N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 3737

Fidelity Advisor Series IV
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

November 30

Date of reporting period:

May 31, 2004

Item 1. Reports to Stockholders

Fidelity®

Real Estate High Income

Fund

Semiannual Report

May 31, 2004

(2_fidelity_logos) (Registered_Trademark)

Contents

Investments

<Click Here>

A complete list of the fund's investments with their
market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

For a free copy of the fund's proxy voting guidelines call 1-617-563-6414, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on the fund, including charges and expenses, call Jeff Gandel at 617-563-6414 for a free prospectus. Read it carefully before you invest or send money.

Investments May 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 1.4%

Principal
Amount

Value
(Note 1)

Healthcare - 0.5%

Fountain View, Inc. 9.25% 8/19/08 (c)

$ 1,583,630

$ 1,575,712

Hotels - 0.9%

Times Square Hotel Trust 8.528% 8/1/26 (d)

2,692,896

2,787,148

TOTAL NONCONVERTIBLE BONDS

(Cost $3,957,643)

4,362,860

Asset-Backed Securities - 4.0%

ABSC NIMS Trust:

Series 2003-HE4 Class A, 7% 8/17/33 (d)

1,936,751

1,946,435

Series 2003-HE5 Class A, 7% 8/17/33 (d)

1,111,356

1,116,912

Series 2004-HE1 Class A, 7% 1/17/34

1,655,557

1,663,834

Cayman ABSC NIMS Trust Series 2004-HE2 Class A1, 6.75% 4/25/34 (d)

1,135,000

1,140,675

CS First Boston Mortgage Securities Corp. NIMS Trust 5.25%
4/27/34

1,950,227

1,945,352

GS Mortgage Securities Corp.:

5.1% 5/25/34 (e)

1,305,000

1,180,011

5.5% 11/25/32 (d)

485,194

484,514

Home Equity Asset Trust Series 2003-6 Class NIMS 22, 6.5% 3/27/34 (d)

421,246

421,246

Home Equity Asset Trust NIMS Trust:

Series 2003-2N Class A,
8% 9/27/33 (d)

106,952

107,487

Series 2003-3N Class A,
8% 9/27/33 (d)

184,321

185,243

Home Equity Residual Distributions Trust Series 2002-1 Class A, 12.25% 11/25/05 (d)

1,722,500

1,722,500

Morgan Stanley Dean Witter Capital I Trust Series 2002-NC5N Class NOTE, 9.5% 9/25/32 (d)

13,594

13,624

OMI Trust Series 2002-B Class A4, 7.09% 6/15/32

1,100,000

997,306

TOTAL ASSET-BACKED SECURITIES

(Cost $12,818,489)

12,925,139

Collateralized Mortgage Obligations - 6.9%

Principal
Amount

Value
(Note 1)

Private Sponsor - 5.2%

Countrywide Home Loans, Inc.:

Series 2002-R1:

Class B3, 6.61% 7/25/32 (d)(e)

$ 890,971

$ 702,196

Class B4, 6.61% 7/25/32 (d)(e)

1,782,912

951,629

Class B5, 6.61% 7/25/32 (d)(e)

1,311,776

217,263

Series 2002-R2 Class 2B4, 4.8568% 7/25/33 (d)(e)

142,839

61,108

Series 2002-R3:

Class B3, 5.75% 8/25/43 (d)

819,618

610,615

Class B4, 5.75% 8/25/43 (d)

465,426

240,712

Class B5, 5.75% 8/25/43 (d)

1,143,979

174,457

Series 2003-40:

Class B3, 4.5% 10/25/18

242,143

200,373

Class B4, 4.5% 10/25/18

96,857

69,616

Class B5, 4.5% 10/25/18

329,361

95,515

Series 2003-R1:

Class 2B4, 4.7833% 2/25/43 (d)(e)

111,999

46,147

Class 2B5, 4.7833% 2/25/43 (d)(e)

537,719

73,395

Series 2003-R2 Class B3, 5.5% 5/25/43 (d)

