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You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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

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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Apple, Inc.	16.8
Microsoft Corp.	15.3
NVIDIA Corp.	11.9
Marvell Technology, Inc.	4.5
NXP Semiconductors NV	4.1
ON Semiconductor Corp.	3.6
MasterCard, Inc. Class A	3.3
Cisco Systems, Inc.	3.1
Salesforce, Inc.	3.1
ServiceNow, Inc.	3.0
	68.7

Industries (% of Fund's net assets)

Semiconductors & Semiconductor Equipment	30.8
Software	28.2
Technology Hardware, Storage & Peripherals	16.8
IT Services	6.5
Financial Services	4.8
Communications Equipment	3.1
Ground Transportation	1.8
Hotels, Restaurants & Leisure	1.5
Interactive Media & Services	1.0
Professional Services	0.8
Entertainment	0.7
Aerospace & Defense	0.2
Broadline Retail	0.1
Chemicals	0.1
Electronic Equipment, Instruments & Components	0.1
Metals & Mining	0.1
Consumer Staples Distribution & Retail	0.0
Health Care Equipment & Supplies	0.0
Life Sciences Tools & Services	0.0
Pharmaceuticals	0.0

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares	Value ($)
Chemicals - 0.1%
Commodity Chemicals - 0.1%
LG Chemical Ltd.	3,710	1,888,734
Communications Equipment - 3.1%
Communications Equipment - 3.1%
Cisco Systems, Inc.	1,119,700	57,933,278
Entertainment - 0.7%
Movies & Entertainment - 0.7%
Netflix, Inc. (a)	30,332	13,360,943
Financial Services - 4.8%
Diversified Financial Services - 0.1%
Ant International Co. Ltd. Class C (a)(b)(c)	835,647	1,261,827
Transaction & Payment Processing Services - 4.7%
MasterCard, Inc. Class A	155,600	61,197,480
Visa, Inc. Class A	107,000	25,410,360
		86,607,840
TOTAL FINANCIAL SERVICES		87,869,667
Ground Transportation - 1.8%
Cargo Ground Transportation - 0.0%
TuSimple Holdings, Inc. (a)(d)	31,800	52,788
Passenger Ground Transportation - 1.8%
Lyft, Inc. (a)	180,097	1,727,130
Uber Technologies, Inc. (a)	733,524	31,666,231
		33,393,361
TOTAL GROUND TRANSPORTATION		33,446,149
Health Care Equipment & Supplies - 0.0%
Health Care Equipment - 0.0%
China Medical Technologies, Inc. sponsored ADR (a)(c)	300	0
Hotels, Restaurants & Leisure - 1.5%
Hotels, Resorts & Cruise Lines - 1.4%
Airbnb, Inc. Class A (a)	197,100	25,260,336
Restaurants - 0.1%
Deliveroo PLC Class A (a)(e)	955,100	1,388,859
TOTAL HOTELS, RESTAURANTS & LEISURE		26,649,195
Interactive Media & Services - 0.7%
Interactive Media & Services - 0.7%
Snap, Inc. Class A (a)	1,030,967	12,206,649
IT Services - 6.5%
Internet Services & Infrastructure - 6.2%
MongoDB, Inc. Class A (a)	80,130	32,932,629
Okta, Inc. (a)	603,200	41,831,920
Shopify, Inc. Class A (a)	172,200	11,124,120
Snowflake, Inc. (a)	117,816	20,733,260
Twilio, Inc. Class A (a)	119,600	7,608,952
		114,230,881
IT Consulting & Other Services - 0.3%
Capgemini SA	24,200	4,582,090
TOTAL IT SERVICES		118,812,971
Life Sciences Tools & Services - 0.0%
Life Sciences Tools & Services - 0.0%
Eden Biologics, Inc. (a)(c)	94,814	0
Pharmaceuticals - 0.0%
Pharmaceuticals - 0.0%
Chime Biologics Wuhan Co. Ltd. (a)(c)	94,814	49,382
Professional Services - 0.8%
Human Resource & Employment Services - 0.8%
Paycom Software, Inc.	47,431	15,236,734
Semiconductors & Semiconductor Equipment - 30.6%
Semiconductor Materials & Equipment - 2.2%
ASML Holding NV (Netherlands)	20,100	14,579,103
Teradyne, Inc.	229,400	25,539,102
		40,118,205
Semiconductors - 28.4%
GlobalFoundries, Inc. (a)	665,898	43,003,693
Marvell Technology, Inc.	1,377,204	82,329,255
Microchip Technology, Inc.	85,900	7,695,781
NVIDIA Corp.	518,300	219,251,266
NXP Semiconductors NV	369,804	75,691,483
ON Semiconductor Corp. (a)	706,900	66,858,602
Taiwan Semiconductor Manufacturing Co. Ltd.	1,578,000	29,143,902
		523,973,982
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		564,092,187
Software - 27.8%
Application Software - 9.4%
Bill Holdings, Inc. (a)	157,700	18,427,245
Convoy, Inc. warrants (a)(b)(c)	1,866	4,908
Dynatrace, Inc. (a)	217,100	11,174,137
HashiCorp, Inc. (a)	247,192	6,471,487
HubSpot, Inc. (a)	33,633	17,895,783
Intuit, Inc.	38,700	17,731,953
Manhattan Associates, Inc. (a)	50,555	10,104,933
Pine Labs Private Ltd. (a)(b)(c)	1,314	671,073
Salesforce, Inc. (a)	271,265	57,307,444
Splunk, Inc. (a)	316,900	33,619,921
		173,408,884
Systems Software - 18.4%
Microsoft Corp.	826,800	281,558,472
ServiceNow, Inc. (a)	98,200	55,185,454
Tenable Holdings, Inc. (a)	48,370	2,106,514
		338,850,440
TOTAL SOFTWARE		512,259,324
Technology Hardware, Storage & Peripherals - 16.8%
Technology Hardware, Storage & Peripherals - 16.8%
Apple, Inc.	1,591,560	308,714,893
IonQ, Inc. (a)(b)	44,500	602,085
		309,316,978
TOTAL COMMON STOCKS (Cost $959,472,302)		1,753,122,191

Preferred Stocks - 1.4%
	Shares	Value ($)
Convertible Preferred Stocks - 1.2%
Aerospace & Defense - 0.2%
Aerospace & Defense - 0.2%
Relativity Space, Inc. Series E (a)(b)(c)	174,268	3,065,374

Broadline Retail - 0.1%
Broadline Retail - 0.1%
Meesho Series F (a)(b)(c)	17,100	1,283,355

Consumer Staples Distribution & Retail - 0.0%
Consumer Staples Merchandise Retail - 0.0%
Instacart, Inc. Series I (a)(b)(c)	10,890	453,242

Food Retail - 0.0%
GoBrands, Inc. Series G (a)(b)(c)	5,260	476,609

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		929,851

Electronic Equipment, Instruments & Components - 0.1%
Electronic Equipment & Instruments - 0.1%
Enevate Corp. Series E (a)(b)(c)	3,556,678	2,062,873

Hotels, Restaurants & Leisure - 0.0%
Casinos & Gaming - 0.0%
Discord, Inc. Series I (a)(b)(c)	200	61,486

Interactive Media & Services - 0.3%
Interactive Media & Services - 0.3%
ByteDance Ltd. Series E1 (a)(b)(c)	9,903	2,236,494
Reddit, Inc.:
Series D(a)(b)(c)	33,900	1,172,601
Series E(a)(b)(c)	1,982	68,557
Series F(a)(b)(c)	55,762	1,928,808
		5,406,460
Metals & Mining - 0.1%
Precious Metals & Minerals - 0.1%
Diamond Foundry, Inc. Series C (a)(b)(c)	56,576	2,101,798

Semiconductors & Semiconductor Equipment - 0.2%
Semiconductor Materials & Equipment - 0.1%
Astera Labs, Inc.:
Series A(a)(b)(c)	52,688	499,482
Series B(a)(b)(c)	8,971	85,045
Series C(a)(b)(c)	49,300	467,364
Series D(a)(b)(c)	216,871	2,055,937
		3,107,828
Semiconductors - 0.1%
Retym, Inc. Series C (b)(c)	50,104	389,809
SiMa.ai:
Series B(a)(b)(c)	85,000	508,300
Series B1(a)(b)(c)	36,016	253,553
Xsight Labs Ltd. Series D (a)(b)(c)	37,800	264,978
		1,416,640
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		4,524,468

Software - 0.2%
Application Software - 0.2%
Convoy, Inc. Series D (a)(b)(c)	28,479	165,748
Databricks, Inc.:
Series G(a)(b)(c)	14,100	754,491
Series H(a)(b)(c)	36,297	1,942,252
		2,862,491
Systems Software - 0.0%
Tenstorrent, Inc. Series C1 (a)(b)(c)	2,400	141,552

TOTAL SOFTWARE		3,004,043

Technology Hardware, Storage & Peripherals - 0.0%
Technology Hardware, Storage & Peripherals - 0.0%
Lightmatter, Inc. Series C (b)(c)	29,615	485,982

TOTAL CONVERTIBLE PREFERRED STOCKS		22,925,690
Nonconvertible Preferred Stocks - 0.2%
Software - 0.2%
Application Software - 0.2%
Pine Labs Private Ltd.:
Series 1(a)(b)(c)	3,140	1,603,629
Series A(a)(b)(c)	785	400,907
Series B(a)(b)(c)	854	436,146
Series B2(a)(b)(c)	690	352,390
Series C(a)(b)(c)	1,284	655,752
Series C1(a)(b)(c)	271	138,402
Series D(a)(b)(c)	289	147,595
		3,734,821
TOTAL PREFERRED STOCKS (Cost $30,351,596)		26,660,511

Convertible Bonds - 0.0%
	Principal Amount (f)	Value ($)
Software - 0.0%
Application Software - 0.0%
Convoy, Inc. 15% 9/30/26 (b)(c) (Cost $12,428)	12,428	13,012

Preferred Securities - 0.0%
	Principal Amount (f)	Value ($)
Software - 0.0%
Systems Software - 0.0%
Tenstorrent, Inc. 0% (b)(c)(g) (Cost $130,000)	130,000	128,960

Money Market Funds - 4.0%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (h)	72,991,471	73,006,070
Fidelity Securities Lending Cash Central Fund 5.14% (h)(i)	63,394	63,400
TOTAL MONEY MARKET FUNDS (Cost $73,069,470)		73,069,470

TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $1,063,035,796)	1,852,994,144
NET OTHER ASSETS (LIABILITIES) - (0.6)%	(10,647,486)
NET ASSETS - 100.0%	1,842,346,658

Legend

(a)	Non-income producing

(b)	Restricted securities (including private placements) - 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 $29,342,376 or 1.6% of net assets.

(c)	Level 3 security

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

(e)	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 end of the period, the value of these securities amounted to $1,388,859 or 0.1% of net assets.

(f)	Amount is stated in United States dollars unless otherwise noted.

(g)	Security is perpetual in nature with no stated maturity date.

