UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C.  20549





FORM
10-Q







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


For
the Fiscal Quarter Ended September 30, 2009




or




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


For
the transition period from  to





Commission
file number: 000-52599





AIS
FUTURES FUND IV L.P.


(Exact
name of registrant as specified in its charter)








Delaware
            
            13-3909977(State
      or other jurisdiction
              of
      incorporation or organization)
            
            (I.R.S.
      Employer
              Identification
      Number)





c/o
AIS FUTURES MANAGEMENT LLC


187
Danbury Road, Suite 201


Wilton,
Connecticut 06897


(Address
of Principal Executive Offices)




(203)
563-1180


(Registrant’s
telephone number, including area code)




Securities
registered pursuant to Section 12(b) of the Act:None




Securities
registered pursuant to Section 12(g) of the Act:  Limited Partnership
Interests




Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the
past 90 days.


Yes  ýNo  o





Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).


Yes  oNo  o





Indicate
by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See definition of “large accelerated filer”, “accelerated
filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):


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




Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Securities Exchange Act of 1934).


Yes  oNo  ý











TABLE
OF CONTENTS




PagePART
      I – FINANCIAL INFORMATIONItem
      1. Financial Statements
            2-6Item
      1. Notes to Financial Statements
            7-13Item
      2. Management’s Discussion and Analysis of Financial Condition and Results
      of  Operations
            14-16Item
      3. Quantitative and Qualitative Disclosures About Market
    Risk
            16Item
      4. Controls and Procedures
            17PART
      II – OTHER INFORMATIONItem
      1. Legal Proceedings
            18Item
      1A. Risk Factors
            18Item
      2. Unregistered Sales of Equity Securities and Use of
    Proceeds
            18Item
      3. Defaults Upon Senior Securities
            18Item
      4. Submission of Matters to a Vote of Security Holders
            18Item
      5. Other Information
            18Item
      6. Exhibits
            19Signatures
            S-1Rule
      13a–14(a)/15d–14(a) Certifications
            S-2Section
      1350 Certifications
            S-3












PART I – FINANCIAL
INFORMATION


Item
1: Financial
Statements





AIS
FUTURES FUND IV L.P.


STATEMENTS
OF FINANCIAL CONDITION


September
30, 2009 (Unaudited) and December 31, 2008 (Audited)


_______________























September
      30,
              
              
              December
      31,2009
              
              
              2008ASSETSEquity
      in broker trading accountCash
              
              $
              6,709,575
              
              
              $
              1,564,334United
      States government securities, at fair value
              
              
              63,460,129
              
              
              
              41,470,056Unrealized
      gain (loss) on open contracts, net
              
              
              (2,018,033
              )
              
              
              5,316,844Interest
      receivable
              
              
              584
              
              
              
              2,293Due
      from broker
              
              
              68,152,255
              
              
              
              48,353,527Cash
              
              
              773,030
              
              
              
              540,030Total
      assets
              
              $
              68,925,285
              
              
              $
              48,893,557LIABILITIESAccounts
      payable
              
              $
              49,703
              
              
              $
              58,861Commissions
      and other trading feeson
      open contracts payable
              
              
              18,564
              
              
              
              13,434Management
      fee payable
              
              
              103,244
              
              
              
              69,791General
      Partner Profit Share allocation payable
              
              
              84,148
              
              
              
              0Selling
      agent administrative and service fee payable
              
              
              161,284
              
              
              
              132,341Subscriptions
      received in advance
              
              
              773,000
              
              
              
              540,000Redemptions
      payable
              
              
              758,866
              
              
              
              766,248Total
      liabilities
              
              
              1,948,809
              
              
              
              1,580,675PARTNERS’
      CAPITAL (Net Asset Value)General
      Partner - Series B
              
              
              213,043
              
              
              
              152,807Limited
      Partners - Series A
              
              
              66,763,433
              
              
              
              47,160,075Total
      partners’ capital (Net Asset Value)
              
              
              66,976,476
              
              
              
              47,312,882$
              68,925,285
              
              
              $
              48,893,557







2


AIS
FUTURES FUND IV L.P.


