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

                              ------------------
                                   FORM 10-Q
                              ------------------

|X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

        For the Fiscal Quarter Ended June 30, 2007

                                      or

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

        For the transition period from              to
                                       -----------

                       Commission file number: 000-52599

                              ------------------
                           AIS FUTURES FUND IV L.P.
            (Exact name of registrant as specified in its charter)
                              ------------------

               Delaware                                     13-3909977
      (State or other jurisdiction                       (I.R.S. Employer
    of incorporation or organization)                   Identification Number)

                        c/o AIS FUTURES MANAGEMENT LLC
                         187 Danbury Road, PO Box 806
                           Wilton, Connecticut 06897
                   (Address of Principal Executive Offices)

                                (203) 563-1180
             (Registrant's telephone number, including area code)

          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 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 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 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. (Check
one):
                Large accelerated filer  |_|    Accelerated filer  |_|
                Non-accelerated filer    |X|

Indicate by check mark whether the Registrant is a shell company (as defined
in Rule 12b-2 of the Securities Exchange Act of 1934).      Yes  |_| No  |X|



<PAGE>

                        PART I - FINANCIAL INFORMATION
                        ------------------------------


Item 1:  Financial Statements
         --------------------

                           AIS FUTURES FUND IV L.P.
                       STATEMENTS OF FINANCIAL CONDITION
           June 30, 2007 (Unaudited) and December 31, 2006 (Audited)

                                ---------------

<TABLE>
<CAPTION>
                                                                                    June 30,                 December 31,
                                                                                      2007                       2006
                                                                                      ----                       ----
                                                                                   (unaudited)                 (audited)
<S>                                                                               <C>                           <C>

ASSETS
     Equity in broker trading account
        Cash                                                                   $         4,829,784        $      3,341,803
        United States government securities                                             57,816,860              50,875,254
        Unrealized loss on open contracts                                              (2,634,080)             (1,978,076)
        Interest receivable                                                                 16,782                   2,712
                                                                              ---------------------      ------------------
               Deposits with broker                                                     60,029,346              52,241,693
     Cash                                                                                  621,030                 546,030
                                                                              ---------------------      ------------------
               Total assets                                                    $        60,650,376        $     52,787,723
                                                                              =====================      ==================

LIABILITIES
     Accounts payable                                                          $            40,111        $         51,208
     Commissions and other trading fees
        on open contracts                                                                   19,286                  19,112
     Management Fee payable                                                                 86,543                  72,095
     Accrued General Partner Profit Share allocation                                       479,183                       0
     General Partner Profit Share allocation payable                                             0                  83,935
     Selling Agent administrative and service fee payable                                  156,824                 140,573
     Subscriptions received in advance                                                     621,000                 546,000
     Redemptions payable                                                                 1,679,956                 130,526
               Total liabilities                                                         3,082,903               1,043,449
                                                                              ---------------------      ------------------

PARTNERS' CAPITAL (Net Asset Value)
     General Partner - Series B                                                            198,119                 179,169
     Limited Partners - Series A                                                        57,369,354              51,565,105
                                                                              ---------------------      ------------------

               Total partners' capital (Net Asset Value)                                57,567,473              51,744,274
                                                                              ---------------------      ------------------
                                                                               $        60,650,376        $     52,787,723
                                                                              =====================      ==================
</TABLE>

                            See accompanying notes.



                                      1
<PAGE>

                           AIS FUTURES FUND IV L.P.
                       CONDENSED SCHEDULE OF INVESTMENTS
                           June 30, 2007 (Unaudited)
                                ---------------

UNITED STATES GOVERNMENT SECURITIES
-----------------------------------

<TABLE>
<CAPTION>
                                                                                                              % of Net
      Face Value      Maturity Date          Description                            Fair Value               Asset Value
      ----------      -------------          -----------                            ----------               -----------
<S>                     <C>              <C>                                      <C>                       <C>

   $  6,000,000         07/05/07         U.S. Treasury Bills                       $  5,995,071                  10.41%

      2,000,000         07/12/07         U.S. Treasury Bills                          1,996,398                   3.47%

