----

----

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

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

----

----

|                                                                                               |   |                                             |
|----------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|
| Delaware                                                                                           |   | 13-3909977                                       |
| (State      or other jurisdictionof      incorporation or organization)                            |   | (I.R.S.      EmployerIdentification      Number) |
|                                                                                               |   |
| c/o      AIS FUTURES MANAGEMENT LLC187      Danbury Road, PO Box 806Wilton,      Connecticut 06897 |
| (Address      of Principal Executive Offices)                                                 |

----

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

----

| PART      I – FINANCIAL INFORMATION                                                     |   |
|----------------------------------------------------------------------------------------------------|--------|
| Item      1. Financial Statements                                                             |   |
| Statements      of Financial Condition                                                        | 1      |
| Condensed      Schedules of Investments                                                       | 2-3    |
| Statements      of Operations                                                                 | 4      |
| Statements      of Changes in Partners’ Capital (Net Asset Value)                       | 5      |
| Notes      to Financial Statements                                                            | 6-12   |
| Item      2. Management’s Discussion and Analysis of Financial Condition and Results      of |   |
| Operations                                                                                    | 13-14  |
| Item      3. Quantitative and Qualitative Disclosures About Market Risk                       | 14     |
| Item      4T. Controls and Procedures                                                         | 15     |
|                                                                                               |   |
| PART      II – OTHER INFORMATION                                                        |   |
| Item      1. Legal Proceedings                                                                | 16     |
| Item      1A. Risk Factors                                                                    | 16     |
| Item      2. Unregistered Sales of Equity Securities and Use ofProceeds                       | 16     |
| Item      3. Defaults Upon Senior Securities                                                  | 16     |
| Item      4. Submission of Matters to a Vote of Security Holders                              | 16     |
| Item      5. Other Information                                                                | 17     |
| Item      6. Exhibits                                                                         | 17     |
| Signature                                                                                     | 18     |
| Rule      13a–14(a)/15d–14(a) Certification                                       | S-1    |
| Section      1350 Certification                                                                    | S-2    |

----

----

|                                                      |   | March      31, |       |   | December      31, |   |
|-----------------------------------------------------------|--------|----------------|------------|--------|-------------------|--------|
|                                                      |   | 2009           |       |   | 2008              |   |
| ASSETS                                                    |   |           |       |   |              |   |
| Equity      in broker trading account                     |   |           |       |   |              |   |
| Cash      (deficit)                                       |   | $              | (2,371,405 | )      |              | $      | 1,564,334 |   |
| United      States government securities, at fair value   |   |           | 44,969,727 |   |              |   | 41,470,056 |   |
| Unrealized      gain on open contracts, net               |   |           | 3,908,392  |   |              |   | 5,316,844 |   |
| Interest      receivable                                  |   |           | 670        |   |              |   | 2,293 |   |
| Deposits      with broker                                 |   |           | 46,507,384 |   |              |   | 48,353,527 |   |
|                                                      |   |           |       |   |              |   |   |   |
| Cash                                                      |   |           | 247,030    |   |              |   | 540,030 |   |
| Total      assets                                         |   | $              | 46,754,414 |   |              | $      | 48,893,557 |   |
|                                                      |   |           |       |   |              |   |   |   |
| LIABILITIES                                               |   |           |       |   |              |   |   |   |
| Accounts      payable                                     |   | $              | 51,631     |   |              | $      | 58,861 |   |
| Commissions      and other trading fees                   |   |           |       |   |              |   |   |   |
| on      open contracts payable                            |   |           | 14,424     |   |              |   | 13,434 |   |
| Management      fee payable                               |   |           | 67,095     |   |              |   | 69,791 |   |
| General      Partner Profit Share allocation payable      |   |           | 4,036      |   |              |   | 0 |   |
| Selling      agent administrative and service fee payable |   |           | 117,727    |   |              |   | 132,341 |   |
| Subscriptions      received in advance                    |   |           | 247,000    |   |              |   | 540,000 |   |
| Redemptions      payable                                  |   |           | 980,775    |   |              |   | 766,248 |   |
|                                                      |   |           |       |   |              |   |   |   |
| Total      liabilities                                    |   |           | 1,482,688  |   |              |   | 1,580,675 |   |
|                                                      |   |           |       |   |              |   |   |   |
| PARTNERS’ CAPITAL      (Net Asset Value)            |   |           |       |   |              |   |   |   |
| General      Partner - Series B                           |   |           | 145,529    |   |              |   | 152,807 |   |
| Limited      Partners - Series A                          |   |           | 45,126,197 |   |              |   | 47,160,075 |   |
|                                                      |   |           |       |   |              |   |   |   |
| Total      partners' capital (Net Asset Value)            |   |           | 45,271,726 |   |              |   | 47,312,882 |   |
|                                                      |   |           |       |   |              |   |   |   |
|                                                      |   | $              | 46,754,414 |   |              | $      | 48,893,557 |   |

