
            Interest
      Rates (30 Year U.S. Treasury Bond, expires 03/2008)
            563,031
            
            0.72%Total
      futures contracts
            $      6,768,725
            
            8.69%





* Pledged as collateral for the trading
of futures and options on futures contracts.


** No
individual futures contract position constituted greater than 5 percent of Net
Asset Value.  Accordingly, the number of contracts and expiration
dates are not presented.














See
accompanying notes.


F-5


AIS
FUTURES FUND IV L.P.


CONDENSED
SCHEDULE OF INVESTMENTS


December
31, 2006


_______________





UNITED STATES
      GOVERNMENT SECURITIESFace
      Value
            Maturity
      Date
            Description
            Fair
      Value
            
            %
      of Net
              Asset
      Value$        9,000,000
            01/04/07
            U.S.
      Treasury Bills
            $       8,992,318
            
            17.38%2,000,000
            01/11/07
            U.S.
      Treasury Bills
            1,996,279
            
            3.86%500,000
            01/18/07
            U.S.
      Treasury Bills
            498,584
            
            0.96%6,000,000
            02/01/07
            U.S.
      Treasury Bills
            5,971,749
            
            11.54%8,000,000
            04/05/07
            U.S.
      Treasury Bills
            7,893,629
            
            15.26%11,000,000
            05/03/07
            U.S.
      Treasury Bills
            10,811,138
            
            20.89%9,000,000
            05/10/07
            U.S.
      Treasury Bills
            8,836,491
            
            17.08%6,000,000
            05/31/07
            U.S.
      Treasury Bills
            5,875,066
            
            11.35%Total
      United States government securities*
              (cost,
      plus accrued interest, - $50,875,254)
            $       50,875,254
            
            98.32%LONG
      FUTURES CONTRACTS**Description
            
            Fair
      Value
            
            %
      of Net
              Asset
      ValueAgricultural
            
            $              10,090
            
            0.02%Currencies
            
            (953,587)
            
            (1.84)%Energy
            
            (732,312)
            
            (1.42)%Stock
      Index
            
            43,050
            
            0.08%Metals
            
            (1,423,598)
            
            (2.75)%Total
      long futures contracts
            (3,056,357)
            
            (5.91)%SHORT FUTURES
      CONTRACTSNumber
      of
              Contracts
            Description335
            Interest
      Rates (30 Year U.S. Treasury Bond, expires 03/2007)
            1,078,281
            
            2.08%Total
      futures contracts
            $      (1,978,076)
            
            (3.83)%





* Pledged as collateral for the trading
of futures and options on futures contracts.


** No
individual futures contract position constituted greater than 5 percent of Net
Asset Value.  Accordingly, the number of contracts and expiration
dates are not presented.



































See
accompanying notes.


F-6


AIS
FUTURES FUND IV L.P.


STATEMENTS
OF OPERATIONS


For
the Years Ended December 31, 2007, 2006 and 2005


_______________





2007
            
            
            2006
            
            
            2005TRADING
      GAINS (LOSSES)Trading
      gains (losses)Realized
            
            $
            25,544,758
            
            
            $
            2,560,006
            
            
            $
            234,113Change
      in unrealized
            
            
            8,746,801
            
            
            
            (4,748,459
            )
            
            
            3,310,504Brokerage
      commissions
            
            
            (141,878
            )
            
            
            (125,731
            )
            
            
            (104,850
            )Total
      trading gains (losses)
            
            
            34,149,681
            
            
            
            (2,314,184
            )
            
            
            3,439,767NET
      INVESTMENT INCOMEIncomeInterest
      income
            
            
            2,990,447
            
            
            
            2,140,749
            
            
            
            477,981ExpensesSelling
      Agent Administrative and Service Fee
            
            
            1,689,047
            
            
            
            1,292,554
            
            
            
            490,891Management
      Fees
            
            
            1,130,041
            
            
            
            687,913
            
            
            
            279,667Operating
      expenses
            
            
            161,208
            
            
            
            69,180
            
            
            
            38,677Total
      expenses
            
            
            2,980,296
            
            
            
            2,049,647
            
            
            
            809,235Net
      investment income (loss)
            
            
            10,151
            
            
            
            91,102
            
            
            
            (331,254
            )NET
      INCOME (LOSS)
            
            
            34,159,832
            
            
            
            (2,223,082
            )
            
            
            3,108,513Less:
      General Partner Profit Share allocation
            
            
            6,168,710
            
            
            
            141,714
            
            
            
            692,016Net
      income (loss) for pro rata allocation to all partners
            
            $
            27,991,122
            
            
            $
            (2,364,796
            )
            
            $
            2,416,497
























































See
accompanying notes.





F-7


AIS
FUTURES FUND IV L.P.


