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)

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:

February 28, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Institutional
Short-Intermediate Government Fund

February 28, 2009 

1.814090.104

ISIG-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 78.9%

 

Principal Amount

Value

U.S. Government Agency Obligations - 27.7%

Fannie Mae:

1.75% 3/23/11

$ 32,365,000

$ 32,412,577

2% 1/9/12

12,000,000

12,053,568

2.75% 2/5/14

6,650,000

6,647,653

2.875% 10/12/10

14,271,000

14,609,936

3% 7/12/10

1,875,000

1,914,296

3.25% 8/12/10

573,000

587,344

3.375% 5/19/11

19,544,000

20,316,477

3.625% 8/15/11

12,000,000

12,599,448

4.75% 11/19/12

2,500,000

2,731,528

5% 2/16/12

2,300,000

2,500,531

6% 5/15/11

4,335,000

4,743,960

Federal Home Loan Bank 3.625% 10/18/13

13,230,000

13,684,212

Freddie Mac:

1.5% 1/7/11

8,230,000

8,222,675

3.25% 7/16/10

113,000

115,759

4.125% 11/30/09

14,100,000

14,425,301

4.875% 11/15/13

250,000

274,766

5.25% 7/18/11

6,000,000

6,502,638

6.875% 9/15/10

13,200,000

14,198,250

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

1,936,224

2,024,131

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

621,152

659,415

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

171,224,465

U.S. Treasury Obligations - 49.3%

U.S. Treasury Notes:

0.875% 1/31/11

56,997,000

56,874,457

0.875% 2/28/11

15,300,000

15,257,007

1.125% 12/15/11

32,608,000

32,437,330

1.125% 1/15/12

13,000,000

12,906,556

1.25% 11/30/10

5,178,000

5,202,285

1.375% 2/15/12

41,306,000

41,263,868

1.5% 12/31/13

1,403,000

1,373,954

1.75% 11/15/11

1,789,000

1,810,253

1.75% 1/31/14

22,221,000

21,976,125

1.875% 2/28/14

6,000,000

5,958,780

2% 11/30/13

4,677,000

4,688,328

2.375% 8/31/10

10,375,000

10,609,247

2.75% 2/28/13

12,669,000

13,179,713

U.S. Government and Government Agency Obligations - continued

 

Principal Amount

Value

U.S. Treasury Obligations - continued

U.S. Treasury Notes: - continued

2.75% 10/31/13

$ 25,475,000

$ 26,434,287

3.125% 8/31/13

10,665,000

11,245,741

3.125% 9/30/13

3,970,000

4,183,078

3.375% 6/30/13

10,561,000

11,271,396

3.375% 7/31/13

900,000

960,117

3.5% 5/31/13

1,859,000

1,990,582

4.5% 4/30/12

9,050,000

9,889,949

4.625% 7/31/12

7,793,000

8,585,696

4.75% 5/31/12

6,000,000

6,614,532

TOTAL U.S. TREASURY OBLIGATIONS

304,713,281

Other Government Related - 1.9%

JPMorgan Chase & Co. 1.65% 2/23/11 (FDIC Guaranteed) (a)

2,140,000

2,140,582

Morgan Stanley 3.25% 12/1/11 (FDIC Guaranteed) (a)

9,000,000

9,278,136

TOTAL OTHER GOVERNMENT RELATED

11,418,718

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $481,707,467)

487,356,464

U.S. Government Agency - Mortgage Securities - 15.0%

 

Fannie Mae - 8.5%

3.915% 7/1/35 (b)

92,119

92,512

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

1,086,003

1,098,110

4.175% 5/1/35 (b)

3,049,083

3,061,726

4.217% 5/1/34 (b)

305,507

307,709

4.282% 7/1/33 (b)

5,458,209

5,570,075

4.296% 8/1/35 (b)

550,110

553,431

4.303% 3/1/33 (b)

23,358

23,743

4.318% 7/1/35 (b)

120,131

121,341

4.34% 1/1/35 (b)

41,975

42,670

4.42% 5/1/35 (b)

410,574

415,217

4.421% 10/1/33 (b)

161,746

164,863

4.423% 5/1/35 (b)

32,154

32,625

4.432% 3/1/35 (b)

75,860

77,087

4.455% 2/1/35 (b)

1,048,300

1,063,111

4.456% 7/1/35 (b)

780,145

776,378

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

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

$ 746,289

$ 767,623

4.547% 3/1/35 (b)

222,671

223,816

4.548% 10/1/33 (b)

30,003

30,293

4.55% 10/1/35 (b)

645,112

653,511

4.583% 8/1/34 (b)

105,035

106,548

4.594% 7/1/35 (b)

