----

----

| x | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 For the Fiscal Quarter Ended June 30,  2008 |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

----

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

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

----

|                                                                                                    | Page   |
|---------------------------------------------------------------------------------------------------------|--------|
|                                                                                                    |   |
| PART      I – FINANCIAL INFORMATION                                                               |   |
|                                                                                                    |   |
| Item      1. Financial Statements                                                                       | 1-5    |
|                                                                                                    |   |
| Item      1. Notes to Financial Statements                                                              | 6-10   |
|                                                                                                    |   |
| Item      2. Management's Discussion and Analysis of Financial Condition and Results      of Operations | 11-14  |
|                                                                                                    |   |
| Item      3. Quantitative and Qualitative Disclosures About Market    Risk                              | 14     |
|                                                                                                    |   |
| Item      4. Controls and Procedures                                                                    | 14     |
|                                                                                                    |   |
|                                                                                                    |   |
| PART      II – OTHER INFORMATION                                                                  |   |
|                                                                                                    |   |
| Item      1. Legal Proceedings                                                                          | 15     |
|                                                                                                    |   |
| Item      1A. Risk Factors                                                                              | 15     |
|                                                                                                    |   |
| Item      2. Unregistered Sales of Equity Securities and Use of    Proceeds                             | 15     |
|                                                                                                    |   |
| Item      3. Defaults Upon Senior Securities                                                            | 15     |
|                                                                                                    |   |
| Item      4. Submission of Matters to a Vote of Security Holders                                        | 15     |
|                                                                                                    |   |
| Item      5. Other Information                                                                          | 15     |
|                                                                                                    |   |
| Item      6. Exhibits                                                                                   | 16     |
|                                                                                                    |   |
| Signatures                                                                                              | S-1    |
|                                                                                                    |   |
| Rule      13a–14(a)/15d–14(a) Certifications                                                | S-2    |
|                                                                                                    |   |
| Section      1350 Certifications                                                                        | S-3    |

----

| AIS      FUTURES FUND IV L.P.                                  |
|----------------------------------------------------------------|
| STATEMENTS      OF FINANCIAL CONDITION                         |
| June      30, 2008 (Unaudited) and December 31, 2007 (Audited) |
| _______________                                                |
|                                                           |   |   |   |   |   |
|                                                           | June      30, |   | December      31, |
|                                                           | 2008 |   | 2007 |
| ASSETS                                                         |   |   |   |   |   |
| Equity      in broker trading account                          |   |   |   |   |   |
| Cash      (deficit)                                            | $ | (10,678,861) |   | $ | (2,627,100) |
| United      States government securities                       |   | 159,680,943 |   |   | 78,742,449 |
| Unrealized      gain on open contracts                         |   | 16,672,307 |   |   | 6,768,725 |
| Interest      receivable                                       |   | 32,083 |   |   | 13,234 |
|                                                           |   |   |   |   |   |
| Deposits      with broker                                      |   | 165,706,472 |   |   | 82,897,308 |
|                                                           |   |   |   |   |   |
| Cash                                                           |   | 7,870,804 |   |   | 4,353,255 |
|                                                           |   |   |   |   |   |
| Total      assets                                              | $ | 173,577,276 |   | $ | 87,250,563 |
|                                                           |   |   |   |   |   |
|                                                           |   |   |   |   |   |
| LIABILITIES                                                    |   |   |   |   |   |
| Accounts      payable                                          | $ | 11,405 |   | $ | 38,996 |
| Commissions      and other trading fees                        |   |   |   |   |   |
| on      open contracts                                         |   | 29,970 |   |   | 18,810 |
| Management      Fee payable                                    |   | 238,251 |   |   | 126,174 |
| Accrued      General Partner Profit Share allocation           |   | 12,625,700 |   |   | 0 |
| General      Partner Profit Share allocation payable           |   | 78,269 |   |   | 5,851,372 |
| Selling      Agent administrative and service fee payable      |   | 391,391 |   |   | 207,659 |
| Subscriptions      received in advance                         |   | 7,870,774 |   |   | 1,726,500 |
| Redemptions      payable                                       |   | 871,511 |   |   | 1,349,528 |
|                                                           |   |   |   |   |   |
| Total      liabilities                                         |   | 22,117,271 |   |   | 9,319,039 |
|                                                           |   |   |   |   |   |
| PARTNERS'      CAPITAL (Net Asset Value)                       |   |   |   |   |   |
| General      Partner - Series B                                |   | 568,241 |   |   | 313,793 |
| Limited      Partners - Series A                               |   | 150,891,764 |   |   | 77,617,731 |
|                                                           |   |   |   |   |   |
| Total      partners' capital (Net Asset Value)                 |   | 151,460,005 |   |   | 77,931,524 |
|                                                           |   |   |   |   |   |
|                                                           | $ | 173,577,276 |   | $ | 87,250,563 |

