----

----

| 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) |
|                                                                    |                                             |

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

----

| AIS      FUTURES FUND IV L.P.                                   |   |
|-----------------------------------------------------------------|--------|
| STATEMENTS      OF FINANCIAL CONDITION                          |   |
| March      31, 2008 (Unaudited) and December 31, 2007 (Audited) |   |
| _______________                                                 |   |
|                                                            |   |   |   |   |   |   |
|                                                            |   | March      31, |   |   | December      31, |   |
|                                                            |   | 2008 |   |   | 2007 |   |
| ASSETS                                                          |   |   |   |   |   |   |
| Equity      in broker trading account                           |   |   |   |   |   |   |
| Cash      (deficit)                                             |   | $ | (427,975 | ) |   | $ | (2,627,100 | ) |
| United      States government securities                        |   |   | 114,846,531 |   |   |   | 78,742,449 |   |
| Unrealized      gain (loss) on open contracts                   |   |   | (3,613,935 | ) |   |   | 6,768,725 |   |
| Interest      receivable                                        |   |   | 10,209 |   |   |   | 13,234 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Deposits      with broker                                       |   |   | 110,814,830 |   |   |   | 82,897,308 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Cash                                                            |   |   | 4,176,851 |   |   |   | 4,353,255 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Total      assets                                               |   | $ | 114,991,681 |   |   | $ | 87,250,563 |   |
|                                                            |   |   |   |   |   |   |   |   |
| LIABILITIES                                                     |   |   |   |   |   |   |   |   |
| Accounts      payable                                           |   | $ | 35,958 |   |   | $ | 38,996 |   |
| Commissions      and other trading fees                         |   |   |   |   |   |   |   |   |
| on      open contracts                                          |   |   | 25,566 |   |   |   | 18,810 |   |
| Management      Fee payable                                     |   |   | 161,852 |   |   |   | 126,174 |   |
| Accrued      General Partner Profit Share allocation            |   |   | 4,187,426 |   |   |   | 0 |   |
| General      Partner Profit Share allocation payable            |   |   | 179,411 |   |   |   | 5,851,372 |   |
| Selling      Agent administrative and service fee payable       |   |   | 264,325 |   |   |   | 207,659 |   |
| Subscriptions      received in advance                          |   |   | 4,176,821 |   |   |   | 1,726,500 |   |
| Redemptions      payable                                        |   |   | 4,177,882 |   |   |   | 1,349,528 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Total      liabilities                                          |   |   | 13,209,241 |   |   |   | 9,319,039 |   |
|                                                            |   |   |   |   |   |   |   |   |
| PARTNERS’      CAPITAL (Net Asset Value)                  |   |   |   |   |   |   |   |   |
| General      Partner - Series B                                 |   |   | 404,154 |   |   |   | 313,793 |   |
| Limited      Partners - Series A                                |   |   | 101,378,286 |   |   |   | 77,617,731 |   |
|                                                            |   |   |   |   |   |   |   |   |
| Total      partners’ capital (Net Asset Value)            |   |   | 101,782,440 |   |   |   | 77,391,524 |   |
|                                                            |   |   |   |   |   |   |   |   |
|                                                            |   | $ | 114,991,681 |   |   | $ | 87,250,563 |   |

