N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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:

August 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Real Estate High
Income Fund

August 31, 2004

REHI-QTLY-1004

1.805767.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 1.3%

Principal Amount

Value

Homebuilding/Real Estate - 0.2%

LNR Property Corp. 7.25% 10/15/13

$ 500,000

$ 532,500

Hotels - 1.1%

La Quinta Properties, Inc. 8.875% 3/15/11

1,000,000

1,110,000

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

2,686,020

2,887,471

3,997,471

TOTAL NONCONVERTIBLE BONDS

(Cost $4,273,863)

4,529,971

Asset-Backed Securities - 8.7%

ABSC NIMS Trust:

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

1,314,174

1,320,745

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

763,419

767,236

Series 2003-HE7 Class A, 7% 12/15/33 (c)

1,707,455

1,715,992

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

1,553,679

1,561,447

Ameriquest NIMS Trust/Ameriquest Asset Holdings Series 2004-RN4 Class A, 4.6% 7/25/34 (c)

1,655,575

1,650,222

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

1,500,000

1,635,300

Atherton Franchise Loan Funding LLP:

Series 1998-A Class E, 8.25% 5/15/20 (b)(c)

1,500,000

45,000

Series 1998-A Class F, 7.44% 11/15/14 (b)(c)

2,000,000

20,000

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

915,838

919,501

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

2,500,000

2,588,379

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

4,100,000

4,262,558

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

1,330,000

1,254,720

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

2,200,000

1,320,000

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

1,571,405

1,571,405

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

4,500,000

3,994,368

GS Mortgage Securities Corp.:

5.5% 11/25/32 (c)

275,812

275,619

5.615% 5/25/34 (d)

1,305,000

1,186,316

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

306,059

306,824

Home Equity Asset Trust NIMS Trust:

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

62,539

62,851

Principal Amount

Value

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

$ 84,255

$ 84,887

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

1,291,875

1,291,875

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

1,100,000

1,000,912

Park Place NIMS Trust Series 2004-WCW1, 5.65% 9/25/34 (c)

1,025,000

1,024,693

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

1,460,000

1,239,803

TOTAL ASSET-BACKED SECURITIES

(Cost $31,871,044)

31,100,653

Collateralized Mortgage Obligations - 6.2%

Private Sponsor - 4.6%

Countrywide Home Loans, Inc.:

Series 2002-R1:

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

887,199

718,908

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

1,775,365

978,115

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

1,252,639

206,294

Series 2002-R2 Class 2B4, 4.5922% 7/25/33 (c)(d)

141,931

60,720

Series 2002-R3:

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

815,889

629,510

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

463,309

248,015

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

1,089,682

166,176

Series 2003-40:

Class B3, 4.5% 10/25/18

239,185

204,129

Class B4, 4.5% 10/25/18

95,674

70,978

Class B5, 4.5% 10/25/18

325,337

94,348

Series 2003-R1:

Class 2B4, 4.5466% 2/25/43 (c)(d)

111,321

45,868

Class 2B5, 4.5466% 2/25/43 (c)(d)

529,406

72,261

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

772,709

569,390

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

734,639

542,944

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

985,271

976,098

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

Class 4B3, 7% 10/25/17

357,819

351,692

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

107,581

79,957

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

187,174

104,354

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

125,601

18,840

Nomura Asset Acceptance Corp. Series 2001-R1A:

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

640,164

670,972

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

548,712

568,774

Collateralized Mortgage Obligations - continued

Principal Amount

Value

Private Sponsor - continued

Nomura Asset Acceptance Corp. Series 2001-R1A: - continued

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

$ 140,015

$ 43,317

Residential Accredit Loans, Inc.
Series 2001-QS6:

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

158,640

143,173

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

79,356

61,179

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

108,303

22,072

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

194,073

147,617

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

182,663

182,975

Residential Finance LP/Residential Finance Development Corp. floater:

Series 2002-A:

Class B10, 17.7738% 10/10/34 (d)

1,512,320

1,557,689

Class B9, 13.7738% 10/10/34 (d)

2,420,005

2,492,605

Series 2003-B Class B9, 13.5238% 7/10/35 (c)(d)

1,718,042

1,785,337

Resix Finance Ltd. floater:

Series 2003-D Class B9, 13.0738% 12/10/35 (c)(d)

494,552

525,072

Series 2004-A:

Class B7, 6.0238% 2/10/36 (c)(d)

497,165

497,163

Class B9, 10.7738% 2/10/36 (c)(d)