CONDENSED
SCHEDULE OF INVESTMENTS


September
30, 2009 (Unaudited)


_______________




UNITED STATES GOVERNMENT
SECURITIES*




Face Value
              
              Maturity Date
              Description
              
              Fair Value
              
              
              %
      of Net
                Asset Value$
              4,000,000
              
              10/29/09
              U.S.
      Treasury Bills
              
              $
              3,999,115
              
              
              
              5.97
              %2,500,000
              
              11/19/09
              U.S.
      Treasury Bills
              
              
              2,499,099
              
              
              
              3.73
              %4,000,000
              
              11/27/09
              U.S.
      Treasury Bills
              
              
              3,998,324
              
              
              
              5.97
              %2,000,000
              
              12/03/09
              U.S.
      Treasury Bills
              
              
              1,999,200
              
              
              
              2.98
              %16,000,000
              
              12/10/09
              U.S.
      Treasury Bills
              
              
              15,991,160
              
              
              
              23.88
              %3,000,000
              
              12/24/09
              U.S.
      Treasury Bills
              
              
              2,998,055
              
              
              
              4.48
              %11,000,000
              
              12/31/09
              U.S.
      Treasury Bills
              
              
              10,992,056
              
              
              
              16.41
              %4,000,000
              
              01/14/10
              U.S.
      Treasury Bills
              
              
              3,996,937
              
              
              
              5.97
              %2,000,000
              
              01/21/10
              U.S.
      Treasury Bills
              
              
              1,998,352
              
              
              
              2.98
              %4,500,000
              
              01/28/10
              U.S.
      Treasury Bills
              
              
              4,496,432
              
              
              
              6.71
              %4,000,000
              
              03/11/10
              U.S.
      Treasury Bills
              
              
              3,996,850
              
              
              
              5.97
              %6,500,000
              
              03/18/10
              U.S.
      Treasury Bills
              
              
              6,494,549
              
              
              
              9.70
              %Total
      United States government securities
                (cost
      - $63,419,124)$
              63,460,129
              
              
              
              94.75
              %LONG FUTURES CONTRACTS**Description
              
              
              Fair Value
              
              
              %
      of Net
                Asset ValueAgricultural
              
              
              $
              (5,893,535
              )
              
              
              (8.80
              )%Currencies
              
              
              
              688,823
              
              
              
              1.03
              %Energy
              
              
              
              (15,072
              )
              
              
              (0.02
              )%Equities
      - Stock Index
              
              
              
              164,550
              
              
              
              0.25
              %Metals
              
              
              
              3,036,045
              
              
              
              4.53
              %Total
      long futures contracts
              
              
              (2,019,189
              )
              
              
              (3.01
              )%SHORT FUTURES CONTRACTSNumber of Contracts
              
              Description37
              
              Interest
      Rates (30 Year U.S. Treasury Bond, expires
                12/2009)
              
              
              1,156
              
              
              
              0.00
              %Total
      futures contracts
              
              $
              (2,018,033
              )
              
              
              (3.01
              )%
  *
                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 andexpiration
      dates are not
presented.




The
accompanying notes are an integral part of these financial
statements.




3





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 Net
                Asset Value$
              10,500,000
              
              01/02/09
              U.S.
      Treasury Bills
              
              $
              10,498,827
              
              
              
              22.19
              %500,000
              
              01/08/09
              U.S.
      Treasury Bills
              
              
              499,786
              
              
              
              1.06
              %1,000,000
              
              02/19/09
              U.S.
      Treasury Bills
              
              
              997,395
              
              
              
              2.11
              %500,000
              
              02/26/09
              U.S.
      Treasury Bills
              
              
              498,503
              
              
              
              1.05
              %6,500,000
              
              06/04/09
              U.S.
      Treasury Bills
              
              
              6,491,897
              
              
              
              13.72
              %10,500,000
              
              06/11/09
              U.S.
      Treasury Bills
              
              
              10,492,440
              
              
              
              22.18
              %12,000,000
              
              06/25/09
              U.S.
      Treasury Bills
              
              
              11,991,208
              
              
              
              25.34
              %Total
      United States government securities
                (cost
      - $41,347,804)$
              41,470,056
              
              
              
              87.65
              %LONG FUTURES CONTRACTS**Description
              
              
              Fair Value
              
              
              %
      of Net
                Asset ValueAgricultural
              
              
              $
              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 and options on futures
      contracts.


**
              No
      individual futures contract position constituted greater than 5 percent of
      Net Asset Value.  Accordingly, the number ofcontracts
      and expiration dates are not
presented.










The
accompanying notes are an integral part of these financial
statements.




4




AIS
FUTURES FUND IV L.P.