      6,000,000         08/02/07         U.S. Treasury Bills                          5,971,776                  10.37%

      5,000,000         08/09/07         U.S. Treasury Bills                          4,971,669                   8.64%

      1,500,000         08/16/07         U.S. Treasury Bills                          1,490,063                   2.59%

      4,000,000         08/23/07         U.S. Treasury Bills                          3,969,540                   6.89%

      8,000,000         10/04/07         U.S. Treasury Bills                          7,894,981                  13.71%

      2,000,000         10/11/07         U.S. Treasury Bills                          1,971,793                   3.43%

      6,000,000         11/01/07         U.S. Treasury Bills                          5,899,721                  10.25%

      7,000,000         11/08/07         U.S. Treasury Bills                          6,877,315                  11.95%

      2,000,000         11/15/07         U.S. Treasury Bills                          1,963,326                   3.41%

      7,000,000         11/29/07         U.S. Treasury Bills                          6,858,760                  11.91%

      2,000,000         12/13/07         U.S. Treasury Bills                          1,956,447                   3.40%
                                                                                -------------------        ----------------

                        Total United States government securities*

                           (cost, plus accrued interest, - $57,816,860)            $ 57,816,860                 100.43%
                                                                                ===================        ================
</TABLE>




LONG FUTURES CONTRACTS
----------------------
<TABLE>
<CAPTION>
                                                                                                              % of Net
                 Description                                                        Fair Value               Asset Value
                 -----------                                                        ----------               -----------
<S>             <C>                                                               <C>                   <C>
                 Agricultural                                                       $ (1,705,730)                -2.96%

                 Currencies                                                             (542,512)                -0.94%

                 Energy                                                                  319,000                  0.55%

                 Metals                                                                 (998,838)                -1.74%
                                                                                -------------------        ----------------


                 Total long futures contracts                                         (2,928,080)                -5.09%
                                                                                -------------------        ----------------
SHORT FUTURES CONTRACTS
-----------------------
    Number of
    ---------
     Contracts         Description
     ---------         -----------


       375             Interest Rates
                        (30 Year U.S. Treasury Bond, expires 09/2007)                    294,000                  0.51%
                                                                                -------------------        ----------------

                            Total futures contracts                                 $ (2,634,080)                -4.58%
                                                                                ===================        ================
* Pledged as collateral for the trading of futures and options on futures
contracts.
</TABLE>

                            See accompanying notes.



                                      2
<PAGE>

                           AIS FUTURES FUND IV L.P.
                       CONDENSED SCHEDULE OF INVESTMENTS
                          December 31, 2006 (Audited)
                                ---------------

UNITED STATES GOVERNMENT SECURITIES
-----------------------------------
<TABLE>
<CAPTION>

                                                                                                             % of Net
   Face Value        Maturity Date       Description                                Fair Value              Asset Value
   ----------        -------------       -----------                                ----------              -----------
  <S>                    <C>              <C>                                     <C>                     <C>

   $  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%
                                                                                ===================        ================
</TABLE>


LONG FUTURES CONTRACTS
<TABLE>
<CAPTION>
                                                                                                                 % of Net
                 Description                                                          Fair Value                Asset Value
                 -----------                                                          ----------                -----------
  <S>         <c>                                                                 <C>                        <C>

                 Agricultural                                                        $  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 CONTRACTS
-----------------------

         Number of
         ---------
         Contracts    Description
         ---------    -----------


            335       Interest Rates
                        (30 Year U.S. Treasury Bond, expires 03/2007)                1,078,281                    2.08%
                                                                                -------------------        ----------------

                      Total futures contracts                                     $ (1,978,076)                  -3.83%
                                                                                ===================        ================
</TABLE>

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

                            See accompanying notes.