----

| AIS      FUTURES FUND IV L.P.                                                                                                                                                                           |                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| CONDENSED      SCHEDULE OF INVESTMENTS                                                                                                                                                                  |                     |
| March      31, 2008 (Unaudited)                                                                                                                                                                         |                     |
| _______________                                                                                                                                                                                         |                     |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |
| UNITED STATES      GOVERNMENT SECURITIES                                                                                                                                                                |                     |   |   |   |   |   |
|                                                                                                                                                                                                    | Face Value               |   | Maturity Date |   | Description |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    | $                        | 8,000,000 |   | 04/03/08 |   | U.S.      Treasury Bills |   | $ | 7,997,307 |   |   |   | 7.86 | % |
|                                                                                                                                                                                                    |                     | 3,000,000 |   | 04/10/08 |   | U.S.      Treasury Bills |   |   | 2,996,522 |   |   |   | 2.94 | % |
|                                                                                                                                                                                                    |                     | 2,000,000 |   | 04/17/08 |   | U.S.      Treasury Bills |   |   | 1,996,293 |   |   |   | 1.96 | % |
|                                                                                                                                                                                                    |                     | 4,000,000 |   | 04/24/08 |   | U.S.      Treasury Bills |   |   | 3,989,566 |   |   |   | 3.92 | % |
|                                                                                                                                                                                                    |                     | 10,000,000 |   | 05/01/08 |   | U.S.      Treasury Bills |   |   | 9,967,096 |   |   |   | 9.79 | % |
|                                                                                                                                                                                                    |                     | 9,000,000 |   | 05/08/08 |   | U.S.      Treasury Bills |   |   | 8,965,735 |   |   |   | 8.81 | % |
|                                                                                                                                                                                                    |                     | 2,500,000 |   | 05/15/08 |   | U.S.      Treasury Bills |   |   | 2,489,360 |   |   |   | 2.44 | % |
|                                                                                                                                                                                                    |                     | 3,000,000 |   | 05/22/08 |   | U.S.      Treasury Bills |   |   | 2,985,858 |   |   |   | 2.91 | % |
|                                                                                                                                                                                                    |                     | 4,500,000 |   | 05/29/08 |   | U.S.      Treasury Bills |   |   | 4,476,568 |   |   |   | 4.40 | % |
|                                                                                                                                                                                                    |                     | 3,500,000 |   | 06/05/08 |   | U.S.      Treasury Bills |   |   | 3,479,764 |   |   |   | 3.42 | % |
|                                                                                                                                                                                                    |                     | 10,500,000 |   | 07/03/08 |   | U.S.      Treasury Bills |   |   | 10,413,302 |   |   |   | 10.23 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 07/10/08 |   | U.S.      Treasury Bills |   |   | 4,956,676 |   |   |   | 4.87 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 07/24/08 |   | U.S.      Treasury Bills |   |   | 4,963,373 |   |   |   | 4.88 | % |
|                                                                                                                                                                                                    |                     | 1,500,000 |   | 07/31/08 |   | U.S.      Treasury Bills |   |   | 1,489,791 |   |   |   | 1.46 | % |