775,588

552,364

Series 2003-R3 Class B3, 5.5% 11/25/33

737,567

525,517

Credit-Based Asset Servicing and Securitization LLC Series 2004-AN
Class A, 5% 9/27/36

1,319,853

1,306,655

CS First Boston Mortgage Securities Corp. Series 2002-26:

Class 4B3, 7% 10/25/17

361,336

349,457

Class 4B4, 7% 10/25/17 (d)

108,639

79,863

Class 4B5, 7% 10/25/17 (d)

189,014

106,437

Class 4B6, 7% 10/25/17 (d)

126,836

19,025

DLJ Mortgage Acceptance Corp.
Series 1996-TD:

Class C, 6.465% 9/29/23 (d)(e)

7,615

7,679

Class D, 6.465% 9/29/23 (d)(e)

11,472

9,752

Nomura Asset Acceptance Corp.
Series 2001-R1A:

Class B1, 7% 2/19/30 (d)

644,859

660,578

Class B2, 7% 2/19/30 (d)

552,737

559,128

Class B4, 7% 2/19/30 (d)

145,482

51,646

Residential Accredit Loans, Inc.
Series 2001-QS6:

Class B1, 6.5% 5/25/16 (d)

174,694

154,904

Class B2, 6.5% 5/25/16 (d)

87,387

66,291

Class B3, 6.5% 5/25/16 (d)

133,658

27,574

Residential Asset Mortgage Products, Inc. Series 2002-RM1 Class BI2, 5.5% 12/25/17 (d)

196,571

145,339

Residential Asset Securitization Trust Series 1999-A2 Class B4, 6.25% 3/25/14 (d)

191,256

188,295

Collateralized Mortgage Obligations - continued

Principal
Amount

Value
(Note 1)

Private Sponsor - continued

Residential Finance LP/Residential Finance Development Corp. floater:

Series 2002-A:

Class B10, 17.3% 10/10/34 (e)

$ 1,518,473

$ 1,564,028

Class B9, 13.3% 10/10/34 (e)

2,429,852

2,502,748

Series 2003-B Class B9, 13.05% 7/10/35 (d)(e)

1,725,139

1,807,547

Resix Finance Ltd. floater:

Series 2003-D Class B9, 12.6% 12/10/35 (d)(e)

496,604

528,375

Series 2004-A:

Class B7, 5.35% 2/10/36 (d)(e)

498,872

498,871

Class B9, 10.1% 3/10/36 (d)(e)

812,164

826,598

Series 2004-B:

Class B8, 5.85% 2/10/36 (d)(e)

216,000

216,000

Class B9, 9.35% 2/10/36 (d)(e)

706,000

706,000

TOTAL PRIVATE SPONSOR

16,903,697

U.S. Government Agency - 1.7%

Fannie Mae REMIC Trust Series 2001-W3 Subordinate REMIC Pass-Through
Certificates:

Class B3, 7% 9/25/41

868,377

707,184

Class B4, 7% 9/25/41

475,562

269,733

Class B5, 7% 9/25/41

1,541,782

278,003

Fannie Mae REMIC Trust Series 2002-W1 Subordinate REMIC Pass-Through
Certificates:

Class 3B3, 4.5489% 2/25/42 (d)(e)

177,801

118,599

Class 3B5, 4.6919% 2/25/42 (d)(e)

188,443

25,825

Class B4, 6% 2/25/42 (d)

1,233,809

647,364

Class B5, 6% 2/25/42 (d)

1,119,096

169,963

Fannie Mae REMIC Trust Series 2002-W6 Subordinate REMIC Pass-Through
Certificates Class 3B4, 4.8828% 1/25/42 (d)(e)

141,451

66,327

Fannie Mae REMIC Trust Series 2003-W1 Subordinate REMIC Pass-Through
Certificates:

Class B3, 5.75% 12/25/42

2,475,328

1,813,178

Class B4, 5.75% 12/25/42

1,514,607

742,157

Class B5, 5.75% 12/25/42

3,299,914

494,987

Fannie Mae REMIC Trust Series 2003-W10 Subordinate REMIC Pass-Through
Certificates:

Class 2B4, 4.6141% 6/25/43 (e)