STATEMENTS
OF OPERATIONS


For
the Three Months and Nine Months Ended September 30, 2009 and 2008
(Unaudited)


_______________







Three
      Months Ended
            
            
            Nine
      Months EndedSeptember
      30,
            
            
            September
      30,2009
            
            
            2008
            
            
            2009
            
            
            2008TRADING
      GAINS (LOSSES)Trading
      gains (losses)Realized
            
            $
            3,013,925
            
            
            $
            (26,992,877
            )
            
            $
            26,247,619
            
            
            $
            30,273,098Change
      in unrealized
            
            
            2,942,407
            
            
            
            (46,514,360
            )
            
            
            (7,334,877
            )
            
            
            (36,610,778
            )Brokerage
      commissions
            
            
            (25,945
            )
            
            
            (28,674
            )
            
            
            (87,192
            )
            
            
            (111,885
            )Net
      total trading gains (losses)
            
            
            5,930,387
            
            
            
            (73,535,911
            )
            
            
            18,825,550
            
            
            
            (6,449,565
            )NET
      INVESTMENT (LOSS)IncomeInterest
      income
            
            
            34,133
            
            
            
            623,451
            
            
            
            88,671
            
            
            
            2,215,261ExpensesSelling
      agent administrativeand
      service fee
            
            
            419,455
            
            
            
            767,467
            
            
            
            1,093,207
            
            
            
            2,293,583Management
      fees
            
            
            296,423
            
            
            
            511,094
            
            
            
            746,740
            
            
            
            1,591,264Operating
      expenses
            
            
            64,040
            
            
            
            49,320
            
            
            
            163,540
            
            
            
            162,270Total
      expenses
            
            
            779,918
            
            
            
            1,327,881
            
            
            
            2,003,487
            
            
            
            4,047,117Net
      investment (loss)
            
            
            (745,785
            )
            
            
            (704,430
            )
            
            
            (1,914,816
            )
            
            
            (1,831,856
            )NET
      INCOME (LOSS)
            
            
            5,184,602
            
            
            
            (74,240,341
            )
            
            
            16,910,734
            
            
            
            (8,281,421
            )Less:
      General PartnerProfit
      Share allocation
            
            
            40,113
            
            
            
            (12,179,041
            )
            
            
            108,801
            
            
            
            961,853Net
      income (loss) for pro rataallocation
      to all partners
            
            $
            5,144,489
            
            
            $
            (62,061,300
            )
            
            $
            16,801,933
            
            
            $
            (9,243,274
            )











The
accompanying notes are an integral part of these financial
statements.




5




AIS
FUTURES FUND IV L.P.


STATEMENTS
OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)


For
the Nine Months Ended September 30, 2009 and 2008 (Unaudited)


_______________







Partners’
      CapitalSeries
      B
            
            
            Series
      AGeneral
            
            
            LimitedPartner
            
            
            Partners
            
            
            TotalBalances
      at January 1, 2009
            
            $
            152,807
            
            
            $
            47,160,075
            
            
            $
            47,312,882Net
      income for the nine monthsended
      September 30, 2009General
      Partner Profit Share allocation
            
            
            24,653
            
            
            
            0
            
            
            
            24,653Pro
      rata allocation to all partners
            
            
            60,236
            
            
            
            16,741,697
            
            
            
            16,801,933Subscriptions
            
            
            0
            
            
            
            7,568,956
            
            
            
            7,568,956Redemptions
            
            
            (24,653
            )
            
            
            (4,707,295
            )
            
            
            (4,731,948
            )Balances
      at September 30, 2009
            
            $
            213,043
            
            
            $
            66,763,433
            
            
            $
            66,976,476Balances
      at January 1, 2008
            
            $
            313,793
            
            
            $
            77,617,731
            
            
            $
            77,931,524Net
      income (loss) for the nine monthsended
      September 30, 2008General
      Partner Profit Share allocation
            
            
            769,697
            
            
            
            0
            
            
            
            769,697Pro
      rata allocation to all partners
            
            
            7,840
            
            
            
            (9,251,114
            )
            
            
            (9,243,274
            )Subscriptions
            
            
            0
            
            
            
            50,284,820
            
            
            
            50,284,820Redemptions
            
            
            (769,697
            )
            
            
            (16,002,246
            )
            
            
            (16,771,943
            )Balances
      at September 30, 2008
            
            $
            321,633
            
            
            $
            102,649,191
            
            
            $
            102,970,824







The
accompanying notes are an integral part of these financial
statements.




