----

----

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

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

----

----

|                                                                                              |   |                                             |
|---------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|
| Delaware                                                                                          |   | 13-3909977                                       |
| (State      or other jurisdictionof      incorporation or organization)                           |   | (I.R.S.      EmployerIdentification      Number) |
|                                                                                              |   |
| c/o      AIS FUTURES MANAGEMENT LLC187      Danbury Road, Suite 201Wilton,      Connecticut 06897 |
| (Address      of Principal Executive Offices)                                                |

----

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

----

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

----

----

 

|                                                      |   | June      30, |       |   | December      31, |   |
|-----------------------------------------------------------|--------|---------------|------------|--------|-------------------|--------|
|                                                      |   | 2009          |       |   | 2008              |   |
| ASSETS                                                    |   |          |       |   |              |   |
| Equity      in broker trading account                     |   |          |       |   |              |   |
| Cash                                                      |   | $             | 5,804,958  |   |              | $      | 1,564,334 |   |
| United      States government securities, at fair value   |   |          | 60,449,780 |   |              |   | 41,470,056 |   |
| Unrealized      gain (loss) on open contracts, net        |   |          | (4,960,440 | )      |              |   | 5,316,844 |   |
| Interest      receivable                                  |   |          | 482        |   |              |   | 2,293 |   |
| Deposits      with broker                                 |   |          | 61,294,780 |   |              |   | 48,353,527 |   |
|                                                      |   |          |       |   |              |   |   |   |
| Cash                                                      |   |          | 930,030    |   |              |   | 540,030 |   |
| Total      assets                                         |   | $             | 62,224,810 |   |              | $      | 48,893,557 |   |
|                                                      |   |          |       |   |              |   |   |   |
| LIABILITIES                                               |   |          |       |   |              |   |   |   |
| Accounts      payable                                     |   | $             | 46,568     |   |              | $      | 58,861 |   |
| Commissions      and other trading fees                   |   |          |       |   |              |   |   |   |
| on      open contracts payable                            |   |          | 16,560     |   |              |   | 13,434 |   |
| Management      fee payable                               |   |          | 91,545     |   |              |   | 69,791 |   |
| General      Partner Profit Share allocation payable      |   |          | 66,879     |   |              |   | 0 |   |
| Selling      agent administrative and service fee payable |   |          | 146,442    |   |              |   | 132,341 |   |
| Subscriptions      received in advance                    |   |          | 930,000    |   |              |   | 540,000 |   |
| Redemptions      payable                                  |   |          | 654,287    |   |              |   | 766,248 |   |
| Total      liabilities                                    |   |          | 1,952,281  |   |              |   | 1,580,675 |   |
|                                                      |   |          |       |   |              |   |   |   |
| PARTNERS'      CAPITAL (Net Asset Value)                  |   |          |       |   |              |   |   |   |
| General      Partner - Series B                           |   |          | 194,385    |   |              |   | 152,807 |   |
| Limited      Partners - Series A                          |   |          | 60,078,144 |   |              |   | 47,160,075 |   |
| Total      partners' capital (Net Asset Value)            |   |          | 60,272,529 |   |              |   | 47,312,882 |   |
|                                                      |   | $             | 62,224,810 |   |              | $      | 48,893,557 |   |