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


For
the Years Ended December 31, 2007, 2006 and 2005


_______________





Partners’
      CapitalSeries
      B
              General
              Partner
            
            
            Series
      A
              Limited
              Partners
            
            
            TotalBalances
      at December 31, 2004
            
            $
            124,127
            
            
            $
            7,763,502
            
            
            $
            7,887,629Net
      income for the year endedDecember
      31, 2005General
      Partner Profit Share allocation
            
            
            692,016
            
            
            
            0
            
            
            
            692,016Pro
      rata allocation to all partners
            
            
            46,841
            
            
            
            2,369,656
            
            
            
            2,416,497Subscriptions
            
            
            0
            
            
            
            19,891,772
            
            
            
            19,891,772Redemptions
            
            
            (692,016
            )
            
            
            (1,830,369
            )
            
            
            (2,522,385
            )Balances
      at December 31, 2005, as previously reported
            
            
            170,968
            
            
            
            28,194,561
            
            
            
            28,365,529Restatement
      for redemptions (Note 1)
              December
      31, 2005
            
            
            0
            
            
            
            (481,198
            )
            
            
            (481,198
            )Balance
      at December 31, 2005
              as
      restated
            
            
            170,968
            
            
            
            27,713,363
            
            
            
            27,884,331Net
      income (loss) for the year endedDecember
      31, 2006General
      Partner Profit Share allocation
            
            
            141,714
            
            
            
            0
            
            
            
            141,714Pro
      rata allocation to all partners
            
            
            8,201
            
            
            
            (2,372,997
            )
            
            
            (2,364,796
            )Subscriptions
            
            
            0
            
            
            
            29,483,774
            
            
            
            29,483,774Redemptions
            
            
            (141,714
            )
            
            
            (3,259,035
            )
            
            
            (3,400,749
            )Balances
      at December 31, 2006
            
            
            179,169
            
            
            
            51,565,105
            
            
            
            51,744,274Net
      income for the year endedDecember
      31, 2007General
      Partner Profit Share allocation
            
            
            6,168,710
            
            
            
            0
            
            
            
            6,168,710Pro
      rata allocation to all partners
            
            
            134,624
            
            
            
            27,856,498
            
            
            
            27,991,122Subscriptions
            
            
            0
            
            
            
            12,488,075
            
            
            
            12,488,075Redemptions
            
            
            (6,168,710
            )
            
            
            (14,291,947
            )
            
            
            (20,460,657
            )Balances
      at December 31, 2007
            
            $
            313,793
            
            
            $
            77,617,731
            
            
            $
            77,931,524





See
accompanying notes.


F-8


AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS


_______________




Note
1.       ORGANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES




A.
            General
      Description of the Partnership




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




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




B.
            Method
      of Reporting




The
Partnership’s financial statements are presented in conformity with U.S.
generally accepted accounting principles, which require the use of certain
estimates made by the Partnership’s management.




C.
            Use
      of Estimates




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




D.
            Futures
      and Options on Futures Contracts




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




E.
            Securities




United
States government securities are stated at cost plus accrued interest, which
approximates fair value.




F.
            Income
      Taxes




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







F-9


AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




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




F.
            Income
      Taxes (continued)




On
January 1, 2007, the Partnership adopted the Financial Accounting Standards
Board (FASB) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes
– An Interpretation of FASB Statement No. 109” (FIN 48).  This
Interpretation clarifies the accounting for uncertainty in income taxes
recognized in a Partnership's financial statements.  FIN 48
requires companies to determine whether it is “more likely than not” that a tax
position will be sustained upon examination by the appropriate taxing
authorities before any part of the benefit can be recorded in the financial
statements.  It also provides guidance on the recognition, measurement
and classification of income tax uncertainties, along with any related interest
and penalties.   Implementation of FIN 48 did not result in any
adjustments to the Partnership’s statement of financial condition and results of
operations.




G.
            Capital
      Accounts




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




H.
            Redemptions




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




I.
            Reclassifications




Certain
amounts in the 2005 financial statements were reclassified to conform with the
2006 and 2007 presentation.




J.
            Statement
      of Cash Flows




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







F-10


AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




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




K.
            Recently
      Issued Accounting Pronouncement




In
September 2006, the FASB issued Statement of Financial Accounting Standards No.
157, “Fair Value Measurements” (SFAS 157).  SFAS 157 defines fair
value, establishes a framework for measuring fair value in U.S. generally
accepted accounting principles, and expands disclosures about fair value
measurements.  Adoption of SFAS 157 will not have a material impact on
the Partnership’s financial position or results of operations.






SFAS 157
is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.  At
this time, management is evaluating the implications of SFAS 157 and its impact
on financial statements issued in subsequent periods.




L.
            Fair
      Value




All of
the Partnership’s assets and liabilities are considered financial instruments
and are reflected at fair value, or are short-term or replaceable on
demand.  Therefore, their carrying amounts approximate their fair
values.




M.
            Change
      in Accounting Principle and Prior Period
  Restatement




Pursuant
to the provisions of Statement of Financial Accounting Standards No. 150,
“Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity” (SFAS 150), redemptions approved by the General Partner
prior to year end should be recorded as redemptions payable as of year
end.  SFAS 150 became effective for the Partnership during the year
ended December 31, 2005.  The December 31, 2005 financial statements
have been restated to reflect redemptions payable of $481,198, which was
previously reported as partners’ capital.