406,969

165,013

Class 2B5, 4.6141% 6/25/43 (e)

474,345

66,200

TOTAL U.S. GOVERNMENT AGENCY

5,564,533

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $21,790,028)

22,468,230

Commercial Mortgage Securities - 79.2%

Principal
Amount

Value
(Note 1)

Anthracite CDO I Ltd. sequential pay
Series 2002-CIBA Class E, 9.314% 5/24/37 (d)

$ 1,500,000

$ 1,540,500

Artesia Mortgage CMBS, Inc.:

floater Series 1998-C1 Class F, 7.0262% 6/25/30 (d)(e)

4,513,000

4,483,736

Series 1998-C1 Class NR, 6.4812% 6/25/30 (d)(e)

479,202

56,306

Asset Securitization Corp.:

Series 1997-D4:

Class B1, 7.525% 4/14/29

2,000,000

2,174,737

Class B2, 7.525% 4/14/29

675,000

525,856

Series 1997-D5:

Class A8, 10.115% 2/14/43

2,814,197

3,188,133

Class PS1, 1.7349% 2/14/43 (e)(f)

25,278,461

1,539,059

Atherton Franchise Loan Funding LLP
Series 1998-A:

Class E, 8.25% 5/15/20 (b)(d)

1,500,000

52,500

Class F, 7.44% 11/15/14 (b)(d)

2,000,000

20,000

Banc of America Commercial Mortgage, Inc.:

Series 2003-1 Class J, 4.9% 9/11/36 (d)

1,240,000

1,045,717

Series 2003-2:

Class BWD, 6.947% 10/11/37 (d)

526,010

499,400

Class BWE, 7.226% 10/11/37 (d)

709,624

673,753

Class BWF, 7.55% 10/11/37 (d)

627,000

595,293

Class BWG, 8.155% 10/11/37 (d)

607,000

569,713

Class BWH, 9.073% 10/11/37 (d)

316,350

302,066

Class BWJ, 9.99% 10/11/37 (d)

524,850

501,023

Class BWK, 10.676% 10/11/37 (d)

411,000

391,255

Class BWL, 10.1596% 10/11/37 (d)

692,500

606,881

Bear Stearns Commercial Mortgage Securities, Inc. Series 1999-C1 Class H, 5.64% 2/14/31 (d)

1,475,030

933,900

Beckman Coulter, Inc. sequential pay
Series 2000-A Class A, 7.4975% 12/15/18 (d)

660,000

612,488

Berkeley Federal Bank & Trust FSB
Series 1994-1 Class B, 0.74% 8/1/24 (d)(e)

298,909

257,061

BKB Commercial Mortgage Trust weighted average coupon Series 1997-C1 Class H, 1.6942% 10/25/22 (d)(e)

329,312

102,087

Chase Commercial Mortgage Securities Corp.:

floater Series 2000-FL1A Class H, 8.85% 12/12/13 (d)(e)

1,064,570

883,593

Series 1998-1 Class F, 6.56% 5/18/30 (d)

5,000,000

4,483,500

Chase Manhattan Bank-First Union
National Bank Commercial Mortgage Trust Series 1999-1 Class G, 6.4% 8/15/31 (d)

4,000,000

3,743,954

Commercial Mortgage Securities - continued

Principal
Amount

Value
(Note 1)

COMM floater Series 2000-FL2A Class F, 2.19% 4/15/11 (d)(e)

$ 2,860,000

$ 2,831,400

Commercial Mortgage Asset Trust:

Series 1999-C1 Class F, 6.25% 1/17/32 (d)

7,175,000

6,121,172

Series 1999-C2:

Class G, 6% 11/17/32

4,575,000

4,177,503

Class H, 6% 11/17/32

4,372,000

3,833,906

Class X, 0.6589% 11/17/32 (e)(f)

94,324,420

2,947,808

Commercial Mortgage pass thru certificates Series 2000-C1 Class G, 6.85% 8/15/33 (d)

2,100,000

1,922,269

Crest Clarendon Street 2002-1 Ltd./Crest Clarendon 2002-1Corp. Series 2002-1A Class D, 9% 12/28/35 (d)