----

| AIS      FUTURES FUND IV L.P.            |               |
|------------------------------------------|--------------------|
| CONDENSED      SCHEDULE OF INVESTMENTS   |               |
| June      30, 2008 (Unaudited)           |               |
| _______________                          |               |
|                                     |               |   |   |   |   |   |   |   |
| UNITED STATES      GOVERNMENT SECURITIES |               |   |   |   |   |   |
| Face      Value                          | Maturity      Date | Description |   | Fair      Value |   |   | %      of NetAsset      Value |
|                                     |               |   |   |   |   |   |   |   |
|  $10,500,000                        | 07/03/08           | U.S.      Treasury Bills |   | $ | 10,497,222 |   |   |   | 6.93 | % |
|      5,000,000  | 07/10/08           | U.S.      Treasury Bills |   |   | 4,995,694 |   |   |   | 3.30 | % |
|      5,000,000  | 07/24/08           | U.S.      Treasury Bills |   |   | 4,992,334 |   |   |   | 3.30 | % |
|      1,500,000  | 07/31/08           | U.S.      Treasury Bills |   |   | 1,497,399 |   |   |   | 0.99 | % |
|    11,000,000             | 08/07/08           | U.S.      Treasury Bills |   |   | 10,976,311 |   |   |   | 7.25 | % |
|      6,500,000  | 08/14/08           | U.S.      Treasury Bills |   |   | 6,483,417 |   |   |   | 4.28 | % |
|      5,000,000  | 08/21/08           | U.S.      Treasury Bills |   |   | 4,984,915 |   |   |   | 3.29 | % |
|    10,000,000             | 08/28/08           | U.S.      Treasury Bills |   |   | 9,969,978 |   |   |   | 6.58 | % |
|      3,000,000  | 09/18/08           | U.S.      Treasury Bills |   |   | 2,990,750 |   |   |   | 1.98 | % |
|    11,500,000             | 10/02/08           | U.S.      Treasury Bills |   |   | 11,455,703 |   |   |   | 7.56 | % |
|      9,000,000  | 10/09/08           | U.S.      Treasury Bills |   |   | 8,964,785 |   |   |   | 5.92 | % |
|      2,000,000  | 10/16/08           | U.S.      Treasury Bills |   |   | 1,991,377 |   |   |   | 1.31 | % |
|      6,500,000  | 10/30/08           | U.S.      Treasury Bills |   |   | 6,463,719 |   |   |   | 4.27 | % |
|    24,000,000             | 11/06/08           | U.S.      Treasury Bills |   |   | 23,854,032 |   |   |   | 15.75 | % |
|      2,500,000  | 11/13/08           | U.S.      Treasury Bills |   |   | 2,482,838 |   |   |   | 1.64 | % |
|    12,500,000             | 11/20/08           | U.S.      Treasury Bills |   |   | 12,406,707 |   |   |   | 8.19 | % |
|    20,000,000             | 12/04/08           | U.S.      Treasury Bills |   |   | 19,828,756 |   |   |   | 13.09 | % |
|      5,000,000  | 12/11/08           | U.S.      Treasury Bills |   |   | 4,948,615 |   |   |   | 3.27 | % |
|      2,500,000  | 12/18/08           | U.S.      Treasury Bills |   |   | 2,473,629 |   |   |   | 1.63 | % |
|      7,500,000  | 12/26/08           | U.S.      Treasury Bills |   |   | 7,422,762 |   |   |   | 4.90 | % |
|                                     |               |   |   |   |   |   |   |   |   |   |
|                                     |               | Total      United States government securities* |   |   |   |   |   |   |   |   |
|                                     |               | (cost      - $158,929,175) |   | $ | 159,680,943 |   |   |   | 105.43 | % |

