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 September 30, 2008




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
                  of
      incorporation or organization)
                
                (I.R.S.
      Employer
                  Identification
      Number)c/o
      AIS FUTURES MANAGEMENT LLC
                  187
      Danbury Road, Suite 201
                  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  ý
            No  o





Indicate
by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definition of “large accelerated filer”, “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):


Large
      accelerated filer  o
            Accelerated
      filer  o
            
            Non-accelerated
      filer  o
            
            Smaller
      reporting company  ý




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  o
            No  ý







TABLE
OF CONTENTS









Page




PART
      I – FINANCIAL INFORMATIONItem
      1. Financial Statements
                1-5Item
      1. Notes to Financial Statements
                6-11Item
      2. Management's Discussion and Analysis of Financial Condition and Results
      of Operations
                12-15Item
      3. Quantitative and Qualitative Disclosures About Market
    Risk
                15Item
      4. Controls and Procedures
                15PART
      II – OTHER INFORMATIONItem
      1. Legal Proceedings
                16Item
      1A. Risk Factors
                16Item
      2. Unregistered Sales of Equity Securities and Use of
    Proceeds
                16Item
      3. Defaults Upon Senior Securities
                16Item
      4. Submission of Matters to a Vote of Security Holders
                16Item
      5. Other Information
                16Item
      6. Exhibits
                17Signatures
                S-1Rule
      13a–14(a)/15d–14(a) Certifications
                S-2Section
      1350 Certifications
                S-3










PART I – FINANCIAL
INFORMATION








Item
1: Financial
Statements





AIS
      FUTURES FUND IV L.P.STATEMENTS
      OF FINANCIAL CONDITIONSeptember
      30, 2008 (Unaudited) and December 31, 2007 (Audited)_______________September
      30,
                      
                      
                      December
      31,2008
                      
                      
                      2007ASSETSEquity
      in broker trading accountCash
      (deficit)
                      
                      $
                      27,265,044
                      
                      
                      $
                      (2,627,100
                      )United
      States government securities
                      
                      
                      107,477,514
                      
                      
                      
                      78,742,449Unrealized
      gain (loss) on open contracts
                      
                      
                      (29,842,053
                      )
                      
                      
                      6,768,725Interest
      receivable
                      
                      
                      1,445
                      
                      
                      
                      13,234Deposits
      with broker
                      
                      
                      104,901,950
                      
                      
                      
                      82,897,308Cash
                      
                      
                      3,105,680
                      
                      
                      
                      4,353,255Total
      assets
                      
                      $
                      108,007,630
                      
                      
                      $
                      87,250,563LIABILITIESAccounts
      payable
                      
                      $
                      39,351
                      
                      
                      $
                      38,996Commissions
      and other trading feeson
      open contracts
                      
                      
                      27,498
                      
                      
                      
                      18,810Management
      fee payable
                      
                      
                      149,632
                      
                      
                      
                      126,174Accrued
      General Partner profit share allocation
                      
                      
                      192,156
                      
                      
                      
                      0General
      Partner profit share allocation payable
                      
                      
                      1,893
                      
                      
                      
                      5,851,372Selling
      agent administrative and service fee payable
                      
                      
                      269,479
                      
                      
                      
                      207,659Subscriptions
      received in advance
                      
                      
                      3,105,650
                      
                      
                      
                      1,726,500Redemptions
      payable
                      
                      
                      1,251,147
                      
                      
                      
                      1,349,528Total
      liabilities
                      
                      
                      5,036,806
                      
                      
                      
                      9,319,039PARTNERS'
      CAPITAL (Net Asset Value)General
      Partner - Series B
                      
                      
                      321,633
                      
                      
                      
                      313,793Limited
      Partners - Series A
                      
                      
                      102,649,191
                      
                      
                      
                      77,617,731Total
      partners' capital (Net Asset Value)
                      
                      
                      102,970,824
                      
                      
                      
                      77,931,524$
                      108,007,630
                      
                      
                      $
                      87,250,563





See
accompanying notes.





