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)

Scott C. Goebel, 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, 2008

Item 1. Reports to Stockholders

Fidelity ®
Institutional
Short-Intermediate
Government Fund

Semiannual Report

May 31, 2008
(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

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.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) website at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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 LLC or an affiliated company.

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.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Investing momentum appeared to shift back in favor of equities as we approached the mid-point of 2008, offsetting some - but not all - of the market's earlier weakness. However, the outlook for the remainder of the year was far from certain. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,
/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2007 to May 31, 2008).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 

Beginning
Account Value
December 1, 2007

Ending
Account Value
May 31, 2008

Expenses Paid
During Period*
December 1, 2007
to May 31, 2008

Actual

$ 1,000.00

$ 1,021.80

$ 2.27

Hypothetical (5% return per year before expenses)

$ 1,000.00

$ 1,022.75

$ 2.28

* Expenses are equal to the Fund's annualized expense ratio of .45%; multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Coupon Distribution as of May 31, 2008

 

% of fund's
investments

% of fund's investments
6 months ago

Less than 3%

31.6

1.8

3 - 3.99%

4.9

28.0

4 - 4.99%

23.8

27.9

5 - 5.99%

11.6

27.1

6 - 6.99%

12.8

4.9

7% and over

0.6

0.7

Coupon distribution shows the range of stated interest rates on the fund's investments, excluding short-term investments.

Weighted Average Maturity as of May 31, 2008

 

 

6 months ago

Years

2.6

3.7

The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision.

Duration as of May 31, 2008

 

 

6 months ago

Years

2.4

2.3

Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example.

Asset Allocation (% of fund's net assets)

As of May 31, 2008*

As of November 30, 2007**

fid3819

Mortgage Securities 20.1%

 

fid3819

Mortgage Securities 37.2%

 

fid3822

CMOs and Other Mortgage Related Securities 7.2%

 

fid3824

CMOs and Other Mortgage Related Securities 8.4%

 

fid3826

U.S. Treasury

Obligations 47.6%

 

fid3828

U.S. Treasury

Obligations 43.3%

 

fid3830

U.S. Government
Agency Obligations 25.1%

 

fid3830

U.S. Government
Agency Obligations 27.5%

 

fid3833

Asset-Backed
Securities 0.1%

 

fid3833

Asset-Backed
Securities 0.4%

 

fid3836

Short-Term
Investments and
Net Other Assets† (0.1)%

 

fid3838

Short-Term
Investments and
Net Other Assets† (16.8)%

 


fid3840

* Futures and Swaps

2.2%

 

** Futures and Swaps

(0.2)%

 

† Short-Term Investments and Net Other Assets are not included in the pie chart.

Semiannual Report

Investments May 31, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 72.7%

 

Principal Amount

Value

U.S. Government Agency Obligations - 25.1%

Fannie Mae:

2.5% 4/9/10

$ 10,525,000

$ 10,409,883

3.875% 12/10/09

1,480,000

1,500,813

4.75% 11/19/12

2,500,000

2,577,930

5% 2/16/12

2,300,000

2,391,195

6% 5/15/11

23,000,000

24,607,815

6.625% 9/15/09

13,759,000

14,396,578

Freddie Mac:

3.5% 5/29/13

6,100,000

5,938,271

3.75% 6/28/13

4,000,000

3,935,512

4.125% 11/30/09

33,100,000

33,605,934

5.25% 7/18/11

6,000,000

6,256,188

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

2,500,000

2,636,320

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

719,230

760,629

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

109,017,068

U.S. Treasury Obligations - 47.6%

U.S. Treasury Notes:

1.75% 3/31/10 (b)

52,676,000

51,881,755

2% 2/28/10 (b)

36,810,000

36,459,164

2.125% 1/31/10

27,591,000

27,401,312

2.625% 5/31/10

6,678,000

6,675,916

2.75% 2/28/13

24,607,000

23,905,307

3.125% 4/30/13

3,600,000

3,555,000

3.375% 11/30/12

4,500,000

4,505,625

4.5% 4/30/12

9,050,000

9,473,513

4.625% 7/31/12

25,500,000

26,838,750

4.75% 3/31/11

9,250,000

9,719,003

4.75% 5/31/12

6,000,000

6,335,628

TOTAL U.S. TREASURY OBLIGATIONS

206,750,973

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $318,106,812)