(h)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Ant International Co. Ltd. Class C	5/16/18	3,184,965

Astera Labs, Inc. Series A	5/17/22	535,811

Astera Labs, Inc. Series B	5/17/22	91,231

Astera Labs, Inc. Series C	8/24/21	165,737

Astera Labs, Inc. Series D	5/17/22 - 5/27/22	2,205,470

ByteDance Ltd. Series E1	11/18/20	1,085,113

Convoy, Inc. Series D	10/30/19	385,606

Convoy, Inc. warrants	3/24/23	0

Convoy, Inc. 15% 9/30/26	3/24/23	12,428

Databricks, Inc. Series G	2/01/21	833,629

Databricks, Inc. Series H	8/31/21	2,667,254

Diamond Foundry, Inc. Series C	3/15/21	1,357,824

Discord, Inc. Series I	9/15/21	110,125

Enevate Corp. Series E	1/29/21	3,943,236

GoBrands, Inc. Series G	3/02/21	1,313,513

Instacart, Inc. Series I	2/26/21	1,361,250

IonQ, Inc.	3/07/21	445,000

Lightmatter, Inc. Series C	5/19/23	487,368

Meesho Series F	9/21/21	1,311,096

Pine Labs Private Ltd.	6/30/21	489,938

Pine Labs Private Ltd. Series 1	6/30/21	1,170,780

Pine Labs Private Ltd. Series A	6/30/21	292,695

Pine Labs Private Ltd. Series B	6/30/21	318,422

Pine Labs Private Ltd. Series B2	6/30/21	257,273

Pine Labs Private Ltd. Series C	6/30/21	478,752

Pine Labs Private Ltd. Series C1	6/30/21	101,045

Pine Labs Private Ltd. Series D	6/30/21	107,757

Reddit, Inc. Series D	2/04/19	735,166

Reddit, Inc. Series E	5/18/21	84,184

Reddit, Inc. Series F	8/11/21	3,445,779

Relativity Space, Inc. Series E	5/27/21	3,979,427

Retym, Inc. Series C	5/17/23 - 6/20/23	389,899

SiMa.ai Series B	5/10/21	435,829

SiMa.ai Series B1	4/25/22 - 10/17/22	255,386

Tenstorrent, Inc. Series C1	4/23/21	142,690

Tenstorrent, Inc. 0%	4/23/21	130,000

Xsight Labs Ltd. Series D	2/16/21	302,249

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	7,928,276	222,106,017	157,028,223	892,706	-	-	73,006,070	0.2%
Fidelity Securities Lending Cash Central Fund 5.14%	26,064,625	32,096,604	58,097,829	137,565	-	-	63,400	0.0%
Total	33,992,901	254,202,621	215,126,052	1,030,271	-	-	73,069,470

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of June 30, 2023, involving the Fund's assets and liabilities carried at fair 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 below, please refer to the Investment 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:

Common Stocks	1,753,122,191	1,700,941,172	50,193,829	1,987,190

Preferred Stocks	26,660,511	-	-	26,660,511

Convertible Bonds	13,012	-	-	13,012

Preferred Securities	128,960	-	-	128,960

Money Market Funds	73,069,470	73,069,470	-	-
Total Investments in Securities:	1,852,994,144	1,774,010,642	50,193,829	28,789,673

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


Investments in Securities:
Preferred Stocks
Beginning Balance	$	25,593,556
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		194,596
Cost of Purchases		877,267
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	26,665,419
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2023	$	194,596
Other Investments in Securities
Beginning Balance	$	3,732,066
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(105,964)
Cost of Purchases		12,428
Proceeds of Sales		(1,514,278)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	2,124,252
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2023	$	(174,107)
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $52,622) - See accompanying schedule:
Unaffiliated issuers (cost $989,966,326)	$	1,779,924,674
Fidelity Central Funds (cost $73,069,470)		73,069,470


Total Investment in Securities (cost $1,063,035,796)			$	1,852,994,144
Foreign currency held at value (cost $96)				96
Receivable for fund shares sold				128,448
Dividends receivable				440,990
Distributions receivable from Fidelity Central Funds				364,508
Prepaid expenses				1,607
Total assets				1,853,929,793
Liabilities
Payable for investments purchased	$	8,152,363
Payable for fund shares redeemed		2,350,153
Accrued management fee		767,227
Other affiliated payables		223,601
Other payables and accrued expenses		26,391
Collateral on securities loaned		63,400
Total Liabilities				11,583,135
Net Assets			$	1,842,346,658
Net Assets consist of:
Paid in capital			$	1,032,435,171
Total accumulated earnings (loss)				809,911,487
Net Assets			$	1,842,346,658

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($323,666,376 ÷ 10,844,647 shares)			$	29.85
Investor Class :
Net Asset Value , offering price and redemption price per share ($1,518,680,282 ÷ 51,936,505 shares)			$	29.24

Statement of Operations
				Six months ended June 30, 2023 (Unaudited)
Investment Income
Dividends			$	4,368,598
Income from Fidelity Central Funds (including $137,565 from security lending)				1,030,271
Total Income				5,398,869
Expenses
Management fee	$	3,747,079
Transfer agent fees		900,187
Accounting fees		199,757
Custodian fees and expenses		13,851
Independent trustees' fees and expenses		4,467
Audit		31,909
Legal		3,510
Miscellaneous		4,103
Total expenses before reductions		4,904,863
Expense reductions		(30,275)
Total expenses after reductions				4,874,588
Net Investment income (loss)				524,281
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		19,737,240
Foreign currency transactions		(9,594)
Total net realized gain (loss)				19,727,646
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		519,905,121
Assets and liabilities in foreign currencies		(1,925)
Total change in net unrealized appreciation (depreciation)				519,903,196
Net gain (loss)				539,630,842
Net increase (decrease) in net assets resulting from operations			$	540,155,123

Statement of Changes in Net Assets

		Six months ended June 30, 2023 (Unaudited)		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	524,281	$	(157,798)
Net realized gain (loss)		19,727,646		36,112,478
Change in net unrealized appreciation (depreciation)		519,903,196		(732,956,032)
Net increase (decrease) in net assets resulting from operations		540,155,123		(697,001,352)
Distributions to shareholders		(36,962,467)		(149,535,613)

Share transactions - net increase (decrease)		211,652,363		(74,623,368)
Total increase (decrease) in net assets		714,845,019		(921,160,333)

Net Assets
Beginning of period		1,127,501,639		2,048,661,972
End of period	$	1,842,346,658	$	1,127,501,639

VIP Technology Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.94	$	35.65	$	30.99	$	19.08	$	15.76	$	18.43
Income from Investment Operations
Net investment income (loss) A,B		.02		.01		(.04)		(.01)		.09		.05
Net realized and unrealized gain (loss)		9.56		(12.04)		8.22		12.36		6.72		(1.34)
Total from investment operations		9.58		(12.03)		8.18		12.35		6.81		(1.29)
Distributions from net investment income		-		-		-		(.02)		(.08)		-
Distributions from net realized gain		(.67)		(2.68)		(3.52)		(.42)		(3.42)		(1.38)
Total distributions		(.67)		(2.68)		(3.52)		(.44)		(3.49) C		(1.38)
Net asset value, end of period	$	29.85	$	20.94	$	35.65	$	30.99	$	19.08	$	15.76
Total Return D,E,F		46.52%		(35.86)%		28.16%		64.95%		51.32%		(7.62)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.62% I		.63%		.62%		.63%		.65%		.66%
Expenses net of fee waivers, if any		.62% I		.62%		.62%		.63%		.65%		.66%
Expenses net of all reductions		.62% I		.62%		.62%		.63%		.64%		.64%
Net investment income (loss)		.14% I		.05%		(.12)%		(.03)%		.52%		.27%
Supplemental Data
Net assets, end of period (000 omitted)	$	323,666	$	185,489	$	356,589	$	286,967	$	175,680	$	123,867
Portfolio turnover rate J		20% I		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

C Total distributions per share do not sum due to rounding.

D Total returns for periods of less than one year are not annualized.

E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Technology Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	20.54	$	35.03	$	30.51	$	18.80	$	15.57	$	18.23
Income from Investment Operations
Net investment income (loss) A,B		.01		(.01)		(.06)		(.02)		.07		.04
Net realized and unrealized gain (loss)		9.36		(11.81)		8.07		12.16		6.64		(1.34)
Total from investment operations		9.37		(11.82)		8.01		12.14		6.71		(1.30)
Distributions from net investment income		-		-		-		(.02)		(.06)		-
Distributions from net realized gain		(.67)		(2.67)		(3.49)		(.41)		(3.42)		(1.36)
Total distributions		(.67)		(2.67)		(3.49)		(.43)		(3.48)		(1.36)
Net asset value, end of period	$	29.24	$	20.54	$	35.03	$	30.51	$	18.80	$	15.57
Total Return C,D,E		46.40%		(35.87)%		28.06%		64.76%		51.26%		(7.73)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.70% H		.70%		.70%		.71%		.73%		.74%
Expenses net of fee waivers, if any		.69% H		.70%		.70%		.71%		.73%		.73%
Expenses net of all reductions		.69% H		.70%		.70%		.71%		.72%		.72%
Net investment income (loss)		.06% H		(.02)%		(.20)%		(.11)%		.44%		.20%
Supplemental Data
Net assets, end of period (000 omitted)	$	1,518,680	$	942,013	$	1,692,073	$	1,365,091	$	732,499	$	488,235
Portfolio turnover rate I		20% H		21%		31%		52%		20%		139%

A Calculated based on average shares outstanding during the period.

C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

D Total returns for periods of less than one year are not annualized.

E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2023

1. Organization.

VIP Technology Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input A
Equities	$28,647,701	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.4 - 25.0 / 11.1	Increase
			Enterprise value/Gross profit multiple (EV/GP)	5.3	Increase
		Recovery value	Recovery value	$0.00 - $0.31 / $0.31	Increase
		Market approach	Transaction price	$1.11 - $59.45 / $5.64	Increase
			Discount rate	15.0% - 75.0% / 46.6%	Decrease
			Premium rate	10.0%	Increase
		Book value	Book value multiple	1.4	Increase
		Discounted cash flow	Weighted average cost of capital (WACC)	29.0%	Decrease
			Exit multiple	1.8	Increase
		Black scholes	Discount rate	3.9% - 4.7% / 4.2%	Increase
			Volatility	50.0% - 100.0% / 78.8%	Increase
			Term	2.0 - 5.0 / 3.9	Increase
Corporate Bonds	$13,012	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.4	Increase
		Black scholes	Discount rate	4.7%	Increase
			Volatility	60.0%	Increase
			Term	2.0	Increase
Preferred Securities	$128,960	Market approach	Transaction price	$59.45	Increase
			Premium rate	10.0%	Increase
		Black scholes	Discount rate	4.7%	Increase
			Volatility	70.0%	Increase
			Term	2	Increase

A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2023, as well as a roll forward of Level 3 investments is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

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

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

Investment Transactions and Income. 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or ETFs. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or ETF. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$876,071,992
Gross unrealized depreciation	(86,521,951)
Net unrealized appreciation (depreciation)	$789,550,041
Tax cost	$1,063,444,103

The Fund elected to defer to its next fiscal year approximately $13,879 of ordinary losses recognized during the period January 1,2022 to December 31, 2022.