----

----

| Face Value |       | Maturity Date |     | Description |                                           | Fair Value |   |       | %      of NetAsset Value |   |
|------------|------------|---------------|----------|-------------|------------------------------------------------|------------|--------|------------|--------------------------|--------|
|       |       |          |     |        |                                           |       |   |       |                     |   |
| $          | 6,500,000  |          | 06/04/09 |        | U.S.      Treasury Bills                       |       | $      | 6,496,601  |                     |   |   | 14.35 |  % |
|       | 10,500,000 |          | 06/11/09 |        | U.S.      Treasury Bills                       |       |   | 10,496,639 |                     |   |   | 23.19 |  % |
|       | 3,000,000  |          | 06/25/09 |        | U.S.      Treasury Bills                       |       |   | 2,998,939  |                     |   |   | 6.62 |  % |
|       | 18,000,000 |          | 07/02/09 |        | U.S.      Treasury Bills                       |       |   | 17,989,377 |                     |   |   | 39.74 |  % |
|       | 7,000,000  |          | 09/17/09 |        | U.S.      Treasury Bills                       |       |   | 6,988,171  |                     |   |   | 15.44 |  % |
|       |       |          |     |        |                                           |       |   |       |                     |   |   |   |   |
|       |       |          |     |        | Total      United States government securities |       |   |       |                     |   |   |   |   |
|       |       |          |     |        | (cost      - $44,946,824)                      |       | $      | 44,969,727 |                     |   |   | 99.34 | % |

|   |   | Description                       |   |   | Fair Value |      |   | %      of NetAsset Value |   |
|--------|--------|-----------------------------------|--------|--------|------------|-----------|--------|--------------------------|--------|
|   |   |                              |   |   |       |      |   |                     |   |
|   |   | Agricultural                      |   |   | $          | 2,523,450 |   |                     |   | 5.57 |  % |
|   |   | Currencies                        |   |   |       | 1,443,896 |   |                     |   | 3.19 |  % |
|   |   | Energy                            |   |   |       | (999,027  | )      |                     |   | (2.21 | )% |
|   |   | Metals                            |   |   |       | 940,073   |   |                     |   | 2.08 |  % |
|   |   |                              |   |   |       |      |   |                     |   |   |   |
|   |   | Total      long futures contracts |   | $      | 3,908,392  |      |   |                     | 8.63   | % |
|   |   |                              |   |   |       |      |   |                     |   |   |   |

----

----

|       |       |               |     |        |                                                                                |       |
|------------|------------|--------------------|----------|-------------|-------------------------------------------------------------------------------------|------------|
| Face Value |       | Maturity      Date |     | Description |                                                                                | Fair Value |   |   | %      of NetAsset Value |   |
|       |       |               |     |        |                                                                                |       |   |   |   |   |
| $          | 10,500,000 |               | 01/02/09 |        | U.S.      Treasury Bills                                                            |       | $ | 10,498,827 |   |   |   | 22.19 | % |
|       | 500,000    |               | 01/08/09 |        | U.S.      Treasury Bills                                                            |       |   | 499,786 |   |   |   | 1.06 | % |
|       | 1,000,000  |               | 02/19/09 |        | U.S.      Treasury Bills                                                            |       |   | 997,395 |   |   |   | 2.11 | % |
|       | 500,000    |               | 02/26/09 |        | U.S.      Treasury Bills                                                            |       |   | 498,503 |   |   |   | 1.05 | % |
|       | 6,500,000  |               | 06/04/09 |        | U.S.      Treasury Bills                                                            |       |   | 6,491,897 |   |   |   | 13.72 | % |
|       | 10,500,000 |               | 06/11/09 |        | U.S.      Treasury Bills                                                            |       |   | 10,492,440 |   |   |   | 22.18 | % |
|       | 12,000,000 |               | 06/25/09 |        | U.S.      Treasury Bills                                                            |       |   | 11,991,208 |   |   |   | 25.34 | % |
|       |       |               |     |        |                                                                                |       |   |   |   |   |   |   |   |
|       |       |               |     |        | Total      United States government  securities      (cost - $41,347,804) |       | $ | 41,470,056 |   |   |   | 87.65 | % |
|       |       |               |     |        |                                                                                |       |   |   |   |   |   |   |   |

