To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

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.

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.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Initial Class	4.26%	9.75%	10.52%
Service Class 2	4.01%	9.50%	10.39%
Investor Class	4.22%	9.68%	10.43%

The initial offering of Service Class 2 shares took place on April 11, 2019. Returns prior to April 11, 2019 are those of Initial Class.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Health Care Portfolio - Initial Class, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 26.29% in 2023, according to the S&P 500® index, as a slowing in the pace of inflation and resilient late-cycle expansion of the U.S. economy provided a favorable backdrop for higher-risk assets for much of the year. After returning -18.11% in 2022, the index's sharp reversal was driven by a narrow set of firms in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. Since March 2022, the Fed has raised its benchmark interest rate 11 times before pausing and three times deciding to hold rates at a 22-year high while it observes inflation and the economy. After the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. Favorable data on inflation provided a further boost and the index rose 14% in the final two months. By sector for the year, tech (+61%) and communication services (+56%) led the way, followed by consumer discretionary (+43%). In contrast, the defensive-oriented utilities (-7%) and consumer staples (+1%) sectors notably lagged, as did energy (-1%), hampered by lower oil prices.

Comments from Portfolio Manager Eddie Yoon:

For the fiscal year ending December 31, 2023, the fund's share classes gained about 4%, versus 2.56% for the MSCI U.S. IMI Health Care 25/50 Index and 26.29% for the broad-based S&P 500® index. Relative to the sector index, security selection was the primary contributor, led by pharmaceuticals. Stock selection in biotechnology also helped. Picks in life sciences tools & services and health care services also boosted the fund's relative performance. The fund's top individual relative contributor this period was avoiding Pfizer, an index component that returned -41%. A second notable relative contributor was an overweight in Boston Scientific (+25%). Boston Scientific was among our biggest holdings. An overweight in Cytokinetics (+82%) also helped. In contrast, the primary detractor from performance versus the MSCI sector index was security selection in health care equipment. An underweight in health care distributors also detracted, as did stock picking in health care technology. The largest individual relative detractor was an overweight in Masimo (-20%). The second-largest relative detractor was an overweight in agilon health (-21%). Agilon health was among the fund's biggest holdings this period. An underweight in Eli Lilly (+61%) also hurt. Eli Lilly was still one of the fund's largest holdings. Notable changes in positioning include increased exposure to the health care services industry and a lower allocation to managed health care.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary December 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

UnitedHealth Group, Inc.	9.5
Boston Scientific Corp.	9.0
Eli Lilly & Co.	7.3
Danaher Corp.	6.5
CVS Health Corp.	4.5
Thermo Fisher Scientific, Inc.	4.4
Regeneron Pharmaceuticals, Inc.	4.4
Penumbra, Inc.	4.0
Cigna Group	3.8
Merck & Co., Inc.	3.0
	56.4

Industries (% of Fund's net assets)

Health Care Providers & Services	28.2
Health Care Equipment & Supplies	21.8
Biotechnology	18.0
Life Sciences Tools & Services	15.3
Pharmaceuticals	13.9
Health Care Technology	1.9
Financial Services	0.1

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares	Value ($)
Biotechnology - 17.5%
Biotechnology - 17.5%
Acelyrin, Inc.	130,000	969,800
Allogene Therapeutics, Inc. (a)(b)	600,000	1,926,000
Alnylam Pharmaceuticals, Inc. (a)	52,000	9,953,320
Ambrx Biopharma, Inc.	60,000	854,400
Arcellx, Inc. (a)	67,000	3,718,500
Arcus Biosciences, Inc. (a)	110,000	2,101,000
Argenx SE ADR (a)	41,500	15,787,845
Ascendis Pharma A/S sponsored ADR (a)	110,000	13,854,500
Avidity Biosciences, Inc. (a)	150,000	1,357,500
Blueprint Medicines Corp. (a)	106,148	9,791,092
Cargo Therapeutics, Inc.	146,625	3,394,369
Caris Life Sciences, Inc. (a)(c)(d)	254,430	735,303
Celldex Therapeutics, Inc. (a)	100,000	3,966,000
Cerevel Therapeutics Holdings (a)	100,000	4,240,000
Cytokinetics, Inc. (a)(b)	265,000	22,124,850
Janux Therapeutics, Inc. (a)	80,000	858,400
Keros Therapeutics, Inc. (a)	70,000	2,783,200
Legend Biotech Corp. ADR (a)	187,500	11,281,875
Morphic Holding, Inc. (a)	60,000	1,732,800
Nuvalent, Inc. Class A (a)	85,300	6,277,227
Poseida Therapeutics, Inc. (a)	310,000	1,041,600
Regeneron Pharmaceuticals, Inc. (a)	57,000	50,062,530
Repligen Corp. (a)	18,000	3,236,400
Vaxcyte, Inc. (a)	208,000	13,062,400
Viridian Therapeutics, Inc. (a)	155,000	3,375,900
Xencor, Inc. (a)	180,000	3,821,400
Xenon Pharmaceuticals, Inc. (a)	135,000	6,218,100
Zentalis Pharmaceuticals, Inc. (a)	128,000	1,939,200
		200,465,511
Health Care Equipment & Supplies - 21.8%
Health Care Equipment - 21.8%
Boston Scientific Corp. (a)	1,775,517	102,642,638
Edwards Lifesciences Corp. (a)	208,000	15,860,000
Glaukos Corp. (a)	140,300	11,152,447
Inspire Medical Systems, Inc. (a)	74,000	15,053,820
Insulet Corp. (a)	81,500	17,683,870
Intuitive Surgical, Inc. (a)	10,000	3,373,600
Masimo Corp. (a)	148,824	17,443,661
Outset Medical, Inc. (a)(b)	140,000	757,400
Penumbra, Inc. (a)	184,000	46,283,360
PROCEPT BioRobotics Corp. (a)	92,100	3,859,911
Stryker Corp.	47,500	14,224,350
Tandem Diabetes Care, Inc. (a)	40,000	1,183,200
		249,518,257
Health Care Providers & Services - 28.2%
Health Care Facilities - 2.3%
Acadia Healthcare Co., Inc. (a)	126,000	9,797,760
Surgery Partners, Inc. (a)	515,000	16,474,850
		26,272,610
Health Care Services - 12.0%
agilon health, Inc. (a)(b)	1,708,642	21,443,457
Cigna Group	146,500	43,869,425
CVS Health Corp.	650,000	51,324,000
LifeStance Health Group, Inc. (a)	1,103,152	8,637,680
Privia Health Group, Inc. (a)	525,000	12,090,750
		137,365,312
Managed Health Care - 13.9%
Alignment Healthcare, Inc. (a)	552,200	4,754,442
Centene Corp. (a)	415,000	30,797,150
Humana, Inc.	17,000	7,782,770
Molina Healthcare, Inc. (a)	20,000	7,226,200
UnitedHealth Group, Inc.	208,000	109,505,760
		160,066,322
TOTAL HEALTH CARE PROVIDERS & SERVICES		323,704,244
Health Care Technology - 1.6%
Health Care Technology - 1.6%
Evolent Health, Inc.	168,500	5,565,555
Evolent Health, Inc. Class A (a)	85,000	2,807,550
Phreesia, Inc. (a)	181,725	4,206,934
Veeva Systems, Inc. Class A (a)	30,000	5,775,600
		18,355,639
Life Sciences Tools & Services - 15.3%
Life Sciences Tools & Services - 15.3%
10X Genomics, Inc. (a)	340,000	19,026,400
Bruker Corp.	150,000	11,022,000
Danaher Corp.	320,000	74,028,800
IQVIA Holdings, Inc. (a)	57,500	13,304,350
Lonza Group AG	10,000	4,215,865
Thermo Fisher Scientific, Inc.	96,000	50,955,840
West Pharmaceutical Services, Inc.	6,900	2,429,628
		174,982,883
Pharmaceuticals - 13.8%
Pharmaceuticals - 13.8%
AstraZeneca PLC (United Kingdom)	138,000	18,614,807
Eli Lilly & Co.	143,000	83,357,560
Enliven Therapeutics, Inc. (a)	60,000	830,400
Merck & Co., Inc.	310,000	33,796,200
Pharvaris BV (a)	101,000	2,833,050
Royalty Pharma PLC	347,405	9,758,606
Structure Therapeutics, Inc. ADR	89,367	3,642,599
UCB SA	45,000	3,919,574
Verona Pharma PLC ADR (a)	85,000	1,689,800
		158,442,596
TOTAL COMMON STOCKS (Cost $728,035,622)		1,125,469,130

Convertible Preferred Stocks - 1.0%
	Shares	Value ($)
Biotechnology - 0.5%
Biotechnology - 0.5%
Asimov, Inc. Series B (a)(c)(d)	13,047	588,159
Caris Life Sciences, Inc. Series D (a)(c)(d)	398,133	1,150,604
Cleerly, Inc. Series C (a)(c)(d)	179,891	1,946,421
Element Biosciences, Inc. Series C (a)(c)(d)	72,178	1,081,948
ElevateBio LLC Series C (a)(c)(d)	31,200	99,528
Inscripta, Inc. Series E (a)(c)(d)	157,568	575,123
		5,441,783
Financial Services - 0.1%
Specialized Finance - 0.1%
Saluda Medical, Inc. Series E (c)(d)	163,717	1,337,568
Health Care Providers & Services - 0.0%
Health Care Services - 0.0%
dMed Biopharmaceutical Co. Ltd. Series C (a)(c)(d)	45,182	267,477
Health Care Technology - 0.3%
Health Care Technology - 0.3%
Aledade, Inc.:
Series B1 (a)(c)(d)	24,966	1,198,368
Series E1 (a)(c)(d)	10,776	517,248
Omada Health, Inc. Series E (a)(c)(d)	281,490	1,193,518
Wugen, Inc. Series B (a)(c)(d)	57,585	326,507
		3,235,641
Pharmaceuticals - 0.1%
Pharmaceuticals - 0.1%
Galvanize Therapeutics Series B (a)(c)(d)	505,495	561,099
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,024,878)		10,843,568

Money Market Funds - 3.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (e)	6,858,182	6,859,554
Fidelity Securities Lending Cash Central Fund 5.40% (e)(f)	34,267,822	34,271,248
TOTAL MONEY MARKET FUNDS (Cost $41,130,802)		41,130,802

TOTAL INVESTMENT IN SECURITIES - 102.8% (Cost $785,191,302)	1,177,443,500
NET OTHER ASSETS (LIABILITIES) - (2.8)%	(31,864,635)
NET ASSETS - 100.0%	1,145,578,865

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 $11,578,871 or 1.0% of net assets.

(d)	Level 3 security

(e)

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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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

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

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

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 5.40%	8,270,343	194,227,013	195,637,802	379,073	-	-	6,859,554	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	53,909,480	154,942,212	174,580,444	55,558	-	-	34,271,248	0.1%
Total	62,179,823	349,169,225	370,218,246	434,631	-	-	41,130,802

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 December 31, 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	1,125,469,130	1,101,903,155	22,830,672	735,303

Convertible Preferred Stocks	10,843,568	-	-	10,843,568

Money Market Funds	41,130,802	41,130,802	-	-
Total Investments in Securities:	1,177,443,500	1,143,033,957	22,830,672	11,578,871

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		(2,079,506)
Cost of Purchases		1,321,818
Proceeds of Sales		(678,736)
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	10,843,568
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023	$	(1,804,214)
Other Investments in Securities
Beginning Balance	$	1,424,808
Net Realized Gain (Loss) on Investment Securities		-
Net Unrealized Gain (Loss) on Investment Securities		(689,505)
Cost of Purchases		-
Proceeds of Sales		-
Amortization/Accretion		-
Transfers into Level 3		-
Transfers out of Level 3		-
Ending Balance	$	735,303
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2023	$	(689,505)
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

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value (including securities loaned of $33,345,419) - See accompanying schedule:
Unaffiliated issuers (cost $744,060,500)	$	1,136,312,698
Fidelity Central Funds (cost $41,130,802)		41,130,802


Total Investment in Securities (cost $785,191,302)			$	1,177,443,500
Receivable for investments sold				6,911,053
Receivable for fund shares sold				321,543
Dividends receivable				814,967
Distributions receivable from Fidelity Central Funds				26,855
Prepaid expenses				2,329
Other receivables				6,518
Total assets				1,185,526,765
Liabilities
Payable to custodian bank	$	970
Payable for investments purchased		4,234,747
Payable for fund shares redeemed		718,127
Accrued management fee		484,649
Distribution and service plan fees payable		58,291
Other affiliated payables		130,300
Other payables and accrued expenses		55,266
Collateral on securities loaned		34,265,550
Total Liabilities				39,947,900
Net Assets			$	1,145,578,865
Net Assets consist of:
Paid in capital			$	784,294,512
Total accumulated earnings (loss)				361,284,353
Net Assets			$	1,145,578,865

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($121,129,316 ÷ 3,534,397 shares)			$	34.27
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($292,411,212 ÷ 8,611,588 shares)			$	33.96
Investor Class :
Net Asset Value, offering price and redemption price per share ($732,038,337 ÷ 21,628,567 shares)			$	33.85

