----

----

| 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)                                      |

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

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

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

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

----

|  Item 1. Financial Statements |   |   |
|------------------------------------|--------|--------|

|   |  Statements of Financial Condition |  2 |
|--------|-----------------------------------------|---------|

|   |  Condensed Schedules of Investments  |  3-4 |
|--------|------------------------------------------------|-----------|

|   |  Statements of Operations |  5 |
|--------|--------------------------------|---------|

|   |  Statements of Changes in Partners’ Capital (Net Asset Value) |  6 |
|--------|--------------------------------------------------------------------------|---------|

|   |  Notes to Financial Statements |  7-15 |
|--------|-------------------------------------|------------|

|  Item 2. Management’s Discussion and Analysis of Financial Condition and Results of  Operations |   |  16-18 |
|-----------------------------------------------------------------------------------------------------------------|--------|-------------|

|  Item 3. Quantitative and Qualitative Disclosures About Market Risk  |   |  18 |
|--------------------------------------------------------------------------------|--------|----------|

|  Item 4T. Controls and Procedures  |   |  18 |
|----------------------------------------------|--------|----------|

| PART II – OTHER INFORMATION |   |   |
|-----------------------------------|--------|--------|

|  Item 1. Legal Proceedings |   |  19 |
|---------------------------------|--------|----------|

|  Item 1A. Risk Factors |   |  19 |
|-----------------------------|--------|----------|

|  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  |   | 19 |
|---------------------------------------------------------------------------------|--------|----|

|  Item 3. Defaults Upon Senior Securities |   |  19 |
|-----------------------------------------------|--------|----------|

|  Item 4. (Removed and Reserved)  |   |  19 |
|--------------------------------------------|--------|----------|

|  Item 5. Other Information |   |  19 |
|---------------------------------|--------|----------|

|  Item 6. Exhibits  |   |  20 |
|------------------------------|--------|----------|

|  Signature |   |  21 |
|-----------------|--------|----------|

|  Rule 13a–14(a)/15d–14(a) Certification  |   |  S-1 |
|----------------------------------------------------------------|--------|-----------|

|  Section 1350 Certification  |   |  S-2 |
|----------------------------------------|--------|-----------|

----

----

|                                                  |   | June 30, |       |   | December 31, |   |
|-------------------------------------------------------|--------|----------|------------|--------|--------------|--------|
|                                                  |   | 2010     |       |   | 2009         |   |
| ASSETS                                                |   |     |       |   |         |   |
| Equity in broker trading account                      |   |     |       |   |         |   |
| Cash                                                  |   | $        | 2,127,251  |   |         | $      | 5,944,256 |   |
| United States government securities, at fair value    |   |     | 63,965,435 |   |         |   | 74,460,891 |   |
| Unrealized gain (loss) on open futures contracts, net |   |     | (696,194   | )      |         |   | 170,497 |   |
| Purchased options on futures contracts                |   |     |       |   |         |   |   |   |
|    (premiums paid - $369,000)          |   |     | 180,400    |   |         |   | 0 |   |
| Written options on futures contracts                  |   |     |       |   |         |   |   |   |
|    (premiums received - $836,400)      |   |     | (1,383,750 | )      |         |   | 0 |   |
| Interest receivable                                   |   |     | 700        |   |         |   | 739 |   |
| Deposits with broker                                  |   |     | 64,193,842 |   |         |   | 80,576,383 |   |
|                                                  |   |     |       |   |         |   |   |   |
| Cash                                                  |   |     | 100,030    |   |         |   | 390,030 |   |
| Total assets                                          |   | $        | 64,293,872 |   |         | $      | 80,966,413 |   |
| LIABILITIES                                           |   |     |       |   |         |   |   |   |
| Accounts payable                                      |   | $        | 77,040     |   |         | $      | 62,710 |   |
| Commissions and other trading fees                    |   |     |       |   |         |   |   |   |
| on open contracts payable                             |   |     | 11,316     |   |         |   | 22,020 |   |
| Management fee payable                                |   |     | 103,388    |   |         |   | 127,373 |   |
| Accrued General Partner Profit Share allocation       |   |     | 1,115      |   |         |   | 0 |   |
| Selling agent administrative and service fee payable  |   |     | 147,487    |   |         |   | 184,320 |   |
| Subscriptions received in advance                     |   |     | 100,000    |   |         |   | 390,000 |   |
| Redemptions payable                                   |   |     | 1,423,916  |   |         |   | 2,374,478 |   |
| Total liabilities                                     |   |     | 1,864,262  |   |         |   | 3,160,901 |   |
|                                                  |   |     |       |   |         |   |   |   |
| PARTNERS’ CAPITAL (Net Asset Value)             |   |     |       |   |         |   |   |   |
| General Partner - Series B                            |   |     | 217,725    |   |         |   | 261,382 |   |
| Limited Partners - Series A                           |   |     | 62,211,885 |   |         |   | 77,544,130 |   |
| Total partners’ capital (Net Asset Value)       |   |     | 62,429,610 |   |         |   | 77,805,512 |   |
|                                                  |   |     |       |   |         |   |   |   |
|                                                  |   | $        | 64,293,872 |   |         | $      | 80,966,413 |   |

