----

----

| 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) |

|   |   |  Yes  ý No  o |
|--------|--------|--------------------------------------------------|

----

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

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

|   |   | Yes  o No  ý |
|--------|--------|---------------------------------------|

----

| PART I – FINANCIAL INFORMATION               |
|----------------------------------------------------|
| Item 1.                                            | Financial Statements |   |
|                                               | Statements of Financial Condition |  2 |
|                                               | Condensed Schedules of Investments | 3-4 |
|                                               | Statements of Operations |  5 |
|                                               | Statements of Changes in Partners’ Capital (Net Asset Value) |  6 |
|                                               | Notes to Financial Statements | 7-15 |
| Item 2.                                            | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 16-17 |
| Item 3.                                            | Quantitative and Qualitative Disclosures About Market Risk | 18 |
| Item 4.                                            | Controls and Procedures | 18 |
|                                               |   |   |
| PART II – OTHER INFORMATION                  |
| Item 1.                                            | Legal Proceedings | 18 |
| Item 1A.                                           | Risk Factors | 18 |
| Item 2.                                            | Unregistered Sales of Equity Securities and Use of Proceeds | 18 |
| Item 3.                                            | Defaults Upon Senior Securities | 18 |
| Item 4.                                            | (Removed and Reserved) | 18 |
| Item 5.                                            | Other Information | 19 |
| Item 6.                                            | Exhibits | 19 |
| Signature                                          | 20 |
| Rule 13a–14(a)/15d–14(a) Certification | S-1 |
| Section 1350 Certification                         | S-2 |

----

| AIS FUTURES FUND IV L.P.                                                                                                                                          |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| STATEMENTS OF FINANCIAL CONDITION                                                                                                                                 |   |
| March 31, 2011 (Unaudited) and December 31, 2010 (Audited)                                                                                                        |   |
| _______________                                                                                                                                                   |   |
|                                                                                                                                                              |   |   |   |   |   |   |
|                                                                                                                                                              |   | March 31, |   |   | December 31, |   |
|                                                                                                                                                              |   | 2011 |   |   | 2010 |   |
| ASSETS                                                                                                                                                            |   |   |   |   |   |   |
|     Equity in broker trading account                                                                                                          |   |   |   |   |   |   |
|         Cash                                                                                                              |   | $ | 4,611,197 |   |   | $ | 697,456 |   |
|         United States government securities, at fair value                                                                |   |   | 95,961,721 |   |   |   | 88,149,577 |   |
|         Unrealized gain on open futures contracts, net                                                                    |   |   | 10,293,290 |   |   |   | 13,508,816 |   |
|         Interest receivable                                                                                               |   |   | 1,172 |   |   |   | 1,141 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
|                     Deposits with broker                      |   |   | 110,867,380 |   |   |   | 102,356,990 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
|     Cash                                                                                                                                      |   |   | 194,030 |   |   |   | 17,227 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
|                     Total assets                              |   | $ | 111,061,410 |   |   | $ | 102,374,217 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
| LIABILITIES                                                                                                                                                       |   |   |   |   |   |   |   |   |
|     Accounts payable                                                                                                                          |   | $ | 120,445 |   |   | $ | 94,504 |   |
|     Commissions and other trading fees        on open contracts payable                               |   |   | 21,966 |   |   |   | 18,750 |   |
|     Management fee payable                                                                                                                    |   |   | 178,906 |   |   |   | 164,660 |   |
|     Accrued General Partner profit share allocation                                                                                           |   |   | 2,328,734 |   |   |   | 0 |   |
|     Selling agent administrative and service fee payable                                                                                      |   |   | 250,778 |   |   |   | 230,239 |   |
|     Subscriptions received in advance                                                                                                         |   |   | 194,000 |   |   |   | 17,197 |   |
|     Redemptions payable                                                                                                                       |   |   | 2,197,405 |   |   |   | 4,717,000 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
|                     Total liabilities                         |   |   | 5,292,234 |   |   |   | 5,242,350 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
| PARTNERS' CAPITAL (Net Asset Value)                                                                                                                               |   |   |   |   |   |   |   |   |
|     General Partner - Series B                                                                                                                |   |   | 456,583 |   |   |   | 392,355 |   |
|     Limited Partners - Series A                                                                                                               |   |   | 105,312,593 |   |   |   | 96,739,512 |   |
|                     Total partners' capital (Net Asset Value) |   |   | 105,769,176 |   |   |   | 97,131,867 |   |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
|                                                                                                                                                              |   | $ | 111,061,410 |   |   | $ | 102,374,217 |   |