Note
      2.
            GENERAL
      PARTNER




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




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




During
2007, 2006 and 2005, certain Series A Limited Partners were charged Management
Fees at a rate lower than described above, to offset the effect of the
additional 1.5% per annum Selling Agent Service Fee described in Note
3.  Accordingly, for the years ended December 31, 2007, 2006 and
2005, Management Fees were reduced by approximately $129,000, $195,000 and
$63,000, respectively.


F-11


AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
3.       SELLING AGENT ADMINISTRATIVE
AND SERVICE FEES




Certain
Series A Limited Partners that were solicited by  Selling Agents are
charged an Administrative and Service Fee (the “Service Fee” equal to 1/12 of
2.5% (2.5% annually)) of each Series A Limited Partner’s month-end Net Assets,
as defined, sold by them which remain outstanding as of each
month-end.  The Selling Agents may pass on a portion of the Service
Fee to its investment executives.  In the event the Service Fee is no
longer payable to a Selling Agent, the relevant Limited Partner who was
solicited by such Selling Agent will no longer be charged the Service
Fee.  For the years ended December 31, 2007 and 2006, certain Limited
Partners were not subject to the Service Fee.  For the year ended
December 31, 2005, all Limited Partners were subject to the Service
Fee.




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




Note
4.       DEPOSITS WITH
BROKERS




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




Note
5.       SUBSCRIPTIONS, DISTRIBUTIONS
AND REDEMPTIONS




Investments
in the Partnership are made by subscription agreement, subject to acceptance by
the General Partner.  A selling commission of up to 2% of the
subscription amount may be deducted from the subscription proceeds and paid to
the applicable Selling Agent, if any.  For the years ended December
31, 2007, 2006 and 2005, $0, $1,350 and $0, respectively, in selling commissions
were charged to Limited Partners.  Limited Partner subscriptions, as
presented in the statement of changes in partners’ capital (net asset value),
are net of such selling commissions.




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




Note
6.       TRADING ACTIVITIES AND
RELATED RISKS




The
Partnership engages in the speculative trading of U.S. futures contracts and for
a brief period of time in 2007 and 2006 traded options on U.S. futures
contracts.  The Partnership is exposed to both market risk, the risk
arising from changes in the market value of the contracts, and credit risk, the
risk of failure by another party to perform according to the terms of a
contract.


F-12


AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
6.       TRADING ACTIVITIES AND
RELATED RISKS (CONTINUED)




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




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




In
addition to market risk, in entering into commodity interest contracts, there is
a credit risk that a counterparty will not be able to meet its obligations to
the Partnership.  The counterparty for futures and options on futures
contracts traded in the United States and on most non-U.S. futures exchanges is
the clearinghouse associated with such exchange.  In general,
clearinghouses are backed by the corporate members of the clearinghouse who are
required to share any financial burden resulting from nonperformance by one of
their members and, as such, should significantly reduce the credit
risk.




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




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




Note
7.       INDEMNIFICATIONS




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




Note
      8.
            SUBSEQUENT
      EVENT




On March
1, 2008, the Partnership adopted its Fourth Amended and Restated Limited
Partnership Agreement.  This agreement changed the defined term used
to describe






F-13






AIS
FUTURES FUND IV L.P.


NOTES
TO FINANCIAL STATEMENTS (CONTINUED)


_______________




Note
      8.
            SUBSEQUENT EVENT
      (CONTINUED)




interests
in Partnership from “Units of Limited Partnership Interest” to “Limited
Partnership Interests” to prevent confusion over the use of the term
“units.”  The Partnership accounted for its “Units of Limited
Partnership Interest” on a capital account basis prior to March 1, 2008 and will
continue to account for its “Limited Partnership Interests” on the same basis
going forward.




Note
9.       FINANCIAL
HIGHLIGHTS




The
following information presents the financial highlights of the Partnership for
the years ended December 31, 2007, 2006 and 2005.  This
information has been derived from information presented in the financial
statements.





2007
            
            
            2006
            
            
            2005Total
      return for Series A Limited Partners taken as a wholeTotal
      return before Profit Share allocation
            
            
            67.45
            %
            
            
            0.17
            %
            
            
            31.78
            %Profit
      Share allocation
            
            
            (13.86
            )%
            
            
            (0.47
            )%
            
            
            (7.18
            )%Total
      return after Profit Share allocation
            
            
            53.59
            %
            
            
            (0.30
            )
      %
            
            
            24.59
            %Supplemental
      Data for Series A Limited PartnersRatio
      of expenses to average net asset value:Expenses,
      excluding Profit Share allocation
            
            
            4.98
            %
            
            
            4.66
            %
            
            
            4.70
            %Profit
      Share allocation
            
            
            10.30
            %
            
            
            0.32
            %
            
            
            4.02
            %Total
      expenses
            
            
            15.28
            %
            
            
            4.98
            %
            
            
            8.73
            %Net
      investment income (loss) (1)
            
            
            0.00
            %
            
            
            0.17
            %
            
            
            (1.95
            )%





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





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


______________


(1)
            Net
      investment income (loss) is comprised of interest income less total
      expenses, excluding the General Partner Profit Share
      allocation.







F-14