----

----

|       |       |          |        |                                      |       |   |       |                |   |
|------------|------------|---------------|-------------|-------------------------------------------|------------|--------|------------|---------------------|--------|
| Face Value |       | Maturity Date | Description |                                      | Fair Value |   |       | % of NetAsset Value |   |
|       |       |          |        |                                      |       |   |       |                |   |
| $          | 11,000,000 |          | 07/01/10    | U.S. Treasury Bills                       |       | $      | 10,999,947 |                |   |   | 17.62 | % |
|       | 4,000,000  |          | 08/19/10    | U.S. Treasury Bills                       |       |   | 3,999,025  |                |   |   | 6.41 | % |
|       | 6,000,000  |          | 09/16/10    | U.S. Treasury Bills                       |       |   | 5,997,139  |                |   |   | 9.61 | % |
|       | 4,000,000  |          | 09/30/10    | U.S. Treasury Bills                       |       |   | 3,997,597  |                |   |   | 6.40 | % |
|       | 7,500,000  |          | 10/07/10    | U.S. Treasury Bills                       |       |   | 7,495,379  |                |   |   | 12.01 | % |
|       | 6,000,000  |          | 10/21/10    | U.S. Treasury Bills                       |       |   | 5,995,959  |                |   |   | 9.60 | % |
|       | 6,500,000  |          | 12/02/10    | U.S. Treasury Bills                       |       |   | 6,494,206  |                |   |   | 10.40 | % |
|       | 12,000,000 |          | 12/09/10    | U.S. Treasury Bills                       |       |   | 11,991,520 |                |   |   | 19.21 | % |
|       | 3,000,000  |          | 12/16/10    | U.S. Treasury Bills                       |       |   | 2,997,958  |                |   |   | 4.80 | % |
|       | 4,000,000  |          | 12/23/10    | U.S. Treasury Bills                       |       |   | 3,996,705  |                |   |   | 6.40 | % |
|       |       |          |        |                                      |       |   |       |                |   |   |   |   |
|       |       |          |        | Total United States government securities |       |   |       |                |   |   |   |   |
|       |       |          |        | (cost - $63,938,742)                      |       | $      | 63,965,435 |                |   |   | 102.46 | % |

|                         |   |       |     |   |                |   |
|------------------------------|--------|------------|----------|--------|---------------------|--------|
| Description                  |   | Fair Value |     |   | % of NetAsset Value |   |
| Agricultural                 |   | $          | (447,257 | )      |                |   | (0.72 | )% |
| Currencies                   |   |       | 85,189   |   |                |   | 0.14 | % |
| Energy                       |   |       | (561,064 | )      |                |   | (0.90 | )% |
| Metals                       |   |       | 226,938  |   |                |   | 0.36 | % |
|                         |   |       |     |   |                |   |   |   |
| Total futures contracts |   | $          | (696,194 | )      |                |   | (1.12 | )% |

|                                         |   |       |    |   |                |   |
|----------------------------------------------|--------|------------|---------|--------|---------------------|--------|
| Description                                  |   | Fair Value |    |   | % of NetAsset Value |   |
|                                         |   |       |    |   |                |   |
| Stock index                                  |   | $          | 180,400 |   |                |   | 0.29 | % |
|                                         |   |       |    |   |                |   |   |   |
| Total purchased options on futures contracts |   |       |    |   |                |   |   |   |
|    (premiums paid - $369,000) |   | $          | 180,400 |   |                |   | 0.29 | % |

|                                       |   |       |       |   |                |   |
|--------------------------------------------|--------|------------|------------|--------|---------------------|--------|
| Description                                |   | Fair Value |       |   | % of NetAsset Value |   |
|                                       |   |       |       |   |                |   |
| Stock index                                |   | $          | (1,383,750 | )      |                |   | (2.22 | )% |
|                                       |   |       |       |   |                |   |   |   |
| Total written options on futures contracts |   |       |       |   |                |   |   |   |
| (premiums received - $836,400)             |   | $          | (1,383,750 | )      |                |   | (2.22 | )% |

| *        | P.Pledged as collateral for the trading of futures and options on futures contracts.                                                                                                                                        |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **  | No individual futures contract or options on futures contracts position constituted greater than 5 percent of Net Asset Value.  Accordingly, the number of contracts and expiration dates are not presented. |
|     |                                                                                                                                                                                               |