                                      3
<PAGE>

                           AIS FUTURES FUND IV L.P.
                           STATEMENTS OF OPERATIONS
 For the Three Months and Six Months Ended June 30, 2007 and 2006 (Unaudited)
                                ---------------

<TABLE>
<CAPTION>
                                                            Three Months Ended                         Six Months Ended

                                                                 June 30,                                  June 30,
                                                         2007                 2006                2007                2006
                                                         ----                 ----                ----                ----
                                                     (unaudited)           (unaudited)          (unaudited)          (unaudited)
<S>                                                    <C>                 <C>                 <C>                 <C>

TRADING GAINS (LOSSES)
   Trading gains (losses)

     Realized                                      $       4,392,591     $     4,461,358      $   5,093,191      $      5,737,969
     Change in unrealized                                 (4,418,563)         (3,046,224)          (656,004)           (2,245,007)
     Brokerage commissions                                  ( 46,918)            (28,042)           (90,376)              (57,958)
                                                   --------------------  ------------------   --------------     ----------------

       Total trading gains (losses)                          (72,890)          1,387,092          4,346,811             3,435,004
                                                   --------------------  ------------------   --------------     ----------------

NET INVESTMENT INCOME
   Income
     Interest income                                         737,527             495,341          1,418,974               875,286
                                                   --------------------  ------------------   --------------     ----------------


   Expenses
     Selling Agent Administrative and Service Fee            401,031             319,920            796,126               561,430
     Management Fees                                         250,428             169,801            492,723               284,628
     Operating expenses                                       25,250              12,000             50,200                21,450
                                                   --------------------  ------------------   --------------     ----------------

       Total expenses                                        676,709             501,721          1,339,049               867,508
                                                   --------------------  ------------------   --------------     ----------------

       Net investment income (loss)                           60,818              (6,380)            79,925                 7,778
                                                   --------------------  ------------------   --------------     ----------------

       NET INCOME (LOSS)                                     (12,072)          1,380,712          4,426,736             3,442,782
                                                   --------------------  ------------------   --------------     ----------------

       Less: General Partner Profit Share
             allocation                                        (258)             403,600            496,402               724,981
                                                   --------------------  ------------------   --------------     ----------------

       Net income (loss) for pro rata

         allocation to all partners                 $        (11,814)     $      977,112      $   3,930,334      $      2,717,801
                                                   ====================  ==================   ==============     ================
</TABLE>


                            See accompanying notes.



                                      4
<PAGE>

                           AIS FUTURES FUND IV L.P.
         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
          For the Six Months Ended June 30, 2007 and 2006 (Unaudited)

                                ---------------

<TABLE>
<CAPTION>
                                                                                Partners' Capital
                                                   ----------------------------------------------------------------------------
                                                        Series B                           Series A

                                                        General                            Limited

                                                        Partner                            Partners                   Total
                                                        -------                            --------                   -----
<S>                                                   <C>                                <C>                       <C>

Balances at December 31, 2006                      $      179,169             $               51,565,105       $    51,744,274

Net income for the six months
      ended June 30, 2007
       General Partner Profit Share allocation             17,219                                      0                17,219
       Pro rata allocation to all partners                 18,950                              3,911,384             3,930,334

Subscriptions                                                   0                              6,124,107             6,124,107

Redemptions                                               (17,219)                            (4,231,242)           (4,248,461)
                                                   ---------------            ---------------------------      ----------------

Balances at June 30, 2007                          $      198,119             $               57,369,354       $    57,567,473
                                                   ===============            ===========================      ================

Balances at December 31, 2005,
     as previously reported                        $      170,968             $               28,194,561       $    28,365,529

Restatement for redemptions (Note 1)
     December 31, 2005                                          0                               (481,198)             (481,198)
                                                   ---------------            ---------------------------      ----------------

Balance at December 31, 2005
     as restated                                          170,968                             27,713,363            27,884,331

Net income for the six months
      ended June 30, 2006
       General Partner Profit Share allocation             18,840                                      0                18,840
       Pro rata allocation to all partners                 24,719                              2,693,082             2,717,801

Subscriptions                                                   0                             15,184,614            15,184,614

Redemptions                                               (18,840)                            (1,137,725)           (1,156,565)
                                                   ---------------            ---------------------------      ----------------

Balances at June 30, 2006                          $      195,687             $               44,453,334       $    44,649,021
                                                   ===============            ===========================      ================
</TABLE>


                            See accompanying notes.