2,500,000

2,508,488

Crest Dartmouth Street 2003 1 Ltd./Crest Dartmouth Street 2003 1 Corp. Series 2003-1A Class D, 9% 6/28/38 (d)

4,100,000

4,147,567

Crest G-Star Ltd. Series 2001-2A Class C, 10% 2/25/32 (d)

1,330,000

1,264,695

Crest Ltd. Series 2000-1A Class D, 10% 8/31/36 (d)

2,200,000

1,430,000

CS First Boston Mortgage Securities Corp.:

floater Series 1997-C2 Class H, 7.46% 1/17/35 (d)(e)

3,190,000

1,064,327

Series 1998-C2:

Class F, 6.75% 11/11/30 (d)

6,172,000

5,523,710

Class G, 6.75% 11/11/30 (d)

1,065,000

776,876

Series 2000-FL1A:

Class F, 3.869% 12/15/09 (d)(e)

1,018,000

865,300

Class G, 3.869% 12/15/09 (d)(e)

1,391,267

1,057,363

Class H, 3.869% 12/15/09 (d)(e)

1,414,342

746,949

Class J, 3.869% 12/15/09 (d)(e)

1,003,070

70,215

Class K, 3.869% 12/15/09 (d)(e)

1,453,067

58,123

Series 2001-CK6 Class NW, 6.08% 1/15/15

2,050,000

906,485

Series 2001-CP4 Class H, 6% 12/15/35 (d)

2,470,000

2,224,315

Series 2002-CKP1 Class KZ, 6.294% 12/15/35 (d)(e)

6,026,000

4,410,749

Series 2002-TFLA Class AX, 1.1613% 11/18/12 (d)(e)(f)

87,052,474

955,575

Series 2004-TFLA Class AX, 1.693% 2/15/14 (d)(e)(f)

44,913,879

1,258,038

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class F, 7.5% 6/15/31

3,600,000

3,231,792

DLJ Mortgage Acceptance Corp.
Series 1997-CF1 Class B3, 7.74% 5/15/30 (d)

954,934

28,648

Principal
Amount

Value
(Note 1)

EQI Financing Partnership I LP Series 1997-1 Class C, 7.58% 2/20/17 (d)

$ 2,500,000

$ 2,571,643

First Chicago/Lennar Trust I:

Series 1997-CHL1 Class E, 7.9141% 4/29/39 (d)(e)

11,109,002

10,303,598

weighted average coupon
Series 1997-CHL1 Class D, 7.9318% 4/29/39 (d)(e)

5,773,001

6,124,793

First Union National Bank Commercial Mortgage Trust sequential pay
Series 1999-C4 Class G, 6.5% 12/15/31 (d)

3,700,000

3,491,297

G-Star Ltd. Series 2002-1A Class C, 8% 4/25/37 (d)

4,500,000

3,895,012

GAFCO Franchisee Loan Trust
Series 1998-1 Class D, 13.5% 6/1/16 (d)(e)

2,700,000

1,845,720

Global Signal Trust Series 2004-1:

Class F, 8.08% 1/15/34 (d)(e)

780,000

745,602

Class G, 10% 1/15/34 (d)(e)

720,000

689,695

GMAC Commercial Mortgage Securities, Inc.:

Series 1996-C1 Class F, 7.86% 11/15/06 (d)

1,286,000

1,397,499

Series 1999-C1 Class F, 6.02% 5/15/33 (d)

7,100,000

6,498,618

Greenwich Capital Commercial Funding Corp. Series 2003-C2 Class J, 5.234% 11/5/13 (d)(e)

1,000,000

828,030

GS Mortgage Securities Corp. II Series 1997-GL Class H, 8.0014% 7/13/30 (d)(e)

1,700,000

1,769,476

J.P. Morgan Chase Commercial Mortgage Securities Corp.:

Series 2001-A:

Class G, 6% 10/15/32 (d)(e)

2,003,000

1,141,710

Class X, 1.7512% 10/15/32 (d)(e)(f)