315,768,041

U.S. Government Agency - Mortgage Securities - 20.1%

 

Principal Amount

Value

Fannie Mae - 13.4%

3.603% 9/1/33 (e)

$ 129,747

$ 131,073

3.707% 6/1/33 (e)

368,164

371,392

3.742% 10/1/33 (e)

40,165

40,160

3.789% 6/1/33 (e)

412,139

409,782

3.876% 6/1/33 (e)

152,601

151,739

3.886% 6/1/33 (e)

30,146

30,245

3.89% 5/1/33 (e)

159,050

158,359

3.915% 5/1/34 (e)

185,772

187,008

3.915% 5/1/34 (e)

258,523

260,482

3.944% 8/1/33 (e)

166,775

168,595

3.966% 9/1/33 (e)

282,057

284,004

3.978% 10/1/18 (e)

24,680

24,930

3.999% 4/1/34 (e)

418,551

422,305

4% 9/1/13 to 5/1/20

1,257,720

1,200,647

4% 3/1/34 (e)

391,986

395,520

4.011% 5/1/33 (e)

13,378

13,429

4.024% 3/1/34 (e)

801,262

808,277

4.108% 4/1/34 (e)

495,328

494,493

4.115% 5/1/34 (e)

405,584

408,548

4.166% 1/1/35 (e)

96,622

96,889

4.233% 1/1/34 (e)

98,268

99,194

4.25% 2/1/35 (e)

43,000

43,167

4.259% 10/1/33 (e)

16,242

16,394

4.269% 6/1/33 (e)

366,669

369,283

4.301% 3/1/33 (e)

27,351

27,471

4.31% 1/1/35 (e)

366,917

368,495

4.31% 5/1/35 (e)

37,261

37,423

4.333% 1/1/35 (e)

46,908

47,116

4.334% 8/1/33 (e)

163,611

163,319

4.343% 10/1/19 (e)

46,533

46,723

4.366% 2/1/34 (e)

89,941

90,864

4.374% 1/1/34 (e)

508,629

508,582

4.388% 2/1/35 (e)

80,834

81,258

4.397% 10/1/33 (e)

187,883

188,949

4.407% 10/1/34 (e)

175,001

175,783

4.42% 8/1/33 (e)

64,975

64,815

4.423% 8/1/34 (e)

126,679

127,898

4.428% 11/1/33 (e)

61,850

62,405

4.429% 3/1/35 (e)

82,353

82,808

4.453% 8/1/35 (e)

598,781

598,070

4.476% 12/1/34 (e)

22,210

22,340

4.486% 1/1/35 (e)

224,384

225,894

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

4.494% 1/1/35 (e)

$ 43,631

$ 43,526

4.5% 3/1/18 to 11/1/19

846,330

831,861

4.529% 7/1/35 (e)

138,925

140,125

4.536% 5/1/35 (e)

1,474,802

1,476,740

4.564% 2/1/35 (e)

163,778

164,944

4.571% 1/1/35 (e)

366,828

369,442

4.573% 7/1/35 (e)

98,994

98,753

4.582% 4/1/33 (e)

336,882

338,148

4.632% 4/1/33 (e)

5,979

6,015

4.638% 4/1/35 (e)

13,877

13,966

4.647% 10/1/34 (e)

134,996

135,890

4.667% 5/1/35 (e)

483,306

485,751

4.673% 8/1/35 (e)

203,104

205,352

4.678% 8/1/35 (e)

423,871

431,830

4.684% 6/1/35 (e)

135,731

136,874

4.688% 9/1/34 (e)

565,211

569,206

4.694% 10/1/34 (e)

113,481

114,162

4.695% 2/1/36 (e)

515,070

518,412

4.697% 2/1/35 (e)

617,270

622,608

4.7% 2/1/35 (e)

266,787

269,123

4.708% 7/1/34 (e)

132,023

133,588

4.73% 12/1/35 (e)

1,642,681

1,655,096

4.75% 5/1/35 (e)

91,679

92,250

4.76% 8/1/34 (e)

634,904

634,906

4.76% 1/1/35 (e)

194,323

195,864

4.769% 6/1/33 (e)

10,769

10,839

4.771% 12/1/34 (e)