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

New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Technology Portfolio	262,366,725	142,286,276

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .52% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets A
Initial Class	75,994	.06
Investor Class	824,193	.14
	$900,187

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

	% of Average Net Assets
VIP Technology Portfolio	.03

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount
VIP Technology Portfolio	$1,836

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Technology Portfolio	11,568,319	23,841,265	7,638,748

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 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 participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

	Amount
VIP Technology Portfolio	$1,218

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a 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 a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Technology Portfolio	$14,378	$ -	$-

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $612.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $29,663.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Technology Portfolio
Distributions to shareholders
Initial Class	$6,092,707	$25,127,668
Investor Class	30,869,760	124,407,945
Total	$36,962,467	$149,535,613

10. Share Transactions.

Transactions for each class of shares were as follows and may contain in-kind transactions:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2023	Year ended December 31, 2022	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Technology Portfolio
Initial Class
Shares sold	2,487,634	1,088,651	$65,621,038	$27,057,152
Reinvestment of distributions	252,705	864,682	6,092,707	25,127,668
Shares redeemed	(753,416)	(3,099,249)	(18,883,548)	(81,125,431)
Net increase (decrease)	1,986,923	(1,145,916)	$52,830,197	$(28,940,611)
Investor Class
Shares sold	5,983,487	3,481,136	$156,531,182	$87,723,145
Reinvestment of distributions	1,306,933	4,362,130	30,869,760	124,407,945
Shares redeemed	(1,226,324)	(10,268,845)	(28,578,776)	(257,813,847)
Net increase (decrease)	6,064,096	(2,425,579)	$158,822,166	$(45,682,757)

11. Other.

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated%
VIP Technology Portfolio	97%

12. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 (January 1, 2023 to June 30, 2023).

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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

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. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio- A	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During Period- C January 1, 2023 to June 30, 2023
VIP Technology Portfolio
Initial Class	.62%
Actual		$ 1,000	$ 1,465.20	$ 3.79
Hypothetical- B		$ 1,000	$ 1,021.72	$ 3.11
Investor Class	.69%
Actual		$ 1,000	$ 1,464.00	$ 4.22
Hypothetical- B		$ 1,000	$ 1,021.37	$ 3.46

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

VIP Technology Portfolio

At its May 2023 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund for two months from June 1, 2023 through July 31, 2023. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2023, following its review of additional materials provided by FMR.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board will consider the annual renewal for a full one year period in July 2023.

In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2023 through July 31, 2023.

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.

In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.

1.817388.118

VTECIC-SANN-0823

Fidelity® Variable Insurance Products:

VIP Industrials Portfolio

Semi-Annual Report

June 30, 2023

Contents

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Fortive Corp.	8.0
Saia, Inc.	7.8
TransDigm Group, Inc.	6.2
AMETEK, Inc.	5.8
FedEx Corp.	5.7
The Boeing Co.	5.6
Old Dominion Freight Lines, Inc.	5.1
Pentair PLC	4.7
General Electric Co.	4.3
Knight-Swift Transportation Holdings, Inc. Class A	4.2
	57.4

Industries (% of Fund's net assets)

Ground Transportation	29.7
Machinery	21.1
Aerospace & Defense	18.4
Air Freight & Logistics	9.5
Electrical Equipment	8.0
Industrial Conglomerates	7.7
Software	2.6
Construction & Engineering	2.3
Commercial Services & Supplies	0.0

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
Aerospace & Defense - 18.4%
Aerospace & Defense - 18.4%
HEICO Corp. (a)	18,500	3,273,390
HEICO Corp. Class A	12,000	1,687,200
Hexcel Corp.	8,200	623,364
Howmet Aerospace, Inc.	103,200	5,114,592
The Boeing Co. (b)	43,100	9,100,996
TransDigm Group, Inc.	11,100	9,925,287
		29,724,829
Air Freight & Logistics - 9.5%
Air Freight & Logistics - 9.5%
C.H. Robinson Worldwide, Inc.	29,300	2,764,455
FedEx Corp.	37,000	9,172,300
United Parcel Service, Inc. Class B	19,400	3,477,450
		15,414,205
Commercial Services & Supplies - 0.0%
Environmental & Facilities Services - 0.0%
Tetra Tech, Inc.	200	32,748
Construction & Engineering - 2.3%
Construction & Engineering - 2.3%
Willscot Mobile Mini Holdings (a)(b)	76,600	3,660,714
Electrical Equipment - 8.0%
Electrical Components & Equipment - 8.0%
Acuity Brands, Inc.	2,400	391,392
AMETEK, Inc.	57,500	9,308,100
nVent Electric PLC	57,600	2,976,192
Regal Rexnord Corp.	1,175	180,833
		12,856,517
Ground Transportation - 29.7%
Cargo Ground Transportation - 26.8%
ArcBest Corp.	43,700	4,317,560
J.B. Hunt Transport Services, Inc.	3,802	688,276
Knight-Swift Transportation Holdings, Inc. Class A	122,900	6,828,324
Old Dominion Freight Lines, Inc.	22,100	8,171,475
Saia, Inc. (b)	36,800	12,600,688
Werner Enterprises, Inc.	144,900	6,401,682
XPO, Inc. (b)	70,500	4,159,500
		43,167,505
Passenger Ground Transportation - 2.9%
Uber Technologies, Inc. (b)	108,900	4,701,213
TOTAL GROUND TRANSPORTATION		47,868,718
Industrial Conglomerates - 7.7%
Industrial Conglomerates - 7.7%
General Electric Co.	64,000	7,030,400
Honeywell International, Inc.	26,427	5,483,603
		12,514,003
Machinery - 21.1%
Industrial Machinery & Supplies & Components - 21.1%
Crane Co.	9,930	884,962
Flowserve Corp.	17,500	650,125
Fortive Corp.	173,792	12,994,427
Ingersoll Rand, Inc.	65,900	4,307,224
Middleby Corp. (b)	29,000	4,287,070
Mueller Water Products, Inc. Class A	20,300	329,469
Parker Hannifin Corp.	1,200	468,048
Pentair PLC	117,100	7,564,660
RBC Bearings, Inc. (b)	11,600	2,522,652
		34,008,637
Software - 2.6%
Application Software - 2.6%
Roper Technologies, Inc.	8,600	4,134,880
TOTAL COMMON STOCKS (Cost $129,932,008)		160,215,251

Money Market Funds - 2.9%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (c)	890,179	890,357
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d)	3,828,267	3,828,650
TOTAL MONEY MARKET FUNDS (Cost $4,719,007)		4,719,007

TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $134,651,015)	164,934,258
NET OTHER ASSETS (LIABILITIES) - (2.2)%	(3,613,962)
NET ASSETS - 100.0%	161,320,296

Legend

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

(b)	Non-income producing

(c)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	1,050,960	29,009,477	29,170,080	25,868	-	-	890,357	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	6,409,825	34,691,249	37,272,424	1,930	-	-	3,828,650	0.0%
Total	7,460,785	63,700,726	66,442,504	27,798	-	-	4,719,007

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	160,215,251	160,215,251	-	-

Money Market Funds	4,719,007	4,719,007	-	-
Total Investments in Securities:	164,934,258	164,934,258	-	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $3,772,683) - See accompanying schedule:
Unaffiliated issuers (cost $129,932,008)	$	160,215,251
Fidelity Central Funds (cost $4,719,007)		4,719,007


Total Investment in Securities (cost $134,651,015)			$	164,934,258
Receivable for fund shares sold				227,274
Dividends receivable				91,740
Distributions receivable from Fidelity Central Funds				2,816
Prepaid expenses				452
Total assets				165,256,540
Liabilities
Payable for fund shares redeemed	$	195
Accrued management fee		66,511
Other affiliated payables		20,556
Other payables and accrued expenses		20,332
Collateral on securities loaned		3,828,650
Total Liabilities				3,936,244
Net Assets			$	161,320,296
Net Assets consist of:
Paid in capital			$	130,481,455
Total accumulated earnings (loss)				30,838,841
Net Assets			$	161,320,296

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($26,166,642 ÷ 1,291,761 shares)			$	20.26
Investor Class :
Net Asset Value , offering price and redemption price per share ($135,153,654 ÷ 6,748,807 shares)			$	20.03

Statement of Operations
				Six months ended June 30, 2023 (Unaudited)
Investment Income
Dividends			$	549,149
Income from Fidelity Central Funds (including $1,930 from security lending)				27,798
Total Income				576,947
Expenses
Management fee	$	403,880
Transfer agent fees		97,295
Accounting fees		27,223
Custodian fees and expenses		8,578
Independent trustees' fees and expenses		498
Audit		21,030
Legal		2,065
Miscellaneous		445
Total expenses before reductions		561,014
Expense reductions		(3,580)
Total expenses after reductions				557,434
Net Investment income (loss)				19,513
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		7,114,114
Foreign currency transactions		70
Total net realized gain (loss)				7,114,184
Change in net unrealized appreciation (depreciation) on investment securities				9,203,767
Net gain (loss)				16,317,951
Net increase (decrease) in net assets resulting from operations			$	16,337,464

Statement of Changes in Net Assets

		Six months ended June 30, 2023 (Unaudited)		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	19,513	$	319,177
Net realized gain (loss)		7,114,184		(6,195,707)
Change in net unrealized appreciation (depreciation)		9,203,767		(12,698,207)
Net increase (decrease) in net assets resulting from operations		16,337,464		(18,574,737)
Distributions to shareholders		(129,837)		(21,148,838)

Share transactions - net increase (decrease)		(8,559,897)		15,484,082
Total increase (decrease) in net assets		7,647,730		(24,239,493)

Net Assets
Beginning of period		153,672,566		177,912,059
End of period	$	161,320,296	$	153,672,566

VIP Industrials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29	$	23.85
Income from Investment Operations
Net investment income (loss) A,B		.01		.05 C		(.02)		.03		.24		.19
Net realized and unrealized gain (loss)		2.04		(2.43)		3.57		2.57		4.92		(3.68)
Total from investment operations		2.05		(2.38)		3.55		2.60		5.16		(3.49)
Distributions from net investment income		(.02)		(.03)		-		(.10)		(.24)		(.18)
Distributions from net realized gain		-		(2.79)		(3.40)		(1.19)		(2.23)		(.89)
Total distributions		(.02)		(2.83) D		(3.40)		(1.29)		(2.47)		(1.07)
Net asset value, end of period	$	20.26	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29
Total Return E,F,G		11.23%		(10.30)%		17.09%		12.32%		28.15%		(15.12)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.67% J		.66%		.66%		.68%		.67%		.67%
Expenses net of fee waivers, if any		.66% J		.66%		.66%		.68%		.67%		.67%
Expenses net of all reductions		.66% J		.66%		.66%		.67%		.67%		.66%
Net investment income (loss)		.09% J		.28% C		(.08)%		.17%		1.13%		.85%
Supplemental Data
Net assets, end of period (000 omitted)	$	26,167	$	25,557	$	31,026	$	29,873	$	33,078	$	30,987
Portfolio turnover rate K		156% J		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .15%.

D Total distributions per share do not sum due to rounding.

E Total returns for periods of less than one year are not annualized.