| LONG FUTURES      CONTRACTS  |                           |   |           |                                                                            |            |    |
|------------------------------|--------------------------------|--------|----------------|---------------------------------------------------------------------------------|-----------------|---------|
|                         |  Number of      Contracts |   | Description    |                                                                            | Fair      Value |    |   | %      of NetAsset      Value |
|                         |                           |   |           |                                                                            |            |    |   |   |   |
|                         |                           |   | Agricultural** |                                                                            | $               | 357,273 |   |   |   | 0.24 | % |
|                         |                           |   | Currencies**   |                                                                            |            | (45,719 | ) |   |   | (0.03 | )% |
|                         |                           |   | Energy         |                                                                            |            |    |   |   |   |   |   |
|                         |                           | 413    |           | Oil      (Lt Crude Oil, expires 12/2009 & Heating Oil,expires      10/2008) |            |    | 8,694,166 |   |   |   | 5.74 | % |
|                         |                           |   |           | Other                                                                           |            |    | 1,058,040 |   |   |   | 0.70 | % |
|                         |                           |   |           | Metals**                                                                        |            |    | 3,549,003 |   |   |   | 2.34 | % |
|                         |                           |   |           |                                                                            |            |    |   |   |   |   |   |   |
|                         |                           |   |           | Total      long futures contracts                                               |            |    | 13,612,763 |   |   |   | 8.99 | % |
|                         |                           |   |           |                                                                            |            |    |   |   |   |   |   |   |
| SHORT FUTURES      CONTRACTS |                           |   |           |                                                                            |            |    |   |   |
|                         | Number of      Contracts       |   | Description    |                                                                            |            |    |   |   |   |   |   |
|                         |                           |   |           |                                                                            |            |    |   |   |   |   |   |   |
|                         |                           | 773    |           | Interest      Rates (30 Year U.S. Treasury Bond, expires 09/2008)               |            |    | (1,738,668 | ) |   |   | (1.15 | )% |
|                         |                           |   |           | Stock      Index**                                                              |            |    | 4,798,212 |   |   |   | 3.17 | % |
|                         |                           |   |           |                                                                            |            |    |   |   |   |   |   |   |
|                         |                           |   |           | Total      short futures contracts                                              |            |    | 3,059,544 |   |   |   | 2.02 | % |
|                         |                           |   |           |                                                                            |            |    |   |   |   |   |   |   |
|                         |                           |   |           | Total      futures contracts                                                    |            |  $ | 16,672,307 |   |   |   | 11.01 | % |

| *    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      and      expiration dates are not presented. |