6




AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS




Note
      1.
            ORGANIZATION AND
      SUMMARY OF SIGNIFICANT ACCOUNTING
  POLICIES





A.
            General
      Description of the Partnership





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





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





B.
            Method
      of Reporting and Use of Estimates





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




C.
            Futures
      and Options on Futures Contracts





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




D.
            Securities





United
States government securities are stated at cost plus accrued interest, which
approximates fair value based on the quoted market yield for the applicable U.S.
Government security.  Any change in value of these securities is
reported in interest income on the statement of operations.





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.




7


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)


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





E.
            Income
      Taxes (continued)





The
Partnership evaluates tax positions taken or expected to be taken while
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 nine month periods ended September 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





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





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





G.
            Redemptions





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





H.
            Statement
      of Cash Flows





The
Partnership has elected not to provide statements of cash flows as permitted by
GAAP accounting standards.





I.
            Fair
      Value





The
Partnership accounts for certain assets and liabilities at fair value under
various accounting literature and applicable industry guidance, which define
fair value, establish a fair value hierarchy based on the quality of inputs used
to measure fair value, and enhance disclosure requirements for fair value
measurements.  A fair value measurement assumes that the transaction
to sell the asset or transfer the liability occurs in the principal market for
the asset or liability or, in the absence of a principal market, the most
advantageous market.  The Partnership has categorized its financial
instruments, based on the priority of inputs to the valuation technique, into a
three-level fair value hierarchy.  The fair value gives the highest
priority to quoted prices in active markets for identical assets or liabilities
(Level 1) and the




8


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)




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





I.
            Fair
      Value (continued)





lowest
priority to unobservable inputs (Level 3).  If the inputs used to
measure the financial instruments fall within different levels of the hierarchy,
the categorization is based on the lowest level input that is significant to the
fair value measurement of the instrument.





Financial
assets and liabilities recorded on the statement of financial condition at
September 30, 2009 and December 31, 2008 are categorized as Level 1 and Level 2
based on the inputs to valuation techniques.  Level 1 denotes fair
value is based on unadjusted quoted prices for identical assets or liabilities
in an active market that the Partnership has the ability to
access.  Level 2 denotes fair value is based on inputs other than
quoted market prices that the Partnership has the ability to
access.  The Partnership has no level 3 assets or liabilities at
September 30, 2009 or December 31, 2008, or for the periods then
ended.




The fair
values of financial instruments at September 30, 2009 and December 31, 2008
consisted of the following:




September 30, 2009
            
            
            December 31, 2008Level
      1
            Futures
      contracts
            
            $
            (2,018,033
            )
            
            $
            5,316,844Level
      2
            U.S. Government Securities
            
            $
            63,460,129
            
            
            $
            41,470,056





The fair
values of futures contracts are based upon exchange settlement
prices.  The fair value of U.S. Government Securities is based on
amortized cost plus accrued interest, which approximates fair value based on the
quoted market yield for the applicable U.S. Government security.





J.
              Financial
      Derivative Instruments





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




9


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)




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




J.
                Financial
      Derivative Instruments (continued)


Derivatives
      not designated as hedging instruments under SFAS 133Asset
      Derivatives
                                September 30,
      2009
                              
                              
                              
                              Liability
      DerivativesSeptember 30,
      2009Balance
      Sheet Location - Equity in broker trading accountFair
      Value
                              
                              
                              Fair
      Value
                              
                              NetAgricultural
      contracts
                              
                              $
                              87,862
                              
                              
                              $
                              (5,981,397)
                              
                              $
                              (5,893,535)Currencies
      contracts
                              
                              
                              688,823
                              
                              
                              
                              0
                              
                              
                              (688,823)Energy
      contracts
                              
                              
                              403,378
                              
                              
                              
                              (418,450)
                              
                              
                              (15,072)Equities
      contracts
                              
                              
                              172,150
                              
                              
                              
                              (7,600)
                              
                              
                              119,700Interest
      Rates contracts
                              
                              
                              1,156
                              
                              
                              
                              0
                              
                              
                              1,156Metals
      contracts
                              
                              
                              3,193,220
                              
                              
                              
                              (157,175)
                              
                              
                              3,036,045$
                              4,546,589
                              
                              
                              $
                              (6,564,622)
                              
                              $
                              (2,018,033)
 
 Trading
      Revenue For the Three and
                              Nine Months
      Ended September 30, 2009
                            
                            Trading
      Revenue For the Three and
                              Nine Months
      Ended September 30, 2009Type
      of Instrument
                            