----

| AIS FUTURES FUND IV L.P.             |
|--------------------------------------|
| CONDENSED SCHEDULE OF INVESTMENTS    |
| March 31, 2011 (Unaudited)           |
| _______________                      |
|                                 |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES* |   |   |   |   |
|                                 | Face Value |   | Maturity Date |   | Description |   | Fair Value |   | % of NetAsset Value |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |      $     9,500,000 |   | 04/07/11 |   | U.S. Treasury Bills |   |      $         9,499,723 |   | 8.98 % |
|                                 |             6,000,000 |   | 04/21/11 |   | U.S. Treasury Bills |   |                 5,999,431 |   | 5.67 % |
|                                 |             1,000,000 |   | 05/05/11 |   | U.S. Treasury Bills |   |                    999,859 |   | 0.95 % |
|                                 |           13,000,000 |   | 06/02/11 |   | U.S. Treasury Bills |   |               12,995,904 |   | 12.30 % |
|                                 |           14,000,000 |   | 06/09/11 |   | U.S. Treasury Bills |   |               13,995,278 |   | 13.24 % |
|                                 |             2,500,000 |   | 06/16/11 |   | U.S. Treasury Bills |   |                 2,499,037 |   | 2.36 % |
|                                 |             4,000,000 |   | 06/23/11 |   | U.S. Treasury Bills |   |                 3,998,343 |   | 3.78 % |
|                                 |           12,000,000 |   | 06/30/11 |   | U.S. Treasury Bills |   |               11,994,752 |   | 11.34 % |
|                                 |             3,000,000 |   | 07/14/11 |   | U.S. Treasury Bills |   |                 2,998,512 |   | 2.83 % |
|                                 |             6,500,000 |   | 07/28/11 |   | U.S. Treasury Bills |   |                 6,496,872 |   | 6.14 % |
|                                 |             3,000,000 |   | 08/25/11 |   | U.S. Treasury Bills |   |                 2,998,101 |   | 2.83 % |
|                                 |             1,000,000 |   | 09/01/11 |   | U.S. Treasury Bills |   |                    999,377 |   | 0.94 % |
|                                 |             8,000,000 |   | 09/15/11 |   | U.S. Treasury Bills |   |                 7,995,333 |   | 7.56 % |
|                                 |           12,500,000 |   | 09/22/11 |   | U.S. Treasury Bills |   |               12,491,199 |   | 11.81 % |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   | Total United States government securities |   |   |   |   |
|                                 |   |   |   |   | (cost - $95,922,858) |   |    $       95,961,721 |   | 90.73 % |
| LONG FUTURES CONTRACTS**             |   |   |   |   |   |   |
|                                 |   |   | Description |   |   |   | Fair Value |   | % of NetAsset Value |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Agricultural |   |   |   |    $           2,553,902 |   | 2.41 % |
|                                 |   |   | Currencies |   |   |   |        841,714 |   | 0.80 % |
|                                 |   |   | Energy |   |   |   |         4,083,207 |   | 3.86 % |
|                                 |   |   | Metals |   |   |   |         3,105,009 |   | 2.94 % |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Total long futures contracts |   |         10,583,832 |   | 10.01 % |
|                                 |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS**            |   |   |   |   |   |   |
|                                 | No. ofContracts |   | Description |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 | 513 |   | Interest rates (U.S. Treasury Bond, expires 6/2011) |   |                  (290,542) |   | (0.27)% |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Total futures contracts |   |     $     10,293,290 |   | 9.74 % |
|                                 |   |   |   |   |   |   |   |   |   |
| *                                    | Pledged as collateral for the trading of futures and options on futures contracts. |
| **                                   | No individual futures contract position constituted greater than 5 percent of Net Asset Value.  Accordingly, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented. |