|                                                                                                                                                                                                    |                     | 11,000,000 |   | 08/07/08 |   | U.S.      Treasury Bills |   |   | 10,919,785 |   |   |   | 10.73 | % |
|                                                                                                                                                                                                    |                     | 6,500,000 |   | 08/14/08 |   | U.S.      Treasury Bills |   |   | 6,450,009 |   |   |   | 6.34 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 08/21/08 |   | U.S.      Treasury Bills |   |   | 4,958,627 |   |   |   | 4.87 | % |
|                                                                                                                                                                                                    |                     | 10,000,000 |   | 08/28/08 |   | U.S.      Treasury Bills |   |   | 9,923,852 |   |   |   | 9.75 | % |
|                                                                                                                                                                                                    |                     | 3,500,000 |   | 09/11/08 |   | U.S.      Treasury Bills |   |   | 3,480,064 |   |   |   | 3.42 | % |
|                                                                                                                                                                                                    |                     | 3,000,000 |   | 09/18/08 |   | U.S.      Treasury Bills |   |   | 2,980,262 |   |   |   | 2.93 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 09/25/08 |   | U.S.      Treasury Bills |   |   | 4,966,721 |   |   |   | 4.88 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   |   |   | Total United States government      securities* |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   |   |   | (cost      - $113,881,841) |   | $ | 114,846,531 |   |   |   | 112.81 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LONG      FUTURES CONTRACTS**                                                                                                                                                                           |                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Description |   |   |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                    |                     |   |   | Agricultural |   |   |   | $ | (520,560 | ) |   |   | (0.51 | )% |
|                                                                                                                                                                                                    |                     |   |   | Currencies |   |   |   |   | 2,376,600 |   |   |   | 2.33 | % |
|                                                                                                                                                                                                    |                     |   |   | Energy |   |   |   |   | (1,296,110 | ) |   |   | (1.27 | )% |
|                                                                                                                                                                                                    |                     |   |   | Metals |   |   |   |   | (1,923,190 | ) |   |   | (1.89 | )% |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Total      long futures contracts |   |   | (1,363,260 | ) |   |   | (1.34 | )% |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES      CONTRACTS                                                                                                                                                                            |                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    | Number of      Contracts |   | Description |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Stock      Index** |   |   |   |   | (2,320,050 | ) |   |   | 0.07 | % |
|                                                                                                                                                                                                    |                     | 675 |   | Interest      Rates (30 Year U.S. Treasury Bond, expires 6/2008) |   |   | 69,375 |   |   |   | (2.28 | )% |
|                                                                                                                                                                                                    |                     |   |   | Total      short futures contracts |   |   | (2,250,675 | ) |   |   | (2.21 | )% |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Total      futures contracts |   | $ | (3,613,935 | ) |   |   | (3.55 | )% |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * Pledged      as collateral for the trading of futures and options on futures      contracts.                                                                                                     |                     |   |   |   |   |   |   |   |
| ** No      individual futures contract position constituted greater than 5 percent of      Net Asset Value. Accordingly, the number of contracts and expiration      dates are not presented. |                     |

