----

----

| 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 |
|--------|--------|---------------------------------------|

----

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

----

| AIS FUTURES FUND IV L.P.                                       |   |
|----------------------------------------------------------------|--------|
| STATEMENTS OF FINANCIAL CONDITION                              |   |
| September 30, 2010 (Unaudited) and December 31, 2009 (Audited) |   |
| _______________                                                |   |
|                                                           |   |   |   |   |   |   |
|                                                           |   | September 30, |   |   | December 31, |   |
|                                                           |   | 2010 |   |   | 2009 |   |
| ASSETS                                                         |   |   |   |   |   |   |
| Equity in broker trading account                               |   |   |   |   |   |   |
| Cash (deficit)                                                 |   | $ | (6,163,158 | ) |   | $ | 5,944,256 |   |
| United States government securities, at fair value             |   |   | 66,671,071 |   |   |   | 74,460,891 |   |
| Unrealized gain on open futures contracts, net                 |   |   | 15,516,423 |   |   |   | 170,497 |   |
| Interest receivable                                            |   |   | 996 |   |   |   | 739 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Deposits with broker                                           |   |   | 76,025,332 |   |   |   | 80,576,383 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Cash                                                           |   |   | 130,030 |   |   |   | 390,030 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Total assets                                                   |   | $ | 76,155,362 |   |   | $ | 80,966,413 |   |
|                                                           |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |
| LIABILITIES                                                    |   |   |   |   |   |   |   |   |
| Accounts payable                                               |   | $ | 100,661 |   |   | $ | 62,710 |   |
| Commissions and other trading fees                             |   |   |   |   |   |   |   |   |
| on open contracts payable                                      |   |   | 18,306 |   |   |   | 22,020 |   |
| Management fee payable                                         |   |   | 124,275 |   |   |   | 127,373 |   |
| Accrued General Partner Profit Share allocation                |   |   | 122,342 |   |   |   | 0 |   |
| Selling agent administrative and service fee payable           |   |   | 168,750 |   |   |   | 184,320 |   |
| Subscriptions received in advance                              |   |   | 130,000 |   |   |   | 390,000 |   |
| Redemptions payable                                            |   |   | 1,169,814 |   |   |   | 2,374,478 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Total liabilities                                              |   |   | 1,834,148 |   |   |   | 3,160,901 |   |
|                                                           |   |   |   |   |   |   |   |   |
| PARTNERS’ CAPITAL (Net Asset Value)                      |   |   |   |   |   |   |   |   |
| General Partner - Series B                                     |   |   | 274,749 |   |   |   | 261,382 |   |
| Limited Partners - Series A                                    |   |   | 74,046,465 |   |   |   | 77,544,130 |   |
|                                                           |   |   |   |   |   |   |   |   |
| Total partners’ capital (Net Asset Value)                |   |   | 74,321,214 |   |   |   | 77,805,512 |   |
|                                                           |   |   |   |   |   |   |   |   |
|                                                           |   | $ | 76,155,362 |   |   | $ | 80,966,413 |   |