F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

J Annualized.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Industrials Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17	$	23.69
Income from Investment Operations
Net investment income (loss) A,B		-		.04 C		(.04)		.02		.22		.17
Net realized and unrealized gain (loss)		2.03		(2.43)		3.55		2.53		4.88		(3.64)
Total from investment operations		2.03		(2.39)		3.51		2.55		5.10		(3.47)
Distributions from net investment income		(.02)		(.02)		-		(.08)		(.22)		(.16)
Distributions from net realized gain		-		(2.79)		(3.39)		(1.19)		(2.23)		(.89)
Total distributions		(.02)		(2.81)		(3.39)		(1.27)		(2.45)		(1.05)
Net asset value, end of period	$	20.03	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17
Total Return D,E,F		11.24%		(10.42)%		17.03%		12.19%		28.03%		(15.14)%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74% I		.74%		.74%		.76%		.75%		.75%
Expenses net of fee waivers, if any		.74% I		.73%		.74%		.76%		.75%		.75%
Expenses net of all reductions		.74% I		.73%		.74%		.75%		.75%		.74%
Net investment income (loss)		.01% I		.20% C		(.16)%		.10%		1.05%		.77%
Supplemental Data
Net assets, end of period (000 omitted)	$	135,154	$	128,115	$	146,886	$	135,328	$	138,417	$	124,268
Portfolio turnover rate J		156% I		83%		197%		240%		121%		94%

A Calculated based on average shares outstanding during the period.

D Total returns for periods of less than one year are not annualized.

E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2023

1. Organization.

VIP Industrials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

4. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2023 is included at the end of the Fund's Schedule of Investments.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$32,112,118
Gross unrealized depreciation	(2,062,807)
Net unrealized appreciation (depreciation)	$30,049,311
Tax cost	$134,884,947

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Short-term

$(5,803,079)

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Industrials Portfolio	120,261,424	129,052,957

6. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets A
Initial Class	$7,956	.06
Investor Class	89,339	.14
	$97,295

A Annualized

	% of Average Net Assets
VIP Industrials Portfolio	.04

	Amount
VIP Industrials Portfolio	$2,537

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Industrials Portfolio	1,084,972	3,787,410	275,329

7. Committed Line of Credit.

	Amount
VIP Industrials Portfolio	$151

8. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Industrials Portfolio	$204	$-	$-

9. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,580.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Industrials Portfolio
Distributions to shareholders
Initial Class	$23,788	$3,701,428
Investor Class	106,049	17,447,410
Total	$129,837	$21,148,838

11. Share Transactions.

Transactions for each class of shares were as follows and may contain in-kind transactions:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2023	Year ended December 31, 2022	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Industrials Portfolio
Initial Class
Shares sold	57,504	96,902	$1,085,869	$1,809,862
Reinvestment of distributions	1,226	200,593	23,788	3,701,428
Shares redeemed	(169,227)	(218,811)	(3,154,947)	(3,973,341)
Net increase (decrease)	(110,497)	78,684	$(2,045,290)	$1,537,949
Investor Class
Shares sold	280,396	809,705	$5,213,737	$14,245,191
Reinvestment of distributions	5,523	956,449	106,049	17,447,410
Shares redeemed	(645,277)	(984,710)	(11,834,393)	(17,746,468)
Net increase (decrease)	(359,358)	781,444	$(6,514,607)	$13,946,133

12. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
VIP Industrials Portfolio	100%

13. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During Period- C January 1, 2023 to June 30, 2023
VIP Industrials Portfolio
Initial Class	.66%
Actual		$ 1,000	$ 1,112.30	$ 3.46
Hypothetical- B		$ 1,000	$ 1,021.52	$ 3.31
Investor Class	.74%
Actual		$ 1,000	$ 1,112.40	$ 3.88
Hypothetical- B		$ 1,000	$ 1,021.12	$ 3.71

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

VIP Industrials Portfolio

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.817364.118

VCYLIC-SANN-0823

Fidelity® Variable Insurance Products:

VIP Materials Portfolio

Semi-Annual Report

June 30, 2023

Contents

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Linde PLC	20.4
Freeport-McMoRan, Inc.	7.1
Corteva, Inc.	5.4
Air Products & Chemicals, Inc.	5.2
LyondellBasell Industries NV Class A	5.0
First Quantum Minerals Ltd.	4.9
Celanese Corp. Class A	4.3
DuPont de Nemours, Inc.	3.9
The Chemours Co. LLC	3.4
Aptargroup, Inc.	2.8
	62.4

Industries (% of Fund's net assets)

Chemicals	62.7
Metals & Mining	23.1
Containers & Packaging	8.2
Construction Materials	5.4

Geographic Diversification (% of Fund's net assets)

* Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are adjusted for the effect of derivatives, if applicable.

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Chemicals - 62.7%
Commodity Chemicals - 16.3%
Cabot Corp.	30,000	2,006,700
Chemtrade Logistics Income Fund	180,400	1,115,287
Dow, Inc.	17,800	948,028
LyondellBasell Industries NV Class A	50,260	4,615,376
Olin Corp.	45,022	2,313,681
Orion SA	17,500	371,350
Tronox Holdings PLC	170,340	2,165,021
Westlake Corp.	11,900	1,421,693
		14,957,136
Diversified Chemicals - 4.1%
Huntsman Corp.	22,800	616,056
The Chemours Co. LLC	85,300	3,146,717
		3,762,773
Fertilizers & Agricultural Chemicals - 5.4%
Corteva, Inc.	85,900	4,922,070
Industrial Gases - 25.6%
Air Products & Chemicals, Inc.	16,088	4,818,839
Linde PLC	49,100	18,711,026
		23,529,865
Specialty Chemicals - 11.3%
Ashland, Inc.	14,200	1,234,122
Celanese Corp. Class A	34,300	3,971,940
DuPont de Nemours, Inc.	50,114	3,580,144
Eastman Chemical Co.	6,200	519,064
Element Solutions, Inc.	33,800	648,960
RPM International, Inc.	4,900	439,677
		10,393,907
TOTAL CHEMICALS		57,565,751
Construction Materials - 5.4%
Construction Materials - 5.4%
Martin Marietta Materials, Inc.	5,326	2,458,961
Vulcan Materials Co.	11,250	2,536,200
		4,995,161
Containers & Packaging - 8.2%
Metal, Glass & Plastic Containers - 6.6%
Aptargroup, Inc.	21,900	2,537,334
Crown Holdings, Inc.	16,019	1,391,571
Greif, Inc. Class A	30,500	2,101,145
		6,030,050
Paper & Plastic Packaging Products & Materials - 1.6%
Avery Dennison Corp.	8,700	1,494,660
TOTAL CONTAINERS & PACKAGING		7,524,710
Metals & Mining - 23.1%
Aluminum - 0.4%
Alcoa Corp.	11,600	393,588
Copper - 12.0%
First Quantum Minerals Ltd.	190,920	4,516,651
Freeport-McMoRan, Inc.	162,140	6,485,600
		11,002,251
Diversified Metals & Mining - 3.3%
Glencore PLC	170,300	965,582
Horizonte Minerals PLC (a)	326,000	596,189
Ivanhoe Mines Ltd. (a)	105,100	959,962
Major Drilling Group International, Inc. (a)	69,300	478,129
		2,999,862
Gold - 2.3%
Franco-Nevada Corp.	10,100	1,439,503
Wheaton Precious Metals Corp.	14,600	631,390
		2,070,893
Steel - 5.1%
Commercial Metals Co.	28,151	1,482,432
Reliance Steel & Aluminum Co.	8,200	2,227,038
Steel Dynamics, Inc.	9,300	1,013,049
		4,722,519
TOTAL METALS & MINING		21,189,113
TOTAL COMMON STOCKS (Cost $70,694,691)		91,274,735

TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $70,694,691)	91,274,735
NET OTHER ASSETS (LIABILITIES) - 0.6%	534,632
NET ASSETS - 100.0%	91,809,367

Legend

(a)	Non-income producing

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	1,662,208	17,149,390	18,811,598	16,493	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	-	16,010,312	16,010,312	288	-	-	-	0.0%
Total	1,662,208	33,159,702	34,821,910	16,781	-	-	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	91,274,735	90,309,153	965,582	-

Total Investments in Securities:	91,274,735	90,309,153	965,582	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2023 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $70,694,691):			$	91,274,735
Receivable for investments sold				767,468
Receivable for fund shares sold				62,168
Dividends receivable				80,302
Distributions receivable from Fidelity Central Funds				531
Prepaid expenses				198
Total assets				92,185,402
Liabilities
Payable to custodian bank	$	294,915
Payable for fund shares redeemed		6,489
Accrued management fee		40,367
Other affiliated payables		12,539
Audit fee payable		18,608
Other payables and accrued expenses		3,117
Total Liabilities				376,035
Net Assets			$	91,809,367
Net Assets consist of:
Paid in capital			$	71,872,508
Total accumulated earnings (loss)				19,936,859
Net Assets			$	91,809,367

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($13,926,151 ÷ 811,758 shares)			$	17.16
Investor Class :
Net Asset Value , offering price and redemption price per share ($77,883,216 ÷ 4,542,766 shares)			$	17.14

Statement of Operations
				Six months ended June 30, 2023 (Unaudited)
Investment Income
Dividends			$	987,090
Income from Fidelity Central Funds (including $288 from security lending)				16,781
Total Income				1,003,871
Expenses
Management fee	$	260,444
Transfer agent fees		63,232
Accounting fees		17,554
Custodian fees and expenses		6,957
Independent trustees' fees and expenses		335
Audit		20,476
Legal		523
Miscellaneous		271
Total expenses before reductions		369,792
Expense reductions		(2,335)
Total expenses after reductions				367,457
Net Investment income (loss)				636,414
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(985,128)
Foreign currency transactions		(5,004)
Total net realized gain (loss)				(990,132)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		5,433,452
Assets and liabilities in foreign currencies		322
Total change in net unrealized appreciation (depreciation)				5,433,774
Net gain (loss)				4,443,642
Net increase (decrease) in net assets resulting from operations			$	5,080,056

Statement of Changes in Net Assets

		Six months ended June 30, 2023 (Unaudited)		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	636,414	$	1,069,888
Net realized gain (loss)		(990,132)		207,665
Change in net unrealized appreciation (depreciation)		5,433,774		(15,772,056)
Net increase (decrease) in net assets resulting from operations		5,080,056		(14,494,503)
Distributions to shareholders		(396,517)		(4,316,287)

Share transactions - net increase (decrease)		(10,287,940)		1,838,134
Total increase (decrease) in net assets		(5,604,401)		(16,972,656)

Net Assets
Beginning of period		97,413,768		114,386,424
End of period	$	91,809,367	$	97,413,768

VIP Materials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	16.24	$	18.76	$	14.17	$	11.74	$	11.46	$	16.18
Income from Investment Operations
Net investment income (loss) A,B		.11		.18		.14		.07		.16		.18
Net realized and unrealized gain (loss)		.88		(2.00)		4.58		2.44		1.31		(3.83)
Total from investment operations		.99		(1.82)		4.72		2.51		1.47		(3.65)
Distributions from net investment income		(.04)		(.19)		(.13)		(.08)		(.19)		(.21)
Distributions from net realized gain		(.03)		(.51)		-		-		(1.00)		(.86)
Total distributions		(.07)		(.70)		(.13)		(.08)		(1.19)		(1.07)
Net asset value, end of period	$	17.16	$	16.24	$	18.76	$	14.17	$	11.74	$	11.46
Total Return C,D,E		6.07%		(9.79)%		33.42%		21.49%		13.40%		(23.60)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.68% H		.69%		.68%		.77%		.75%		.72%
Expenses net of fee waivers, if any		.68% H		.68%		.68%		.77%		.75%		.72%
Expenses net of all reductions		.68% H		.68%		.68%		.76%		.74%		.71%
Net investment income (loss)		1.35% H		1.09%		.84%		.59%		1.37%		1.26%
Supplemental Data
Net assets, end of period (000 omitted)	$	13,926	$	14,941	$	19,714	$	9,924	$	8,905	$	9,728
Portfolio turnover rate I		54% H		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

C Total returns for periods of less than one year are not annualized.