1





AIS
      FUTURES FUND IV L.P.CONDENSED
      SCHEDULE OF INVESTMENTSSeptember
      30, 2008 (Unaudited)_______________  UNITED STATES GOVERNMENT
      SECURITIESFace Value
                                            
                                            Maturity Date
                                            
                                            Description
                                            
                                            Fair Value
                                            
                                            
                                            %
      of Net
                                              Asset Value$
                                            3,000,000
                                            
                                            11/06/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            $
                                            2,994,536
                                            
                                            
                                            
                                            2.91
                                            %12,500,000
                                            
                                            11/20/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            12,466,647
                                            
                                            
                                            
                                            12.11
                                            %20,000,000
                                            
                                            12/04/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            19,928,924
                                            
                                            
                                            
                                            19.35
                                            %5,000,000
                                            
                                            12/11/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            4,977,375
                                            
                                            
                                            
                                            4.83
                                            %2,500,000
                                            
                                            12/18/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            2,487,782
                                            
                                            
                                            
                                            2.42
                                            %11,500,000
                                            
                                            12/26/08
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            11,442,692
                                            
                                            
                                            
                                            11.11
                                            %10,500,000
                                            
                                            01/02/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            10,445,031
                                            
                                            
                                            
                                            10.14
                                            %13,500,000
                                            
                                            01/08/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            13,427,830
                                            
                                            
                                            
                                            13.04
                                            %2,000,000
                                            
                                            02/05/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            1,986,723
                                            
                                            
                                            
                                            1.93
                                            %8,500,000
                                            
                                            02/19/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            8,443,312
                                            
                                            
                                            
                                            8.20
                                            %6,500,000
                                            
                                            02/26/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            6,449,258
                                            
                                            
                                            
                                            6.26
                                            %12,500,000
                                            
                                            03/19/09
                                            
                                            U.S.
      Treasury Bills
                                            
                                            
                                            12,427,404
                                            
                                            
                                            
                                            12.07
                                            %Total
      United States government securities *(cost
      - $106,986,637)
                                            $
                                            107,477,514
                                            
                                            
                                            
                                            104.37
                                            %
  LONG FUTURES CONTRACTS
 Number of Contracts
                                                          
                                                          Description
                                                          
                                                          Fair Value
                                                          
                                                          
                                                          %
      of Net
                                                            Asset ValueAgricultural590
                                                          
                                                          Corn
      (expires 12/2008)
                                                          
                                                          $
                                                          (7,842,012
                                                          )
                                                          
                                                          
                                                          (7.62
                                                          )%495
                                                          
                                                          Soybeans
      (soybeans expires 11/2008)
                                                          
                                                          $
                                                          (12,278,550
                                                          )
                                                          
                                                          
                                                          (11.92
                                                          )%Other**
                                                          
                                                          $
                                                          (5,142,405
                                                          )
                                                          
                                                          
                                                          (4.99
                                                          )%Currencies
      **
                                                          
                                                          
                                                          807,300
                                                          
                                                          
                                                          
                                                          0.78
                                                          %Energy
      **
                                                          
                                                          
                                                          (630,318
                                                          )
                                                          
                                                          
                                                          (0.61
                                                          )%Metals
      **
                                                          
                                                          
                                                          (7,011,628
                                                          )
                                                          
                                                          
                                                          (6.81
                                                          )%Total
      long futures contracts
                                                          
                                                          $
                                                          (32,097,613
                                                          )
                                                          
                                                          
                                                          (31.17
                                                          )%
  SHORT FUTURES CONTRACTS
 Number of Contracts
                            
                            Description577
                            
                            Interest
      Rates (30 Year U.S. Treasury Bond, expires 12/2008)
                            
                            
                            977,110
                            
                            
                            
                            0.95
                            %Stock
      Index **
                            
                            
                            1,278,450
                            
                            
                            
                            1.24
                            %Total
      short futures contracts
                            
                            
                            2,255,560
                            
                            
                            
                            2.19
                            %Total
      futures contracts
                            
                            $
                            (29,842,053
                            )
                            
                            
                            (28.98
                            )%
  *    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.
  2