41,374

41,670

4.784% 7/1/35 (e)

192,550

194,547

4.797% 11/1/34 (e)

92,495

93,188

4.802% 10/1/35 (e)

93,434

94,011

4.804% 6/1/35 (e)

128,187

129,496

4.82% 9/1/34 (e)

164,599

166,470

4.837% 1/1/35 (e)

135,901

137,444

4.849% 9/1/34 (e)

368,202

372,518

4.852% 10/1/34 (e)

365,679

368,547

4.854% 7/1/35 (e)

251,889

254,625

4.88% 5/1/35 (e)

78,329

79,197

4.881% 4/1/35 (e)

448,726

454,872

4.886% 10/1/35 (e)

66,271

66,770

4.903% 3/1/33 (e)

109,942

110,882

4.929% 8/1/34 (e)

376,164

377,597

4.943% 8/1/34 (e)

277,192

281,011

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

4.952% 7/1/36 (e)

$ 171,917

$ 172,492

4.954% 3/1/35 (e)

218,909

221,233

4.971% 2/1/35 (e)

225,601

227,968

4.982% 11/1/35 (e)

329,599

330,562

4.996% 2/1/34 (e)

316,335

320,581

5% 2/1/16 to 1/1/19

935,582

939,204

5% 6/1/23 (c)

5,000,000

4,970,392

5.019% 12/1/32 (e)

401,532

405,402

5.025% 7/1/34 (e)

19,514

19,750

5.041% 10/1/35 (e)

253,041

256,399

5.055% 8/1/34 (e)

26,996

27,023

5.065% 5/1/35 (e)

31,270

31,544

5.088% 9/1/34 (e)

32,416

32,822

5.098% 10/1/35 (e)

182,518

185,135

5.135% 8/1/34 (e)

254,420

258,136

5.135% 3/1/35 (e)

20,304

20,539

5.163% 8/1/33 (e)

47,604

47,725

5.167% 3/1/36 (e)

584,277

593,203

5.234% 11/1/36 (e)

119,742

121,969

5.24% 6/1/35 (e)

161,380

162,900

5.256% 12/1/36 (e)

113,093

114,623

5.272% 7/1/35 (e)

1,118,090

1,133,720

5.275% 3/1/35 (e)

27,097

27,349

5.281% 4/1/36 (e)

209,230

214,800

5.302% 7/1/35 (e)

15,917

16,069

5.303% 12/1/34 (e)

53,197

53,727

5.324% 2/1/36 (e)

41,726

42,273

5.35% 1/1/36 (e)

442,396

448,700

5.358% 2/1/36 (e)

312,534

317,129

5.36% 2/1/37 (e)

113,636

115,431

5.365% 3/1/37 (e)

811,421

825,891

5.39% 2/1/37 (e)

554,248

562,449

5.443% 3/1/35 (e)

254,854

255,878

5.445% 2/1/37 (e)

752,673

765,609

5.473% 6/1/47 (e)

87,670

88,981

5.5% 1/1/09 to 6/1/20 (d)

4,806,289

4,888,951

5.524% 11/1/36 (e)

224,428

228,541

5.585% 3/1/35 (e)

9,469

9,558

5.599% 2/1/36 (e)

127,541

129,964

5.611% 4/1/37 (e)

473,402

481,348

5.643% 4/1/36 (e)

525,087

535,523

5.665% 6/1/36 (e)

310,849

316,949

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

5.791% 3/1/36 (e)

$ 1,068,249

$ 1,090,160

5.802% 1/1/36 (e)

115,420

117,671

5.828% 5/1/36 (e)

806,027

822,813

5.877% 9/1/36 (e)

197,567

201,485

5.895% 12/1/36 (e)

190,658

195,112

5.906% 5/1/36 (e)

353,763

361,332

5.95% 5/1/36 (e)

119,979

122,821

5.978% 2/1/35 (e)

9,902

10,056

6% 5/1/12 to 6/1/30

7,260,766

7,458,246

6.009% 4/1/36 (e)

2,155,771

2,203,789

6.05% 3/1/33 (e)

17,201

17,406

6.095% 3/1/37 (e)

212,957

218,561

6.164% 4/1/36 (e)

212,827

217,963

6.226% 3/1/37 (e)