----

| AIS      FUTURES FUND IV L.P.                                                                                                                                                                                     |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| CONDENSED      SCHEDULE OF INVESTMENTS                                                                                                                                                                            |       |
| June      30, 2009 (Unaudited)                                                                                                                                                                                    |       |
| _______________                                                                                                                                                                                                   |       |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES      *                                                                                                                                                                        |       |   |   |   |   |   |
|                                                                                                                                                                                                              | Face Value |   | Maturity Date | Description |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              | $          | 14,000,000 |   | 07/02/09 | U.S.      Treasury Bills |   | $ | 13,999,821 |   |   |   | 23.23 | % |
|                                                                                                                                                                                                              |       | 7,000,000 |   | 09/17/09 | U.S.      Treasury Bills |   |   | 6,994,552 |   |   |   | 11.60 | % |
|                                                                                                                                                                                                              |       | 4,000,000 |   | 10/29/09 | U.S.      Treasury Bills |   |   | 3,996,309 |   |   |   | 6.63 | % |
|                                                                                                                                                                                                              |       | 2,500,000 |   | 11/19/09 | U.S.      Treasury Bills |   |   | 2,497,441 |   |   |   | 4.14 | % |
|                                                                                                                                                                                                              |       | 9,000,000 |   | 11/27/09 | U.S.      Treasury Bills |   |   | 8,990,978 |   |   |   | 14.92 | % |
|                                                                                                                                                                                                              |       | 5,000,000 |   | 12/03/09 | U.S.      Treasury Bills |   |   | 4,995,124 |   |   |   | 8.29 | % |
|                                                                                                                                                                                                              |       | 16,000,000 |   | 12/10/09 | U.S.      Treasury Bills |   |   | 15,979,714 |   |   |   | 26.51 | % |
|                                                                                                                                                                                                              |       | 3,000,000 |   | 12/24/09 | U.S.      Treasury Bills |   |   | 2,995,841 |   |   |   | 4.97 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   | Total      United States governmentsecurities (cost -$60,419,389) |   | $ | 60,449,780 |   |   |   | 100.29 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| LONG      FUTURES CONTRACTS **                                                                                                                                                                                    |       |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Description |   |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Agricultural |   |   | $ | (4,036,959 | ) |   |   | (6.70 | )% |
|                                                                                                                                                                                                              |       |   |   | Currencies |   |   |   | (467,535 | ) |   |   | (0.78 | )% |
|                                                                                                                                                                                                              |       |   |   | Energy |   |   |   | 142,629 |   |   |   | 0.24 | % |
|                                                                                                                                                                                                              |       |   |   | Equities      - Stock Index |   |   | 119,700 |   |   |   | 0.20 | % |
|                                                                                                                                                                                                              |       |   |   | Metals |   |   |   | (718,275 | ) |   |   | (1.19 | )% |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Total      long futures contracts |   | $ | (4,960,440 | ) |   |   | (8.23 | )% |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| * Pledged      as collateral for the trading of 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 (CONTINUED)                                                                                                                                                                |       |
| December      31, 2008 (Audited)                                                                                                                                                                                  |       |
| _______________                                                                                                                                                                                                   |       |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES      *                                                                                                                                                                        |       |   |   |   |   |   |
|                                                                                                                                                                                                              | Face Value |   | Maturity Date | Description |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              | $          | 10,500,000 |   | 01/02/09 | U.S.      Treasury Bills |   | $ | 10,498,827 |   |   |   | 22.19 | % |
|                                                                                                                                                                                                              |       | 500,000 |   | 01/08/09 | U.S.      Treasury Bills |   |   | 499,786 |   |   |   | 1.06 | % |