809,385

820,887

Series 2004-B:

Class B8, 6.3238% 2/10/36 (c)(d)

215,249

215,249

Class B9, 9.8238% 2/10/36 (c)(d)

703,546

703,546

TOTAL PRIVATE SPONSOR

16,576,224

U.S. Government Agency - 1.6%

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

Class B3, 5.75% 12/25/42

2,465,310

1,862,850

Class B4, 5.75% 12/25/42

1,508,477

765,081

Class B5, 5.75% 12/25/42

3,000,226

450,971

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

Class B4, 7% 9/25/41

472,746

277,000

Class B5, 7% 9/25/41

1,501,309

271,409

Class B3, 7% 9/25/41

863,235

721,071

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

Class 3B3, 4.5881% 2/25/42

176,636

117,822

Class 3B5, 4.5881% 2/25/42

190,262

26,745

Principal Amount

Value

Class B4, 6% 2/25/42

$ 1,227,831

$ 676,458

Class B5, 6% 2/25/42

1,125,201

171,242

Fannie Mae REMIC Trust Series 2002-W6 Subordinate REMIC Pass-Through Certificates

Class 3B4, 4.7802% 1/25/42

140,543

65,902

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

Class 2B4, 4.5061% 6/25/43

404,571

164,041

Class 2B5, 4.5061% 6/25/43

471,092

67,071

TOTAL U.S. GOVERNMENT AGENCY

5,637,663

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $21,357,786)

22,213,887

Commercial Mortgage Securities - 71.4%

Artesia Mortgage CMBS, Inc.:

floater Series 1998-C1 Class F, 6.9067% 6/25/30 (c)(d)

4,513,000

4,606,081

Series 1998-C1 Class NR, 6.3617% 6/25/30 (c)(d)

479,167

56,302

Asset Securitization Corp.:

Series 1997-D4:

Class B1, 7.525% 4/14/29

2,000,000

2,247,432

Class B2, 7.525% 4/14/29

675,000

549,211

Series 1997-D5:

Class A8, 10.115% 2/14/43

2,885,962

3,377,763

Class PS1, 1.5226% 2/14/43 (d)(e)

25,145,520

1,485,625

Banc of America Commercial Mortgage, Inc.:

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

1,240,000

1,076,218

Series 2003-2:

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

526,010

518,603

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

709,624

699,321

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

627,000

617,542

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

607,000

592,183

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

316,350

313,458

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

524,850

519,150

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

411,000

404,985

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

692,500

628,801

Bear Stearns Commercial Mortgage Securities, Inc.:

floater Series 2004-ESA Class K, 4.1% 5/14/16 (c)(d)

4,000,000

4,000,000

Series 1999-C1 Class H, 5.64% 2/14/31 (c)

1,475,030

1,012,370

Commercial Mortgage Securities - continued

Principal Amount

Value

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

$ 660,000

$ 637,791

Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 1.1284% 8/1/24 (c)(d)

272,338

236,934

BKB Commercial Mortgage Trust weighted average coupon Series 1997-C1 Class H, 1.832% 10/25/22 (c)(d)

286,679

91,737

Chase Commercial Mortgage Securities Corp.:

floater Series 2000-FL1A Class H, 9.3288% 12/12/13 (c)(d)

1,064,570

883,593

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

5,000,000

4,636,000

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

4,000,000

3,868,744

Commercial Mortgage Asset Trust:

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

7,175,000

6,344,270

Series 1999-C2:

Class G, 6% 11/17/32

4,575,000

4,347,947

Class H, 6% 11/17/32

4,372,000

3,995,219

Commercial Mortgage pass thru certificates:

Series 2000-C1 Class G, 6.85% 8/15/33 (c)

2,100,000

2,054,100

Series 2001-J1A:

Class F, 6.958% 2/14/34 (c)

1,480,000

1,440,225

Class G, 7.2575% 2/14/34 (c)(d)

1,200,000

1,030,332

CS First Boston Mortgage Securities Corp.:

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

3,190,000

1,221,419

Series 1997-C1 Class F, 7.5% 6/20/29 (c)(d)

1,215,000

1,131,469

Series 1998-C1 Class F, 6% 5/17/40 (c)

12,000,000

8,463,158

Series 1998-C2:

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

6,172,000

5,718,496

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

1,065,000

810,480

Series 2000-FL1A:

Class F, 4.0537% 12/15/09 (c)(d)