----

----

| Face Value |       | Maturity Date | Description |                                      | Fair Value |   |       | % of NetAsset Value |   |
|------------|------------|---------------|-------------|-------------------------------------------|------------|--------|------------|---------------------|--------|
|       |       |          |        |                                      |       |   |       |                |   |
| $          | 4,000,000  |          | 01/14/10    | U.S. Treasury Bills                       |       | $      | 3,999,595  |                |   |   | 5.14 | % |
|       | 2,000,000  |          | 01/21/10    | U.S. Treasury Bills                       |       |   | 1,999,694  |                |   |   | 2.57 | % |
|       | 4,500,000  |          | 01/28/10    | U.S. Treasury Bills                       |       |   | 4,499,167  |                |   |   | 5.78 | % |
|       | 4,000,000  |          | 03/11/10    | U.S. Treasury Bills                       |       |   | 3,998,639  |                |   |   | 5.14 | % |
|       | 6,500,000  |          | 03/18/10    | U.S. Treasury Bills                       |       |   | 6,497,566  |                |   |   | 8.35 | % |
|       | 7,500,000  |          | 04/08/10    | U.S. Treasury Bills                       |       |   | 7,497,039  |                |   |   | 9.64 | % |
|       | 6,000,000  |          | 04/22/10    | U.S. Treasury Bills                       |       |   | 5,997,200  |                |   |   | 7.71 | % |
|       | 4,000,000  |          | 05/13/10    | U.S. Treasury Bills                       |       |   | 3,998,227  |                |   |   | 5.14 | % |
|       | 8,000,000  |          | 06/03/10    | U.S. Treasury Bills                       |       |   | 7,995,294  |                |   |   | 10.28 | % |
|       | 13,000,000 |          | 06/10/10    | U.S. Treasury Bills                       |       |   | 12,991,715 |                |   |   | 16.69 | % |
|       | 4,000,000  |          | 06/24/10    | U.S. Treasury Bills                       |       |   | 3,996,597  |                |   |   | 5.14 | % |
|       | 11,000,000 |          | 07/01/10    | U.S. Treasury Bills                       |       |   | 10,990,158 |                |   |   | 14.12 | % |
|       |       |          |        |                                      |       |   |       |                |   |   |   |   |
|       |       |          |        | Total United States government securities |       |   |       |                |   |   |   |   |
|       |       |          |        | (cost - $74,437,283)                      |       | $      | 74,460,891 |                |   |   | 95.70 | % |
|       |       |          |        |                                      |       |   |       |                |   |   |   |   |

|                         |   |       |       |   |                |   |
|------------------------------|--------|------------|------------|--------|---------------------|--------|
| Description                  |   | Fair Value |       |   | % of NetAsset Value |   |
|                         |   |       |       |   |                |   |
| Agricultural                 |   | $          | (221,904   | )      |                |   | (0.28 | )% |
| Currencies                   |   |       | (417,748   | )      |                |   | (0.54 | )% |
| Energy                       |   |       | 2,450,797  |   |                |   | 3.15 | % |
| Metals                       |   |       | (3,225,817 | )      |                |   | (4.15 | )% |
| Stock index                  |   |       | 297,750    |   |                |   | 0.38 | % |
|                         |   |       |       |   |                |   |   |   |
| Total long futures contracts |   |       | (1,116,922 | )      |                |   | (1.44 | )% |
|                         |   |       |       |   |                |   |   |   |

|                    |   |   |      |   |   |   |
|-------------------------|--------|--------|-----------|--------|--------|--------|
| Description             |   |   |      |   |   |   |
|                    |   |   |      |   |   |   |
| Interest rates          |   |   | 1,287,419 |   |   |   | 1.66 | % |
|                    |   |   |      |   |   |   |   |   |
| Total futures contracts |   | $      | 170,497   |   |   |   | 0.22 | % |