Statement of Operations
				Year ended December 31, 2023
Investment Income
Dividends			$	6,692,970
Income from Fidelity Central Funds (including $55,558 from security lending)				434,631
Total Income				7,127,601
Expenses
Management fee	$	6,099,180
Transfer agent fees		1,322,059
Distribution and service plan fees		657,790
Accounting fees		335,921
Custodian fees and expenses		53,984
Independent trustees' fees and expenses		7,219
Audit		45,378
Legal		4,984
Interest		1,876
Miscellaneous		6,503
Total expenses before reductions		8,534,894
Expense reductions		(71,998)
Total expenses after reductions				8,462,896
Net Investment income (loss)				(1,335,295)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		10,768,516
Foreign currency transactions		(15,988)
Total net realized gain (loss)				10,752,528
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		35,280,857
Assets and liabilities in foreign currencies		33,989
Total change in net unrealized appreciation (depreciation)				35,314,846
Net gain (loss)				46,067,374
Net increase (decrease) in net assets resulting from operations			$	44,732,079

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,335,295)	$	(1,989,028)
Net realized gain (loss)		10,752,528		(37,710,579)
Change in net unrealized appreciation (depreciation)		35,314,846		(142,009,475)
Net increase (decrease) in net assets resulting from operations		44,732,079		(181,709,082)
Distributions to shareholders		-		(78,323,481)

Share transactions - net increase (decrease)		(92,736,495)		30,988,288
Total increase (decrease) in net assets		(48,004,416)		(229,044,275)

Net Assets
Beginning of period		1,193,583,281		1,422,627,556
End of period	$	1,145,578,865	$	1,193,583,281

Financial Highlights

VIP Health Care Portfolio Initial Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.87	$	40.05	$	38.41	$	33.32	$	27.86
Income from Investment Operations
Net investment income (loss) A,B		- C		(.02)		(.01)		.06		.07
Net realized and unrealized gain (loss)		1.40		(4.96)		4.39		6.90		7.47
Total from investment operations		1.40		(4.98)		4.38		6.96		7.54
Distributions from net investment income		-		-		(.04)		(.19)		(.07)
Distributions from net realized gain		-		(2.20)		(2.71)		(1.67)		(2.01)
Total distributions		-		(2.20)		(2.74) D		(1.87) D		(2.08)
Net asset value, end of period	$	34.27	$	32.87	$	40.05	$	38.41	$	33.32
Total Return E,F		4.26%		(12.41)%		11.73%		21.58%		28.37%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.63%		.63%		.63%		.64%		.65%
Expenses net of fee waivers, if any		.62%		.63%		.63%		.64%		.65%
Expenses net of all reductions		.62%		.63%		.63%		.64%		.65%
Net investment income (loss)		(.01)%		(.06)%		(.04)%		.18%		.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	121,129	$	132,871	$	172,092	$	168,627	$	145,315
Portfolio turnover rate I		49%		43%		32%		51%		38%

ACalculated based on average shares outstanding during the period.

BNet 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.

CAmount represents less than $.005 per share.

DTotal distributions per share do not sum due to rounding.

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

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

GFees 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.

HExpense 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.

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

VIP Health Care Portfolio Service Class 2

Years ended December 31,		2023		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		(.08)		(.10)		(.11)		(.03)		(.04)
Net realized and unrealized gain (loss)		1.39		(4.94)		4.38		6.88		4.85
Total from investment operations		1.31		(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	$	33.96	$	32.65	$	39.89	$	38.29	$	33.27
Total Return E,F,G		4.01%		(12.62)%		11.45%		21.28%		16.87%
Ratios to Average Net Assets C,H,I
Expenses before reductions		.88%		.88%		.88%		.89%		.91% J
Expenses net of fee waivers, if any		.87%		.88%		.87%		.89%		.91% J
Expenses net of all reductions		.87%		.88%		.87%		.88%		.90% J
Net investment income (loss)		(.26)%		(.31)%		(.28)%		(.07)%		(.18)% J
Supplemental Data
Net assets, end of period (000 omitted)	$	292,411	$	246,472	$	275,392	$	143,771	$	20,198
Portfolio turnover rate K		49%		43%		32%		51%		38%

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

BCalculated based on average shares outstanding during the period.

CNet 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.

DAmount represents less than $.005 per share.

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

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

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

HFees 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.

IExpense 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.

JAnnualized.

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

VIP Health Care Portfolio Investor Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	32.48	$	39.64	$	38.04	$	33.02	$	27.62
Income from Investment Operations
Net investment income (loss) A,B		(.03)		(.04)		(.04)		.03		.04
Net realized and unrealized gain (loss)		1.40		(4.92)		4.35		6.83		7.41
Total from investment operations		1.37		(4.96)		4.31		6.86		7.45
Distributions from net investment income		-		-		(.03)		(.17)		(.05)
Distributions from net realized gain		-		(2.20)		(2.68)		(1.67)		(2.01)
Total distributions		-		(2.20)		(2.71)		(1.84)		(2.05) C
Net asset value, end of period	$	33.85	$	32.48	$	39.64	$	38.04	$	33.02
Total Return D,E		4.22%		(12.49)%		11.66%		21.49%		28.29%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.70%		.70%		.70%		.72%		.73%
Expenses net of fee waivers, if any		.70%		.70%		.70%		.72%		.73%
Expenses net of all reductions		.70%		.70%		.70%		.71%		.73%
Net investment income (loss)		(.08)%		(.14)%		(.11)%		.10%		.15%
Supplemental Data
Net assets, end of period (000 omitted)	$	732,038	$	814,240	$	975,143	$	914,765	$	737,957
Portfolio turnover rate H		49%		43%		32%		51%		38%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

FFees 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.

GExpense 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.

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

Notes to Financial Statements

For the period ended December 31, 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.

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 RatioA
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.

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 December 31, 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. 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.

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. As of December 31, 2023, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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, passive foreign investment companies (PFIC), net operating losses, capital loss carryforwards, partnerships 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	$435,536,253
Gross unrealized depreciation	(47,530,126)
Net unrealized appreciation (depreciation)	$388,006,127
Tax Cost	$789,437,373

The tax-based components of distributable earnings as of period end were as follows:

Capital loss carryforward	$(26,752,187)
Net unrealized appreciation (depreciation) on securities and other investments	$388,036,541

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 fiscal period end and is subject to adjustment.

Short-term	$(26,752,187)
Total capital loss carryforward	$(26,752,187)

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Long-term Capital Gains	$-	$78,323,481
Total	$-	$78,323,481

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 Health Care Portfolio	564,981,661	657,292,132

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 .22% 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 annual management fee rate was .52% of the Fund's average net assets.

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

$657,790

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
Initial Class	$79,297	.06
Service Class 2	165,763	.06
Investor Class	1,076,999	.14
	$1,322,059

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Health Care Portfolio	.0287

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Health Care Portfolio	.03

Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.

The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Initial Class	0.58
Service Class 2	0.58
Investor Class	0.66

One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.

A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.

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 Health Care Portfolio	$9,277

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
VIP Health Care Portfolio	Borrower	$ 6,069,500	5.57%	$1,876

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 Health Care Portfolio	39,602,243	44,238,274	(24,381)

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 Health Care Portfolio	$2,155

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 Health Care Portfolio	$5,978	$1,762	$-

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 $478.

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 $71,520.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 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
	Year ended December 31, 2023	Year ended December 31, 2022	Year ended December 31, 2023	Year ended December 31, 2022
VIP Health Care Portfolio
Initial Class
Shares sold	212,796	295,996	$7,025,917	$9,770,229
Reinvestment of distributions	-	284,276	-	9,298,671
Shares redeemed	(721,068)	(834,758)	(23,782,024)	(26,380,793)
Net increase (decrease)	(508,272)	(254,486)	$(16,756,107)	$(7,311,893)
Service Class 2
Shares sold	1,989,981	1,753,408	$64,950,522	$56,484,590
Reinvestment of distributions	-	480,509	-	15,645,387
Shares redeemed	(928,292)	(1,587,975)	(30,183,005)	(50,671,053)
Net increase (decrease)	1,061,689	645,942	$34,767,517	$21,458,924
Investor Class
Shares sold	481,184	1,365,364	$15,968,269	$43,792,392
Reinvestment of distributions	-	1,650,059	-	53,379,423
Shares redeemed	(3,918,715)	(2,550,391)	(126,716,174)	(80,330,558)
Net increase (decrease)	(3,437,531)	465,032	$(110,747,905)	$16,841,257

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% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

Fund	Affiliated %	Number of Unaffiliated Shareholders	Unaffiliated Shareholders %
VIP Health Care Portfolio	73%	1	23%

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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Health Care Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Health Care Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for Vijay Advani, each of the Trustees oversees 322 funds. Mr. Advani oversees 215 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's alternative investment, investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Mr. Advani also serves as Trustee or Member of the Advisory Board of other funds. Previously, Mr. Advani served as Executive Chairman (2020-2022), Chief Executive Officer (2017-2020) and Chief Operating Officer (2016-2017) of Nuveen (global investment manager). He also served in various capacities at Franklin Resources (global investment manager), including Co-President (2015-2016), Executive Vice President, Global Advisory Services (2008-2015), Head of Global Retail Distribution (2005-2008), Executive Managing Director, International Retail Development (2002-2005), Managing Director, Product Developments, Sales & Marketing, Asia, Eastern Europe and Africa (2000-2002) and President, Templeton Asset Management India (1995-2000). Mr. Advani also served as Senior Investment Officer of International Finance Corporation (private equity and venture capital arm of The World Bank, 1984-1995). Mr. Advani is Chairman Emeritus of the U.S. India Business Council (2018-present), a Director of The Global Impact Investing Network (2019-present), a Director of LOK Capital (Mauritius) (2022-present), a member of the Advisory Council of LOK Capital (2022-present), a Senior Advisor of Neuberger Berman (2021-present), a Senior Advisor of Seviora Holdings Pte. Ltd (Temasek-Singapore) (2021-present), a Director of Seviora Capital (Singapore) (2021-present) and an Advisor of EQUIAM (2021-present). Mr. Advani formerly served as a member of the Board of BowX Acquisition Corp. (special purpose acquisition company, 2020-2021), a member of the Board of Intellecap (advisory arm of The Aavishkaar Group, 2018-2020), a member of the Board of Nuveen Investments, Inc. (2017-2020) and a member of the Board of Docusign (software, 2016-2019).

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance & Sustainability Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present), as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present), as a member of the Board of Allonnia (biotechnology and engineering solutions, 2022-present) and on the Advisory Board of Solugen, Inc. (specialty bio-based chemicals manufacturer, 2022-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York. Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018) and as a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-2022).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Board of Ariel Alternatives, LLC (private equity, 2022-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy served as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-2021). Mr. Kennedy serves as a Director of the Board of Directors of Textron Inc. (aerospace and defense, 2023-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present), a member of the Board of Archer Aviation Inc. (2021-present), a member of the Defense Business Board of the United States Department of Defense (2021-present) and a member of the Board of Salesforce.com, Inc. (cloud-based software, 2022-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Lead Director of the Board of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Ms. Peetz also serves as a Member of the Advisory Board of other funds. Previously, Ms. Peetz served as Chief Administration Officer (2020-2023) of Citigroup Inc. (a diversified financial service company). She also served in various capacities at Bank of New York Mellon Corporation, including President (2013-2016), Vice Chairman, Senior Executive Vice President and Chief Executive Officer of Financial Markets & Treasury Services (2010-2013), Senior Executive Vice President and Chief Executive Officer of Global Corporate Trust (2003-2008), Senior Vice President and Division Manager of Global Payments & Trade Services (2002-2003) and Senior Vice President and Division Manager of Domestic Corporate Trust (1998-2002). Ms. Peetz also served in various capacities at Chase Manhattan Corporation (1982-1998), including Senior Vice President and Manager of Corporate Trust International Business (1996-1998), Managing Director and Manager of Corporate Trust Services (1994-1996) and Managing Director and Group Manager of Financial Institution Sales (1990-1993). Ms. Peetz currently serves as Chair of Amherst Holdings Advisory Council (2018-present), Trustee of Johns Hopkins University (2016-present), Chair of the Carey Business School Advisory Council, Member of the Johns Hopkins Medicine Board and Finance Committee and Chair of the Lyme and Tick Related Disease Institute Advisory Council. Ms. Peetz previously served as a member of the Board of Guardian Life Insurance Company of America (2019-2023), a member of the Board of Trane Technologies (2018-2022), a member of the Board of Wells Fargo Corp. (2017-2019), a member of the Board of SunCoke Energy Inc. (2012-2016), a member of the Board of Private Export Funding Corporation (2010-2016) and as a Trustee of Penn State University (2010-2014) and the United Way of New York City (2008-2010).

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Ms. Bonner also serves as an officer of other funds. Ms. Bonner is a Senior Vice President (2022-present) and is an employee of Fidelity Investments (2022-present). Ms. Bonner serves as Vice President, Treasurer, or Assistant Treasurer of certain Fidelity entities. Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown is a Vice President (2015-present) and is an employee of Fidelity Investments. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity® funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke is Head of Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments. Mr. Burke serves as President, Executive Vice President, or Director of certain Fidelity entities. Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

Ms. Carey also serves as an officer of other funds and as CLO of certain Fidelity entities. Ms. Carey is a Senior Vice President, Deputy General Counsel (2019-present) and is an employee of Fidelity Investments.