D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Materials Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	16.23	$	18.76	$	14.16	$	11.73	$	11.46	$	16.17
Income from Investment Operations
Net investment income (loss) A,B		.11		.17		.13		.06		.15		.17
Net realized and unrealized gain (loss)		.87		(2.01)		4.59		2.45		1.30		(3.82)
Total from investment operations		.98		(1.84)		4.72		2.51		1.45		(3.65)
Distributions from net investment income		(.04)		(.18)		(.12)		(.08)		(.18)		(.20)
Distributions from net realized gain		(.03)		(.51)		-		-		(1.00)		(.86)
Total distributions		(.07)		(.69)		(.12)		(.08)		(1.18)		(1.06)
Net asset value, end of period	$	17.14	$	16.23	$	18.76	$	14.16	$	11.73	$	11.46
Total Return C,D,E		6.00%		(9.91)%		33.40%		21.45%		13.20%		(23.65)%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.76% H		.76%		.76%		.85%		.83%		.80%
Expenses net of fee waivers, if any		.75% H		.76%		.76%		.85%		.83%		.80%
Expenses net of all reductions		.75% H		.76%		.76%		.84%		.82%		.79%
Net investment income (loss)		1.27% H		1.01%		.77%		.52%		1.29%		1.18%
Supplemental Data
Net assets, end of period (000 omitted)	$	77,883	$	82,473	$	94,673	$	48,022	$	35,254	$	42,448
Portfolio turnover rate I		54% H		63%		99%		83%		104%		87%

A Calculated based on average shares outstanding during the period.

C Total returns for periods of less than one year are not annualized.

D Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

H Annualized.

I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2023

1. Organization.

VIP Materials Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2023 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$22,618,817
Gross unrealized depreciation	(2,172,361)
Net unrealized appreciation (depreciation)	$20,446,456
Tax cost	$70,828,279

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Materials Portfolio	26,286,545	35,281,696

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets A
Initial Class	4,722	.06
Investor Class	58,510	.14
	$63,232

A Annualized

	% of Average Net Assets
VIP Materials Portfolio	.04

	Amount
VIP Materials Portfolio	$379

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Materials Portfolio	2,007,522	1,455,470	(5,848)

6. Committed Line of Credit.

	Amount
VIP Materials Portfolio	$98

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Materials Portfolio	$31	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,335.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Materials Portfolio
Distributions to shareholders
Initial Class	62,325	720,470
Investor Class	334,192	3,595,817
Total	$396,517	$4,316,287

10. Share Transactions.

Transactions for each class of shares were as follows and may contain in-kind transactions:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2023	Year ended December 31, 2022	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Materials Portfolio
Initial Class
Shares sold	56,011	296,138	$964,544	$5,269,787
Reinvestment of distributions	3,594	42,906	62,325	720,470
Shares redeemed	(168,065)	(469,426)	(2,770,587)	(7,699,942)
Net increase (decrease)	(108,460)	(130,382)	$(1,743,718)	$(1,709,685)
Investor Class
Shares sold	527,386	1,833,964	$9,062,791	$32,145,510
Reinvestment of distributions	19,273	214,129	334,192	3,595,817
Shares redeemed	(1,085,461)	(2,013,920)	(17,941,205)	(32,193,508)
Net increase (decrease)	(538,802)	34,173	$(8,544,222)	$3,547,819

11. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %
VIP Materials Portfolio	100%

12. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During Period- C January 1, 2023 to June 30, 2023
VIP Materials Portfolio
Initial Class	.68%
Actual		$ 1,000	$ 1,060.70	$ 3.47
Hypothetical- B		$ 1,000	$ 1,021.42	$ 3.41
Investor Class	.75%
Actual		$ 1,000	$ 1,060.00	$ 3.83
Hypothetical- B		$ 1,000	$ 1,021.08	$ 3.76

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

VIP Materials Portfolio

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.851002.116

VMATP-SANN-0823

Fidelity® Variable Insurance Products:

VIP Health Care Portfolio

Semi-Annual Report

June 30, 2023

Contents

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

UnitedHealth Group, Inc.	10.0
Boston Scientific Corp.	6.9
Danaher Corp.	6.0
Eli Lilly & Co.	5.8
Thermo Fisher Scientific, Inc.	4.7
Penumbra, Inc.	4.6
Cigna Group	3.0
Regeneron Pharmaceuticals, Inc.	2.9
Masimo Corp.	2.7
Centene Corp.	2.6
	49.2

Industries (% of Fund's net assets)

Health Care Providers & Services	27.0
Health Care Equipment & Supplies	21.1
Biotechnology	18.4
Life Sciences Tools & Services	16.4
Pharmaceuticals	14.1
Health Care Technology	2.3
Personal Care Products	0.2
Financial Services	0.1

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
Biotechnology - 17.8%
Biotechnology - 17.8%
Acelyrin, Inc.	110,000	2,299,000
Akero Therapeutics, Inc. (a)	154,000	7,190,260
Allogene Therapeutics, Inc. (a)	600,000	2,982,000
Alnylam Pharmaceuticals, Inc. (a)	18,500	3,513,890
Ambrx Biopharma, Inc. ADR (a)	60,000	987,600
Apellis Pharmaceuticals, Inc. (a)	86,000	7,834,600
Arcellx, Inc. (a)	75,000	2,371,500
Arcus Biosciences, Inc. (a)	75,000	1,523,250
Arcutis Biotherapeutics, Inc. (a)	155,000	1,477,150
Argenx SE ADR (a)	66,500	25,917,045
Ascendis Pharma A/S sponsored ADR (a)	110,000	9,817,500
Avidity Biosciences, Inc. (a)	200,000	2,218,000
Beam Therapeutics, Inc. (a)(b)	56,000	1,788,080
Blueprint Medicines Corp. (a)	92,000	5,814,400
Caris Life Sciences, Inc. (c)(d)	254,430	1,424,808
Celldex Therapeutics, Inc. (a)	110,000	3,732,300
Cerevel Therapeutics Holdings (a)	193,833	6,161,951
Cytokinetics, Inc. (a)	218,000	7,111,160
Generation Bio Co. (a)	63,300	348,150
Janux Therapeutics, Inc. (a)	80,000	949,600
Karuna Therapeutics, Inc. (a)	42,000	9,107,700
Keros Therapeutics, Inc. (a)	84,000	3,375,120
Legend Biotech Corp. ADR (a)	240,000	16,567,200
Morphic Holding, Inc. (a)	60,000	3,439,800
Nuvalent, Inc. Class A (a)	80,000	3,373,600
Poseida Therapeutics, Inc. (a)(b)	255,887	450,361
PTC Therapeutics, Inc. (a)	80,000	3,253,600
Regeneron Pharmaceuticals, Inc. (a)	48,500	34,849,190
Repligen Corp. (a)	62,788	8,881,990
Sarepta Therapeutics, Inc. (a)	34,000	3,893,680
Shattuck Labs, Inc. (a)	36,553	114,045
uniQure B.V. (a)	90,000	1,031,400
Vaxcyte, Inc. (a)	185,000	9,238,900
Vera Therapeutics, Inc. (a)	160,000	2,568,000
Vertex Pharmaceuticals, Inc. (a)	14,000	4,926,740
Xencor, Inc. (a)	210,000	5,243,700
Xenon Pharmaceuticals, Inc. (a)	115,000	4,427,500
Zentalis Pharmaceuticals, Inc. (a)	200,000	5,642,000
		215,846,770
Health Care Equipment & Supplies - 21.1%
Health Care Equipment - 21.1%
Boston Scientific Corp. (a)	1,540,000	83,298,600
Insulet Corp. (a)	90,000	25,950,600
Intuitive Surgical, Inc. (a)	28,000	9,574,320
iRhythm Technologies, Inc. (a)	60,000	6,259,200
Masimo Corp. (a)	200,000	32,910,000
Nevro Corp. (a)	45,000	1,143,900
Novocure Ltd. (a)	73,016	3,030,164
Outset Medical, Inc. (a)	140,000	3,061,800
Penumbra, Inc. (a)	161,000	55,393,660
PROCEPT BioRobotics Corp. (a)(b)	85,000	3,004,750
ResMed, Inc.	80,500	17,589,250
Stryker Corp.	38,600	11,776,474
Tandem Diabetes Care, Inc. (a)	70,000	1,717,800
		254,710,518
Health Care Providers & Services - 27.0%
Health Care Facilities - 2.9%
Acadia Healthcare Co., Inc. (a)	140,000	11,149,600
Surgery Partners, Inc. (a)	550,000	24,744,500
		35,894,100
Health Care Services - 7.9%
agilon health, Inc. (a)(b)	1,471,100	25,508,874
Cigna Group	130,000	36,478,000
CVS Health Corp.	200,000	13,826,000
LifeStance Health Group, Inc. (a)	800,000	7,304,000
Privia Health Group, Inc. (a)	465,000	12,141,150
		95,258,024
Managed Health Care - 16.2%
Alignment Healthcare, Inc. (a)	540,000	3,105,000
Centene Corp. (a)	460,000	31,027,000
Elevance Health, Inc.	20,000	8,885,800
Humana, Inc.	58,000	25,933,540
Molina Healthcare, Inc. (a)	20,000	6,024,800
UnitedHealth Group, Inc.	252,000	121,121,280
		196,097,420
TOTAL HEALTH CARE PROVIDERS & SERVICES		327,249,544
Health Care Technology - 2.0%
Health Care Technology - 2.0%
Doximity, Inc. (a)(b)	100,000	3,402,000
Evolent Health, Inc. (a)	131,500	3,984,450
Evolent Health, Inc. (c)	168,500	4,850,273
Phreesia, Inc. (a)	160,000	4,961,600
Veeva Systems, Inc. Class A (a)	34,000	6,722,820
		23,921,143
Life Sciences Tools & Services - 16.4%
Life Sciences Tools & Services - 16.4%
10X Genomics, Inc. (a)	245,000	13,680,800
Bruker Corp.	160,000	11,827,200
Danaher Corp.	300,000	72,000,000
IQVIA Holdings, Inc. (a)	82,000	18,431,140
Lonza Group AG	10,000	5,959,444
Olink Holding AB ADR (a)	156,900	2,941,875
Sartorius Stedim Biotech	24,000	5,989,379
Thermo Fisher Scientific, Inc.	110,000	57,392,500
West Pharmaceutical Services, Inc.	28,000	10,709,160
		198,931,498
Personal Care Products - 0.2%
Personal Care Products - 0.2%
The Beauty Health Co. (a)(b)	100,800	843,696
The Beauty Health Co. (a)(c)	200,000	1,674,000
		2,517,696
Pharmaceuticals - 14.0%
Pharmaceuticals - 14.0%
Arvinas Holding Co. LLC (a)	100,000	2,482,000
AstraZeneca PLC (United Kingdom)	208,000	29,817,690
Eli Lilly & Co.	148,500	69,643,530
Enliven Therapeutics, Inc. (a)(b)	60,000	1,224,600
Merck & Co., Inc.	208,000	24,001,120
Novo Nordisk A/S Series B	77,500	12,519,338
Pharvaris BV (a)	80,000	1,256,800
Royalty Pharma PLC	500,000	15,370,000
UCB SA	87,500	7,752,976
Ventyx Biosciences, Inc. (a)	110,200	3,614,560
Verona Pharma PLC ADR (a)	85,000	1,796,900
		169,479,514
TOTAL COMMON STOCKS (Cost $808,350,868)		1,192,656,683