                            Three
      Months
                              Ended
      September 30
                            
                            
                            Nine Months
                              Ended
      September 30
                            
                            Line
      Item in
                              Income
      Statement
                            Three Months
                              Ended September 30
                            
                            
                            Nine Months
                              Ended September 30Agricultural
      contracts
                            $
                            (2,522,029)
                            
                            $
                            (1,019,803)Currencies
      contracts
                            
                            3,192,797
                            
                            
                            5,225,591
                            
                            Realized
                            $  
         3,013,925
                            
                            $
                            26,247,619Energy
      contracts
                            
                            (1,496,716)
                            
                            
                            2,956,130
                            
                            Change in unrealized
                            2,942,407
                            
                            
                            (7,334,877)Equities
      contracts
                            
                            1,008,691
                            
                            
                            1,298,372Interest
      Rates contracts
                            
                            1,156
                            
                            
                            1,156
                            
                            
                            $     
      5,956,332
                            
                            $
                            18,912,742Metals
      contracts
                            
                            5,772,433
                            
                            
                            10,451,296$
                            5,956,332
                            
                            $
                            18,912,742


The
monthly average of futures contracts bought and sold was 1,371 and 1,260 for the
three months ended and 1,799 and 1,704 for the nine months ended September 30,
2009, respectively.





K.
            Interim
      Financial Statements





The
financial statements included herein were prepared by us without audit according
to the rules and regulations of the Securities and Exchange
Commission.  Certain information and footnote disclosures normally
included in financial statements prepared in accordance with accounting
principles generally accepted in the United States of America may be omitted
pursuant to such rules and regulations.  The financial statements
reflect, in the opinion of management, all adjustments necessary that were of
normal and recurring nature and adequate disclosures to present fairly the
financial position and results of operations as of and for the periods
indicated.  The results of operations for the three and nine months
ended September 30, 2009 and 2008 are not necessarily indicative of the results
to be expected for the full year or for any other period.





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





10


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)




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





L.
            Recently
      Adopted Accounting Pronouncements





The
Partnership adopted FASB Accounting Standards Codification (ASC) on July 1,
2009, which is the single source of authoritative nongovernmental U.S.
GAAP.   The ASC does not change U.S. GAAP but combines all
authoritative standards into a comprehensive, topically organized online
database.  Effective with the ASC launch on July 1, 2009 only one
level of authoritative GAAP exists, other than guidance issued by the SEC. All
other accounting literature excluded from the ASC will be considered
non-authoritative. The ASC impacted the Partnership’s financial statement
disclosures by eliminating prior FASB references since all references to
authoritative accounting literature are now referenced in accordance with the
ASC.





The
Partnership adopted the provisions of the Subsequent Events Topic of
the FASB ASC effective June 30, 2009, which establishes general standards of and
accounting for and disclosure of events that occur after the balance sheet date
but before financial statements are issued or available to be
issued.





Note
      2.
            GENERAL
      PARTNER





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





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





During
the three and nine months ended September 30, 2009 and 2008, certain Series A
Limited Partners were charged Management Fees at a rate lower than described
above, to offset the effect of the additional 1.5% per annum Selling Agent
Service Fee described in Note 3.  Accordingly, for the three and nine
months ended September 30, 2009 and 2008, Management Fees were reduced by
approximately $28,800, $62,000, $88,400 and $155,800, respectively.





The
General Partner has paid all organizational and offering costs and will not be
reimbursed therefore.





Note
      3.
            SELLING AGENT
      ADMINISTRATIVE AND SERVICE
FEES





Certain
Series A Limited Partners that were solicited by  Selling Agents are
charged an Administrative and Service Fee (the Service Fee equal to 1/12 of 2.5%
(2.5% annually)) of each Series A Limited Partner’s month-end Net Assets, as
defined, sold by them which remain outstanding as of each
month-end.  The Selling Agents may pass on a portion of the Service
Fee to its investment executives.  In the event the Service Fee is no
longer payable to a Selling Agent, the relevant Limited Partner who was
solicited by such Selling Agent will no longer be charged the Service
Fee.  For the three and nine months ended September 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 its 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.





11


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)


Note
      4.
            SUBSCRIPTIONS,
      DISTRIBUTIONS AND
REDEMPTIONS





Investments
in the Partnership are made by subscription agreement, subject to acceptance by
the General Partner.  A selling commission of up to 2% of the
subscription amount may be deducted from the subscription proceeds and paid to
the applicable Selling Agent, if any.  For the three and nine months
ended September 30, 2009 and 2008, $0, $4,900, $200 and $30,737, respectively,
in selling commissions were charged to Limited Partners.  Limited
Partner subscriptions, as presented in the statement of changes in partners’
capital (net asset value), are net of such selling commissions, if
any.