                                      5
<PAGE>

                           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
                  accordance with accounting principles generally accepted in
                  the United States of America, which require the use of
                  certain estimates made by the Partnership's management.
                  Actual results could differ from those estimates.

           C.     Futures and Options on Futures Contracts

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

           D.     Securities

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

           E.     Income Taxes

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



                                      6
<PAGE>

                           AIS FUTURES FUND IV L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                ---------------



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

           F.     Capital Accounts

                  The Partnership offers two Series of Units. The Series A
                  Units are available to all qualified investors, subject to
                  applicable conditions and restrictions. The Series B Units
                  are available for sale to the General Partner and its
                  principals. The Partnership does not report net asset value
                  per unit, as each investors net asset value per unit may
                  vary due to timing of subscriptions and redemptions and
                  applicability of the General Profit Share allocation based
                  on each Limited Partner's capital account balances rather
                  than the Partnership as a whole. Furthermore, the
                  Partnership does not report units outstanding as 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. For interim accounting
                  periods, the General Partner Profit Share allocation is
                  accrued, based on defined New Trading Profit to date, and is
                  reflected as a liability of the Partnership in the statement
                  of financial condition.

           G.     Redemptions

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

           H.     Statement of Cash Flows

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

           I.     Recently Issued Accounting Pronouncements

                  In July 2006, the Financial Accounting Standards Board
                  (FASB) issued Interpretation No. 48 (FIN 48) entitled
                  "Accounting For Uncertainty in Income Taxes - an
                  interpretation of FASB Statement No. 109." FIN 48 prescribes
                  the minimum recognition threshold a tax position must meet
                  in connection with accounting for uncertainties in income
                  tax positions taken or expected to be taken by an entity
                  before being measured and recognized in the financial
                  statements. Adoption of FIN 48 was required for the fiscal
                  year beginning January 1, 2007. The adoption of FIN 48 did
                  not have a material effect on the Partnership's financial
                  statements.

                  In September 2006, the FASB issued Statement of Financial
                  Accounting Standards No. 157, "Fair Value Measurements" (FAS
                  157). FAS 157 defines fair value, establishes a framework
                  for measuring fair value in accounting principles generally
                  accepted in the United States of America, and expands
                  disclosures about fair value measurements. While FAS 157
                  does not require any new fair value measurements, for some
                  entities, the application of FAS 157 may change current
                  practice.



                                      7
<PAGE>

                           AIS FUTURES FUND IV L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                ---------------



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

                  FAS 157 is effective for financial statements issued for
                  fiscal years beginning after November 15, 2007, and interim
                  periods within those fiscal years. The implementation of FAS
                  157 is not expected to have a material impact on the
                  Partnership's financial statements.

           J.     Fair Value

                  All of the Partnership's assets and liabilities are
                  considered financial instruments and are reflected at fair
                  value, or at carrying amounts that approximate fair value
                  because of the short maturity of the instruments.

           K.     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" (FAS 150), redemptions approved by
                  the General Partner prior to year-end with a fixed effective
                  date and fixed amount should be recorded as redemptions
                  payable as of year-end. FAS 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.

           L.     Interim Financial Statements

                  The financial statements included herein were prepared by
                  management without audit according to the rules and
                  regulations of the Securities and Exchange Commission.
                  Certain information and footnote disclosures normally
                  included in financial statements prepared in accordance with
                  accounting principles generally accepted in the United
                  States of America may be omitted pursuant to such rules and
                  regulations. The financial statements reflect, in the
                  opinion of management, all adjustments necessary that were
                  of normal and recurring nature and adequate disclosures to
                  present fairly the financial position and results of
                  operations as of and for the periods indicated. The results
                  of operations for the three and six months ended June 30,
                  2007 and 2006 are not necessarily indicative of the results
                  to be expected for the full year or for any other period.

                  These financial statements should be read in conjunction
                  with the audited financial statements and the notes thereto
                  included in the Form 10 previously filed with the Securities
                  and Exchange Commission.

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 Second 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.