AIS
      FUTURES FUND IV L.P.CONDENSED
      SCHEDULE OF INVESTMENTSDecember
      31, 2007 (Audited)_______________UNITED STATES GOVERNMENT
      SECURITIES
 Face Value
                                                                          
                                                                          Maturity Date
                                                                          
                                                                          Description
                                                                          
                                                                          Fair Value
                                                                          
                                                                          
                                                                          %
      of Net
                                                                            Asset Value$
                                                                          6,000,000
                                                                          
                                                                          01/03/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          $
                                                                          5,997,565
                                                                          
                                                                          
                                                                          
                                                                          7.70
                                                                          %4,000,000
                                                                          
                                                                          01/10/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          3,994,571
                                                                          
                                                                          
                                                                          
                                                                          5.13
                                                                          %1,500,000
                                                                          
                                                                          01/31/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          1,493,796
                                                                          
                                                                          
                                                                          
                                                                          1.92
                                                                          %5,000,000
                                                                          
                                                                          02/07/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          4,974,904
                                                                          
                                                                          
                                                                          
                                                                          6.38
                                                                          %1,500,000
                                                                          
                                                                          02/14/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          1,491,737
                                                                          
                                                                          
                                                                          
                                                                          1.91
                                                                          %1,000,000
                                                                          
                                                                          02/21/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          994,307
                                                                          
                                                                          
                                                                          
                                                                          1.27
                                                                          %6,000,000
                                                                          
                                                                          03/06/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          5,954,244
                                                                          
                                                                          
                                                                          
                                                                          7.64
                                                                          %5,000,000
                                                                          
                                                                          03/20/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          4,956,104
                                                                          
                                                                          
                                                                          
                                                                          6.36
                                                                          %8,000,000
                                                                          
                                                                          04/03/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          7,916,032
                                                                          
                                                                          
                                                                          
                                                                          10.16
                                                                          %3,000,000
                                                                          
                                                                          04/10/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          2,965,056
                                                                          
                                                                          
                                                                          
                                                                          3.80
                                                                          %2,000,000
                                                                          
                                                                          04/17/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          1,976,567
                                                                          
                                                                          
                                                                          
                                                                          2.53
                                                                          %4,000,000
                                                                          
                                                                          04/24/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          3,950,253
                                                                          
                                                                          
                                                                          
                                                                          5.07
                                                                          %10,000,000
                                                                          
                                                                          05/01/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          9,871,133
                                                                          
                                                                          
                                                                          
                                                                          12.67
                                                                          %9,000,000
                                                                          
                                                                          05/08/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          8,884,209
                                                                          
                                                                          
                                                                          
                                                                          11.40
                                                                          %2,500,000
                                                                          
                                                                          05/15/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          2,467,981
                                                                          
                                                                          
                                                                          
                                                                          3.17
                                                                          %3,000,000
                                                                          
                                                                          05/22/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          2,961,271
                                                                          
                                                                          
                                                                          
                                                                          3.80
                                                                          %4,500,000
                                                                          
                                                                          05/29/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          4,440,666
                                                                          
                                                                          
                                                                          
                                                                          5.70
                                                                          %3,500,000
                                                                          
                                                                          06/05/08
                                                                          
                                                                          U.S.
      Treasury Bills
                                                                          
                                                                          
                                                                          3,452,053
                                                                          
                                                                          
                                                                          
                                                                          4.43
                                                                          %Total
      United States government securities*(cost
      - $77,920,140)
                                                                          $
                                                                          78,742,449
                                                                          
                                                                          
                                                                          
                                                                          101.04
                                                                          %


LONG FUTURES CONTRACTS**


Description
                                          
                                          Fair Value
                                          
                                          
                                          %
      of Net
                                            Asset ValueAgricultural
                                          
                                          $
                                          4,457,287
                                          
                                          
                                          
                                          5.72
                                          %Currencies
                                          
                                          
                                          (758,831
                                          )
                                          
                                          
                                          (0.97
                                          )%Energy
                                          
                                          
                                          1,704,336
                                          
                                          
                                          
                                          2.19
                                          %Metals
                                          
                                          
                                          802,902
                                          
                                          
                                          