| *     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. |

----

----

|   |                         |   | Three Months Ended |       |   | Six Months Ended |   |
|--------|------------------------------|--------|--------------------|------------|--------|------------------|--------|
|   |                         |   | June 30,           |       |   | June 30,         |   |
|   |                         |   | 2010               |       |   | 2009             |   |   | 2010 |   |   | 2009 |   |
|   | TRADING GAINS (LOSSES)       |   |               |       |   |             |   |   |   |   |   |   |   |
|   |                         |   |               |       |   |             |   |   |   |   |   |   |   |
|   | Realized                     |   | $                  | (1,942,916 | )      |             | $      | 24,044,614 |   |   | $ | (11,240,949 | ) |   | $ | 23,233,694 |   |
|   | Change in unrealized         |   |               | (3,260,592 | )      |             |   | (8,868,832 | ) |   |   | (1,602,641 | ) |   |   | (10,277,284 | ) |
|   | Brokerage commissions        |   |               | (25,572    | )      |             |   | (36,252 | ) |   |   | (46,271 | ) |   |   | (61,247 | ) |
|   |                         |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|   | Total trading gains (losses) |   |               | (5,229,080 | )      |             |   | 15,139,530 |   |   |   | (12,889,861 | ) |   |   | 12,895,163 |   |
|   |                         |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |

| NET INVESTMENT INCOME (LOSS)   |   |   |       |   |   |   |       |   |   |   |        |   |
|--------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|-------------|--------|
|                           |   |   |       |   |   |   |       |   |   |   |        |   |
| Income                         |   |   |       |   |   |   |       |   |   |   |        |   |
| Interest income                |   |   | 30,259     |   |   |   | 33,718     |   |   |   | 57,498      |   |   |   | 54,538 |   |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Expenses                       |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Selling agent administrative   |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| and service fee                |   |   | 407,640    |   |   |   | 378,901    |   |   |   | 819,669     |   |   |   | 673,752 |   |
| Management fee                 |   |   | 325,515    |   |   |   | 259,779    |   |   |   | 649,091     |   |   |   | 450,317 |   |
| Operating expenses             |   |   | 62,000     |   |   |   | 50,000     |   |   |   | 123,500     |   |   |   | 99,500 |   |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Total expenses                 |   |   | 795,155    |   |   |   | 688,680    |   |   |   | 1,592,260   |   |   |   | 1,223,569 |   |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Net investment (loss)          |   |   | (764,896   | )      |   |   | (654,962   | )      |   |   | (1,534,762  | )      |   |   | (1,169,031 | ) |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| NET INCOME (LOSS)              |   |   | (5,993,976 | )      |   |   | 14,484,568 |   |   |   | (14,424,623 | )      |   |   | 11,726,132 |   |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Less: General Partner          |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Profit Share allocation        |   |   | (18,085    | )      |   |   | 64,652     |   |   |   | 1,481       |   |   |   | 68,688 |   |
|                           |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| Net income (loss) for pro rata |   |   |       |   |   |   |       |   |   |   |        |   |   |   |   |   |
| allocation to all partners     |   | $      | (5,975,891 | )      |   | $      | 14,419,916 |   |   | $      | (14,426,104 | )      |   | $ | 11,657,444 |   |

----

----

|                                    |   | Partners’ Capital (Net Asset Value) |    |
|-----------------------------------------|--------|-------------------------------------------|---------|
|                                    |   | Series B -                                |    |   | Series A - |   |   |   |   |
|                                    |   | General                                   |    |   | Limited |   |   |   |   |
|                                    |   | Partner                                   |    |   | Partners |   |   | Total |   |
|                                    |   |                                      |    |   |   |   |   |   |   |
| Balances at December 31, 2009           |   | $                                         | 261,382 |   |   | $ | 77,544,130 |   |   | $ | 77,805,512 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Net income (loss) for the six months    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| ended June 30, 2010:                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| General Partner Profit Share allocation |   |                                      | 366     |   |   |   | 0 |   |   |   | 366 |   |
| Pro rata allocation to all partners     |   |                                      | (43,657 | ) |   |   | (14,382,447 | ) |   |   | (14,426,104 | ) |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Subscriptions                           |   |                                      | 0       |   |   |   | 2,737,642 |   |   |   | 2,737,642 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Redemptions                             |   |                                      | (366    | ) |   |   | (3,687,440 | ) |   |   | (3,687,806 | ) |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Balances at June 30, 2010               |   | $                                         | 217,725 |   |   | $ | 62,211,885 |   |   | $ | 62,429,610 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2008           |   | $                                         | 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 |   |

----

----

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

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

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

|   | The Fourth Amended and Restated Limited Partnership Agreement (the Limited Partnership Agreement) provides, among other things, that the Partnership shall dissolve no later than December 31, 2026. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), referred to as FASB ASC or the Codification, is the single source of U.S. GAAP for interim and annual periods ending after September 15, 2009. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Pursuant to the Cash Flows Topic of the Codification, the Partnership qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