----

|  AIS FUTURES FUND IV L.P.       |
|--------------------------------------|
| CONDENSED SCHEDULE OF INVESTMENTS    |
| December 31, 2010 (Audited)          |
| _______________                      |
|                                 |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES* |   |   |   |   |
|                                 |    Face Value |   | Maturity Date |   | Description |   | Fair Value |   | % of NetAsset Value |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |      $     2,200,000 |   | 01/13/11 |   | U.S. Treasury Bills |   |      $         2,199,857 |   | 2.27 % |
|                                 |             2,000,000 |   | 01/27/11 |   | U.S. Treasury Bills |   |                 1,999,748 |   | 2.06 % |
|                                 |             3,000,000 |   | 03/03/11 |   | U.S. Treasury Bills |   |                 2,999,109 |   | 3.09 % |
|                                 |             2,500,000 |   | 03/10/11 |   | U.S. Treasury Bills |   |                 2,499,185 |   | 2.57 % |
|                                 |             6,000,000 |   | 03/17/11 |   | U.S. Treasury Bills |   |                 5,997,783 |   | 6.17 % |
|                                 |             5,500,000 |   | 03/24/11 |   | U.S. Treasury Bills |   |                 5,497,735 |   | 5.66 % |
|                                 |             5,000,000 |   | 03/31/11 |   | U.S. Treasury Bills |   |                 4,997,750 |   | 5.15 % |
|                                 |             9,500,000 |   | 04/07/11 |   | U.S. Treasury Bills |   |                 9,496,170 |   | 9.78 % |
|                                 |             6,000,000 |   | 04/21/11 |   | U.S. Treasury Bills |   |                 5,996,993 |   | 6.17 % |
|                                 |             7,000,000 |   | 05/05/11 |   | U.S. Treasury Bills |   |                 6,996,475 |   | 7.20 % |
|                                 |           13,000,000 |   | 06/02/11 |   | U.S. Treasury Bills |   |               12,990,054 |   | 13.37 % |
|                                 |           14,000,000 |   | 06/09/11 |   | U.S. Treasury Bills |   |               13,989,462 |   | 14.40 % |
|                                 |             2,500,000 |   | 06/16/11 |   | U.S. Treasury Bills |   |                 2,497,912 |   | 2.57 % |
|                                 |             4,000,000 |   | 06/23/11 |   | U.S. Treasury Bills |   |                 3,996,568 |   | 4.12 % |
|                                 |             6,000,000 |   | 06/30/11 |   | U.S. Treasury Bills |   |                 5,994,776 |   | 6.17 % |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   | Total United States government securities |   |   |   |   |
|                                 |   |   |   |   | (cost - $88,124,920) |   |     $     88,149,577 |   | 90.75 % |
| LONG FUTURES CONTRACTS**             |   |   |   |   |   |   |
|                                 |   |   | Description |   |   |   | Fair Value |   | % of NetAsset Value |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Agricultural |   |   |   |     $          6,380,557 |   | 6.57 % |
|                                 |   |   | Currencies |   |   |   |                 1,485,000 |   | 1.53 % |
|                                 |   |   | Energy |   |   |   |                 1,272,672 |   | 1.31 % |
|                                 |   |   | Metals |   |   |   |                 3,693,172 |   | 3.80 % |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Total long futures contracts |   |            12,831,401 |   |         13.21 % |
|                                 |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS**            |   |   |   |   |   |   |
|                                 | No. ofContracts |   | Description |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 | 210 |   | Interest rates (U.S. Treasury Bond, expires 3/2011) |   |                   677,415 |   | 0.70 % |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   | Total futures contracts |   |     $    13,508,816 |   |         13.91 % |
|                                 |   |   |   |   |   |   |   |   |   |
| *                                    | Pledged as collateral for the trading of futures and options on futures contracts. |
| **                                   | No individual futures contract position constituted greater than 5 percent of Net Asset Value.  Accordingly, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented. |