                                          1.03
                                          %Total
      long futures contracts
                                          
                                          
                                          6,205,694
                                          
                                          
                                          
                                          7.97
                                          %
  SHORT FUTURES
CONTRACTS


Number of Contracts
                                        
                                        Description419
                                        
                                        Interest
      Rates (30 Year U.S. Treasury Bond, expires 3/2008)
                                        
                                        
                                        563,031
                                        
                                        
                                        
                                        0.72
                                        %Total
      futures contracts
                                        
                                        $
                                        6,768,725
                                        
                                        
                                        
                                        8.69
                                        %* Pledged
      as collateral for the trading of futures and options on futures
      contracts.** No
      individual futures contract position constituted greater than 5 percent of
      Net Asset Value. Accordingly, the number of contracts
                                          and
      expiration dates are not presented.









See
accompanying notes.


3


AIS
      FUTURES FUND IV L.P.STATEMENTS
      OF OPERATIONSFor
      the Three Months and Nine Months Ended September 30, 2008 and 2007
      (Unaudited)_______________Three
      Months Ended
              
              
              Nine
      Months EndedSeptember
      30,
              
              
              September
      30,2008
              
              
              2007
              
              
              2008
              
              
              2007TRADING
      GAINS (LOSSES)Trading
      gains (losses)Realized
              
              $
              (26,992,877
              )
              
              $
              3,248,287
              
              
              $
              30,273,098
              
              
              $
              8,341,478Change
      in unrealized
              
              
              (46,514,360
              )
              
              
              10,269,572
              
              
              
              (36,610,778
              )
              
              
              9,613,568Brokerage
      commissions
              
              
              (28,674
              )
              
              
              (20,600
              )
              
              
              (111,885
              )
              
              
              (110,976
              )Total
      trading gains (losses)
              
              
              (73,535,911
              )
              
              
              13,497,259
              
              
              
              (6,449,565
              )
              
              
              17,844,070NET
      INVESTMENT INCOME (LOSS)IncomeInterest
      income
              
              
              623,451
              
              
              
              730,370
              
              
              
              2,215,261
              
              
              
              2,149,344ExpensesSelling
      agent administrativeand
      service fee
              
              
              767,467
              
              
              
              402,673
              
              
              
              2,293,583
              
              
              
              1,198,799Management
      fees
              
              
              511,094
              
              
              
              285,784
              
              
              
              1,591,264
              
              
              
              778,507Operating
      expenses
              
              
              49,320
              
              
              
              67,248
              
              
              
              162,270
              
              
              
              117,448Total
      expenses
              
              
              1,327,881
              
              
              
              755,705
              
              
              
              4,047,117
              
              
              
              2,094,754Net
      investment income (loss)
              
              
              (704,430
              )
              
              
              (25,335
              )
              
              
              (1,831,856
              )
              
              
              54,590NET
      INCOME (LOSS)
              
              
              (74,240,341
              )
              
              
              13,471,924
              
              
              
              (8,281,421
              )
              
              
              17,898,660Less:
      General PartnerProfit
      Share allocation
              
              
              (12,179,041
              )
              
              
              2,433,086
              
              
              
              961,853
              
              
              
              2,929,488Net
      income (loss) for pro rataallocation
      to all partners
              
              $
              (62,061,300
              )
              
              $
              11,038,838
              
              
              $
              (9,243,274
              )
              
              $
              14,969,172





See
accompanying notes.


4




AIS
      FUTURES FUND IV L.P.STATEMENTS
      OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)For
      the Nine Months Ended September 30, 2008 and 2007
    (Unaudited)_______________Partners'
      CapitalSeries
      B
              
              
              Series
      AGeneral
              
              
              LimitedPartner
              
              
              Partners
              
              
              TotalBalances
      at December 31, 2007
              
              $
              313,793
              
              
              $
              77,617,731
              
              
              $
              77,931,524Net
      income (loss) for the nine monthsended
      September 30, 2008General
      Partner Profit Share allocation
              
              
              769,697
              
              
              
              0
              
              
              
              769,697Pro
      rata allocation to all partners
              
              
              7,840
              
              
              