|                                                                                                                                                                                                              |       | 1,000,000 |   | 02/19/09 | U.S.      Treasury Bills |   |   | 997,395 |   |   |   | 2.11 | % |
|                                                                                                                                                                                                              |       | 500,000 |   | 02/26/09 | U.S.      Treasury Bills |   |   | 498,503 |   |   |   | 1.05 | % |
|                                                                                                                                                                                                              |       | 6,500,000 |   | 06/04/09 | U.S.      Treasury Bills |   |   | 6,491,897 |   |   |   | 13.72 | % |
|                                                                                                                                                                                                              |       | 10,500,000 |   | 06/11/09 | U.S.      Treasury Bills |   |   | 10,492,440 |   |   |   | 22.18 | % |
|                                                                                                                                                                                                              |       | 12,000,000 |   | 06/25/09 | U.S.      Treasury Bills |   |   | 11,991,208 |   |   |   | 25.34 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   | Total      United States governmentsecurities (cost -$41,347,804) |   | $ | 41,470,056 |   |   |   | 87.65 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| LONG FUTURES CONTRACTS **                                                                                                                                                                                         |       |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Description |   |   | Fair Value |   |   | %      of NetAsset Value |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Agricultural |   |   | $ | 2,480,686 |   |   |   | 5.24 | % |
|                                                                                                                                                                                                              |       |   |   | Currencies |   |   |   | 1,469,813 |   |   |   | 3.11 | % |
|                                                                                                                                                                                                              |       |   |   | Energy |   |   |   | (33,947 | ) |   |   | (0.07 | )% |
|                                                                                                                                                                                                              |       |   |   | Metals |   |   |   | 1,400,292 |   |   |   | 2.96 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   | Total      long futures contracts |   | $ | 5,316,844 |   |   |   | 11.24 | % |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                              |       |   |   |   |   |   |   |   |   |   |   |   |   |
| * Pledged      as collateral for the trading of 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 and Six Months Ended June 30, 2009 and 2008      (Unaudited) |   |
| _______________                                                                        |   |
|                                                                                   |   | Three      Months Ended |   |   | Six      Months Ended |   |
|                                                                                   |   | June      30, |   |   | June      30, |   |
|                                                                                   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| TRADING      GAINS                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading      gains (losses)                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized                                                                               |   | $ | 24,044,614 |   |   | $ | 24,565,629 |   |   | $ | 23,233,694 |   |   | $ | 57,265,975 |   |
| Change      in unrealized                                                              |   |   | (8,868,832 | ) |   |   | 20,286,242 |   |   |   | (10,277,284 | ) |   |   | 9,903,582 |   |
| Brokerage      commissions                                                             |   |   | (36,252 | ) |   |   | (41,434 | ) |   |   | (61,247 | ) |   |   | (83,211 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      total trading gains                                                           |   |   | 15,139,530 |   |   |   | 44,810,437 |   |   |   | 12,895,163 |   |   |   | 67,086,346 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INVESTMENT (LOSS)                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income                                                                   |   |   | 33,718 |   |   |   | 728,428 |   |   |   | 54,538 |   |   |   | 1,591,810 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling      agent administrative                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and      service fee                                                                   |   |   | 378,901 |   |   |   | 865,323 |   |   |   | 673,752 |   |   |   | 1,526,116 |   |
| Management      fees                                                                   |   |   | 259,779 |   |   |   | 598,934 |   |   |   | 450,317 |   |   |   | 1,080,170 |   |
| Operating      expenses                                                                |   |   | 50,000 |   |   |   | 68,000 |   |   |   | 99,500 |   |   |   | 112,950 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      expenses                                                                    |   |   | 688,680 |   |   |   | 1,532,257 |   |   |   | 1,223,569 |   |   |   | 2,719,236 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      investment (loss)                                                             |   |   | (654,962 | ) |   |   | (803,829 | ) |   |   | (1,169,031 | ) |   |   | (1,127,426 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCOME                                                                        |   |   | 14,484,568 |   |   |   | 44,006,608 |   |   |   | 11,726,132 |   |   |   | 65,958,920 |   |
|  Less:      General Partner                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Profit      Share allocation                                   |   |   | 64,652 |   |   |   | 8,661,436 |   |   |   | 68,688 |   |   |   | 13,140,894 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for pro rata                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     allocation      to all partners                                |   | $ | 14,419,916 |   |   | $ | 35,345,172 |   |   | $ | 11,657,444 |   |   | $ | 52,818,026 |   |