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. Mr. Coffey is a Senior Vice President, Deputy General Counsel (2010-present) and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, or Senior Vice President of certain Fidelity entities and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Mr. Cohen serves as Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019) and Head of Global Equity Research (2016-2018).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis is a Vice President (2006-present) and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is a Senior Vice President (2017-present) and is an employee of Fidelity Investments. Ms. Del Prato serves as Vice President or Assistant Treasurer of certain Fidelity entities. Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Hogan serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding is Co-Head of Equity (2018-present) and is an employee of Fidelity Investments. Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher is a Vice President (2008-present) and is an employee of Fidelity Investments. Mr. Maher serves as Assistant Treasurer of certain Fidelity entities. Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a Senior Vice President of Asset Management Compliance (2020-present) and is an employee of Fidelity Investments. Mr. Pogorelec serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2023-present) and Ballyrock Investment Advisors LLC (2023-present). Previously, Mr. Pogorelec served as a Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity® funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as AML Officer of other funds. Mr. Segaloff is a Vice President (2022-present) and is an employee of Fidelity Investments. Mr. Segaloff serves as Anti Money Laundering Compliance Officer or Anti Money Laundering/Bank Secrecy Act Compliance Officer of certain Fidelity entities.

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith is a Senior Vice President (2016-present) and is an employee of Fidelity Investments. Ms. Smith serves as Assistant Treasurer of certain Fidelity entities and has served in other fund officer roles.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann is a Vice President (2016-present) and is an employee of Fidelity Investments. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

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 (July 1, 2023 to December 31, 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 July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023
VIP Health Care Portfolio
Initial Class **	.62%
Actual		$ 1,000	$ 1,008.50	$ 3.14
Hypothetical-B		$ 1,000	$ 1,022.08	$ 3.16
Service Class 2	.87%
Actual		$ 1,000	$ 1,007.40	$ 4.40
Hypothetical-B		$ 1,000	$ 1,020.82	$ 4.43
Investor Class	.69%
Actual		$ 1,000	$ 1,008.30	$ 3.49
Hypothetical-B		$ 1,000	$ 1,021.73	$ 3.52

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 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:

	Annualized Expense Ratio- A	Expenses Paid
VIP Health Care Portfolio
Initial Class	.58%
Actual		$ 2.94
Hypothetical- B		$ 2.96

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

VIP Health Care Portfolio

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it is the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Initial Class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Initial Class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Initial Class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Initial Class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the mapped group for the 12-month period ended September 30, 2022 and below the competitive median of the asset size peer group for the 12-month period ended September 30, 2022. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the similar sales load structure group for the 12-month period ended September 30, 2022 and below the competitive median of the total expense asset size peer group for the 12-month period ended September 30, 2022.

The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds, including any consideration of fund liquidations or mergers; (ii) the operation of performance fees and competitor use of performance fees; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; (vii) group fee breakpoints and related voluntary fee waivers; and (viii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through July 31, 2024.

1.817373.118

VHCIC-ANN-0224

Fidelity® Variable Insurance Products:

VIP Real Estate Portfolio

Annual Report

December 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Initial Class	11.19%	5.22%	6.04%
Service Class	11.09%	5.12%	5.93%
Service Class 2	10.89%	4.96%	5.77%
Investor Class	11.12%	5.15%	5.95%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Real Estate Portfolio - Initial Class, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Samuel Wald:

For the fiscal year ending December 31, 2023, the fund's share classes gained about 11%, versus 11.96% for the MSCI US IMI Real Estate 25/50 Linked Index and 26.29% for the broad-based S&P 500® index. Relative to the MSCI sector index, security selection was the primary detractor, especially within the real estate services industry. Picks among specialized REITs also hurt, as did investment choices in the security & alarm services and internet services & infrastructure categories. The biggest individual relative detractor was an outsized stake in Crown Castle (-10%), one of the portfolio's largest holdings in 2023. An overweight in Mid-America Apartment Communities (-11%) hurt as well. The stock also was among the fund's more sizable positions this period. An underweight in Zillow (+80%) further detracted from relative performance. In contrast, the biggest contributor compared with the real estate index was stock selection in the health care industry. Favorable picks and comparatively light exposure to retail REITs also boosted the fund's relative return. An underweight in diversified REITs proved advantageous as well. The top individual relative contributor this period was avoiding Realty Income, an index component that returned approximately -5%. An outsized position in CubeSmart (+20%), which was among the fund's largest holdings, added further value. An overweight in Ryman Hospitality Properties (+40%) also contributed. Notable changes in positioning include higher allocations to the data center and real estate services industries.

Investment Summary December 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

Prologis (REIT), Inc.	11.9
Crown Castle International Corp.	8.0
Equinix, Inc.	7.4
American Tower Corp.	5.9
Ventas, Inc.	5.5
CubeSmart	5.3
CBRE Group, Inc.	4.9
Digital Realty Trust, Inc.	3.7
Mid-America Apartment Communities, Inc.	3.6
Welltower, Inc.	3.5
	59.7

Top REIT Sectors (% of Fund's net assets)

REITs - Diversified	21.3
REITs - Warehouse/Industrial	17.7
REITs - Apartments	11.2
REITs - Health Care	9.0
REITs - Management/Investment	7.9

Asset Allocation (% of Fund's net assets)

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
Equity Real Estate Investment Trusts (REITs) - 91.9%
REITs - Apartments - 11.2%
Essex Property Trust, Inc.	52,548	13,028,751
Invitation Homes, Inc.	251,400	8,575,254
Mid-America Apartment Communities, Inc.	103,100	13,862,826
UDR, Inc.	184,400	7,060,676
		42,527,507
REITs - Diversified - 21.3%
Crown Castle International Corp.	261,500	30,122,185
Digital Realty Trust, Inc.	105,100	14,144,358
Equinix, Inc.	34,900	28,108,111
Lamar Advertising Co. Class A	49,400	5,250,232
Outfront Media, Inc.	204,400	2,853,424
		80,478,310
REITs - Health Care - 9.0%
Ventas, Inc.	417,110	20,788,762
Welltower, Inc.	145,500	13,119,735
		33,908,497
REITs - Hotels - 2.8%
Ryman Hospitality Properties, Inc.	95,900	10,554,754
REITs - Management/Investment - 7.9%
American Tower Corp.	104,000	22,451,520
NNN (REIT), Inc.	171,100	7,374,410
		29,825,930
REITs - Manufactured Homes - 2.9%
Equity Lifestyle Properties, Inc.	156,220	11,019,759
REITs - Office Property - 2.6%
Alexandria Real Estate Equities, Inc.	59,300	7,517,461
Douglas Emmett, Inc.	168,100	2,437,450
		9,954,911
REITs - Regional Malls - 1.6%
Tanger Factory Outlet Centers, Inc.	211,200	5,854,464
REITs - Shopping Centers - 4.8%
SITE Centers Corp.	709,800	9,674,574
Urban Edge Properties	466,800	8,542,440
		18,217,014
REITs - Single Tenant - 3.6%
Four Corners Property Trust, Inc.	426,500	10,790,450
NETSTREIT Corp.	167,700	2,993,445
		13,783,895
REITs - Storage - 6.5%
CubeSmart	433,100	20,074,185
Extra Space Storage, Inc.	27,500	4,409,075
		24,483,260
REITs - Warehouse/Industrial - 17.7%
Americold Realty Trust	361,100	10,930,497
EastGroup Properties, Inc.	28,900	5,304,306
Prologis (REIT), Inc.	337,529	44,992,616
Terreno Realty Corp.	89,700	5,621,499
		66,848,918
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		347,457,219
Real Estate Management & Development - 7.0%
Real Estate Services - 7.0%
CBRE Group, Inc. (a)	201,800	18,785,562
CoStar Group, Inc. (a)	89,800	7,847,622
		26,633,184
TOTAL COMMON STOCKS (Cost $306,171,831)		374,090,403

Money Market Funds - 0.5%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (b) (Cost $1,955,778)	1,955,386	1,955,778

TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $308,127,609)	376,046,181
NET OTHER ASSETS (LIABILITIES) - 0.6%	2,173,686
NET ASSETS - 100.0%	378,219,867

Legend

(a)	Non-income producing

(b)

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 5.40%	3,046,451	105,333,941	106,424,614	129,319	-	-	1,955,778	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	2,070,800	22,755,661	24,826,461	50,753	-	-	-	0.0%
Total	5,117,251	128,089,602	131,251,075	180,072	-	-	1,955,778

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	374,090,403	374,090,403	-	-

Money Market Funds	1,955,778	1,955,778	-	-
Total Investments in Securities:	376,046,181	376,046,181	-	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $306,171,831)	$	374,090,403
Fidelity Central Funds (cost $1,955,778)		1,955,778


Total Investment in Securities (cost $308,127,609)			$	376,046,181
Receivable for investments sold				1,919,657
Receivable for fund shares sold				13,737
Dividends receivable				1,693,601
Distributions receivable from Fidelity Central Funds				5,800
Prepaid expenses				866
Other receivables				1,779
Total assets				379,681,621
Liabilities
Payable for investments purchased	$	883,453
Payable for fund shares redeemed		295,520
Accrued management fee		161,269
Distribution and service plan fees payable		30,958
Other affiliated payables		39,757
Other payables and accrued expenses		50,797
Total Liabilities				1,461,754
Net Assets			$	378,219,867
Net Assets consist of:
Paid in capital			$	322,398,866
Total accumulated earnings (loss)				55,821,001
Net Assets			$	378,219,867

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($66,471,140 ÷ 3,853,314 shares)			$	17.25
Service Class :
Net Asset Value, offering price and redemption price per share ($12,624,564 ÷ 735,659 shares)			$	17.16
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($146,734,304 ÷ 8,690,475 shares)			$	16.88
Investor Class :
Net Asset Value, offering price and redemption price per share ($152,389,859 ÷ 8,896,613 shares)			$	17.13

Statement of Operations
				Year ended December 31, 2023
Investment Income
Dividends			$	10,427,063
Income from Fidelity Central Funds (including $50,753 from security lending)				180,072
Total Income				10,607,135
Expenses
Management fee	$	1,777,482
Transfer agent fees		328,563
Distribution and service plan fees		291,608
Accounting fees		120,041
Custodian fees and expenses		11,083
Independent trustees' fees and expenses		2,149
Audit		50,955
Legal		1,044
Miscellaneous		1,863
Total expenses before reductions		2,584,788
Expense reductions		(20,637)
Total expenses after reductions				2,564,151
Net Investment income (loss)				8,042,984
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		(11,311,869)
Total net realized gain (loss)				(11,311,869)
Change in net unrealized appreciation (depreciation) on investment securities				41,214,134
Net gain (loss)				29,902,265
Net increase (decrease) in net assets resulting from operations			$	37,945,249

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,042,984	$	6,689,241
Net realized gain (loss)		(11,311,869)		12,272,372
Change in net unrealized appreciation (depreciation)		41,214,134		(155,468,615)
Net increase (decrease) in net assets resulting from operations		37,945,249		(136,507,002)
Distributions to shareholders		(22,455,500)		(17,453,553)

Share transactions - net increase (decrease)		30,532,499		(27,789,290)
Total increase (decrease) in net assets		46,022,248		(181,749,845)

Net Assets
Beginning of period		332,197,619		513,947,464
End of period	$	378,219,867	$	332,197,619

Financial Highlights

VIP Real Estate Portfolio Initial Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.54	$	23.81	$	17.43	$	19.79	$	16.68
Income from Investment Operations
Net investment income (loss) A,B		.40		.34		.23		.31		.43
Net realized and unrealized gain (loss)		1.41		(6.76)		6.52		(1.54)		3.41
Total from investment operations		1.81		(6.42)		6.75		(1.23)		3.84
Distributions from net investment income		(.40)		(.25)		(.22) C		(.37)		(.34)
Distributions from net realized gain		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(1.10)		(.85) D		(.37)		(1.13)		(.73)
Net asset value, end of period	$	17.25	$	16.54	$	23.81	$	17.43	$	19.79
Total Return E,F		11.19%		(27.51)%		38.99%		(6.55)%		23.22%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.64%		.64%		.64%		.66%		.66%
Expenses net of fee waivers, if any		.64%		.64%		.64%		.66%		.66%
Expenses net of all reductions		.64%		.64%		.64%		.65%		.65%
Net investment income (loss)		2.49%		1.80%		1.11%		1.83%		2.21%
Supplemental Data
Net assets, end of period (000 omitted)	$	66,471	$	66,060	$	95,219	$	69,612	$	90,029
Portfolio turnover rate I		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Service Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.46	$	23.70	$	17.35	$	19.70	$	16.61
Income from Investment Operations
Net investment income (loss) A,B		.39		.32		.21		.29		.41
Net realized and unrealized gain (loss)		1.40		(6.73)		6.48		(1.52)		3.39
Total from investment operations		1.79		(6.41)		6.69		(1.23)		3.80
Distributions from net investment income		(.39)		(.24)		(.19) C		(.36)		(.33)
Distributions from net realized gain		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(1.09)		(.83)		(.34)		(1.12)		(.71) D
Net asset value, end of period	$	17.16	$	16.46	$	23.70	$	17.35	$	19.70
Total Return E,F		11.09%		(27.59)%		38.80%		(6.61)%		23.09%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.74%		.74%		.74%		.76%		.76%
Expenses net of fee waivers, if any		.74%		.74%		.74%		.76%		.76%
Expenses net of all reductions		.74%		.74%		.74%		.75%		.75%
Net investment income (loss)		2.39%		1.70%		1.01%		1.73%		2.11%
Supplemental Data
Net assets, end of period (000 omitted)	$	12,625	$	12,149	$	15,071	$	14,062	$	12,933
Portfolio turnover rate I		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Service Class 2