----

----

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

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

|   | The Partnership prepares and files 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 reported for income tax purposes.  The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense.  The 2006 through 2009 tax years generally remain subject to examination by U.S. federal and most state tax authorities. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Partnership applies the provisions of Codification Topics 740, Income Taxes; and 835, Interest, which prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements.  This accounting standard 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 either of the three or six month periods ended June 30, 2010 and 2009. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | The Partnership offers two Series of Interests.  The Series A Interests are available to all qualified investors, subject to applicable conditions and restrictions.  The Series B Interests are available for sale to the General Partner and its principals.  The Partnership accounts for subscriptions, allocations and redemptions on a per partner capital account basis.  Income or loss, prior to the Management Fee, Selling Agent Administrative and Service Fee and General Partner Profit Share allocation, is allocated pro rata to the capital accounts of all partners.  Each Series A Limited Partner is then charged their applicable Management Fee and Selling Agent Administrative and Service Fee.  The General Partner Profit Share allocation applicable to each Series A Limited Partner is then allocated to the General Partner’s capital account from the Series A Limited Partner’s capital account at the end of each calendar year or upon redemption by a Series A Limited Partner.  The Partnership accrues as a liability the General Partner Profit Share allocation for interim periods during which the General Partner Profit Share allocation is not yet allocable to the General Partner’s capital account in accordance with the terms of the Limited Partnership Agreement.  Such accrual is subject to partial or complete reversal until a condition for allocation to the General Partner’s capital account is met, at which time the applicable amount of the accrual is reversed and allocated to the General Partner’s capital account. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

|   | H. | Foreign Currency Transactions |
|--------|----|-------------------------------|

|   | The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar.  Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statement of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period.  Gains and losses resulting from the translation to U.S. dollars are reported in income currently. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | I. | Recently Issued Accounting Pronouncement |
|--------|----|------------------------------------------|

|   | In January 2010, the FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06) entitled “Fair Value Measurements and Disclosures (Topic 820) – Improving Disclosures About Fair Value Measurements.” ASU 2010-06 adds new disclosure requirements about transfers in and out of Levels 1 and 2 (see Note 5.) and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. ASU 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009, except for disclosures about purchases, sales, issuances and settlements in the roll forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010, and interim periods within those fiscal years. The additional disclosure requirements of ASU 2010-06 did not have, nor are they expected to have, a material impact on the Partnership’s financial statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | J. | Interim Financial Statements |
|--------|----|------------------------------|

|   | The financial statements included herein were prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations.  The financial statements reflect, in the opinion of management, all adjustments necessary that were of normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated.  The results of operations for the three and six months ended June 30, 2010 and 2009 are not necessarily indicative of the results to be expected for the full year or for any other period. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the Securities and Exchange Commission. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

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

----

----

| Note 5. | FAIR VALUE |
|---------|------------|

|                                   |   |    |       |   |  June 30, 2010 |   |       |    |   |
|----------------------------------------|--------|---------|------------|--------|---------------------|--------|------------|---------|--------|
| Description                            |   | Level 1 |       |   | Level 2             |   |       | Level 3 |   |   | Total |   |
|                                   |   |    |       |   |                |   |       |    |   |   |   |   |
| U.S. Treasury bills                    |   | $       | 0          |   |                | $      | 63,965,435 |    |   | $ | 0 |   |   | $ | 63,965,435 |   |
| Futures contracts                      |   |    | (696,194   | )      |                |   | 0          |    |   |   | 0 |   |   |   | (696,194 | ) |
| Purchased options on futures contracts |   |    | 180,400    |   |                |   | 0          |    |   |   | 0 |   |   |   | 180,400 |   |
| Written options on futures contracts   |   |    | (1,383,750 | )      |                |   | 0          |    |   |   | 0 |   |   |   | (1,383,750 | ) |
| Total                                  |   | $       | (1,899,544 | )      |                | $      | 63,965,435 |    |   | $ | 0 |   |   | $ | 62,065,891 |   |
|                                   |   |    |       |   |                |   |       |    |   |   |   |   |   |   |   |   |

|                |   |              |    |   |    |   |       |    |   |   |   |   |
|---------------------|--------|-------------------|---------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
|                |   | December 31, 2009 |    |   |    |
| Description         |   | Level 1           |    |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|                |   |              |    |   |    |   |       |    |   |   |   |   |
| U.S. Treasury bills |   | $                 | 0       |   |    | $      | 74,460,891 |    |   | $      | 0      |   |   | $ | 74,460,891 |   |
| Futures contracts   |   |              | 170,497 |   |    |   | 0          |    |   |   | 0      |   |   |   | 170,497 |   |
| Total               |   | $                 | 170,497 |   |    | $      | 74,460,891 |    |   | $      | 0      |   |   | $ | 74,631,388 |   |