----

| AIS FUTURES FUND IV L.P.                                                                                                                                                                                                                                                                                                         |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| STATEMENTS OF OPERATIONS                                                                                                                                                                                                                                                                                                         |   |
| For the Three Months Ended March 31, 2011 and 2010 (Unaudited)                                                                                                                                                                                                                                                                   |   |
| _______________                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   | Three Months Ended |   |
|                                                                                                                                                                                                                                                                                                                             |   | March 31, |   |
|                                                                                                                                                                                                                                                                                                                             |   | 2011 |   |   | 2010 |   |
| TRADING GAINS (LOSSES)                                                                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
|     Realized                                                                                                                                                                                                                                                                                                 |   | $ | 18,765,758 |   |   | $ | (9,298,033 | ) |
|     Change in unrealized                                                                                                                                                                                                                                                                                     |   |   | (3,215,526 | ) |   |   | 1,657,951 |   |
|     Brokerage commissions                                                                                                                                                                                                                                                                                    |   |   | (30,141 | ) |   |   | (20,699 | ) |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     Total trading gains (losses)                                                                                                                                                                             |   |   | 15,520,091 |   |   |   | (7,660,781 | ) |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| NET INVESTMENT (LOSS)                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |   |   |   |
|     Income                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
|         Interest income                                                                                                                                                                                                                                                                  |   |   | 41,133 |   |   |   | 27,239 |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|     Expenses                                                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
|         Selling agent administrative and service fee                                                                                                                                                                                                                                     |   |   | 622,306 |   |   |   | 412,029 |   |
|         Management fee                                                                                                                                                                                                                                                                   |   |   | 497,958 |   |   |   | 323,576 |   |
|         Operating expenses                                                                                                                                                                                                                                                               |   |   | 56,750 |   |   |   | 61,500 |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     Total expenses                                                                                                                                                                                           |   |   | 1,177,014 |   |   |   | 797,105 |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     Net investment (loss)                                                                                                                                                                                    |   |   | (1,135,881 | ) |   |   | (769,866 | ) |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     NET INCOME (LOSS)                                                                                                                                                                                        |   |   | 14,384,210 |   |   |   | (8,430,647 | ) |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     Less:  General Partner                        Profit Share allocation  |   |   | 2,376,068 |   |   |   | 19,566 |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                     Net income (loss) for pro rata                        allocation to all partners |   | $ | 12,008,142 |   |   | $ | (8,450,213 | ) |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                             |   |   |   |   |   |   |   |   |

----

| AIS FUTURES FUND IV L.P.                                                                                                                                                   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)                                                                                                               |   |
| For the Three Months Ended March 31, 2011 and 2010 (Unaudited)                                                                                                             |   |
| _______________                                                                                                                                                            |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                       |   | Partners' Capital |   |
|                                                                                                                                                                       |   | Series B - |   |   | Series A - |   |   |   |   |
|                                                                                                                                                                       |   | General |   |   | Limited |   |   |   |   |
|                                                                                                                                                                       |   | Partner |   |   | Partners |   |   | Total |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2010                                                                                                                                              |   | $ | 392,355 |   |   | $ | 96,739,512 |   |   | $ | 97,131,867 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for the three months    ended March 31, 2011:        General Partner Profit Share allocation        |   |   | 47,334 |   |   |   | 0 |   |   |   | 47,334 |   |
|         Pro rata allocation to all partners                                                                                        |   |   | 64,228 |   |   |   | 11,943,914 |   |   |   | 12,008,142 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                                                                                                                              |   |   | 0 |   |   |   | 402,197 |   |   |   | 402,197 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                                                                                                                                |   |   | (47,334 | ) |   |   | (3,773,030 | ) |   |   | (3,820,364 | ) |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at March 31, 2011                                                                                                                                                 |   | $ | 456,583 |   |   | $ | 105,312,593 |   |   | $ | 105,769,176 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2009                                                                                                                                              |   | $ | 261,382 |   |   | $ | 77,544,130 |   |   | $ | 77,805,512 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) for the three months    ended March 31, 2010:        General Partner Profit Share allocation |   |   | 366 |   |   |   | 0 |   |   |   | 366 |   |
|         Pro rata allocation to all partners                                                                                        |   |   | (25,795 | ) |   |   | (8,424,418 | ) |   |   | (8,450,213 | ) |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                                                                                                                              |   |   | 0 |   |   |   | 1,561,641 |   |   |   | 1,561,641 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                                                                                                                                |   |   | (366 | ) |   |   | (1,374,707 | ) |   |   | (1,375,073 | ) |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances at March 31, 2010                                                                                                                                                 |   | $ | 235,587 |   |   | $ | 69,306,646 |   |   | $ | 69,542,233 |   |

----

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

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

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

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

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

----

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

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

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

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

----

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

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

|   | I. | Interim Financial Statements |
|--------|----|------------------------------|

