10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

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

For the quarterly period ended March 31, 2011

OR

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

For the transition period from ______ to _____

Commission file number: 000-52599

AIS FUTURES FUND IV L.P.

(Exact name of registrant as specified in its charter)

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

c/o AIS FUTURES MANAGEMENT LLC

187 Danbury Road, Suite 201

Wilton, Connecticut 06897

(Address of principal executive offices) (zip code)

(203) 563-1180

(Registrant’s telephone number, including area code)

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

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

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

 Yes  ý No  o

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

Yes  o No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

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

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

Yes  o No  ý

TABLE OF CONTENTS

Page

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Statements of Financial Condition	2
	Condensed Schedules of Investments	3-4
	Statements of Operations	5
	Statements of Changes in Partners’ Capital (Net Asset Value)	6
	Notes to Financial Statements	7-15
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16-17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	18
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	19
Item 6.	Exhibits	19
Signature		20
Rule 13a–14(a)/15d–14(a) Certification		S-1
Section 1350 Certification		S-2

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements

AIS FUTURES FUND IV L.P.
STATEMENTS OF FINANCIAL CONDITION
March 31, 2011 (Unaudited) and December 31, 2010 (Audited)
_______________
	March 31,		December 31,
	2011		2010
ASSETS
Equity in broker trading account
Cash	$	4,611,197	$	697,456
United States government securities, at fair value		95,961,721		88,149,577
Unrealized gain on open futures contracts, net		10,293,290		13,508,816
Interest receivable		1,172		1,141
Deposits with broker		110,867,380		102,356,990
Cash		194,030		17,227
Total assets	$	111,061,410	$	102,374,217
LIABILITIES
Accounts payable	$	120,445	$	94,504
Commissions and other trading fees         on open contracts payable		21,966		18,750
Management fee payable		178,906		164,660
Accrued General Partner profit share allocation		2,328,734		0
Selling agent administrative and service fee payable		250,778		230,239
Subscriptions received in advance		194,000		17,197
Redemptions payable		2,197,405		4,717,000
Total liabilities		5,292,234		5,242,350
PARTNERS' CAPITAL (Net Asset Value)
General Partner - Series B		456,583		392,355
Limited Partners - Series A		105,312,593		96,739,512
Total partners' capital (Net Asset Value)		105,769,176		97,131,867
	$	111,061,410	$	102,374,217

See accompanying notes.

2

AIS FUTURES FUND IV L.P.
CONDENSED SCHEDULE OF INVESTMENTS
March 31, 2011 (Unaudited)
_______________
UNITED STATES GOVERNMENT SECURITIES*
	Face Value	Maturity Date	Description	Fair Value	% of Net Asset Value
	$     9,500,000	04/07/11	U.S. Treasury Bills	$         9,499,723	8.98 %
	6,000,000	04/21/11	U.S. Treasury Bills	5,999,431	5.67 %
	1,000,000	05/05/11	U.S. Treasury Bills	999,859	0.95 %
	13,000,000	06/02/11	U.S. Treasury Bills	12,995,904	12.30 %
	14,000,000	06/09/11	U.S. Treasury Bills	13,995,278	13.24 %
	2,500,000	06/16/11	U.S. Treasury Bills	2,499,037	2.36 %
	4,000,000	06/23/11	U.S. Treasury Bills	3,998,343	3.78 %
	12,000,000	06/30/11	U.S. Treasury Bills	11,994,752	11.34 %
	3,000,000	07/14/11	U.S. Treasury Bills	2,998,512	2.83 %
	6,500,000	07/28/11	U.S. Treasury Bills	6,496,872	6.14 %
	3,000,000	08/25/11	U.S. Treasury Bills	2,998,101	2.83 %
	1,000,000	09/01/11	U.S. Treasury Bills	999,377	0.94 %
	8,000,000	09/15/11	U.S. Treasury Bills	7,995,333	7.56 %
	12,500,000	09/22/11	U.S. Treasury Bills	12,491,199	11.81 %
			Total United States government securities
			(cost - $95,922,858)	$       95,961,721	90.73 %
LONG FUTURES CONTRACTS**
		Description		Fair Value	% of Net Asset Value
		Agricultural		$           2,553,902	2.41 %
		Currencies		841,714	0.80 %
		Energy		4,083,207	3.86 %
		Metals		3,105,009	2.94 %
		Total long futures contracts		10,583,832	10.01 %
SHORT FUTURES CONTRACTS**
	No. of Contracts	Description
	513	Interest rates (U.S. Treasury Bond, expires 6/2011)		(290,542)	(0.27)%
		Total futures contracts		$     10,293,290	9.74 %
*	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, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented.