----

| AIS      FUTURES FUND IV L.P.                                                                                                                                                                           |                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| CONDENSED      SCHEDULE OF INVESTMENTS                                                                                                                                                                  |                     |
| December      31, 2007 (Audited)                                                                                                                                                                        |                     |
| _______________                                                                                                                                                                                         |                     |
| UNITED STATES      GOVERNMENT SECURITIES                                                                                                                                                                |                     |   |   |   |   |   |
|                                                                                                                                                                                                    | Face Value               |   | Maturity Date |   | Description |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    | $                        | 6,000,000 |   | 01/03/08 |   | U.S.      Treasury Bills |   | $ | 5,997,565 |   |   |   | 7.70 | % |
|                                                                                                                                                                                                    |                     | 4,000,000 |   | 01/10/08 |   | U.S.      Treasury Bills |   |   | 3,994,571 |   |   |   | 5.13 | % |
|                                                                                                                                                                                                    |                     | 1,500,000 |   | 01/31/08 |   | U.S.      Treasury Bills |   |   | 1,493,796 |   |   |   | 1.92 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 02/07/08 |   | U.S.      Treasury Bills |   |   | 4,974,904 |   |   |   | 6.38 | % |
|                                                                                                                                                                                                    |                     | 1,500,000 |   | 02/14/08 |   | U.S.      Treasury Bills |   |   | 1,491,737 |   |   |   | 1.91 | % |
|                                                                                                                                                                                                    |                     | 1,000,000 |   | 02/21/08 |   | U.S.      Treasury Bills |   |   | 994,307 |   |   |   | 1.27 | % |
|                                                                                                                                                                                                    |                     | 6,000,000 |   | 03/06/08 |   | U.S.      Treasury Bills |   |   | 5,954,244 |   |   |   | 7.64 | % |
|                                                                                                                                                                                                    |                     | 5,000,000 |   | 03/20/08 |   | U.S.      Treasury Bills |   |   | 4,956,104 |   |   |   | 6.36 | % |
|                                                                                                                                                                                                    |                     | 8,000,000 |   | 04/03/08 |   | U.S.      Treasury Bills |   |   | 7,916,032 |   |   |   | 10.16 | % |
|                                                                                                                                                                                                    |                     | 3,000,000 |   | 04/10/08 |   | U.S.      Treasury Bills |   |   | 2,965,056 |   |   |   | 3.80 | % |
|                                                                                                                                                                                                    |                     | 2,000,000 |   | 04/17/08 |   | U.S.      Treasury Bills |   |   | 1,976,567 |   |   |   | 2.53 | % |
|                                                                                                                                                                                                    |                     | 4,000,000 |   | 04/24/08 |   | U.S.      Treasury Bills |   |   | 3,950,253 |   |   |   | 5.07 | % |
|                                                                                                                                                                                                    |                     | 10,000,000 |   | 05/01/08 |   | U.S.      Treasury Bills |   |   | 9,871,133 |   |   |   | 12.67 | % |
|                                                                                                                                                                                                    |                     | 9,000,000 |   | 05/08/08 |   | U.S.      Treasury Bills |   |   | 8,884,209 |   |   |   | 11.40 | % |
|                                                                                                                                                                                                    |                     | 2,500,000 |   | 05/15/08 |   | U.S.      Treasury Bills |   |   | 2,467,981 |   |   |   | 3.17 | % |
|                                                                                                                                                                                                    |                     | 3,000,000 |   | 05/22/08 |   | U.S.      Treasury Bills |   |   | 2,961,271 |   |   |   | 3.80 | % |
|                                                                                                                                                                                                    |                     | 4,500,000 |   | 05/29/08 |   | U.S.      Treasury Bills |   |   | 4,440,666 |   |   |   | 5.70 | % |
|                                                                                                                                                                                                    |                     | 3,500,000 |   | 06/05/08 |   | U.S.      Treasury Bills |   |   | 3,452,053 |   |   |   | 4.43 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   |   |   | Total United States government      securities * |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   |   |   | (cost      - $77,920,140) |   | $ | 78,742,449 |   |   |   | 101.04 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| LONG      FUTURES CONTRACTS**                                                                                                                                                                           |                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Description |   |   |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Agricultural |   |   |   | $ | 4,457,287 |   |   |   | 5.72 | % |
|                                                                                                                                                                                                    |                     |   |   | Currencies |   |   |   |   | (758,831 | ) |   |   | (0.97 | )% |
|                                                                                                                                                                                                    |                     |   |   | Energy |   |   |   |   | 1,704,336 |   |   |   | 2.19 | % |
|                                                                                                                                                                                                    |                     |   |   | Metals |   |   |   |   | 802,902 |   |   |   | 1.03 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   | Total      long futures contracts |   |   | 6,205,      694 |   |   |   | 7.97 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES      CONTRACTS                                                                                                                                                                            |                     |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    | Number of      Contracts |   | Description |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |                     | 419 |   | Interest      Rates (30 Year U.S. Treasury Bond, expires 03/2008) |   |   | 563,031 |   |   |   | 0.72 | % |
|                                                                                                                                                                                                    |                     |   |   | Total      futures contracts |   | $ | 6,768,725 |   |   |   | 8.69 | % |
|                                                                                                                                                                                                    |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * Pledged      as collateral for the trading of futures and options on futures      contracts.                                                                                                     |                     |   |   |   |   |   |   |   |
| ** No      individual futures contract position constituted greater than 5 percent of      Net Asset Value. Accordingly, the number of contracts and expiration      dates are not presented. |                     |