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

----

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

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

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

----

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

|                 |   | March 31, 2011    |       |
|----------------------|--------|-------------------|------------|
| Description          |   | Level 1           |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |
| Assets               |   |              |       |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | 12,434,389 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 12,434,389 |   |
| U.S. Treasury bills  |   |              | 0          |   |   |   | 95,961,721 |   |   |   | 0 |   |   |   | 95,961,721 |   |
| Total assets         |   | $                 | 12,434,389 |   |   | $ | 95,961,721 |   |   | $ | 0 |   |   | $ | 108,396,110 |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities          |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | (2,141,099 | ) |   | $ | 0 |   |   | $ | 0 |   |   | $ | (2,141,099 | ) |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                 |   | December 31, 2010 |       |
| Description          |   | Level 1           |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets               |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | 13,514,066 |   |   | $ | 0 |   |   | $ | 0 |   |   | $ | 13,514,066 |   |
| U.S. Treasury bills  |   |              | 0          |   |   |   | 88,149,577 |   |   |   | 0 |   |   |   | 88,149,577 |   |
|                 |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets         |   | $                 | 13,514,066 |   |   | $ | 88,149,577 |   |   | $ | 0 |   |   | $ | 101,663,643 |   |
| Liabilities          |   |              |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                 | (5,250     | ) |   | $ | 0 |   |   | $ | 0 |   |   | $ | (5,250 | ) |

----

----

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

|                                  |   | March 31, 2011    |       |
|---------------------------------------|--------|-------------------|------------|
| Futures Contracts                     |   | Assets            |       |   | Liabilities |   |   | Net |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Agricultural                          |   | $                 | 3,824,981  |   |   | $ | (1,271,079 | ) |   | $ | 2,553,902 |   |
| Currencies                            |   |              | 841,714    |   |   |   | 0 |   |   |   | 841,714 |   |
| Energy                                |   |              | 4,083,207  |   |   |   | 0 |   |   |   | 4,083,207 |   |
| Interest rates                        |   |              | 0          |   |   |   | (290,542 | ) |   |   | (290,542 | ) |
| Metals                                |   |              | 3,684,487  |   |   |   | (579,478 | ) |   |   | 3,105,009 |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Total gross fair value of derivatives |   | $                 | 12,434,389 |   |   | $ | (2,141,099 | ) |   | $ | 10,293,290 |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
|                                  |   | December 31, 2010 |       |
| Futures Contracts                     |   | Assets            |       |   | Liabilities |   |   | Net |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Agricultural                          |   | $                 | 6,380,557  |   |   | $ | 0 |   |   | $ | 6,380,557 |   |
| Currencies                            |   |              | 1,485,000  |   |   |   | 0 |   |   |   | 1,485,000 |   |
| Energy                                |   |              | 1,272,672  |   |   |   | 0 |   |   |   | 1,272,672 |   |
| Interest rates                        |   |              | 682,665    |   |   |   | (5,250 | ) |   |   | 677,415 |   |
| Metals                                |   |              | 3,693,172  |   |   |   | 0 |   |   |   | 3,693,172 |   |
|                                  |   |              |       |   |   |   |   |   |   |   |   |   |
| Total gross fair value of derivatives |   | $                 | 13,514,066 |   |   | $ | (5,250 | ) |   | $ | 13,508,816 |   |

----

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

|                                                                       |   | Three Months Ended March 31, 2011 |       |   | Three Months Ended March 31, 2010 |   |
|----------------------------------------------------------------------------|--------|-----------------------------------|------------|--------|-----------------------------------|--------|
|                                                                       |   | Trading Gains (Losses)            |       |   |                              |   |   | Trading Gains (Losses) |   |   |   |   |
| Futures Contracts                                                          |   | Realized                          |       |   | Change inUnrealized               |   |   | Number ofContracts Closed |   |   | Realized |   |   | Change inUnrealized |   |   | Number ofContracts Closed |   |
|                                                                       |   |                              |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agricultural                                                               |   | $                                 | 6,851,097  |   |                              | $      | (3,826,655 | ) |   |   | 956 |   |   | $ | (6,276,618 | ) |   | $ | (514,777 | ) |   |   | 1,747 |   |
| Currencies                                                                 |   |                              | 2,149,560  |   |                              |   | (643,286 | ) |   |   | 571 |   |   |   | (386,268 | ) |   |   | 782,304 |   |   |   | 494 |   |
| Energy                                                                     |   |                              | 4,867,853  |   |                              |   | 2,810,535 |   |   |   | 1,651 |   |   |   | (623,729 | ) |   |   | (2,133,432 | ) |   |   | 1,706 |   |
| Interest rates                                                             |   |                              | 503,384    |   |                              |   | (967,957 | ) |   |   | 493 |   |   |   | 890,420 |   |   |   | (1,370,337 | ) |   |   | 383 |   |
| Metals                                                                     |   |                              | 4,393,864  |   |                              |   | (588,163 | ) |   |   | 709 |   |   |   | (4,261,789 | ) |   |   | 4,265,380 |   |   |   | 829 |   |
| Stock index                                                                |   |                              | 0          |   |                              |   | 0 |   |   |   | 0 |   |   |   | 1,359,951 |   |   |   | 628,813 |   |   |   | 253 |   |
|                                                                       |   |                              |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |                              |       |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gains (losses) from derivatives trading per statements of operations |   | $                                 | 18,765,758 |   |                              | $      | (3,215,526 | ) |   |   |   |   |   | $ | (9,298,033 | )  |   | $ | 1,657,951 |   |   |   |   |   |