----

| AIS      FUTURES FUND IV L.P.                      |                     |
|----------------------------------------------------|--------------------------|
| CONDENSED      SCHEDULE OF INVESTMENTS (Continued) |                     |
| December      31, 2007 (Audited)                   |                     |
| _______________                                    |                     |
| UNITED STATES      GOVERNMENT SECURITIES           |                     |   |   |   |   |   |
|                                               | Face      Value          |   | Maturity      Date | Description |   | Fair      Value |   |   | %      of NetAsset      Value |
|                                               |                     |   |   |   |   |   |   |   |   |   |
|                                               | $                        | 6,000,000 |   | 01/03/08 | U.S.      Treasury Bills |   | $ | 5,997,565 |   |   |   | 7.70 | % |
|                                               |                     | 4,000,000 |   | 01/10/08 | U.S.      Treasury Bills |   |   | 3,994,571 |   |   |   | 5.13 | % |
|                                               |                     | 1,500,000 |   | 01/31/08 | U.S.      Treasury Bills |   |   | 1,493,796 |   |   |   | 1.92 | % |
|                                               |                     | 5,000,000 |   | 02/07/08 | U.S.      Treasury Bills |   |   | 4,974,904 |   |   |   | 6.38 | % |
|                                               |                     | 1,500,000 |   | 02/14/08 | U.S.      Treasury Bills |   |   | 1,491,737 |   |   |   | 1.91 | % |
|                                               |                     | 1,000,000 |   | 02/21/08 | U.S.      Treasury Bills |   |   | 994,307 |   |   |   | 1.27 | % |
|                                               |                     | 6,000,000 |   | 03/06/08 | U.S.      Treasury Bills |   |   | 5,954,244 |   |   |   | 7.64 | % |
|                                               |                     | 5,000,000 |   | 03/20/08 | U.S.      Treasury Bills |   |   | 4,956,104 |   |   |   | 6.36 | % |
|                                               |                     | 8,000,000 |   | 04/03/08 | U.S.      Treasury Bills |   |   | 7,916,032 |   |   |   | 10.16 | % |
|                                               |                     | 3,000,000 |   | 04/10/08 | U.S.      Treasury Bills |   |   | 2,965,056 |   |   |   | 3.80 | % |
|                                               |                     | 2,000,000 |   | 04/17/08 | U.S.      Treasury Bills |   |   | 1,976,567 |   |   |   | 2.53 | % |
|                                               |                     | 4,000,000 |   | 04/24/08 | U.S.      Treasury Bills |   |   | 3,950,253 |   |   |   | 5.07 | % |
|                                               |                     | 10,000,000 |   | 05/01/08 | U.S.      Treasury Bills |   |   | 9,871,133 |   |   |   | 12.67 | % |
|                                               |                     | 9,000,000 |   | 05/08/08 | U.S.      Treasury Bills |   |   | 8,884,209 |   |   |   | 11.40 | % |
|                                               |                     | 2,500,000 |   | 05/15/08 | U.S.      Treasury Bills |   |   | 2,467,981 |   |   |   | 3.17 | % |
|                                               |                     | 3,000,000 |   | 05/22/08 | U.S.      Treasury Bills |   |   | 2,961,271 |   |   |   | 3.80 | % |
|                                               |                     | 4,500,000 |   | 05/29/08 | U.S.      Treasury Bills |   |   | 4,440,666 |   |   |   | 5.70 | % |
|                                               |                     | 3,500,000 |   | 06/05/08 | U.S.      Treasury Bills |   |   | 3,452,053 |   |   |   | 4.43 | % |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |                     |   |   |   | Total United States government      securities* |   |   |   |   |   |   |   |   |
|                                               |                     |   |   |   | (cost      - $77,920,140) |   | $ | 78,742,449 |   |   |   | 101.04 | % |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| LONG      FUTURES CONTRACTS**                      |                     |   |   |   |   |   |   |   |   |
|                                               |                     |   |   | Description |   |   | Fair      Value |   |   | %      of NetAsset      Value |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |                     |   |   | Agricultural |   |   | $ | 4,457,287 |   |   |   | 5.72 | % |
|                                               |                     |   |   | Currencies |   |   |   | (758,831 | ) |   |   | (0.97 | )% |
|                                               |                     |   |   | Energy |   |   |   | 1,704,336 |   |   |   | 2.19 | % |
|                                               |                     |   |   | Metals |   |   |   | 802,902 |   |   |   | 1.03 | % |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |                     |   |   | Total      long futures contracts |   |   | 6,205,      694 |   |   |   | 7.97 | % |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| SHORT FUTURES      CONTRACTS                       |                     |   |   |   |   |   |   |   |   |
|                                               | Number of      Contracts |   | Description |   |   |   |   |   |   |   |   |   |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |                     | 419 |   | Interest      Rates (30 Year U.S. Treasury Bond, expires 03/2008) |   |   | 563,031 |   |   |   | 0.72 | % |
|                                               |                     |   |   | Total      futures contracts |   | $ | 6,768,725 |   |   |   | 8.69 | % |
|                                               |                     |   |   |   |   |   |   |   |   |   |   |   |   |