                                      8
<PAGE>

                           AIS FUTURES FUND IV L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                ---------------


Note 2.    GENERAL PARTNER (CONTINUED)
           ---------------------------

           During the three months and six months ended June 30, 2007 and 2006,
           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 three months and six months ended
           June 30, 2007 and 2006, Management Fees were reduced by
           approximately $40,500, $48,300, $84,000 and $92,800, respectively.

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 their 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 three and six months ended June 30, 2007 and 2006, certain
           Limited Partners were not 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, as disclosed in 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 BROKER
           --------------------

           The Partnership deposits funds with its clearing broker 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 broker.
           Accordingly, assets used to meet margin and other broker or
           regulatory requirements are partially restricted. The Partnership
           earns interest income on its assets deposited with the broker.

Note 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 three and six months ended June 30, 2007 and 2006, $0,
           $350, $0 and $700, respectively, in selling commissions were
           charged to Limited Partners. Limited Partner additions, 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.



                                      9
<PAGE>

                           AIS FUTURES FUND IV L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                ---------------



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 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.

           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 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 the
           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.



                                      10
<PAGE>

                           AIS FUTURES FUND IV L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                ---------------



Note 8.    FINANCIAL HIGHLIGHTS

           The following information presents the financial highlights of the
           Partnership for the three months and six months ended June 30, 2007
           and 2006. This information has been derived from information
           presented in the financial statements.

<TABLE>
<CAPTION>
                                                                        Three months ended           Six months ended
                                                                             June 30,                    June 30,
                                                                       2007          2006          2007           2006
                                                                    (Unaudited)   (Unaudited)   (Unaudited)    (Unaudited)
           <S>                                                     <C>           <C>          <C>             <C>
                                                                   --------------  -----------  -------------   -----------
           Total return for Series A Limited Partners
             taken as a whole
                Total return before Profit Share allocation (3)          (0.05) %       5.37 %         8.12 %       11.91 %
                Profit Share allocation (3)                               0.00 %       (1.10) %       (0.91) %      (2.09) %
                                                                   --------------  -----------  -------------   -----------
                    Total return after Profit Share allocation           (0.05) %       4.27 %         7.21 %        9.82 %
                                                                   ==============  ===========  =============   ===========
           Supplemental Data for Series A Limited Partners
           Ratios to average net asset value:
                Expenses, excluding Profit Share allocation (2)           4.67 %        4.67 %         4.73 %        4.68 %
                Profit Share allocation (3)                               0.00 %        0.94 %         0.88 %        1.96 %
                                                                      ---------     ---------      ---------     ---------
                    Total expenses                                        4.67 %        5.61 %         5.61 %        6.64 %
                                                                   ==============  ===========  =============   ===========
                Net investment income (loss) (1) , (2)                    0.40 %       (0.08) %        0.27 %        0.02 %
                                                                   ==============  ===========  =============   ===========
</TABLE>

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

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

           ---------------------
           (1)  The net investment income (loss) is comprised of interest
                income less total expenses, excluding the General Partner
                Profit Share allocation.
           (2)  Annualized.
           (3)  Not annualized.



                                      11
<PAGE>

Item 2:  Management's Discussion and Analysis of Financial Condition and
         Results of Operations
         ----------------------------------------------------------------

Reference is made to "Item 1: Financial Statements." The information contained
therein is essential to, and should be read in conjunction with, the following
analysis.

Operational Overview

Due to the nature of the Partnership's business, its results of operations
depend on the occurrence of major price moves in at least some of the markets
traded and the General Partner's ability to recognize and capitalize on such
trends and other profit opportunities. 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 of futures contracts 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.

Liquidty and Capital Resources

The Partnership raises additional capital only through the sale of units of
limited partnership interests and capital is increased through trading profits
(if any) and interest income. The Partnership does not engage in borrowing.
The Partnership may offer limited partnership interests for sale as of the
close of business at the end of each month.

The Partnership trades futures contacts, long and short in each of the
following six asset classes: equities, fixed income, currencies, metals,
agricultural products, energy products. 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 assets are generally held as cash, cash equivalents or U.S.
Government obligations 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 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.