Convertible Preferred Stocks - 1.1%
	Shares	Value ($)
Biotechnology - 0.6%
Biotechnology - 0.6%
Asimov, Inc. Series B (a)(c)(d)	13,047	631,344
Caris Life Sciences, Inc. Series D (a)(c)(d)	398,133	2,229,545
Cleerly, Inc. Series C (c)(d)	179,891	2,093,931
Element Biosciences, Inc. Series C (a)(c)(d)	72,178	1,154,126
ElevateBio LLC Series C (a)(c)(d)	31,200	132,288
Inscripta, Inc. Series E (a)(c)(d)	157,568	666,513
		6,907,747
Financial Services - 0.1%
Specialized Finance - 0.1%
Saluda Medical, Inc. Series E (c)(d)	163,717	1,317,922
Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)	45,182	353,775
Health Care Technology - 0.3%
Health Care Technology - 0.3%
Aledade, Inc.:
Series B1 (a)(c)(d)	24,966	1,251,296
Series E1 (a)(c)(d)	10,776	540,093
Omada Health, Inc. Series E (a)(c)(d)	281,490	928,917
Wugen, Inc. Series B (a)(c)(d)	57,585	287,925
		3,008,231
Pharmaceuticals - 0.1%
Pharmaceuticals - 0.1%
Aristea Therapeutics, Inc. Series B (a)(c)(d)	123,100	678,281
Galvanize Therapeutics Series B (a)(c)(d)	505,495	818,902
		1,497,183
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,703,614)		13,084,858

Money Market Funds - 3.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.14% (e)	6,056,714	6,057,925
Fidelity Securities Lending Cash Central Fund 5.14% (e)(f)	33,030,095	33,033,398
TOTAL MONEY MARKET FUNDS (Cost $39,091,323)		39,091,323

TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $864,145,805)	1,244,832,864
NET OTHER ASSETS (LIABILITIES) - (2.8)%	(34,020,043)
NET ASSETS - 100.0%	1,210,812,821

Legend

(a)	Non-income producing

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

(c)	Restricted securities (including private placements) - 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 $21,033,939 or 1.7% of net assets.

(d)	Level 3 security

(e)

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

Additional information on each restricted holding is as follows:
Security	Acquisition Date	Acquisition Cost ($)
Aledade, Inc. Series B1	5/07/21	955,966

Aledade, Inc. Series E1	5/20/22	536,800

Aristea Therapeutics, Inc. Series B	10/06/20	678,736

Asimov, Inc. Series B	10/29/21	1,209,205

Caris Life Sciences, Inc.	10/06/22	1,424,808

Caris Life Sciences, Inc. Series D	5/11/21	3,224,877

Cleerly, Inc. Series C	7/08/22	2,119,224

dMed Biopharmaceutical Co. Ltd. Series C	12/01/20	641,727

Element Biosciences, Inc. Series C	6/21/21	1,483,741

ElevateBio LLC Series C	3/09/21	130,884

Evolent Health, Inc.	3/28/23	4,886,500

Galvanize Therapeutics Series B	3/29/22	875,156

Inscripta, Inc. Series E	3/30/21	1,391,325

Omada Health, Inc. Series E	12/22/21	1,687,589

Saluda Medical, Inc. Series E	4/06/23	1,321,818

The Beauty Health Co.	12/08/20	2,000,000

Wugen, Inc. Series B	7/09/21	446,566

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	8,270,343	118,174,903	120,387,321	223,149	-	-	6,057,925	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	53,909,480	82,686,120	103,562,202	39,235	-	-	33,033,398	0.1%
Total	62,179,823	200,861,023	223,949,523	262,384	-	-	39,091,323

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	1,192,656,683	1,144,044,574	47,187,301	1,424,808

Convertible Preferred Stocks	13,084,858	-	-	13,084,858

Money Market Funds	39,091,323	39,091,323	-	-
Total Investments in Securities:	1,244,832,864	1,183,135,897	47,187,301	14,509,666

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


Investments in Securities:
Convertible Preferred Stocks
Beginning Balance	$	12,279,992
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(516,952)
Cost of Purchases		1,321,818
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	13,084,858
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2023	$	(516,952)
Other Investments in Securities
Beginning Balance	$	1,424,808
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		-
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	1,424,808
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2023	$	-
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $32,669,369) - See accompanying schedule:
Unaffiliated issuers (cost $825,054,482)	$	1,205,741,541
Fidelity Central Funds (cost $39,091,323)		39,091,323


Total Investment in Securities (cost $864,145,805)			$	1,244,832,864
Cash				110,082
Receivable for investments sold				1,533,861
Receivable for fund shares sold				233,437
Dividends receivable				743,708
Distributions receivable from Fidelity Central Funds				37,995
Prepaid expenses				1,546
Other receivables				2,638
Total assets				1,247,496,131
Liabilities
Payable for investments purchased	$	2,370,154
Payable for fund shares redeemed		523,325
Accrued management fee		528,039
Distribution and service plan fees payable		55,409
Other affiliated payables		143,705
Other payables and accrued expenses		34,978
Collateral on securities loaned		33,027,700
Total Liabilities				36,683,310
Net Assets			$	1,210,812,821
Net Assets consist of:
Paid in capital			$	856,391,603
Total accumulated earnings (loss)				354,421,218
Net Assets			$	1,210,812,821

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($130,866,313 ÷ 3,850,861 shares)			$	33.98
Service Class 2 :
Net Asset Value , offering price and redemption price per share ($269,636,616 ÷ 7,998,063 shares)			$	33.71
Investor Class :
Net Asset Value , offering price and redemption price per share ($810,309,892 ÷ 24,134,728 shares)			$	33.57

Statement of Operations
				Six months ended June 30, 2023 (Unaudited)
Investment Income
Dividends			$	3,391,455
Income from Fidelity Central Funds (including $39,235 from security lending)				262,384
Total Income				3,653,839
Expenses
Management fee	$	3,158,158
Transfer agent fees		687,928
Distribution and service plan fees		321,811
Accounting fees		172,824
Custodian fees and expenses		32,668
Independent trustees' fees and expenses		3,909
Audit		22,388
Legal		2,334
Miscellaneous		3,803
Total expenses before reductions		4,405,823
Expense reductions		(28,063)
Total expenses after reductions				4,377,760
Net Investment income (loss)				(723,921)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		16,484,921
Foreign currency transactions		(9,918)
Total net realized gain (loss)				16,475,003
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		23,715,718
Assets and liabilities in foreign currencies		11,163
Total change in net unrealized appreciation (depreciation)				23,726,881
Net gain (loss)				40,201,884
Net increase (decrease) in net assets resulting from operations			$	39,477,963

Statement of Changes in Net Assets

		Six months ended June 30, 2023 (Unaudited)		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(723,921)	$	(1,989,028)
Net realized gain (loss)		16,475,003		(37,710,579)
Change in net unrealized appreciation (depreciation)		23,726,881		(142,009,475)
Net increase (decrease) in net assets resulting from operations		39,477,963		(181,709,082)
Distributions to shareholders		-		(78,323,481)

Share transactions - net increase (decrease)		(22,248,423)		30,988,288
Total increase (decrease) in net assets		17,229,540		(229,044,275)

Net Assets
Beginning of period		1,193,583,281		1,422,627,556
End of period	$	1,210,812,821	$	1,193,583,281

VIP Health Care Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86	$	26.44
Income from Investment Operations
Net investment income (loss) A,B		- C		(.02)		(.01)		.06		.07		.06
Net realized and unrealized gain (loss)		1.11		(4.96)		4.39		6.90		7.47		1.99
Total from investment operations		1.11		(4.98)		4.38		6.96		7.54		2.05
Distributions from net investment income		-		-		(.04)		(.19)		(.07)		(.06)
Distributions from net realized gain		-		(2.20)		(2.71)		(1.67)		(2.01)		(.57)
Total distributions		-		(2.20)		(2.74) D		(1.87) D		(2.08)		(.63)
Net asset value, end of period	$	33.98	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86
Total Return E,F,G		3.38%		(12.41)%		11.73%		21.58%		28.37%		7.86%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.63% J		.63%		.63%		.64%		.65%		.65%
Expenses net of fee waivers, if any		.62% J		.63%		.63%		.64%		.65%		.65%
Expenses net of all reductions		.62% J		.63%		.63%		.64%		.65%		.64%
Net investment income (loss)		(.02)% J		(.06)%		(.04)%		.18%		.23%		.19%
Supplemental Data
Net assets, end of period (000 omitted)	$	130,866	$	132,871	$	172,092	$	168,627	$	145,315	$	139,026
Portfolio turnover rate K		55% J		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Amount represents less than $.005 per share.

D Total distributions per share do not sum due to rounding.

E Total returns for periods of less than one year are not annualized.

F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

J Annualized.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Health Care Portfolio Service Class 2

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019 A
Selected Per-Share Data
Net asset value, beginning of period	$	32.65	$	39.89	$	38.29	$	33.27	$	28.52
Income from Investment Operations
Net investment income (loss) B,C		(.04)		(.10)		(.11)		(.03)		(.04)
Net realized and unrealized gain (loss)		1.10		(4.94)		4.38		6.88		4.85
Total from investment operations		1.06		(5.04)		4.27		6.85		4.81
Distributions from net investment income		-		-		(.02)		(.16)		(.06)
Distributions from net realized gain		-		(2.20)		(2.65)		(1.67)		- D
Total distributions		-		(2.20)		(2.67)		(1.83)		(.06)
Net asset value, end of period	$	33.71	$	32.65	$	39.89	$	38.29	$	33.27
Total Return E,F,G		3.25%		(12.62)%		11.45%		21.28%		16.87%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.88% J		.88%		.88%		.89%		.91% J
Expenses net of fee waivers, if any		.87% J		.88%		.87%		.89%		.91% J
Expenses net of all reductions		.87% J		.88%		.87%		.88%		.90% J
Net investment income (loss)		(.27)% J		(.31)%		(.28)%		(.07)%		(.18)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	269,637	$	246,472	$	275,392	$	143,771	$	20,198
Portfolio turnover rate K		55% J		43%		32%		51%		38%

A For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.

B Calculated based on average shares outstanding during the period.

C Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

D Amount represents less than $.005 per share.

E Total returns for periods of less than one year are not annualized.