494,042

503,271

4.603% 7/1/35 (b)

14,916

15,041

4.623% 2/1/33 (b)

30,822

31,005

4.649% 10/1/35 (b)

54,847

55,342

4.651% 10/1/33 (b)

12,103

12,150

4.667% 7/1/35 (b)

34,614

35,276

4.686% 10/1/34 (b)

101,820

102,660

4.691% 2/1/35 (b)

516,093

524,115

4.7% 2/1/35 (b)

206,188

209,598

4.722% 4/1/33 (b)

284,258

285,908

4.742% 12/1/34 (b)

35,785

36,189

4.747% 4/1/35 (b)

13,011

13,221

4.752% 10/1/35 (b)

514,165

521,457

4.765% 8/1/33 (b)

34,295

34,615

4.765% 2/1/34 (b)

8,529

8,689

4.778% 7/1/36 (b)

118,479

119,497

4.787% 7/1/35 (b)

170,642

174,167

4.806% 11/1/34 (b)

81,734

82,771

4.81% 2/1/36 (b)

33,549

34,044

4.845% 3/1/33 (b)

85,189

86,602

4.87% 7/1/35 (b)

213,003

218,496

4.884% 2/1/36 (b)

430,954

439,645

4.893% 2/1/36 (b)

456,313

466,537

4.898% 5/1/35 (b)

69,999

71,146

4.933% 1/1/35 (b)

114,254

115,880

4.946% 7/1/34 (b)

14,916

15,079

4.952% 8/1/35 (b)

378,390

388,735

4.976% 4/1/35 (b)

360,421

366,834

4.98% 5/1/35 (b)

78,833

79,399

4.982% 2/1/34 (b)

276,547

285,401

4.987% 7/1/35 (b)

367,181

373,528

4.994% 2/1/35 (b)

191,140

194,556

5% 2/1/16

20,218

20,855

5.009% 12/1/32 (b)

258,882

261,721

5.042% 3/1/37 (b)

1,729,597

1,760,218

5.045% 10/1/35 (b)

226,583

232,278

5.046% 3/1/35 (b)

5,835

5,865

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

5.062% 11/1/33 (b)

$ 61,793

$ 63,218

5.089% 9/1/34 (b)

27,384

27,689

5.09% 10/1/35 (b)

152,602

156,868

5.141% 5/1/35 (b)

27,382

27,933

5.16% 10/1/18 (b)

15,963

16,159

5.174% 8/1/34 (b)

217,330

220,944

5.185% 3/1/35 (b)

20,290

20,654

5.193% 6/1/35 (b)

145,599

146,874

5.198% 3/1/35 (b)

21,992

22,100

5.264% 11/1/36 (b)

106,997

109,648

5.265% 12/1/36 (b)

100,803

102,944

5.267% 7/1/35 (b)

978,427

1,002,314

5.302% 12/1/32 (b)

71,421

72,417

5.31% 12/1/34 (b)

45,646

46,240

5.342% 2/1/37 (b)

107,389

110,074

5.398% 2/1/37 (b)

471,273

481,604

5.453% 2/1/37 (b)

680,129

698,983

5.498% 6/1/47 (b)

79,304

81,151

5.5% 6/1/09 to 6/1/20

4,057,489

4,216,700

5.503% 4/1/36 (b)

4,670,392

4,842,174

5.51% 11/1/36 (b)

182,121

185,585

5.63% 4/1/36 (b)

480,658

498,346

5.633% 2/1/36 (b)

117,895

121,948

5.658% 6/1/36 (b)

271,578

281,122

5.748% 4/1/36 (b)

179,318

185,302

5.77% 3/1/36 (b)

950,771

985,463

5.798% 1/1/36 (b)

107,255

111,573

5.805% 5/1/36 (b)

662,429

687,147

5.819% 9/1/36 (b)

187,625

190,822

5.883% 12/1/36 (b)

175,970

183,381

5.954% 5/1/36 (b)

117,086

121,652

5.995% 3/1/33 (b)

11,846

11,981

6% 5/1/12 to 3/1/22

4,525,866

4,736,804

6.008% 4/1/36 (b)

1,968,438

2,044,987

6.118% 4/1/36 (b)

181,813

189,124

6.192% 2/1/35 (b)

21,910

22,286

6.22% 3/1/37 (b)

59,426

62,007

6.243% 6/1/36 (b)

28,491

28,954

6.292% 6/1/36 (b)

4,519,126

4,710,077

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

403,566

423,753

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

229,188

238,228

7.5% 5/1/37

144,201

152,888

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

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

$ 110,092

$ 117,127

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

696

746

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

20,338

22,411

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

37,208

38,680

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

79,582

88,661

12% 4/1/15

11,333

12,942

12.5% 3/1/16

1,163

1,325

 