There have been no material changes with respect to the Partnership's critical
accounting policies, off-balance sheet arrangements or contractual obligations
reported on the Partnership's Registration Statement on Form 10 filed with the
Securities and Exchange Commission on April 30, 2007.

Results of Operations

During its operations for the three and six months ending June 30, 2007, the
Partnership experienced no meaningful periods of illiquidity in any of the
numerous markets traded by the General Partner.

Due to the nature of the Partnership's trading, the results of operations for
the interim period presented should not be considered indicative of the
results that may be expected for the entire year.


Month Ending:              Total Partners' Capital
------------               -----------------------
June 30, 2007              $        57,567,473
March 31, 2007                      58,130,411
December 31, 2006                   51,744,274

Three Months Ended June 30, 2007

The decrease in the Partnership's net assets of $562,938 was attributable to
redemptions of $3,066,768 and a net loss of $11,814, which was partially
offset by subscriptions of $2,502,480 and a general partner profit share
allocation of $13,164.



                                      12
<PAGE>

The Partnership incurs expenses for legal, audit and accounting services and
pays management fees and selling agent administrative and service fees. Total
expenses for the three months ended June 30, 2007 increased $174,988 relative
to the corresponding period in 2006. The increase was due mainly to increased
sales of units of limited partnership interest and an increase in the
Partnership's average net assets during the three months ended June 30, 2007,
relative to the corresponding period in 2006 as well as an increase in legal,
audit and accounting costs, in part due to the Partnership's required
registration under the Securities and Exchange Act of 1934.

Interest income is derived from cash and U.S. Treasury instruments held at the
Partnership's commodity broker. Interest income for the three months ended
June 30, 2007 increased $242,186 relative to the corresponding period in 2006.
This increase was due to an increase in Partnership average net assets and
thus the amount invested in U.S. Treasury instruments as well as an increase
in short-term Treasury yields.

During the three months ended June 30, 2007, the Partnership experienced net
realized and unrealized losses of $72,890 from its trading operations. Selling
agent administrative and service fees of $401,031, management fees of $250,428
and operating expenses of $25,250 were incurred. Interest income of $737,527
and a reversal of accrued General Partner profit share allocation of $258
partially offset the Partnership's expenses and trading losses resulting in a
net loss for pro rata allocation to all partners of $11,814.

Six Months Ended June 30, 2007

The increase in the Partnership's net assets of $5,823,199 was attributable to
subscriptions of $6,124,107, which were partially offset by redemptions of
$4,248,461, net income for pro rata allocation to all partners of $3,930,334
and a general partner profit share allocation of $17,219.

The Partnership incurs expenses for legal, audit and accounting services and
pays management fees and selling agent administrative and service fees. Total
expenses for the six months ended June 30, 2007 increased $471,541 relative to
the corresponding period in 2006. The increase was due mainly to increased
sales of units of limited partnership interest and an increase in the
Partnership's average net assets and thus the amount invested in U.S. Treasury
instruments during the six months ended June 30, 2007, relative to the
corresponding period in 2006 as well as an increase in legal, audit and
accounting costs, in part due to the Partnership's required registration under
the Securities and Exchange Act of 1934.

Interest income is derived from cash and U.S. Treasury instruments held at the
Partnership's commodity broker. Interest income for the six months ended
June 30, 2007 increased $543,688 relative to the corresponding period in 2006.
This increase was due to an increase in Partnership avearage net assets as well
as an increase in short-term Treasury yields.

During the six months ended June 30, 2007, the Partnership experienced net
realized and unrealized gains of $4,346,811 from its trading operations.
Selling Agent Administrative and Service Fees of $796,126, Management Fees of
$492,723, operating expenses of $50,200 and accrued General Partner profit
share allocation of $496,402 were incurred. Interest income of $1,418,974
offset the Partnership's expenses resulting in a net gain for pro rata
allocation to all partners of $3,930,334.



                                      13
<PAGE>

Three Months Ended June 30, 2007

For the three-month period ended June 30, 2007, the Partnership's Limited
Partners (Series A), taken as a whole, had negative returns, net of all fees,
expenses and General Partner Profit Share allocation (if any), of (0.05)%.