----

| AIS FUTURES FUND IV L.P.                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CONDENSED SCHEDULE OF INVESTMENTS                                                                                                                                                                    |
| September 30, 2010 (Unaudited)                                                                                                                                                                       |
| _______________                                                                                                                                                                                      |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES *                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                                 | Face Value |   | Maturity Date |   | Description |   | Fair Value |   | % of NetAsset Value |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                 |  $     7,500,000 |   | 10/07/10 |   | U.S. Treasury Bills |   |  $         7,499,673 |   | 10.09% |
|                                                                                                                                                                                                 |         6,000,000 |   | 10/21/10 |   | U.S. Treasury Bills |   |             5,999,249 |   | 8.07% |
|                                                                                                                                                                                                 |         6,500,000 |   | 12/02/10 |   | U.S. Treasury Bills |   |             6,497,645 |   | 8.74% |
|                                                                                                                                                                                                 |       12,000,000 |   | 12/09/10 |   | U.S. Treasury Bills |   |           11,996,382 |   | 16.14% |
|                                                                                                                                                                                                 |         2,500,000 |   | 12/16/10 |   | U.S. Treasury Bills |   |             2,499,224 |   | 3.36% |
|                                                                                                                                                                                                 |         4,000,000 |   | 12/23/10 |   | U.S. Treasury Bills |   |             3,998,427 |   | 5.38% |
|                                                                                                                                                                                                 |         7,000,000 |   | 12/30/10 |   | U.S. Treasury Bills |   |             6,996,637 |   | 9.42% |
|                                                                                                                                                                                                 |         2,200,000 |   | 01/13/11 |   | U.S. Treasury Bills |   |             2,198,845 |   | 2.96% |
|                                                                                                                                                                                                 |         2,000,000 |   | 01/27/11 |   | U.S. Treasury Bills |   |             1,998,889 |   | 2.69% |
|                                                                                                                                                                                                 |         3,000,000 |   | 03/03/11 |   | U.S. Treasury Bills |   |             2,997,786 |   | 4.04% |
|                                                                                                                                                                                                 |         2,500,000 |   | 03/10/11 |   | U.S. Treasury Bills |   |             2,498,099 |   | 3.36% |
|                                                                                                                                                                                                 |         6,000,000 |   | 03/17/11 |   | U.S. Treasury Bills |   |             5,995,100 |   | 8.07% |
|                                                                                                                                                                                                 |         5,500,000 |   | 03/24/11 |   | U.S. Treasury Bills |   |             5,495,115 |   | 7.39% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                 |   |   |   |   | Total United States government securities |   |   |   |   |
|                                                                                                                                                                                                 |   |   |   |   | (cost - $66,638,481) |   |  $    66,671,071 |   | 89.71% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| LONG FUTURES CONTRACTS **                                                                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                                                                 |   |   | Description |   |   |   | Fair Value |   | % of NetAsset Value |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                 |   |   | Agricultural |   |   |   |  $         5,576,673 |   | 7.50% |
|                                                                                                                                                                                                 |   |   | Currencies |   |   |   |             1,804,365 |   | 2.43% |
|                                                                                                                                                                                                 |   |   | Energy |   |   |   |             2,653,936 |   | 3.57% |
|                                                                                                                                                                                                 |   |   | Metals |   |   |   |             5,481,449 |   | 7.38% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                 |   |   | Total futures contracts |   |  $    15,516,423 |   | 20.88% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| *  Pledged as collateral for the trading of futures and options on futures contracts.                                                                                                      |   |   |   |   |
| **  No individual futures contract position constituted greater than 5 percent of Net Asset Value.  Accordingly, the number of contracts and expiration dates are not presented. |
|                                                                                                                                                                                                 |   |   |   |   |   |   |

----

| AIS FUTURES FUND IV L.P.                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CONDENSED SCHEDULE OF INVESTMENTS                                                                                                                                                                    |
| December 31, 2009 (Audited)                                                                                                                                                                          |
| _______________                                                                                                                                                                                      |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| UNITED STATES GOVERNMENT SECURITIES *                                                                                                                                                                |   |   |   |   |
|                                                                                                                                                                                                 | 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% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| LONG FUTURES CONTRACTS **                                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                 |   |   | 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)% |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES CONTRACTS **                                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                                                                 |   |   | 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. |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |

----

| AIS FUTURES FUND IV L.P.                                                           |   |
|------------------------------------------------------------------------------------|--------|
| STATEMENTS OF OPERATIONS                                                           |   |
| For the Three Months and Nine Months Ended September 30, 2010 and 2009 (Unaudited) |   |
| _______________                                                                    |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                                               |   | September 30, |   |   | September 30, |   |
|                                                                               |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
| TRADING GAINS (LOSSES)                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized                                                                           |   | $ | (972,216 | ) |   | $ | 3,013,925 |   |   | $ | (12,213,165 | ) |   | $ | 26,247,619 |   |
| Change in unrealized                                                               |   |   | 16,948,567 |   |   |   | 2,942,407 |   |   |   | 15,345,926 |   |   |   | (7,334,877 | ) |
| Brokerage commissions                                                              |   |   | (26,130 | ) |   |   | (25,945 | ) |   |   | (72,401 | ) |   |   | (87,192 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total trading gains                                                                |   |   | 15,950,221 |   |   |   | 5,930,387 |   |   |   | 3,060,360 |   |   |   | 18,825,550 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INVESTMENT INCOME (LOSS)                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                    |   |   | 32,262 |   |   |   | 34,133 |   |   |   | 89,760 |   |   |   | 88,671 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling agent administrative                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and service fee                                                                    |   |   | 418,739 |   |   |   | 419,455 |   |   |   | 1,238,408 |   |   |   | 1,093,207 |   |
| Management fee                                                                     |   |   | 337,509 |   |   |   | 296,423 |   |   |   | 986,600 |   |   |   | 746,740 |   |
| Operating expenses                                                                 |   |   | 61,520 |   |   |   | 64,040 |   |   |   | 185,020 |   |   |   | 163,540 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                                                     |   |   | 817,768 |   |   |   | 779,918 |   |   |   | 2,410,028 |   |   |   | 2,003,487 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)                                                              |   |   | (785,506 | ) |   |   | (745,785 | ) |   |   | (2,320,268 | ) |   |   | (1,914,816 | ) |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCOME                                                                         |   |   | 15,164,715 |   |   |   | 5,184,602 |   |   |   | 740,092 |   |   |   | 16,910,734 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: General Partner                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit Share allocation                                                            |   |   | 122,639 |   |   |   | 40,113 |   |   |   | 124,120 |   |   |   | 108,801 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income for pro rata                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| allocation to all partners                                                         |   | $ | 15,042,076 |   |   | $ | 5,144,489 |   |   | $ | 615,972 |   |   | $ | 16,801,933 |   |