              (9,251,114
              )
              
              
              (9,243,274
              )Subscriptions
              
              
              0
              
              
              
              50,284,820
              
              
              
              50,284,820Redemptions
              
              
              (769,697
              )
              
              
              (16,002,246
              )
              
              
              (16,771,943
              )Balances
      at September 30, 2008
              
              $
              321,633
              
              
              $
              102,649,191
              
              
              $
              102,970,824Balances
      at December 31, 2006
              
              $
              179,169
              
              
              $
              51,565,105
              
              
              $
              51,744,274Net
      income for the nine monthsended
      September 30, 2007General
      Partner Profit Share allocation
              
              
              82,352
              
              
              
              0
              
              
              
              82,352Pro
      rata allocation to all partners
              
              
              69,563
              
              
              
              14,899,609
              
              
              
              14,969,172Subscriptions
              
              
              0
              
              
              
              8,375,525
              
              
              
              8,375,525Redemptions
              
              
              (82,352
              )
              
              
              (9,240,040
              )
              
              
              (9,322,392
              )Balances
      at September 30, 2007
              
              $
              248,732
              
              
              $
              65,600,199
              
              
              $
              65,848,931





See
accompanying notes.


5
 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 disclosures of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting
period.  Actual results could differ from those
estimates.




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




E.
            Securities




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




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.




6
 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.
            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.




J.
            Fair
      Value




The
Partnership accounts for certain assets and liabilities at fair value under
various accounting literature and applicable industry guidance.  The
Company adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurement (SFAS
No. 157) on January 1, 2008.  SFAS No. 157 defines fair value, establishes
a framework for measuring fair value, establishes a fair value hierarchy based
on the quality of inputs used to measure fair value, and enhances disclosure
requirements for fair value measurements.  In accordance with SFAS No. 157,
the Partnership has categorized its financial instruments, based on the priority
of inputs to the valuation technique, into a three-level fair value
hierarchy.  The fair value gives the highest priority to quoted prices in
active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3).  If the inputs used to measure
the financial instruments fall within different levels of the hierarchy, the
categorization is based on the lowest level input that is significant to the
fair value measurement of the instrument.




7
 AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
 _______________


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




J.
            Fair
      Value (continued)




Financial
assets and liabilities recorded on the statement of financial condition at
September 30, 2008 are categorized as Level 1 based on the inputs to the
valuation techniques.  Level 1 means they are based on unadjusted quoted
prices for identical assets or liabilities in an active market that the
Partnership has the ability to access.




The fair
values of Level 1 financial instruments at September 30, 2008, consisted of the
following:




Futures
      contracts
                  
                  $
                  (29,842,053
                  )U.S.
      Treasury Bills
                  
                  
                  107,477,514




The fair
values of futures contracts are based upon an underlying asset, index, or
reference rate or a combination of these factors. The Partnership uses futures
contracts as part of its trading activities.  The fair value of U.S.
Treasury Bills is based on amortized cost, which approximates fair
value.




K.
            Interim
      Financial Statements




The
financial statements included herin were prepared by us without an 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 nine months
ended September 30, 2008 and 2007 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-K previously filed with
the Securities and Exchange Commission.




L.
            Recently
      Issued Accounting Pronouncement




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




8
 AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
 _______________


Note
      2.
            GENERAL
      PARTNER




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




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




During
the three and nine months ended September 30, 2008 and 2007, certain Series A
Limited Partners were charged Management Fees at a rate lower than described
above, to offset the effect of the additional 1.5% per annum Selling Agent
Service Fee described in Note 3.  Accordingly, for the three and nine
months ended September 30, 2008, Management Fees were reduced by approximately
$62,000 (2007=$21,700) and $155,800
(2007= $105,700), 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 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 three and nine months ended September 30, 2008 and 2007,
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 (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
      BROKER




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




Note
      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 nine months
ended September 30, 2008, $4,900 (2007=$0) and $30,737 (2007=$0),
respectively, in selling commissions were charged to Limited
Partners.  Limited Partner subscriptions, as presented in the
statement of changes in partners’ capital (net asset value), are net of such
selling commissions, if any.