During the first quarter of 2007 the most significant contributor to profits
was the long position in the energy sector, followed by long positions in the
metals. A minimal gain was contributed by the long positions in the grain
markets. Minimal losses occurred in the short positions in the S&P 500 and
bond futures and in the long position in the Yen.

Three Months Ended March 31, 2007

For the three-month period ended March 31, 2007, the Partnership's Limited
Partners (Series A), taken as a whole, had positive returns, net of all fees,
expenses and General Partner Profit Share allocation (if any) of 7.26%.

The primary contributor to second quarter gains was the long position in the
grain sector, followed by the long position in the energy sector and the short
position in bond futures. Losses occurred in the long position in the Yen, the
short position in the S&P 500, and the long positions in the metals sector.

Month Ending:              Total Partners' Capital
-------------              -----------------------

June 30, 2006              $        44,649,021
December 31, 2005                   27,884,331

Six Months Ended June 30, 2006

The increase in total Partners' Capital of $16,764,690 was attributable to
subscriptions of $15,184,614, which were partially offset by redemptions of
$1,156,565, net income for pro rata allocation to all partners of $2,717,801
and a General Partner Profit Share allocation of $18,840.

The Partnership incurs expenses for legal, audit and accounting services and
pays Management Fees and Selling Agent Administrative and Service Fees. Total
expenses for the six months ended June 30, 2006 were $867,508.

During the six months ended June 30, 2006, the Partnership experienced net
realized and unrealized gains of $3,435,004 from its trading operations.
Selling Agent Administrative and Service Fees of $561,430, Management Fees of
$284,628, operating expenses of $21,450 and accrued General Partner Profit
Share allocation of $724,981 were incurred. Interest income of $875,286 offset
the Partnership's expenses resulting in a net gain for pro rata allocation to
all partners of $2,717,801.

For the six-month period ended June 30, 2006, the Partnership's Limited
Partners (Series A), taken as a whole, had returns, net of all fees, expenses
and General Partner Profit Share allocation (if any), of 9.82%.

During the first half of 2006 the primary contributor to gains was the long
positions in the metals sector. In addition, the short position in bonds was
profitable and a small profit contribution came from the long energy
positions. The long position in the S&P 500 was unprofitable, especially in
the second quarter. Minimal losses were incurred in the long Yen and grain
positions.

Item 3:  Quantitative and Qualitative Disclosures About Market Risk
         ----------------------------------------------------------

Not Applicable.

Item 4:  Controls and Procedures
         -----------------------

The General Partner, with the participation of the General Partner's principal
executive officer and principal financial officer, 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 fiscal quarter
covered by this Quarterly Report, and, based on their evaluation, has
concluded that these disclosure controls and procedures are effective. There
were no significant changes in the General Partner's internal controls with
respect to the Partnership or in other factors applicable to the Partnership
that could significantly affect these controls subsequent to the date of the
evaluation.

Item 4T:  Controls and Procedures
          -----------------------

Not Applicable



                                      14
<PAGE>

PART II - OTHER INFORMATION
          -----------------

Item 1:  Legal Proceedings
         -----------------

None.

Item 1A:  Risk Factors
          ------------

There are no material changes to the risk factors previously disclosed in
Partnership's Registration Statement on Form 10 filed with the Securities and
Exchange Commission on April 30, 2007.

Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds
         -----------------------------------------------------------

(a)   On April 30, May 31, and June 30, 2007, the Partnership sold limited
partnership interests ("Interests") to new and/or existing limited partners in
transactions that were not registered under the Securities Act of 1933, as
amended (the "Securities Act"). The aggregate consideration for Interests sold
on April 30, May 31, and June 30 by the Partnership was $773,238, $1,356,690
and $646,000, respectively. The Interests were issued in reliance on an
exemption from registration under the Securities Act set forth in Section 4(2)
of the Securities Act and Rule 506 thereunder, as transactions not
constituting a public offering of securities because the Interests were
offered and issued privately, without general solicitation or advertising,
only to "accredited investors" as defined in Rule 501(a) with whom the
Partnership, the General Partner or a Selling Agent acting on behalf of the
General Partner has a pre-existing substantive relationship and with respect
to whom it has been determined that the Units are a suitable investment. In
connection with the sales of the Interests described above, upfront
compensation to selling agents was $500 and the aggregate proceeds received by
the partnership was $2,775,428.