|   |   |                              |   |   |       |      |   |
|--------|--------|-----------------------------------|--------|--------|------------|-----------|--------|
|   |   | Description                       |   |   | Fair Value |      |   | %      of NetAsset Value |   |
|   |   |                              |   |   |       |      |   |   |   |
|   |   | Agricultural                      |   |   | $          | 2,480,686 |   |   |   | 5.24 |  % |
|   |   | Currencies                        |   |   |       | 1,469,813 |   |   |   | 3.11 |  % |
|   |   | Energy                            |   |   |       | (33,947   | )      |   |   | (0.07 | )% |
|   |   | Metals                            |   |   |       | 1,400,292 |   |   |   | 2.96 |  % |
|   |   |                              |   |   |       |      |   |   |   |   |   |
|   |   | Total      long futures contracts |   | $      | 5,316,844  |      |   |   | 11.24 | % |
|   |   |                              |   |   |       |      |   |   |   |   |   |

----

----

|                                |   | Three      Months Ended |       |
|-------------------------------------|--------|-------------------------|------------|
|                                |   | March      31,          |       |
|                                |   | 2009                    |       |   | 2008 |   |
| TRADING      GAINS (LOSSES)         |   |                    |       |   |   |   |
| Trading      gains (losses)         |   |                    |       |   |   |   |
| Realized                            |   | $                       | (810,920   | ) |   | $ | 32,700,346 |   |
| Change      in unrealized           |   |                    | (1,408,452 | ) |   |   | (10,382,660 | ) |
| Brokerage      commissions          |   |                    | (24,995    | ) |   |   | (41,777 | ) |
|                                |   |                    |       |   |   |   |   |   |
| Total      trading gains (losses)   |   |                    | (2,244,367 | ) |   |   | 22,275,909 |   |
|                                |   |                    |       |   |   |   |   |   |
| NET      INVESTMENT INCOME (LOSS)   |   |                    |       |   |   |   |   |   |
| Income                              |   |                    |       |   |   |   |   |   |
| Interest      income                |   |                    | 20,820     |   |   |   | 863,382 |   |
|                                |   |                    |       |   |   |   |   |   |
| Expenses                            |   |                    |       |   |   |   |   |   |
| Selling      agent administrative   |   |                    |       |   |   |   |   |   |
| and      service fee                |   |                    | 294,851    |   |   |   | 660,793 |   |
| Management      fees                |   |                    | 190,538    |   |   |   | 481,236 |   |
| Operating      expenses             |   |                    | 49,500     |   |   |   | 44,950 |   |
|                                |   |                    |       |   |   |   |   |   |
| Total      expenses                 |   |                    | 534,889    |   |   |   | 1,186,979 |   |
|                                |   |                    |       |   |   |   |   |   |
| Net      investment income (loss)   |   |                    | (514,069   | ) |   |   | (323,597 | ) |
|                                |   |                    |       |   |   |   |   |   |
| NET      INCOME (LOSS)              |   |                    | (2,758,436 | ) |   |   | 21,952,312 |   |
|                                |   |                    |       |   |   |   |   |   |
| Less:      General Partner          |   |                    |       |   |   |   |   |   |
| Profit      Share allocation        |   |                    | 4,036      |   |   |   | 4,479,458 |   |
|                                |   |                    |       |   |   |   |   |   |
| Net      income (loss) for pro rata |   |                    |       |   |   |   |   |   |
| allocation      to all partners     |   | $                       | (2,762,472 | ) |   | $ | 17,472,854 |   |