29,980,716

1,648,939

Series 2001-FL1A Class H, 6.35% 7/13/13 (d)(e)

4,063,688

4,023,051

J.P. Morgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

7,810,000

7,168,575

Series 1999-C7:

Class F, 6% 10/15/35 (d)

2,415,000

2,261,720

Class G, 6% 10/15/35 (d)

13,273,000

8,470,430

Class H, 6% 10/15/35 (d)

1,991,000

1,188,348

Class NR, 6% 10/15/35 (d)

6,250,000

1,451,188

Commercial Mortgage Securities - continued

Principal
Amount

Value
(Note 1)

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 6.9944% 4/25/21 (d)(e)

$ 716,257

$ 644,632

LTC Commercial Mortgage pass thru certificates Series 1998-1:

Class D, 6.96% 5/28/30 (d)

600,000

600,000

Class E, 7.792% 5/28/30 (d)

800,000

668,423

Meristar Commercial Mortgage Trust Series 1999-C1 Class X, 0.2154% 3/3/16 (d)(f)

45,885,000

412,437

Merrill Lynch Mortgage Trust Series 2002-MW1 Class H, 5.695% 7/12/34 (d)

1,475,000

1,318,685

Mezz Capital Commercial Mortgage Trust Series 2004-C1:

Class F, 9.422% 10/15/13

645,000

607,409

Class G, 12.349% 10/15/13

465,000

442,059

Class IO, 7.6531% 1/15/18

999,296

467,991

Morgan Stanley Capital I, Inc.:

Series 1995-GAL1 Class E, 8.25% 8/15/27 (d)

4,214,352

4,401,364

Series 1997-HF1 Class G, 6.86% 7/15/29 (d)

2,010,000

2,013,400

Series 1997-RR:

Class C, 7.4384% 4/30/39 (d)(e)

2,470,128

2,555,601

Class D, 7.7384% 4/30/39 (d)(e)

2,070,112

2,144,062

Class E, 7.7384% 4/30/39 (d)(e)

2,170,117

2,249,573

Class G1, 7.7384% 4/30/39 (d)(e)

5,350,864

1,417,979

Series 1997-WF1 Class F, 6.83% 7/15/29 (d)

1,520,000

1,508,006

Series 1998-HF1 Class F, 7.18% 3/15/30 (d)

7,000,000

7,159,707

Series 1998-HF2:

Class F, 6.01% 11/15/30 (d)

5,935,000

6,190,205

Class G, 6.01% 11/15/30 (d)

8,985,745

8,412,454

Mortgage Capital Funding, Inc.:

Series 1997-MC2 Class F, 7.214% 11/20/27 (d)

9,381,364

9,569,358

Series 1998-MC3 Class F, 7.4871% 11/18/31 (d)(e)

4,300,000

4,187,125

Nationslink Funding Corp. Series 1998-2:

Class E, 7.105% 8/20/30

2,000,000

2,177,294

Class F, 7.105% 8/20/30 (d)

6,500,000

6,579,219

Class G, 5% 8/20/30 (d)

1,315,000

853,918

Nomura Asset Securities Corp.:

Series 1998-D6 Class B1, 6% 3/15/30 (d)

7,453,000

7,023,362

weighted average coupon Series 1994-MD1 Class B2, 10.793% 3/15/18 (b)(d)(e)

4,746,912

1,376,605

Principal
Amount

Value
(Note 1)

Penn Mutual Life Insurance Co./Penn Insurance & Annuity Co. Series 1996-PML:

Class L, 7.9% 11/15/26 (d)

$ 2,500,000

$ 2,742,969

Class M, 7.9% 11/15/26 (d)

5,862,000

6,451,635

Prudential Securities Secured Financing Corp.:

Series 1998-C1 Class F, 6.991% 2/15/13 (d)(e)

3,765,000

3,546,748

Series 1999-NRF1 Class F, 6.074% 11/1/31 (d)

4,130,000

3,895,829

RMF Commercial Mortgage, Inc.
Series 1997-1 Class G, 0% 1/15/19 (d)(e)

1,450,000

506,050

Salomon Brothers Mortgage Securities VII, Inc.:

floater:

Series 1999-C1 Class H, 7% 5/18/32 (d)(e)

2,500,000

2,077,051

Series 2000-NL1 Class H, 7.0565% 10/15/30 (d)(e)

2,900,000

2,840,048

Series 1999-C1 Class G, 7.3558% 5/18/32 (d)(e)

5,412,500

4,975,060

TIAA Real Estate CDO 2002 1 Ltd./TIAA Real Estate CDO 2002 1 Corp. sequential pay Series 2002-1A Class IV, 6.84% 5/22/37 (d)

1,460,000

1,196,573

Trizechahn Office Properties Trust
Series 2001-TZHA Class E4, 7.604% 5/15/16 (d)

500,000

510,065

Washington Mutual Multi-family Mortgage LLC Series 2001-1 Class B4, 7.2021% 10/18/31 (d)(e)

1,600,000

1,593,673

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $237,630,849)

256,977,297

Common Stocks - 0.0%

Shares

Banks and Thrifts - 0.0%

CS First Boston Mortgage Securities Corp. warrants 4/26/04 (a)

6,236,357

62

Healthcare - 0.0%

Fountain View, Inc. (g)

869

14,564

Homebuilding/Real Estate - 0.0%

Newcastle Investment Holdings Corp. (d)

25,000

131,250

TOTAL COMMON STOCKS

(Cost $62,509)

145,876

Preferred Stocks - 5.9%

Shares

Value
(Note 1)

Convertible Preferred Stocks - 1.3%

Homebuilding/Real Estate - 1.3%

Equity Office Properties Trust Series B, 5.25%

44,300

$ 2,217,658

Glenborough Realty Trust, Inc. Series A, 7.75%

80,639

1,963,560

4,181,218

Nonconvertible Preferred Stocks - 4.6%

Automotive - 0.3%

Capital Automotive 6.75%

44,000

946,000

Homebuilding/Real Estate - 4.0%

Annaly Mortgage Management, Inc. Series A, 7.875%

65,000

1,543,750

Apartment Investment & Management Co.:

Series G, 9.375%

16,500

435,930

Series Q, 10.10%

13,300

349,657

Series R, 10.00%

10,500

277,200

Series T, 8.00%

103,000

2,492,600

Series U, 7.75%

16,000

373,440

Cousins Properties, Inc. Series A, 7.75%

28,000

685,160

First Industrial Realty Trust, Inc. (depositary shares) Series D, 7.95%

30,400

770,640

Mid-America Apartment Communities, Inc. Series H, 8.30%

103,000

2,612,080

Pennsylvania Real Estate Investment Trust 11.00%

17,200

1,019,100

PS Business Parks, Inc.:

(depositary shares) Series F, 8.75%

39,000

1,018,680

(depositary shares) Series H, 7.00%

27,600

634,800

RAIT Investment Trust Series A, 7.75%

39,200

954,520

13,167,557

Hotels - 0.3%

Innkeepers USA Trust Series C, 8.00%

35,000

858,900

TOTAL NONCONVERTIBLE PREFERRED STOCKS

14,972,457

TOTAL PREFERRED STOCKS

(Cost $18,029,421)

19,153,675

Preferred Securities - 1.7%

Principal
Amount

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 21.0442% 12/28/35 (d)(e)

$ 1,500,000

1,489,219

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 18.702% 6/28/38 (d)(e)

2,730,000

2,790,999

Crest G-Star Ltd. Series 2001-2A Class PS, 22.298% 2/25/32 (d)(e)

1,100,000

936,375

TOTAL PREFERRED SECURITIES

(Cost $5,230,427)

5,216,593

Cash Equivalents - 1.1%

Maturity
Amount

Value
(Note 1)

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 0.99%, dated 5/28/04 due 6/1/04)
(Cost $3,689,000)

$ 3,689,408

$ 3,689,000

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $303,208,366)

324,938,670

NET OTHER ASSETS - (0.2)%

(654,145)

NET ASSETS - 100%

$ 324,284,525

Legend

(a) Non-income producing

(b) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(c) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $250,180,183 or 77.1% of net assets.