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

----

| AIS      FUTURES FUND IV L.P.                                                          |   |
|----------------------------------------------------------------------------------------|--------|
| STATEMENTS      OF OPERATIONS                                                          |   |
| For      the Three Months and Six Months Ended June 30, 2008 and 2007      (Unaudited) |   |
| _______________                                                                        |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   | Three      Months Ended |   |   | Six      Months Ended |   |
|                                                                                   |   | June      30, |   |   | June      30, |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
| TRADING      GAINS (LOSSES)                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Trading      gains (losses)                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Realized                                                                               |   | $ | 24,565,629 |   |   | $ | 4,392,591 |   |   | $ | 57,265,975 |   |   | $ | 5,093,191 |   |
| Change      in unrealized                                                              |   |   | 20,286,242 |   |   |   | (4,418,563 | ) |   |   | 9,903,582 |   |   |   | (656,004 | ) |
| Brokerage      commissions                                                             |   |   | (41,434 | ) |   |   | (46,918 | ) |   |   | (83,211 | ) |   |   | (90,376 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      trading gains (losses)                                                      |   |   | 44,810,437 |   |   |   | (72,890 | ) |   |   | 67,086,346 |   |   |   | 4,346,811 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INVESTMENT INCOME (LOSS)                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income                                                                   |   |   | 728,428 |   |   |   | 737,527 |   |   |   | 1,591,810 |   |   |   | 1,418,974 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Selling      Agent Administrative                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| and      Service Fee                                                                   |   |   | 865,323 |   |   |   | 401,031 |   |   |   | 1,526,116 |   |   |   | 796,126 |   |
| Management      Fees                                                                   |   |   | 598,934 |   |   |   | 250,428 |   |   |   | 1,080,170 |   |   |   | 492,723 |   |
| Operating      expenses                                                                |   |   | 68,000 |   |   |   | 25,250 |   |   |   | 112,950 |   |   |   | 50,200 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      expenses                                                                    |   |   | 1,532,257 |   |   |   | 676,709 |   |   |   | 2,719,236 |   |   |   | 1,339,049 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      investment income (loss)                                                      |   |   | (803,829 | ) |   |   | 60,818 |   |   |   | (1,127,426 | ) |   |   | 79,925 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET      INCOME (LOSS)                                                                 |   |   | 44,006,608 |   |   |   | (12,072 | ) |   |   | 65,958,920 |   |   |   | 4,426,736 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less:      General Partner                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Profit      Share allocation                                                           |   |   | 8,661,436 |   |   |   | (258 | ) |   |   | 13,140,894 |   |   |   | 496,402 |   |
|                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income (loss) for pro rata                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| allocation      to all partners                                                        |   | $ | 35,345,172 |   |   | $ | (11,814 | ) |   | $ | 52,818,026 |   |   | $ | 3,930,334 |   |