----

| AIS      FUTURES FUND IV L.P.                                     |   |
|-------------------------------------------------------------------|--------|
| STATEMENTS      OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) |   |
| For      the Six Months Ended June 30, 2009 and 2008 (Unaudited)  |   |
| _______________                                                   |   |
|                                                              |   |   |   |   |   |   |   |   |   |
|                                                              |   | Partners'      Capital |   |
|                                                              |   | Series      B |   |   | Series      A |   |   |   |   |
|                                                              |   | General |   |   | Limited |   |   |   |   |
|                                                              |   | Partner |   |   | Partners |   |   | Total |   |
|                                                              |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |
| Balances      at January 1, 2009                                  |   | $ | 152,807 |   |   | $ | 47,160,075 |   |   | $ | 47,312,882 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for the six months                                |   |   |   |   |   |   |   |   |   |   |   |   |
| ended      June 30, 2009                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation                      |   |   | 1,809 |   |   |   | 0 |   |   |   | 1,809 |   |
| Pro      rata allocation to all partners                          |   |   | 41,578 |   |   |   | 11,615,866 |   |   |   | 11,657,444 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                     |   |   | 0 |   |   |   | 3,861,814 |   |   |   | 3,861,814 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                       |   |   | (1,809 | ) |   |   | (2,559,611 | ) |   |   | (2,561,420 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at June 30, 2009                                    |   | $ | 194,385 |   |   | $ | 60,078,144 |   |   | $ | 60,272,529 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at January 1, 2008                                  |   | $ | 313,793 |   |   | $ | 77,617,731 |   |   | $ | 77,931,524 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for the six months                                |   |   |   |   |   |   |   |   |   |   |   |   |
| ended      June 30, 2008                                          |   |   |   |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation                      |   |   | 515,196 |   |   |   | 0 |   |   |   | 515,196 |   |
| Pro      rata allocation to all partners                          |   |   | 254,448 |   |   |   | 52,563,578 |   |   |   | 52,818,026 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                     |   |   | 0 |   |   |   | 31,415,140 |   |   |   | 31,415,140 |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                       |   |   | (515,196 | ) |   |   | (10,704,685 | ) |   |   | (11,219,881 | ) |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at June 30, 2008                                    |   | $ | 568,241 |   |   | $ | 150,891,764 |   |   | $ | 151,460,005 |   |

----

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

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

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

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

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

----

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

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

|   | The      Partnership applies the provisions of Financial Accounting Standards Board      (FASB) Interpretation No. 48 (FIN 48) entitled Accounting for Uncertainty in      Income Taxes – an interpretation of FASB Statement No.      109.  FIN 48 provides guidance for how uncertain tax      positions should be recognized, measured, presented and disclosed in the      financial statements.  FIN 48 requires the evaluation of tax      positions taken or expected to be taken in the course of preparing the      Partnership’s financial statements to determine whether the tax positions      are “more-likely-or-not” of being sustained by the applicable tax      authority.  Tax positions with respect to tax at the partnership      level not deemed to meet the “more-likely-than-not” threshold would be      recorded as a tax benefit or expense in the current year.  The      General Partner has concluded there is no tax expense or associated      interest and penalties to be recorded by the Partnership for the six month      periods ended June 30, 2009 and 2008.  The Partnership has      elected an accounting policy to classify interest and penalties, if any,      as interest expense.  The Partnership files U.S. federal and      state tax returns.  The 2005 through 2008 tax years generally      remain subject to examination by U.S. federal and most state tax      authorities. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

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

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

|         |                            | June 30, 2009      | December 31, 2008      |
|--------------|---------------------------------|--------------------|------------------------|
| Level      1 | Futures      contracts          | $      (4,960,440) | $  5,316,844 |
| Level      2 | U.S.      Government Securities | $60,449,780        | $41,470,056            |

----

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

| Derivatives      not designated as hedging instruments under SFAS 133 |
|-----------------------------------------------------------------------|
|                                                                  |   |   |   |
|                                                                  |   |   |   |   |   |   |   |
|                                                                  |   | Asset      DerivativesJune      30, 2009  |   |   |   | Liability      DerivativesJune      30, 2009  |   |   |   |
|  Balance      Sheet Location - Equity in broker trading account  |   |   |   |   |   |   |   |   |   |   |
|                                                                  |   | Fair      Value |   |   | Fair      Value |   | Net |
|  Agricultural      contracts                                     |   | $ | 0   |   |   | $ |       (4,036,959) |   | $ |     (4,036,959) |
|  Currencies      contracts                                       |   |   |                 194,850 |   |   |   |          (662,385) |   |   |        (467,535) |
|  Energy      contracts                                           |   |   |                 777,090 |   |   |   |          (634,461) |   |   |          142,629 |
|  Equities      contracts                                         |   |   |                 119,700 |   |   |   |                           0 |   |   |          119,700 |
|  Metals      contracts                                           |   |   |                 186,625 |   |   |   |          (904,900) |   |   |        (718,275) |
|                                                                  |   | $ |              1,278,265 |   |   | $ |       (6,238,705) |   | $ |     (4,960,440) |
|                                                                  |   |   |   |   |   |   |   |   |   |   |