See accompanying notes.

3

AIS FUTURES FUND IV L.P.
CONDENSED SCHEDULE OF INVESTMENTS
December 31, 2010 (Audited)
_______________
UNITED STATES GOVERNMENT SECURITIES*
	Face Value	Maturity Date	Description	Fair Value	% of Net Asset Value
	$     2,200,000	01/13/11	U.S. Treasury Bills	$         2,199,857	2.27 %
	2,000,000	01/27/11	U.S. Treasury Bills	1,999,748	2.06 %
	3,000,000	03/03/11	U.S. Treasury Bills	2,999,109	3.09 %
	2,500,000	03/10/11	U.S. Treasury Bills	2,499,185	2.57 %
	6,000,000	03/17/11	U.S. Treasury Bills	5,997,783	6.17 %
	5,500,000	03/24/11	U.S. Treasury Bills	5,497,735	5.66 %
	5,000,000	03/31/11	U.S. Treasury Bills	4,997,750	5.15 %
	9,500,000	04/07/11	U.S. Treasury Bills	9,496,170	9.78 %
	6,000,000	04/21/11	U.S. Treasury Bills	5,996,993	6.17 %
	7,000,000	05/05/11	U.S. Treasury Bills	6,996,475	7.20 %
	13,000,000	06/02/11	U.S. Treasury Bills	12,990,054	13.37 %
	14,000,000	06/09/11	U.S. Treasury Bills	13,989,462	14.40 %
	2,500,000	06/16/11	U.S. Treasury Bills	2,497,912	2.57 %
	4,000,000	06/23/11	U.S. Treasury Bills	3,996,568	4.12 %
	6,000,000	06/30/11	U.S. Treasury Bills	5,994,776	6.17 %
			Total United States government securities
			(cost - $88,124,920)	$     88,149,577	90.75 %
LONG FUTURES CONTRACTS**
		Description		Fair Value	% of Net Asset Value
		Agricultural		$          6,380,557	6.57 %
		Currencies		1,485,000	1.53 %
		Energy		1,272,672	1.31 %
		Metals		3,693,172	3.80 %
		Total long futures contracts		12,831,401	13.21 %
SHORT FUTURES CONTRACTS**
	No. of Contracts	Description
	210	Interest rates (U.S. Treasury Bond, expires 3/2011)		677,415	0.70 %
		Total futures contracts		$    13,508,816	13.91 %
*	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, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented.

See accompanying notes.

4

AIS FUTURES FUND IV L.P.
STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2011 and 2010 (Unaudited)
_______________
	Three Months Ended
	March 31,
	2011			2010
TRADING GAINS (LOSSES)
Realized	$	18,765,758		$	(9,298,033	)
Change in unrealized		(3,215,526	)		1,657,951
Brokerage commissions		(30,141	)		(20,699	)
Total trading gains (losses)		15,520,091			(7,660,781	)
NET INVESTMENT (LOSS)
Income
Interest income		41,133			27,239
Expenses
Selling agent administrative and service fee		622,306			412,029
Management fee		497,958			323,576
Operating expenses		56,750			61,500
Total expenses		1,177,014			797,105
Net investment (loss)		(1,135,881	)		(769,866	)
NET INCOME (LOSS)		14,384,210			(8,430,647	)
Less:  General Partner                         Profit Share allocation		2,376,068			19,566
Net income (loss) for pro rata                         allocation to all partners	$	12,008,142		$	(8,450,213	)

See accompanying notes.