1,018,000

814,400

Class G, 4.0537% 12/15/09 (c)(d)

1,391,267

765,197

Class H, 4.0537% 12/15/09 (c)(d)

1,414,342

735,458

Class J, 4.0537% 12/15/09 (c)(d)

1,003,070

70,215

Class K, 4.0471% 12/15/09 (c)(d)

1,438,615

57,545

Series 2001-CK6 Class NW, 6.08% 8/15/36

2,050,000

932,229

Principal Amount

Value

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

$ 2,470,000

$ 2,298,824

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

6,026,000

4,637,899

Series 2002-TFLA Class AX, 1.0782% 11/18/12 (c)(d)(e)

68,507,344

470,988

Series 2004-TFLA Class AX, 0.4653% 2/15/14 (c)(d)(e)

44,897,420

1,212,230

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

3,600,000

3,339,719

DLJ Commercial Mortgage Corp.:

Series 1998-CF2 Class B3, 6.04% 11/12/31

5,785,000

5,673,112

Series 1998-CG1 Class B4, 7.1598% 6/10/31 (c)(d)

750,000

801,914

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

813,726

23,522

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

2,500,000

2,584,672

First Chicago/Lennar Trust I:

Series 1997-CHL1 Class E, 7.8708% 4/29/39 (c)(d)

11,103,978

10,526,224

weighted average coupon Series 1997-CHL1 Class D, 7.8672% 4/29/39 (c)(d)

5,770,339

6,116,559

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

3,700,000

3,659,702

Global Signal Trust Series 2004-1:

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

780,000

761,665

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

720,000

703,778

GMAC Commercial Mortgage Securities, Inc. Series 1999-C1 Class F, 6.02% 5/15/33 (c)

7,100,000

6,771,953

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

1,000,000

863,512

GS Mortgage Securities Corp. II:

Series 1997-GL Class H, 7.843% 7/13/30 (c)(d)

1,700,000

1,831,566

Series 2004-GG2:

Class J, 5.067% 8/1/38 (c)(d)

420,000

354,751

Class K, 5.067% 8/1/38 (c)(d)

720,000

586,204

J.P. Morgan Chase Commercial Mortgage Securities Corp.
Series 2001-A:

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

2,003,000

1,178,345

Class X, 1.7889% 10/15/32 (c)(d)(e)

29,890,250

1,527,206

J.P. Morgan Commercial Mortgage Finance Corp.:

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

7,810,000

7,587,292

Series 1999-C7:

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

2,415,000

2,391,864

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

13,273,000

9,614,430

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

1,991,000

1,164,914

Commercial Mortgage Securities - continued

Principal Amount

Value

J.P. Morgan Commercial Mortgage Finance Corp.: - continued

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

$ 6,250,000

$ 1,469,000

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 6.9938% 4/25/21 (c)(d)

637,761

567,607

LB UBS Westfield Trust Series 2001-WM Class X, 0.5408% 7/14/16 (c)(d)(e)

28,513,353

979,240

LTC Commercial Mortgage pass thru certificates Series 1998-1:

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

600,000

600,000

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

800,000

647,358

Mach One Trust LLC Series 2004-1A:

Class L, 5.45% 5/28/40 (c)(d)

1,393,000

989,658

Class M, 5.45% 5/28/40 (c)(d)

1,533,000

920,157

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

45,885,000

409,450

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

1,475,000

1,366,449

Mezz Capital Commercial Mortgage Trust Series 2004-C1:

Class F, 9.422% 10/15/13

645,000

628,875

Class G, 12.349% 10/15/13

465,000

455,282

Class X, 8.056% 1/15/18 (e)

998,864

466,043

Morgan Stanley Capital I, Inc.:

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

4,214,352

4,354,612

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

2,010,000

2,049,822

Series 1997-RR:

Class E, 7.6786% 4/30/39 (c)(d)

2,170,117

2,464,285

Class G1, 7.6786% 4/30/39 (c)(d)

5,350,864

1,230,699

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

1,520,000

1,540,663

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

7,000,000

7,271,013

Series 1998-HF2:

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

5,935,000

6,210,653

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

8,985,745

8,407,639

Mortgage Capital Funding, Inc.:

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

9,381,364

9,673,066

Series 1998-MC3 Class F, 7.2957% 11/18/31 (c)(d)

4,300,000

4,262,711

Nationslink Funding Corp.:

Series 1998-2:

Class E, 7.105% 8/20/30

2,000,000

2,207,785

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

6,500,000

6,381,172

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

1,315,000

891,681

Series 1999-1 Class H, 6% 1/20/31 (c)

1,340,000

1,220,796

Principal Amount

Value

Nomura Asset Securities Corp.:

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

$ 8,453,000

$ 8,400,532

weighted average coupon Series 1994-MD1 Class B2, 10.8103% 3/15/18 (b)(c)(d)

4,746,912

1,376,605

Penn Mutual Life Insurance Co./Penn Insurance & Annuity Co. Series 1996-PML Class M, 7.9% 11/15/26 (c)

5,862,000

6,685,428

Prudential Securities Secured Financing Corp.:

Series 1998-C1 Class F, 6.928% 2/15/13 (c)(d)

3,765,000

3,672,640

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

4,130,000

3,987,225

RMF Commercial Mortgage, Inc. Series 1997-1 Class G, 8.9357% 1/15/19 (c)(d)

1,450,000

524,889

Salomon Brothers Mortgage
Securities VII, Inc.:

floater:

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

2,500,000

2,151,660

Series 2000-NL1 Class H, 6.8037% 10/15/30 (c)(d)

2,900,000

3,050,092

Series 1999-C1 Class G, 7.1531% 5/18/32 (c)(d)

5,412,500

5,144,835

Series 2000-C3 Class X, 1.6835% 12/18/33 (c)(d)(e)

32,158,273

2,092,079

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

500,000

565,437

Washington Mutual Multi-family Mortgage LLC Series 2001-1
Class B4, 7.2018% 10/18/31 (c)(d)

1,600,000

1,633,929

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $232,971,491)

256,625,915

Common Stocks - 0.4%

Shares

Banks and Thrifts - 0.0%

CS First Boston Mortgage Securities Corp. warrants 9/17/04 (a)

6,236,357

62

Healthcare - 0.0%

Fountain View, Inc. (f)

869

14,564

Homebuilding/Real Estate - 0.4%

Newcastle Investment Holdings Corp. (c)

25,000

187,500

PS Business Parks, Inc. unit

44,000

1,104,400

1,291,900

TOTAL COMMON STOCKS

(Cost $1,162,509)

1,306,526

Preferred Stocks - 5.1%

Shares

Value

Convertible Preferred Stocks - 1.2%

Homebuilding/Real Estate - 1.2%

Equity Office Properties Trust
Series B, 5.25%

44,300

$ 2,241,580

Glenborough Realty Trust, Inc.
Series A, 7.75%

80,639

2,028,071

4,269,651

Nonconvertible Preferred Stocks - 3.9%

Automotive - 0.3%

Capital Automotive 6.75%

44,000

1,056,000

Homebuilding/Real Estate - 3.4%

American Home Mortgage Investment Corp. Series A, 9.375%

65,000

1,703,000

Annaly Mortgage Management, Inc. Series A, 7.875%

65,000

1,605,500

Apartment Investment & Management Co.:

Series G, 9.375%

16,500

439,725

Series Q, 10.10%

13,300

352,450

Series R, 10.00%

10,500

280,455

Series T, 8.00%

103,000

2,595,600

Series U, 7.75%

16,000

392,800

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

103,000

2,678,000

Pennsylvania Real Estate Investment Trust 11.00%

3,600

213,300

PS Business Parks, Inc. (depositary shares) Series F, 8.75%

39,000

1,039,350

RAIT Investment Trust Series A, 7.75%

39,200

958,440

12,258,620

Hotels - 0.2%

Innkeepers USA Trust Series C, 8.00%

35,000

896,000

TOTAL NONCONVERTIBLE PREFERRED STOCKS

14,210,620

TOTAL PREFERRED STOCKS

(Cost $16,938,780)

18,480,271

Floating Rate Loans - 1.2%

Principal Amount

Value

Hotels - 1.2%

Wyndham International, Inc. term loan 6.375% 6/30/06 (d)
(Cost $4,448,270)

$ 4,518,699

$ 4,428,325

Preferred Securities - 1.4%

Homebuilding/Real Estate - 1.4%

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 19.2633% 12/28/35 (c)(d)

1,500,000

1,473,691

Crest Dartmouth Street 2003 1 Ltd.
Series 2003-1A Class PS, 18.532% 6/28/38 (c)(d)

2,730,000

2,829,496

Crest G-Star Ltd. Series 2001-2A
Class PS, 30.6609% 2/25/32 (c)(d)

1,100,000

880,258

TOTAL PREFERRED SECURITIES

(Cost $5,230,427)

5,183,445

Cash Equivalents - 4.3%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.58%, dated 8/31/04 due 9/1/04)
(Cost $15,504,000)

$ 15,504,679

15,504,000

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $333,758,170)

359,372,993

NET OTHER ASSETS - 0.0%

144,507

NET ASSETS - 100%

$ 359,517,500

Legend

(a) Non-income producing

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

(c) 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 $267,262,783 or 74.3% of net assets.