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





Note
      5.
            DEPOSITS WITH
      BROKER





The
Partnership deposits funds with Newedge USA, LLC, subject to Commodity Futures
Trading Commission regulations and various exchange and broker
requirements.  Margin requirements are satisfied by the deposit of
U.S. 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





The
Partnership engages in speculative trading of U.S. futures contracts and options
on U.S. futures contracts. The Partnership is exposed to both market risk, the
risk arising from changes in the fair value of the contracts, and credit risk,
the risk of failure by another party to perform according to the terms of 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.





12


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)


Note
      6.
            TRADING ACTIVITIES AND
      RELATED RISKS (CONTINUED)





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





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





Note
      7.
            INDEMNIFICATIONS





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





Note
      8.
            SUBSEQUENT
      EVENTS





Management
of the Partnership evaluated subsequent events through November 12, 2009, the
date these financial statements were issued.  There are no subsequent
events to disclose.





Note
      9.
            FINANCIAL
      HIGHLIGHTS





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




Three
      months ended
                  September 30,
                
                
                Nine months
      ended
                  September 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
                
                
                8.40
                %
                
                
                44.02
                %
                
                
                34.88
                %
                
                
                0.87
                %Profit
      Share allocation
                
                
                (0.07
                )%
                
                
                (6.02
                )%
                
                
                (0.23
                )%
                
                
                (0.29
                )%Total
      return after Profit Share allocation
                
                
                8.33
                %
                
                
                (38.00
                )%
                
                
                34.65
                %
                
                
                (1.16)
                %Supplemental
      Data for Series A Limited PartnersRatio of expenses to average
      net asset value:(2)Expenses,
      excluding Profit Share allocation (3)
                
                
                4.94
                %
                
                
                3.81
                %
                
                
                4.98
                %
                
                
                4.61
                %Profit
      Share allocation (1)
                
                
                0.06
                %
                
                
                (8.73)
                %
                
                
                0.20
                %
                
                
                0.82
                %Total
      expenses
                
                
                5.00
                %
                
                
                (4.92)
                %
                
                
                5.18
                %
                
                
                5.43
                %Net
      investment (loss) (3),
      (4)
                
                
                (4.73
                )%
                
                
                (2.03
                )%
                
                
                (4.76
                )%
                
                
                (2.10
                )%


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





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







(1)
            Not
      annualized.


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


(3)
            Annualized.


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





13


AIS
FUTURES FUND IV L.P.
 NOTES
TO FINANCIAL STATEMENTS(CONTINUED)





Item
2: Management’s
Discussion and Analysis of Financial Condition and Results of
Operations





Reference
is made to “Item 1: Financial Statements.” The information contained therein is
essential to, and should be read in conjunction with, the following
analysis.





Operational
Overview





Due to
the nature of the Partnership’s business, its results of operations depend on
the occurrence of major price moves in at least some of the markets traded and
the General Partner’s ability to recognize and capitalize on such trends and
other profit opportunities.  The General Partner’s trading methods are
confidential, so that the only information that can be furnished regarding the
Partnership’s results of operations is its performance record.  The
Partnership engages in speculative trading of futures contracts and the
Partnership may enter into long, short or neutral positions in the markets in
which it trades.  Because the Partnership’s trading strategies depend
heavily on global price trends (both positive and negative), and these price
trends may be affected by global economic conditions and may at times be
seasonal, the Partnership will be affected by such conditions and
trends.  The past performance of the Partnership is not necessarily
indicative of future results.  The General Partner believes, however,
that there are certain market conditions -- for example, markets with strong
price trends -- in which the Partnership has a better opportunity of being
profitable than in others.





Liquidity
and Capital Resources





The
Partnership raises additional capital only through the sale of limited
partnership interests and capital is increased through trading profits (if any)
and interest income.  The Partnership does not engage in
borrowing.  The Partnership may offer limited partnership interests
for sale as of the close of business at the end of each month.





The
Partnership trades futures contacts, long and short in each of the following six
asset classes: equities, fixed income, currencies, metals, agriculture and
energy.  Due to the nature of the Partnership’s business,
substantially all its assets are represented by cash and U.S. government
obligations, while the Partnership maintains its market exposure through open
futures contract positions.