----

| AIS      FUTURES FUND IV L.P.                                     |                   |
|-------------------------------------------------------------------|------------------------|
| STATEMENTS      OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) |                   |
| For      the Six Months Ended June 30, 2008 and 2007 (Unaudited)  |                   |
| _______________                                                   |                   |
|                                                              |                   |   |   |   |   |   |   |   |   |
|                                                              | Partners'      Capital |   |
|                                                              |                   | Series      B |   |   | Series      A |   |   |   |   |
|                                                              |                   | General |   |   | Limited |   |   |   |   |
|                                                              |                   | Partner |   |   | Partners |   |   | Total |   |
|                                                              |                   |   |   |   |   |   |   |   |   |
|                                                              |                   |   |   |   |   |   |   |   |   |
| Balances      at December 31, 2007                                |                   | $ | 313,793 |   |   | $ | 77,617,731 |   |   | $ | 77,931,524 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for the six months                                |                   |   |   |   |   |   |   |   |   |   |   |   |
| ended      June 30, 2008                                          |                   |   |   |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation                      |                   |   | 515,196 |   |   |   | 0 |   |   |   | 515,196 |   |
| Pro      rata allocation to all partners                          |                   |   | 254,448 |   |   |   | 52,563,578 |   |   |   | 52,818,026 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                     |                   |   | 0 |   |   |   | 31,415,140 |   |   |   | 31,415,140 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                       |                   |   | (515,196 | ) |   |   | (10,704,685 | ) |   |   | (11,219,881 | ) |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at June 30, 2008                                    |                   | $ | 568,241 |   |   | $ | 150,891,764 |   |   | $ | 151,460,005 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at December 31, 2006                                |                   | $ | 179,169 |   |   | $ | 51,565,105 |   |   | $ | 51,744,274 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Net      income for the six months                                |                   |   |   |   |   |   |   |   |   |   |   |   |
| ended      June 30, 2007                                          |                   |   |   |   |   |   |   |   |   |   |   |   |
| General      Partner Profit Share allocation                      |                   |   | 17,219 |   |   |   | 0 |   |   |   | 17,219 |   |
| Pro      rata allocation to all partners                          |                   |   | 18,950 |   |   |   | 3,911,384 |   |   |   | 3,930,334 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Subscriptions                                                     |                   |   | 0 |   |   |   | 6,124,107 |   |   |   | 6,124,107 |   |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Redemptions                                                       |                   |   | (17,219 | ) |   |   | (4,231,242 | ) |   |   | (4,248,461 | ) |
|                                                              |                   |   |   |   |   |   |   |   |   |   |   |   |
| Balances      at June 30, 2007                                    |                   | $ | 198,119 |   |   | $ | 57,369,354 |   |   | $ | 57,567,473 |   |

----

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

|  | A.  | General      Description of thePartnership |
|--|----------|--------------------------------------------|

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

|  |   | The      Partnership’s financial statements are presented in conformity with U.S.      generally accepted accounting principles, which require the use of certain      estimates made by the Partnership’smanagement. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|  |   | The      preparation of financial statements in conformity with U.S. generally      accepted accounting principles requires management to make estimates and      assumptions that affect the reported amounts of assets and liabilities and      disclosure 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. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|  |   | United      States government securities are stated at cost plus accrued interest,      which approximates fairvalue. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

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

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

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

----

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

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

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

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

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

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

|  |   | The      Partnership has elected not to provide statements of cash flows as      permitted by Statement of Financial Accounting Standards No. 102,      Statements of      Cash Flows – Exemption of Certain Enterprises and Classification of Cash      Flows from Certain Securities Acquired for  Resale. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|  |   | The      Partnership accounts for certain assets and liabilities at fair value      under various accounting literature and applicable industry      guidance.  The Company adopted Statement of Financial Accounting      Standard No. 157,Fair Value Measurement      (SFAS No. 157) on January 1, 2008.  SFAS No. 157 defines fair value,      establishes a framework for measuring fair value, establishes a fair value      hierarchy based on the quality of inputs used to measure fair value, and      enhances disclosure requirements for fair value measurements.  In      accordance with SFAS No. 157, 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 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      June 30, 2008 are categorized as Level 1 based on the inputs to the      valuation techniques.  Level 1 means they are based on unadjusted      quoted prices for identical assets or liabilities in an active market that      the Partnership has the ability toaccess.  |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   | The      fair values of Level 1 financial instruments at June 30, 2008, consisted      of the following: |
|--|--------|----------------------------------------------------------------------------------------------------------|

|   | Futures      contracts  | $      | 16,672,307  |   |
|--------|------------------------------|--------|-------------|--------|
|   | U.S.      Treasury Bills     |   | 159,680,943 |   |

|  |   | The      fair values of futures contracts are based upon an underlying asset,      index, or reference rate or a combination of these factors. The      Partnership uses futures contracts as part of its trading      activities.  The fair value of U.S. Treasury Bills is based on      amortized cost, which approximates fairvalue. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

|  | 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 six months ended June 30, 2008 and 2007      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. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|  | .  | In      March 2008, the FASB issued Statement of Financial Accounting Standards      No. 161 (SFAS 161), Disclosures about Derivative      Instruments and Hedging Activities.  SFAS 161 amends and      expands the disclosure requirements of SFAS 133, Accounting for Derivative      Instruments and Hedging Activities, to provide users of financial      statements with an enhanced understanding of the use of derivative      instruments, financial performance, and cash flows.  This      Statement requires qualitative disclosures about objectives and strategies      for using derivatives, quantitative disclosures about fair value amounts      of and gains and losses on agreements.  SFAS 161 is effective      for financial statements issued for the Partnership’s first fiscal year      beginning after November 15, 2008.  The Partnership is currently      evaluating the impact, if any, that this statement will have on its      disclosures related to derivativeinstruments. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

| Note      3.  | SELLING AGENT      ADMINISTRATIVE AND SERVICE FEES (CONTINUED) |
|--------------------|---------------------------------------------------------------------|