F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

J Annualized.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Health Care Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62	$	26.23
Income from Investment Operations
Net investment income (loss) A,B		(.02)		(.04)		(.04)		.03		.04		.03
Net realized and unrealized gain (loss)		1.11		(4.92)		4.35		6.83		7.41		1.96
Total from investment operations		1.09		(4.96)		4.31		6.86		7.45		1.99
Distributions from net investment income		-		-		(.03)		(.17)		(.05)		(.04)
Distributions from net realized gain		-		(2.20)		(2.68)		(1.67)		(2.01)		(.57)
Total distributions		-		(2.20)		(2.71)		(1.84)		(2.05) C		(.60) C
Net asset value, end of period	$	33.57	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62
Total Return D,E,F		3.36%		(12.49)%		11.66%		21.49%		28.29%		7.72%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.70% I		.70%		.70%		.72%		.73%		.73%
Expenses net of fee waivers, if any		.70% I		.70%		.70%		.72%		.73%		.73%
Expenses net of all reductions		.70% I		.70%		.70%		.71%		.73%		.72%
Net investment income (loss)		(.09)% I		(.14)%		(.11)%		.10%		.15%		.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	810,310	$	814,240	$	975,143	$	914,765	$	737,957	$	674,111
Portfolio turnover rate J		55% I		43%		32%		51%		38%		65%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Total returns for periods of less than one year are not annualized.

E Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

I Annualized.

J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2023

1. Organization.

VIP Health Care Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in Input A
Equities	$14,509,666	Market comparable	Enterprise value/Revenue multiple (EV/R)	3.3 - 24.9 / 7.3	Increase
		Recovery value	Recovery value	$5.51	Increase
		Market approach	Transaction price	$7.75 - $20.56 / $13.45	Increase
			Discount rate	20.0%	Decrease
		Black scholes	Discount rate	4.2% - 5.0% / 4.5%	Increase
			Volatility	45.0% - 90.0% / 52.6%	Increase
			Term	1.5 - 4.0 / 2.9	Increase

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2023, as well as a roll forward of Level 3 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnership, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$433,193,213
Gross unrealized depreciation	(56,049,408)
Net unrealized appreciation (depreciation)	$377,143,805
Tax cost	$867,689,059

Short-term	$(36,462,205)
Long-term	(1,177,918)
Total capital loss carryforward	$(37,640,123)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Health Care Portfolio	327,671,494	345,438,481

5. Fees and Other Transactions with Affiliates.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of.25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

Service Class 2

$321,811

	Amount	% of Class-Level Average Net Assets A
Initial Class	$41,546	.06
Service Class 2	81,096	.06
Investor Class	565,286	.14
	$687,928

A Annualized

	% of Average Net Assets
VIP Health Care Portfolio	.03

	Amount
VIP Health Care Portfolio	$5,362

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Health Care Portfolio	23,021,826	19,896,749	2,174,195

6. Committed Line of Credit.

	Amount
VIP Health Care Portfolio	$1,167

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Health Care Portfolio	$4,239	$290	$-

8. Expense Reductions.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $27,518.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Health Care Portfolio
Distributions to shareholders
Initial Class	$-	$9,298,671
Service Class 2	-	15,645,387
Investor Class	-	53,379,423
Total	$-	$78,323,481

10. Share Transactions.

Transactions for each class of shares were as follows and may contain in-kind transactions:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2023	Year ended December 31, 2022	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Health Care Portfolio
Initial Class
Shares sold	134,951	295,996	$4,496,339	$9,770,229
Reinvestment of distributions	-	284,276	-	9,298,671
Shares redeemed	(326,759)	(834,758)	(10,955,433)	(26,380,793)
Net increase (decrease)	(191,808)	(254,486)	$(6,459,094)	$(7,311,893)
Service Class 2
Shares sold	864,483	1,753,408	$28,719,902	$56,484,590
Reinvestment of distributions	-	480,509	-	15,645,387
Shares redeemed	(416,319)	(1,587,975)	(13,860,436)	(50,671,053)
Net increase (decrease)	448,164	645,942	$14,859,466	$21,458,924
Investor Class
Shares sold	414,466	1,365,364	$13,817,988	$43,792,392
Reinvestment of distributions	-	1,650,059	-	53,379,423
Shares redeemed	(1,345,836)	(2,550,391)	(44,466,783)	(80,330,558)
Net increase (decrease)	(931,370)	465,032	$(30,648,795)	$16,841,257

11. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Health Care Portfolio	77%	1	21%

12. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During Period- C January 1, 2023 to June 30, 2023
VIP Health Care Portfolio
Initial Class	.62%
Actual		$ 1,000	$ 1,033.80	$ 3.13
Hypothetical- B		$ 1,000	$ 1,021.72	$ 3.11
Service Class 2	.87%
Actual		$ 1,000	$ 1,032.50	$ 4.38
Hypothetical- B		$ 1,000	$ 1,020.48	$ 4.36
Investor Class	.70%
Actual		$ 1,000	$ 1,033.60	$ 3.53
Hypothetical- B		$ 1,000	$ 1,021.32	$ 3.51

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

VIP Health Care Portfolio

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.817376.118

VHCIC-SANN-0823

Fidelity® Variable Insurance Products:

VIP Financials Portfolio

(formerly VIP Financial Services Portfolio)

Semi-Annual Report

June 30, 2023

Contents

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

MasterCard, Inc. Class A	10.5
Wells Fargo & Co.	7.5
Bank of America Corp.	5.9
Reinsurance Group of America, Inc.	3.4
U.S. Bancorp	3.0
Citigroup, Inc.	2.9
Morgan Stanley	2.9
Essent Group Ltd.	2.7
Chubb Ltd.	2.7
Marsh & McLennan Companies, Inc.	2.6
	44.1

Industries (% of Fund's net assets)

Banks	33.9
Insurance	23.3
Financial Services	22.9
Capital Markets	14.1
Consumer Finance	4.7
Professional Services	0.8

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares	Value ($)
Banks - 33.9%
Diversified Banks - 21.8%
Bank of America Corp.	357,700	10,262,413
Citigroup, Inc.	109,600	5,045,984
JPMorgan Chase & Co.	14,300	2,079,792
KeyCorp	253,100	2,338,644
U.S. Bancorp	156,500	5,170,760
Wells Fargo & Co.	308,577	13,170,066
		38,067,659
Regional Banks - 12.1%
Associated Banc-Corp.	80,700	1,309,761
Cadence Bank	48,710	956,664
East West Bancorp, Inc.	37,800	1,995,462
First Hawaiian, Inc.	55,700	1,003,157
First Interstate Bancsystem, Inc.	69,969	1,668,061
Heartland Financial U.S.A., Inc.	26,000	724,620
Huntington Bancshares, Inc.	670	7,223
M&T Bank Corp.	20,830	2,577,921
Popular, Inc.	47,400	2,868,648
Truist Financial Corp.	98,400	2,986,440
UMB Financial Corp.	17,000	1,035,300
Wintrust Financial Corp.	28,400	2,062,408
Zions Bancorp NA	76,600	2,057,476
		21,253,141
TOTAL BANKS		59,320,800
Capital Markets - 14.1%
Asset Management & Custody Banks - 8.2%
Affiliated Managers Group, Inc.	6,500	974,285
Bank of New York Mellon Corp.	62,100	2,764,692
Brookfield Asset Management Ltd. Class A	10	326
Brookfield Corp. Class A	47,541	1,599,755
Carlyle Group LP	55,100	1,760,445
Northern Trust Corp.	12,200	904,508
Patria Investments Ltd. (a)	156,700	2,240,810
State Street Corp.	56,000	4,098,080
		14,342,901
Financial Exchanges & Data - 0.8%
Bolsa Mexicana de Valores S.A.B. de CV	690,200	1,432,255
Investment Banking & Brokerage - 5.1%
Lazard Ltd. Class A	32,700	1,046,400
Morgan Stanley	58,300	4,978,820
Raymond James Financial, Inc.	19,150	1,987,196
Virtu Financial, Inc. Class A	55,100	941,659
		8,954,075
TOTAL CAPITAL MARKETS		24,729,231
Consumer Finance - 4.7%
Consumer Finance - 4.7%
Capital One Financial Corp.	33,600	3,674,832
FirstCash Holdings, Inc.	25,338	2,364,796
OneMain Holdings, Inc.	50,200	2,193,238
		8,232,866
Financial Services - 22.5%
Commercial & Residential Mortgage Finance - 4.1%
Essent Group Ltd.	100,100	4,684,680
NMI Holdings, Inc. (b)	48,644	1,255,988
Walker & Dunlop, Inc.	14,800	1,170,532
		7,111,200
Diversified Financial Services - 2.8%
Apollo Global Management, Inc.	45,700	3,510,217
Corebridge Financial, Inc. (a)	80,700	1,425,162
		4,935,379
Multi-Sector Holdings - 0.7%
Cannae Holdings, Inc. (b)	57,100	1,153,991
Transaction & Payment Processing Services - 14.9%
Fiserv, Inc. (b)	30,300	3,822,345
FleetCor Technologies, Inc. (b)	7,400	1,857,992
Global Payments, Inc.	21,800	2,147,736
MasterCard, Inc. Class A	46,600	18,327,778
		26,155,851
TOTAL FINANCIAL SERVICES		39,356,421
Insurance - 23.3%
Insurance Brokers - 3.9%
Arthur J. Gallagher & Co.	10,400	2,283,528
Marsh & McLennan Companies, Inc.	23,900	4,495,112
		6,778,640
Life & Health Insurance - 3.0%
Globe Life, Inc.	23,900	2,619,918
Primerica, Inc.	13,500	2,669,760
		5,289,678
Multi-Line Insurance - 1.5%
Assurant, Inc.	100	12,572
Hartford Financial Services Group, Inc.	37,300	2,686,346
		2,698,918
Property & Casualty Insurance - 11.4%
American Financial Group, Inc.	13,300	1,579,375
Beazley PLC	201,179	1,504,879
Chubb Ltd.	24,300	4,679,208
Direct Line Insurance Group PLC	819,900	1,415,611
Fidelity National Financial, Inc.	38,900	1,400,400
First American Financial Corp.	32,700	1,864,554
Hiscox Ltd.	190,300	2,636,740
Lancashire Holdings Ltd.	232,500	1,706,690
Selective Insurance Group, Inc.	12,000	1,151,400
The Travelers Companies, Inc.	11,512	1,999,174
		19,938,031
Reinsurance - 3.5%
Enstar Group Ltd. (b)	500	122,120
Reinsurance Group of America, Inc.	43,700	6,060,753
		6,182,873
TOTAL INSURANCE		40,888,140
Professional Services - 0.8%
Research & Consulting Services - 0.8%
Dun & Bradstreet Holdings, Inc. (a)	119,700	1,384,929
TOTAL COMMON STOCKS (Cost $156,611,838)		173,912,387

Convertible Bonds - 0.4%
	Principal Amount (c)	Value ($)
Financial Services - 0.4%
Transaction & Payment Processing Services - 0.4%
Affirm Holdings, Inc. 0% 11/15/26 (Cost $631,293)	959,000	707,838

Money Market Funds - 2.5%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e) (Cost $4,304,450)	4,304,020	4,304,450

TOTAL INVESTMENT IN SECURITIES - 102.2% (Cost $161,547,581)	178,924,675
NET OTHER ASSETS (LIABILITIES) - (2.2)%	(3,849,068)
NET ASSETS - 100.0%	175,075,607

Legend

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

(b)	Non-income producing

(c)	Amount is stated in United States dollars unless otherwise noted.