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.22	$	23.36	$	17.11	$	19.45	$	16.40
Income from Investment Operations
Net investment income (loss) A,B		.35		.29		.17		.26		.37
Net realized and unrealized gain (loss)		1.38		(6.63)		6.40		(1.51)		3.36
Total from investment operations		1.73		(6.34)		6.57		(1.25)		3.73
Distributions from net investment income		(.37)		(.21)		(.17) C		(.33)		(.30)
Distributions from net realized gain		(.70)		(.58)		(.15) C		(.76)		(.39)
Total distributions		(1.07)		(.80) D		(.32)		(1.09)		(.68) D
Net asset value, end of period	$	16.88	$	16.22	$	23.36	$	17.11	$	19.45
Total Return E,F		10.89%		(27.69)%		38.64%		(6.79)%		22.95%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.89%		.89%		.89%		.91%		.91%
Expenses net of fee waivers, if any		.89%		.89%		.89%		.91%		.91%
Expenses net of all reductions		.89%		.89%		.89%		.90%		.90%
Net investment income (loss)		2.24%		1.55%		.86%		1.58%		1.96%
Supplemental Data
Net assets, end of period (000 omitted)	$	146,734	$	97,994	$	158,332	$	105,694	$	124,526
Portfolio turnover rate I		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

DTotal distributions per share do not sum due to rounding.

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

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

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

VIP Real Estate Portfolio Investor Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	16.43	$	23.66	$	17.32	$	19.67	$	16.58
Income from Investment Operations
Net investment income (loss) A,B		.39		.33		.21		.30		.41
Net realized and unrealized gain (loss)		1.40		(6.73)		6.49		(1.53)		3.40
Total from investment operations		1.79		(6.40)		6.70		(1.23)		3.81
Distributions from net investment income		(.39)		(.24)		(.21) C		(.36)		(.33)
Distributions from net realized gain		(.70)		(.59)		(.15) C		(.76)		(.39)
Total distributions		(1.09)		(.83)		(.36)		(1.12)		(.72)
Net asset value, end of period	$	17.13	$	16.43	$	23.66	$	17.32	$	19.67
Total Return D,E		11.12%		(27.58)%		38.92%		(6.61)%		23.15%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.72%		.72%		.72%		.74%		.74%
Expenses net of fee waivers, if any		.71%		.72%		.71%		.74%		.73%
Expenses net of all reductions		.71%		.72%		.71%		.73%		.73%
Net investment income (loss)		2.42%		1.72%		1.03%		1.75%		2.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	152,390	$	155,995	$	245,326	$	150,117	$	192,874
Portfolio turnover rate H		33%		53%		31%		83%		44%

ACalculated based on average shares outstanding during the period.

CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

Notes to Financial Statements

For the period ended December 31, 2023

1. Organization.

VIP Real Estate 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 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 RatioA
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 December 31, 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.

Book-tax differences are primarily due to 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	$85,121,572
Gross unrealized depreciation	(18,464,929)
Net unrealized appreciation (depreciation)	$66,656,643
Tax Cost	$309,389,538

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,144,638
Capital loss carryforward	$(11,980,281)
Net unrealized appreciation (depreciation) on securities and other investments	$66,656,643

Short-term	$(7,446,135)
Long-term	(4,534,146)
Total capital loss carryforward	$(11,980,281)

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Ordinary Income	$8,380,674	$8,774,250
Long-term Capital Gains	14,074,826	8,679,303
Total	$22,455,500	$17,453,553

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 Real Estate Portfolio	129,895,761	112,118,889

5. Fees and Other Transactions with Affiliates.

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	$12,480
Service Class 2	279,128
	$291,608

	Amount	% of Class-Level Average Net Assets
Initial Class	$ 40,257	.06
Service Class	7,862	.06
Service Class 2	70,340	.06
Investor Class	210,104	.14
	$328,563

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Real Estate Portfolio	0.0353

Prior to December 1,2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Real Estate Portfolio	.04

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Initial Class	0.58
Service Class	0.58
Service Class 2	0.58
Investor Class	0.66

	Amount
VIP Real Estate Portfolio	$ 1,924

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Real Estate Portfolio	6,316,752	8,455,017	263,319

6. Committed Line of Credit.

	Amount
VIP Real Estate Portfolio	$614

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 Real Estate Portfolio	$5,500	$-	$-

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 $20,449.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023	Year ended December 31, 2022
VIP Real Estate Portfolio
Distributions to shareholders
Initial Class	$ 4,249,940	$3,366,351
Service Class	835,505	559,733
Service Class 2	7,307,505	5,225,323
Investor Class	10,062,550	8,302,146
Total	$22,455,500	$17,453,553

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023	Year ended December 31, 2022	Year ended December 31, 2023	Year ended December 31, 2022
VIP Real Estate Portfolio
Initial Class
Shares sold	420,196	450,719	$6,729,502	$8,747,373
Reinvestment of distributions	251,029	171,237	4,249,940	3,366,350
Shares redeemed	(812,224)	(626,425)	(13,305,910)	(12,167,123)
Net increase (decrease)	(140,999)	(4,469)	$(2,326,468)	$(53,400)
Service Class
Shares sold	190,511	269,375	$3,038,056	$4,941,492
Reinvestment of distributions	49,656	28,665	835,505	559,733
Shares redeemed	(242,581)	(195,743)	(3,902,446)	(3,613,979)
Net increase (decrease)	(2,414)	102,297	$(28,885)	$1,887,246
Service Class 2
Shares sold	3,603,805	2,102,703	$56,416,922	$41,393,596
Reinvestment of distributions	443,372	268,267	7,307,505	5,225,323
Shares redeemed	(1,398,475)	(3,106,302)	(22,062,376)	(60,881,093)
Net increase (decrease)	2,648,702	(735,332)	$41,662,051	$(14,262,174)
Investor Class
Shares sold	457,345	792,516	$7,535,478	$16,739,279
Reinvestment of distributions	597,354	422,934	10,062,550	8,302,146
Shares redeemed	(1,653,432)	(2,090,615)	(26,372,227)	(40,402,387)
Net increase (decrease)	(598,733)	(875,165)	$(8,774,199)	$(15,360,962)

11. Other.

Fund	Affiliated %	Number ofUnaffiliated Shareholders	Unaffiliated Shareholders %
VIP Real Estate Portfolio	46	1	19

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Real Estate Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Real Estate Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 9, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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 (July 1, 2023 to December 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023
VIP Real Estate Portfolio
Initial Class **	.63%
Actual		$ 1,000	$ 1,066.10	$ 3.28
Hypothetical-B		$ 1,000	$ 1,022.03	$ 3.21
Service Class **	.73%
Actual		$ 1,000	$ 1,065.00	$ 3.80
Hypothetical-B		$ 1,000	$ 1,021.53	$ 3.72
Service Class 2 **	.89%
Actual		$ 1,000	$ 1,064.10	$ 4.63
Hypothetical-B		$ 1,000	$ 1,020.72	$ 4.53
Investor Class **	.71%
Actual		$ 1,000	$ 1,065.80	$ 3.70
Hypothetical-B		$ 1,000	$ 1,021.63	$ 3.62

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
VIP Real Estate Portfolio
Initial Class	.59%
Actual		$ 3.07
Hypothetical- B		$ 3.01
Service Class	.69%
Actual		$ 3.59
Hypothetical- B		$ 3.52
Service Class 2	.84%
Actual		$ 4.37
Hypothetical- B		$ 4.28
Investor Class	.67%
Actual		$ 3.49
Hypothetical- B		$ 3.41

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund designates $88,558 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

VIP Real Estate Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Initial Class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

The Board noted that the total net expense ratio of Initial Class ranked below the similar sales load structure group competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2021.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through July 31, 2024.

1.781992.121

VIPRE-ANN-0224

Fidelity® Variable Insurance Products:

VIP Financials Portfolio

(formerly VIP Financial Services Portfolio)

Annual Report

December 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Initial Class	14.73%	13.65%	9.40%
Service Class 2	14.59%	13.62%	9.39%
Investor Class	14.57%	13.56%	9.31%

The initial offering of Service Class 2 shares took place on August 16, 2023. Returns prior to August 16, 2023, are those of Initial Class.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Financials Portfolio - Initial Class, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Matthew Reed:

For the fiscal year ending December 31, 2023, the fund's share classes gained about 15%, versus 13.51% for the MSCI US IMI Financials 5% Capped Linked Index and 26.29% for the broad-based S&P 500® index. Relative to the sector index, security selection was the primary contributor, especially among transaction & payment processing services companies. An overweight in the commercial & residential mortgage finance industry also helped. Stock picking in consumer finance was another plus in terms of the portfolio's relative result. Further bolstering performance were investment choices and an underweight among life & health insurance providers. Not owning Charles Schwab, an index component that returned -16%, was the top individual relative contributor in 2023. Timely ownership of First Citizens BancShares (+88%) also helped, although the stock was no longer held at period end. Another notable relative contributor this period was avoiding First Republic Bank, an index component that returned -100%. In contrast, the primary detractor from performance versus the sector index was security selection among asset management & custody banks. An underweight in financial exchanges & data companies hampered the portfolio's relative return as well the past year. Further weighing on performance was stock selection in the property & casualty insurance category. The fund's stake in Signature Bank returned -100% and was the largest individual relative detractor. However, we parted ways with the stock prior to year-end. Avoiding shares of Blackstone, an index component that rose 83%, also proved problematic. Another notable relative detractor this period was the decision to not own S&P Global, an index component that advanced 33%. Notable changes in positioning include higher allocations to the transaction & payment processing services and financial exchanges & data industries.

Note to shareholders:

On April 28, 2023, the fund's name changed from Fidelity® VIP Financial Services Portfolio to Fidelity® VIP Financials Portfolio. This aligns the fund's name with the GICS Financials sector.

Investment Summary December 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

MasterCard, Inc. Class A	9.5
Wells Fargo & Co.	7.5
Bank of America Corp.	5.9
Reinsurance Group of America, Inc.	3.6
Chubb Ltd.	3.1
Morgan Stanley	2.7
Citigroup, Inc.	2.7
Moody's Corp.	2.7
PNC Financial Services Group, Inc.	2.3
Apollo Global Management, Inc.	2.2
	42.2

Industries (% of Fund's net assets)

Banks	35.9
Insurance	21.3
Financial Services	19.3
Capital Markets	18.9
Consumer Finance	3.5
Professional Services	1.0