(e) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(f) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,564 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Fountain View, Inc.

8/19/03

$ 9

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

AAA,AA,A

3.6%

BBB

6.9

BB

41.8

B

9.9

CCC,CC,C

0.2

D

0.0

Not Rated

30.8

Equities

5.9

Short-Term Investments and Net Other Assets

0.9

100.0%

We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings.

Purchases and sales of securities, other than short-term securities, aggregated $56,795,047 and $37,222,574, respectively, of which long-term U.S. government and government agency obligations aggregated $0 and $168,177, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $2,122 for the period.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2004 (Unaudited)

Assets

Investment in securities, at value (including repurchase agreements of $3,689,000) (cost $303,208,366) - See accompanying schedule

$ 324,938,670

Cash

33,362

Foreign currency held at value
(cost $35,898)

41,128

Receivable for investments sold

686,838

Dividends receivable

88,283

Interest receivable

2,233,930

Prepaid expenses

1,009

Total assets

328,023,220

Liabilities

Payable for investments purchased

$ 3,308,380

Distributions payable

136,460

Accrued management fee

193,965

Other affiliated payables

15,643

Other payables and accrued expenses

84,247

Total liabilities

3,738,695

Net Assets

$ 324,284,525

Net Assets consist of:

Paid in capital

$ 284,789,189

Undistributed net investment income

8,884,586

Accumulated undistributed net realized gain (loss) on investments

8,875,216

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

21,735,534

Net Assets, for 30,592,068 shares outstanding

$ 324,284,525

Net Asset Value, offering price and redemption price per share ($324,284,525 ÷ 30,592,068 shares)

$ 10.60

Statement of Operations

Six months ended May 31, 2004 (Unaudited)

Investment Income

Dividends

$ 817,357

Interest

14,150,069

Total income

14,967,426

Expenses

Management fee

$ 1,128,295

Transfer agent fees

24,266

Accounting fees and expenses

68,108

Non-interested trustees' compensation

987

Custodian fees and expenses

10,060

Audit

43,058

Miscellaneous

365

Total expenses before reductions

1,275,139

Expense reductions

(10,243)

1,264,896

Net investment income (loss)

13,702,530

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

2,058,576

Change in net unrealized appreciation (depreciation) on:

Investment securities

2,683,714

Assets and liabilities in foreign currencies

(2,037)

Total change in net unrealized appreciation (depreciation)

2,681,677

Net gain (loss)

4,740,253

Net increase (decrease) in net assets resulting from operations

$ 18,442,783

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2004
(Unaudited)

Year ended
November 30,
2003 A

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 13,702,530

$ 30,483,187

Net realized gain (loss)

2,058,576

12,637,952

Change in net unrealized appreciation (depreciation)

2,681,677

4,911,027

Net increase (decrease) in net assets resulting from operations

18,442,783

48,032,166

Distributions to shareholders from net investment income

(14,234,280)

(28,731,649)

Distributions to shareholders from net realized gain

(14,011,629)

(2,636,297)

Total distributions

(28,245,909)

(31,367,946)

Share transactions
Net proceeds from sales of shares

11,723,998

47,564,600

Reinvestment of distributions

25,737,299

27,182,054

Cost of shares redeemed

(11,789,245)

(185,360,000)

Net increase (decrease) in net assets resulting from share transactions

25,672,052

(110,613,346)

Total increase (decrease) in net assets

15,868,926

(93,949,126)

Net Assets

Beginning of period

308,415,599

402,364,725

End of period (including undistributed net investment income of $8,884,586 and undistributed net investment income of $9,416,336, respectively)

$ 324,284,525

$ 308,415,599

Other Information

Shares

Sold

1,093,375

4,392,412

Issued in reinvestment of distributions

2,435,247

2,541,844

Redeemed

(1,082,103)

(17,203,491)

Net increase (decrease)

2,446,519

(10,269,235)

A Certain amounts have been reclassified. See Note 1 of Notes to Financial Statements.