69,936

71,774

6.236% 2/1/35 (e)

26,518

26,739

6.239% 6/1/36 (e)

32,105

32,778

6.277% 2/1/33 (e)

37,583

37,668

6.304% 2/1/35 (e)

11,198

11,221

6.5% 6/1/15 to 7/1/32

483,332

502,262

7% 6/1/12 to 6/1/31

299,079

309,564

7.253% 12/1/32 (e)

142,071

143,230

7.5% 5/1/37

164,962

174,634

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

130,641

140,935

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

2,362

2,451

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

26,531

29,143

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

97,925

103,268

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

103,007

114,999

12% 4/1/15

12,291

14,155

12.5% 3/1/16

2,479

2,747

 

58,097,669

Freddie Mac - 6.6%

3.399% 7/1/33 (e)

395,426

393,949

4% 11/1/20

851,428

806,622

4.005% 4/1/34 (e)

647,795

644,035

4.084% 5/1/33 (e)

466,501

470,901

4.12% 7/1/35 (e)

277,081

279,391

4.177% 1/1/35 (e)

558,302

563,995

4.298% 12/1/34 (e)

50,429

50,518

4.394% 6/1/35 (e)

84,382

85,178

4.414% 2/1/34 (e)

50,163

49,928

4.414% 3/1/35 (e)

65,947

66,152

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Freddie Mac - continued

4.43% 3/1/35 (e)

$ 65,840

$ 66,055

4.5% 2/1/18 to 11/1/20

656,556

646,788

4.541% 2/1/35 (e)

129,495

130,112

4.681% 5/1/35 (e)

368,250

365,575

4.697% 9/1/36 (e)

141,790

141,950

4.733% 6/1/33 (e)

163,942

162,968

4.785% 2/1/36 (e)

56,994

57,450

4.797% 3/1/35 (e)

114,803

115,415

4.872% 10/1/35 (e)

231,729

235,358

4.962% 10/1/36 (e)

249,071

254,170

5% 9/1/18 to 9/1/35

4,362,738

4,382,602

5.023% 4/1/35 (e)

253,920

255,607

5.027% 7/1/35 (e)

666,848

672,672

5.117% 4/1/35 (e)

435,306

438,294

5.126% 7/1/35 (e)

210,856

213,396

5.267% 2/1/36 (e)

19,576

19,853

5.287% 11/1/35 (e)

199,179

201,035

5.303% 12/1/33 (e)

393,961

394,281

5.386% 3/1/35 (e)

43,225

43,507

5.406% 3/1/37 (e)

76,433

77,299

5.485% 1/1/36 (e)

194,467

197,577

5.5% 8/1/14 to 11/1/20

3,201,011

3,255,454

5.525% 1/1/36 (e)

256,541

260,306

5.528% 4/1/37 (e)

95,485

96,784

5.583% 2/1/35 (e)

88,925

89,576

5.587% 3/1/36 (e)

885,271

899,334

5.754% 5/1/37 (e)

976,531

992,323

5.756% 10/1/35 (e)

55,304

56,247

5.776% 3/1/37 (e)

459,986

466,117

5.799% 6/1/37 (e)

336,554

342,258

5.8% 4/1/37 (e)

438,931

445,954

5.817% 5/1/37 (e)

551,777

560,572

5.829% 5/1/37 (e)

148,233

150,525

5.841% 5/1/37 (e)

81,744

82,913

5.943% 4/1/36 (e)

1,528,967

1,558,548

6% 11/1/16 to 2/1/19

1,581,675

1,630,368

6.016% 6/1/36 (e)

152,410

155,434

6.136% 12/1/36 (e)

1,010,647

1,026,392

6.141% 2/1/37 (e)

133,812

136,548

6.224% 5/1/36 (e)

126,285

129,142

6.287% 12/1/36 (e)

305,361

312,585

6.3% 8/1/36 (e)

1,598,048

1,636,441

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Freddie Mac - continued

6.353% 7/1/36 (e)

$ 148,105

$ 151,530

6.417% 6/1/37 (e)

34,733

35,650

6.487% 9/1/36 (e)

741,029

760,416

6.5% 12/1/21

411,042

424,370

6.502% 3/1/33 (e)

11,188

11,340

6.656% 8/1/37 (e)