9
 AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS (CONTINUED)
 _______________


Note
      5.
            SUBSCRIPTIONS,
      DISTRIBUTIONS AND REDEMPTIONS
(CONTINUED)




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




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




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




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




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




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




Note
      7.
            INDEMNIFICATIONS




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




10
 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 nine months ended September 30, 2008 and
2007.  This information has been derived from information presented in
the financial statements.




Three
      months ended
                                                September
      30
                                              
                                              
                                              Nine
      months ended
                                                September
      302008
                                              
                                              
                                              2007
                                              
                                              
                                              2008
                                              
                                              
                                              2007(Unaudited)
                                              
                                              
                                              (Unaudited)
                                              
                                              
                                              (Unaudited)
                                              
                                              
                                              (Unaudited)Total
      return for Series A Limited Partnerstaken
      as a wholeTotal
      return before Profit Share allocation (3)
                                              
                                              
                                              (44.02)%
                                              
                                              
                                              
                                              24.15%
                                              
                                              
                                              
                                              (0.87)%
                                              
                                              
                                              
                                              34.23%Profit
      Share allocation (3)
                                              
                                              
                                              6.02%
                                              
                                              
                                              
                                              (4.40)%
                                              
                                              
                                              
                                              (0.29)%
                                              
                                              
                                              
                                              (5.85)%Total
      return after Profit Share allocation
                                              
                                              
                                              (38.00)%
                                              
                                              
                                              
                                              19.75%
                                              
                                              
                                              
                                              (1.16)%
                                              
                                              
                                              
                                              28.38%Supplemental
      Data for Series A Limited PartnersRatios
      to average net asset value:Expenses,
      excluding Profit Share allocation (2)
                                              
                                              
                                              3.81%
                                              
                                              
                                              
                                              5.32%
                                              
                                              
                                              
                                              4.61%
                                              
                                              
                                              
                                              4.93%Profit
      Share allocation (3)
                                              
                                              
                                              (8.73)%
                                              
                                              
                                              
                                              4.28%
                                              
                                              
                                              
                                              0.82%
                                              
                                              
                                              
                                              5.17%Total
      expenses
                                              
                                              
                                              (4.92)%
                                              
                                              
                                              
                                              9.60%
                                              
                                              
                                              
                                              5.43%
                                              
                                              
                                              
                                              10.10%Net
      investment income (loss) (1) ,
      (2)
                                              
                                              
                                              (2.03)%
                                              
                                              
                                              
                                              (0.19)%
                                              
                                              
                                              
                                              (2.10)%
                                              
                                              
                                              
                                              0.11%





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
 PART I – FINANCIAL
INFORMATION (continued)


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.





Liquidity
and Capital Resources





The
Partnership raises additional capital only through the sale 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
and energy products.  Due to the nature of the Partnership's business,
substantially all its assets are represented by cash and U.S. 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.





The
Partnership accounts for certain assets and liabilities at fair value under
various accounting literature and applicable industry guidance.  The
Partnership adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurement (SFAS
157) on January 1, 2008.  SFAS 157 defines fair value, establishes a
framework for measuring fair value, establishes a fair value hierarchy based on
the quality of inputs used to measure fair value, and enhances disclosure
requirements for fair value measurements.  In accordance with SFAS 157, the
Partnership has categorized its financial instruments, based on the priority of
inputs to the valuation technique, into a three-level fair value
hierarchy.  The fair value gives the highest priority to quoted prices in
active markets for identical assets or liabilities (Level 1) and the lowest
priority to unobservable inputs (Level 3).  If the inputs used to measure
the financial instruments fall within different levels of the hierarchy, the
categorization is based on the lowest level input that is significant to the
fair value measurement of the instrument.  All financial assets and
liabilities recorded on the statement of financial condition at September 30,
2008 were categorized as Level 1.  The General Partner anticipates
than an immaterial amount of the financial assets and liabilities of the
Partnership will be categorized as Level 2 or Level 3 on an ongoing
basis.