----

----

|                                    |   | 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 for the nine months          |   |                                      |    |   |   |   |   |   |   |   |   |   |
| ended September 30, 2010:               |   |                                      |    |   |   |   |   |   |   |   |   |   |
| General Partner Profit Share allocation |   |                                      | 1,778   |   |   |   | 0 |   |   |   | 1,778 |   |
| Pro rata allocation to all partners     |   |                                      | 13,367  |   |   |   | 602,605 |   |   |   | 615,972 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Subscriptions                           |   |                                      | 0       |   |   |   | 3,037,642 |   |   |   | 3,037,642 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Redemptions                             |   |                                      | (1,778  | ) |   |   | (7,137,912 | ) |   |   | (7,139,690 | ) |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Balances at September 30, 2010          |   | $                                         | 274,749 |   |   | $ | 74,046,465 |   |   | $ | 74,321,214 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Balances at December 31, 2008           |   | $                                         | 152,807 |   |   | $ | 47,160,075 |   |   | $ | 47,312,882 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Net income for the nine months          |   |                                      |    |   |   |   |   |   |   |   |   |   |
| ended September 30, 2009:               |   |                                      |    |   |   |   |   |   |   |   |   |   |
| General Partner Profit Share allocation |   |                                      | 24,653  |   |   |   | 0 |   |   |   | 24,653 |   |
| Pro rata allocation to all partners     |   |                                      | 60,236  |   |   |   | 16,741,697 |   |   |   | 16,801,933 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Subscriptions                           |   |                                      | 0       |   |   |   | 7,568,956 |   |   |   | 7,568,956 |   |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Redemptions                             |   |                                      | (24,653 | ) |   |   | (4,707,295 | ) |   |   | (4,731,948 | ) |
|                                    |   |                                      |    |   |   |   |   |   |   |   |   |   |
| Balances at September 30, 2009          |   | $                                         | 213,043 |   |   | $ | 66,763,433 |   |   | $ | 66,976,476 |   |

----

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

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

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

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

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

----

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

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

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

----

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

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

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

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

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

----

| 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 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, 2010 and 2009, 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 Administrative and Service Fee described in Note 3.  Accordingly, for the three months ended September 30, 2010 and 2009, Management Fees were reduced by approximately $6,000 and $28,800, respectively.  For the nine months ended September 30, 2010 and 2009, Management Fees were reduced by approximately $26,600 and $88,400, 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 a Selling Agent 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, 2010 and 2009, 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 Series A Limited Partnership 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 Series A Limited Partnership Interests in excess of $500,000, for the first twelve months following the sale of such Series A Limited Partnership Interests.  The additional Service Fee is paid by the Partnership, however, the General Partner reduces its Management Fee (see Note 2.) related to the Series A Limited Partner’s Interest.  Accordingly, this additional Service Fee does not affect the total fees charged to the Series A Limited Partner. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | 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 redemption 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.  | FAIR VALUE |
|---------------|------------|