5

AIS FUTURES FUND IV L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
For the Three Months Ended March 31, 2011 and 2010 (Unaudited)
_______________
	Partners' Capital
	Series B -			Series A -
	General			Limited
	Partner			Partners			Total
Balances at December 31, 2010	$	392,355		$	96,739,512		$	97,131,867
Net income for the three months     ended March 31, 2011:         General Partner Profit Share allocation		47,334			0			47,334
Pro rata allocation to all partners		64,228			11,943,914			12,008,142
Subscriptions		0			402,197			402,197
Redemptions		(47,334	)		(3,773,030	)		(3,820,364	)
Balances at March 31, 2011	$	456,583		$	105,312,593		$	105,769,176
Balances at December 31, 2009	$	261,382		$	77,544,130		$	77,805,512
Net income (loss) for the three months     ended March 31, 2010:         General Partner Profit Share allocation		366			0			366
Pro rata allocation to all partners		(25,795	)		(8,424,418	)		(8,450,213	)
Subscriptions		0			1,561,641			1,561,641
Redemptions		(366	)		(1,374,707	)		(1,375,073	)
Balances at March 31, 2010	$	235,587		$	69,306,646		$	69,542,233

See accompanying notes.

6

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS

_______________

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Partnership

AIS Futures Fund IV L.P. (the Partnership) is a Delaware limited partnership, which operates as a commodity investment pool.  The Partnership engages in the speculative trading of futures contracts and options on futures contracts.  The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and Futures Commission Merchants (brokers) through which the Partnership trades.  The Partnership is also subject to the applicable reporting requirements of the Securities Exchange Act of 1934.

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

B.  Method of Reporting and Use of Estimates

The Partnership’s financial statements are presented in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  The Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification), is the single source of U.S. GAAP.

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

C. Futures Contracts and Options on Futures Contracts

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

D.  United States Government Securities

United States government securities are stated at cost plus accrued interest, which approximates fair value based on quoted market prices.  Any change in value of these securities is reported as interest income in the statements of operations.

7

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

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

E. Income Taxes

The Partnership prepares and files calendar year U.S. and applicable state information tax returns and reports to the partners their allocable shares of the Partnership’s income, expenses and trading gains or losses.  No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes.  The 2007 through 2010 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

The Partnership applies the provisions of Codification Topics 740, Income Taxes; and 835, Interest, which prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements.  This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.  Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year.  The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense.  The General Partner has concluded there is no tax expense or interest expense related to uncertainties in income tax positions for the three months ended March 31, 2011 and 2010.

F. Foreign Currency Transactions

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

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 Management Fee, Selling Agent Administrative and Service Fee and General Partner Profit Share allocation, is allocated pro rata to the capital accounts of all partners.  Each Series A Limited Partner is then charged their applicable Management Fee and Selling Agent Administrative and Service Fee.  The General Partner Profit Share allocation applicable to each Series A Limited Partner is then allocated to the General Partner’s capital account from the Series A Limited Partner’s capital account at the end of each calendar year or upon redemption by a Series A Limited Partner.  The Partnership accrues as a liability the General Partner Profit Share allocation for interim periods during which the General Partner Profit Share allocation is not yet allocable to the General Partner’s capital account in accordance with the terms of the Limited Partnership Agreement.  Such accrual is subject to partial or complete reversal until a condition for allocation to the General Partner’s capital account is met, at which time the applicable amount of the accrual is reversed and allocated to the General Partner’s capital account.