| Trading      Revenue For the Three andSix      Months Ended June 30, 2009 |   | Trading      Revenue For the Three andSix      Months Ended June 30, 2009 |
|---------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
|                                                                      |   |                                                                      |   |   |   |   |   |   |   |   |   |
| Type      of Instrument                                                   |   | Three      MonthsEnded      June 30                                       |   |   | Six      MonthsEnded      June 30 |   | Line      Item in Income Statement | Three      MonthsEnded      June 30 |   |   | Six      MonthsEnded      June 30 |
|  Agricultural      contracts                                         | $      | 2,606,852                                                                 |   | $ | 1,502,226 |   |   |   |   |   |   |
|  Currencies      contracts                                           |   | 3,212,572                                                                 |   |   | 2,032,794 |   |     Realized | $     24,044,614 |   | $ | 23,233,694 |
|  Energy      contracts                                               |   | 7,614,679                                                                 |   |   | 4,452,846 |   |   |   |   |   |   |
|  Equities      contracts                                             |   | 120,031                                                                   |   |   | 289,681 |   |     Change      in unrealized | (8,868,832) |   |   | (10,277,284) |
|  Metals      contracts                                               |   | 1,621,648                                                                 |   |   | 4,678,863 |   |   |   |   |   |   |
|                                                                      |   |                                                                      |   |   |   |   |   |   |   |   |   |
|                                                                      | $      | 15,175,782                                                                |   | $ | 12,956,410 |   |   | $     15,175,782 |   | $ | 12,956,410 |
|                                                                      |   |                                                                      |   |   |   |   |   |   |   |   |   |

----

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

|  | L.  | Recently      Adopted Accounting Pronouncement |
|--|----------|------------------------------------------------|

|  | M.  | Recently      Issued Accounting Pronouncement |
|--|----------|-----------------------------------------------|

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

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

----

|   | Certain      Series A Limited Partners that were solicited by  Selling Agents      are charged an Administrative and Service Fee (the Service Fee equal to      1/12 of 2.5% (2.5% annually)) of each Series A Limited Partner’s month-end      Net Assets, as defined, sold by them which remain outstanding as of each      month-end.  The Selling Agents may pass on a portion of the      Service Fee to its investment executives.  In the event the      Service Fee is no longer payable to a Selling Agent, the relevant Limited      Partner who was solicited by such Selling Agent will no longer be charged      the Service Fee.  For the three and six months ended June 30,      2009 and 2008, certain Limited Partners were not subject to the Service      Fee.  The Service Fee is accrued and expensed as      incurred. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | The      Partnership deposits funds with Newedge USA, LLC, subject to Commodity      Futures Trading Commission regulations and various exchange and broker      requirements.  Margin requirements are satisfied by the deposit      of U.S. Government Securities 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      6. | TRADING ACTIVITIES AND      RELATED RISKS (CONTINUED) |
|--------------|-------------------------------------------------------|

|   | The      Partnership is exposed to both market risk, the risk arising from changes      in the fair value of the contracts, and credit risk, the risk of failure      by another party to perform according to the terms of a      contract. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Purchase      and sale of futures and options on futures contracts requires margin      deposits with the broker. Additional deposits may be necessary for any      loss on contract value.  The Commodity Exchange Act requires a      broker to segregate all customer transactions and assets from such      broker’s proprietary activities. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A      customer’s cash and other property (for example, U.S. Treasury bills)      deposited with a broker are considered commingled with all other customer      funds subject to the broker’s segregation requirements.  In the      event of a broker’s insolvency, recovery may be limited to a pro rata      share of segregated funds available.  It is possible that the      recovered amount could be less than total cash and other property      deposited. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