----

----

|                                         |   | Partners'      Capital |     |
|----------------------------------------------|--------|------------------------|----------|
|                                         |   | Series      B          |     |   | Series      A |   |   |   |   |
|                                         |   | General                |     |   | Limited |   |   |   |   |
|                                         |   | Partner                |     |   | Partners |   |   | Total |   |
|                                         |   |                   |     |   |   |   |   |   |   |
| Balances      at January 1, 2009             |   | $                      | 152,807  |   |   | $ | 47,160,075 |   |   | $ | 47,312,882 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Net      (loss) for the three months         |   |                   |     |   |   |   |   |   |   |   |   |   |
| ended      March 31, 2009                    |   |                   |     |   |   |   |   |   |   |   |   |   |
| Pro      rata allocation to all partners     |   |                   | (7,278   | ) |   |   | (2,755,194 | ) |   |   | (2,762,472 | ) |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Subscriptions                                |   |                   | 0        |   |   |   | 2,085,000 |   |   |   | 2,085,000 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Redemptions                                  |   |                   | 0        |   |   |   | (1,363,684 | ) |   |   | (1,363,684 | ) |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Balances      at March 31, 2009              |   | $                      | 145,529  |   |   | $ | 45,126,197 |   |   | $ | 45,271,726 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Balances      at January 1, 2008             |   | $                      | 313,793  |   |   | $ | 77,617,731 |   |   | $ | 77,931,524 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Net      income for the three months         |   |                   |     |   |   |   |   |   |   |   |   |   |
| ended      March 31, 2008                    |   |                   |     |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation |   |                   | 292,032  |   |   |   | 0 |   |   |   | 292,032 |   |
| Pro      rata allocation to all partners     |   |                   | 90,361   |   |   |   | 17,382,493 |   |   |   | 17,472,854 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Subscriptions                                |   |                   | 0        |   |   |   | 12,868,070 |   |   |   | 12,868,070 |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Redemptions                                  |   |                   | (292,032 | ) |   |   | (6,490,008 | ) |   |   | (6,782,040 | ) |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
|                                         |   |                   |     |   |   |   |   |   |   |   |   |   |
| Balances      at March 31, 2008              |   | $                      | 404,154  |   |   | $ | 101,378,286 |   |   | $ | 101,782,440 |   |

----

----

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

|   | A. | General      Description of the Partnership |
|--------|----|---------------------------------------------|

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

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

|   | B. | Method      of Reporting and Use of Estimates |
|--------|----|-----------------------------------------------|

|   |   | The      Partnership’s financial statements are presented in conformity with U.S.      generally accepted accounting principles which requires management to make      estimates and assumptions that affect the reported amounts of assets and      liabilities and disclosures of contingent assets and liabilities at the      date of the financial statements and the reported amounts of revenue and      expenses during the reporting period.  Actual results could      differ from those estimates. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | D. | Securities |
|--------|----|------------|

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

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

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

----

----

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

|   | E. | Income      Taxes (continued) |
|--------|----|-------------------------------|

|   | The      Partnership applies the provisions of Financial Accounting Standards Board      (FASB) Interpretation No. 48 (FIN 48) entitled Accounting for Uncertainty in      Income Taxes – an interpretation of FASB Statement No.      109.  FIN 48 provides guidance for how uncertain tax      positions should be recognized, measured, presented and disclosed in the      financial statements.  FIN 48 requires the evaluation of tax      positions taken or expected to be taken in the course of preparing the      Partnership’s financial statements to determine whether the tax positions      are “more-likely-or-not” of being sustained by the applicable tax      authority.  Tax positions with respect to tax at the partnership      level not deemed to meet the “more-likely-than-not” threshold would be      recorded as a tax benefit or expense in the current year.  The      General Partner has concluded there is no tax expense or associated      interest and penalties to be recorded by the Partnership for the three      month periods ended March 31, 2009 and 2008.  The Partnership      has elected an accounting policy to classify interest and penalties, if      any, as interest expense.  The Partnership files U.S. federal      and state tax returns.  The 2005 through 2008 tax years      generally remain subject to examination by U.S. federal and most state tax      authorities. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | F. | Capital      Accounts |
|--------|----|-----------------------|