(d)

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	% ownership, end of period
Fidelity Cash Central Fund 5.14%	-	12,640,945	12,640,945	7,531	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.14%	-	23,280,200	18,975,750	1,014	-	-	4,304,450	0.0%
Total	-	35,921,145	31,616,695	8,545	-	-	4,304,450

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks	173,912,387	173,912,387	-	-

Convertible Bonds	707,838	-	707,838	-

Money Market Funds	4,304,450	4,304,450	-	-
Total Investments in Securities:	178,924,675	178,216,837	707,838	-

Financial Statements (Unaudited)

Statement of Assets and Liabilities
				June 30, 2023 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $4,164,400) - See accompanying schedule:
Unaffiliated issuers (cost $157,243,131)	$	174,620,225
Fidelity Central Funds (cost $4,304,450)		4,304,450


Total Investment in Securities (cost $161,547,581)			$	178,924,675
Receivable for investments sold				1,893,621
Receivable for fund shares sold				22,984
Dividends receivable				211,750
Distributions receivable from Fidelity Central Funds				789
Prepaid expenses				513
Other receivables				220
Total assets				181,054,552
Liabilities
Payable to custodian bank	$	1,378,267
Payable for investments purchased		82,371
Payable for fund shares redeemed		87,811
Accrued management fee		77,367
Other affiliated payables		24,444
Other payables and accrued expenses		24,235
Collateral on securities loaned		4,304,450
Total Liabilities				5,978,945
Net Assets			$	175,075,607
Net Assets consist of:
Paid in capital			$	159,285,921
Total accumulated earnings (loss)				15,789,686
Net Assets			$	175,075,607

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value , offering price and redemption price per share ($20,173,729 ÷ 1,550,885 shares)			$	13.01
Investor Class :
Net Asset Value , offering price and redemption price per share ($154,901,878 ÷ 11,985,270 shares)			$	12.92

Statement of Operations
				Six months ended June 30, 2023 (Unaudited)
Investment Income
Dividends			$	3,144,141
Interest				64,638
Income from Fidelity Central Funds (including $1,014 from security lending)				8,545
Total Income				3,217,324
Expenses
Management fee	$	539,708
Transfer agent fees		133,372
Accounting fees		36,374
Custodian fees and expenses		19,408
Independent trustees' fees and expenses		758
Audit		20,605
Legal		490
Miscellaneous		651
Total expenses before reductions		751,366
Expense reductions		(5,067)
Total expenses after reductions				746,299
Net Investment income (loss)				2,471,025
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(2,700,258)
Foreign currency transactions		2,608
Total net realized gain (loss)				(2,697,650)
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(6,882,335)
Assets and liabilities in foreign currencies		(301)
Total change in net unrealized appreciation (depreciation)				(6,882,636)
Net gain (loss)				(9,580,286)
Net increase (decrease) in net assets resulting from operations			$	(7,109,261)

Statement of Changes in Net Assets

		Six months ended June 30, 2023 (Unaudited)		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,471,025	$	5,140,561
Net realized gain (loss)		(2,697,650)		10,273,427
Change in net unrealized appreciation (depreciation)		(6,882,636)		(44,761,949)
Net increase (decrease) in net assets resulting from operations		(7,109,261)		(29,347,961)
Distributions to shareholders		(11,096,211)		(9,878,895)

Share transactions - net increase (decrease)		(33,234,616)		(16,203,538)
Total increase (decrease) in net assets		(51,440,088)		(55,430,394)

Net Assets
Beginning of period		226,515,695		281,946,089
End of period	$	175,075,607	$	226,515,695

VIP Financials Portfolio Initial Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15	$	13.72
Income from Investment Operations
Net investment income (loss) A,B		.17		.30		.32		.26		.22		.17
Net realized and unrealized gain (loss)		(.47)		(1.57)		3.71		(.16)		3.39		(2.28)
Total from investment operations		(.30)		(1.27)		4.03		.10		3.61		(2.11)
Distributions from net investment income		(.08)		(.29)		(.27)		(.26)		(.26)		(.16)
Distributions from net realized gain		(.62)		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.70)		(.54)		(.59)		(1.34)		(1.14)		(.46) C
Redemption fees added to paid in capital A		-		-		-		-		-		- D
Net asset value, end of period	$	13.01	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15
Total Return E,F,G		(2.71)%		(8.33)%		33.19%		.77%		34.33%		(15.73)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.67% J		.65%		.65%		.69%		.68%		.67%
Expenses net of fee waivers, if any		.66% J		.65%		.65%		.69%		.68%		.67%
Expenses net of all reductions		.66% J		.65%		.65%		.68%		.67%		.66%
Net investment income (loss)		2.48% J		2.06%		2.08%		2.47%		1.83%		1.25%
Supplemental Data
Net assets, end of period (000 omitted)	$	20,174	$	29,116	$	35,491	$	20,134	$	24,758	$	24,142
Portfolio turnover rate K		56% J		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

E Total returns for periods of less than one year are not annualized.

F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

J Annualized.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

VIP Financial Services Portfolio Investor Class

		Six months ended (Unaudited) June 30, 2023		Years ended December 31, 2022		2021		2020		2019		2018
Selected Per-Share Data
Net asset value, beginning of period	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10	$	13.66
Income from Investment Operations
Net investment income (loss) A,B		.16		.29		.30		.25		.21		.15
Net realized and unrealized gain (loss)		(.47)		(1.56)		3.70		(.16)		3.38		(2.26)
Total from investment operations		(.31)		(1.27)		4.00		.09		3.59		(2.11)
Distributions from net investment income		(.08)		(.28)		(.26)		(.25)		(.25)		(.15)
Distributions from net realized gain		(.62)		(.25)		(.32)		(1.08)		(.88)		(.29)
Total distributions		(.70)		(.53)		(.58)		(1.34) C		(1.13)		(.45) C
Redemption fees added to paid in capital A		-		-		-		-		-		- D
Net asset value, end of period	$	12.92	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10
Total Return E,F,G		(2.81)%		(8.37)%		33.14%		.63%		34.28%		(15.82)%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.74% J		.73%		.72%		.76%		.76%		.75%
Expenses net of fee waivers, if any		.74% J		.73%		.72%		.76%		.76%		.75%
Expenses net of all reductions		.74% J		.73%		.72%		.75%		.75%		.74%
Net investment income (loss)		2.41% J		1.99%		2.01%		2.39%		1.75%		1.17%
Supplemental Data
Net assets, end of period (000 omitted)	$	154,902	$	197,400	$	246,455	$	121,359	$	139,831	$	133,990
Portfolio turnover rate K		56% J		53%		40%		68%		58%		59%

A Calculated based on average shares outstanding during the period.

C Total distributions per share do not sum due to rounding.

D Amount represents less than $.005 per share.

E Total returns for periods of less than one year are not annualized.

F Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.

G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

J Annualized.

K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2023

1. Organization.

VIP Financials Portfolio (the Fund) (formerly VIP Financial Services Portfolio) is a non-diversified fund of Variable Insurance Products Fund 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. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense Ratio A
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2023 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$29,920,536
Gross unrealized depreciation	(15,034,424)
Net unrealized appreciation (depreciation)	$14,886,112
Tax cost	$164,038,562

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

	Purchases ($)	Sales ($)
VIP Financials Portfolio	57,838,784	99,764,387

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets A
Initial Class	7,837	.06
Investor Class	125,535	.14
	$133,372

A Annualized

	% of Average Net Assets
VIP Financials Portfolio	.04

	Amount
VIP Financials Portfolio	$1,013

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Financials Portfolio	929,784	4,240,512	(110,800)

6. Committed Line of Credit.

	Amount
VIP Financials Portfolio	$228

7. Security Lending.

	Total Security Lending Fees Paid to NFS	Security Lending Income From Securities Loaned to NFS	Value of Securities Loaned to NFS at Period End
VIP Financials Portfolio	$113	$-	$-

8. Expense Reductions.

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,067.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Financials Portfolio
Distributions to shareholders
Initial Class	1,391,952	1,249,703
Investor Class	9,704,259	8,629,192
Total	$11,096,211	$9,878,895

10. Share Transactions.

Transactions for each class of shares were as follows and may contain in-kind transactions:

	Shares	Shares	Dollars	Dollars
	Six months ended June 30, 2023	Year ended December 31, 2022	Six months ended June 30, 2023	Year ended December 31, 2022
VIP Financials Portfolio
Initial Class
Shares sold	74,564	1,003,850	$989,671	$15,681,340
Reinvestment of distributions	94,626	79,599	1,391,952	1,249,703
Shares redeemed	(696,336)	(1,249,358)	(8,966,202)	(18,033,364)
Net increase (decrease)	(527,146)	(165,909)	$(6,584,579)	$(1,102,321)
Investor Class
Shares sold	648,810	4,025,217	$8,596,917	$63,943,329
Reinvestment of distributions	663,766	552,838	9,704,258	8,629,192
Shares redeemed	(3,499,448)	(6,076,050)	(44,951,212)	(87,673,738)
Net increase (decrease)	(2,186,872)	(1,497,995)	$(26,650,037)	$(15,101,217)

11. Other.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated
VIP Financials Portfolio	100%

12. Risk and Uncertainties.

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value January 1, 2023	Ending Account Value June 30, 2023	Expenses Paid During Period- C January 1, 2023 to June 30, 2023
VIP Financials Portfolio
Initial Class	.66%
Actual		$ 1,000	$ 972.90	$ 3.23
Hypothetical- B		$ 1,000	$ 1,021.52	$ 3.31
Investor Class	.74%
Actual		$ 1,000	$ 971.90	$ 3.62
Hypothetical- B		$ 1,000	$ 1,021.12	$ 3.71

A Annualized expense ratio reflects expenses net of applicable fee waivers.

B 5% return per year before expenses

VIP Financials Portfolio

Highly liquid investments - cash or convertible to cash within three business days or less
Moderately liquid investments - convertible to cash in three to seven calendar days
Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
Illiquid investments - cannot be sold or disposed of within seven calendar days

1.817370.118

VFSIC-SANN-0823

Fidelity® Variable Insurance Products:

VIP Consumer Discretionary Portfolio

Semi-Annual Report

June 30, 2023

Contents

You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Fidelity® Variable Insurance Products are separate account options which are purchased through a variable insurance contract.

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Top Holdings (% of Fund's net assets)

Amazon.com, Inc.	23.9
Tesla, Inc.	14.4
Lowe's Companies, Inc.	4.8
The Home Depot, Inc.	4.6
TJX Companies, Inc.	4.1
NIKE, Inc. Class B	3.4
Hilton Worldwide Holdings, Inc.	2.9
McDonald's Corp.	2.4
Booking Holdings, Inc.	2.2
Dick's Sporting Goods, Inc.	2.1
	64.8

Industries (% of Fund's net assets)

Broadline Retail	24.5
Specialty Retail	20.0
Hotels, Restaurants & Leisure	18.4
Automobiles	14.4
Textiles, Apparel & Luxury Goods	11.1
Household Durables	3.9
Automobile Components	3.3
Consumer Staples Distribution & Retail	3.1
Building Products	0.3