The
Partnership’s assets are generally held as cash, cash equivalents or U.S.
Government obligations, which are used to margin the Partnership’s futures
positions and are withdrawn, as necessary, to pay redemptions and
expenses.  Other than potential market-imposed limitations on
liquidity, due, for example, to daily price fluctuation limits, which are
inherent in the Partnership’s futures trading, the Partnership’s assets are
highly liquid and are expected to remain so.





There
have been no material changes with respect to the Partnership’s critical
accounting policies, off-balance sheet arrangements or contractual obligations,
as reported in the Partnership’s most recent Annual Report on Form 10-K and any
amendments thereto.





During
its operations for the three and nine months ended September 30, 2009, the
Partnership experienced no significant periods of illiquidity in any of the
numerous markets traded by the General Partner.





Results
of Operations





Performance
Summary




Three Months Ended September
30, 2009





During
the third quarter of 2009, the Partnership achieved a net realized and
unrealized gain of $5,930,387 from its trading operations, which is net of
brokerage commissions of $25,945.  The Partnership accrued total
expenses of $779,918, including $419,455 in Selling Agent Administrative and
Service Fees, $296,423 in Management Fees (paid to the General Partner) and
$64,040 in operating expenses.  The Partnership earned $34,133 in
interest income and allocated a Profit Share of $40,113 to the General
Partner.  An analysis of trading gains and losses (not adjusted for
any fees or expenses) by market sector is as follows:




14


PART I – FINANCIAL
INFORMATION (continued)





Sector
            % Gain (Loss)S&P
      500
            1.61
      %Bonds
            0.00
      %Currency
            5.21
      %Energy
            (2.31)
      %Metals
            9.43
      %Grains
            (3.88)
      %Total
      Portfolio
            9.68
      %





The
Partnership experienced gains in the third quarter of 2009.  The
largest gain came from long positions in metals, followed by gains in long
positions in foreign currencies (Australian and Canadian dollars and euro) and
to a lesser extent a long position in the S&P 500.  Losses
occurred in the long positions in the grains and energy markets.  The
Partnership had no position in U.S. Treasury bond futures contracts until the
last day of the third quarter at which time it took a small short
position.





Three Months Ended September
30, 2008





During
the three months ended September 30, 2008, the Partnership earned net
income/(loss) for pro rata allocation to all partners of
$(62,061,300).  The Partnership experienced trading gains/(losses) of
$(73,535,911) and earned interest income of $623,451 during this
period.  Interest income is derived from cash and U.S. Treasury
instruments held at the Partnership’s commodity broker.  Interest
income for this period decreased $106,919 over the same period in
2007.  A breakdown of trading gains and losses for this period appears
below.





Sector
            % Gain (Loss)S&P
      500
            3.13
      %Bonds
            (1.40)
      %Yen
            (0.35)
      %Energy
            (19.60)
      %Metals
            (9.77)
      %Grains
            (21.23)
      %Total
      Portfolio
            (43.68)
      %





The
Partnership experienced a decline in value during the third quarter of 2008
primarily due to the Partnership’s long positions in grains, energy and
metals.  In addition small losses were incurred in the short position
in U.S. Treasury bonds and the Japanese Yen.  Only the Partnership’s
short position in the S&P 500 created a small gain.





Nine Months Ended September
30, 2009





During
the nine months ended September 30, 2009, the Partnership achieved a net
realized and unrealized gain of $18,825,550 from its trading operations, which
is net of brokerage commissions of $87,192.  The Partnership accrued
total expenses of $2,003,487, including $1,093,207 in Selling Agent
Administrative and Service Fees, $746,740 in Management Fees (paid to the
General Partner) and $163,540 in operating expenses.  The Partnership
earned $88,671 in interest income and allocated a Profit Share of $108,801 to
the General Partner.  An analysis of trading gains and losses (not
adjusted for any fees or expenses) by market sector is as follows:




15


PART I – FINANCIAL
INFORMATION (continued)


Sector
            % Gain (Loss)S&P
      500
            2.17
      %Bonds
            0.00
      %Currency
            10.48
      %Energy
            5.37
      %Metals
            22.08
      %Grains
            1.01
      %Total
      Portfolio
            39.70
      %





The
Partnership was up strongly for the first nine months of 2009 primarily due to
gains in the second and third quarters of 2009.  The largest gains
came from long positions in the metals and from currencies (Australian and
Canadian dollars and the euro). In addition, profits were also generated by the
long positions in energy, the S&P 500 and grains.  The Partnership
had no position in U.S. Treasury bond futures contracts until the last day of
the third quarter, at which time a small short position was
established.