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
Banks - 35.9%
Diversified Banks - 22.1%
Bank of America Corp.	351,600	11,838,372
Citigroup, Inc.	105,600	5,432,064
KeyCorp	226,500	3,261,600
PNC Financial Services Group, Inc.	30,000	4,645,500
U.S. Bancorp	97,500	4,219,800
Wells Fargo & Co.	308,577	15,188,160
		44,585,496
Regional Banks - 13.8%
Associated Banc-Corp.	98,400	2,104,776
BOK Financial Corp.	13,545	1,160,129
Cadence Bank	47,010	1,391,026
East West Bancorp, Inc.	34,200	2,460,690
Eastern Bankshares, Inc.	75,800	1,076,360
First Hawaiian, Inc.	58,500	1,337,310
First Interstate Bancsystem, Inc.	70,569	2,169,997
Heartland Financial U.S.A., Inc.	36,400	1,369,004
Huntington Bancshares, Inc.	670	8,522
M&T Bank Corp.	26,430	3,623,024
Popular, Inc.	47,400	3,890,118
Truist Financial Corp.	94,700	3,496,324
UMB Financial Corp.	17,800	1,487,190
WesBanco, Inc.	40,700	1,276,759
Wintrust Financial Corp.	11,600	1,075,900
		27,927,129
TOTAL BANKS		72,512,625
Capital Markets - 18.9%
Asset Management & Custody Banks - 7.8%
AllianceBernstein Holding LP	64,400	1,998,332
Bank of New York Mellon Corp.	49,800	2,592,090
Blue Owl Capital, Inc. Class A	84,700	1,262,030
Carlyle Group LP	22,600	919,594
Northern Trust Corp.	30,700	2,590,466
Patria Investments Ltd.	156,700	2,430,417
State Street Corp.	50,300	3,896,238
		15,689,167
Financial Exchanges & Data - 4.4%
Bolsa Mexicana de Valores S.A.B. de CV	684,000	1,415,450
MarketAxess Holdings, Inc.	7,200	2,108,520
Moody's Corp.	13,700	5,350,672
		8,874,642
Investment Banking & Brokerage - 6.7%
Lazard, Inc. Class A	60,200	2,094,960
Morgan Stanley	59,600	5,557,700
Raymond James Financial, Inc.	22,950	2,558,925
Stifel Financial Corp.	32,500	2,247,375
Virtu Financial, Inc. Class A	58,900	1,193,314
		13,652,274
TOTAL CAPITAL MARKETS		38,216,083
Consumer Finance - 3.5%
Consumer Finance - 3.5%
Discover Financial Services	31,400	3,529,360
FirstCash Holdings, Inc.	20,238	2,193,597
OneMain Holdings, Inc.	27,200	1,338,240
		7,061,197
Financial Services - 19.3%
Commercial & Residential Mortgage Finance - 1.8%
Essent Group Ltd.	37,200	1,961,928
Walker & Dunlop, Inc.	15,600	1,731,756
		3,693,684
Diversified Financial Services - 3.3%
Apollo Global Management, Inc.	47,900	4,463,801
Corebridge Financial, Inc.	102,100	2,211,486
		6,675,287
Multi-Sector Holdings - 0.6%
Cannae Holdings, Inc. (a)	61,100	1,192,061
Transaction & Payment Processing Services - 13.6%
Fiserv, Inc. (a)	27,100	3,599,964
FleetCor Technologies, Inc. (a)	7,200	2,034,792
Global Payments, Inc.	20,300	2,578,100
MasterCard, Inc. Class A	45,000	19,192,950
		27,405,806
TOTAL FINANCIAL SERVICES		38,966,838
Insurance - 21.3%
Insurance Brokers - 4.7%
Arthur J. Gallagher & Co.	12,400	2,788,512
BRP Group, Inc. (a)	94,947	2,280,627
Marsh & McLennan Companies, Inc.	22,800	4,319,916
		9,389,055
Life & Health Insurance - 1.3%
Globe Life, Inc.	22,300	2,714,356
Multi-Line Insurance - 0.0%
Assurant, Inc.	100	16,849
Property & Casualty Insurance - 11.6%
American Financial Group, Inc.	23,600	2,805,804
Beazley PLC	234,979	1,563,473
Chubb Ltd.	27,400	6,192,400
Direct Line Insurance Group PLC (a)	762,000	1,767,250
Fidelity National Financial, Inc.	40,300	2,056,106
First American Financial Corp.	18,800	1,211,472
Hartford Financial Services Group, Inc.	38,600	3,102,668
Hiscox Ltd.	203,700	2,736,671
Lancashire Holdings Ltd.	207,200	1,648,031
The Travelers Companies, Inc.	1,912	364,217
		23,448,092
Reinsurance - 3.7%
Enstar Group Ltd. (a)	600	176,610
Reinsurance Group of America, Inc.	45,600	7,377,168
		7,553,778
TOTAL INSURANCE		43,122,130
Professional Services - 1.0%
Research & Consulting Services - 1.0%
Dun & Bradstreet Holdings, Inc.	174,400	2,040,480
TOTAL COMMON STOCKS (Cost $164,535,213)		201,919,353

Money Market Funds - 0.2%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (b) (Cost $326,031)	325,966	326,031

TOTAL INVESTMENT IN SECURITIES - 100.1% (Cost $164,861,244)	202,245,384
NET OTHER ASSETS (LIABILITIES) - (0.1)%	(152,996)
NET ASSETS - 100.0%	202,092,388

Legend

(a)	Non-income producing

(b)

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 5.40%	-	37,085,904	36,759,873	23,808	-	-	326,031	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	-	43,099,958	43,099,958	3,356	-	-	-	0.0%
Total	-	80,185,862	79,859,831	27,164	-	-	326,031

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	201,919,353	201,919,353	-	-

Money Market Funds	326,031	326,031	-	-
Total Investments in Securities:	202,245,384	202,245,384	-	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $164,535,213)	$	201,919,353
Fidelity Central Funds (cost $326,031)		326,031


Total Investment in Securities (cost $164,861,244)			$	202,245,384
Receivable for fund shares sold				151,356
Dividends receivable				210,474
Distributions receivable from Fidelity Central Funds				6,569
Prepaid expenses				542
Other receivables				948
Total assets				202,615,273
Liabilities
Payable for investments purchased	$	64,690
Payable for fund shares redeemed		307,481
Accrued management fee		82,593
Distribution and service plan fees payable		33
Other affiliated payables		26,103
Audit fee payable		37,202
Other payables and accrued expenses		4,783
Total Liabilities				522,885
Net Assets			$	202,092,388
Net Assets consist of:
Paid in capital			$	160,810,586
Total accumulated earnings (loss)				41,281,802
Net Assets			$	202,092,388

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($23,853,402 ÷ 1,588,420 shares)			$	15.02
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($190,105 ÷ 12,673 shares)			$	15.00
Investor Class :
Net Asset Value, offering price and redemption price per share ($178,048,881 ÷ 11,930,586 shares)			$	14.92

Statement of Operations
				Year ended December 31, 2023
Investment Income
Dividends			$	5,787,068
Interest				86,641
Income from Fidelity Central Funds (including $3,356 from security lending)				27,164
Total Income				5,900,873
Expenses
Management fee	$	998,451
Transfer agent fees		247,459
Distribution and service plan fees		118
Accounting fees		67,416
Custodian fees and expenses		36,410
Independent trustees' fees and expenses		1,264
Audit		43,488
Legal		3,133
Miscellaneous		1,168
Total expenses before reductions		1,398,907
Expense reductions		(11,715)
Total expenses after reductions				1,387,192
Net Investment income (loss)				4,513,681
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		4,279,552
Foreign currency transactions		4,896
Total net realized gain (loss)				4,284,448
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		13,124,711
Assets and liabilities in foreign currencies		4
Total change in net unrealized appreciation (depreciation)				13,124,715
Net gain (loss)				17,409,163
Net increase (decrease) in net assets resulting from operations			$	21,922,844

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,513,681	$	5,140,561
Net realized gain (loss)		4,284,448		10,273,427
Change in net unrealized appreciation (depreciation)		13,124,715		(44,761,949)
Net increase (decrease) in net assets resulting from operations		21,922,844		(29,347,961)
Distributions to shareholders		(14,638,713)		(9,878,895)

Share transactions - net increase (decrease)		(31,707,438)		(16,203,538)
Total increase (decrease) in net assets		(24,423,307)		(55,430,394)

Net Assets
Beginning of period		226,515,695		281,946,089
End of period	$	202,092,388	$	226,515,695

Financial Highlights

VIP Financials Portfolio Initial Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	14.01	$	15.82	$	12.38	$	13.62	$	11.15
Income from Investment Operations
Net investment income (loss) A,B		.33		.30		.32		.26		.22
Net realized and unrealized gain (loss)		1.68		(1.57)		3.71		(.16)		3.39
Total from investment operations		2.01		(1.27)		4.03		.10		3.61
Distributions from net investment income		(.37)		(.29)		(.27)		(.26)		(.26)
Distributions from net realized gain		(.62)		(.25)		(.32)		(1.08)		(.88)
Total distributions		(1.00) C		(.54)		(.59)		(1.34)		(1.14)
Net asset value, end of period	$	15.02	$	14.01	$	15.82	$	12.38	$	13.62
Total Return D,E		14.73%		(8.33)%		33.19%		.77%		34.33%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.67%		.65%		.65%		.69%		.68%
Expenses net of fee waivers, if any		.66%		.65%		.65%		.69%		.68%
Expenses net of all reductions		.66%		.65%		.65%		.68%		.67%
Net investment income (loss)		2.44%		2.06%		2.08%		2.47%		1.83%
Supplemental Data
Net assets, end of period (000 omitted)	$	23,853	$	29,116	$	35,491	$	20,134	$	24,758
Portfolio turnover rate H		56%		53%		40%		68%		58%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

VIP Financials Portfolio Service Class 2

Years ended December 31,		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	13.36
Income from Investment Operations
Net investment income (loss) B,C		.12
Net realized and unrealized gain (loss)		1.82
Total from investment operations		1.94
Distributions from net investment income		(.30)
Total distributions		(.30)
Net asset value, end of period	$	15.00
Total Return D,E,F		14.69%
Ratios to Average Net Assets C,G,H
Expenses before reductions		.92% I
Expenses net of fee waivers, if any		.92% I
Expenses net of all reductions		.92% I
Net investment income (loss)		2.30% I
Supplemental Data
Net assets, end of period (000 omitted)	$	190
Portfolio turnover rate J		56%

AFor the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

BCalculated based on average shares outstanding during the period.

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

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

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

IAnnualized.

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

VIP Financials Portfolio Investor Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	13.93	$	15.73	$	12.31	$	13.56	$	11.10
Income from Investment Operations
Net investment income (loss) A,B		.32		.29		.30		.25		.21
Net realized and unrealized gain (loss)		1.65		(1.56)		3.70		(.16)		3.38
Total from investment operations		1.97		(1.27)		4.00		.09		3.59
Distributions from net investment income		(.36)		(.28)		(.26)		(.25)		(.25)
Distributions from net realized gain		(.62)		(.25)		(.32)		(1.08)		(.88)
Total distributions		(.98)		(.53)		(.58)		(1.34) C		(1.13)
Net asset value, end of period	$	14.92	$	13.93	$	15.73	$	12.31	$	13.56
Total Return D,E		14.57%		(8.37)%		33.14%		.63%		34.28%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.75%		.73%		.72%		.76%		.76%
Expenses net of fee waivers, if any		.74%		.73%		.72%		.76%		.76%
Expenses net of all reductions		.74%		.73%		.72%		.75%		.75%
Net investment income (loss)		2.37%		1.99%		2.01%		2.39%		1.75%
Supplemental Data
Net assets, end of period (000 omitted)	$	178,049	$	197,400	$	246,455	$	121,359	$	139,831
Portfolio turnover rate H		56%		53%		40%		68%		58%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

Notes to Financial Statements

For the period ended December 31, 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, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class. The Fund commenced sale of Service Class 2 shares on August 16, 2023.

2. Investments in Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
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 December 31, 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.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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	$39,835,805
Gross unrealized depreciation	(4,516,540)
Net unrealized appreciation (depreciation)	$35,319,265
Tax Cost	$166,926,119

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$994,903
Undistributed long-term capital gain	$4,967,818
Net unrealized appreciation (depreciation) on securities and other investments	$35,319,082

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Ordinary Income	$4,782,462	$4,808,401
Long-term Capital Gains	9,856,251	5,070,494
Total	$14,638,713	$9,878,895

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	107,446,843	149,061,856

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 a separate 12b-1 Plan for Service Class 2 shares. Service Class 2 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 for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $118.

	Amount	% of Class-Level Average Net Assets
Initial Class	$14,324	.06
Service Class 2	30	.06A
Investor Class	233,105	.14
	$247,459

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Financials Portfolio	0.0353%

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Financials Portfolio	.04

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Initial Class	.58
Service Class 2	.58
Investor Class	.66

	Amount
VIP Financials Portfolio	$1,706

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Financials Portfolio	4,830,626	7,627,004	(83,839)

6. Committed Line of Credit.

	Amount
VIP Financials Portfolio	$379

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	$359	$-	$-

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 $11,715.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023A	Year ended December 31, 2022
VIP Financials Portfolio
Distributions to shareholders
Initial Class	$1,820,078	$1,249,703
Service Class 2	3,079	-
Investor Class	12,815,556	8,629,192
Total	$14,638,713	$9,878,895

A Distributions for Service Class 2 are for the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023A	Year ended December 31, 2022	Year ended December 31, 2023A	Year ended December 31, 2022
VIP Financials Portfolio
Initial Class
Shares sold	242,237	1,003,850	$3,366,672	$15,681,340
Reinvestment of distributions	125,808	79,599	1,820,078	1,249,703
Shares redeemed	(857,656)	(1,249,358)	(11,135,817)	(18,033,364)
Net increase (decrease)	(489,611)	(165,909)	$(5,949,067)	$(1,102,321)
Service Class 2
Shares sold	14,502	-	$198,005	$ -
Reinvestment of distributions	63	-	871	-
Shares redeemed	(1,892)	-	(27,904)	-
Net increase (decrease)	12,673	-	$170,972	$ -
Investor Class
Shares sold	2,026,650	4,025,217	$28,428,804	$63,943,329
Reinvestment of distributions	891,700	552,838	12,815,556	8,629,192
Shares redeemed	(5,159,906)	(6,076,050)	(67,173,703)	(87,673,738)
Net increase (decrease)	(2,241,556)	(1,497,995)	$(25,929,343)	$(15,101,217)

A Share transactions for Service Class 2 are for the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

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	99%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Financials Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Financials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

The actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2023 to December 31, 2023) for Initial Class and Investor Class and for the period (August 16, 2023 to December 31, 2023) for Service Class 2. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (July 1, 2023 to December 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value	Ending Account Value December 31, 2023	Expenses Paid During Period
VIP Financials Portfolio
Initial Class **	.66%
Actual		$ 1,000	$ 1,179.20	$ 3.63C
Hypothetical-B		$ 1,000	$ 1,021.88	$ 3.36D
Service Class 2 **	.92%
Actual		$ 1,000	$ 1,146.90	$ 3.73C
Hypothetical-B		$ 1,000	$ 1,020.57	$ 4.69D
Investor Class **	.74%
Actual		$ 1,000	$ 1,178.80	$ 4.06C
Hypothetical-B		$ 1,000	$ 1,021.48	$ 3.77D

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

B 5% return per year before expenses

C Actual expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 / 365 (to reflect the one-half year period) for Initial Class and Investor Class and multiplied by 138 / 365 (to reflect the period August 16, 2023 to December 31, 2023) for Service Class 2.