8

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

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

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. Interim Financial Statements

The financial statements included herein were prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations.  The financial statements reflect, in the opinion of management, all adjustments necessary that were of a 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 months ended March 31, 2011 and 2010 are not necessarily indicative of the results to be expected for the full year or for any other period.

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

 Note 2.  GENERAL PARTNER

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 months ended March 31, 2011 and 2010, 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 March 31, 2011 and 2010, Management Fees were reduced by approximately $10,500 and $11,700, respectively.

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

9

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

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 months ended March 31, 2011 and 2010, 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

Investments in the Partnership are made by subscription agreement, subject to acceptance by the General Partner.  A selling commission of up to 2% of the subscription amount may be deducted from the subscription proceeds and paid to the applicable Selling Agent, if any.  For the three months ended March 31, 2011 and 2010, there were no selling commissions charged to Series A Limited Partners.  Series A Limited Partner subscriptions, as presented in the statement of changes in partners’ capital (net asset value), are net of such selling commissions, if any.

The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner.  A Limited Partner may request and receive partial or full 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.  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.

10

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 6.  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).  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, if any, at the beginning of the reporting period.

For U.S. government securities, which are categorized as Level 2 fair value measurements at March 31, 2011 and December 31, 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 March 31, 2011 and December 31, 2010 using the fair value hierarchy:

	March 31, 2011
Description	Level 1			Level 2		Level 3		Total
Assets
Futures contracts(1)	$	12,434,389		$	0	$	0	$	12,434,389
U.S. Treasury bills		0			95,961,721		0		95,961,721
Total assets	$	12,434,389		$	95,961,721	$	0	$	108,396,110
Liabilities
Futures contracts(1)	$	(2,141,099	)	$	0	$	0	$	(2,141,099	)
	December 31, 2010
Description	Level 1			Level 2		Level 3		Total
Assets
Futures contracts(1)	$	13,514,066		$	0	$	0	$	13,514,066
U.S. Treasury bills		0			88,149,577		0		88,149,577
Total assets	$	13,514,066		$	88,149,577	$	0	$	101,663,643
Liabilities
Futures contracts(1)	$	(5,250	)	$	0	$	0	$	(5,250	)

(1)      See Note 7. for the fair value of each type of contract within this category.

11

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 7.  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 March 31, 2011 and December 31, 2010.  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 tables below even though the futures contracts qualify for net presentation in the statements of financial condition.

	March 31, 2011
Futures Contracts	Assets		Liabilities			Net
Agricultural	$	3,824,981	$	(1,271,079	)	$	2,553,902
Currencies		841,714		0			841,714
Energy		4,083,207		0			4,083,207
Interest rates		0		(290,542	)		(290,542	)
Metals		3,684,487		(579,478	)		3,105,009
Total gross fair value of derivatives	$	12,434,389	$	(2,141,099	)	$	10,293,290
	December 31, 2010
Futures Contracts	Assets		Liabilities			Net
Agricultural	$	6,380,557	$	0		$	6,380,557
Currencies		1,485,000		0			1,485,000
Energy		1,272,672		0			1,272,672
Interest rates		682,665		(5,250	)		677,415
Metals		3,693,172		0			3,693,172
Total gross fair value of derivatives	$	13,514,066	$	(5,250	)	$	13,508,816

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

12

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 7. DERIVATIVES (CONTINUED)

The following presents the Partnership’s derivative trading results and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2011 and 2010.  The below captions of “Realized” and “Change in unrealized” correspond to the captions in the statements of operations.