----

| AIS      FUTURES FUND IV L.P.                                        |
|----------------------------------------------------------------------|
| STATEMENTS      OF OPERATIONS                                        |
| For      the Three Months Ended March 31, 2008 and 2007  (Unaudited) |
| _______________                                                      |
|                                                                 |   |   |
|                                                                 |   | Three      Months EndedMarch      31, |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   | 2008 |   |   | 2007 |   |
| TRADING      GAINS (LOSSES)                                          |   |   |   |   |   |   |
| Trading      gains (losses)                                          |   |   |   |   |   |   |
| Realized                                                             |   | $ | 32,700,346 |   |   | $ | 700,600 |   |
| Change      in unrealized                                            |   |   | (10,382,660 | ) |   |   | 3,762,559 |   |
| Brokerage      commissions                                           |   |   | (41,777 | ) |   |   | (43,458 | ) |
|  Total      trading gains (losses)                              |   |   | 22,275,909 |   |   |   | 4,419,701 |   |
|                                                                 |   |   |   |   |   |   |   |   |
| NET      INVESTMENT INCOME (LOSS)                                    |   |   |   |   |   |   |   |   |
| Income                                                               |   |   |   |   |   |   |   |   |
| Interest      income                                                 |   |   | 863,382 |   |   |   | 681,447 |   |
|                                                                 |   |   |   |   |   |   |   |   |
| Expenses                                                             |   |   |   |   |   |   |   |   |
| Selling      Agent Administrative and Service Fee               |   |   | 660,793 |   |   |   | 395,095 |   |
| Management      Fees                                                 |   |   | 481,236 |   |   |   | 242,295 |   |
| Operating      expenses                                              |   |   | 44,950 |   |   |   | 24,950 |   |
| Total      expenses                                                  |   |   | 1,186,979 |   |   |   | 662,340 |   |
| Net      investment income (loss)                                    |   |   | (323,597 | ) |   |   | 19,107 |   |
| NET      INCOME (LOSS)                                               |   |   | 21,952,312 |   |   |   | 4,438,808 |   |
|  Less:      General Partner Profit Share  allocation  |   |   | 4,479,458 |   |   |   | 496,660 |   |
|  Net      income (loss) for pro rata                            |   |   |   |   |   |   |   |   |
| allocation      to all partners                                      |   | $ | 17,472,854 |   |   | $ | 3,942,148 |   |

----

| AIS      FUTURES FUND IV L.P.                                           |                         |
|-------------------------------------------------------------------------|------------------------------|
| STATEMENTS      OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE) |                         |
| For      the Three Months Ended March 31, 2008 and 2007 (Unaudited)     |                         |
| _______________                                                         |                         |
|                                                                    | Partners’      Capital |   |
|                                                                    | Series      B                |   |   | Series      A |   |   |   |   |
|                                                                    | General                      |   |   | Limited |   |   |   |   |
|                                                                    | Partner                      |   |   | Partners |   |   | Total |   |
|                                                                    |                         |   |   |   |   |   |   |   |
|                                                                    |                         |   |   |   |   |   |   |   |
| Balances      at December 31, 2007                                      | $                            | 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 |   |
|                                                                    |                         |   |   |   |   |   |   |   |   |   |   |
| Balances      at December 31, 2006                                      | $                            | 179,169 |   |   | $ | 51,565,105 |   |   | $ | 51,744,274 |   |
|                                                                    |                         |   |   |   |   |   |   |   |   |   |   |
| Net      income for the three months                                    |                         |   |   |   |   |   |   |   |   |   |   |
|  ended      March 31, 2007                                         |                         |   |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation                            |                         | 4,055 |   |   |   | 0 |   |   |   | 4,055 |   |
| Pro      rata allocation to all partners                                |                         | 16,839 |   |   |   | 3,925,309 |   |   |   | 3,942,148 |   |
|                                                                    |                         |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                           |                         | 0 |   |   |   | 3,621,627 |   |   |   | 3,621,627 |   |
| Redemptions                                                             |                         | (4,055 | ) |   |   | (1,177,638 | ) |   |   | (1,181,693 | ) |
| Balances      at March 31, 2007                                         | $                            | 196,008 |   |   | $ | 57,934,403 |   |   | $ | 58,130,411 |   |

----

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

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

|  | B.  | Method      of Reporting |
|--|----------|--------------------------|

|  | C.  | Use      of Estimates |
|--|----------|-----------------------|

|  | D. | Futures      and Options on FuturesContracts |
|--|----|----------------------------------------------|

|  | E.  | Securities |
|--|----------|------------|

----

----

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

|  | F. | Income      Taxes |
|--|----|-------------------|

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

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

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

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

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

|  | I.  | Statement      of Cash Flows |
|--|----------|------------------------------|

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

|   | J. | Fair      Value |
|--------|----|-----------------|

|  Futures      contracts   |   | $      | (3,613,935  | )      |
|------------------------------------------|--------|--------|-------------|--------|
|  U.S. Treasury      Bills           |   |   | 114,846,531 |   |