|   | The      following information presents the financial highlights of the Partnership      for the three and six months ended June 30, 2009 and 2008.  This      information has been derived from information presented in the financial      statements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                            |   | Three      months endedJune      30, |   |   | Six      months endedJune      30, |   |
|-------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|--------|------------------------------------|--------|
|                                                                                            |   | 2009(Unaudited)                      |   |   | 2008(Unaudited)                    |   |   | 2009(Unaudited) |   |   | 2008(Unaudited) |   |
| Total      return for Series A Limited  Partners      taken as a whole (1)            |   |                                 |   |   |                               |   |   |   |   |   |   |   |
|     Total      return before Profit Share allocation                        |   |                                 | 32.11  | %      |                               |   | 39.04 | % |   |   | 24.43 | % |   |   | 77.09 | % |
|     Profit      Share allocation                                            |   |                                 | (0.13  | )%     |                               |   | (8.24 | )% |   |   | (0.13 | )% |   |   | (17.66 | )% |
|         Total      return after Profit Share allocation |   |                                 | 31.98  | %      |                               |   | 30.80 | % |   |   | 24.30 | % |   |   | 59.43 | % |
| Supplemental      Data for Series A Limited Partners                                            |   |                                 |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of expenses to average      net asset value: (2)                                          |   |                                 |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |
|     Expenses,      excluding Profit Share allocation (3)                    |   |                                 | 5.20   | %      |                               |   | 5.25 | % |   |   | 5.01 | % |   |   | 5.14 | % |
|     Profit      Share allocation (1)                                        |   |                                 | 0.12   | %      |                               |   | 7.42 | % |   |   | 0.14 | % |   |   | 12.43 | % |
|         Total      expenses                             |   |                                 | 5.32   | %      |                               |   | 12.67 | % |   |   | 5.15 | % |   |   | 17.57 | % |
|     Net      investment (loss) (3),      (4)                                |   |                                 | (4.95  | )%     |                               |   | (2.76 | )% |   |   | (4.78 | )% |   |   | (2.14 | )% |

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

|   | The      total returns and ratios exclude the effects of any 2% upfront selling      commissions charged by SellingAgents. |
|--------|----------------------------------------------------------------------------------------------------------------------------|

| (1)   | Not      annualized. |
|-----------------|----------------------|

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

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

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

----

----

| Sector                           | %      Gain (Loss) |   |
|----------------------------------|--------------------|--------|
|                             |               |   |
| S&P      500                 | 0.18      %        |   |
| Bonds                            | 0.00      %        |   |
| Yen                              | 7.40      %        |   |
| Energy                           | 15.37      %       |   |
| Metals                           | 4.56      %        |   |
| Grains                           | 7.47      %        |   |
|                             |               |   |
| Total      Portfolio   | 33.63 %            |   |

| Sector                     | %      Gain (Loss)       |
|----------------------------|--------------------------|
|                       |                     |
| S&P      500           | 2.30   %  |
| Bonds                      | 1.43   %  |
| Yen                        | (4.33)  %      |
| Energy                     | 23.63   % |
| Metals                     | 0.44   %  |
| Grains                     | 14.75   % |
|                       |                     |
| Total      Portfolio  | 38.22  %                 |

----

| Sector                           | %      Gain (Loss) |   |
|----------------------------------|--------------------|--------|
|                             |               |   |
| S&P      500                 | 0.55  %  |   |
| Bonds                            | 0.00  %  |   |
| Yen                              | 5.01  %  |   |
| Energy                           | 7.86  %  |   |
| Metals                           | 11.56  % |   |
| Grains                           | 5.09  %  |   |
|                             |               |   |
| Total      Portfolio   | 27.37 %            |   |

| Sector           | %      Gain (Loss) |   |
|------------------|--------------------|--------|
|             |               |   |
| S&P      500 | 3.89  %  |   |
| Bonds            | (0.79)      %      |   |
| Yen              | 2.41  %  |   |
| Energy           | 33.99  % |   |
| Metals           | 8.89  %  |   |
| Grains           | 19.72  % |   |
|             |               |   |
| TotalPortfolio   | 68.11 %            |   |

----

----

----

| 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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