248,334

255,712

7.5% 11/1/12

85,715

88,730

7.581% 4/1/37 (e)

34,992

36,107

8% 12/1/09

607

610

8.5% 7/1/09

86

86

9% 9/1/10 to 12/1/18

44,638

48,413

9.5% 2/1/17 to 12/1/22

154,302

167,887

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

17,246

18,394

10.5% 9/1/20 to 5/1/21

3,572

3,692

11% 12/1/11

843

889

11.5% 10/1/15

4,019

4,527

12% 10/1/13 to 11/1/19

14,949

16,825

12.25% 11/1/14

18,432

20,759

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

89,203

99,303

 

28,911,694

Government National Mortgage Association - 0.1%

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

290,913

304,794

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

41,106

44,179

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

45,638

51,502

11% 10/20/13

1,495

1,663

13.5% 7/15/11

2,926

3,191

 

405,329

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $86,517,238)

87,414,692

Asset-Backed Securities - 0.1%

 

Fannie Mae Grantor Trust Series 2005-T4 Class A1C, 2.5425% 9/25/35 (e)
(Cost $535,401)

535,401

530,147

Collateralized Mortgage Obligations - 7.2%

 

Principal Amount

Value

U.S. Government Agency - 7.2%

Fannie Mae:

floater:

Series 1994-42 Class FK, 2.89% 4/25/24 (e)

$ 1,340,562

$ 1,260,125

Series 2007-95 Class A1, 2.6425% 8/27/36 (e)

563,079

559,194

planned amortization class Series 2002-83 Class ME, 5% 12/25/17

2,390,000

2,338,643

sequential payer:

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

278,020

279,644

Series 1999-25 Class Z, 6% 6/25/29

2,608,085

2,640,824

Fannie Mae subordinate REMIC pass-thru certificates:

floater:

Series 2001-38 Class QF, 3.3725% 8/25/31 (e)

321,232

324,275

Series 2002-49 Class FB, 3.0975% 11/18/31 (e)

530,876

526,658

Series 2002-60 Class FV, 3.3925% 4/25/32 (e)

117,589

118,685

Series 2002-74 Class FV, 2.8425% 11/25/32 (e)

1,195,421

1,183,151

Series 2002-75 Class FA, 3.3925% 11/25/32 (e)

240,879

243,085

planned amortization class:

Series 2002-11:

Class QC, 5.5% 3/25/17

626,551

635,113

Class UC, 6% 3/25/17

477,332

488,810

Series 2002-16 Class PG, 6% 4/25/17

670,000

685,513

Series 2002-18 Class PC, 5.5% 4/25/17

360,000

365,928

Series 2002-61 Class PG, 5.5% 10/25/17

945,000

961,563

Series 2003-85 Class GD, 4.5% 9/25/18

395,000

381,423

Series 2004-81 Class KC, 4.5% 4/25/17

325,000

324,365

Series 2005-52 Class PB, 6.5% 12/25/34

798,495

830,837

sequential payer:

Series 2002-56 Class MC, 5.5% 9/25/17

156,564

158,587

Series 2002-57 Class BD, 5.5% 9/25/17

158,209

160,383

Series 2003-18 Class EY, 5% 6/25/17

804,584

807,909

Series 2004-95 Class AN, 5.5% 1/25/25

414,752

418,603

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2448 Class FT, 3.5144% 3/15/32 (e)

518,484

523,470

Series 2526 Class FC, 2.9144% 11/15/32 (e)

270,245

267,275

Series 2530 Class FE, 3.1144% 2/15/32 (e)

305,581

302,662

Series 2630 Class FL, 3.0144% 6/15/18 (e)

24,979

25,250

Series 2925 Class CQ, 0% 1/15/35 (e)

110,310

88,867

planned amortization class:

Series 2356 Class GD, 6% 9/15/16

165,391

169,676

Collateralized Mortgage Obligations - continued

 

Principal Amount

Value

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed: - continued

planned amortization class:

Series 2363 Class PF, 6% 9/15/16

$ 229,964

$ 235,867

Series 2376 Class JE, 5.5% 11/15/16

167,112

168,780

Series 2378 Class PE, 5.5% 11/15/16

470,403

478,167

Series 2381 Class OG, 5.5% 11/15/16

133,294

135,505

Series 2390 Class CH, 5.5% 12/15/16

432,091

436,799

Series 2425 Class JH, 6% 3/15/17

225,746

231,480

Series 2628 Class OE, 4.5% 6/15/18

335,000

322,645

Series 2695 Class DG, 4% 10/15/18

805,000

757,586

Series 2752 Class PW, 4% 4/15/22

475,785

476,254

Series 2770 Class UD, 4.5% 5/15/17

1,185,000

1,166,541

sequential payer:

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

984,747

1,041,674

Series 2546 Class C, 5% 12/15/17

540,000

535,499

Series 2570 Class CU, 4.5% 7/15/17

84,191

83,288

Series 2572 Class HK, 4% 2/15/17

119,712

118,581

Series 2617 Class GW, 3.5% 6/15/16

535,686

534,575

Series 2672 Class HA, 4% 9/15/16

908,294

900,236

Series 2675 Class CB, 4% 5/15/16

705,957

701,053

Series 2683 Class JA, 4% 10/15/16

750,013

743,151

Series 2860 Class CP, 4% 10/15/17

88,715

87,966

Series 2866 Class N, 4.5% 12/15/18

658,674

661,054

Series 2937 Class HJ, 5% 10/15/19

401,171

400,042

Series 3013 Class VJ, 5% 1/15/14

940,645

952,595

Series 3266 Class C, 5% 2/15/20

298,860

299,198

Series 2564 Class BQ, 5.5% 10/15/17

2,390,182

2,422,813

Series 2975 Class NA, 5% 7/15/23

235,758

237,645

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $31,265,450)

31,199,512

Cash Equivalents - 17.5%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at:

2.33%, dated 5/30/08 due 6/2/08 (Collateralized by U.S. Government Obligations) #

$ 3,134,608

$ 3,134,000

2.35%, dated 5/30/08 due 6/2/08 (Collateralized by U.S. Government Obligations) # (a)

72,798,254

72,784,000

TOTAL CASH EQUIVALENTS

(Cost $75,918,000)

75,918,000

TOTAL INVESTMENT PORTFOLIO - 117.6%

(Cost $512,342,901)

510,830,392

NET OTHER ASSETS - (17.6)%

(76,616,326)

NET ASSETS - 100%

$ 434,214,066

Swap Agreements

 

Expiration Date

Notional Amount

 

Interest Rate Swaps

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 4.28% with JPMorgan Chase, Inc.

April 2018

$ 2,500,000

76,286

Receive quarterly a floating rate based on 3-month LIBOR and pay semi-annually a fixed rate equal to 5.35% with Bank of America

March 2037

850,000

(36,275)

Receive semi-annually a fixed rate equal to 2.755% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

April 2010

10,600,000

(123,453)

Receive semi-annually a fixed rate equal to 3.1899% and pay quarterly a floating rate based on 3-month LIBOR with Goldman Sachs

April 2010

2,400,000

(9,249)

 

$ 16,350,000

$ (92,691)

Legend

(a) Investment made with cash collateral received from securities on loan.

(b) Security or a portion of the security is on loan at period end.

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

(d) A portion of the security is subject to a forward commitment to sell.

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

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value

$3,134,000 due 6/02/08 at 2.33%

BNP Paribas Securities Corp.

$ 448,807

Banc of America Securities LLC

403,504

Bank of America, NA

1,113,320

Barclays Capital, Inc.

110,076

Greenwich Capital Markets, Inc.

69,583

ING Financial Markets LLC

252,527

J.P. Morgan Securities, Inc.

139,165

Societe Generale, New York Branch

576,143

WestLB AG

20,875

 

$ 3,134,000

$72,784,000 due 6/02/08 at 2.35%

Barclays Capital, Inc.

$ 72,502,069

Credit Suisse Securities (USA) LLC

281,931

 

$ 72,784,000

Other Information

The following is a summary of the inputs used, as of May 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 510,830,392

$ -

$ 510,830,392

$ -

Other Financial Instruments*

$ (92,691)

$ -

$ (92,691)

$ -

* Other financial instruments include Swap Agreements.