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

|  | L.  | Recently      Issued Accounting Pronouncement |
|--|----------|-----------------------------------------------|

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

| Note      3. | SELLING AGENT      ADMINISTRATIVE AND SERVICEFEES |
|--------------|---------------------------------------------------|

|   | 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, 2008 and      2007, certain Limited Partners were not subject to the Service      Fee. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Note      4. | DEPOSITS WITH      BROKER |
|--------------|---------------------------|

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

| Note      5. | SUBSCRIPTIONS,      DISTRIBUTIONS ANDREDEMPTIONS |
|--------------|--------------------------------------------------|

|   | 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, 2008, and 2007, $0 and  $0, |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Note      5. | SUBSCRIPTIONS,      DISTRIBUTIONS AND REDEMPTIONS(CONTINUED) |
|--------------|--------------------------------------------------------------|

|   | respectively,      in selling commissions were charged to Limited      Partners.  Limited Partner subscriptions, as presented in the      statement of changes in partners’ capital (net asset value), are net of      such selling commissions, if any. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Note      6. | TRADING ACTIVITIES AND      RELATED RISKS |
|--------------|-------------------------------------------|

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

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

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

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

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

----

| Note      7. | INDEMNIFICATIONS |
|--------------|------------------|

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

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

|   | The      following information presents the financial highlights of the Partnership      for the three months ended March 31, 2008 and 2007.  This      information has been derived from information presented in the financial      statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                 |   | 2008        |   |     | 2007        |   |
|----------------------------------------------------------------------|--------|-------------|--------|----------|-------------|--------|
|                                                                 |   | (Unaudited) |   |     | (Unaudited) |   |
| Total return for Series A      Limited Partners taken as a whole (3) |   |        |   |     |        |   |
| Total      return before Profit Share allocation                     |   |        | 27.36  | %        |        |   | 8.18 | % |
| Profit      Share allocation                                         |   |        | (5.47  | )%       |        |   | (0.92 | )% |
| Total      return after Profit Share allocation                      |   |        | 21.89  | %        |        |   | 7.26 | % |
|                                                                 |   |        |   |     |        |   |   |   |
| Supplemental      Data for Series A Limited Partners                 |   |        |   |     |        |   |   |   |
|                                                                 |   |        |   |     |        |   |   |   |
| Ratio      of expenses to average net asset value:                   |   |        |   |     |        |   |   |   |
| Expenses,      excluding Profit Share allocation (2)                 |   |        | 5.02   | %        |        |   | 4.79 | % |
| Profit      Share allocation (3)                                     |   |        | 4.73   | %        |        |   | 0.90 | % |
| Total      expenses                                                  |   |        | 9.75   | %        |        |   | 5.69 | % |
| Net      investment income (loss) (1)      (2)                       |   |        | (1.38  | )      % |        |   | 0.12 | % |

----

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

| (2) |  Annualized. |
|-----|-------------------|

| (3) |  Not      annualized. |
|-----|----------------------------|

----

----

| 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  | % |
|                 |   |          |   |   |

----

| Sector               |   | % Gain (Loss) |   |
|----------------------|--------|---------------|--------|
|                 |   |          |   |
| S&P      500     |   |          | (0.33  | )% |
| Bonds                |   |          | (0.04  | )% |
| Yen                  |   |          | (0.04  | )% |
| Energy               |   |          | 4.98   | % |
| Metals               |   |          | 2.65   | % |
| Grains               |   |          | 0.65   | % |
|                 |   |          |   |   |
| Total      Portfolio |   |          | 7.96   | % |

----

| Month                  |   | Withdrawal Amounts |      |
|------------------------|--------|--------------------|-----------|
| January      31, 2008  |   | $                  | 684,468   |   |
| February      29, 2008 |   | $                  | 1,627,564 |   |
| March      31, 2008    |   | $                  | 4,177,975 |   |

----

| 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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