Nine Months Ended September
30, 2008





During
the nine months ended September 30, 2008, the Partnership earned net
income/(loss) for pro rata allocation to all partners of
$(9,243,274).  Total partners’ capital (net asset value) for this
period increased by $25,039,300 due to the impact of this net income/(loss), as
well as subscriptions (net of redemptions) of $33,512,877.  The
Partnership experienced trading gains/(losses) of $(6,449,565) and earned
interest income of $2,215,261 during this period.  Interest income is
derived from cash and U.S. Treasury instruments held at the Partnership's
commodity broker.  Interest income for this period increased $65,917
over the same period in 2007.  A breakdown of trading gains and losses
for this period appears below.





Sector
            % Gain (Loss)S&P
      500
            7.14
      %Bonds
            (2.18)
      %Yen
            2.05
      %Energy
            7.72
      %Metals
            (1.75)
      %Grains
            (5.70)
      %Total
      Portfolio
            0.68
      %





For the
first nine months of 2008, the Partnership’s returns from trading were
essentially flat as a result of the giveback of the first half’s gains during
the third quarter.  Gains for the nine months were achieved from the
long position in energy markets, the short position in the S&P 500 and from
the long position in the Japanese Yen.  Offsetting those gains were
losses in the long positions in the grains, the short position in the U.S.
Treasury bonds, and long position in the metals.





Item
3: Quantitative and
Qualitative Disclosures About Market Risk





Not
required.





Item
4T: Controls and
Procedures





The
General Partner, with the participation of the General Partner’s principal
executive officer and principal financial officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to the Partnership as of the end of the fiscal quarter
covered by this Quarterly Report, and, based on their evaluation, has concluded
that these disclosure controls and procedures are effective.  There
were no significant changes in the General Partner’s internal controls with
respect to the Partnership or in other factors applicable to the Partnership
that could significantly affect these controls subsequent to the date of the
evaluation.




16


PART I – FINANCIAL
INFORMATION (continued)









There
were no changes in the General Partner’s internal controls over financial
reporting with respect to the Partnership that occurred during the fiscal
quarter covered by this Quarterly Report that has materially affected, or is
reasonably likely to materially affect, the General Partner’s internal controls
over financial reporting with respect to the Partnership.






















































































17


PART II – OTHER
INFORMATION





Item
1:  Legal
Proceedings





None.





Item
1A:  Risk
Factors





Not
required.





Item
2:  Unregistered Sales of Equity
Securities and Use of Proceeds





(a)           The
requested information has been previously reported on Form 8-K.





(b)           Not
applicable.





(c)           Pursuant
to the Partnership’s Limited Partnership Agreement, Limited Partners may
withdraw all or part of their capital contributions and undistributed profits,
if any, at the end of each calendar month.  The withdrawal by a
Limited Partner has no impact on the value of the capital accounts of the
remaining Limited Partners.  The following table summarizes the
withdrawals by Limited Partners during the third calendar quarter of
2009:




Month
            Withdrawal AmountsJuly
      31, 2009
            $
      722,517August
      31, 2009
            $
      666,301September
      30, 2009
            $
      758,866





Item
3:  Defaults
Upon Senior Securities





(a)           None.





(b)           None.





Item
4:  Submission of Matters to a
Vote of Security Holders





None.





Item
5:  Other
Information





(a)           None.





(b)           Not
applicable.




18


PART II – OTHER
INFORMATION (continued)




Item
6: Exhibits





The
following exhibits are incorporated herein by reference.





Exhibit Number
            Description of Document3.1*
            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.





The
following exhibits are included herewith.





Exhibit Number
            Description of Document31.01
            Rule
      13a-14(a)/15d-14(a) Certification32.01
            Section
      1350 Certification














* 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.


** This
exhibit is incorporated by reference to the exhibit of the same number and
description filed with the Partnership’s Current Report (File No. 000-52599)
filed on March 5, 2008 on Form 8-K under the Securities Exchange Act of
1934.


***
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. As of January 2, 2008, Calyon Financial Inc. was renamed Newedge
Financial Inc. The existing Customer Agreement remains in effect, but under the
new name.
   19


SIGNATURES







Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.





Dated:
November 12, 2009





AIS
FUTURES FUND IV L.P.








By:
            AIS FUTURES
      MANAGEMENT LLC







By: /s/ John
Hummel


Name:  John
Hummel


Title:  President
(principal executive and principal


financial
officer)