|   | Fair value, as defined in the Fair Value Measurements and Disclosures Topic of the Codification, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The fair value hierarchy, as set forth in the Fair Value Measurements and Disclosures Topic of the Codification, prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:  quoted market prices in active markets for identical assets or liabilities (Level 1); inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2); and unobservable inputs for an asset or liability (Level 3).  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.  If the inputs used to measure a financial instrument fall within different levels of the fair value hierarchy, the categorization is based on the lowest level input that is significant to the measurement of that financial instrument.  The Partnership recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Financial assets and liabilities recorded in the statements of financial condition at September 30, 2010 and December 31, 2009 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 had no level 3 assets or liabilities at September 30, 2010 or December 31, 2009.  For U.S. government securities, which are categorized as Level 2 fair value measurements at September 30, 2010, fair value is determined as cost plus accrued interest, which represents an income approach to fair value measurement. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The following tables summarize the Partnership’s assets and liabilities accounted for at fair value at September 30, 2010 and December 31, 2009 using the fair value hierarchy: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                 |   | September 30, 2010 |       |
|----------------------|--------|--------------------|------------|
| Description          |   | Level 1            |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                 |   |               |       |   |   |   |   |   |   |   |   |   |
| Assets               |   |               |       |   |   |   |   |   |   |   |   |   |
| U.S. Treasury bills  |   | $                  | 0          |   |   | $ | 66,671,071 |   |   | $ | 0 |   |   | $ | 66,671,071 |   |
| Futures contracts(1) |   |               | 15,901,920 |   |   |   | 0 |   |   |   | 0 |   |   |   | 15,901,920 |   |
|                 |   |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total assets         |   | $                  | 15,901,920 |   |   | $ | 66,671,071 |   |   | $ | 0 |   |   | $ | 82,572,991 |   |
|                 |   |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities          |   |               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Futures contracts(1) |   | $                  | (385,497   | ) |   | $ | 0 |   |   | $ | 0 |   |   | $ | (385,497 | ) |

|                |   | 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 5. | FAIR VALUE (CONTINUED) |
|---------|------------------------|

|   | The fair value of futures contracts is based on exchange settlement prices and the fair value of U.S. Treasury bills is based on cost plus accrued interest, which approximates fair value. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 September 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 the futures contracts qualify for net presentation in the statements of financial condition. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                  |   | September 30, 2010 |       |
|---------------------------------------|--------|--------------------|------------|
| Futures contracts                     |   | Assets             |       |   | Liabilities |   |   | Total |   |
|                                  |   |               |       |   |   |   |   |   |   |
| Agricultural                          |   | $                  | 5,960,890  |   |   | $ | (384,217 | ) |   | $ | 5,576,673 |   |
| Currencies                            |   |               | 1,805,645  |   |   |   | (1,280 | ) |   |   | 1,804,365 |   |
| Energy                                |   |               | 2,653,936  |   |   |   | 0 |   |   |   | 2,653,936 |   |
| Metals                                |   |               | 5,481,449  |   |   |   | 0 |   |   |   | 5,481,449 |   |
|                                  |   |               |       |   |   |   |   |   |   |   |   |   |
| Total gross fair value of derivatives |   | $                  | 15,901,920 |   |   | $ | (385,497 | ) |   | $ | 15,516,423 |   |
|                                  |   |               |       |
|                                  |   | December 31, 2009  |       |
| Futures contracts                     |   | Assets             |       |   | Liabilities |   |   | Total |   |
|                                  |   |               |       |   |   |   |   |   |   |
| 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 |   |