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

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

(f) 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

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $333,555,047. Net unrealized appreciation aggregated $25,817,946, of which $34,265,934 related to appreciated investment securities and $8,447,988 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Institutional Short
Intermediate Government Fund

August 31, 2004

ISIG-QTLY-1004

1.805749.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 89.1%

Principal Amount

Value

U.S. Government Agency Obligations - 47.1%

Fannie Mae:

2.375% 12/15/05

$ 10,000,000

$ 10,015,360

2.375% 2/15/07

8,450,000

8,362,466

2.5% 6/15/06

3,285,000

3,283,486

2.625% 11/15/06

5,585,000

5,573,769

3.25% 1/15/08

5,210,000

5,221,577

5.5% 3/15/11

95,000

102,346

6.25% 2/1/11

575,000

635,151

Farm Credit Systems Financial Assistance Corp. 8.8% 6/10/05

9,550,000

10,045,741

Federal Home Loan Bank:

1.5% 8/19/05

8,875,000

8,826,143

5.8% 9/2/08

20,115,000

21,827,651

Freddie Mac:

2.375% 4/15/06

84,750,000

84,728,221

2.875% 12/15/06

38,495,000

38,615,990

3.625% 9/15/08

21,053,000

21,211,487

4.375% 2/4/10

12,200,000

12,250,972

5.875% 3/21/11

475,000

516,162

Government Loan Trusts (assets of Trust guaranteed by U.S. Government through Agency for International Development) Series 1-B, 8.5% 4/1/06

962,516

1,021,065

Guaranteed Export Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):

Series 1993-C, 5.2% 10/15/04

22,798

22,915

Series 1993-D, 5.23% 5/15/05

55,529

56,317

Series 1994-F, 8.187% 12/15/04

223,021

226,969

Guaranteed Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank) Series 1992-A, 7.02% 9/1/04

521,623

521,696

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates 6.77% 11/15/13

1,209,615

1,336,286

State of Israel (guaranteed by U.S. Government through Agency for International Development) 6.8% 2/15/12

2,500,000

2,824,060

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

237,225,830

U.S. Treasury Obligations - 42.0%

U.S. Treasury Bonds 11.75% 2/15/10

1,199,000

1,252,486

U.S. Treasury Notes:

1.625% 2/28/06

25,920,000

25,711,422

2.625% 11/15/06

27,100,000

27,182,574

U.S. Government and Government Agency Obligations - continued

Principal Amount

Value

U.S. Treasury Obligations - continued

U.S. Treasury Notes: - continued

2.75% 6/30/06

$ 23,732,000

$ 23,909,064

2.75% 7/31/06

41,181,000

41,470,544

3% 2/15/09

10,000,000

9,917,970

3.25% 1/15/09

15,000,000

15,045,120

3.625% 7/15/09

10,000,000

10,142,580

3.875% 5/15/09

15,000,000

15,398,430

4.75% 5/15/14

10,400,000

10,914,717

5.625% 5/15/08

18,136,000

19,809,336

6% 8/15/09

10,000,000

11,215,230

TOTAL U.S. TREASURY OBLIGATIONS

211,969,473

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $447,175,988)

449,195,303

U.S. Government Agency - Mortgage Securities - 4.2%

Fannie Mae - 3.2%

5.5% 1/1/09 to 11/1/17

3,215,123

3,337,800

6% 9/1/08 to 10/1/16

4,583,398

4,829,379

6.5% 2/1/10 to 4/1/33

2,491,147

2,627,021

6.5% 9/1/19 (a)

2,209,417

2,344,053

6.5% 9/1/34 (a)

471,995

495,595

7% 1/1/10 to 6/1/31

773,648

822,106

7% 9/1/19 (a)