(b)   Not applicable.

(c)   Pursuant to the Partnership's Limited Partnership Agreement, Limited
Partners withdraw all or part of their capital contributions and undistributed
profits, if any, at the end of each calendar month. The withdrawal by a
Limited Partner has no impact on the value of the Interests of the remaining
Limited Partners. The following table summarizes the withdrawals by Limited
Partners during the second calendar quarter of 2007:

                     Month                        Withdrawal Amounts
                     -----                        ------------------

         April 30, 2007                                $666,626
         May 31, 2007                                  $707,022
         June 30, 2007                               $1,679,956

Item 3:  Defaults Upon Senior Securities
         -------------------------------

(a)   None.

(b)   None.

Item 4:  Submission of Matters to a Vote of Security Holders
         ---------------------------------------------------

None

Item 5:  Other Information
         -----------------

(a)   None.

(b)   Not applicable.

Item 6: Exhibits
        ---------

The following exhibits are incorporated herein by reference from the exhibit
of the same number and description filed with the Partnership's Registration
Statement on Form 10 (File No. 000-52599) filed on April 30, 2007.



                                      15
<PAGE>

    Exhibit Number       Description of Document
    --------------       -----------------------

          3.1            Certificate of Formation of AIS Futures Fund IV L.P.
          4.1            Second Amended and Restated Limited Partnership
                         Agreement of AIS Futures Fund IV L.P.
         10.1            Customer Agreement between Calyon Financial Inc. and
                         AIS Futures Fund IV L.P.

The following exhibits are included herewith.

    Exhibit Number       Description of Document
    --------------       -----------------------

         31.01           Rule 13(a)-14(a)/15(d)-14(a) Certification
         32.01           Section 1350 Certification



                                      16
<PAGE>

                                  SIGNATURES


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Dated: August 14, 2007

AIS FUTURES FUND IV L.P.

By:  AIS FUTURES MANAGEMENT LLC
General Partner



By: /s/ John Hummel
  -----------------------------------------------
Name:  John Hummel
Title: President (principal executive and principal
          financial officer)



                                     S-1
<PAGE>

     CERTIFICATION OF PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICER


I, John Hummel, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AIS Futures Fund IV
L.P. (the "Partnership");

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for, the periods presented in this annual report;

4. The Partnership's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Partnership and have:

(a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the Partnership, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is being
prepared;

(b) evaluated the effectiveness of the Partnership's disclosure controls and
procedures and presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

(c) disclosed in this report any change in the Partnership's internal control
over financial reporting that occurred during the Partnership's fourth fiscal
quarter that has materially affected, or is reasonably likely to materially
affect, the Partnership's internal control over financial reporting.

5. the Partnership's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to
the Partnership's auditors and the audit committee of the Partnership's board
of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the Partnership's ability to record, process,
summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the Partnership's internal control
over financial reporting.

By:  /s/ John Hummel


----------------------------------
John Hummel
President (principal executive and
         principal financial officer)
AIS Futures Management LLC
General Partner of the Partnership
August 14, 2007



                                     S-1
<PAGE>

                                 CERTIFICATION

                                  PURSUANT TO

       SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE


I, John Hummel, the President and principal executive and principal financial
officer of AIS Futures Management LLC, the General Partner of AIS Futures Fund
IV LP (the "Partnership"), certify that (i) the Quarterly Report of the
Partnership on Form 10-Q for the period ending June 30, 2007 fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 and (ii) the information contained in such Report fairly presents, in
all material respects, the financial condition and results of operations of
the Partnership.


Date:  August 14, 2007
       ---------------
                                  /s/ John Hummel
                                  ---------------
                                  John Hummel
                                  President