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

|   | On      March 1, 2008, the Partnership adopted its Fourth Amended and Restated      Limited Partnership Agreement.  This agreement changed the      defined term used to describe interests in Partnership from “Units of      Limited Partnership Interest” to “Limited Partnership Interests” to      prevent confusion over the use of the term “units”.  The      Partnership accounted for its “Units of Limited Partnership Interest” on a      capital account basis prior to March 1, 2008 and will continue to account      for its “Limited Partnership Interests” on the same basis going      forward. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | G. | Redemptions |
|--------|----|-------------|

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

|   | H. | Statement      of Cash Flows |
|--------|----|------------------------------|

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

----

----

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

|   | I. | Fair      Value |
|--------|----|-----------------|

|   | The Partnership accounts for certain assets and      liabilities at fair value under various accounting literature and      applicable industry guidance.  The Company adopted Statement of      Financial Accounting Standard No. 157, Fair Value      Measurement (SFAS 157) on      January 1, 2008, which did not have a material impact on the Partnership’s      financial condition or results of operations.  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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Financial      assets and liabilities recorded on the statement of financial condition at      March 31, 2009 are categorized as Level 1 and Level 2 based on the inputs      to the valuation techniques. Level 1 denotes fair value is based on      unadjusted quoted prices for identical assets or liabilities in an active      market that the Partnership has the ability to access.  Level 2      denotes fair value is based on inputs other than quoted market prices that      the Partnership has the ability to access.  The Partnership has      no Level 3 assets or liabilities at March 31,  2009. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A fair value measurement      assumes that the transaction to sell the asset or transfer the liability      occurs in the principal market for the asset or liability or, in the      absence of a principal market, the most advantageous market.  A      financial instrument’s level within the fair value hierarchy is based on      the lowest level of any input that is significant to the fair value      measurement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The fair values of financial      instruments at March 31, 2009 and December 31, 2008, consisted of the      following: |
|--------|-------------------------------------------------------------------------------------------------------------------------|

|         |                            |   | March 31, 2009 |       |   | December 31, 2008 |   |
|--------------|---------------------------------|--------|----------------|------------|--------|-------------------|--------|
| Level      1 | Futures      contracts          |   | $              | 3,908,392  |   |              | $      | 5,316,844 |   |
|         |                            |   |           |       |   |              |   |   |   |
| Level      2 | U.S.      Government Securities |   | $              | 44,969,727 |   |              | $      | 41,470,056 |   |

|   | The      fair values of futures contracts are based upon exchange settlement      prices.  The fair value of U.S. Government Securities is based      on amortized cost plus accrued interest, which approximates fair      value. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

|   | J. | Financial      Derivative Instruments |
|--------|----|---------------------------------------|