Income Tax Information

At November 30, 2007, the fund had a capital loss carryforward of approximately $14,043,772 of which $4,168,919, $1,483,869, $4,816,509 and $3,574,475 will expire on November 30, 2008, 2012, 2013 and 2014, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

 

May 31, 2008 (Unaudited)

 

 

 

Assets

Investment in securities, at value (including securities loaned of $71,356,750 and repurchase agreements of $75,918,000) - See accompanying schedule:

Unaffiliated issuers (cost $512,342,901)

 

$ 510,830,392

Commitment to sell securities on a delayed delivery basis

$ (4,042,735)

Receivable for securities sold on a delayed delivery basis

4,072,500

29,765

Receivable for investments sold, regular delivery

13,213,426

Cash

446

Receivable for fund shares sold

953,883

Interest receivable

2,557,040

Total assets

527,584,952

 

 

 

Liabilities

Payable for investments purchased
Regular delivery

$ 14,899,156

Delayed delivery

5,001,736

Payable for fund shares redeemed

399,513

Distributions payable

15,842

Swap agreements, at value

92,691

Accrued management fee

163,564

Other affiliated payables

885

Other payables and accrued expenses

13,499

Collateral on securities loaned, at value

72,784,000

Total liabilities

93,370,886

 

 

 

Net Assets

$ 434,214,066

Net Assets consist of:

 

Paid in capital

$ 442,024,188

Undistributed net investment income

109,731

Accumulated undistributed net realized gain (loss) on investments

(6,344,418)

Net unrealized appreciation (depreciation) on investments

(1,575,435)

Net Assets, for 44,520,437 shares outstanding

$ 434,214,066

Net Asset Value, offering price and redemption price per share ($434,214,066 ÷ 44,520,437 shares)

$ 9.75

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

Semiannual Report

Statement of Operations

 Six months ended May 31, 2008 (Unaudited)

Investment Income

 

 

Interest

 

$ 8,315,947

 

 

 

Expenses

Management fee

$ 920,676

Independent trustees' compensation

929

Miscellaneous

378

Total expenses before reductions

921,983

Expense reductions

(18,664)

903,319

Net investment income

7,412,628

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

 

 

Unaffiliated issuers

7,238,907

Futures contracts

73,474

Swap agreements

385,441

 

Total net realized gain (loss)

 

7,697,822

Change in net unrealized appreciation (depreciation) on:

Investment securities

(8,147,328)

Swap agreements

(39,129)

Delayed delivery commitments

706,048

 

Total change in net unrealized appreciation (depreciation)

 

(7,480,409)

Net gain (loss)

217,413

Net increase (decrease) in net assets resulting from operations

$ 7,630,041

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, 2008
(Unaudited)

Year ended
November 30,
2007

Increase (Decrease) in Net Assets

 

 

Operations

 

 

Net investment income

$ 7,412,628

$ 14,895,801

Net realized gain (loss)

7,697,822

752,829

Change in net unrealized appreciation (depreciation)

(7,480,409)

6,526,694

Net increase (decrease) in net assets resulting
from operations

7,630,041

22,175,324

Distributions to shareholders from net investment income

(7,894,497)

(15,480,468)

Share transactions
Proceeds from sales of shares

132,256,861

106,902,706

Reinvestment of distributions

7,765,619

15,061,493

Cost of shares redeemed

(72,124,524)

(105,203,552)

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

67,897,956

16,760,647

Total increase (decrease) in net assets

67,633,500

23,455,503

 

 

 

Net Assets

Beginning of period

366,580,566

343,125,063

End of period (including undistributed net investment income of $109,731 and undistributed net investment income of $591,600, respectively)

$ 434,214,066

$ 366,580,566

Other Information

Shares

Sold

13,402,100

11,200,861

Issued in reinvestment of distributions

789,827

1,578,974

Redeemed

(7,328,739)

(11,041,611)

Net increase (decrease)

6,863,188

1,738,224

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

Semiannual Report

Financial Highlights

 

Six months ended
May 31, 2008
Years ended November 30,
 
(Unaudited)
2007
2006
2005
2004
2003

Selected Per-Share Data

 

 

 

 

 

Net asset value, beginning of period

$ 9.73

$ 9.55

$ 9.52

$ 9.65

$ 9.71

$ 9.71

Income from Investment Operations

 

 

 

 

 

 

Net investment
income D

  .178

  .411

  .382

  .293

  .225

  .236

Net realized and unrealized gain (loss)