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

----

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

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

----

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

|                                                           |   |               |   |   |        |   |
|----------------------------------------------------------------|--------|--------------------|--------|--------|-------------|--------|
|                                                           |   | Three months ended |   |
|                                                           |   | March 31,          |   |
|                                                           |   | 2011               |   |   | 2010        |   |
|                                                           |   | (Unaudited)        |   |   | (Unaudited) |   |
| Total return for Series A Limited Partners taken as a whole(1) |   |               |   |   |        |   |
|                                                           |   |               |   |   |        |   |
| Total return before General Partner Profit Share allocation    |   |               | 15.09  | %      |        |   | (10.85 | )% |
| General Partner Profit Share allocation                        |   |               | (2.56  | )%     |        |   | (0.03 | )% |
|                                                           |   |               |   |   |        |   |   |   |
| Total return after General Partner Profit Share allocation     |   |               | 12.53  | %      |        |   | (10.88 | )% |
|                                                           |   |               |   |   |        |   |   |   |
| Supplemental Data for Series A Limited Partners                |   |               |   |   |        |   |   |   |
|                                                           |   |               |   |   |        |   |   |   |
| Ratios to average net asset value:(2)                          |   |               |   |   |        |   |   |   |
| Expenses, excluding General Partner Profit Share allocation(3) |   |               | 4.88   | %      |        |   | 4.58 | % |
| General Partner Profit Share allocation(1)                     |   |               | 2.46   | %      |        |   | 0.03 | % |
| Total expenses                                                 |   |               | 7.34   | %      |        |   | 4.61 | % |
|                                                           |   |               |   |   |        |   |   |   |
| Net investment (loss)(3), (4)                                  |   |               | (4.71  | )%     |        |   | (4.42 | )% |

|   | The total returns and ratios are presented for Series A Limited Partners taken as a whole.  An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions 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 ratios of expenses and net investment (loss) to average net asset value do not include brokerage commissions. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

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

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

----

----

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |   |
| Stock Index |   |          | 0.00 | % |
| Bonds       |   |          | (0.51) | % |
| Currency    |   |          | 1.58 | % |
| Energy      |   |          | 7.97 | % |
| Metals      |   |          | 3.87 | % |
| Grains      |   |          | 3.06 | % |

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |   |
| Stock Index |   |          | 3.13 | % |
| Bonds       |   |          | (0.57) | % |
| Currency    |   |          | 0.83 | % |
| Energy      |   |          | (3.26) | % |
| Metals      |   |          | 0.31 | % |
| Grains      |   |          | (8.65) | % |

----

| (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 first calendar quarter of 2011: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Month             |   | Withdrawal Amounts |      |
|-------------------|--------|--------------------|-----------|
| January 31, 2011  |   | $                  | 1,162,780 |   |
| February 28, 2011 |   | $                  | 455,370   |   |
| March 31, 2011    |   | $                  | 2,154,880 |   |

| (a) | None. |
|-----|-------|

| (b) | None. |
|-----|-------|

----

| (a) | None. |
|-----|-------|

| (b) | Not applicable. |
|-----|-----------------|

| 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             |

----

  

  

----

| By:  | AIS FUTURES MANAGEMENT LLC, |
|-----------|-----------------------------|

----