D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Annualized Expense Ratio- A	Expenses Paid
VIP Financials Portfolio
Initial Class	.61%
Actual		$ 3.35
Hypothetical- B		$ 3.11
Service Class 2	.87%
Actual		$ 3.53
Hypothetical- B		$ 4.43
Investor Class	.70%
Actual		$ 3.84
Hypothetical- B		$ 3.57

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31,2023 $5,007,489, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 100% and 100%; Service Class 2 designates 0% and 100%; and Investor Class designates 100% and 100%; of the dividends distributed in February and November, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

VIP Financials Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Initial Class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Initial Class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Initial Class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Initial Class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.817367.119

VFSIC-ANN-0224

Fidelity® Variable Insurance Products:

VIP Industrials Portfolio

Annual Report

December 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Initial Class	23.25%	13.25%	8.66%
Investor Class	23.21%	13.16%	8.57%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Industrials Portfolio - Initial Class, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

U.S. equities gained 26.29% in 2023, according to the S&P 500® index, as a slowing in the pace of inflation and resilient late-cycle expansion of the U.S. economy provided a favorable backdrop for higher-risk assets for much of the year. After returning -18.11% in 2022, the index's sharp reversal was driven by a narrow set of firms in the information technology and communication services sectors, largely due to excitement for generative artificial intelligence. Monetary tightening by the U.S. Federal Reserve continued until late July, when the Fed said it was too soon to tell if its latest hike would conclude a series of increases aimed at cooling the economy and bringing down inflation. Since March 2022, the Fed has raised its benchmark interest rate 11 times before pausing and three times deciding to hold rates at a 22-year high while it observes inflation and the economy. After the Fed's November 1 meeting, when the central bank hinted it might be done raising rates, the S&P 500® reversed a three-month decline due to soaring yields on longer-term government bonds and mixed earnings from some big and influential firms. Favorable data on inflation provided a further boost and the index rose 14% in the final two months. By sector for the year, tech (+61%) and communications services (+56%) led the way, followed by consumer discretionary (+43%). In contrast, the defensive-oriented utilities (-7%) and consumer staples (+1%) sectors notably lagged, as did energy (-1%), hampered by lower oil prices.

Comments from Portfolio Manager David Wagner:

For the fiscal year ending December 31, 2023, the fund's share classes gained about 23%, outpacing the 22.47% result for the MSCI US IMI Industrials 25/50 Linked Index but trailing the 26.29% return for the broad-based S&P 500® index. Relative to the sector index, security selection was the primary contributor, especially within aerospace & defense. Security selection in air freight & logistics also helped. A zero weight in agricultural & farm machinery also boosted the fund's relative performance. The top individual relative contributor was an overweight in Saia (+107%), which was among the fund's largest holdings this period, as we increased our investment in Saia. The second-largest relative contributor was an overweight in TransDigm Group (+66%), one of the fund's biggest holdings. Not owning Deere & Company, an index component that returned about -5%, was another notable relative contributor. In contrast, the primary detractor from performance versus the sector index was an overweight in aerospace & defense. Security selection in the industrial machinery & supplies & components group, as well as in the construction & engineering category, also hampered the fund's result. The largest individual relative detractor was an overweight in WillScot Mobile Mini Holdings (-1%), which was among the fund's biggest holdings this period but where we also decreased our stake over the period. The second-largest relative detractor was our non-index stake in Roper Technologies (+2%). We sold out of this position by period end. Not owning Regal Rexnord (+6%) earlier in the period also detracted. Notable changes in positioning include increased exposure to the cargo ground transportation and rail transportation industries.

Note to shareholders:

On July 1, 2023, David Wagner assumed management responsibilities for the fund, succeeding Janet Glazer.

Investment Summary December 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

The Boeing Co.	6.3
Union Pacific Corp.	6.2
General Electric Co.	6.0
Ingersoll Rand, Inc.	4.9
Parker Hannifin Corp.	4.4
FedEx Corp.	4.3
TransDigm Group, Inc.	3.8
ITT, Inc.	3.5
Trane Technologies PLC	3.4
Howmet Aerospace, Inc.	3.4
	46.2

Industries (% of Fund's net assets)

Machinery	22.2
Aerospace & Defense	17.2
Ground Transportation	17.1
Building Products	9.5
Electrical Equipment	8.3
Industrial Conglomerates	6.0
Construction & Engineering	5.3
Air Freight & Logistics	4.3
Professional Services	3.7
Commercial Services & Supplies	2.3
Construction Materials	2.1
Trading Companies & Distributors	1.4

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares	Value ($)
Aerospace & Defense - 17.2%
Aerospace & Defense - 17.2%
General Dynamics Corp.	12,500	3,245,875
Howmet Aerospace, Inc.	116,188	6,288,095
Lockheed Martin Corp.	7,748	3,511,704
The Boeing Co. (a)	44,609	11,627,782
TransDigm Group, Inc.	6,800	6,878,880
		31,552,336
Air Freight & Logistics - 4.3%
Air Freight & Logistics - 4.3%
FedEx Corp.	31,100	7,867,367
Building Products - 9.5%
Building Products - 9.5%
Carlisle Companies, Inc.	6,996	2,185,760
Fortune Brands Home & Security, Inc.	2,300	175,122
Johnson Controls International PLC	44,864	2,585,961
Simpson Manufacturing Co. Ltd.	18,830	3,727,963
The AZEK Co., Inc. (a)	63,800	2,440,350
Trane Technologies PLC	25,824	6,298,474
		17,413,630
Commercial Services & Supplies - 2.3%
Environmental & Facilities Services - 2.3%
Waste Connections, Inc. (United States)	28,400	4,239,268
Construction & Engineering - 5.3%
Construction & Engineering - 5.3%
AECOM	28,184	2,605,047
Quanta Services, Inc.	17,300	3,733,340
Willscot Mobile Mini Holdings (a)	76,100	3,386,450
		9,724,837
Construction Materials - 2.1%
Construction Materials - 2.1%
Eagle Materials, Inc.	18,832	3,819,883
Electrical Equipment - 8.3%
Electrical Components & Equipment - 8.3%
AMETEK, Inc.	19,800	3,264,822
Eaton Corp. PLC	24,824	5,978,116
Regal Rexnord Corp.	35,971	5,324,427
Vertiv Holdings Co.	13,600	653,208
		15,220,573
Ground Transportation - 17.1%
Cargo Ground Transportation - 7.5%
Knight-Swift Transportation Holdings, Inc. Class A	95,000	5,476,750
Saia, Inc. (a)	12,900	5,653,038
XPO, Inc. (a)	29,600	2,592,664
		13,722,452
Passenger Ground Transportation - 2.9%
Uber Technologies, Inc. (a)	86,100	5,301,177
Rail Transportation - 6.7%
CSX Corp.	25,736	892,267
Union Pacific Corp.	46,900	11,519,578
		12,411,845
TOTAL GROUND TRANSPORTATION		31,435,474
Industrial Conglomerates - 6.0%
Industrial Conglomerates - 6.0%
General Electric Co.	86,356	11,021,616
Machinery - 22.2%
Construction Machinery & Heavy Transportation Equipment - 1.9%
Caterpillar, Inc.	12,000	3,548,040
Industrial Machinery & Supplies & Components - 20.3%
Chart Industries, Inc. (a)	26,880	3,664,550
Dover Corp.	38,440	5,912,456
Fortive Corp.	58,292	4,292,040
Ingersoll Rand, Inc.	116,332	8,997,117
ITT, Inc.	54,500	6,502,940
Parker Hannifin Corp.	17,380	8,006,966
		37,376,069
TOTAL MACHINERY		40,924,109
Professional Services - 3.7%
Research & Consulting Services - 3.7%
KBR, Inc.	44,600	2,471,286
Leidos Holdings, Inc.	40,828	4,419,223
		6,890,509
Trading Companies & Distributors - 1.4%
Trading Companies & Distributors - 1.4%
W.W. Grainger, Inc.	3,064	2,539,106
TOTAL COMMON STOCKS (Cost $148,494,634)		182,648,708

Money Market Funds - 0.6%
	Shares	Value ($)
Fidelity Cash Central Fund 5.40% (b) (Cost $1,179,923)	1,179,687	1,179,923

TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $149,674,557)	183,828,631
NET OTHER ASSETS (LIABILITIES) - 0.0%	(54,049)
NET ASSETS - 100.0%	183,774,582

Legend

(a)	Non-income producing

(b)

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 5.40%	1,050,960	54,299,584	54,170,621	57,431	-	-	1,179,923	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	6,409,825	49,747,257	56,157,082	2,993	-	-	-	0.0%
Total	7,460,785	104,046,841	110,327,703	60,424	-	-	1,179,923

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	182,648,708	182,648,708	-	-

Money Market Funds	1,179,923	1,179,923	-	-
Total Investments in Securities:	183,828,631	183,828,631	-	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value - See accompanying schedule:
Unaffiliated issuers (cost $148,494,634)	$	182,648,708
Fidelity Central Funds (cost $1,179,923)		1,179,923


Total Investment in Securities (cost $149,674,557)			$	183,828,631
Cash				18,918
Receivable for fund shares sold				25,921
Dividends receivable				86,127
Distributions receivable from Fidelity Central Funds				7,238
Prepaid expenses				474
Other receivables				1,706
Total assets				183,969,015
Liabilities
Payable for fund shares redeemed	$	52,671
Accrued management fee		77,254
Transfer agent fee payable		18,801
Other affiliated payables		5,217
Audit fee payable		36,696
Other payables and accrued expenses		3,794
Total Liabilities				194,433
Net Assets			$	183,774,582
Net Assets consist of:
Paid in capital			$	135,738,093
Total accumulated earnings (loss)				48,036,489
Net Assets			$	183,774,582

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($28,377,109 ÷ 1,266,656 shares)			$	22.40
Investor Class :
Net Asset Value, offering price and redemption price per share ($155,397,473 ÷ 7,014,471 shares)			$	22.15

Statement of Operations
				Year ended December 31, 2023
Investment Income
Dividends			$	1,280,847
Special dividends				234,500
Income from Fidelity Central Funds (including $2,993 from security lending)				60,424
Total Income				1,575,771
Expenses
Management fee	$	835,427
Transfer agent fees		202,174
Accounting fees		56,423
Custodian fees and expenses		17,163
Independent trustees' fees and expenses		956
Audit		41,921
Legal		3,144
Miscellaneous		870
Total expenses before reductions		1,158,078
Expense reductions		(9,522)
Total expenses after reductions				1,148,556
Net Investment income (loss)				427,215
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		20,308,209
Foreign currency transactions		70
Total net realized gain (loss)				20,308,279
Change in net unrealized appreciation (depreciation) on investment securities				13,074,598
Net gain (loss)				33,382,877
Net increase (decrease) in net assets resulting from operations			$	33,810,092

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	427,215	$	319,177
Net realized gain (loss)		20,308,279		(6,195,707)
Change in net unrealized appreciation (depreciation)		13,074,598		(12,698,207)
Net increase (decrease) in net assets resulting from operations		33,810,092		(18,574,737)
Distributions to shareholders		(404,818)		(21,148,838)

Share transactions - net increase (decrease)		(3,303,258)		15,484,082
Total increase (decrease) in net assets		30,102,016		(24,239,493)

Net Assets
Beginning of period		153,672,566		177,912,059
End of period	$	183,774,582	$	153,672,566

Financial Highlights

VIP Industrials Portfolio Initial Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	18.23	$	23.44	$	23.29	$	21.98	$	19.29
Income from Investment Operations
Net investment income (loss) A,B		.06 C		.05 D		(.02)		.03		.24
Net realized and unrealized gain (loss)		4.17		(2.43)		3.57		2.57		4.92
Total from investment operations		4.23		(2.38)		3.55		2.60		5.16
Distributions from net investment income		(.06)		(.03)		-		(.10) E		(.24)
Distributions from net realized gain		-		(2.79)		(3.40)		(1.19) E		(2.23)
Total distributions		(.06)		(2.83) F		(3.40)		(1.29)		(2.47)
Net asset value, end of period	$	22.40	$	18.23	$	23.44	$	23.29	$	21.98
Total Return G,H		23.25%		(10.30)%		17.09%		12.32%		28.15%
Ratios to Average Net Assets A,I,J
Expenses before reductions		.66%		.66%		.66%		.68%		.67%
Expenses net of fee waivers, if any		.66%		.66%		.66%		.68%		.67%
Expenses net of all reductions		.66%		.66%		.66%		.67%		.67%
Net investment income (loss)		.33% C		.28% D		(.08)%		.17%		1.13%
Supplemental Data
Net assets, end of period (000 omitted)	$	28,377	$	25,557	$	31,026	$	29,873	$	33,078
Portfolio turnover rate K		162%		83%		197%		240%		121%

ANet 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.

BCalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .18%.

DNet 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%.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

FTotal distributions per share do not sum due to rounding.

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

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

IFees 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.

JExpense 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.

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

VIP Industrials Portfolio Investor Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	18.02	$	23.22	$	23.10	$	21.82	$	19.17
Income from Investment Operations
Net investment income (loss) A,B		.05 C		.04 D		(.04)		.02		.22
Net realized and unrealized gain (loss)		4.13		(2.43)		3.55		2.53		4.88
Total from investment operations		4.18		(2.39)		3.51		2.55		5.10
Distributions from net investment income		(.05)		(.02)		-		(.08) E		(.22)
Distributions from net realized gain		-		(2.79)		(3.39)		(1.19) E		(2.23)
Total distributions		(.05)		(2.81)		(3.39)		(1.27)		(2.45)
Net asset value, end of period	$	22.15	$	18.02	$	23.22	$	23.10	$	21.82
Total Return F,G		23.21%		(10.42)%		17.03%		12.19%		28.03%
Ratios to Average Net Assets B,H,I
Expenses before reductions		.74%		.74%		.74%		.76%		.75%
Expenses net of fee waivers, if any		.73%		.73%		.74%		.76%		.75%
Expenses net of all reductions		.73%		.73%		.74%		.75%		.75%
Net investment income (loss)		.26% C		.20% D		(.16)%		.10%		1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$	155,397	$	128,115	$	146,886	$	135,328	$	138,417
Portfolio turnover rate J		162%		83%		197%		240%		121%

ACalculated based on average shares outstanding during the period.

EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.

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

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

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

Notes to Financial Statements

For the period ended December 31, 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 RatioA
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 December 31, 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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	$35,621,911
Gross unrealized depreciation	(1,774,198)
Net unrealized appreciation (depreciation)	$33,847,713
Tax Cost	$149,980,918

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$140,839
Undistributed long-term capital gain	$14,047,936
Net unrealized appreciation (depreciation) on securities and other investments	$33,847,713

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Ordinary Income	$404,818	$3,897,631
Long-term Capital Gains	-	17,251,207
Total	$404,818	$21,148,838

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 Industrials Portfolio	258,281,856	261,701,756

5. Fees and Other Transactions with Affiliates.

	Amount	% of Class-Level Average Net Assets
Initial Class	$16,108	.06
Investor Class	186,066	.14
	$202,174

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Industrials Portfolio	0.0353%

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Industrials Portfolio	.04

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Initial Class	.58
Investor Class	.66

	Amount
VIP Industrials Portfolio	$5,015

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Industrials Portfolio	6,977,126	14,224,471	1,706,447

6. Committed Line of Credit.

	Amount
VIP Industrials Portfolio	$282

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 Industrials Portfolio	$318	$-	$-

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 $9,522.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023	Year ended December 31, 2022
VIP Industrials Portfolio
Distributions to shareholders
Initial Class	$80,284	$3,701,428
Investor Class	324,534	17,447,410
Total	$404,818	$21,148,838

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023	Year ended December 31, 2022	Year ended December 31, 2023	Year ended December 31, 2022
VIP Industrials Portfolio
Initial Class
Shares sold	127,931	96,902	$2,538,013	$1,809,862
Reinvestment of distributions	3,985	200,593	80,284	3,701,428
Shares redeemed	(267,518)	(218,811)	(5,139,808)	(3,973,341)
Net increase (decrease)	(135,602)	78,684	$(2,521,511)	$1,537,949
Investor Class
Shares sold	1,021,715	809,705	$20,318,711	$14,245,191
Reinvestment of distributions	16,313	956,449	324,534	17,447,410
Shares redeemed	(1,131,722)	(984,710)	(21,424,992)	(17,746,468)
Net increase (decrease)	(93,694)	781,444	$(781,747)	$13,946,133

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 Industrials Portfolio	100%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Industrials Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Industrials Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 9, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

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 (July 1, 2023 to December 31, 2023).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value July 1, 2023	Ending Account Value December 31, 2023	Expenses Paid During Period- C July 1, 2023 to December 31, 2023
VIP Industrials Portfolio
Initial Class **	.65%
Actual		$ 1,000	$ 1,108.10	$ 3.45
Hypothetical-B		$ 1,000	$ 1,021.93	$ 3.31
Investor Class **	.73%
Actual		$ 1,000	$ 1,107.60	$ 3.88
Hypothetical-B		$ 1,000	$ 1,021.53	$ 3.72

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

B 5% return per year before expenses

	Annualized Expense Ratio- A	Expenses Paid
VIP Industrials Portfolio
Initial Class	.60%
Actual		$ 3.19
Hypothetical- B		$ 3.06
Investor Class	.69%
Actual		$ 3.67
Hypothetical- B		$ 3.52

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2023, $14,047,936, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class and Investor class designate 100% of each dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Board Approval of Investment Advisory Contracts

Board Approval of Investment Advisory Contracts and Management Fees

VIP Industrials Portfolio

At its July 2023 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it is the largest class); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of Initial Class, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "mapped groups") that were compiled by Fidelity based on combining similar investment objective categories (as classified by Lipper) that have comparable investment mandates. The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total universe of funds within the mapped group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the mapped group that are similar in size and management fee structure to the fund (referred to as the "asset size peer group"); (iii) total expense comparisons of Initial Class of the fund relative to funds and classes in the mapped group that have a similar sales load structure to Initial Class of the fund (referred to as the "similar sales load structure group"); and (iv) total expense comparisons of Initial Class of the fund relative to funds and classes in the similar sales load structure group that are similar in size and management fee structure to the fund (referred to as the "total expense asset size peer group"). The total expense asset size peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

1.817361.118

VCYLIC-ANN-0224

Fidelity® Variable Insurance Products:

VIP Consumer Staples Portfolio

Annual Report

December 31, 2023

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts

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.

Performance: The Bottom Line

Average Annual Total Returns

Periods ended December 31, 2023	Past 1 year	Past 5 years	Past 10 years
Initial Class	3.14%	11.46%	8.14%
Service Class 2	3.05%	11.44%	8.13%
Investor Class	3.08%	11.37%	8.06%

The initial offering of Service Class 2 shares took place on August 16, 2023. Returns prior to August 16, 2023, are those of Initial Class.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in VIP Consumer Staples Portfolio - Initial Class, a class of the fund, on December 31, 2013.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

Management's Discussion of Fund Performance

Market Recap:

Comments from Portfolio Manager Ben Shuleva:

For the fiscal year ending December 31, 2023, the fund's share classes gained about 3%, versus 2.42% for the MSCI U.S. IMI Consumer Staples 25/50 Index and 26.29% for the broad-based S&P 500® index. Relative to the sector index, security selection was the primary contributor, led by the packaged foods & meats segment. Stock picks and an underweight in the agricultural products & services group and security selection in the broadline retail category also boosted the fund's performance versus the sector index. The top individual relative contributor was an underweight in Estée Lauder (-40%). This period we increased our investment in Estée Lauder. Other notable relative contributors were our stake in Freshpet (+46%) and a position in Amazon.com (+71%), which was not in the MSCI sector index. Freshpet and Amazon.com were not in the portfolio at period end. In contrast, the primary detractors from relative performance were stock picks and an underweight in the consumer staples merchandise retail group and security selection in the personal care products segment. The largest individual relative detractor was an underweight in Costco Wholesale (+49%), which was not held at period end. The next largest relative detractors were overweights in Olaplex Holdings (-51%) and Coca-Cola (-5%). Coca-Cola was the fund's top holding as of period end. Notable changes in positioning this period include increased exposure to the personal care products industry and a lower allocation to tobacco.

Investment Summary December 31, 2023 (Unaudited)

Top Holdings (% of Fund's net assets)

The Coca-Cola Co.	14.5
Procter & Gamble Co.	13.2
Keurig Dr. Pepper, Inc.	7.1
Kenvue, Inc.	5.6
Mondelez International, Inc.	4.4
Walmart, Inc.	3.9
Altria Group, Inc.	3.7
PepsiCo, Inc.	3.5
Philip Morris International, Inc.	3.3
Monster Beverage Corp.	3.2
	62.4

Industries (% of Fund's net assets)

Beverages	36.4
Household Products	22.4
Food Products	14.3
Consumer Staples Distribution & Retail	10.0
Personal Care Products	9.1
Tobacco	7.4
Specialty Retail	0.2
Household Durables	0.1

Schedule of Investments December 31, 2023

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares	Value ($)
Beverages - 36.4%
Brewers - 3.0%
Boston Beer Co., Inc. Class A (a)	22,650	7,827,614
Distillers & Vintners - 5.1%
Brown-Forman Corp. Class B (non-vtg.)	25,400	1,450,340
Constellation Brands, Inc. Class A (sub. vtg.)	32,316	7,812,393
Diageo PLC	97,567	3,541,212
Duckhorn Portfolio, Inc. (a)	51,600	508,260
		13,312,205
Soft Drinks & Non-alcoholic Beverages - 28.3%
Keurig Dr. Pepper, Inc.	559,273	18,634,976
Monster Beverage Corp.	146,178	8,421,315
PepsiCo, Inc.	54,202	9,205,668
The Coca-Cola Co.	642,838	37,882,443
		74,144,402
TOTAL BEVERAGES		95,284,221
Consumer Staples Distribution & Retail - 10.0%
Consumer Staples Merchandise Retail - 8.9%
BJ's Wholesale Club Holdings, Inc. (a)	44,600	2,973,036
Dollar General Corp.	17,700	2,406,315
Dollar Tree, Inc. (a)	10,400	1,477,320
Target Corp.	43,400	6,181,028
Walmart, Inc.	64,609	10,185,609
		23,223,308
Drug Retail - 0.1%
Walgreens Boots Alliance, Inc.	11,500	300,265
Food Distributors - 1.0%
Sysco Corp.	34,844	2,548,142
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		26,071,715
Food Products - 14.3%
Agricultural Products & Services - 2.0%
Archer Daniels Midland Co.	33,000	2,383,260
Bunge Global SA	17,407	1,757,237
Darling Ingredients, Inc. (a)	21,622	1,077,640
Ingredion, Inc.	800	86,824
		5,304,961
Packaged Foods & Meats - 12.3%
Conagra Brands, Inc.	54,659	1,566,527
General Mills, Inc.	34,300	2,234,302
Laird Superfood, Inc. (a)(b)	36,040	32,796
Lamb Weston Holdings, Inc.	16,200	1,751,058
Mondelez International, Inc.	158,761	11,499,059
Nomad Foods Ltd. (a)	296,541	5,026,370
Pilgrim's Pride Corp. (a)	6,000	165,960
The Hershey Co.	5,200	969,488
The J.M. Smucker Co.	23,100	2,919,378
The Real Good Food Co., Inc. (a)	9,717	14,770
The Simply Good Foods Co. (a)	3,735	147,906
TreeHouse Foods, Inc. (a)	41,625	1,725,356
Tyson Foods, Inc. Class A	76,534	4,113,703
		32,166,673
TOTAL FOOD PRODUCTS		37,471,634
Household Durables - 0.1%
Housewares & Specialties - 0.1%
Newell Brands, Inc.	27,700	240,436
Household Products - 22.4%
Household Products - 22.4%
Colgate-Palmolive Co.	42,500	3,387,675
Energizer Holdings, Inc. (b)	243,456	7,712,686
Kimberly-Clark Corp.	63,767	7,748,328
Procter & Gamble Co.	235,075	34,447,891
Reynolds Consumer Products, Inc.	127,806	3,430,313
The Clorox Co.	13,026	1,857,377
		58,584,270
Personal Care Products - 9.1%
Personal Care Products - 9.1%
Edgewell Personal Care Co.	40,200	1,472,526
Estee Lauder Companies, Inc. Class A	40,445	5,915,081
Herbalife Ltd. (a)(b)	38,409	586,121
Kenvue, Inc.	687,400	14,799,722
Olaplex Holdings, Inc. (a)	426,925	1,084,390
		23,857,840
Specialty Retail - 0.2%
Apparel Retail - 0.2%
Aritzia, Inc. (a)	26,000	539,602
Tobacco - 7.4%
Tobacco - 7.4%
Altria Group, Inc.	238,604	9,625,285
British American Tobacco PLC:
(United Kingdom)	17,387	508,729
sponsored ADR	22,300	653,167
Philip Morris International, Inc.	90,443	8,508,877
		19,296,058
TOTAL COMMON STOCKS (Cost $206,492,396)		261,345,776

Money Market Funds - 0.3%
	Shares	Value ($)
Fidelity Securities Lending Cash Central Fund 5.40% (c)(d) (Cost $851,026)	850,941	851,026

TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $207,343,422)	262,196,802
NET OTHER ASSETS (LIABILITIES) - (0.2)%	(481,866)
NET ASSETS - 100.0%	261,714,936

Legend

(a)	Non-income producing

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

(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 5.40%	7,309,323	22,710,673	30,019,996	34,718	-	-	-	0.0%
Fidelity Securities Lending Cash Central Fund 5.40%	8,368,228	79,666,412	87,183,614	20,378	-	-	851,026	0.0%
Total	15,677,551	102,377,085	117,203,610	55,096	-	-	851,026