|   |   | 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 adopted the      provisions of SFAS 161 effective January 1,  2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | The      Partnership’s primary business is speculative trading of futures      contracts, options on futures contracts and physical commodities and other      commodity-related contracts traded primarily on domestic markets pursuant      to the trading and investment methodology of the General      Partner.  In trading for the Partnership, the General Partner      employs Multi Asset Allocation Portfolio (MAAP), which is a      trend-following trading process employing a combination of discretionary      input from the General Partner’s principals and proprietary applied      intelligence software which is based on the quantitative analysis of years      of daily historical prices and probability theory.  MAAP      maintains long, short or neutral positions in each of the following asset      classes: equities, fixed income, currencies, metals, agriculture, and      energy. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Derivatives not designated as      hedging instruments under SFAS 133 |
|-----------------------------------------------------------------------|
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  | Asset      Derivatives |   |   |   | Liability      Derivatives |   |   |   |   |   |   |
|                                                                  | March      31, 2009 |   |   |   | March      31, 2009 |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |  Balance      Sheet Location |   | Fair      Value |   |  Balance      Sheet Location |   | Fair      Value |   |   | Net |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|  Agricultural                                                    |  Equity      in broker |   |   |   |  Equity      in broker |   |   |   |   |   |   |
|   contracts                                                 |   trading      account |   | $ | 2,523,450 |   |   trading      account |   | $ | 0 |   |   | $ | 2,523,450 |   |
|  Currencies                                                      |  Equity      in broker |   |   |   |   |  Equity      in broker |   |   |   |   |   |   |   |   |
|   contracts                                                 |   trading      account |   |   | 1,490,271 |   |   trading      account |   |   | (46,375 | ) |   |   | 1,443,896 |   |
|  Energy                                                          |  Equity      in broker |   |   |   |   |  Equity      in broker |   |   |   |   |   |   |   |   |
|   contracts                                                 |   trading      account |   |   | 290,010 |   |   trading      account |   |   | (1,289,037 | ) |   |   | (999,027 | ) |
|  Metals                                                          |  Equity      in broker |   |   |   |   |  Equity      in broker |   |   |   |   |   |   |   |   |
|   contracts                                                 |   trading      account |   |   | 1,377,063 |   |   trading      account |   |   | (436,990 | ) |   |   | 940,073 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   |   | $ | 5,680,794 |   |   |   | $ | (1,772,402 | ) |   | $ | 3,908,392 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Trading      Revenue For the           |   |   | Trading      Revenue For the           |   |
|----------------------------------------|--------|--------|----------------------------------------|--------|
| Three      Months Ended March 31, 2009 |   |   | Three      Months Ended March 31, 2009 |   |
|                                   |   |   |                                   |   |   |   |   |   |
| Type      of Instrument                |   | Total  |                                   |   | Line      Item in Income |   |   |   |
|                                   |   |   |                                   |   | Statement |   | Amount |   |
|  Agricultural      contracts      |   | $      | (1,104,626                             | )      |   |   |   |   |   |
|  Currencies      contracts        |   |   | (1,179,778                             | )      |   |  Realized |   | $ | (810,920 | ) |
|  Energy      contracts            |   |   | (3,161,833                             | )      |   |   |   |   |   |   |
|  Equities      contracts          |   |   | 169,650                                |   |   |  Change      in unrealized |   |   | (1,408,452 | ) |
|  Metals      contracts            |   |   | 3,057,215                              |   |   |   |   |   |   |   |
|                                   |   |   |                                   |   |   |   |   |   |   |   |
|                                   |   | $      | (2,219,372                             | )      |   |   |   | $ | (2,219,372 | ) |
|                                   |   |   |                                   |   |   |   |   |   |   |   |

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

|   | K. | Interim      Financial Statements |
|--------|----|-----------------------------------|

|   |   | The      financial statements included herein were prepared by us without audit      according to the rules and regulations of the Securities and Exchange      Commission.  Certain information and footnote disclosures      normally included in financial statements prepared in accordance with      accounting principles generally accepted in the United States of America      may be omitted pursuant to such rules and regulations.  The      financial statements reflect, in the opinion of management, all      adjustments necessary that were of normal and recurring nature and      adequate disclosures to present fairly the financial position and results      of operations as of and for the periods indicated.  The results      of operations for the three months ended March 31, 2009 and 2008 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. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 months ended March 31, 2009 and 2008, certain Series A Limited      Partners were charged Management Fees at a rate lower than described      above, to offset the effect of the additional 1.5% per annum Selling Agent      Service Fee described in Note 3.Accordingly, for the three months ended      March 31, 2009 and 2008, Management Fees were reduced by approximately      $29,500 and $30,200, respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      General Partner has paid all organizational and offering costs and will      not be reimbursed therefor. |   |
|--------|-------------------------------------------------------------------------------------------------------------------|--------|

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

|   | Certain      Series A Limited Partners that were solicited by Selling Agents are      charged an Administrative and Service Fee (the Service Fee equal to 1/12      of 2.5% (2.5% annually)) of each Series A Limited Partner’s month-end Net      Assets, as defined, sold by them which remain outstanding as of each      month-end.  The Selling Agents may pass on a portion of the      Service Fee to its investment executives.  In the event the      Service Fee is no longer payable to a Selling Agent, the relevant Limited      Partner who was solicited by such Selling Agent will no longer be charged      the Service Fee.  For the three months ended March 31, 2009 and      2008, certain Limited Partners were not subject to the Service      Fee.  The Service Fee is accrued and expensed as      incurred. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | Investments      in the Partnership are made by subscription agreement, subject to      acceptance by the General Partner.  A selling commission of up      to 2% of the subscription amount may be deducted from the subscription      proceeds and paid to the applicable Selling Agent, if any.  For      the three months ended March 31, 2009 and 2008, there were no selling      commissions charged to Limited Partners.  Limited Partner      subscriptions, as presented in the statement of changes in partners’      capital (net asset value), are net of such selling commissions, if      any. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|  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 acontract. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  Note      6. | TRADING      ACTIVITIES AND RELATED RISKS (CONTINUED) |   |
|--------------------|-------------------------------------------------------|--------|

