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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000876623-10-000002.txt : 20101209
<SEC-HEADER>0000876623-10-000002.hdr.sgml : 20101209
<ACCEPTANCE-DATETIME>20101209114246
ACCESSION NUMBER:		0000876623-10-000002
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20101209
DATE AS OF CHANGE:		20101209
EFFECTIVENESS DATE:		20101209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIS BALANCED FUND L P
		CENTRAL INDEX KEY:			0000876623
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-87662-3N
		FILM NUMBER:		101241558

	BUSINESS ADDRESS:	
		STREET 1:		C/O AIS CAPITAL MANAGEMENT LLC
		STREET 2:		187 DANBURY ROAD, SUITE 201
		CITY:			WILTON
		STATE:			CT
		ZIP:			06897
		BUSINESS PHONE:		203-563-1180

	MAIL ADDRESS:	
		STREET 1:		C/O AIS CAPITAL MANAGEMENT LLC
		STREET 2:		187 DANBURY ROAD, SUITE 201
		CITY:			WILTON
		STATE:			CT
		ZIP:			06897

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COWEN PREMIER BALANCED FUND L P
		DATE OF NAME CHANGE:	19930614

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MATUSCHKA GROWTH & INCOME FUND L P
		DATE OF NAME CHANGE:	19910627
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000876623</cik>
        <entityName>AIS BALANCED FUND L P</entityName>
        <issuerAddress>
            <street1>C/O AIS CAPITAL MANAGEMENT LLC</street1>
            <street2>187 DANBURY ROAD, SUITE 201</street2>
            <city>WILTON</city>
            <stateOrCountry>CT</stateOrCountry>
            <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
            <zipCode>06897</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>203-563-1180</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>COWEN PREMIER BALANCED FUND L P</previousName>
            <previousName>MATUSCHKA GROWTH &amp; INCOME FUND L P</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>AIS Capital Management LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>187 Danbury Road, Suite 201</street1>
                <city>Wilton</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06897</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>R.</middleName>
                <lastName>Hummel</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AIS Capital Management LLC</street1>
                <street2>187 Danbury Road, Suite 201</street2>
                <city>Wilton</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06897</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bradley</firstName>
                <middleName>C.</middleName>
                <lastName>Stern</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o AIS Capital Management LLC</street1>
                <street2>187 Danbury Road, Suite 201</street2>
                <city>Wilton</city>
                <stateOrCountry>CT</stateOrCountry>
                <stateOrCountryDescription>CONNECTICUT</stateOrCountryDescription>
                <zipCode>06897</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001266576-10-000006</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1988-10-14</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Wedbush Morgan Securities</recipientName>
                <recipientCRDNumber>877</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1000 Wilshire Boulevard, Suite 900</street1>
                    <city>Los Angeles</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>90017</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>KY</state>
                    <description>KENTUCKY</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>MS</state>
                    <description>MISSISSIPPI</description>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>WV</state>
                    <description>WEST VIRGINIA</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                    <state>KS</state>
                    <description>KANSAS</description>
                    <state>SD</state>
                    <description>SOUTH DAKOTA</description>
                    <state>AK</state>
                    <description>ALASKA</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                    <state>RI</state>
                    <description>RHODE ISLAND</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>MT</state>
                    <description>MONTANA</description>
                    <state>WI</state>
                    <description>WISCONSIN</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>OK</state>
                    <description>OKLAHOMA</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>MI</state>
                    <description>MICHIGAN</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>PR</state>
                    <description>PUERTO RICO</description>
                    <state>IN</state>
                    <description>INDIANA</description>
                    <state>AL</state>
                    <description>ALABAMA</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>UT</state>
                    <description>UTAH</description>
                    <state>WY</state>
                    <description>WYOMING</description>
                    <state>ND</state>
                    <description>NORTH DAKOTA</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>AR</state>
                    <description>ARKANSAS</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>IA</state>
                    <description>IOWA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>TimeCapital Securities Corporation</recipientName>
                <recipientCRDNumber>6845</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1200 Harbour Boulevard</street1>
                    <city>Weehawken</city>
                    <stateOrCountry>NJ</stateOrCountry>
                    <stateOrCountryDescription>NEW JERSEY</stateOrCountryDescription>
                    <zipCode>07086</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>RI</state>
                    <description>RHODE ISLAND</description>
                    <state>SC</state>
                    <description>SOUTH CAROLINA</description>
                    <state>VA</state>
                    <description>VIRGINIA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                    <state>NC</state>
                    <description>NORTH CAROLINA</description>
                    <state>NH</state>
                    <description>NEW HAMPSHIRE</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>DC</state>
                    <description>DISTRICT OF COLUMBIA</description>
                    <state>CO</state>
                    <description>COLORADO</description>
                    <state>OH</state>
                    <description>OHIO</description>
                    <state>MN</state>
                    <description>MINNESOTA</description>
                    <state>NV</state>
                    <description>NEVADA</description>
                    <state>MD</state>
                    <description>MARYLAND</description>
                    <state>TX</state>
                    <description>TEXAS</description>
                    <state>WA</state>
                    <description>WASHINGTON</description>
                    <state>VT</state>
                    <description>VERMONT</description>
                    <state>AZ</state>
                    <description>ARIZONA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>OR</state>
                    <description>OREGON</description>
                    <state>NM</state>
                    <description>NEW MEXICO</description>
                    <state>MA</state>
                    <description>MASSACHUSETTS</description>
                    <state>DE</state>
                    <description>DELAWARE</description>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>HI</state>
                    <description>HAWAII</description>
                    <state>PA</state>
                    <description>PENNSYLVANIA</description>
                    <state>CT</state>
                    <description>CONNECTICUT</description>
                    <state>NJ</state>
                    <description>NEW JERSEY</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>ID</state>
                    <description>IDAHO</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>44159683</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>true</hasNonAccreditedInvestors>
            <numberNonAccreditedInvestors>34</numberNonAccreditedInvestors>
            <totalNumberAlreadyInvested>140</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>15331</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The General Partner pays 50% of its management fee to the selling agents. The current offering commenced prior to 3/15/09; Item 15 reflects the requested information commencing from such date.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AIS BALANCED FUND L P</issuerName>
                <signatureName>John Hummel</signatureName>
                <nameOfSigner>John Hummel</nameOfSigner>
                <signatureTitle>President of the General Partner</signatureTitle>
                <signatureDate>2010-12-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
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