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

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

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

----

| Note      6.  | TRADING ACTIVITIES AND      RELATED RISKS (CONTINUED) |
|--------------------|-------------------------------------------------------|

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

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

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

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

|   | The      following information presents the financial highlights of the Partnership      for the three months and six months ended June 30, 2008 and      2007.  This information has been derived from information      presented in the financialstatements. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                 |   | Three      months ended |   |     | Six      months ended |   |
|--------|------------------------------------------------------|--------|-------------------------|--------|----------|-----------------------|--------|
|   |                                                 |   | June      30,           |   |     | June      30,         |   |
|   |                                                 |   | 2008                    |   |     | 2007                  |   |   | 2008 |   |   | 2007 |   |
|   |                                                 |   | (Unaudited)             |   |     | (Unaudited)           |   |   | (Unaudited) |   |   | (Unaudited) |   |
|   | Total      return for Series A Limited Partners      |   |                    |   |     |                  |   |   |   |   |   |   |   |
|   |   taken as a      whole                    |   |                    |   |     |                  |   |   |   |   |   |   |   |
|   | Total      return before Profit Share allocation (3) |   |                    | 39.04  | %        |                  |   | (0.05 | )      % |   |   | 77.09 | % |   |   | 8.12 | % |
|   | Profit      Share allocation (3)                     |   |                    | (8.24  | )      % |                  |   | 0.00 | % |   |   | (17.66 | )      % |   |   | (0.91 | )      % |
|   | Total      return after Profit Share allocation      |   |                    | 30.80  | %        |                  |   | (0.05 | )      % |   |   | 59.43 | % |   |   | 7.21 | % |
|   |                                                 |   |                    |   |     |                  |   |   |   |   |   |   |   |   |   |   |   |
|   | Supplemental      Data for Series A Limited Partners |   |                    |   |     |                  |   |   |   |   |   |   |   |   |   |   |   |
|   |                                                 |   |                    |   |     |                  |   |   |   |   |   |   |   |   |   |   |   |
|   | Ratios      to average net asset value:              |   |                    |   |     |                  |   |   |   |   |   |   |   |   |   |   |   |
|   | Expenses,      excluding Profit Share allocation (2) |   |                    | 5.25   | %        |                  |   | 4.67 | % |   |   | 5.14 | % |   |   | 4.73 | % |
|   | Profit      Share allocation (3)                     |   |                    | 7.42   | %        |                  |   | 0.00 | % |   |   | 12.43 | % |   |   | 0.88 | % |
|   | Total      expenses                                  |   |                    | 12.67  | %        |                  |   | 4.67 | % |   |   | 17.57 | % |   |   | 5.61 | % |
|   | Net      investment income (loss) (1) ,      (2)     |   |                    | (2.76  | )      % |                  |   | 0.40 | % |   |   | (2.14 | )      % |   |   | 0.27 | % |

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

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

|   | __________________________ |
|--------|----------------------------|

|   | (1)       | The      net investment income (loss) is comprised of interest income less total      expenses, excluding the General Partner Profit Share allocation.   |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2)  | Annualized.                                                                                                                                                   |
|   | (3)  | Not      annualized.                                                                                                                                          |

----

----

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

----

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

----

----

| Month               |   | Withdrawal Amounts |      |
|---------------------|--------|--------------------|-----------|
| April      30, 2008 |   | $                  | 1,925,111 |   |
| May      31, 2008   |   | $                  | 1,418,055 |   |
| June      30, 2008  |   | $                  | 871,511   |   |

----

| 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             |

  

  

----