	Three Months Ended March 31, 2011							Three Months Ended March 31, 2010
	Trading Gains (Losses)							Trading Gains (Losses)
Futures Contracts	Realized		Change in Unrealized			Number of Contracts Closed		Realized			Change in Unrealized			Number of Contracts Closed
Agricultural	$	6,851,097	$	(3,826,655	)		956	$	(6,276,618	)	$	(514,777	)		1,747
Currencies		2,149,560		(643,286	)		571		(386,268	)		782,304			494
Energy		4,867,853		2,810,535			1,651		(623,729	)		(2,133,432	)		1,706
Interest rates		503,384		(967,957	)		493		890,420			(1,370,337	)		383
Metals		4,393,864		(588,163	)		709		(4,261,789	)		4,265,380			829
Stock index		0		0			0		1,359,951			628,813			253
Total gains (losses) from derivatives trading per statements of operations	$	18,765,758	$	(3,215,526	)			$	(9,298,033	)	$	1,657,951

The number of contracts closed represents the number of contracts closed during the three months ended March 31, 2011 and 2010 in the applicable category.

Note 8. MARKET AND CREDIT RISKS

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

Purchase and sale of futures and options on futures contracts requires margin deposits with the broker. Additional deposits may be necessary for any loss on contract 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.

13

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 8. MARKET AND CREDIT RISKS (CONTINUED)

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

The Partnership maintains its cash in a bank deposit account at Wachovia Bank, N.A., Greenwich, Connecticut.  Such account may, at times, exceed federally insured limits.  In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protection afforded such deposits.

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

Note 9. 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.

14

AIS FUTURES FUND IV L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

Note 10. FINANCIAL HIGHLIGHTS

The following information presents the financial highlights for Series A Limited Partners of the Partnership for the three months ended March 31, 2011 and 2010.  This information has been derived from information presented in the financial statements.

	Three months ended
	March 31,
	2011			2010
	(Unaudited)			(Unaudited)
Total return for Series A Limited Partners taken as a whole(1)
Total return before General Partner Profit Share allocation		15.09	%		(10.85	)%
General Partner Profit Share allocation		(2.56	)%		(0.03	)%
Total return after General Partner Profit Share allocation		12.53	%		(10.88	)%
Supplemental Data for Series A Limited Partners
Ratios to average net asset value:(2)
Expenses, excluding General Partner Profit Share allocation(3)		4.88	%		4.58	%
General Partner Profit Share allocation(1)		2.46	%		0.03	%
Total expenses		7.34	%		4.61	%
Net investment (loss)(3), (4)		(4.71	)%		(4.42	)%

The total returns and ratios are presented for Series A Limited Partners taken as a whole.  An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions and redemptions and given potentially different fee arrangements for a Series A Limited Partner.

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

(1) Not annualized.

(2) The ratios 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.

15

PART I – FINANCIAL INFORMATION (CONTINUED)

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

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

Operational Overview

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

Liquidity and Capital Resources

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

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

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

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

During its operations for the three months ended March 31, 2011, the Partnership experienced no significant periods of illiquidity in any of the numerous markets traded by the General Partner.

16

PART I – FINANCIAL INFORMATION (CONTINUED)

Results of Operations

Performance Summary

Three Months Ended March 31, 2011

During the first quarter of 2011, the Partnership experienced net realized and unrealized gains of $15,520,091 from its trading operations, which is net of brokerage commissions of $30,141.  The Partnership incurred total expenses of $1,177,014, including $622,306 in Selling Agent Administrative and Service Fees, $497,958 in Management Fees (paid to the General Partner) and $56,750 in operating expenses.  The Partnership earned $41,133 in interest income and charged a General Partner Profit Share allocation of $2,376,068.  An analysis of trading gains and losses (not adjusted for any fees or expenses) by market sector is as follows:

Sector	% Gain (Loss)
Stock Index		0.00	%
Bonds		(0.51)	%
Currency		1.58	%
Energy		7.97	%
Metals		3.87	%
Grains		3.06	%

The Partnership experienced a gain in the first quarter of 2011.  The largest gain came from long positions in energy, followed by gains in long positions in metals and grains, and to a lesser extent from long positions in the Australian and Canadian dollars.  A small loss occurred in the short position in the U.S. Treasury bond futures.