|   | 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. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Note      8.  | FINANCIAL      HIGHLIGHTS |
|--------------------|---------------------------|

|   | The      following information presents the financial highlights of the Partnership      for the three months ended March 31, 2009 and 2008.  This      information has been derived from information presented in the financial      statements. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                 |   | 2009        |   |   | 2008        |   |
|----------------------------------------------------------------------|--------|-------------|--------|--------|-------------|--------|
|                                                                 |   | (Unaudited) |   |   | (Unaudited) |   |
| Total return for Series A      Limited Partners taken as a whole (1) |   |        |   |   |        |   |
| Total      return before Profit Share allocation                     |   |        | (5.81  | )%     |        |   | 27.36 | % |
| Profit      Share allocation                                         |   |        | (0.01  | )%     |        |   | (5.47 | )% |
| Total      return after Profit Share allocation                      |   |        | (5.82  | )%     |        |   | 21.89 | % |
|                                                                 |   |        |   |   |        |   |   |   |
| Supplemental      Data for Series A Limited Partners                 |   |        |   |   |        |   |   |   |
| Ratio of expenses to average      net asset value:      (2)          |   |        |   |   |        |   |   |   |
| Expenses,      excluding Profit Share allocation (3)                 |   |        | 4.77   | %      |        |   | 5.02 | % |
| Profit      Share allocation (1)                                     |   |        | 0.01   | %      |        |   | 4.73 | % |
| Total      expenses                                                  |   |        | 4.78   | %      |        |   | 9.75 | % |
| Net      investment (loss) (3)      (4)                              |   |        | (4.59  | )%     |        |   | (1.38 | )% |

|   | 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) | Not      annualized.                                                                               |
|--------|-----|----------------------------------------------------------------------------------------------------|
|   | (2) | The      ratio of expenses to average net asset value does not include brokerage      commissions. |

|   | (3) | Annualized. |
|--------|-----|-------------|

|   | (4) | The      net investment (loss) is comprised of interest income less total expenses,      excluding the General Partner Profit Share  allocation. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

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| Sector |   | % Gain (Loss) |   |
|--------|--------|---------------|--------|

| S&P      500     |   |   | 0.37   |  % |
|----------------------|--------|--------|--------|---------|
| Bonds                |   |   | 0.00   |  % |
| Yen                  |   |   | (2.23  | )%      |
| Energy               |   |   | (6.50  | )%      |
| Metals               |   |   | 6.70   |  % |
| Grains               |   |   | (2.22  | )%      |
|                 |   |   |   |    |
|                 |   |   |   |    |
| Total      Portfolio |   |   | (4.69  | )%      |

| Sector |   | % Gain (Loss) |   |
|--------|--------|---------------|--------|

| S&P      500     |   |   | 1.55   |  % |
|----------------------|--------|--------|--------|---------|
| Bonds                |   |   | (2.19  | )%      |
| Yen                  |   |   | 7.04   |  % |
| Energy               |   |   | 8.38   |  % |
| Metals               |   |   | 8.41   |  % |
| Grains               |   |   | 4.32   |  % |
|                 |   |   |   |    |
|                 |   |   |   |    |
| Total      Portfolio |   |   | 27.78  | %       |

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| Month                  |   | Withdrawal Amounts |    |
|------------------------|--------|--------------------|---------|
| January      31, 2009  |   | $                  | 222,456 |   |
| February      28, 2009 |   | $                  | 160,453 |   |
| March      31, 2009    |   | $                  | 980,775 |   |
|                   |   |               |    |   |

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| Exhibit Number | Description of Document                                                                                                      |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------|
| 3.1*           | Certificate      of Formation of AIS Futures Fund IV L.P.                                                                    |
| 4.2**          | Fourth      Amended and Restated Limited Partnership Agreement of AIS Futures Fund IV      L.P., dated as of March 1, 2008.  |
| 10.1***        | Customer      Agreement between Calyon Financial Inc. and AIS Futures Fund IV      L.P.                                      |

| Exhibit Number | Description of Document                      |
|----------------|---------------------------------------------------|
| 31.01          | Rule      13a-14(a)/15d-14(a) Certification  |
| 32.01          | Section      1350 Certification              |

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