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	261,345,776	257,295,835	4,049,941	-

Money Market Funds	851,026	851,026	-	-
Total Investments in Securities:	262,196,802	258,146,861	4,049,941	-

Financial Statements

Statement of Assets and Liabilities
				December 31, 2023

Assets
Investment in securities, at value (including securities loaned of $823,396) - See accompanying schedule:
Unaffiliated issuers (cost $206,492,396)	$	261,345,776
Fidelity Central Funds (cost $851,026)		851,026


Total Investment in Securities (cost $207,343,422)			$	262,196,802
Foreign currency held at value (cost $129)				130
Receivable for investments sold				882,561
Receivable for fund shares sold				928
Dividends receivable				645,182
Distributions receivable from Fidelity Central Funds				316
Prepaid expenses				662
Other receivables				1,538
Total assets				263,728,119
Liabilities
Payable to custodian bank	$	368,225
Payable for investments purchased		195,097
Payable for fund shares redeemed		403,882
Accrued management fee		114,111
Distribution and service plan fees payable		63
Other affiliated payables		36,561
Other payables and accrued expenses		44,613
Collateral on securities loaned		850,631
Total Liabilities				2,013,183
Net Assets			$	261,714,936
Net Assets consist of:
Paid in capital			$	201,635,616
Total accumulated earnings (loss)				60,079,320
Net Assets			$	261,714,936

Net Asset Value and Maximum Offering Price
Initial Class :
Net Asset Value, offering price and redemption price per share ($23,583,243 ÷ 1,215,727 shares)			$	19.40
Service Class 2 :
Net Asset Value, offering price and redemption price per share ($339,436 ÷ 17,516 shares)			$	19.38
Investor Class :
Net Asset Value, offering price and redemption price per share ($237,792,257 ÷ 12,329,300 shares)			$	19.29

Statement of Operations
				Year ended December 31, 2023
Investment Income
Dividends			$	7,116,052
Income from Fidelity Central Funds (including $20,378 from security lending)				55,096
Total Income				7,171,148
Expenses
Management fee	$	1,453,424
Transfer agent fees		366,275
Distribution and service plan fees		221
Accounting fees		98,175
Custodian fees and expenses		35,661
Independent trustees' fees and expenses		1,703
Audit		46,006
Legal		2,526
Miscellaneous		1,469
Total expenses before reductions		2,005,460
Expense reductions		(17,023)
Total expenses after reductions				1,988,437
Net Investment income (loss)				5,182,711
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		8,620,409
Foreign currency transactions		389
Total net realized gain (loss)				8,620,798
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(6,155,978)
Assets and liabilities in foreign currencies		417
Total change in net unrealized appreciation (depreciation)				(6,155,561)
Net gain (loss)				2,465,237
Net increase (decrease) in net assets resulting from operations			$	7,647,948

Statement of Changes in Net Assets

		Year ended December 31, 2023		Year ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,182,711	$	4,838,677
Net realized gain (loss)		8,620,798		(365,234)
Change in net unrealized appreciation (depreciation)		(6,155,561)		(7,587,718)
Net increase (decrease) in net assets resulting from operations		7,647,948		(3,114,275)
Distributions to shareholders		(8,672,433)		(20,685,358)

Share transactions - net increase (decrease)		(29,065,755)		56,213,858
Total increase (decrease) in net assets		(30,090,240)		32,414,225

Net Assets
Beginning of period		291,805,176		259,390,951
End of period	$	261,714,936	$	291,805,176

Financial Highlights

VIP Consumer Staples Portfolio Initial Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.46	$	21.13	$	19.84	$	18.76	$	15.10
Income from Investment Operations
Net investment income (loss) A,B		.38		.35		.38		.35		.39
Net realized and unrealized gain (loss)		.21		(.48)		2.27		1.78		4.22
Total from investment operations		.59		(.13)		2.65		2.13		4.61
Distributions from net investment income		(.39)		(.35)		(.40)		(.35)		(.34)
Distributions from net realized gain		(.27)		(1.19)		(.96)		(.71)		(.61)
Total distributions		(.65) C		(1.54)		(1.36)		(1.05) C		(.95)
Net asset value, end of period	$	19.40	$	19.46	$	21.13	$	19.84	$	18.76
Total Return D,E		3.14%		(.62)%		14.24%		11.78%		31.42%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.65%		.65%		.65%		.67%		.67%
Expenses net of fee waivers, if any		.65%		.65%		.65%		.66%		.67%
Expenses net of all reductions		.65%		.65%		.65%		.66%		.67%
Net investment income (loss)		1.94%		1.84%		1.89%		1.94%		2.23%
Supplemental Data
Net assets, end of period (000 omitted)	$	23,583	$	26,707	$	22,366	$	20,009	$	21,139
Portfolio turnover rate H		53%		46%		64%		51%		46%

ACalculated based on average shares outstanding during the period.

CTotal distributions per share do not sum due to rounding.

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

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

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

VIP Consumer Staples Portfolio Service Class 2

Years ended December 31,		2023 A
Selected Per-Share Data
Net asset value, beginning of period	$	20.26
Income from Investment Operations
Net investment income (loss) B,C		.15
Net realized and unrealized gain (loss)		(.45) D
Total from investment operations		(.30)
Distributions from net investment income		(.32)
Distributions from net realized gain		(.27)
Total distributions		(.58) E
Net asset value, end of period	$	19.38
Total Return F,G,H		(1.37)%
Ratios to Average Net Assets C,I,J
Expenses before reductions		.91% K
Expenses net of fee waivers, if any		.91% K
Expenses net of all reductions		.91% K
Net investment income (loss)		2.11% K
Supplemental Data
Net assets, end of period (000 omitted)	$	339
Portfolio turnover rate L		53%

AFor the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

BCalculated based on average shares outstanding during the period.

DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

ETotal distributions per share do not sum due to rounding.

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

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

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

KAnnualized.

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

VIP Consumer Staples Portfolio Investor Class

Years ended December 31,		2023		2022		2021		2020		2019
Selected Per-Share Data
Net asset value, beginning of period	$	19.35	$	21.02	$	19.75	$	18.68	$	15.04
Income from Investment Operations
Net investment income (loss) A,B		.36		.34		.37		.33		.37
Net realized and unrealized gain (loss)		.22		(.48)		2.24		1.78		4.21
Total from investment operations		.58		(.14)		2.61		2.11		4.58
Distributions from net investment income		(.37)		(.34)		(.38)		(.33)		(.33)
Distributions from net realized gain		(.27)		(1.19)		(.96)		(.71)		(.61)
Total distributions		(.64)		(1.53)		(1.34)		(1.04)		(.94)
Net asset value, end of period	$	19.29	$	19.35	$	21.02	$	19.75	$	18.68
Total Return C,D		3.08%		(.69)%		14.11%		11.70%		31.33%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.73%		.73%		.73%		.74%		.75%
Expenses net of fee waivers, if any		.72%		.73%		.73%		.74%		.75%
Expenses net of all reductions		.72%		.73%		.73%		.73%		.75%
Net investment income (loss)		1.86%		1.76%		1.81%		1.86%		2.15%
Supplemental Data
Net assets, end of period (000 omitted)	$	237,792	$	265,098	$	237,025	$	224,492	$	227,607
Portfolio turnover rate G		53%		46%		64%		51%		46%

ACalculated based on average shares outstanding during the period.

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

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

EFees 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.

FExpense 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.

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

Notes to Financial Statements

For the period ended December 31, 2023

1. Organization.

VIP Consumer Staples 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. The Fund commenced sale of Service Class 2 shares on August 16, 2023. 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 RatioA
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 December 31, 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. 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.

Book-tax differences are primarily due to foreign currency transactions, 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	$61,917,026
Gross unrealized depreciation	(8,383,047)
Net unrealized appreciation (depreciation)	$53,533,979
Tax Cost	$208,662,823

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$1,083,733
Undistributed long-term capital gain	$5,908,469
Net unrealized appreciation (depreciation) on securities and other investments	$53,533,866

The Fund intends to elect to defer to its next fiscal year $446,748 of capital losses recognized during the period November 1,2023 to December 31, 2023.

The tax character of distributions paid was as follows:

	December 31, 2023	December 31, 2022
Ordinary Income	$8,672,433	$5,700,758
Long-term Capital Gains	-	14,984,600
Total	$8,672,433	$20,685,358

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 Consumer Staples Portfolio	146,617,004	170,823,395

5. Fees and Other Transactions with Affiliates.

For the period, total fees for Service Class 2, all of which was re-allowed to insurance companies for the distribution of shares and providing shareholder support services were $221.

	Amount	% of Class-Level Average Net Assets
Initial Class	$15,874	.06
Service Class 2	56	.06A
Investor Class	350,345	.14
	$366,275

A Annualized

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.

During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:

	% of Average Net Assets
VIP Consumer Staples Portfolio	.0354%

Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

	% of Average Net Assets
VIP Consumer Staples Portfolio	.04

Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.

	Maximum Management Fee Rate %
Initial Class	.58
Service Class 2	.58
Investor Class	.66

	Amount
VIP Consumer Staples Portfolio	$2,831

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
VIP Consumer Staples Portfolio	13,294,152	13,802,560	682,309

6. Committed Line of Credit.

	Amount
VIP Consumer Staples Portfolio	$510

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 Consumer Staples Portfolio	$2,045	$1	$-

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 $17,023.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended December 31, 2023A	Year ended December 31, 2022
VIP Consumer Staples Portfolio
Distributions to shareholders
Initial Class	$797,250	$1,829,507
Service Class 2	8,710	-
Investor Class	7,866,473	18,855,851
Total	$8,672,433	$20,685,358

A Distributions for Service Class 2 are for the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
	Year ended December 31, 2023 A	Year ended December 31, 2022	Year ended December 31, 2023 A	Year ended December 31, 2022
VIP Consumer Staples Portfolio
Initial Class
Shares sold	257,903	580,346	$5,092,374	$11,453,344
Reinvestment of distributions	42,208	92,967	797,250	1,829,507
Shares redeemed	(456,611)	(359,659)	(8,940,246)	(6,848,059)
Net increase (decrease)	(156,500)	313,654	$(3,050,622)	$6,434,792
Service Class 2
Shares sold	18,717	-	$370,201	$-
Reinvestment of distributions	311	-	5,833	-
Shares redeemed	(1,512)	-	(28,778)	-
Net increase (decrease)	17,516	-	$347,256	$-
Investor Class
Shares sold	995,260	3,639,755	$19,669,017	$71,984,707
Reinvestment of distributions	418,936	963,502	7,866,473	18,855,851
Shares redeemed	(2,782,322)	(2,181,946)	(53,897,879)	(41,061,492)
Net increase (decrease)	(1,368,126)	2,421,311	$(26,362,389)	$49,779,066

A Share transactions for Service Class 2 are for the period August 16, 2023 (commencement of sale of shares) through December 31, 2023.

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 Consumer Staples Portfolio	98%

12. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Variable Insurance Products Fund IV and Shareholders of VIP Consumer Staples Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Consumer Staples Portfolio (one of the funds constituting Variable Insurance Products Fund IV, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 9, 2024

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

TRUSTEES AND OFFICERS

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Vijay C. Advani (1960)

Year of Election or Appointment: 2023

Trustee

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

David M. Thomas (1949)

Year of Election or Appointment: 2018

Trustee

Lead Independent Trustee

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Michael E. Wiley (1950)

Year of Election or Appointment: 2008

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2018

Member of the Advisory Board

Karen B. Peetz (1955)

Year of Election or Appointment: 2023

Member of the Advisory Board

Heather Bonner (1977)

Year of Election or Appointment: 2023

Assistant Treasurer

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Margaret Carey (1973)

Year of Election or Appointment: 2023

Secretary and Chief Legal Officer (CLO)

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Stacie M. Smith (1974)

Year of Election or Appointment: 2018

President and Treasurer

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio- A	Beginning Account Value	Ending Account Value December 31, 2023	Expenses Paid During Period
VIP Consumer Staples Portfolio
Initial Class **	.65%
Actual		$ 1,000	$ 1,000.40	$ 3.28C
Hypothetical-B		$ 1,000	$ 1,021.93	$ 3.31D
Service Class 2 **	.91%
Actual		$ 1,000	$ 999.60	$ 3.44C
Hypothetical-B		$ 1,000	$ 1,020.62	$ 4.63D
Investor Class **	.72%
Actual		$ 1,000	$ 1,000.30	$ 3.63C
Hypothetical-B		$ 1,000	$ 1,021.58	$ 3.67D

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

B 5% return per year before expenses

D Hypothetical expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Annualized Expense Ratio- A	Expenses Paid
VIP Consumer Staples Portfolio
Initial Class	.61%
Actual		$ 3.08
Hypothetical- B		$ 3.11
Service Class 2	.86%
Actual		$ 3.25
Hypothetical- B		$ 4.38
Investor Class	.68%
Actual		$ 3.43
Hypothetical- B		$ 3.47

A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses

Distributions (Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2023, $5,908,469, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $24,842 of distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 97% and 86%; Service Class 2 designates 0% and 85%; and Investor Class designates 100% and 88%; of the dividends distributed in February and November, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.