Except as
otherwise described, there have been no material changes with respect to the
Partnership's critical accounting policies, off-balance sheet arrangements or
contractual obligations.





During
its operations for the three and nine months ended September 30, 2008, the
Partnership experienced no meaningful periods of illiquidity in any of the
numerous markets traded by the General Partner.






12
 PART I – FINANCIAL
INFORMATION (continued)


Results
of Operations





Performance
Summary




The
profitability of trend-following trading techniques such as the Multi Asset
Allocation Portfolio (“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.




Results
of Operations





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.





Three Months Ended September
30, 2008





During
the three months ended September 30, 2008, the Partnership earned net
income/(loss) for pro rata allocation to all partners of
$(62,061,300).  The Partnership experienced trading gains/(losses) of
$(73,535,911) and earned interest income of $623,451 during this
period.  Interest income is derived from cash and U.S. Treasury
instruments held at the Partnership's commodity broker.  Interest
income for this period decreased $106,919 over the same period in
2007.  A breakdown of trading gains and losses for this period appears
below.





Sector
                
                %
      Gain (Loss)S&P
      500
                
                
                3.13%Bonds
                
                
                (1.40)%Yen
                
                
                (0.35)%Energy
                
                
                (19.60)%Metals
                
                
                (9.77)%Grains
                
                
                (21.23)%Total
      Portfolio
                
                
                (43.68)%





The
Partnership experienced a decline in value during the third quarter of 2008
primarily due to the Partnership’s long positions in grains, energy and
metals.  In addition small losses were incurred in the short position
in U.S. Treasury bonds and the Japanese Yen.  Only the Partnership’s
short position in the S&P 500 created a small gain.





Three Months Ended September
30, 2007





During
the three months ended September 30, 2007, the Partnership earned net income for
pro rata allocation to all partners of $11,038,838.  The Partnership
experienced trading gains of $13,497,259 and earned interest income of $730,370
during this period.  Interest income is derived from cash and U.S.
Treasury instruments held at the Partnership's commodity
broker.  Interest income for this period increased $118,364 over the
same period in 2006.  A breakdown of trading gains and losses for this
period appears below.




13
 PART I – FINANCIAL
INFORMATION (continued)




Sector
                
                %
      Gain (Loss)S&P
      500
                
                
                (0.91)%Bonds
                
                
                (2.59)%Yen
                
                
                4.14%Energy
                
                
                4.72%Metals
                
                
                7.85%Grains
                
                
                10.82%Total
      Portfolio
                
                
                24.20%





As
compared to the same period in 2006, the three months ended September 30, 2007
saw increased profitability in the Partnership’s trading in Yen, Energy, Metals
and Grains.





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 period were $755,705, which was an
increase of $192,055 relative to the corresponding period in
2006.  Selling agent administrative and service fees, management fees
and operating expenses for the period totaled $402,673, $285,784 and $67,248,
respectively.





Nine Months Ended September
30, 2008





During
the six months ended September 30, 2008, the Partnership earned net
income/(loss) for pro rata allocation to all partners of
$(9,243,274).  Total partners’ capital (net asset value) for this
period increased by $25,039,300 due to the impact of this net income, as well as
subscriptions (net of redemptions) of $33,512,877.  The Partnership
experienced trading gains/(losses) of $(6,449,565) and earned interest income of
$2,215,261 during this period.  Interest income is derived from cash
and U.S. Treasury instruments held at the Partnership's commodity
broker.  Interest income for this period increased $65,917 over the
same period in 2007.  A breakdown of trading gains and losses for this
period appears below.





Sector
                
                %
      Gain (Loss)S&P
      500
                
                
                7.14%Bonds
                
                
                (2.18)%Yen
                
                
                2.05%Energy
                
                
                7.72%Metals
                
                
                (1.75)%Grains
                
                
                (5.70)%Total
      Portfolio
                
                
                0.68%





For the
first nine months of 2008, the Partnership’s returns from trading were
essentially flat as a result of the giveback of the first half’s gains during
the third quarter.  Gains for the nine months were achieved from the
long position in energy markets, the short position in the S&P 500 and from
the long position in the Japanese Yen.  Offsetting those gains were
losses in the long positions in the grains, the short position in the U.S.
Treasury bonds, and long position in the metals.