  .034

  .196

  .012

  (.160)

  (.060)

  .004

Total from investment operations

  .212

  .607

  .394

  .133

  .165

  .240

Distributions from net investment income

  (.192)

  (.427)

  (.364)

  (.263)

  (.225)

  (.240)

Net asset value, end of period

$ 9.75

$ 9.73

$ 9.55

$ 9.52

$ 9.65

$ 9.71

Total ReturnB, C

  2.18%

  6.54%

  4.24%

  1.39%

  1.71%

  2.48%

Ratios to Average Net Assets E

 

 

 

 

 

Expenses before reductions

  .45% A

  .45%

  .45%

  .45%

  .45%

  .45%

Expenses net of fee waivers, if any

  .45% A

  .45%

  .45%

  .45%

  .45%

  .45%

Expenses net of all reductions

  .44% A

  .44%

  .44%

  .44%

  .45%

  .44%

Net investment
income

  3.62% A

  4.31%

  4.03%

  3.05%

  2.31%

  2.42%

Supplemental Data

 

 

 

 

 

 

Net assets, end of period (000 omitted)

$ 434,214

$ 366,581

$ 343,125

$ 428,686

$ 485,782

$ 527,063

Portfolio turnover rate

  278% A

  257%

  126%

  96%

  165%

  289%

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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by 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, 2008 (Unaudited)

1. Organization.

Fidelity Institutional Short-Intermediate Government 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.

2. Significant Accounting Policies.

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. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include monitoring news to identify significant market or security specific events such as changes in the value of U.S. securities markets, monitoring changes in interest rates and credit quality, reviewing developments in foreign markets by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Semiannual Report

2. Significant Accounting Policies - continued

Security Valuation - continued

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1

Quoted prices in active markets for identical securities.

Level 2

Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3

Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

A summary of the inputs used as of May 31, 2008, in valuing the Fund's investments is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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 swap agreements, prior period premium and discount on debt securities, market discount, deferred trustees compensation, financing transactions, capital loss carryforwards, expiring capital loss carryforwards and losses deferred due to wash sales.

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

Unrealized appreciation

$ 3,071,216

 

Unrealized depreciation

(4,554,440)

 

Net unrealized appreciation (depreciation)

$ (1,483,224)

 

Cost for federal income tax purposes

$ 512,313,616

 

New Accounting Pronouncement. In March 2008, Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161), was issued and is effective for fiscal years beginning after November 15, 2008. SFAS 161 requires enhanced disclosures to provide information about the reasons the Fund invests in derivative instruments, the accounting treatment and the effect derivatives have on financial performance. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund's financial statement disclosures.

Semiannual Report

3. 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 which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Futures Contracts. The Fund may use futures contracts to manage its exposure to the bond markets and to fluctuations in interest rates. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument or hedge other fund investments. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Realized gains (losses) are recorded upon the expiration or closing of the futures contract. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contract's terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Operating Policies - continued

Swap Agreements. The Fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk. Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact a fund.

Periodic payments received or made by the Fund are recorded in the accompanying Statement of Operations as realized gains or losses, respectively. Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with a fund's custodian in compliance with swap contracts. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Fund's Schedule of Investments under the caption "Swap Agreements."

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 that is based on an annual rate of .45% of the Fund's average net assets. FMR pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense, including commitment fees. The management fee paid to FMR by the Fund is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

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, which amounted to $378 and is reflected in Miscellaneous Expense on the Statement of Operations. 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 management fee. During the period, these credits reduced the Fund's management fee by $18,664.

Semiannual Report

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of interest income. Net income from lending portfolio securities during the period amounted to $134,197.

8. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments Money
Management, Inc.

Fidelity International Investment
Advisors

Fidelity International Investment
Advisors (U.K.) Limited

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA 

Fidelity Service Company, Inc.

Boston, MA 

Custodian

The Bank of New York

New York, NY 

ISIG-USAN-0708
1.786814.105

fid3842

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. Investments

(a) Not applicable.

(b) Not applicable

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. 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's Board of Trustees.

Item 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. 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/ John R. Hebble

John R. Hebble

President and Treasurer

Date:

July 29, 2008

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/ John R. Hebble

John R. Hebble

President and Treasurer

Date:

July 29, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

July 29, 2008