52,286,190

Freddie Mac - 6.5%

3.456% 2/1/34 (b)

38,006

37,967

3.758% 5/1/35 (b)

298,165

299,077

3.994% 7/1/33 (b)

3,066,100

3,083,057

4% 11/1/20

779,604

786,460

4.008% 4/1/34 (b)

502,940

503,330

4.275% 6/1/33 (b)

139,335

139,074

4.275% 6/1/35 (b)

70,626

71,632

4.315% 12/1/34 (b)

41,660

42,335

4.407% 3/1/35 (b)

60,113

60,992

4.471% 3/1/35 (b)

55,575

56,393

4.492% 7/1/35 (b)

217,463

219,845

4.522% 2/1/35 (b)

113,100

114,936

4.539% 5/1/38 (b)

7,961,744

8,110,295

4.569% 12/1/33 (b)

294,362

296,546

4.709% 11/1/35 (b)

170,693

172,817

4.789% 2/1/36 (b)

50,101

51,373

4.801% 3/1/35 (b)

102,237

103,369

4.834% 9/1/35 (b)

5,082,031

5,200,483

4.841% 9/1/36 (b)

121,189

122,422

4.937% 4/1/35 (b)

378,473

387,213

4.94% 1/1/35 (b)

419,292

425,848

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

3,829,186

3,960,695

5.028% 7/1/35 (b)

665,230

677,800

5.074% 7/1/35 (b)

159,994

164,626

5.185% 10/1/35 (b)

189,168

193,296

5.257% 2/1/36 (b)

18,504

19,060

5.288% 3/1/35 (b)

37,758

37,963

5.443% 4/1/37 (b)

69,468

71,165

5.474% 3/1/37 (b)

65,312

66,433

5.486% 1/1/36 (b)

175,434

181,099

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

2,682,256

2,795,642

5.521% 1/1/36 (b)

213,680

220,144

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Freddie Mac - continued

5.526% 2/1/35 (b)

$ 69,297

$ 69,678

5.542% 10/1/36 (b)

189,962

194,902

5.587% 3/1/36 (b)

783,596

808,624

5.694% 10/1/35 (b)

49,780

51,880

5.74% 5/1/37 (b)

831,528

859,098

5.757% 3/1/37 (b)

381,986

387,335

5.78% 4/1/37 (b)

364,947

374,138

5.798% 5/1/37 (b)

512,939

529,474

5.812% 6/1/37 (b)

296,074

306,934

5.834% 5/1/37 (b)

121,602

124,377

5.846% 5/1/37 (b)

59,843

61,227

5.948% 4/1/36 (b)

1,355,505

1,403,227

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

1,332,456

1,395,460

6.006% 6/1/36 (b)

120,711

125,319

6.095% 3/1/33 (b)

7,548

7,666

6.122% 12/1/36 (b)

898,018

919,047

6.141% 2/1/37 (b)

132,731

137,392

6.142% 12/1/36 (b)

251,020

260,969

6.181% 5/1/36 (b)

112,068

116,308

6.301% 8/1/36 (b)

1,473,498

1,532,156

6.303% 7/1/36 (b)

122,131

126,725

6.418% 6/1/37 (b)

34,485

35,833

6.452% 9/1/36 (b)

616,573

641,850

6.5% 12/1/21

359,435

377,173

6.65% 8/1/37 (b)

237,848

247,703

7.5% 11/1/12

65,595

67,351

7.524% 4/1/37 (b)

23,693

24,722

9% 10/1/16 to 12/1/18

39,057

41,770

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

126,198

137,225

10% 7/1/09 to 6/1/20

8,036

8,845

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

840

876

11% 12/1/11

136

137

11.5% 10/1/15

3,638

4,063

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

13,032

14,529

12.25% 11/1/14

15,984

17,776

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

61,306

67,980

 

40,153,156

Government National Mortgage Association - 0.0%

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

184,341

194,826

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

37,454

40,228

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

36,359

40,943

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Government National Mortgage Association - continued

11% 10/20/13

$ 1,322

$ 1,461

13.5% 7/15/11

1,960

2,096

 

279,554

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $90,618,904)

92,718,900

Collateralized Mortgage Obligations - 5.0%

 

U.S. Government Agency - 5.0%

Fannie Mae:

floater:

Series 1994-42 Class FK, 2.06% 4/25/24 (b)

1,191,760

982,091

Series 2007-95 Class A1, 0.7238% 8/27/36 (b)

366,760

355,794

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

2,390,000

2,482,716

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

2,335,826

2,429,919

Fannie Mae subordinate REMIC pass-thru certificates:

floater:

Series 2001-38 Class QF, 1.4538% 8/25/31 (b)

280,335

274,832

Series 2002-49 Class FB, 1.0613% 11/18/31 (b)

479,020

467,583

Series 2002-60 Class FV, 1.4738% 4/25/32 (b)

106,012

104,110

Series 2002-74 Class FV, 0.9238% 11/25/32 (b)

1,080,525

1,041,124

Series 2002-75 Class FA, 1.4738% 11/25/32 (b)

217,165

213,216

planned amortization class:

Series 2002-11:

Class QC, 5.5% 3/25/17

522,262

542,067

Class UC, 6% 3/25/17

400,965

419,407

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

558,089

582,419

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

945,000

983,930

Series 2002-9 Class PC, 6% 3/25/17

809,675

849,197

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

395,000

405,062

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

325,000

334,676

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

640,756

680,901

sequential payer:

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

130,935

135,936

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

134,436

140,680

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

367,502

378,122

Collateralized Mortgage Obligations - continued

 

Principal Amount

Value

U.S. Government Agency - continued

Freddie Mac Multi-class participation certificates guaranteed:

floater:

Series 2448 Class FT, 1.455% 3/15/32 (b)

$ 463,441

$ 457,051

Series 2526 Class FC, 0.855% 11/15/32 (b)

243,175

234,451

Series 2530 Class FE, 1.055% 2/15/32 (b)

274,999

269,970

Series 2630 Class FL, 0.955% 6/15/18 (b)

24,979

24,253

Series 2925 Class CQ, 0% 1/15/35 (b)

124,773

98,076

Series 3344 Class FT, 0.805% 7/15/34 (b)

7,030,055

6,795,177

planned amortization class:

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

135,895

142,757

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

189,636

198,050

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

141,751

147,530

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

386,425

402,860

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

109,163

113,789

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

190,385

199,966

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

335,000

340,568

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

805,000

797,080

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

105,368

105,207

sequential payer:

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

886,947

918,654

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

70,280

72,084

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

95,676

97,140

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

241,178

242,564

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

741,857

754,270

Series 2729 Class GB, 5% 1/15/19

545,000

566,925

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

70,268

71,015

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

346,409

359,733

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

830,800

863,704

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

251,545

260,057

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

2,039,609

2,120,583

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

134,316

135,625

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $30,425,498)

30,592,921

Cash Equivalents - 3.6%

Maturity Amount

Value

Investments in repurchase agreements in a joint trading account at 0.26%, dated 2/27/09 due 3/2/09 (Collateralized by U.S. Government Obligations) #
(Cost $22,507,000)

22,507,485

$ 22,507,000

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $625,258,869)

633,175,285

NET OTHER ASSETS - (2.5)%

(15,351,666)

NET ASSETS - 100%

$ 617,823,619

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

(235,956)

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

(302,849)

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

255,972

Receive semi-annually a fixed rate equal to 3.3175% and pay quarterly a floating rate based on 3-month LIBOR with JPMorgan Chase, Inc.

June 2010

9,000,000

233,040

Receive semi-annually a fixed rate equal to 3.78% and pay quarterly a floating rate based on 3-month LIBOR with Credit Suisse First Boston

Sept. 2013

8,000,000

519,542

 

 

$ 30,950,000

$ 469,749

Legend

(a) Under the Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation guarantees principal and interest in the event of payment default or bankruptcy until the earlier of maturity date of the debt or until June 30, 2012. At the end of the period these securities amounted to $11,418,718 or 1.9% of net assets.

(b) 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

$22,507,000 due 3/02/09 at 0.26%

Goldman, Sachs & Co.

$ 8,824,996

UBS Securities LLC

13,682,004

 

$ 22,507,000

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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 tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 633,175,285

$ -

$ 633,077,209

$ 98,076

Other Financial Instruments*

$ 469,749

$ -

$ 469,749

$ -

*Other financial instruments include Swap Agreements.

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

 

Investments in Securities

Beginning Balance

$ 692,160

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

4,580

Cost of Purchases

-

Proceeds of Sales

(32,692)

Amortization/Accretion

46

Transfer in/out of Level 3

(566,018)

Ending Balance

$ 98,076

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $625,212,427. Net unrealized appreciation aggregated $7,962,858, of which $9,375,838 related to appreciated investment securities and $1,412,980 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. 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 available dealer supplied prices. Swaps are marked-to-market daily based on valuations from independent pricing services or 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. 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 calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). 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 may 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 or deemed less relevant (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.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

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 visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of 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 LLC 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/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

April 29, 2009

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:

April 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2009