|   | Within the statements of financial condition, the fair value of futures contracts is reflected as unrealized gain on open futures contracts, net. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three and nine months ended September 30, 2010 and 2009.  The below captions of “Realized” and “Change in unrealized” correspond to the captions in the statements of operations. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | Three Months Ended September 30, 2010 |       |   | Three Months Ended September 30, 2009 |   |
|--------------------------------------------|--------|---------------------------------------|------------|--------|---------------------------------------|--------|
|                                       |   | Gain (loss) from trading              |       |   |                                  |   |   | Gain (loss) from trading |   |   |   |   |
| Futures Contracts                          |   | Realized                              |       |   | Change inUnrealized                   |   |   | Number ofContracts Closed |   |   | Realized |   |   | Change inUnrealized |   |   | Number ofContracts Closed |   |
|                                       |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Agricultural                               |   | $                                     | 772,815    |   |                                  | $      | 6,023,930 |   |   |   | 151 |   |   | $ | (665,453 | ) |   | $ | (1,856,576 | ) |   |   | 722 |   |
| Currencies                                 |   |                                  | 1,841,088  |   |                                  |   | 1,719,176 |   |   |   | 468 |   |   |   | 2,036,440 |   |   |   | 1,156,358 |   |   |   | 442 |   |
| Energy                                     |   |                                  | (3,830,767 | )      |                                  |   | 3,215,000 |   |   |   | 1,636 |   |   |   | (1,339,015 | ) |   |   | (157,701 | ) |   |   | 2,035 |   |
| Interest rates                             |   |                                  | 0          |   |                                  |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 1,156 |   |   |   | 0 |   |
| Metals                                     |   |                                  | (226,930   | )      |                                  |   | 5,254,511 |   |   |   | 361 |   |   |   | 2,018,112 |   |   |   | 3,754,320 |   |   |   | 525 |   |
| Stock index                                |   |                                  | 0          |   |                                  |   | 0 |   |   |   | 0 |   |   |   | 963,841 |   |   |   | 44,850 |   |   |   | 56 |   |
|                                       |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total futures contracts                    |   |                                  | (1,443,794 | )      |                                  |   | 16,212,617 |   |   |   |   |   |   |   | 3,013,925 |   |   |   | 2,942,407 |   |   |   |   |   |
|                                       |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Options on Futures Contracts               |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock index                                |   |                                  | 471,578    |   |                                  |   | 735,950 |   |   |   | 164 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
|                                       |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total gain (loss) from derivatives trading |   |                                  |       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| per statement of operations                |   | $                                     | (972,216   | )      |                                  | $      | 16,948,567 |   |   |   |   |   |   | $ | 3,013,925 |   |   | $ | 2,942,407 |   |   |   |   |   |

|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |
|--------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|------------|---------------------------|--------|--------|----------|--------|--------|---------------------|------------|--------|---------------------------|--------|
|                                       |   | Nine Months Ended September 30, 2010 |        |   | Nine Months Ended September 30, 2009 |   |
|                                       |   | Gain (loss) from trading             |        |   |                                 |   |       | Gain (loss) from trading  |   |   |     |   |
| Futures Contracts                          |   | Realized                             |        |   | Change inUnrealized                  |   |       | Number ofContracts Closed |   |   | Realized |   |   | Change inUnrealized |       |   | Number ofContracts Closed |   |
|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| Agricultural                               |   | $                                    | (5,926,470  | )      |                                 | $      | 5,798,577  |                      |   |   | 3,660    |   |   | $                   | 7,354,418  |   |                      | $      | (8,374,221 | ) |   |   | 4,006 |   |
| Currencies                                 |   |                                 | (759,144    | )      |                                 |   | 2,222,113  |                      |   |   | 1,405    |   |   |                | 6,006,581  |   |                      |   | (780,990 | ) |   |   | 1,206 |   |
| Energy                                     |   |                                 | (5,540,615  | )      |                                 |   | 203,139    |                      |   |   | 4,332    |   |   |                | 2,937,255  |   |                      |   | 18,875 |   |   |   | 5,419 |   |
| Interest rates                             |   |                                 | (2,528,173  | )      |                                 |   | (1,287,419 | )                         |   |   | 796      |   |   |                | 0          |   |                      |   | 1,156 |   |   |   | 0 |   |
| Metals                                     |   |                                 | (2,334,136  | )      |                                 |   | 8,707,266  |                      |   |   | 1,544    |   |   |                | 8,815,543  |   |                      |   | 1,635,753 |   |   |   | 1,935 |   |
| Stock index                                |   |                                 | 3,697,682   |   |                                 |   | (297,750   | )                         |   |   | 1,104    |   |   |                | 1,133,822  |   |                      |   | 164,550 |   |   |   | 213 |   |
|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| Total futures contracts                    |   |                                 | (13,390,856 | )      |                                 |   | 15,345,926 |                      |   |   |     |   |   |                | 26,247,619 |   |                      |   | (7,334,877 | ) |   |   |   |   |
|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| Options on Futures Contracts               |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| Stock index                                |   |                                 | 1,177,691   |   |                                 |   | 0          |                      |   |   | 364      |   |   |                | 0          |   |                      |   | 0 |   |   |   | 0 |   |
|                                       |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| Total gain (loss) from derivatives trading |   |                                 |        |   |                                 |   |       |                      |   |   |     |   |   |                |       |   |                      |   |   |   |   |   |   |   |
| per statement of operations                |   | $                                    | (12,213,165 | )      |                                 | $      | 15,345,926 |                      |   |   |     |   |   | $                   | 26,247,619 |   |                      | $      | (7,334,877 | ) |   |   |   |   |