----

----

| Note 6. |   | DERIVATIVES |
|---------|--------|-------------|

|   | The Partnership engages in the speculative trading of futures contracts and options on futures contracts (collectively, derivatives) for the purpose of achieving capital appreciation.  None of the Partnership’s derivative instruments are designated as hedging instruments, as defined in the Derivatives and Hedging Topic of the Codification, nor are they used for other risk management purposes.  The General Partner actively assesses, manages and monitors risk exposure on derivatives on a contract basis, a sector basis (e.g., agricultural, currencies, metals, etc.), and on an overall basis in accordance with established risk parameters.  Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following tables present the fair value of derivative contracts at June 30, 2010 and December 31, 2009.  The fair value of futures contracts is presented as an asset if in a gain position and a liability if in a loss position.  Fair value is presented on a gross basis in the table below even though futures contracts qualify for net presentation in the statements of financial condition. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   |   |      |   |   June 30, 2010 |   |       |   |   |
|---------------------------------------|--------|--------|-----------|--------|----------------------|--------|------------|--------|--------|
| Futures Contracts                     |   | Assets |      |   | Liabilities          |   |       | Net    |   |
|                                  |   |   |      |   |                 |   |       |   |   |
| Agricultural                          |   | $      | 91,608    |   |                 | $      | (538,865   | )      |   | $ | (447,257 | ) |
| Currencies                            |   |   | 387,459   |   |                 |   | (302,270   | )      |   |   | 85,189 |   |
| Energy                                |   |   | 8,686     |   |                 |   | (569,750   | )      |   |   | (561,064 | ) |
| Metals                                |   |   | 340,200   |   |                 |   | (113,262   | )      |   |   | 226,938 |   |
|                                  |   |   |      |   |                 |   |       |   |   |   |   |   |
| Total futures contracts               |   |   | 827,953   |   |                 |   | (1,524,147 | )      |   |   | (696,194 | ) |
|                                  |   |   |      |   |                 |   |       |   |   |   |   |   |
| Options on Futures Contracts          |   |   |      |   |                 |   |       |   |   |   |   |   |
|                                  |   |   |      |   |                 |   |       |   |   |   |   |   |
| Stock index                           |   |   | 180,400   |   |                 |   | (1,383,750 | )      |   |   | (1,203,350 | ) |
|                                  |   |   |      |   |                 |   |       |   |   |   |   |   |
| Total gross fair value of derivatives |   | $      | 1,008,353 |   |                 | $      | (2,907,897 | )      |   | $ | (1,899,544 | ) |
|                                  |   |   |      |   |                 |   |       |   |   |   |   |   |

|                                  |   | December 31, 2009 |      |   |        |   |
|---------------------------------------|--------|-------------------|-----------|--------|-------------|--------|
| Futures Contracts                     |   | Assets            |      |   | Liabilities |   |   | Net |   |
|                                  |   |              |      |   |        |   |   |   |   |
| Agricultural                          |   | $                 | 347,471   |   |        | $      | (569,375 | ) |   | $ | (221,904 | ) |
| Currencies                            |   |              | 134,062   |   |        |   | (551,810 | ) |   |   | (417,748 | ) |
| Energy                                |   |              | 2,585,858 |   |        |   | (135,061 | ) |   |   | 2,450,797 |   |
| Interest rates                        |   |              | 1,287,731 |   |        |   | (312 | ) |   |   | 1,287,419 |   |
| Metals                                |   |              | 321,200   |   |        |   | (3,547,017 | ) |   |   | (3,225,817 | ) |
| Stock index                           |   |              | 297,750   |   |        |   | 0 |   |   |   | 297,750 |   |
|                                  |   |              |      |   |        |   |   |   |   |   |   |   |
| Total gross fair value of derivatives |   | $                 | 4,974,072 |   |        | $      | (4,803,575 | ) |   | $ | 170,497 |   |