While the
credit crisis that has enveloped the financial markets has taken a severe toll
on prices of most asset classes, the aggressive counter measures that have been
taken by the U.S. Treasury, the Federal Reserve, and other major governments
should, with time, successfully overwhelm the credit crisis and return the
global economy to more normal growth path.





Nine Months Ended September
30, 2007





During
the nine months ended September 30, 2007, the Partnership earned net income for
pro rata allocation to all partners of $14,969,172.  Total partners’
capital (net asset value) for this period increased by $14,104,657 due to the




14
 PART I – FINANCIAL
INFORMATION (continued)




impact of
this net income, as well as redemptions (net of subscriptions) of
$946,867.  The Partnership experienced trading gains of $17,844,070
and earned interest income of $2,149,344 during this period.  Interest
income is derived from cash and U.S. Treasury instruments held at the
Partnership's commodity broker.  Interest income for this period
increased $662,052 over the same period in 2006.  A breakdown of
trading gains and losses for this period appears below.





Sector
              
              %
      Gain (Loss)S&P
      500
              
              
              (3.79)%Bonds
              
              
              (0.71)%Yen
              
              
              0.15%Energy
              
              
              12.52%Metals
              
              
              7.97%Grains
              
              
              16.32%Total
      Portfolio
              
              
              33.76%





As
compared to the same period in 2006, the nine months ended September 30, 2007
saw increased profitability in the Partnership’s trading in Yen, Energy and
Grains.





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 period were $2,094,754, which was an
increase of $663,596 relative to the corresponding period in
2006.  Selling agent administrative and service fees, management fees
and operating expenses for the period totaled $1,198,799, $778,507 and $117,448,
respectively.





Item
3: Quantitative and
Qualitative Disclosures About Market Risk





Not
Applicable.





Item
4T: 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.








15
 PART II – OTHER
INFORMATION


Item
1:  Legal
Proceedings





None.





Item
1A:  Risk
Factors




Recent
Market Disruptions.  The global financial markets have recently
undergone a period of unprecedented disruption and stress.  Markets
previously thought to be uncorrelated have been shown to be correlated, credit
markets have in some cases ceased functioning, many markets have experienced
record levels of volatility and governments have intervened in extraordinary and
often unpredictable ways, often on an emergency basis.  It is
impossible to predict what impact these events will have on the Partnership on
an ongoing basis.  Many private investment funds have been forced to
suspend or limit redemptions and many others have been forced into
liquidation.  There can be no assurance that the Partnership will not
encounter similar problems, that it will be profitable or that it will avoid
substantial (or total) losses.





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





(a)           The
requested information has been previously reported on Form 8-K.





(b)           Not
applicable.





(c)           Pursuant
to the Partnership’s Limited Partnership Agreement, Limited Partners may
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 capital accounts of the
remaining Limited Partners.  The following table summarizes the
withdrawals by Limited Partners during the third calendar quarter of
2008:




Month
              
              Withdrawal
      AmountsJuly
      31, 2008
              
              $
              (2,561,674
              )August
      31, 2008
              
              $
              (1,484,741
              )September
      30, 2008
              
              $
              (1,251,147
              )





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.





16
 PART II – OTHER
INFORMATION (continued)


Item
6: Exhibits





The
following exhibits are incorporated herein by reference from the exhibit of the
same number and description filed with the registrant’s Registration Statement
on Form 10-K (File No. 000-52599) filed on March 26, 2008.





Exhibit Number
                Description of Document3.1*
                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.





The
following exhibits are included herewith.





Exhibit Number
                Description of Document31.01
                Rule
      13a-14(a)/15d-14(a) Certification32.01
                Section
      1350 Certification










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


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


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


17


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: 
      November  14, 2008AIS
      FUTURES FUND IV L.P.By:AIS
      FUTURES FUND IV L.P.General
      Partner




By:
                  /s/
      John HummelName
                  John
      HummelTitle:
                  President
      (principal executive and principal financial officer)






S-1