Financial Highlights

Six months ended
May 31, 2004

Years ended November 30,

(Unaudited)

2003 G

2002 G

2001

2000

1999

Selected Per-Share Data

Net asset value, beginning of period

$ 10.96

$ 10.47

$ 10.05

$ 9.59

$ 9.35

$ 9.76

Income from Investment Operations

Net investment income (loss) D

.469

.885

.937 F

.778

.907

.931

Net realized and unrealized gain (loss)

.173

.503

.409 F

.585

.297

(.100)

Total from investment operations

.642

1.388

1.346

1.363

1.204

.831

Distributions from net investment income

(.492)

(.828)

(.926)

(.903)

(.964)

(1.085)

Distributions from net realized gain

(.510)

(.070)

-

-

-

(.156)

Total distributions

(1.002)

(.898)

(.926)

(.903)

(.964)

(1.241)

Net asset value, end of period

$ 10.60

$ 10.96

$ 10.47

$ 10.05

$ 9.59

$ 9.35

Total Return B, C

6.21%

13.81%

14.05%

14.69%

13.58%

9.08%

Ratios to Average Net Assets E

Expenses before expense reductions

.82% A

.83%

.84%

.83%

.89%

.91%

Expenses net of voluntary waivers, if any

.82% A

.83%

.84%

.83%

.89%

.91%

Expenses net of all reductions

.81% A

.81%

.83%

.81%

.86%

.89%

Net investment income (loss)

8.82% A

8.25%

9.17% F

7.79%

9.67%

9.84%

Supplemental Data

Net assets, end of period (000 omitted)

$ 324,285

$ 308,416

$ 402,365

$ 314,308

$ 205,706

$ 106,619

Portfolio turnover rate

24% A

27%

32%

38%

53%

16%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change. G As the result of a correction made in the calculation of accretion of discount for certain securities, an accounting policy first adopted in the year ended November 30, 2002, amounts previously reported for that year have been reclassified. This correction had no material effect on the results of operations for the year ended November 30, 2003. The impact for 2002 is a decrease in net investment income per share of $.055 and a corresponding increase in net realized and unrealized gain. The ratio of net investment income to average net assets decreased from previously reported 9.70% to 9.17%. The reclassification has no impact on total net assets or total return of the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2004 (Unaudited)

1. Significant Accounting Policies.

Fidelity Real Estate High Income Fund (the fund) is a fund of Fidelity Advisor Series IV (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions for income tax purposes. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

Reclassification of Financial Information. As the result of a correction made in the calculation of accretion of discount for certain securities, an accounting policy first adopted in the year ended November 30, 2002, amounts previously reported for that year have been reclassified. This correction had no material effect on the results of operations for the year ended November 30, 2003. The impact for 2002 is a decrease in net investment income per share of $.055 and a corresponding increase in net realized and unrealized gain. The ratio of net investment income to average net assets decreased from previously reported 9.70% to 9.17%. The effect of this correction resulted in a $3,649,328 decrease to the cost of securities held and a corresponding increase to net unrealized appreciation (depreciation) on investment securities and liabilities in foreign currencies as of May 31, 2004. The reclassification has no impact on total net assets or total return of the fund.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to defaulted bonds and market discount.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 32,369,736

|

Unrealized depreciation

(13,883,947)

Net unrealized appreciation (depreciation)

$ 18,485,789

Cost for federal income tax purposes

$ 306,452,881

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .60% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .73% of the fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .02% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

Through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $10,243.

7. Other Information.

At the end of the period, three otherwise unaffiliated shareholders were the owners of record of 69% of the total outstanding shares of the fund.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research (Far East) Inc.

Fidelity International Investment Advisors

Fidelity Investments Japan Limited

Fidelity International Investment Advisors
(U.K.) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Shareholder Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.
Boston, MA

Custodian

The Bank of New York
New York, NY

REHI-USAN-0704
1.786816.101

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 9. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Advisor Series IV: Fidelity Real Estate High Income Fund's Board of Trustees.

Item 10. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series IV: Fidelity Real Estate High Income Fund's (the "Fund") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Fund's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting.

Item 11. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series IV

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 9, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

August 9, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

August 9, 2004