----

----

| Note 6. | DERIVATIVES (CONTINUED) |
|---------|-------------------------|

|                                                                   |   | Three Months Ended June 30, 2010 |       |   | Three Months Ended June 30, 2009 |   |
|------------------------------------------------------------------------|--------|----------------------------------|------------|--------|----------------------------------|--------|
|                                                                   |   |                             |       |   |                             |   |   |   |   |
|                                                                   |   | Gain (loss) from trading         |       |   |                             |   |   | Gain (loss) from trading |   |   |   |   |
| Futures Contracts                                                      |   | Realized                         |       |   | Change in Unrealized             |   |   | Number of Contracts Closed |   |   | Realized |   |   | Change in Unrealized |   |   | Number of Contracts Closed |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agricultural                                                           |   | $                                | (422,667   | )      |                             | $      | 289,424 |   |   |   | 1,762 |   |   | $ | 9,167,261 |   |   | $ | (6,560,409 | ) |   |   | 2,181 |   |
| Currencies                                                             |   |                             | (2,213,964 | )      |                             |   | (279,367 | ) |   |   | 443 |   |   |   | 5,124,003 |   |   |   | (1,911,431 | ) |   |   | 379 |   |
| Energy                                                                 |   |                             | (1,086,119 | )      |                             |   | (878,429 | ) |   |   | 990 |   |   |   | 6,473,023 |   |   |   | 1,141,656 |   |   |   | 1,907 |   |
| Interest rates                                                         |   |                             | (3,418,593 | )      |                             |   | 82,918 |   |   |   | 413 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Metals                                                                 |   |                             | 2,154,583  |   |                             |   | (812,625 | ) |   |   | 354 |   |   |   | 3,279,996 |   |   |   | (1,658,348 | ) |   |   | 726 |   |
| Stock index                                                            |   |                             | 2,337,731  |   |                             |   | (926,563 | ) |   |   | 851 |   |   |   | 331 |   |   |   | 119,700 |   |   |   | 0 |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                                                |   |                             | (2,649,029 | )      |                             |   | (2,524,642 | ) |   |   |   |   |   |   | 24,044,614 |   |   |   | (8,868,832 | ) |   |   |   |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options on Futures Contracts                                           |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock index                                                            |   |                             | 706,113    |   |                             |   | (735,950 | ) |   |   | 200 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivatives trading per statement of operations |   | $                                | (1,942,916 | )      |                             | $      | (3,260,592 | ) |   |   |   |   |   | $ | 24,044,614 |   |   | $ | (8,868,832 | ) |   |   |   |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                             |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                   |   | Six Months Ended June 30, 2010 |        |   | Six Months Ended June 30, 2009 |   |
|------------------------------------------------------------------------|--------|--------------------------------|-------------|--------|--------------------------------|--------|
|                                                                   |   |                           |        |   |                           |   |   |   |   |
|                                                                   |   | Gain (loss) from trading       |        |   |                           |   |   | Gain (loss) from trading |   |   |   |   |
| Futures Contracts                                                      |   | Realized                       |        |   | Change inUnrealized            |   |   | Number ofContracts Closed |   |   | Realized |   |   | Change in Unrealized |   |   | Number ofContractsClosed |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agricultural                                                           |   | $                              | (6,699,285  | )      |                           | $      | (225,353 | ) |   |   | 3,509 |   |   | $ | 8,019,871 |   |   | $ | (6,517,645 | ) |   |   | 3,284 |   |
| Currencies                                                             |   |                           | (2,600,232  | )      |                           |   | 502,937 |   |   |   | 937 |   |   |   | 3,970,141 |   |   |   | (1,937,348 | ) |   |   | 764 |   |
| Energy                                                                 |   |                           | (1,709,848  | )      |                           |   | (3,011,861 | ) |   |   | 2,696 |   |   |   | 4,276,270 |   |   |   | 176,576 |   |   |   | 3,384 |   |
| Interest rates                                                         |   |                           | (2,528,173  | )      |                           |   | (1,287,419 | ) |   |   | 796 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Metals                                                                 |   |                           | (2,107,206  | )      |                           |   | 3,452,755 |   |   |   | 1,183 |   |   |   | 6,797,431 |   |   |   | (2,118,567 | ) |   |   | 1,410 |   |
| Stock index                                                            |   |                           | 3,697,682   |   |                           |   | (297,750 | ) |   |   | 1,104 |   |   |   | 169,981 |   |   |   | 119,700 |   |   |   | 157 |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                                                |   |                           | (11,947,062 | )      |                           |   | (866,691 | ) |   |   |   |   |   |   | 23,233,694 |   |   |   | (10,277,284 | ) |   |   |   |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options on Futures Contracts                                           |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock index                                                            |   |                           | 706,113     |   |                           |   | (735,950 | ) |   |   | 200 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivatives trading per statement of operations |   | $                              | (11,240,949 | )      |                           | $      | (1,602,641 | ) |   |   |   |   |   | $ | 23,233,694 |   |   | $ | (10,277,284 | ) |   |   |   |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                           |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Note 7. |   | DEPOSITS WITH BROKER |
|---------|--------|----------------------|