Three Months Ended March 31, 2010

During the first quarter of 2010, the Partnership achieved a net realized and unrealized loss of $7,660,781 from its trading operations, which is net of brokerage commissions of $20,699.  The Partnership had total expenses of $797,105, including $412,029 in Selling Agent Administrative and Service Fees, $323,576 in Management Fees (paid to the General Partner) and $61,500 in operating expenses.  The Partnership earned $27,239 in interest income and charged a General Partner Profit Share allocation of 19,566.  An analysis of trading gains and losses (not adjusted for any fees or expenses) by market sector is as follows:

Sector	% Gain (Loss)
Stock Index		3.13	%
Bonds		(0.57)	%
Currency		0.83	%
Energy		(3.26)	%
Metals		0.31	%
Grains		(8.65)	%

The Partnership experienced a loss in the first quarter of 2010.  The largest loss came from long positions in the grains, followed by losses in long positions in energy and to a lesser extent a short position in U.S. Treasury bonds.  Gains occurred in the long positions in the stock index futures, foreign currency, and the metals markets.

17

Item 3: Quantitative and Qualitative Disclosures About Market Risk

Not required.

Item 4: Controls and Procedures

The General Partner, with the participation of the General Partner’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on their evaluation, has concluded that these disclosure controls and procedures are effective. 

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

PART II - OTHER INFORMATION

Item 1:  Legal Proceedings

None.

Item 1A:  Risk Factors

Not required.

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

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

(b) Not applicable.

(c) Pursuant to the Partnership’s Limited Partnership Agreement, Limited Partners may withdraw all or part of their capital contributions and undistributed profits, if any, at the end of each calendar month.  The withdrawal by a Limited Partner has no impact on the value of the capital accounts of the remaining Limited Partners.  The following table summarizes the withdrawals by Limited Partners during the first calendar quarter of 2011:

Month	Withdrawal Amounts
January 31, 2011	$	1,162,780
February 28, 2011	$	455,370
March 31, 2011	$	2,154,880

Item 3:  Defaults Upon Senior Securities

(a) None.

(b) None.

Item 4:  (Removed and Reserved)

18

Item 5:  Other Information

(a) None.

(b) Not applicable.

Item 6: Exhibits

The following exhibits are incorporated herein by reference as set forth below.

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.

The following exhibits are included herewith.

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

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

 

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

 

*** This exhibit is incorporated by reference to the exhibit of the same number and description filed with the Partnership’s Registration Statement (File No. 000-52599) filed on April 30, 2007 on Form 10 under the Securities Exchange Act of 1934. As of January 2, 2008, Calyon Financial Inc. was renamed Newedge Financial Inc. The existing Customer Agreement remains in effect, but under the new name.

19

SIGNATURE

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

Dated: May 16, 2011

AIS FUTURES FUND IV L.P.

By:  AIS FUTURES MANAGEMENT LLC,

General Partner

By: /s/ John Hummel                                                  

Name:  John Hummel

Title:  President (principal executive and principal

           financial officer)

20

EX-31.01

Exhibit 31.01

RULE 13a-14(a)/15d-14(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICER

I, John Hummel, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AIS Futures Fund IV L.P.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 16, 2011

By:  /s/ John Hummel

John Hummel

President (principal executive and principal financial officer)

AIS Futures Management LLC

General Partner of AIS Futures Fund IV L.P.

S-1

EX-32.01

Exhibit 32.01

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, John Hummel, the President and principal executive and principal financial officer of AIS Futures Management LLC, the General Partner of AIS Futures Fund IV L.P. (the “Partnership”), certify that (i) the Quarterly Report of the Partnership on Form 10-Q for the period ended March 31, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: May 16, 2011

By:  /s/ John Hummel                                               

John Hummel

President (principal executive and principal financial officer)

AIS Futures Management LLC

General Partner of AIS Futures Fund IV L.P.

S-2