141,391

150,095

8% 8/1/09

53,897

56,569

9% 2/1/13 to 8/1/21

356,578

396,490

9.5% 5/1/09 to 11/1/21

33,736

36,759

10.5% 5/1/10 to 8/1/20

73,510

82,850

11% 11/1/10 to 9/1/14

417,294

466,728

11.5% 11/1/15 to 7/15/19

307,885

351,490

12% 4/1/15

15,906

18,275

12.5% 3/1/16

22,726

26,122

16,041,332

Freddie Mac - 0.6%

5% 10/1/33

932,654

928,041

6.5% 5/1/08

74,619

79,238

7.5% 11/1/12

315,792

339,701

8% 9/1/07 to 12/1/09

210,076

219,657

U.S. Government Agency - Mortgage Securities - continued

Principal Amount

Value

Freddie Mac - continued

8.5% 7/1/06 to 6/1/14

$ 241,443

$ 254,601

9% 12/1/07 to 3/1/22

149,096

163,718

9.5% 1/1/17 to 12/1/22

439,501

489,940

10% 1/1/09 to 6/1/20

124,962

138,395

10.5% 9/1/16 to 5/1/21

67,022

74,049

11% 12/1/11

2,855

3,163

11.5% 10/1/15

5,767

6,558

12% 9/1/11 to 11/1/19

31,685

36,017

12.25% 11/1/14

27,418

31,300

12.5% 8/1/10 to 6/1/19

337,189

383,794

3,148,172

Government National Mortgage Association - 0.4%

8% 11/15/09 to 12/15/23

1,662,531

1,792,434

8.5% 5/15/16 to 3/15/17

53,635

59,182

10.5% 1/15/16 to 1/15/18

202,748

229,478

11% 10/20/13

5,610

6,307

12.5% 11/15/14

65,083

75,298

13.5% 7/15/11

11,876

13,782

2,176,481

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $20,580,496)

21,365,985

Collateralized Mortgage Obligations - 4.4%

U.S. Government Agency - 4.4%

Fannie Mae:

floater Series 1994-42 Class FK, 4.19% 4/25/24 (b)

3,000,000

3,044,390

sequential pay Series 1993-238 Class C, 6.5% 12/25/08

5,000,000

5,225,570

Fannie Mae guaranteed REMIC pass thru certificates:

Class 2004-29 Class JZ, 4.5% 5/25/19

139,822

139,439

floater Series 2002-74 Class FV, 2.065% 11/25/32 (b)

3,428,658

3,452,035

planned amortization class Series 2002-8 Class PD, 6.5% 7/25/30

1,010,126

1,032,029

Series 2002-50 Class LE, 7% 12/25/29

254,949

260,571

Series 2004-21 Class ZJ, 5.5% 6/25/32

146,825

146,617

Series 2004-54 Class ZK, 5% 7/25/19

300,636

300,084

Freddie Mac Multi-class participation certificates guaranteed:

floater Series 2526 Class FC, 2% 11/15/32 (b)

1,530,739

1,535,397

Collateralized Mortgage Obligations - continued

Principal Amount

Value

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

planned amortization class:

Series 1543 Class VK, 6.7% 1/15/23

$ 1,993,745

$ 2,054,278

Series 2435 Class EL, 6% 9/15/27

41,972

41,933

Series 2461 Class PG, 6.5% 1/15/31

827,174

844,854

Series 2466 Class DE, 6.5% 4/15/30

208,516

208,802

Series 2473 Class JB, 5.5% 2/15/29

208,919

209,589

sequential pay Series 1929 Class EZ, 7.5% 2/17/27

2,869,317

3,098,667

Series 2749 Class MZ, 5% 2/15/24

68,734

68,666

Series 2802 Class Z, 5.5% 4/15/33

154,904

154,750

Ginnie Mae guaranteed REMIC pass thru securities planned amortization class Series 2001-53 Class TA, 6% 12/20/30

272,325

275,554

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $22,189,847)

22,093,225

Cash Equivalents - 5.9%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Government Obligations, in a joint trading account at 1.59%, dated 8/31/04 due 9/1/04)
(Cost $29,548,000) (c)

$ 29,549,305

29,548,000

TOTAL INVESTMENT PORTFOLIO - 103.6%

(Cost $519,494,331)

522,202,513

NET OTHER ASSETS - (3.6)%

(18,303,826)

NET ASSETS - 100%

$ 503,898,687

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $519,690,271. Net unrealized appreciation aggregated $2,512,242, of which $3,617,938 related to appreciated investment securities and $1,105,696 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series IV's (the "Trust") 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 Trust 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 Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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:

October 19, 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:

October 19, 2004

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

October 19, 2004