----

----

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

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

| Note 10. | SUBSEQUENT EVENTS |
|----------|-------------------|

----

----

| Note 11. | FINANCIAL HIGHLIGHTS |
|----------|----------------------|

|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |
|-----------------------------------------------------------------|--------|--------------------|--------|--------|------------------|--------|--------|-------------|--------|--------|-------------|--------|
|                                                            |   | Three months ended |   |   | Six months ended |   |
|                                                            |   | June 30,           |   |   | June 30,         |   |
|                                                            |   | 2010               |   |   | 2009             |   |   | 2010        |   |   | 2009        |   |
|                                                            |   | (Unaudited)        |   |   | (Unaudited)      |   |   | (Unaudited) |   |   | (Unaudited) |   |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |
| Total return for Series A Limited Partners taken as a whole (1) |   |               |   |   |             |   |   |        |   |   |        |   |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |
| Total return before General Partner Profit Share allocation     |   |               | (8.59  | )%     |             |   | 32.11  | %           |   |   | (18.51      | )%     |   |   | 24.43 | % |
| General Partner Profit Share allocation                         |   |               | 0.03   | %      |             |   | (0.13  | )%          |   |   | 0.00        | %      |   |   | (0.13 | )% |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Total return after General Partner Profit Share allocation      |   |               | (8.56  | )%     |             |   | 31.98  | %           |   |   | (18.51      | )%     |   |   | 24.30 | % |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Supplemental Data for Series A Limited Partners                 |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Ratios to average net asset value: (2)                          |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Expenses, excluding General Partner Profit Share allocation (3) |   |               | 4.63   | %      |             |   | 5.20   | %           |   |   | 4.61        | %      |   |   | 5.01 | % |
| General Partner Profit Share allocation (1)                     |   |               | (0.03  | )%     |             |   | 0.12   | %           |   |   | 0.00        | %      |   |   | 0.14 | % |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Total expenses                                                  |   |               | 4.60   | %      |             |   | 5.32   | %           |   |   | 4.61        | %      |   |   | 5.15 | % |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |
| Net investment (loss) (3)(4)                                    |   |               | (4.46  | )%     |             |   | (4.95  | )%          |   |   | (4.44       | )%     |   |   | (4.78 | )% |
|                                                            |   |               |   |   |             |   |   |        |   |   |        |   |   |   |   |   |

|   | 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 General Partner Profit Share allocation arrangements.  An individual limited partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions and redemptions and given potentially different fee arrangements for a Series A Limited Partner. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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

|   | (2) | The ratio of expenses and net investment (loss) to average net asset value do not include brokerage commissions. |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

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

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

----

----

| Sector                         | % Gain (Loss)            |   |
|--------------------------------|--------------------------|--------|
| Stock Index     | 1.77    % |   |
| Bonds                          | (4.63) %                 |   |
| Currency                  | (3.49) %                 |   |
| Energy               | (2.69) %                 |   |
| Metals     | 1.95    % |   |
| Grains                         | (0.19) %                 |   |

| Sector                         | % Gain (Loss)                  |   |
|--------------------------------|--------------------------------|--------|
| Stock Index     | 0.18    %       |   |
| Bonds                          | 0.00    %       |   |
| Currency                  |  7.40    % |   |
| Energy               | 15.37  %                  |   |
| Metals     | 4.56    %  |   |
| Grains                         |  7.47   %       |   |

| Sector                         | % Gain (Loss)                  |   |
|--------------------------------|--------------------------------|--------|
| Stock Index     | 4.96    %       |   |
| Bonds                          | (5.18)   %      |   |
| Currency                  |  (2.69)  %           |   |
| Energy               | (5.87)   %      |   |
| Metals     | 2.26     % |   |
| Grains                         | (8.83)   %      |   |

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| Sector                         | % Gain (Loss)                  |   |
|--------------------------------|--------------------------------|--------|
| Stock Index     | 0.55    %  |   |
| Bonds                          | 0.00    %       |   |
| Currency                  |  5.01    % |   |
| Energy               | 7.86    %       |   |
| Metals     | 11.56   %       |   |
| Grains                         |  5.09   %  |   |

----

| Month                      | Withdrawal Amounts   |   |
|----------------------------|----------------------|--------|
| April 30, 2010   | $574,036             |   |
| May 31, 2010               |  $ 314,780 |   |
| June 30, 2010              |  $1,423,916     |   |

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

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

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

  

  

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|        |                                                                 |   |
|-------------|----------------------------------------------------------------------|--------|
| By:         | /s/ John Hummel                                                      |   |
| Name:  | John Hummel                                                          |   |
| Title:      | President (principal executive and Principal financial officer) |   |

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