| Note 7.  | 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. Treasury bills and cash with such broker.  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 8. | MARKET AND CREDIT RISKS |
|---------|-------------------------|

|   | The Partnership engages in the speculative trading of futures contracts and options on future 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 contracts and options on futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract fair 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.  As the Partnership deposits substantially all of its assets with the broker, Newedge USA, LLC, the Partnership has a significant concentration of credit risk with the broker. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| Note 9.  | 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 10.  | SUBSEQUENT EVENTS |
|----------------|-------------------|

|   | The General Partner has evaluated subsequent events through the date the financial statements were issued, and has determined there are no subsequent events that require disclosure. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|   | The following information presents the financial highlights for Series A Limited Partners of the Partnership for the three and nine months ended September 30, 2010 and 2009.  This information has been derived from information presented in the financial statements. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                            |   | Three months ended |   | Nine months ended |
|-----------------------------------------------------------------|--------|--------------------|--------|-------------------|
|                                                            |   | September 30,      |   | September 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     |   |               | 24.81  | %                 |   |   | 8.40 | % |   |   | 1.70 | % |   |   | 34.88 | % |
| General Partner Profit Share allocation                         |   |               | (0.20  | )%                |   |   | (0.07 | )% |   |   | (0.16 | )% |   |   | (0.23 | )% |
| Total return after General Partner Profit Share allocation |   |               | 24.61  | %                 |   |   | 8.33 | % |   |   | 1.54 | % |   |   | 34.65 | % |
|                                                            |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Supplemental Data for Series A Limited Partners                 |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratios to average net asset value:(2)                           |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses, excluding General Partner Profit Share allocation (3) |   |               | 5.16   | %                 |   |   | 4.94 | % |   |   | 4.78 | % |   |   | 4.98 | % |
| General Partner Profit Share allocation(1)                      |   |               | 0.19   | %                 |   |   | 0.06 | % |   |   | 0.18 | % |   |   | 0.20 | % |
|                                                            |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                                  |   |               | 5.35   | %                 |   |   | 5.00 | % |   |   | 4.96 | % |   |   | 5.18 | % |
|                                                            |   |               |   |              |   |   |   |   |   |   |   |   |   |   |   |   |
| Net investment (loss)(3), (4)                                   |   |               | (4.95  | )%                |   |   | (4.73 | )% |   |   | (4.60 | )% |   |   | (4.76 | )% |

----

| (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 |   |          | 1.97 | % |
| Bonds       |   |          | 0.00 | % |
| Currency    |   |          | 5.88 | % |
| Energy      |   |          | (0.86 | )% |
| Metals      |   |          | 8.00 | % |
| Grains      |   |          | 11.27 | % |

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |   |
| Stock Index |   |          | 1.61 | % |
| Bonds       |   |          | 0.00 | % |
| Currency    |   |          | 5.21 | % |
| Energy      |   |          | (2.31 | ) % |
| Metals      |   |          | 9.43 | % |
| Grains      |   |          | (3.88 | ) % |

| Sector                                                                                                                                                                                                             |   | % Gain (Loss) |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|
|                                                                                                                                                                                                               |   |          |   |
| Stock Index                                                                                                                                                                                                        |   |          | 7.03 | % |
| Bonds                                                                                                                                                                                                              |   |          | (5.18 | )% |
| Currency                                                                                                                                                                                                           |   |          | 3.04 | % |
| Energy                                                                                                                                                                                                             |   |          | (6.68 | )% |
| Metals                                   |   |          | 10.44 | % |
| Grains                                                                                                                                                                                                             |   |          | 1.45 | % |

----

| Sector      |   | % Gain (Loss) |
|-------------|--------|---------------|
|        |   |          |   |
| Stock Index |   |          | 2.17 | % |
| Bonds       |   |          | 0.00 | % |
| Currency    |   |          | 10.48 | % |
| Energy      |   |          | 5.37 | % |
| Metals      |   |          | 22.08 | % |
| Grains      |   |          | 1.01 | % |

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| Month              | Withdrawal Amounts |
|--------------------|--------------------|
| July 31, 2010      | $ 1,479,358.50     |
| August 31, 2010    | $ 802,710.95       |
| September 30, 2010 | $ 1,168,404.28     |

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

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